FRIDAY 30 JANUARY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

You go first Mobile for the masses Extreme childcare

Both Germany and Greece must Democratising finance: technology The 24-hour nurseries for
compromise — PHILIP STEPHENS, PAGE 11 taps new markets — PAGE 18 night workers — PAGE 12

Conoco and Channel crossing Russian bombers

trigger scramble by RAF fighters
Briefing
i Google fails to assuage Wall St worries

Shell add
Google added to Wall Street concerns about a
slowdown in its core desktop search business and
eroding profit margins as it reported quarterly
earnings that fell short of already downbeat
forecasts. — PAGE 15

billions to oil i Tuition fee rise fails to damp applications

New data suggest higher tuition fees have not
dented demand, with record numbers of
18-year-olds having applied to British universities.

sector cuts
— PAGE 2; EDITORIAL COMMENT, PAGE 10

i New McDonald’s chief faces taste battle

Steve Easterbrook, the new British
chief executive of McDonald’s, is
taking over amid a slump in sales
growth as consumers seek healthier
3 Investment projects to be slashed alternatives to its Big Mac and fries. —
PAGE 17; LEX, PAGE 14

3 Van Beurden expects price rebound i Sanctions threat weakened by EU rifts

A divided EU failed to issue a specific threat of
CHRISTOPHER ADAMS — LONDON Conoco, the largest US exploration further economic sanctions against Russia, despite
ED CROOKS — NEW YORK
and production company, said it fears that the conflict in eastern Ukraine was
Two of the world’s largest energy planned a much steeper 33 per cent cut entering a dangerous phase. — PAGE 7
groups, Royal Dutch Shell and Cono- in its capital spending this year to
coPhillips, have set out plans for billions $11.5bn, $2bn less than it had suggested i Political minnows create uncertainty
of dollars of cuts in their investment in its previous guidance issued only last Business is being forced to scrutinise the policies of
programmes in response to the plunge month. parties it would have previously seen as irrelevant,
in crude oil prices. Occidental Petroleum, the fourth- with opinion polls suggesting they may hold the
The cuts are part of a wave of reduc- largest US oil producer by market capi- balance of power after the UK election. — PAGE 3
tions in capital spending announced by talisation, also said it would cut this
oil companies worldwide as they move year’s spending by 33 per cent. i Comcast bid for TWC hits new hurdle
to shore up their finances and protect The companies set out their plans as US regulators have thrown a barrier in the path of
dividends as cash flows are squeezed. they reported earnings for the fourth Comcast’s $45bn takeover of Time Warner Cable by
The cuts have increased expectations quarter of last year, hit by the steep fall recasting the US cable group as a more dominant
that prices will rebound in the future as in crude prices since the summer. force in high-speed internet access. — PAGE 15
supply growth slows. Ben van Beurden, Shell’s chief execu- Two Russian Tu-95 bombers disrupted civilian air traffic when they flew near UK skies on
BP has said it will cut 300 staff and tive, stressed that the company was Wednesday. An RAF Typhoon jet intercepted similar aircraft in September 2014, above i Motor parts suppliers given China boost
contractor jobs from its 3,500-strong “taking a prudent approach”. Chinese group Shandong Yongtai has opened one of
North Sea business and freeze salaries in “We must be careful not to overreact the world’s biggest motor press shops for large car
an attempt to cut costs. It has also sold to the recent fall in oil prices,” he said. SAM JONES, MARK ODELL cials. Russia’s ambassador, ing they could only be detected parts using the skills and knowhow of a West
AND ELIZABETH RIGBY
down its equity interests in two Gulf of Over time, he said, supply and demand Alexander Yakovenko, was last by radar and would not have Midlands precision metal pressing group. — PAGE 4
Mexico oilfields and relinquished its would come back into balance and Russia’s ambassador to the UK summoned by the Foreign been visible on regular air traf-
position as operator. prices recover. was summoned for a dressing Office in July over an incident fic control systems. Datawatch
French major Total announced this As a sign of Shell’s continued commit- down by the Foreign Office involving the expulsion of a The UK’s air traffic control-
month that it planned to reduce capital ment to exploring for new oilfields, he yesterday after two Russian diplomat. He has not been ler, Nats, was forced to re-route
spending by 10 per cent this year and pledged to resume drilling in the Arctic, bombers disrupted civilian air called to account for Russian commercial flights as a result. Global average temperature The past year was
speed up billions of dollars in asset one of the highest cost frontiers. The traffic over the Channel, forc- aerial activity by Britain before. The decision was a “precau- Deviation from 1981-2010 average, the hottest on
disposals. company plans to drill this summer in Russia’s relationship with tionary measure,” a govern- record. The
ing the RAF to scramble fight- ºC
average
Although Shell and Conoco were both the Chukchi Sea north of Alaska. ers to intercept them. Nato has deteriorated sharply ment official said.
temperature in
expected to follow suit, they differed The plan prompted a fierce response in recent months over its mili- The bombers — whose 2014 was 0.63°C
sharply in the speed of the responses from Greenpeace, which said Shell was The incident on Wednesday is tary involvement in eastern distinctive outline once above the 20th-
they announced yesterday. Shell, the taking “a massive risk doggedly chasing the latest in a series of increas- Ukraine and its annexation of made them one of the most century average.
largest European oil group, said it would oil” in the “pristine” Arctic. ingly tense brushes with Rus- Crimea last year. recognisable symbols of the Surface
“curtail” its capital spending by $15bn Excluding exceptional items, Shell's sian aircraft in the skies above The two huge Russian Tu-95 cold war — were initially temperatures
over 2015-17, representing 40 projects profits for the fourth quarter of last year Britain and on the edges of bombers — known by fighter intercepted by Norwegian have risen at a
that would be delayed or cancelled. were weaker than expected at $3.26bn. Nato-countries’ borders. It was pilots as bears — flew across one fighters after taking off from rate of
Its spending for this year, however, is Shares in the group yesterday fell 4.3 also one of the most serious of the busiest civilian flight Russia. They flew south from 0.7°C per century
set to be only slightly lower than the per cent to £20.60 in London. around British airspace, paths in Europe with their Norway over the North Sea Sources: Japan Meteorological Agency
$35bn it spent in 2014. Lex page 14 according to Whitehall offi- transponders turned off, mean- Continued on page 2

Mongolia mines talent show format

with text vote on Rio Tinto stand-off
JAMES WILSON — LONDON with Mongolia over the $6bn project’s one person who advises investors in
LUCY HORNBY — BEIJING
financing and revenue sharing. Mongolia.
Mongolia is holding an X Factor-style Oyu Tolgoi is crucial to Mongolia’s Oyu Tolgoi’s discovery more than a
referendum by text message after the economy and is expected to generate decade ago cemented Mongolia’s appeal
prime minister turned to the unusual one-third of its gross domestic product to miners as one of the world’s most
form of direct democracy to help shape when it becomes fully operational. The enticing frontiers. The country opened
the country’s economic policy. failure of the two sides to develop the up vast tracts of land for exploration
Government borrowing mine’s second phase has sent Mongolia’s after Communist control ended.
rate touches historic low Saikhanbileg Chimed’s plan has echoes currency plummeting, and cast doubt But Mongolia is “seriously struggling”
of TV talent shows but could help solve a over its openness to foreign investment. after recent developments were post-
The decline in UK oil and food prices stand-off over one of the world’s largest The texting referendum, to take place poned following a downturn in com-
and signals from the Bank of England mining projects, with voters being from Saturday, will not be binding but modity prices, according to the adviser.
that it has no plans to bump up asked whether their country should could help Mr Saikhanbileg broker a “Everything has stalled . . . they don’t
interest rates soon have affected develop more of its mineral resources consensus in favour of allowing Oyu Tol- have many cards left to play.”
10-year borrowing costs, with the or resort to austerity to support the goi to proceed, and silence critics who The referendum is a “long overdue
benchmark government borrowing faltering economy. say Mongolia is not receiving its fair national decision”, said Dale Choi, head
rate touching a historic low. Thirty- At the heart of the four-day text poll is share of the mine’s earnings. of Independent Mongolian Metals &
year gilt yields, which are viewed as Mongolia’s lengthy dispute with Rio Mr Saikhanbileg, who explained the Mining Research.
particularly indicative of inflation Tinto, the Anglo-Australian mining referendum this week on television, was “They need to broadcast loud and
prospects, also hit a record low. group, over its Oyu Tolgoi copper mine. trying to engage with the general public clear to the world whether Mongolia
Report iPAGE 28 Rio’s plans to expand the mine have “over the heads of squabbling factions in wants [foreign investment] or not.”
stalled because it cannot agree terms parliament and break the logjam”, said Lombard page 20

Subscribe In print and online World Markets

www.ft.com/subscribenow
STOCK MARKETS CURRENCIES INTEREST RATES
Tel: 0800 298 4708
Jan 29 prev %chg Jan 29 prev Jan 29 prev price yield chg
S&P 500 2021.25 2002.16 0.95 $ per € 1.134 1.134 € per $ 0.882 0.882 US Gov 10 yr 104.45 1.75 0.03
Nasdaq Composite 4683.41 4637.99 0.98 $ per £ 1.508 1.518 £ per $ 0.663 0.659 UK Gov 10 yr 111.88 1.43 -0.04
© THE FINANCIAL TIMES LTD 2015 Dow Jones Ind 17416.85 17191.37 1.31 £ per € 0.752 0.747 € per £ 1.330 1.339 Ger Gov 10 yr 101.40 0.36 0.01
No: 38,765 ★★★ FTSEurofirst 300 1473.19 1474.99 -0.12 ¥ per $ 118.065 117.745 ¥ per € 133.862 133.534 Jpn Gov 10 yr 100.15 0.29 0.01

Printed in London, Liverpool, Dublin, Frankfurt, Euro Stoxx 50 3371.83 3358.96 0.38 ¥ per £ 177.994 178.732 £ index 89.099 88.932 US Gov 30 yr 114.73 2.31 0.02
Brussels, Milan, Madrid, New York, Chicago, San FTSE 100 6810.60 6825.94 -0.22 € index 86.949 87.234 $ index 100.648 100.273 Ger Gov 2 yr 100.56 -0.15 0.00
Francisco, Washington DC, Tokyo, Hong Kong, FTSE All-Share 3650.26 3659.72 -0.26 SFr per € 1.042 1.026 SFr per £ 1.385 1.374 price prev chg
Singapore, Seoul, Dubai CAC 40 4631.43 4610.94 0.44 COMMODITIES Fed Funds Eff 0.09 0.09 -
Xetra Dax 10737.87 10710.97 0.25 Jan 29 prev %chg US 3m Bills 0.02 0.03 -0.01
Nikkei 17606.22 17795.73 -1.06 Oil WTI $ 44.50 44.45 0.11 Euro Libor 3m 0.03 0.03 0.00
0 5 Hang Seng 24595.85 24861.81 -1.07 Oil Brent $ 49.08 48.47 1.26 UK 3m 0.56 0.56 0.00
FTSE All World $ 273.21 272.91 0.11 Gold $ 1268.75 1288.00 -1.49 Prices are latest for edition Data provided by Morningstar

9 770307 176555
2 ★ FINANCIAL TIMES Friday 30 January 2015

NATIONAL

Higher education Russian incursion

Record numbers seek university places RAF fighters

scramble to
Ucas hails finding that Czech Republic, and Romania. Applica-
tions from China rose by 12 per cent,
to £9,000, which came into force in
2012. However, UK and EU students can
about how the pledge would be funded.
The government’s fee increase caused
there was still a significant gap. He
added that the rising gender gulf —
meet bombers
youngsters from poorest
areas more likely to apply
and from the US by 5 per cent.
Overall, applications from 18-year-
apply for government-backed loans to
meet the cost of the fees, which are then
a dramatic loss of public confidence in
the Liberal Democrats, who had cam-
women in England are now 36 per cent
more likely to apply to university than
over Channel
olds have reached a record level of repaid out of earnings after graduation. paigned in the 2010 election on a men — was “particularly worrying for
HELEN WARRELL 592,290. The continued demand calls into promise not to raise the payment. Vince white working-class boys”.
— PUBLIC POLICY CORRESPONDENT Ucas hailed the finding that young- question Labour’s mooted policy of Cable, the Lib Dem business secretary, Megan Dunn, vice-president of the Continued from page 1
sters from the UK’s most disadvantaged was keen to point out that the higher National Union of Students, also argued
Record numbers of 18-year-olds have areas were now more likely to apply to fees had not been a barrier to entry. it was not surprising that students towards UK airspace, continuing down
applied to British universities and higher education than ever before, con-
Richest 18-year-olds are “There were many who said that the continued to apply for university when the Channel and then along the French
youngsters from the poorest areas are tinuing to close the gap on the most still 2.4 times more likely reform of student finance would dis- there were “few alternative options Atlantic coast.
more likely to seek places than ever, advantaged. courage young people from going to uni- available” such as entry-level jobs or Military officials and politicians in
according to data suggesting that higher The richest 18-year-olds in Britain are
to want to go to university versity,” he said. “The opposite has well-paid apprenticeships. Nato have become ever more concerned
tuition fees have not dented demand. still 2.4 times more likely to want to go than the poorest occurred; numbers have grown, in par- Ms Dunn raised further concerns at the potential for Russia’s provocative
The figures from the admissions serv- to university than the poorest, but this is ticular those from disadvantaged back- about ongoing declines in the numbers aerial sorties to result in an accident.
ice Ucas show a 1 per cent rise in the an improvement compared with 2006, reducing tuition fees to £6,000, which grounds. Our reforms now also mean of part-time students. Last March a Scandinavian Airlines
number of UK applicants over the past when the more affluent group were has not formally been announced but universities are well-funded for the “Yet another year of falling numbers civilian flight taking off from Copenha-
year, alongside increases of 7 per cent 3.7 times more likely to submit an appli- may form part of the party’s manifesto. future.” reveals a dangerous complacency in gen narrowly avoided collision with a
among EU students and 3 per cent from cation. Senior Labour figures believe the However, Sir Peter Lampl, chair of the making education accessible to parents, Russian spyplane south of Stockholm.
outside Europe. The rising number of school leavers fee cut would broaden their appeal to social mobility charity the Sutton Trust, carers, workers, and anyone else who Nato countries recorded a threefold
Some of the biggest increases were seeking higher education comes despite the aspirational middle classes, said while the continuing growth in dis- cannot feasibly study full-time,” she increase in provocative Russian activity
from countries such as Croatia, the the government’s tripling of tuition fees although there are concerns internally advantaged applicants was welcome, said. in the skies last year. In Britain, RAF
fighters have been scrambled on aver-
age once a month since tension with
Moscow began to rise.
Education “Russian aircraft manoeuvres are
part of an increasing pattern of out-of-

Headteachers attack ‘nonsense’ school league tables

area operations by Russian aircraft,” the
Foreign Office said.
Jock Lowe, a former head of flight
operations at British Airways, said the
incident over the English Channel was a
marked departure from the tactics of
HELEN WARRELL the Soviet air force at the height of the
— PUBLIC POLICY CORRESPONDENT
35% cold war. In the 1970s and 1980s, the
Secondary school headteachers across Eton pupils same Tu-95 long-range bombers would
England have dismissed government gaining at least test UK air defence over the North Sea,
league tables published today as five GCSEs at often performing dummy bombing
A*-C grade runs, but they did not come as far south
“a nonsense”, rendered meaningless by or equivalent
the coalition’s radical overhaul of the as the Channel.
exam system and the types of qualifica- “During the cold war the Russian
tion included in the list. 19% bombers never came near the airways
Harrow pupils this far south. The rapid increase in air
In particular, private schools whose achieving such travel in the last 25 years means there
pupils take international GCSE exams grades at GCSE
fared very badly in the latest data, since
ministers announced last summer that 13%
‘We need to signal we
these would be excluded from the Wycombe Abbey are prepared to defend
tables.
At Eton, Harrow and Wycombe
pupils achieving
such grades
ourselves. At the moment
Abbey private schools, only 35 per cent, we are not signalling that’
19 per cent and 13 per cent of pupils 56.6%
respectively achieved at least five GCSEs Overall share
are many more civilian airliners flying,”
at A*-C grade or equivalent, according of pupils in Mr Lowe said. “The airways over the
to the Department for Education. state schools Channel are among the busiest in
Further consternation has been who secured Europe.”
caused by the government’s ban on five such grades In spite of a bulked-up Nato fighter
pupils being allowed to resit exams sev- mission operating in the Baltic and the
eral times, which heads say will make it state of high alert for Russian incursions
difficult to compare the current results Framed: Eton in many countries, the Kremlin has so
with those in previous years. is among far shown little indication that it will
Partly as a result of these changes, those faring scale back its activities.
some 330 state secondary schools failed badly because President Vladimir Putin reinstated
to see 40 per cent of their pupils achieve international long-range patrols of nuclear-capable
at least five A*-C grades, up from 154 GCSEs results bombers in 2007 but has significantly
last year. On average 56.6 per cent of are excluded increased the regularity and scale of
pupils in state schools secured five such Tim Graham/Rex their manoeuvres recently.
grades. Rory Stewart, who chairs parlia-
It is likely that the problems of com- ment’s defence select committee, said
parison will increase when the first Education most highly performing independent in a way that is genuinely useful.” ‘Several of The government’s decision to this week’s incident was “a symptom of
pupils sit tougher GCSEs in English and secretary Nicky schools and others offering this excel- Responding to these complaints, strip low-quality vocational qualifica- a much bigger pattern which means we
maths from 2017, as part of reforms to Morgan says lent qualification will now appear to be Nicky Morgan, education secretary, the UK’s tions from the tables was made after got Russia wrong”.
bring more rigour to the exam system, young people’s bottom of the class in the government’s defended the government’s changes to most highly recommendations in 2011 by Professor “We tried to convince ourselves Rus-
largely abolishing coursework. achievement rankings.” the exam system, arguing that for “too performing Alison Wolf, an expert in the nexus sia would be comfortable as part of the
Ahead of the tables’ publication, Rich- matters more Mr Harman, also headmaster of long” pupils had been offered courses of between education and the labour European system but it has shown in
ard Harman, chairman of than ‘being able Uppingham school, added: “This obvi- no value to them and that schools had independent market. Crimea and now in the Ukraine that it is
the Headmasters’ and to trumpet ever ously absurd situation creates further felt pressured to put students in for schools . . . Michael Gove, who was education sec- positioning itself as a potential adver-
Headmistresses’ Con- higher grades’ confusion for parents as they cannot exams before they were ready. will now retary at the time, also clamped down sary. That means Nato has got to get
ference, which repre- compare schools’ performance accu- “By stripping out thousands of poor on schools entering pupils for GCSE much more serious,” he said.
sents about 270 rately and transparently.” quality qualifications and removing appear to be exams early and for several resits, argu- “We need to signal we are prepared to
leading independ- However, he insisted that many pri- resits from tables, some schools have bottom of the ing that these institutions were “cheat- defend ourselves. At the moment we are
ent schools, said: vate schools would continue to offer the seen changes in their standings,” Ms class in the ing” the system. not signalling that.”
“The decision to iGCSE because they knew what worked Morgan said. Tristram Hunt MP, Labour’s shadow Sculpting an adequate new doctrine
drop iGCSEs for their pupils, “regardless of the vagar- “But fundamentally young people’s
government’s education secretary, said the new sys- of deterrence to try to combat Russian
from the league ies of political decision making”. achievement matters more than being rankings’ tem was “taking the country backwards adventurism has become a priority for
tables over the The Association of School and College able to trumpet ever higher grades. Now and threatening standards”. many Nato member states in the wake
next two years Leaders has also criticised the govern- pupils are spending more time in the “Parents deserve to know exactly how of the Ukraine crisis. As government
means those ment tables for not giving a “full pic- classroom, not constantly sitting exams, their child’s school is performing but, budgets across Europe shrink, however,
tables have ture” of the results. Brian Lightman, and 90,000 more children are taking under this government, all they’ve got is the appetite for increased spending on
become a non- its general secretary, said: “We want core academic subjects that will help confusion,” he said. defence, or even more regular use of
sense. Several parents to have as much information them succeed in work and further Additional reporting by John Aglionby existing defence assets, has so far
o f t h e U K ’s as possible, but it needs to be presented study.” Editorial Comment page 10 remained limited.

IFS trends
A private bank unlike
any other. Pay inequality declines but top earners worst hit by the squeeze
SARAH O’CONNOR rates: real hourly wages fell 3.3 per cent workers suffered relatively less in that ity fell after the crisis, but most econo-
— EMPLOYMENT CORRESPONDENT
between 2008 and 2014 at the 10th per- period. But it does not explain why well- mists think it will start to rise in the next
Pay inequality has lessened in the UK centile (10 per cent of employees earned paid workers saw bigger wage cuts than few years.
over the past three years because less than this) and 6.4 per cent at the people in the middle. The figures also The IFS also found that real median
highly paid employees have seen their 90th percentile (90 per cent of employ- exclude the self-employed, a growing hourly wages fell 7.3 per cent for men
30 global locations • www.efginternational.com
real wages fall more steeply than those ees earned less than this). group that now accounts for about 15 between 2008 and 2014, but just 2.5 per
in low-paid jobs. Mr Cribb said there were no obvious per cent of the workforce. cent for women. That is partly because
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014) explanations. The minimum wage rose Inequality in pay is not the same as women are much more likely to work in
FINANCIAL TIMES newspaper in any manner is not permitted without While there is concern at high levels of faster than the median wage in cash overall income inequality, which also the public sector, where pay has been
Number One Southwark Bridge, the publisher’s prior consent.
London SE1 9HL ‘Financial Times’ and ‘FT’ are registered trade marks income inequality in the UK, analysis by terms between 2011 and 2014, which includes the impact of taxes and bene- more insulated.
of The Financial Times Limited. the Institute for Fiscal Studies, a think- could help to explain why lower-paid fits. Official data show income inequal- That trend is changing, though: pri-
Published by: The Financial Times Limited, The Financial Times adheres to a self-regulation tank, suggests the recent squeeze on vate sector wages are starting to recover,
Number One Southwark Bridge, regime under the FT Editorial Code of Practice:
London SE1 9 HL, United Kingdom.
wages has been more acute at the top while the government squeezes public
Tel: 020 7873 3000; Fax: 020 7407 5700
www.ft.com/editorialcode
than the bottom. It also shows that men Change in real wages across ... and in male and female sector pay as part of its efforts to reduce
Editor: Lionel Barber Reprints have fared worse than women and the the income distribution ... median real wages the budget deficit.
Are available of any FT article with your company young worse than the old. Real hourly wages (indices, 2008=100) Indices, 2008=100 The young have also fared much
Subscriptions and Customer service: logo or contact details inserted if required (minimum
Tel 0800 028 1407; [email protected]; order 100 copies). Jonathan Cribb, author of the IFS 105 105 worse than older workers. The real
www.ft.com/subscribenow One-off copyright licences for reproduction of FT research, said the decline in earnings hourly wages of employees aged 60 and
articles are also available. inequality since 2011 was a surprise older have already recovered to 2008
Advertising: For both services phone 020 7873 4816, or
Tel: 020 7873 4000; [email protected] alternatively, email [email protected]
because analysts had thought the low- 100 levels, while the wages of employees
100
Letters to the editor: paid were suffering disproportionately. aged 22 to 29 are still 9 per cent lower.
Fax: 020 7873 5938; [email protected] FT Cityline While lower-paid employees did see Percentile The coalition government has
Executive appointments: For real time share prices call 0905 817 1690 or go to
Tel: 020 7873 4909; www.exec-appointments.com http://www.ft.com/servicetools/ftmobile/cityline. Calls
their weekly real wages fall faster imme- 10th Weekly earnings emphasised the fact that employees
diately after the 2008 crash, data from 25th 95 Male 95 who have stayed in the same full-time
cost 75p/min. Female
Printed by: the Annual Survey of Hours and Earn- 50th job have seen their average real pay
St Clements Press (1988) Ltd, London, Newsprinters Newspapers support recycling ings show the pattern has reversed since 75th Hourly earnings increase — even as earnings across the
(Knowsley) Limited, Merseyside and Smurfit Kappa The recycled paper content of UK newspapers in Male
News Press Ld, Kells, Ireland 2013 was 83.5% 2011, with the result that weekly earn- 90th 90 Female 90 workforce have fallen.
ings inequality was slightly smaller in But the IFS said that was “not new or
2008 09 10 11 12 13 14 2008 09 10 11 12 13 14
©Copyright The Financial Times Limited 2015. All 2014 than in 2008. surprising” because pay tends to rise
rights reserved. Reproduction of the contents of this Source: IFS, ONS
The trend is stronger in hourly pay with age.
Friday 30 January 2015 ★ FINANCIAL TIMES 3

NATIONAL

Business braced to take on poll result puzzle

Surge in support for political minnows creates uncertainty over make-up and priorities of any future government
JIM PICKARD AND ELIZABETH RIGBY
Volatile mix Forecasts for the May 7 election The chief executive of one big British
business told the Financial Times that
Business is being forced to scrutinise the he had found himself having to study
policies of parties it would have previ- Vote share at general elections Forecast* Seats in parliament the policies of all the smaller parties —
ously regarded as largely irrelevant, Per cent Current from the Greens and Ukip to Plaid
50
with opinion polls suggesting they may Forecast for Cymru and the SNP. “Some of the com-
hold the balance of power after May’s after the binations are good for us, others are
general election. 1979 general really pretty bad,” he said.
Margaret Thatcher election
Analysis by the Guardian this week becomes first female Conservative 40 The complicating factor for those try-
indicated that the Tories and Labour are prime minister ing to predict the post-May landscape is
both on track to secure 273 seats — thatmanyofthewinningparties’policies
insufficient to form a coalition with 1974 willbescrappedifthereisacoalition.
Two general 1997 30
either the SNP or Liberal Democrats Tony Blair becomes In 2010 there were several major poli-
alone. A website called electionfore- elections because Labour cies in the Tory and Lib Dem manifestos
of a hung parliament firsy Labour prime
cast.co.uk also has the two parties neck minister in 18 years that did not make it into the two parties’
and neck, on 283 seats apiece. 20 33 joint coalition agreement. Notably the
Driving the uncertainty has been a fall 2010 Conservatives pledged to lift the inherit-
in backing for the Lib Dems — and an Liberal Democrat Coalition ance tax threshold to £1m but dropped
increase in support for the Scottish government this in the face of Lib Dem resistance.
National party, the Greens and the UK 10 That means lobbyists are trying to
Independence party.
Other
6 work out which policies would be sacro-
Adam Marshall, head of policy at the sanct — or “red lines” in the language of
British Chambers of Commerce, said the 0 Westminster.
contest was the closest election in living For example, senior Lib Dems have
memory. As a result, many companies 1970 74 74 79 83 87 92 97 01 05 10 2015* tried to drop the party’s hostility to new
*Average of polls in the last 20 days
were starting to pay close attention to all runways for fear they could have to drop
of the proposals from different parties Likelihood of outcomes that stance within a coalition, repeating
and how they could have an impact on Per cent the “broken promise” moment over tui-
the economy, according to Mr Marshall. tion fees in 2010.
“We track all the different scenarios Labour largest party Conservatives largest 2 3 “It’s three-dimensional chess,” said
about what could happen after the elec- with no possible party with no possible one senior banking figure. “It’s like
tion, everything from majority govern- two-party coalition two-party coalition nothing we’ve seen before, and busi-
ment to coalitions, minority govern- nesses hate uncertainty.”
ments and every other combination,” he The Tories have made many
said. “Business has been used to consid- Coalition of Labour announcements in recent weeks about
ering two or possibly three alternative plus one other what they would do if they governed
visions for the future of the UK economy 11 24 alone, such as raising income tax
— now they are faced with seven, eight,
Coalition of 3 thresholds: these proposals would be
nine alternative visions for the future.”
Conservatives
plus one other
1 vulnerable in any coalition negotiations.
Those questions cover a plethora of Business has, meanwhile, been forced
different outcomes. Would a Ukip deal 30 26 to deal with Ukip extensively because of
with the Tories force them into a much its large presence in the European Par-
harder stance against the EU and immi- liament, where the anti-EU party has 24
gration? Would including the Greens Labour 1 1 MEPs.
give an even harder anti-City edge to a majority 7 3 Conservative majority John Cridland, director-general of
Labour-led “rainbow coalition”? Sources: Parliament; UK polling report; electionforecast.co.uk
business lobby group the CBI, recently
The thought of any kind of deal with wrote to Nigel Farage, Ukip leader, set-
the SNP, which is dedicated to the ting out his group’s position on reform-
break-up of the UK, is also a major con- ing Europe.
cern for some executives. Policy parade bonds, commodities and currency ensure big businesses pay a minimum 3 Planning for large developments can “We’ll work with any democratically
Simon Walker, director-general of the People’s bank, turnover tax transactions to discourage “speculative” floor rate of tax as a proportion of their be overturned by a referendum. elected politician. It’s an absolute duty
Institute of Directors, said the political trading. UK turnover. of the CBI to do that in a completely non-
situation was increasingly “surreal”, and ‘a day of reckoning’ 3 Gross national product statistics 3 Ukip would scrap the HS2 rail scheme SNP political way,” he said. “[We are] looking
with no one able to predict the outcome. would be relegated in favour of and abolish renewables subsidies and 3 The Scottish National party has for engagement . . . I would expect,
“What we are worried about is a situa- Greens indicators that “measure progress green taxes. wooed business by pledging that an going forward, if he’s willing to engage
tion where the tail is wagging the dog, 3 The Green party would keep the UK towards sustainability, equity and independent Scotland would cut with us.”
whether from the left or the right, it government stake in Royal Bank of devolution”. corporation tax by three percentage Rory Scanlan, of public affairs consul-
seems the likely outcome,” he said. Scotland and Lloyds Banking Group, 3 The Greens also propose a wealth tax points compared with the rest of the tancy Fishburn, said businesses had to
“Imagine a Labour government which were part-nationalised during the of up to 2 per cent on individuals with UK. But its primary purpose — the navigate a “much more complex land-
backed by the SNP and Greens, financial crisis, and use them to create a assets worth more than £3m. break-up of the United Kingdom — scape” with myriad potential outcomes.
you can’t get more anti-business “People’s bank”. worries some business leaders. “Businesses are planning for the
than that,” he said. But I’m also 3 It would require banks to obtain Ukip Jim Sillars, former deputy leader, uncertainty of an election that the polls
worried about Ukip, not just specific approval “for each derivative 3 The UK Independence party would alarmed companies during the suggest won’t produce a decisive result,
from the European perspective product” such as a futures contract or a pull Britain out of the EU, although it referendum campaign by vowing that so corporates are taking a much closer
but a lot of their talk is anti-glo- fixed interest mortgage. could put this to a retrospective pro-union companies would face a “day interest in the policies and positions of
balisation . . . and Little 3 The role of the London referendum. It would not remain in the of reckoning” in an independent smaller parties that could hold the bal-
England, they don’t seem to Stock Exchange would be European Free Trade Area or European Scotland. ance of power in a hung parliament,” he
believe in free trade.” “significantly reduced”, with Economic Area while those treaties 3 The SNP is already in power in said.
legislation to reduce the maintain a principle of free movement Scotland, where it is bringing in a new Melanie Leech, chief executive of the
size of “inappropriately of labour. mansion tax in April. This new land and British Property Federation, pointed
Director-general large companies”. 3 EU citizens would come under the building transaction tax would see out that some polls were suggesting a
of the IoD Simon 3 A “small tax” would be existing points-based system for buyers of a £1m home paying £78,300 in three-party coalition. “It is therefore of
Walker is worried levied on the value of all time-limited work permits. tax compared with £50,000 under the paramount importance that businesses
about ‘the tail stocks, shares, gilts, 3 The party wants a turnover tax to current stamp duty system. take the manifestos of the small parties
wagging the dog’ seriously,” she said.
4 ★ FINANCIAL TIMES Friday 30 January 2015

NATIONAL

Shareholder pressure Football

Shell to disclose efforts on climate change BBC defends

Match of the
Focus switches to BP after Andrew Logan, oil and gas pro-
gramme director at Ceres, a non-profit
Times that the company had held
constructive discussions with the share-
that could help cut emissions, perhaps
by reducing the wasteful flaring of gas
incentives to pursue further fossil fuel
exploration. Privately, some said they
Day with
acceptance of resolution
on greenhouse emissions
US-based group that promotes sustain-
able investment, said it was hard to
holders and would “respond appropri-
ately” before the annual meeting.
released during oil production.
Elspeth Owens, a lawyer with Cli-
had not expected to see such quick
action from the company, whose move
£204m bid
think of another energy company that The development comes at a time of entEarth, a UK environmental legal was outlined in a letter to shareholders
PILITA CLARK had decided to back such a resolution. public debate about the future of fossil group that helped organise the Shell and yesterday from JJ Traynor, executive
— ENVIRONMENT CORRESPONDENT “I can’t recall the last time it hap- fuel companies ahead of an interna- BP resolutions, said Shell’s move vice-president for investor relations. HENRY MANCE
pened, he said, adding it was “interest- tional meeting in Paris in December marked a huge victory that demon- A Shell spokeswoman said the move
As the clichés go: they gave 113.5 per
Royal Dutch Shell has bowed to pressure ing” the move came as Shell announced where a global pact to reduce green- strates the power of shareholder was in line with steps the company had
cent and, at the end of the day, they just
from shareholders and agreed to be its would go ahead with its Arctic plans house gas emissions is due to be agreed. engagement. already taken to increase transparency
wanted it more.
more open on how it is tackling this year. “Investors will be watching Some countries taking part in the “This throws down the gauntlet for BP and engagement on climate change.
climate change, on the same day it said closely to see how the company explains negotiations are pushing for emissions to face up to its climate risk and support “We need a balanced debate, global The BBC has retained the rights to
it would press ahead with plans to drill that decision in light of the concerns to be all but phased out by the end of this the identical resolution made by its own thinking and effective forward-looking broadcast highlights of Premier League
in the Arctic. raised in the shareholder proposal that century or even earlier. shareholders,” she said. policy and regulation that can deliver football matches, ensuring its Match of
Shell’s board has agreed to support a Shell itself now says it supports,” he said. Other nations oppose such targets but Shell’s decision surprised some of the more energy and less CO2, at the lowest the Day programme will survive until
resolution filed by the Churchof Eng- Shell’s action puts pressure on BP, the discussions are opening oil, gas and organisers of the shareholder resolu- cost to all of us,” she said. mid-2019.
land and more than 150 other investors which the shareholders have also tar- coal companies to increasing scrutiny. tion, which also requires the company “The big challenge, simply put, for The broadcaster won the rights auc-
urging it to explain how it is managing geted ahead of the UK company’s Earlier this week, Norway’s Statoil said to divulge how resilient its business will both society and a company like Shell, tion yesterday with a bid of £204m over
its greenhouse gas emissions and invest- annual meeting in April. it was joining forces with General Elec- be to global climate action and the is: more energy, less CO2.” three years, 13.5 per cent more than its
ing in low carbon energy. A BP spokesman told the Financial tric of the US to work on technologies extent to which its executives are given Lex page 14 current deal.
The victory is a relief for the BBC,
which is broadcasting less top-level
sport because of growing competition
from commercial rivals.

Swimmers dip Its main competitor, ITV, did not bid,

a person familiar with the situation said.
Observers had speculated that ITV
Post-Olympic would use its financial strength to
match the BBC — its cash flow has risen

splash dries up strongly in recent months — while the

BBC is making programming cuts worth
hundreds of millions.
By law, the highlights have to be sold
to a free-to-air channel, such as the BBC
or ITV, rather than a subscription serv-
England’s post-Olympic sporting ice such as Sky
afterglow is fading fast, according to Match of the Day has been a resilient
figures published yesterday. brand for the BBC. The programme,
An annual survey by Sport which started broadcasting 50 years ago
England, a government body, found and has been off the air for only short
the number of people playing sport periods, regularly attracts nearly 4m
for at least 30 minutes once a week viewers — the UK’s highest audience for
dropped by 125,100 to 15.6m in the a programme starting after 10pm.
year to October. ITV did show top-level highlights
The main reason for the drop was
an 8 per cent fall in England’s most
popular sport — swimming. Premier League
chief executive
Some 2.6m people swam once a Richard Scudamore
week, a fall of 245,000 compared says the BBC
with the year before. This drop has done a
negated increases in the number of ‘fantastic job’
people playing team sports such as
football, cricket and netball. between 2001 and 2004 but its experi-
Athletics, cycling and rugby union ment with early-evening shows failed to
also recorded increases. enthral viewers.
But golf, badminton and tennis Overall the Premier League delivers
became less popular. about €1.4bn a year in broadcast rights
Sport England, which funds to its member clubs — almost as much
activities, said swimming had failed as the German and Spanish leagues put
to modernise compared with other together, according to consultancy
activities such as running and gym Deloitte, which measures in euros.
exercise. Roger Blitz Most of the money comes from the
sale of UK live broadcast rights, for
Keith Morris/Alamy
which BT and Sky are expected to bid in
the coming days.
Discovery Communications, the US-
listed group that owns the Discovery
Collaboration. Car manufacturing Channel and Eurosport, has also met
the Premier League to discuss joining

China fuels revival for motor suppliers the contest.

Analysts forecast that the UK live
broadcast rights could fetch £4bn, one-
third more than their current value. The
figure excludes highlights and global
rights.
The Covpress plant in Shandong prov- London taxi, having bought Manganese panies, if they were ready to make the the local market. “The choice for com- Match of the Day has been criticised by
Willingness to internationalise ince, when operational in March, will Bronze in 2013. required investments. panies like JLR is to find a local Chinese some viewers for its staid format and
could prove a turning point have the capacity to produce £1.5bn The UK car market is enjoying record Currently, around £11bn is spent with supplier or persuade their UK suppliers lacklustre pundits, compared with
worth of pressings a year, more than 10 sales, with exports accounting for 85 per UK suppliers by global car manufactur- to follow them to China,” says Mr Leech. newer television shows such as Sky’s
for component makers times the size of the UK operation. cent of the vehicles produced. However, ers — but a report in 2012 by KPMG, the Sertec, a components supplier in Bir- Monday Night Football with Gary Neville,
Kit Halliday, joint chief executive and the lack of suitable local suppliers has professional services firm, suggested mingham, has a small contract toolmak- a former Manchester United and Eng-
JOHN MURRAY BROWN 30 per cent shareholder in the Coventry meant manufacturers import about 60 this figure could double by 2016. ing operation in China and is understood land international player.
company, says the group can now sup- per cent of components by value, com- But UK supply chain companies are to be considering setting up a manufac- But Richard Scudamore, the Premier
A Chinese company yesterday opened ply the global operations of all the big pared with 30 per cent in Germany. typically family-owned, risk-averse and turingoperationtosupplyJLR. League chief executive, said the BBC
one of the world’s biggest motor press car manufacturers. much smaller than their German coun- “Local content rules means we have had done a “fantastic job”, with “high-
shops for large car parts — with the help “If Yongtai only wanted to supply Chi- terparts, with an average of 30 employ- to be there,” says Grant Adams, Sertec quality coverage and analysis” on the
of 40 engineers from Coventry. nese carmakers they could have done
‘For us, where cars ees compared with 180 in Germany. chief executive. game.
Shandong Yongtai in northern China, that without buying us. But we open are made doesn’t have Recent decades have also seen a hol- Delcam, which makes design software ITV has also lost the rights to live
a privately owned industrial group, is doors for them,” he says. lowing out, with press shops closing and for motor toolmakers, went worldwide Champions League and Europa League
using the skills and knowhow of Cov- The collaboration is just the latest
that much impact’ the loss of key capabilities. a long time ago, as the sourcing of com- football from next season. However, it
press, a 100-year-old West Midlands example of growing Chinese interest in Grant Adams of Sertec John Leech, a partner with KPMG and ponent parts became more globalised. will screen highlights from those com-
precision metal pressing company it the UK motor sector. author of the report on the UK motor “For us, where cars are made doesn’t petitions, under a deal with BT, and has
acquired in 2013. Already four of China’s big carmakers Global manufacturers say they would supply chain, says component makers have that much impact. We can supply also applied to air highlights of this
The link has already transformed the have manufacturing or research and like to increase the level of parts pur- have to internationalise to survice. companies making cars or car parts year’s cricket World Cup from New
fortunes of the UK company, resulting development operations in the UK. chasing done in the UK. Mr Leech says much of the impetus is whether they’re in China, the UK, Amer- Zealand.
in increased investment and a near-50 Shanghai Automotive, Changan and The Society of Motor Manufacturers coming from companies such as Jaguar ica, Brazil or Mexico. We basically follow Next month, ITV is also broadcasting
per cent rise in its workforce. Turnover Lifan all own or work with UK technical and Traders in November estimated Land Rover, which has large operations the manufacturers around the world,” the first boxing match on terrestrial tel-
is up 70 per cent in the two years since centres while Geely, owner of the Volvo there were £5bn worth of new business in the UK but which is now also making saysPeterDickin,marketingdirector. evision since 2010, with Northern Ire-
the takeover. brand, manufactures the famous black opportunities for UK supply chain com- cars under a joint venture in China for Renishaw profit forecast page 21 land’s Carl Frampton.

Angels of change Social investors who seek more than financial gain in their portfolio
CONOR SULLIVAN play a bigger role in providing public Ms Anderson said there was a shift in to see if we could help finance social “lucky enough to be able to make my ity, says Meganne Houghton-Berry, is to
services because of the strains on gov- how people supported social enter- organisations”. investment decisions on many things, generate profit to back more social
“Rather than buy a yacht,” says Will ernment finances. prises, from grants and donations to “It’s horses for courses. Some organi- not just profit”. enterprises. She and Mr Hobhouse are
Hobhouse, a veteran businessman and “There’s no money. So we need things investments. “I don’t think it’s yet the sations need donations; they’re never “I will invest in a business that’s OK investors in Third Space Learning,
investor, “it might be more fun to see if to be done better, more innovatively new normal but it’s becoming the new going to be a business. Some organisa- but actually has a function to yield good. which provides online maths tuition to
you can change the world with young [and] to find different ways of deliver- normal. I think we’re halfway there.” tions need other types of finance, in the And although I’ll make a bit of money primary pupils from graduates in India.
people who want to have a go.” ing public services better and for less Bristol Together is a property devel- way a classic for-profit business would.” out of it, I’m never going to make a for- Tom Hooper, its founder, said: “Even-
The former chief executive of retail money,” he said. opment company that Jenny Tooth, head of UK Business tune,” she added. tually you get to the point where you’re
chains Tie Rack and Whittard is one of a While investment in social enter- attracted investment Angels Association, which represents Martin Leuw, a technology entrepre- self-sustaining so you’ve got the revenue
growing number of people giving finan- prises had been growing, tax relief from Oliver Cooke, a individuals who invest in start-ups, said neur, is an investor in and non-execu- not to need handouts. . . Otherwise, you
cial backing to businesses with goals brought in last year made it much more City banker. It employs that many people were prepared to tive director of Latimer, a media agency are at the discretion of someone else,
other than making money. attractive, said Karen Leigh Anderson, a former prisoners as back “one or two deals that may not that makes content for brands, televi- whereas we’re at the discretion of 2,000
These ventures seek to address social consultant who has developed networks builders to help them give high returns” but would make an sion channels and government bodies. It kids.
ills such as recidivism, unemployment to connect investors with ventures seek- find work after being impact in society, as part of their portfo- gives work experience, in front of and “I would sooner be exposed to my cus-
or educational underachievement while ing cash. released and to lio. For instance, Deborah Meaden, behind the camera, to young people tomers and do a brilliant job for them
also generating a return — albeit a mod- Many of the backers were “cashed-out reduce the rate of one of the panellists on the television from less affluent areas. Mr Leuw said than a foundation or government.”
est one — for their investors. entrepreneurs” who relished the chal- reoffending. He show Dragons’ Den, said she was that “it’s quite clearly for-profit: we’ll He is passionate about closing the gap
The UK government has offered tax lenge of becoming involved in a new said he and his raise new money to get new equity in. in attainment between rich and poor
breaks as support, and this month Fran- business, she said. The enterprises saw partner gave We want to grow it, we want it to make children. “The investors we have are in
cis Maude, the Cabinet Office minister, them as a source not just of funding but money to char- Deborah Meaden: money, but we’ve got a very strong it for what we’re trying to achieve. And
urged a roomful of investors at 11 Down- also of advice and commercial exper- ity and “it just ‘lucky’ to back social purpose that goes with it.” of course they want to make a profit —
ing Street to plough money into social tise; investors often take a seat on the seemed like a ventures for reasons Another reason for investing in a busi- and we’ll make them a profit. But you’ve
enterprises. He said they would have to board. natural next step more than just profit ness rather than giving money to char- got to buy into the vision.”
Friday 30 January 2015 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Friday 30 January 2015

INTERNATIONAL
GLOBAL INSIGHT

Obama set for budget showdown LONDON

Ferdinando
President wants Republican-held Congress to agree $70bn in discretionary spending Giugliano
MEGAN MURPHY — WASHINGTON for inflation, putting American

President Barack Obama will propose

raising domestic and military spending
research, education, infrastructure, and
national security at risk.”
Following a fractious start to the new
Falling oil price starts
above agreed limits in next week’s
budget, setting up a clash with a Repub-
year, Mr Obama’s budget blueprint will
be released ahead of a series of policy
central bank race to
lican-controlled Congress committed to
curbing the size of government.
Mr Obama's budget for the fiscal year
deadlines, or “cliffs”, that Congress and
the White House must negotiate to
avoid at least a partial shutdown in
the monetary bottom
2016, which will be released on Monday, operations ranging from domestic secu-
will request an end to the automatic rity to the financing of roads and

O
spending caps the White House agreed bridges. nly a few months ago, the 2015 outlook for
with Congress as part of a deal struck in According to a projection released monetary policy could be summarised in two
2011, known as sequestration. this week by the non-partisan Congres- words: “great divergence”.
But in proposing about $70bn in addi- sional Budget Office, the US budget defi- This was the year in which the US Federal
tional discretionary spending, the presi- cit will fall to 2.6 per cent of gross Reserve and the Bank of England would
dent will set himself on a collision domestic product this year, the lowest finally raise rates after years of ultra-low borrowing costs,
course with Republicans who want to since Mr Obama became president, as a while the Bank of Japan and the European Central Bank
make deeper cuts in federal expendi- strengthening economy boosts govern- would continue to loosen monetary policy.
tures, particularly on social pro- ment revenues. Fast-forward to the start of this year and the picture is
grammes. The budget gap will hold steady rela- completely different: from India and Turkey to Canada,
While the 2011 sequestration locked tive to the size of the economy until monetary policy makers are all busy slashing borrowing
in across-the-board spending cuts for 10 2018, but will then once again resume its costs. Brazil, where the central bank raised rates last week,
years, its impact was blunted by a two- upward trend amid rising health and is the one big exception to the rule. But its move pales
year bipartisan budget deal struck in retirement costs, pushing up the against the ECB’s decision last Thursday to launch a mas-
2013. However, those curbs are set to national debt, the CBO forecast. sive €1.1tn programme of quantitative easing. And while
resume in October unless another Mr Obama’s budget proposal will kick the BoE and the Fed are still eyeing rate rises in the near
agreement is reached. off a months-long process to try to craft future, records from their most recent monetary policy
Mr Obama previously outlined many a deal with Republican lawmakers meetings suggest even they are in no hurry to tighten.
of the domestic spending proposals that already staunchly opposed to boosting The driving force behind this new global round of mone-
will be included in the budget in his domestic spending. tary loosening is the slump in the price of oil, which has
State of the Union address earlier this A proposed increase in defence more than halved since June. As a result, price pressures in
month. spending above the agreed sequestra- oil-importing countries have come down sharply. The
By increasing the top rate of tax on tion limit, by contrast, is likely to cause World Bank expects global inflation to fall by 0.4-0.9 per-
capital gains and closing a tax loophole ructions within the GOP’s senior ranks. centage points this year. Since most central banks set their
on inherited assets that is mainly used US military leaders, joined by some monetary policy depending on their expectations for infla-
by the wealthy, the White House aims to Republicans such as John McCain, the tion, it is understandable that decelerating oil prices have
raise $330bn to fund programmes chairman of the armed services com- prompted a race to the monetary bottom.
intended to boost the middle class, mittee, have warned that further cuts to The problem is that the monetary policy playbook states
including paid sick leave for workers the military under sequestration would that central bankers
and a simplified structure of tax credits put national security at risk when forces should generally ignore
for higher education. are already stretched responding to the first-round effects of
The World Bank
However, those proposals have multiple threats, such as the rise of falling oil prices. The expects global
already drawn the ire of a GOP-control- Islamic State of Iraq and the Levant, or impact of this one-off
led Congress, which continues to cham- Isis. Others have argued for keeping slump tends to disappear
inflation to fall by
pion fiscal restraint and bringing the spending within the agreed limits, or with time, the argument 0.4-0.9 percentage
deficit down. paring defence spending even further. goes. Since policy makers
“My budget will fully reverse the The budget talks are also set to chal- typically care about the
points this year
sequestration cuts for domestic priori- lenge Republican efforts to recast rate of inflation over the
ties in 2016,” Mr Obama said in an opin- the GOP as the party of the middle class, medium run, it is better to live for a few months with price
ion piece published in the Huffington after weeks of fierce debate on how it pressures below target than to opt for a knee-jerk cut.
Post yesterday. should address concerns over rising All this suggests that most central bankers are making a
“It will match those investments with inequality. rookie error in dealing with the recent slide in crude. The
equal dollar increases for defence fund- After a rocky start to the year, Repub- reality, however, is more complex. Slumping oil prices can
ing. If Congress rejects my plan and licans are working to cast their own ini- have more than transitory effects on inflation if, for exam-
refuses to undo these arbitrary cuts, it tiatives — such as expediting exports of ple, they prompt consumers to change their behaviour by
will threaten our economy and our mili- liquefied natural gas — as middle-class holding off on purchases and tempering their demands for
tary. Investments in key areas will fall to friendly policies that will spur job crea- pay raises. What started as a seemingly temporary shock
their lowest level in 10 years, adjusted Home base: the White House aims to raise $330bn to fund programmes to boost the middle class tion and wage growth. could then lead to the prospect of outright deflation. Cen-
tral bankers need to cut rates early to avoid that risk.
From this point of view, the ECB’s actions last week look
reasonable. In the months leading up to QE’s unveiling,
‘Spring offensive’ inflation expectations — as measured in the financial mar-
kets — had dropped worryingly below the central bank’s

Japan’s unions and employers clash over how to raise pay target of just below 2 per cent. There were early signs that
this downward momentum was beginning to influence
wage negotiations in Germany, as shown by Bruegel, a
think-tank. Hence, the ECB felt compelled to intervene to
interrupt this vicious spiral.
ROBIN HARDING AND KANA INAGAKI stimulus, known as Abenomics, have for 2 per cent, saying a base up should Ueno, chief market economist at For the UK and the US central banks, the decision to
— TOKYO
pushed up asset prices and got Japan’s just be “one option” for companies. Kei- Mizuho Securities in Tokyo. remain in wait-and-see mode is more finely balanced. In
A split between Japan’s unions and economy moving. But with inflation danren noted that inflation was below 1 He forecast this would come in the both countries the labour market has strengthened but
employers on how to raise pay has excluding tax rises stuck at 0.7 per cent per cent after stripping out the effects of form of 1.8 percentage points in annual growth has yet to deliver a sustained pick-up in wages. As
emerged as the main issue at the start in November, consumers remain unper- higher consumption tax. December increment and 45 basis points of base long as different measures of inflation expectations give
of wage talks seen as crucial to the suaded that the era of deflation is over. inflation data are due tomorrow. up. That would mean an increase in real contrasting signals, it may be wise to pause before steam-
country’s massive economic stimulus The government is now looking to boost The average pay rise in Japan last year wages but not enough to be consistent ing ahead with a rate rise.
effort. consumption by driving up pay. was 2.2 per cent, but only 0.4 percentage with the Bank of Japan’s 2 per cent infla- Harder to justify is the behaviour of some emerging
Speaking at the start of Japan’s annual points were in the form of a base up. tion objective. market central banks. The Turkish central bank, for
Following intense pressure from Shinzo “spring offensive” on wages, which By contrast, companies prefer to add The labour unions at Toyota, Japan’s example, has loosened monetary policy even though infla-
Abe, prime minister, companies say began yesterday, trade union head 2% a bit more to the yearly increase staff biggest carmaker, plan to seek an tion remains well above its target of 5 per cent. Turkey’s
they are ready to raise wage levels. But Nobuaki Koga said a 2 per cent across- Pay rise that the receive for seniority. Because the oldest increase of Y6,000 ($51) or more in monetary authorities appear to be succumbing to the gov-
they are resisting union demands for an the-board increase was “indispensable” trade union head employees retire each year and new monthly pay this year, an ambitious ernment’s appetite for lower borrowing costs.
across-the-board increase in pay known to defeat deflation. Nobuaki Koga staff start at an unchanged salary base, demand considering that they secured Eventually, slumping oil prices’ effects on inflation will
as “bea” — a Japanese abbreviation for Sadayuki Sakakibara, chairman of says is needed to this means a much smaller impact on a rise of only Y2,700 last year. wane, probably later this year. When they do, the wisdom
“base up”. Japan’s Business Federation, or Keidan- beat deflation the overall wage bill. The carmaker is expecting its second of this round of global monetary loosening will be tested.
Base up means raising pay at every ren, acknowledged that “consumption Analysts question how many employ- straight year of record profit and Akio As the Fed tightens monetary policy, drying up liquidity in
point in Japan’s strict seniority-based is lacking” and promised business Y6,000 ers will concede to an across-the-board Toyoda, the company’s president, has the world economy, there is a risk that some central banks,
wage systems, permanently increasing would make the maximum effort to rise. “We conclude that large employers said he wants to “reward the employ- especially those in emerging markets, will discover they
Monthly increase
the overall wage bill and thus the total raise wages. Toyota’s labour in 2015 will go slightly beyond last year’s ees”. But he has not made clear how far have cut too much and too soon.
cash consumers have available to spend. But in a report ahead of the talks, unions plan to pay increases, suggesting a rise of the company is willing to distribute
Two years of fiscal and monetary Keidanren rejected the union demand seek this year around 2.25 per cent,” said Yasunari profits in the form of employee pay. [email protected]

Financial services Eurozone statistics

Five EU nations in talks over Germany slips into deflation

watering down bank reform as crude presses down prices
ALEX BARKER — BRUSSELS today’s talks arranged by Latvia, holder CLAIRE JONES — FRANKFURT statistics agency, to show prices fell 0.5
of the EU’s rotating presidency. per cent in January. With German prices
Reforms to break up Europe’s big Germany has become the latest euro-
Vitor Constâncio, an ECB executive falling at a faster pace than expected,
banks are on course to be heavily zone member state to succumb to
director, warned recently about the the eurozone figure could undershoot
watered down as France and Britain deflation, with the first fall in prices
dangers of “a patchwork of inconsistent forecasts. The German inflation figure
push for maximum national leeway in since autumn 2009, supporting the
national frameworks,” according to EU “means expectations for eurozone infla-
how the structural overhaul is imple- case for last week’s landmark quantita-
officials. He said it would “increase tion now carry a decidedly downside
mented. tive easing package from the European
financial fragmentation across the sin- risk”, said Jörg Krämer, chief economist
Central Bank.
Ever since the European Commission gle market and carry a risk of regulatory at Commerzbank. “The drop in oil
last year unveiled proposals to force arbitrage”. Germany’s Federal Statistics Office said prices suggests that eurozone headline
some banks to hive off risky trading The commission is attempting to yesterday it expected harmonised con- inflation should stay below the zero line
activities it has faced a wall of opposi- bridge divergent approaches to bank sumer prices, calculated to fit with the until autumn.”
tion from some EU member states and reform across Europe. While it offers broader eurozone calculation, to decline Prices dipped 0.2 per cent across the
the banking industry. That resistance is the UK a controversial carveout to forge 0.5 per cent in the year to January — a region in the year to December, falling in
coalescing around options to defang the ahead with the Vickers reforms, which fall from a rise in costs of 0.1 per cent in 12 out of 19 eurozone member states.
regulation. Officials from France, the ringfence retail activities from riskier the year to December. Germany’s separate estimate of con-
UK, Germany, Sweden and the Nether- investment banking, it would overwrite The plunge was almost entirely due to sumer prices showed a drop of 0.3 per
lands will meet in Riga today to discuss attempts at structural reform in France, the collapse in oil prices, with energy cent from a year earlier.
potential compromises. Belgium and Germany. costs falling 9 per cent during the The ECB, which aims for inflation
Advocates of structural reforms, The ECB, the eurozone’s top banking 12 months. The last time prices fell in below but close to 2 per cent, plans a
including the European Central Bank, supervisor, is supportive of a pan-EU the eurozone’s largest economy was €1.1tn quantitative easing package to
are particularly alarmed by ideas to regulation that would give supervisors in September 2009 and the latest dip all tackle deflation. The ECB and eurozone
change the blueprint from an EU regula- discretion to restructure complex big but confirms that deflation across the national central banks will buy €60bn
tion to a directive, which offers member banks. But it is also worried that a direc- currency area worsened in January. of assets a month until September 2016
states more room to interpret the meas- tive would leave it having to navigate Analysts polled by Bloomberg expect to counter a spiral of falling prices, weak
ures in national law. Neither the com- and enforce complex and varying figures to be released tomorrow by credit and stagnant demand.
mission nor the ECB were invited to approaches within the euro area. Eurostat, the European Commission’s Philip Stephens page 11
Friday 30 January 2015 ★ FINANCIAL TIMES 7

INTERNATIONAL

Rescue verdict Emergency meeting

IMF criticises Irish failure to impose ‘bail in’ Athens rattles

EU unity on
Decision in 2008 that cost countries, even though such risks were
“not obvious”. Moreover, the level at
tors, “many in Ireland question why
Irish taxpayers should be the ones cov-
haircut would have spread contagion
across the eurozone. Even if spillover
partners in the “troika” overseeing the
bailout — the EU and the European Cen-
further Russia
taxpayers €64bn based on
‘not obvious’ spillover risk
which Irish bank bonds were trading at
the time implied that holders of senior
ering the cost of addressing such euro
area-wide concerns. A bail-in or other
risks were important, “steps could have
been taken to ringfence these through
tral Bank — because their objectives
“may not necessarily always be
sanctions
unsecured bank bonds were expecting solution that would have ‘mutualised’ appropriate policy responses in the aligned”. It said that in the case of the
VINCENT BOLAND — DUBLIN to take a haircut on their bond holdings, these costs would likely have resulted in affected markets”, its report said. bank creditors, the European institu-
according to the fund. more equitable burden sharing.” Spillover risks are “not obvious for tions “focused on wider [euro] area con- CHRISTIAN OLIVER — BRUSSELS
STEFAN WAGSTYL — BERLIN
The failure of policy makers to impose The IMF’s observations, in a report The view that the failure to impose a bailing in unsecured creditors in a failed cerns even if this resulted in a higher
losses on some bank creditors at the published today that is effectively its haircut on bank bondholders was a mis- bank”, it said. public debt burden for Ireland”. Greece’s new foreign minister yester-
height of Ireland’s financial crisis was a verdict on its role in the €67bn Irish take is widely held in Dublin, and was The IMF also argued that, at least in Nevertheless, the IMF said Ireland’s day provided an immediate illustration
mistake that forced Irish taxpayers to bailout, are likely to reignite arguments repeated this month by Patrick Hono- its early stages, the attempt to stabilise bailout, led by the fund with European of how a radical leftwing government
foot a bill that should have been borne in Ireland about the cost and conse- han, governor of the Central Bank of Ire- Ireland’s collapsing financial system institutions, was a success, particularly in Athens is rocking the EU’s unity on
by the wider eurozone, according to the quences of the bank rescue, the most land. Instead of imposing burden-shar- was not co-ordinated enough with other in stabilising the banking sector and sanctions against Russia.
International Monetary Fund. catastrophic financial event in recent ing losses, the Irish government in Sep- eurozone states and required action reducing its size.
The failure to “bail in” unsecured Irish history. They are the most succinct tember 2008 issued a blanket guarantee from the eurozone that was not forth- Banks had extended credit heavily to Arriving at an emergency meeting of
creditors to a bank rescue that cost Irish yet on the episode. The report is also for all bank creditors, a move that coming until the sovereign bailout of property speculators during the latter foreign ministers in Brussels, Nikos
taxpayers €64bn and bankrupted the likely to inform how the fund handles caused anger among other eurozone Ireland was well under way. stages of the Celtic Tiger economy, Kotzias said that Greece would work
country was based on the view that future bailouts. governments. The fund said the issue of bailing in between about 2002 and 2006, but the to prevent a “rift between the European
doing so would have serious adverse The IMF said that as a result of the However, the IMF appears uncon- unsecured creditors needed greater co- sector collapsed when the global finan- Union and Russia”. His government,
“spillover” effects in other eurozone failure to impose losses on bank credi- vinced by arguments that imposing the ordination between the IMF and its cial crisis hit in 2007 and 2008. which came to power only this week,
had already expressed a “general reser-
vation” towards EU measures aimed at
expanding sanctions against Moscow.
Alexis Tsipras’s government has burst
Anti-austerity. Bailout review on to Europe’s political stage just as
the EU is under pressure to respond to

Fears mount over Greek plans to roll back reforms the collapse of a ceasefire in eastern
Ukraine, which has raised the spectre of
open war, with Russian-backed rebels
turning their sights to the port city of
Mariupol.
Tsipras set to meet eurozone Linas Linkevicius, Lithuania’s foreign
minister, criticised the weekend attack
partners as statements from on Mariupol by pro-Russian rebels as
“terrorism” that merited a direct
new ministers spook investors response by the EU such as further
financial restrictions on Russia.
KERIN HOPE — ATHENS “How many people should be killed
PETER SPIEGEL — BRUSSELS before we say ‘je suis Ukrainien’?”
AND TOBIAS BUCK — MADRID
he asked, in reference to the “Je suis
Greece’s anti-austerity government will
have its first face-to-face encounter
with the eurozone today as concerns
‘At the end of the day this
mount among the country’s creditors is not just about Donbass
over Athens’ plans to roll back key eco-
nomic reforms.
itself or Ukraine’
Jeroen Dijsselbloem, chairman of the Pavlo Klimkin, foreign minister
eurogroup of eurozone finance minis-
ters, was due to hold talks in Athens Charlie” placards that have become
with Alexis Tsipras, the new Greek common following the shooting at the
prime minister, and his finance minis- Charlie Hebdo satirical newspaper.
ter, Yanis Varoufakis. However, the EU last night looked
The government, led by the far-left set to defer any decision on whether
Syriza party, is still working to finalise to expand economic sanctions against
its economic programme. Yet some of Russia to a meeting of national leaders
its most senior officials are already sig- on February 12.
nalling a hard line with creditors who In draft conclusions for the meeting,
compelled the previous Greek govern- the ministers will only instruct the
ment to push through politically unpop- European Commission to undertake
ular reforms in exchange for the bailout. further “preparatory work” on loosely
“The memorandum [as the bailout defined restrictive measures.
agreement is known in Greece] is over EU sanctions imposed last year have
for us,” Giannis Dragasakis, the deputy targeted Russia’s energy, defence and
prime minister, who is expected to over- banking sectors and have been seen as
see negotiations with the EU and Inter- a critical factor in crippling Moscow’s
national Monetary Fund, said on economy, which has been compounded
Wednesday night. “We will present our Greece’s PM “We have no idea as yet — only public According to people briefed on the Greek demands for a debt overhaul by the collapsing oil price. Hawkish
own programme.” Alexis Tsipras announcements in principle and of meeting, most were open to showing are likely to meet strong resistance not countries in the EU want to limit further
The meeting offers a first opportunity greets European principle,” said one eurozone official leniency — possibly extending debt only in Berlin but also Madrid, which is Russia’s access to international capital
for Greece’s eurozone partners to test Parliament involved in the talks. “Do they want to repayments, lowering budget surplus adamant that the new Tsipras govern- markets because of the latest flare-up.
Mr Tsipras’ intentions since he swept to president finalise the programme? If so, how?” targets and allowing more social spend- ment must not be treated more lightly Countries such as Britain, Sweden,
power in Sunday’s elections. They will Martin Schulz, Statements made by newly appointed ing — as long as Greece stuck to most of than other eurozone countries that have Poland, Romania and the Baltic states
be doing so with little time to spare; left, in Athens Greek cabinet ministers triggered tur- the bailout’s reform commitments. suffered economic turbulence. also want a more specific timeframe for
without an extension, the country’s bail- yesterday moil in financial markets on Wednesday But Wolfgang Schäuble, the German At the height of the recent crisis, Spain the imposition of more economic sanc-
out will expire at the end of the month, Kostas Tsironis/Reuters
as they signalled a determination to finance minister, resisted calls for a pushed through austerity measures, tax tions. However, diplomats from this
jeopardising its banks’ access to Euro- reverse reforms that have been credited quick, technical extension of the rises and unpopular reforms. The meas- hardline camp say France and Italy and,
pean Central Bank funding and possibly with boosting competitiveness and €172bn bailout unless the Syriza gov- ures are likely to be attacked in the to a lesser extent, Germany are guarded
its place in the eurozone. encouraging foreign investment. ernment committed to negotiations on run-up to this year’s general election — about a tough response to Russia.
A finance ministry official said Mr To the alarm of investors, the minis- the bailout’s final review, which has including from Podemos, an anti-estab- Speaking ahead of the meeting, Sig-
Varoufakis would brief Mr Dijsselbloem ters suggested they would push to freeze been delayed since September. Greek lishment party that has formed links mar Gabriel, Germany’s economy min-
on the government’s scheme to organise privatisations, reinstate thousands of “You need a structure to negotiate,” demands with Syriza and is leading the polls in ister, said it was too early “at the present
an international conference to consider civil servants sacked in an overhaul of said another official familiar with Mr Spain. Madrid fears that caving in to the time” to speak about further sanctions.
restructuring Greece’s huge debt, which the country’s bloated public administra- Schäuble’s thinking. “So far, they for a debt pressure from Athens would provide a Pavlo Klimkin, Ukraine’s foreign min-
last year reached 175 per cent of national tion, and restore the minimum wage to haven’t been clear on that.” overhaul boost to Podemos and other far-left par- ister, said that he understood the diffi-
output. Mr Tsipras has demanded at its pre-crisis level. Officials said much of the willingness ties across the continent. But Spain is culty for some countries to agree to
least one-third of the debt be written off. On the sidelines of Monday’s euro- to show leniency agreed on Monday has are likely to likely to signal readiness to steps that increasing sanctions but said that the
People briefed on Mr Dijsselbloem’s group meeting, representatives from been put to the test by Syriza’s actions meet strong would ease Greece’s debt burden. Spain EU needed to show that it was willing to
trip said he has no mandate from the the troika of bailout monitors — the since coming into government, in which and other nations may also be ready to defend the rule of law.
eurogroup to open talks with the gov- European Commission, ECB and IMF — they have been openly confrontational resistance accept some backtracking on issues “At the end of the day this is not just
ernment and is instead attempting to met with the German and French towards their EU partners. “What is in Berlin such as job cuts in the public sector. about Donbass itself or Ukraine . . . we
get a clearer picture of where Mr Tsipras finance ministers in an attempt to find a happening now is going in another Notebook page 10 need to have mechanisms to respect the
wants to move with negotiations. common line for the Greek talks. direction,” said the eurozone official. and Madrid Comment page 11 rules,” he said.

Erdogan’s nation. Online censorship Belarus bonds

Slip of the tongue
Social media take centre stage in battle for Turkey’s press freedom sparks debt sell-off

A slip of the tongue by President

Alexander Lukashenko of Belarus
cases that have led Twitter to bar access The day the police called, they year term for allegedly keeping the Twitter and YouTube bans have now sparked an unprecedented sell-off
Ankara is reviving legislation in Turkey to some posts by journalists. demanded to know what other social police waiting at her door on that turned their attention to Twitter itself. in the country’s international debt
to block websites as Twitter While sweeping bans on Twitter and media platforms Ms Kabas used and a December day. In a letter to the company warning of yesterday.
YouTube were overturned last year by prosecutor enquired which terrorist Much of the battle over the future of possible future legal action, they asked At a press conference in Minsk,
bars access to journalists’ posts the constitutional court, critics say the group wanted her to target the magis- Turkey’s press, which Mr Erdogan Twitter to stop blocking Turkish the capital, Belarus’s autocratic
moves are increasing constraints on trate in the corruption case — a question declares is the world’s “freest”, is taking accounts, arguing the US company was president casually suggested the
online expression, which many Turks she says she met with incredulity. place online. In recent days, his ruling not bound by Turkish law and that such country might seek to restructure
DANIEL DOMBEY — ISTANBUL
rely on because of growing limits on tra- Last week a Turkish judge gave the AK party introduced legislation to give practices violated the right of free its debt, leaving investors aghast
Sedef Kabas was still in her nightdress ditional media. go-ahead for Ms Kabas to face trial in the prime minister or other ministers expression. and sending prices to their
when Turkish police knocked on her Turkish authorities have formally April for allegedly, through her tweet, powers to block sites in advance of court They say that the number of Turkish steepest fall on record.
door about a few words that could con- banned coverage of more than 150 threatening and targeting the prosecu- orders, on grounds such as public order courts and regulators’ requests for Twit- The price of its $1bn 2015 bond
demn her to 10 years in jail. issues since 2010, including delibera- tor in the corruption case, who has com- or national security. The bill, now being ter to bar access to users’ accounts crashed, driving the yield up to 46.8
Armed with a warrant, they tions on whether to lift the parliamen- plained of subsequent harassment on discussed in parliament, is the third and increased from nine in 2013 to 186 in the per cent on an annualised rate from
impounded her phone and laptop and tary immunity of four ministers caught social media. most ambitious legislative attempt to first half of last year, requests they say 14 per cent the day before. The
took her to police headquarters, the up in a corruption case. “Social media is The authorities have asked for a five- increase government control over the have not “remotely affected” pro- yield on the $800m bond due in
prosecutors’ offices and finally to court. one of the few areas where people can year sentence for Ms Kabas and, in new internet in the space of a year after pre- government accounts. 2018 rose to 19.5 per cent from 12.4
The reason for the December 30 visit breathe because the mainstream media charges filed this week, a separate five- vious efforts were thwarted. Twitter declined to comment. per cent on Wednesday.
was a tweet she sent a month earlier. “I has been suffocated,” says Ms Kabas. Meanwhile, Facebook complied this The company’s supporters depict it as A few hours later the president
didn’t feel scared . . . [but] I feel a little The tweet that led to Ms Kabas’s week with a court order to block content almost overwhelmed by the task, reappeared and urged frantic
furious,” says the former television pre- arrest referred to the dropping of the that allegedly insulted the Prophet scrambling to keep up as users retweet bondholders to “please calm down”,
senter. “All these things going on in Tur- corruption case, which involved figures Mohammed, after being warned that blocked posts or open new accounts to stressing that he had meant to say
key — corruption, bribery, crimes — and connected with President Recep Tayyip otherwise Turkish access to the whole circumvent a ban. They say Twitter has that the country would “refinance”
they are going after me because of this Erdogan. “Do not EVER FORGET this service could be shut down. Another to comply with Turkish court orders — its debt, not restructure it.
tweet, which is 140 characters.” man,” Ms Kabas wrote of the prosecutor court recently ordered Twitter to block often while appealing against them — or That explanation resulted in a
Social media have become a principal who dropped the case, officially due to up to 300 tweets — many by journalists risk another wholesale ban, with much small correction on the market but
battleground in the fight over press free- lack of valid evidence. She says she was — that referred to a judge’s involvement worse implications for free speech. But still left the bond prices sharply
dom in Turkey, with government reviv- commenting on a much-discussed court in highly politicised cases. they concede that the pressure — and lower at the end of the day.
ing legislation to allow it to block web- case: “They didn’t let the investigation Free speech: demonstrators rally in Two Turkish lawyers who persuaded restrictions — are likely only to intensify Henry Foy and Robin Wigglesworth
sites pre-emptively and a series of legal go anywhere — they just stopped it.” protest at state censorship the constitutional court to overturn the before general elections in June.
8 ★ FINANCIAL TIMES Friday 30 January 2015

INTERNATIONAL

Saudi king strives to balance

Boko Haram

Nigeria crisis spurs plan

calls for change and stability for African Union force
WILLIAM WALLIS — LONDON spurred by the terror group’s expanding
capacity to strike far and wide, includ-
Riyadh believes step-by-step reform is only way to placate liberals and hardliners Nigeria is under growing international
pressure to accept a new African Union
ing into Cameroon, hold territory and
inflict horrific casualties on civilian
force to contain the terrorist insur-
populations.
gency raging in its impoverished north-
SIMEON KERR — RIYADH The group’s capture of the Nigerian
east and prevent violence from spread-
town of Baga, where it slaughtered hun-
ing further across its borders.
For many outside Saudi Arabia, the dreds of civilians this month, and subse-
death of King Abdullah last week was West African heads of government and quent attacks on Monguno and Maidug-
almost overshadowed by another event UN envoys will use a summit of the Afri- uri also underline the threat posed by
in the kingdom: the case of liberal blog- can Union, which begins today, to press Boko Haram’s stated intention of estab-
ger Raif Badawi, who had been flogged a the case for greater regional co-opera- lishing a caliphate in the region, mod-
fortnight earlier on charges of insulting tion and the creation of a 3,000-strong elled on the Islamic State of Iraq and the
Islam. regional or multinational force, man- Levant, known as Isis, in Syria and Iraq.
The furious uproar over the flogging, dated by the UN Security Council, to “We must act now, and act collectively
however, seemed a marginal event fight Boko Haram jihadis. against this progressing threat,” said
inside the kingdom, with officials and This would potentially draw interna- Nkosazana Dlamini Zuma, who is chair-
people surprised by the attention tional financial and logistical support at ing the summit. “It is a global threat that
accorded to Mr Badawi. a time that the treasuries of oil-produc- must be met globally but with Africa in
Officials in the oil-rich country argue ing Chad, Cameroon and Nigeria are all the lead.”
that limits to debate are necessary as the constrained by the sharp fall in world oil John Mahama, Ghana’s president and
kingdom balances liberal and conserva- prices. chairman of the Economic Community
tive opinion under the cloud of rising An international force would, with of West African States, is another who
extremist sentiment and threats from the right mandate, be able to operate has advocated the deployment of an
Sunni jihadis in neighbouring Syria, more fluidly into neighbouring Chad, international force, reflecting ebbing
Iraq and Yemen. Cameroon and Niger — as well as the regional confidence in the capacity of
The disconnection between percep- large swath of territory in Nigeria Nigeria’s armed forces.
tions inside the kingdom and abroad is already controlled by the insurgents. “We need to find a multinational
one of the many challenges that face the The putative force would contain 700 dimension to deal with the issue of Boko
new ruler, King Salman. troops from each of the four nations, Haram because it is obvious that
In his first statement to the public, the together with 500 from Benin on Nigeria, marooned on its own, finds it
79-year-old king enigmatically said the Nigeria’s west, according to regional dip- difficult to deal with it,” he said.
country would “continue adhering to lomats. However, mistrust between the west
the correct policies Saudi Arabia has fol- In Addis Ababa, where the two-day African neighbours remains strong.
lowed since its establishment”. summit is taking place, Hiroute Guebre Nigeria is sceptical about the need for
Known as a traditionalist attuned to Sellassie, UN envoy to the Sahel, pointed more international mandates.
the ways the country’s Wahhabi Islam to the flood of refugees fleeing into Senior officials argue that the frame-
can be used to control political senti- Nigeria’s neighbours, and looming rami- work of an existing regional task force is
ment, some believe he will pander to the fications for the region. “The Sahel is adequate provided there is a common
clerical establishment. increasingly affected,” she said. will to stop the flow of weapons and
His allies, however, argue that the The urgency with which African lead- fighters and to provide the necessary
king, who has support in both conserva- ers are discussing Boko Haram has been troops.
tive and liberal camps, will continue his
brother’s policy of slowly opening up
political and social debate without bow-
ing to western demands. Industry
“Now people are afraid of the uncer-
tainty they see all over the Middle East,
they want stability,” said Saleh al-Khat-
lan, a university professor who is also
China delays new coal mines
vice-president of the National Society
for Human Rights. “They are afraid
in east to limit oversupply
what chapter will be opened by change.”
The pace of change in Saudi Arabia
appears glacial to outsiders, but officials JAMIL ANDERLINI AND LUCY HORNBY time in a decade, by 2.5 per cent last year
— BEIJING
in Riyadh argue that a slow step-by-step from 3.7bn tonnes in 2013, according
approach is the only way to navigate China has slapped a moratorium on to the China Coal Industry Association.
through the opposing liberal and con- new coal mines in its eastern regions as That, and a steep drop in imports, indi-
servatives forces in the kingdom. it battles an enormous supply glut. cate that apparent coal consumption in
When King Abdullah was de facto China fell in 2014. Greenpeace, the envi-
ruler in 2003, he launched a national As with swaths of Chinese industry, coal ronmental campaign group, argues that
dialogue that cut through the prevailing force in the clampdown. Analysts say Under pressure: give a committee six months to com- production is racked by overcapacity the next five years could see the turning
repressive atmosphere and included the rise of the Islamic State of Iraq and King Salman, plete the complicated process. The new and falling prices, contributing to point in China’s emissions of greenhouse
minority views of women, liberals and the Levant has been seen as another above, must administration is expected to push the slowdown that saw the economy gases, which scientists believe cause
the Shia community, setting a more threat to the kingdom’s existence. navigate ahead with the reform. expand 7.4 per cent last year, the slowest dangerous global warming. “The most
inclusive tone to his rule. He brought Tougher antiterrorism laws have been through issues These changes would affect cases like annual pace in nearly a quarter of a we can say right now is that we might
women into the country’s appointed used to target freedom of speech, mut- symbolised by that of Mr Badawi, who faces a sentence century. have come close to the peak,” said He
advisory council and later this year they ing many outspoken critics on social the blogger of 50 lashes a week for 20 weeks as part Yet undeterred by huge oversupply Jiankun, the policy adviser who helped
will be able to run and vote in elections media. Raif Badawi and of a 10-year sentence for insulting and falling demand, an extra 1bn tonnes model China’s official projection that
for (relatively powerless) municipal Analysts say King Salman’s instincts opposition to Islam. After his initial 50 lashes earlier of coal production capacity is being built emissions will stop growing by about
councils. will be to keep a lid on dissent that women drivers this month, the following sessions were in the country, Wang Xianzheng, chair- 2030.
But granting women the right to drive threatens to upset social cohesion, but Reuters/EPA/AFP delayed on “medical grounds” and it man of the China Coal Industry Associa- Heavy industries such as steel,
was seen to be a reform too far for many he may consider a gradual broadening seems unlikely that the authorities will tion, told a conference in Beijing yester- cement and glass that feed the construc-
in the kingdom. Nor has it been the top of participation in government to recon- push ahead with the lashings now his day, according to Reuters. tion sector are the most power-intensive
demand of women in the kingdom, who cile divergent views. punishment has turned into a global The halt on capacity in eastern and coking coal is also an essential
often focus more on the need for eco- An area that could deliver change is issue. regions should also help address China’s ingredient used to make steel. Total Chi-
nomic opportunity and autonomy from reform to the legal system. One of the Many of the staunchly purist Salafis high levels of air pollution, which have nese power output rose by 3.2 per cent
male guardianship. most contentious plans is the codifica- embrace these harsh Islamic punish- become a source of discontent among last year from a year earlier, the slowest
Efforts at more liberal policies under ‘People are tion of sharia, or Islamic law, which will ments, such as the public beheading of the general population in recent years. since 1998, while steel production
King Abdullah ground to a virtual half in afraid what provide a range of punishments for vari- murderers. The perception of softness Beijing has responded by trying to increased just 0.9 per cent, the slowest
recent years, as the monarchy fretted ous crimes. The current unmodified on liberals such as Mr Badawi, more- reduce its reliance on coal for much of expansion since 1981. Steel usage in
over the impact of Arab revolutions. chapter will penal code lacks judicial precedent and over, could provide extremists such as its growing power needs. China contracted outright last year for
Rights activists say the unrest of the be opened provides judges with broad scope for Isis, which have many sympathisers in Chinese coal production has more the first time since 1995. In the near
Arab uprisings in 2011 ushered in a new interpretation, leading to diverse sen- the kingdom, with a rallying cry against than doubled since 2000 and coal burn- future, the Yangtze and Pearl river del-
period of repression, driving dissenting by change’ tences for the same crime. the government. ing has helped make the air over tas, in the east and south, will announce
opinion underground. Some clerics and ministers have “Putting such limits on judges is con- Chinese cities some of the most polluted plans for capping coal use.
Mohammed bin Nayef, interior min- Saleh al- opposed the changes as creeping west- troversial and there is a lot of resist- on earth. Production fell, for the first Slowing economy page 9
ister, who was appointed second in line Khatlan, ernisation of Saudi Arabia’s Islamic judi- ance,” said Mr Khatlan. But, he added, if
to the throne by King Salman — shifting National cial system. codification goes ahead it “will be an
the succession for the first time to a Society for One of King Abdullah’s last acts before indication for the future”.
new al-Saud generation — was a driving Human Rights going into hospital late last year was to Editorial Comment page 10 Seasonal appeal

FT readers help raise £1.9m

Nationwide survey
to repair conflict-scarred lives
Beijing probes surge in suicides during corruption crackdown
JOHN THORNHILL Nigeria and Pakistan, there has never
JAMIL ANDERLINI — BEIJING kang, former head of China’s domestic accomplices or associates and allowing and Inspection, is in effect an extralegal been more need for the work of the
Financial Times readers have helped
security services, and Xu Caihou, families to keep assets, ill-gotten or oth- entity with enormous powers to detain International Rescue Committee,” Mr
The Chinese Communist party has raise £1.9m for the International Res-
former vice-chairman of the Chinese erwise. indefinitely and “discipline” any of the Miliband said.
launched a nationwide survey to ascer- cue Committee, its seasonal appeal
military. Officials found guilty of corruption country’s 87m party members. The British government has matched
tain how many of its members have partner this year.
China’s state-controlled media have are not only handed lengthy prison sen- Legal scholars, family members and the funds raised from FT readers. Jus-
committed suicide since President Xi
published articles vilifying allegedly tences or even the death penalty; they rights activists in China have raised seri- The New York-based charity provides tine Greening, international develop-
Jinping unveiled an anti-corruption
corrupt officials for killing themselves and their families are invariably ous concerns about the prevalence of emergency humanitarian relief in more ment secretary, said the matching funds
campaign two years ago.
while under investigation, but family stripped of generous state pensions and torture in CCDI investigations and sev- than 30 global hotspots. Over the past would be targeted at the humanitarian
The crackdown has so far led to warn- members and associates of these offi- all their assets. eral of the “suicides” reported in the two months, FT journalists have crisis in Syria, where millions of people
ings or disciplinary action for about a cials often consider their suicides were Children of disgraced officials are also past two years are believed to be reported on the IRC’s work in several of were “suffering unimaginable hardship
quarter of a million cadres, but it has the most honourable course of action. sometimes forced to leave prestigious cover-ups of deaths that happened dur- the world’s most troubled regions, and in desperate need of humanitarian
also been accompanied by a sharp rise That is because death brings about schools or high-profile jobs. ing torture sessions. including Syria, South Sudan and west support”.
in suicides among officials, according to the end of any investigation into the China’s main anti-corruption body, In the latest survey, party officials are Africa, and its refugee resettlement pro- “By matching public donations pound
numerous Chinese media reports. alleged corruption, protecting any the Central Commission for Discipline asked to fill in forms specifying key gramme in the US. for pound, the UK is helping the IRC
In recent days, the party has sent out a details of “unnatural deaths”, with extra David Miliband, president and chief double its impact on the ground to pro-
questionnaire to officials across the information required if the death is rec- executive of the IRC, thanked FT read- vide even more Syrians with vital medi-
country asking them to identify the ognised as suicide. ers for their generosity, saying the cal supplies, clean water and educa-
number and details of “unnatural The form lists causes of death includ- money raised would be spent on helping tion,” she said.
deaths”, including suicides, of party ing jumping under a train, jumping vulnerable people rebuild lives shat- The British government will continue
members since December 2012. from a building, hanging, drowning or tered by conflict and disaster. to match donations made before Febru-
That is when Mr Xi launched the graft wrist-slashing. It also requires informa- The charity, founded by Albert Ein- ary 8.
clean-up that has become his most tion on the “cause of suicide”, listing psy- stein in 1933, would also increase invest- The IRC has also received donations
prominent policy since he took power in chological disorders, work pressure, ment in research and innovation to from American Express, BT, Novartis,
November that year. family disputes and involvement in ille- boost the impact of its programmes. the Asfari Foundation and the Lundin
As well as hundreds of thousands of gal activity. “With the ongoing fighting in Syria Foundation.
“flies”, as party rhetoric describes low- If a suicide took place during an anti- and Iraq, the havoc caused by the spread The FT seasonal appeal has helped
level officials, Mr Xi’s anti-corruption graft probe, officials are asked to say of Ebola in west Africa and the massive raise more than £16m for charitable
drive has also netted dozens of high- who the main target of the investigation displacement of millions in South causes since 2008.
ranking “tigers”, including Zhou Yong- Fallen ‘tigers’: Zhou Yongkang, left, and Xu Caihou — Feng Li/Getty; Kevin Lamarque/Reuters was. Sudan, Central African Republic, Reports ft.com/seasonalappeal
Friday 30 January 2015 ★ FINANCIAL TIMES 9

FT BIG READ. CHINA

For the first time in 125 years China’s economy is the largest in the world. Beijing disputes its new status
but it has hit the top just as construction spending, fuelled by local government debt, threatens growth.
By Jamil Anderlini

Overborrowed and overbuilt

T
he last time China was the
world’s largest economy
Beijing was a city of about
700,000 people, and its
Wangjing district was noth-
ing but a jumble of barren man-made
hills built to protect the capital from
barbarian invaders to the north. That
was 1890. Today, Beijing’s population is
more than 21m and Wangjing is an
expanse of half-empty or half-built
offices and residential towers inside the
city’s fifth ring road.
China has regained its title as the
world’s biggest economy, overtaking the
US in purchasing power terms for the
first time in 125 years, but this growing
suburb provides a stark example of the
mounting problems the country faces.
The restoration of its pre-eminent posi-
tion comes just as China steps into the
so-called “middle-income trap” and as
serious stresses built up over the past
few years threaten to come to a head.
With its mix of old apartment blocks
and gleaming but empty futuristic office
towers Wangjing is typical of the credit-
fuelled property construction of the
past decade, which boosted growth, but
at a high price.
China’s official growth rate of 7.4 per
cent last year was the slowest pace since
1990, when the country still faced sanc-
tions in the wake of the 1989 Tiananmen
Square massacre. The International
Monetary Fund has lowered its growth
forecast for China this year from 7.1 per
cent to 6.8 per cent and predicts the
country’s gross domestic product will
grow slower than India next year for the
first time in decades.
Places like Wangjing are representa-
tive of “the huge amount of property
stock, the potential for local debt crises
and the unfavourable demographic
shifts that will cause the real estate
downturn to last for at least another
three years,” according to Ai Jingwei, a Wangjing’s Soho building: analysts fear areas such as the Beijing suburb face a perfect storm of overcapacity, demographic shifts and the potential for local debt crises — Dreamstime
property market commentator.
Although growth of 7.4 per cent (or
even 6.8 per cent) remains the envy of selves using credit from both state-
slow-growing developed economies in Distortions in the data value-added output in the industrial and end of 2014 and power generation owned and shadow banks. Officials and
the west it is a far cry from the double- Is the real growth figure manufacturing sectors. Instead, he uses expanded just 3.2 per cent. analysts worry that this is an unsustain-
digit average annual expansion China much lower? the government’s own unadjusted Senior Chinese officials say their able attempt to boost short-term growth
maintained for three decades starting in industrial production figures to plan is to support the economy by and flagging fiscal revenues.
the late 1970s. recalculate gross domestic product. continuing to pump huge amounts of “In 2015, China will probably face the
As recently as the start of 2010, Amid all the discussion about China’s “The lower rate of 5.6 per cent is much credit and infrastructure investment worst fiscal challenge since 1981 [before Property worries Concern is growing
China’s economy was expanding by growth rate, some economists believe more consistent with what we see into the system. But they see it as a growth accelerated],” Mr Zhang wrote over a much bigger slowdown if a
about 12 per cent in a surge of credit and the world’s new biggest economy is happening in global commodity markets, stopgap measure to give them time in his report. “We believe the fiscal slide correction in the real estate sector
construction unleashed by Beijing to already growing much slower than and in other indicators like power to overhaul an obsolete economic [the fall in revenues] is the top risk for leads to bankruptcies and a debt crisis
counter the effects of the 2008 global Beijing will admit. production,” says Mr Jones, who runs his model and make growth driven the Chinese economy and it is not well
financial crisis. Rodney Jones, who headed the own advisory firm, Wigram Capital. “It more by consumption, services and recognised in the market.” Fiscal manoeuvre ‘Financing vehicles’
One of the biggest problems China Hong Kong research office of Soros also fits with producer price deflation, innovation. As well as the slowest growth in a set up by local governments are
faces now is that the slowdown is hap- Fund Management from 1994 to 2000 which has plagued China for 34 The question is whether the ruling quarter of a century, 2014 marked the buying up land using credit from both
pening even as credit and construction, and is credited with predicting the consecutive months — the longest period Communist party can maintain first time the ruling Communist party state-owned and shadow banks
the main drivers of growth, are continu- Asian financial crisis, estimates China’s for the country on record.” sufficient growth to ensure had missed its annual growth target
ing almost unabated. growth rate last year — officially 7.6 The prices of many commodities are employment and stave off social since the height of the Asian financial Spreading wealth China may be seen
per cent — was actually 5.6 per cent. close to the depressed levels they unrest in the medium term, while crisis in 1998. as the world’s largest economy but it
‘Disorderly unwinding’ He argues the headline rate is reached in the global financial crisis. reforming the model that served it so Officials and some analysts argue that ranks a lowly 89th in GDP per capita,
While Beijing suburbs such as Wangjing distorted by the way Beijing calculates Wholesale prices fell 3.3 per cent at the well for more than three decades. last year’s goal of “around 7.5 per cent” on a par with Peru and the Maldives
are representative of this over-borrow- growth was not really missed because
ing and overbuilding, the problem is the government, anticipating a slower
even more acute in smaller cities that construction boom, are trading close to government fundraising shows they few years. To avoid a ban on running pace, had made it more of a soft target lation, putting it on a par with the Mal-
will never see the demand for real estate levels last seen in the midst of the global sold Rmb1.66tn worth of bonds in 2014, deficits local governments have set up by introducing the word “around” for dives or Peru. They also argue the latest
that should eventually catch up with financial crisis, and that is before the compared with Rmb900bn in each of thousands of wholly-owned “financing the first time. The government is set to estimates seriously overvalue the qual-
supply in the capital. Chinese construction correction has the two previous years. vehicles” that have borrowed money on announce a growth target of “around 7 ity of items available in the Chinese
When ancillary industries are taken even properly happened. As with the continued rise in property their behalf from state banks, bond per cent” this year. market.
into account, real estate construction The financial vulnerabilities are par- investment, the government’s stated markets and lightly regulated under- But even Lou Jiwei, China’s finance “China is only just entering the ranks
makes up about a quarter of China’s ticularly concentrated at the local gov- goal of deleveraging has not yet begun, ground institutions. minister, tells visiting dignitaries that of middle-income economies and is fac-
$10tn economy, a higher proportion ernment level, where provincial offi- which means that when it does the econ- Beijing will be happy with 6 per cent ing all of these headwinds so it really
than the US, Ireland or Spain at the
height of their property bubbles last
cials have ignored budget constraints
and a ban on borrowing to indulge in a
omy could slow much more sharply.
The links between the two biggest
‘The fiscal slide [the fall growth in coming years. In private, he
warns that just to maintain that growth
doesn’t want to accept the global
responsibilities . . . of being the world’s
decade. Nearly a decade of frantic build- credit and construction binge. risks to China’s economy — the property in revenues] is the top will require very high levels of govern- number one economy,” says one person
ing has created massive overcapacity sector and local government debt — ment-led infrastructure investment. who was involved in the heated discus-
and left vast belts of empty apartment Local government debt make the situation more alarming. risk for the Chinese Given the mounting problems at sions over the new estimate.
blocks ringing most Chinese cities. By the middle of 2013, the last time the Local governments rely on sales of economy and it is not well home it is little wonder China’s leaders Using the government’s current
Last year, the gravity-defying rises of government published any data, out- land for 35 per cent of their revenues, see the title of world’s largest economy exchange rates China’s slowing econ-
the previous decade, which have seen standing local government debt stood at according to research from Deutsche recognised in the market’ as a burden that brings unwanted atten- omy topped $10tn for the first time last
prices quadruple in major cities, finally Rmb18tn, up 80 per cent in just two Bank, and virtually all of their outstand- tion. In fact, Beijing has so far refused to year, while the US economy is accelerat-
came to a halt. Average nationwide years. That increase happened even ing debt is collateralised by govern- This process is technically illegal but even acknowledge the new estimates, ing and is bigger than $17.5tn.
housing prices were down 4.3 per cent in after Beijing forbid local officials from ment-owned land that is often seriously has been tolerated because it bolstered which attempt to adjust for the relative According to research by the British
December from 12 months earlier. raising excessive amounts of money. overvalued. growth in the wake of the global finan- value of non-tradable goods and serv- economist Angus Maddison, China had
But total investment in the sector still But even as the economy slowed last In a recent study that raises concerns cial crisis. ices in different economies. the world’s biggest economy for nearly
increased 10.5 per cent for the year and year and officials were tasked with about the sustainability of current As real estate sales have slumped and two millennia and in 1820 it accounted
unsold floor space was up by more than propping up growth with even more growth rates, Zhang Zhiwei, chief China demand for land from commercial Beijing in denial for 33 per cent of the world’s GDP, or
26 per cent by the end of December, infrastructure investment, local gov- economist for Deutsche Bank, found developers has evaporated, local offi- “Recently there have been some schol- about the same proportion the US
according to official figures. ernment borrowing appears to have that local governments have become cials have started using these financing ars and media who estimated China’s accounted for in 2000. But by 1890,
The data suggests the correction in surged again. Partial statistics on local the dominant buyers of land in the past vehicles to purchase land from them- GDP has already surpassed the US in after decades of internal rebellion and
China’s real estate sector has not even purchasing power terms, but China and foreign incursions, China had lost its
really begun. When the sector starts to the National Bureau of Statistics do not number one spot to the US in purchas-
contract, which could be as early as this Publicly announced China real estate investment Share of recognise these opinions,” China’s genial ing power terms.
year, the headline growth rate could fall fundraising by China’s LGFVs* growing despite falling sales global GDP** China statistician-in-chief said last week as he Back then China’s exports only
much faster and the country could face US revealed the country’s latest growth fig- accounted for 0.6 per cent of GDP, there
Rmb bn Annual % change Per cent Germany
a wave of bankruptcies — as well as a Real estate ures. were virtually no imports of machinery
possible debt crisis, economists warn. Investment Japan “The problem comes from not being or other modern inputs and opium still
2000 Floor area sold 50 25
The “slowdown in China could turn able to include identical goods in the accounted for more than a quarter of
into a disorderly unwinding of financial 40 20 complex basket of goods you compare Chinese imports.
1500
vulnerabilities with considerable impli- 30 [across different economies] — in Today China is the world’s biggest
cations for the global economy,” the 20 15 China’s consumer basket of goods the trader of goods and the biggest con-
World Bank warned this month. 1000 main food items are steamed buns and sumer of everything from iron ore to
10 10
The impact is already being felt in glo- rice, while European friends perhaps powdered milk. So unlike the 1890s,
500 0
bal commodity prices, including oil, and 5 have a lot of bread in their basket. You when its economy was still largely self-
in the stuttering performance of econo- -10 can’t really compare them.” sufficient and had little impact globally,
mies in Brazil, Germany, Australia and 0 -20 0 Arguments over the relative value of the rest of the world now needs to pay
much of Asia, which are increasingly 2005 08 10 12 14 2012 13 14 1980 90 2000 10 15 carbohydrates aside, officials quite rea- close attention to half-built office tow-
reliant on Chinese demand. (forecast) sonably point out that China ranks 89th ers in the suburbs of Beijing.
Prices of commodities, such as iron * local government financing vehicles ** At purchasing power parity exchange rates in the world in terms of per capita GDP, a
Sources: Wind research; National Bureau of Statistics; IMF
ore and copper — key ingredients in any better measure of the wealth of a popu- Additional reporting by Gu Yu
10 ★ FINANCIAL TIMES Friday 30 January 2015

Letters
Email: [email protected] or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: [email protected]

Greeks are right to try and smash the debtors’ prison locks
Sir, Contrary to what Hugo Dixon exceptionally brutal austerity that was because the (nominal) interest rates on the clutches of its hated EU creditors
claims (Letters, January 29), Martin imposed as a condition for them, in the loans are low and no principal is for the foreseeable future as a “quasi
Wolf’s moral, economic and political part because of the refusal to impose due until 2022. But he ignores the costs slave economy”, as your excellent
case for haircutting Greek debt is spot losses on those foreign banks in 2010 of requiring Greece to run a huge weekend editorial put it? (“Syriza’s
on (“Greek debt and a default of by writing down Greek debt. The primary surplus of 4.5 per cent of electoral win is a chance to strike a
statesmanship”, January 28). cumulative loss of Greek output in the GDP from next year on and the deal”, January 27.)
Mr Dixon acknowledges that the EU- five years between the third quarters of strictures of the EU fiscal compact, The eurozone has become a glorified
FRIDAY 30 JANUARY 2015 IMF loans to Greece have mostly bailed 2009 and 2014 is €191bn: more than which requires governments with debts debtors’ prison. If its German jailers
out foreign banks by the back door, but 100 per cent of current gross domestic of more than 60 per cent of GDP to aren’t wise enough to give Greece some
points out that Greece has also received product. Most of that loss was reduce the excess by one twentieth a relief, Greeks are quite right to try to
€27bn to fund government operations unnecessary. year — a tall order with debts of more smash the locks.
and €48bn to bail out Greek banks. Yet Syriza now wants to negotiate a than 175 per cent of GDP. Philippe Legrain

Data on schools should the benefit of those loans (which need

to be repaid) is dwarfed by the
unrecoverable costs of the
haircut of the loans from eurozone
governments. Mr Dixon argues that
this would bring little immediate relief
Mr Dixon concludes that Mr Wolf’s
proposal is not practical politics. But
how practical is it to leave Greece in
Visiting Senior Fellow,
European Institute,
London School of Economics, UK

assist parents and pupils Ah, but which game will risk and that risk is unlimited. This Labour’s fiscal record was
creates a perverse incentive for the
The British government is right to change how performance is ranked Merkel be playing? employee-controlled Calpers board to good until world recession
Sir, You report (“Tsipras signals intent make risky investment bets. Calpers Sir, John Hutton and Alan Milburn are
Britain’s parents are known to be a inordinately on those near the cut-off to field top economic team”, January makes leveraged bets on risky assets, quite right (“Defend Labour’s
demanding lot, and how they keep point, ignoring both the highly talented 28) that the new Greek finance confident that if it wins then employees economic record — the facts are on our
schools on their toes is a longstanding and those with little chance of making minister, Yanis Varoufakis, is a keep the excess gain and if it loses then side”, Comment, January 28): the fiscal
feature of UK education. This explains the grade. The less able are shunted mathematical economist and expert employers keep all of the loss. The fact record of the last Labour government
the heightened attention shown to into valueless qualifications that are in game and bargaining theory. of unlimited employer pension liability was good. Until the world recession of
information about school perform- deemed easy. Worst of all, schools gain Therefore, he ought to be familiar explains the huge and growing pension 2008, Labour’s fiscal deficit was lower
ance; even the most insistent customer a reason not to take on more challeng- with the theory of the zero-sum game, debts that are slowly draining the life in every year than the deficits of John
struggles if he cannot see what he is ing pupils. This could explain why in which one party’s loss (or gain) is from local government in California. Major’s government. It was the world
buying. So it is little surprise that every those in the bottom quintile have lan- equally balanced by the gain (or loss) Warren Buffett called it a “gigantic recession that caused the deficits of
year school league tables attract even guished even as the average has of the other party. If the total gains of financial tapeworm”. 2008 and 2009.
more interest than the football variety, improved. the participants are added up and Ms Stausboll should worry more In the coming election campaign
as parents, educators and journalists The annual tumult is enough to dis- the total losses subtracted, they will about fixing Calpers and less about Conservative candidates will refer
search for winners and losers. suade policy makers from disseminat- sum to zero. fixing corporate America. Morality daily to “the deficit that Labour left
On Thursday the greatest noise was ing educational data. But rather than In contrast, a non-zero-sum game begins at home. behind”. Labour needs to respond with
reserved for complaints about how do away with it, the answer is to change describes a situation in which the William E Monnet its own mantra: “No, they were deficits
performance is calculated. Last year how the information is put together. interacting parties’ aggregate gains and Sausalito, CA, US caused by the world recession.”
the government announced that an There also needs to be more common losses are either less than or more than Richard Layard
international version of the GCSE sense in how it is used. Consistency zero. Do Messrs Tsipras and Varoufakis include, aside from some western Seeds of the next crash Director, Wellbeing Programme,
taken by 15-16 year olds would no across time fascinates academics or know which game Angela Merkel will European lands, Saudi Arabia, Centre for Economic Performance,
longer count. This has elicited outrage politicians trying to gauge educational be playing? Malaysia, Indonesia, Albania, Kosovo in the latest P2P move London School of Economics, UK
from a host of private schools that sat outcomes, but parents care more about John O’Byrne and Bosnia-Hercegovina. Of these six, Sir, I wonder if I was alone in reading
children for this exam and have seen how schools compare. They also want Harold’s Cross, Dublin, Ireland five are majority-Muslim states, while about the move of leading investment . . . no, Labour’s past sins
their scores plummet. Other obvious to know more about other matters Bosnia-Hercegovina has a Muslim banks into the peer-to-peer lending
means by which results can be bumped such as the help available for pupils Long sentences would give plurality. market with a sinking heart demand repentance
up have been deemed invalid. This has with special educational needs. Granu- I believe these national authorities (“Goldman and SocGen eye peer-to- Sir, John Hutton and Alan Milburn’s
inevitably led to headlines about a lar information is more useful than a jihadis time to reflect may know something about how to peer lending push”, January 29). On self-congratulatory mantra that “the
shock rise in the number of schools clear, one-dimensional result. Sir, In his study of the Islamist terrorist deal with radical Islam. Saudi Arabia, one level, surely P2P lending can be last Labour government was one of
judged to be failing. Any change to measurement creates Amedy Coulibaly (“The making of a since early last year, imposes sentences seen as the business equivalent of the most prudent” defies belief
One reason for this fuss is that educa- aggrieved losers, but this is no reason French jihadi”, The Big Read, January of five to 30 years in jail for inciting subprime mortgages in the personal (“Defend Labour’s economic record —
tional data and league tables are a bad not to pursue it. This year, various 27), Tom Burgis quotes the French recruitment for the so-called “Islamic sector; they offer higher returns the facts are on our side”, Comment,
fit if crudely combined. National per- qualifications that were either too easy terror expert Gilles de Kerchove in the State”, joining them, or providing them because they have higher risk — risk January 28).
formance metrics were created to pro- or not comparable were taken out of following context: “As a new generation with material assistance. Long prison that the major institutions currently Having exercised restraint between
mote parent choice, and later used to the system. Practices such as repeat- of jihadis return from Syria and terms would give jihadis a lot of time to deem too risky/difficult to accept. Yet Labour’s victory in May 1997 and
help education departments detect edly sitting the same exam were ren- Iraq . . . there are fears that tough ponder their errors. these same institutions are now March 2000, chancellor Gordon Brown
failing schools. The idea of using such dered less rewarding. Neither of these criminal sentences could make Stephen Schwartz apparently “looking to purchase increased public spending over the
information to put every school into a can be regretted. In the years ahead, confirmed Islamists of those who come Executive Director, corporate invoices en masse and following six years by an average 4.8
single league table is an invention of the more changes are planned They will back traumatised or disillusioned. Mr Centre for Islamic Pluralism, repackage them” — presumably in per cent in real terms. Much of this
media. It may be a great way of selling remove the significance of the cut-off de Kerchove says that those ‘with blood Washington, DC, US much the same way that they took largesse was squandered on
newspapers but it does little to help point at the C grade and hopefully on their hands’ must face criminal subprime mortgages, repackaged them redistributive universal payments to
parents guide their offspring to the reflect how schools add value to each justice but he also calls for Calpers: for moral fibre, and sold them without either the buyer pensioners and a 6.4 per cent average
right school. pupil, no matter what their starting rehabilitation programmes, warning on or the seller really understanding the annual increase on public services,
Worse, in combination with poorly point. the dangers of indiscriminately jailing read moral hazard bundle of risks involved. And I seem to inflating salaries within the rapidly
designed metrics such tables might This reform will leave a less clear-cut all those who return from waging jihad. Sir, Anne Stausboll, CEO of Calpers, the remember that ending in tears. expanding public sector and funded
even have damaged pupils’ interests. story to tell of winners and losers, but ‘People are scared and say they want California pension fund, is concerned Gerald Kreinczes from higher borrowing and additional
Schools are assessed on the basis of how measuring educational outcomes is not to see them all thrown in jail,’ says Mr about corporate governance (“The London SE15, UK stealth taxes.
many pupils achieve a C or above at a binary matter. Cynics will accuse the de Kerchove. ‘But it is not the right $300bn woman”, Monday Interview, Between 1997 and 2007, public
GCSE level, a sensible sounding state of moving the goalposts. It has approach.’” January 26). She should be more Uncle Toby’s pistol spending as a share of national income
approach that nevertheless distorts been right to, because the previous First, it is hard to imagine how concerned about Calpers governance. grew faster in the UK than in any of the
their incentives. Teachers might focus approach was damaging to pupils. someone who went to Syria or Iraq to The 13-member Calpers board contains proved fit for purpose other OECD countries except South
participate, and very possibly die, in six active or retired employees, four Sir, Stephen Oxley is right to point out Korea (the country with the lowest
the conflict there could be more senior state government ex officio that Tristram Shandy’s digressions proportion of spending to gross
“confirmed” in jihadism by a later members, two members appointed by differ from his hobby-horses (Letters, domestic product). This moved the UK
prison sentence in western Europe. the governor and only one public January 26). Yet, he falls into a trap the from 22nd highest spender in 1997 to
How would such an excess, on top of member (selected by legislative author has set for him in assuming that 12th in 2007 before the financial crisis

The west must tell some prior extremism, be expressed?

Second, those who return from Syria
and Iraq and are disillusioned may be
leaders.) Practically, no Calpers board
member represents the interests of
the local governments that bear most
Captain Toby Shandy is rendered
impotent by the wound he sustained in
his groin at the siege of Namur.
and to sixth by 2010, a 12.7 percentage
point increase as a percentage of GDP
between 1997 and 2010, by far the

hard truths to the Saudis exempted from imprisonment or other

punishment if they prove their
defection by assisting the main anti-
of the pension cost and all of the
pension risk.
Ms Stausboll says that the “moral
The reader is encouraged to
speculate about whether or not his
pistol is loaded, but it is revealed in the
largest within the OECD.
It is hardly surprising that the British
electorate appears unwilling to trust
jihadist states, in western Europe and fibre at Calpers is strong”. More last volume that “with regard to my the current Labour leadership but
In US and UK, public opinion will harden unless the Kingdom reforms the Muslim world, publicly, in opposing accurately, the entrenchment of “moral uncle Toby’s fitness for the marriage neither should they heed the advice of
and defeating groups such as Isis. hazard at Calpers is strong”. The state, nothing was ever better”. Messrs Hutton and Milburn that
When the head of state of a friendly But on human rights, the US and UK Third, various countries have perverse incentives that led to the Judith Hawley Labour need not repent its past
nation dies, it is customary for political are guilty of double standards. While imposed harsh prison sentences on failures of our biggest banks are also Professor of Eighteenth-Century economic sins.
leaders to respond with gestures of con- Washington and London noisily their subjects who travel to Syria or endemic to Calpers. Literature, Dept of English, Philip Duly
dolence. But the effusive manner in backed the defence of free speech after Iraq to fight, or scheme to do so. These Employers own all of the investment Royal Holloway, University of London, UK Haslemere, Surrey, UK
which Barack Obama and David Cam- the Charlie Hebdo murders in Paris,
eron reacted to the death of King they have been far more muted in con-
Abdullah of Saudi Arabia has raised demning the savage flogging meted out
questions about whether their stance
was too ingratiating, given Riyadh’s
to the Saudi blogger, Raif Badawi.
Nor is Saudi Arabia a reliable ally in A damp day out In Athens it rains, on average, 64 days
a year. Last Saturday, the day before
Balkan wars that pitted Greece against
the Turks and then the Bulgarians. To
Popular memories of this defeat
have faded with time, but not
role as an exporter of intolerant Islam-
ism and its human rights record.
the fight against jihadism. Britain and
America may hail the regime as a vital in Europe’s anti- radical leftwing party Syriza won
Greece’s parliamentary elections, was
the stirring symphonic chords of
Beethoven, a video narrator explains
completely. Some Greeks say that if
their country dropped out of the
On Tuesday, the US president
responded to news of the King’s death
by making a rare detour on an overseas
cog in the fight against al-Qaeda and
Isis, a message used to justify the sale of
weapons to Riyadh. But western lead-
austerity capital one of those days. Unlike a short but
violent thunderstorm that struck on
Monday evening it was a steady
how Greece “liberated Macedonia”
and almost doubled its national
territory as a result of its victories on
eurozone, whether under Alexis
Tsipras, Syriza’s leader, or later, it
would be a calamity equal in scale to
trip, leading a large delegation that ers downplay the way Saudi Arabia’s drizzle. Still, it posed the question of the eve of the first world war. the national disaster of 1922. It might,
included three former secretaries of clerical leaders contribute to the Islam- what to do in Athens when it’s wet. For Greeks, like Russians, the they say, puncture the dream of a
state. Being a monarchy, Britain tends ist problem by investing billions of dol- You can hardly linger over a coffee second world war is remembered as permanent place in modern European
to make more of a fuss of departed roy- lars exporting their ultraconservative at one of the capital’s many outdoor the most harrowing experience of life that has sustained Greeks through
als. But Mr Cameron’s government still Wahhabi creed worldwide, eclipsing cafés. The Acropolis, up on its rocky their modern history — but also as a thick and thin since 1974.
caused a stir when it honoured King more moderate versions of Islam. Until promontory, offers panoramic views time of heroic resistance and patriotic 1
Abdullah by flying flags at half-mast this problem is addressed, terrorists but is open to the elements. One sacrifice. The museum guides the It is just as well that Mr Tsipras was
from Whitehall buildings. Many in the who claim to kill in the name of religion option is to go for a walk in the visitor through the 1940 Italian able to form a coalition government
US and Britain found these gestures will continue drawing inspiration from spacious National Garden, just behind invasion of Greece and the 1941-44 speedily and be sworn in on Monday
stomach-churning, given that Saudi Saudi-backed clerics. parliament. Known as the Royal German occupation with displays of as prime minister. If he had not,
Arabia has recently started giving a Saudi Arabia is not the only country Garden when Greece was a monarchy, captured Italian bayonets and war President Karolos Papoulias would
blogger 1,000 lashes for criticising the in the region where double standards this is where King Alexander was medals, and Nazi flags, stick grenades have had to hold consultations with
regime; and a woman accused of mur- apply. The west is also turning a blind bitten by a monkey in 1920 and died and submachine guns. other parties, including Golden Dawn,
der has been dragged through Mecca eye to human rights abuses in Egypt of septicaemia at the age of 27. As with sites of national memory the far-right group that came third in
and beheaded with a sword. and the Gulf. Still, the Obama adminis- On Saturday I ventured beyond the everywhere, what is interesting about the election. Awkwardly, some of
American and British officials argue tration’s overriding goal must be to National Garden to the Athens War the Athens War Museum is often not Golden Dawn’s leaders are in prison,
that it is pointless simply to strike remain engaged in the Middle East, Museum on Rizari Street. This is the what it includes but what it leaves out. awaiting trial on charges of being part
moral attitudes in the Middle East. seeking to restrain the struggle for official museum of the armed forces. For example, it contains some exhibits of a criminal organisation.
Saudi Arabia is the biggest exporter of
petroleum liquids in the world. It is an
mastery between Saudi Arabia and
Iran that is tearing the region apart. Athens It was established in 1975, a year after
the ignominious collapse of the
on the military dictatorship’s attempt
to unite Cyprus with Greece in a 1974
Now Mr Tsipras presides over a
government whose legislative
anchor of stability against the threat
from al-Qaeda and the so-called
This means that Washington must
retain cordial relations with Riyadh Notebook military junta that seized power in
1967. The civilian democrats who
coup yet it skates over the central
point that this was a reckless gamble
majority depends on an odd mix of
militant Syriza leftists and rightwing
“Islamic State”. The fall of the house of while continuing its rapprochement replaced the colonels in sunglasses that triggered a Turkish armed nationalists from the Independent
Saud would create a power vacuum with Tehran — a delicate balancing act. by Tony Barber were no doubt content to let them occupation of the island’s north and Greeks party. He is inspired by what
that might leave militants in control of But this should not stop the US and reconstruct old Greek military glories doomed the colonels’ regime. critics call a “siren song” of slashing
immense oil wealth. UK spelling out privately to the new in a museum rather than dabble once An even more important omission Greek foreign debt and spreading
Nor is US policy always to Saudi Saudi king that he needs to restrain the again in politics. relates to the 1919-22 Greek-Turkish his anti-austerity message across
taste. Washington’s nuclear talks with export of ultraconservative Islamism The museum is well stocked with war in Anatolia. The museum has Europe. Unlike Odysseus, however,
Iran have sparked anger in Riyadh, and the abuse of human rights. West- scimitars, daggers, pistols and little to say about a conflict that is the Mr Tsipras shows no willingness to be
which sees the Islamic republic as a ern public attitudes towards the Saudi blunderbusses from the Hellenic nation’s most catastrophic military lashed to his ship’s mast until the
mortal rival. The speed with which the monarchy are increasingly hostile and Revolution of 1821, the uprising defeat, ending with the annihilation of dangerous temptation of the Sirens
US turned its back on Egypt’s Hosni contemptuous. The west’s current against Ottoman rule that won centres of Greek civilisation in Asia has passed.
Mubarak also chilled bilateral rela- show of diplomatic cordiality will soon independence 11 years later. It dwells Minor that dated to the age of
tions, even if these thawed after the become impossible to maintain unless with obvious pride on the 1912-13 Alexander the Great and earlier. [email protected]
Muslim Brotherhood was toppled. the house of Saud ushers in change.
Friday 30 January 2015 ★ FINANCIAL TIMES 11

Comment
Carney is wrong about how to solve Europe’s problems The corporate
miscreants who
OPINION in part by a supranational treasury.
Alternatively, unemployment insur-
accountability. The idea was to create an
economic framework that was in some
With the benefit of hindsight, it was
all rather naive. Germany should have
ensure that countries followed policies
consistent with sound money. keep rock ’n’ roll
Thomas
Mayer
ance could be provided by a central
fund; struggling countries would receive
more than they contribute.
ways the modern equivalent of a gold
standard. Monetary decisions would be
made by the European Central Bank,
insisted on a procedure for government
insolvency, and a way of showing the
door to states that were unable or
It has not worked. From Greece to
France, countries resist any infringe-
ment on their sovereignty and refuse to
excess aloft
Mr Carney is wrong if he expects that whose only goal would be price stability. unwilling to respect the rules. But it did act in a way that is consistent with a
such measures would quickly remedy The lack of shared political institutions not. When over-borrowing by states and hard currency policy. The ECB is forced
the eurozone’s flaws. For the euro to sur- did not matter, because the ECB was to households threatened state and bank to loosen its stance. Worse, it has
OPINION

M
ark Carney travelled to vive, Europe either needs to move for- operate in total independence from all insolvencies, the eurozone therefore allowed monetary policy to become a
Dublin yesterday to teach ward to a full political union — a United suffered a crisis of governance. back channel for transfering economic
the eurozone a lesson. States of Europe — which is unlikely, or From early 2010, when a Greek resources between eurozone members, Ludovic
The leaders of Europe’s backward, to the more rigid partnership For the euro to survive, default was narrowly avoided, until which politicians have refused to allow Hunter-Tilney
monetary union, the gov- envisaged by the Maastricht treaty, early 2012, Angela Merkel, the German through fiscal mechanisms they con-
ernor of the Bank of England suggested, which most eurozone members resist. Europe needs to move to chancellor, attempted to re-establish trol. This is Germany’s worst nightmare.
a full political union or a

T
should learn from the encouraging per- Many German economists argued as the Maastricht model. Her government How will the situation be resolved? A he skies over Davos were
formance of the UK if they wanted to early as the 1990s that monetary union encouraged a restructuring of the Greek century ago, Eugen Böhm-Bawerk, the said to have darkened last
“avoid another lost decade”. could work only if it was accompanied more rigid partnership debt and contemplated the possibility Austrian economist and finance minis- week as 1,700 private jets
Mr Carney is right to point out the by political union. When the Maastrict that the country might leave the euro. ter, proclaimed laws of economics to be delivered the world’s elite
institutional deficiencies of the Euro- treaty was debated in the German par- political influence. It would never lend But she is risk-averse by nature and, a higher authority than political power. to its annual convocation.
pean monetary union. But he is wrong liament Helmut Kohl, the chancellor of to member states, even ones that were confronted with the incalculable risks, Some Germans say that a hard currency You can picture the moment: a shep-
about what to do about them. the day, promised that political integra- at risk of going bankrupt. she changed course in the spring of is an essential part of their economic herd’s child on an Alpine mountain
His central idea was that eurozone tion would indeed follow. An intergov- Despite these provisions, the Ger- 2012. The Greek debt restructuring, she value system. If both are right, politi- pointing at one, then two, then a vast
countries need a way of sharing risk. A ernmental conference was supposed to mans did not entirely trust their part- now said, was“exceptional and unique”. cians will be powerless to prevent Ger- fleet of hawk-like aircraft materialising
single country should not be made to provide the blueprint, but agreement ners’ fiscal discipline, so they imposed Leaving the euro was out of question for many’s departure from a monetary with their consignment of power bro-
bear the brunt of a localised shock; proved elusive. strict limits to government budget defi- any member country. Since this deci- union that is at odds with the country’s kers, roaring overhead as the sheep scat-
instead, its impact would be spread out Rather than abandon monetary cits and debt. Bailouts would not hap- sion meant markets would no longer economic convictions. ter in panic.
and made shallower. This, he said, could union, Germany relied on the Maas- pen, because they would not be needed. pressurise governments into sound eco- But wait. There is a problem with this
be accomplished through a “transfer tricht treaty to make it possible to share Eurozone governments would not be nomic policies, she built a pan-Euro- The writer is founding director of the awesome scene of inequality. The much
union”, where public spending is funded a currency without sacrificing political allowed to come close to going bust. pean “shadow state” — a web of pacts to Flossbach von Storch Research Institute reported figure of 1,700 jets is a fantasy.
Financial journalist Felix Salmon has
done the legwork and estimated the
actual total to be about 200. So why was
the inflated figure so eagerly believed?

The stand-off
The answer lies in the powerful hold
of private jet travel on the popular imag-
ination. It is the ultimate symbol of
wealth, more so than mansions or lim-
ousines or the humble helicopter. It pro-
vokes resentment; yet it is also glamor-

that may
ous and exciting. Private jets titillate the
non-private jet-flying classes even while
offending them. The result is a combusti-
ble combination of moralism and
desire.

sink the euro

In Sweden outrage runs high at the
misuse of corporate jets by directors of
the conglomerate, Industrivärden.
Families were flown on trips abroad; a
plane was sent to Stockholm when an
absent-minded industrialist forgot his
wallet. The result is one of the biggest
corporate scandals in Swedish history.
GLOBAL POLITICS economies accepted a harsh mix of aus- Yet these airborne miscreants were act-
terity and structural reforms. ing in the tradition of a form of transport
Philip Resuscitating the euro is one thing;
rejuvenating it is proving a lot tougher.
known for rock ’n’ roll extravagance.

Stephens The passing of the immediate crisis has

sapped the will to act. Mario Draghi, the
president of the European Central Bank,
If the submarine is for
has been heroic in his efforts to buy Bond villains, the private
time, most recently through pumping jet is for those who have

T
he euro has become the even more cheap money into the euro-
prisoner of a playground zone economy. In national capitals, achieved world domination
game of “you-go-first”. Eve- though, resolve has curdled into mutual
ryone — almost — knows resentments. Syriza represents a colli- bane of Greek politics since the demise spend some of the capital accumulated even calibrated fiscal retrenchment. It was a private jet that took Led
what needs to be done, even sion between austerity and democracy. of colonels in 1974. Mr Tsipras too often over three successive election victories. Syriza’ s victory will embolden the far Zeppelin on their wild debauches
if some resile from admitting it. The This may be the first of many. sounds as if the far left now wants noth- Sometimes leaders have to make the right as much as the far left, the xeno- around the US in the 1970s. It is a private
necessary ingredients are growth, com- In some respects, Greece is sui generis. ing more than to take its turn at distrib- political weather. She should look to phobic National Front in France as well jet to which Kanye West refers when he
petitiveness and sustainable debt and You do not have to be a wild leftie to see uting the spoils of office. Helmut Kohl, her predecessor-but-one. as Spain’s leftist Podemos party. What humblebrags in one of his raps: “I’m
deficits. The missing glue is trust. that so large are its debts that they can- On the other side of the line, Ger- Instead she combines tactical prag- will Ms Merkel say if enforced austerity sorry I’m in pyjamas but I just got off the
Governments will act only if they are not be completely repaid and that nev- many’s Angela Merkel is not the panto- matism with strategic myopia. Ms Mer- and economic decline catapult Marine PJ.” In these pressurised capsules, nor-
sure those on the other side of the credi- er-ending austerity is not an answer. mime villain of populist, and increas- kel has said more than once that the fail- Le Pen into the Elysée Palace in a couple mal conventions do not apply. If former
tor/debtor line will do the same. As in However it is dressed up — longer matu- ingly, popular myth. The chancellor is ure of the euro would put in doubt the of years? The euro depends on political Korean Air executive Cho Hyun-ah had
the school playground, each insists the rities, interest rate cuts or write-offs — right when she says that the eurozone entire postwar European order. Given consent as well as fiscal discipline. erupted in fury about her packet of nuts
other must jump first. The result is pol- Athens needs debt forgiveness. Pretend- can survive long term only if weak econ- Russia’s armed aggression in Ukraine For its part, Greece must decide its in such a craft there would have been no
icy paralysis and the rise of populism. ing otherwise does nothing to advance omies improve their competitiveness, and its growing interference elsewhere future. Does it want to be a modern outcry. Instead she did so in a commer-
A sensible European policy maker the interests of creditors. and rein in deficits and debts. in Europe, that would be a calamity European democracy or would it prefer cial airliner and found herself delivering
would see the election success of Greece’s problems, though, have What grates is Berlin’s moralising beyond imagination. So, yes, the euro to rejoin the Balkans as another client of an abject public apology.
Greece’s Syriza as a wake-up call rather always been as much political as eco- tone. What deeply disappoints is the has a future only if weak governments Vladimir Putin’s Russia? It is not yet Technically, private aircraft obey the
than a nightmare. Not because the radi- nomic. While others saw in the EU the chancellor’s obsessive regard for short- get the economics right, but ratchet up clear where Syriza stands on this though rules of international airspace. Practi-
cal leftist government of Alexis Tsipras opportunity to modernise, the ruling term swings of domestic public opinion. the pressure too much and there will be its apparent closeness to the Kremlin is cally, they are above the law. The hid-
is correct in most of its prescriptions class in Athens simply pocketed the Ms Merkel is Europe’s most powerful no currency to save. not encouraging. den, unsupervised space of the cabin is
(though neither is it invariably wrong), cash. Above all else, Greece needs half- politician; domestically she has no Greece should not be given a free pass, The bargain to guarantee a future for often sexualised; a British tabloid head-
but because its victory crystallises the honest government. The rest of the rivals to speak of. She can afford to but the lesson of the post-crisis years has the euro has not changed since the start line recently had the beleaguered Prince
impasse that has crippled the eurozone. eurozone should be applauding Mr been that governments can go only so of the crisis: more growth-friendly Andrew flying on his billionaire friend’s
Not so long ago governments con- Tsipras’s promise to stamp out corrup- far in cutting budgets and improving structural reform in debt-burdened “private ‘sex’ jet”. In previous centuries,
founded the gloomsters by summoning
up the political will needed to keep the
tion and to collect more of the taxes.
Syriza goes wrong when it suggests
Sensible policy makers competitiveness when their economies
are shrinking and living standards are in
nations in return for an easing of the
eurozone’s fiscal straitjacket by Ger-
the carriage occupied a similar role, as
the celebrated scene in Madame Bovary
single currency on the road. Compro- that the route back to economic growth should see Syriza’s election free fall. Austerity-driven growth was many and others. As for who should go when Emma joins her adulterous lover
mises were made on all sides. Berlin,
though it could never say so, abandoned
is to spend more on consumer subsidies
and public sector workers. Clientelism
success as a wake-up call always a fraudulent prospectus.
Now the populists threaten to make it
first, well, that is easy: both. for a daytime assignation in a curtained
cab that travels enigmatically through
its opposition to bailouts; the peripheral and outright corruption has been the rather than a nightmare impossible for debtors to embark on [email protected] the streets of their provincial town
“tossing about like a vessel”.
Mystery surrounds private jets. They
use their own airports and fly on sepa-
rate routes. To add to the enigmatic air,

The golden triangle of mutual gain that blights science they also perform the peculiar engineer-
ing miracle that is flying. Thus as the
private jet whisks its plutocratic occu-
pant over continents and through time
zones it appears to defy the laws of phys-
undisclosed gain. That has tarnished in conduct clinical studies, throwing in studies bankrolled with public money. against measles, mumps and rubella. It ics, suspending time and space, disobey-
OPINION the cold light of the corruption charges consultancy fees or stock options in Negative studies are often buried. so happened that this charismatic, cam- ing gravity. It is the ultimate expression
Mr Silver now faces. Dr Taub has since return for keynote speeches at impor- This soft influence on science, and paigning medic was named on a patent of superhuman freedom.
Anjana stepped down from the research centre. tant conferences, or for appending their what it means for public health, should application for a rival vaccine. The Brit- If the submarine is the vehicle of
Ahuja Mr Silver is relinquishing his position as names to company written papers in not be underestimated: a Harvard psy- ish Medical Journal later reported he choice for Bond villains as they concoct
speaker, though not his assembly seat. prestigious journals. Some drug compa- chiatrist who advocated treating diffi- was secretly earning referral fees for their gargantuan schemes, the private
There is no suggestion that unwar- nies endow professorial chairs, gilding cult toddlers with antipsychotic drugs directing patients towards a class-action jet is the favoured transport for those

S
heldon Silver seemed to have ranted mesothelioma diagnoses were their own reputations by association. was found to have become a millionaire lawsuit against vaccine manufacturers. who have actually achieved world domi-
the Midas touch, enriching made at Columbia, but the case high- Universities, tethered by these invest- on the back of payments from the mak- After these allegations surfaced nation. It mirrors the restless, invisible
many within his orbit. Among lights the shadowy territory some scien- ments, mostly do not rock the boat, ers of antipsychotics. through the work of investigative migration of money around the globe.
those alleged to have bene- tists willingly step into in order to fund At the time, he happened to be writing reporters, the research paper was re- As the tycoon accelerates upwards in
fited from an association with their research and further their reputa- national prescribing guidelines. This tracted and Dr Wakefield was struck off. their sleek, steel tube we are reminded
the speaker of the New York State
Assembly was an eminent doctor at
tions. Dr Taub is said to have been seek-
ing money to fund a research centre; Mr
Some academics can adjust trend for hidden financial ties — which
bloomed in the past decade as govern-
He left for the US, to be embraced by an
anti-vaccination lobby that still mistak-
of Marx and Engels, who wrote in The
Communist Manifesto of the magically
Columbia University; grants approved Silver enjoyed access to a health fund study protocols to make ments cut funding and encouraged aca- enly casts doubt on the safety of MMR. transformative properties of capitalism:
by Mr Silver funded the doctor’s mes-
othelioma research programme.
that could make it happen, plus a law-
yer’s grasp of the fortune to be made
the results — how shall we demics to flirt with commerce — grew so
pervasive that journals began to insist
That lobby is eating into public confi-
dence about childhood vaccination,
“All that is solid melts into air.”
The first Learjet came on to the mar-
Prosecutors say the doctor, who has from chasing compensation. It is not say? — more meaningful that scientists disclose potential con- undermining one of the most successful ket in the early 1960s. More than 50
been widely named as Robert Taub, hard to imagine the unwritten bargain flicts of interest, including grants, con- public health measures of recent times. years later, can the private jet maintain
then directed his patients to Mr Silver, that might have followed. One troubling acquiescing to a degree of external con- sultancies, speaking fees and sharehold- The measles outbreak that started in its mystique? Falling prices are a risk.
who in turn referred them to a law firm aspect of this story is that Dr Taub was trol over their research that would have ings. The fine AllTrials campaign to Disneyland in California, and that has For $295,000 you can buy a second-
specialising in asbestos-related lawsuits apparently funded to research mesothe- been unthinkable 20 years ago. have every single clinical trial registered now spread to at least seven other US hand 1977 model: a sum well within the
(asbestos exposure is a leading cause of lioma cases related to the 9/11 attacks. It is not that the academics involved and the results disclosed is another right states plus Mexico, can be counted as reach of the ordinary millionaire. When
mesothelioma, a rare lung cancer). The fruits of that specific research, if it are deliberately fraudulent but they hook against this culture of secrecy. Left part of Dr Wakefield’s damaging legacy. the day comes when 1,700 aircraft really
In return for the stream of lucrative was done at all, are hard to come by. can, sometimes subconsciously, adjust unchecked, secrecy distorts science. That is the thing about science: secrets do descend on Davos, then the reign of
litigants, Mr Silver is said to have pock- Low-level corruption has become dis- study protocols to make the results — Dr Taub’s situation reminds me of the can be almost as dangerous as lies. the private jet as the last word in ultra-
eted referral fees exceeding $3m — com- turbingly common in science, especially how shall we say? — more meaningful. case of Andrew Wakefield, the discred- rich exclusivity will be over.
pleting a golden triangle linking politi- health and medicine. Pharmaceutical Industry-funded drug studies are more ited UK doctor who first suggested a link The writer is a science commentator and
cians, lawyers and doctors for mutual, companies pay university academics to likely to yield favourable results than between autism and the MMR vaccine regular FT contributor The writer is the FT’s pop critic
12 ★ FINANCIAL TIMES Friday 30 January 2015

BUSINESS LIFE

Personal technology

Camera drones
Photo opportunities for all
with the no-frills flying eyes
TIM BRADSHAW

Last year it was big news recharging can take an hour

that consumers could buy or so. Spare blades are a
sophisticated camera good idea too.
drones for less than $1,000. After my frustrations with
But for anyone worrying the Hubsan, the Syma was a
that remote-controlled joy to fly — as long as no
“quadcopters” with built-in other people were around.
cameras are a threat to Even in San Francisco, where
privacy, the bad news is walking a cute dog often
that the cheapest drones attracts more attention than
are already cheaper than flying a drone, I felt self-
that. A lot cheaper. conscious buzzing a foot-
long airborne camera
I have been testing two around.
Chinese “mini-drones” I must admit it was a lot of
available online for about fun, too. The Syma’s HD
$60, the Hubsan X4 H107C, video camera produced
above, and the Syma X5C, impressive results for its

Night at the nursery that stays open

below. The low price does price. I imagine its footage
mean missing out on some will only get better as my
features of more expensive flying skills improve.
drones, such as GPS-
enabled autopilot modes Joystick jinks
that allow them to follow the Enthusiasts recommend
pilot around automatically. these cheaper quadcopters
ling an octopus. When he tells his peers working hours as “the norm”. At least Just like a Yet night time take-up has not been as There was little autonomous as a training tool for novices
WORKING LIVES he does not like Peppa Pig they scrunch one partner in 75 per cent of families on sleepover: high as anticipated so the indefatigable about these four-bladed who might otherwise land a
their faces up with disgust. low-to-middle incomes and in 91 per Wojciech and entrepreneurial Ms Quiroga has flying vehicles, unless you $1,000 gadget in a tree like
Emma Without the nursery’s flexibility, Ms cent of families on higher incomes Nidecka and scaled back her ambitions for the time count the way they tended me. Both drones are piloted
Jacobs Gut-Nidecka says she would have found
working for Go Ahead, the train and bus
“works outside the hours 8am-6pm,
once thought of as the normal working
friends brush
their teeth
being. Now only children who come in
the day can stay over occasionally. One
to ignore commands from
my remote control and
using a double-joystick
controller: one to get it in
operator, next to impossible. Previously day”, it found. Others work shifts that before bed at child, for example, stayed two nights gravitate towards the air and rotate it; one for
a bus driver, the 33-year-old now works change from week to week and cannot Baytree House and two days in a row while his parents dangerous obstacles. moving forwards, backwards
in the garage, overseeing stock. “Some- easily be accommodated by childcare Rosie Hallam
travelled for work. The weekends, how- or sideways. Different-
A childcare facility in times I’m working 4pm to 11pm or 1am;
sometimes earlier. If I want to bring my
providers who require pre-booking.
High-earning lawyers or bankers who
ever, are bustling: the 22 places are
filled, with many waiting for spaces to
Up, up and away
On my first outdoor flight
coloured lights indicate
forward and rear propellers
London offers care 24 boy in at 4am, no problem.” While her work into the night may have the funds come free. One regular customer is a with the Syma on a local to help keep you oriented.
hours a day for the son chiefly attends nursery during con-
ventional hours, when she and her car-
to pay a nanny or to enable a partner to
stay at home. Yet for many shift workers
father who works nights all week, and
sleeps on Saturdays.
tennis court, I gently lifted it
off the ground, only to find it
Even so, I often got left and
right mixed up when the
children of shift workers penter husband are both working the driving the 24-hour economy and the Babies can only attend the nursery at climbing over the fence. It
with unpredictable hours late shift, Wojciech stays at the nursery.
“He’s my baby, obviously I miss him.
self-employed, grabbing work where
they can, there are few options for flexi-
three months but Ms Quiroga says many
self-employed parents ask if they can
floated gracefully into a tree,
where it became entangled
[But] I know he’s safe. Sometimes he ble childcare at an affordable price. bring their infants younger. about 30 feet up.

I
t is 6.30pm on Friday night. As mil- doesn’t want to go back home. He loves Dubbed “extreme childcare” by some Ms Quiroga — who comes to the nurs- I was so embarrassed:
lions down their proverbial tools, this place.” commentators in the US, such facilities ery seven days a week, sometimes with getting a drone stuck up a
don their glad rags or slump in front Dai’za De’Chanel is picking up her are a new concept in Europe. Baytree her children — believes the low demand tree is such a cliché. Just ask
of the television, in a Victorian daughter, Canadiana. She values the House nursery opened through the for overnight stays is due to guilt. “Peo- the US government staffer
house in Catford, southeast Lon- weekend opening and the fact that she night in 2012, after Ms Quiroga became ple aren’t used to the idea. It’s something who crashed his DJI
don, they are gearing up to work. Here, can book her daughter in for long days convinced that modern working pat- new.” She recalls a mum whose friend Phantom quadcopter in the
amid the brightly coloured building at short notice. The 37-year-old mother terns required longer and more flexible asked how she could bear to leave her grounds of the White House drone was flying towards
blocks and finger paints, Maria Quiroga, of four (the other children are 19, 14 and childcare hours. The 53-year-old, who child overnight. “It really affected her.” this week, causing a me. This is an important skill
the manager of Baytree House nursery, eight) is a beautician who does mani- worked as a teacher in her home coun- For this reason, Janet Hogman, lockdown. if you want to take a drone
is shepherding a trio of three-year-olds cures, facials and massages at her cli- try, Bolivia, says she would have appre- Baytree House’s proprietor, who owns After locating its high- selfie, aka a “dronie”. (Some
into the bathroom to brush their teeth. ents’ homes. ciated this kind of service herself when two other nurseries, would love others power mode and manic selfie sticks cost more than
Upstairs, toddler-sized beds are made, “I’m self-employed,” she says. “I have her children were younger. After her to offer nocturnal childcare in order to mashing of the controls, the these drones.)
story books chosen. to work when I get a booking. [My husband died nine years ago she had to change attitudes. She worries about the drone’s three functioning Being able to start and
These children have been dropped off daughter is] happy, her best friend’s juggle work and their five children (now impact on children’s health of being propellers allowed it to stop video recording mid-air
by their night-working parents. The here. I love the flexibility.” Canadiana aged between 11 and 31). picked up at 11pm after their parents’ wiggle free. My next concern is useful because the camera
nursery offers 24-hour childcare, seven will return on Saturday morning so that Among the first to sign up three years shift has finished, rather than being was that it would smash to module, connected by a
days a week, in response to shifting Ms De’Chanel can work. “I know it’s long ago was a north London family. Unable allowed to stay over at the nursery. the ground, but the Syma loose little wire, can become
working patterns. While standard child- hours but they have so much activity.” If to find such flexible, local childcare, the “They need to sleep. Maybe I’m more regained its balance using detached on rough landings.
care hours tend to be 7am to 7pm, or a client pays £50 an hour, it makes the parents — a nightclub worker and secu- traditional?” its inbuilt six-axis gyroscope In that case, none of the
more typically, 8am to 6pm, this nurs- £6-an-hour nursery fees affordable. rity company owner — crossed London The problem is with the parents, and, with a little help from footage is saved.
ery wants to accommodate parents’ A 2011 report by the Resolution Foun- to the nursery before going to work in rather than the children for whom the me, floated back to earth. Images are stored on a
hours by taking children at 6am and dation, a think-tank, described atypical the City. The girl — used to her parents’ nursery is a second home, says Ms Qui- Even this nerve-racking Micro-SD card for transfer to
allowing pickups as late as midnight. In night-owl lifestyle — never slept at roga. “We really love them,” she says. experience was preferable to a PC. More expensive drones
a few cases, as with the children being
cajoled into bed tonight, they sleep
For many shift workers night, meaning that the nursery worker
was on the go until the early hours:
Podcast “We see the first steps. We prepare them
to go for big school. When they are leav-
flying the Hubsan, which I
found infuriatingly difficult
can pair with a smartphone
to give you a first-person
overnight on the premises. driving the 24-hour dancing, singing, playing. Another regu-
Listen to Emma
Jacobs reporting ing [for school], I cry. I have to run away to master. Small and light, it view (FPV, in the lingo) of
Crop-haired, wearing metallic green lar then was a blind six-month old baby from the parents as I don’t want them to
eyeshadow and a high-visibility jacket, economy, there are few who could not easily distinguish night
from the night
nursery see me cry — it’s not professional.”
is liable to blow about in the
slightest breeze. Its black-
what it is captured as you
fly. They also come with
Jolanta Gut-Nidecka, from Poland, has options for flexible, from day and would be up through the
ft.com/extreme
and-red plastic body features such as stabilising
dropped off her son Wojciech. Blond- night. His working parents booked him [email protected] resembled a tropical frog — software and GPS that
haired and bilingual, he is busy stencil- affordable childcare in twice a week in order to recuperate.
childcare
Twitter: @emmavj and I suspect there are brings them “home” if they
amphibians that fly better. fly out of range.
The Hubsan’s controls are But for those curious
hypersensitive and the about the drone hype — and
images from the camera far with enough wide-open

Small dairies milk it as price drop hits the mega producers inferior to Syma’s, in part
because it was so hard to
keep stable. It also makes a
space to fly in without
endangering bystanders,
angering aviation regulators
much more aggressive or crashing into trees — the
buzzing, like a swarm of Syma X5C provides much
Micro dairies are thriving A global glut in dairy products has free-range ethical version of the oft-ma- angry wasps. However, the more than $60 worth of fun.
pushed down what processors pay for ligned meat, with higher prices justified
even as milk prices fall, raw milk by about one-third over the by the organic tag. Demand is no issue:
Hubsan’s low weight does
mean it can fly for longer on
That aerial photography
can come so cheap is both
writes Michael Pooler past year to just above 20p a litre. That “We get people at markets disappointed a smaller battery. amazing and alarming.
is below the cost of production for many we have sold out,” says Mr Healy. I found both did well to
farmers, who rely on European Union “There’s a pleasure in being responsi- last more than 10 minutes Video
The small Oxfordshire village of North subsidies to stay afloat. ble for the whole process,” he adds. “We before sinking to the Watch Tim Bradshaw
Aston is home to a rarity in contempo- It feeds into a bleak trend: the can milk the cows in the morning, ground, which makes an fly the Syma and
rary British agriculture: a happy dairy number of UK dairy farmers has halved bottle it and deliver in the same day. By extra battery or two Hubsan drones
farmer. since 2002 to less than 10,000, raising selling directly we don’t have to push essential, for $5 apiece, as ft.com/cheapdrones
Josh Healy loads his mud-spattered questions about the future of its domes- the animals or environment as hard.”
estate car four days a week with crates tic supply of milk. However, the small scale has its dis-
of gleaming white bottles, which sell at A drive to find greater economies of advantages. Machinery repair is com-
Planet of the apps
prices that would be the envy of his scale has led to controversial mega- Happy dairy to a sense of connection to the local paratively costly while illness or deaths
peers. Customers pay £1.15 for a litre of dairies with more than 1,000 animals. farmer: Josh economy. in a herd can hit output hard. Moreover, Snapchat added Discover,
his full-cream organic milk on their Micro-dairies run counter to this logic. Healy “Our price is above supermarkets, expensive milk can be one of the first a new section dedicated to
doorstep. That is nearly three times Although their output is a drop in the Neville Williams
but I wouldn’t say our customers are all luxuries to go in hard times, which is videos from media
higher than the cheapest supermarkets, ocean of British milk, by setting their affluent — there is a mix of people. the very reason why supermarkets use companies such as Vice,
whose relentless price war some blame own prices they offer a potentially sus- People appreciate the money is staying it as a loss-leader. CNN, Daily Mail and ESPN,
for many UK producers’ financial woes. tainable, and ecological, alternative to in the area and [in rural areas] a deliv- Nevertheless, the model could be which will release new
“We don’t make a fortune, but it’s industrial production. ery is easier than driving five miles to rolled out beyond rural areas given the What it is content every day.
enough for two full-time employees and At Holmleigh Dairy in the Gloucester- the nearest supermarket”. right support, says Simon Fairlie, who Snapchat and Twitter Twitter, the home of news
to make investments and pay off debts,” shire Cotswolds, delivering within a 10- Private loans from the local commu- runs a two-cow dairy in Dorset and is updates on social media, took aim at
says Mr Healy, whose 40-acre farm of mile radius reduces the carbon foot- nity provided about half of the £38,000 part of the Landworkers’ Alliance, the popularity of video-
19 cows is comparatively tiny. print of the dairy, which has a 40-strong investment to set up North Aston Dairy which promotes the interests of small- Why you should try it sharing on Snapchat with a
It is one of a handful of micro-dairies herd and supplies 580 customers. in 2005. Today the business is profita- scale farmers and smallholders. Snapchat and Twitter both new 30-second video
that pasteurise and deliver their own Orders were largely unaffected by ble with annual revenues of £85,000. “There is plenty of grass in towns not made big updates this week, feature and a way to send its
milk and are thriving, even as the dairy the recession, says co-owner Susan Alongside the yoghurt and cream that being used, and it could work if a dairy which saw the two stray on private “direct messages” to
industry is squeezed by plummeting Hughes Garbett. She puts the popular- bring higher margins at little additional supplied an institution like a hospital to each other’s turf. groups as well as individuals.
wholesale prices and rising costs. ity partly down to convenience but also cost, it runs a sideline in rose veal, a or school.”
Friday 30 January 2015 ★ FINANCIAL TIMES 13

ARTS

Lost and drifting on a hazy California trail

From left: Joaquin Phoenix, Martin
FILM Short, Jordan Christian Hearn and
Sasha Pieterse in ‘Inherent Vice’.
Nigel Below: Samuel Lange Zambrano in
‘Pelo malo’
Andrews
Trash: the motive for making it. Is it an
art film, this Brazil-set shanty drama in
subtitled Portuguese? Is it a kids’ adven-
ture for kids, spearheaded by three teen

N
inety-five minutes into tearaways (perkily played by hand-
Paul Thomas Anderson’s picked unknowns Rickson Tevez, Edu-
Inherent Vice, a character ardo Luis and Gabriel Weinstein) who
asks another character, find a wallet in a landfill and uncover a
“Any questions?” I almost political scandal? Is it a political movie?
laughed out loud. My mind at that Richard Curtis wrote the script, from
moment was a megatsunami of ques- AndyMulligan’snovel,sobeatitudesoon
tions, stilled only by situational paraly- starts winning out over brutality. The
sis. (A theatre, an audience, a two-and- beatings, fights, chases all stop short of
a-half-hour film.) Question one: why are horror, as if the Love Actually writer and
we watching all these opaquely defined the Billy Elliot director —
characters weave their way, or try, out of fellow Briton Stephen Daldry — are
the origami paper bag created by Ander- determined to retain their YK (young
son from Thomas Pynchon’s 2009 crime kidult) audience.
and detection novel set in the surfer/ The shanty town itself is a visual mira-
stoner world of 1970 California? Ques- cle. Photographed by Adriano Goldman
tion two: is there a point at which hard- with exoticised squalor and gorgeous
boiled noir, warmed over a hippy flame, lights at night, it’s Shanti-La. You’d
turns to a pale and eggy mush? almost book a holiday there. Harsh real-
Boogie Nights, Magnolia and There president’s censorious spirit is there not Inherent Vice (15) But the simple, powerful Pelo malo has a who one evening leaves his bedroom ity casts a shadow across the action once
Will Be Blood stood Anderson tall justintheportraitonuptightpolicechief Paul Thomas Anderson reality you can’t pastiche. Curly nine- door open, tauntingly, almost cruelly, or twice: a police-pulped victim’s face,
among film-makers with a novel mind. “Bigfoot” Bjornsen’s wall but in Bjornsen aeeee year-old mophead Junior (Samuel while making love to her boss — is proof summary shootings. But the rest is a
“Novels” are what his best movies have himself, played by Josh Brolin, an actor Lange Zambrano) grows up in a battered that the only thing tougher than tough squeaky-innocent potboiler, bubbling
resembled: densely plotted, multi- drafted by fate to be the anti-Republican Pelo malo (15) housing block in Caracas with a lately love is tough lack of love. away in advance of the feel-good finale
charactered, imaginatively textured filmgoer’s on-call hate totem from the Mariana Rondón widowed mother (Samantha Castillo) The hair of the title becomes heraldic, you feel coming from frame one.
American fables. Like Pynchon, his moment he played Dubya in W. aaaae and baby brother. Losing his dad he has obsessional. Straighten it? Shave it? What’s the difference between a film
fellow Doubting Thomas among masters There are plots within plots, imbro- lost a piece of himself. He’s an errant Keep it wild? It’s the kid’s Samson iden- by Matthew Vaughn (Kick-Ass, Stardust)
of modernism, Anderson has become glios within imbroglios. There is a cease- Trash (15) soul. Mum, sullenly pretty, promiscu- tity kit. It will make him what he is, if and a Christmas cracker? None. They
almost an icon — with the perverse sway less wash of period mood music, like Stephen Daldry ous, scowls at his ringlets and giddy only he can work out what that is. both go bang while showering you with
of the infallible that comes with that sta- water around the pilings of a nation aaeee ways, suspecting gayness. With a little Writer-director Mariana Rondón unwanted gifts. In Kingsman: The
tus. We cannot be surprised if this con- about to crumble into the sea. Some girl neighbour Junior keeps dashing off wrings pathos and subtle astringency Secret Service the gifts are Colin Firth
trarian now chooses, for the first Pyn- scenes jump forth from the rest for no Kingsman: The Secret Service (15) to the local photographer. Grandma told from a story filmed with a docu- dressed up with nowhere to go (or
chon novel ever put on screen, the better reason than that they have a Matthew Vaughn him he looks like a pop star and should mentary’s plainness, but also nowhere as smart as the Savile
author’s surely thinnest, most moment of dolphin brio. Martin Short is aaeee get a portrait done. with a documentary’s eye Row suits); acres of product
woozily allegorical story. hilarious as a coked-out dentist. An The unstressed historical context is for the tiny tell-all truths placement; and a master-
Joaquin Phoenix plays Doc Sportello, impious Last Supper tableau is slipped the dying days of Hugo Chávez. A city in of everyday living, being spy-versus-master-villain
the drug-popping private eye following a in and out as if Anderson — waking from American kids: Pelo malo (Bad Hair) anticipatory mourning; shaven heads in and growing. plot straight from the bot-
trail of clues to a crime, or crimes, the his default coma state — has had a and Trash. The first was made by Vene- the streets; what sound like doleful fire- Means, motive and tom drawer and blinking
audience can barely identify even at the passing visual brainstorm. zuelans in Venezuela. The other, set in crackers. For “fun”, Junior and his girl opportunity. Crime and under the light of world
trail’s end. Who did what to whom? Largely, though, this is a big, dazed Brazil, was produced, directed and pal spy on the living advent calendar, film-making can prompt exposure.
Possible answer (this is Pynchon film that seems mugged by its own recall scripted by Britons. Guess which one teeming and squalorous, of the opposite the same questions. How Newcomer juvenile lead
World): everyone has done everything of an American era. Like that era, if, feels authentic? housing block. was the deed done? In what Taron Egerton — handsome,
to everybody. Murder, dope, conspiracy, years hence, you remember Inherent I’d love to punt a paradox at you and The boy can’t find an imaginative enabling moment? And bright, Welsh — has
art, sex: it’s the heyday of the Californian Vice, in detail or generality, you probably say the Brits-in-Brazil. It could happen. element to live in, like the water sustain- above all why? promise. He should be
dream or nightmare, a world never sat through it. Inauthenticity is sometimes an inside ing his pet goldfish. The tale’s sadness It’s the last I don’t moved in the direction of
glowered down upon by RM Nixon. The Two movies this week about Latin job. Outsiders can have X-ray empathy. gets more captivating. His mother — get with a good movie.

THIS EVENING’S TELEVISION

Pick of the day

The faint whiff of Pseuds’ art installation. Paul Morley
Corner often attends earnest (inevitably) says they are
analysis of pop music, “the whole history of music”
loading portent on — what? — “since the
to a fragile product originally Seventies”. Phew.
conceived in throwaway Kraftwerk’s fans maintain
adolescent consumerism. that they portend a
Kraftwerk: Pop Art (BBC4 mechanised Utopia: The
10pm) shows that the cult Road (BBC2 11.05pm)
German group (pictured) are conjures an all-too-human
robust enough to take it. post-apocalyptic America of
Archive of their computer- feral wanderers and
bleeping, electro-throbbing, marauding cannibals.
deadpan robotics remains Nightmarishly feasible,
fascinating to hear — and powerful and haunting.
watch; they have become an MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 BBC News. 6.00 Eggheads. Quiz. 6.00 ITV News London. 6.00 The Simpsons. R
6.30 BBC Regional News 6.30 Great British Railway 6.30 ITV News and Weather. 6.30 Hollyoaks.
Programmes. Journeys. Last in the 7.00 Emmerdale. 7.00 Channel 4 News. Including
7.00 The One Show. Chris Evans series. sport and weather.
7.30 Coronation Street.
and Alex Jones round off 7.00 Antiques Road Trip. Anita 8.00 Jamie and Jimmy’s Friday
the week with celebrity Manning and James 8.00 The Martin Lewis Money
Night Feast. Actor Michael
guests. Braxton travel through Show. The personal finance Sheen prepares lamb cawl.
7.30 A Question of Sport. R Cambridge and Suffolk. expert helps viewers in
9.00 8 Out of 10 Cats Does
8.00 Mastermind. Four more Manchester decide if they
8.00 EastEnders. Countdown. Team captains
contestants compete, should use their savings to
8.30 Room 101. Frank Skinner Jon Richardson and Sean
answering questions on pay off their mortgage.
hosts. Lock are joined by Johnny
Game of Thrones, among 8.30 Coronation Street. Vegas and Romesh
9.00 The Musketeers. A prophet
raises an army against others. 9.00 Benidorm. CEO Crystal Ranganathan.
Spain, claiming she is doing 8.30 Food & Drink. Tom (Joan Collins) announces 10.00 The Last Leg. Adam Hills,
so on the word of God. Kerridge is joined by staff cuts, turning Joyce’s Josh Widdicombe and Alex
Angela Hartnett for a world upside down. Brooker are joined by
10.00 BBC News.
discussion on how to make 10.00 ITV News at Ten and Deputy Prime Minister Nick
10.25 BBC Regional News and high-quality food on a Weather. Clegg for a comic review of
Weather. tight budget. 10.30 ITV News London. the past seven days.
10.35 The Graham Norton Show. 9.00 The Big Allotment 10.40 FILM Shaun of the Dead. 11.05 Catastrophe. Sharon faces
Judi Dench and Dev Patel Challenge. Five contestants An aimless man decides to the reality of having a new
talk about their movie battle it out. get his life back on track roommate in the form of
sequel, The Second Best 10.00 QI. just as zombies start to the man whose child she
Exotic Marigold Hotel. 10.30 Newsnight. roam the streets of London happens to be carrying. R
11.25 Bluestone 42. Rocket gets 11.00 Weather. to feast on the living. 11.40 Brooklyn Nine-Nine. Peralta
himself a pet rat — much 11.05 FILM The Road. Starring Comedy horror, with Simon launches the Jimmy Jab
to Bird’s disgust. Previously Viggo Mortensen, Kodi Pegg and Nick Frost. Games, an eccentric series
shown on BBC3. Smit-McPhee and Charlize of races and contests held
11.55 EastEnders. R Theron. Regional variations apply in the precinct building.
.

Other channels
BBC3 News Tonight. 7.00 Race to the Sky Atlantic Ascension. 10.50 Ghostbusters.
7.00 Doctor Who: The Ultimate Pole. 8.00 Ice Road Truckers. 6.00 House. 7.00 Blue Bloods.
Guide. 7.10 Doctor Who. 8.00 9.00 Celebrity Big Brother: Live 8.00 Without a Trace. 9.00 Sky Arts 1
Excluded: Kicked Out of School. Eviction. 10.00 Celebrity Big Penny Dreadful. 10.05 Fortitude. 7.30 Cropredy 2011: Seasick Steve
9.00 Tough Young Teachers. Brother’s Bit on the Side. 11.30 11.55 Fortitude: Behind the in Concert. 9.00 John Denver:
10.00 Russell Howard’s Good Celebrity Big Brother: Live from Scenes. Rocky Mountain High Live in
News. 10.30 EastEnders. 11.00, the House. Japan. 10.15 Joan Baez: How
11.25, 11.45 Family Guy. Sky Sports 1 Sweet the Sound.
More4 6.00 Barclays Premier League
BBC4 6.50 Building the Dream. 7.55 Preview. 6.30 The Fantasy Sky Arts 2
7.00 World News Today. 7.30 Grand Designs. 9.00 The Firm. Football Club. 7.30 FL72 Live. 6.00 South Bank Show Originals:
Sounds of the 60s. 8.00 10.00 The Fantasy Football Club. Merce Cunningham. 6.30 South
Symphony. 9.00 Sound of Film4 11.00 2015 PDC Awards. Bank Show Originals: Michael
Song. 10.00 Kraftwerk: Pop Art. 6.50 The Theory of Everything Flatley. 7.00 Discovering: Bing
11.00 Synth Britannia. Interview Special. 7.00 The Sky 1 Crosby. 8.00 A Mozart Gala from
Golden Child. 8.50 Ex Machina 6.00 Futurama. 6.30, 7.00, Salzburg. 9.45 Celtic Woman: A
Channel 5 Interview Special. 9.00 7.30 The Simpsons. 8.00 Show New Journey. 11.00 Broadway
6.00 Home and Away. 6.30 5 Zombieland. 10.40 Sexy Beast. Me Your Garden. 9.00 Goes Hollywood.
14 ★★★ FINANCIAL TIMES Friday 30 January 2015

Universal truths
Deutsche Bank shares have underperformed rivals,
and the return on equity is expected to continue to
Share price trail the competition. The bank’s two biggest Deutsche Bank 2014 divisional
(rebased ) divisions have produced the weakest returns return on equity*
Twitter: @FTLex Email: [email protected] 200 Return on equity, Corporate banking & securities
2015 estimates
9%
Royal Dutch Shell: 7.1 per cent, from 7.9 in 2013. We all McDonald’s:
believe our children are special. BNP Paribas 8.2%
Private & business clients
parenthood Similarly, at $100, all oil projects seem 150 big-game hunter
destined for greatness. If prices stay 6%
Children develop at different paces. closer to $50, though, junior is just not Did Warren Buffett back the wrong
One never knows quite how they will going to be president. burger joint? Last year he put $3bn of
turn out as adults. So one nurtures Barclays 8.0% Global transaction banking preferred stock behind Burger King’s
them and hopes for the best. Oil merger with Canadian doughnut chain
company executives have a similar Amazon: 100 14% Tim Horton’s. Mr Buffett is a well-
attitude towards their big projects. Credit known fan of the Brazil private equity
They want to give them the time and ready for prime time Suisse 8.8% firm 3G Capital, which has been an
capital to succeed — even during a Deutsche asset & wealth management owner of Burger King for years. But
price crash. But if every company takes Companies are rarely praised for with Berkshire Hathaway searching for
this paternal attitude, the much- mediocre results. But there are Deutsche Bank 6.0% 11% an “elephant”, struggling McDonald’s,
anticipated, price-stabilising exceptions: shareholders rejoiced 50 with a market value of $90bn, is a
production cuts will come slowly. yesterday when Amazon reported a Jan 2012 2013 2014 Jan * Post-tax return on average active equity, match for his prodigious appetite.
Shell reported its fourth-quarter decline in full-year operating income 2015 calculated as net income excluding post-tax income Late on Wednesday, McDonald’s
results yesterday. They were not good. and guided for operating losses next FT graphic. Sources: Berenberg; companies; S&P Capital IQ attributable to non-controlling interests announced that its chief executive Don
Its earnings were roughly 20 per cent quarter. Not all the news was bad — Thompson would step aside. The chain
below analysts’ expectations. This operating income turned positive and Weak smiles at Deutsche Bank. The So a new strategy, due in the second off of some or all of it would help. has suffered falling sales for quarters
knocked the shares down about 4 per sales were up 15 per cent from a year shares enjoyed a 3 per cent pop on quarter, is a big moment for co-CEOs Deutsche also needs to improve on end (for all of 2014 global same-
cent. Even adjusting for special costs ago to $30bn. After getting pummelled yesterday. Fourth quarter numbers Anshu Jain and Jürgen Fitschen. The returns elsewhere. Expanding capital store sales were off 1 per cent). The
(such as a foreign exchange hit in by two difficult quarters, the stock was were pleasing. Profits rose sharply at investment bank will be a focus. It is light businesses such as asset simple explanation is that slightly more
Australia), both upstream oil and gas up 13 per cent in after-market trading. the investment bank, while the the biggest user of equity — €24bn of it management, which produces an 11 upscale, higher quality chains such as
and chemicals performed poorly. One reason for celebration was that litigation charge was unexpectedly — with a return of 9 per cent last year. per cent ROE, would be one example. Chipotle and Panera Bread have
More important, Shell set out its Amazon disclosed rapid growth in light. But like most half smiles, this It needs a push. When UBS made big A faster wind down of the non-core convinced consumers to pay a little
latest plan on capital spending. It will membership for Prime, a $100-a-year one obscures inner worries. changes to its investment bank, the unit, which consumes €7.6bn of more, and wait a little longer, in
reduce investment by $15bn, or about service that provides free two-day A single quarter aside, the shares rallied for a year. But Deutsche equity and produced a €2.8bn loss exchange for tastier food. But some of
14 per cent, over the next three years. delivery and on-demand video. performance of the stock and of the is committed to universal banking, so a last year would be another. McDonald’s wounds are self-inflicted.
Some analysts questioned whether this Membership grew more than 50 per company has simply been poor. The similar rise is unlikely unless trading But whatever Mr Jain and Growth forays into a wide range of
amount could rise, even double, in the cent last year, though Amazon did not shares have had an awful few years, conditions improve. Mr Fitschen do, it needs to be radical. sandwiches took the “fast” out of its
year ahead, should oil prices remain disclose how many members there are underperforming rivals such as The retail division is an even bigger Boosting ROE requires either less fast food. The chain is culling eight
below $50 per barrel. Shell’s (Morgan Stanley estimates 50m). Chief Barclays and BNP Paribas. They problem. At least investment banking equity or more returns. The former is items from its menu and trying out
management counter that this executive Jeff Bezos has invested trade on just 0.7 times tangible book is getting close to double digit returns. impossible, given regulators’ taste for kiosks and tablet ordering to beef up,
reduction will suffice for now. As key heavily to woo more members, value. The 7 per cent return on In retail, which uses €14bn of equity, it capital, so it will have to be returns. and speed up, customers’ experience.
projects such as Prelude Floating LNG spending $1.3bn on instant video equity that the core bank produced was 6 per cent. Retail banking in Producing a double digit ROE in the These may help. But the “restaurant
in Australia will not come on stream offerings this year, and billions more on in 2014 (or 3 per cent including non- Germany is tough — heavy on core bank would require net income experience” critique misses the
before 2017 anyway, management shipping. Once Prime members are core losses) does not suggest they competition and light in high margin to jump 49 per cent — a challenge fundamental challenge for McDonald’s:
would prefer to wait on sharper cuts. locked in, the idea is that their fee deserve a higher multiple. products such as credit cards. A spin- that is hard to smile about. it is a multinational company with a
This is natural enough. The US becomes mostly profit, allowing global problem (two-thirds of sales are
dollar’s surge may abate and oil prices Amazon to keep margins razor-thin on outside the US). Sales were slammed in
rebound. Only three months ago oil the rest of its merchandise. Asia because of a meat supply chain
traded above $87. But if every major oil The company is also preparing to back from its second and third- reported expectation-beating numbers. year. Competition from Ericsson and fiasco. Russian sales are being hurt by
company tempers its spending cuts become more transparent about its quarter levels. Even Amazon and its The company, which now comprises a Huawei has been relatively benign. political unrest there and Europe is,
using this logic, the notion (popular fast-growing web services business, and self-assured boss can take feedback. network equipment maker and a bank That could change, which is why Nokia well, Europe. The appreciating dollar
among oil executives) that lack of will break out results for Amazon Web of 30,000 patents, said that net sales in gave itself a big range in expected 2015 exacerbates all these problems.
investment will reduce the supply of oil Services starting next quarter. AWS the fourth quarter grew 9 per cent over operating margins, from 8 to 11 per With 36,000 locations and $27bn in
could well remain a notion. has become the world’s largest Nokia: last year. It also reported a 14 per cent cent. Ericsson has recently complained revenue, McDonald’s will not grow
Another reason for the reluctance to infrastructure-as-a-service platform. operating profit margin, well above last of cuts to US mobile carriers capital wildly. But all its investors require is a
cut further: it needs more oil and gas. It But Amazon has been secretive about nice and easy? year’s 12 per cent. investment, a worrying sign. couple of percentage points of same
estimates that it has replaced just AWS, which has also sucked in billions But enough pleasantness, on to harsh As for the patents, in 2014 royalty store sales growth. McDonald’s trades
85 per cent of the oil reserves it in investment. AWS would be more How nice it must be to run Nokia. How reality. Almost as many analysts have revenues were €579m with a margin of on 17 times earnings and is healthy
depleted over the past three years, valuable if spun off entirely — but nice to look back on that awful sell recommendations on the stock as more than 60 per cent. Bulls believe enough to return $18bn to $20bn in
adjusting for divestitures and breaking out its results is a first step. handsets-in-terminal-decline period, have buys (13 vs 16) — given analysts’ Nokia could increase this revenue cash to shareholders between 2014 and
acquisitions. Every oil company has All this suggests the company is not safe in the knowledge that it is now congenital optimism, that is a lot of (JPMorgan estimates €2.2bn in licence 2016. An enormous, inexpensive and
favoured projects, gestating slowly in totally deaf to investor concerns — ancient history (or at least Microsoft’s sells. And despite all the expectation- revenues in 2018) by renegotiating plain business would be perfect for Mr
the engineering stages before being perhaps the most important reason for problem). Like Ericsson, it has proved beating, Nokia’s shares fell 3.8 per cent royalty agreements now the company Buffett. He won’t snap up McDonald’s.
mature enough to deserve full financial the market’s enthusiasm. After a year there is life beyond handsets (are you yesterday. The pessimists focus on the no longer makes handsets, and thus But someone should.
approval. At $49 oil, though, the in which the company took some paying attention, BlackBerry?). How sustainability of Nokia’s network profit does not need to exchange patent
investment return on many of these heavy losses and appeared to squander nice, also, to contemplate a share price margins and the potential for licensing licences. But the likes of Samsung,
projects will not cover the cost of money on projects such as the Fire that has quadrupled since 2012 and a revenue from its patents. Sony and Apple will drive a hard Lex on the web
For notes on today’s breaking
capital. Shell’s return on average phone, the fourth quarter showed full price-to-earnings ratio of 25. Nokia’s network division had a 12 per bargain. Life for Nokia’s bosses is about stories go to www.ft.com/lex
capital employed fell last year to more discipline. Capex was dialled And how nice, yesterday, to have cent operating margin throughout last to get less nice.

1000 Forecasts by
990 HIGH
5 0
1020
4 980 2
LOW 0 0
6 970
5 Luxembourg Snow 1 34
Lyon Sleet 4 39
5 6 Madrid Rain 16 61
29
6 4 4 2 Manchester Sleet 5 41
3
6 Miami Sun 24 75
4 30
5 1 2 Milan Sleet 8 46
5 LOW 23 Montreal Snow -2 28
1000 5 5
6 1 Moscow Cloudy 0 32
6 6 9
Mumbai Sun 32 90
7 LO
10 3 Munich Snow 1 34
7 10 10
6 38 New York Snow 2 36
14 Nice Sun 11 52
8 15 16 5 Paris Snow 5 41
1 15
28 1010 16 Prague Snow 2 36
Reykjavik Sun -1 30
20 16 17 18
33 Rio Thunder 32 90
1010
Wind speed in MPH at 12 GMT 14 Rome Shower 14 57
Temperatures max for day˚C Wind speeds in KPH 18 San Francisco Fair 16 61
Stockholm Snow 2 36
Today’s temperatures Strasbourg Snow 4 39
Abu Dhabi Sun 30 86 Belgrade Shower 13 55 Copenhagen Snow 2 36 Hamburg Snow 2 36 Sydney Fair 24 75
Amsterdam Sleet 4 39 Berlin Sleet 3 37 Delhi Sun 17 63 Helsinki Snow 0 32 Tokyo Sleet 4 39
Athens Fair 15 59 Brussels Cloudy 4 39 Dubai Sun 28 82 Hong Kong Sun 19 66 Toronto Fair -8 18
B’ham Sleet 6 43 Budapest Rain 5 41 Dublin Fair 6 43 Istanbul Fair 13 55 Vancouver Fair 9 48
Bangkok Sun 34 93 Buenos Aires Sun 26 79 Edinburgh Shower 6 43 Jersey Shower 8 46 Vienna Snow 3 37
Barcelona Cloudy 15 59 Cardiff Rain 7 45 Frankfurt Cloudy 4 39 Lisbon Rain 15 59 Warsaw Sleet 4 39
Beijing Sun 3 37 Chicago Fair -2 28 Geneva Snow 3 37 London Sleet 6 43 Washington Cloudy 4 39
Belfast Sleet 5 41 Cologne Cloudy 3 37 Glasgow Fair 5 41 Los Angeles Fair 21 70 Zurich Snow 1 34

ACROSS 5 Beyond which relations

CROSSWORD 1 Fruit in two hands? (6) allowed fees cannot go wrong
No. 14,842 Set by MUDD 4 Miss religious festival (8) (3,2,7)
        9 Breakfast programme 6 Retailer bows to pressure (10)
broadcast (6) 7 Empty vessel in barrel (6)
10 Five ice-bound vessels turned 8 Philosopher finally getting
  round for explorer (8) original ideas, lifted (6)
12 Lassoed by caballero, angry 11 Extraordinary circulation

horse (4) carrying blood primarily
  13 Change row (10) through hound (4-8)

15 Brass tacks, fasteners (4,3,5) 14 Brilliant crossword creator
18 Obvious where the gods after power as temporary
 wouldn’t dine? That’s about leader (10)
  right (12) 16 Overly aggressive air base
21 Red vehicle superb, eclipsing about to claim victory (8)

fancy green one (4,6) 17 Frenzied always in school (8)
  22 White stick (4) 19 Sequentially, P isn’t for
 
24 Energetic, as fans may be? Pudding! (6)
(8) 20 Simple thing – that’s
 25 Gone heartless? Then there’s refreshing (6)
 
little sign (6) 23 They say venison is pricey (4)
26 See great waves in a ship’s
most basic quarters (8) SOLUTION 14,841
% ( / 3 $ ( 6 ( + ( 5 2 ( 6
  27 Rear opening, by the sound of / $ 7 , & / & 7
it (6) , 2 1 , &
1 ' /
* / $ ' , $ 7
1 5 = (
2 5
$
DOWN ' , 6 + 2 1 2 8 5 $ & 7 8 3
JOTTER PAD 1 Porcine mince on old cheese 6 / 6
& , 1 (
5
0 $
2 %
7 5 ( $ &
3
/ (
(8) 3 ' 4 7 5 '

2 Contract rushed in with 2 9 ( 5 8

5 $
6 (
0
6 & + 2 2
& 7 &
/
5
unappealing blemishes (8) 5 8 / ( 5 % $ 5 & $ 5 2 / (
, , 7 2 $ < 6 +
3 Endless low-fat food brought ' , 1 1 ( 5 6 ( 7 / , 0 % 2
over – that’s regrettable (4) * ( 5 6 & 2 , 0
( * 5 ( 6 6 7 + , 5 ' $ * (
Friday 30 January 2015 ★★★ 15

Nomura Nokia Dow Chemical NZ$/US$ 10-year Bund Greek equities Gold Dollar index
City Insider Sir Philip Hampton’s
holiday plans get cast off 1.30% 3.85% 4.8% 0.8% 1bp 3.2% $27 0.3%
HARRIET AGNEW, PAGE 20 ¥1,445 €6.88 $45.10 $0.7253 0.36% 733.61 $1,256 94.73

Comcast hits new cable bid hurdle Short

View
Redefinition of broadband by US watchdog threatens $45bn deal for Time Warner Cable
for Comcast’s bid for TWC because it University. “Comcast might claim it is in sumers needed superior internet speeds
James
DAVID CROW — NEW YORK
BARNEY JOPSON — WASHINGTON dramatically changes the competitive fierce competition with other providers A rising and Republicans saying 10Mb down- Mackintosh
US regulators have thrown a new barrier
landscape for broadband — a central
consideration for regulators deciding
but that is a bit like saying the New York
Yankees compete with high school base-
number of load speeds were sufficient.
The Department of Justice must
in the path of Comcast’s $45bn takeover whether to approve the deal. ball teams. Both roughly do the same investors decide whether the Comcast-TWC deal It is scary facts time. The German 30-year bond has
of Time Warner Cable, rewriting their
definition of broadband to paint the
The change means the number of US
families who have no choice in their
thing, but the speed and capacity is
completely different,” said Ms Craw-
are betting is anti-competitive while the FCC will
rule on whether it is in the public inter-
returned 43 per cent in the past year, with the yield drop-
ping below 1 per cent for the first time yesterday — lower
largest US cable company as a more broadband services provider will climb ford, a persistent critic of the Comcast that the est. Both agencies are taking longer than than Japan’s and only a few basis points above Japan’s
dominant force in high-speed internet
access.
from 19 per cent to more than half. In
most cases, that provider will be one of
deal.
The National Cable & Telecommuni-
deal will fall expected to assess the transaction.
Comcast had hoped to complete the deal
all-time low 30-year yield.
Germany, the engine being relied on to pull the strug-
The US communications watchdog the big cable companies, which have cations Association, an industry lobby apart by the end of last year, but yesterday it gling eurozone train, fell into deflation in January, even as
voted 3-2 yesterday to define broadband fiercely resisted the change. group, said the decision was “arbitrary” extended its merger agreement with unemployment hit its lowest ever level. The month-on-
as an internet service with download “This redefinition shines a bright light and “a clear effort to justify and expand TWC by six months to August 12. month drop in prices was by far the biggest of the euro era,
speeds of at least 25 megabytes per sec- on the reality for most Americans, the bounds of the FCC’s own authority”. An increasing number of investors are while the annual drop of 0.5 per cent is the third-worst in
ond, compared with its previous defini- which is that the only choice of broad- The FCC split along party lines, with betting that the deal will fall apart amid data back to the early 1990s, after two bad months in 2009.
tion of 4Mb. band provider is the cable monopoly,” the three Democrats saying the prolifer- the drawn-out regulatory review and The European Central Bank is trying to overcome the
The Federal Communication Com- said Susan Crawford, a co-director of ation of mobile devices, video streaming President Barack Obama’s increasingly fear, promising to buy €60bn of bonds a month. This will
mission’s decision has big implications the Berkman internet centre at Harvard and the “internet of things” meant con- aggressive stance on digital issues. mean picking up a quarter of every German government
bond issue by September next year, according to Lombard
Street Research. No wonder yields are going down.
But wait. In the US and UK quantitative easing had the
opposite effect to what one would expect: the more bonds
the central banks bought, the higher yields went, as inves-
Russian gold tors were encouraged to take more risk, meaning dumping
bonds. In the eurozone bonds are, at least so far, behaving
Moscow steps up buying to more like they have with recent Japanese QE.
reduce dependency on dollar To this extent, Anglo-Saxon QE worked. Where it did not
work was in raising inflation. US and eurozone deflation
calculated on the same basis (excluding housing costs in
Russia accounted for about one-third of central banks’ the US) are virtually identical. Core inflation, excluding
gold purchases last year as the country spent more on the volatile food and energy as well as US housing, is also the
metal than at any time since the break-up of the Soviet same on both sides of the Atlantic.
Union amid escalating tensions with the west and a As Dhaval Joshi at BCA Research points out, this follows
collapse in the value of the rouble, writes Henry almost $4tn of QE in the US, far more than the €1.1tn
Sanderson. planned by the ECB. Why should Europe’s version work?
Central banks globally bought 461 tonnes of gold in In the short run, eurozone QE may weaken the euro and
2014 — 13 per cent higher than the previous year and the bring a bout of imported inflation. But as Japan found, that
second-highest level since the collapse of the gold does not necessarily translate into a continued rise in infla-
standard in 1971 — as they continued to diversify their tion towards its target level once the currency stabilises.
currency reserves after the financial crisis. They have Economics is not a science, and no one knows what
added 1,800 tonnes to their holdings in the past six years. would have happened in the US, UK or Japan without QE.
Moscow’s gold spree was driven by a desire to reduce Perhaps prices would have been even lower. Conditions
its dependency on the dollar and provide support to the might be different enough in the eurozone that QE will
beleaguered rouble. Russia’s currency has lost half its push inflation back up to where the ECB wants it. If so,
value against the dollar in the past year on the back of the bond markets are not prepared.
plunging oil price as well as western sanctions.
The central bank’s foreign currency reserves, mainly US and eurozone inflation
US and European government bonds, have also fallen.
Annual % change
“There is no attraction for the Russians to be doing Eurozone core CPI (ex energy,
anything which is helpful to the US and Europe,” said food, alcohol & tobacco)
Ross Strachan of GFMS, a metals research group at US CPI less food, energy 3
Thomson Reuters, which compiled the figures. “Given and shelter
the sanctions . . . gold is one asset that it can purchase 2
US and eurozone
which doesn’t do that.” deflation
In the first 11 months of 2014 Russia’s central bank calculated on the
bought 152 tonnes of gold worth $6.1bn at today’s prices 1 same basis
— an increase of 123 per cent compared with the previous (excluding housing
year, according to GFMS estimates. Analysts said that 0 costs in the US)
Russia’s purchases might also have been because of the 2010 11 12 13 14 are virtually
buying of domestically produced gold that could not Source: Thomson Reuters Datastream identical
easily be sold overseas because of sanctions.
[email protected]
Bloomberg

Google shatters Wall St hopes with

earnings blip and admission on Glass
RICHARD WATERS — SAN FRANCISCO The admission came as a stark at $510. Nevertheless, the stock has lost
contrast to the upbeat message that 9 per cent of its value in the past
Google added to Wall Street’s concerns
had been projected at the time of the 12 months, compared to a 13 per cent
about a slowdown in its core desktop
announcement, when the company said gain in the Nasdaq Composite in the
search business and eroding profit
Glass was “graduating” from the Google same period.
margins as it reported quarterly earn-
X research lab as it moved closer to In the final quarter of last year,
ings that fell short of already downbeat
commercialisation. Google’s top line growth slowed to 7 per
forecasts.
Samsung finds energy Patrick Pichette, chief financial cent from a year before, with revenues
through semiconductors However, company executives blamed officer, used the rare admission of a set- net of traffic acquisition costs reaching
the disappointing numbers on a series of back to a high-profile project to try to $14.5bn, below the $14.8bn that ana-
While Samsung may be facing a one-off factors and claimed that the reassure Wall Street about Google’s lysts had been expecting.
squeeze at both ends of the underlying health of its search business financial discipline despite the big bets Mr Pichette blamed the shortfall on
smartphone market, things are looking was robust. it has placed on everything from broad- the rise of the US dollar, with foreign
brighter for the group’s semiconductor Google also admitted for the first time band networks to driverless cars. exchange adjustments wiping $600m
business. Its memory chip division, the that a management shake-up around His comments helped reverse a fall in from revenues.
world’s biggest by sales, reported the Glass headset this month reflected a Google’s share price in after-market He added that a parts shortage had
profit growth of 27 per cent last year. cutback in investment in the project trading to a low of $492.22 when the meant that Google could not produce as
Smartphone star wanes i PAGE 16 after it had failed to meet internal numbers were first announced. The many Nexus 6 smartphones as it had
targets. shares recovered to trade slightly higher hoped, further denting revenues.

Companies / Sectors / People

Companies Chipotle....................................................14,17 KCB..................................................................18 Seplat.............................................................29 Xiaomi............................................................16 Clarkson, John...........................................21
AT&T...............................................................16 CityJet............................................................21 Kaisa...............................................................28 Sheffield Wednesday...........................20 Yahoo..............................................................16 Collymore, Bob..........................................18
AT&T Mobility...........................................18 Colgate-Palmolive..................................29 Kaz Minerals..............................................29 Sino-Ocean Land....................................28 YouTube..........................................................7 Cook, Tim.....................................................18
AbbVie...........................................................19 Comcast...................................................15,16 MTV.................................................................16 Slater & Gordon......................................29 Zurich Insurance.....................................30 Coupe, Mike...............................................20
Abu Dhabi National Oil Company16 ConocoPhillips..............................................1 MasterCard..................................................18 Smashburger..............................................17 Sectors Dauman, Philippe....................................16
Afren...............................................................29 Cosco..............................................................28 McDonald’s.............................................14,17 Smirnoff........................................................20 Aerospace & Defence...........................16 Easterbrook, Steve.................................17
Alibaba.........................................14,16,18,29 Daily Mail......................................................12 Microsoft.......................................................14 Snapchat..................................................12,18 Banks........................................14,16,18,19,28 Farley, Jim....................................................15
Amazon.........................................................16 Deutsche Bank....................................14,19 Monarch........................................................21 Spotify............................................................16 Beverages...................................................20 Fields, Mark.................................................15
American Express................................8,18 Diageo...........................................................20 Mozido...........................................................18 Statoil...............................................................4 Construction.................................................9 Fitschen, Jürgen.................................14,19
Apple.........................................................16,21 DirecTV.........................................................16 Nan Fung.....................................................28 Syma................................................................12 Food Producers.......................................20 Greene, Moya............................................20
Asda...............................................................20 Discovery Communications...............16 National Amusements..........................16 T-Mobile USA............................................18 Gen Financial............................................28 Hammad, Saad..........................................21
Atlas Genetics...........................................21 ESPN...............................................................12 Nickelodeon................................................16 TSMC..............................................................16 Gen Retailers.................................14,16,20 Hampton, Philip......................................20
BBVA Bancomer......................................18 EasyJet....................................................21,29 Nokia...............................................................14 Telefónica.....................................................18 Healthcare...................................................19 Jain, Anshu............................................14,19
BNP Paribas...............................................14 Ebay..........................................................18,20 Novartis................................................8,19,21 Tencent..........................................................18 Ind Engineering........................................21 Krause, Stefan...........................................19
BP...................................................................1,16 Ericsson.........................................................14 Occidental Petroleum..............................1 Tesco..............................................................20 Ind Transport.............................................21 Mahlan, Deirdre.......................................20
BT.......................................................................8 ExxonMobil.................................................16 Panera Bread.............................................14 Thai Union Frozen Products...........20 Media...........................................7,14,15,16,18 McMurtry, David.....................................20
Baidu...............................................................18 Facebook...................................................7,18 Paramount Pictures...............................16 Tie Rack..........................................................4 Mining...........................................................20 Menezes, Ivan...........................................20
Bancolombia...............................................18 Five Guys......................................................17 PayPal.............................................................18 Tigo Money.................................................18 Mobile & Telecoms...........................14,16
Barclays.........................................................14 Flybe................................................................21 PizzaExpress..............................................17 Time Warner Cable...........................15,16 Middelhoff, Thomas...............................16
Berkshire Hathaway..............................14 GDF Suez....................................................30 Qualcomm..............................................19,29 Total..............................................................1,16 Oil & Gas..............................................1,14,16 Murdoch, Rupert......................................16
Bima. ..............................................................18 General Electric..........................................4 Quindell........................................................29 Toyota...........................................................30 Pharmaceuticals..................................19,21 Oigara, Joshua..........................................18
Biogen Idec.................................................19 GlaxoSmithKline......................................20 Renishaw............................................4,20,21 Twitter.........................................................7,12 Real Estate....................................................9 Redstone, Sumner...................................16
BlackBerry...................................................14 Go Ahead.....................................................12 Rio Tinto......................................................20 UBS..................................................................14 Support Services....................................20 Roberts, Ralph..........................................16
BlackRock....................................................30 Google.................................................15,18,19 Roche..............................................................19 USL.................................................................20 Technology HW & Equ..................16,18 Skinner, Jim.................................................17
British Airways..........................................21 Guinness......................................................20 Royal Bank of Scotland......................20 Uber.................................................................18 Travel & Leisure..................4,14,17,20,21 Stausboll, Anne........................................10
Burberry.......................................................29 HSBC..............................................................30 Royal Caribbean Cruises....................29 Verizon .........................................................15 People Swaffield, Andrew...................................21
CBS...................................................................16 Home Retail Group...............................20 Royal Dutch Shell.................1,4,14,16,29 Verizon Wireless......................................18 Abbott, Michael........................................18 Taylor, Ben...................................................21
CNN..................................................................12 Huawei...........................................................14 Royal Mail...................................................20 Viacom...........................................................16 Brydon, Donald........................................20 Thompson, Don..................................14,17
Calpers...........................................................10 Hubsan...........................................................12 Ryanair...........................................................21 Vice..................................................................12 Casanova, Sarah.......................................17 Tsai, Joe........................................................16
Carnival.........................................................29 J Sainsbury................................................20 Safaricom......................................................18 Wagamama..................................................17 Chansiri, Dejphon...................................20 Van Beurden, Ben......................................1
Channel 5.....................................................16 Johnnie Walker........................................20 Sage Group................................................20 Western Union..........................................18 Clarke, Andy..............................................20 Walsh, Paul.................................................20
China Life....................................................28 Johnson & Johnson...............................21 Samsung Electronics.............................16 Whittard..........................................................4 Clarke, Philip.............................................20 Walsh, Sam.................................................20

© The Financial Times Limited 2015 Week 5

16 ★★★ FINANCIAL TIMES Friday 30 January 2015

COMPANIES
INSIDE BUSINESS
General retailers
MEDIA

Alibaba slams watchdog’s ‘unfair’ report Matthew

Garrahan
Etailer denies discussing last July. He also rejected suggestions Wednesday, saying it had discussed the 40 % working together to create a process of
that it had requested that publication of document’s conclusions with Alibaba at addressing key areas of consumer pro-
critical probe with SAIC Jump in Alibaba’s

ahead of stock listing

the report be delayed until after its ini-
tial public offering on the New York
Stock Exchange in September. “The first
a meeting last July. The SAIC added that
in “order not to impede Alibaba’s prepa-
rations for its initial public offering, the
revenues in the
quarter ending
in December
tection and orderly market place opera-
tions in online commerce,” he said.
Mr Tsai also noted that the SAIC
Wall Street plays long
CHARLES CLOVER — BEIJING time we saw the white paper was when it
was posted on the SAIC website yester-
meeting was private and confidential”.
This raised questions as to whether 10 %
appeared to have removed the white
paper from its website. game over media mogul
Alibaba blasted a critical report pub- day,” said Mr Tsai. “We want to make it Alibaba had withheld important infor- One bright spot for Alibaba was the
lished this week by a Chinese state regu-
lator calling it an “inaccurate and unfair
absolutely clear that Alibaba has never
requested the SAIC to delay the publica-
mation from investors in advance of its
IPO, which could potentially result in
Drop in share
price after results
failed to meet
growth in mobile users. The company
said yesterday that mobile users hit
Redstone’s prize assets
attack”, as the ecommerce company tion of any report.” legal action in the US. expectations 265m at the end of December, up 95 per
reported lower than expected revenue The company announced a 40 per On a call to investors and analysts, Mr cent from the same period a year ago.

I
that sent the shares down more than 10 cent year-on-year increase in revenues Tsai denied that the July meeting Mr Tsai’s intervention capped a f the US’s most enduring media moguls were to meet
per cent yesterday. in the quarter ended December to referred to by the SAIC touched on the tumultuous week for the company. It for dinner there would have to be a prime place at the
Joe Tsai, executive vice-chairman, Rmb26.2bn ($4.2bn). Wall Street ana- subjects covered in the white paper. was caught off-guard on Tuesday night table for Sumner Redstone.
denied claims by the State Administra- lysts had forecast they would be $4.4bn, “Like all international companies when Yahoo, which owns a 15 per cent The 91-year-old chairman of CBS, the leading US
tion for Industry and Commerce that according to a survey by Bloomberg. across the globe, we from time to time stake in the company, said it would spin broadcast network, and Viacom, the media group that
the company had been told of a probe But analysts were also focused on the meet regulators in the normal course of off its holding into a publicly listed owns Paramount Pictures and MTV, and Channel 5 in the
and accompanying white paper on the developing situation surrounding the business. The meeting last July was no entity as a way to save taxes. UK, has spent the past three decades building and running
sale of counterfeit goods on its markets SAIC’s white paper, which it released on different. at this meeting we discussed See Lex an empire to rival those of fellow media seniors Rupert
Murdoch (83) and Comcast’s Ralph Roberts (94).
Mr Redstone controls CBS and Viacom through National
Amusements, a holding group that has super voting shares
General retailers in both companies. A survivor of a 1979 hotel fire in Boston
Technology hardware. Contrasting fortunes that burnt half of his body, he has always claimed that age

Amazon’s would not slow him down. At one point, he was working on
a memoir provisionally titled How To Live Forever.

festive sales Yet his advancing years, the absence of public engage-
ments and appearances on earnings calls (he missed
Viacom’s first quarter call on Tuesday) have convinced
bring quarterly some on Wall Street to start thinking about a future for
Viacom and CBS that does not include the billionaire.

profit relief The two companies, which Mr Redstone has vowed

never to sell, hold a collection of prized assets. CBS is prob-
ably the most sought after: its rights to National Football
League games and hit shows such as NCIS attract vast audi-
ences that have helped it command premium retransmis-
SARAH MISHKIN – SAN FRANCISCO sion fees from the cable and satellite companies that want
to carry the network.
Amazon returned to profit in the
Viacom operates cable television channels including
fourth quarter, offering relief to inves-
Nickelodeon, the children’s network, and Comedy Central.
tors frustrated by the ecommerce
Paramount Pictures released the biggest grossing film of
group’s recent quarterly losses and
2014, Transformers: Age of Extinction. But its cable net-
sending its shares up almost 9 per cent
works have had a tough few months, hit by lower ratings as
in after-market trading.
viewers drift to new digital platforms. Lacking live sports
The $214m net income for the Seattle rights it does not have the clout of CBS in fee negotiations
group’s critical holiday quarter con- with distributors.
trasted with a $437m net loss three Viacom and CBS were once part of the same company
months earlier, which knocked its but Mr Redstone separated them in 2006 with the aim of
shares by 11 per cent. freeing Viacom’s fast-growing cable networks from slower-
The respite could be short lived, how- growth legacy businesses, such as CBS’s outdoor advertis-
ever, as Amazon forecast that its net ing division.
income for the current quarter could Since then, big media has roared back. Comcast’s agreed
come in anywhere between a $50m offer for Time Warner Cable
profit and a loss of as much as $450m. and AT&T’s bid for satellite
Wall Street has long struggled with operator DirecTV will, if
Viacom and CBS
Amazon’s record of investing heavily, approved by regulators, cre- could be players
such as the $1.3bn it says it has spent on ate two vast distribution
building video content and services for companies. Content busi-
in a consolidation
its Prime customers, to whom it offers nesses are exploring how to round but only if
two-day delivery and streaming films bulk up in response.
and music. Tuna Amobi, an equity ana- The South Korean electronics group has announced the first full-year revenue decline at its mobile arm since 2006 — Jung Yeon-Je/AFP/Getty This was one of the reasons
Mr Redstone’s
lyst with Standard & Poor’s Capital IQ, behind 21st Century Fox’s successors agree.

Samsung’s smartphone star wanes

said the fourth-quarter profit could audacious bid for Time
imply “a shift in focus towards profit Warner last summer, with
It is unclear that
and moderating spending”. Mr Murdoch aiming to cre- they will
Amazon said paid Prime membership ate a group that could go toe
grew 53 per cent last year and now to toe with the likes of Comcast in distribution negotia-
counts in the tens of millions. Its users tions. The bid was eventually dropped but bankers believe
are seen as particularly valuable cus- Semiconductor arm becomes reported that record iPhone sales had much weaker last year at Samsung’s there continues to be a strong case for similar tie-ups.
tomers as they shop more often. driven it to the biggest quarterly earn- logic chip business, which focuses Viacom and CBS could one day be players in a content
Earnings per share of 45 cents solidly biggest profit generator after ings in corporate history. largely on application processors, the consolidation round but only if Mr Redstone’s successors
beat expectations of 18 cents in the At Samsung, a 21 per cent fall in sales “brain” of mobile devices — but this unit agree to such a move. It is unclear that they will. Mr Red-
fourth quarter. Net revenue came in at mobile sales squeezed by rivals at its mobile business closes the door on appears set for a marked revival this stone has an 80 per cent stake in National Amusements,
$29.3bn, up 15 per cent year-on-year a period in which the unit almost single- year. and after his death this stake will be controlled by a trust
and at the high end of guidance. SIMON MUNDY — SEOUL handedly drove dramatic earnings Although it has not been confirmed created to benefit his children and grandchildren.
For the full year, Amazon reported In conference calls with analysts over growth at the company. An end to these by the company, analysts believe Sam- It will be operated by a board that includes Shari Red-
net losses of $241m, despite 20 per cent recent years, Samsung Electronics’ galloping profit and share price rises sung has sealed a deal to provide appli- stone, Mr Redstone’s daughter, with whom he has feuded
revenue growth. Its shares have fallen executives have come to expect a bar- have made it increasingly hard for Sam- cation processors to Apple for the next in the past. Three non-family members — Philippe Dau-
nearly 20 per cent in the past 12 months. rage of questions about their smart- sung to resist investor pressure to bol- iteration of the iPhone, having lost the man, Viacom’s chief executive and the executor of Mr Red-
Its investments in Prime have also phone business, which surged to ster its dividends. contract for iPhone 6 chips to Taiwan’s stone’s will, George Abrams, a fellow Viacom board mem-
yielded returns in the form of buzz become the world’s biggest by sales. Yesterday it said it would raise its full- TSMC. That will boost the logic division ber, and David Andelman, a CBS board member — have
about programmes such as Transparent, But on yesterday’s call, after Sam- year dividend 41 per cent to Won19,500, from the third quarter of this year, says effective voting control.
but the slim margins have made some sung announced the first full-year rev- although this was still equivalent only to Keon Han, an analyst at Credit Suisse. If the trust ever agreed to sell, plenty of combinations
investors wary. Colin Gillis at BGC Part- enue decline at its mobile division 12.5 per cent of last year’s net profit — The central role of the semiconductor would be possible. A three-way tie up between Time
ners likened investing in Amazon to since 2006 — a 21 per cent fall — ana- less than half the 28 per cent payout business is reflected by Samsung’s capi- Warner, Viacom and Discovery Communications would
“swimming in the deep end of the pool” lysts barely mentioned that business. ratio of Apple. tal expenditure: it accounted for create a “content juggernaut”, with the leverage to face
– not for the faint-hearted. They focused instead on the semicon- Samsung is being squeezed at both Won14.3tn of last year’s total spending down the likes of Comcast and AT&T in distribution nego-
Many people have called for Amazon ductor arm, which usurped the mobile ends of the smartphone market. Apple’s of Won23.4tn. There will be more heavy tiations, according to one person familiar with the matter.
to abandon projects, such as its expen- division last year to return to being larger-screen iPhone 6 is achieving spending this year, as Samsung starts He estimates that savings associated with blending Para-
sive expansion in China, where compe- Samsung’s main profit generator. record sales, while low-cost Asian rivals building a new chip factory with an esti- mount with Time Warner’s Warner Brothers studio could
tition from other ecommerce and cloud “Investors don’t have much expecta- such as Xiaomi are taking market share mated development cost of Won15.6tn. reach more than $500m a year.
computing companies is stiff. But the tion for the IT and mobile business,” further down the value chain. Samsung is promising a turnround in Another possibility is that CBS and Viacom reunite. An
substantial retail arm and third-party says Claire Kim, an analyst at Daishin Yet things look brighter for the South its smartphone business. A successful outside company could, if it offered the trustees a meaty
marketplace still provide the company Securities. Hopes are higher, she adds, ‘Investors Korean company’s semiconductor busi- launch of the new Galaxy S6, expected enough premium, buy National Amusements (although
with enough cash to grow, said Scot for further improvement at the semi- ness. Samsung’s memory-chip division, to be unveiled next month, “could boost Mr Dauman and the other trustees may have something to
Wingo, chief executive of ChannelAdvi- conductor division, with investors com- don’t have the world’s biggest by sales, reported operations and the share price”, says say about that), taking a step towards eventual full control
sor, which consults on ecommerce. ing to view Samsung as “more of a com- much profit growth of 27 per cent last year. Peter Yu of BNP Paribas. of both CBS and Viacom.
“Wall Street isn’t terribly patient with ponents company”. It expects a continuation of strong Yet the days when investors hoped for In a media landscape upended by changes in distribu-
a lot of those investment areas, but in In the final quarter of 2014 Samsung’s expectation demand growth driven by rising global roaring growth at Samsung’s smart- tion, there is considerable appetite for dealmaking at the
reality they’re pretty small compared to revenue fell 11 per cent to Won52.7tn for the IT sales of increasingly high-performance phone business are over. “The best house that Mr Redstone built. But the man who coined the
the business that’s growing, which is this ($48bn), while operating profit was computer servers and mobile devices. strategy they can try to maintain is to phrase “content is king” is still sitting on his throne. Those
third-party marketplace, and that’s the down 36 per cent to Won5.3tn. and mobile Memory prices are also on the rise, keep the volumes of high-end handsets hoping for change will have to play the long game.
cash cow,” said Mr Wingo. The gloomy results contrasted with business’ driven by constrained supply after a stable,” says Mr Han. “Expectations are
See Lex those of rival Apple, which this week wave of consolidation. Performance was not very high — we just want stability.” [email protected]

ft.com/house&home
Oil & gas Media

FT PROPERTY
Total wins stake in UAE fields New Spotify fundraising set to push back IPO
...............................................................................................
Classified Property Advertising
UK: +44 20 7873 4907 MICHAEL STOTHARD — PARIS expected to reach 1.6m barrels a day this JAMES FONTANELLA-KHAN AND icon Valley investment firm that led its public one,” said a San Francisco banker
US: +1 212 641 6500 ANJLI RAVAL — LONDON MATTHEW GARRAHAN — NEW YORK
ASIA: +852 2905 5554 year and 1.8m from 2017. most recent fundraising at the end of who was not involved in the deal.
Total has won a contract to develop the Middle East energy suppliers are Spotify has hired Goldman Sachs to 2013, when it secured $250m. Record “We are going to see an increasing
Contracts & Tenders largest onshore oil deposit in the expanding their capacity to generate raise about $500m, a new round of labels Universal Music Group and Sony number of companies delaying their
United Arab Emirates, the first inter- crude for export despite the glut in sup- financing that is expected to value the Music also own Spotify equity. IPOs as long as they can raise private
national energy company to be chosen. ply, throwing down the gauntlet to US music streaming company at close to The Stockholm start-up arranged a money so easily.”
shale and other high-cost producers. $7bn, people familiar with the matter $200m line of credit last March, fuelling In the US, venture capital fundraising
The French group said yesterday it had Total’s stake would generate $2.84bn said. industry speculation that the company crossed $30bn in 2014, a seven-year
signed a 40-year concession with the for the coming year, using Wednesday’s was moving closer to an initial public high, according to the National Venture
Supreme Petroleum Council of Abu closing Brent crude price of $48.65 a The decision to raise further cash offering in the US. The music company Capital Association.
Dhabi and the Abu Dhabi National Oil barrel. The oil price has more than privately is likely to delay the Swedish has repeatedly declined to comment on Spotify’s growth has accelerated, with
Company, for a 10 per cent interest. halved since June. company’s much touted public listing, any IPO preparations. the company adding 2.5m subscribers
The deal covers 15 principal onshore ExxonMobil, Royal Dutch Shell, Total which many people expected would Technology-focused bankers said that and 10m users to its free tier in the last
oilfields and represents about half of the and BP each held 9.5 per cent stakes occur this year. a number of start-ups are opting to stay two months of 2014.
UAE’s production of about 2.8m barrels in the previous 40-year concession. Spotify’s investors include Sean private longer as valuations can exceed Spotify could not be immediately
a day. Other companies will be added to the Parker, the founder of Napster, and those on the public markets, . reached for comment.
Production from these fields is concession soon. Technology Crossover Ventures, the Sil- “The private market is better than the Goldman Sachs declined to comment.
Friday 30 January 2015 ★ FINANCIAL TIMES 17

COMPANIES

McDonald’s new chief faces heat in the kitchen

Incoming head will need all his UK turnround experience to arrest years of tepid sales growth at the fast-food chain
NEIL MUNSHI — CHICAGO Revolving door at McDonald’s where McDonald’s is the target of criti-
cism over both the obesity epidemic and
When Steve Easterbrook becomes chief wage inequality, is not its only chal-
executive of McDonald’s in March, the lenge. Operations in Germany, Japan,
ex-Watford grammar schoolboy will 2012 Mr Skinner retires Russia and China are also struggling.
take over a company facing one of the Share price ($) and chief operating 100 Consumers now need to be convinced
biggest challenges in its 60-year history. officer Don Thompson that their fast food is, among other
Mr Easterbrook has a competitive 2002 Jack Greenberg takes over things, healthy, fresh and natural.
streak. While at university in northern retires as chief executive Mr Easterbrook’s experience in the
and is replaced by
England he played cricket on a team UK may again prove helpful.
company veteran Jim
captained by Nasser Hussain, who went Cantalupo 2004 Mr Cantalupo dies 80 There, he set up composting pro-
on to lead the national team. and successor Charlie Bell grammes, introduced organic UK milk,
But turning round an $87bn company resigns with health issues. 2007 Strongest quarterly 2014 McDonald’s Japan coffee certified by the Rainforest Alli-
will be a whole new ball game. The 48- Jim Skinner takes over. net income in 30 years axes profit guidance ance and nutrition labels on table mats.
year-old will take over a business coping The critical documentary posted amid food safety scandals Soon after the UK turnround he left to
with years of slumping sales growth and ‘Super Size Me’ is released 60 become chief executive of PizzaExpress
consumers who are opting for healthier in 2011, only to leave after less than a
alternatives to its flagship Big Macs. 2015 Mr Thompson is year to head Japanese noodle chain
On Wednesday, when it announced forced out. Chief brand
that Mr Easterbrook would replace Don officer Steve Easterbrook
Thompson, McDonald’s also said it was is appointed as group 40
conducting a “hard and thoughtful CEO
review” of its US operations, which
would see an undisclosed number of
lay-offs. “We are moving with a sense of
urgency to improve our performance 2006 McDonald’s sells Mexican 20
and enhance our customer focus,” the chain Chipotle and restructures
company said. itself, after Bill Ackman’s
Mr Easterbrook, who joined McDon- Pershing Square wages Steve Easterbrook will soon take the
ald’s as an accountant from PwC in 1993, campaign for shake-up reins of the global restaurant group
will need to move swiftly to right the 0
ship. One reason he was tapped for the Wagamama. By 2013 he was back at
job may be because he has turnround 2002 03 04 05 06 07 08 09 10 11 12 13 14 15 McDonald’s as chief brand officer.
experience in the UK. When he took McDonald’s Mr Easterbrook’s fingerprints seem to
over as chief executive of McDonald’s be on one of the company’s latest mar-
UK in 2006, the chain was struggling Global like-for-like sales Global net income Global store growth Market cap keting campaigns, entitled “Our Food.
against the perception that its food was (annual % change) ($bn) (annual % change) Your Questions”, which lets users sub-
8 6 3
unhealthy and that it exploited low- mit questions on a website that mirrors
wage workers in “McJobs”. 6 5 the makeupyourownmind.co.uk site
2
He set about transforming it via a that he set up for UK operations
drive that included renovating stores so 4
4
2002 2014 But the questions that consumers ask
they looked cleaner, a marketing cam-
2
3 1 $34.9bn $86.4bn speak to the scale of McDonald’s image
paign that fought negative perceptions, 2 problem: “Are there worms in your
and new apprenticeship programmes. 0 0 beef?” “Do you make your fries with real
1
In a surprising turn just a month into potatoes?”
his tenure, the soft-spoken accountant -2 0 -1 In 2008, Mr Easterbrook was admit-
appeared on Newsnight to debate with ted as a visiting fellow at Oxford univer-
Eric Schlosser, author of the anti fast- 2002 04 06 08 10 12 14 2002 04 06 08 10 12 14 2003 06 08 10 12 14 sity, lecturing on corporate reputation.
food bestseller Fast Food Nation. FT graphic. Sources: Thomson Reuters Datastream; Bloomberg; company He may need to dust off his notes.
Sales rebounded as he became head of See Lex
northern Europe in 2008; they rose 10
per cent at the 1,200 UK McDonald’s
that year. By 2010, he oversaw all of burger, and the explosive growth of fast- McDonald’s insider was the appropriate
Europe’s 7,000 outlets. However, the casual restaurants such as Chipotle. choice, given the foundational changes Contracts & Tenders
father of three’s new role will see him Mr Easterbrook will hope to emulate that the company must undergo.
head a company with roughly 35,000 Mr Thompson’s predecessor, Jim Skin- RJ Hottovy, analyst at Morningstar,
global restaurants. ner, who also took over in a McDonald’s said that while Mr Easterbrook was a
His predecessor’s rocky two-and-a- crisis. His eight years in charge saw the “suitable replacement . . . we believe
half-year tenure was marked by flagging shares soar 200 per cent and same-store the company would benefit from addi-
sales as the group’s key low-income sales rise for 106 straight months. A tional outside perspective in its efforts
customers struggled after the financial repeat will be difficult. Last year, to modernise customer experience and
crisis. Mr Thompson’s term also coin- McDonald’s posted its first annual dip in develop a more nimble organisation”.
cided with the rise of upmarket burger global same-store sales in a dozen years. The company will need to be agile in
chains such as Five Guys and Smash- Some analysts questioned whether a markets around the world. The US,

Regions Organic age puts change on the menu

that relabelled expired meat, write Patti But instead of stemming the slide in
Waldmeir and Zhang Yan in Shanghai. sales, Ms Casanova’s term has been
McDonald’s said earlier this month plagued by a series of troubles that
that same store sales in the Asia- began with a chicken safety scare at its
Pacific, Middle East and Africa region China-based supplier last July. Delays
continued to suffer the effects of the in imports of US potatoes forced the
scandal, dropping 4.8 per cent in the chain to ration sales of its French fries
US fourth quarter, year on year. in December.
Left behind by shifts in dining habits “Consumers in China are still leery of The problems were capped by a flood
McDonald’s faces perhaps its greatest the brand and haven’t really been of complaints that came to light this
challenge in its home market. Critics convinced that McDonald’s has supply month when objects — from a human
charge that the company has been chain issues under control,” said tooth to pieces of vinyl and a bracelet —
unable to cope with fundamental shifts Benjamin Cavender of China Market were found inside its products.
in the restaurant business in recent Research in Shanghai. McDonald’s Japan, which is half owned
years, writes Neil Munshi in Chicago. Problems with food quality have also by the US group, now expects its first
Upstart rivals have been able to coincided with other trends that have annual loss in 11 years.
capitalise on consumer demand for challenged western fast-food brands,
food that is perceived as healthier and industry analysts say. “Fast-food
made with fresher, natural ingredients. consumers in China have shifted away
McDonald’s has built a global empire from their original curiosity about
based on the consistency of its western fast food, and nowadays they
products, down to the thickness of fries are pickier and more focused on
and the number of pickles on a health,” said Shi Jun, catering industry
sandwich. But the age of the Big Mac analyst at Beijing-based Alliance PKU
and fries has given way to the age of Management. EUROPE
organic kale and small-batch aioli. Ideas laboratory hit by downturn
In a sign of how the restaurant game Steve Easterbrook’s reward for his
has shifted, McDonald’s will this year successful stint at the head of the UK
expand a customisable burger pilot division was to be appointed president
programme to up to 2,000 US outlets of McDonald’s Europe. When he quit in
to allow consumers the chance to add 2011 to head PizzaExpress, Europe was
bacon or mushrooms or caramelised MacDonald’s fastest-growing region,
onions to their burger. writes Roger Blitz in London.
Compounding McDonald’s home JAPAN Commonly a laboratory for new
market challenges are the nationwide Consumer backlash against cost cuts ideas, McDonald’s Europe was
protests that have broken out over McDonald’s Japan had its own attracting customers with high-end
raising the minimum wage. The fast- management shake-up in the summer beef, breakfast and garden wraps.
food giant has become the poster child of 2013 when the US head office Mr Easterbrook’s strategy suited
for the fight for a $15 hourly wage — brought in Sarah Casanova, a 24-year recession-hit Europe. Cash-poor
more than double the national McDonald’s veteran, to run the local Europeans swallowed their misgivings
minimum. unit. The chain had enjoyed nearly a about the godfather of American-
decade of strong growth in its second- imported fast-food culture and stepped
biggest market. But sales in Japan — gingerly inside McDonald’s restaurants
with some 3,100 outlets — started — lured by some tailored offerings.
slowing as consumers became France got a McBaguette, and gave
disgruntled with its service and food McDonald’s its most profitable
offerings, writes Kana Inagaki in Tokyo. international market. Sales across
The McDonald’s brand became more than 1,200 restaurants in France
synonymous with cost cuts and a push topped $5bn.
CHINA for efficiency, highlighted by the But its most recent results suggest
Safety concerns undermine brand backlash in late 2012 when Japanese that, as in other markets, many
Food safety comes near the top of stores pulled menus from its counters European consumers are now spoilt for
public concerns in China, so to shorten the time customers took to choice when it comes to fast food.
McDonald’s was hit hard when an order. Consumers punished the chain Fourth-quarter same-store sales
undercover TV investigation accused it by dragging its sales down for almost dropped 1.1 per cent and operating
last July of using a mainland supplier all of 2013, excluding May and June. income was down 14 per cent.
18 ★ † FINANCIAL TIMES Friday 30 January 2015

DEMOCRATISING FINANCE

Simple phone technology promises

Support services

Apple Pay
set to trigger
to revolutionise access to finance rush of deals
among rivals
Mobile payments have great potential in emerging markets, but their success so far has been mixed
SARAH MISHKIN — SAN FRANCISCO
Democratis JAMES FONTANELLA-KHAN — NEW YORK
FT series
Democratising Bankers and technology executives are
finance gearing up for a slew of deals in the pay-
ments industry as Apple, Google, Ama-
zon and banks race to stay ahead of
The simple technology behind mobile rivals in the fast-growing sector.
payments is revolutionising access to Already this year, Google is in talks to
finance for millions of people in emerg- buy mobile wallet group Softcard, a
ing markets. struggling entity backed by US telecoms
Africa — where less than a quarter of groups valued at up to $100m, accord-
people have a bank account but more ing to one source familiar with the deal.
than 80 per cent have access to mobile Further acquisitions are to come, say
phones — is leading the charge. bankers, with PayPal — one of the big-
In Latin America large populations gest payments group by most metrics —
also live in poverty beyond the formal a potential target after eBay announced
financial system — but with widespread plans to spin off the business this year.
mobile-phone access. But mobile pay- One of the triggers has been Apple
ment has not caught on there to the Pay, which allows iPhone 6 users to pay
same degree. FT reporters analyse the for goods with a tap of their handset.
contrasting developments. Apple Pay now counts for two of every
three dollars spent via contactless pay-
ment on the three largest US card net-
AFRICA works, chief executive Tim Cook said
‘The future is a convergence this week. The group says that it is work-
between banking and telecoms’ ing with card companies that account in
total for about 90 per cent of card pur-
Ruth Wamaitha Ngotho no longer loses chasing in the US.
time and money travelling to the mar- If Apple Pay becomes more popular,
ket every day to buy car accessories one industry executives say Apple could
at a time. Thanks to a loan, the 37-year- exact higher fees from card companies
old seller of air filters and oil at a small and banks.
roadside shop in Nairobi can stock up. Downtown Nairobi: More than 12m Kenyans regularly send money using the M-Pesa mobile-phone service — Simon Mania/Getty Images Google and PayPal are now racing to
“Now I can buy stock by the carton catch up. Google is expected to return
rather than in [single] pieces, so I get a with a product more widely accepted at
better margin,” says the mother of Mobile money retailers than its original Google Wallet,
three, who employs two people. Registered accounts per 100,000 adults Number of global accounts Global number of mobile money services which fell flat with consumers.
Both the loan and the business are Jun 2013 (m) “Folks know that mobile payments is
Latin America Caribbean 2011 2013 250 200
tiny. The business turns over Ks50,000 Sub-Saharan Africa where the world is going, they don’t
($550) a month and Ms Ngotho is repay- 0 5000 10000 15000 Registered accounts want to be left behind,” says Rick Dia-
ing the $1,100 loan over six months at an 24,652 Middle East & Active accounts 200 mond, head of technology services
150
18 per cent annualised interest rate. North Africa (90 days) investment banking at JPMorgan.
But her experience is indicative of a 150 Google and Facebook have more than
remarkable trend that has revolution- 12,024 South Asia 1bn users, and analysts say both are
100
ised finance — and daily life — for mil- East Asia & 100 hunting for companies to offer payment
lions of people in the east African hub. Pacific services. Meanwhile eBay executives
Provided by Safaricom, Kenya’s $6bn 2,165 Europe & 50 have not ruled out the possibility that
mobile operator, it shows how technol- Central Africa 50 PayPal, which has more than 150m
ogy is providing access to finance in 319 users, could be acquired.
World
even the most remote communities. 0 0 “We’ll be open minded to do what’s
After launching its landmark mobile 2011 2013 Q4- Q2- 2001 05 10 13 best to grow the business,” said John
money transfer and payment service FT graphic Source: GSMA 2010 2013 Donahoe, eBay’s chief executive.
M-Pesa in 2007, Safaricom last year Other smaller companies — which
announced that it had joined forces with bankers say are more likely to be imme-
KCB, the country’s biggest bank, to pro- Njuguna Ndung’u, Kenya’s central bank Users of LATIN AMERICA agent banking,” says John Owens, head diate targets — include Dwolla, which
vide unsecured loans of up to Ks5m. governor. He helped spark Africa’s Range of initiatives exist, of policy on mobile money at the Alli- has created a network for cheaply trans-
“The future is a convergence between mobile-phone explosion by giving regu- M-Pesa can but many struggle with scale ance for Financial Inclusion. ferring money, and Paydiant, which is
banking and telecoms,” says Joshua latory backing to mobile finance in pay bills M-Pesa-style initiatives have spread building a competitor to Apple Pay.
Oigara, KCB chief executive. Kenya, rather than defending banking More than 80,000 Paraguayans have in some of Latin America’s poorest “Many of them are very small . . . but
Unlike any other part of the world, monopolies as has happened elsewhere. and school taken out insurance via a tie-up countries, the closest thing being Tigo they have developed innovative tech-
Africa is bringing about this conver- Kenya remains the world’s most well fees, buy between Tigo Money, the mobile opera- Money, a mobile-money service that has nology that large tech companies are
gence. The development of the simple known adopter of mobile payments, tor, and Swedish micro-insurer Bima. been successful in Paraguay. lacking and can easily integrate in their
technology, combined with regulatory with a network of 139,000 M-Pesa eggs in They pay for it without red-tape, Tigo also operates in Guatemala, platforms,” says James Disney, head of
backing that is lacking in other jurisdic- agents. But the system is catching on. It shops or forms or fuss, entirely via mobile where it has been used by Oxfam to pay alternative payments at Credit Suisse.
tions, has provided a necessary leap. is being emulated globally, including in phones. “It’s fantastic,” says Andrea aid directly to poor people. But a lack of The launch of Apple Pay is seen as a
The vanguard is Kenya, now classified India and Romania. It provides a solu- flights González, the 26-year-old seller of cellphone infrastructure in some rural catalyst for the broader adoption of
as a middle-income country. While only tion in some postwar countries includ- online, all clothes in a town near Asunción, the areas means there are constraints on mobile payments, which analysts say
22 per cent of the population have for- ing Sierra Leone and DR Congo, where capital, who uses the service. “It will this kind of service. Rosario Robles, have the potential to expand access to
mal bank accounts, more than 12m peo- infrastructure has been shattered. A with their help me a lot if I have an accident or Mexico’s social development minister, and use of financial services.
ple, or 29 per cent of the population, reg- bank-telecoms tie-up in South Sudan, phones injury.” says the prospect of paying state hand- Already a number of new mobile
ularly send money via M-Pesa (pesa is currently in the midst of a civil war, is For many others in Latin America, outs by mobile is “a dream for us”. finance products have hit the market.
Swahili for money). It was introduced planning to launch it soon. buying financial products is still out of Brazil, Latin America’s largest econ- Venmo, owned by PayPal, provides a
only seven years ago; but M-Pesa users Although the Safaricom initiative has reach. Like Africa, Latin America has omy, has also lagged behind some of the popular way to send small instant
now send an average of $44m daily, via so far made only 1,000 loans, it is aiming large populations living in poverty region’s smaller countries. money transfers to friends, to pay them
6.8m transactions, adding up to 31 per for 1m loans by the end of this year. beyond the formal financial system, but “For years, the Brazilian market has back for dinner, for example.
cent of the country’s annual GDP. “SMEs account for about 40 per cent of with widespread mobile-phone access. been waiting for mobile payments to Snapchat, the disappearing-photo
Users can pay bills and school fees, the country’s GDP,” says Bob Collymore, So the combination of cellphone tech- become a reality,” said Spanish phone app popular with teens, has added simi-
buy eggs in shops or flights online, all Safaricom’s chief executive. “If you can nology and electronic money launched giant Telefónica when it launched a lar functionality, known as Snapcash.
with their phones. start to empower [them] you can really by M-Pesa in Kenya would seem like a scheme with MasterCard to offer mobile Softcard, a venture between AT&T
“Deepening the market via digital start to get this economy running.” no-brainer that should have caught on functions in Brazil last year. Mobility, T-Mobile USA and Verizon
finance is the best way to go,” says Katrina Manson, Nairobi in Latin markets too. Except that it has Critics have blamed tussling between Wireless, has partnered with American
not, to the same degree. banks — supported by regulators — and Express to integrate its prepaid cards,
While a range of electronic payment mobile operators for Latin America’s known as Serve, into an app to make it
Contracts & Tenders and mobile-wallet initiatives exist slow adoption of mobile payments. But easier to check and update balances.
across Latin America and the Carib- Mr Owens says regulations are changing Another start-up, Mozido, partnered
bean, many are struggling with scale. rapidly, meaning banks are now eyeing with the city of Oakland, near San Fran-
Latin markets have bigger bank net- opportunities. Tomorrow cisco, to link prepaid MasterCards with
works, while agent banking — the use of Colombian lender Bancolombia has in FT Money mobile wallets and give users access to
How exchange-
shops for simple transactions — is also launched a mobile-payments system traded funds
remittance and money transfer serv-
prominent. Without such infrastruc- called Ahorro A la Mano (Savings in have brought ices. Many of the target users are immi-
ture in Africa, there was a greater need your hand). Mexico’s BBVA Bancomer niche investment grants who do not have bank accounts.
for M-Pesa’s mobile services. plans to launch virtual accounts that to the masses “It puts the power of a bank in your
“When M-Pesa started, there were dispense with cards that are costly for ft.com/ hand . . . It’s got to result in greater
700 ATMs in the whole of Kenya, no banks to administer. democratisation inclusion,” says Michael Abbott, chief
Western Union or money remittance or Jude Webber, Mexico City executive of Softcard.

General financial

Web challengers Alibaba and Tencent take on China’s banks

GABRIEL WILDAU but also provides higher interest rates Last year taxi hailing apps became the owned companies, including Alibaba
than those available on bank deposits. locus of a fierce battle for mobile pay- and Tencent, to create regional banks. A
The past year has brought significant
Assets under management at Yu’E ments market share. Alibaba-backed joint venture led by Tencent this month
disruption to China’s financial land-
Bao reached Rmb599bn ($96bn) by the Kuaidi Dache has vied with Tencent- became the first to start operations
scape, with internet heavyweights
end of 2014, making it China’s largest backed Didi Dache for pole position. under the pilot. Premier Li Keqiang
Alibaba and Tencent leading the
money-market fund. Meanwhile, Baidu has purchased a attended the opening ceremony for
charge into mobile payments, deposit-
Gaming and social networking group stake in US car-hailing company Uber. WeBank, named after WeChat.
like savings products and even fully
Tencent and search provider Baidu have Alibaba and Tencent spent tens of Alibaba will partner with Fosun Inter-
fledged banking.
also launched products. millions of dollars on rebates to riders national, one of China’s largest private
Chinese policy makers have said inter- In addition to higher yields, the mon- and drivers for paying fares with Alipay conglomerates, to form Zhejiang Inter-
net companies can play a positive role in ey-market products have lured deposi- and Tenpay, instead of cash. net Commerce Bank this year. Other
enhancing customer service, spurring tors from traditional banks by integrat- Meanwhile Tencent, which until companies including an airline, a phar-
innovation and increasing competition ing them with mobile payment services. recently had little ecommerce presence, maceuticals group, and an auto parts
in financial services. Users can use their Yu’E Bao credit to has enhanced its WeChat instant mes- maker are also participating in the pilot.
Competition began in mid-2013 with buy things on Alibaba’s Taobao and saging app to allow brands to sell prod- Policy makers want these companies
the launch of Yu’E Bao, an online mon- Tmall ecommerce platforms, as well as ucts through WeChat accounts, with to focus on lending to small, privately
ey-market fund. Run by the financial pay credit card and utility bills. Alipay, payments processed by Tenpay. owned businesses and consumers, who
services affiliate of ecommerce group Alibaba’s mobile payment service, is The final frontier is banking. Regula- have struggled to obtain loans from
Alibaba, the fund offers cash on demand increasingly used at convenience stores. tors last year approved 10 privately state-owned banks.
Friday 30 January 2015 ★★ FINANCIAL TIMES 19

COMPANIES

Banks Healthcare. Sector shake-up

Deutsche Bank Roche agrees digital

takes €330m disease monitoring
push with Qualcomm
hit to cover loan
contract claims
cose levels in the tear fluid of diabetics.
Swiss pharma group and US Google has also set up a biotech com-
tech venture aim to transform pany called Calico that is researching
age-related diseases together with Abb-
the way treatment is managed Vie, the US pharmaceuticals group.
The deals highlight the growing
potential to use digital technology to
ANDREW WARD
Lender returns to profit tax gain of €189m, as well as a strong — PHARMACEUTICALS CORRESPONDENT monitor human health. This is causing a
performance by Deutsche’s flagship proliferation of clinical data that can be
as fourth-quarter results investment banking division. Roche has forged an alliance with Qual- used to help prevent and manage dis-
beat expectations Revenues from debt and currencies comm to develop remote patient-moni- eases — both at an individual patient
trading climbed to €1.15bn, up 13 per toring systems in the latest sign of digital level and across wider populations.
JAMES SHOTTER — FRANKFURT cent on the same period a year earlier. technology beginning to transform Healthcare has been slower than
MARTIN ARNOLD — LONDON With most of Deutsche’s Wall Street healthcare. other industries to feel the full force of
rivals recording declines, Mr Jain said The Swiss pharmaceuticals group and digital disruption. But Steven Wardell,
Deutsche Bank has had to take a €330m that the bank had gained market share US wireless technology company said analyst at Leerink, the healthcare-fo-
charge to cover claims arising from con- in the quarter. Revenues from equity they were aiming to come up with ways
sumer-loan contracts, but still reported sales and trading also jumped, rising 35 to help patients and their healthcare
better than expected results for the per cent to €728m. providers manage chronic diseases
‘The same digital
fourth quarter. He added that, overall, Deutsche’s more effectively. revolution that reordered
Despite the charge, which followed a fixed income sales and trading revenues Their initial focus will be on harness-
ruling by Germany’s federal court that grew by 7 per cent last year, against an ing data from anti-coagulation monitors
media has now arrived at
customers can reclaim administrative average decline of 6-7 per cent at rival — which guard against blood clots — and the healthcare sector’
costs on loan contracts, Deutsche made banks. Mr Jain also said that the bank – transmitting the information wirelessly
a net profit of €441m, or €0.31 a share – which like its European peers is likely to to the patient’s carers. cused investment bank, said this was
up from a net loss of €1.37bn in the same face tougher leverage requirements in It is the latest partnership between starting to change. “The same digital
period a year earlier. future – would continue to shed assets in healthcare and technology companies revolution that reordered the media
Analysts had forecast a net loss of parts of its fixed income business. “We as the sectors converge. sector has now arrived at the healthcare
€157m for the quarter, mainly because believe we can cut our balance sheet Qualcomm announced this month sector.”
they were expecting Deutsche – which is quite significantly without losing mar- that it was creating a joint $100m fund Health companies and governments
embroiled in an array of investigations ket share and we have demonstrated with Roche’s local rival Novartis to hope that technology can help to
ranging from Libor to Forex – to bolster that in the fourth quarter,” he argued. invest in digital healthcare, and the pair improve patient outcomes while at the
its litigation provisions by €772m. However, analysts said a slowdown are working together on technology to same time reining in the rising cost of
In the event, Deutsche took legal pro- Deutsche’s core markets, tougher regu- more efficiently collect and aggregate caring for an ageing population.
visions of only €207m, citing “signifi- lation and high litigation charges have data from clinical trials. Roche said its collaboration with
cant uncertainty” about the size and left the bank well short of its return on Google announced this week a collab- Qualcomm announced yesterday would
timing of future charges. “Some of the equity target of 12 per cent by 2016. In oration with Biogen Idec, the US biotech allow “relevant health information
material cases could not be 2014, the bank managed a post-tax company, to study environmental and between chronic disease patients and
closed . . . we did not take as many pro- return of just 2.7 per cent. Mr Krause biological factors that might accelerate their care team” to be exchanged and
visions as we planned,” said Stefan said that the bank was confident of hit- or slow multiple sclerosis advancing. therefore “enable reduced therapy com-
Krause, chief financial officer. ting its target, arguing that the “tapering Biogen will draw on Google’s powers of plications and total cost of care”.
Anshu Jain and Jürgen Fitschen, co- off” of large litigation costs over the next data analysis as well as sensor technol- Jeremy Moss, of Roche’s professional
chief executives, said that they were two years would help. ogy to monitor patients with the disease. diagnostics division, said the deal would
“encouraged” by the bank’s results, Shares in Deutsche closed up 3.1 per The project adds to Google’s existing “enable healthcare professionals to stay
which were boosted by lower provisions cent at €25.83 yesterday. partnership with Novartis to develop a in touch remotely with patients, when-
for credit losses and a one-off income See Lex Deutsche Bank will face tougher leverage requirements — Hannelore Foerster/Bloomberg “smart” contact lens that measures glu- ever and wherever they are”.

Contracts & Tenders

20 ★ FINANCIAL TIMES Friday 30 January 2015

UK COMPANIES

City
Insider

Rio’s Mongolian wrangle prefigures bigger fight over smaller spoils

Edited by
Harriet Agnew
[email protected]

them resolving their differences. pyramids from the skulls of people he fell 14 per cent, adjusted for forex. Renishaw, to the irritation of the City. Sir Philip Hampton
Financial folk tend to expect political seriously disagreed with. Smirnoff dropped 7 per cent. Co-founder Sir David McMurtry has
obstacles to dissolve in response to Diageo’s strategy has been to invest decreed information is shared with
Rough ride
economic expediency. Under that view, in brand perceptions and push up everyone, or not at all. So Renishaw Ahoy there, Sir Philip. That’s a
Mr Saikhanbileg’s non-binding poll is a Johnnie Dawdler prices, a process with the tongue- issues updates rather than nudging phrase the outgoing chairman of
populist gesture presaging a handshake twisting title of “premiumisation”. analysts’ forecasts around. The share Royal Bank of Scotland won’t be
with Rio’s Sam Walsh. That may Let them drink crude. Weak sales of These interims suggest anti- price thus hops about like a Mexican hearing for a while. Sir Philip
understate the complexity of politics in spirits in Russia and Venezuela, premiumisation is at work in some of jumping bean on a hotplate. For Hampton has lost hope of getting
Mongolians do not always do what an immature democracy with qualms countries hit by low oil prices, were one its markets. For example, finance example, an update that prefigured any kind of summer break between
foreigners think they should. The over the “resource curse” — the reason for disappointing first-half director Deirdre Mahlan says that yesterday’s stunning half-year results his departure from RBS and his
warriors of Genghis Khan pinged distorting effect mineral wealth can results from Diageo. The company is a Captain Morgan rum is now too far lifted the stock 19 per cent in a day this switch to chair drugmaker
arrows from a distance at adversaries have on civil institutions. bellwether for global consumer ahead of the competition in the US. month. GlaxoSmithKline, due by
who had pencilled “pitched battle” into Nor is Rio alone in wrestling with confidence. This is flagging. Middle- Premiumisation gears up profits Sir David is chairman and chief September at the latest. So much
their day planners. This was such issues. Multinationals are income drinkers splash out on a splash when economic growth is accelerating, executive, in contravention of so that the affable banker last
unsporting but effective. Now, recalibrating their expectations of of Johnnie Walker scotch or Smirnoff particularly in emerging markets. But corporate governance best practice. Yet week sold his beloved 49-foot
Mongolia’s new prime minister, paybacks from investments in vodka when the economic going is it has scope to create a hangover when Renishaw is shooting the lights out, yacht, Florence. He’d owned the
Saikhanbileg Chimed, has announced a response to plunging commodity good. Cheaper booze drowns their the reverse applies. Chief executive almost as if compliance was irrelevant vessel — apparently named after
referendum by text message on prices. The penny will not yet have sorrows in uncertain times. Ivan Menezes has therefore inherited a to performance. Profits before tax his own favourite city and his
whether to develop further his nation’s dropped for many governments. Operating profits before exceptionals tough assignment from expansionary almost doubled to £56.6m, as Asian wife’s dead cat — for nigh-on a
plentiful mineral resources. When it does, they, like the were £221m lighter owing to sterling’s predecessor Paul Walsh. His job is to manufacturers flocked to buy gear decade. It’s been a pretty busy six
This news will exasperate Rio Tinto, Mongolians, may begin to feel taxation strength. At constant currencies, adjust Diageo’s mission to a world that needed to make metal cases for years at the helm of RBS, so he’s
which indirectly owns a majority stake of resource developments is a safer bet growth was just 1 per cent. Add in a has less to celebrate and less to spend smartphones and tablets. had scant time to sail it aside from
in the vast Oyu Tolgoi copper mine in than the risk-sharing arrangements £145m provision for settling a Korean on celebrations. No one tells Sir David what to do, the odd pootle around the English
the South Gobi. The Mongolian popular at the top of the cycle. tax dispute, and you are left with an 18 then? Almost no one. Reportedly he channel. The workload will hardly
government has 34 per cent. The The phlegmatic Mr Walsh delivered per cent dent in earnings per share. does not live in the high-tech mansion be light at GSK either, where
partners have been bickering over how the first phase of Oyu Tolgoi, albeit Forex and fractious taxmen are Absolute ruler he built, because his wife does not like perennial challenges over the
to split a $900m cost overrun on the behind schedule. He is now said to be beyond Diageo’s control. A deeper it. In a healthy marriage, no man is a drugs pipeline and strategic
first, opencast phase of the project. “talking robustly” to the Mongolians worry is that some of the brands it has A company that makes measuring kit hero or despot to his missus. direction loom. Back at RBS, the
About $4bn needed to develop a about the second phase. Not too created and cultivated may be can be expected to be punctiliously search continues for Sir Philip’s
second, underground phase hangs on robustly, one hopes. Genghis built languishing. Sales of Johnnie Walker precise. This certainly applies to [email protected] successor. There have been a few
names in the frame — scotched by

Beverages

Currencies take political, regulatory or personal

£268m swig from

reluctance — including Lord
(Robert) Smith, Dame Alison
Carnwath, Lord (Gus) O’Donnell
and Sir Howard Davies. But word
has it that RBS is still hoping to get

Diageo’s profits
someone sealed and signed off by
the Prudential Regulation
Authority ready for full-year results
on February 26. Sir Philip might
even be able drop anchor at GSK
before the summer.
World’s largest distiller through the year,” he said. “This is not
going to be a fast snapback, but the com- SNP
upbeat on strength despite pany is stronger.”
Scots Wha Hae
disappointing first half He said that its Smirnoff brand, which
has been suffering in North America, While City types were busy toasting
SCHEHERAZADE DANESHKHU had gained market share in the region the launch of quantitative easing in
— CONSUMER INDUSTRIES EDITOR on the back of a new campaign and more Europe, they missed a sudden
promotions. However, Diageo still resumption in money printing by
Diageo, the world’s biggest distiller, is struggled in the region as a whole — the Bank of England. Or rather, at
still suffering from the hangover of a where it makes one-third of its sales and the Corney & Barrow wine bar right
slowdown in emerging markets, but was 45 per cent of operating profits — partly by the Bank of England. Here the
more optimistic about the outlook in because it is underexposed to the fast- prime mover in the stimulus was
the second half of the year. growing bourbon market. not an urbane central bank
The London-based producer of Sales there dropped 2 per cent and governor in a sober tie, but a
Smirnoff vodka, Johnnie Walker whisky operating profits fell 5 per cent. Mr Men- spirited member of the Scottish
and Guinness beer yesterday reported a ezes described the US as “a tale of two National party in a kilt. Rather than
23 per cent fall in pre-tax profits to consumers — the high end is doing really printing billions of pounds or euros,
£1.6bn, on broadly flat sales of £5.9bn well and the middle market is, hope- he was photocopying hundreds
for the six months ended December. fully, coming back.” Most of its brands in more raffle tickets at the party’s
Ivan Menezes, chief executive, said the US operate in the middle market. London Burns Supper. His initial
that Diageo took a “huge currency hit” In emerging markets, there had been funding projection had proved
that wiped £268m off operating profits, good growth in all but one-third of coun- insufficient to meet spending
which were 18 per cent lower at £1.7bn. tries, these exceptions being Russia, commitments. With Brent crude oil
The biggest blow came from the Vene- Venezuela and Nigeria. However, first- Sheffield Wednesday, though playing in the Championship and lossmaking, have a proud history — Laurence Griffiths/Getty at $48 a barrel, Alex Salmond may
zuelan bolivar, but the fall in the Rus- half trading remained tough in many know how he feels.
sian rouble also hit the company.
Underlying operating profits rose 0.7
per cent, which was at the bottom of
emerging markets and was subdued in
North America.
“The macroeconomic environment
Thai deal Thai tycoon Dejphon Chansiri is the
latest overseas magnate to add an
English football club to his holdings via
saved the club from administration
in 2010, will continue as an adviser.
He has previously owned
Natalie Bennett
analysts’ expectations. Hermine de
Bentzmann, an analyst at Raymond
continued to be felt in these results,”
said Deirdre Mahlan, finance director. Tuna tycoon the purchase of Sheffield Wednesday.
Mr Dejphon’s family controls Thai
Portsmouth and Leicester City.
The value of yesterday’sdeal was
Green with envy
Bankers looked on in horror this
James, called the results “weak, as
expected”. Profits were also hit by the
consolidation of USL, after Diageo
Diageo raised its interim dividend 9
per cent — similar to the previous first
half — to 21.5p.
lands Sheffield Union Frozen Products, the world’s
largest producer of canned tuna and
one of the biggest worldwide general
undisclosed but reported to be
about £30m.
As with most clubs outside the
week as the Green party released
its political manifesto. Aussie-born
leader Natalie Bennett outlined
recently won control of the Indian spir-
its group, but cost savings boosted the
But it warned that the rate of increase
for the final dividend might be lower Wednesday seafood producers with $2bn in annual
revenues. It owns the John West brand
lucrative Premier League, Sheffield
Wednesday is lossmaking.
plans to make finance “the servant
of the real economy”. Out with
organic operating profit margin. because the emerging markets slow- in the UK and Bumblebee in the US. It lost £3.7m in the 2012-13 season economic growth, bonuses and
Mr Menezes gave some cheer to the down and currency weaknesses had Sheffield Wednesday currently play on £15m turnover and had £11m London as a financial centre. In with
shares by indicating that the turbulence reduced the group’s dividend cover to in the second tier of English football, debt. green banks, wealth taxes and a
of the past 18 months was drawing to a 1.8 times net income — at the bottom but the club has a proud history in the Sheffield Wednesday’s 40,000 - ban on financial products “with no
close. Sales improved in the second end of its preferred range. top level including four league titles. Its capacity Hillsborough stadium is social purpose”. But bankers
quarter, growing by 0.7 per cent, against The shares closed 3 per cent higher at last trophy was the League Cup in 1991. generally only half full for the club’s needn’t fret. The third-biggest
a 1.5 per cent drop in the first quarter. £20.23. Milan Mandaric, the Serbian who matches. political party by members is
“I expect to maintain this momentum See Lombard proposing a citizen’s income of £71
a week to cover people’s basic
needs and buy them a “sense of
security”. That’s enough for a côte
General retailers Support services de bœuf for two at the Coq
d’Argent. (Sans vin.)

Argos to open outlets in Sainsbury stores Royal Mail chairman to leave Greg Secker
Get rich quick
ANDREA FELSTED too much space in the next five years. ware products were distinct from JOHN AGLIONBY years,” he added. “Our transformation is Greg Secker has returned with his
— SENIOR RETAIL CORRESPONDENT
Mike Coupe, Sainsbury’s chief execu- Argos’s largely branded offering. well under way and we are now a FTSE get-rich-quick seminars. The self-
Donald Brydon is to step down after six
Argos is to open 10 stores within J tive, said in November that the chain Sainsbury is one of many supermar- 100 listed company. I feel that now is the styled “internationally renowned
years as chairman of Royal Mail, during
Sainsbury supermarkets, as part of the would work with “carefully selected ket groups grappling with excess space. right time for me to make this decision.” multimillionaire forex trader and
which time he helped oversee its priva-
grocery chain’s plan to use excess space concession partners”, in addition to the Demand for commodity non-food items When Mr Brydon took over as chair- wealth generation expert” (and
tisation and battle for profitability in
in its stores. 30 or so, including Timpson and Jessops, has largely moved online, and even gro- man in January 2009 Royal Mail experi- former IT consultant) is touting live
an increasingly competitive market.
with which it already has a relationship. cery product lines are being reduced by enced a negative cash outflow of £373m. London events on January 29,
Argos, the online and catalogue retailer Mr Coupe said yesterday that the some, as they seek to compete more Mr Brydon, 69, who is also chairman of Last year it recorded a £398m positive February 19 and March 5. Punters
owned by Home Retail Group, will open Argos outlets would bring “something effectively with the discounters, Aldi fellow FTSE 100 company Sage Group, cash inflow despite increased competi- are drawn to the “millionaire
the units in Sainsbury’s properties new and different” to Sainsbury stores. and Lidl, which focus on a narrow range will remain as chairman until the tion in its letters and parcels businesses. makeover” programme with free
across the country by this summer. Sainsbury estimates that within five of own-branded products at low prices. annual meeting in July. At the last AGM His most crucial decision was argua- tickets. Here they can discover
These units, ranging from 1,000 years, 6 per cent of its space, or 1.5m sq Tesco, under former chief executive he secured more than 99 per cent sup- bly to appoint Moya Greene, a Canadian Greg’s secret: how he learnt to
square ft to more than 5,000 sq ft, will ft, will no longer be needed. Philip Clarke, put catering outlets into port for his re-election. outsider, to be chief executive in 2010 “condition his mindset so that
stock 20,000 non-grocery products that It plans to fill half of this excess space its bigger stores, while Andy Clarke, “It was very much his decision,” Royal after Adam Crozier left to join ITV. generating wealth became natural”.
may be bought instantly or reserved with its own clothing and non-food chief executive of Asda, has talked Mail said, adding that there was no spe- The privatisation in 2013, when the At previous shows, it transpired
online for later collection. An extended products, but will look to use up the rest about creating mini high streets in cific reason for leaving now. government sold 60 per cent of the com- that to learn the top tricks of the
range of 40,000 products will be availa- through tie-ups with other businesses. stores. For Argos, the deal represents a Mr Brydon said by way of explana- pany at 330p a share, provoked a politi- trade, would-be millionaires needed
ble for home delivery. Sainsbury insisted that there would further high profile tie-up, following its tion: “Great company, great people. Eve- cal outcry after the shares rose 38 per to pay up thousands of dollars for
Argos has become the latest company be little overlap with Argos, despite its deal with Ebay, to allow goods bought rything has its time in life.” cent on the first day of trading and later more training. Sucker, I mean
to partner with Sainsbury, which has electricals and homeware offerings. It via the online marketplace to be picked “I am proud of what Royal Mail has peaked at 615p.It is currently trading at Secker, alert.
said that a quarter of its stores will have said that its own cookware and home- up from its stores. achieved as a company in the last six 431p, down 27 per cent in the past year.
Friday 30 January 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Flybe yet to Monarch of the air

Profitability in sight
as turnround praised

hit a purple Monarch has hailed an imminent

return to profit as proof that its
turnround plan is producing results,
just three months after the travel

patch on new
group teetered on the brink of
collapse.
Andrew Swaffield, chief
executive, said yesterday that
earnings this year would be in the

trajectory
“double-digit millions”, following a
loss of £169m for the 12 months to
the end of October, exacerbated by
one-off costs of £125m.
Much of the improvement will
come from a drop in the airline’s
fuel bill, with the oil price half its
Chief executive Saad Hammad seen as leading carrier in the level of last summer. But Mr
Swaffield stressed that Monarch
right direction after slashing costs and changing routes would still be profitable if oil were
to recover to $90 a barrel.
JANE WILD relationships between senior manage- Last October, the company —
ment were “fraught”. which includes Britain’s oldest
Motivating employees with a ceremony “You had three guys on the main airline brand as well as tour
involving beads and candles, all of them board plus the CEO chairman, and it operator Cosmos Holidays and an
purple, may not sound like much of a was like they were at war with each aircraft maintenance unit — was
strategy, but the chief executive of Flybe other,” Mr Hammad says, without nam- rescued by turnround specialist
thinks it works. ing the board or former company head, Greybull Capital, which put in £75m
In his quest to create a stronger com- Jim French. Almost all of the top team for a 90 per cent stake.
pany culture, Saad Hammad anoints a has since been changed. Monarch, which was owned by
monthly Purple Hero and marks the The transformation Flybe went the Swiss-Italian Mantegazza family
honour with a flourish of purple para- through was not dissimilar to the revival for nearly half a century, had been a
phernalia. at easyJet — only instead of the ‘orange profitable business until charter
This unusual ritual forms part of spirit’ there has been the ‘purple magic’. flying declined and travellers
Flybe’s wider effort to revive the Flybe rebranded itself in purple started opting for budget airlines.
regional airline, which has struggled to under its new leadership, with purple Turnround plans were attempted
be profitable since it was floated in 2010. crew uniforms and purple-wrapped over the past three years, but
The pace of that turnround was chocolates for disembarking passen- required several cash injections.
thrown into doubt this week after Flybe gers. The airline, which has launched a This time, Monarch is being
said annual results would be worse than loyalty scheme, admits it still needs to helped by fuel bill savings and
expected. The carrier faces a daunting do more to catch the public conscious- currency movements, with a lower
ness. euro making holidays to Europe
While Mr Hammad insists he has not
Holding back a move into tried to “easyJetify” Flybe, there has
more attractive to UK travellers. As
part of its new strategy, the airline
the black has been the been more than a touch of influence — a is ditching its long-haul and charter
number of the management team are
delay in moving a fleet of ex-easyJet — a tenth of new staff are
flights and positioning itself as a
low-cost carrier.
leased aircraft off its books from the budget carrier. Chris Tarry, an aviation
But a sizeable task lies in convincing consultant, said Monarch’s
task in proving to investors it has a sus- investors decent profits lie ahead. improved performance was partly a
tainably profitable niche in flying the Holding back a move into the black product of how far the company
less busy routes that are largely not has been the delay in moving its fleet of had fallen. “One of the hardest
serviced by the likes of Ryanair and 14 leased Embraer E195 aircraft off its parts in a turnround is
easyJet. books, which cost it £26m a year. It has often . . . getting staff to come with
Mr Hammad, who joined from pri- found homes for four of the jets, but a you to understand why you have to
vate equity to take the top job more than potential deal for the remaining nine fell do it — which may have been clear
a year ago, had been widely seen as lead- through last year. cut here given the starting point.”
ing Flybe in the right direction. That matter has taken a long time to Jane Wild
As part of a restructuring, he slashed resolve, says Andrew Lobbenberg, air- Flybe has rebranded itself in purple as part of the new leaderships’ efforts to revive the airline — Christian Hartmann/Reuters
costs and shed jobs, closed unprofitable lines analyst at HSBC. “It looks like they
bases and shook up its route network. A did not develop back-up plans, which
£150m equity raising conducted with the benefit of hindsight was a mis- any benefit from the halving of the price
almost a year ago has boosted take.” since last summer until 2016-2017 —
Flybe’s balance sheet. Competition has been the other assuming it stays low.
That marks a stark change stumbling block. Flybe moved Flybe’s performance over the busier
from the company’s prospects into London City airport in the summer months will need to be
when he arrived in 2013. “It was autumn, angling at business pas- reviewed to show whether it can make
mayhem,” Mr Hammad recalls. “A sengers. But British Airways London City work.
real dysfunctional business in terms proved more aggressive A stable core business will be neces-
of its processes and structure.” than bargained for, and sary to support Flybe’s planned growth
His experience as a former the low oil price unex- in the “white label” part of its business,
chief commercial officer at pectedly boosted whereby larger airlines outsource some
easyJet from 2005-2009, another rival, CityJet. domestic flights to Flybe so they can
when the budget carrier had Flybe has also been focus on their long-haul routes, as well
warned on profits, has unlucky on its hedging as more flying within continental
helped him understand the policy — it will not reap Europe.
need for deep-rooted Mr Hammad, who is just 12 months
change. Saad Hammad into his three-year restructuring
Management decisions faces a tough task plan, is still keeping a close eye on
were “seat of the pants” in convincing costs until it sustains profits. It could
and route selection was investors decent be some time before the carrier hits a
done by “voodoo”, while profits lie ahead purple patch.

Pharmaceuticals

Novartis and J&J back biotech over STD test

ANDREW WARD ple to be sent to a laboratory for analysis with teenagers who may be reluctant to
— PHARMACEUTICALS CORRESPONDENT
with results returned days later, Atlas interact with healthcare professionals,”
Novartis and Johnson & Johnson have has developed a system that can pro- he said. “Knowing this, doctors some-
stepped up investment in a UK molecu- duce a diagnosis while the patient waits. times make a guess and end up prescrib-
lar diagnostics company developing a The technology could be expanded to ing antibiotics that might not be
30-minute test for sexually transmit- other infectious diseases but John Clark- needed.”
ted diseases. son, Atlas chief executive, said the The successful financing — and the
immediate need was for a quick way to presence of two of the world’s biggest
The healthcare groups’ venture capital conduct the 50m tests carried out in the healthcare groups among the backers —
arms were among the backers of a $20m US and Europe each year for chlamydia will add to optimism over investor appe-
fundraising announced yesterday by and gonorrhoea. “You’re often dealing tite for UK life science start-ups.
Atlas Genetics, a company based on Venture capital financing for the sec-
technology developed at Bath univer- tor increased 41 per cent to $713m last
sity. Atlas plans to launch its first test for The successful year, compared with $503.9m in 2013,
financing for Atlas
chlamydia this year, aiming to improve will boost investor according to data compiled by London
poor detection rates of a prevalent appetite for UK life & Partners, the investment promotion
infection that can cause serious health science start-ups body. “Good ideas in medicine will get
problems. funded in the end but it’s always a chal-
Whereas existing tests require a sam- lenge,” said Dr Clarkson.

Industrial engineering

Renishaw raises profit forecast on China surge

TANYA POWLEY in first-half revenues from the Far East, ers in the Far East and these are the ones
— MANUFACTURING CORRESPONDENT
from £59.1m to £112.4m. Analysts sug- that we service,” said Ben Taylor, assist-
Renishaw raised its full-year profit gested that the high demand came from ant chief executive of Renishaw.
forecast for the second time in a month manufacturers in the region that use The company said that it expected
as the British engineer benefited from a Renishaw’s tools to make Apple prod- full-year pre-tax profits to be between
surge in orders from Chinese manufac- ucts, such as the iPhone. £130m and £150m, up from its previous
turers looking to automate production. Renishaw confirmed that the large forecast of between £120m to £140m.
orders came from customers in the con- Revenues in the first half of the year
The FTSE 250 company, which makes sumer electronics market, but refused rose 36 per cent, from £164m to
precision measuring equipment and 3D to comment on whether they were £224.8m a year ago. The company
metal printing machines, said yesterday related to Apple products. expects full-year revenues to be
that pre-tax profit more than doubled to “People may be guessing what prod- between £480m to £510m.
£56.6m in the half-year ending Decem- ucts these orders are associated with but Shares in Renishaw closed down 38p,
ber 31, up from £25.6m a year ago. appreciate that these products could be or 1.6 per cent, at £23.03.
This was driven by a 90 per cent jump manufactured by multiple manufactur- Lombard page 20
22 ★★★ FINANCIAL TIMES Friday 30 January 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-0.22% -0.12% -1.06% -1.07% -0.659% -1.49%

No change
0.95% 0.98% 1.31% 0.11% 0.272% 0.669% 0.34%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 30 - Jan 29 Index All World Dec 30 - Jan 29 Index All World Dec 30 - Jan 29 Index All World Dec 30 - Jan 29 Index All World Dec 30 - Jan 29 Index All World Dec 30 - Jan 29 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,090.57 6,810.60 10,737.87 17,808.75
14,640.04 14,635.96 17,606.22 1,951.02
2,021.25 6,547.00 9,927.13 1,915.59

Day 0.95% Month -3.23% Year 12.76% Day 0.23% Month -0.19% Year 7.28% Day -0.22% Month 2.66% Year 4.06% Day 0.25% Month 8.17% Year 15.01% Day -1.06% Month -1.19% Year 17.53% Day -0.54% Month 0.15% Year 1.78%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
43,018.75 1,473.19 24,595.85 3,419.05
4,806.91 10,507.60
10,279.50 3,366.11
4,683.41 41,862.33 1,362.85 23,501.10

Day 0.98% Month -2.57% Year 14.29% Day -0.71% Month -3.07% Year 2.88% Day -0.12% Month 6.93% Year 14.14% Day 0.48% Month 0.25% Year 6.36% Day -1.07% Month 5.34% Year 12.00% Day 0.00% Month 1.41% Year 12.05%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
18,038.23 50,007.41 4,631.43 20,593.72 29,681.77
3,262.31
17,416.85 4,272.75 19,130.02 3,165.82 27,403.54
47,762.24
Day 1.31% Month -3.53% Year 9.34% Day 0.14% Month -5.60% Year 0.43% Day 0.44% Month 7.81% Year 10.66% Day 0.56% Month 7.65% Year 6.50% Day -1.31% Month 3.32% Year 60.03% Day 0.41% Month 8.96% Year 43.50%

Country Index Jan 29 Jan 28 Country Index Jan 29 Jan 28 Country Index Jan 29 Jan 28 Country Index Jan 29 Jan 28 Country Index Jan 29 Jan 28 Country Index Jan 29 Jan 28
Argentina Merval 8485.28 8772.52 Cyprus CSE M&P Gen 75.48 75.09 Italy FTSE Italia All-Share 21838.35 21731.61 Philippines Manila Comp 7617.30 7661.18 Thailand Bangkok SET 1586.40 1592.81 Cross-Border DJ Global Titans ($) 233.63 233.02
Australia All Ordinaries 5532.20 5516.60 Czech Republic
PX 954.43 956.50 FTSE Italia Mid Cap 27632.64 27638.46 Poland Wig 52040.24 51706.19 Turkey BIST 100 90341.63 91287.40 Euro Stoxx 50 (Eur) 3371.83 3358.96
S&P/ASX 200 5569.50 5552.80 Denmark OMXC Copenahgen 20 815.32 815.19 FTSE MIB 20593.72 20478.44 Portugal PSI 20 5225.65 5197.72 UAE Abu Dhabi General Index 4456.82 4516.12 Euronext 100 ID 912.28 909.72
S&P/ASX 200 Res 3315.30 3325.20 Egypt EGX 30 9863.73 9946.58 Japan 2nd Section 4452.98 4471.11 PSI General 2304.30 2295.59 UK FT 30 2941.90 2936.10 FTSE 4Good Global ($) 5498.72 5489.99
Austria ATX 2187.13 2194.14 Estonia OMX Tallinn 815.46 815.53 Nikkei 225 17606.22 17795.73 Romania BET Index 7011.07 7007.52 FTSE 100 6810.60 6825.94 FTSE All World 273.21 272.91
Belgium BEL 20 3548.39 3541.21 Finland OMX Helsinki General 8433.69 8569.67 S&P Topix 150 1184.27 1199.02 Russia Micex Index 1639.65 1647.71 FTSE 4Good UK 6057.49 6070.47 FTSE E300 1473.19 1474.99
BEL Mid 5209.15 5215.46 France CAC 40 4631.43 4610.94 Topix 1413.58 1429.92 RTX 747.45 765.37 FTSE All Share 3650.26 3659.72 FTSE Eurotop 100 2964.15 2970.01
Brazil Bovespa 47762.24 47694.54 SBF 120 3646.31 3631.16 Jordan Amman SE 2169.61 2168.41 Saudi-Arabia TADAWUL All Share Index 8878.54 8912.50 FTSE techMARK 100 3627.27 3631.29 FTSE Global 100 ($) 1308.59 1302.37
Canada S&P/TSX 60 857.76 854.81 Germany M-DAX 18653.55 18719.91 Kenya NSE 20 5194.21 5207.04 Singapore FTSE Straits Times 3419.05 3419.15 USA DJ Composite 6389.56 6319.13 FTSE Gold Min ($) 1325.42 1353.68
S&P/TSX Comp 14635.96 14602.88 TecDAX 1488.00 1499.06 Kuwait KSX Market Index 6572.26 6636.59 Slovakia SAX 227.38 225.95 DJ Industrial 17416.85 17191.37 FTSE Latibex Top (Eur) 3431.70 3506.70
S&P/TSX Met & Min 583.44 593.14 XETRA Dax 10737.87 10710.97 Latvia OMX Riga 417.08 416.64 Slovenia SBI TOP 782.92 782.38 DJ Transport 8851.29 8798.84 FTSE Multinationals ($) 1503.25 1516.67
Chile IGPA Gen 18773.42 18813.73 Greece Athens Gen 733.61 711.13 Lithuania OMX Vilnius 465.07 457.77 South Africa FTSE/JSE All Share 50945.56 51200.57 DJ Utilities 652.11 643.23 FTSE World ($) 482.12 481.30
China FTSE A200 9169.51 9290.30 FTSE/ASE 20 218.88 210.15 Luxembourg LuxX 1566.35 1593.60 FTSE/JSE Res 20 41161.75 41493.35 Nasdaq 100 4181.35 4140.38 FTSEurofirst 100 (Eur) 4272.75 4280.25
FTSE B35 10285.45 10347.15 Hong Kong Hang Seng 24595.85 24861.81 Malaysia FTSE Bursa KLCI 1782.18 1795.88 FTSE/JSE Top 40 44768.68 45002.40 Nasdaq Cmp 4683.41 4637.99 FTSEurofirst 80 (Eur) 4499.35 4484.22
Shanghai A 3418.43 3464.06 HS China Enterprise 11736.09 11963.64 Mexico IPC 41862.33 42161.83 South Korea Kospi 1951.02 1961.58 NYSE Comp 10691.63 10603.86 MSCI ACWI Fr ($) 413.92 417.74
Shanghai B 291.19 292.34 HSCC Red Chip 4504.91 4571.44 Morocco MASI 10153.16 10093.64 Kospi 200 250.46 252.21 Russell 2000 1204.70 1213.05 MSCI All World ($) 1689.20 1705.60
Shanghai Comp 3262.31 3305.74 Hungary Bux 16667.99 16918.99 Netherlands AEX 452.47 452.30 Spain IBEX 35 10507.60 10456.90 S&P 500 2021.25 2002.16 MSCI Europe (Eur) 1442.82 1438.52
Shenzhen A 1598.18 1608.11 India BSE Sensex 29681.77 29559.18 AEX All Share 685.29 687.85 Sri Lanka CSE All Share 7376.51 7395.29 Wilshire 5000 21329.59 21135.57 MSCI Pacific ($) 2330.52 2363.50
Shenzhen B 1066.55 1070.01 S&P CNX 500 7257.25 7241.55 New Zealand NZX 50 5759.81 5794.82 Sweden OMX Stockholm 30 1570.39 1562.54 Venezuela IBC 3879.71 3879.71 S&P Euro (Eur) 1472.04 1467.17
Colombia COLCAP 1407.79 1423.89 Indonesia Jakarta Comp 5262.72 5268.85 Nigeria SE All Share 29907.66 29859.06 OMX Stockholm AS 506.21 503.70 Vietnam VNI 583.28 583.76 S&P Europe 350 (Eur) 1509.46 1510.71
Croatia CROBEX 1771.89 1771.60 Ireland ISEQ Overall 5498.23 5508.09 Norway Oslo All Share 636.16 639.74 Switzerland SMI Index 8435.34 8311.55 S&P Global 1200 ($) 1879.18 1874.26
Israel Tel Aviv 100 12.77 12.79 Pakistan KSE 100 34408.74 34386.86 Taiwan Weighted Pr 9426.90 9510.92 Stoxx 50 (Eur) 3217.26 3224.37
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Jan 29 %Chg %Chg Jan 29 %Chg %Chg Jan 29 %Chg %Chg Jan 29 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 97.0 118.90 3.59 Royal Dutch Shell 247.4 2060.00 -93.50 Novartis N 656.5 85.16 0.00 Toyota Motor 683.7 7729.00 -89.00 Easyjet 1876.00 9.7 12.3 Zoopla Property 190.70 26.5 -3.0 Premier Foods 43.50 18.4 35.9 Electricity 9483.57 6.4 -3.5
Facebook Class A 46.6 78.00 1.76 Royal Dutch Shell 209.7 2138.00 -110.00 Roche Gs 525.0 241.67 0.00 Softbank . 589.2 7206.00 -234.00 Centrica 292.60 7.9 4.9 Saga 192.00 18.9 23.8 Foxtons 180.25 12.7 12.5 Household Goods 13509.90 5.6 5.6
Yahoo 31.2 43.73 -2.73 Diageo 207.4 2022.50 60.50 Intesa Sanpaolo 487.0 2.62 0.03 Sumitomo Mitsui Fin,. 490.7 4002.00 -79.50 Sse 1605.00 7.7 -1.0 Crest Nicholson Holdings 413.10 15.7 6.4 Gulf Marine Services 112.50 9.5 12.5 Beverages 15266.55 5.0 8.0
Qualcomm 29.2 63.69 -7.30 Bp 181.9 424.85 -8.10 Santander 450.3 6.02 0.06 Canon . 387.9 3741.00 -201.50 Int Consolidated Airlines S.a. 564.00 7.4 16.0 Game Digital 284.00 12.7 -21.1 Porvair 300.00 9.1 8.3 Personal Goods 27391.47 4.9 11.2
Covidien New 26.6 106.71 -1.36 Vodafone 173.8 237.65 0.40 Royal Dutch Shella 442.1 27.45 -1.36 Fanuc 372.7 20130.00 -705.00 Unilever 2952.00 6.0 12.3 Countrywide 456.60 10.3 4.6 Ncc 218.50 8.2 6.2 Food Producers 8357.40 4.9 2.6
Microsoft 24.8 42.01 0.82 Astrazeneca 129.4 4761.50 18.00 Nestle N 430.0 66.73 0.00 Komatsu 361.1 2366.00 -221.00 Sabmiller 3612.00 6.0 7.5 Rank 178.00 9.1 10.1 Sthree 340.00 6.9 15.3 Forestry & Paper 12796.37 4.3 13.0
Boeing 22.3 147.78 8.14 Rio Tinto 126.3 2886.00 -8.50 Siemens Ag Na 423.1 95.02 0.00 Fujifilm Holdings 355.6 3985.00 149.00 Reckitt Benckiser 5720.00 5.9 9.8 Ao World 298.60 8.8 6.6 Enquest 32.00 6.7 -9.9 Gas Water & Multiutilities 6428.15 3.1 4.7
Exxon Mobil 19.8 87.58 -0.37 Hsbc Holdings 125.2 618.10 -0.10 Unicredit 420.8 5.39 0.02 Fast Retailing Co., 283.1 43675.00 75.00 Associated British Foods 3160.00 5.9 0.2 Nostrum Oil & Gas 598.50 8.5 42.5 Mj Gleeson 369.88 6.6 3.6 Tobacco 44424.13 2.5 9.4
Safeway 18.4 35.10 -0.04 British American Tobacco 120.0 3794.00 15.50 Total 418.6 44.91 -0.66 Sony 282.8 2775.00 -49.00 Persimmon 1607.00 5.7 1.8 Indivior 175.00 7.3 17.1 Carpetright 488.00 6.5 21.8 Life Insurance 8203.32 2.2 8.7
Mcdonalds 17.8 93.27 4.49 Reckitt Benckiser 106.4 5720.00 100.00 Telefonica 392.4 13.38 0.13 Mizuho Fin,. 281.6 195.80 -2.80 United Utilities 1042.00 5.5 13.8 Interserve 531.50 7.2 -4.7 Mcbride 80.75 5.9 0.9 Real Estate Investment Trusts 3353.49 2.1 9.8
Barratt Developments 470.40 5.4 -0.1 Euromoney Institutional Investor 1077.00 6.8 2.9 Chesnara 350.25 5.7 3.2 General Financial 9022.54 1.8 5.8
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Imperial Tobacco 3160.00 4.6 11.4 Jd Sports Fashion 509.00 6.0 0.3 Development Securities 236.25 5.7 6.4 General Retailers 3014.55 1.5 1.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Harman Intl Industries 125.01 24.00 23.76 Rank 178.00 12.10 7.29 Alpha Bank (cr) 0.33 0.05 19.93 Chugai Pharmaceutical Co., 3405.00 165.00 5.09 Tullow Oil 350.90 -9.6 -15.2 Afren 4.20 -79.0 -91.1 Flybe 67.00 -33.3 -39.6 Chemicals 11324.86 -5.1 0.2
Varian Medical Systems 94.04 7.52 8.69 Nostrum Oil & Gas 598.50 38.50 6.88 National Bank (cr) 0.94 0.11 12.57 Fujifilm Holdings 3985.00 149.00 3.88 Antofagasta 655.00 -8.9 -13.0 Hunting 394.30 -21.1 -25.8 Hochschild Mining 88.50 -20.8 0.6 Oil Equipment & Services 15059.50 -5.0 -8.3
Coach 38.94 2.48 6.80 Easyjet 1876.00 109.00 6.17 Sandvik Ab 9.09 0.55 6.38 Kawasaki Heavy Industries, 569.00 12.00 2.15 Johnson Matthey 3297.00 -7.2 -2.9 Vedanta Resources 371.00 -21.0 -35.4 Ferrexpo 51.25 -17.7 -3.3 Mining 13485.25 -3.9 -5.6
Pultegroup 21.82 1.24 6.03 Infinis Energy 196.20 9.20 4.92 Piraeus Bank (cr) 0.53 0.03 5.42 Sumco 1858.00 38.00 2.09 Standard Chartered 889.90 -6.6 -7.6 Acacia Mining 271.20 -12.5 6.2 Gem Diamonds 148.25 -16.0 -15.2 Oil & Gas Producers 7017.54 -3.8 -1.7
Colgate-palmolive 69.03 3.91 6.00 Hargreaves Lansdown 1033.00 38.00 3.82 B. Sabadell 2.33 0.11 4.72 Nippon Electric Glass Co., 593.00 12.00 2.07 Morrison (wm) Supermarkets 184.90 -6.4 0.4 Serco 152.70 -12.3 -5.0 Ite 135.00 -10.9 -15.6 Food & Drug Retailers 3172.01 -3.8 11.9
Fresnillo 862.50 -5.7 12.6 Petra Diamonds 159.10 -11.1 -18.0 Carr's Milling Industries 145.00 -10.2 -15.0 Automobiles & Parts 8639.15 -2.7 7.1
Downs Downs Downs Downs
Glencore 250.40 -5.4 -16.2 Paypoint 827.00 -10.6 -8.1 Fenner 185.75 -9.6 -14.1 Industrial Engineering 8717.22 -2.6 -1.5
Qualcomm 63.69 -7.30 -10.28 Afren 4.20 -0.50 -10.64 Kone 40.35 -2.35 -5.50 Hitachi Construction Machinery Co., 2217.00 -271.00 -10.89
Royal Dutch Shell 2060.00 -5.4 -4.3 Lonmin 161.00 -10.4 -9.4 Xaar 316.25 -9.3 -18.0 Industrial Transportation 2770.11 -2.5 -1.9
Diamond Offshore Drilling 30.73 -2.13 -6.48 Paypoint 827.00 -52.50 -5.97 Royal Dutch Shella 27.45 -1.36 -4.72 Komatsu 2366.00 -221.00 -8.54
Royal Dutch Shell 2138.00 -5.0 -4.3 Centamin 64.70 -10.3 9.8 Stock Spirits 194.75 -7.4 -11.5 General Industrials 3885.96 -2.0 -0.2
Yahoo 43.73 -2.73 -5.88 Acacia Mining 271.20 -17.00 -5.90 Tenaris 12.11 -0.54 -4.27 Canon . 3741.00 -201.50 -5.11
Royal Bank Of Scotland 369.20 -4.4 -6.4 Firstgroup 100.50 -7.6 -5.8 Raven Russia Ltd 37.38 -6.6 -21.3 Banks 4337.94 -1.5 -0.8
Vertex Pharmaceuticals 114.14 -7.12 -5.87 Centamin 64.70 -4.05 -5.89 Nokia 6.87 -0.28 -3.85 Tokyu Fudosan Holdings 741.00 -29.00 -3.77
Anglo American 1097.50 -4.1 -8.6 Aveva 1307.00 -7.6 -0.5 Anglo Pacific 85.50 -6.3 -14.5 Industrial Metals 1700.87 -1.4 11.7
Transocean (switzerland) 15.75 -0.74 -4.49 Amec Foster Wheeler 787.50 -45.00 -5.41 Coloplast B A/s 70.46 -2.62 -3.58 Japan Tobacco . 3213.00 -119.50 -3.59
Itv 222.00 -3.8 3.2 Rps 183.80 -7.5 -12.1 Chemring 217.75 -6.1 -8.9 Construction & Materials 4313.02 -1.2 4.5
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 29 Currency Mid Change Mid Change Mid Change Jan 29 Currency Mid Change Mid Change Mid Change Jan 29 Currency Mid Change Mid Change Mid Change Jan 29 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6338 0.0025 9.7889 0.0003 13.0162 -0.0857 Indonesia Indonesian Rupiah 12567.5000 81.5000 14249.0332 88.6986 18946.6784 -6.5716 Philippines Philippine Peso 44.1150 0.0200 50.0176 0.0096 66.5074 -0.4270 ..One Month 0.6633 0.0045 0.7520 0.0049 - -
Australia Australian Dollar 1.2841 0.0279 1.4559 0.0313 1.9359 0.0291 Iran Iranian Rial 9740.5000 - 11043.7809 -2.8791 14684.6975 -100.9840 Poland Polish Zloty 3.7143 -0.0233 4.2112 -0.0275 5.5996 -0.0739 ..Three Month 0.6632 0.0045 0.7519 0.0049 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4275 -0.0001 0.5684 -0.0039 Israel Israeli Shekel 3.9271 -0.0119 4.4525 -0.0146 5.9205 -0.0587 Romania Romanian Leu 3.9196 -0.0080 4.4440 -0.0102 5.9091 -0.0528 ..One Year 0.6631 0.0045 0.7515 0.0049 - -
Bolivia Bolivian Boliviano 6.9100 - 7.8346 -0.0020 10.4175 -0.0716 Japan Japanese Yen 118.0650 0.3200 133.8621 0.3280 177.9937 -0.7382 Russia Russian Ruble 69.1000 1.4250 78.3456 1.5957 104.1745 1.4467 United States United States Dollar - - 1.1338 -0.0003 1.5076 -0.0104
Brazil Brazilian Real 2.6007 0.0132 2.9486 0.0142 3.9207 -0.0069 ..One Month 118.0650 0.3199 133.8621 0.3280 177.9936 -0.7384 Saudi Arabia Saudi Riyal 3.7590 -0.0005 4.2620 -0.0017 5.6670 -0.0397 ..One Month - - 1.1338 -0.3842 1.5076 -0.0104
Canada Canadian Dollar 1.2570 0.0127 1.4252 0.0140 1.8950 0.0062 ..Three Month 118.0649 0.3197 133.8620 0.3279 177.9934 -0.7388 Singapore Singapore Dollar 1.3514 -0.0010 1.5322 -0.0015 2.0374 -0.0155 ..Three Month - - 1.1337 -0.3842 1.5075 -0.0104
Chile Chilean Peso 627.2200 4.1300 711.1419 4.4983 945.5911 -0.2331 ..One Year 118.0642 0.3184 133.8620 0.3278 177.9936 -0.7398 South Africa South African Rand 11.5210 0.0016 13.0625 -0.0016 17.3690 -0.1170 ..One Year - - 1.1331 -0.3842 1.5073 -0.0104
China Chinese Yuan 6.2469 -0.0011 7.0827 -0.0031 9.4178 -0.0664 Kenya Kenyan Shilling 91.6500 0.0500 103.9127 0.0296 138.1707 -0.8742 South Korea South Korean Won 1093.6000 9.2500 1239.9235 10.1669 1648.7013 2.7040 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.6056 -0.0035 18.0911 -0.1244
Colombia Colombian Peso 2404.0000 39.2500 2725.6549 43.8025 3624.2481 34.6575 Kuwait Kuwaiti Dinar 0.2951 -0.0001 0.3345 -0.0002 0.4448 -0.0032 Sweden Swedish Krona 8.2533 0.0173 9.3576 0.0171 12.4426 -0.0594 Vietnam Vietnamese Dong 21350.0000 5.0000 24206.6278 -0.6446 32187.1490 -213.6883
Costa Rica Costa Rican Colon 535.9750 - 607.6883 -0.1585 808.0310 -5.5563 Malaysia Malaysian Ringgit 3.6285 0.0105 4.1140 0.0108 5.4703 -0.0217 Switzerland Swiss Franc 0.9186 0.0136 1.0415 0.0151 1.3849 0.0110 European Union Euro 0.8820 0.0002 - - 1.3297 -0.0088
Czech Republic Czech Koruna 24.5202 0.0083 27.8010 0.0021 36.9664 -0.2417 Mexico Mexican Peson 14.8325 0.1428 16.8171 0.1575 22.3613 0.0629 Taiwan New Taiwan Dollar 31.3905 0.1530 35.5905 0.1642 47.3240 -0.0932 ..One Month 0.8820 0.0002 - - 1.3296 -0.0088
Denmark Danish Krone 6.5656 0.0017 7.4441 0.0000 9.8982 -0.0654 New Zealand New Zealand Dollar 1.3719 0.0313 1.5555 0.0351 2.0683 0.0332 Thailand Thai Baht 32.7000 0.1620 37.0753 0.1741 49.2982 -0.0931 ..Three Month 0.8819 0.0002 - - 1.3296 -0.0088
Egypt Egyptian Pound 7.5901 0.1200 8.6056 0.1338 11.4427 0.1035 Nigeria Nigerian Naira 188.9500 - 214.2315 -0.0559 284.8593 -1.9588 Tunisia Tunisian Dinar 1.9311 -0.0005 2.1894 -0.0012 2.9112 -0.0209 ..One Year 0.8813 0.0002 - - 1.3291 -0.0088
Hong Kong Hong Kong Dollar 7.7522 -0.0002 8.7895 -0.0025 11.6872 -0.0807 Norway Norwegian Krone 7.8031 0.0317 8.8472 0.0337 11.7639 -0.0327 Turkey Turkish Lira 2.4069 0.0298 2.7289 0.0331 3.6285 0.0203
Hungary Hungarian Forint 274.1357 -1.2148 310.8150 -1.4588 413.2845 -4.6860 Pakistan Pakistani Rupee 101.1250 0.2400 114.6555 0.2423 152.4551 -0.6840 United Arab Emirates UAE Dirham 3.6731 - 4.1645 -0.0011 5.5375 -0.0381
India Indian Rupee 61.8150 0.4775 70.0858 0.5232 93.1917 0.0840 Peru Peruvian Nuevo Sol 3.0455 0.0170 3.4530 0.0184 4.5914 -0.0058 United Kingdom Pound Sterling 0.6633 0.0045 0.7521 0.0049 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jan 29 Jan 28 Jan 27 Jan 26 Jan 23 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2941.90 2936.10 2929.10 2948.20 2942.60 0.00 2955.70 2669.30 Food & Drug Retailer 16.18 Aerospace & Defense 5.86 FTSE 250 Index 2.32 FTSE 100 Price Change FTSE 100 Price Change
Jan 29 chge% Index Jan 28 Jan 27 ago yield% Cover ratio adj Return FT 30 Div Yield 1.72 1.73 1.74 1.73 1.72 0.00 3.93 2.74 Industrial Metals & 10.46 Consumer Goods 5.57 Oil & Gas 2.18 3i Group PLC 466.40 2.30 Kingfisher PLC 346.70 -3.20
FTSE 100 (100) 6810.60 -0.22 7063.63 6825.94 6811.61 6538.45 3.42 1.84 15.90 6.32 5146.04 P/E Ratio net 25.98 25.86 25.69 25.85 25.89 0.00 19.44 14.26 Forestry & Paper 9.52 Chemicals 5.04 FTSE SmallCap Index 2.04 Aberdeen Asset Management PLC 444.00 -0.90 Land Securities Group PLC 1298 9.00
FTSE 250 (250) 16359.02 -0.41 16966.78 16425.73 16353.88 15701.80 2.62 2.03 18.78 14.79 11107.64 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Automobiles & Parts 9.10 Tech Hardware & Eq 4.98 Household Goods & Ho 2.04 Admiral Group PLC 1450 -7.00 Legal & General Group PLC 269.20 -0.10
FTSE 250 ex Inv Co (212) 17651.58 -0.45 18307.37 17731.29 17651.21 17113.19 2.67 2.16 17.36 14.50 12217.87 FT 30 hourly changes Real Est Invest & Tr 8.60 Financial Services 4.74 Gas Water & Multi 1.76 Aggreko PLC 1558 27.00 Lloyds Banking Group PLC 74.86 0.10
FTSE 350 (350) 3717.60 -0.25 3855.72 3727.03 3717.88 3568.84 3.29 1.86 16.29 3.43 5672.54 8 9 10 11 12 13 14 15 16 High Low Tobacco 8.51 Travel & Leisure 4.58 Industrial Eng 1.11 Anglo American PLC 1097.5 -17.50 London Stock Exchange Group PLC 2411 27.00
FTSE 350 ex Investment Trusts (312) 3697.56 -0.26 3834.93 3707.05 3698.02 3554.41 3.32 1.87 16.09 3.37 2904.29 2936.1 2914.2 2918.4 2930.3 2941 2929.6 2929.6 2935.5 2934.5 2942.3 2911.6 Personal Goods 8.43 Beverages 4.18 Banks 1.03 Antofagasta PLC 655.00 -18.50 Marks and Spencer Group PLC 487.80 10.20
FTSE 350 Higher Yield (96) 3630.83 -0.64 3765.72 3654.30 3653.66 3564.62 4.53 1.68 13.13 4.62 5603.05 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Life Insurance 7.71 Technology 4.11 Industrial Transport 0.97 ARM Holdings PLC 1050 1.00 Meggitt PLC 547.50 4.00
FTSE 350 Lower Yield (254) 3441.20 0.16 3569.04 3435.57 3418.75 3221.96 1.98 2.31 21.89 1.90 3570.25 Mobile Telecomms 7.58 FTSE 100 Index 4.06 General Retailers 0.64 Ashtead Group PLC 1119 -2.00 Mondi PLC 1188 11.00
FTSE SmallCap (291) 4415.95 -0.42 4580.01 4434.61 4426.15 4469.88 2.47 1.54 26.34 8.92 5898.95 Media 7.56 Real Est Invest & Se 3.79 Food Producers 0.48
FTSE SmallCap ex Inv Co (151) 3831.10 -0.45 3973.43 3848.58 3838.70 4135.33 2.36 2.11 20.11 5.94 5374.02 FX: EFFECTIVE INDICES Construct & Material 7.46 Financials 3.78 Electronic & Elec Eq 0.19
Associated British Foods PLC 3160 39.00 Morrison (Wm) Supermarkets PLC 184.90 -1.40
AstraZeneca PLC 4761.5 18.00 National Grid PLC 947.50 -3.90
FTSE All-Share (641) 3650.26 -0.26 3785.87 3659.72 3650.80 3509.81 3.27 1.86 16.50 3.50 5635.98
Jan 28 Jan 27 Mnth Ago Jan 29 Jan 28 Mnth Ago Telecommunications 7.11 FTSE All{HY-}Share Index 3.73 Health Care Eq & Srv -0.04 Aviva PLC 536.00 4.50 Next PLC 7295 65.00
FTSE All-Share ex Inv Co (463) 3617.75 -0.26 3752.15 3627.16 3618.31 3484.47 3.30 1.88 16.14 3.34 2889.11 Pharmace & Biotech 6.59 NON FINANCIALS Index 3.71 Leisure Goods -0.10 Babcock International Group PLC 1007 8.00 Old Mutual PLC 209.70 1.10
FTSE All-Share ex Multinationals (575) 1171.23 0.08 1006.80 1170.33 1166.38 1139.32 2.79 2.02 17.76 1.05 1943.33 Australia 97.97 97.65 98.52 Sweden 78.88 79.21 79.55 Fixed Line Telecomms 6.32 Industrials 3.58 Utilities -0.67 BAE Systems PLC 516.00 3.00 Pearson PLC 1361 21.00
FTSE Fledgling (99) 6984.18 -0.32 7243.66 7006.64 6973.84 6555.78 2.35 0.73 58.37 5.15 12307.22 Canada 93.97 94.31 100.29 Switzerland 169.14 168.81 146.96 Consumer Services 6.05 Support Services 3.14 Basic Materials -3.54 Barclays PLC 236.55 -0.30 Persimmon PLC 1607 26.00
FTSE Fledgling ex Inv Co (55) 8698.29 -0.40 9021.44 8733.04 8658.27 7941.60 1.73 0.84 68.65 0.95 14908.05 Denmark 106.20 106.27 108.75 UK 89.10 88.93 87.73 Health Care 6.02 Equity Invest Instr 3.00 Mining -5.02 Barratt Developments PLC 470.40 12.70 Prudential PLC 1643 2.50
FTSE All-Small (390) 3053.99 -0.42 3167.45 3066.75 3060.49 3077.19 2.46 1.50 27.06 5.98 5239.06 Japan 128.09 128.08 122.07 USA 100.65 100.27 97.21 Nonlife Insurance 5.96 Software & Comp Serv 2.84 Oil Equipment & Serv -6.09 BG Group PLC 880.90 -16.90 Randgold Resources Ltd 5420 -165.00
FTSE All-Small ex Inv Co Index (206) 2844.70 -0.45 2950.38 2857.61 2849.53 3038.38 2.33 2.07 20.74 4.24 5056.66 New Zealand 122.26 122.17 125.04 Euro 86.95 87.23 93.33 Oil & Gas Producers 2.46 Electricity -9.17 BHP Billiton PLC 1413.5 -9.00 Reckitt Benckiser Group PLC 5720 100.00
FTSE AIM All-Share Index (842) 686.48 -0.58 711.98 690.46 689.01 855.69 1.26 2.64 30.11 0.53 729.80 Norway 91.27 91.41 90.19
BP PLC 424.85 -8.10 Reed Elsevier PLC 1162 17.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3794 15.50 Rio Tinto PLC 2886 -8.50
Oil & Gas (21) 7405.20 -3.33 7680.31 7660.23 7793.81 8337.01 4.56 1.69 12.97 0.00 5892.81 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 842.00 5.50 Rolls-Royce Holdings PLC 887.50 5.00
Oil & Gas Producers (14) 7059.48 -3.30 7321.75 7300.58 7433.02 7886.91 4.56 1.68 13.04 0.00 5807.35 British Sky Broadcasting Group PLC 934.00 -4.00 Royal Bank Of Scotland Group PLC 369.20 -5.70
Oil Equipment Services & Distribution (7)15579.58 -4.15 16158.38 16254.48 16187.46 21809.35 4.55 1.97 11.16 0.00 10987.23 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 429.10 2.20 Royal Dutch Shell PLC (A) 2060 -93.50
Basic Materials (29) 4527.35 -1.40 4695.55 4591.49 4567.84 5312.65 4.01 2.77 9.00 0.00 4235.20 Bunzl PLC 1935 12.00 Royal Dutch Shell PLC (B) 2138 -110.00
Chemicals (7) 12089.54 -1.72 12538.69 12300.83 12500.33 11468.73 2.13 2.43 19.32 0.00 10193.19 Jan 29 No of US $ Day Mth YTD Total
YTD Gr Div Jan 29 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1765 -23.00 Royal Mail PLC 434.70 -3.10
Forestry & Paper (1) 13963.19 0.93 14481.95 13833.91 13798.64 10901.40 2.72 3.19 11.54 0.00 14190.06 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1114 -4.00 RSA Insurance Group PLC 459.20 -0.20
Industrial Metals & Mining (2) 1720.45 -3.22 1784.36 1777.63 1755.75 1187.18 0.58 14.52 11.89 0.00 1489.05 FTSE Global All Cap 7577 467.08 0.1 -1.7-0.5 -0.6 624.42
2.3 Oil & Gas 177 377.97 -1.0 -1.0 -5.1 557.49 -5.0 3.6 Carnival PLC 3000 -68.00 SABMiller PLC 3612 17.50
Mining (19) 12909.35 -1.42 13388.96 13095.97 12993.66 15733.86 4.31 2.77 8.37 0.00 6288.80 FTSE Global All Cap 6940 480.47 0.1 -1.8-0.7 -0.8 631.32
2.3 Oil & Gas Producers 121 344.99 -1.2 -1.2 -4.8 517.17 -4.8 3.7 Centrica PLC 292.60 5.00 Sage Group PLC 481.50 -0.20
FTSE Global Large Cap 1357 413.97 0.1 -1.9-0.6 -0.7 565.14
2.5 Oil Equipment & Services 47 387.29 -0.3 -0.3 -6.6 523.26 -6.4 3.4 Coca-Cola HBC AG 1089 17.00 Sainsbury (J) PLC 263.80 0.90
Industrials (114) 4412.57 -0.23 4576.51 4422.81 4403.33 4507.99 2.50 2.04 19.58 2.90 4278.31
Construction & Materials (13) 4467.63 -0.49 4633.60 4489.73 4497.74 4621.88 3.41 0.24 123.44 0.00 4456.13 FTSE Global Mid Cap 1671 617.02 0.2 -0.9 0.0 -0.1 790.89
1.9 Basic Materials 270 433.16 -0.5 -0.5 -0.5 617.06 -0.5 2.8 Compass Group PLC 1158 14.00 Schroders PLC 2907 -14.00
Aerospace & Defense (9) 5183.95 0.35 5376.54 5165.84 5126.05 5388.59 2.10 3.92 12.15 1.29 5240.47 FTSE Global Small Cap 4549 648.29 0.1 -1.3-0.6 -0.6 807.29
1.8 Chemicals 115 635.95 0.3 0.3 2.0 913.08 2.0 2.3 CRH PLC 1612 -8.00 Severn Trent PLC 2199 29.00
General Industrials (6) 3157.29 -0.74 3274.59 3180.70 3167.47 3588.51 3.59 1.82 15.33 0.00 3325.19 FTSE All-World 3028 273.21 0.1 -1.7-0.5 -0.6 385.09
2.4 Forestry & Paper 18 214.58 0.5 0.5 3.0 334.40 3.0 2.7 Diageo PLC 2022.5 60.50 Shire PLC 4898 18.00
Electronic & Electrical Equipment (12) 5049.67 -1.05 5237.27 5103.11 5093.54 5564.61 2.25 2.13 20.86 0.00 4371.78 FTSE World 2545 482.12 0.2 -2.0-0.7 -0.8 912.54
2.4 Industrial Metals & Mining 75 384.54 -1.3 -1.3 -6.7 550.91 -6.6 2.9 Direct Line Insurance Group PLC 316.20 1.00 Smith & Nephew PLC 1200 9.00
Industrial Engineering (14) 9103.30 -1.24 9441.50 9217.50 9189.68 10453.46 2.61 2.34 16.38 8.25 10387.57 FTSE Global All Cap ex UNITED KINGDOM In 7237 478.18 0.2 -1.8-0.6 -0.6 630.95
2.2 Mining 62 552.84 -2.1 -2.1 -2.9 775.55 -2.9 4.1 Dixons Carphone PLC 424.20 -4.80 Smiths Group PLC 1110 -6.00
Industrial Transportation (8) 4103.91 -0.81 4256.37 4137.59 4159.36 4898.75 3.72 1.48 18.17 0.00 3320.89 FTSE Global All Cap ex USA 5593 449.38 -0.7 -0.2 0.6 0.5 634.42
2.8 Industrials 534 312.02 0.0 0.0 -0.8 424.72 -0.7 2.1 easyJet PLC 1876 109.00 Sports Direct International PLC 713.50 3.00
Support Services (52) 6518.28 -0.09 6760.44 6524.25 6491.15 6218.50 2.31 1.75 24.66 7.25 6392.48 FTSE Global All Cap ex JAPAN 6334 479.85 0.2 -1.9-0.7 -0.8 646.87
2.4 Construction & Materials 114 428.27 -0.4 -0.4 -0.7 610.27 -0.7 2.1 Experian PLC 1183 -1.00 SSE PLC 1605 25.00
FTSE Developed 2117 434.57 0.2 -2.1-0.8 -0.9 585.22
2.3 Aerospace & Defense 29 506.62 0.9 0.9 1.9 684.19 2.0 1.9 Fresnillo PLC 862.50 -47.50 St. James's Place PLC 868.50 9.50
Consumer Goods (40) 17466.50 1.40 18115.41 17225.80 17008.49 14260.69 2.84 1.83 19.27 47.23 11973.64
FTSE Developed All Cap 5673 455.84 0.2 -2.0-0.8 -0.9 607.65
2.3 General Industrials 56 212.50 0.2 0.2 -2.3 310.05 -2.0 2.6 Friends Life Group Ltd 404.40 3.30 Standard Chartered PLC 889.90 -15.10
Automobiles & Parts (1) 8683.42 0.11 9006.02 8674.02 8671.67 9348.48 2.19 3.62 12.59 0.00 7785.13
FTSE Developed Large Cap 905 402.84 0.2 -2.3-0.9 -1.0 549.26
2.4 Electronic & Electrical Equipment 67 328.85 -0.1 -0.1 1.1 413.83 1.1 1.6 G4S PLC 287.40 -0.10 Standard Life PLC 405.50 0.40
Beverages (6) 15303.13 1.96 15871.67 15009.55 14667.97 13269.82 2.25 1.76 25.33 0.00 10147.75
FTSE Developed Europe Large Cap 202 356.48 -0.2 -0.5 0.9 0.8 543.98
3.3 Industrial Engineering 103 608.19 -0.6 -0.6 -1.7 812.94 -1.6 2.1 GKN PLC 369.50 0.40 Taylor Wimpey PLC 137.60 3.30
Food Producers (10) 8421.27 0.75 8734.13 8358.63 8286.39 7274.36 1.90 1.83 28.75 3.84 6913.59
FTSE Developed Europe Mid Cap 318 504.89 -0.1 0.1 1.0 0.9 706.54
2.4 Industrial Transportation 94 587.95 0.0 0.0 -1.5 798.46 -1.5 2.0 GlaxoSmithKline PLC 1492.5 -4.00 Tesco PLC 227.00 -0.65
Household Goods & Home Construction (13)11272.56 1.81 11691.35 11072.52 10889.89 9093.68 2.33 2.46 17.46 0.00 7497.49
FTSE Dev Europe Small Cap 724 682.75 -0.6 -1.0-0.8 -0.8 931.42
2.2 Support Services 71 269.21 0.0 0.0 -1.2 352.99 -1.2 2.0 Glencore PLC 250.40 -7.55 Travis Perkins PLC 1933 -
Leisure Goods (2) 4812.91 0.96 4991.72 4767.31 4790.79 4916.22 4.44 1.05 21.52 0.00 3895.76
FTSE North America Large Cap 332 434.73 0.8 -3.7-2.1 -2.2 560.52
2.1 Consumer Goods 407 414.10 0.3 0.3 2.3 575.45 2.4 2.3 Hammerson PLC 698.00 1.50 Tui AG 1166 -12.00
Personal Goods (6) 23848.55 1.32 24734.56 23537.96 23423.20 20312.89 2.80 2.70 13.23 0.00 14962.51
FTSE North America Mid Cap 400 668.73 0.8 -2.6-1.4 -1.4 812.68
1.6 Automobiles & Parts 98 396.11 -0.2 -0.2 1.6 528.57 1.7 2.1 Hargreaves Lansdown PLC 1033 38.00 Tui AG New Shs 1137 -11.00
Tobacco (2) 44424.21 0.89 46074.63 44030.80 43749.33 32884.10 3.89 1.30 19.81 377.80 26097.37
FTSE North America Small Cap 1497 680.85 0.7 -2.3-1.1 -1.2 805.01
1.5 Beverages 48 557.61 0.6 0.6 3.6 784.26 3.7 2.4 HSBC Holdings PLC 618.10 -0.10 Tullow Oil PLC 350.90 -6.10
Health Care (20) 9879.87 0.11 10246.92 9869.29 9798.53 8587.33 3.41 1.25 23.45 0.17 6947.30
FTSE North America 732 292.56 0.8 -3.5-2.0 -2.1 386.92
2.0 Food Producers 100 565.82 0.2 0.2 2.5 811.06 2.6 2.2 Imperial Tobacco Group PLC 3160 63.00 Unilever PLC 2952 55.00
Health Care Equipment & Services (9) 6835.84 0.36 7089.81 6811.20 6721.53 5106.93 1.30 2.43 31.72 1.43 5710.64
FTSE Developed ex North America 1385 235.80 -0.6 0.0 1.1 1.0 356.94
2.8 Household Goods & Home Construction 45 391.23 0.9 0.9 -1.3 542.23 -0.9 2.3 InterContinental Hotels Group PLC 2658 1.00 United Utilities Group PLC 1042 10.00
Pharmaceuticals & Biotechnology (11)13480.81 0.08 13981.64 13469.40 13379.97 11856.08 3.59 1.21 22.92 0.00 8403.76
FTSE Japan Large Cap 174 309.90 -1.5 0.8 1.6 1.6 380.11
1.8 Leisure Goods 26 130.35 -1.3 -1.3 3.5 165.15 3.5 1.1 International Consolidated Airlines Group SA 564.00 4.00 Vodafone Group PLC 237.65 0.40
Consumer Services (96) 4830.21 0.31 5009.66 4815.48 4828.41 4547.14 2.56 1.98 19.70 7.32 4265.89 FTSE Japan Mid Cap 301 440.18 -1.1 3.0 3.5 3.5 523.35
1.4 Personal Goods 77 595.80 1.2 1.2 2.2 792.27 2.2 1.9
Food & Drug Retailers (7) 3308.26 -0.22 3431.17 3315.65 3386.00 4395.03 4.86 2.08 9.89 0.00 3720.50 Intertek Group PLC 2319 31.00 Weir Group PLC 1646 -31.00
FTSE Global wi JAPAN Small Cap 768 476.93 -1.1 1.7 1.7 1.7 584.28
1.6 Tobacco 13 1122.45 0.3 0.3 4.6 2107.92 4.9 4.0 Intu Properties PLC 369.30 0.80 Whitbread PLC 5000 -10.00
General Retailers (30) 2929.78 0.27 3038.63 2921.82 2898.92 2701.28 2.25 2.43 18.31 3.13 3138.59
FTSE Japan 475 127.50 -1.4 1.2 2.0 1.7 Health Care
2.0 175.85 162 449.11 0.5 0.5 3.4 614.31 3.4 1.8 ITV PLC 222.00 -1.10 Wolseley PLC 3873 -13.00
Media (24) 7078.76 0.32 7341.74 7056.42 7073.82 6278.99 2.69 1.48 25.08 1.11 4064.40
FTSE Asia Pacific Large Cap ex Japan 481 628.22 -1.3 1.8 2.0 2.0 910.59
2.9 Health Care Equipment & Services 58 604.44 0.5 0.5 2.3 686.20 2.4 1.0 Johnson Matthey PLC 3297 -88.00 WPP PLC 1450 -4.00
Travel & Leisure (35) 8284.21 0.50 8591.98 8242.75 8260.78 7100.26 1.82 2.20 24.97 28.43 7420.47
FTSE Asia Pacific Mid Cap ex Japan 445 822.03 -1.0 2.5 2.0 2.0 1154.86
2.4 Pharmaceuticals & Biotechnology 104 346.37 0.5 0.5 3.7 491.06 3.8 2.0
Telecommunications (8) 3967.00 0.30 4114.38 3955.20 3933.82 3787.36 3.93 2.50 10.19 0.00 3993.54 FTSE Asia Pacific Small Cap ex Japan 1331 543.49 -1.1 2.4 1.8 1.7 753.22
2.6 Consumer Services 379 374.55 0.5 0.5 0.1 478.82 0.2 1.6
Fixed Line Telecommunications (6) 4908.93 0.45 5091.31 4887.07 4835.60 4396.26 2.81 1.81 19.58 0.00 4136.15
Mobile Telecommunications (2) 5351.23 0.21 5550.03 5339.98 5327.24 5239.63 4.59 2.74 7.94 0.00 4773.84
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
926
1904
495.27
703.48
-1.2
-1.1
1.9
2.1
2.0
2.1
2.0 763.50
2.8 Food & Drug Retailers
2.0 975.13
2.9 General Retailers
56 308.36
117 480.64
0.3
0.8
0.3
0.8
2.5 409.92
0.5 600.18
2.6
0.6
2.0
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 9081.67 0.53 9419.07 9034.14 8897.45 7991.83 4.71 1.23 17.20 32.81 9255.17 FTSE Emerging Large Cap 452 667.92 -1.2 2.0 2.2 2.1 931.00
2.9 Media 88 292.17 0.0 0.0 -2.9 373.92 -2.8 1.6 Jan 29 Jan 28 Jan 27 Jan 26 Jan 23 Yr Ago
Electricity (3) 9457.08 1.40 9808.43 9326.51 9138.40 8970.36 5.31 0.68 27.81 142.09 12081.74 FTSE Emerging Mid Cap 459 875.98 -0.8 2.4 1.8 1.7 1211.47
2.6 Travel & Leisure 118 366.00 0.7 0.7 1.6 472.47 1.8 1.7 SEAQ Bargains 5532.00 5653.00 5252.00 4.00 4.00 4.00
Gas Water & Multiutilities (5) 8495.45 0.30 8811.07 8470.21 8353.19 7320.72 4.55 1.41 15.63 5.10 8684.74 FTSE Emerging Small Cap 993 719.35 -0.8 2.6 1.7 1.7 962.04
2.6 Telecommunication 95 170.98 -0.2 -0.2 2.4 290.01 2.7 3.9 Order Book Turnover (m) 39.53 - 39.00 69.31 69.31 69.31
Financials (283) 4788.98 -0.05 4966.90 4791.48 4780.15 4557.91 3.05 1.78 18.43 2.92 4045.28 FTSE Emerging Europe 86 308.52 -1.8 -4.1-1.0 -1.0 434.67
3.9 Fixed Line Telecommuniations 45 137.78 0.1 0.1 0.6 254.99 1.2 4.5 Order Book Bargains 867933.00 798226.00 783581.00 902730.00 902730.00 902730.00
Banks (7) 4283.28 -0.20 4442.41 4291.94 4318.16 4670.31 3.47 1.18 24.36 0.00 2836.34 FTSE Latin America All Cap 245 873.37 -0.8 -3.1-2.9 -3.1 1255.03
3.8 Mobile Telecommunications 50 189.32 -0.7 -0.7 4.7 292.08 4.7 3.2 Order Book Shares Traded (m) 1503.00 1.00 1379.00 1970.00 1970.00 1970.00
Nonlife Insurance (12) 2352.09 -0.59 2439.48 2365.98 2359.94 2116.31 2.84 1.44 24.49 0.00 3835.46 FTSE Middle East and Africa All Cap 212 794.57 -0.8 2.7 3.3 2.6 Utilities
3.2 1152.81 162 271.65 0.6 0.6 1.6 479.84 1.7 3.5 Total Equity Turnover (£m) 4094.02 3972.84 3837.45 - - -
Life Insurance/Assurance (12) 8316.95 0.34 8625.94 8288.82 8204.57 6783.88 3.07 1.84 17.71 0.00 7373.91 FTSE Global wi UNITED KINGDOM All Cap In 340 359.02 -1.0 -0.5 0.0 3.3 Electricity
-0.1 548.02 113 291.49 0.7 0.7 2.8 510.40 2.9 3.4 Total Mkt Bargains 997313.00 931628.00 913877.00 52.00 52.00 52.00
Index- Real Estate Investment & Services (25) 2763.62 -0.15 2866.30 2767.69 2744.42 2756.39 1.73 5.41 10.69 0.53 6964.39 FTSE Global wi USA All Cap 1984 500.91 0.9 -3.0-1.5 1.9 Gas Water & Multiutilities
-1.6 629.93 49 297.16 0.6 0.6 -0.1 536.54 -0.1 3.7 Total Shares Traded (m) 3922.00 3532.00 3181.00 0.00 0.00 0.00
Real Estate Investment Trusts (20) 3013.80 0.40 3125.76 3001.79 2954.78 2391.86 2.75 5.83 6.24 6.53 3466.53 FTSE Europe All Cap 1391 400.82 -0.2 -0.5 0.7 3.0 Financials
0.6 594.38 665 208.57 -0.1 -0.1 -3.3 315.24 -3.2 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7704.54 -0.04 7990.78 7707.94 7633.51 6452.36 2.86 1.87 18.70 12.32 8152.16 FTSE Eurobloc All Cap 637 371.74 0.3 -0.7 1.1 2.8 Banks
0.9 559.26 242 189.48 -0.1 -0.1 -5.8 304.19 -5.6 3.2 (c) Market closed.
Equity Investment Instruments (178) 7667.35 -0.24 7952.21 7685.63 7666.81 7032.24 2.41 1.03 40.04 14.73 3935.95 FTSE RAFI All World 3000 3024 5826.85 -0.1 -2.2-1.0 2.8 Nonlife Insurance
-1.1 7136.95 69 211.76 0.4 0.4 -1.1 288.20 -1.1 2.1
Non Financials (358) 4238.47 -0.33 4395.93 4252.48 4242.01 4091.53 3.34 1.88 15.92 4.58 5734.96 FTSE RAFI US 1000 1029 9074.36 0.9 -3.7-2.2 2.3 Life Insurance
-2.3 11210.70 50 204.18 -0.6 -0.6 -3.3 301.63 -3.3 2.5
Technology (22) 1279.82 -0.12 1327.37 1281.37 1267.04 1173.73 1.27 2.06 38.16 0.96 1578.48 FTSE EDHEC-Risk Efficient All-World 3028 321.58 0.1 -0.3 0.7 2.1 Financial Services
0.6 423.27 138 220.54 0.3 0.3 -4.8 288.29 -4.7 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1398.45 -0.12 1450.41 1400.16 1395.85 1316.18 1.94 2.02 25.47 2.59 1796.07 FTSE EDHEC-Risk Efficient Developed Europe 520 281.60 -0.2 0.3 1.2 2.6 Technology
1.1 400.98 177 170.00 0.6 0.6 -1.2 199.43 -1.2 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1591.08 -0.12 1650.19 1593.00 1566.42 1434.26 0.82 2.12 57.58 0.00 1810.44 Software & Computer Services 77 264.32 0.8 0.8 -2.6 300.06 -2.6 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 139.92 0.4 0.4 -0.1 167.93 0.0 1.9 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail [email protected]
FTSE 100 6768.19 6763.24 6767.12 6788.22 6814.87 6786.98 6782.28 6799.84 6790.82 6817.61 6750.50 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 16354.90 16305.35 16285.40 16332.71 16352.73 16316.77 16302.72 16323.43 16354.19 16359.92 16273.16 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4432.07 4421.77 4419.47 4420.41 4420.78 4419.78 4419.87 4417.09 4415.87 4432.42 4414.22
FTSE All-Share 3632.01 3627.98 3628.86 3639.70 3652.06 3638.61 3636.08 3644.56 3641.44 3653.25 3621.60 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:12:01:15 Day's Low09:37:30 FTSE 100 2010/11 High: 6852.40(26/01/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:12:03:00 Day's Low09:38:00 FTSE 100 2010/11 High: 3672.98(26/01/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Aberforth Geared Income Trust Int 6.602L 64.722 4.4 3.99 2.5 2.32 - 7.35 6.85 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Aberforth Smaller Companies Trust Pre 7.587L 394.311 27.24 27.37 17 16.15 Mar 5 24.75 23.5 12/23 100.00 AIM MRR Mill Residential REIT PLC 110.50 -2.50 115.00 100.00 387.0
KZT1150.4 Nil n/a 3.22 3.22 JSC Kazkommersbank GDR 3.22 0.00 ANGLE Int 0.288 0.414 1.606L 0.476L 3.56L 1.05L - - - - - 12/22 3.00 MITH Mithril Capital PLC 4.25 -0.13 6.75 3.75 545.1
5p Nil n/a 14.50 12.75 Petropavlovsk PLC 12.75 -0.75 Aukett Swanke Group Pre 17.326 8.406 1.4 0.55 0.65 0.26 0.11 0.1 Dec 2 0.21 0.1 12/19 3.00 CLEE Cleeve Capital PLC 4.13 0.08 8.00 4.10 531.4
A$0.05 Nil 30-01-15 3.50 3.05 Wildhorse Energy Ltd 3.25 0.13 Diageo Int 5900 5932 1640 2134 52.3 63.8 21.5 19.7 Apr 7 53.5 49
Diverse Income Trust (The) Int 3.197L 33.934 1.64 1.1 0.5 0.5 - 1.45 1.34
Filtronic Int 7.321 20.134 5.319L 0.093 4.62L 0.15 - - - - -
Haynes Publishing Group Int 11.866 14.89 0.055 0.128 0.2 1.1L 3.5 3.5 Apr 8 7.5 7.5
Ideagen Int 5.653 3.704 0.453 0.515 0.31 0.31 0.055 0.05 Mar 11 0.155 0.05
ITM Power Int 0.521 0.711 3.678L 3.269L 2.2L 2.6L - - - - -
Jupiter European Opportunities Trust Int 17.966 14.461 0.5L 0.27L - - - 3.5 3.5
Rank Group (The) Int 343.3 337 36.3 6.2L 11.3 0.3 1.6 1.35 - 4.75 4.2
Renishaw Int 223.816 163.994 56.625 25.629 64.2 29.5 12.5 11.33 Apr 7 42.37 40
Royal Dutch Shell Pre 421105 451235 28594 33592 2.38 2.6 - 44.325 - 145.2 176.6

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Friday 30 January 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) ChristianDior 155.85 0.55 157.45 126.10 1.59 17.40 32111.66 FastRetail 43675 75.00 46325 30950 0.79 45.85 39239.12 TeliaSonera 52.10 -0.85 54.15 43.98 4.29 15.41 27334.22 BkNYMeln 36.44 0.78 41.79 30.82 1.63 15.95 41020.86 Lyondell 77.77 1.31 115.40 70.06 3.11 9.83 38936.95
ANZ 32.95 0.31 35.07 28.84 5.52 12.27 70974.5 Cred Agr 10.76 -0.03 12.22 9.53 3.37 12.49 31430.84 Fuji Hvy Ind 4291 -72.50 4617 2380 1.10 15.22 28452.78 Switzerland (SFr) BlackRock 346.94 1.91 368.64 284.78 2.00 19.30 57319.34 Marathon Ptl 90.01 0.72 97.94 74.64 1.82 12.03 25220.15
BHPBilltn 28.95 0.01 39.79 26.50 4.51 9.87 72406.93 Danone 60.16 0.28 60.53 48.33 2.57 31.36 43912.66 Hitachi 899.20 -13.80 939.90 660.00 0.96 43.17 36812.33 ABB 17.76 0.08 23.35 16.75 - 19.55 44752.71 Boeing 147.78 8.14 148.25 116.32 1.68 22.77 105356.86 Marsh&M♦ 54.66 0.26 58.74 44.25 1.75 22.07 29565.55
CmwBkAu 88.76 1.06 89.04 72.14 4.61 15.91 112068.5 EDF 24.36 0.43 29.90 20.90 5.46 12.05 51372.24 HondaMtr 3609 -39.50 3980 3239 1.90 10.49 55371.58 CredSuisse 19.58 0.31 29.75 18.57 3.20 59.12 34256.87 BrisMySq♦ 61.14 -0.19 64.44 46.30 2.19 40.38 101417.59 MasterCard♦ 81.38 0.64 89.87 68.68 0.50 30.02 90569.45
CSL 87.57 0.45 89.07 63.77 1.41 28.69 32314.39 Essilor Intl 99.12 0.78 100.50 70.51 1.01 20.20 24262.48 JapanTob 3213 -119.50 4193 2992 2.48 14.23 54427.64 Nestle 70.80 1.30 74.60 63.85 1.80 26.03 248547.62 Broadcom 41.31 0.34 44.33 28.30 1.06 61.34 22390.02 McDonald's 93.27 4.49 103.78 87.62 3.23 19.70 91584.54
NatAusBk 35.50 0.30 36.00 31.33 5.77 15.56 66884.51 GDF Suez 20.00 0.23 21.19 16.02 7.99 -5.26 55208.71 KDDI 8214 -153.00 8417 5000 1.46 17.54 62403.42 Novartis 91.00 2.30 99.75 70.15 2.69 23.77 268085.74 CapOne 74.96 0.51 85.39 67.86 1.49 10.85 42076.46 McGraw Hill 90.29 1.25 93.94 71.93 1.22 29.48 24513.74
Telstra 6.47 -0.02 6.49 4.96 4.71 16.85 61599.09 Hermes Intl 298.85 1.25 317.40 223.95 0.96 35.98 35770.72 Keyence 55780 -420.00 58000 36095 0.19 33.91 28725.97 Richemont 76.40 0.90 94.75 68.80 0.11 22.37 43414.76 CardinalHlth 84.82 -0.57 87.33 63.06 1.41 28.81 28072.16 McKesson 219.53 1.59 222.93 162.90 0.41 39.32 50905
Wesfarmers 43.70 0.25 46.69 40.26 4.71 28.75 38242.82 Kering 180.00 0.65 180.60 136.95 2.22 25.26 25761.48 MitsbCp 2088 -30.50 2356 1767 2.60 8.69 28721.37 Roche 252.70 1.00 295.80 233.60 2.76 26.14 193269.75 Carnival 44.88 -0.28 47.44 33.11 2.02 27.39 26598.1 Medtronic 73.01 -0.40 77.39 53.33 1.51 26.78 71864.95
Westpc 34.64 -0.04 35.99 30.00 5.37 14.19 84169.52 LOreal 160.20 3.20 160.20 114.55 1.66 30.92 101459.61 MitsubEst 2398 -40.50 2930 2151.5 0.40 44.86 28240.15 SwatchGpI 369.50 5.00 592.50 350.00 1.21 12.10 12405.16 Caterpillar♦ 80.00 -0.01 111.46 78.81 2.91 13.91 48431.91 Merck 62.09 0.64 63.62 51.78 2.64 36.54 177010.73
WoodsdPet 33.74 -0.61 44.23 31.97 6.54 11.89 21648.26 LVMH 144.70 -0.50 147.20 121.00 2.28 20.30 83295.6 MitsubishiEle 1362.5 -7.00 1550 1083 0.40 24.82 24779.24 Swiss Re 83.00 0.90 86.55 69.25 4.49 8.25 33495.18 CBS 55.72 -0.57 68.10 48.83 0.85 23.20 26769.24 Metlife 46.87 0.03 57.57 46.15 2.48 10.31 53246.29
Woolworths 31.60 0.06 38.92 29.11 4.60 15.12 31084.32 Nmrcble-SFR 46.25 -0.04 57.50 23.87 - -58.04 20424.17 Mitsui 1508.5 -27.50 1820 1307 3.41 7.57 22953.81 Swisscom 541.50 2.00 587.50 488.50 2.36 17.84 30536.42 Celgene 120.87 1.90 124.60 66.85 - 68.39 96539.38 MicronTech 29.71 0.62 36.59 21.02 - 10.02 32006.98
Belgium (€) Orange 16.10 0.26 16.10 8.80 5.29 25.79 48338.21 MitsuiFud 3037.5 -72.50 3809.5 2854.5 0.58 32.85 25506.73 Syngent 298.00 2.90 350.30 273.20 2.00 20.87 30152.19 CharlesSch 26.32 0.36 31.00 23.35 0.85 30.21 34367.84 Microsoft 42.01 0.82 50.05 35.69 2.65 17.54 344641.02
AnBshInBv 108.35 1.00 109.50 69.14 1.60 24.18 197568.05 PernodRic 108.15 1.20 108.75 78.82 1.64 26.59 32546.11 MitUFJFin 630.80 -9.30 700.30 519.00 2.28 6.15 75700.99 UBS 15.44 0.26 17.84 13.58 1.45 18.82 62478.2 ChevrnTx 103.00 -0.71 135.10 100.15 3.74 10.20 194713.71 MondelezInt 35.74 0.08 39.54 31.83 1.48 35.90 60040.45
Safran 59.74 0.45 59.95 43.24 2.00 14.92 28246.74 Mizuho Fin 195.80 -2.80 222.00 178.10 2.85 6.97 40550.86 Zurich Fin 306.60 3.20 323.50 244.20 5.34 12.98 49944.1 Chubb 102.52 0.93 105.30 82.98 1.76 12.93 24175.62 Monsanto♦ 118.49 1.14 128.79 104.08 1.45 24.38 57264.55
Brazil (R$)
Sanofi 82.26 0.27 89.95 68.29 3.53 25.74 123428.76 Murata Mfg 12995 15.00 13780 8192 0.80 26.08 24793.97 Cigna 109.62 0.92 112.95 73.47 0.03 16.03 28674.25 MorganStly♦ 34.37 0.60 39.19 28.31 0.81 14.71 67275.95
Ambev♦ 17.67 0.56 17.85 14.99 1.65 23.25 106758.76 Taiwan (NT$)
Schneider 67.35 0.37 72.22 52.59 3.62 19.05 44635.46 NipponTT 6928 -20.00 7120 5051 2.08 14.06 66700.87 Cisco 27.22 0.42 28.70 21.27 2.56 19.59 139191.87 News Corp A 33.86 0.30 39.27 30.67 0.69 20.08 45961.62
BncBrasil 21.55 -0.46 38.19 18.61 6.10 4.72 23743.96 HonHaiPrc 86.70 -1.20 113.00 80.30 1.78 11.50 40859.09
SocGen 36.26 0.06 48.69 31.85 2.86 7.67 33103.36 Nissan Mt 1028 -20.50 1146.5 824.00 2.44 9.87 39362.18 Citigroup♦ 47.62 0.52 56.95 45.18 0.08 17.20 144264.23 NextEraE 111.66 1.74 112.64 88.02 2.36 26.96 48737.61
BncoDoBrasl 29.50 0.50 35.98 21.54 3.97 18.56 22686.64 MediaTek 497.50 -4.50 545.00 389.50 2.31 17.39 24906.18
StGobn 38.18 0.17 46.40 29.51 1.73 21.18 24320.41 NpnStlSmMtl 289.10 -5.60 333.00 243.30 1.38 11.01 23270.05 CME Grp 86.22 1.05 93.91 66.44 2.01 30.71 28971.59 Nike 94.87 1.56 99.50 69.85 0.97 29.38 65116.93
Bradesco 33.96 -0.25 41.30 27.13 0.98 17.66 27469.86 TaiwanSem 143.50 -3.00 147.00 100.50 1.61 17.27 118536.15
Total 44.91 -0.66 54.71 38.25 5.90 9.93 121102.79 NTTDCMo 1977 -32.00 2020 1515 2.43 19.32 73091.97 Coca-Cola 42.10 0.18 44.87 36.89 2.64 25.12 184402.75 NorfolkS 103.79 0.79 117.64 89.33 1.94 17.43 32116.97
Cielo 40.22 1.15 47.10 30.98 3.10 20.32 24315.12 Thailand (THB)
UnibailR 251.35 7.25 253.05 174.25 3.77 21.17 27944.72 Panasonic 1370.5 -29.50 1610 1030 0.81 61.00 28475.07 Cognizant 55.48 1.05 56.62 41.51 - 26.07 33782.76 Northrop 157.93 5.77 158.15 109.17 1.54 18.08 31901.75
ItauHldFin♦ 30.33 -0.22 38.74 23.91 1.45 8.38 32305.47 PTT Explor 350.00 1.00 398.00 269.00 1.94 10.79 30572
Vinci 47.35 0.36 57.36 39.65 3.98 9.88 31702.21 Seven & I 4331 -29.00 4592.5 3611 1.26 22.85 32517.51 ColgtPlm♦ 69.03 3.91 71.31 59.75 1.89 32.56 62913.83 NtlOilVarc 53.26 -0.27 86.55 52.14 2.51 9.36 22932.36
Petrobras 8.47 -0.16 23.50 8.00 6.27 4.99 24239.18
Vivendi 21.16 -0.01 21.43 17.26 4.90 -12.66 32418.86 ShnEtsuCh 7883 -119.00 8529 5267 1.01 28.55 28851.03 United Kingdom (p) Comcast 53.87 -0.72 59.30 47.74 1.50 18.25 115797.68 Occid Pet 78.31 1.81 101.38 72.32 3.33 11.70 60723.77
Vale 18.05 -0.84 35.20 17.91 10.42 -9.62 22329.12
Germany (€) Softbank 7206 -234.00 8760 6655 0.44 12.65 73281.32 AngloAmer 1097.5 -17.50 1678.5 923.00 4.51 240.79 23108.98 ConocPhil 62.82 0.24 87.09 60.64 4.14 11.58 77325.95 Oracle 42.86 0.17 46.71 35.44 1.08 18.59 188213.99
Canada (C$) Sony 2775 -49.00 2860 1514 0.72 -13.22 27209.85 AscBrFd 3160 39.00 3293 2407 1.02 32.76 37715.26 Corning 23.79 -0.43 25.16 16.90 1.56 19.98 30495.17 Paccar 64.05 0.62 71.15 53.59 1.22 18.89 22680.38
Allianz 148.20 0.45 149.20 115.05 3.71 10.42 76789.31
Alimentation 49.36 1.92 49.44 26.75 0.33 26.86 16409.3 SumitomoF 4002 -79.50 4950 3800 2.37 7.73 47931.65 AstraZen 4761.5 18.00 5750 3663.7 3.67 94.60 90655.43 Costco 140.64 1.02 146.82 109.50 0.94 30.36 61952.54 Pepsico 96.03 0.31 100.57 77.01 2.37 22.84 143719.08
BASF 79.16 0.59 88.28 64.27 3.53 14.14 82434.91
BCE 58.31 0.41 59.10 45.09 4.37 18.74 38981.44 Takeda Ph 5860 55.00 5895 4337.5 2.45 51.72 39199.49 Barclays 236.55 -0.30 284.80 201.75 2.75 53.37 58772.83 Covidien 106.71 -1.36 108.57 65.97 1.54 28.15 48500.47 Pfizer 31.83 -0.12 33.50 27.51 2.98 21.15 200549.92
Bayer 128.75 -0.45 130.90 91.31 1.69 28.10 120715.12
BkMontrl♦ 76.23 -1.02 85.71 67.04 4.24 11.00 39264.04 TokioMarine 4110.5 -10.50 4190 2834 1.50 13.37 26791.43 BG 880.90 -16.90 1420 780.55 2.10 16.78 45336.68 CrownCstl 86.76 -0.40 88.79 68.44 1.13 176.40 28965.5 PG&E 60.15 0.86 60.21 40.77 2.81 21.60 28576.54
BMW 102.95 -0.15 105.55 74.74 2.62 11.18 70267.7
BkNvaS 62.48 -0.04 74.93 59.92 4.30 10.51 60400.06 Toyota 7729 -89.00 7873 5205 1.81 12.55 223755.58 BP 424.85 -8.10 526.80 364.40 5.61 13.89 116819.3 CSX 33.76 0.06 37.99 25.84 1.71 19.63 33604.61 Phillips66 70.48 2.11 87.98 57.33 2.35 11.88 39011.62
Continental 202.00 0.05 206.00 136.85 0.96 18.18 45806.88
Brookfield 65.18 0.90 65.37 40.34 1.20 13.45 32656.53 BrAmTob 3794 15.50 3808 2871 3.75 19.81 109717.75 Cummins 142.70 1.08 161.03 122.64 1.73 17.24 26070.12 PhilMorris 81.22 0.64 91.63 75.28 4.37 17.51 126192.74
Daimler 80.29 0.38 81.30 55.10 2.90 11.05 97390.28 Malaysia (RM)
CanadPcR 224.78 4.00 247.56 155.02 0.65 34.15 29706.18 BSkyB 850.50 -12.00 954.00 782.50 3.64 10.60 23005.52 CVS♦ 100.11 0.51 101.59 64.95 0.98 27.84 114764.45 PNCFin♦ 85.54 1.89 93.45 76.69 2.00 12.41 45011.98
Deut Bank 25.80 0.65 37.60 22.66 2.12-215.12 40338.72 Maybank 8.66 -0.03 10.20 8.25 9.38 11.58 22241.36
CanImp 91.37 0.01 107.37 85.03 4.53 11.07 28870.94 BT♦ 429.10 2.20 451.00 350.30 2.31 17.50 52679.24 Danaher♦ 83.93 1.08 87.49 70.12 0.36 23.68 58976.91 PPG Inds 225.71 3.97 233.98 171.56 1.05 24.15 30975.32
Deut Tlkm 15.49 0.26 15.49 10.07 2.51 29.18 79656.24 Mexico (Mex$)
CanNatRs 34.97 -0.31 49.57 31.00 2.62 11.66 30375.13 Compass♦ 1158 14.00 1159 924.41 2.28 23.78 29114.31 Deere♦ 85.91 1.33 94.89 78.88 2.44 10.56 29418.42 PPL 35.90 0.38 38.14 29.87 3.85 26.71 23876.09
DeutsPost 28.93 0.19 29.12 21.55 2.87 16.00 39720.85 AmerMvl 16.29 -0.08 17.64 12.39 1.36 17.12 76191.35
CanNatRy 84.55 0.52 86.73 57.07 1.19 22.64 54435.8 Diageo 2022.5 60.50 2055 950.00 2.42 21.84 76564.72 Delta 50.21 1.75 51.06 29.12 0.50 4.67 42022.83 Praxair 121.45 -1.18 135.24 117.32 1.95 20.77 35387.2
E.ON 13.93 0.18 15.46 12.23 4.46 -48.88 31592.11 FEMSA UBD 126.71 -0.78 135.75 108.90 0.81 27.51 30567.82
Enbridge 61.58 0.02 65.13 45.63 2.32 65.57 41721.77 GlaxoSmh 1492.5 -4.00 1709 1200.67 5.36 17.42 109428.84 DevonEngy 58.72 0.29 80.63 51.76 1.46 11.62 24022.35 Prec Cast 202.62 -0.24 275.09 186.17 0.06 16.98 28879.98
Fresenius 50.52 -0.88 51.66 34.52 0.64 24.18 30960.27 WalMrtMex 30.01 -0.21 35.75 27.71 0.89 19.30 35462.86
GtWesLif 32.57 0.32 33.98 28.61 3.95 11.95 25825.38 Glencore 250.40 -7.55 379.45 236.20 3.85 15.18 49807.95 DirectTV 84.88 0.31 89.46 67.80 - 16.83 42629.85 Priceline 1014.74 11.49 1378.96 990.69 - 24.64 53127.75
HenkelKgaA 91.28 2.01 91.70 66.67 1.02 13.87 26887.12
ImpOil 46.09 -0.60 57.96 44.08 1.18 8.99 31078.63 Netherlands (€) HSBC 618.10 -0.10 737.00 573.54 4.85 12.01 178829.55 DiscFinServ 54.84 -0.20 66.75 51.63 1.49 11.22 24868.83 ProctGmbl♦ 85.67 0.52 93.89 75.26 2.86 23.47 231352.68
Linde 169.35 -0.20 173.50 137.05 1.84 26.73 35646.26
Manulife 20.57 0.27 23.09 18.91 2.77 9.10 30505.06 ASML Hld 93.33 -0.40 95.81 57.51 0.58 29.00 46355.82 ImpTob♦ 3160 63.00 3183 2156 3.80 21.33 45631.41 Disney 93.22 0.55 96.43 69.85 0.86 23.51 158005.57 Prudntl 76.96 -0.03 94.30 75.89 2.56 16.26 35093.76
MuenchRkv 180.30 0.15 180.80 141.10 4.17 8.38 35353.64
Potash♦ 45.48 0.12 46.85 33.61 3.60 24.41 30035.24 Heineken 66.81 0.98 66.89 44.14 1.21 26.65 43631.71 LlydsBkg 74.86 0.10 85.53 70.02 - 227.54 80551.27 DominRes 79.14 1.29 80.89 64.71 2.78 33.13 46112.34 PublStor 204.19 1.43 206.92 153.01 2.55 43.77 35268.85
SAP 57.79 0.48 61.63 50.08 1.32 20.28 80494.4
RylBkC♦ 74.11 0.18 83.87 67.65 4.03 11.76 85041.83 ING 11.20 0.15 11.95 9.34 - 11.73 48973.47 Natl Grid 947.50 -3.90 965.00 774.50 4.44 16.59 53734.57 DowChem♦ 45.01 1.98 54.97 41.45 2.95 16.15 53047.01 Qualcomm 63.69 -7.30 81.97 62.47 2.44 13.93 105210.09
Siemens 93.60 -1.42 103.30 80.17 3.41 15.35 93494.94
Suncor En 36.44 -0.30 47.18 30.89 2.70 16.79 41878.37 Philips 24.74 -0.22 26.99 20.69 - 98.30 26216.58 Prudential 1643 2.50 1645 1192 2.04 19.71 63585.31 DukeEner 89.36 1.51 89.97 68.10 3.26 21.79 63203.49 Raytheon♦ 102.00 -2.57 111.47 87.72 2.16 16.70 31453.54
Volkswgn 202.25 0.40 203.10 147.35 1.54 13.20 67667.34
ThmReut 48.84 -0.26 49.89 36.86 3.15 84.18 30928.75 Unilever 38.68 0.63 38.76 26.97 2.56 20.20 75190.3 RBS 369.20 -5.70 403.90 291.60 - -6.49 35415.7 DuPont 72.71 1.00 75.82 59.69 2.33 23.20 65871.41 Regen Pharm 414.64 6.64 437.64 269.50 - 145.90 41336.25
TntoDom♦ 51.64 0.45 58.20 47.35 3.74 11.88 75876.38 Hong Kong (HK$)
Norway (Kr) ReckittB 5720 100.00 5730 4454 2.40 22.09 61964.89 Eaton 64.19 0.58 79.98 57.11 2.74 19.52 30464.57 ReynoldsAm 69.69 0.55 70.70 46.55 3.52 25.33 37025.15
TrnCan♦ 55.98 0.66 63.86 47.14 3.55 22.25 31560.03 AIA 45.10 -1.25 46.45 34.65 0.85 31.85 70074.35
DNB 111.90 4.60 126.90 98.10 2.04 7.48 23357.71 Reed Els 1162 17.00 1164 851.53 2.12 25.11 35976.81 eBay 53.96 0.12 59.70 46.34 - -578.60 67038.14 Salesforce 58.10 1.75 67.00 48.18 - -121.26 35615.3
ValeantPh 203.63 2.49 204.04 116.01 - 117.79 54377.9 BOC Hold 26.70 -0.20 27.95 21.50 3.34 13.87 36414.35
Statoil 128.40 -4.60 195.80 118.20 6.20 7.95 52469.19 RioTinto 2886 -8.50 3680.56 2600 3.93 14.83 61515.43 Ecolab 104.38 0.80 118.46 97.65 0.98 29.79 31326.16 Schlmbrg 81.90 1.15 118.76 75.60 1.72 16.56 105388.42
Ch OSLnd&Inv 22.90 -0.90 26.70 17.52 1.81 8.48 24145.76
China (HK$) Telenor 167.80 2.40 170.40 123.90 4.71 33.87 32287.76 RollsRoyce 887.50 5.00 1219 777.00 2.48 7.34 25281.82 EMC 26.40 -0.20 30.92 23.47 1.51 22.76 53721.58 SempraEgy 114.94 1.60 116.30 89.87 2.11 27.02 28263.02
ChngKong 145.40 0.10 152.00 111.80 2.11 8.84 43441.62
AgricBkCh 3.79 -0.05 4.10 3.04 5.54 5.77 15027.9 Qatar (QR) RylDShlA 2060 -93.50 2864 1929 5.69 13.11 118685.39 Emerson 56.88 0.65 69.94 55.81 2.81 20.06 39375.04 Shrwin-Will 274.87 3.94 277.29 174.29 0.73 33.91 26386.89
Citic Ltd 13.36 -0.14 16.88 9.35 2.31 8.82 42917.64
Bk China 4.35 -0.10 4.54 3.03 5.29 6.38 46922.97 Inds Qatar 149.20 0.10 202.90 143.50 6.86 15.21 24787.79 SABMill 3612 17.50 3857 2650.21 1.79 26.05 87854.3 EOG Res♦ 88.91 0.81 118.89 80.75 0.46 17.18 48723.52 SimonProp 204.76 1.25 206.31 149.60 2.29 45.96 63634.1
Citic Secs 24.75 -0.70 33.95 13.72 0.72 29.31 3761.95
BkofComm 6.45 -0.17 7.36 4.53 4.73 6.31 29130.57 QatarNtBk 198.00 -3.00 237.00 160.00 3.42 13.71 38046 Shire 4898 18.00 5470 2827 0.26 25.57 43566.4 EquityResTP 79.34 -0.29 81.03 53.46 2.52 92.59 28749.9 SouthCpr 26.62 -0.08 33.90 23.60 1.61 17.15 21779.61
CNOOC 10.20 -0.26 15.88 9.72 4.91 7.45 58744.89
Ch Evrbrght 4.25 -0.14 4.52 2.68 4.28 5.79 3765.65 SSE♦ 1605 25.00 1858 1301 5.40 77.68 23893.61 Exelon 37.03 0.03 38.93 27.95 3.11 16.36 31825.98 SouthwestAir 46.99 1.19 47.17 20.23 0.40 30.58 31894.2
Galaxy Enter 42.20 -1.00 80.45 36.70 - 18.03 23107.4 Russia (RUB)
Ch Yangtze RMB 10.14 0.06 11.32 5.54 2.36 16.14 15819.71 StandCh 889.90 -15.10 1355.5 870.00 5.53 8.75 33169.69 ExpScripts 82.28 0.33 86.64 64.64 - 35.35 60386.11 SpectraEn 33.40 0.40 43.12 32.43 3.65 24.08 22411.41
HangSeng 135.90 0.90 136.00 117.60 3.57 17.66 33515.35 Gzprm neft 145.00 -2.70 154.47 113.73 - 1.35 49676.74
ChCommsCons 8.51 -0.32 10.24 4.88 2.19 9.71 4860.29 Tesco 227.00 -0.65 341.58 155.40 6.50 21.51 27798.75 ExxonMb 87.58 -0.37 104.76 86.03 2.80 11.84 370860.02 Starbucks 89.05 1.49 89.59 67.93 1.19 27.92 66769.69
HK & Ch Gas 17.88 0.06 18.90 13.91 1.67 30.42 24245.4 Lukoil 2845.2 -20.00 2998.5 1715 - 5.94 35022.04
ChConstBk 6.25 -0.10 6.62 4.89 5.64 5.85 193829.25 Vodafone♦ 237.65 0.40 435.82 179.10 5.87 65.47 94975.57 Facebook 78.00 1.76 82.17 53.19 - 79.36 173467.03 StateSt 71.80 0.52 80.92 62.67 1.45 16.51 29976.16
HK Exc&Clr 178.30 -1.10 189.00 112.80 1.75 51.12 26867.55 Rosneft 226.55 -4.95 259.00 183.95 9.24 2.51 34746.97
China Vanke 16.92 -0.46 20.35 12.84 - 10.28 2870.01 WPP 1450 -4.00 1565 1091 2.36 19.28 28813.13 Fedex 172.89 1.44 183.51 128.17 0.39 22.70 48981.92 Stryker♦ 93.68 0.93 98.24 75.78 1.21 60.15 35441.07
Hutchison 101.90 0.30 113.50 85.90 1.99 30.12 56040.18 Saudi Arabia (SR)
ChinaCitic 5.75 -0.08 6.34 3.60 5.21 5.63 11038.4 United States of America ($) FordMtr♦ 14.85 0.39 18.12 13.26 2.97 10.52 57153.01 Sychrony Fin 31.23 -0.02 32.00 22.60 - 13.85 26038.47
MTR 34.60 0.90 34.60 26.55 2.34 15.40 26005.1 SaudiBasic 86.25 2.28 136.50 70.25 5.94 10.98 68834.79
ChinaLife 30.75 -0.50 32.80 19.72 1.03 26.03 29516.09 3M 166.13 2.19 168.16 123.61 1.79 24.51 106459.23 Franklin 52.65 0.48 59.43 49.12 0.85 14.94 32775.5 Target 75.49 1.23 77.75 54.66 2.26 33.57 48084.44
SandsCh 39.20 -0.45 68.00 34.50 3.89 17.50 40795.14 SaudiTelec 66.25 0.99 76.50 55.00 2.81 11.75 35248.74
ChinaMBank 17.28 -0.38 19.96 12.12 4.21 6.38 10233.26 AbbottLb♦ 45.26 1.85 46.50 35.65 1.64 38.04 68152.08 FreeportMc♦ 16.83 -0.59 39.32 16.43 6.91 8.40 17488.36 TE Connect 67.57 0.12 69.96 51.03 1.60 15.24 27480.51
SHK Props 128.20 0.30 129.00 83.40 2.30 11.69 46687.48 Singapore (S$)
ChinaMob 104.30 0.90 105.10 63.65 2.79 16.57 275187.51 Abbvie♦ 63.12 1.27 70.76 45.50 2.42 29.43 100566.91 GenDyn♦ 134.48 -1.92 145.92 97.58 1.63 19.54 44565.29 TeslaMotors 205.20 5.83 291.42 169.36 - -134.86 25728.34
Tencent 134.60 -2.30 138.00 93.00 0.17 49.07 162700.29
ChinaPcIns 37.80 -0.90 41.95 23.55 1.12 28.75 13532.36 DBS 19.96 -0.06 20.67 15.65 2.86 7.66 36540.92 Accenture 85.64 1.28 91.94 73.98 2.19 20.27 67840.63 GenElectric 24.08 0.24 27.53 23.41 3.40 17.44 241815.98 TexasInstr♦ 54.67 0.74 56.00 40.33 2.04 25.54 57747.92
ChinaRailCons 9.09 -0.20 10.68 5.57 1.51 8.90 2434.58 India (Rs) JardnMt US$ 65.30 -0.14 67.88 49.34 1.89 17.13 45107.2 GenGrwthPrp 30.94 -0.27 31.70 19.39 1.71 130.64 27354.28 TheTrvelers 104.54 -0.04 108.24 79.89 1.87 10.82 34644.17
Ace 110.13 0.83 117.89 92.26 2.16 12.27 36534.26
ChinaRailGp 5.78 -0.15 6.68 2.99 1.34 10.24 3136.99 HDFC Bk 1095 36.65 1100.6 616.80 0.58 32.42 42767.66 JardnStr US$ 35.82 -0.47 38.10 30.06 0.63 14.38 40122.07 GenMills♦ 53.63 -0.45 55.64 46.70 2.89 23.30 32378.99 ThrmoFshr 127.96 3.62 131.12 107.33 0.44 33.17 51187.26
Actavis 273.25 -0.63 285.09 180.00 - -55.29 72427.95
ChMinsheng♦ 9.50 -0.45 10.70 6.73 1.25 6.36 8496.75 Hind Unilevr 941.60 7.75 968.85 542.00 1.14 55.17 32943.38 OCBC 10.47 -0.03 10.53 9.05 3.25 9.95 30861.57 GenMotors 33.16 0.32 38.15 28.82 2.52 23.06 53278.05 TimeWrnr 79.73 0.84 88.13 60.72 1.45 17.91 66852.51
Adobe 71.64 1.39 77.56 57.15 - 140.99 35699.22
ChMrchSecs RMB 23.54 -0.66 32.98 9.71 - 39.33 17564.28 HsngDevFin 1315.55 -29.05 1361.85 755.00 0.99 26.82 33388.62 SingTel 4.07 0.02 4.08 3.42 4.07 18.10 48017.11 GileadSci 104.18 1.73 116.83 63.50 - 19.94 157172.65 TimeWrnrC 137.77 -1.33 155.95 128.78 1.96 20.80 38643.73
AEP 63.72 0.34 65.38 47.23 2.92 18.71 31174.4
ChShenEgy 21.15 -0.30 24.40 19.12 4.55 8.74 9272.15 ICICI Bk 380.30 -3.75 393.40 188.72 2.25 20.14 35619.24 UOB 23.37 -0.03 24.72 19.40 2.95 11.33 27715.43 GoldmSchs 175.99 2.94 198.06 151.65 1.16 10.94 76651.66 TJX Cos 67.61 0.34 69.84 51.91 0.89 23.69 46576.55
Aetna♦ 93.61 0.92 96.25 64.68 0.87 16.78 32922.64
ChShpbldng RMB 8.95 -0.22 10.35 4.36 0.44 70.92 23414.23 Infosys 2145.5 0.95 2225 1440 1.70 20.49 39664.94 South Africa (R) Google 513.23 0.80 614.44 490.91 - 29.33 146176.21 UnionPac 120.09 0.94 123.61 85.56 1.40 23.84 106771.93
Aflac 57.65 0.29 66.01 54.99 2.39 9.72 25976.32
ChStConEng RMB 6.10 -0.12 7.57 2.71 2.00 8.29 29294.4 ITC 370.20 7.90 400.30 311.40 1.33 35.66 47630.34 Halliburton 39.57 0.10 74.33 37.21 1.41 10.97 33534 UPS B 100.42 1.12 114.40 93.19 2.44 26.79 70529.42
Firstrand 51.38 -1.05 52.50 29.95 2.51 16.18 25143.42 AirProd♦ 146.99 8.16 149.61 102.73 1.91 34.44 31459.1
ChUncHK 11.74 -0.26 14.22 9.03 1.63 19.63 36265.3 OilNatGas 351.90 -2.00 471.85 264.15 2.59 12.14 48704.61 HCA Hold 72.19 0.69 76.18 46.02 - 19.89 31298.97 USBancorp 42.57 0.47 46.10 38.10 2.08 15.03 76174.18
MTN Grp 208.47 -3.11 263.44 190.48 4.03 14.97 33428.49 Alexion 188.05 10.27 203.30 129.80 - 84.24 37287.85
Daqin RMB 11.09 0.53 12.32 6.24 3.30 12.34 26392.72 RelianceIn 929.40 22.55 1145.25 793.10 0.97 12.51 48640.34 Hew-Pack 37.74 0.58 41.10 27.89 1.52 15.28 69218.25 Utd Cntl Hldg 73.53 2.76 74.52 36.65 - 25.03 27137.77
Naspers N 1690 -6.46 1711.68 983.25 0.20 62.74 61240.79 Allergan 222.39 0.03 228.43 110.62 0.08 55.73 66249.68
GF Secs RMB 22.31 -0.69 29.42 9.50 0.76 39.19 21139.98 SBI NewA 327.00 -7.60 336.00 145.51 0.85 16.28 3949.36 HiltonWwde 26.38 -0.07 26.94 20.55 - 50.95 25974.21 UtdHlthcre 109.39 0.93 114.32 69.57 1.11 21.16 104991.55
Sasol 410.31 -5.85 652.99 360.00 4.21 9.02 23180.26 Allstate 71.05 0.73 72.54 49.18 1.43 12.35 29800.73
HaitongSecs 16.68 -0.56 23.20 9.50 0.85 25.89 3211.5 SunPhrmInds 919.80 10.05 939.95 552.55 0.15 33.99 30818.67 HlthcareREIT 83.74 0.70 84.88 55.87 3.50 114.57 27439.43 UtdTech 116.45 -0.47 120.95 97.30 1.88 18.48 106162.61
South Korea (KRW) Altria 54.39 0.38 55.18 33.80 3.35 26.83 107500.21
In&CmBkCh 5.60 -0.12 5.90 4.33 4.94 6.11 62697.41 Tata Cons♦ 2544.65 5.05 2839.7 1999.5 1.27 24.47 80632.15 HomeDep 107.62 2.88 107.74 73.96 1.58 26.07 141824.58 ValeroEngy 52.08 0.57 59.69 42.53 1.79 7.83 27146.44
HyundMobis 250000-4000.00 323500 226000 0.65 10.99 21840.08 Amazon 311.78 7.87 406.25 284.00 - -718.48 144356.15
IndstrlBk RMB 14.44 -0.33 17.49 8.60 2.71 6.28 37399.99 Tata Motors 598.60 9.40 607.70 332.10 0.30 10.66 24661.16 Honywell 100.17 0.35 103.92 82.89 1.67 20.27 78414.11 Verizon♦ 46.11 0.06 53.66 45.09 4.32 10.72 191343.76
KoreaElePwr 42600 -250.00 50200 34700 0.18 9.73 24269.61 AmerAir 52.24 1.62 56.20 28.10 0.18 102.21 37469.85
Kweichow RMB 176.15 -1.32 204.24 130.86 2.11 14.40 32202.05 Indonesia (Rp) AmerExpr♦ 82.00 0.27 96.24 78.41 1.11 16.29 84843.47 IBM 155.48 3.93 199.21 149.52 2.45 10.74 153872.41 VertexPharm 114.14 -7.12 127.69 59.79 - -54.74 27453.16
SK Hynix 47400-1800.00 52400 35550 - 10.72 31484.69
PetroChina 8.42 -0.18 11.70 7.31 4.55 10.13 22916.36 Astra Int 7750 -75.00 8100 6225 2.27 16.00 24964.99 AmerIntGrp 49.26 0.05 56.79 46.80 0.90 8.76 68959.68 IllinoisTool 93.75 1.63 97.79 76.25 1.73 22.92 36650.03 VF Cp 71.39 0.36 76.89 55.14 1.37 26.25 30831.36
SmsungEl 1360000-18000.00 1495000 1078000 0.81 8.76 162865.04
PingAnIns 82.95 -1.90 88.70 55.60 0.96 16.03 39844.98 Bk Cent Asia 13325 50.00 13575 9700 0.38 21.29 25879.56 Ameriprise 128.26 1.87 137.33 100.94 1.60 18.27 23668.08 Illumina 200.00 2.14 213.33 127.69 - 113.21 28400 Viacom 67.49 0.99 89.76 64.79 1.74 13.37 24268.82
PngAnBnk RMB 13.90 -0.16 16.39 8.36 0.98 8.44 21887.67 Spain (€) Intcntl Exch 204.87 -0.57 228.79 182.40 1.18 48.11 23090.33 Visa Inc 248.00 1.64 269.32 194.84 0.60 30.94 122386.25
Israel (ILS) AmerTower 98.42 -0.46 105.20 78.38 1.24 57.73 39019.88
SaicMtr RMB 23.41 -0.47 25.98 12.22 4.37 10.02 41317.87 BBVA 7.61 0.01 9.99 7.21 0.86 -50.13 53275.63 Intel 34.21 0.44 37.90 23.50 2.45 17.58 165405.35 Walgreen 76.05 -0.74 77.98 55.27 1.71 36.06 72276.92
TevaPha 231.80 -0.20 237.70 152.20 1.95 19.54 56025.96 Amgen 156.37 1.73 173.14 108.20 1.37 26.46 118945.97
ShgPdgBk RMB 14.42 -0.39 16.75 8.39 3.90 6.20 34446.84 BcoSantdr♦ 6.03 0.07 7.96 5.78 8.75 12.70 85965.9 Intuit 88.45 0.95 95.84 69.02 0.87 32.69 25252.16 WalMartSto 87.72 0.90 90.97 72.27 2.05 19.57 282738.22
Italy (€) Anadarko 80.14 0.96 113.51 71.00 1.04 -20.45 40586.94
Sinopec 6.17 -0.07 8.23 5.74 4.16 10.02 20306.15 CaixaBnk 4.03 0.09 5.00 3.90 1.01 41.58 26132.26 John&John 102.38 0.90 109.49 86.09 2.47 18.25 286572.92 Wellpoint 128.71 0.94 129.96 81.84 1.27 16.42 34744.16
Enel 4.04 0.04 4.49 3.28 2.67 13.00 43093.9 Aon Cp♦ 91.18 0.34 98.10 76.49 0.87 23.06 25998.76
GasNatur 21.33 0.19 24.45 17.83 3.44 13.17 24194.95 JohnsonCn 47.02 0.97 51.60 38.60 1.74 23.85 31390.19 WellsFargo 52.76 0.60 55.95 44.17 2.29 13.90 273699.07
Denmark (kr) ENI 14.93 -0.27 20.46 12.98 6.28 9.95 61518.14 AppldMat 23.62 0.25 25.71 16.40 1.60 28.78 28851.17
Iberdrola 6.18 0.05 6.19 4.46 2.61 17.71 44208.38 JPMrgnCh♦ 55.67 0.92 63.49 52.97 2.61 11.09 208104.97 WestrnDigl 101.06 1.23 114.69 80.78 1.29 16.99 23469.19
DanskeBk 172.80 0.30 174.10 122.10 1.20 13.84 26545.87 Generali 18.68 0.34 18.68 14.40 2.00 18.09 32973.61 Apple 118.90 3.59 119.75 70.51 1.50 16.64 692562.54
Inditex 26.29 -0.18 27.13 19.29 1.20 32.89 92882.24 Kimb-Clark 110.22 0.59 119.01 99.20 2.81 20.99 41052.01 Williams Cos 43.59 1.08 59.77 39.29 3.77 17.42 32581.9
MollerMrsk 13200 -220.00 15390 11020 2.38 16.84 4418.63 IntSPaolo 2.62 0.03 2.68 1.92 1.58 -9.59 47107.57 ArcherDan 47.92 0.43 53.91 37.92 1.77 17.68 30933.35
Repsol 15.91 0.01 21.07 14.26 4.98 15.85 24349.57 KinderM♦ 40.71 -0.20 43.18 30.81 3.81 36.36 41859.22 Yahoo 43.73 -2.73 52.62 32.15 - 6.25 41427.68
NovoB 299.90 1.50 303.50 198.50 1.12 29.44 22496.74 Luxottica 52.75 0.95 53.00 34.74 1.02 41.89 28807.78 AT&T♦ 32.96 0.28 37.48 31.74 5.19 10.85 170963.52
Telefonica 13.38 0.13 13.43 10.76 4.59 13.51 70650.91 Kraft 66.26 0.52 67.45 50.54 2.95 18.02 39015.46 Yum!Brnds♦ 74.27 1.37 83.58 65.81 1.85 24.92 32652.74
Finland (€) Unicred 5.39 0.02 6.89 4.82 - -2.45 35430.84 AutomData 84.35 -0.18 87.18 70.50 2.12 28.49 40661.49
Sweden (SKr) Avago Tech 106.53 1.53 108.34 52.96 1.00 97.46 27200.47 Kroger 69.34 0.46 70.06 35.13 0.90 22.67 34068.43
Nokia 6.88 -0.28 7.23 4.89 1.66 26.74 29192.04 Japan (¥) AtlasCpcoB 229.70 5.70 234.90 155.90 2.55 22.34 10860.3 BakerHu 57.08 0.13 75.64 47.51 1.01 20.76 24692.75 L Brands 86.38 1.45 87.58 50.78 1.44 28.20 25281.91 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 43.00 -0.61 43.77 33.71 3.98 15.02 27243.39 AstellasPh 1823 14.00 1842 1062 3.69 44.03 34893.14 Ericsson 101.50 2.05 104.80 76.30 3.15 22.62 37036.94 BankAm 15.43 0.23 18.21 14.37 0.48 42.28 162268.83 LasVegasSd 55.45 -0.57 88.28 49.82 3.10 17.98 44470.8 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4673.5 -24.50 4740 3328 1.20 15.77 32185.95 H&M 336.40 1.10 343.50 261.00 3.04 26.76 59536.19 LibertyGbl 46.41 -0.07 88.19 37.98 - -36.45 9986.36 based on intraday trading over a rolling 52 week period.
Baxter 71.38 1.22 77.31 66.34 2.63 22.95 38686.4
Airbus Grpe 48.28 -0.68 55.55 39.64 1.61 21.97 42954.32 Canon 3741 -201.50 4045 2889 3.12 16.72 42261.55 Investor 301.80 1.90 302.10 204.40 1.98 4.17 16655.78 Lilly (E) 72.11 1.14 75.10 52.29 2.53 31.04 80289.42 ♦ ex-dividend
BB & T 35.67 0.31 41.04 34.50 2.45 14.03 25693.04
AirLiquide 112.25 1.70 112.65 83.45 2.42 22.06 43891.63 CntJpRwy 20345 -45.00 20695 10655 0.47 15.20 35497.99 Nordea Bk 106.40 1.40 106.50 82.40 3.92 13.72 52115.69 LinkedIn 223.04 2.58 243.25 136.02 - -1949.98 24160.8 ■ ex-capital redistribution
BectonDick 140.31 -0.51 146.74 105.21 1.44 25.19 27133.41
AXA 21.16 0.23 21.18 16.43 4.08 9.58 58579.3 Denso 5221 -120.00 5995 4223 1.60 16.01 39094.76 SEB 100.50 -1.80 103.00 82.25 4.24 11.72 26424.22 Lockheed 192.50 3.25 198.88 144.69 2.57 20.96 60815.59
BerkshHat 219998 2838 229374163038.88 - 18.78 188417.95 # price at time of suspension
BNP Parib 47.65 0.15 61.82 43.14 3.26 -55.97 67313.56 EastJpRwy 9207 -65.00 9298 7105 1.04 18.10 30686.1 SvnskaHn 392.30 2.20 393.90 305.10 3.12 15.71 29076.53 Lowes♦ 69.93 0.71 71.11 44.13 1.10 29.28 68035.5
Biogen 353.25 2.07 366.17 272.02 - 35.96 83421.9
Fanuc 20130 -705.00 21440 16105 0.95 25.36 40836 Swedbank 199.30 0.30 199.80 165.70 5.40 12.53 22996.69

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Galaxy Enter 42.20 43.20 -1.00 -2.31 4.45 11.8 -3.32 FreeportMc 16.83 17.42 -0.59 -3.39 -3.19 -15.9 -27.64 Jan 29 date Coupon S* M* F* price yield yield yield US Jan 29 date Coupon S* M* F* price yield yield yield US
Nordea Bk 106.40 105.00 1.40 1.33 11.15 11.7 15.78 Vale 18.89 18.89 0.00 0.00 -3.02 -13.8 -18.82 High Yield US$ US$
Boeing 147.78 139.64 8.14 5.83 12.14 9.0 5.56 UPS B 100.42 99.30 1.12 1.13 -13.83 -12.1 -10.70 Windstream Corporation 11/17 7.88 B B1 BB 108.31 4.67 -0.07 0.15 4.18 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.58 6.01 0.00 0.05 4.26
ValeroEngy 52.08 51.51 0.57 1.11 4.08 8.5 4.14 Petrobras 8.63 8.63 0.00 0.00 -1.18 -12.0 -14.99 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 133.59 3.96 0.00 -0.27 2.20
Unilever 38.68 38.05 0.63 1.64 2.95 8.3 17.93 Qualcomm 63.69 70.99 -7.30 -10.28 -8.22 -11.4 -15.06 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 79.93 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 123.13 4.31 0.00 0.03 -
SSE 1605.00 1580.00 25.00 1.58 115.00 7.7 -1.65 Microsoft 42.01 41.19 0.82 1.99 -5.12 -10.9 -11.46 SouthTrust Bank 12/27 6.57 A+ A1 A+ 126.00 4.00 -0.08 -0.35 -
TokioMarine 4110.50 4121.00 -10.50 -0.25 292.00 7.6 4.05 Yahoo 43.73 46.46 -2.73 -5.88 -5.16 -10.6 -13.46 Emerging US$ Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 127.24 4.08 0.00 -0.16 -
Starbucks 89.05 87.57 1.49 1.70 6.31 7.6 8.10 VertexPharm 114.14 121.26 -7.12 -5.87 -13.16 -10.3 -4.72 Peru 05/16 8.38 BBB+ A3 BBB+ 121.00 1.23 0.00 0.00 0.74 Nordstrom, Inc. 03/28 6.95 A- Baa1 A- 129.27 4.09 0.00 0.17 -
TE Connect 67.57 67.45 0.12 0.18 4.77 7.6 4.46 NtlOilVarc 53.26 53.53 -0.27 -0.50 -5.56 -9.5 -19.87 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.65 0.97 0.20 0.00 0.48
Brazil 01/18 8.00 BBB- Baa2 BBB 109.71 4.47 0.05 -0.18 3.99 Euro
Sychrony Fin 31.23 31.25 -0.02 -0.06 2.18 7.5 2.53 ChCommsCons 8.51 8.83 -0.32 -3.62 -0.80 -8.6 -1.50 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 112.11 1.69 -0.06 -0.14 -0.06
SandsCh 39.20 39.65 -0.45 -1.13 2.65 7.3 1.82 ShgPdgBk 14.42 14.81 -0.39 -2.63 -1.32 -8.4 -2.37 Russia 07/18 11.00 BB+ Baa3 BBB- 111.64 7.29 -0.01 1.31 6.80
Peru 03/19 7.13 BBB+ A3 BBB+ 118.64 2.41 0.00 -0.12 1.13 Citigroup Inc. 09/26 2.13 A- Baa2 A 104.77 1.67 -0.06 -0.05 -0.09
HDFC Bk 1095.00 1058.35 36.65 3.46 73.75 7.2 15.43 ChMinsheng 9.50 9.95 -0.45 -4.52 -0.82 -7.9 -0.31 Eni SpA 01/29 3.63 A A3 A+ 123.73 1.70 -0.06 -0.38 -
Marathon Ptl 90.01 89.29 0.72 0.81 6.04 7.2 -1.15 Caterpillar 80.00 80.01 -0.01 -0.01 -6.82 -7.9 -14.62 Brazil 01/21 7.88 BBB- Baa2 BBB 106.70 3.65 0.05 -0.06 2.38
Turkey 03/21 5.63 - Baa3 BBB- 111.54 3.55 0.05 -0.31 2.28 BG Energy Capital plc 11/29 2.25 A- A2 A- 105.49 1.82 0.00 -0.28 -
Fresenius 51.40 51.40 0.00 0.00 3.37 7.0 16.14 EMC 26.40 26.60 -0.20 -0.75 -2.14 -7.5 -13.75
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.35 Yen
CntJpRwy 20345.00 20390.00 -45.00 -0.22 1325.00 7.0 11.04 IndstrlBk 14.44 14.77 -0.33 -2.23 -1.17 -7.5 -4.05
Colombia 07/21 4.38 BBB Baa2 BBB 105.66 3.42 -0.03 -0.06 2.14 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.30 0.32 0.00 -0.04 -
Sony 2775.00 2824.00 -49.00 -1.74 177.50 6.8 8.80 CaixaBnk 4.03 3.95 0.09 2.23 -0.32 -7.4 -8.57
LOreal 160.20 157.00 3.20 2.04 9.95 6.6 13.38 Kimb-Clark 110.22 109.63 0.59 0.54 -8.76 -7.4 -6.65 Turkey 02/25 7.38 - Baa3 BBB- 130.38 4.21 0.00 0.00 2.45 £ Sterling
Heineken 66.81 65.83 0.98 1.49 4.13 6.6 12.30 Intel 34.21 33.78 0.44 1.29 -2.70 -7.3 -7.99 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 131.72 3.40 -0.01 -0.36 1.64
NipponTT 6928.00 6948.00 -20.00 -0.29 420.00 6.5 11.28 ChinaRailCons 9.09 9.29 -0.20 -2.15 -0.69 -7.1 -2.26 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 118.17 3.78 -0.03 -0.56 2.03
PTT Explor 350.00 349.00 1.00 0.29 20.00 6.1 6.06 Ch OSLnd&Inv 22.90 23.80 -0.90 -3.78 -1.70 -6.9 6.76 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 1.01 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 112.55 2.80 -0.04 -0.33 1.52 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 123.06 3.21 -0.06 -0.57 1.45
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jan 29 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 29 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.12 16-12-2008 0.12 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 18.76 -1.68 20.44 31.06 10.28 Jan 29 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.80 -2.54 19.34 23.19 7.64 Tr 3.5pc 'WL - - - - - - - - -
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 181.30 0.11 1.70 1.70 2.00 6.86 VXN 19.48 -1.91 21.39 31.17 9.66 Tr 2.75pc '15 100.32 0.43 -0.01 0.32 0.16 -1.87 102.24 100.00 0.02
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 305.55 0.13 4.10 4.10 5.18 14.88 VDAX 19.84 0.45 19.39 - - Tr 2pc '16 101.61 0.35 -0.01 -0.05 -0.04 -0.91 102.73 101.61 0.32
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 255.01 -0.06 1.81 1.81 1.81 1.81 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 1.75pc '17 102.59 0.43 0.03 -0.04 0.24 0.69 102.68 101.07 0.29
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.22 -0.02 0.71 0.71 0.95 7.92 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '18 113.40 0.63 0.04 -0.03 0.47 -0.29 114.36 111.68 0.35
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.39 -0.07 2.13 2.13 2.51 13.79 Tr 4.5pc '19 114.89 0.80 0.09 0.07 1.06 1.99 114.93 111.17 0.36
Gilts( £) 296.15 0.18 3.68 3.68 5.11 17.04 BONDS: BENCHMARK GOVERNMENT Tr 4.75pc '20 118.77 0.97 0.14 0.12 1.47 3.39 118.77 113.53 0.33
INTEREST RATES: MARKET Global Inflation-Lkd 251.65 0.03 0.32 0.32 0.83 3.16 Red Bid Bid Day chg Wk chg Month Year Tr 8pc '21 142.47 1.07 0.15 0.14 1.79 3.40 142.47 135.65 0.24
Over Change One Three Six One Markit iBoxx £ Non-Gilts 304.56 0.10 3.77 3.77 4.81 14.37 Date Coupon Price Yield yield yield chg yld chg yld Tr 4pc '22 119.33 1.16 0.19 0.28 2.53 7.58 119.33 110.38 0.38
Jan 29 (Libor: Jan 28) night Day Week Month month month month year Overall ($) 228.30 -0.06 1.84 1.84 1.84 1.84 Australia 10/18 3.25 104.47 1.99 -0.03 -0.12 0.00 -1.30 Tr 5pc '25 133.82 1.40 0.33 0.49 3.73 11.76 133.82 119.37 0.35
US$ Libor 0.11770 -0.002 -0.003 0.003 0.17050 0.25460 0.35740 0.61790 Overall( £) 295.89 0.16 3.71 3.71 5.01 16.19 04/25 3.25 106.78 2.49 -0.02 -0.13 0.00 -1.63 Tr 4.25pc '27 130.82 1.59 0.40 0.69 5.19 16.67 130.82 112.04 0.31
Euro Libor -0.07786 -0.016 0.079 -0.001 -0.00357 0.03357 0.09429 0.23500 Overall(€) 221.93 -0.05 1.57 1.57 1.89 11.42 Austria 10/18 1.15 104.23 0.01 0.01 -0.02 0.00 0.00 Tr 4.25pc '32 135.54 1.85 0.45 0.65 6.88 21.20 135.54 111.72 0.35
£ Libor 0.46938 0.000 0.000 0.003 0.50444 0.56400 0.68250 0.96025 Treasuries ($) 219.33 -0.06 1.98 1.98 1.98 1.98 10/24 1.65 111.16 0.47 0.02 -0.05 0.00 0.00 Tr 4.25pc '36 138.81 1.99 0.47 0.65 7.98 24.18 138.81 111.54 0.26
Swiss Fr Libor 0.000 -0.91800 -0.84600 -0.74360 -0.62560 FTSE Belgium 06/18 0.75 101.60 0.27 0.00 -0.02 -0.06 -0.95 Tr 4.5pc '42 151.15 2.07 0.48 0.59 9.76 28.54 151.15 117.05 0.26
Yen Libor -0.001 0.07143 0.10214 0.14357 0.26757 Sterling Corporate (£) 118.48 0.47 - - 4.17 9.40 12/24 1.10 103.43 0.74 -0.01 -0.21 -0.45 0.00 Tr 3.75pc '52 142.76 2.10 0.59 0.90 12.61 36.35 142.76 104.09 0.22
Euro Euribor -0.004 0.00100 0.05300 0.13500 0.27300 Euro Corporate (€) 110.96 0.04 - - 0.87 6.06 Canada 11/16 1.00 100.95 0.45 0.01 -0.10 0.00 0.00 Tr 4pc '60 156.15 2.07 0.66 1.05 14.05 39.77 156.15 111.06 0.21
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 971.80 -26.54 - - 4.77 5.11 06/25 2.25 108.52 1.36 0.01 -0.18 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
US$ CDs 0.000 0.17000 0.22000 0.29000 Eurozone Govt Bond 116.84 -0.02 - - 2.07 10.69 Denmark 11/16 2.50 105.17 -0.38 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
Euro CDs 0.000 -0.06500 -0.00500 0.08500 11/25 1.75 113.68 0.45 -0.03 -0.08 0.00 0.00 on Saturdays, and can be found daily on ft.com/bond&rates.
CREDIT INDICES Day's Week's Month's Series Series
LA 7Day Notice 0.40%-0.35% Finland 09/18 1.13 104.15 0.02 -0.01 0.02 0.00 0.00
Index change change change high low
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.24 0.52 0.04 -0.07 0.00 -1.63 GILTS: UK FTSE ACTUARIES INDICES
Jan 29 term notice month month month year Crossover 5Y 313.12 6.56 10.22 -29.18 419.37 290.75 France 11/16 0.25 100.60 -0.08 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Euro -0.15 0.05 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.01 0.16 0.15 0.30 Europe 5Y 57.46 1.87 2.79 -5.21 80.45 51.98 11/19 0.50 101.98 0.09 0.00 -0.03 0.00 0.00
Fixed Coupon Jan 29 chg % Return 1 month 1 year Yield
Sterling - - - - - - - - - - - - Japan 5Y 64.83 0.46 -1.65 -2.18 79.33 58.50 11/24 1.75 110.98 0.59 0.02 -0.02 0.00 0.00
1 Up to 5 Years 100.68 0.05 2352.80 0.54 2.97 0.70
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 64.40 0.33 4.55 -2.09 85.99 56.40 05/45 3.25 143.30 1.47 0.03 -0.05 0.00 -1.79
2 5 - 10 Years 185.74 0.21 3251.53 2.27 10.39 1.18
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.55 -0.15 0.00 0.00 0.00 0.00
Markit CDX 3 10 - 15 Years 217.94 0.38 3882.55 4.18 18.32 1.53
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.48 -0.06 0.00 0.00 0.00 0.00
Emerging Markets 5Y 400.94 5.08 3.51 63.19 420.12 238.47 4 5 - 15 Years 193.17 0.26 3405.60 2.82 12.66 1.32
Japanese Yen -0.10 0.00 -0.15 -0.05 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.05 0.25 02/25 0.50 101.36 0.36 0.01 -0.09 0.00 0.00
Nth Amer High Yld 5Y 368.70 8.71 -2.97 12.94 406.42 328.06 5 Over 15 Years 322.79 0.52 4557.95 8.86 32.44 2.03
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/46 2.50 139.07 1.04 0.01 -0.11 0.00 0.00
Nth Amer Inv Grade 5Y 68.83 1.86 -1.37 2.74 75.99 60.32 7 All stocks 181.53 0.31 3303.66 4.45 16.33 1.80
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Greece 07/17 3.38 74.35 16.99 0.51 6.91 0.00 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 59.35 10.02 -0.28 1.25 0.00 1.37
notice: Tradition (UK).” Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.37 0.17 0.01 0.01 0.00 -1.26 Index Linked Jan 29 chg % chg % chg % Return 1 month 1 year
03/24 3.40 121.04 0.98 0.02 -0.04 0.00 -2.34 1 Up to 5 Years 312.88 -0.04 -1.13 -2.12 2366.03 -0.54 -0.40
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.57 0.46 -0.01 0.05 0.00 0.00 2 Over 5 years 589.65 -0.24 4.37 24.43 4325.43 4.50 25.51
12/19 1.05 100.96 0.85 -0.03 0.08 0.00 0.00 3 5-15 years 441.36 0.06 0.29 7.93 3321.83 0.46 9.25
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 108.17 1.60 0.01 0.04 0.00 0.00 4 Over 15 years 727.46 -0.36 6.17 33.14 5244.44 6.28 34.05
Crude Oil† Feb 44.52 0.15 Corn♦ Mar 373.00 -1.25 Jan 28 Jan 28 Prev return stock Market stocks
09/46 3.25 111.38 2.73 0.02 -0.18 0.00 0.00 5 All stocks 544.23 -0.22 3.77 21.30 4040.85 3.95 22.47
Brent Crude Oil‡ 49.12 0.61 Wheat♦ Mar 507.75 2.50 Can 4.25%' 21 133.41 -0.540 -0.487 3.52 5.18 72713.71 7
Japan 01/17 0.10 100.19 0.00 0.00 0.00 0.00 0.00
RBOB Gasoline† Feb 1.40 0.01 Soybeans♦ Mar 968.25 -2.25 Fr 2.25%' 20 115.20 -0.478 -0.484 0.74 19.98 210322.21 14
02/20 0.05 99.91 0.07 0.00 -0.01 0.00 0.00 Yield Indices Jan 29 Jan 28 Yr ago Jan 29 Jan 28 Yr ago
Heating Oil† Feb 1.22 -0.40 Soybeans meal♦ Mar 337.90 0.10 Swe 0.25%' 22 105.47 -0.379 -0.386 1.16 28.26 218199.48 5
12/24 0.30 100.10 0.29 0.01 -0.03 0.00 0.00 5 Yrs 0.93 0.95 1.80 20 Yrs 2.00 2.03 3.43
Natural Gas† Feb 2.72 -0.13 Cocoa (ICE Liffe)X Mar 1900.00 -2.00 UK 2.5%' 16 327.81 -1.266 -1.242 -0.32 7.90 497093.95 24
12/44 1.50 104.50 1.29 0.02 0.02 0.00 0.00 10 Yrs 1.46 1.50 2.81 45 Yrs 2.10 2.13 3.48
Ethanol♦ Mar 1.37 0.00 Cocoa (ICE US)♥ Mar 2697.00 -25.00 UK 2.5%' 24 349.61 -0.994 -0.982 0.28 6.82 497093.95 24
Netherlands 04/17 0.50 101.34 -0.11 0.00 0.00 0.00 0.00 15 Yrs 1.81 1.85 3.25
Uranium Feb 37.30 0.15 Coffee(Robusta)X Mar 1944.00 -40.00 UK 2%' 35 240.46 -0.942 -0.954 3.02 9.08 497093.95 24
07/24 2.00 114.50 0.43 0.01 -0.06 0.00 0.00
Carbon Emissions - - Coffee (Arabica)♥ Mar 160.40 -6.90 US 0.625%' 21 104.63 -0.089 -0.035 2.74 35.84 1109604.42 35
New Zealand - - - - - - - inflation 0% inflation 5%
Diesel Mar - - White SugarX 428.20 - US 3.625%' 28 142.93 0.306 -0.035 3.47 16.78 1109604.42 35
12/17 6.00 107.44 3.28 -0.02 -0.15 -0.37 -1.33 Real yield Jan 29 Dur yrs Previous Yr ago Jan 29 Dur yrs Previous Yr ago
Unleaded Mar - - Sugar 11♥ 14.89 -0.27 Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 108.16 0.66 0.01 0.00 0.00 -1.04 Up to 5 yrs -0.95 2.46 -0.96 -1.24 -1.59 2.48 -1.61 -1.87
Base Metals (♠ LME 3 Months) Cotton♥ Mar 59.58 0.35 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 114.84 1.26 0.01 -0.02 0.00 0.00 Over 5 yrs -0.91 23.09 -0.92 0.06 -0.95 23.22 -0.96 0.01
Aluminium 1821.00 -22.00 Orange Juice♥ Mar 135.95 0.65 amount.
Portugal 02/16 6.40 106.39 0.22 -0.01 0.00 0.00 -2.29 5-15 yrs -0.93 9.13 -0.93 -0.15 -1.07 9.16 -1.06 -0.31
Alluminum Alloy 1800.00 -70.00 Palm Oil♣ Feb 587.00 -23.75
Copper 5411.00 -49.00 Live Cattle♣ Feb 153.93 0.40 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.60 2.59 0.04 0.00 0.00 0.00 Over 15 yrs -0.91 28.78 -0.92 0.09 -0.93 28.86 -0.94 0.06
Spain 10/17 0.50 100.03 0.49 -0.02 0.11 0.00 0.00 All stocks -0.91 20.96 -0.92 0.04 -0.95 21.12 -0.97 -0.02
Lead 1856.00 -23.00 Feeder Cattle♣ Mar 203.58 -0.75
Nickel 14880.00 -70.00 Lean Hogs♣ Feb 68.53 -2.23 Spread Spread Spread Spread 04/25 1.60 100.58 1.54 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Tin 19265.00 -30.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.68 -0.07 0.00 0.00 0.00 0.00
Zinc 2092.00 -25.00 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 117.88 0.69 -0.02 -0.06 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix) Jan 28 Month Year Switzerland 10/16 2.00 104.83 -0.82 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.49 2.13 0.74 Italy 1.60 1.24 -0.15
Gold 1268.75 -19.25 S&P GSCI Spt 375.08 -2.79 - 07/25 1.50 116.31 -0.05 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.47 0.11 -1.28 Japan 0.29 -0.07 -1.47
Silver (US cents) 1743.00 -58.00 DJ UBS Spot 98.76 -3.69 - Belgium 0.74 0.38 -1.02 Netherlands 0.43 0.07 -1.32 United Kingdom 07/18 1.25 101.65 0.77 -0.02 -0.02 0.00 -0.89 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 1206.00 13.00 R/J CRB TR 213.17 -9.38 -24.62 Canada 1.36 1.00 -0.39 Norway 1.26 0.90 -0.49 07/20 2.00 104.90 1.08 -0.02 -0.06 0.00 0.00 [email protected]
Palladium 794.00 3.00 Rogers RICIX TR 2554.88 - - Denmark 0.45 0.09 -1.31 Portugal 2.59 2.23 0.84 09/24 2.75 111.85 1.43 -0.04 -0.09 0.00 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 289.16 -9.96 -33.70 Finland 0.52 0.15 -1.24 Spain 1.54 1.18 -0.22 01/45 3.50 130.27 2.13 -0.01 -0.08 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 63.25 0.25 UBS Bberg CMCI TR 15.09 -9.31 -24.73 France 0.59 0.23 -1.16 Switzerland -0.05 -0.41 -1.81 United States 12/16 0.63 100.27 0.49 0.01 -0.04 0.00 0.00
Iron Ore (The Steel Index) 62.30 -0.40 LEBA EUA Carbon 6.79 -5.43 18.29 Germany 0.36 0.00 -1.39 United Kingdom 1.43 1.06 -0.33 12/19 1.63 101.66 1.27 0.03 -0.09 0.00 0.00
GlobalCOAL RB Index 63.20 0.35 LEBA CER Carbon 0.46 -13.21 283.33 Greece 10.02 9.66 8.27 United States 1.75 1.39 0.00 11/24 2.25 104.44 1.75 0.03 -0.11 0.00 0.00
Baltic Dry Index 632.00 -34.00 LEBA UK Power 2071.00 156.95 22.18 Ireland 0.98 0.62 -0.78 11/44 3.00 114.72 2.31 0.02 -0.13 0.00 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Friday 30 January 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence FriendsLf 404.40 3.30 413.63 286.60 5.23 48.56 10668.0 SKF SKr 193.50 -1.50 197.80 134.80 3.03 49.17 3876.5 BisichMg♦ 74.50 - 126.00 73.00 5.37 -10.77 0.1 PrimyHth 380.50 -1.25 381.75 324.00 5.06 14.32 97.0 Intertek 2319 31.00 3111 2141 1.98 19.21 847.4
AvonRub 795.00 7.00 810.00 580.00 0.60 18.79 21.2 Gimv Nv € 40.03 -0.16 40.25 34.16 5.05 59.40 18.4 Spirax-S 3101 4.00 3143 2548 1.90 23.52 99.3 CoalfieldR# 5.43 - 6.60 5.35 - 4.74 143.6 Redefine 55.50 0.50 59.20 47.75 5.65 6.95 5539.8 Latchways 724.00 4.00 1290 705.01 5.47 18.24 2.2
BAE Sys 516.00 3.00 520.50 374.10 3.90 89.15 8935.7 GuinPeat 24.00 - 36.63 19.00 - -56.34 106.0 Tex 90.50 - 101.50 72.50 4.42 8.19 0.7 EVRAZ 172.70 -4.90 179.00 51.35 - -12.60 1332.4 SEGRO 412.50 -1.10 418.60 325.30 3.59 7.41 1005.5 Lavendon 160.25 1.00 247.75 159.00 2.22 13.21 32.6
Chemring 217.75 -6.50 289.50 181.50 3.31 -11.72 360.5 Hargr Lans 1033 38.00 1523 827.00 2.07 30.23 1458.2 Trifast 107.63 - 134.00 73.00 1.30 18.46 53.1 FstQuant 590.00 -51.00 1512 585.00 1.37 11.04 18.9 Shaftbry♦ 795.00 - 814.50 608.50 1.60 4.83 355.6 MngCnslt 15.38 -0.25 30.00 14.50 5.37 8.83 974.2
Cobham 343.30 -1.10 345.10 258.30 2.82 33.19 1432.2 HBM Hlth SFr 97.20 0.45 105.80 70.25 - 3.05 11.5 Vitec 614.25 1.25 690.00 539.00 3.74 15.35 0.2 Fresnillo 862.50 -47.50 1037 675.50 0.33 48.09 1613.4 Town Ctr 276.25 1.25 288.00 212.25 3.78 5.35 4.2 MearsGp 415.00 -3.75 540.00 354.75 2.12 18.87 14.5
Meggitt 547.50 4.00 551.50 421.70 2.33 20.95 4545.4 HenderGp 238.00 2.30 275.40 180.10 3.36 30.70 4663.3 Weir 1646 -31.00 2848 1574 2.55 10.73 1295.6 GemDmnd 148.25 -7.75 223.00 139.85 - 10.90 551.2 Wkspace♦ 795.00 -3.00 806.00 533.50 1.34 3.86 158.1 MenziesJ 366.50 - 714.75 306.25 7.23 8.29 353.0
RollsRoyceX 887.50 5.00 1219 777.00 2.48 7.34 5419.9 ICAP♦ 470.10 -6.90 477.00 338.70 4.68 27.37 1076.1 Harmony R 33.65 -0.80 40.98 16.60 - -12.27 2588.9 Real Estate Inv & Services MichaelPge 464.00 -1.40 511.50 358.70 2.26 32.48 310.8
Indvardn SKr 146.30 1.20 146.70 111.40 4.00 10.31 388.9
Industrial General Hochschild 88.50 -6.50 207.46 77.80 - -4.94 668.2 MITIE♦ 272.90 -4.90 345.90 263.90 4.03 78.69 1232.1
Senior 310.00 -1.00 324.80 248.90 1.65 17.60 415.7 Cap&Count 385.90 -1.70 395.10 313.00 0.39 11.27 715.0
ICG 496.00 -7.50 505.00 361.70 4.09 13.92 602.0 BritPoly 644.75 4.75 690.00 565.00 2.25 14.22 2.3 Kenmr 3.03 -0.18 18.90 2.18 - -2.14 7320.8 PayPoint 827.00 -52.50 1212 822.00 4.27 15.14 257.1
UltraElc 1781 -47.00 1985 1642 2.37 28.98 104.6 Cardiff♦ 1040 -5.00 1099.5 825.00 1.22 4.40 0.2
IPF 438.40 1.50 636.50 412.00 2.12 15.15 444.6 JardnMt $X 65.30 -0.14 67.88 49.34 1.89 17.13 194.6 Lonmin 161.00 -4.20 336.60 149.74 - -7.91 1494.5 PremFarn 166.90 -3.90 242.40 159.20 6.23 12.23 472.1
CLS 1570 29.00 1600 1241 - 6.64 4.3
Automobiles & Parts Investec 568.00 -2.00 606.50 366.20 3.35 17.90 874.4 Jard Str $X 35.82 -0.47 38.10 30.06 0.63 14.38 122.5 Petra 159.10 -3.90 220.87 131.64 - 21.90 2019.4 Daejan 5540 -5.00 5800 4641.56 1.61 4.84 2.4 Rentokil 122.00 -0.20 133.60 109.80 1.89 21.04 1154.0
FordMtr $X♦ 14.85 0.39 18.12 13.26 2.97 10.52 40612.0 Jupiter 382.10 -2.90 447.60 313.70 3.30 22.15 564.0 Macfrlne 36.25 -0.50 49.50 33.00 4.41 12.16 441.2 Petropvlsk 12.75 -0.75 98.25 6.00 - 0.34 1355.4 Ricardo 666.00 -4.00 800.00 597.70 2.15 18.31 24.5
REXAM 438.30 -2.00 603.00 426.50 4.47 10.91 1771.0 DvlptSec 236.25 -5.75 267.25 179.00 3.39 15.10 11.3
GKN 369.50 0.40 468.00 281.10 2.14 12.58 6029.8 Liontrust 290.25 - 306.25 208.00 1.03 25.68 10.3 PolymtIntl 598.50 8.50 690.00 315.18 0.87 25.29 790.5 Grainger♦ 193.30 -0.70 250.00 167.80 1.07 10.77 644.6 RbrtWlts 335.00 - 363.00 270.00 1.61 38.15 10.2
Man 181.60 1.80 182.61 79.80 2.59 106.01 7114.2 RPC 550.00 - 672.90 488.20 2.50 21.03 387.5 RndgldRs 5420 -165.00 5640 3638 0.56 30.50 550.5 RPS 183.80 -4.50 359.37 183.20 4.00 13.61 309.6
Banks Smith DS 313.20 -5.80 359.10 231.82 3.19 17.52 2522.0 HelclBar 382.75 2.75 405.06 320.00 1.76 6.73 51.9
NB GFRIF♦ 96.30 0.05 104.50 93.75 3.71 20.79 993.1 RioTintoX 2886 -8.50 3680.56 2600 3.93 14.83 4377.3 HK Land $ 7.48 -0.11 8.30 5.84 2.12 17.30 1727.8 Shanks 98.25 -0.25 120.00 84.50 3.51 -22.33 182.1
ANZ A$X 32.95 0.31 35.07 28.84 5.52 12.27 6416.8 Smiths 1110 -6.00 1471 1006 3.58 19.09 1318.1
Paragon♦ 421.70 -5.80 432.00 313.70 1.85 13.54 503.6 Troy Res A$ 0.61 -0.06 1.53 0.35 - -1.67 1167.5 Lon&Assc 39.25 -1.00 61.50 36.50 0.32 68.02 47.0 SIG 185.80 1.90 214.80 143.40 1.91 -166.34 3103.9
BcoSant 452.75 10.75 758.00 416.37 8.72 12.69 806.8 SmurfKap € 21.91 0.15 22.43 14.78 2.18 17.80 400.8
Providnt 2672 -2.00 2674 1607 3.18 23.89 122.6 VedantaRs 371.00 -18.60 1201 370.20 10.24 200.87 1635.1 MacauPrp 214.75 -0.25 270.00 209.00 - 4.83 33.4 SpeedyHr♦ 70.00 -3.00 83.00 50.75 0.87 75.76 546.4
BankAm $X 15.43 0.23 18.21 14.37 0.48 42.28 75529.3 Vesuvius 438.80 -2.30 493.60 388.80 3.42 10.91 70.2
RathbnBr 2246 46.00 2250 1623 2.18 25.36 10.6 Mntview 10950 -0.50 11200 6675 1.83 12.42 0.0 St Ives 181.00 2.38 225.00 168.00 3.67 21.75 84.5
BnkGeorgia 2047 -25.00 2795.69 1774 3.41 8.97 81.5
Record 33.00 - 46.92 28.38 4.55 13.17 47.0
Oil & Gas TribalGrp 159.25 3.50 204.00 141.10 1.00 -81.25 196.8
BankIre € 0.27 0.01 0.39 0.24 - -10.61 57470.7 Industrial Transportation Afren 4.20 -0.50 166.60 4.01 - 0.14 147827.4 Q'tainEst 99.00 - 108.50 75.00 - 22.51 229.2
S&U 2062 15.00 2129 1700 2.62 15.86 0.1 BBA Aviat 340.50 -1.50 362.10 293.70 2.64 16.27 998.7 RavenRuss 37.38 -0.50 82.50 37.29 - -31.17 181.8 Vp 605.00 - 690.00 539.00 2.31 14.67 2.7
BkNvaS C$X 62.48 -0.04 74.93 59.92 4.30 10.51 2218.3 Aminex 1.85 - 3.17 0.64 - -2.02 3574.5
Schroder 2907 -14.00 2926 2086 2.00 22.25 344.7 Braemar 472.75 4.75 557.23 390.00 5.50 35.12 13.2 RavenR Prf 124.00 - 161.00 101.50 9.68 - 6.0 Watermn 66.00 - 79.00 50.00 1.06 110.00 7.7
BarclaysX 236.55 -0.30 284.80 201.75 2.75 53.37 27623.3 BGX 880.90 -16.90 1420 780.55 2.10 16.78 10450.5
..N/V 2235 29.00 2235 1692 2.60 17.10 22.9 Clarkson 1889 -11.00 2750 1835 2.96 18.96 13.8 RavenR Wrt 29.00 - 64.96 27.00 - - 2.4 Wolseley 3873 -13.00 4038 2966 1.88 20.51 638.0
CanImp C$X 91.37 0.01 107.37 85.03 4.53 11.07 1228.9 BPX 424.85 -8.10 526.80 364.40 5.61 13.89 42822.5
SVG Cap 434.20 0.20 480.00 226.00 - 10.84 395.0 Eurotunnl € 12.02 0.01 12.10 8.11 1.33 56.11 643.9 Safestre 270.00 -4.75 277.25 168.50 2.13 13.53 362.2
HSBCX 618.10 -0.10 737.00 573.54 4.85 12.01 20259.0
TullettPre 328.00 -7.20 348.60 234.40 5.14 25.35 259.7 Cadogan 10.25 0.50 12.44 8.50 - -2.50 195.7 Tech - Hardware
LlydsBkgX 74.86 0.10 85.53 70.02 - 227.54 99582.3 Fisher J 1107 -41.00 1565 1003 1.81 13.94 84.2 CairnEng 185.00 3.80 228.40 141.00 - -4.64 2837.9 Savills 733.00 1.00 742.00 567.52 1.43 18.33 124.9 ARM Hldgs 1050 1.00 1080 778.50 0.58 84.53 3438.2
Tungsten 230.00 -12.75 409.75 203.00 - -11.39 1465.0 Flybe Grp 67.00 6.75 151.56 55.68 - -4.90 4997.4 SchroderRE 60.00 0.25 62.00 50.50 4.13 4.78 566.0
RylBkC C$X♦ 74.11 0.18 83.87 67.65 4.03 11.76 3382.6 Cape 210.00 -2.50 335.00 177.00 6.67 45.09 103.5 CSR 856.50 0.50 890.00 506.00 1.03 -2789.90 172.4
WlkrCrip 43.50 - 53.60 37.50 3.24 8.07 8.8 Goldenpt 207.50 -7.50 500.00 205.00 - -6.30 3.8 Smart(J) 92.50 - 107.75 86.00 3.17 42.43 1.0
RBSX 369.20 -5.70 403.90 291.60 - -6.49 10110.2 DragnOil 544.00 -11.00 632.50 447.50 3.53 8.16 1123.1 Laird 321.70 3.20 335.00 259.45 3.73 25.10 305.9
StandChX 889.90 -15.10 1355.5 870.00 5.53 8.75 11241.0 Food & Beverages OceanWil 980.00 -7.50 1290 936.00 3.58 9.94 24.4 Endeav Int' $ 0.02 -0.45 5.92 0.02 - 0.00 1.4 StModwen 420.00 - 429.80 324.59 0.95 11.41 236.2 Pace 332.10 -6.20 487.00 284.20 0.98 18.22 560.0
..7.375%Pf 120.50 - 123.00 108.50 6.12 - 53.8 AngloEst 570.00 -5.25 725.00 539.00 0.51 3.06 5.7 RoyalMail 434.70 -3.10 617.00 388.00 3.06 23.88 2364.9 EnQuest 32.00 -0.50 148.40 21.50 - 2.79 2327.0 UNITE Gp 492.90 -0.40 505.00 388.30 0.97 10.70 275.0 SpirentCM 87.25 -1.00 112.70 65.95 2.37 31.26 587.7
..8.25%Pf 133.88 0.13 139.75 124.50 6.16 - 104.1 AscBrFdX 3160 39.00 3293 2407 1.02 32.76 678.6 UK Mail 532.00 2.00 715.00 380.00 4.00 28.12 5.7 Exillon 128.00 -3.75 175.57 103.25 - 7.38 13.4 Urban&C 267.50 - 269.25 215.00 - 8.71 48.6
TntoDom C$X♦ 51.64 0.45 58.20 47.35 3.74 11.88 3172.1 Barr(AG) 642.00 7.50 672.00 510.13 1.72 24.05 94.3 ExxonMb $X 87.58 -0.37 104.76 86.03 2.80 11.84 22594.7
Tech - Software & Services
Insurance Retailers Anite♦ 81.75 -0.75 98.75 69.25 2.25 25.59 125.9
Westpc A$X 34.64 -0.04 35.99 30.00 5.37 14.19 5904.4 Britvic♦ 694.00 3.00 784.00 600.72 2.75 19.15 417.7 FastnetO&G 2.13 -0.03 13.68 2.00 - -3.42 702.2 AA 361.50 4.00 365.00 225.50 - 16.84 1013.4
Admiral 1450 -7.00 1583 1175.33 3.23 13.54 540.7 AVEVA♦ 1307 -25.00 2460 1183.9 2.07 19.95 311.3
C&C € 3.43 0.03 5.02 3.16 3.08 11.99 101.9 Fortune 9.70 - 14.50 6.25 - -9700.00 769.0 AO World 298.60 - 412.38 149.60 - -452.42 74.2
Basic Resource (Ex Mining) Amlin 492.20 -13.80 506.50 409.20 5.28 8.45 1574.1 Computcnt 643.00 -6.00 720.00 575.00 2.72 17.06 12.3
Carr'sMill 145.00 -5.00 194.50 137.50 2.26 11.76 58.0 Aviva 536.00 4.50 571.50 431.44 2.80 13.68 9834.9 GenelEgy 619.50 -4.50 1100 593.50 - 20.37 1467.5 AshleyL 30.25 0.50 32.38 22.00 6.61 13.34 149.3
Ferrexpo 51.25 -4.75 175.00 47.60 7.94 2.11 869.6 DRS Data 13.00 - 28.50 12.50 3.08 -5.88 0.5
Coca-Cola H 1089 17.00 1695 1051 2.53 21.61 713.9 Beazley 291.20 -0.40 296.30 232.60 2.87 8.44 322.4 GeoPark $ 4.04 -0.36 11.00 4.01 - 6.00 25.2 Brown N 432.30 -0.70 600.00 282.50 3.29 16.32 142.3
IntFerMet 4.22 1.10 13.25 2.65 - 9.70 3607.4 Elecdata 72.50 2.00 86.75 64.00 2.76 22.94 1.3
Cranswk 1335 -25.00 1499 1148.42 2.40 15.88 30.0 Brit Plc 264.50 6.50 274.50 195.00 - 11.53 157.3 GreatEEgy 110.00 - 137.00 100.00 - 12.70 41.9 Caffyns 565.00 -5.00 670.00 480.00 3.19 9.88 1.0
Mondi 1188 11.00 1200.72 904.00 2.43 15.99 1390.2
Dairy Cr 500.50 13.40 537.50 367.39 4.26 21.79 241.0 GrnDnGas 401.00 - 675.00 254.95 - -10.87 0.2 MicroFoc 1063 -14.00 1169.96 715.80 3.30 19.70 293.8
Vale BRLX 18.05 -0.84 35.20 17.91 10.42 -9.62 8639.7 CatlinGp 700.00 -4.50 711.50 479.50 4.22 8.59 986.8 Card Factor 269.60 2.60 296.00 195.50 - 102.12 134.9 NCC Grp♦ 218.50 4.75 234.41 169.80 1.60 26.06 114.5
Devro 278.00 -3.00 324.80 203.88 3.17 20.88 531.9 Chesnar 350.25 2.25 363.25 267.25 5.10 7.32 618.6 GulfKeyst 45.00 -1.50 168.00 42.25 - -18.92 4510.5 Dairy Fm $ 8.82 -0.16 10.90 8.81 2.30 26.77 393.9 RM 157.50 -0.25 174.00 111.30 2.39 15.44 43.9
Chemicals Glanbia € 14.38 -0.06 15.53 10.40 0.74 26.16 28.4 DirectLine 316.20 1.00 316.90 227.70 3.98 14.12 3481.0 HellenPet € 3.78 0.24 7.79 3.41 - -4.71 195.8 Debenhm 74.55 -0.15 82.40 56.85 4.56 10.50 1260.5
Grncore♦ 303.00 - 306.70 228.50 1.68 26.29 3751.7 Hunting 394.30 -20.40 918.83 391.10 4.34 9.05 561.2 Sage 481.50 -0.20 486.20 346.70 2.40 28.25 3490.3
Alent 365.40 -3.60 393.61 294.56 2.46 15.59 73.9 Eccles prf 139.75 - 142.00 118.50 6.17 - 50.4 Dignity 1865 -3.00 1950 1291 0.69 22.66 32.9
HiltonFd 402.25 3.38 534.50 342.25 3.17 16.19 25.6 ImpOil C$X 46.09 -0.60 57.96 44.08 1.18 8.99 648.6 SDL 426.50 -8.00 445.00 284.25 - -13.95 16.8
Bayer €X 128.75 -0.45 130.90 91.31 1.69 28.10 1741.9 Hansard 86.00 -1.00 107.25 78.50 9.48 14.24 67.5 DixonsCar 424.20 -4.80 470.00 319.20 1.24 49.91 4606.2
Kerry € 64.81 1.29 65.96 49.30 0.66 66.23 45.8 JKX 12.75 - 73.00 10.23 - 5.24 334.8 Telecity 854.00 8.00 862.50 625.00 1.23 24.69 290.2
Carclo 97.00 -2.25 219.75 80.00 2.73 -3.43 36.6 Hiscox 743.50 -13.50 795.72 615.50 3.17 11.58 284.7 Dunelm 870.00 -3.50 1045 745.97 1.90 19.93 47.3
Nestle SFrX 70.80 1.30 74.60 63.85 1.80 26.03 6444.6 Lamprell 109.50 0.25 178.00 93.50 - 7.52 168.5 TriadGp 17.50 -0.25 19.00 7.00 - 7.89 18.8
Croda 2706 -18.00 2849 1965 2.38 21.34 264.2 JardineL 953.00 -17.00 1108.23 815.00 2.85 19.15 36.2 Findel 206.75 3.25 330.25 188.41 - -15.63 8.3
Elemntis 275.00 -4.60 305.10 225.50 1.73 19.26 962.4 NewBrPlm 700.00 -2.00 705.50 307.50 1.25 19.70 79.2 Lancashire 609.00 1.00 766.50 506.00 1.52 9.60 477.4 Lukoil RUBX 2845.2 -20.00 2998.5 1715 - 5.94 1307.4 Halfords 437.00 -2.40 515.00 417.10 3.27 14.24 341.4 Telecommunications
Porvair 300.00 4.50 347.75 237.53 0.97 21.95 8.7 PremFds 43.50 -0.75 165.71 26.13 - -2.02 4060.9 Leg&Gen 269.20 -0.10 269.70 193.00 3.45 17.15 10052.4 Nostrum 598.50 38.50 825.00 370.00 3.07 10.77 162.3 Inchcape 694.50 -5.00 732.50 561.00 2.51 14.82 770.8 BTX♦ 429.10 2.20 451.00 350.30 2.31 17.50 14787.8
Syngent SFrX 298.00 2.90 350.30 273.20 2.00 20.87 311.4 REA 326.50 -2.50 488.87 316.00 2.18 9.83 0.1 NovaeGp 599.50 -2.50 620.00 495.50 3.75 12.10 3.3 OphirEgy 128.50 2.60 319.70 112.70 - 13.05 3944.8 JDSportsF 509.00 7.00 520.00 336.00 1.33 20.72 230.9 Colt Grp 130.00 2.30 155.00 113.10 - 54.17 395.0
Synthomer 244.40 -0.40 302.08 176.64 2.45 18.23 216.8 SABMillX 3612 17.50 3857 2650.21 1.79 26.05 2325.5 Old Mut 209.70 1.10 211.52 163.80 3.86 19.76 6785.4 Petrofac 668.50 -27.00 1483 594.00 5.86 7.23 2327.5 Lookers 147.50 1.00 151.75 117.50 1.75 13.08 60.3 Inmarsat 845.50 8.00 852.00 653.00 3.47 35.31 841.5
Victrex 2078 -29.00 2202.55 1536 2.12 22.04 121.5 StckSpirit 194.75 -7.25 316.75 194.75 - 14.71 112.9 PermTSB 0.06 0.00 0.14 0.05 - -6.36 21.5 PremOil 142.60 -0.60 358.60 124.50 3.45 5.60 3038.1 Marks&Sp 487.80 10.20 512.00 359.20 3.49 15.85 6624.3 KCOM Gp♦ 83.00 -0.50 105.50 78.50 5.88 11.31 1478.1
Tate&Lyl 679.00 1.00 790.00 551.50 4.06 17.42 1938.2 PhoenixGrp 838.50 5.00 853.50 560.52 6.37 5.91 314.7 RylDShlAX 2060 -93.50 2864 1929 5.69 13.11 12012.0 Morrison 184.90 -1.40 250.00 150.60 7.03 -13.39 12639.5 TalkTalk 320.00 -4.30 334.30 261.00 3.75 59.49 2055.6
Construction & Materials TongtHu R♦ 163.30 -0.70 174.93 107.00 1.78 15.67 123.6 ..B 2138 -110.00 2990.5 1984.5 5.34 13.61 9807.1 MossBros 84.25 0.25 126.18 77.50 5.93 25.92 6.9
PrudntlX 1643 2.50 1645 1192 2.04 19.71 3434.3 TelePlus 1065 15.00 1920 968.50 3.29 27.49 209.7
Alumasc 118.50 - 144.00 108.66 3.97 10.58 9.8 Unilever 2952 55.00 2993.13 2291.65 2.96 21.21 3416.6 Salamand 66.00 0.50 155.95 52.75 - -4.74 4406.3 Next■ 7295 65.00 7967 6090 1.77 18.83 424.4
RSA Ins 459.20 -0.20 500.50 83.05 2.20 -7.08 2877.0
BalfourB 225.00 -0.30 322.20 145.59 6.27 85.88 1846.8 ..NV € 38.75 0.92 38.75 26.96 2.55 20.24 23.0 SagicFin 61.00 - 78.00 55.00 3.79 19.41 5.0 Schlmbrg $X 81.90 1.15 118.76 75.60 1.72 16.56 9016.9 Ocado 416.00 2.00 624.93 216.80 - -2019.42 653.1 Tobacco
..CvPf 118.00 -0.25 119.50 101.00 8.20 - 48.1 SEPLAT 122.00 -6.00 270.00 97.50 - 3.61 323.0 Pendragn 35.25 0.25 35.75 27.00 1.13 9.90 205.4 BrAmTobX 3794 15.50 3808 2871 3.75 19.81 3164.1
Health Care Equip & Services StJmsPl 868.50 9.50 908.50 637.00 1.84 30.59 1145.9
Boot(H) 202.75 2.75 229.00 170.00 2.52 16.53 1.5 Soco Int 265.00 -15.00 477.10 234.80 14.27 18.99 535.9 Photo-Me 134.75 1.50 153.15 107.85 2.78 19.54 75.3 ImpTobX♦ 3160 63.00 3183 2156 3.80 21.33 2770.0
Bioquell 84.00 0.50 142.00 82.44 3.93 15.18 3.1 Stan Life 405.50 0.40 429.30 340.70 3.90 15.84 4125.8
ClarkeT 81.00 3.63 88.56 37.50 3.83 57.98 170.2 TrnCan C$X♦ 55.98 0.66 63.86 47.14 3.55 22.25 1147.8 Saga 192.00 7.00 195.00 143.75 - 36.02 1158.9
Costain 288.50 -0.50 324.58 248.00 3.99 15.32 25.9 ConstMed♦ 845.50 -4.00 1113 650.00 2.14 18.57 126.1 Media Tullow 350.90 -6.10 918.78 345.30 3.25 -27.49 6303.7 Travel & Leisure
GNStre kr 146.50 -0.10 164.10 122.50 0.59 32.50 372.9 SignetJwl♦ 8169 1.00 9180 4520 0.53 31.93 7.2 888 Hldg 137.75 -1.25 160.78 109.19 4.04 17.36 165.3
CRH 1612 -8.00 1811 1220 3.10 -15.22 1480.0 4imprint 883.00 8.00 883.76 610.50 1.93 32.62 36.5 Wood(J) 557.50 -20.50 825.00 517.60 2.31 12.72 2079.5 SuperGroup 966.00 17.00 1749 750.00 - 20.09 93.0
GalfrdT 1312 12.00 1369 1044 3.05 14.11 92.9 Optos 254.50 4.00 271.53 147.25 - 36.43 108.6 Blmsbury 149.00 2.00 190.00 142.00 3.91 15.10 19.4 AirPrtnr 272.50 0.50 583.51 245.00 6.88 11.10 24.8
UDGHlthC♦ 387.50 -7.50 406.40 315.20 1.94 10.97 184.7 Pharmaceuticals & Biotech TescoX 227.00 -0.65 341.58 155.40 6.50 21.51 22502.1 bwin.party 106.40 -1.00 134.00 79.00 3.27 -27.99 1039.0
Keller 888.50 -15.00 1299 742.00 2.70 43.94 126.8 Centaur 64.75 - 77.00 55.75 3.71 -2.52 14.2 Thorntns 84.00 -0.25 167.94 77.00 - 11.82 83.0
KierGp 1572 -26.00 1920 1374 4.39 85.99 111.8 ChimeCm 248.00 3.00 377.00 239.00 2.96 -79.31 38.7 BTG 794.50 -0.50 835.87 490.20 - 72.93 485.1 Cineworld 436.70 -0.80 445.00 290.00 2.31 39.75 625.0
House, Leisure & Pers Goods CathayIn 22.00 -1.25 41.06 23.00 - -47.93 1.5 VertuMotor 56.00 -0.25 66.70 51.00 1.43 12.13 725.6 CompassX♦ 1158 14.00 1159 924.41 2.28 23.78 3501.0
Kingsp € 16.10 -0.58 16.74 11.03 0.93 26.65 78.8 Creston 124.50 -0.50 131.95 93.20 3.13 10.41 7.3
AGARmst 103.25 - 190.75 102.00 - 27.72 300.1 Dechra 856.50 6.00 873.47 655.00 1.68 38.69 44.1 EntInns 104.70 -3.90 166.10 98.70 - 19.58 522.7
LowBonr 50.75 0.75 96.00 44.25 5.12 12.02 43.1
BarrttDev 470.40 12.70 477.80 323.50 1.21 15.48 3642.2 DlyMailA♦ 850.00 -10.50 1074 699.00 2.29 14.12 1572.2 Support Services
Marshlls 240.00 - 259.00 151.00 2.19 26.39 285.2 HaynesPb 116.00 -6.50 230.00 111.00 6.47 13.39 22.8 Genus 1246 6.00 1382 924.50 1.33 26.18 55.6 Acal 256.38 -1.63 418.00 180.00 2.65 217.82 34.2 FirstGrp 100.50 0.30 146.14 99.00 - 20.79 2234.1
Bellway 1838 33.00 1965 1333 2.01 11.76 227.9 GlaxoSmhX 1492.5 -4.00 1709 1200.67 5.36 17.42 6953.2 Fuller A 979.50 8.50 1020 830.50 1.54 20.43 1.4
MorgSdl 670.00 -16.00 875.00 570.00 4.03 12.14 20.4 ITE Grp♦ 135.00 -8.75 289.20 128.37 5.33 9.81 853.1 Aggreko 1558 27.00 1841.76 1388.75 1.77 16.60 733.0
Berkeley 2434 23.00 2808 2033 7.40 9.30 261.2 HikmaPhm 2358 4.00 2500 1190 0.49 26.05 162.7 Go-Ahead 2522 -3.00 2655 1813 3.21 15.53 34.1
Norcros 16.63 - 23.61 14.69 3.07 7.02 65.6 ITV 222.00 -1.10 233.00 167.10 1.58 22.83 11787.1 APR Engy 166.00 2.25 959.00 146.00 5.79 3.24 766.3
BovisHme 835.50 12.50 946.00 717.43 1.62 13.32 323.1 Oxfd Bio 7.00 -0.15 10.13 1.77 - -10.17 7215.3 GreeneKg 836.50 2.50 926.00 712.00 3.40 19.95 962.8
StGobn €X 38.18 0.17 46.40 29.51 1.73 21.18 1785.3 JohnstnP 170.75 0.75 175.00 2.90 - -4.63 109.0 AshtdGp♦ 1119 -2.00 1219 761.82 1.03 21.22 2173.9
CrestNic 413.10 7.10 420.00 291.98 1.57 13.11 1475.1 RichterG $ 13.75 -0.36 21.33 12.20 1.43 21.46 0.0 IrishCtl € 3.30 -0.09 32.05 2.50 3.23 25.31 5.0
Tyman 313.50 -1.00 325.00 228.25 1.91 92.53 40.0 News Corp A $ 14.93 -0.21 18.53 14.28 - 33.60 2462.8 AtknsWS 1250 -25.00 1511 1236 2.70 15.70 272.2
GamesWk 501.50 3.38 683.50 470.25 7.18 22.79 4.6 ShireX 4898 18.00 5470 2827 0.26 25.57 1811.8 Ladbrokes 113.80 0.70 167.30 102.20 7.82 24.24 3094.9
NewsCpB $ 14.46 -0.29 18.02 14.09 - 32.55 690.6 Babcock 1007 8.00 1476 979.65 2.23 22.31 1509.6
Electronic & Electrical Equip Gleeson 369.88 - 467.25 322.35 0.84 11.28 23.5 VecturGp 152.25 -0.50 171.50 113.25 - -86.70 168.6 Berendsen 1118 1.00 1145 895.50 2.50 21.65 1198.3 MandarO $ 1.64 -0.01 1.95 1.62 3.76 21.97 203.9
Headlam 446.00 -0.25 495.50 390.00 3.43 22.77 5.6 Pearson 1361 21.00 1363 981.00 3.53 40.54 2703.6
Dialight 707.50 -17.50 992.00 668.35 2.04 30.03 23.1 Brammer 342.50 -10.50 509.00 265.00 2.98 19.40 61.9 Marstons♦ 146.10 0.90 157.34 134.50 4.45 -16.45 1266.6
McBride 80.75 0.75 115.00 74.00 - -7.70 96.4 Quarto 151.50 - 176.47 136.66 5.03 11.68 11.9 Real Estate
e2v Tech 181.00 -1.00 187.50 145.44 2.43 14.76 61.2 Bunzl 1935 12.00 1935 1356 1.67 30.96 762.2 Natl Exp 263.10 6.80 309.27 213.40 3.80 27.68 479.6
Persimn 1607 26.00 1614 1176 - 15.40 1009.8 Reed ElsX 1162 17.00 1164 851.53 2.12 25.11 3835.6
Halma♦ 699.00 -7.00 708.00 552.50 1.60 23.76 714.1
ReedElsNV € 21.67 0.23 21.91 14.51 2.11 23.17 2251.1
REITs Capita 1114 -4.00 1248 968.50 2.38 43.88 1403.2 Playtech 663.50 -21.00 847.50 570.50 2.80 16.18 671.5
MorganAd 305.00 2.10 366.65 258.10 3.44 20.87 248.0 Philips €X 24.74 -0.22 26.99 20.69 - 98.30 3703.8 Assura 54.50 0.50 54.50 38.55 3.03 10.45 362.4 PPHE Htl 467.00 4.00 475.00 295.00 2.87 6.72 22.8
PZCusns 317.70 4.20 392.10 289.76 2.44 14.87 141.8 STV Grp 375.00 2.00 393.75 318.00 0.53 10.25 252.8 Carillion 339.50 -1.50 396.54 294.03 5.15 29.07 1276.9
OxfordIn 765.50 -14.50 1700 756.00 1.62 65.41 249.1 BigYellw 630.00 -8.00 666.00 451.40 2.60 14.78 172.2 Comnsis 56.13 - 75.00 47.00 3.21 18.43 122.6 Rank Gp 178.00 12.10 178.80 119.69 2.53 14.73 180.8
ReckittBX 5720 100.00 5730 4454 2.40 22.09 1859.3 ThmReut C$X 48.84 -0.26 49.89 36.86 3.15 84.18 777.7
Renishaw 2303 -38.00 2420 1470 1.79 15.03 123.6 BritLand 842.00 5.50 843.06 645.36 3.23 5.24 2452.2 ConnectGp♦ 143.25 2.00 208.75 128.02 5.92 8.85 9.8 Restaurt 719.50 1.00 742.98 551.50 1.95 21.78 386.7
Redrow 285.30 0.30 352.60 224.00 0.70 10.12 358.8 UTV Med 200.00 - 268.00 166.99 3.50 10.19 12.3
Spectris 2130 -39.00 2493 1606 2.01 18.17 333.3 Cap&Reg 53.50 0.50 54.50 42.25 1.21 10.11 89.3 DCC 3552 -65.00 3708 2720 2.16 23.34 162.0 SpiritPub♦ 114.90 0.80 115.00 68.75 1.82 7.63 646.5
TaylorWm 137.60 3.30 139.50 101.20 0.50 16.21 15856.6 WPPX 1450 -4.00 1565 1091 2.36 19.28 3584.1
TT Elect 109.50 -2.00 225.00 96.00 4.93 42.31 145.7 Countrywd 456.60 8.50 701.00 404.30 1.75 15.29 861.5 DeLaRue 516.50 5.00 891.91 467.40 8.19 13.35 314.7 Sportech 64.00 1.25 94.00 47.00 - 1.95 8.7
XP Power 1432 -28.00 1798 1340 3.91 13.81 1.0 TedBaker 2367 37.00 2425 1634.12 1.42 32.65 168.8 Mining DrwntLdn 3294 11.00 3309 2472 1.11 5.71 231.2 Stagech 345.90 1.80 416.90 338.54 2.75 15.20 398.2
Diploma 757.50 -2.00 807.00 603.84 2.13 24.09 47.4
Industrial Engineering Acacia 271.20 -17.00 318.90 222.90 0.78 -52.45 860.2 Gt Portld 797.00 11.50 806.02 594.00 1.10 5.27 1076.3 Elctrcmp 202.40 -1.90 371.00 197.20 5.81 11.12 3839.2 ThomasCook 125.80 -0.80 189.40 99.40 - -15.35 4384.0
Financial General Green Reit € 1.34 -0.03 1.59 1.16 - 10.16 18.4
Bodycote 672.00 -1.00 832.00 542.50 2.01 16.49 476.4 AngloAmerX 1097.5 -17.50 1678.5 923.00 4.51 240.79 5171.8 EnergyAst 426.00 -9.00 504.00 295.50 - 21.68 15.8 TUI 1166 -12.00 1215.78 1004.81 - 58.42 1202.3
3i 466.40 2.30 469.90 343.61 3.43 7.29 1951.2 Hammersn 698.00 1.50 698.50 513.00 2.74 8.21 2971.9
Castings 385.00 -10.00 525.00 373.00 3.37 10.19 20.3 AngloPacif♦ 85.50 -3.50 214.01 74.75 11.93 -2.47 91.2 Essentra 832.50 8.50 924.00 624.50 1.85 30.86 346.2 Whitbrd 5000 -10.00 5140 3663 1.38 26.69 587.4
AberAsM♦ 444.00 -0.90 481.74 360.76 3.77 19.48 3416.8 Hansteen 113.00 0.40 115.00 98.25 4.25 7.01 3239.2
Fenner♦ 185.75 -12.50 451.70 181.25 6.19 15.93 1300.2 AnGoldA R 130.61 -1.69 209.52 88.36 - -16.24 1224.4 Experian♦ 1183 -1.00 1222 909.95 1.95 23.16 3300.8 Willim H 376.60 -0.10 398.50 314.52 3.08 17.27 2418.4
Ashmore 283.60 -5.30 379.40 249.00 5.71 15.37 1170.1 HIBERNIA 1.11 0.01 1.18 0.99 - - 1911.1
Goodwin 2942.5 -12.50 4250 2375 1.44 10.72 0.6 Antofagasta 655.00 -18.50 959.50 620.00 8.46 18.54 4507.7 G4S 287.40 -0.10 289.24 225.40 3.12 -57.60 2920.1
BrewDlph 292.20 -5.80 357.60 236.80 2.98 122.00 208.1
..5%Pf 0.60 - 0.60 0.60833.33 - - Highcrft 850.00 -5.00 869.75 741.00 3.97 11.71 0.6 Utilities
Canaccord 335.00 15.00 729.00 310.00 3.30 7.82 1.4 Hill&Sm 604.00 8.00 620.25 495.00 2.65 20.88 37.3 Grafton 668.00 2.00 695.00 527.00 1.27 27.20 118.2 Centrica 292.60 5.00 348.80 257.90 5.81 22.56 18599.5
IMI 1276 -2.00 1755.43 1108 2.91 17.94 745.3 AquarsPl 14.75 - 42.50 13.00 - 110.90 1100.0 INTU 369.30 0.80 371.80 270.10 3.94 6.14 2756.3 HarvyNah 79.00 - 124.75 66.32 4.07 10.21 0.5
CharlsSt 329.75 4.75 505.00 289.20 3.71 -55.58 14.8 LandSecs 1298 9.00 1300 988.50 2.39 5.86 1556.7 DeeVally 1225 -20.00 1610 1135 5.10 13.69 1.1
MelroseInd 263.40 -9.70 375.37 234.50 3.13 21.55 3568.4 AsiaResM 14.88 - 245.35 3.61 - -0.38 122.7 Hays 154.00 0.60 157.50 108.15 1.62 25.67 2363.2
CtyLonInv 339.38 3.88 349.75 225.00 7.07 15.92 3.2 LondonMtrc 161.00 2.10 161.30 132.30 4.35 6.67 1608.6 Drax 361.20 -3.50 829.50 348.37 4.87 -12.22 1762.3
Renold 57.75 -0.63 69.00 49.00 - -17.42 35.1 AvocetMng 6.50 -0.50 14.25 4.19 - -0.16 756.7 Homesve 328.10 -3.60 354.50 293.60 3.44 39.05 127.5
CloseBrs 1550 -1.00 1580 1217 2.97 15.50 161.0 McKaySec 237.63 -2.38 245.00 187.00 3.62 6.12 40.3 Natl GridX 947.50 -3.90 965.00 774.50 4.44 16.59 8919.0
Rotork 2313 -27.00 2890 2146 2.08 20.47 286.4 Barrick C$ 15.49 -0.30 23.78 11.67 1.51 -5.26 2874.0 HowdenJny 429.80 4.80 435.10 287.50 1.28 23.98 1075.7
DBAG € 27.10 -0.18 27.35 18.25 1.15 6.97 55.3 MucklGp 470.00 - 542.00 417.00 4.23 7.07 3.2 Pennon♦ 904.50 -10.50 925.00 675.50 3.35 31.17 1096.9
Severfd 69.75 0.75 72.05 52.60 - 158.16 6.9 BHP Bltn 1413.5 -9.00 2102.53 1247.5 4.86 9.33 6978.9 Intserve 531.50 -3.50 751.50 487.20 4.05 14.98 282.0
El Oro 60.00 - 87.00 50.00 6.00 4.98 7.5 UtdUtils♦ 1042 10.00 1042 704.50 3.46 20.08 1916.2

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 407.38 9.88 531.00 353.00 6.14 14.14 4.9 Insurance Egdon Res 9.13 0.38 34.99 8.50 - -30.02 624.0 InlandHms 55.00 -0.25 63.00 43.00 0.49 20.36 212.1 Synectics 136.50 - 580.00 115.00 6.23 35.86 36.4
Cohort 236.00 - 250.00 160.00 1.78 17.70 24.2 Share 37.00 - 53.00 23.00 1.41 36.85 4.0 Gable 52.50 - 90.00 51.10 - 13.90 155.4 Enegi Oil 1.08 - 10.25 0.85 - -0.37 41.0 Lok'nStor 238.50 1.00 255.00 194.00 2.65 302.28 8.3 Utilityws 215.00 -4.00 373.28 209.25 1.40 17.67 262.3
ShoreCap 422.50 - 430.00 345.00 1.89 23.92 1.0 Helios 127.50 1.00 160.00 120.00 1.18 25.58 11.4 EuropaOil 5.38 0.38 10.75 4.65 - -25.60 405.4 LXB Retail 135.75 -1.25 147.50 119.25 - 7.17 882.2
Banks STM Group 28.50 - 34.00 15.00 - 261.47 5.0 FalkldO&G 21.75 -0.25 33.75 16.75 - -45.60 210.0 MirLand 64.50 0.50 255.00 61.00 - 4.81 3.3
Tech - Hardware
BCB Hldgs 10.50 -0.50 14.17 10.00 - -2.15 20.0 WH Ireland 82.50 - 143.00 79.00 1.82 16.96 61.2 Media FaroePet 61.50 -5.00 154.89 58.00 - -77.85 408.8 NewRiver♦ 287.75 -5.75 322.00 264.75 3.56 26.98 228.8 AminoTech 127.00 6.00 132.00 75.24 2.72 20.83 49.4
STB 2965 15.00 2965 2245 2.09 29.90 2.7 Avesco 117.00 -3.50 126.50 94.00 4.70 -9.14 33.8 GETECH 34.00 -0.50 106.00 32.00 6.00 6.87 26.2 PnthrSec 332.50 10.00 357.00 295.00 3.61 9.58 2.7 IQE 20.50 -0.75 26.25 12.08 - -56.47 1558.6
Food & Beverages Cello Gp 91.00 - 100.00 81.00 2.47 15.78 27.0 GlobalPet 2.13 -0.13 7.50 2.00 - -0.53 412.0 PSPI 26.00 -0.25 31.00 21.00 - -2.85 11.0
Basic Resource (Ex Mining) FinsbryFd 66.00 - 70.00 47.00 1.14 10.48 122.5
Tech - Software & Services
M&Csaatc 332.63 0.63 344.75 235.00 1.64 84.81 22.5 Gulfsands 27.50 1.25 71.91 21.00 - -2.29 67.8 SiriusRE € 0.40 - 0.42 0.28 0.78 6.34 1000.2
CropperJ 425.00 - 450.00 352.00 1.86 21.26 0.5 Nichols 1085 - 1204 834.56 1.81 45.69 8.6 Blinkx 27.25 -0.50 188.50 23.25 - -23.17 1964.0
MissionMk 42.00 -0.50 56.90 31.50 0.60 8.65 81.0 Indus Gas 141.50 -8.50 835.00 125.00 - 26.95 3.0 Songbird 347.00 0.50 359.26 175.00 - 4.06 11593.7
PureCircle 520.00 20.00 655.00 455.00 - 631.83 153.0 BondInt 91.00 - 153.75 83.00 1.98 24.22 2.8
Chemicals Next15Cm 161.50 13.25 163.00 91.00 1.58 104.46 248.2 Infrastrata 4.38 -0.13 10.25 4.25 - -3.45 32.0 SumGermny €♦ 0.77 - 0.79 0.50 0.85 4.49 50.0
RealGdFd 44.00 - 69.00 23.00 - -5.50 41.7 Brady 82.00 - 84.50 57.17 2.07 29.12 201.2
Scapa 136.00 3.00 150.00 107.00 0.74 -34.98 72.2 YouGov 117.50 -0.50 133.00 93.50 0.51 281.10 1.7 Iofina 33.00 -2.00 93.98 20.75 - -14.59 176.3 TaliesinPr 2195 -10.00 2250 1605.35 - 16.19 1.2
Ukrproduct 7.40 - 10.50 5.95 - -1.02 1.0 Datatec 312.50 12.50 330.85 255.00 3.32 19.27 0.0
Ithaca Engy 59.75 -5.00 160.50 44.75 - 4.63 586.9 UnitchCP 2.78 0.01 54.80 2.25 - 0.55 250.0
Construction & Materials Wynnstay 567.50 -2.50 690.52 535.00 1.69 16.39 13.7 Mining DDD 3.25 -0.13 8.00 3.00 - -2.78 52.8
KBC Adv 95.00 0.50 142.00 79.00 - 13.44 33.1 Winkworth 127.50 -0.50 189.10 115.00 4.39 11.48 3.5 Eckoh 43.25 - 48.50 32.90 0.72 102.00 135.2
Abbey 872.50 7.50 927.30 800.00 0.90 9.00 0.3 AfricanMin# 10.00 - 195.45 9.12 - -1.11 0.7
Health Care Equip & Services Max 0.54 -0.02 2.26 0.50 - -0.25 2427.2 EgSoltns 74.50 - 84.00 42.00 - -127.57 15.0
AccsysTch 57.25 -0.50 76.50 0.85 - -5.64 66.1 AMC 9.15 -0.03 13.47 2.29 - -9.41 334.5
NewWldO&G 0.14 -0.01 0.99 0.11 - -0.37 2431.5
Retailers
Advnc Med 130.25 -1.50 140.00 106.85 0.46 22.56 101.5 BeowMin 1.50 0.03 6.45 1.15 - -1.29 319.6 ASOS 2513 -112.00 7195 1742 - 56.53 703.4 Iomart 169.50 -1.00 294.50 159.93 1.03 20.99 219.6
Aukett 7.63 0.75 9.50 5.88 1.31 12.92 668.4 PetrelRes 4.63 - 18.25 4.25 - -10.88 161.6
CareTech 224.50 - 268.00 193.00 3.12 4.51 30.4 BotswanaD 1.38 - 4.15 1.13 - -2.42 17.4 Koovs 142.50 - 237.40 120.00 - - 0.6 K3BusTc 220.00 -0.50 239.63 145.00 0.45 27.29 4.4
Petroceltic 115.00 -0.25 224.00 98.50 - -5.78 163.5
Electronic & Electrical Equip ImmunDiag 330.00 - 593.00 286.00 2.58 17.42 51.2 CentAsiaM 154.75 7.00 190.71 135.16 5.58 2.89 23.6 Majestic 336.00 -6.25 524.00 311.96 4.76 13.26 51.7 Monitise 14.00 -1.00 80.50 13.00 - -3.93 26956.2
SphereMed 23.00 - 31.00 20.00 - -2.73 2.2 PetroNeft 3.83 -0.03 7.25 3.75 - -33.85 6222.0 OMG♦ 35.25 - 37.00 25.00 1.13 133.02 61.3
CeresPow 9.13 -0.05 11.75 5.90 - -6.63 118.8 Connema 1.25 - 5.00 0.25 - -1.87 54.6 StanlGib 300.50 - 387.00 240.00 2.25 26.69 9.9
Tristel 81.50 2.00 90.50 39.00 0.83 25.11 52.3 Plexus 178.00 -5.38 325.00 168.00 0.58 30.95 16.0 Progility 7.13 -0.13 11.49 4.00 - -45.38 25.0
Densitrn 5.38 - 6.70 4.00 1.86 -6.09 55.0 C'royG&NR 0.88 - 2.30 0.50 - -8.75 217.0
PresidentEn 13.13 -0.88 50.00 10.75 - -59.12 248.1 Support Services Pub Tech 180.00 - 399.70 125.50 - -77.29 3.3
ElektronT 5.63 - 7.50 3.25 - -1.59 20.0 House, Leisure & Pers Goods GrekaDrill 8.45 0.15 20.00 7.20 - -38.24 1060.5
Rockhop 52.75 -0.50 140.00 51.50 - -10.31 1212.1 AndSyks 310.00 - 385.00 260.00 6.71 13.77 4.3 SciSys 88.00 - 97.00 69.65 1.66 14.36 2.7
FlowGp 36.50 1.00 50.00 13.00 - -9.22 1753.6 Herencia 0.20 -0.01 0.61 0.18 - -2.44 4725.1
Airea 13.75 - 15.20 9.03 4.00 21.12 13.6 Serica 3.23 -0.05 16.17 3.15 - -1.84 416.5 Augean 46.50 - 56.75 42.00 0.75 11.97 23.6 WANdisco 410.00 -12.50 1390 255.15 - -5.27 114.2
LPA 64.00 - 148.00 61.31 2.11 4.38 4.1 HighldGld 40.00 -4.50 84.25 17.73 12.06 3.86 853.6
Churchll 580.00 - 630.00 425.00 2.52 21.34 2.2 Sound Oil 10.00 0.13 14.00 4.50 - -3.66 1476.3 Begbies 43.13 - 55.00 37.54 5.10 16.86 12.9
ThorpeFW 140.00 5.00 145.09 120.00 2.18 16.05 14.0 KarelianDd 1.05 0.10 4.90 0.92 - -10.29 4324.9 Telecommunications
gamingrealm 32.25 - 41.70 19.50 - -6.90 4.7 TowerRes 0.48 -0.03 7.25 0.47 - -0.46 5521.2 Christie 150.00 -2.50 162.00 82.10 1.00 27.44 1.4
Zytronic 293.50 - 308.00 197.00 3.13 15.06 13.1 KEFI Min 1.05 - 2.10 0.90 - -1.98 452.0
HavelckE 15.50 - 25.00 15.10 - 28.08 363.6 TrinityE 17.38 -1.88 155.00 17.08 - -0.82 942.3 Empres 40.50 - 60.50 38.13 0.86 6.86 17.3 AltNetwks♦ 512.50 -2.50 549.91 415.00 2.63 30.83 11.1
OracleC 0.83 - 2.45 0.25 - -2.29 59.6
Financial General Intl Grt 73.00 - 89.00 62.00 - 10.01 3.6
PatagonG 3.13 - 12.50 3.00 - -5.39 237.5
UnJackOil 0.22 0.01 0.52 0.14 - -2.79 18915.4 Hargreaves 587.00 -3.00 906.50 522.50 3.82 4.80 75.7 AvantiCom 206.50 3.50 329.25 162.75 - -4.35 94.4
Ambrian 8.00 - 12.50 7.50 - 3.55 6.6 Mulberry 864.00 19.00 900.00 562.50 0.58 168.36 5.0 VictorOil 55.25 0.50 71.40 0.94 - -58.59 229.5 Hydrogen 72.50 - 113.00 70.00 6.34 -26.45 0.8
Portmern 905.00 - 930.00 718.00 2.65 16.12 0.6
RamblMtls 19.50 - 32.90 19.00 - 9.10 21.7
VolgaGas 58.50 - 143.00 55.00 - 7.14 129.7 Travel & Leisure
Arbuthnot 1335 -64.00 1463.41 1000.00 1.95 17.29 1.7 ShantaGold 11.25 - 16.00 8.50 - 14.28 1086.1 Impellam 597.50 10.00 600.00 365.50 2.01 105.19 8.6
SinclairW 45.00 - 120.00 35.00 6.67 -2.94 4.0 CastleStIn 17.50 - 18.75 17.00 17.14 -2.05 2.2
Ashcourt Rw 168.50 - 195.00 166.00 - 1415.97 0.6 SierraRut 21.00 - 64.00 19.75 - 79.85 46.7 Pharmaceuticals & Biotech ISG 353.50 - 356.00 274.10 2.58 27.03 15.6
TelfordHms 351.25 -0.75 379.00 245.50 2.51 12.95 29.6 Celtic 76.00 - 77.27 72.00 - 9.26 2.4
Aurora 8.13 - 25.08 8.00 - -0.47 0.6 Sirius Min 7.80 -0.15 14.51 7.55 - -152.94 8843.9 JhnsnSrv 70.50 - 71.00 52.00 1.72 17.68 218.1
WalkerGb 197.50 - 219.00 151.05 0.94 22.30 4.9 Abcam 433.00 -8.00 533.85 270.88 1.67 25.44 762.5 ..6%CvPf 62.50 - 75.00 50.00 5.18 - 0.7
BP Marsh 139.50 - 155.00 116.75 1.97 9.89 5.1 SolGold 2.23 -0.13 14.75 2.03 - -5.05 2087.2 JourneyGp 122.50 - 167.00 113.00 2.24 17.98 1.6
AllcePharm 33.88 -0.13 37.50 30.00 2.68 10.60 16.7 ..Cv Pf 135.00 - 150.00 120.00 - - 0.5
BrooksMac 1346.5 -15.00 1817 1300 1.71 19.61 0.4 Industrial Engineering Stratex 2.00 -0.05 4.27 1.70 - -1.57 1113.5 LonSec 2335 - 2600 1876.75 2.96 20.55 0.0
Epistem 272.50 - 342.00 260.00 - -15.71 9.4 Dalata 226.25 - 249.00 209.24 - 232.05 2.1
Camellia 9091 41.00 11300 8450 1.37 13.96 1.7 Xtract Res 0.08 - 0.31 0.07 - -1.74 16307.4 Matchtech 507.50 - 640.00 495.00 3.60 14.51 16.6
600 Grp 15.50 - 24.01 14.60 - 4.14 14.5 e-Thera 29.00 - 36.55 19.02 - -11.12 24.3 Dart♦ 286.00 4.75 304.50 177.75 0.96 13.01 157.8
CaptlMgt 112.50 - 278.00 103.00 - 2.78 0.8 ZincOx 8.38 - 24.24 6.00 - -1.14 1.1 NewmkSec 2.03 - 2.34 1.45 1.63 11.98 201.2
CoracGrp 3.38 0.13 14.30 3.00 - -3.76 491.6 GW Phrms 409.75 -5.25 541.00 205.00 - -58.81 161.9 GoalsSocc 217.50 - 235.70 200.00 0.85 21.48 3.2
Charlemgn 11.38 0.50 19.95 9.50 7.75 14.13 27.1 NormanBr 22.50 -1.00 40.00 20.00 - -2.02 4.5
Molins 88.50 -1.00 188.00 75.00 6.21 6.69 48.8 HtchChMd 1470 60.00 1550 625.00 - 180.83 11.4 MinoanGp 8.75 -1.25 18.22 8.15 - -14.44 1593.4
Fairpoint 117.50 - 164.00 109.00 5.11 13.84 15.6 Oil & Gas NWF 126.00 - 163.00 120.00 3.81 11.38 1.0
MS Intl 132.00 - 217.00 130.00 6.06 17.84 11.2 ImmuPhar 53.00 1.00 67.00 41.00 - -11.59 24.5 PeelHtls 85.50 - 89.00 66.00 - 18.30 30.0
ImpaxGp♦ 57.00 - 59.00 44.50 2.11 20.61 3.0 AlkneEng 22.13 - 48.00 21.35 0.90 3.57 170.5 Optimal Pay 345.50 4.25 558.09 270.00 - 20.66 1079.2
Pres Tech 330.00 27.50 790.00 247.00 2.42 11.82 83.3 ReNeuron 3.13 - 4.39 2.75 - -6.94 2231.6 Prezzo 126.25 - 165.00 118.00 0.25 19.99 89.7
Leeds 39.50 - 43.79 29.00 - 9.66 5.2 AmeriRes 35.00 -1.75 67.25 19.10 - 10.77 2227.6 PennaCns 138.50 - 155.00 111.00 1.81 84.25 0.7
Sareum 0.35 - 0.70 0.30 - -7.78 1642.3
MattioliWds 504.00 - 510.00 409.60 1.81 22.57 33.2 Industrial General AndesEnrg 32.25 -0.75 70.59 27.00 - -3225.00 105.0
SinclairIS 37.75 0.75 39.18 23.30 - -41.03 423.4 Petards 11.88 - 15.99 8.25 - -1.85 232.7 Utilities
Miton 25.00 0.50 49.50 18.50 2.16 -4.20 586.8 API Group 59.00 1.00 77.00 42.00 3.39 9.77 20.8 BahamasP 1.70 - 4.70 1.47 - -7.62 2960.2 RedhallGp 11.50 - 53.54 9.00 - -0.80 1.2 ModernWtr 19.50 - 39.50 18.55 - -3.19 294.3
Vernalis 48.50 -1.25 53.00 28.59 - -16.79 109.1
MAB 172.00 1.25 187.23 160.00 - 20.96 5.8 Powerflte 51.25 0.13 58.38 27.43 2.11 19.95 8.2 BorSthnPet 5.50 -0.10 15.89 4.69 - -85.94 78.1 Renew♦ 283.00 -4.00 327.13 187.00 1.41 17.06 75.8 RenEnGen 63.50 - 81.00 62.75 3.23 17.37 34.6
Numis♦ 204.50 -9.50 419.50 196.09 4.89 11.95 2203.2 RM2 50.50 -0.75 93.00 48.50 - -3.92 131.7 Circle Oil 11.13 - 28.70 9.64 - 4.56 380.4 Real Estate Restore 268.00 2.50 282.00 170.13 0.93 38.43 109.0 Rurelec 3.50 - 15.50 3.25 - -0.47 308.8
Park Grp 60.38 -1.63 64.98 46.00 3.81 14.61 34.2 Symphny 10.63 - 11.33 5.75 - -25.48 0.3 ClontarfEn 0.70 -0.03 1.50 0.35 - -0.44 226.0 Conygar♦ 182.75 - 191.00 152.75 0.82 7.80 11.5 SafeCharge 255.00 -2.00 265.00 162.00 - 210.74 47.5 SeaEnergy 19.50 -0.50 44.00 18.68 - -25.13 48.6
Plus500 563.00 6.00 707.00 264.95 2.29 12.32 325.9 Cluff NR 3.88 -0.25 5.48 3.00 - -2.69 314.1 FltchKng♦ 61.50 - 65.00 33.00 4.88 8.56 1.7 Servoca 21.75 -0.25 23.50 6.50 - 22.49 115.0

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.25 - 107.70 101.75 - - - JPM Inc&Gr 106.00 -0.50 112.00 98.50 2.08 115.7 -8.4 ScottOrtll♦ 857.75 -3.25 900.00 671.20 1.34 928.8 -7.6 Amati VCT 67.25 - 80.50 66.50 7.43 70.4 -4.5 Infra India 14.00 2.00 18.60 9.50 - 44.1 -68.3
Price +/-Chg High Low Yld NAV or Pm Edin Inv 663.50 0.50 670.50 565.20 3.54 680.6 -2.5 JPM Ind 592.50 -3.25 605.50 312.50 - 647.7 -8.5 SecTstScot 137.75 -1.75 149.00 129.86 3.48 149.2 -7.7 AmatiVCT2 102.75 -0.50 123.50 102.53 6.57 108.3 -5.1 MMP 4.13 - 8.75 4.00 - - -
3i Infra 154.40 -1.00 161.50 132.60 4.34 134.3 15.0 Edin WWd♦ 406.00 -4.13 452.45 332.25 0.49 447.8 -9.3 JPM JpSm 219.50 0.50 220.90 174.50 - 255.6 -14.1 Seneca I&G 136.25 - 139.22 131.00 4.02 146.0 -6.7 ArtemisVCT♦ 62.00 - 69.50 60.00 6.45 70.0 -11.4 Marwyn Val 206.50 -1.00 240.70 184.56 - - -
AbnAsianIn♦ 199.50 -0.25 213.80 171.30 3.96 201.9 -1.2 EP Global 242.88 -2.88 249.00 207.04 1.11 241.2 0.7 JPM Jap 243.63 -0.25 246.78 195.00 1.15 284.8 -14.5 Shires Inc♦ 250.00 -1.00 261.75 216.26 4.80 256.3 -2.5 Baronsmd 70.63 - 77.80 69.50 13.45 73.3 -3.6 TerraCat 95.50 - 126.70 60.00 - - -
AbnAsian 922.00 -10.50 1014 751.00 1.08 993.7 -7.2 Estabmt 178.50 0.50 188.00 160.00 2.63 230.4 -22.5 JPM Mid 793.00 -4.00 842.00 669.10 2.14 906.6 -12.5 StdLf Eqt 409.50 -0.50 431.00 362.50 3.27 429.3 -4.6 ..VCT 2 91.75 - 101.49 91.00 13.62 94.5 -2.9 Tiger Res 1.08 - 1.87 0.90 - 1.3 -16.9
AbnJapInv 452.00 -0.50 470.00 319.00 1.00 484.3 -6.7 Euro Ast♦ 981.50 -0.50 1040 800.00 5.30 972.5 0.9 JPM O'seas 1051 -16.00 1076 890.95 1.43 1128.1 -6.8 StdLf Sml 278.00 -1.50 348.75 256.00 1.50 303.6 -8.4 ..VCT 3 95.00 - 110.10 94.00 16.32 97.4 -2.5
AbnLatAmIn♦ 69.25 -0.25 85.68 60.25 6.14 77.2 -10.3 EuroInvT♦ 754.75 -3.25 797.00 659.33 1.85 812.1 -7.1 JPMRussian 293.00 -11.00 518.22 223.25 5.22 339.7 -13.7 StrategicEq 196.75 -0.13 201.90 151.50 0.76 189.9 3.6 ..VCT 4 88.88 - 96.10 86.75 14.63 91.5 -2.9 ISDX
..Sub 1.00 - 5.89 0.50 - - - F&C Cp&I 259.25 -1.00 271.75 231.75 3.76 260.1 -0.3 JPMSnrSec 95.13 - 102.50 94.50 - 93.6 1.6 Temp Bar 1185 -3.00 1287 1101 3.19 1220.5 -2.9 ..VCT 5 72.75 - 78.39 71.50 8.25 74.0 -1.7
F&CGblSmlr♦ 913.00 -4.00 918.54 781.00 0.88 908.9 0.5 JPM Smlr 746.00 -1.50 877.00 632.40 1.27 886.6 -15.9 TempEmerg 572.00 -6.00 626.64 490.30 1.27 647.2 -11.6 BSC VCT 87.50 - 92.20 83.00 6.29 100.8 -13.2 52 Week Vol
AbnNewDn♦ 183.63 -0.63 195.00 150.25 1.96 207.5 -11.5
F&CMgdG 143.50 - 146.00 130.00 - 143.0 0.3 JPM US Sml 176.00 -0.75 180.82 134.50 0.40 180.2 -2.3 TRIG 103.25 0.75 412.00 99.00 - - - ..VCT2 56.00 - 61.00 53.50 8.04 61.8 -9.4 Price +/-Chg High Low Yld P/E 000s
AbnNewThai 468.00 -4.00 482.75 334.12 1.71 542.4 -13.7
F&CMgdI♦ 122.50 -1.00 125.00 110.00 3.96 121.7 0.7 JupDv&G♦ 113.00 - 115.00 104.50 0.88 123.8 -8.7 ThreadUKSel 178.50 - 187.70 163.00 2.38 190.3 -6.2 Crown Place 30.00 - 30.50 29.00 8.33 32.9 -8.8 ArsenalFC 1512500 - 1550000 1400000 - 129.42 0.0
AbnSmlCo♦ 187.00 - 230.00 174.00 3.37 229.3 -18.4
FidAsian 248.75 -1.13 255.00 196.17 0.44 282.0 -11.8 JupEur 493.00 -3.00 497.75 371.25 0.71 486.3 1.4 TREurGth 527.75 0.50 601.00 438.00 1.14 597.9 -11.7 Frsight3VCT 47.63 - 67.90 45.00 4.20 72.1 -33.9 ShephdNm 1125 - 1260 1025 2.25 27.07 1.0
Abn UK 318.50 -2.00 324.00 288.00 3.23 336.6 -5.4
FidChiSpS 136.90 -2.10 142.68 97.20 0.84 157.2 -12.9 JupGrn 137.50 - 145.89 133.20 0.80 142.5 -3.5 TroyInc&G♦ 69.50 -0.13 70.00 59.37 2.37 69.5 0.0 Frsight4VCT 49.00 - 64.70 45.00 - 86.1 -43.1 Thwaites 120.50 -3.00 132.00 112.50 3.70 -25.69 0.0
Abf Gd Inc 165.75 0.50 185.25 138.25 4.33 191.6 -13.5
Abf Sml 1045 15.00 1237 966.00 2.25 1165.9 -10.4 Fid Euro 170.50 1.90 173.00 137.40 1.74 181.9 -6.3 JupPrim 301.50 -2.00 306.16 268.34 2.57 305.8 -1.4 UtilicoEmg 194.00 0.50 202.23 167.00 3.14 212.0 -8.5 Frsight4C 50.00 - 52.00 30.00 - 82.5 -39.4
AcenciADbt 107.00 - 109.00 101.75 3.54 111.1 -3.7 Fid Jap 74.50 -2.25 77.25 54.17 - 88.0 -15.3 JupUSSmCo 660.00 5.00 701.50 596.99 - 711.9 -7.3 UtilicoInv 124.00 -0.50 133.80 101.00 7.56 174.4 -28.9 FrsightSol 100.50 1.00 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 450.00 3.25 473.66 382.00 - 502.6 -10.5 Fid Spec 847.50 0.50 966.00 796.84 1.92 935.1 -9.4 KeystoneInv 1820 -5.00 1848.64 1651.76 2.75 1870.2 -2.7 ValAndInc 254.50 -0.38 288.00 238.43 3.34 293.7 -13.3 Inc&GthVCT 100.00 - 106.24 93.50 18.00 114.2 -12.4 Guide to FT Share Service
Alliance 492.00 -0.50 499.40 420.20 1.96 564.6 -12.9 FinsG&I 574.00 3.00 575.13 464.25 1.88 571.2 0.5 Law Deb 527.50 2.50 553.68 465.10 2.84 486.4 8.4 Witan 776.00 -2.00 791.95 642.00 1.89 773.7 0.3 KingsAYVCT 18.00 - 19.50 17.00 5.56 19.5 -7.7
AllianzTech 557.50 -11.00 584.50 463.07 - 597.7 -6.7 FstPacfic H HK$ 7.88 -0.05 9.48 7.35 2.35 - - LinTrain £ 401.00 - 410.00 331.00 1.69 370.5 8.2 WitanPac 244.50 0.25 248.00 205.75 1.82 279.1 -12.4 Maven I&G 63.50 - 69.00 60.00 7.09 64.5 -1.6
AltAstsOps 44.75 - 47.00 35.50 - 49.0 -8.7 For & Col♦ 449.00 0.80 452.40 361.90 2.49 470.5 -4.6 Ln&StLaw♦ 375.50 -3.25 410.50 330.80 3.60 374.3 0.3 WorldTst 257.00 - 256.95 211.00 - 293.6 -12.5 MavenVCT2 54.00 - 56.75 43.00 4.63 58.0 -6.9
Art Alpha♦ 279.00 -1.13 320.00 269.00 1.15 325.4 -14.3 Geiger 18.38 - 34.89 17.25 - 22.9 -19.7 Lowland♦ 1262 - 1547.5 1219 2.81 1357.3 -7.0 WwideHlth 1853 -7.00 1884 1180.01 0.81 1855.5 -0.1 MavenVCT3 77.50 - 79.00 70.00 5.48 82.2 -5.7 For queries about the London Share Service pages e-mail
..Sub 32.25 - 46.40 31.00 - - - GenEmer 541.50 -1.50 583.00 473.80 - 596.7 -9.3 M&GHighInc♦ 163.00 -1.00 173.50 145.00 0.92 173.0 -5.8 MavenVCT4 85.75 - 89.00 80.00 5.42 95.6 -10.3 [email protected].
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 208.50 0.50 210.00 163.00 1.56 225.7 -7.6 GFIS 21.75 - 35.99 19.00 - 54.1 -59.8 Majedie 236.88 -0.13 243.00 198.64 5.83 251.5 -5.8 MavenVCT5 35.75 - 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Chg High Low Yld NAV or Pm
Aurora 147.00 -0.50 172.50 144.00 2.59 167.0 -12.0 GRIT 23.50 1.00 70.00 18.45 - - - Man&Lon 236.00 1.00 281.50 219.00 5.83 285.1 -17.2 MobeusI&G 87.00 0.50 107.90 84.00 4.02 95.4 -8.8 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 32.25 - 49.00 26.50 - 34.9 -7.6 MCGlobPort♦ 179.50 0.13 182.50 154.25 2.23 180.9 -0.8 AbnPvtEq 90.75 -0.25 96.00 73.50 2.25 117.6 -22.8 ..I&G 2VCT 105.50 0.50 119.50 97.00 1.18 133.5 -21.0
BG Japan 392.75 1.25 398.48 313.50 - 396.3 -0.9 100 constituent stocks are shown in bold.
Hansa 864.50 -2.50 1010 826.50 1.85 1158.8 -25.4 MCurPac 310.00 1.00 313.50 257.00 2.10 354.1 -12.5 Altamir € 10.60 - 11.99 9.43 - 15.7 -32.5 ..I&G 4VCT 102.00 - 116.00 99.00 5.15 100.7 1.3
BG Shin 322.50 -0.63 334.75 282.50 - 339.2 -4.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 837.50 1.50 986.00 830.00 0.60 1158.8 -27.7 MercantIT♦ 1493 17.00 1666 1316.55 2.14 1692.7 -11.8 Dun Ent 371.88 0.38 434.75 332.84 4.44 499.5 -25.5 Nthn 2 VCT 75.50 - 81.00 73.50 7.28 84.8 -11.0
BSRT 28.50 0.25 47.75 27.00 - 43.6 -34.6 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 92.63 0.13 93.50 87.75 5.45 90.2 2.7 MrchTst♦ 484.00 -7.00 524.00 422.18 4.88 487.5 -0.7 Electra 3024 5.00 3043 2338 - 3203.6 -5.6 Nthn 3 VCT 93.25 - 99.48 92.00 5.90 105.2 -11.4
Bankers♦ 604.00 -1.00 614.50 506.00 2.42 620.7 -2.7 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF♦ 1007 -6.00 1029 816.47 2.71 1008.0 -0.1 Mid Wynd 314.00 -1.00 317.20 256.00 1.08 319.4 -1.7 ElectraPrf 149.00 - 149.68 141.25 - 140.1 6.4 NthnVent 77.50 - 88.88 75.00 7.74 86.0 -9.9
BrngEmEu♦ 497.25 -10.75 711.00 432.00 3.82 565.4 -12.1 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 841.50 -5.00 865.00 678.25 2.02 835.6 0.7 MitonWw 158.25 0.50 158.80 147.00 - 178.8 -11.5 F&C PvtEq 217.50 -0.13 233.00 197.00 2.46 260.4 -16.5 ProVenGI 79.00 1.50 82.84 76.00 8.23 82.1 -3.8
BH Global 1292 -3.00 1304 1162 - 1409.0 -8.3 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 339.50 -4.88 351.00 289.25 5.27 338.4 0.3 MMP 4.13 - 8.75 4.00 - - - GraphEnt 573.50 - 619.00 536.10 1.31 672.1 -14.7 ProVenVCT 93.50 2.50 97.00 89.50 7.49 94.8 -1.4
..EUR € 12.00 - 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 396.38 -6.13 405.00 336.20 2.52 435.8 -9.0 Monks♦ 394.60 0.20 406.00 348.40 1.00 457.9 -13.8 HVPE $ 12.73 - 12.80 10.55 - 15.5 -17.9 UnicornAIM♦ 126.00 - 133.00 120.00 4.76 138.8 -9.2
..USD $ 12.88 0.03 12.95 11.20 - 13.9 -7.3 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh♦ 183.38 -0.63 185.00 156.50 4.64 179.0 2.4 MontanSm 491.00 -4.00 551.49 390.50 1.43 529.3 -7.2 HgCapital 1064 -5.50 1145.75 990.00 2.73 1150.4 -7.5
BH Macro 2117 16.00 2121.5 1919 - 2210.0 -4.2 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc 129.25 -3.13 132.89 103.00 3.25 126.6 2.1 Mur Inc 780.50 -3.00 808.00 699.86 3.94 796.9 -2.1 JPM Pvt Eq $ 0.86 0.01 0.86 0.72 - 1.1 -21.8
..EUR € 20.43 0.01 20.50 18.40 - 21.4 -4.5 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 810.00 -6.00 971.99 755.00 1.30 940.9 -13.9 Mur Int♦ 1050 4.00 1150 912.00 4.10 1003.9 4.6 JZ Capital 404.50 - 453.00 390.00 - 649.8 -37.8
..USD $ 20.50 0.25 20.50 18.40 - 21.3 -3.8 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 564.00 1.00 616.39 468.13 1.95 641.9 -12.1 ..B 1050 - 1538.69 900.00 - 1003.9 4.6 LMS Capitl 77.75 0.63 88.75 72.75 - 92.5 -15.9 JPM I&C♦ 94.00 0.25 100.80 86.00 6.65 -13.6 0.4
BiotechGth 767.00 -7.50 792.86 390.01 - 745.9 2.8 1,000 shares.
HendVal♦ 228.50 -1.75 254.00 226.00 0.66 280.8 -18.6 NB DDIF $ 1.16 - 1.25 1.00 - - - Mithras 141.50 - 148.23 130.00 0.71 155.3 -8.9 JupiterDv&G♦ 4.25 - 5.83 3.52 16.94 5.5 -36.1
BlckRCom 86.50 -1.50 119.88 80.54 6.89 85.9 0.7
Herald 679.00 -6.00 747.00 594.00 - 822.6 -17.5 NewCtyEgy 19.38 -0.50 42.00 16.75 - 23.3 -16.8 NB PE Ptnr $ 12.03 - 12.11 9.90 - - - M&GHI&Gt 57.50 -0.50 68.80 55.00 - -13.8 -4.5 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 206.88 -1.75 280.00 169.25 1.00 233.4 -11.4
HICL Infra 152.60 0.30 156.39 133.00 5.84 132.7 15.0 ..Sub 0.13 - 0.15 0.06 - - - Nthn Invs 476.00 - 483.81 348.00 2.10 468.6 1.6 Rghts&Icp 4040 7.50 4900 3800 2.03 -61.7 -0.3 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 109.38 -1.88 133.28 103.50 1.25 117.2 -6.7
Impax Env. 151.88 0.25 156.50 136.00 0.79 173.0 -12.2 NewCityHY♦ 64.50 -0.38 68.00 62.00 6.45 59.3 8.8 Pantheon 1292.5 5.50 1298 1055 - 1517.2 -14.8 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 235.38 1.13 254.15 201.75 2.55 248.6 -5.3 Income Shares 52 Week HR
Ind IT 283.00 0.50 296.00 263.00 1.77 314.6 -10.0 NewIndia 370.00 -0.13 371.30 194.03 - 394.2 -6.1 PantheonR 1210 - 1220 1010 - 1517.2 -20.2 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 12.00 - 30.25 8.00 - - - Price +/-Chg High Low Yld WO GRY 0%
Intl PP 136.00 0.20 139.50 125.60 4.52 121.0 12.4 New Star IT 69.50 - 76.24 65.45 - 111.7 -37.8 PrincssPE € 7.10 0.02 7.25 6.20 7.88 8.5 -16.5 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK 134.75 0.25 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 - 97.00 90.15 4.63 -56.0 8.0
InvAsTr 193.75 -1.25 198.00 146.79 1.78 218.5 -11.3 NorthAmer♦ 869.50 -14.75 906.45 759.73 3.16 942.4 -7.7 Riverstone 925.00 -13.00 960.50 822.00 - 1057.5 -12.5 in pence.
BlckR I&G 183.25 0.25 183.00 158.01 3.11 187.1 -2.1 M&GHghIc 55.50 -0.50 63.00 53.00 - -13.8 -2.8
Inv Inc 290.00 -1.38 294.00 255.00 4.12 312.3 -7.1 NthAtSml 1857 -5.00 1866 1594 - 2303.5 -19.4 StdLfEuPv♦ 203.00 - 236.42 195.75 2.46 257.4 -21.1
BlckRckLat 396.00 -2.00 508.45 355.00 4.36 454.9 -12.9 Rghts&I 1052.5 2.50 1252 895.00 2.85 - 17.4
InvPerp♦ 75.50 - 77.50 69.00 6.62 73.4 2.9 Oryx Int 464.00 - 473.00 375.00 - 548.2 -15.4 X FT Global 500 company
BlckRckNrAm 118.50 -0.75 120.75 98.75 2.53 125.5 -5.6 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.25 - 117.80 108.50 - 122.1 -4.0 PacAsset 196.75 -0.63 198.25 143.63 1.32 207.6 -5.2 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 813.50 4.50 928.55 697.00 1.48 912.9 -10.9 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 156.50 -0.25 159.49 138.00 - 158.5 -1.3 PacHorzn 200.00 -0.63 204.75 158.75 0.75 219.3 -8.8 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 284.75 -0.25 323.00 238.00 1.40 338.5 -15.9 Direct Property
IPST Mngd 102.00 0.38 101.81 100.00 - 103.3 -1.3 Perp I&G 396.30 -0.50 403.60 350.81 3.00 406.6 -2.5 JPM Inc&Gr 11.25 - 15.50 9.00 1.4 -3.0 7.6 # price at time of suspension from trading
BlckRWld 298.70 -2.80 520.99 286.00 7.03 345.4 -13.5 AseanaPr $ 0.45 - 0.47 0.39 - 0.6 -25.0
Bluecrest A 187.50 0.10 188.00 171.60 - 196.1 -4.4 IPST UK Eq♦ 157.75 0.25 162.00 143.00 3.58 164.3 -4.0 PerAsset 35670 -160.00 36313.1 31810 1.57 35419. 0.7 M&GHghIc 3.80 -0.05 6.58 3.00 7.2 6.3 -
AXA Propty 42.88 -0.13 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 130.75 -1.25 143.50 119.25 4.88 140.7 -7.1 InvPpUK 329.50 -0.75 346.98 281.00 1.97 372.1 -11.4 3 Zero Dividend Preference Shares 52 Week HR
CustdnREIT 106.38 -0.13 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 521.50 -1.50 527.00 470.20 2.01 583.3 -10.6 Invs Cap A♦ 93.50 - 99.00 87.00 4.73 103.8 -9.9 PolarFins 95.00 -1.25 109.50 92.00 - 107.7 -11.8 Price +/-Chg High Low SP WO TAV 0%
F&CComPrp♦ 141.10 -0.30 148.40 116.50 4.25 120.2 17.4 guarantee that the information is reliable or complete. The FT does not accept
Brunner 539.75 -3.75 552.50 486.00 3.24 625.5 -13.7 Invs Cap B 90.50 - 103.00 87.03 - 104.1 -13.1 ..Sub 7.50 - 20.00 5.00 - - - Abf Gd Inc 149.00 - 149.49 137.25 -32.9 - 159.7
F&CUKRealE 94.50 -0.50 96.25 81.00 5.29 90.8 4.1 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2304 -16.00 2337 1899.09 2.13 2773.2 -16.9 Invs CapU 359.00 - 378.00 347.00 0.90 416.8 -13.9 PolarHealth 169.25 -0.75 172.59 141.00 2.04 181.8 -6.9 EcofinWatr 153.50 - 154.25 144.25 -68.1 -92.1 160.7
IndMultiPr 54.50 - 73.00 48.00 - - - or use of the information.
CanGen C$ 18.75 -0.41 21.00 17.34 0.78 27.0 -30.6 JLaingInf 121.50 - 155.35 113.60 5.25 105.5 15.2 PolarTech 575.00 - 590.74 431.00 - 576.7 -0.3 F&C PvtEq 151.50 - 152.14 146.25 - - -
InvistaERET 1.19 - 4.40 0.79 - 10.5 -88.7
Cap Gear 3339.5 - 3465 3080 0.48 3257.8 2.5 JPM Amer 287.00 -1.50 296.14 225.80 0.94 281.8 1.8 ProspJap $ 1.09 0.00 1.19 0.91 - 1.2 -9.2 JPM I&C 171.25 - 171.75 159.25 -17.5 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.25 0.25 106.75 100.50 - - -
CayenneTst 153.50 - 153.75 135.00 0.78 160.8 -4.5 JPM Asn♦ 241.25 -3.13 248.27 188.34 1.08 270.3 -10.7 QatarInvF $ 1.30 - 1.49 1.15 2.17 1.5 -13.3 JupiterDv&G 110.63 -0.13 112.25 97.75 -5.5 - 129.4 fully representative of all LSE-listed companies. This service is available to all
PictonProp 69.50 - 69.50 56.00 4.32 66.0 5.3
CayenCULS 106.00 - 106.00 105.25 - - - JPM Brazil 59.38 -1.38 76.49 52.56 1.68 64.5 -7.9 RIT Cap 1448 3.00 1452.48 1230 1.98 1489.6 -2.8 JZ Capital 354.50 0.50 356.00 332.80 -92.0 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc 81.00 -0.50 82.00 72.00 5.63 72.5 11.7
City Merch♦ 188.25 0.88 191.50 182.15 5.31 183.9 2.4 JPM China♦ 186.50 -2.50 194.00 139.25 0.86 210.4 -11.4 RobecoNV € 30.38 0.48 30.91 26.47 - - - M&GHghIc 112.88 - 114.70 105.00 -17.1 -90.1 122.8 please email [email protected] or call 020 7873 4012.
UKComPrp 90.95 -0.05 92.65 74.50 5.34 80.3 13.3
CityNatRs♦ 98.50 -0.88 146.75 95.00 5.58 132.7 -25.8 JPMElct MC 99.50 - 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 0.45 28.98 24.80 - - - UtilicoFn16 183.75 - 184.15 169.70 -54.0 -86.6 192.8
City Lon♦ 392.90 -0.10 395.92 345.00 3.73 388.3 1.2 ..MG 587.50 -1.00 600.01 507.66 1.28 601.0 -2.2 Ruffer Inv 219.50 1.00 222.50 193.50 - 216.2 1.5 Property Securities
UtilicoFn18 138.75 - 139.00 117.00 -19.4 -29.8 160.5
DexionAb 178.00 -1.50 181.00 156.75 - 192.4 -7.5 ..MI 102.00 -0.50 104.99 93.01 0.83 104.8 -2.7 SchdrAsiaP♦ 294.13 -1.38 296.50 220.25 1.14 330.0 -10.9 SchdrGlbRe
TR Prop
124.38
311.50
-0.25 125.75 29.00 3.38 140.5
3.70 313.50 229.33 2.39 308.8
-11.5
0.9 UtilicoFn20 110.38 - 111.50 100.00 -10.1 -12.2 154.9 Data provided by Morningstar
..EUR € 2.46 - 2.50 2.26 - 2.7 -8.9 JPM Emrg 617.50 -0.50 632.37 498.94 0.89 694.4 -11.1 Schdr Inc♦ 270.50 -1.25 275.00 235.50 3.62 281.8 -4.0
..USD $ 3.75 0.02 3.75 3.30 - 4.1 -8.5 JPM EurGth 235.50 -0.50 240.00 193.00 2.85 249.4 -5.6 SchdrJap 137.00 - 138.22 106.79 1.28 152.8 -10.3 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 79.25 -1.25 90.75 73.02 2.97 80.6 -1.7 JPM EurInc 130.00 - 131.00 104.75 - 135.1 -3.8 SchdrOrient♦ 194.50 1.50 201.59 159.28 3.86 199.6 -2.6 Price +/-Chg High Low Yld NAV or Pm
Dun Inc 270.88 -2.13 371.25 239.00 4.10 282.4 -4.1 JPM EuSm 214.00 0.88 246.80 164.00 1.36 243.8 -12.2 SchdrUK♦ 161.00 0.50 198.50 146.83 2.80 178.4 -9.8 AlbionDev 70.00 - 70.89 67.00 7.14 70.6 -0.8 52 Week Dis(-)
Dun Sml♦ 179.00 -3.00 243.50 171.30 2.91 218.5 -18.1 JPM Clavr 593.50 -5.00 633.50 534.51 3.29 645.8 -8.1 SchdrUKMd♦ 437.38 1.63 527.50 402.49 1.82 478.6 -8.6 ..D 100.00 - 101.00 98.00 2.50 105.5 -5.2 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr 148.00 -6.00 176.75 123.25 4.52 185.0 -20.0 JPMGIConv 100.50 0.13 112.50 99.00 - 100.2 0.3 ScotAmer 245.00 -4.00 257.50 221.99 4.20 252.6 -3.0 Albion Ent 89.00 - 92.00 85.00 5.62 94.8 -6.1 AdFrntMkt 57.50 -0.25 65.50 54.62 - 62.6 -8.1
JPM GEI 121.00 -0.50 130.00 104.80 4.21 120.6 0.3 Scottish In♦ 617.50 1.50 626.00 536.00 1.88 678.7 -9.0
..CULS
EdinDragn
106.00
284.00
- 111.70 102.52
-4.00 291.79 225.00
-
0.77
-
320.2
-
-11.3 JPM I&C Uni 351.50 - 370.50 330.06 - 368.2 -4.5 ScottMort 247.70 -4.60 258.70 189.00 1.17 248.6 -0.4
AlbionTech♦ 77.00 - 81.00 71.25 8.12 83.2 -7.5 CrysAmber
GLI Finance♦
150.00
62.25
- 157.66 129.81 0.3 151.4
-1.25 65.00 50.00 8.0 - -
-0.9
www.morningstar.co.uk
AlbionVCT 66.00 - 68.75 64.00 7.58 67.3 -1.9
IndiaCap 68.00 -0.25 69.40 32.41 - 76.4 -11.0
Friday 30 January 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

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

CF Heartwood Balanced Income B Inc 116.12 - -0.40 2.26 Strategic Bond Gross £ 0.33 - 0.00 3.39 Tem Latin America $ 51.23 - -0.72 0.84

ACPI Global UCITS Funds Plc (IRL) Barings (Luxembourg) (LUX) CF Heartwood Balanced B Acc 127.24 - -0.35 0.67 Comgest AM International Ltd (IRL) Edinburgh Partners Limited (IRL) Target 2015 £ 0.50 - 0.00 0.27 Class A Acc
www.acpi.com FCA Recognised CF Heartwood Defensive Multi Asset Fund B Accumulation 111.17 - -0.05 0.01 46 St Stephen's Green, Dublin 2, Ireland 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 - Gross £ 0.50 - 0.00 0.30 Frk Biotech Discovery $ 32.83 - -0.76 0.00
Regulated Russia A GBP Inc F £ 21.44 - -0.33 1.43 FCA Recognised Dealing - Fax only - +353 1 434 5230
CF JM Finn Gbl Opps A Acc 276.79 - -0.42 1.54 Target 2020 £ 0.58 - 0.00 0.51 Frk Brazil Opportunities Fd $ 10.22 - -0.02 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 107.26 - 0.12 0.00 Comgest Gth Asia Pac ex Jap DIS F $ 8.31 - 0.00 0.31 FCA Recognised
CF Richmond Core 189.91 - -1.58 0.00 Edinburgh Partners Opportunities Fund PLC Target 2025 £ 1.33 - 0.00 0.29 Frk Euro S-Term Money Mkt Fd € 1012.32 - -0.01 0.00
ACPI Global Credit UCITS Funds USD A $ 13.80 - 0.00 0.00 Comgest Gth Emerging Mkt DIS F $ 34.29 - -0.16 0.29
Barmac Asset Management Ltd (UK)
CF Seneca Diversified Growth A ACC 214.99 - 0.07 1.18 European Opportunities I EUR € 2.65 - 0.00 1.35 Target 2030 £ 1.42 - 0.00 0.26 Frk Euroland Fund € 18.72 - -0.13 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.76 - 0.41 0.00 40 Dukes Place, London, EC3A 7NH Comgest Gth Europe DIS F € 19.38 - 0.04 0.00
Artemis Fund Managers Ltd (1200)F (UK) CF Seneca Diversified Growth B ACC 126.52 - 0.05 1.81 European Opportunities I GBP £ 1.98 - 0.00 1.61 UK Select £ 2.36 - 0.02 1.17 Frk European Growth € 14.71 - 0.03 0.00
ACPI India Fixed Income UCITS Fund USD A3 $ 89.43 - 0.14 0.00 Authorised Corporate Director - Capita Financial Managers Comgest Gth GEM PC DIS F € 13.31 - 0.09 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dealing: 0845 922 0044 European Opportunities I USD $ 3.01 - -0.02 1.37 Frk European Sml Mid Cap Gth € 32.13 - 0.17 0.00
CF Seneca Diversified Growth N ACC 125.53 - 0.04 1.54 UK Growth £ 3.52 - 0.00 0.05
ACPI International Bond UCITS Fund USD A $ 18.50 - 0.06 0.00 Authorised Inv Funds Authorised Inv Funds
CF Seneca Diversified Income A INC 88.90 - -0.01 5.47 European Opportunities A EUR € 2.58 - 0.00 0.96 UK Smaller Companies £ 1.89 - 0.00 0.26 Frk Gbl Equity Strategies Fd $ 11.32 - -0.15 0.00
Artemis Capital R ACC 1201.27 1269.03 4.30 1.54 Retail Accumulation 2 112.24 - -0.30 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
CF Seneca Diversified Income B INC 105.08 - -0.01 5.99 Global Opportunities I USD $ 1.71 - -0.01 1.14 WealthBuilder A Acc £ 1.02 - 0.00 0.65 Frk Gbl Fundamental Strat Fd $ 12.95 - -0.16 0.00
Artemis European Growth R Acc 240.55 253.84 0.53 3.74 PO BOX 10117, Chelmsford, Essex, CM1 9JB
ACPI Select UCITS Funds PLC (IRL) Retail Income 2 110.84 - -0.30 0.00
CF Seneca Diversified Income N INC 104.20 - -0.02 6.00 Dealing & Client Services 0845 0264281 Global Opportunities I GBP £ 1.13 - 0.00 1.02 Fidelity PathFinder Frk Global Conver.Securities $ 11.58 - -0.03 0.00
Regulated Artemis European Opps R Acc 71.08 74.99 0.17 1.40 The Castleton Growth Fund Ret Acc F 108.89 - -0.29 0.00 Authorised Inv Funds
ACPI Balanced UCITS Fund USD Retail $ 14.06 - -0.05 0.00 Investment Adviser - DSM Capital Partners Global Opportunities I EUR € 1.51 - 0.00 1.05 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.12 - 0.01 - Frk Global Growth $ 13.96 - -0.15 0.00
Artemis Global Energy R Acc 27.06 28.67 -1.07 0.00 The Castleton Growth Fund Ret Inc F 109.31 - -0.30 0.00 Consistent UT Inc 59.23 59.94 0.22 4.57
ACPI Balanced UCITS Fund EUR Retail € 10.65 - -0.03 0.00 The Westchester $ 25.76 - -0.42 0.00 Global Opportunities A GBP £ 1.06 - 0.00 0.60 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.12 - 0.01 - Frk Global Gth & Val $ 24.28 - -0.33 0.00
Artemis Global Growth R Acc 177.34 187.15 -0.63 0.79 Consistent UT Acc 132.54 134.12 0.49 4.42
ACPI Balanced UCITS Fund GBP Retail £ 10.74 - -0.03 0.00 The Westchester Class 1 GBP Acc £ 18.43 - -0.21 0.00 Pan European Opportunities I EUR € 1.61 - 0.01 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.12 - 0.00 - Frk Global Sml Mid Cap Gth $ 27.52 - -0.09 0.00
Artemis Global Income R Acc 94.97 100.35 -0.04 3.96
BlackRock (JER)
The Westchester Class 2 GBP Acc £ 18.45 - -0.22 0.00
Practical Investment Inc 208.29 213.12 -0.70 3.82
Fidelity PathFinder Foundation 3 Acc (clean) £ 1.12 - 0.00 - Frk Gold and Precious Mtls Fd F $ 4.13 - -0.14 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Inc 79.44 83.94 -0.05 4.08 Regulated
Investment Adviser Lacomp Plc Practical Investment Acc 981.49 1004.24 -3.27 3.72
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.13 - 0.00 - Frk India $ 34.86 - 0.03 0.00
Artemis Global select R Acc 68.92 72.73 -0.20 0.00 BlackRock UK Property £ 38.87 - 0.00 3.88
CF Lacomp World 105.26 110.52 -0.07 0.00 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.17 - 0.00 - Frk Japan Fd ¥ 806.05 - 0.85 0.00
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis High Income R Inc 80.97 86.22 0.15 5.64 Blackrock UK Long Lease £ 1040.80 - 9.30 0.00
Investment Adviser - Morant Wright Management Limited Coupland Cardiff Funds Plc (IRL)
ACPI Focused Equity UCITS Fund $ 12.01 - -0.13 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.13 - 0.01 - Frk K2 Alt Strat Fd $ 10.35 - -0.02 -
Artemis Income R Inc 210.30 222.73 0.86 4.18 BLK Intl Gold & General $ 5.45 5.75 -0.23 0.00 CF Morant Wright Japan A 247.48 - 0.17 0.00 31/32 St James's Street, London, SW1A 1HD
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.12 - 0.00 - Frk MENA Fund $ 6.92 - 0.14 0.00
Artemis Income R Acc 345.47 365.90 1.42 4.06 CF Morant Wright Japan A Inc 243.83 - 0.17 0.00
CC Asia Alpha Fd - Cls A Euro € 12.74 12.74 -0.05 0.00 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.01 - Frk Mutual Beacon $ 69.57 - -0.97 0.00
Abbey Life Assurance Company Limited (UK) Artemis Monthly Dist R Inc 62.79 66.65 0.07 4.81 CF Morant Wright Japan B 262.22 - 0.19 0.43
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 CC Asia Alpha Fd - Cls B USD $ 12.51 12.51 -0.04 0.00 EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.14 - 0.00 - Frk Mutual Euroland Fd € 16.81 - -0.28 0.00
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 99.16 - 0.21 - CF Morant Wright Japan B Inc 248.59 - 0.18 0.45 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
CC Asia Alpha Fd - Cls C GBP £ 12.36 12.36 -0.04 0.00 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.15 - 0.00 - Frk Mutual European EUR € 23.58 - -0.25 0.00
Insurances Artemis Strategic Assets R Acc 75.73 80.11 -0.36 0.00 CF Morant Wright Nippon Yield ACC A 252.08 - -0.28 2.17 Contact: Telephone + 971 4 363 4029 Email [email protected]
CC Asia Alpha Fd - Cls I USD $ 9.88 9.88 -0.03 0.00 Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.15 - 0.01 - Frk Mutual Gbl Disc $ 17.13 - -0.26 0.00
Life Funds Artemis Strategic Bond R M Acc 83.40 88.55 0.02 4.05 CF Morant Wright Nippon Yield ACC B 260.30 - -0.29 2.16
Prop. Acc. Ser 2 1406.10 1480.10 -55.40 - CC Asian Evolution Fd. Cls A USD $ 14.68 14.68 0.12 0.00 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.00 - Frk Natural Resources Fd F $ 7.16 - -0.30 0.00
Artemis Strategic Bond R M Inc 55.24 58.65 0.01 4.12 CF Morant Wright Nippon Yield Fund A Inc 223.83 - -0.25 2.21
CC Asian Evolution Fd. Cls B GBP £ 13.81 13.81 0.11 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.09 - 0.00 - Frk Real Return Fd F $ 10.54 - -0.04 0.00
Selective Acc. Ser 2 1567.70 1650.30 14.40 -
Artemis Strategic Bond R Q Acc 83.48 88.64 0.01 4.02 BlueBay Asset Management LLP (LUX)
CF Morant Wright Nippon Yield Fund B Inc 231.20 - -0.25 2.21
American Ser. 4 1641.10 1727.50 -14.30 - Regulated CC Asian Evolution Fund - Cls C USD Acc $ 16.49 16.49 0.13 0.00 Saudi Arabia Equity Fund SR 13.66 - -0.05 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.09 - 0.00 - Frk Strategic Income Fd $ 14.71 - 0.00 0.00
Artemis Strategic Bond R Q Inc 55.19 58.60 0.01 4.10
BlueBay EmMkAbRet IN-EUR(Perf) € 99.36 - 0.48 0.00 CC Japan Alpha Fd - Cls A Euro € 10.04 10.04 0.02 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - 0.00 - Frk Technology $ 10.47 - -0.08 0.00
Custodian Ser. 4 489.10 514.80 2.30 -
Artemis UK Growth R Acc 426.54 451.55 2.42 0.81
BlueBay EmMkt B-USD $ 293.50 - 0.27 0.00 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.08 - -0.01 - Frk U.S. Focus Fund $ 15.68 - -0.29 0.00
Equity Ser. 4 562.00 591.60 -3.40 - CC Japan Alpha Fd - Cls B GBP £ 10.94 10.94 0.02 0.00 Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1006.09 1083.54 -2.16 0.71
BlueBay EmMktCrp B-USD $ 163.82 - 0.89 0.00 CC Japan Alpha Fd - Cls C JPY ¥ 1073.33 1073.33 1.83 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.12 - -0.01 - Frk US Equity $ 23.09 - -0.40 0.00
European Ser 4 570.50 600.50 -1.90 -
Artemis UK Special Sits R Acc 501.33 532.57 -1.24 1.64 Orders & Enquiries: 0845 850 0255
BlueBay EmMktSel B-USD $ 159.22 - -0.13 0.00 CC Japan Inc & Grwth Fd - Cls Acc USD $ 16.08 16.08 0.03 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 - Frk US Opportunities $ 11.51 - -0.15 0.00
Fixed Int. Ser. 4 917.70 966.00 3.10 - Authorised Inv Funds
Artemis US Abs Ret I Acc 101.50 - 0.07 -
BlueBay EmMkLocCy B-USD $ 156.04 - -0.59 0.00 CC Japan Inc & Grwth Fd - GBP Founder Acc £ 16.57 16.57 0.03 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.07 - 0.01 - Frk US Sml Mid Cap Gth F $ 18.95 - -0.22 0.00
Intl Ser. 4 435.50 458.40 -3.10 -
Artemis US Equity I Acc 108.26 - -0.62 -
BlueBay GlblConv I-USD $ 186.61 - -0.38 0.00 CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.73 15.73 0.03 0.00 Electric&General Net Income A 134.90 - -1.60 2.20 Fidelity PathFinder Income 2 Income (clean) £ 1.07 - 0.01 - Frk Wrld Perspective Fd $ 18.76 - -0.13 0.00
Japan Ser 4 353.70 372.30 -3.30 - CATCo Reinsurance Opportunities Fund Ltd. (UK)
Artemis US Select I Acc 108.88 - -0.35 -
BlueBay GlblHgYd B-USD $ 129.93 - 0.54 0.00 CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1677.75 1677.75 2.78 0.00 Fidelity PathFinder Income 2 gross £ 1.08 - 0.00 4.31 Tem Africa $ 10.76 - 0.08 0.00
Man. Ser. 4 1662.30 1749.80 -5.30 - 9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Artemis US Smlr Cos I Acc 112.57 - -1.24 -
BlueBay HgYield B-EUR € 331.97 - 1.70 0.00 Authorised Funds CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1581.32 1581.32 2.62 0.00 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.07 - 0.00 - Tem Asian Sml Comp Fd $ 39.37 - 0.09 0.00
Money Ser. 4 524.10 551.70 0.00 -
Artemis US Ex Alpha I Acc 110.69 - -0.56 - CATCo Re Opps Fund Ords $ 1.1981 - 0.0105 5.04 5 Kensington Church St, London W8 4LD 020 7368 4220
BlueBay HgYieldCp B-EUR € 140.56 - 0.65 0.00 CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.50 16.50 0.03 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.07 - 0.00 1.89 Tem BRIC $ 14.03 - -0.09 0.00
Prop. Ser. 4 1016.80 1070.30 -32.50 - FCA Recognised
BlueBay InvGr B-EUR € 175.02 - 0.05 0.00 CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.67 15.67 0.03 0.00 Institutional OEIC Funds Tem China $ 23.12 - -0.01 0.00
Custodian Ser 5 470.60 495.40 2.20 - Ennismore European Smlr Cos NAV £ 91.41 - -0.15 0.00
Artemis Fund Managers Ltd (CYM)
BlueBay InvGEurGv B-EUR € 151.48 - 0.01 0.00 CATCo Reinsurance Fund Ltd. (BMU) America £ 3.82 - -0.02 0.42
International Ser 5 419.00 441.10 -3.10 - Regulated Ennismore European Smlr Cos NAV € 122.35 - 0.25 0.00 Tem Eastern Europe € 17.98 - -0.06 0.00
Regulated Emerging Markets £ 3.43 - -0.02 0.53
BlueBay InvGEurAg I-EUR € 151.47 - 0.03 0.00 Tem Emerging Mkts Sml Comp Fd $ 10.24 - -0.03 0.00
Managed Ser 5 1599.60 1683.70 -5.00 - Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
BlueBay InvGLibor B-EUR € 125.90 - -0.02 0.00 Europe £ 3.99 - 0.03 2.56 Tem Euroland € 18.69 - -0.12 0.00
Money Ser 5 513.20 540.20 0.10 - Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 - Ennismore European Smlr Cos Hedge Fd
HighIncomeLoan H-EUR € 190.64 - 0.51 0.00 Other International Funds Fidelity Pre-Retirement Bond Fund £ 121.70 - 0.50 1.57 Tem European EUR € 20.36 - -0.13 0.00
Property Ser 5 978.40 1029.90 -31.30 - Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00
NAV € 440.44 - 1.50 0.00 Global Focus £ 2.75 - -0.01 0.55 Tem Frontier Mkts Fund $ 18.15 - 0.05 0.00
Pension Funds Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 - CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00
American 1881.50 1980.50 -20.30 - BONHOTE Index Linked Bond £ 2.71 - 0.00 0.58 Tem Growth (Euro) € 15.86 - -0.17 0.00
Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 -
Other International Funds Index Linked Bond Gross £ 3.25 - -0.01 0.57
Equity 4975.50 5237.40 -26.20 - Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Crèdit Andorrà Asset Management (LUX) Equinox Fund Mgmt (Guernsey) Limited (GSY) Tem Korea $ 5.30 - -0.07 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Cavendish Asset Management Limited (1200)F (UK) www.creditandorra.com Regulated
European 1150.90 1211.50 -5.00 - Index-Linked Bond Fund Gross Inc £ 12.76 - 0.00 0.57 Tem Thailand $ 21.70 - -0.07 0.00
Chelsea House, Westgate, London W5 1DR
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 FCA Recognised Equinox Russian Opportunities Fund Limited $ 84.60 - -9.25 0.00
Fixed Int. 1688.50 1777.30 5.80 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Japan £ 1.97 - 0.01 0.80
Artisan Partners Global Funds PLC (IRL) Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 0.00
Authorised Inv Funds Long Bond £ 0.54 - 0.00 2.82
International 924.20 972.80 -7.70 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Frontier Gottex (UK)
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Tel: 44 (0) 207 766 7130 Braemar Group PCC Limited (GSY) Cavendish Opportunities Fund B Class 975.50 - -1.80 1.43 Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 0.87 - 0.01 2.76 Authorised Inv Funds
Japan 369.70 389.10 -3.30 -
FCA Recognised Regulated Cavendish Opportunities Fund A Class 970.20 - -1.90 0.57 Crediinvest SICAV Fixed Income Eur € 10.94 - 0.01 0.00 Regulated
Long Bond Fund Gross Inc £ 12.10 - 0.09 2.81 FP Frontier MAP Balanced Fund 140.05 - -0.57 0.67
Managed 4309.80 4536.70 -14.50 - Artisan Partners Global Funds plc UK Agricultural Class A £ 1.27 - 0.02 0.00 Smaller Cos Cls One Shares (Est) € 31.32 - 0.79 0.00
Cavendish Opportunities Fund C Acc 1001.00 - -2.00 1.30 Crediinvest SICAV Fixed Income Usd $ 10.68 - 0.01 0.00
Property 2583.30 2719.20 -101.00 - Artisan Emerging Markets I USD Acc $ 7.68 - -0.07 0.00 Pacific (Ex Japan) £ 3.75 - -0.03 1.92
UK Agricultural Class B £ 1.38 - 0.01 0.00 Crediinvest SICAV Spanish Value € 257.15 - -0.60 0.00 Smaller Cos Cls Two Shares (Est) € 22.23 - 0.49 0.00
Cavendish Worldwide Fund B Class 309.30 - -2.10 0.97
Security 1477.00 1554.80 0.00 - Artisan Global Equity Fund Class I USD Acc $ 14.34 - -0.15 0.00 Pan European £ 2.62 - 0.01 2.14 Frontier Capital (Bermuda) Limited
Student Accom Class B £ 0.72 - -0.28 0.00 Crediinvest SICAV International Value € 228.78 - -0.07 0.00 Smaller Cos Cls Three Shares (Est) € 11.14 - 0.30 -
Cavendish Worldwide Fund A Class 308.90 - -2.10 0.16 Other International
Selective 2014.80 2120.90 15.80 - Artisan Global Opportunities I USD Acc $ 11.40 - -0.07 0.00 Reduced Duration UK Corporate Bond £ 10.57 - -0.02 3.33
Crediinvest SICAV Big Cap Value € 17.43 - -0.05 0.00 Smaller Cos Cls Four Shares (Est) € 14.40 - 0.32 0.00 Commercial Property-GBP Class £ 71.42 - -0.53 -
Cavendish Worldwide Fund C Acc 315.40 - -2.10 0.90
Formerly Hill Samuel Life Assurance Ltd Artisan Global Value Fund Class I USD Acc $ 15.73 - -0.18 0.00 Reduced Duration UK Corporate Bond Gross £ 10.69 - -0.01 3.32
CAF Financial Solutions (UK)
Cavendish AIM Fund B Class 148.20 - -0.60 0.40 Crediinvest SICAV US American Value $ 17.87 - -0.23 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Reduced Duration UK Corporate Bond Inc £ 10.13 - -0.01 3.35
Artisan US Value Equity Fund Class I USD Acc $ 11.37 - -0.21 0.00 Kings Hill, West Malling, Kent 03000 123 222
Managed Ser A (Life) 1578.50 1670.30 -1.10 - Cavendish AIM Fund A Class 144.40 - -0.60 0.00 Crediinvest SICAV Sustainability € 15.27 - -0.13 0.00
Property & Other UK Unit Trusts Reduced Duration UK Corp Bond Gross Inc £ 10.14 - -0.01 3.35
Managed Ser A (Pensions) 1058.30 1114.00 -1.10 - CAF UK Equitrack Inc Fd 73.38 73.38 0.10 3.53 Cavendish Asia Pacific Fund B Class 172.70 - -1.60 1.52
Ashmore Sicav (LUX) Select Emerging Markets Equities £ 1.32 - -0.01 1.00
Formerly Target Life Assurance Ltd CAF UK Equitrack Acc Fd 100.50 100.50 0.10 3.45 Cavendish Asia Pacific Fund A Class 172.40 - -1.60 0.69 Dantrust Management (Guernsey) Ltd (GSY)
2 rue Albert Borschette L-1246 Luxembourg Select European Eqts £ 1.73 - 0.01 1.88
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated
FCA Recognised FP CAF Alternative Strategies A Class Acc 110.41 - -0.09 0.47 Cavendish Asia Pacific Fund C Acc 177.60 - -1.60 1.50
Managed (Life) 1599.50 1683.70 -1.30 - Dantrust II Limited kr 459.40 459.50 -1.10 0.00 Select Global Equities £ 2.95 - -0.01 0.99
Ashmore SICAV Emerging Market Debt Fund $ 96.56 - 0.13 12.53 FP CAF Alternative Strategies A Class Inc 110.08 - -0.08 0.34 Cavendish European Fund B Class 133.10 - -0.10 1.35
Managed Growth (Life) 505.60 532.20 -1.70 - South East Asia £ 3.79 - -0.02 0.72
Ashmore SICAV Emerging Market Frontier Equity Fund $ 154.04 - -1.43 1.17 Eurobank Fund Management Company (Luxembourg) S.A. (LUX)
FP CAF Fixed Interest A class Acc 114.62 - 0.13 2.81 Cavendish European Fund A Class 132.00 - 0.00 0.39
Managed (Pensions) 6349.20 6683.40 -7.10 - DAVIS Funds SICAV (LUX) Regulated Sterling Core Plus Bond Gr Accum £ 2.16 - 0.01 3.60
Ashmore SICAV Emerging Market Total Return Fund $ 86.73 - -0.03 9.63 FP CAF Fixed Interest A class Inc 103.35 - 0.12 2.86 Cavendish Japan Fund B Class 149.40 - -1.40 0.86 Fundsmith LLP (1200)F (UK)
Regulated (LF) Absolute Return € € 1.30 - -0.01 0.00 Sterling Core Plus Bond Inc £ 1.43 - 0.01 3.74
Managed Growth (Pensions) 619.80 652.40 -2.50 - PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Ashmore SICAV Global Equity Fund $ 112.45 - -1.33 0.08 FP CAF Fixed Interest B class Acc 115.08 - 0.13 2.81 Cavendish Japan Fund A Class 148.60 - -1.40 0.00 Davis Value A $ 38.68 - -0.65 0.00
additional fund prices can be found on our website (LF) Balanced - Active Fund (RON)RON 16.26 - 0.07 0.00 UK £ 3.48 - 0.02 1.99 www.fundsmith.co.uk, [email protected]
Ashmore SICAV Global Small Cap Equity Fund $ 130.30 - -0.87 0.07 FP CAF Fixed Interest B class Inc 103.62 - 0.11 2.86 Cavendish North American Fund B Class 187.40 - -1.60 0.59 Davis Global A $ 28.88 - -0.35 0.00 Authorised Inv Funds
(LF) Cash Fund € € 1.33 - -0.02 0.00 UK Aggreg Bond Gr Accum £ 1.86 - 0.01 3.05
Ashmore SICAV Local Currency Fund $ 87.31 - -0.38 1.62 FP CAF International Equity A Class Acc 140.38 - -1.00 0.71 Cavendish North American Fund A Class 182.50 - -1.50 0.00 Fundsmith Equity T Acc 207.33 - 0.37 1.01
(LF) Cash Fund (RON) RON 15.72 - -0.10 0.00 UK Aggregate Bond Inc £ 1.27 - 0.00 3.11
EM Mkts Corp.Debt USD F $ 94.70 - 0.01 9.54 FP CAF International Equity A Class Inc 136.98 - -0.97 0.72 Cavendish Technology Fund B Class 259.40 - -0.50 0.10 Fundsmith Equity T Inc 197.36 - 0.34 1.02
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Eq Emerging Europe € € 0.79 - -0.02 0.00 UK Corporate Bond £ 1.27 - 0.00 3.97
EM Mkts Loc.Ccy Bd USD F $ 93.40 - -0.12 9.91 FP CAF UK Equity A Class Acc 146.00 - -0.18 2.23 Cavendish Technology Fund A Class 248.00 - -0.40 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130
(LF) Eq Flexi Style Greece € € 1.22 - 0.02 0.00 UK Corporate Bond - Gross £ 2.30 - 0.00 3.82
Authorised Inv Funds
FP CAF UK Equity A Class Inc 135.50 - -0.16 2.26 Cavendish UK Balanced Income Fund B Class 141.50 - 0.10 5.02 GAM Limited (2300)F (UK)
Disc Inc 1354.40 1396.30 12.50 0.00 (LF) Global Bond Fd € € 12.22 - 0.01 0.00 UK Corporate Bond Fund Gross Inc £ 11.52 - -0.01 3.95 GAM Sterling Management Limited
FP CAF UK Equity B Class Acc 146.00 - -0.18 2.23 Cavendish UK Balanced Income A Class 135.30 - 0.20 5.25 (LF) Global Equities € € 1.12 - -0.01 0.00
Do Accum 5034.20 5189.80 46.70 0.00 UK Gilt Bond £ 1.33 - 0.01 1.83 12 St James's Place London SW1A 1NX. 0800 919 927
Alceda Fund Management S.A. FP CAF UK Equity B Class Inc 135.48 - -0.17 2.26 Cavendish UK Select Fund B Class 155.40 - -0.10 1.78 (LF) Eq Mena Fund € € 15.17 - -0.04 0.00 Internet: gam.com
UK Gilt Gross £ 2.09 - 0.01 1.80
www.alceda.lu Authorised Inv Funds
Cavendish UK Select Fund A Class 155.10 - -0.10 0.92 (LF) Greek Government Bond € € 14.74 - -0.61 0.00
FCA Recognised UK Long Corp Bond £ 1.47 - 0.01 4.40 GAM Funds OEIC
AC Opp - Aremus Fund EUR A € 104.30 - 0.17 - (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Long Corp Bond - Gross £ 2.59 - 0.02 4.21 GAM Global Diversified Acc 3882.64 - -18.93 0.19
Cedar Rock Capital Limited (IRL) (LF) Greek Corporate Bond € € 10.63 - -0.45 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.74 - 0.06 4.37 GAM North American Gwth Acc 3121.49 - -42.87 0.00
AC Risk Parity 7 Fund EUR A € 124.48 - -0.04 0.00
Aspect Capital Ltd (UK) Regulated
AC Risk Parity 12 Fund EUR A € 151.80 - -0.05 0.00 (LF) FOF Balanced Blend € € 1.42 - 0.00 0.00 UK Specialist £ 1.83 - 0.01 1.28 GAM UK Diversified Acc 1856.38 - -4.39 1.27
Other International Funds Cedar Rock Capital Fd Plc $ 337.46 - -7.71 0.00

Asset Management
AC Risk Parity 17 Fund EUR A € 100.46 - -0.09 0.00 Aspect Diversified USD $ 405.45 - -12.63 0.00 (LF) FOF Equity Blend € € 1.28 - 0.00 0.00 Retail Share Classes
Cedar Rock Capital Fd Plc £ 348.24 - 0.70 0.00
(LF) FOF Gl Emerging Mkts € € 0.94 - 0.00 0.00 Emerging Markets - retail £ 1.37 - -0.01 0.00
ACQ Risk Parity Bond Fund EUR A € 104.54 104.54 -0.09 0.00 Aspect Diversified EUR € 242.85 - -7.78 - Cedar Rock Capital Fd Plc € 298.02 - 1.07 0.00 Dodge & Cox Worldwide Funds (IRL) GAM Limited (IRL)
CCLA Investment Management Ltd (UK) 6 Duke Street,St.James,London SW1Y 6BN (LF) FOF Dynamic Fixed Inc € € 11.75 - -0.04 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84 FCA Recognised
Aspect Diversified GBP £ 123.71 - -3.91 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET www.dodgeandcox.worldwide.com 020 3713 7664 GAM Fund Management Ltd
{*}CAR - Net income reinvested
Aspect Diversified CHF SFr 117.18 - -3.13 0.00 Authorised Inv Funds (LF) FOF Real Estate € € 17.49 - -0.05 0.00
Charles Schwab Worldwide Funds Plc (IRL) FCA Recognised Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Aspect Diversified Trends USD $ 122.55 - -0.67 0.00 The Public Sector Deposit Fund Regulated Dodge & Cox Worldwide Funds plc - Global Bond Fund GAM Star Fund Plc
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.48 EUR Accumulating Class € 11.99 - 0.07 -
FIL Fund Management (LUX)
Aspect Diversified Trends EUR € 122.47 - -0.73 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 GAM Star Asia-Pacific Eqty USD Acc F $ 12.11 - 0.00 0.78
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.28 EUR Accumulating Class (H) € 9.73 - -0.01 -
Aspect Diversified Trends GBP £ 126.55 - -0.69 0.00 Phone: 800 22 089, 800 22 088 GAM Star Asian Eqty USD Ord Acc F $ 14.78 - 0.12 0.00
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.33 EUR Distributing Class € 11.77 - 0.08 - Regulated
Chartered Asset Management Pte Ltd GAM Star Balanced GBP Acc £ 10.33 - -0.03 -
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.38 Other International Funds China Consumer A-GBP £ 15.51 - 0.02 0.00
Allianz Global Investors GmbH(1200) F EUR Distributing Class (H) € 9.54 - -0.02 - GAM Star Cap.Appr.US Eqty USD Inc F $ 17.12 - -0.26 0.00
(UK) Atlantas Sicav (LUX)
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.28 CAM-GTF Limited $ 348699.19 348699.19 7293.30 0.00 China Focus A-GBP £ 4.41 - 0.00 0.26
Regulated GBP Distributing Class £ 10.67 - 0.02 - GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
Authorised Inv Funds American Dynamic $ 3429.83 - 89.78 0.00 CAM GTi Limited $ 737.96 - -0.80 0.00 Global Financial Services A-GBP £ 0.43 - 0.01 0.00
GBP Distributing Class (H) £ 9.57 - -0.02 - FIL Investment Services (UK) Limited (1200)F (UK) GAM Star Cautious GBP Acc £ 10.38 - -0.03 -
OEIC
American One $ 3180.05 - 59.84 0.00 CCLA Investment Management Ltd (UK) Raffles-Asia Investment Company $ 1.96 1.96 -0.03 6.61 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Health Care A-GBP £ 0.54 - 0.00 0.00
USD Accumulating Class $ 9.76 - -0.02 - GAM Star China Equity USD Acc F $ 22.94 - -0.03 0.50
Allianz BRIC Stars A Acc 163.52 - -0.92 0.66 Callfree: Private Clients 0800 414161
Bond Global € 1366.40 - 30.32 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Global Industrials A-GBP £ 0.69 - 0.00 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund Broker Dealings: 0800 414 181
Allianz BRIC Stars C Acc 174.29 - -0.98 1.12 Property & Other UK Unit Trusts GAM Star Cont European Eqty GBP Acc F £ 3.33 - 0.00 0.00
Eurocroissance € 830.71 - 34.50 0.00 USD Accumulating Share Class $ 16.64 - -0.33 0.00 Authorised Inv Funds Global Inflation-Linked Bd A-GBP-Hdg £ 1.19 - -0.01 0.52
Allianz Brazil Fund A Acc 60.54 - -0.98 0.97 CBF Church of England Funds GAM Star Cred Opportunities GBP Acc £ 12.57 - 0.00 4.21
Far East $ 704.52 - 13.84 0.00 GBP Accumulating Share Class £ 18.06 - -0.30 0.00 Unit Trust Global Real Asset Securities £ 1.50 - 0.00 0.00
Investment Inc 1349.49 1364.41 30.78 3.78 GAM Star Defensive GBP Acc £ 10.93 - -0.01 0.00
Allianz Brazil Fund C Acc 61.92 - -1.00 1.65 Cash Accum Units 186.22 186.22 0.00 0.00
Investment Acc 2666.72 2696.22 60.82 - GBP Distributing Share class £ 13.26 - -0.22 0.63 Global Technology A-GBP £ 0.24 - 0.01 0.00
Allz Continental European A Acc 867.33 - 5.94 0.21 GAM Star Discretionary FX USD Acc F $ 12.94 - -0.04 0.00
Cash Fund £ 1.00 1.00 0.00 0.11 Global Telecomms A-GBP £ 0.29 - 0.00 1.06
BLME Asset Management (LUX) Global Equity Inc 160.40 162.18 4.71 4.31 EUR Accumulating Share Class € 22.13 - -0.26 0.00
Allz Continental European C Acc 139.76 - 0.96 1.11 GAM Star Dynamic Gbl Bd USD Acc H $ 10.69 - 0.03 1.47
BLME Sharia'a Umbrella Fund SICAV SIF Dodge & Cox Worldwide Funds plc-International Stock Fund Gross Accum Cash £ 1.28 1.28 0.00 0.00 India Focus A-GBP £ 5.00 - 0.01 0.00
Global Equity Acc 226.19 228.69 6.64 - GAM Star Emerging Asia USD Class ACCU $ 13.19 - -0.04 0.49
Allz European Eq Inc A Inc 135.50 - -0.39 3.71 Regulated USD Accumulating Share Class $ 14.99 - -0.25 0.00 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11
UK Equity Inc 148.47 149.97 4.56 4.05 Cheyne Capital Management (UK) LLP (IRL) Latin America A-GBP £ 1.75 - -0.01 0.18
Allz European Eq Inc A Acc 183.30 - -0.52 3.87 $ Income Fund - Share Class A Acc $ 1139.22 - 0.70 0.00 Regulated GAM Star Emerg. Market Rates USD Acc F $ 11.65 - -0.02 0.00
EUR Accumulating Share Class € 15.63 - -0.14 0.00 MoneyBuilder Global £ 2.62 2.62 0.01 0.19
UK Equity Acc 213.03 215.17 6.57 - GAM Star European Eqty USD Acc F $ 21.95 - -0.01 0.00
Allz European Eq Inc C Acc 102.89 - -0.29 3.68 $ Income Fund - Share Class B Acc $ 1158.58 - 0.71 0.00 Cheyne Convertibles Absolute Return Fund € 1343.68 - -0.13 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund OEIC Funds
Fixed Interest Inc 171.75 172.43 1.36 3.96 Findlay Park Funds Plc (IRL)
Allz European Eq Inc C Inc 99.52 - -0.29 3.59 $ Income Fund - Share Class C Acc $ 1008.79 - 0.61 0.00 Cheyne European Real Estate Bond Fund € 112.34 - 0.05 0.00 USD Accumulating Share Class $ 17.79 - -0.37 0.00 American £ 27.53 - 0.03 0.00 GAM Star Flexible Gbl Port GBP Ac £ 12.59 - -0.06 0.00
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
Fixed Interest Acc 505.63 507.65 4.02 - GAM Star GAMCO US Equity Acc F $ 13.12 - -0.24 0.00
Allianz EcoTrends A Acc 85.88 - -0.76 0.00 $ Income Fund - Share Class D Dis $ 1001.68 - 0.62 - Cheyne Global Credit Fund € 120.45 - -0.13 0.00 GBP Accumulating Share Class £ 18.26 - -0.33 0.00 American Special Sits £ 11.07 - -0.01 0.00 FCA Recognised
Property Fund Inc 124.23 128.40 1.75 6.51 American Fund USD Class $ 76.82 - -0.99 0.00 GAM Star Global Conv Bond USD Acc F $ 11.29 - 0.03 0.00
Allianz EcoTrends C Acc 90.13 - -0.79 0.00 $ Income Fund - Share Class G Acc £ 1077.11 - 0.67 0.00 EUR Accumulating Share Class € 20.45 - -0.27 0.00 Asia Pacific Ops W-Acc £ 1.08 - 0.00 -
Property Fund Acc 213.65 220.81 0.00 - American Fund GBP Hedged £ 41.86 - -0.54 0.00 GAM Star Global Rates USD Acc F $ 12.63 - 0.13 0.00
Allianz Gilt Yield Fund C Inc 174.09 - 0.86 1.93 $ Income Fund - Share Class M Acc € 1017.19 - 0.62 0.00 Cheyne Capital Management (UK) LLP Fidelity Asian Dividend Fund A-Accumulation £ 1.17 - 0.00 0.50
Other International Funds Asset Management Latin American Fund USD Class $ 16.34 - -0.25 0.00
Asset Management
Allianz Gilt Yield Fund I Inc 179.91 - 0.89 1.93 $ Income Fund - Share Class V DisA$ 1025.86 - -0.02 - Fidelity Asian Dividend Fund A-Income £ 1.13 - -0.01 2.72 GAM Star Global Selector USD Acc F $ 13.91 - -0.15 0.00

Allianz Japan A Acc 495.61 - -2.93 0.00 Gl Sukuk Fund - Share Class A Acc $ 1209.42 - 1.61 0.00 CCLA Fund Managers Ltd (UK) Cheyne European Event Driven Fund € 143.98 - 0.75 0.00
China Consumer £ 1.55 - 0.00 0.22 GAM Star Japan Eqty USD Acc F $ 12.23 - -0.05 0.39
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 134.71 - -1.84 0.00
Allianz Japan C Acc 111.83 - -0.66 0.00 Gl Sukuk Fund - Share class B Acc £ 1076.20 1076.20 1.45 0.00 Property & Other UK Unit Trusts Emerging Asia £ 1.28 - 0.00 0.26 GAM Star Keynes Quant Strat USD Acc F $ 12.46 - 0.08 0.00
Cheyne Long/Short Credit Fund $ 213.53 - 1.23 -
Allz RiskMaster Conservative A Acc 120.14 - 0.04 0.00 COIF Charity Funds (UK) Emerg Eur, Mid East & Africa H £ 1.50 - -0.02 0.89 GAM Star Local EM Rates and FX USD Acc $ 12.05 - -0.01 0.00
Investment Inc 1227.17 1240.75 10.66 3.75 Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00
Allz RiskMaster Conservative C Acc 121.68 - 0.04 0.31 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Enhanced Income - Acc £ 1.90 - 0.01 6.97 GAM Star North of South EM Equity Acc F $ 11.89 - -0.05 0.02
Regulated Investment Acc 11446.14 11572.74 99.52 - Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 -
Allz RiskMaster Defensive A Acc 114.26 - 0.25 0.00 Dominion Fund Management Limited Enhanced Income - Inc £ 1.29 - 0.01 7.13 GAM Star Technology USD Acc F $ 15.68 - -0.02 0.00
Global Liquidity USD $ 1.00 - 0.00 0.19 Ethical Invest Inc 190.20 192.30 1.78 3.82 Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00 PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Allz RiskMaster Defensive C Acc 115.67 - 0.17 0.15 European - Inc £ 1.43 - 0.00 2.45 GAM Star US All Cap Eqty USD Acc F $ 13.51 - -0.19 0.00
Guernsey - Channel Islands United Kingdom GY1 3PU
Ethical Invest Acc 235.03 237.63 2.20 - Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Allz RiskMaster Growth A Acc 126.00 - -0.17 0.00 +44(0)1481 734343 [email protected] www.dominion-funds.com European £ 16.20 - 0.02 1.65 GAM Star Worldwide Eqty USD Acc F $ 3214.35 - -34.07 0.36
Barclays Investment Funds (CI) Ltd (JER) Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00 Incorporated in New Zealand, Reg No 5141841
Allz RiskMaster Growth C Acc 128.63 - -0.20 0.03 Global Equity Inc 150.77 152.43 2.19 4.30 FCA Recognised European Opportunities £ 3.58 - 0.01 0.39
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Global Equity Acc 215.36 217.74 3.13 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 - DGT - Consumer £ I Class £ 131.25 - -0.59 0.00
Allz RiskMaster Moderate A Acc 124.41 - -0.09 0.00 FCA Recognised Extra Income £ 0.28 - 0.00 3.77 www.fftinvestmentfund.com GYS Investment Management Ltd (GSY)
Bond Funds Fixed Interest Inc 141.01 141.57 0.61 3.90 DGT - Consumer £ R Class £ 126.65 - -0.57 0.00 [email protected] Regulated
Allz RiskMaster Moderate C Acc 126.43 - -0.09 0.50 Extra Income - Gross £ 0.28 - 0.00 3.77
Other International Funds Taurus Emerging Fund Ltd $ 250.47 255.58 -2.74 0.00
Allz Sterling Total Return Fund A Inc 155.07 - 0.42 3.08
Sterling Bond F £ 0.48 - 0.00 2.56 Fixed Interest Acc 784.19 787.33 3.39 - CMI Asset Mgmt (Luxembourg) SA (LUX) DGT - Strategic £ I Class £ 1.14 - 0.00 0.00
Global Dividend - Acc £ 1.56 - 0.00 3.06 Fleming FT Investment Fund
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
Property Inc 106.91 110.49 0.05 6.12 DGT - Strategic £ R Class £ 1.15 - 0.00 0.00
Allz Sterling Total Return Fund C Inc 155.90 - 0.43 3.66 FCA Recognised Global Dividend - Inc £ 1.42 - 0.00 3.29 Fleming Fund $ 2.49 2.59 0.02 -
Baring Fund Managers Ltd (1200)F (UK) Property Acc 230.00 237.71 0.10 - CMI Global Network Fund (u) Generali International Limited
Allz Total Return Asian A Acc 706.27 - -4.14 1.35 Global Focus £ 12.95 - -0.02 0.00
Dealing and Enquiries 020 7214 1004 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Allz Total Return Asian C Inc 651.33 - -3.80 1.24
Local Authorities Property Fd (LAMIT) (UK) Regional Equity Sub Funds Dominion Fund Management Limited Global High Yield Fund - A Gross Acc £ 11.86 - -0.01 4.66 Foord Asset Mgt (Guernsey) Ltd (GSY) International Insurances
Fund Information: www.barings.com
Property 265.84 285.56 8.22 4.55 CMI Continental Euro Equity € 28.75 - 0.10 0.99 Other International Funds
Authorised Inv Funds Global High Yield Fund - A Gross Inc £ 10.32 - 0.00 4.78 Regulated Global Multi-Strategy Managed $ 4.80 5.17 0.03 0.00
Allz UK Corporate Bond A Inc 110.71 - 0.40 3.81
DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 100.89 100.89 -0.22 0.00
Dynamic Capital Growth Acc 660.10 697.40 0.10 1.30 CMI Pacific Basin Enhanced Equity $ 44.42 - -0.58 2.39 Foord International Trust $ 34.26 - -0.27 0.00
Allz UK Corporate Bond C Inc 111.04 - 0.40 3.70 Global High Yield Fund - A Net Acc £ 11.53 - 0.00 4.73 UK Multi-Strategy Managed £ 4.79 5.16 0.07 0.00
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 104.01 104.01 -3.37 0.00
Dynamic Capital Growth Inc 268.00 283.10 0.00 1.32 CG Asset Management Limited (IRL) Single Country Equity Sub Funds
Allz UK Equity Income A Inc 284.79 - -0.31 4.72 Global High Yield Fund - A Net Inc £ 10.31 - 0.00 4.77 EU Multi-Strategy Managed € 2.86 3.08 0.06 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland CMI Japan Enhanced Equity F ¥ 4051.90 - -48.78 0.87
Eastern Acc GBP 690.40 - -8.10 0.00 Global Property - Acc £ 1.60 - 0.00 1.33
Franklin Templeton International Services Sarl (IRL) Global Bond USD $ 3.58 3.86 -0.01 0.00
Allz UK Equity Income C Inc 101.91 - -0.11 3.34 00 353 1 434 5098
CMI UK Equity £ 12.27 - 0.02 2.19 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Eastern Inc GBP 677.60 - -7.90 0.00 FCA Recognised Global Property W Inc £ 1.34 - 0.01 -
Allianz UK Growth A Acc 4290.14 - -10.33 1.70 Other International Funds
Europe Select Inc GBP 2427.00 - 7.00 0.66 Capital Gearing Portfolio Fund Plc £ 26892.47 26892.47 80.75 0.63 CMI US Enhanced Equity F $ 76.84 - -0.99 0.56
Allianz UK Growth C Acc 99.34 - -0.24 1.36 Global Special Sits £ 24.48 - -0.08 0.04 Franklin Emerging Market Debt Opportunities Fund Plc Genesis Asset Managers LLP
CG Portfolio Fund Plc Index Tracking Sub Funds Franklin Emg Mkts Debt Opp CHFSFr 18.66 - -0.48 6.00 Other International Funds
Allianz UK Unconstrained C Acc 98.63 - -0.24 0.75 European Growth Inc 1012.00 1066.00 4.00 1.11 Index Emerging Markets P-Acc £ 1.13 - -0.01 -
Real Return Cls A £ 174.39 174.39 0.83 2.38 Euro Equity Index Tracking € 19.59 - 0.11 2.14 Emerging Mkts NAV £ 5.96 - -0.02 0.00
German Growth Acc GBP 576.00 - 5.40 0.78 Franklin Emg Mkts Debt Opp EUR € 12.55 - -0.33 6.00
Allianz UK Unconstrained A Acc 205.19 - -0.51 0.87 Index Europe ex UK P-Acc £ 1.03 - 0.01 -
Dollar Fund Cls D £ 134.10 134.10 0.93 1.66 Japan Index Tracking ¥ 744.83 - -9.17 0.94
German Growth Inc GBP 531.60 - 5.00 0.57 Franklin Emg Mkts Debt Opp GBP £ 10.62 - -0.35 5.96
Allianz UK Index C Acc 1823.32 - 2.38 3.02 Index Japan P-Acc £ 1.07 - 0.00 -
Capital Value Fund Cls V £ 130.55 130.55 0.57 0.28 UK Eqty Index Tracking £ 15.77 - 0.03 3.00 Dragon Capital Group
Global Bond Inc 122.80 129.00 0.50 1.40 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Franklin Emg Mkts Debt Opp SGD S$ 23.12 - -0.69 5.94 Guardian (UK)
Allianz UK Index C Inc 1294.83 - 1.67 2.55 Index Pacific ex Japan P-Acc £ 1.13 - 0.00 -
US Eqty Index Tracking $ 56.21 - -0.77 0.78 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Growth Inc 373.90 393.90 -2.90 0.00 Fund information, dealing and administration: [email protected] Franklin Emg Mkts Debt Opp USD $ 18.04 - -0.60 5.96
Allianz UK Mid Cap A Acc 3749.21 - -13.59 0.91 Index UK A-Acc £ 0.86 - 0.00 1.22 Insurances
Managed Sub Funds Other International Funds
Allianz UK Mid Cap Fund C Acc 3807.01 - -13.71 1.73 Japan Growth Acc 132.80 140.00 -1.00 0.00 Index UK P-Acc £ 1.05 - 0.01 1.00 Guardian Assurance
Global Bond £ 1.53 - 0.01 0.87 Vietnam Enterprise Inv. (VEIL) NAV $ 3.46 - -0.04 0.00
Allianz US Equity A Acc 396.48 - -3.33 0.13 Korea Acc 263.40 279.20 -2.10 0.00 Index US A-Acc £ 1.59 - -0.01 1.32 Franklin Templeton Investment Funds (LUX) Property Bond £ 23.32 24.29 0.00 -
Global Network Mgd Global Mxd £ 2.37 - -0.01 0.20 Vietnam Growth Fund (VGF) NAV $ 22.61 - -0.17 0.00 8A rue Albert Borschette / L-1246 Luxembourg
Allianz US Equity C Acc 183.05 - -1.53 0.82 Multi Asset A Acc ... C 156.80 - -1.30 0.74 Index US P-Acc £ 1.23 - 0.00 1.73 Choices Wth-Pfts Lg-tm 316.80 333.50 0.00 -
Global Equity £ 2.61 - -0.02 0.02 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 www.franklintempleton.co.uk UK freephone 0 800 305 306
Yield expressed as CAR (Compound Annual Return) Multi Asset A Inc ... C 151.40 - -1.30 0.74 Index World A-Acc £ 1.42 - 0.00 1.72 FCA Recognised Choices Wth-Pfts St-tm 268.80 283.00 0.00 -
Bond Sub Funds
All transactions to Ser A units the sell price will be used UK Growth Inc 249.90 264.30 0.90 1.41 Class A Dis Choices Managed 627.61 660.64 -3.39 -
CMI Euro Bond F € 47.13 - 0.07 1.84 Index World P-Acc £ 1.15 - 0.00 2.14
Charity Fund Canada Life Investments (UK) DSM Capital Partners Funds (LUX) Frk Gbl R.Estate (USD) A Dis $ 10.56 - -0.04 2.21
www.dsmsicav.com Japan £ 2.65 - 0.01 0.26 Choices Equity 704.23 741.29 -1.93 -
0800 032 6347 (charity enquiries) 1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 CMI UK Bond £ 8.40 - 0.03 2.10
Amundi Funds (LUX)
Regulated Frk High Yield $ 6.72 - 0.01 5.47
Freedom With Pfts Long-Tm 217.80 229.20 0.10 -
Authorised Inv Funds Japan Smaller Companies £ 1.86 - 0.01 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Targeted Return Fund Acc 145.60 146.60 0.10 3.23 CMI US Bond $ 13.59 - 0.05 1.55
Asia Pacific B Acc 916.52 - -5.75 0.97 Global Growth I2 Acc € 124.75 - -0.68 0.00 Frk Euro Gov. Bond € 11.55 - -0.03 1.04
www.amundi-funds.com MoneyBuilder Asset Allocator £ 1.22 - 0.00 0.52 Freedom With Pfts Short-Tm 196.10 206.40 0.00 -
Targeted Return Fund Inc 114.80 115.60 0.10 3.29 Currency Reserve Sub Funds
FCA Recognised Balanced B Acc 147.71 - 0.08 0.00 Frk Euro High Yield € 6.59 - -0.01 4.64
CMI Euro Currency Reserve € 24.97 - 0.00 0.65 MoneyBuilder Balanced £ 0.52 - 0.00 4.20 Freedom Managed 363.46 382.59 -1.46 -
Bd. Euro Corporate AE Class - R - EUR € 19.02 - 0.02 0.00 Corporate Bond B Inc 219.48 - 0.70 3.95 Ecclesiastical Inv Mgt Ltd (1200)F (UK) Frk Euro Liquid Reserve € 4.37 - 0.00 0.00
CMI Stlg Currency Reserve £ 4.93 - 0.00 0.96 Money Builder Dividend £ 2.67 - 0.01 4.59 Freedom Equity 407.96 429.43 -0.90 -
Bd. Global AU Class - R - USD $ 26.93 - -0.08 0.00 Baring International Fd Mgrs (Ireland) (IRL) PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Frk Euro Short Dur Bond Fd € 10.20 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 European B Acc 242.98 - 0.79 0.00 MoneyBuilder Growth £ 0.75 - 0.00 2.27 Corp Pens Mananged 221.56 221.56 -1.20 -
CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Authorised Inv Funds
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Frk Europ Corp Bond Fd € 11.57 - 0.01 1.66
Asset Management
FCA Recognised Global Bond B Inc 97.62 - 0.32 2.24 MoneyBuilder Growth ISA £ 0.76 - 0.01 2.43 Corp Pens Equity 229.90 229.90 -0.63 -
CMI Access 80% Gu F € 5.66 - 0.00 0.00 Amity UK Cls A Inc 205.90 - 0.50 1.54
Eq. Emerging World AU Class - R - USD $ 95.21
Eq. Greater China AU Class - R - USD $ 635.91
-
-
-0.44 0.00
-0.25 0.00
ASEAN Frontiers A GBP Inc
Asia Growth A GBP Inc H
£ 125.44
£ 47.02
-
-
-0.29 0.96
-0.75 0.00
Global Equity B Acc
Global Equity Income B Inc
607.51
125.25
-
-
-0.97 1.52
-0.34 4.06
Amity UK Cls B Inc 205.10 - 0.50 2.32 MoneyBuilder Income
Asset Management
£ 0.37 - 0.00 3.36
Frk European Total Return
Frk Global Aggr.Inv.Grd Bond Fd
€ 10.40
$ 10.79
-
-
-0.03 1.56
0.00 0.00
Corp Pens Fixed Interest
Corp Pens Index Linked
Asset Management 306.78 306.78 -1.57
365.90 365.90 -2.03
-
-
Cohen & Steers SICAV (LUX) Higher Income Cls A Inc 130.20 - 0.20 4.66 MoneyBuilder Income -Gross £ 0.37 - 0.00 3.36
Eq. Latin America AU Class - R - USD $ 443.49 - -10.37 0.00 Australia A GBP Inc £ 72.73 - -0.94 2.29 Global High Yield Bond B Inc 100.80 - 0.41 5.07 Frk Global Aggregate Bond Fd $ 10.20 - 0.00 1.32
Regulated Higher Income Cls B Inc 133.60 - 0.20 4.63 Multi Asset Adventurous A-Acc £ 1.35 - 0.00 0.47 Corp Pens Deposit 190.26 190.26 0.00 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.94 - -0.06 0.00 Baring China Bond Fund $ 10.12 - -0.01 0.00 Global Infrastructure B Acc 117.19 - -1.18 1.75 European Real Estate Securities € 22.1563 - 0.2575 1.53 Frk Global Income Fd $ 10.18 - 0.00 5.50
UK Equity Growth Cls A Inc 226.40 - 0.50 0.51 Multi Asset Alloc Adventurous A-Acc £ 3.66 - 0.01 2.34 Corp Pens Protector 380.51 380.51 -0.69 -
Baring Emerging Markets Corporate Debt Fund $ 9.14 - -0.07 0.00 Global Resource B Acc 86.05 - -2.98 0.07 Europ.RealEstate Sec. IX € 29.1634 - 0.3390 0.00 Frk Income $ 12.45 - -0.09 3.05
UK Equity Growth Cls B Inc 230.70 - 0.50 1.48 Multi Asset Alloc Strategic A-Acc £ 1.21 - 0.00 0.28 Corp Pens UK Index Tracker £ 1.98 1.98 0.00 -
The Antares European Fund Limited Baring European Opportunities Fund Class A EUR Acc € 11.99 - 0.03 0.00 Japan B Acc 48.93 - -0.23 0.00 Gbl RealEstate Sec. I $ 11.4298 - -0.0283 1.33 Frk US Government $ 9.47 - 0.01 2.33 Guardian Linked Life Assurance Ltd
Amity Balanced For Charities A Inc 113.80 - 0.40 5.47 Multi Asset Alloc Def - Gross A £ 1.15 - 0.00 0.28
Other International Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.03 - -0.05 0.72 Portfolio III B Acc 109.64 - 0.20 1.41 Gbl RealEstate Sec. IX $ 13.3297 - -0.0330 0.00 Managed Acc £ 18.17 19.12 -0.07 -
AEF Ltd Usd $ 584.81 - 9.96 - Amity European Fund Cls A Inc 197.60 - 1.30 2.13 Multi Asset Alloc Def - Net A £ 1.15 - 0.01 0.25
Dynamic Emerging Markets A GBP Acc F £ 9.95 - -0.08 0.00 Portfolio IV B Acc 110.04 - 0.18 1.87 Frk US Low Duration Fd $ 9.89 - 0.00 0.55 Equity Acc £ 33.18 34.93 -0.07 -
AEF Ltd Eur € 586.74 - 10.53 0.00 Amity European Fund Cls B Inc 199.20 - 1.30 2.91 Multi Asset Alloc Growth A £ 1.26 - 0.00 0.00
Eastern Europe A GBP Inc £ 42.44 - -0.81 0.79 Portfolio V B Acc 110.24 - 0.10 0.90 Frk US Total Return $ 11.52 - 0.02 1.65 Fixed Interest Acc £ 17.50 18.42 -0.01 -
Amity Global Equity Inc for Charities A Inc 106.80 - -0.10 4.02 Multi Asset Defensive £ 1.25 - 0.00 0.36
Emerging Mkt Debt LC A GBP Hedged Inc £ 9.04 - -0.08 6.57 Portfolio VI B Acc 110.52 - 0.00 1.02 Tem Asian Bond $ 13.48 - -0.08 3.01 International Acc £ 13.25 13.95 -0.10 -
Amity International Cls A Inc 219.70 - -0.50 1.77 Multi Asset Defensive - Gross £ 1.25 - 0.00 0.35
Arbiter Fund Managers Limited (LUX)
Tem Asian Growth $ 33.05 - -0.13 0.29
Emerging Opportunities A GBP Inc H £ 20.48 - -0.21 0.00 Portfolio VII B Acc 108.32 - -0.10 0.80 Nth American Acc £ 6.77 7.12 -0.09 -
FCA Recognised Amity International Cls B Inc 221.20 - -0.50 2.54 Multi Asset Growth £ 1.40 - 0.00 0.35
Glb Emerging Markets A GBP Inc H £ 20.60 - -0.21 0.46 North American B Acc 865.34 - -5.54 0.46 Tem Emerging Markets $ 33.21 - -0.24 0.27 Pacific Acc £ 3.81 4.01 -0.02 -
Arbiter Global Emerging Markets Fund Class A USD $ 111.74 - -0.33 0.00 Amity Sterling Bond Fund A Inc 110.30 - 0.20 5.36 MultiManager Balanced £ 1.09 - 0.00 0.56
Glb Resources A GBP Inc H £ 12.35 - -0.23 0.33 Strategic Return B Acc 106.16 - -0.04 - Tem Emg Mkts Balanced AQdis $ 7.89 - -0.06 2.89 European Acc £ 3.35 3.52 0.00 -
Arbiter Global Emerging Markets Fund Class B GBP £ 103.90 - -0.14 - Amity Sterling Bond Fund B Inc 118.50 - 0.20 5.34 Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.79
High Yield Bond A GBP Hedged Inc H £ 6.87 - 0.02 6.67 Total Return B Acc 105.26 - 0.00 1.25 Comgest SA (LUX) Tem Emg Mkts Bd $ 17.27 - -0.06 6.63 Property Acc £ 6.74 7.09 0.00 -
Multi Asset Open Strategic A-Acc £ 1.26 - 0.00 1.63
Hong Kong China A GBP Inc £ 616.86 - -7.11 0.61 17 square Edouard VII - 75009 Paris, www.comgest.com Tem Global $ 33.57 - -0.59 0.46
Arisaig Partners UK Equity B Inc 109.17 - 0.45 1.55 Index-Linked Acc £ 6.85 7.21 -0.03 -
FCA Recognised Eclectica Asset Management (UK) Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.37
Other International Funds India Fund - Class A GBP Inc £ 16.27 - -0.02 0.00 UK Equity & Bond Income B Inc 238.96 - 0.56 4.75 40 Dukes Place, London EC3A 7NH Tem Global (Euro) € 18.53 - -0.20 0.39 Deposit Accum £ 4.46 4.69 0.00 -
Comgest Asia F $ 4118.49 - 5.65 0.00 Multi Asset Strategic £ 1.56 - 0.00 0.53
Arisaig Africa Consumer Fund Limited $ 17.10 - 0.15 0.00 Latin America A USD Inc H $ 34.82 - -0.52 1.19 Order desk: 0845 6080941 Switchboard 0870 6072555 Tem Global Balanced $ 22.54 - -0.29 0.65 Guardian Pensions Management Ltd
UK Equity Income B Inc 422.67 - 1.19 4.67 Comgest Europe F SFr 5325.06 - 41.13 0.00 Open World A-Acc £ 1.21 - -0.01 0.00
Arisaig Asia Consumer Fund Limited $ 63.66 - -0.11 0.00 Authorised Corporate Director - Capita Financial Managers
MENA A GBP Inc F * £ 14.77 - -0.09 1.13 UK Government Bond B Inc 49.39 - 0.20 2.26 Tem Global Bond $ 20.96 - -0.10 2.32 Pens. Managed Acc. £ 23.71 24.95 -0.12 -
Authorised Inv Funds Multi Asset Income A Gross Acc £ 1.57 - 0.00 3.74
Arisaig Global Emerging Markets Consumer Fund $ 10.62 - -0.03 0.00 Tem Global Bond (Euro) € 10.39 - -0.04 2.90 Pens. Equity Acc. £ 35.47 37.34 -0.10 -
Comgest SA (FRA) CF Eclectica Agriculture A EUR Acc € 1.48 - -0.02 0.00 Multi Asset Income A Gross Inc £ 1.14 - 0.00 5.05
Arisaig Global Emerging Markets Consumer UCITS € 12.14 - 0.03 0.00 Baring International Fd Mgrs (Ireland) (IRL) 17 square Edouard VII - 75009 Paris Tem Global Equity Income A(Mdis) $ 9.85 - -0.17 3.37
Capita Asset Services (UK) CF Eclectica Agriculture A GBP Acc 110.88 - -0.94 0.00 Multi Asset Income A Net Acc £ 1.49 - 0.00 3.75
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.61 - -0.01 - Regulated 40 Dukes Place, London EC3A 7NH FCA Recognised Tem Global High Yield Fd F $ 9.37 - -0.01 4.97
CF Eclectica Agriculture A USD Acc $ 1.67 - -0.03 0.00 Multi Asset Income A Net Inc £ 1.14 - 0.00 5.04
HPB Assurance Ltd
Arisaig Latin America Consumer Fund $ 23.49 - -0.14 0.00 China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Order Desk 08459 220044 Switchboard 0870 607 2555 Comgest Magellan € 21.68 - 0.00 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Tem Global Income $ 14.05 - -0.13 1.65
Authorised Inv Funds CF Eclectica Agriculture C EUR Acc € 1.53 - -0.02 0.32 South East Asia £ 8.57 - -0.05 0.48 International Insurances
Tem Global Smaller Cos $ 32.70 - -0.33 0.00
CF Heartwood Cautious B Acc 129.46 - -0.19 0.51 CF Eclectica Agriculture C GBP Acc 114.60 - -0.97 0.36 Special Situations £ 28.12 - 0.07 1.78 Holiday Property Bond Ser 1 £ 0.53 - 0.00 0.00
Tem Global Total Return $ 17.75 - -0.09 3.55
CF Heartwood Cautious Income B Inc 113.18 - -0.11 2.09 CF Eclectica Agriculture C USD Acc $ 1.72 - -0.02 0.38 Strategic Bond £ 0.33 - 0.00 3.39 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00
CF Heartwood Growth B Acc 144.89 - -0.72 0.82
 26 ★ FINANCIAL TIMES Friday 30 January 2015

MANAGED FUNDS SERVICE

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

European Opportunities Inc F 74.14 - -0.72 0.18 Invesco Energy A $ 21.57 - -0.94 0.00 UK Strategic Eq Inc Acc ... C 148.30xd - 0.10 3.15 Sterling Class £ 52.5330 - 0.0010 0.19 (Accum Units) 6755.52 - -34.52 4.17 Emerging Markets 245.46 - -2.05 1.68 US Property A F $ 73.85 - -1.06 0.00

Hamon Investment Group European Opportunities Acc F 75.92 - -0.74 0.18 Invesco Euro Corporate Bond Fund (A) € 17.59 - 0.02 0.00 UK Strategic Eq Inc Inc ... C 99.53xd - 0.06 3.24 US Dollar Class $ 60.5830 - 0.0000 -0.32 M&G Property Portfolio A Acc 125.68xd 132.29 0.01 3.95 ETF Global Growth A 160.99 - -0.56 0.00
Other International Funds Lloyds Multi Strategy Fund Limited
European Smlr Cos Acc F 161.01 - -0.81 0.00 Invesco Euro Inflation Linked Bond A € 15.66 - -0.07 0.00 UK Strategic Gth Acc 109.10 - 0.50 0.88 Property Portfolio A 117.76xd 123.95 0.01 4.04 ETF Commodity A 81.49 - -0.43 0.00 Morgens Waterfall Vintiadis.co Inc
Asian Market Leaders - USD $ 26.71 - -0.33 0.00 Conservative Strategy £ 1.1680 - 0.0010 2.30 Other International Funds
Global Bd Acc (Gross) F 130.64 - 0.17 1.08 Invesco Euro Reserve A € 322.89 - 0.00 0.00 UK Strategic Gth Inc 103.00 - 0.40 1.07 Property Portfolio X 117.76xd 117.76 0.01 4.03 European Multi-Cap 236.77 - 0.09 0.23
Asian Market Leaders - GBP £ 13.79 - -0.15 0.00 Growth Strategy £ 1.5400 - -0.0020 1.64 Phaeton Intl (BVI) Ltd (Est) $ 438.01 - 2.93 0.00
Global Bd Inc (Gross) F 81.40 - 0.11 1.09 Invesco European Bond A € 7.11 - 0.00 0.00 US Acc 705.30 - -7.70 0.04 Extra Income 80.49 85.17 0.13 4.09
Greater China - USD $ 11.02 - -0.18 0.00 Aggressive Strategy £ 1.8200 - -0.0080 0.00
Global Bond Acc F 122.99 - 0.16 1.08 Invesco European Growth Equity A € 23.05 - -0.05 0.00 US Inc 97.62 - -1.06 0.04 M & G (Guernsey) Ltd (GSY) Far East Growth A Inc 169.69 - -1.38 1.90
Greater China - GBP £ 4.60 - -0.06 0.00 Global USD Growth Strategy $ 1.3950 - -0.0130 0.00 Regulated
Global Bond Inc F 81.32 - 0.10 1.09 Invesco Global Absolute Return Fund A Class € 11.85 - 0.03 0.00 US Equity Income Acc ... C 121.30xd - -1.20 1.77 Global 180.91 190.52 -1.24 0.00
Selected Asian P'folio $ 50.58 50.59 -0.01 0.00 Dealing Daily The M&G Offshore Fund Range
Glbl Distribution Acc 52.37 - -0.04 4.37 Invesco Global Bond A Inc $ 5.56 - -0.02 1.11 US Equity Income £ hdg Inc ... C 101.00xd - -1.50 1.96 Global Bond Inc 144.45 152.86 0.44 3.37
American Fund 159.83 166.49 -2.24 0.00
Glbl Distribution Acc (Gross) 52.67 - -0.04 4.37 Invesco Global Equity Income Fund A $ 58.81 - -0.56 0.00 US Equity Income Inc ... C 105.10xd - -1.10 1.80 High Yield Fixed Interest 73.24 77.71 -0.02 6.07
Corporate Bond 1381.17 1423.88 3.67 3.05
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Glbl Distribution Inc 51.29 - -0.04 4.39 Invesco Global Inc Real Estate Sec A dist $ 9.95 - -0.04 2.33 US Select Acc 109.20 - -1.10 0.00 Multi Cap Income A Inc 152.00 - 0.10 4.23
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Global Basics 2415.42 2490.13 -8.91 0.00
Enquiries 0117 90090000 Glbl Distribution Inc (Gross) 51.31 - -0.04 4.39 Invesco Global Inv Grd Corp Bond A Dist $ 12.34 - 0.04 3.12 US Select Inc 107.80 - -1.10 0.00 Nano-Cap Growth A Acc 96.6749 106.6400 0.4486 -
Global Leaders 3292.06 3429.23 -36.28 1.29 Natixis International Funds (Lux) I SICAV (LUX)
Authorised Inv Funds Global Equity (acc) F 461.06 - -2.15 0.51 Invesco Global Leisure A $ 34.72 - -0.47 0.00 US Smaller Cos Acc 374.10xd - -5.50 0.00 Special Situations A Acc 999.91 1058.11 0.48 0.25
Global High Yield Bond 996.76 1027.59 0.78 4.67 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Hargreaves Lansdown Funds
Global Equity (inc) F 420.53 - -1.96 0.51 Invesco Global Smaller Comp Eq Fd A $ 52.03 - -0.67 0.00 US Smaller Cos Inc 98.03xd - -1.46 0.00 UK Multi-Cap Growth A Inc 220.56 233.40 1.02 0.45 FCA Recognised
Unit Trust Global Macro Bond Fund 11462.06 11816.56 43.98 0.53
Global Equity Income Acc F 118.70 - -0.62 3.32 Invesco Global Structured Equity A $ 45.00 - -0.36 0.93 UK Micro Cap Growth A 404.97 428.54 1.35 0.00 Harris Global Equity R/A (USD) $ 261.59 261.59 -3.12 0.00
Multi-Manager Spec Sits Tst 259.02 272.65 -0.86 0.35 Lombard Odier Funds (Europe) S.A (LUX) Optimal Income Fund 145.40 149.89 0.01 2.37
Global Equity Income Inc F 99.76 - -0.52 3.40 Invesco Global Total Ret.(EUR) Bond Fund A € 13.45 - 0.02 0.00 JPMorgan Asset Management (Europe) S.à. r.l. (FRA) www.loim.com US Multi-Cap Income 314.06 - -3.37 0.17 Harris Concentrated US Equity H-N/A (GBP) £ 141.09 141.09 -2.11 0.00
HL Multi-Manager Income & Growth Trust (Accumulation units) 161.56 169.97 -0.44 4.97 Recovery Fund Limited 'A' Participating Shares 10571.80 11012.29 -32.67 0.70
Gbl Financial Capital Acc 85.59 - -0.06 4.37 Invesco Gold & Precious Metals A $ 5.15 - -0.22 0.00 6 route de Trèves L - 2633 Senningerberg - Luxembourg Regulated MFM - Third Party Funds Harris Concentrated US Equity R/D (GBP) £ 101.22 101.22 -1.35 3.49
HL Multi-Manager Income & Growth Trust (Income units) 100.38 105.60 -0.27 5.11 FCA Recognised Lombard Odier Funds Recovery Fund Limited 'I' Participating Shares 10581.79 10688.68 -32.00 1.51
Gbl Financial Capital Inc 74.88 - -0.06 4.51 Invesco Greater China Equity A $ 47.27 - -0.53 0.00 Junior Oils 94.93 100.46 -3.81 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 99.94 99.94 0.06 1.75
Multi-Manager Bal Mgd Tst 180.61 189.93 -0.51 1.02 Star Capitol America Absolute Ret Bond (EUR) PA € 12.19 - 0.00 0.00 Strategic Corporate Bond Fund 139.25 145.05 0.24 2.90
Gbl Financial Cap Acc Gross 88.78 - -0.07 4.88 Invesco India Equity A $ 55.00 - -0.27 0.00 Junior Gold C Acc 29.14 - -0.94 0.00
HL Multi-Manager Equity & Bond Trust (Income units) 109.07 114.61 -0.16 3.17 Star Capitol America D € 2563.38 - -29.20 0.00
Absolute Ret Bond (USD) PA $ 17.85 - 0.00 0.00 UK Growth 1517.91 1581.15 2.73 1.08
Gbl Financial Cap Inc Gross 75.13 - -0.05 5.07 Invesco Japanese Equity Adv Fd A ¥ 3510.00 - -43.00 0.00 MFM Artorius Fund 136.88 - 0.34 0.20 Natixis International Funds (Dublin) I plc (IRL)
HL Multi-Manager Equity & Bond Trust (Accumulation units) 144.90 152.26 -0.21 3.11 All Roads (CHF) PA SFr 18.02 - 0.03 0.00
MFM Bowland 138.47 149.70 1.44 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Global Opportunities Acc F 92.30 - -0.93 0.49 Invesco Japanese Value Eq Fd A ¥ 1139.00 - -15.00 0.00 JPMorgan Charity Funds (UK)
Multi-Manager Strategic Bond Trust A Acc 169.71 174.95 -0.03 2.85 All Roads (USD) PA $ 11.37 - 0.01 0.00 Regulated
Global Smaller Cos Acc F 1652.61 - -10.39 0.00 Invesco Latin American Equity A $ 7.69 - -0.15 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 MFM Hathaway Inc 102.51 107.34 -1.17 1.43
Multi-Manager Strategic Bond Trust A Inc 143.39 147.82 -0.03 2.89 All Roads (GBP) PA £ 11.59 - 0.01 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.23 14.23 0.01 1.29
Property & Other UK Unit Trusts MFM SGWM Managed A Acc 127.93 - -0.54 0.15
Global Smaller Cos Inc F 1580.87 - -9.94 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1018.00 - -5.00 0.00 Loomis Sayles High Income R/D (USD) $ 9.54 9.54 -0.01 4.72
HL Multi Manager UK Growth 99.46 102.54 -0.36 0.00 UK Equity Fund for Charities I...C £ 2.842470xd 2.853410 0.004770 3.33 All Roads (EUR) PA € 11.55 - 0.02 0.00
Global Targeted Rets Acc 58.01 - 0.08 0.00 Invesco Pan European Equity A EUR Cap NAV € 19.16 - 0.05 0.00 MFM Techinvest Special Situations Acc 108.10 - -0.20 0.09
Bond Fund for Charities £ 1.422940xd 1.430250 0.005790 3.60 Alpha Japan (EUR) PA F € 10.82 - 0.02 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 13.97 13.97 0.02 3.74
High Income Acc F 799.38 - 4.81 3.46 Invesco Pan European High Income Fd A € 14.14 - 0.03 2.02 MFM Techinvest Technology Acc 359.03 - 1.99 0.00
Haussmann Alpha Japan (CHF) PA F SFr 13.59 - 0.02 0.00
High Income Inc F 448.97 - 2.71 3.54 Invesco Pan European Small Cap Equity A € 19.52 - 0.07 0.00 MFM UK Primary Opportunities A Inc 318.98 - 0.52 1.33
Other International Funds MFS Investment Funds (LUX) Natixis International Funds (UK)
Jefferies Umbrella Fund (LUX) Alpha Japan (JPY) PA F ¥ 1282.00 - 1.00 0.00 Slater Investments Ltd - Investment Adviser
Haussmann Cls A $ 2700.75 - -7.45 0.00 High Yield Fund Acc 107.50 - 0.01 4.23 Invesco Pan European Structured Equity A € 16.58 - 0.07 0.00 11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 FCA Recognised Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Alpha Japan (USD) PA F $ 15.51 - 0.02 0.00 MFM Slater Growth 354.69 376.33 1.36 0.00
FCA Recognised Em.Mk.Debt Fd.US Dollar $ 121.39 - 0.16 0.00 Authorised Funds
Haussmann Cls C € 2368.79 - -0.84 0.00 High Yield Fund Acc (Gross) 124.40 - 0.02 4.21 Invesco UK Eqty Income A £ 30.87 - 0.18 0.00
Alternative Beta PA F SFr 118.47 - -0.76 0.00 MFM Slater Income A Inc 152.19 - -0.01 3.74 H2O MultiReturns Fund N/A (GBP) $ 13.09 13.09 -0.01 2.19
Haussmann Cls D SFr 1259.31 - -10.97 0.00 High Yield Fund Inc 44.32 - 0.00 4.32 Invesco UK Investment Grade Bond A £ 1.04 - 0.01 2.84 Europe Convertible Bd A (Dis) - D - EUR F € 13.53 - 0.04 1.07 Em.Mk.Debt Fd.Yen 1 ¥ 10293.00 - 14.00 0.00
Alternative Beta PA F € 79.31 - -0.51 0.00 MFM Slater Recovery 159.08 168.78 1.48 0.11 H2O MultiReturns Fund I/A (GBP) £ 1.21 - 0.00 1.50
High Yield Fund Inc (Gross) 44.44 - 0.00 4.32 Invesco US Structured Equity A $ 22.20 - -0.18 0.00 Europe Convertible Bd B (Cap) € 15.55 - 0.04 0.00 Em.Mk.Debt Fd.Yen 2 ¥ 14874.00 - 52.00 0.00
Alternative Beta PA F $ 118.49 - -0.76 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.05 - 0.00 -
Heartwood Wealth Management Limited (IRL) Hong Kong & China Acc F 479.01 - -1.55 0.77 Invesco US Value Eq Fd A $ 31.65 - -0.68 0.00 Global Convertible A (Dis) F $ 19.19 - -0.09 0.26 Em.Mk.Debt Fund Yen 3 ¥ 10320.00 - 14.00 0.00
Commodities (CHF) PA SFr 6.09 - -0.01 0.00 Marlborough International Management Limited (GSY) Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.05 - -0.01 -
Regulated Income & Growth Acc F 961.19 - 4.07 3.65 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Global Convertible B (Cap) F $ 22.79 - -0.11 0.00 Em.Mk.Debt Fund Yen 4 ¥ 14874.00 - 52.00 0.00
Commodities (EUR) PA € 6.13 - -0.01 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Heartwood Caut Multi Asset B Acc 141.99 - 0.16 0.00 Global Convertible A Hdg GBP(Dis) F £ 12.95 - -0.04 0.24 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.98 - -0.01 4.68
Income & Growth Inc F 426.48 - 1.81 3.75 Em.Mk.Eq.Fund Euro € 120.59 - -0.07 0.00 FCA Recognised
Commodities (USD) PA $ 6.28 - -0.01 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.05 - 0.00 4.82
Income Acc F 3087.12 - 17.62 3.47 Invesco Global Asset Management Ltd (IRL) Global Convertible B Hdg GBP (Cap) F £ 15.22 - -0.05 0.00 Em.Mk.Eq.Fund Sterling £ 105.95 - -0.44 0.00 Marlborough North American Fund Ltd £ 30.34 30.64 -0.53 0.00
Henderson Global Investors (UK) Convertible Bd P A € 17.11 - 0.00 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.33 - -0.01 0.11
Income Inc F 1767.86 - 10.09 3.56 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Global Convertible Hdg A (Cap) F $ 19.13 - -0.06 0.27 Em.Mk.Eq.Fd.US Dollar $ 104.45 - -0.61 0.00 Marlborough Tiger Fund Ltd F £ 27.34 27.61 0.30 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 FCA Recognised Convertible Bd Asia PA F SFr 13.58 - 0.00 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.30 - -0.02 0.13
Japan Acc F 287.24 - -3.78 0.34 Global Convertible B Hdg (Dis) F $ 22.76 - -0.07 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9619.00 - -19.00 6.40
www.henderson.com Invesco Stlg Bd A QD F £ 2.67 - 0.00 3.62 Convertible Bd Asia PA F € 14.39 - 0.00 0.00
Authorised Inv Funds Japanese Smlr Cos Acc F 67.30 - -0.15 0.00 Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11391.00 - 1.00 5.88 Martin Currie Fund Management Ltd (1200)F (UK)
Invesco Asian Equity A $ 6.88 - -0.08 0.10 Convertible Bd Asia PA F $ 14.47 - -0.01 0.00
Asia Pacific Capital Growth A Acc 797.10 - -2.40 0.87 Global Convertible B Hdg EUR (Cap) F € 17.10 - -0.04 0.00 Em.Mk.Loc.Ccy Debt Fd II $ 94.38 - -0.20 0.00
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 NatWest (2230)F (UK)
Latin America Acc F 133.32 - -2.26 1.20
Invesco ASEAN Equity A $ 103.68 - -0.46 0.38 Emerg. Consumer (CHF) PA SFr 12.79 - 0.01 0.00 Authorised Inv Funds PO Box 23873, Edinburgh EH7 5WJ**
Asian Dividend Income Inc 98.00 103.42 -0.38 6.04 Global Convertible A Hdg CHF (Dis) FSFr 22.74 - -0.07 0.22 Gb.Conc.Eq.Fd.Euro € 264.96 - -1.87 0.00
Latin America Inc F 112.13 - -1.91 1.21 Martin Currie Investment Funds (OEIC) Enquiries: 0800 085 5588
Invesco Bond A $ 27.87 - -0.02 2.32 Emerg. Consumer (EUR) PA € 12.85 - 0.00 0.00
Cautious Managed A Acc 243.50 - 0.60 3.30 Global Convertible B Hdg CHF (Cap) FSFr 25.08 - -0.09 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 165.23 - -1.77 0.00 Class A (Retail) Authorised Inv Funds
Managed Growth Acc F 159.96 - -0.86 0.84
Invesco Continental Eurp Small Cap Eqty A $ 182.07 - -1.25 0.00 Emerg. Consumer (USD) PA $ 12.83 - 0.00 0.00 Series 1(Minimum initial investment 16375,000)
Cautious Managed A Inc 155.00 - 0.30 3.36 Gb.Conc.Eq.Fd.Sterling £ 250.67 - -2.68 0.00 Asia Pacific 120.10 - -0.70 1.08
Managed Growth Inc F 133.97 - -0.72 0.84
Invesco Emerging Markets Equity A $ 39.94 - -0.46 0.00 Emerg.Eq. Risk Par.(EUR) PA € 9.01 - -0.01 0.00 United Kingdom Equity Index Fund £ 13.16 - 0.03 2.51
China Opportunities A Acc 880.30 - -5.30 0.40 Gb.Conc.Eq.Fd.US $ 190.19 - -2.35 0.00 China 116.70 - -0.80 0.06
Managed Income Acc F 158.38 - -0.36 3.26
Invesco Emerging Markets Bond A $ 21.38 - 0.03 4.79 Emerg. Eq. Risk Par.(USD) PA $ 7.14 - -0.05 0.00 UK Specialist Equity Inc £ 19.58 - -0.05 0.34
Emerging Markets Opportunities A Acc 158.70 - -0.30 0.42 Gb.Eq.Hdg Fd.Euro IRE T € 176.78 - -1.69 0.00 Emerging Mkts 210.70 - -2.80 0.28
Managed Income Inc F 99.07 - -0.23 3.32
Invesco Continental European Equity A € 8.39 - 0.03 0.08 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.32 - 0.02 0.00 Contl Europe Spec Equity £ 15.66 - -0.08 0.00
European Growth A Acc 164.30 - 0.90 0.85 Gb.Eq.Euro Hdg Fd. € 250.75 - -2.40 0.00 European Equity Income A acc 345.70 - 0.70 3.78
Money Acc F 90.07 - -0.01 0.26
Invesco Gilt A £ 15.66 - 0.08 1.56 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.59 - 0.02 0.00 US Spec Equity Fund £ 13.44 - -0.19 0.00
European Selected Opportunities A Acc 1268.00 - 6.00 0.52 Gb.Eq.Fund Euro € 271.55 - -1.82 0.00 Global Alpha 132.70 - -1.40 0.38
Money Acc (Gross) F 95.16 - 0.00 0.26
Invesco Global Small Cap Equity A NAV $ 119.17 - -1.30 0.00 Emerg.Loc.Cur.Bd.Fdt PA € 12.05 - 0.06 0.00 Japan Specialist Fund £ 9.02 - -0.02 0.00
European Special Situations A Acc 87.48 - 0.30 1.19 Gb.Eq. Fd Euro IRE T € 171.61 - -1.16 0.00 Global Equity Income Inc 108.80 - -0.60 4.03
Monthly Income Plus Acc F 297.93 - 0.42 4.84
Invesco Global High Income A NAV $ 12.77 - 0.01 5.32 Emerg.Loc.Cur.Bd.Fdt PA $ 9.49 - -0.01 0.00 Pacific Basin Specialist Equity Fund £ 24.13 - -0.27 0.60
Fixed Interest Monthly Income A Inc 22.42 23.51 0.02 6.05
Monthly Income Plus Acc (Gross) F 347.58 - 0.49 4.81 Swiss & Global Asset Management (LUX) Gb.Eq.Fd.Sterling UK T £ 204.80 - -2.13 0.00 Global Equity Income acc 137.20 - -0.70 3.94
Invesco Gbl R/Est Secs A GBP F F £ 8.52 - -0.01 0.76 [email protected], www.jbfundnet.com Euro BBB-BB Fdt PA SFr 15.96 - 0.01 0.00 UK Sovereign Bd Index Fund £ 11.42 - 0.00 2.58
Global Care Growth A Inc 197.70 - -0.70 0.12 Gb.Eq.Fd.US Dollar $ 307.86 - -3.69 0.00 Japan Alpha 101.80 - -1.10 0.06
Monthly Income Plus Inc F 113.42 - 0.15 4.94 Regulated
Invesco Global Health Care A $ 129.98 - -1.55 0.00 Euro BBB-BB Fdt PA € 12.53 - 0.01 0.00 UK Specialist Equity Income Fund £ 9.92 - -0.02 3.49
Global Equity Income A Inc 50.32 - -0.04 3.93 Gb.Eq.Fund Sterling £ 202.86 - -2.11 0.00 North American 249.00 - -2.30 0.00
Monthly Income Plus Inc (Gross) F 113.62 - 0.16 4.94 JB BF ABS-EUR B € 105.45 - -0.02 0.00
Invesco Global Select Equity A $ 12.93 - -0.11 0.00 Euro BBB-BB Fdt PA £ 11.05 - 0.01 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.42 - 0.01 3.13
Global Growth Fund 1964.70 2053.07 -6.16 0.00 Gb.Val.Ex-Jap.Fd.USD $ 116.81 - -1.49 0.00 European Equity Income A Inc 312.40 - 0.60 3.87
Pacific Acc F 1003.47 - -10.78 0.38 JB BF Abs Ret Def-EUR B € 111.32 - -0.06 0.00
Invesco Jap Eqty Core A $ 1.67 - -0.03 0.00 Euro BBB-BB Fdt PA $ 17.79 - 0.02 0.00 Inflation Lkd Sov Bd Fund £ 13.11 - -0.03 0.71
Global Technology A Acc 902.70 - -2.20 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13524.00 - -143.00 0.00
Pacific Inc F 921.68 - -9.90 0.38 JB BF Abs Ret EM-USD B $ 118.27 - -0.12 0.00
Invesco Japanese Equity A $ 17.44 - -0.25 0.00 Euro Credit Bd PA F € 13.14 - 0.01 0.00 Global Emerg Mkts Equity Fund £ 12.94 - -0.12 0.46
Multi-Manager Absolute Return A Acc 136.40 - 0.00 0.00 Marwyn Asset Management Limited (CYM)
Tactical Bond Acc F 69.48 - 0.01 1.77 JB BF Abs Ret-EUR B € 129.89 - -0.15 0.00
Invesco Korean Equity A $ 28.72 - -0.30 0.00 Euro Government Fdt PA € 12.75 - 0.00 0.00 Series 2 (Investment Management customers only)
Multi-Manager Active A Acc 175.30 - -0.50 0.00 Regulated
Tactical Bond Inc F 60.63 - 0.01 1.79 JB BF Abs Ret Pl-EUR B € 127.86 - -0.32 0.00 MFS Meridian Funds SICAV (LUX) United Kingdom Equity Index Fund £ 13.16 - 0.03 2.86
Invesco PRC Equity A $ 52.34 - -0.80 0.00 Euro Inflation-Lk Fdt PA € 12.07 - -0.04 0.00 Marwyn Value Investors £ 525.38 - 16.85 0.00
Multi-Manager Distribution A Inc 132.30 - -0.30 2.55 Regulated
Tactical Bond Acc (Gross) F 71.97 - 0.01 1.77 JB BF EM Corporate-USD B $ 106.12 - 0.04 0.00 UK Specialist Equity Inc £ 19.76 - -0.05 1.52
Invesco Pacific Equity A $ 49.21 - -0.76 0.18 Euro Resp.Corp. Fdt PA € 18.61 - 0.02 0.00 Absolute Return A1 € 19.92 - 0.14 0.00
Multi-Manager Diversified A Acc 78.89 - -0.18 2.65
Tactical Bond Inc (Gross) F 60.69 - 0.01 1.80 JB BF EM Infl Link-USD B $ 100.11 - -0.38 0.00 Contl Europe Spec Equity £ 16.32 - -0.09 0.62
Invesco Global Technology A $ 14.94 - -0.21 0.00 Europe High Conviction PA € 11.05 - 0.04 0.00 Asia ex-Japan A1 $ 24.84 - -0.11 0.00 Mayfair Capital Investment Management Limited (UK)
Multi-Manager Global Select Acc 182.00 - -0.60 0.00
UK Aggressive Acc F 206.19 - -0.62 1.41 JB BF EM Inv Grade-USD B $ 102.68 - 0.13 0.00 2 Cavendish Square, London, W1G 0PU, 020 7495 1929 US Spec Equity Fund £ 13.92 - -0.19 0.16
Invesco UK Eqty A £ 8.35 - -0.02 1.15 Eurozone Small&Mid Caps PA € 46.89 - 0.29 0.00 Bond A1 $ 10.61 - 0.06 0.00
Multi-Manager Income & Growth A Acc 153.50 - -0.40 2.08
UK Aggressive Inc F 171.71 - -0.53 1.43 JB Emerging (EUR)-EUR B € 337.87 - 0.25 0.00 Property & Other UK Unit Trusts Japan Specialist Fund £ 9.50 - -0.02 0.56
Multi-Manager Income & Growth A Inc 143.80 - -0.40 2.10 Fdmt.Eq.L/S SH Sd EUR PA € 10.53 - 0.00 - China Equity Fd A1 $ 10.18 - -0.07 0.00
UK Growth Acc F 560.34 - -0.71 1.71 JB Emerging (USD)-USD B $ 407.04 - 0.35 0.00 Property Income Trust for Charities 76.02 78.55 0.97 6.48
Pacific Basin Specialist Equity Fund £ 23.93 - -0.26 1.19
Multi-Manager Managed A Acc 228.90 - -0.30 0.00 Fdmt.Eq.L/S SH Sd USD PA $ 10.52 - 0.00 - Continental European Eqty A1 € 16.74 - -0.18 0.00
UK Growth Inc F 355.51 - -0.45 1.74 JB BF Local EM-USD B $ 293.06 - -0.71 0.00 UK Sovereign Bd Index Fund £ 11.57 - 0.00 2.58
Multi-Manager Managed A Inc 225.60 - -0.30 0.00 Gl Aggregate High Conv PA $ 19.30 - 0.02 0.00 Emer Mkts Debt Lo Curr Fd A1 $ 13.14 - -0.03 0.00
UK Smaller Cos Equity Acc F 764.85 - -2.54 0.62 JB BF Total Ret-EUR B € 99.44 - -0.03 0.00 McInroy & Wood Portfolios Limited (UK)
UK Specialist Equity Income Fund £ 10.59 - -0.02 3.45
Sterling Bond Acc 206.33 215.59 0.68 2.95 Gbl.Gvt.Fdmt PA € 10.90 - 0.03 0.00 Emerging Markets Debt A1 $ 32.98 - 0.05 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
UK Smaller Cos Equity Inc F 589.88 - -1.97 0.63 JB EF Abs Ret Eur-EUR B € 119.16 - 0.19 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.53 - 0.01 3.13
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.42 - 0.01 0.00 Emerging Markets Eq.A1 $ 11.80 - -0.07 0.00 Authorised Inv Funds
Sterling Bond Inc 65.03 67.95 0.21 2.99
UK Strategic Income Acc F 180.91 - 1.09 3.61 JB EF Euro Value-EUR B € 182.81 - -0.19 0.00 Balanced Fund Personal Class Units 3944.00 - -6.50 1.83 Inflation Lkd Sov Bd Fund £ 13.22 - -0.04 0.71
Strategic Bond A Inc 129.70 - 0.20 5.90 Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.57 - 0.04 0.00 European Concentrated A1 € 17.13 - -0.11 0.00
UK Strategic Income Inc F 137.76 - 0.82 3.71 JB EF Japan-JPY B ¥ 15928.00 - -227.00 0.00 Income Fund Personal Class Units 2453.60xd - -0.80 2.80 Global Emerg Mkts Equity Fund £ 12.45 - -0.12 0.64
Invest AD Gbl.5B Fdmt (EUR) PA € 11.81 - 0.06 0.00 European Core Eq A1 € 29.35 - -0.10 0.00
UK & Irish Smaller Companies A Acc 512.80 - -2.40 0.05
US Equity Acc F 533.83 - -8.40 0.00 Client services: +971 2 692 6101 [email protected] JB EF Luxury B-EUR B € 225.71 - 0.29 0.00 Emerging Markets Fund Personal Class Units 1891.70 - -2.90 2.04 The initial charge you will pay will depend on the amount you invest
UK Absolute Return A Acc 144.00 - 0.30 0.00 Gbl.5B Fdmt (CHF) PA SFr 9.91 - 0.02 0.00 European Res.A1 € 30.58 - -0.24 0.00
Invesco Perpetual Funds (No Trail) Other International Funds **Address and Telephone number for series 1 only
JB Ms EF Special Val. EUR/A € 143.87 - -0.75 0.81 Smaller Companies Fund Personal Class Units 3486.90 - -18.30 1.55
UK Alpha A Acc 107.50 - 0.00 1.07 Invest AD - Iraq Opportunity Fund $ 72.37 - -0.33 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.15 - 0.02 0.00 European Smaller Companies A1 € 45.54 - 0.05 0.00
Asian (No Trail) Acc F 197.92 - -1.63 1.40
JB Strategy Balanced-CHF/B SFr 149.63 - -0.43 0.00
UK Equity Income & Growth A Inc 609.90 - -0.70 3.44 Invest AD - Emerging Africa Fund $ 1169.53 - -2.77 0.00 Generation Global (CHF) PA F SFr 12.11 - -0.07 0.00 European Value A1 € 34.39 - -0.09 0.00
Asian (No Trail) Inc F 179.97 - -1.48 1.42
JB Strategy Balanced-EUR € 157.59 - -0.31 0.00 Meridian Fund Managers Ltd
UK Index A Acc 506.20 - 0.70 2.05 Invest AD - GCC Focus Fund $ 1698.17 - 19.60 0.00 Generation Global (EUR) PA F € 19.42 - -0.07 0.00 Global Bond A1 $ 10.76 - 0.01 0.00
Asian Equity Income (No Trail) Acc F 131.20 - -1.08 4.16 Other International Funds
JB Strategy Balanced-USD/B $ 132.71 - -0.45 0.00
UK Property A Acc 193.08 203.24 0.05 4.04 Generation Global (USD) PA F $ 15.01 - -0.13 0.00 Global Conc.A1 $ 35.74 - -0.47 0.00
Asian Equity Income (No Trail) Inc 113.71 - -0.94 4.29 Global Gold & Resources Fund $ 204.84 - -17.30 -
JB Strategy Growth-CHF/B SFr 92.01 - -0.52 0.00
UK Property A Inc 97.68 102.81 0.03 4.16 Global Energy (USD) PA F $ 8.32 - -0.31 0.00 Global Energy Fund A1 $ 13.81 - -0.39 0.00
Balanced Risk 6 No Trail Acc 109.72 - 0.06 0.20 Global Energy & Resources Fund $ 51.93 - -5.53 -
JB Strategy Growth-EUR € 118.84 - -0.42 0.00
UK Tracker A Acc 231.50 - 0.50 1.47 Golden Age (CHF) PA F SFr 21.47 - -0.08 0.00 Global Equity A1 $ 44.91 - -0.57 0.00
Balanced Risk 8 No Trail Acc 113.94 - 0.13 0.46
JB Strategy Inc-CHF/B SFr 119.88 - -0.22 0.00
US Growth A Acc 767.30 - -5.80 0.00 Balanced Risk 10 No Trail Acc 118.24 - 0.16 0.68
Golden Age (EUR) PA € 14.49 - -0.06 0.00 Global Equity A1 € 25.29 - -0.21 0.00 New Capital Fund Management Ltd (IRL)
JB Strategy Inc-EUR/B € 162.64 - -0.15 0.00 Metage Capital
Golden Age (USD) PA F $ 20.15 - -0.08 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Corporate Bond (No Trail) Acc F 165.31 - 0.26 3.98 Global Multi-Asset A1 $ 16.11 - -0.05 0.00 Other International Funds
JB Strategy Inc-USD/B $ 149.33 - -0.31 0.00 FCA Recognised
Japan Small & Mid Caps PA ¥ 3107.00 - 0.00 0.00 Global Res.A1 $ 25.45 - -0.40 0.00 MGS -Master Series $ 213.04 - 13.24 - New Capital UCITS Funds
Corporate Bond (No Trail) Inc F 120.72 - 0.19 4.07
Distribution (No Trail) Acc F 169.14 - 0.45 4.16 JPMorgan Asset Mgmt (1200)F (UK) Sh.T- Money Mkt EUR PA € 112.42 - 0.00 0.00 Global Total Return A1 € 17.54 - -0.05 0.00 MEMO - Master Series (Est) $ 480.98 - -15.12 0.00 Asia Pac Bd USD Inst Inc $ 95.91 - -0.12 2.65
60 Victoria Embankment, London EC4Y 0JP Sh.T- Money Mkt CHF PA SFr 129.36 - 0.00 0.00 MEMO - MEMV Series $ 114.18 - -3.32 0.00
Distribution (No Trail) Inc F 115.69 - 0.31 4.24 High Yield A1 $ 25.01 - 0.03 0.00 Asia Pac Bd USD Ord Inc $ 97.98 - -0.12 1.96

Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Emerging Countries (No Trail) Acc F 172.20
Asset Management
- -1.21 1.04 Authorised Inv Funds Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 High Yield Fund A1 € 16.14 - 0.10 0.00 Asia Pac Eq EUR Ord Inc Managemen € 101.12 - -0.06 2.48

Asset Management Ministry of Justice Common Investment Funds (UK)

JPM Retail OEIC (A class unless stated)
Asset Management
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Inflation-Adjusted Bond A1 $ 14.49 - 0.07 0.00 Asia Pac Eq GBP Ord Inc £ 104.03 - -0.07 2.87
Emerging Countries (No Trail) Inc F 162.30 - -1.14 1.05
America Eq Fd A - Net Acc 57.17xd - -0.70 0.00 Sw.Fr.Bd(For) PA SFr 23.94 - -0.02 0.00 Property & Other UK Unit Trusts
Hermes Investment Funds Plc (IRL) Emerging European (No Trail) Acc F 66.88 - -1.09 3.97 Japan Equity A1 $ 9.46 - -0.01 0.00 Asia Pac Eq USD Ord Inc $ 104.93 - -0.07 2.50
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 America Eq Fd A - Net Inc 57.17xd - -0.69 0.00 The Equity Idx Tracker Fd Inc 1393.00 1393.00 0.00 2.81
Sw.Fr.Credit Bd(For) PA SFr 13.76 - 0.01 0.00 Latin American Equity Fd A1 $ 15.57 - -0.28 0.00 Asia Pac Eq USD Inst Acc $ 108.66 - -0.07 0.00
Emerging European (No Trail) Inc F 60.97 - -0.99 4.09 Kames Capital ICVC (UK) Distribution Units
FCA Recognised Asia Acc 128.60 - -0.60 0.37
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.41 - 0.03 0.00 Limited Maturity A1 $ 14.06 - 0.00 0.00 Asia Pac Eq USD Inst Inc $ 117.09 - -0.08 3.12
Hermes Active UK Inflation Fund Class F Acc £ 1.32 1.32 0.00 0.00 European Equity (No Trail) Acc F 142.64 - 0.44 2.97
Asia Inc 71.58 - -0.31 0.36 0800 45 44 22 www.kamescapital.com Tactical Alpha (EUR) PA € 10.64 - 0.02 0.00 Prudent Wealth Fd A1 $ 14.09 - -0.02 0.00
European Equity (No Trail) Inc F 120.47 - 0.37 3.05 Dyn Europ Eq EUR Ord Inc € 163.23 - 0.55 0.51
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.60 1.60 0.00 0.00 Authorised Funds Mirabaud Asset Management (LUX)
Cautious Managed Rt Acc 67.17xd - 0.22 0.17 Tactical Alpha (USD) PA $ 15.26 - 0.04 0.00 Research Bond A1 $ 16.89 - 0.07 0.00
European Equity Income (No Trail) Acc F 146.96 - 0.48 3.35 www.mirabaud.com, [email protected] Dyn Europ Eq GBP Ord Inc £ 173.99 - 0.56 0.92
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.41 3.41 -0.01 0.00 Diversified Income B Acc 112.11 - 0.28 0.00
Cautious Managed Rt Inc 59.11xd - 0.19 0.17 Technology PA € 13.43 - -0.08 0.00 UK Equity A1 £ 8.19 - -0.05 0.00 Regulated
European Equity Income (No Trail) Inc F 115.25 - 0.37 3.43 Dyn Europ Eq USD Ord Inc $ 163.61 - 0.53 0.63
Hermes Global Emerging Markets Fund Class F Acc £ 1.27 1.27 -0.01 0.00 Diversified Income B Inc 107.55 - 0.27 0.00 Mir. Conv. Bds Eur A EUR € 132.41 - 0.17 0.00
Diversified Real Ret Acc 54.67 - -0.06 0.90 Technology PA $ 20.37 - -0.11 0.00 US Conc.Growth A1 $ 14.98 - -0.21 0.00
European High Income (No Trail) Acc F 165.60 - 0.36 3.48 China Equity EUR Ord Acc € 151.53 - -0.20 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.16 3.16 -0.01 0.00 Ethical Cautious Managed A Acc 161.87 - 0.24 1.53 Mir. Conv. Bds Glb A USD $ 112.81 - 0.07 0.00
Diversified Real Ret Inc 53.65 - -0.06 0.91 Wld Gold Expertise PAF SFr 13.50 - -0.53 0.00 US Government Bond A1 $ 17.27 - 0.05 0.00
European High Income (No Trail) Inc F 123.57 - 0.27 3.54 China Equity GBP Ord Acc £ 155.69 - -0.21 0.00
Hermes Global Equity Fund Class F Acc £ 1.49 1.49 -0.01 0.00 Ethical Cautious Managed A Inc 135.65 - 0.20 1.55 Mir. - Eq Asia ex Jap A $ 187.11 - -2.45 0.00
Emerging Mkts Acc 160.20 - -0.80 0.56 Wld Gold Expertise PA € 10.69 - -0.41 0.00 Value A1 $ 21.39 - -0.35 0.00
Invesco Perpetual High Yield Fund acc (No trail) 221.89 - 0.02 4.30 China Equity USD Ord Acc $ 153.67 - -0.21 0.00
Hermes Global Equity Fund Class R Acc € 3.84 3.84 -0.02 0.00 Ethical Corporate Bond A Acc 198.87 - 0.45 3.35 Mir. - Eq Glb Emrg Mkt A USD $ 103.16 - -1.55 0.00
Emerging Mkts Inc 69.35 - -0.36 0.57 Wld Gold Expertise PA $ 14.00 - -0.54 0.00
Invesco Perpetual High Yield Fund inc (No trail) 170.42 - 0.02 4.39 China Equity USD Inst Acc $ 156.81 - -0.21 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.14 1.14 -0.01 - Ethical Corporate Bond A Inc 115.06 - 0.26 3.35 Mir. - Eq Global A USD $ 126.51 - -0.98 0.00
Emrg Mkts Inc Acc... C 58.37xd - -0.58 3.94 LO Selection
European Opportunities (No Trail) Acc F 158.31 - -1.54 0.76 MMIP Investment Management Limited (GSY) Global Val.Cr.Fd GBP Ord Inc £ 113.68 - -0.12 3.73
Hermes Global High Yield Bond Fund Class F Acc £ 1.10 1.10 -0.01 0.00 Ethical Equity A Acc 166.31 - 0.25 1.10 Mir. -Eq Spain A € 25.85 - -0.26 0.00
Emrg Mkts Inc Inc... C 53.34xd - -0.53 4.02 Balanced (CHF) PA F SFr 105.15 - -0.14 0.00 Regulated
European Opportunities (No Trail) Inc F 150.23 - -1.47 0.77 Global Val.Cr.Fd USD Inst Acc $ 123.41 - -0.13 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.82 2.82 -0.01 0.00 High Yield Bond A Acc 115.69 - 0.13 4.41 Multi-Manager Investment Programmes PCC Limited Mir. - Eq Swiss Sm/Mid A SFr 263.76 - -1.06 0.00
Europe Acc 1026.00 - 4.00 1.36 Balanced (EUR) PA F € 125.21 - 0.02 0.00
European Smaller Companies (No Trail) Acc F 196.96 - -0.99 0.54 Global Val.Cr.Fd GBP Ord Acc £ 178.00 - -0.18 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 0.00 - High Yield Bond A Inc 54.37 - 0.07 4.41 European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00
Conservative (CHF) PA F SFr 103.30 - -0.01 0.00 Mir. - Glb High Yield Bds A $ 108.75 - 0.13 -
Asset Management
Europe Inc 59.93 - 0.21 1.37
Global Balanced Index (No Trail) Acc F 155.98 - -0.82 1.82 Global Val.Cr.Fd USD Ord Acc $ 167.56 - -0.17 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 - Inflation Linked A Acc 135.47 - 0.60 1.77 Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00
set Management Eur Dynamic exUK Acc 157.20 - -0.10 0.97 Conservative (EUR) PA F € 114.56 - 0.05 0.00 Mir. - Glb Eq High Income A USD $ 103.70 - -0.40 0.00
Global Bond (No Trail) Acc F 137.99 - 0.18 1.32 Global Val.Cr.Fd EUR Ord Acc € 156.84 - -0.16 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.25
1.23
1.25 0.00 0.00
1.23 0.00 1.93 Global Bond (No Trail) Inc Asset Management
F 126.19 - 0.17 1.33
Eur Dynamic exUK £ hdg Acc 175.40 -
Asset Management
0.20 0.89
Asset Management
Investment Grade Bond A Acc
Investment Grade Bond A Inc
162.19
121.01
-
-
0.40 3.22
0.29 3.22
Global Allocation (GBP) PA F £ 9.98 - -0.02 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00
Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00
Mir. - Glb Strat. Bd A USD $ 106.25 - 0.15 0.00
Swiss Select Equity Inst Acc SFr 98.66 - -0.31 -

Asset Management Asset Management

Eur Dynamic exUK Inc 72.78 - -0.01 0.98 Growth (CHF) PA F SFr 108.28 - -0.29 0.00 Mir. Opp.- Activ.Strategies I $ 101.39 - -1.31 -
Glbl Distribution Acc (No Trail) 105.11 - -0.08 - Swiss Select Equity Ord Acc SFr 98.09 - -0.31 -
Hermes Sourcecap EU Alpha Fund Class R Acc € 2.98 2.98 0.00 0.00 Sterling Corporate Bond A Acc 71.19 - 0.15 2.99 UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00
Eur Smaller Cos Acc 423.30xd - 2.20 0.00 Growth (EUR) PA F € 135.01 - -0.06 0.00
Glbl Distribution Inc (No Trail) 102.94 - -0.07 - US Growth USD Ord Acc $ 195.81 - -2.01 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.30 1.30 0.00 0.00 Sterling Corporate Bond A Inc 32.35 - 0.07 2.99 Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00
Eur Smaller Cos Inc 55.05xd - 0.29 0.00 Vantage 1500 (EUR) MA € 10.34 - 0.00 -
Global Equity (No Trail) acc F 202.72 - -0.94 1.05 US Growth EUR Ord Acc € 187.85 - -1.90 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.00 3.00 0.00 0.00 Strategic Bond A Acc 182.29 - 0.08 2.71 Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00
Fusion Balanced Acc 54.53 - -0.01 0.00 Vantage 3000 (EUR) MA € 10.62 - 0.01 -
Global Equity (No Trail) inc F 189.72 - -0.88 1.06 US Growth GBP Ord Acc £ 196.00 - -2.00 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.47 1.47 0.00 0.00 Strategic Bond A Inc 122.81 - 0.05 2.71 PrivilEdge
Fusion Balanced Inc 54.52 - -0.01 0.00
Global Equity Income (No Trail ) Acc F 244.58 - -1.26 3.31 US Growth USD Inst Acc $ 179.69 - -1.84 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 4.34 4.34 0.01 0.00 UK Equity Absolute Return A Acc 117.18 - -0.04 0.00 Inc.Pt.RMB Dt.CNH PA CNY 99.81 - 0.05 - Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Acc 54.08 - -0.03 0.00
Global Equity Income (No Trail) Inc F 205.55 - -1.06 3.39 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Wealthy Nat Bd EUR Inst Inc € 110.12 - 0.16 4.04
Hermes US SMID Equity Fund Class F Acc £ 1.51 1.51 -0.02 0.00 UK Equity A Acc 225.79 - 0.26 1.21 Inc.Pt.RMB Dt.SH CHF PA SFr 9.90 - -0.03 -
Fusion Conservative Inc 54.05 - -0.04 0.00 Authorised Inv Funds
Global ex UK Core Equity Index ( No Trail) Acc F 168.99 - -1.87 1.34 Wealthy Nat Bd GBP Inst Inc £ 113.62 - 0.15 3.88
Hermes US SMID Equity Fund Class R Acc € 3.18 3.18 -0.04 0.00 UK Equity Income A Acc 201.65 - 0.51 3.98 Inc.Pt.RMB Dt.SH EUR PA € 9.90 - -0.03 - Montello Real Estate Opportunity Fund (LUX)
Fusion Growth Acc 55.73 - -0.05 0.00 Growth Fd Acc 57.51 60.94 0.37 0.00
Global ex UK Enhanced Index ( No Trail) Acc F 196.56 - -1.69 1.77 101 New Cavendish Street,London W1W 6XH Wealthy Nat Bd EUR Ord Inc € 109.48 - 0.15 3.75
UK Equity Income A Inc 162.74 - 0.41 4.08 Inc.Pt.RMB Dt.USD PA $ 9.94 - -0.03 -
Fusion Growth Inc 55.73 - -0.05 0.00 Regulated
Gbl Fin Cap No Trail Acc 173.73 - -0.13 4.36 Wealthy Nat Bd GBP Ord Inc £ 114.25 - 0.14 3.64
Hermes Property Unit Trust (UK)
Fusion Growth + Acc 57.21 - -0.11 0.00
UK Opportunities A Acc 162.32 - 0.95 1.07 Jenn. US Eq.Opp. USD PA $ 9.55 - -0.12 -
Manulife Global Fund (LUX) Montello Real Estate Opportunity Fund II £ 1079.96 - 7.12 - Wealthy Nat Bd USD Ord Inc $ 111.42 - 0.14 3.85
Property & Other UK Unit Trusts Gbl Fin Cap No Trail Inc 152.03 - -0.11 4.49 Neubrg.Berman US Core PA $ 14.18 - -0.19 0.00
UK Smaller Companies A Acc 235.01 - 0.01 0.28 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Growth + Inc 57.22 - -0.11 0.00 New Capital Alternative Strategies
Property £ 5.31 5.64 0.13 4.93 Global Opportunities (No Trail) Acc F 236.58 - -2.37 1.01 www.manulife.com.hk
Sands US Growth PA € 13.49 - -0.28 0.00
Fusion Income Acc...C 54.11xd - -0.05 2.44 FCA Recognised Morant Wright Management Ltd (CYM) All Weather Fd USD Cls $ 119.43 - -0.22 0.00
Global Smaller Companies (No Trail) Acc F 240.49 - -1.51 0.42 Sands US Growth PA $ 16.32 - -0.34 0.00
Fusion Income Inc...C 52.33xd - -0.06 2.49 Kames Capital Investment Portfolios ICVC (UK) American Growth Fund Class A F $ 27.3837 - -0.4843 0.00 Regulated All Weather Fd EUR Cls € 107.75 - -0.24 0.00
Impax Asset Management (IRL) Global Smaller Companies (No Trail) Inc F 231.32 - -1.45 0.42 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Will.Blair Gbl. Ldrs PA € 15.24 - -0.09 0.00
Global Allocation A-Net Acc 54.03xd - -0.11 0.65 American Growth Fund Class AA F $ 1.5573 - -0.0275 0.00 MW Japan Fd Ltd A $ 22.43 - 0.50 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR 0800 45 44 22 www.kamescapital.com All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
Global Targeted Rets (No Trail) Acc 116.82 - 0.17 0.00 Will.Blair Gbl. Ldrs PA $ 12.89 - -0.14 0.00
FCA Recognised Authorised Funds American Growth Fund Class AA (HKD) FHK$ 9.7651 - -0.1722 - MW Japan Fd Ltd B $ 22.71 - 0.51 0.00
Global Allocation A-Net Inc 53.67xd - -0.12 0.65 Tactical Opps USD Cls $ 174.36 - 6.31 0.00
Env Mkts (Ire) Stl A £ 2.19 - -0.01 0.00 High Income (No Trail) Acc F 170.26 - 1.03 3.44
Global Equity Acc 963.40 - -9.50 0.47 Property Income B Acc 111.35 - 0.11 - Asian Equity Fund Class A F $ 3.1853 - -0.0338 0.41 Tactical Opps EUR Cls € 146.72 - 5.43 0.00
High Income (No Trail) Inc F 127.45 - 0.77 3.53
Env Mkts (Ire) Euro A € 2.01 - 0.00 0.00
Global Equity Inc 71.70 - -0.70 0.48 Property Income B Inc 107.89 - 0.11 - Lothbury Property Trust (UK) Asian Equity Fund Class AA F $ 1.0260 - -0.0109 0.00 Morant Wright Funds (Ireland) PLC (IRL) Tactical Opps GBP Cls £ 164.89 - 5.99 0.00
Env Mkts (Ire) USD A $ 1.74 - -0.01 0.00 Hong Kong & China (No Trail) Acc F 189.22 - -0.61 1.29 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 FCA Recognised
Global Bond exUK Acc 253.80 - 0.40 0.69 Property & Other UK Unit Trusts Asian Small Cap Equity Fund Class AA F $ 2.2047 - -0.0154 0.00
Income & Growth (No Trail) Acc F 225.39 - 0.96 3.64 Morant Wright Fuji Yield CHF Acc HedgedSFr 10.42 - -0.04 -
Global Bond exUK Inc 200.90 - 0.40 0.69 Kames Capital VCIC (IRL) Lothbury Property Trust GBP £ 1644.58 1765.10 21.80 4.17 Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.9214 - -0.0620 -
Income & Growth (No Trail) Inc F 182.47 - 0.77 3.73 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Morant Wright Fuji Yield EUR Acc Hedged € 10.23 - -0.03 -
INDIA VALUE INVESTMENTS LIMITED (INVIL) Global Consumer Trends Acc 92.39 - -0.86 0.49 China Value Fund Class A F $ 8.6827 - -0.0983 0.71
www.invil.mu Income (No Trail) Acc F 168.97 - 0.96 3.46 FCA Recognised Morant Wright Fuji Yield GBP Acc Hedged £ 10.42 - -0.03 -
Other International Funds Global Consumer Trends Inc 88.02 - -0.82 0.49 Absolute Return Bond B GBP Acc 1076.81 - -0.24 - China Value Fund Class AA F $ 2.7223 - -0.0308 0.49

Asset Management
Income (No Trail) Inc F 127.38 - 0.73 3.55 Morant Wright Fuji Yield USD Acc Hedged $ 10.15 - -0.04 -

Asset Manageme
NAV £ 7.44 - 0.04 0.00 Global Eq Income £ hdg Acc... C 66.81xd - -0.45 3.85 Eq Market Neutral B Acc 999.52 - -0.27 - Dragon Growth Fund Class A F $ 2.0181 - -0.0196 0.64
Japan (No Trail) Acc F 135.95 - -1.78 0.88 Morant Wright Fuji Yield USD Dist Hedged $ 10.39 - -0.04 -
Global Eq Income £ hdg Inc ... C 49.42xd - -0.33 3.94 Eq Market Neutral Plus B Acc 996.73 - -0.71 - Dragon Growth Fund Class AA HKDHK$ 9.7760 - -0.0946 0.60
Japanese Smaller Companies (No Trail) Acc F 170.75 - -0.38 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1041.29 - -3.80 -
Intrinsic Value Investors (IVI) LLP (IRL) Global Eq Income Acc... C 70.80xd - -0.35 3.72 High Yield Global Bond A GBP Inc 544.62 - 0.67 4.28 Emerging Eastern Europe Fund Class AA F $ 1.3456 - -0.0149 0.50 Northwest Investment Management (HK) Ltd
Latin American (No Trail) Acc F 128.40 - -2.18 1.83 Morant Wright Fuji Yield YEN Dist ¥ 1041.29 - -3.80 -
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Global Eq Income Inc ... C 63.30xd - -0.32 3.82 High Yield Global Bond B GBP Inc 1132.52 - 1.39 4.80 Emerging Eastern Europe Fund Class A F $ 3.1311 - -0.0346 0.89
FCA Recognised Latin American (No Trail) Inc F 117.26 - -1.99 1.85 Morant Wright Sakura Fund Sterling Acc Hedged £ 12.34 - -0.02 0.00 Other International Funds
Global Financials Acc 714.80 - -6.50 0.73 Investment Grade Global Bd A GBP Inc 575.52 - 2.13 2.40 M & G Securities (1200)F (UK) European Growth Fund Class A F $ 10.5148 - -0.0277 1.25 Northwest $ class $ 2282.96 - 24.66 0.00
IVI European Fund EUR € 16.57 - 0.00 0.00 Managed Growth (No Trail) Acc F 193.29 - -1.04 1.30 Morant Wright Sakura Fund Euro Acc Hedged € 12.32 - -0.03 0.00
PO Box 9039, Chelmsford, CM99 2XG
Global Financials Inc 41.01 - -0.37 0.73 Kames Global Equity Income B GBP Acc 1128.83 - -3.04 - European Growth Fund Class AA F $ 0.7614 - -0.0020 0.60 Northwest Warrant $ class $ 2016.80 - 163.93 0.00
IVI European Fund GBP £ 16.75 - 0.02 1.09 Managed Growth (No Trail) Inc F 179.63 - -0.96 1.32 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1254.25 - -2.83 0.00
Global High Yield Bond A Mth Net Inc 39.26xd - 0.06 7.02 Kames Global Equity Income B GBP Inc 1100.29 - -2.97 - Authorised Inv Funds Global Contrarian Fund Class AA F $ 0.9196 - -0.0126 0.00
Managed Income (No Trail) Acc F 189.22 - -0.42 3.25 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.31 - -0.02 0.00
Global High Yield Bond Acc ... C 99.49xd - 0.14 6.99 Strategic Global Bond A GBP Inc 1124.88 - 1.49 1.56 Charifund Inc 1493.66 - -8.19 4.44 Global Property Fund Class AA F $ 1.0574 - -0.0112 0.75
Managed Income (No Trail) Inc F 158.73 - -0.36 3.32 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.31 - -0.03 0.00
Global High Yield Bond Inc ... C 39.60xd - 0.06 6.99 Strategic Global Bond B GBP Inc 638.58 - 0.85 2.04 Charifund Acc 19669.54 - -107.92 4.31 Global Resources Fund Class AA F $ 0.8088 - -0.0200 0.00
Monthly Income Plus (No Trail) Acc F 171.16 - 0.24 4.82
Global Property Secs Acc 62.30 - -0.33 0.76 M&G Corporate Bond A Acc 64.86xd - 0.18 3.04 Greater China Opportunities Class AA $ 1.0255 - -0.0128 -
Monthly Income Plus (No Trail) Inc F 111.35 - 0.16 4.93
Global Property Secs Inc 54.08 - -0.28 0.76 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 41.49xd - 0.11 3.04 Healthcare Fund Class AA F $ 1.8782 - -0.0352 0.00
Pacific (No Trail) Acc F 185.43 - -1.99 0.87
Income Fd A - Net Acc 50.39xd - 0.03 - 14 St. George Street, Mayfair, London W1S1FE M&G Dividend A Inc 61.65xd - 0.24 4.17 India Equity Fund Class AA F $ 1.5037 - -0.0149 0.00
Pacific (No Trail) Inc F 175.99 - -1.89 0.96 Dealing and enquiries: 0800 024 2400
Income Fd A - Net Inc 48.93xd - 0.02 - M&G Dividend A Acc 598.76xd - 2.30 4.03 International Growth Fund Class A F $ 4.5425 - -0.0601 0.13 Oasis Crescent Management Company Ltd
Invesco Fund Managers Ltd (UK) Tactical Bond (No Trail) Acc F 141.76 - 0.02 2.26 Authorised Inv Funds
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Japan Acc 263.70 - -1.30 0.00 Unit Trust Manager/ACD - Host Capital M&G Episode Growth X Inc 51.00 - -0.11 1.83 International Growth Fund Class AA F $ 1.0439 - -0.0139 0.00 Other International Funds
Dealing: 0800 085 8571 Tactical Bond (No Trail) Inc F 121.44 - 0.02 2.29
Japan Inc 63.48 - -0.30 0.00 HC KB Capital Growth A Acc 170.52 - 0.51 1.36 M&G Episode Income A Acc 144.75xd - -0.13 3.22 Japanese Growth Fund Class A F $ 3.0693 - -0.0222 0.67 Oasis Crescent Equity Fund R 9.69 - -0.07 0.00
Investor Services: 0800 085 8677 UK Aggressive (No Trail) Acc F 168.96 - -0.51 1.89 Morgan Stanley Investment Funds (LUX)
Broker Services: 0800 028 2121 Multi-Asset Inc A Mth Net Inc 66.65xd - -0.12 3.72 HC KB Capital Growth A Inc 162.16 - 0.48 1.38 M&G Episode Income A Inc 124.33xd - -0.11 3.28 Japanese Growth Fund Class AA F $ 0.7902 - -0.0057 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
UK Aggressive (No Trail) Inc F 142.17 - -0.43 1.92
www.invescoperpetual.co.uk HC KB Capital Growth B Acc 164.85 - 0.00 1.10 M&G Extra Income A Inc 762.04xd - 1.35 4.16 www.morganstanleyinvestmentfunds.com Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Multi-Asset Inc Acc... C 86.23xd - -0.16 3.65 Latin America Equity Fund Class AA F $ 0.9254 - -0.0097 1.37
Authorised Inv Funds UK Enhanced Index (No Trail) Acc F 404.23 - -0.53 3.40 FCA Recognised Regulated
Multi-Asset Inc Inc... C 67.08xd - -0.12 3.70 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 M&G Extra Income A Acc 6019.88xd - 10.64 4.06 Russia Equity Fund Class AA F $ 0.3678 - -0.0043 0.00
INVESCO PERPETUAL Funds UK Enhanced Index (No Trail) Inc F 260.31 - -0.34 3.48 US Advantage A F $ 52.35 - -1.01 0.00 Oasis Global Investment (Ireland) Plc
Multi-Asset Macro Acc 60.74 - 0.64 0.00 HC KB Capital Growth C Acc 171.88 - 0.00 2.01 M&G Global Basics A Inc 655.13 - -2.42 0.28 Taiwan Equity Fund Class AA F $ 1.5445 - -0.0196 0.22 Oasis Global Equity $ 27.52 - -0.25 0.17
Asian Acc F 474.17 - -3.90 0.87 UK Growth (No Trail) Acc F 147.62 - -0.19 2.17 Asian Equity A F $ 45.05 - -0.63 0.00
Multi-Asset Macro Inc 60.74 - 0.64 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 M&G Global Basics A Acc 988.99 - -3.66 0.28 Turkey Equity Fund Class AA F $ 0.9620 - -0.0258 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Asian Inc F 425.89 - -3.51 0.87 UK Growth (No Trail) Inc F 120.79 - -0.16 2.22 Asian Property A F $ 19.38 - -0.20 0.00
Multi-Manager Growth Acc 708.40 - -3.10 0.38 HC KB Enterprise Equity Income A Inc 113.19 - -0.38 3.78 M&G Global Dividend Fund A Acc 197.61xd - -2.01 3.20 US Bond Fund Class AA F $ 1.2214 - 0.0020 3.94 Oasis Crescent Global Equity Fund $ 28.01 - -0.23 0.00
Asian Equity Income Acc F 64.34 - -0.53 4.17 UK Smaller Companies Equity (No Trail) Acc F 248.03 - -0.82 1.15 Asian Property AX F £ 11.88 - -0.08 1.08
Multi-Manager Growth Inc 664.20 - -2.90 0.38 HC KB Enterprise Equity Income A Acc 161.80 - -0.53 3.69 M&G Global Dividend Fund A Inc 159.86xd - -1.63 3.29 U.S. Bond Fund Class AA Inc F $ 1.0110 - 0.0017 - OasisCresGl Income Class A $ 11.08 - 0.00 2.46
Asian Equity Income Inc F 55.76 - -0.46 4.30 UK Smaller Companies Equity (No Trail) Inc F 231.48 - -0.76 1.17 Diversified Alpha Plus A F € 33.96 - 0.06 0.00
Natural Resources Acc 458.40 - -10.00 0.04 HC KB Endeavour Multi Asset Balanced A Acc 134.40 - -0.03 0.81 M&G Glbl Emrgng Mkts A Acc 212.60 - -2.83 0.69 U.S. Bond Fund Class AA (HKD) IncHK$ 10.0358 - 0.0176 - OasisCresGl LowBal D ($) Dist $ 12.13 - -0.04 0.00
Balanced Risk 6 Acc 54.06 - 0.03 0.00 UK Strategic Income (No Trail) Acc F 715.75 - 4.31 3.60 Emerg Europ, Mid-East & Africa Eq A F € 65.69 - -0.47 0.00
Natural Resources Inc 32.49 - -0.72 0.02 HC KB Endeavour Multi Asset Balanced A Inc 128.28 - -0.02 0.81 M&G Glbl Emrgng Mkts A Inc 207.07 - -2.76 0.69 U.S. Special Opportunities Fund Class AA F $ 0.9068 - -0.0004 7.19 OasisCresGl Med Eq Bal A ($) Dist $ 12.24 - -0.05 0.12
Balanced Risk 8 Acc 56.14 - 0.06 0.04 UK Strategic Income (No Trail) Inc F 545.12 - 3.28 3.70 Emerging Markets Debt A F $ 75.78 - 0.23 0.00
New Europe Acc 141.60 - -2.70 2.79 HC KB Enterprise Fixed Income A Acc 126.14 - 0.10 3.44 M&G Global Macro Bond Fund A Acc 109.80 - 0.42 0.54 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.3737 - -0.0033 - Oasis Crescent Gbl Property Eqty $ 10.06 - 0.01 1.75
Balanced Risk 10 Acc 58.27 - 0.08 0.27 US Equity (No Trail) Acc F 221.43 - -3.48 0.04 Emerging Markets Domestic Debt AX F £ 12.77 - 0.00 5.28

Asset Management
New Europe Inc 34.52 - -0.65 2.90 HC KB Enterprise Fixed Income A Inc 114.71 - 0.08 3.44 M&G Global Macro Bond Fund A Inc 76.43 - 0.30 0.54 U.S. Special Opportunities Fund Class AA Inc $ 0.9195 - -0.0004 -
Childrens Acc F 407.19 - -0.46 1.72 Emerging Markets Equity A F $ 37.37 - -0.44 0.00

set Management
Corporate Bd Acc (Gross) F 207.86 - 0.34 3.72 Portfolio Acc 198.00 - 0.60 0.99 M&G Global High Yield Bond X Inc 50.69xd - 0.04 4.67 US Small Cap Equity Fund Class AA F $ 1.0753 - -0.0107 0.00
Euro Bond A F € 15.91 - 0.00 0.00
Corporate Bd Inc (Gross) F 91.52 - 0.15 3.83 Asset Management Sterling Corporate Bond Acc 85.94xd - 0.35 2.49 Asset Management
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
M&G Global High Yield Bond X Acc
M&G Managed Growth X Inc
116.23xd
79.45
-
-
0.10 4.67
-0.54 0.62
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3189 - 0.0033 0.06
Euro Corporate Bond AX F £ 22.77 - -0.19 2.09
Corporate Bond Acc F 186.05 - 0.29 3.74 Sterling Corporate Bond Inc 54.83xd - 0.22 2.49
Other International Funds Euro Strategic Bond A F € 44.15 - -0.08 0.00
Corporate Bond Inc F 91.30 - 0.14 3.83 Strategic Bond Acc 68.95xd - -0.01 3.33
Lloydstrust Gilt £ 12.8600xd - 0.0500 2.46
M&G Optimal Income A Inc 146.73 - 0.01 2.37 Manulife Global Fund European Currencies High Yield Bd A F € 21.52 - -0.02 0.00
Strategic Bond Inc 58.47xd - -0.01 3.33 M&G Optimal Income A Acc 190.77 - 0.01 2.37 Other International Funds
Distribution Acc F 110.69 - 0.30 4.17 Lloyds Investment Funds Limited European Equity Alpha A F € 44.76 - 0.19 0.00
Asia Total Return Fund Class AA $ 0.9955 - -0.0023 - Odey Asset Management LLP (UK)
Distribution Acc (Gross) F 125.79 - 0.34 4.16 UK Active Index + E Acc 280.20 - 0.40 2.76 Euro High Income € 1.7110xd - 0.0020 3.02 M&G Recovery GBP A Inc 122.24xd - -0.38 0.97
Invesco (LUX)
Asia Total Return Fund Class AA Inc $ 0.9587 - -0.0022 3.50
European Property A F € 34.23 - 0.02 0.00 40 Dukes Place, London, EC3A 7NH
Distribution Inc F 66.50 - 0.17 4.25 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 UK Active Index + E Inc 54.44 - 0.09 2.84 European £ 7.7380 - -0.0250 0.92 M&G Recovery GBP A Acc 273.50xd - -0.85 0.96
Eurozone Equity Alpha A F € 11.46 - 0.02 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
FCA Recognised Asia Value Dividend Equity Fund Class AA F $ 1.6589 - -0.0117 0.00
Distribution Inc (Gross) F 66.54 - 0.18 4.25 UK Dynamic Acc 153.80 - 1.20 1.25 High Income £ 0.9231 - 0.0020 4.84 M&G Strategic Corp Bond A Inc 76.74xd - 0.13 2.90 Authorised Corporate Director - Capita Financial Managers
Invesco Management SA Global Bond A F $ 40.07 - 0.18 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 1.0139 - -0.0084 - Authorised Inv Funds
Emerging Countries Acc F 263.78 - -1.85 0.52 UK Dynamic Inc 127.60 - 0.90 1.26 International £ 4.4240 - -0.0550 1.43 M&G Strategic Corp Bond A Acc 108.36xd - 0.19 2.89
Invesco Active Multi-Sector Credit Fund A € 2.92 - 0.00 0.00 Global Brands A F $ 93.35 - -0.62 0.00 CF Odey Continental European R Acc 737.99 - -0.85 0.18
Strategic Income Fund Class AA F $ 1.0943 - -0.0005 4.46
Emerging Countries Inc F 239.98 - -1.69 0.52 UK Eq & Bond Inc Acc ... C 141.00xd - 0.30 3.21 North American £ 15.8100 - -0.2400 0.08 M&G Global Leaders GBP A Inc 189.48 - -2.09 1.49
Invesco Asia Balanced A dist $ 15.60 - -0.11 3.47 Global Convertible Bond A F $ 42.43 - -0.14 0.00 CF Odey Continental European I Acc 126.04 - -0.15 0.73
Emerging European Acc F 32.27 - -0.53 3.25 UK Eq & Bond Inc Inc ... C 84.84xd - 0.17 3.29 Sterling Bond £ 1.5590xd - 0.0040 3.38 M&G Global Leaders GBP A Acc 440.18 - -4.86 1.48
Invesco Asia Consumer Demand Fund A income $ 14.14 - -0.19 0.19 Global Property A F $ 29.55 - -0.20 0.00 CF Odey Continental European I Inc 121.13 - -0.14 0.73
UK Focus Acc 72.47 - -0.11 0.97 M&G UK Inflation Lnkd Corp Bnd A Acc 111.97 - -0.34 0.23
Marlborough Fd Managers Ltd (1200)F (UK)
Emerging European Inc F 30.20 - -0.49 3.33 UK £ 7.0110 - -0.0490 1.09
Invesco Asia Infrastructure (A) $ 13.57 - -0.10 1.54 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Indian Equity A F $ 38.00 - -0.37 0.00 CF Odey Opus R Inc 3851.65 - -7.44 0.00
UK Focus Inc 62.25 - -0.10 0.96 Lloyds Gilt Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.36 - -0.34 0.23 www.marlboroughfunds.com
European Equity Acc F 811.07 - 2.49 2.41 Invesco Asia Opportunities Equity A $ 107.05 - -1.19 0.00 Latin American Equity A F $ 50.21 - -0.57 0.00
Lloyds Gilt Fund Quarterly Share £ 1.3340xd - 0.0050 1.95 Authorised Inv Funds CF Odey Opus Fund A Accumulation 137.42 - -0.27 0.07
European Equity Inc F 686.19 - 2.10 2.47 UK Higher Inc Acc ... C 887.60 - 0.20 3.75
Invesco Balanced Risk Allocation Fund A € 15.56 - 0.02 0.00 Short Maturity Euro Bond A F € 20.43 - -0.01 0.00 CF Odey Opus Fund I Acc 176.43 - -0.34 0.79
Monthly Share £ 1.2870 - 0.0050 1.95 Balanced 155.74 164.29 -0.36 0.08
European Equity Income Acc F 71.62 - 0.23 3.36 UK Higher Inc Inc ... C 537.90 - 0.20 3.86 M & G Securities Ltd (UK)
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Invesco Capital Shield 90 (EUR) A € 12.15 - -0.01 0.00 CF Odey Opus Fund I Inc 172.75 - -0.33 0.79
Lloyds Money Fund Limited Property & Other UK Unit Trusts Bond Income 52.24 55.28 0.01 4.29
European Equity Income Inc F 56.15 - 0.18 3.44 UK Managed Equity Acc 67.61xd - 0.16 2.00
Invesco Emerging Europe Equity Fund A $ 7.53 - -0.23 0.00 Australian Dollar A$ 173.3610 - 0.0080 1.57 US Growth A F $ 61.22 - -1.42 0.00 CF Odey Absolute Return Fund Euro Hedged € 1.74 - -0.02 0.00
Charibond 132.76 - 0.37 4.89 Cash 50.07 - 0.00 0.60
European High Income Acc F 80.63 - 0.17 3.48 UK Managed Equity Inc 57.79xd - 0.14 2.01
Invesco Emerging Local Currencies Debt A Inc $ 8.46 - -0.06 6.01 Euro € 52.7260 - 0.0000 -0.05 US Growth AH F € 43.30 - 0.16 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.61 - -0.01 0.00
(Accum Units) 3733.65 - 10.21 4.89 Cautious Inc 84.95 89.43 -0.27 1.59
European High Income Inc F 60.17 - 0.13 3.54 UK Smaller Cos Acc 330.60xd - -0.40 0.00
Invesco Emerging Mkt Quant.Eq. A $ 11.00 - -0.17 0.00 New Zealand Dollar NZ$ 209.6560 - 0.0160 2.70 US Growth AX F £ 41.27 - 0.15 0.00 CF Odey Absolute Return R 292.73 - -2.92 0.00
NAACIF 78.84 - -0.41 4.31 Defensive A Inc 122.55 - -0.06 0.92
UK Smaller Cos Inc 64.19xd - -0.08 0.00
Friday 30 January 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

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

CF Odey Absolute Return I 301.56 - -3.00 0.00 Pictet-Emerging Markets Index-I USD F $ 250.95 - -1.31 0.00 Your Portfolio Fund V Class 1 128.50 - -0.50 0.60 Guide to Data
CF Odey Portfolio Fund Class P Institutional Acc 105.30 - 0.03 - Pictet-Emerging Corporate Bonds I USD $ 104.82 - 0.58 0.00 Polunin Capital Partners Ltd Your Portfolio Fund V Class 2 128.10 - -0.60 0.90 Scottish Friendly Asset Managers Ltd (UK) The Hartford International Funds (IRL) Veritas Asset Management LLP (IRL)
CF Odey Portfolio Fund Class P Retail Acc 105.06 - 0.04 - Pictet-Emerging Markets High Dividend I USD $ 110.56 - -1.35 0.00 Other International Funds Your Portfolio Fund VI Class 1 127.80 - -0.80 0.60 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Regulated HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Developing Countries 'A' $ 38.29 - 0.63 0.00 Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1647.02 - 1.04 0.00 Veritas Funds Plc
CF Odey Portfolio Fund I Acc 148.94 - 0.06 0.06 Pictet-Emerging Markets Sust Eq I USD $ 100.60 - -0.14 0.00 Your Portfolio Fund VI Class 2 128.10 - -0.70 0.90 The fund prices quoted on these pages are supplied by
Managed Growth 230.60 - 1.10 0.00 www.veritas-asset.com the operator of the relevant fund. Details of funds
Emerging Markets Active $ 42.90 - 0.70 - UK Corporate Bond £ 1618.63 - 6.40 0.00
CF Odey Portfolio Fund I Inc 146.58 - 0.06 0.06 Pictet-Environmental Megatrend Sel I EUR € 154.67 - 0.09 0.00 +353 1 635 6799 published on these pages, including prices, are for the
UK Growth 243.70 - 1.40 0.00
Luxcellence Em Mkts Tech $ 970.51 - 12.92 0.00 Gilt £ 1630.63 - 8.23 0.00 FCA Recognised purpose of information only and should only be used as
CF Odey Portfolio Fund R Acc 145.21 - 0.06 0.00 Pictet-EUR Bonds-I F € 560.18 - 0.17 0.00 Ruffer LLP (1000)F (UK) a guide. The Financial Times Limited makes no
Polunin Developing Countries $ 869.63 877.02 -3.51 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.35 - -0.01 0.00 Institutional
CF Odey Portfolio Fund R Inc 144.96 - 0.05 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.34 - 0.18 0.00 40 Dukes Place, London EC3A 7NH representation as to their accuracy or completeness and
Order Desk and Enquiries: 0845 601 9610 SIA (SIA Funds AG) (LUX) Veritas Asian Fund A USD H $ 314.19 - -4.51 0.68 they should not be relied upon when making an
Polunin Discovery - Frontier Markets $ 1503.20 - -2.55 - Global Eq (ex Japan) Class HJ4 ¥ 1.40 - -0.02 0.00 investment decision.
Pictet-EUR Corporate Bonds-I F € 202.16 - 0.22 0.00 Authorised Inv Funds Regulated Veritas Asian Fund A GBP H £ 384.68 - -4.02 0.50
Polunin Small Cap $ 1438.76 1456.74 28.25 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.50 - -0.01 0.00
Odey Asset Management LLP (CYM) Pictet-EUR Government Bonds I EUR € 159.27 - -0.12 0.00 Authorised Corporate Director - Capita Financial Managers LTIF Alpha € 167.90 - -0.63 0.00
Veritas Asian Fund A EUR H € 323.14 - -3.59 0.46 The sale of interests in the funds listed on these pages
Regulated CF Ruffer Investment Funds Global Eq Ex Japan Index Fund (Hedge) ¥ 1.37 - -0.02 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-EUR High Yield-I F € 241.99 - -0.44 0.00 LTIF Classic € 342.20 - -1.39 0.00
Veritas China Fund A USD $ 136.53 - -1.95 0.00 the funds will not necessarily be available to persons in
OEI MAC Inc A £ 450.91 - 5.23 0.00
Pictet-EUR Inflation Linked Bonds I EUR € 126.83 - -0.08 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) Baker Steel Gold C Acc 88.85 - -3.08 0.00
LTIF Natural Resources € 79.72 - -0.66 0.00
Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00
all jurisdictions in which the publication circulates.
Regulated Veritas China Fund A GBP £ 139.06 - -2.16 0.00
OEI Mac Inc B £ 255.11 - 7.51 0.00 Baker Steel Gold O Acc 88.16 - -3.07 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - 0.00 0.00 Persons in any doubt should take appropriate
Pictet-EUR Short Mid-Term Bonds-I F € 136.68 - -0.03 0.00 professional advice. Data collated by Morningstar. For
Monument Growth 27/01/2015 £ 457.73 462.82 12.95 1.13 Veritas China Fund A EUR € 134.80 - -1.96 0.00
OEI MAC Inc USD $ 2458.96 - 27.81 0.00 Equity & General C Acc 377.42 - 4.26 0.25 Japan Equity Index Fund ¥ 0.96 - -0.01 0.00 other queries contact [email protected] +44
Pictet-EUR Short Term HY I EUR € 116.64 - -0.11 0.00 SIA (SIA Funds AG) (CH) Veritas Global Equity Income Fund D USD $ 126.05 - -1.58 4.66 (0)207 873 4211.
Odey European Inc EUR € 975.05 - 14.82 0.00 Equity & General C Inc 348.31 - 3.93 0.25 Other International Fds Japan Equity Class JP3 ¥ 1.17 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.00 0.00
Odey European Inc A GBP £ 373.03 - 5.75 -
Prusik Investment Management LLP (IRL)
LTIF Stability Growth SFr 200.00 - 7.90 0.22
Veritas Global Equity Income Fund D EUR € 215.98 - -1.83 4.27
Equity & General O Inc 347.69 - 3.90 0.00 The fund prices published in this edition along with
Pictet-Euroland Index IS EUR € 129.02 - -0.14 0.00 Enquiries - 0207 493 1331 Veritas Global Equity Income Fund D GBP £ 161.79 - -1.32 4.63 additional information are also available on the
Odey European Inc B GBP £ 211.78 - 3.26 0.00
Pictet-Europe Index-I EUR F € 169.27 - 0.20 0.00 Regulated Equity & General O Acc 374.64 - 4.21 0.00 LTIF Stability Inc Plus SFr 177.60 - 7.00 5.31 The National Investor (TNI) Financial Times website, www.ft.com/funds. The
www.tni.ae Veritas Global Focus Fund D USD $ 24.82 - -0.31 2.81 funds published on these pages are grouped together by
Odey European Inc USD $ 455.04 - 6.79 0.00 Prusik Asian Equity Income B Dist $ 163.35 - -0.85 4.19 European C Acc 486.16 - 3.30 0.22
Pictet-European Equity Selection-I EUR F € 583.22 - -1.03 0.00 Other International Funds fund management company.
Veritas Global Focus Fund D EUR € 22.10 - -0.19 2.83
Giano Capital EUR Inc € 4955.50 - 77.78 0.00
Pictet-European Sust Eq-I EUR F € 237.21 - 0.21 0.00
Prusik Asia A $ 205.14 - -1.95 0.00 European O Acc 482.62 - 3.25 0.00 Smith & Williamson Investment Management (1200)F (UK)
UAE Blue Chip Fund * AED 10.28 - 0.04 0.00
25 Moorgate, London, EC2R 6AY 020 7131 8100 Veritas Global Focus Fund D GBP £ 27.83 - -0.23 2.48 Prices are in pence unless otherwise indicated. The
Prusik Asian Smaller Cos A $ 161.58 - -0.97 0.00 Japanese Fund C Acc 175.24 - 3.37 0.01 TNI Funds Ltd (BMU)
Pictet-Generics-I USD F $ 280.68 - -2.08 0.00 www.sandwfunds.com change, if shown, is the change on the previously
Veritas Global Focus Fund A GBP £ 26.86 - -0.23 2.26
Odey Asset Management LLP (IRL)
Pictet-Global Bds Fundamental I USD $ 124.31 - -0.13 0.00
Japanese Fund O Acc 173.77 - 3.33 0.00 Authorised Inv Funds MENA Hedge Fund $ 966.46 - -87.16 0.00 quoted figure (not all funds update prices daily). Those
FCA Recognised Veritas Global Focus Fund A EUR € 12.87 - -0.11 2.24 designated $ with no prefix refer to US dollars. Yield
Pictet-Global Bonds-I EUR € 163.89 - 0.77 0.00
Purisima Investment Fds (UK) (1200)F (UK) Pacific C Acc 299.71 - 2.05 0.47 European Growth Trust A Class 489.10 - 3.70 1.43 TNI Funds Plc (Ireland) percentage figures (in Tuesday to Saturday papers)
Odey Pan European EUR R € 342.36 - 2.10 0.00 40 Dukes Place, London EC3A 7NH MENA UCITS Fund * $ 1317.61 - 5.03 0.00 Veritas Global Focus Fund A USD $ 23.94 - -0.30 2.36 allow for buying expenses. Prices of certain older
Pacific O Acc 297.25 - 2.01 0.17 Far Eastern Income and Growth Trust A Class 413.70 - -3.10 2.91 insurance linked plans might be subject to capital gains
Odey Pan European GBP R £ 205.38 - 0.52 0.00 Pictet-Global Emerging Currencies-I USD F $ 98.75 - -0.27 0.00 Order Desk 08459 22044, Enquiries: 0870 607 2555 Veritas Global Focus Fund C GBP £ 28.99 - -0.24 0.00 tax on sales.
Authorised Inv Funds Total Return C Acc 398.78 - 1.72 1.60 Fixed Interest Trust A Class 128.40 - 0.30 4.01
Odey Allegra European EUR O € 270.86 - 1.23 0.00 Pictet-Global Emerging Debt-I USD F $ 352.09 - -1.45 0.00
Veritas Global Focus Fund C EUR € 23.11 - -0.20 0.00
Authorised Corporate Director - Capita Financial Managers Total Return C Inc 280.06 - 1.20 1.62 Global Gold and Resource Trust A Class 176.50 - -5.90 0.00
Pictet-Global Megatrend Selection-I USD F $ 224.94 - -2.14 0.00 Guide to pricing of Authorised Investment Funds
Odey Allegra European EUR A € 162.92 - 0.75 0.00 Global Total Fd PCG A 158.29 - -1.26 0.36 Veritas Global Focus Fund C USD $ 25.90 - -0.33 0.00 (compiled with the assistance of the IMA. The
Total Return O Inc 277.91 - 1.17 1.61 MM Endurance Balanced Fund A Class 213.30 - -0.60 0.98
Odey Allegra European GBP O £ 290.16 - 0.26 0.00 Pictet-Greater China-I USD F $ 475.45 - -4.74 0.00 Investment Management Association, 65 Kingsway,
Global Total Fd PCG B 157.20 - -1.24 0.13 Veritas Global Equity Income Fund A GBP £ 155.40 - -1.27 4.65
Total Return O Acc 395.82 - 1.67 1.59 MM Global Investment Fund A Class 2232.00 - -2.00 1.56 London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Odey Allegra European USD O $ 236.20 - -0.16 0.00 Pictet-High Dividend Sel I EUR F € 153.52 - -0.81 0.00
Global Total Fd PCG INT 155.47 - -1.23 0.00 Veritas Global Equity Income Fund A EUR € 210.29 - -1.78 4.29
North American Trust A Class 1727.00 - -23.00 0.00
Odey Allegra European EUR I € 258.39 - 1.17 0.00 Pictet-India Index I USD $ 113.83 - 0.60 0.00 OEIC: Open-Ended Investment Company. Similar to a
Veritas Global Equity Income Fund A USD $ 121.56 - -1.53 4.68
Oriental Growth Fund A Class 147.10 - -1.20 1.67 unit trust but using a company rather than a trust
Odey Allegra European EUR A I € 165.65 - 0.75 0.00 Pictet-Indian Equities-I USD F $ 490.12 - -3.61 0.00 structure.
Purisima Investment Fds (CI) Ltd (JER) Veritas Global Equity Income Fund C GBP £ 178.70 - -1.45 -
UK Equity Growth Trust A Class 411.50 - 3.30 0.86
Odey Allegra European GBP D £ 174.74 - 0.17 0.00 Pictet-Japan Index-I JPY F ¥ 14926.64 - -182.14 0.00 Regulated Veritas Global Equity Income Fund C EUR € 241.57 - -2.05 - Different share classes are issued to reflect a different
UK Equity Income Trust A Class 228.60 - 0.90 5.84
Odey Allegra International Euro Class € 174.14 - 0.79 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8747.95 - -97.80 0.00 PCG B 159.89 - -3.38 0.00 currency, charging structure or type of holder.
Veritas Global Equity Income Fund C USD $ 138.87 - -1.75 -
Odey Allegra International GBP Class £ 203.28 - 0.17 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 13311.89 - -121.66 0.00 PCG C 157.90 - -3.34 0.00 The Resolution Fund (1200) (UK) Veritas Global Real Return Fund A USD $ 20.24 - -0.08 2.12
Smith & Williamson Fd Admin Ltd (1200)F (UK) Selling price:Also called bid price. The price at which
Pictet-LATAM Index I USD $ 67.46 - -1.43 0.00 Tel 0870 870 8434
Odey Allegra International USD $ 155.37 - -0.11 0.00 Veritas Global Real Return Fund A GBP £ 11.25 - -0.04 2.11 units in a unit trust are sold by investors.
S W Mitchell Capital LLP (CYM) 25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds
Odey Allegra International Euro I Class € 159.35 - 0.72 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 141.27 - -0.63 0.00 Putnam Investments (Ireland) Ltd (IRL) Authorised Inv Funds
Regulated Global Fixed Income D Acc F 103.80 - 0.00 0.59 Veritas Global Real Return Fund A EUR € 11.88 - -0.05 0.17 Buying price: Also called offer price. The price at
Pictet-Pacific Ex Japan Index-I USD F $ 362.16 - -4.22 0.00 Regulated S&W Deucalion Fd (OEIC) 2034.00 - -10.00 0.45
Odey Allegra International GBP D inc £ 184.17 - 0.17 0.00 S W Mitchell European Fund Class A EUR € 298.90 - -2.66 - Global Fixed Income D Inc F £ 1.03 - 0.00 0.59 Retail which units in a unit trust are bought by investors.
Putnam New Flag Euro High Yield Plc - E € 1025.29 - -0.67 5.20 Includes manager’s initial charge.
Odey Allegra International GBP A D £ 135.83 - 0.11 0.00 Pictet-Premium Brands-I EUR F € 160.13 - -0.09 0.00 S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 - S & W Magnum 382.10 403.60 0.50 1.54 Veritas Asian Fund B USD $ 220.92 - -3.17 0.48
Global Yield B Acc F 118.80 - -0.10 1.62
Odey Allegra Developed Markets Fund USD I $ 126.64 - -0.74 0.00 Pictet-Quality Global Equities I USD $ 135.02 - -1.28 0.00 The Charlemagne Fund EUR € 279.88 - -12.15 - S & W Marathon Trust 186.70 197.60 0.50 1.71 Veritas Asian Fund B GBP £ 283.47 - -2.97 0.04 Single price: Based on a mid-market valuation of the
Global Yield B Inc F 112.10 - -0.10 1.62
Pictet-Russia Index I USD $ 45.72 - -1.22 0.00 Rathbone Unit Trust Mgmt (1200)F (UK)
Charity Value and Income Fund Acc 136.40 137.30 0.10 4.68 Veritas Asian Fund B EUR € 237.98 - -2.64 0.00
underlying investments. The buying and selling price
Odey Allegra Developed Markets Fund GBP I £ 129.43 - -0.55 0.00 PO Box 9948, Chelmsford, CM99 2AG Global Balanced B Acc F 130.20 - -0.20 0.37 for shares of an OEIC and units of a single priced unit
Pictet-Russian Equities-I USD F $ 38.65 - -0.79 0.00 Veritas China Fund B GBP £ 134.29 - -1.94 0.00 trust are the same.
Odey Atlas Fund GBP I £ 105.81 - 0.28 - Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 S W Mitchell Capital LLP (IRL) Charity Value and Income Fund Inc 94.95 95.52 0.08 4.81
Global Balanced B Inc F 125.70 - -0.20 0.37
Pictet-Security-I USD F $ 187.39 - -1.12 0.00 Authorised Inv Funds Regulated Veritas China Fund B EUR € 141.56 - -2.03 0.00
Odey Atlas Fund GBP I S £ 1.27 - 0.00 0.00 Global Growth B Acc F 138.00 - -0.30 0.29 Treatment of manager’s periodic capital charge:
Pictet-Select-Callisto I EUR € 105.87 - 0.99 0.00 Blue Chip Income Inc 154.53 159.55 0.79 4.21 SWMC European Fund B EUR € 15042.98 - -24.84 0.00 The letter C denotes that the trust deducts all or part of
Odey Atlas Fund GBP R S £ 1.09 - 0.01 0.00 SMT Fund Services (Ireland) Limited Global Growth B Inc F 129.40 - -0.30 0.30
Veritas Global Focus Fund B USD $ 17.29 - -0.22 1.71
the manager’s/operator’s periodic charge from capital,
Pictet-Small Cap Europe-I EUR F € 967.50 - 5.47 0.00 Blue Chip Income Acc 224.38 231.47 1.15 4.07 SWMC UK Fund B £ 10228.40 - 20.88 - Regulated Veritas Global Focus Fund B GBP £ 20.54 - -0.17 1.78 contact the manager/operator for full details of the
Odey Giano European Fund EUR R € 124.72 - 0.36 0.00 Global Equity Fund B Acc F 131.10 - -0.50 0.32 effect of this course of action.
Ethical Bond Inc 94.82 96.97 0.21 4.94 SWMC Small Cap European Fund B EUR € 12805.81 - 69.71 0.00 Monthly Dividend High Yield $ 6.95 - 0.02 0.00
Odey Giano European Fund GBP R £ 125.18 - 0.36 0.00 Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Veritas Global Focus Fund B EUR € 15.34 - -0.13 1.79
Daiwa Gaika MMF Global Equity Fund B Inc F £ 1.31 - 0.00 0.32
Pictet-ST.MoneyMkt JPY I USD ¥ 101572.66 - 2.82 0.00 Ethical Bond Acc 174.81 178.47 0.39 4.81 SWMC Emerging European Fund B EUR € 8409.56 - -101.69 0.00 Veritas Global Equity Income Fund B GBP £ 143.58 - -1.17 4.69 Exit Charges: The letter E denotes that an exit charge
Odey Giano European Fund USD R $ 125.95 - 0.36 0.00 AU$ Portfolio A$ 0.01 - 0.00 - UK Income Focus B Inc F 66.20 - -0.10 3.29 may be made when you sell units, contact the
Pictet-ST.MoneyMkt-ICHF SFr 125.23 - 0.02 0.00 Global Opportunities Acc 124.90 128.80 -0.66 0.00 Veritas Global Equity Income Fund B EUR € 193.80 - -1.65 4.33
Odey Naver Fund Euro I Class € 128.44 - 0.79 0.00 manager/operator for full details.
US$ Portfolio $ 0.01 - 0.00 - UK Income Focus B Acc F 87.30 - 0.00 3.23
Pictet-ST.MoneyMkt-IUSD $ 134.83 - 0.01 0.00 Income Inc 853.87 883.57 2.12 4.08 Veritas Global Equity Income Fund B USD $ 121.03 - -1.53 4.72
Odey Naver Fund GBP I Class £ 128.95 - 0.79 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - UK Balanced B Inc F 70.50 - 0.00 1.37 Time: Some funds give information about the timing of
Pictet-Timber-I USD F $ 158.56 - -0.36 0.00 Income Acc 1281.11 1324.38 3.19 3.96 Veritas Global Real Return Fund B USD $ 19.63 - -0.08 1.66 price quotes. The time shown alongside the fund
Odey Odyssey USD I $ 160.02 - -0.45 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - UK Balanced B Acc F 76.60 - -0.10 1.34
Multi Asset Enhanced Growth Acc 123.55 - -1.00 0.00 manager’s/operator’s name is the valuation point for
Odey Odyssey Fund GBP I £ 159.48 - -0.43 0.00 Pictet Total Ret-Agora I EUR € 107.08 - 0.39 - Veritas Global Real Return Fund B GBP £ 11.05 - -0.05 1.68 their unit trusts/OEICs, unless another time is indicated
Daiwa Bond Series UK Growth B Acc F 77.50 - -0.10 1.22
Pictet Total Ret-Corto Europe I EUR € 129.39 - 0.26 0.00 Multi Asset Strategic Growth inc 148.37 - -0.53 1.27 Veritas Global Real Return Fund B EUR € 12.78 - -0.05 1.48
by the symbol alongside the individual unit trust/OEIC
Odey Odyssey Fund GBP R £ 157.12 - -0.44 0.00 Monthly Dividend AUD Bd A$ 10.58 - 0.06 0.00 UK Growth B Inc F 85.70 - 0.00 1.21 name.
Pictet Total Ret-Divers Alpha I EUR € 102.31 - -0.06 - Multi Asset Strategic Growth acc 155.89 - -0.56 1.10
Odey Odyssey EUR I € 143.25 - -0.40 0.00 Monthly Dividend EUR Bd € 10.97 - -0.01 0.00 UK Equity B Acc F 87.10 - 0.10 2.37
Pictet Total Ret-Kosmos I EUR € 108.70 - 0.05 0.00 Multi Asset Total Return inc 127.42 - -0.17 1.62 RobecoSAM (LUX)
Veritas Asset Management LLP
The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Odey Odyssey Fund EUR R € 119.24 - -0.32 0.00 Monthly Dividend CAD Bd C$ 10.53 - 0.00 0.00 UK Equity B Inc F 80.30 - 0.20 2.40 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Tel. +41 44 653 10 10 http://www.robecosam.com/
Pictet Total Ret-Mandarin I USD $ 118.83 - -0.73 0.00 Multi Asset Total Return acc 138.53 - -0.18 1.74 www.veritas-asset.com midnight. Daily dealing prices are set on the basis of
Odey Odyssey Fund USD R $ 124.64 - -0.36 0.00 Regulated Mthly Div US Preferred Secs $ 8.01 - 0.02 0.00
Recovery Inc 404.60 419.97 -0.78 2.45 Other International Funds the valuation point, a short period of time may elapse
Odey Orion Fund Euro I Class € 124.49 - 1.09 0.00 Pictet-US Equity Selection-I USD $ 183.17 - -3.17 0.00 RobecoSAM Sm.Energy/A £ 11.85 - -0.08 1.27 Daiwa Equity Fund Series before prices become available.Historic pricing: The
Recovery Acc 477.23 494.96 -0.92 2.41
Thesis Unit Trust Management Limited (UK) Real Return Asian Fund USD (Est) € 296.30 - 8.99 0.00 letter H denotes that the managers/operators will
Pictet-US High Yield-I USD F $ 146.69 - 0.32 0.00 RobecoSAM Sm.Materials/A £ 126.15 - -0.33 1.99 New Major Economies $ 9.17 - -0.13 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Odey Orion Fund USD I Class $ 124.50 - 1.08 0.00 Real Return Asian Fund GBP (Est) £ 314.44 - 9.14 0.00 normally deal on the price set at the most recent
Pictet-USA Index-I USD F $ 175.05 - -2.40 0.00 Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.69 Authorised Funds valuation. The prices shown are the latest available
Odey Swan Fund Euro I Class € 111.07 - 0.30 0.00 RobecoSAM Gl.Small Cap Eq/A £ 79.04 - -0.58 1.72
Real Return Asian Fund EUR (Est) $ 309.01 - 8.60 0.00 before publication and may not be the current dealing
Pictet-USD Government Bonds-I F $ 645.96 - 3.74 0.00 Strategic Bond Ret Inc £ 1.07 1.09 0.00 3.98 Standard Life Wealth (JER) TM New Court Fund A 2011 Inc £ 13.23 - 0.01 0.00 levels because of an intervening portfolio revaluation or
Odey Swan Fund Euro R Class € 110.06 - 0.29 0.00 RobecoSAM Sustainable Gl.Eq/B € 174.21 - -1.11 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 a switch to a forward pricing basis. The
Pictet-USD Short Mid-Term Bonds-I F $ 129.20 - 0.11 0.00 TM New Court Fund - A 2014 Acc £ 13.26 - 0.02 -
Odey Swan Fund GBP I Class £ 111.24 - 0.30 0.00 RobecoSAM S.HealthyLiv/B € 178.28 - -0.89 0.00 managers/operators must deal at a forward price on
FCA Recognised Virgin Money Unit Trust Managers Limited (1700)F (UK) request, and may move to forward pricing at any time.
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.49 - -0.01 0.00 RECM Global Management Limited (GSY)
RobecoSAM S.Water/A £ 165.45 - -0.43 2.31 Standard Life Offshore Strategy Fund Limited
TM New Court Equity Growth Fund - Inc £ 13.35 - 0.01 0.00
Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL
Odey Swan Fund GBP R Class £ 115.61 - 0.31 0.00 Forward pricing: The letter F denotes that that
www.recmglobal.com Enquiries: [email protected]
Pictet-Water-I EUR F € 265.10 - -0.78 0.00 Bridge Fund £ 1.6038 - -0.0072 2.49 www.virginmoney.com managers/operators deal at the price to be set at the
Odey Swan Fund USD I Class $ 110.84 - 0.30 0.00 Regulated next valuation.
Authorised Inv Funds
Odey Swan Fund USD IR Class $ 110.34 - 0.29 0.00 RECM Global Fund Limited - Class A $ 17.12 - -0.14 0.00 Diversified Assets Fund £ 1.1902 - -0.0017 3.02
Virgin UK Index Tracking Trust 245.40 - -0.60 2.69
Investors can be given no definite price in advance of
Odey Swan Fund USD R Class $ 109.90 - 0.29 0.00 Pimco Fds: Global Investors Series Plc (IRL) RECM Global Equity Fund Limited - Class A $ 8.69 - -0.11 - Global Equity Fund £ 1.8219 - -0.0168 1.33
the purchase or sale being carried out. The prices
Virgin Income Trust 128.20 - 0.30 2.28
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Global Balanced Fund - Income Units £ 1.3766 - -0.0013 1.61 appearing in the newspaper are the most recent
Odey European Absolute Return Fund EUR I € 102.48 - 0.60 0.00 http://gisnav.pimco-funds.com/ Virgin Pension Growth Fund 278.20 - -0.70 2.62 provided by the managers/operators. Scheme
Odey European Absolute Return Fund GBP I £ 101.97 - 0.60 0.00 Dealing: +44 20 3640 1000 Renasset Select Funds Plc (IRL) Global Balanced Fund - Accumulations Units £ 1.5784 - -0.0015 1.59 particulars, prospectus, key features and reports: The
Virgin Pension Income Protector Fund 272.80 - 0.70 2.45 most recent particulars and documents may be obtained
PIMCO Funds: +44 (0)20 3640 1407 Regulated Global Fixed Interest Fund £ 1.0466 - 0.0030 3.60
Odey European Absolute Return Fund USD I $ 102.76 - 0.60 0.00 Virgin Climate Change Fund 107.08 - 0.28 0.00
free of charge from fund managers/operators. *
FCA Recognised European Opportunities Fund A € 141.82 - -0.04 0.00 Toscafund (CYM) Indicates funds which do not price on Fridays.
Odey European Absolute Return Fund EUR R € 97.94 - 0.73 - Sterling Fixed Interest Fund £ 0.8984 - 0.0030 3.19
Asia Local Bond Fund - Inst Acc $ 10.18 - -0.04 0.00 Regulated
European Opportunities Fund B € 104.90 - -0.02 0.00
Odey European Absolute Return Fund GBP R £ 101.86 - 0.61 0.00 UK Equity Fund £ 1.9391 - 0.0051 2.86 Tosca $ 271.46 - 9.50 0.00 Charges for this advertising service are based on the
Capital Securities Inst Acc $ 14.56 - -0.03 0.00 Renaissance Eastern European Allocation Fund € 411.10 - -0.02 0.00 Waverton Investment Funds Plc (1600)F (IRL) number of lines published and the classification of the
Odey European Absolute Return Fund USD R $ 102.37 - 0.60 - Tosca Mid Cap GBP £ 231.97 - 5.27 0.00 [email protected] fund. Please contact [email protected] or call
CommoditiesPLUS111sp Strategy - Inst Acc $ 7.38 - -0.09 0.00 Renaissance Eastern European Fund A € 383.23 - -3.86 0.00 Santander Asset Management UK Limited (1200)F (UK) FCA Recognised +44 (0)20 7873 3132 for further information.
Odey European Absolute Return Fund EUR S € 102.73 - 0.62 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Credit Absolute Return Fund Inst Acc $ 11.34 - -0.02 0.00 Renaissance Eastern European Fund B € 82.27 - -0.83 0.00 Waverton Asia Pacific A USD $ 19.85 - -0.09 1.08
Odey European Absolute Return Fund GBP S £ 103.22 - 0.61 0.00 Authorised Funds
Diversified Income - Inst Acc $ 19.48 - 0.04 0.00 Renaissance Ottoman Fund € 121.41 - -1.65 0.00 Santander Atlas Range Waverton European Fund A Eur € 17.56 - 0.11 0.35
Odey European Absolute Return Fund USD S $ 102.84 - 0.61 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.26 - -0.03 0.00 Santander Atlas Port 3 Acc Ret 150.50 - 0.00 - Waverton Global Bond Fund Cls A $ 9.32 - -0.03 5.02
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.90 - -0.09 0.00 Santander Atlas Port 3 Inc Ret 105.50 - 0.00 - Waverton Global Equity Fund A GBP £ 14.53 - -0.12 0.24
Odey Wealth Management (CI) Ltd (IRL) Emerging Asia Bond Fund Inst Acc $ 10.06 - -0.01 0.00 Santander Atlas Port 3 Acc Inst 164.80 - 0.00 - Stenham Asset Management Inc Waverton UK Fund A GBP £ 13.22 - 0.03 1.91
www.odey.com/prices
FCA Recognised Emerging Multi-Asset Fund Inst Acc $ 8.84 - -0.05 0.00 Santander Atlas Port 4 Acc Ret 182.00 - -0.10 - www.stenhamassetmanagement.com Waverton Equity Fund A GBP £ 14.95 - -0.04 0.00
Odey Opportunity EUR I € 219.98 - 0.59 0.00 Emerging Local Bond - Inst Acc $ 12.81 - -0.03 0.00 Other International Funds
Santander Atlas Port 4 Inc Ret 132.10 - -0.10 - Waverton Sterling Bond Fund A GBP £ 9.99 - -0.01 5.17
Emerging Markets Bond - Inst Acc $ 38.10 - 0.06 0.00 Stenham Asia USD $ 131.74 - -1.80 -
Santander Atlas Port 4 Acc Inst 164.80 - -0.10 -
Stenham Credit Opportunities A Class USD $ 105.26 - -0.12 0.00
Odey Wealth Management UK Emerging Markets Corp.Bd Fund Inst Acc F $ 12.97 - -0.01 0.00 Robeco Asset Management (LUX) Santander Atlas Port 5 Acc Ret 193.70 - -0.30 - WA Fixed Income Fund Plc (IRL)
Authorised Funds Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Stenham Emerging Markets USD B1 $ 108.18 - -2.11 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.49 - -0.06 0.00 Santander Atlas Port 5 Acc Inst 163.90 - -0.20 - Regulated
www.robeco.com/contact TreeTop Asset Management S.A. (LUX)
VT Odey Total Return Fund Class A £ 103.25 - -0.51 - Stenham Gold USD $ 159.09 - 0.93 0.00 European Multi-Sector € 125.38 - 0.19 0.00
Euro Bond - Inst Acc € 22.94 - -0.06 0.00 Santander Atlas Port 6 Acc Ret 267.80 - -0.80 - Regulated
FCA Recognised
VT Odey Total Return Fund Class A € 109.93 - -0.52 - Stenham Growth USD $ 212.93 - -0.95 - TreeTop Convertible Sicav
Euro Credit - Inst Acc € 14.80 - 0.00 0.00 Asia-Pacific Equities (EUR) € 132.92 - 0.07 0.00 Santander Atlas Port 6 Acc X 191.20 - -0.50 -
VT Odey Total Return Fund Class I £ 104.83 - -0.52 - Stenham Healthcare USD $ 170.84 - 2.73 0.00 International A € 297.40 - -2.94 0.00
Euro Income Bond - Inst Acc F € 12.90 - -0.03 0.00 Chinese Equities (EUR) € 79.12 - -1.24 0.00 Santander Atlas Port 6 Acc Inst 163.80 - -0.50 - Winton Capital Management
VT Odey Total Return Fund Class I € 100.00 - 0.00 - Stenham Helix USD $ 104.66 - 0.71 0.00 International B $ 381.64 - -3.83 0.00 Other International Funds
Euro Long Average Duration - Inst Acc € 23.17 - 0.05 0.00 Em Stars Equities (EUR) € 192.72 - -0.49 0.00 Santander Atlas Port 7 Acc Ret 209.00 - -0.80 -
VT Odey Total Return Fund Class R £ 105.53 - -0.52 - Stenham Managed Fund USD $ 113.25 - -0.09 - International C £ 132.37 - -1.34 0.00 Winton Futures USD Cls B $ 1022.41 - 11.02 0.00
Euro Low Duration Fund Inst Acc € 11.37 - 0.00 0.00 Emerging Markets Equities (EUR) € 159.37 - -1.42 0.00 Santander Atlas Port 7 Acc Inst 165.20 - -0.70 -
VT Odey Total Return Fund Class R $ 104.79 - -0.50 - Stenham Multi Strategy USD $ 118.17 - 0.09 - International D € 282.88 - -2.76 0.00 Winton Futures EUR Cls C € 286.60 - 3.08 0.00
Euro Real Return - Inst Acc € 13.30 - -0.02 0.00 Flex-o-Rente (EUR) € 109.30 - 0.23 0.00 Authorised Inv Funds
VT Odey Total Return Fund Class I $ 108.16 - -0.52 - Stenham Quadrant USD A $ 389.49 - 2.32 - Pacific A € 291.61 - -1.25 0.00 Winton Futures GBP Cls D £ 313.07 - 3.38 0.00
Euro Short-Term Inst Acc € 12.28 - 0.00 0.00 Glob.Consumer Trends Equities (EUR) € 143.59 - -0.33 0.00 Max 70% Shs Acc Ret 167.30 - 0.00 -
Stenham Trading Inc USD $ 113.02 - 0.64 - Pacific B $ 367.72 - -1.57 0.00 Winton Futures GBP Cls F £ 120.76 - 1.31 0.00
Euro Short-Term Inv Acc € 11.91 - 0.00 0.00 High Yield Bonds (EUR) € 123.83 - 0.08 0.00 Max 70% Shs Inc Ret 142.80 - 0.10 -
TreeTop Global Sicav Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Omnia Fund Ltd Euro Ultra Long Duration - Inst Acc € 30.89 - 0.26 0.00 Investments Inc Acc Ret 161.90 - 0.60 - Stenham Universal USD $ 439.88 - 0.40 -
Lux -O- Rente (EUR) € 141.43 - 0.67 0.00 Global Opp.A € 141.56 - -1.11 0.00
Other International Funds Stenham Universal II USD $ 163.71 - 0.08 0.00 Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Global Advantage - Inst Acc $ 12.71 - -0.04 0.00 New World Financials (EUR) € 51.71 - -0.32 0.00 Investments Inc Inc Ret 109.00 - 0.50 -
Estimated NAV $ 827.27 - -20.43 0.00 Global Opp.B $ 140.67 - -1.30 0.00 Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Global Advantage Real Return Fund Inst Acc $ 9.64 - -0.04 0.00 US Premium Equities (EUR) € 175.27 - -2.28 0.00 Equity Inc Inc Inst 241.80 - 0.70 -
Global Opp.C £ 179.35 - -1.45 0.00 Winton Futures JPY Cls E ¥ 20107.25 - 204.86 0.00
Global Bond - Inst Acc $ 28.18 - 0.02 0.00 Equity Inc Inc Ret 208.50 - 0.60 - Stratton Street Capital (CI) Limited (GSY)
US Premium Equities (USD) $ 196.11 - -2.53 0.00 Sequoia Equity A € 143.38 - -1.08 0.00
Regulated
Global Bond Ex-US - Inst Acc $ 19.71 - -0.03 0.00 N&P UK Gwth Inc Ret 164.50 - 0.00 -
Japanese Synthetic Warrant ¥ 1057.77 - -17.93 0.00 Sequoia Equity B $ 150.54 - -1.41 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.52 - -0.18 0.00 Stckmkt 100 Track Gwth Acc Inst 96.56 - 0.12 -
Royal Bank of Scotland (2230)F (UK) Japan Synthetic Warrant GBP Hedged Participating Shares £ 133.67 - 7.58 0.00 Sequoia Equity C £ 170.10 - -1.33 3.71
Global High Yield Bond - Inst Acc $ 19.93 - 0.02 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Ret 177.60 - 0.20 -
Japan Synthetic Warrant Fund USD Class $ 11.77 - 0.07 0.00
Authorised Inv Funds
Global Investment Grade Credit - Inst Income $ 12.62 - 0.03 3.31 UK Growth Acc Inst 280.00 - -0.10 -
Series 5 (Minumum Initial Investment £75,000) Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 132.49 - 7.20 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.59 - 0.07 0.00 UK Growth Acc Ret 326.10 - -0.10 -
Optima Fund Management United Kingdom Equity Index Fund £ 16.46 - 0.04 2.51 Renminbi Bond Fund AUD Cls A A$ 114.60 - -0.66 3.77
Other International Funds Global Investment Grade Credit Fund Inst Acc $ $ 16.79 - 0.04 0.00 UK Growth Inc Ret 219.40 - 0.00 -
UK Specialist Equity Inc £ 19.58 - -0.05 0.35 Renminbi Bond Fund AUD Cls B A$ 116.49 - -0.68 3.54 Yuki International Limited (IRL)
JENOP Global Healthcare Fund Ltd $ 15.93 - 0.45 0.00 Global Multi-Asset - Inst Acc $ 14.67 - -0.13 0.00 Managed OEIC
Contl Europe Specialist Fund £ 23.13 - -0.12 0.00 Renminbi Bond Fund CHF Cls A SFr 114.31 - -0.73 3.39 Tel +44-20-7269-0207 www.yukifunds.com
Optima Fd NAV $ 90.10 - -0.48 0.00 Glob Em Shs Port Acc Ret 177.10 - -1.20 - Regulated
Global Real Return - Inst Acc $ 18.63 - 0.00 0.00
Japan Specialist Fund £ 13.65 - -0.04 0.00 Renminbi Bond Fund CHF Cls B SFr 114.27 - -0.74 3.15
Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 Max 70% Shs Port Acc Ret 257.20 - 0.10 - Yuki Mizuho Umbrella Fund
High Yield Bond - Inst Acc $ 27.75 - 0.05 0.00
US Spec Equity Fund £ 18.17 - -0.25 0.00 Renminbi Bond Fund CNH Cls A CNH 118.00 - -0.98 3.45 Yuki Mizuho Japan Dynamic Growth ¥ 6682.00 - -68.00 0.00
The Dorset Energy Fd Ltd NAV (Est) $ 38.64 - -0.03 0.00 Max 70% Shs Port Acc X 184.70 - 0.10 -
Income Fund Inst Acc $ 11.97 - -0.02 0.00
Pacific Basin Specialist Equity Fund £ 42.55 - -0.47 0.61 Renminbi Bond Fund CNH Cls B CNH 117.94 - -0.98 3.22 Yuki Mizuho Japan Large Cap ¥ 7025.00 - -85.00 0.00
Platinum Fd Ltd $ 87.52 - 0.02 0.00 Investment Port Acc Ret 239.30 - 0.60 -
Inflation Strategy Fund Inst Acc $ 9.99 - -0.04 0.00
UK Sovereign Bd Index Fund £ 11.20 - 0.01 2.58 Renminbi Bond Fund Euro Cls B € 115.16 - -0.69 3.14 Yuki Japan Low Price ¥ 25028.00 - -237.00 0.00
Platinum Fd Ltd EUR € 17.11 - 0.00 0.00 Investment Port Acc X 169.60 - 0.40 -
Low Average Duration - Inst Acc $ 14.75 - -0.01 0.00
Inflation Lkd Sov Bd Fund £ 13.36 - -0.04 0.71
Troy Asset Mgt Ltd (UK)
Renminbi Bond Fund GBP Cls B £ 116.51 - -0.69 3.04 Yuki Japan Value Select ¥ 12190.00 - -109.00 0.00
Platinum Japan Fd Ltd $ 48.82 - -0.66 0.00 Max 50% Shs Port Acc Ret 248.40 - 0.20 - 40 Dukes Place, London EC3A 7NH
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.52 - -0.09 0.00
UK Specialist Equity Income Fund £ 9.89 - -0.03 3.49 Renminbi Bond Fund SGD Cls B S$ 115.47 - -0.69 3.38 Order desk: 0845 608 0950, Enquiries 0845 608 0950 YMR Umbrella Fund
Optima Partners Global Fd $ 14.45 - -0.04 0.00 Max 50% Shs Port Inc Ret 224.10 - 0.20 -
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.20 - -0.05 0.00 Authorised Inv Funds
Global Emerg Mkts Equity Fund £ 12.50 - -0.12 0.43 Renminbi Bond Fund USD Cls B $ 116.10 - -0.69 3.33 YMR N Growth ¥ 16107.00 - -161.00 0.00
Optima Partners Focus Fund A $ 16.67 - -0.18 0.00 Max 50% Shs Port Acc X 179.80 - 0.20 - ACD Capita Financial Mgrs
PIMCO EqS Pathfinder.Fd Inst Acc F $ 13.77 - -0.12 0.00 Yuki Asia Umbrella Fund
Global Spec Inv Grade Bd Fund GBP £ 10.26 - 0.01 3.13 Renminbi Bond Fund YEN Cls B ¥ 12838.10 - -76.18 0.00
Max 100% Shs Port Acc Ret 281.60 - -1.00 - Trojan Investment Funds
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.91 - 0.01 0.00 Series 6 (Investment Management Customers Only) Yuki Japan Rebounding Growth Fund ¥ 22051.00 - -203.00 0.00
Renminbi Bond Fund USD Class $ 159.81 - -0.95 3.57
Max 100% Shs Port Acc X 202.20 - -0.70 - Spectrum Fund 'O' Acc 160.44 - -0.38 0.26
Orbis Investment Management Ltd (BMU) StocksPLUS{TM} - Inst Acc $ 22.37 - -0.45 0.00 United Kingdom Equity Index Fund £ 16.25 - 0.04 2.86
Renminbi Bond Fund GBP Class £ 155.04 - -0.92 3.28
Regulated Enhanced Inc Inc Ins 211.40 - -0.80 - Spectrum Fund 'O' Inc 156.82 - -0.36 0.26
Total Return Bond - Inst Acc $ 27.54 - 0.10 0.00 UK Specialist Equity £ 19.76 - -0.05 1.52
Renminbi Bond Fund SGD Class S$ 152.71 - -0.91 3.63
Zadig Gestion (Memnon Fund) (LUX)
Orbis Global Equity $ 174.09 - 5.07 0.00 Enhanced Inc Inc Ret 201.20 - -0.70 - Trojan Fund O Acc 258.99 - -0.98 0.62
UK Corporate Bond - Inst Acc £ 17.60 - -0.01 0.00 Contl Europe Specialist Fund £ 23.89 - -0.13 0.62 FCA Recognised
Orbis Optimal (US$) $ 74.03 - 0.28 0.00 Renminbi Bond Fund YEN Class ¥ 18984.00 - -114.00 0.00
Enhanced Inc Inc X 170.20 - -0.60 - Trojan Fund O Inc 215.81 - -0.82 0.63 Memnon European Fund I GBP £ 110.09 - 0.39 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 20.01 - -0.01 0.00 Japan Specialist Fund £ 14.26 - -0.04 0.56
Orbis Optimal (Euro) € 25.46 - 0.21 0.00 Managed Investments OEIC Renminbi Bond Fund EUR Class € 105.74 - -0.63 3.38
Trojan Capital O Acc 205.66 - -0.66 0.92
UK Real Return - Inst Acc £ 23.97 - -0.09 0.00 US Spec Equity Fund £ 18.84 - -0.26 0.16
Orbis Optimal (Yen) ¥ 1060.00 - 8.00 0.00 Max 30% Shs Port Acc Ret 158.30 - 0.30 - Poland Geared Growth £ 0.51 - -0.02 0.00
UK Sterling Long Average Duration - Inst Acc £ 23.29 - -0.02 0.00 Pacific Basin Specialist Equity Fund £ 42.22 - -0.46 1.19
Trojan Capital O Inc 176.79 - -0.57 0.92 Zebedee Capital Partners LLP (CYM)
Orbis Japan Equity (US$) $ 39.17 - 0.85 0.00 Max 30% Shs Port Acc X 158.30 - 0.30 - Trojan Income O Acc 264.86 - 0.52 3.51 Regulated
UK Sterling Low Average Duration - Inst Acc £ 14.18 - -0.01 0.00 UK Sovereign Bd Index Fund £ 11.28 - 0.00 2.58
*Orbis Prices as of January 22nd Max 30% Shs Inc Port Inc Ret 160.40 - 0.60 - Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Trojan Income O Inc 174.31 - 0.35 3.63
Unconstrained Bond - Inst Acc $ 12.15 - -0.05 0.00 Inflation Lkd Sov Bd Fund £ 13.21 - -0.04 0.71
Max 30% Shs Inc Port Inc X 160.40 - 0.50 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.35 - -0.20 0.00 UK Specialist Equity Income Fund £ 10.59 - -0.02 3.45
Orbis Sicav (LUX) Max 60% Shs Port Acc Ret 271.80 - 0.20 - Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Regulated
UBS Global Asset Mgmt Fds Ltd (UK)
Global Spec Inv Grade Bd Fund GBP £ 10.50 - 0.01 3.13
Max 60% Shs Port Inc Ret 222.30 - 0.10 - 21 Lombard Street, London, EC3V 9AH
Orbis Japan Equity (Yen)
Orbis Japan Equity (Euro)
¥ 3831.00
€ 25.31
-
-
82.00 0.00
0.54 0.00
Global Emerg Mkts Equity Fund £ 12.45
Address and telephone number for Series 5 only
- -0.13 0.62
Max 60% Shs Port Inc X 172.10 - 0.00 -
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Money Market
Eq Inc Port Acc Ret 293.40 - -0.60 - E.I. Sturdza Strategic Management Limited (GSY)
Trusts and
Authorised Inv Funds
Orbis Asia ex-Japan - Investor Shares $ 22.45 - 0.50 0.00 Regulated
Eq Inc Port Inc Ret 235.80 - -0.50 - OEIC
Orbis Global Equity - Investor Shares € 151.87 - 8.10 0.00 Royal London Unit Managers (CIS) (1200) F (UK) Nippon Growth Fund Limited ¥ 95087.00 - 308.00 0.00
Global Emerg Mkts Eqty B Acc £ 1.43 - -0.01 1.09
Bank Accounts
PO Box 105, Manchester M4 8BB 08457 464646 Managed Investments OEIC 2
Strat Evarich Japan Fd Ltd JPY ¥ 88124.00 - -898.00 0.00
Authorised Inv Funds Investments Inc Port Inc Ret 175.70 - 0.70 - Global Optimal B Acc £ 1.00 - -0.01 0.70
Gross
Oryx International Growth Fund Ltd Platinum Capital Management Ltd CIS Sustainable Diversified Trust A £ 1.59 - 0.00 1.81 Investments Inc Port Inc X 159.20 - 0.60 -
Strat Evarich Japan Fd Ltd USD $ 878.80 - -9.04 0.00
UBS UK Opportunities Fund B Acc £ 0.91 - 0.00 2.45 Gross Net AER Int Cr
Other International Funds Other International Funds
CIS Sustainable World Trust A 168.70 - 0.50 0.81 £ Gov Bond Inc Inst 185.30 - 0.90 - US Equity B Acc £ 1.42 - -0.01 0.22
NAV (Fully Diluted) £ 5.44 - 0.05 0.00 Platinum All Star Fund - A (Est) $ 114.71 - - -
Corporate Bd Inc Tst 93.80 98.74 0.28 4.10 Strat Bond Inc Inst 188.10 - 0.30 - E.I. Sturdza Funds PLC (IRL)
UBS Asian Consumption Fund - B Acc £ 0.60 - 0.00 0.48 CCLA Investment Management Ltd
Platinum Global Dividend Fund - A (Est) $ 63.96 - - - Regulated Senator House 85 Queen Victoria Street, London EC4V 4ET
European Growth 101.50 106.90 0.30 1.82 Managed Investments OEIC 3 UBS S&P 500 Index C Acc £ 0.51 - -0.01 -
Platinum Global Dividend UCITS Fund $ 74.25 74.25 0.15 8.23 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1048.39 - -0.57 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Sustainable Leaders A 460.60 - 3.90 0.72 Div Inc Port Inc Ret 170.50 - 0.50 - UBS Targeted Return B Acc £ 1.26 - 0.00 1.17
Platinum Arbitrage Opportunities Fund Ltd Class A $ 89.61 - - - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1227.70 - -0.63 0.00
UK Growth 493.20 519.20 2.70 1.12 Corp Bond Acc Inst 219.60 - 0.80 -
Platinum Essential Resources UCITs Fund $ 6.83 6.83 -0.10 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 96005.00 - -52.00 0.00
UBS Sterling Corporate Bond Indexed Fund 54.02 - 0.19 3.25 CCLA Fund Managers Ltd
Multi-Manager OEIC Senator House 85 Queen Victoria Street, London EC4V 4ET
UK Income With Growth 236.20 248.60 1.20 4.54 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.00 3.87
Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00 Bal Intl Track Acc Ret 271.10 - -1.10 - Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 80529.00 - -44.00 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
US Growth 147.30 154.90 -1.10 0.00 UBS UK Equity Income B Inc Net £ 0.41 - 0.00 5.22
Platinum Navigator Fund Ltd Class A $ 98.72 - - - Bond Mthly Inc Acc Ret 147.80 - 0.30 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 78225.00 - -43.00 0.00
Additional Funds Available Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
Permal Investment Mgmt Svcs Ltd Please see www.cis.co.uk for details Bond Mthly Inc Inc Ret 96.91 - 0.20 - Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 51919.00 - -28.00 0.00
www.permal.com UBS Global Allocation (UK) B Acc £ 1.11 - 0.01 1.62
Strategic China Panda Fund USD $ 2337.34 - -4.57 0.00
Data Provided by
Asset Management
Other International Funds
UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -

Asset Management Asset Management

Offshore Fund Class A US $ Shares RBS Collective Investment Fds Ltd (UK) Santander Asset Management UK Limited (1200)F (UK) Strategic China Panda Fund Hedged EURO € 2275.53 - -4.51 0.00
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 UBS US Growth Fund B Acc £ 1.39 - -0.01 0.00
Investment Holdings N.V. $ 5436.88 - -32.89 0.00 Strategic China Panda Fund Hedged Sterling £ 2305.84 - -4.53 0.00
Authorised Inv Funds Authorised Inv Funds UBS Emerging Markets Equity Income B Inc £ 0.45 - 0.00 5.22
Macro Holdings Ltd $ 4198.93 - 30.95 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1020.26 - 2.12 0.00
Balanced Acc 354.60 - 0.20 1.10 Santander Premium Fund (OEIC)
Fixed Income Holdings N.V. $ 400.40 - -10.13 2.00 A Shares Strategic Euro Bond Institutional Class EUR € 1034.06 - 2.01 0.00
Balanced Inc 289.20 - 0.20 1.11
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Polar Capital Funds Plc (IRL) Strategic Euro Bond Fund Accumulating Class Shares € 1162.44 - 2.26 0.00 Unicapital Investments (LUX)
Equity Income 333.90 - 1.90 3.68 Europe (ex-UK) 270.70 - 0.90 -
Regulated Regulated
Japan Equities 146.70 - -1.10 - Strategic Euro Bond Fund Distributing Class Shares € 1062.90 - 2.06 0.00
Asian Financials I USD $ 311.01 311.01 -2.92 0.99 Extra Income 111.50 - 0.40 3.09 Investments III € 24.78 - -51.77 0.00

Biotechnology I USD $ 16.83 16.83 -0.33 0.00 FTSE 100 Tracker Special 1 301.10 - 0.60 3.00 Pacific Bas (ex-Japan) 543.60 - -3.70 - Strategic Global Bond RMB Acc CNY 1093.71 - 1.31 0.00
Investments IV - European Private Eq. € 307.74 323.13 0.00 - www.morningstar.co.uk
Sterling Bonds 274.30 - 1.00 - Strategic Global Bond USD Acc $ 1073.34 - 4.78 0.00
European Income Acc EUR € 11.22 11.22 0.04 - FTSE 100 Tracker Special 3 208.80 - 0.50 2.77 Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00 Data as shown is for information purposes only. No
UK Equities 263.10 - 0.30 - Strategic US Momentum and Value Fund $ 797.52 - -8.35 0.00
Financial Opps I USD $ 11.90 - -0.12 2.00 FTSE 100 Tracker Standard 284.90 - 0.50 2.53 offer is made by Morningstar or this publication.
US Equities 257.00 - -2.00 - Strategic US Momentum and Value EUR Hedged Class EUR € 556.52 - -5.85 0.00
GEM Growth I USD $ 10.10 - -0.02 0.00 Growth 315.30 - 1.70 2.06 Unicorn Asset Management Ltd (UK)
B Shares Strategic US Momentum and Value CHF Hedged Class CHFSFr 553.04 - -5.87 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
GEM Income I USD $ 11.35 - -0.04 0.00 High Yield 128.10 - 0.40 3.51
Pictet Funds (Europe) SA (LUX) Pacific Bas (ex-Japan) 542.80 - -3.70 - Authorised Inv Funds
15, Avenue J.F. Kennedy L-1855 Luxembourg Global Alpha I USD $ 12.72 12.72 -0.09 0.00 International Growth 402.40 - -2.80 0.62 UK Growth A Inc 370.01 - -1.27 0.00
Tel: 0041 58 323 3000 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Global Convertible I USD $ 11.35 11.35 -0.01 0.00 Stakeholder Investment 170.90 - 0.50 1.37 Mastertrust A Inc F 349.52 - -1.46 0.00
50 Bank Street, Canary Wharf, London E14 5NT
FCA Recognised
Adventurous Growth 149.30 - -0.60 0.50
Saracen Fund Managers Ltd (1000)F (UK)
Global Insurance I GBP £ 3.71 - -0.03 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT UK Growth B Inc 371.00 - -1.25 0.24
Pictet-Absl Rtn Fix Inc-HI EUR € 108.30 - 0.15 0.00 19 Rutland Square, Edinburgh EH1 2BB
Balanced Growth 145.70 - -0.40 0.70 Dealing & Enquiries: 0870 870 8433
Global Technology I USD $ 21.54 - -0.14 0.00 Dealing: 00 353 1 603 9921 Mastertrust B Inc F 313.67 - -1.29 0.41
Pictet-Absl Rtn Glo Div-I EUR F € 124.89 - 0.10 0.00 Authorised Inv Funds
Cautious Growth 135.40 - -0.10 1.20 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Healthcare Blue Chip Fund I USD Acc $ 10.64 10.64 -0.13 - THS Growth & Value Funds Outstanding British Cos A Acc F 226.80 - -0.31 0.49
Pictet-Agriculture-I EUR F € 192.26 - -1.07 0.00 Authorised Inv Funds
Healthcare Opps I USD $ 36.45 - -0.39 0.00 Income 123.60 - -0.10 2.30 International Outstanding British Cos B Acc F 235.50 - -0.32 1.27
Pictet-Asian Equities Ex Japan-I USD F $ 228.05 - -2.90 0.00 Saracen Growth Fd Alpha Acc £ 3.45 - 0.01 0.30
Income Opportunities B2 I GBP Acc £ 1.65 1.65 0.00 0.00 Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00 IGV - Inc A 331.60 - -1.00 1.86 UK Smaller Cos A Inc F 399.82 - -0.21 0.09
Pictet-Asian Local Currency Debt-I USD F $ 156.50 - -0.29 0.00 Saracen Growth Fd Beta Acc £ 5.49 - 0.02 0.22
Japan Alpha I JPY ¥ 187.74 187.74 -2.86 0.00 Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00 IGV - Inc B 330.30 - -1.10 1.11 UK Smaller Cos B Inc F 391.59 - -0.19 0.87
Pictet-Biotech-I USD F $ 800.44 - -16.17 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.20 - -0.01 0.36
Japan I JPY ¥ 1879.83 - -27.92 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00 IGV - Acc X 398.20 - -1.30 1.35 UK Income A Acc F 239.42 - -0.47 5.48
Pictet-Brazil Index I USD $ 57.77 - -1.47 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.14 - 0.00 2.79
North American I USD $ 16.64 16.64 -0.22 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00 IGV - Acc Y 425.50 - -1.40 1.81 UK Income A Inc F 221.03 - -0.44 5.69
Pictet-CHF Bonds I CHF SFr 504.46 - -0.28 0.00 Saracen Global Income and Growth Fund -Acc £ 1.49 - 0.00 0.53
UK Absolute Equity I GBP £ 10.97 10.97 0.05 - Your Portfolio Fund II Class 1 113.20 - -0.20 0.90 IGV - Acc Z 396.40 - -1.20 1.09 UK Income B Acc F 252.66 - -0.49 5.45
Pictet-China Index I USD $ 118.19 - -0.08 0.00 Saracen Global Income and Growth Fund -Dist £ 1.34 - 0.00 3.25
Your Portfolio Fund II Class 2 113.00 - -0.10 1.00 European
. UK Income B Inc F 233.35 - -0.46 5.66
Pictet-Clean Energy-I USD F $ 88.24 - -0.93 0.00
Your Portfolio Fund III Class 1 118.70 - -0.30 0.90 For Save & Prosper please see Countrywide Assured EGV - Acc S 264.90 - 0.60 -
Polar Capital LLP (CYM)
Pictet-Digital Communication-I USD F $ 236.24 - -4.01 0.00
Regulated Your Portfolio Fund III Class 2 118.70 - -0.20 1.10 EGV - Acc Z 264.90 - 0.60 0.26
Pictet-Eastern Europe-I EUR F € 283.59 - -4.01 0.00 Value Partners Hong Kong Limited (IRL)
ALVA Convertible A USD $ 126.25 - -0.06 0.00 Your Portfolio Fund IV Class 1 124.20 - -0.40 0.80 Schroder Property Managers (Jersey) Ltd Continental www.valuepartners.com.hk / [email protected]
Pictet-Em Lcl Ccy Dbt-I USD F $ 178.37 - -0.19 0.00 European Conviction A EUR € 164.81 - 2.42 0.00 Other International Funds Regulated
Your Portfolio Fund IV Class 2 123.90 - -0.30 1.10 CVG - Acc S 106.50 - 0.40 -
Pictet-Emerging Markets-I USD F $ 554.43 - -7.77 0.00 European Forager A EUR € 181.04 - 0.47 0.00 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32 Value Partners Classic Equity USD Hedged $ 13.70 - -0.16 0.00
CVG - Acc X 106.50 - 0.40 -
28 ★ FINANCIAL TIMES Friday 30 January 2015

MARKETS & INVESTING

Capital markets
beyondbrics

Bulgaria plans to raise $4bn

as reform ambitions grow
Sino-Ocean raises $1.2bn in bond issue
After a difficult two years the European Bank for Dollar debt markets December, and its chairman and chief do much of their debt financing in the
18th to linger, especially for smaller compa-
with five governments, Reconstruction and financial officer have stepped down. In first two weeks of January, but investor nies with high levels of debt. “We believe
street protests and a Development, though the reopen to China property the past month Kaisa has failed to repay caution has prompted many to delay or Sino-Ocean’s the offshore market will take time to
ranking in the
banking crisis, Bulgaria’s Economist Intelligence Unit groups after Kaisa ban a bank loan, missed a coupon payment cancel debt sales. sector by sales; recover,” wrote Christopher Yip, S&P
economy may be getting expects a respectable and had assets frozen by local creditors. Sino-Ocean ranks 18th in the sector Kaisa’s is 22nd credit analyst, in a report.
back to something average of 3 per cent Other property companies have since by sales, according to Barclays, a few “Developers with already weak
approaching normality, between 2015 and 2019. JOSH NOBLE — HONG KONG confirmed that they too are subject to spots higher than Kaisa at 22. Both com- $0.60 liquidity and high refinancing needs in
writes Andrew MacDowall. In December Fitch Sino-Ocean Land has become the first sales bans in Shenzhen, raising fears panies are listed in Hong Kong. Value on the dollar
the next 12 months may face a funding
With a significant fiscal affirmed Bulgaria’s foreign Chinese property developer to tap inter- that problems are spreading. However, Sino-Ocean is a subsidiary of Kaisa’s bonds, up crisis as financing sources could be
deficit and loans to repay, and local currency ratings national bond markets this year, even as Kaisa’s troubles have rippled through of state-owned shipping company from $0.27 low, as steered toward more stable players.”
the county plans to raise at investment-grade BBB Standard & Poor’s issued fresh warnings the sector, hitting small private compa- Cosco, with major shareholders includ- takeover hopes rise With sales and prices in the Chinese
6.9bn lev ($4bn) by issuing minus and BBB about the financial health of the sector. nies hardest. Bond prices for some ing insurer China Life and Hong Kong housing market having fallen last year,
bonds this year. On respectively, with a stable The Beijing-based company raised a developers — especially those based property group Nan Fung. many analysts predict that the sector
January 8, Vladislav outlook, noting the total of $1.2bn split over five-year and in Shenzhen — have fallen, with inves- Sentiment towards the property sec- will be pushed to consolidate, with
Goranov, finance minister, stabilisation of the banking seven-year bonds, one of the largest tors gravitating towards big state- tor has improved in the past week, as the larger nationwide developers snapping
said the government sector and efforts to international issues from the sector. backed groups. prospect of a possible takeover of Kaisa up smaller players.
planned to raise the cash reduce the deficit. But US dollar bond markets have opened Alvin Wong, analyst at Barclays, has risen. Its bonds have rallied, surging “While larger companies will con-
from foreign investors in Standard & Poor’s cut its to Chinese real estate companies after a released a report yesterday detailing above 60 cents on the dollar from a low tinue to perform steadily and increase
two issues, one in the first sovereign rating to junk. month-long hiatus caused by troubles at where the top 100 developers are head- of 27 cents this month. their market shares, the credit profiles
half of the year and one in There are grounds for Shenzhen-based Kaisa. The company quartered, as a key to understanding In spite of the Sino-Ocean deal and the of some smaller players may deteriorate
the autumn. optimism. A snap election has been the subject of a sales ban at sev- “political risks” across the sector. potential rescue of Kaisa, analysts warn amid slower market growth and tough
The money will be used last October brought an eral of its properties since the start of China’s property companies tend to that concerns about the sector are likely funding options,” said S&P.
to narrow a fiscal deficit unwieldy four-party
that the government coalition to power, but a
expects to come in at 3 per pro-reform government
cent of gross domestic
product this year. It will
source told beyondbrics
progress was a case of “so Analysis. Currencies
also finance the rollover of far, so good”.
a €1.5bn loan used to
finance last year’s deficit.
The bond issue increases
Bulgaria’s public debt to
“There are no major
cracks in the government,
and none in sight, while
health, justice and
Capital flows decisive in renminbi’s reversal
28.4 per cent of GDP this education reforms are
year, Reuters has reported, under way without any
from 18 per cent in 2013. sign of social discontent.”
Observers have mixed Still, there is much work China forex purchases sink as Chinese forex purchases
views on Bulgaria’s to be done — and with an focus turns from trade surplus and capital account
creditworthiness. GDP is economy that is sluggish
Rmb bn Capital and financial
expected to come in under and vulnerable. to US interest rates and euro account balance
1 per cent this year, says www.ft.com/beyondbrics
Net forex purchases
GABRIEL WILDAU — SHANGHAI by Chinese banks
Bulgarian real GDP growth
After nearly a decade in which robust (incl. central bank)
Annual % change 1500
trade surpluses underpinned reliable
2.0
appreciation of China’s currency, the
1.5 renminbi is under pressure from a bout 1000
of capital outflow and the knock-on
1.0 effects of falls in the euro, yen and 500
emerging market currencies.
0.5
The renminbi has fallen 0.7 per cent 0
0 so far this year to about Rmb6.25 per US
dollar, following a drop of 2.4 per cent in
-500
-0.5 2014 — its first full year of significant
2012 13 14 depreciation since the central bank
ended its strict dollar peg in 2005. 2013 2014
Source: Haver Analytics Yet the fall has occurred in spite of a Renminbi
swelling of China’s trade surplus, which
propelled the renminbi’s 37 per cent rise Against the dollar
between 2005 and 2013. (Rmb per $)
fastFT In December China posted its second- Renminbi per $ 6.05
biggest monthly trade surplus on Central parity rate
Central banks ‘distorting’ record, but foreign exchange purchases
6.10
by its banks — a rough proxy for capital
capitalism, says Gross inflows — fell Rmb118bn ($19bn), the
largest monthly decline on record. 6.15
Bill Gross, the legendary so low that the risk of a Ordinarily a trade surplus leads to
bond investor, has new project or the larger bank forex purchases, as export- 6.20
theorised that the world’s purchase of green hotels ers swap dollars from overseas custom-
big central banks are offer too little return for ers for local currency. But exporters
“distorting” capitalism by too much risk,” the letter expect the renminbi to fall and are no 6.25
keeping interest rates ultra states. longer converting dollar receipts, ana-
low and causing returns on Negative interest rates lysts say. In addition investment-linked Dec 2014 Jan
investment to dwindle. and bond yields are forex outflows are offsetting the impact 2013 2015
In his latest monthly illogical because “investors of inflows from trade. Sources: State Administration of Foreign Exchange;
People’s Bank of China; CEIC; Thomson Reuters
letter to investors, the and game-players do not According to currency traders the Datastream
Janus Capital fund logically give money away; trade surplus is no longer the driving
manager likens the state of a mattress ultimately force behind exchange rate movements
the global financial system becomes a more attractive and capital flows. Instead expectations Exporters used ment outstripped inbound FDI for the the lack of enthusiasm for the much- competitiveness. But the drop in foreign
to a twisted game of haven”, he writes. of rising US interest rates, combined to automatically first time last year, a trend that is set to vaunted Shanghai-Hong Kong Stock exchange reserves in the fourth quarter
Monopoly, where “cash is “And most importantly with quantitative easing by European convert their accelerate as Chinese companies Connect. Two months after the launch last year suggests that the central bank
king at the game’s — because the markets and Japanese central banks, have pro- dollar receipts increase overseas acquisitions. of a programme that offers foreign may have intervened to prop up the cur-
conclusion”. and the financial sector are pelled outflows from emerging markets into local Financial outflows are also picking investors unprecedented access to the rency, rather than drive it down.
Central banks from ultimately the servants of and into dollar assets. currency, but up. China posted a combined $25bn def- Shanghai stock market — and in spite of The PBoC has consistently set its daily
Europe to Canada have the real economy — “It used to be everyone just looked at this is no longer icit on the financial account in the sec- the world-beating performance of midpoint price stronger than the spot
been successively lowering growth is challenged and trade data. Now people are looking at the case ond and third quarters, balance of pay- mainland shares — less than a third of rate, a further signal that authorities do
borrowing costs to try to stunted.” the interest rates and the euro,” says a STR/AFP/Getty Images
ments data show. Fourth-quarter data the Rmb300bn quota has been used. not want the currency to fall sharply.
kickstart growth and make Mr Gross concludes: trader at a small Chinese commercial are expected to show further outflows. To be sure, the renminbi’s fall is tiny Andrew Tilton, chief Asia economist
their currencies more “Capitalism depends on bank in Shanghai. “Renminbi weakness has further to compared with other currencies such as at Goldman Sachs, says policy makers
competitive, he notes, hope — rational hope that Indeed the latest bout of weakness run,” says Wang Yifeng, head of invest- the euro, yen and Singapore dollar. are unlikely to pursue a weaker cur-
while yields on German an investor gets his or her shows that in spite of strict capital con- ment at Yaozhi Asset Management in Indeed, in spite of the renminbi’s rency because of the knock-on effects
and Swiss five-year bonds money back with an trols, which limit the ability of short- Shanghai. “Europe, China and emerging decline against the dollar, its nominal such a move would have on Beijing’s
have turned negative. attractive return. Without term funds to slosh in and out of the markets are all showing economic effective exchange rate — a gauge of its reform efforts.
The squeeze on it, capitalism morphs and country, China is not immune to the weakness, while the US is outperform- value against a trade-weighted basket of “It is inconsistent with some of the
investment returns this breaks down at the margin. forces that have battered other emerg- ing. The link to the dollar’s global currencies — rose 10 per cent in the sec- other policy goals they have, such as
situation creates, he says, The global economy in ing market currencies. strength is very intimate.” ond half of last year, data from the Bank wanting the renminbi to be used more
will eventually deter January of 2015 is at just After years in which investors clam- Consensus forecasts have the ren- for International Settlements show. broadly as an international currency,
investment. that point with its zero per oured to find ways to circumvent con- minbi at 6.4 to 6.5 by the year-end, a fall Some analysts consider the ren- and wanting foreigners to invest in the
“In a new world, returns cent interest rates.” trols and bring money into the country, of 3-5 per cent from last year’s close. minbi’s fall an intentional act by the stock market,” he says.
on real investment become www.ft.com/fastFT funds are flowing in the opposite direc- Analysts say the reversal of expecta- People’s Bank of China, which is march- Additional reporting by Ma Nan in Shang-
tion. Outbound foreign direct invest- tions for the currency partially explains ing into a currency war to defend export hai and Josh Noble in Hong Kong

Capital markets Capital markets

UK and German yields touch historic lows Low rates push ABS volume to post-crisis high
ELAINE MOORE AND inflation prospects, dropped to a record than 3 per cent at the turn of 2013-14, CHRISTOPHER THOMPSON Greater ABS issuance reflects investor ABS from banks, which has helped drive
ROBIN WIGGLESWORTH
low of 2.102 per cent. sparking speculation that the BoE could hunger for alternative assets amid down yields — and been criticised for
Global volumes of “sliced and diced”
The UK’s benchmark government bor- “The ECB’s QE programme is likely to be the first big central bank to raise record low bond yields. In Europe vol- pushing out some investors.
loans have touched their highest levels
rowing rate touched a historic low of have significant implications for the UK interest rates since the financial crisis. umes rose by a fifth to $47.2bn but in the “The worry is that if the ECB aggres-
since the financial crisis, underlining
1.396 per cent yesterday morning, as economy and monetary policy,” said But the outlook for inflation has fallen Americas they declined 7 per cent to sively buys, prices will go down and
how investors are turning to racier
the ripple effects of central bank action Michael Saunders at Citi, which has and investors have pushed back expec- $191.9bn, the lowest since 2011, there will eventually be no yield left for
assets in their hunt for yield.
in the face of low inflation spread. changed its forecast for the first UK tations for a UK interest rate rise to 2017. although the US market has rebounded existing real money investors,” said
interest rate rise to next year. Minutes of a Monetary Policy Com- Volumes of asset-backed securities — much quicker than other regions. Salim Nathoo, head of securitisation at
Falling oil and food prices in the UK and Sluggish global inflation and concerns mittee meeting in January show agree- which package mortgages or credit card “Given low yields, there has been a Allen & Overy.
indications from the Bank of England about growth have resulted in similar ment to keep rates on hold at the his- loans for sale to fixed income investors displacement effect from other assets, So far the ECB has bought €2.3bn —
that it has no plans to raise interest rates falls in government borrowing costs toric low of 0.5 per cent after two policy — rose 16 per cent year on year to which has seen the ABS investor base not enough to meaningfully stimulate a
in the near future have weighed heavily around the world. makers dropped previous calls for a rise. $314.8bn, driven by a tripling of deals in grow,” said Mr Batchvarov. “Investors in market that is a fraction of its pre-crisis
on 10-year borrowing costs. The UK’s 10-year yield last fell to a The central bank has said low infla- Asia to $75.7bn, according to Dealogic. covered bonds start to invest in senior peak, according to critics.
The European Central Bank’s dra- historic low in the midst of the eurozone tion could turn negative before a recov- “Most of the contribution in Asia tranches of RMBS, while hedge funds The outstanding senior ABS market is
matic plan to buy eurozone government debt crisis in 2012, when investors sold ery, although governor Mark Carney comes from China, which has gone from rotate down the capital structure into about €625bn, according to estimates
bonds has pushed German Bunds lower, euro bonds over concerns about the recently told markets a rise in rates nothing to about $40bn,” said Alexan- mezzanine tranches.” by JPMorgan, although most of that is
increasing demand for high-quality future of the common currency area could come sooner than they expect. der Batchvarov, head of structured ABS are typically split into tranches retained by banks for collateral to
assets outside the eurozone such as gilts. and sought refuge in gilts, pushing Meanwhile the yield on Germany’s credit research at BofA Merrill Lynch. according to underlying credit risk. The access ECB lending.
As a result, the yield on UK 10-year yields down to 1.407 per cent. 10-year bond edged down to a record The total is the highest since 2007, mezzanine, or lower portion, would Banks have traditionally used ABS as
gilts fell 5.5 basis points to the lowest After eurozone break-up fears low of 0.33 per cent and the 30-year before the financial crisis — which was incur losses before the senior portion. a funding tool whereby they can
rate to date, while 30-year gilt yields, receded and UK growth reignited, the yield dipped below 1 per cent for the worsened by ABS tied to the US housing In an attempt to boost the market, the move potentially risky assets off their
considered particularly reflective of 10-year yield climbed to a high of more first time. market — caused numbers to plummet. European Central Bank has been buying balance sheets.
Friday 30 January 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Fed policy debate rages as Wall St S&P 500 index
Change on day 0.95%

stages late rally and Treasuries fall

2060
2040
2020
It’s the end of the week and time for
2000
an important piece of US jobs data. No,
1980
not the non-farm payrolls report due Jan 2015
on February 6 but the employment
cost index, released today, alongside US oil touches lowest that rates would not begin to rise US equities The S&P 500 briefly fell
the “advance” readings of fourth- until late in the first half of 2016 — at the below 2,000 before rallying strongly in
quarter economic activity. price in nearly six years earliest. late trade as investors continued to
Wage inflation is considered an while market turmoil “In the past few weeks, a number of scrutinise the Federal Reserve’s latest
important determinant for when and Fed watchers have begun to hedge their comments on policy and the economy
at what pace the Federal Reserve eases in Greece with gains bets and now defections from the 2015
begins tightening policy. for banking shares rate-hike call have started to material- FTSE 100 index
Since the December NFP report, ise,” he said. Change on day 0.22%
which showed contracting wages, the DAVE SHELLOCK “The rally at the long end of the Treas- 6800
market has assumed that this is not ury curve, the sharp rise in the exchange
something Janet Yellen has to worry A volatile session saw Treasury bonds value of the dollar, and the hit to corpo- 6600
much about, for now. give back some of the previous session’s rate investment spending in the energy 6400
But investors’ consequently less strong gains, the dollar push higher and industry all suggest the economy is not
6200
hawkish view of the US rate rise US equities stage a late rally as market accelerating as the second and third- Jan 2015
trajectory has contributed to a stall participants continued to scrutinise quarter 2014 GDP reports indicate.”
in the dollar’s strengthening trend the Federal Reserve’s latest policy A question raised by many in the mar- UK equities Royal Dutch Shell was a
against the yen. statement. kets is whether the Fed will raise rates drag on the FTSE 100 as shares in the
Jordan Kotick, head of cross asset An initial sell-off on Wall Street, while many other central banks around oil group tumbled 4.9 per cent after
strategy at RBC Capital Markets, notes which dragged the S&P 500 index back the world are easing policy. its earnings missed expectations amid
that February is traditionally a positive below 2,000, came as the price of US oil Denmark’s central bank yesterday the steep slide in crude prices
month for the yen versus the buck. sank to the lowest level in nearly six cut its main policy rate for the third time
Soft US inflation and growth data are years. But the US equity benchmark in less than two weeks — by 15bp to Eurofirst 300 index
therefore likely to support that closed 1 per cent higher at 2,021 points, minus 0.5 per cent — while the Reserve
Change on day 0.12%
seasonal trend. as West Texas Intermediate rebounded Bank of New Zealand switched from a 1500
And that is not what Tokyo wants to settle 8 cents firmer at $44.53 a bar- tightening bias towards a neutral rate 1450
to see. The Bank of Japan hopes that rel, having earlier hit $43.58. Brent projection, driving the NZ dollar down 1400
Kevin Lamarque/Reuters
a weaker yen will help exporters crude rose 66 cents to $49.13. 1 per cent versus its US counterpart. 1350
and import inflation. The marginal In Europe, the FTSE Eurofirst 300 Is patience a virtue? FT.com/video “What connects the [recent] policy
1300
utility of more BoJ stimulus is fading index slipped 0.1 per cent, although the The FT’s John Authers suggests international developments moves by emerging market and devel-
Jan 2015
and traders are getting nervous turmoil that swept through Greek finan- may force the Fed to forbear on an interest rate rise oped market central banks is the unex-
about stresses in parts of the cial markets after Sunday’s general elec- pected and sharp decline of oil prices European equities Losses in the
Japanese government bond market — tion finally showed signs of abating. over the past few months and its impact energy sector helped to pull the
the result, in all probability, of Banking stocks jumped and the yield on longed period of deflation, and offered that issued in December clearly indi- on inflation and inflation expectations,” Eurofirst 300 lower, but Greek stocks
distortions caused by central bank the country’s 10-year government bond further vindication to the European cated that a June start to the rate-rise said Divyang Shah, global strategist at rebounded 3.2 per cent after three
intervention. eased from a 16-month high. Central Bank’s decision to launch quan- cycle remained on the table. IFR Markets. days of heavy selling
This nervousness is illustrated by Nevertheless, the sense of wariness titative easing. “The FOMC gave little ground on the The divergent policy expectations for
the JPX JGB Futures Volatility index, over the new government’s plans to Expectations of low UK inflation also low inflation risks, largely looking past the other countries continued to sup-
which has risen sharply this month. renegotiate Greece’s international bail- pushed the 10-year gilt yield to a record them while upgrading their assessment port the dollar. The US currency was up Nikkei 225 index
out — plus renewed worries over the low although the 10-year US Treasury of activity and job growth,” he said. another 0.3 per cent against a weighted (’000) Change on day 1.06%
18.0
[email protected] risks of eurozone deflation — helped yield was up 4bp at 1.76 per cent, after “The inclusion of ‘international’ basket of its peers and within easy strik-
drive the yield on the 10-year German sliding as much as 12bp on Wednesday developments as a factor in their policy ing distance of last week’s 11-year high. 17.5
JPX JGB Futures Volatility government bond to a record low in the aftermath of a two-day meeting of stance confused market participants. The euro was up 0.3 per cent versus 17.0
index beneath 0.33 per cent before ending the Fed’s Open Market Committee. We see it mostly as a way to forestall crit- the dollar at $1.1318 while the US dollar
1 basis point higher at 0.36 per cent. The statement from the US central icism that the Fed is not sensitive to glo- hit a near six-year high against the Cana- 16.5
4
Data yesterday showed Germany’s bank offered few firm clues as to when bal issues, and perhaps as a compromise dian dollar. Australia’s dollar tumbled Jan 2015
3
2 EU-harmonised annual inflation rate interest rates might start to rise — a among members. Our base case remains 1.6 per cent on speculation that it could Japanese equities The Nikkei had its
1 sliding from 0.1 per cent in December to topic of fierce debate among analysts. a September ‘lift-off’.” soon cut borrowing costs. worst day in two weeks as traders took
Jan Jan
minus 0.5 per cent in January. This Michael Hanson, US economist at But Steven Ricchiuto, chief economist The prospect of a US rate rise this year their lead from Wall Street’s overnight
2014
Source: Bloomberg 2015 heightened concerns that the eurozone BofA-Merrill Lynch, said the modest at Mizuho Securities USA, argued that and the firm dollar helped push gold fall and some weak domestic earnings
as a whole could be heading for a pro- changes to the Fed’s statement from the risks facing the US economy meant down $27 to $1,257 an ounce.

Kaz Minerals Royal Caribbean missed quarterly

Share price (pence) earnings forecasts because of weaker
Trading Directory
350 Caribbean pricing than had been hoped.
300 Falling fuel prices meant expectations
250 had run high ahead of the results.
200 Kaz Minerals bounced 2.4 per cent to
150 196.7p after quarterly results showed
London Jan 2014
Source: Thomson Reuters Datastream
Jan
2015
copper production beating forecasts.
The miner’s shares have been volatile
Burberry shares in a flap Day's
this month as traders balance risks from
over fears that sales Indices Close change
its debt-funded expansion with the
potential benefit of a currency
growth has peaked FTSE 100
FTSE 250
6810.60
16359.02
-15.34
-66.71
devaluation in Kazakhstan.
FTSE 350 3717.60 -9.43
EasyJet led the FTSE 100 risers, up
FTSE All-Share 3650.26 -9.46
6.2 per cent to £18.76, after Barclays
FTSE All-Share Yield 3.29 -
turned positive. European short-haul
FTSE 100 Futures 6754.00 -0.50 capacity growth was at its highest in five
Bryce Elder 10 yr Gilt Yield 2.53 -0.29 years, yet easyJet’s quarterly numbers
20yr Gilt All-Share Ratio 0.62 - proved it could boost revenue per seat,
the broker said.
Burberry was among the laggards hold management directly accountable “Be it business passenger, digital
yesterday on worries that its sales for any slowdown or execution issues, initiatives, allocated seating or simply
growth might have peaked. Credit Credit Suisse said, given that careful capacity allocation, the
Suisse turned negative on the upscale Christopher Bailey had been in post as company has developed a business
fashion house, sending the shares down chief executive less than a year. model that continues to exceed
1.3 per cent to £17.65. Morgan Stanley argued that price expectations,” it told clients.
A valuation of 22 times forward inflation for the luxury goods sector African explorer Afren dropped
earnings was too high given the risk of had “reached an unsustainable 10.6 per cent to 4.2p ahead of today’s
slowing sales and profit growth, the level”. Online shopping had deadline for Seplat to formalise its
broker said. undermined regional pricing strategies rescue offer. Jean-François Hénin, the
“The demand environment is tough so industry earnings power could not be chairman of MPI, a key Seplat
and the average-selling-price pushed further, as lower volumes since shareholder, was quoted as calling the
contribution from elevating the brand is 2013 had shown, it said. talks “very serious”.
behind us,” Credit Suisse added. “We The FTSE 100 edged 0.2 per cent Quindell faded 9.9 per cent to 82p
believe there is little room for gross lower, down 15.34 points at 6,810.60. amid talk that Slater & Gordon’s
margin expansion from circa 70 per Energy companies took 33 points off the exclusivity period was due to end on
cent in 2015.” index after weak results from Royal Monday. The Australian law firm is said
With online maturing and the Dutch Shell, whose B shares dropped to have agreed last year to buy a small
benefit of store conversions in China 4.9 per cent to £21.38, and as oil hit a percentage of Quindell’s legal book with
unwinding this year, sales growth new six-year low. a view to conducting due diligence on a
was at risk. Long-term investors might Carnival fell 2.2 per cent to £30 after possible broader purchase.

Qualcomm now sees earnings in the $1.87bn. The company’s first-quarter

range of $4.75-$5.05 a share for the full outlook for adjusted earnings in the
year, down from its previous estimates range of 10-15 cents a share, missed
for $5.05-$5.35 a share, and below Wall analyst estimates. While shares of Royal
Street estimates for $5.23 a share. Caribbean slid 5.5 per cent to $77.29,
The lower end of its new sales Steven Wieczynski, analyst at Stifel
guidance of $26bn-$28bn, fell short of said: “Although management’s guidance
Wall Street’s forecasts for $27.86bn. is likely to be viewed negatively, we
Wall Street “One of its largest customers is would remind investors it still implies
Qualcomm plummets shifting to its internally developed
application processor,” said Tom
EPS growth of 40 per cent on top of
2014’s 40 per cent growth rate.”
on outlook fears Sepenzis, analyst at Northland Capital Colgate-Palmolive gained 6 per cent
Markets. to $69.03, after the maker of consumer
“Additionally, Qualcomm is products reported an 11 per cent rise in
experiencing pricing pressure in China fourth-quarter profits to $628m from
through greater competition.” the same period a year ago, though the
Mamta Badkar Qualcomm reported a 5 per cent rise figure missed analysts estimates.
in profits to $1.97bn or $1.17 a share and Adjusted earnings of 76 cents a share
a 7 per cent gain in sales to $7.1bn, ahead topped expectations.
Qualcomm’s disappointing earnings of estimates. Qualcomm stock, which Alibaba fell nearly 9 per cent to
outlook weighed on shares of the US has lost nearly 11 per cent in the past $89.81, after the ecommerce company’s
chipmaker yesterday, even as the year, lagged behind the US benchmark third-quarter revenues missed
company reported financial falling 10.3 per cent to $63.69. forecasts, even as adjusted earnings
first-quarter earnings that topped Wall Royal Caribbean Cruises reported topped estimates.
Street estimates. profits of $109.8m or 49 cents a share in On the broader market, the S&P 500
The San Diego, California, company the three months to December 31, as rose 1 per cent to 2,021.25, the Dow
lowered its full-year earnings and sales slipped 2 per cent to $1.82bn. Jones Industrial Average gained 1.3 per
revenue forecasts, as it lowered the sales Analysts on Wall Street were looking for cent to 17,416.85, and the Nasdaq
outlook for its semiconductor business. earnings of 37 cents a share, on sales of Composite was up 1 per cent at 4,683.41.
30 ★ Friday 30 January 2015

INSIGHT Analysis. Monetary policy

Ralph
Atkins Investors cast pall over Fed’s optimism
Retreating equities and rising Message from the markets
dollar look increasingly at odds
Green bonds fly in fair with desire to normalise rates
US dollar and 10-year Treasury yield
Aug 15 2014 Sep 12 Oct 15 Dec 31
US interest rate expectations
Derived from Dec 2015 fed

winds but are untested MICHAEL MACKENZIE

10-year note yield
falls below 2.40%,
10-year note
yield reaches
Global economic
concerns trigger a
10-year note ends
the year at 2.17%,
10-year
funds contract (%)
0.8

in inclement weather
pulled lower by 2.6% ahead of ‘flash crash’ as yeilds down from 3% at 0.7
10-year German Fed September fall briefly below 2% the start of 2014 Treasury 0.6
Among central banks, one stands apart: yield (%)
the US Federal Reserve sits in splendid $ per € Bund breaking meeting for the first time since 0.5
isolation as others take action, but is through 1% May 2013
0.4
coming under pressure from both criti- 1.40 2.7 Jun 2014 Jan

C
ould bond markets help save the world? With cal government bond traders and a ris- 15
enthusiasm in debt capital markets at high lev- ing currency. 2.6
els thanks to ultra-low interest rates, it is not In recent weeks central banks around 1.35
2.5 The Fed’s ‘dot plot’
unreasonable to hope some of the energy could the world have been cutting borrowing 2.4 Target level for the federal fund rate (%)
be used to tackle global climate change. That is rates, abolishing currency pegs, as in 1.30 4.5
why enthusiasm is also running high for “green bonds” — Switzerland, and in the case of the Euro- 2.3 4.0
debt securities issued to raise money for projects that limit pean Central Bank, announcing massive 1.25 2.2 3.5
the damage humans inflict on the planet. “This year we’re bond-buying. Such actions are designed 2.1 3.0
going to see the asset class come into its own. Green bonds to pump up economic activity, and a 1.20 2.5
are hugely attractive to investors seriously worried about successful reflation of the global econ- 2.0
2.0
the global climate,” says Jonathan Weinberger, head of omy would provide a hefty tailwind for 1.9 1.5
1.15
capital markets engineering at Société Générale. US officials keen on ending six years of 1.8 1.0
Is there a lot of hype from a financial industry anxious to near-zero interest rates. 0.5
prove it can be a force for good? Probably, but that does not While the Fed on Wednesday revealed 1.10 1.7
0
mean green bonds are gimmicks. A better question is little new information about when it Jun Jul Aug Sep Oct Nov Dec Jan
2014 15 2014 15 16 17 Longer
whether fast-growing green bonds are a product of benign plans to raise rates and counselled a run
FT graphic Sources: Thomson Reuters Datastream; Federal Reserve Image: Dreamstime
weather conditions in capital markets or whether they will patient policy approach, the combina-
wither as oil prices tumble — or if a serious storm hits the tion of global economic weakness and a
global financial system. As an asset class, green bonds have rising dollar has sparked a reduction in
grown exponentially. Last year issuance more than tripled the odds of tighter policy arriving this odds with the optimistic outlook on the Securities. Chris Rupkey, chief financial rather than a tailwind to US growth.”
to $33bn, says Dealogic — although the total was still tiny in year, according to the bond market.
‘Central economy and the desire for normalising economist at MUFG Union Bank, says The steady decline in Treasury yields
comparison with the overall size of bond markets. Although a number of economists bank’s use interest rates at the US central bank. while the Fed has ruled out a rate rise in this month reflects how, in the wake of
Early pioneers were international organisations: the expect a rate rise between June and Sep- Zach Pandl, senior portfolio manager the near term by stressing a patient the FOMC’s December policy meeting,
European Investment Bank claims it was the first into the tember, and the Fed’s Open Market
of the term at Columbia Management, says the US approach, “a lift-off in the middle of wage gains have dipped and inflation
market in 2007, although its €600m environmentally Committee forecasts overnight rates “patience” “is not an oasis of prosperity” and he 2015 . . . is still on the table”. He adds has fallen further below the central
themed issue was dubbed a “climate awareness” rather will be above 1 per cent by the end of the believes “either the global economy that the Fed is “waiting for the downside bank’s target of 2 per cent, while retail
than “green” bond. Last year’s biggest deal was a $3.4bn year, interest rate futures suggest an
is what recovers or the Fed abandons its plans to risks to the global economy to go away, sales have not responded positively to
green bond from French utility GDF Suez. Recent issues even-handed chance that just one investors raise rates this year”. where every central bank seems to be cheaper petrol prices.
have also included “green” increase to 0.50 per cent beckons. The On Wednesday the FOMC continued cutting rates at the moment”. Another key element has been the
asset-backed securities — or stand-off between the Fed and the bond
should to forge a separate path among central One new aspect of the latest FOMC ongoing appreciation of the US dollar. A
loan packages — from Toyota.
‘Traditional tools market reflects uncertainty over the focus on’ banks. Its statement cited strong job statement was an acknowledgment any collection of blue-chip US companies
Why do we need green are not going to outlook for the US economy and mone- gains and noted “economic activity has future change in policy would reflect in has weighed down the equity market
bonds? Proponents argue that tary policy. Caught in the backdraught been expanding at a solid pace”, while part “international developments”. this week after revealing how the strong
they are an efficient way of
work — we need of recent lacklustre economic data, fall- also acknowledging “inflation has Anthony Karydakis, chief economic dollar and weaker global growth has
mobilising capital that inves- to ship a lot of ing inflation and concerns over global declined further below the committee’s strategist at Miller Tabak & Co, says: hampered fourth-quarter earnings.
tors want to deploy specifi- trends, US equities and junk-rated longer-run objective, largely reflecting “This should be viewed as adding a sub- Markets will now focus on the January
cally for environmental
money quickly’ bonds have retreated this month, while declines in energy prices”. tle element of caution to the FOMC’s employment report due next week and
projects. “We need to ship a lot the dollar has continued rising and gov- “The Fed is watching and waiting, overall assessment of the broader pic- on Janet Yellen, Fed chairwoman, who
of money very quickly into high-priority areas,” says Sean ernment bond yields fallen sharply. their use of the term ‘patience’ is what ture in regards to the timing of a rate testifies before Congress next month.
Kidney, chief executive of the Climate Bonds Initiative. The message being sent by financial investors should focus on,” says Steven hike, as international developments are “Yellen’s testimony next month will
“Traditional tools are not going to work . . . This is a way markets thus increasingly appears at Ricchiuto, chief economist at Mizuho more likely to represent a headwind set the tone for markets,” says Mr Pandl.
for them to act quickly.” Investor interest is growing:
BlackRock has recently started managing a $1bn green
bond portfolio for Zurich Insurance. The aim of issuers
and investors is to have commonly agreed standards on Trading room
what counts as a green bond, with sufficient transparency
and monitoring to ensure funds are not misused. But there
will have to be compromises to ensure reporting and other
costs do not crimp the market — and the emphasis is likely
First priorities emerge
to remain on investors checking what they are buying.
Striking the right balance could become more difficult as
for EU markets union
the idea spreads to new markets. HSBC plans a conference
this year on encouraging Chinese green bond issuance.
There is a good chance that the market’s strong growth PHILIP STAFFORD — LONDON unlisted companies and
could continue even with lower oil prices. Green investors ALEX BARKER — BRUSSELS infrastructure projects.
regard combating climate change as a long-term challenge Pan-European pensions, There are several options
not affected by short-term energy costs. Green bonds do cross-border crowdfunding to increase cross-border
not just raise funds for renewable energy projects: they are and perks for infrastructure investment and product
also used to tackle pollution. Socially responsible investing investment have emerged as marketing. To date crowd-
also covers housing, education and water projects. early priorities for capital funding has largely been
In current markets it is easy to sell any bond to investors. markets union, according to based in domestic markets
So far the evidence is that green bonds price at similar lev- a leaked discussion paper. because of countries’ differ-
els to comparable conventional bonds — so investors do ing tax treatments; there are
not lose out by buying them. If there was a market correc- Lord Hill, EU financial serv- few accepted standards for
tion, however, the growth of more exotic products such as ices chief, is to unveil a con- secondary market trading in
green bonds might stall. Still, at least two factors mean sultation document next shares; and there is no cen-
green bonds could yet end up outperforming other bonds. month that aims to flesh out tral registry of shares to ver-
The first — negative — reason is that the market’s small the “union” concept with ify ownership of an asset.
size and novelty mean liquidity is stickier: green bonds steps to boost investment On personal pensions the
would not be the easiest to sell in a panic. A second — more and manage funding costs paper suggests that a “29th
positive — reason is that green bond owners are likely to be for European business over regime” may be necessary to
long-term investors holding them to maturity. the next five years. remove obstacles to cross-
A recent Bank of America Merrill Lynch note argued A draft version, seen by the border provision. A stand-
that green bond prices were not only similar to non-green Financial Times, lists a series ardised pan-EU product
bonds, but were also “less volatile than counterparts, of potential initiatives would have its own legal
which may be driven by their perceived safety and longer- including: high-quality secu- regime, alongside Europe’s
term investor base with lower churn rates”. ritisation standards; relaxing 28 national regimes.
Eila Kreivi, head of the EIB’s capital markets depart- capital requirements for Officials will look at
ment, says: “You have a product with a ‘feelgood fac- insurers and banks that exempting small companies
tor’ . . . and a special base of investors. I would expect it to invest in infrastructure; from following full Interna-
do better in a bear market.” Watching green bonds will streamlining the prospectus tional Financial Reporting
demonstrate whether bond markets can act as socially requirements on companies Standards, particularly those
responsible forces in foul as well as fair conditions. raising capital; and aligning that want to access multilat-
standards for covered bond eral trading platforms.
[email protected] and corporate debt markets. The paper floats the idea of
The thrust of the reforms a “simplified, common, high-
sidesteps the thorny political quality accounting standard
issue of further centralising tailored to companies listed
supervision of markets, a on certain trading venues”.
shift of power resisted by the It will examine ways to
More comment and data on ft.com UK in particular. integrate covered bond mar-
It highlights the need in the kets and provide investors
long term to tackle the diver- with detail on underlying
Y Fast FT Our global economies, headed gent tax and insolvency collateral, and explore
team gives you market- by Brazil, Russia, India regimes “hindering the options to develop a com-
moving news and views, and China. emergence of pan-European mon corporate debt market.
24 hours a day, five days ft.com/beyondbrics equity and debt markets”. The commission con-
a week. ft.com/fastft Lord Hill said: “We need to firmed that it would bring
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a identify the barriers that are forward a proposal to create
irreverent financial blog. look at what is driving stopping capital from flow- a European framework for
Join Paul Murphy and the global currency ing and work out how to the recovery and resolution
Bryce Elder for the daily market. ft.com/podcasts knock them down.” of clearing houses. It called
Markets Live session at Measures for industry for a consolidated tape of
Y Video View from the include rules governing trading data from more than
11am. ft.com/alphaville
Markets features video small companies’ distribu- 20 trading venues.
Y beyondbrics News and interviews with leading tion of fundraising prospec- “Even the best-performing
comment from more market analysts. tuses in the region, and national markets lack criti-
than 40 emerging ft.com/vftm development of local private cal size,” the paper added.
placement markets for www.ft.com/tradingroom