TUESDAY 15 JUNE 2021 WORLD BUSINESS NEWSPAPER USA $2.50 Canada C$3.

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Inflation surge Bibi dethroned Working capital

The Fed has pinned itself in a risky Can Israel’s ‘comeback kid’ bounce Hospitality pays for low-value view
corner — MOHAMED EL-ERIAN, PAGE 9 back once more? — BIG READ, PAGE 13 of labour — SARAH O’CONNOR, PAGE 15

China’s military goals threaten Briefing

i Adani-tied stocks dip on accounts alert

international order, Nato warns

Shares in groups linked to Indian tycoon Gautam
Adani fell after a report that the country’s largest
securities depository had frozen accounts held by
foreign funds holding stakes worth billions.— PAGE 5

i Moderna backer raises $3.4bn fund

Flagship, the venture capital group behind Moderna,
3 Strained Sino relations laid bare 3 ‘Systemic challenges’ posed 3 Biden mobilises allies has raised a $3.4bn fund, one of the pharmaceuticals
sector’s biggest, as it aims to build the next
generation of biotech companies.— PAGE 6
MICHAEL PEEL — BRUSSELS maritime domains, in keeping with its
role as a major power.” i Goldman boosts trading in cobalt
Nato leaders have warned that China The communiqué pointed to China’s Goldman Sachs has stepped up
poses “systemic challenges” to the rules- “coercive policies”, its accumulation of its trading in cobalt, the battery
based international order, in a sign of nuclear warheads and sophisticated metal, tapping a hot corner of
growing western unease over Beijing’s delivery systems, and its participation the commodities market as
military ambitions. in Russian military exercises in Atlantic carmakers make the transition
Members of the transatlantic alliance region waters. to electric vehicles.— PAGE 8
convening in Brussels yesterday cited Another trend troubling Nato allies is
disinformation, Chinese military co- the involvement of Chinese companies i EDF flags fears over China nuclear leak
operation with Russia and the rapid in critical infrastructure in Europe, such The French state-backed utility said it was seeking to
expansion of China’s nuclear arsenal as as ports. Nato said that it would aim for hold an extraordinary board meeting of its China
part of the threat, a Nato communiqué “constructive dialogue” with Beijing joint venture nuclear power site after the report of a
said. “where possible”, including on climate possible radiation leak.— PAGE 2
The strength of the statement shows change, in a sign of more nuanced views
how far relations between the west and held by some of the alliance’s members. i Toshiba chair refuses to stand down
Beijing have deteriorated in the 18 The Nato broadside reflects an The chair of Toshiba’s board has rebuffed calls from
months since Nato countries last met. shareholders to quit and stressed that his role was to
Then, they had issued a cautious state- tackle the turmoil at the Japanese conglomerate as it
ment about the “opportunities and chal- ‘China’s growing influence declined deeper into a governance crisis.— PAGE 6
lenges” presented by China.
The tougher language at US president
and international i Novavax Covid trial shows 90% efficacy
Joe Biden’s first Nato summit comes as policies present challenges Novavax’s Covid-19 jab was 90 per cent effective in
members of the 72-year-old cold war-
era military pact vowed to widen co-
to alliance security’ its US and Mexico trial and proved that it could
tackle the virus variants of concern, clearing the
operation in new theatres of conflict attempt by Biden to use his first Euro- path for a new shot to control the pandemic.— PAGE 5
from cyber space to outer space. pean trip to mobilise allies.
Jens Stoltenberg, Nato secretary- The communiqué followed the week- i Greek five-year yield turns negative
general, insisted that Beijing was “not end’s G7 meeting, when the club of rich Greece’s five-year bond yield has fallen below zero
an adversary” but said that the alliance democracies criticised China over for the first time after the European Central Bank’s
needed to “engage with China to defend human rights, trade and a lack of trans- decision to maintain the pace of its asset-purchase
our security interests”. parency over the origins of the coronavi- plan spurred a rally in riskier eurozone debt.— PAGE 8
“There is a strong convergence of rus pandemic. Beijing hit back at the G7
views among allies,” he said, adding that criticism, accusing the group of “sinister
Nato was primarily concerned about intentions” and “artificially creating Datawatch
Beijing’s activities in the group’s Euro- confrontation and friction”.
Atlantic sphere of operation. Nato also pressed ahead with efforts
“China’s growing influence and inter- to modernise a grouping set up as bul- UK culture wars Liberal-leaning
national policies present challenges to wark to the Soviet Union. It is pulling % who say it's hard to have friends from the Britons find it
other side of the debate on: hard to be friends
alliance security.” back from an era of “expeditionary”
Lockdown Supporter with people on
China’s “stated ambitions and asser- international missions, with its forces Opponent
Black Lives Supporter the other side of a
tive behaviour” posed “systemic chal- preparing to leave Afghanistan along Matter Opponent debate. Supporters
lenges to the rules-based international with US troops after nearly two decades. Trans rights Not gone far enough of lockdowns and
order and to areas relevant to alliance The Nato heads of state and govern- Have gone too far
Labour Black Lives Matter
security”, said the summit communi- ment approved a cyber defence strategy Conservative are twice as
qué, approved by the leaders of the 30 and extended existing powers to invoke British Ashamed likely to struggle
empire Proud
Nato member states. the alliance’s “Article 5” principle of col- Remain to be friends
“We call on China to uphold its inter- lective defence, in cases of co-ordinated Leave with campaign
0 10 20 30 40 50 opponents than
national commitments and to act cyber attacks. Sources: Ipsos; The Policy Institute,
responsibly in the international system, Recep Tayyip Erdogan, Turkey’s president, left, greets Joe Biden, the US president, at a plenary Additional reporting by Helen Warrell in Nov 2020 - Apr 2021 vice versa.
including in the space, cyber and session during the 30-nation Nato alliance’s summit in Brussels Oliver Matthys/Pool/EPA-EFE/Shutterstock London

American father and son plead guilty

to role in smuggling Ghosn from Japan
KANA INAGAKI AND LEO LEWIS — TOKYO specially modified crate designed to technically a crime in Japan, the act of
look like concert equipment, involved assisting someone in doing so could not
The US father and son accused of
months of planning. be one either. Their lawyer sought yes-
orchestrating Carlos Ghosn’s elaborate
Key to the plot was working out which terday to play down Peter’s role in the
escape from Japan via bullet train, pri-
of Japan’s airports had security weak- plot, saying that his involvement was
vate jet and a musical-equipment box
Benzema’s recall exposes have pleaded guilty in a Tokyo court.
nesses that could be exploited for the “mere accessory to Michael”, although
French divisions once more crucial moment when the crate was the father and son were given equal
Michael Taylor, a 60-year-old former loaded on to a private jet without its responsibility in the indictment.
Six years after France footballer Karim Green Beret, and his son Peter, 28, who human contents being checked. According to prosecutors’ opening
Benzema was expelled from the were extradited to Japan this year after Ghosn, who remains in Lebanon and statement, Ghosn had been planning his
national team amid blackmail claims their arrest in Boston in 2020, face up to claims that his escape was driven by the escape from Japan from about June 2019
involving another player — the case three years in prison. need to “flee injustice”, faced financial and asked Michael to orchestrate the
goes to trial this October — the star The two appeared handcuffed before misconduct charges, which he denies. plan initially through his wife, Carole.
striker is finally back in a blue shirt. But a three-judge panel in the Tokyo District When the chief judge asked whether Four months later, Ghosn paid
the Real Madrid player’s selection has Court yesterday to hear prosecutors lay there was any mistake in the prosecu- $862,500 to a company managed by
once again exposed the deep national out the details of the plot to extract tor’s statement that he had helped with Peter to cover the fees for the private jets
debates over race. Even if ‘Les Bleus’ Ghosn, the former Nissan chair, from a Ghosn’s escape, Michael Taylor said: after multiple secret meetings between
win Euro 2020, as the bookmakers large house in central Tokyo and smug- “No, your honour.” Asked a similar the two men in Tokyo. The first day of
expect them to, it is unlikely to heal gle him to Lebanon. question, his son also responded: “No.” the trial revealed how Ghosn had easily
France’s divisions. The escape, which involved moving Before the Taylors’ extradition from bypassed Japan’s bail conditions,
Analysis i PAGE 4 Ghosn between hotels in Tokyo and the US, their lawyers had argued that communicating with the Taylors via
Osaka before concealing him in a since the act of “jumping bail” was not messaging app Signal.

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2 ★ FINANCIAL TIMES Tuesday 15 June 2021

INTERNATIONAL

European Pressurised Reactor

Concern grows over possible China radiation leak

French government keeps Nuclear Power Plant, which is majority problem dated to October 2020, said Taishan is 70 per cent owned by CGN, on an EPR nuclear plant in the UK, CNN said US president Joe Biden’s
held by China General Nuclear Power EDF in the briefing, adding that the with the remainder held by EDF. It is the which is under construction at Hinkley National Security Council was monitor-
eye on plant partly owned Corp. Noble gases are inert gases, such measurements of the inert gases were, first nuclear plant in the world to oper- Point in Somerset, south-west England. ing the situation but did not yet think
by state-backed EDF as helium, xenon and radon. based on data at their disposal, below ate a European Pressurised Reactor — a Citing unidentified sources and docu- that a “crisis level” had been reached.
It added that such increases were “a the maximum levels authorised in Franco-German technology haunted by ments, CNN reported yesterday that CGN declined to comment. The Tais-
TOM MITCHELL — SINGAPORE known phenomenon, studied and pro- China. They said that it was too early to delays and cost overruns for two dec- EDF unit Framatome had recently han municipal government and China’s
DAVID KEOHANE — PARIS vided for in reactor operating proce- judge if the reactor would need to be ades. The Taishan plant’s first reactor informed the US government of a poten- National Nuclear Safety Administration
SUN YU — BEIJING dures”, but said it was calling for the halted to fix the problem. began commercial operations in tial “imminent radiological threat to the were not immediately available for
EDF, the French state-backed utility, extraordinary board meeting to review On Sunday night, the Taishan Nuclear December 2018, with its second reactor site and to the public”. comment yesterday, a public holiday.
said it was seeking to hold an extraordi- all available data. Power Plant said its two reactors were coming on stream in September 2019. “Framatome is supporting resolution Nuclear power is central to President
nary board meeting of its joint venture EDF said later yesterday that the operating normally. “The [plant’s] envi- Taishan, with a population of 1m, is of a performance issue with the Taishan Xi Jinping’s environmental goals, which
nuclear power plant in China after a build-up of inert gases in Taishan ronmental indicators and its surround- about 75km west of the Pearl River Nuclear Power Plant,” Framatome said include achieving net zero carbon diox-
report of a possible radiation leak. seemed to be due to issues with the cas- ings are normal,” the plant said. Delta, the most densely populated part yesterday, adding that “according to the ide emissions by 2060. There are about
In a statement yesterday, EDF said it ing around some fuel rods, which repre- It added that the plant’s second reac- of southern Guangdong province. Hong data available, the plant is operating 50 nuclear reactors operating in China,
had been “informed of the increase in sented the first of three containment tor had recently completed a scheduled Kong is about 140km from the power within the safety parameters”. accounting for about 5 per cent of total
the concentration of certain noble barriers at the reactor. overhaul and had been reconnected to plant. The French government is following power generation.
gases” in the first reactor at Taishan The first indication of a potential the electricity grid on June 10. CGN and EDF are also collaborating the situation, according to officials. Additional reporting by Qianer Liu

Russia. September election

Navalny effect neutralised by tame opposition groups

ment, often vote against United Russia.
Popularity of Putin’s party Given United Russia’s strength, oppo-
has hit rock bottom but sition MPs sometimes dissent from the
Kremlin knowing it will be of little con-
victory at polls is guaranteed sequence. Consciously or not, they also
help neutralise falling popular support
for United Russia, or Putin himself.
HENRY FOY — PENZA
Thus, while United Russia heads into
In its large but faded local headquarters the election with ratings at a historic low
in the Russian city of Penza, Alexander of 29 per cent, the Kremlin knows that
Rogozhkin insists his Communist party any swing towards the systemic opposi-
is doing everything it can to win power tion will not alter its hold on parliament.
from Vladimir Putin’s regime — except “The unpopularity of Putin does not
join forces with the man who has most at the moment equate to the popularity
shaken the president’s rule. of Navalny. People are cautious about
“We are oppositionists . . . We hate new political figures,” said Strounin. “I
United Russia and Putin,” he said. “We think that the majority [of people upset
support people who protest against the with Putin] would join us instead of the
status quo, but not the programme of communists or LDPR, but they are
Alexei Navalny.” scared of persecution.”
Navalny’s anti-corruption investiga- Asmik Srkeyan, a university student
tors and regional activists built the big- who joined the spring protests, tacitly
gest political challenge to Putin’s 21 confirms that view. “Many young peo-
years in power but that was not enough ple do not see Navalny as their leader
to prevent him being jailed this year but as someone who creates an opportu-
after surviving nerve agent poisoning. nity for protest, to express their anger
But Navalny’s movement, and nation- and voice their opinions,” she said.
wide protests against the jailing that “There are no safe spaces left for
drew 100,000 people this spring, have opposition voices or opinions in Rus-
also exposed the failure of elected oppo- sia . . . KPRF and LDPR do not actually
sition parties to challenge Putin’s rule. organise any oppositional events,” she
Many of these parties’ grassroots said. “They are parties for older people,
members joined the protest rallies but they belong to the past.”
their leaders in Moscow condemned There has been some collaboration
the unrest. Tension between party bases meets Putin this week in Geneva, has Seeing red: between Navalny and the systemic
and leaders may well grow during Sep- Virus surge Russia’s capital has ordered workers to cases on Sunday, the highest daily said he will “make it clear we will Communist opposition. His organisation helped
tember’s parliamentary elections, when Moscow stay at home this week and reopened tally since February, of which 7,704 not . . . stand by and let him abuse” party members arrange sustained mass protests in
the supermajority of Putin’s United Rus- several makeshift coronavirus were in Moscow, the city’s highest human rights. meet in Moscow Khabarovsk, in the far east, after its
sia will be threatened.
sends hospitals after cases of Covid-19 daily total since December. Russia’s so-called official opposition on May 1 LDPR governor was held on charges of
“We communists are under even workers surged to the highest levels this year. Fearing the economic disaster of a comprises the Communist party Mihail Siergiejevicz/SOPA
ordering contract killings. A few senior
more pressure than supporters of Nav- home as The additional vacation days prolonged shutdown, Putin lifted (KPRF), nationalist Liberal Democratic
Imag/Sipa USA
KPRF officials have also condemned
alny,” said Rogozhkin, sitting in an office Covid cases announced by Moscow’s mayor Sergei federal lockdown measures in July and party (LDPR) and a handful of others. Navalny’s jailing. In both cases, though,
adorned with posters of Joseph Stalin. rise sharply Sobyanin reflect the growing unease Russia weathered a huge second wave “The local KPRF and LDPR activists the respective parties’ leaders vehe-
“We are willing to go even further than among Russian officials about rising of infections last autumn and winter, in are our allies . . . but the leaders [in mently disavowed any links, and
him,” he said of Navalny, who is in a infections, and a shift in rhetoric from which its regions were worst hit. Moscow] are collaborators, of course,” repeated Kremlin attacks on Navalny.
prison colony. proclamations that the country had Despite being the first country to said Anton Strounin, the head of Nav- Meanwhile, Navalny’s smart voting
Under Putin’s system of so-called sov- weathered the worst of the pandemic. approve a Covid-19 vaccine, Sputnik V, alny’s organisation in Penza, a city initiative, which informs his supporters
ereign democracy, where the stability of “During the past week the situation the slow pace of production and 600km south-east of Moscow that relies of which KPRF or LDPR candidate
the state is promoted above individual with the spread of the coronavirus distribution, and a high level of on support from the federal budget. stands the best chance of defeating a
freedoms, the group of parties of which infections has sharply deteriorated,” vaccine hesitancy and administrative “This ambiguity, it’s not about a lack United Russia incumbent, has had some
Rogozhkin’s communists is one is Sobyanin said in a statement distrust has frustrated vaccination of understanding of the true situation, successes.
known as the “systemic opposition”. announcing the new rules, which apply efforts. Three more Russian jabs have but accepting the rules of the game.” Rogozhkin was one such candidate,
The parties ostensibly compete for to all non-essential workers in the city. been rolled out since Sputnik V, but As part of that ambiguity, communist but he protested that such support was
votes but not power. In a nod to democ- “It is impossible not to react to such a still only 12 per cent of Russia’s 144m and Liberal Democrat activists joined “useless” and his 2019 election was the
racy, they take seats in parliament but situation . . . To stop the growth of population have had at least one shot, the protests organised by Navalny’s ‘The KPRF result of visiting voters at home.
tacitly support Putin’s administration
and receive direction from the Kremlin.
infections and to save people’s lives.”
That contrasts with remarks by
well below the European average.
Sobyanin on Sunday said Moscow
team. Many, such as Rogozhkin, were
detained by police. But the communist,
and LDPR In Penza, Strounin admits that, given
candidates from Navalny’s team are
The difference with Navalny is strik- President Vladimir Putin earlier this citizens who signed up for vaccination who has a seat in the Penza city parlia- are parties now barred from the September ballot,
ing: last week, his organisations were
outlawed by a court that deemed them
month that life was “gradually
returning to normal . . . half of the
over the next four weeks would be
entered into a lottery to win one of 20
ment, said protesting against Putin was
not the same as protesting for Navalny.
for older the least worst option is to support
KPRF and LDPR candidates instead.
“extremist”, meaning that anyone asso- world is staying at home. Our situation free cars. Polls show a majority of He rejects as “rubbish” the systemic people, they “We want to create competition. Even
ciated with them is barred from running
in elections and faces the threat of jail.
is better than in many other countries.”
Russia reported 14,723 new Covid-19
Russians do not want to get a Covid-19
inoculation. Henry Foy in Moscow
opposition tag, saying the communists,
with 43 MPs the biggest opposition
belong to if it is between artificial parties,” he
added. “Maybe that will push them into
Joe Biden, the US president, who party in the 450-seat federal parlia- the past’ actually becoming real politicians.”

Gas supplies
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Ukraine ready to take legal action against Gazprom over flows
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
ROMAN OLEARCHYK — KYIV to secure gas from the region and obtain vince the Biden administration to can- tists and Russian forces in the Donbas
Trump vs the Valley A Five Star plan? Dear Don...
permission to transport it through cel its recent waiver on some US sanc- region, in the country’s far east.
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Ukraine is prepared to take legal action
HMRC warns Lloyd’s of Brussels Insurance market Gazprom’s pipelines, a process that Vit- tions against Nord Stream 2. Officials from Germany and the US
against Gazprom to unblock natural
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A

renko said could take months. “It’s our view that the game is far from have urged Russia to maintain enough
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped
gas supplies from central Asia, a move
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE

“If they [Gazprom] say no, the next being over,” he said. “We are telling [US gas transit through Ukraine to keep the
non-urgent operations and for A&E treatment while

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of upsetting — LIFE & ARTS

that could ensure it has suffi-

government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens

step would be a complaint [to the Euro- officials] that it’s a national security country’s pipeline profitable and opera-
i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen How To Spend It

engulfed in
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on

cient domestic supply and transit reve-

EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions

fresh tax probe

pean Commission] and arbitration,” said issue for Ukraine, for Europe, and for tional. A 2019 transit agreement with
surge in workload expectedonce Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted toMPs.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the Chic new lodgings

nues even if Russia’s nearly completed

Vitrenko, a process that could take years. the US,” he added. Gazprom lasts until 2024.
FINANCIAL TIMES Nord Stream 2 pipeline comes on
Good Friday, Independence Day, Thanksgiving, the Kyiv could appeal to Brussels to apply Stretching from Russia across the Bal- Vitrenko stressed that even if Nord
330 Hudson Street, day after Thanksgiving, Christmas Day and the day stream this year.
New York, NY 10013 after Christmas Day. EU competition law because it affects tic Sea to Germany, the pipeline Stream 2 were stopped, Kyiv would still
Gazprom controls the flow of gas supply of gas to EU markets. bypasses Ukraine, which stands to lose push Gazprom to carry less expensive
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Tuesday 15 June 2021 ★ FINANCIAL TIMES 3

INTERNATIONAL

Fed stimulus talks aim to avoid taper tantrum repeat

Powell has promised to give plenty of warning about central bank proposals for slowing the pandemic bond purchases
JAMES POLITI — WASHINGTON cussion, given the calm in financial mar- when the echoes of the crash of 2008 FOMC, the first discussions about it are
kets. Equity prices are trading close to were still really quite loud. So this is a expected to take place on today and
The Federal Reserve is set to hold initial all-time highs and 10-year Treasury different planet.” tomorrow. There are details to iron out,
talks on shrinking its $120bn monthly yields have dropped in recent weeks, Moving too aggressively towards a including the timing and conditions of
asset purchase scheme, in a tricky first even as inflation data have shown taper would carry its own perils, said the taper, as well as the speed and com-
step towards dialling back the huge steeper price increases than expected. Stein. It might undermine the Fed’s position of the drawdown in asset pur-
monetary stimulus it put in place during “They have gotten the markets to message that inflation is under control chases. Some economists are calling for
the pandemic. believe that these very high inflation and the labour market is far from fully the Fed to reduce the pace of mortgage-
The discussion is expected to begin as numbers are transitory. That’s exactly healed. backed securities purchases before
early as this week’s meeting of the Fed- what they were hoping for. And they’ve “The Fed has been trying to make the Treasury bond purchases, given the
eral Open Market Committee and achieved that,” said Randall Kroszner, a case, I think reasonably convincingly, booming state of the housing market.
extend over the coming months, as offi- professor at the University of Chicago that a lot of this inflation is transitory, But Powell is unlikely to reveal many
cials weigh a stronger economic recov- business school and a former Fed gover- it’s nothing to really get too agitated specifics of the plan until the economic
ery and higher inflation data. about. The risk is that if they move the picture is clearer, most likely not before
Jay Powell, the Fed chair, has signalled taper up now, the market takes this as a the Jackson Hole conference in August.
he would proceed with care and give
‘Markets would feel much signal that they’re starting to see some- “There will be an acknowledgment
ample warning about the US central better knowing that the thing a little bit more permanent on that they started to have a conversation
bank’s plan for “tapering” bond pur- inflation,” he said. about what the potential path for asset
chases.
fasten seatbelt sign is on As recently as April, purchases will look like,” said Michelle
The Fed has said it would need to see and we could start to land’ Powell insisted the Fed Meyer, a senior economist at Bank of
“substantial further progress” towards was not even thinking America. “But they will reiterate that it
its goals to start slowing its balance nor. “That gives them a lot of runway to about a discussion on will still be some time before substan-
sheet expansion. While that standard try to very, very gradually build expec- tapering, but in recent tial further progress has been
may have been met on inflation, the tations [on tapering], have discussions weeks top central bank made.
labour market recovery has been less and debates. And then when the time officials have signalled that “That will make it clear
robust and filled with uncertainty. comes, begin the move.” the central bank would be that they are being
Moreover, Fed officials do not want to But Powell will also be conscious that ready to proceed with the discus- responsible, that they
repeat the experience of the 2013 “taper the Fed cannot move too slowly in terms sion in the coming meetings. are trying to plan
tantrum”, a sharp sell-off in Treasury of tapering. It risks being criticised for Buying power: shoppers in New York. Jay Powell, right, has indicated tapering Even if tapering is not a formal ahead,” Meyer added.
debt triggered by the Fed’s plans to wind complacency if the recovery picks up of asset purchases will be dictated by evolution of the economy — Spencer Platt/Getty agenda item at this week’s See Markets Insight
down its quantitative easing following even more rapidly than expected, and
the financial crisis. fears of overheating start to materialise.
“If you’re the person making the deci- “It’s just going from emergency
sion as Powell is, 2013 probably looms accommodative policy to just very easy
large for you, maybe larger than it monetary policy . . . it’s time to start the
should. You don’t want to be the author descent,” said Rick Rieder, chief invest-
of another tantrum, that’s surely on ment officer of global fixed income at
their minds” said Jeremy Stein, an econ- BlackRock. “Markets would feel much
omist at Harvard University and a Fed better knowing that the fasten seatbelt
governor at the time. sign is on and we could start to land.”
The US central bank has indicated Ian Shepherdson of Pantheon Macr-
that the tapering of asset purchases will oeconomics said markets should be
not be dictated by any preset timeline, “fairly resilient” in the face of tapering.
but by the evolution of the economy. It “It’s becoming much harder now to
has set an even higher bar for raising justify continuing QE trillion-dollar
interest rates from close to zero, where annualised rates when the economy is
they have been since the start of the obviously rebounding strongly,” he said.
pandemic. “Fiscal policies are super accommo-
The Fed is in a relatively comfortable dative and the fundamentals are way,
position heading into the tapering dis- way stronger than they were in 2013

López Obrador’s popularity

proves exception to regional rule
initially played down the pandemic, was
GLOBAL INSIGHT slow to impose lockdowns, made them
less restrictive when they did occur and
Michael resisted calls to splurge on stimulus
Stott spending.
So far, Mexico has suffered the world’s
fifth-highest excess mortality percent-

A
age since the pandemic began, accord-
s Latin America’s presi- ing to a Financial Times analysis of pub-
dents battle a pandemic lished data comparing death rates with
that has hit their people the historical average.
and economies harder than Yet Alicia Bárcena, head of the UN
any other region, some- Economic Commission for Latin Amer-
thing uniting them is their unpopularity ica, said Mexico’s government remained
with their people. much more popular than its peers
Chile’s Sebastián Piñera and Colom- because of “the perception of the verac-
bia’s Iván Duque had recent approval ity of the commitment which the gov-
ratings of roughly 18 per cent; Brazil’s ernment has declared since its inaugu-
Jair Bolsonaro’s rating stood at 24 per ration to giving priority to attending to
cent, and Argentina’s Alberto Fernán- the needs of the poor”. In addition,
dez was on 32 per cent. Peru has gone López Obrador was seen as “an austere
through four presidents in a year. Social leader who is not corrupt or corrupti-
unrest is sweeping the region. ble”, unlike some of his predecessors.
Long but ineffective lockdowns, scan- “For the majority of the population,
dals over early vaccinations for the well- who are used to not being well served by
connected, overloaded public health their governments, this president
services and inadequate support for the arrives with a message of ‘I’m here for
most vulnerable have fuelled popular
anger. Even before the pandemic, most
Latin Americans had little faith in their
Mexican president was
governments. seen as ‘an austere
“In May, 80 per cent of Latin Ameri-
cans said their country was on the
leader who is not
wrong track,” said Jean-Christophe corrupt or corruptible’
Salles, Latin America chief of pollster
Ipsos. “In this context, Latin American
presidents appear with a very low level the people and my government is not for
of approval.” the elite’,” said Stephanie Brewer, direc-
The exception, he added, was Mexico. tor for Mexico at the Washington Office
Nearing the midpoint of his six-year on Latin America. “Regardless of
term, on Sunday, June 6, President whether his policies are the best, they
Andrés Manuel López Obrador and his have the feeling that he’s on their side.”
allies won a string of state governorships A recent World Bank survey found
and a fresh congressional majority — that fewer households in Mexico experi-
victories his peers in the region could enced food insecurity or loss of house-
only dream about. hold income last year than in most other
As he revelled in his electoral suc- countries in the region.
cesses at a news conference last week, Martha Bárcena, Mexico’s former
López Obrador heard his ministers ambassador in Washington, said López
announce that almost one in three of Obrador had given priority jabs to the
Mexico’s adult population had been vac- most vulnerable and had converted
cinated and schools were reopening. many hospitals into specialist Covid-19
“As we faced the pandemic and there treatment centres. “The poorest and
was an economic crisis . . . what did most vulnerable saw that they were
they ask me to do?” the president said, attended to in equal conditions to the
referring to Mexico’s elite. “To rescue middle and upper classes,” she added.
those at the top — and we opted to sup- As they contemplate protests along
port from the bottom up, because that is the Andes, even some of López Obra-
how it should be, for the sake of human- dor’s harshest business critics admit to a
ism, social justice and security.” grudging respect for the social peace he
López Obrador is famous for his rhet- has bought Mexico amid the pandemic.
oric and the skilful messaging conceals “We may not like López Obrador’s
more awkward truths: Mexico’s excess economic policies; in fact, we hate
death toll during the pandemic has been them,” said one banker in Mexico City.
one of the world’s highest, and the gov- “But we have to recognise that he has
ernment’s refusal to take on extra bor- delivered a few years of political stabil-
rowing has limited its ability to support ity, which has spared us from the mess
those hurt most by the pandemic. engulfing countries further south.”
Much of López Obrador’s approach to
the pandemic has been idiosyncratic: he [email protected]
4 ★ FINANCIAL TIMES Tuesday 15 June 2021

INTERNATIONAL

Rising infections Diplomatic row

PM delays final easing of England lockdown HK-Taiwan

spat poses
Johnson calls for jabs sive care were rising across the country, Twenty-three and 24-year-olds will government has spent £407bn on sup- June 21, both indoors and outdoors, but threat to
cross-strait
adding that the rate of infections was also be invited to book their first jabs porting business through the crisis. social distancing will be required, along
push but gives no extra growing at 64 per cent week on week. from today. The Federation of Small Businesses with masks and no dance floors.
support to business Speaking at Downing Street, the UK “Now is the time to ease off the accel- had called on ministers to delay the Medical and scientific advisers

SEBASTIAN PAYNE, JIM PICKARD

AND DANIEL THOMAS — LONDON
prime minister called for “one final
heave” to vaccinate two-thirds of the
adult population before relaxing social
erator because by being cautious now
we have the chance in the next four
weeks to save many thousands of lives
tapering of the furlough scheme —
which provides 80 per cent of usual sal-
ary — as well as write off bounce back
believe the Delta strain is 40-80 per cent
more transmissible than the previously
dominant Alpha variant, first identified
business
distancing restrictions. by vaccinating millions more people,” loans for businesses still shut and in Kent. The new Covid-19 variant is
Boris Johnson yesterday announced a Around 41m across the UK have Johnson said. extend full business rates relief for busi- currently growing at 70 per cent week KATHRIN HILLE — TAIPEI
PRIMROSE RIORDAN AND
four-week delay to the final easing of received one vaccine dose, while 30m Some senior ministers privately nesses in retail, hospitality and leisure. on week across the UK. NICOLLE LIU — HONG KONG
England’s lockdown restrictions, saying have been fully vaccinated. expressed unhappiness with the delay, The Treasury is resisting pressure for But new data from Public Health Eng-
the latest data indicated the Delta vari- Johnson said the delay would give while a significant number of backbench more business support. The govern- land highlighted the effectiveness Diplomatic representation between
ant is now more transmissible and has time to offer a second dose to around Conservative MPs could rebel against ment announced in the spring it would against the Delta variant of the two vac- Hong Kong and Taiwan is set to end this
sparked a surge in cases throughout the two-thirds of the population including the latest move, citing the success of the not withdraw the furlough scheme in its cines in use in the UK. The analysis sug- year as political tensions threaten one
country. everyone over 50, all frontline health UK’s rapid vaccination programme. entirety until the end of September. gested the BioNTech/Pfizer vaccine is of the region’s most important trade
The UK yesterday reported 7,742 new and care workers and everyone over 40 Businesses warned of a “devastating” But the prime minister did make 96 per cent effective against hospitalisa- and investment relationships.
cases and a further three coronavirus who received their first dose by mid- impact from the extension without fur- some concessions. The cap on those tion, while Oxford-AstraZeneca vaccine
deaths. Johnson said numbers in inten- May. ther government support. The Johnson attending weddings will be lifted from is 92 per cent effective. Staffing at Taiwan’s representative
office in Hong Kong has dwindled over
the past two years as the territory has
stopped issuing visas, and documents of

Euro 2020 Benzema the target as culture wars hit ‘Les Bleus’
those who remain are due to expire by
the end of November.
Hong Kong also suspended opera-
tions of its representative office in Tai-
pei two weeks ago, ending its official
presence there. Taipei has begun mak-
ing contingency plans for a situation
Simon without on-the-ground representation
Kuper in Hong Kong, two senior Taiwanese
officials said.
The breakdown in relations follows
rising military tensions between Taiwan
and China and a crackdown by Beijing
on pro-democracy groups in Hong Kong
When France met West Germany in that has led some activists in the terri-
Seville in the World Cup semi-final in tory to seek refuge in Taipei.
1982, many French fans regarded the China claims Taiwan as part of its ter-
Germans as more than just opponents: ritory and has threatened to annexe it if
they were the descendants of wartime the island fails to submit to its control
enemies. The flying kick by German indefinitely.
keeper Toni Schumacher that put Analysts said that cutting official
Frenchman Patrick Battiston in hospi- channels would undermine Hong
tal, and France’s agonising defeat on Kong’s traditional role as a conduit for
penalties, evoked traumatic memories. business and financial exchanges
But when France meet Germany in between Taiwan and China. Despite the
Munich today for their first match of dispute with Beijing over sovereignty,
Euro 2020, some French fans have cho- Taiwanese companies are among the
sen a different enemy: their own centre- largest foreign investors, employers and
forward, Karim Benzema. exporters in mainland China.
France’s far right has cast him as the A significant part of trade across the
personification of the banlieues, the Taiwan Strait trade goes through Hong
mostly poor, immigrant suburbs where Kong, and many Taiwanese investors in
France stores its lowest castes. The ban- China also use Hong Kong for financial,
lieues have replaced Germany as the taxation and legal purposes. Last year,
locus of French fears of violent attack. Taiwan was Hong Kong’s second-largest
Once again, the world champions have trading partner, while Hong Kong was
become the object of a Donald Trump- Taiwan’s fifth-largest, with HK$504bn
style culture war centred on race. Under attack: flesh. Some French people never Disaffection with Les Bleus peaked In 2013, a ing stances for blackness or against ($65bn) in total bilateral trade.
In 2015, Benzema was expelled from Karim Benzema, accepted that this national symbol during the World Cup of 2010, when the French racism. Taiwanese companies invested
the team after claims he helped a friend centre, plays for should be predominantly non-white. players, quarrelling with their coach, poll by The attacks on Benzema have US$912m in Hong Kong in 2020, while
blackmail a fellow international over his country in a In 1999, France’s National Consulta- went on strike mid-tournament. consultants reminded them of that. Stéphane Hong Kong-registered companies inves-
what became known as “la sextape” — Euro 2020 tive Commission on Human Rights Months afterwards, officials in the Ravier, senator for Le Pen’s Rassemble- ted US$555m in Taiwan.
the case goes to trial in October. At the warm-up match inserted a new question into its annual French football federation discussed BVA found ment National (RN) party, called the “Hong Kong has been a springboard
time, the far-right leader Marine Le Pen against Bulgaria. survey of racist attitudes: were there reducing the number of black players in that 82 per forward “a paper Frenchman”. Most far- for Taiwanese companies into mainland
led the charge: “Karim Benzema ought Below, France’s “too many players of foreign origin in national youth training centres. In 2013, right supporters opposed Benzema’s China and it has also been a springboard
never to have entered the French team. I victorious 2018 the French football team?” The previous a poll by consultants BVA found that 82 cent of recall, said pollsters Ifop. And the RN for Chinese [companies] into Taiwan,”
think he is someone who has repeatedly World Cup year, “players of foreign origin” had per cent of French people had “a bad French has opened another front in the culture said Liu Meng-chun, a research section
expressed contempt for France.” Now, winning team made France world champions. Yet 31 opinion” of Les Bleus. war, with party vice-president Jordan director at the Chung-Hua Institution
after nearly six years in the doghouse, Franck Fife/AFP/Getty
per cent of respondents either totally or In 2018 a squeaky clean, mostly non- people had Bardella complaining that a rapper was for Economic Research, a Taiwanese
he has been recalled to Les Bleus. mostly agreed with the statement. white team, playing without Benzema, ‘a bad chosen to compose the team’s official government-backed think-tank.
Benzema is a tailor-made target for restored Les Bleus’ popularity by win- song for Euro 2020. Bardella called this Tensions between Hong Kong and
the far right. Of Algerian origin, he grew ning the World Cup. Today, France’s opinion’ of a surrender to the “racaille” (“scum”) — Taipei have escalated over the past two
up in a banlieue outside Lyon, then favourite footballer, according to a poll Les Bleus a longstanding code word for non-white years after the territory started deman-
became a multimillionaire expat at Real by Odoxa, is Kylian Mbappé, a Parisian young banlieusards. ding Taiwanese diplomats sign docu-
Madrid. He once called Algeria “my banlieusard of Cameroonian and Alge- France are bookmakers’ favourites to ments declaring their country part of
country”. rian descent. He said: “I’ve always felt win Euro 2020. Yet, even if they do, it China as a precondition for being issued
Just after the “sextape” story broke, French. I don’t renounce my origins, will not heal national divides. That is a visa. After Taipei refused, the number
the terrorist attacks of November 2015 because they are part of who I am, but exactly what many had hoped for after of staff at its Hong Kong office began to
when terrorists killed 130 in Paris, never at any moment was I made to feel World Cup victory on home soil in 1998. dwindle, from 20 to eight today, accord-
raised French anxieties about young I wasn’t at home here.” Demographer Michèle Tribalat said ing to the Mainland Affairs Council, Tai-
immigrant-origin men. Eight days after Such sentiments of belonging are reg- then that the multicultural team had wan’s cabinet-level China policy body.
the attacks, Benzema was filmed spit- ularly expressed by the players of 2018, done “more for integration than years of Taipei has been careful to avoid being
ting — without intent, he insists — after a who objected to the joke by South Afri- political will”. Events since suggest oth- seen as making it too easy for Hong
playing of France’s national anthem, the can-US television comedian Trevor erwise. The French team is not a ham- Kong dissidents to flee to Taiwan, but
Marseillaise. Noah that “Africa won the World Cup”. mer, an instrument that can remake civil society groups on the island have
In many countries, the national foot- No doubt the players are being sincere, France. Rather, it is a mirror in which supported the protest movement with
ball team is felt to be the nation made but they also know they cannot risk tak- the country views itself. advice, money and logistics.

Monetary systems. Regulation Post-lockdown recovery

Central banks confront digital currency dilemma S Korea ship groups plan IPOs
as global trade bounces back
cryptocurrencies begin to seriously firmer approach towards bitcoin and its Unlike cryptocurrencies, which oper-
Loss of financial privacy a compete with regular currencies and peers, although there are differences of ate on decentralised systems, central
threat as policymakers look fiat currencies, regulators and policy- opinion over how to hard to crack down. bank digital currencies would be issued, SONG JUNG-A — SEOUL ities to meet stricter environmental reg-
makers will crack down.” Meanwhile, central banks are backed and controlled by national ulations.
South Korean shipbuilders and sea
at official versions of bitcoin There are broadly two options: regu- embracing cryptocurrency technology banks, allowing them to pay money
freight companies will seek to raise bil-
Global shipyards and shipping groups
lation and competition. Most countries in an attempt to compete with existing directly to individuals. That would ena- are having their best year in more than a
lions of dollars via stock market list-
are inching towards a combined coins. Nearly 90 per cent of central ble central banks and governments to decade thanks to a faster than expected
EVA SZALAY — LONDON ings in the second half of 2021 as the
COLBY SMITH — NEW YORK approach of tightening supervision over banks have launched projects on issuing monitor every transaction and all recovery in global commerce, with surg-
reopening of economies from lock-
THOMAS HALE — HONG KONG cryptocurrencies and private payment digital currencies, according to the Bank money movements in their economies. ing demand leading to a leap in ship-
downs drive a global trade rebound.
The dilemma central banks face over systems, while also developing central for International Settlements. “A digital currency revolution could building orders and freight rates.
how to tackle the world’s rapidly grow- bank-backed digital coins. go in two directions: either a triumph of Shipbuilder Hyundai Heavy Industries Ship orders globally doubled in the
ing cryptocurrency market has been The EU set out a regime for overseeing decentralisation and market forces or a and sea cargo groups H-Line Shipping first quarter from a year earlier, to
thrown into stark relief in recent days cryptocurrency markets in September
‘It is no surprise that triumph of centralisation and govern- and SM Line are planning initial public 10.2m compensated gross tonnage, a
by two very different announcements. and national regulators in the bloc have governments are not ment monitoring of every transaction,” offerings worth up to a combined measure of the work needed to build a
On Thursday, the Basel Committee on also taken steps. Randall Kroszner of the University of $3.3bn, according to investment bank- vessel, according to industry tracker
Banking Supervision, the global regula- Regulators elsewhere are also on the
inclined to give up their Chicago Booth School of Business told ers with knowledge of the deals, as the Clarksons Research. Korean shipbuild-
tor, described cryptocurrencies as some move. In May, the People’s Bank of monetary monopolies’ the Financial Times. companies bet on a potential multiyear ers won more than half of those orders.
of the world’s riskiest assets, and called China escalated its multiyear crack- Last month, US Federal Reserve chair supercycle for trade-related sectors Clarksons has forecast global orders
for tougher capital rules and stricter down on cryptocurrencies, saying Potential benefits include making Jay Powell outlined its plans to assess after a decade-long slump. will jump almost 50 per cent this year to
oversight of investors’ holdings. financial institutions should not accept cross-border payments cheaper and the prospects of a digital version of the “Investor sentiment on the sector is 31.5m CGT and will reach an annual
El Salvador had just a day earlier them as payment or offer services faster and giving access to the monetary dollar, although he said there would be a improving fast as the industry is enter- average of 35.6m CGT between 2022 and
announced that it would make bitcoin a related to them. system to all individuals. National dig- “thoughtful and deliberative process”. ing an upcycle,” said a South Korean 2025. Hyundai Heavy has won orders
legal tender — the first country to do so. China, which once accounted for the ital currencies could also trigger a That leaves policymakers and regula- investment banker close to the situa- for 42 vessels worth $5.9bn this year,
Regulators and central banks are majority of bitcoin trading globally, first reshuffling of the world’s most domi- tors racing to tackle the ethical issues tion. “We expect strong demand for the compared with $3.5bn for all of 2020.
fighting for control of the monetary sys- moved to close down cryptocurrency nant currencies. involved, as the role of privately run IPOs as growth is expected with higher H-Line Shipping, the country’s
tem as cryptocurrencies become an exchanges in 2017. Last month, there “We do not usually associate disrup- cryptocurrencies grows rapidly. vessel prices and shipping rates.” second-biggest bulk carrier company, is
increasing challenge to fiat currencies, were also signs of greater pressure on tion with central banks. But a major “The dilemma society faces is: do we Hyundai Heavy Industries, part of the expected to raise $800m-$1bn from an
threatening to blunt the levers of mone- the mining of virtual currencies, with move to introduce central bank digital really want a central bank to know all world’s second-largest shipbuilder, is IPO in November. SM Shipping, a con-
tary policy. the province of inner Mongolia setting currencies could actually disrupt the about our financial lives?” said Eswar likely to raise $1bn-$1.5bn from a Seoul tainer shipping company, is likely to
“It is no surprise that governments up a hotline where people could report financial system,” said Chetan Ahya, an Prasad of Cornell University. “The great IPO in mid-August, the investment raise $540m-$809m in September or
are not inclined to give up their mone- suspected mining outfits. analyst at Morgan Stanley. irony is that the revolution that bitcoin banker said. The proceeds will be spent October. Shares in Hyundai Merchant
tary monopolies,” said Marion Laboure, After a more sluggish start, US regula- But such a move risks sparking a set off could be the end of [financial] on developing eco-friendly vessels and Marine, Korea’s largest shipping group,
an analyst at Deutsche Bank. “As tors are also showing signs of taking a vicious dispute over data privacy. privacy.” expanding low-carbon production facil- have more than tripled this year.
Tuesday 15 June 2021 ★ FINANCIAL TIMES 5

Investment cycle Venture capitalists are pouring money into Chinese tech start-ups after a 2-year drought y ANALYSIS, PAGE 7

Accounts alert Turning point Orsted chief warns shortfalls in

seabed leases put wind farm ambitions at risk
Novavax
vaccine trial
dents stocks shows 90%
Covid efficacy
linked to India HANNAH KUCHLER — LONDON

Novavax’s Covid-19 vaccine was 90 per

tycoon Adani
cent effective in its late-stage trial in
the US and Mexico and proved it could
tackle the virus variants of concern,
opening the way for the approval of
another shot to control the pandemic.
The US company — which after 33 years

3 Report cites freeze by depository has not yet had a product approved —
said its vaccine offered 100 per cent pro-

3 Ports unit rails at ‘erroneous’ claim tection against moderate and severe
Covid-19. All cases of Covid-19 in the
vaccinated group were mild.
The two-dose vaccine showed 93 per
STEPHANIE FINDLAY — NEW DELHI day that it was “not blocked by any cent efficacy against the variants of con-
HUDSON LOCKETT — HONG KONG
means” and was “fully operational”. cern and the emerging variants of inter-
Shares in companies linked to Indian Adani Ports said yesterday that est, which represented the vast majority
tycoon Gautam Adani, one of Asia’s reports of the freeze were “blatantly of cases. It was 91 per cent effective for
richest men, fell sharply yesterday after erroneous” and done “to deliberately people in high-risk groups, such as the
a report that the country’s largest secu- mislead the investing community”. over-65s and those suffering from
rities depository had frozen accounts Adani Group shared an email sent underlying conditions.
held by foreign funds holding stakes from NSDL saying the accounts were Stanley Erck, Novavax’s chief execu-
worth billions of dollars. active as of June 11, adding that those it tive, said the vaccine maker was now
Four of the six listed Adani Group had frozen did not hold Adani shares. “one step closer” to “addressing the crit-
companies fell by the maximum NSDL confirmed the funds held “dif- ical and persistent global public health
amount permitted by exchange rules, ferent” accounts but declined to com- need for additional Covid-19 vaccines”.
while the billionaire’s flagship Adani ment on the funds linked to Adani. “Novavax continues to work with a
Ports & Special Economic Zone plunged “In general, these kinds of actions are sense of urgency to complete our regula-
as much as 19 per cent. taken because of certain non-compli- tory submissions and deliver this vac-
The drops came after Indian news- ance” or an order from the Securities cine, built on a well-understood and
paper The Economic Times reported and Exchange Board of India, it said. proven platform, to a world that is still
that the country’s National Securities Its web page listing frozen accounts in great need of vaccines,” he said.
Depository had frozen the accounts of was updated every two weeks and that The company uses a traditional
“maybe on the day after tomorrow, we method for its vaccine but grows its pro-
will be publishing fresh data”, it said. tein in moth cells, to scale up rapidly,
Adani Group shared an Sebi did not respond to a request for Denmark’s state-backed green energy champion aims to build 50GW of installed renewable projects by 2030 and then puts it in nanoparticles. This
email from NSDL saying comment. antigen, which teaches the body to rec-
In the past year, Adani Transmission was increasing its commitments to pivoting to renewables and offshore ognise the spike protein, is boosted by a
the foreign funds’ accounts shares have risen 640 per cent, Adani
DAVID SHEPPARD, LESLIE HOOK AND
NATHALIE THOMAS
offshore wind, targeting 50GW of wind earlier than many of its rivals. It proprietary adjuvant.
were active as of June 11 Enterprises 860 per cent and Adani The head of the world’s largest devel- installed renewable projects by 2030 remains 51 per cent owned by the The data from the trial of almost
Total Gas 1,030 per cent. Analysts have oper of offshore wind farms has from a previous target of 30GW. It has Danish state. 30,000 participants in the US and Mex-
Mauritius-based Albula Investment raised concerns over the stocks being warned that governments must ambitions to be a “green supermajor” Nipper pointed to the rising cost of ico is similar to the results previously
Fund, Cresta Fund and APMS Invest- held by a handful of overseas funds with speed up the leasing of seabeds if to challenge Big Oil during the energy seabed auctions in the UK, saying published from Novavax’s trials in the
ment Fund. only a small public float. climate targets are to be met. transition and is expanding beyond some companies were “desperate” to UK and South Africa. Then, it found that
Adani’s net wealth had surged $44bn The three Mauritius-based funds held offshore wind into solar, energy stor- grab offshore licences as they play the vaccine was 96 per cent effective
to as much as $78bn this year based on a stakes in Adani Total Gas, Adani Trans- Mads Nipper, chief executive of age and onshore wind. catch-up in offshore wind. against the original strain of Sars CoV-2.
rally in stocks linked to his energy-to- mission, Adani Enterprises and Adani Orsted, Denmark’s state-backed After reaching an all-time high in At the start of the year, a BP-led con- But the vaccine was significantly less
apples conglomerate. That had propel- Green Energy worth about $5.7bn as of green energy champion, said there January, its share price has shed 38 sortium promised to pay the UK’s effective against the Beta variant that
led him to the position of Asia’s second- Friday, according to Financial Times was clear appetite from a growing per cent to about DKr840 as investors Crown Estate combined fees of more first emerged in South Africa. Last
richest man, sweeping past Chinese calculations based on Bloomberg data. number of companies to develop grow sceptical of the speed of the sec- than £460m a year for rights to build week, Novavax said that a vaccine tai-
technology titans such as Alibaba’s Jack Before yesterday’s sell-off, the market projects but delays to licensing deci- tor’s rally. The stock also suffered two schemes in English and Welsh lored for this variant elicited immune
Ma and within touching distance of Reli- value of the funds’ stakes had risen sions risked pushing up costs as com- after Orsted’s revelation in April of a waters, which analysts and rivals responses in animal and human studies
ance Industries chair Mukesh Ambani. about $2bn in the second quarter. petition for acreage increased. DKr3bn ($489m) bill linked to dam- described at the time as “staggering”. against Beta and other strains, poten-
Yesterday’s stock falls wiped more Analysts at Citigroup reiterated their “There needs to be an exponential aged cables at 10 wind farms but is “Those people who have shown the tially paving the way for use as a booster.
than $6bn off Adani’s net worth, accord- “buy” call yesterday for Adani Ports, increase in the availability of seabed,” still up more than a fifth since the highest willingness to buy a foot in the While the trial data from outside the
ing to Bloomberg figures, putting it at saying developments related to insuffi- Nipper told the Financial Times, start of 2020. door in the industry, they obviously US was published in March, the com-
just under $71bn. cient disclosure were unlikely to have an warning that the pipeline of seabed The company also faces increased have the potential to create imbal- pany has still not finalised its regulatory
The three funds, whose accounts were impact on the company’s prospects. auctions and licensing rounds was competition from oil majors such as ances that are not good for the indus- submissions and has suffered produc-
listed as frozen on NSDL’s website as of India’s stock market has recently hit particularly narrow this year. BP and Royal Dutch Shell that are try,” Nipper said. “The entire industry tion problems that have delayed its
May 31, could not immediately be record highs even as the economy strug- Nipper said Orsted, whose share diversifying into renewable energy. will either be less competitive or end schedules. It said yesterday that it
reached for comment. However, CNBC gles to recover from a severe second price doubled last year as investor Orsted itself was previously known as up having less value-creating prod- needed to meet chemistry, manufactur-
TV18 reported Albula as saying yester- wave of coronavirus infections. interest in renewable energy soared, Danish Oil and Natural Gas before ucts, and that’s not good.” ing and controls requirements.

Contracts & Tenders

Shift from Libor is drawn out, painful and highly necessary
single one. It’s an unreal amount of Instead, Sonia and other alternatives
INSIDE BUSNESS negotiating.” are often used in a backward-looking
There has been progress. Obligations way, taking an average of short-term
FINANCE linked to the UK’s replacement bench- rates over the borrowing period. This
mark, Sonia, are common and have means the size of the repayment is only
Claire become the norm for new issuances in
markets such as UK corporate debt.
known days before it is due, creating
uncertainty for business. Markets such
Jones “The FCA announcement has focused
minds,” said James Leather of Corium
as trade finance would struggle with
such a scenario.
Treasury, who is helping businesses In the US, meanwhile, multiple
handle the transition. “The conversa- benchmarks are vying to succeed Libor,

I
tions between lenders and borrowers on delaying transition and ramping up the
t used to be all so simple. Corpo- how to move to Sonia are becoming cost of hedging exposures. To speed it
rates, wanting to borrow at a float- more and more constructive.” up, officials at the Commodity Futures
ing rate, could take out loans or Companies are becoming increasingly Trading Commission have recom-
issue bonds safe in the knowledge confident in hedging their Sonia expo- mended that interdealer brokers switch
that it could be underpinned by sures, too. their swap trading conventions from
Libor, a benchmark that, for all its Yet challenges remain. One is the Libor to Sofr, the officially endorsed US
flaws, was easy to use and employed the transfer of tough legacy contracts, alternative, on July 26.
world over. which, should Libor cease to exist, con- If that happens, Tom Wipf, chair of
No longer. Libor, or the London Inter- tain either no fallbacks or woefully inad- the Alternative Reference Rates Com-
bank Offered Rate, is in its death throes. equate ones. mittee, a public-private body set up to
The UK’s Financial Conduct Author- In the US, bodies A metric based on slim handle transition, thinks they could rec-
ity said in March that from December tasked with han- ommend a term rate linked to Sofr
31, most of its 35 daily fixings of rates, dling the transition volumes of actual “days, not weeks” after the switch.
which are meant to represent the cost of have passed legis- transactions, set by a small “The sooner there is a term Sofr,
unsecured borrowing in different matu- lation to amend the better,” said Boyce. It would help
rities in five of the most important cur- some contracts, group of City bankers, was settle the market down. Moving on
rencies, would cease to exist. but not everything unfit to play such a role from dollar Libor “is the biggest chal-
Some of the most crucial fixings, is covered by the lenge, primarily because it just blows
involving dollar Libor, are due to be new laws. everything else out of the water in terms
phased out in the middle of 2023. In the UK, there is a lack of clarity, of scale.”
Is the corporate world prepared? No. leading businesses to put off work. For all the chaos, treasurers want
It is not down to lack of trying. Corpo- “You don’t want to go through the transition. Libor, a metric based on slim
rate treasurers (and their lawyers and
lenders) have had to spend a great deal
of time rooting out Libor obligations,
effort of transitioning to something,
spending all that money and time, and
then find out that you didn’t need to,”
volumes of actual transactions, set by a
small group of bankers from 20 lenders
ensconced in towers in the City of Lon-
Businesses For Sale
which over the course of the bench- said Sarah Boyce of the Association of don and Canary Wharf, was not fit to
mark’s life made it into every nook and Corporate Treasurers. “Clearer defini- play such a gigantic role in global
cranny of the financial system. tions of what’s going to count as tough finance.
“We started transitioning in 2018, legacy would be really helpful.” “We want a robust rate that’s trans-
and we’re still going,” said Shaun Another big problem is that unlike parent,” said Kennedy. “There were lots Business for Sale, Business Opportunities, Business Services,
Kennedy, group treasurer at Associated Libor, some current benchmark of things I didn’t like about Libor. The Business Wanted, Franchises
British Ports. “We have a lot of Libor replacements do not at present include transition definitely is a step forward, Runs Daily
.........................................................................................................................................................................................................................................................................
exposure: loans, bonds, private place- term rates that enable borrowers to fix even if it’s taking a long time.” Classified Business Advertising
ments with US investors — a bit of every- the rate they will pay over a set period, UK: +44 20 7873 4000 | Email: [email protected]
thing. We’re having to go through every say three months. [email protected]
6 ★ FINANCIAL TIMES Tuesday 15 June 2021

COMPANIES & MARKETS

Technology Financials

Toshiba chair brushes aside calls to quit Moderna

backer raises
Nagayama lays blame for company and the Japanese government former chief executive who was forced obligation and I would like to focus on Sunday, which was described by one of $3.4bn for
biotech push
to suppress activist investors. to resign in April. fulfilling my responsibility.” its members as involving several heated
woes on ‘confrontational’ The damning report, which included The underlying cause of Toshiba’s Nagayama’s comments came as Insti- clashes as the company worked out its
stance of former chief allegations Toshiba executives had dis- miseries, he said, was the “somewhat tutional Shareholder Services, the next moves.
cussed with officials from the Ministry confrontational stance towards share- proxy advisory service, said it would After the meeting, Toshiba said it
LEO LEWIS AND KANA INAGAKI — TOKYO of Economy, Trade and Industry “beat- holders” fomented by Kurumatani. recommend shareholders vote against would remove two of the people it had
ing up” certain shareholders, concluded Nagayama acknowledged the calls for his reappointment as chair at next nominated as board directors. Both NIKOU ASGARI — NEW YORK
The chair of Toshiba’s board has that Toshiba’s 2020 annual meeting had his resignation and admitted govern- week’s AGM. men were members of the audit com-
Flagship Pioneering, the venture capi-
rebuffed shareholder calls to resign and not been fairly run. ance shortcomings at a company that A big investor was “simply shocked” mittee that concluded there was no
tal company behind Moderna, has
stressed his role was to address the tur- The probe also alleged that Yoshihide has endured an accounting scandal, a by Nagayama’s comments, the lack of an wrongdoing around last year’s AGM.
raised its largest fund as it aims to build
moil at the company as the conglomer- Suga, Japan’s prime minister, had been brush with bankruptcy, and a humiliat- apology and his failure to hold himself ISS responded to Toshiba’s revised
the next generation of biotech compa-
ate lurched deeper into a governance directly aware of Toshiba’s anti-activist ing demotion to the second section of accountable. director nominations by saying
nies.
crisis. campaign last year when he was serving the Tokyo Stock Exchange since 2015. One of Toshiba’s largest shareholders Nagayama “bears the greatest responsi-
Osamu Nagayama refused to quit as as the government’s chief cabinet secre- “The board needs to respond to the said Nagayama “sounded like a tourist” bility in nominating candidates, and has The $3.4bn fund is one of the biggest
the company prepared for its second tary. Suga has denied the claim. situation by normalising operations as and had offered no clarity on why he the ultimate responsibility for the con- amassed in the pharmaceutical indus-
emergency shareholder meeting this Nagayama used a press conference soon as possible,” he said. “There is tak- was fit to lead the organisation. duct of the board”. try and comes at a time when invest-
year after an independent report yesterday to lay the blame for Toshiba’s ing the responsibility [by stepping The press conference followed an Shares in Toshiba rose 2.7 per cent ment is flooding into the sector, fuelled
exposed collaboration between the crisis on Nobuaki Kurumatani, the down] and the responsibility to fulfil my emergency Toshiba board meeting on yesterday. by the numerous early-stage companies
racing to make treatments and vaccines
to tackle Covid-19.
“The expanded capital base is going to
allow us to . . . conduct pioneering sci-
ence, company creation and growth all
under one roof,” Noubar Afeyan,
founder of Flagship, said.
Flagship’s fund VII comprises $2.2bn
raised from investors this year and
$1.2bn raised in 2020. The company
plans to deploy the cash over the next
three years.
Rather than hunting for existing
early-stage biotechs to finance, the Mas-
sachusetts-based group invests in devel-
oping technologies and establishing
companies within its own walls. Teams
are built in specific areas of interest with
the aim of spinning out to form individ-
ual companies as the research develops.
“It’s not in the traditional sense of the
word an investment fund . . . none of
what we do comes from outside,”
Afeyan, who founded Flagship in 2000,
told the Financial Times.
“It is dedicated to advance each and
every bio platform that we invent in-
house.”
Flagship’s most renowned company is
Moderna, which was established in
2010 with the aim of developing mRNA
therapeutics, and whose chair is Afeyan.
The vaccine maker sold $1.7bn worth of
Covid jabs in the first three months of
the year and its share price has rocketed
more than 1,000 per cent since the start

Acropolis now European holidaymakers are busy

booking summer trips while Britons
are being told to stay at home,
The UK government this month cut
the number of countries it deemed
safe to visit and no major holiday
Bookings from the UK rose 74 per
cent last month but many were to
Portugal, which has since been taken
with the majority of our bookings
showing a strong swing towards
Europe when in normal times it would
of 2020.
Afeyan described Flagship’s strategy
as “explorations” and “an unbounded
EU travellers prompting anger from the UK’s
battered travel industry as it lags
destinations now feature on its “green”
list. It argued a “safety first approach”
off the green list of countries deemed
safe. Since the country was taken off,
be a 50-50 split with the UK,”
Lundgren said.
attempt to create scientific advances
coupled with product advances”. He

rush to enjoy behind its continental neighbours.

Flight bookings for holiday hotspots
such as Spain and Greece have fuelled
would help ease domestic restrictions
more quickly.
In contrast, travel restrictions are
the upward trend in UK bookings had
stalled, Skyscanner said.
The emergence of a two-speed travel
“Europe is demonstrating that a safe
reopening of travel is possible and so
we continue to urge the UK
said that developing vaccines at Mod-
erna began by asking “if we could use a
code molecule or some kind of a mole-
summer trips a recovery in air travel from countries
across the EU since early May.
set to loosen within the EU from July
1 with the introduction of digital
industry has led some airlines to
redirect aircraft away from the UK
government to do so urgently,” he said.
Andrew Flintham, managing
cule that could instruct the body to
make any drug we wanted”.
Reservations for intra-EU flights health passes, which will allow people and into the EU. director of the UK arm of Europe’s Flagship has $14.1bn assets under
reached nearly 50 per cent of pre- to travel freely if they have been EasyJet chief executive Johan largest tour operator, Tui, said the UK management and spent $373m on its
pandemic levels in June, according to vaccinated, recovered from Covid-19 Lundgren told the Financial Times his “risks becoming a nation of stay-at- companies in 2020. Last week, its drug
data provider ForwardKeys. or have proof of a negative test. airline had added 150,000 further homes”. discovery business, Valo Health,
But the same pattern has not Flight bookings from customers in seats over the summer to its intra- AirlinesUK, the industry lobby announced it would go public by merg-
Visitors explore the Acropolis emerged in the UK, where the France, Germany, Spain and Italy rose European network. group, wrote last week to Rishi Sunak, ing with a special purpose acquisition
Museum in Athens on its government is urging people to take a 110 per cent in May compared with The carrier has also moved capacity, UK chancellor, to demand fresh company.
reopening last month. Greece is “staycation” instead, despite the April and have been trending higher, including shifting flights to Palma, support for UK airlines as the prospect Afeyan said Flagship’s scientists were
seeing a surge in bookings from country’s rapid vaccination rollout. with the most popular destinations Mallorca, from the UK to Germany. of another lost summer grows. interested in advancing machine learn-
travellers within the EU, while UK to EU flights were at just 20 per including Palma, Ibiza and Crete, “[The] relaxation and removal of Philip Georgiadis and Alice Hancock with ing tools that could understand the
Britons are told to stay at home cent of their level before the crisis, according to separate data from flight restrictions has sparked a positive additional reporting by Mehreen Khan in human body at a more complex and
Aris Messinis/AFP via Getty Images
ForwardKeys said. search company Skyscanner. booking momentum across Europe, Brussels granular level than humans, as well as
the field of pre-emptive medicine.

Legal Notices
Businesses Automobiles Aerospace & defence

For Sale Lordstown chiefs depart days GE and Safran explore plans
after ‘going concern’ warning for lower-emissions jet engine
GEORGE STEER — LONDON Lordstown was in March accused by SYLVIA PFEIFER looking like the villain of the piece in the
short seller Hindenburg Research of next two decades,” said Sandy Morris,
The chief executive and chief financial Two of the world’s largest aero-engine
inflating orders, exaggerating the viabil- analyst at Jefferies. “Reducing aircraft
officer of electric vehicle start-up Lord- makers have unveiled plans for a new
ity of the technology used in one of its emissions is an intractable problem
stown Motors have resigned less than a generation of jet engines that promise
planned electric pick-up trucks and looking out perhaps 10 to 15 years.”
week after the company said it risked to cut fuel consumption by 20 per cent
overpromising on when production of Olivier Andries, Safran chief execu-
failing because of a lack of funds. as early as the middle of the next dec-
the vehicle might begin. tive, said: “We have to act now to accel-
ade.
Outgoing chief executive Steve Burns In a separate statement yesterday, erate our efforts to reduce our impact on
will be replaced by independent direc- members of Lordstown’s special com- General Electric and Safran said they the environment.” The French com-
tor Angela Strand, who will lead the mittee, comprised of three independent would extend their engine joint venture, pany had previously said it was working
company until a permanent replace- directors, concluded that the “Hinden- CFM International, by another 10 years on a successor to the Leap engine.
ment is found. burg Report is, in significant respects, to 2050 as part of the commitment. CFM’s demonstration programme
Business for Sale, Business Opportunities,
Becky Roof, who has served as an false and misleading”. The report’s CFM is the world’s largest jet-engine will focus on so-called open fan archi-
Business Services, interim CFO for groups including Kodak “challenges to the viability of Lordstown maker by number of units sold. Its Leap tecture, a design with visible fan blades.
Business Wanted, Franchises Motors’ technology and timeline to start engines power both the Boeing 737 Max It will pursue hybrid electric technolo-
of production are not accurate”. and Airbus A320neo planes. gies and be compatible with both sus-
Runs Daily
............................................................................................................................. The panel acknowledged However, the committee acknowl- The project is the latest sign of the tainable aviation fuels and hydrogen.
Classified Business Advertising
UK: +44 20 7873 4000 | Email: that the company had edged that the group had overstated environmental pressure on the aviation The aim, the two companies said,
pre-order demand for its vehicles. The industry to prove it can decarbonise. would be to lower fuel consumption and
[email protected] overstated pre-order SEC has been looking into the number of A big part of this challenge will fall to carbon dioxide emissions by 20 per cent
demand for its vehicles pre-orders since the spring. the engine makers, notably CFM, Brit- compared with today’s engines.
“One entity that provided a large ain’s Rolls-Royce and Pratt & Whitney, The launch of the programme could
and Aceto, is set to take over in that role number of pre-orders does not appear part of Raytheon, all of which are devel- heighten the stakes in the competition
following Julio Rodriguez’s departure. to have the resources to complete large oping or exploring different technolo- between engine makers to power the
“All changes are effective immedi- purchases of trucks,” it said, while oth- gies to decrease fuel burn and emis- next Boeing plane.
ately,” said Lordstown, which provided ers “provided commitments that sions. The next generation of engines The US group has been considering
no reason for either departure. appear too vague or infirm to be appro- will need to provide a true step-change. whether to launch a new aircraft to take
Shares in the Ohio-based company priately included in the total number of “It reflects the challenge facing the on Airbus’s successful A320 family of
were down 19 per cent to $9.22 by mid- pre-orders disclosed”. aerospace and airline industries to avoid jets. Rolls-Royce recently confirmed it
morning in New York trade. Many pre-orders were obtained from was in talks with Boeing about powering
Strand, described by Lordstown as an “‘influencers’ . . . that committed to a new aircraft. The UK aero-engine
expert in the commercial EV sector, said attempt to secure pre-orders from other group is relying on its UltraFan engine
the group remained “committed to entities but did not intend to purchase technologies to help it break into the
delivering on our production and com- Endurance trucks directly”. market for narrow-body aircraft.
mercialisation objectives, holding our- The Endurance, which Lordstown John Slattery, chief executive of GE
selves to the highest standards of opera- says “helps you get out of any sticky, Aviation, yesterday stressed the initia-
tion and performance and creating muddy or slippery situation”, is meant tive was still in its demonstration phase,
value for shareholders”. to go on sale this year, but the group said but said CFM would nevertheless be
The company last week amended its last week that it lacked sufficient capital ready to compete for whatever new
annual report with the SEC to say that in to begin manufacturing the truck. plane Boeing might launch.
one year it might no longer function as Additional reporting by Claire Bushey The CFM joint venture’s engines CFM, he added, would be “ready if
“a going concern”. in Chicago power Boeing and Airbus planes Boeing offers a platform”.
Tuesday 15 June 2021 ★ FINANCIAL TIMES 7

COMPANIES & MARKETS

China tech investment moves up a

Pharmaceuticals

GSK in $2.1bn
biotech tie-up
gear as boom in US crosses Pacific to develop
cancer drug
Venture capitalists brave fiercely competitive start-up scene where copycats and regulation pose obstacles
HANNAH KUCHLER — LONDON
RYAN MCMORROW — BEIJING
GlaxoSmithKline has agreed to pay a
US biotech up to $2.1bn to collaborate
After two years of struggling to raise
on a cancer treatment in early stage
money, Chinese start-ups are reporting
trials, as the UK drugmaker tries to
that interest from venture capitalists is
shore up a drug pipeline that has come
picking up again, as the boom in the US
under fire from investors.
crosses the Pacific.
“The capital winter is over, competi- The UK pharma group will pay Boston-
tion for deals is fierce,” said Ming Liao of based biotech iTeos Therapeutics
Prospect Avenue Capital. “You need to $625m upfront for the collaboration on
bring something to the table more than an antibody treatment in phase 2 trials
just cash to get into deals now.” for advanced solid tumours, known as
The number of venture deals in China EOS-448.
rose 56 per cent in the first quarter from If successful, iTeos will also receive
a year earlier, the fourth consecutive milestone payments and royalties on
quarter of rising activity, as start-ups sales outside the US.
pulled in Rmb354bn ($55bn) in invest- Dr Hal Barron, GSK’s chief scientific
ment, according to data provider ITjuzi. officer, said immuno-oncology had
Buoyant public markets and a flood of “transformed cancer care” but fewer
foreign money have helped. Tencent, than 30 per cent responded to the lead-
the most active investor, cashed in some ing drugs in the category, checkpoint
gains as its listed investment portfolio inhibitors.
tripled in value last year. VC firms such Following the deal with iTeos, GSK
as GGV Capital, Qiming Venture Part- will be the only company to have anti-
ners and Matrix Partners China raised bodies targeting the three known
large funds. checkpoints. The group plans to com-
In some ways investing in China and bine these with its recently approved
the US is similar; both markets are big Jemperli, which could create more
enough to foster the creation of large effective ways to treat multiple can-
tech groups and Chinese investors say Pedal power: GGV Capital invested in Hellobike when it decided that the bike-sharing company’s leadership was more capable than its many rivals — Reuters cers. GSK will start studies on these
start-up valuations now compare with combinations next year.
their American peers. “We are excited to collaborate with
But investing in China also has its own
China start-up investments over the past six years China’s top 15 investors in 2020 the team at iTeos and together we can
quirks. Each new idea often sprouts a Number of deals Deal value (Rmb bn) Number of investments play a leading role in the next genera-
slew of copycats, and even competitive 3,000 400 0 50 100 150 200 tion of immuno-oncology therapies,”
forays from the country’s tech giants. Tencent Barron said.
Differing culture and government regu- 2,500 Sequoia China The deal comes as GSK prepares to
lation both add to the challenges. 300 Hillhouse outline its plans next week for after its
Cultural differences extend to the 2,000 Matrix Partners China consumer health business is spun off in
Shenzhen Capital Group
type of business models that work. Addor Capital 2022. Chief executive Emma Walmsley
Unlike in the US, where there have been 1,500 200 Xiaomi is under pressure to enthuse sharehold-
sky-high valuations for companies sell- IDG Capital ers apprehensive about the prospects
ing software-as-a-service to large enter- 1,000 Legend Capital for future drugs. US hedge fund Elliott
100 CCI Group
prises, this has yet to develop in China. GGV Capital Management has taken a multibillion-
Shaun Lim of Hopu Investments said it 500 Qiming Venture Partners pound stake and is pushing for change.
can be a struggle for software compa- Source Code Capital GSK and iTeos will share the costs of
nies to sign up subscription customers. 0 0 China Renaissance global development for the potential
2015 16 17 18 19 20 21 5Y Capital
“People here don’t attach as much drug and jointly commercialise it. Any
Source: ITjuzi
value to intangible services. They are profits in the US will be split equally.
more willing to pay for something they
can see and touch,” he said. Lim said one
AI software company he backed losses. Many of its rivals have failed. quickly.” Government policy can also be
increased sales by embedding its soft- In the equally competitive area of a source of uncertainty. In January,
ware applications into the servers it sold. portable power banks, Wanlin Liu, who China’s central bank proudly declared
Other factors that have hindered focuses on tech investments for Carlyle that it had stomped out every single
SAAS adoption include a history of free in China, decided to invest when a win- peer-to-peer online lender in the coun-
pirated software and cheap labour to ner emerged from a first wave of start- try — from a peak of 6,000 — wrapping
handle some of the functions that soft- ups. Even then, as she weighed investing up a campaign that wiped out a wave of
ware can automate. in Energy Monster, she worried about VC bets.
Consumer tech has historically drawn China’s Big Tech companies pushing in. “You always have to be aware of: ‘Is
most VC funding and produced the larg- “You really have to understand all the this company on the right side of China’s
est returns, leading the hot sectors of the top players and any potential competi- longer term government policy?’ ” said
day into booms and busts. While copy- tion from the larger tech giants, before we Gary Rieschel, who founded Qiming
catting ideas occurs everywhere, it can can make the call,” she said. Energy Mon- Venture Partners 15 years ago. “China’s
be of a different magnitude in China. ster has held its lead even after the entrepreneurs have to deal with a great
During China’s infamous “war of a deal of ambiguity,” he added.
thousand Groupons” in the early 2010s, VCs say there are smaller differences
research firms say 1,880 start-ups cop-
‘Everyone in China is throughout the investing process. Start-
ied Groupon’s group-buying business smart. If you’re asleep at ups often engage financial advisers, or
model. The ride-hailing wave fostered FAs as they are known, to contact inves-
214 competitors, at least 20 companies
the wheel, the competition tors. Candid CEO references can be hard
pushed into bike sharing, and 208 have will catch up quickly’ to find. And investing in a fledgling com-
launched businesses that rent out porta- pany that may someday need a new
ble power banks for recharging elec- $240bn delivery group Meituan entered. leader may not end well. Getting senior
tronic devices. “It’s all about execution,” said Liu. executives to “replace the trust that
With such fierce competition, inves- To help assess which teams have what they had in that original founder”, is
tors say execution and hard work can it takes, Nathan Zhong of M31 Capital very difficult in China, Rieschel said.
overcome not being the first mover in a sometimes makes unannounced visits “It’s a low-trust environment.”
new field. For Jixun Foo of GGV Capital to the offices of start-ups at night before Even though SAAS businesses have
it was faith in founder Yang Lei that he invests. On one recent outing, he yet to take off in China, M31 Capital’s
helped him get behind Hellobike’s push found the office of a data analytics Zhong believes software is the future
into the bike-sharing sector when a start-up empty. and finds it valuable to review trends
rainbow of orange, yellow and blue “Their product iterations were not under way in the US. In a recent weekly
share-bikes were already clogging the very fast — the CEO’s determination to meeting, his team spent an hour study-
streets of China’s largest cities. keep fighting was weakening,” he said. ing how growth accelerated at database
“I was convinced that [Yang] could “Getting off work early represented company MongoDB as its use cases
run this in a more operationally efficient that.” M31 decided not to invest. expanded and examined its valuation.
way,” Foo said. “First mover gives you a The unorthodox evening visits are “In the next 20 years China will follow
lead . . . [but] how efficient are you run- part of what M31’s founder Patrick the US in using software to improve
ning relative to your peers? That edge Zhong calls “feeling the temperature” of enterprise efficiency,” said Zhong.
will definitely show over time.” Five potential investment targets. “Everyone “We’re not saying it will be the exact
years later, Hellobike reported almost in China is smart. If you’re asleep at the same path as the US, but it’s a reference
$1bn in sales last year with narrowing wheel, your competition will catch up point.”

Telecoms

Vodafone taps Japan and US to fill Huawei gap

NIC FILDES to break the stranglehold of the largest software providers. Both the UK and
telecoms equipment suppliers on the Germany have made public funds avail-
Vodafone has turned to Japanese and
wireless market, which tightly bundle able for development of open RAN tech
US suppliers to fill the void left by Hua-
proprietary hardware with software. but have stopped short of subsidising
wei in its 5G supply chain after the UK
An open system allows small and companies such as Vodafone to replace
telecoms company awarded Europe’s
potentially innovative suppliers to Huawei equipment.
first big open RAN contract to a host of
break into the 5G market, and has been This has caused tension in the indus-
alternative suppliers.
championed by the US and UK as a way try given that Ericsson and Nokia, two of
The carrier has handed a contract to to increase competition after the bar- Europe’s largest tech companies,
Samsung Electronics, NEC, Dell and ring of Huawei, the largest supplier of already offer alternatives to Huawei.
Wind River to build Europe’s first com- kit, from 5G networks. Vodafone’s initial contracts, awarded
mercial open RAN network. Capgemini, The decision by the UK last year to after months of testing different open
the French consulting group, and Key- ban the use of new Huawei equipment RAN vendors, have, however, gone to
sight Technologies of the US will work for 5G networks from 2021 and to phase Asian and American suppliers. The
on network integration. out existing kit by 2027 has led opera- group said it could look to use Europe-
The contract offers a boost to Sam- tors including Vodafone and Telefónica based vendors in the future.
sung and NEC, suppliers that have to accelerate plans to use alternative “With political and industrial policy
struggled to compete with Huawei, Eric- suppliers of radio equipment. support from the European Commis-
sson and Nokia in the 4G era, as tele- The UK and Brussels have pushed sion and the national governments of
coms companies look to smaller suppli- open RAN as a way to boost their tech the EU, open RAN has the potential to
ers to build 5G networks. industries by opening up telecoms bring more European companies into
Open RAN is a concept that threatens spending to smaller local hardware and this emerging market,” it said.
8 ★ FINANCIAL TIMES Tuesday 15 June 2021

COMPANIES & MARKETS

Fixed income. Riskier debt Fixed income

Greek 5-year
CLOs draw in new support bond yield
after showing resilience turns negative
for first time
TOMMY STUBBINGTON

Greece’s five-year bond yield fell below

zero for the first time yesterday after
the European Central Bank’s decision to
maintain the pace of its asset purchase
programme spurred a rally in riskier
eurozone debt.
The move means that investors are in
effect prepared to pay Athens to borrow
for up to half a decade, despite debt
levels that have soared to more than 200
per cent of GDP during the pandemic.
Italy is now the only eurozone
member with positive five-year
borrowing costs, albeit only marginally
above zero per cent.
Bond markets in the bloc wobbled in
May on speculation that the ECB would
soon respond to an economic rebound
by reducing the size of bond purchases
under its €1.85tn emergency pandemic
stimulus package.
But the market recouped its losses
after ECB officials talked down the
likelihood of “tapering” and then
followed through by sticking with its
recent pace of buying at last Thursday’s
policy meeting.
“We’re seeing this rally because the
ECB has reassured the market it won’t
imminently remove the punchbowl,”
said Richard McGuire, rates strategist at
Rabobank.
Hedge fund Diameter lines up CLO issuance surges as industry shifts to the mainstream Flag day: emerged with both new and existing For Greece, negative five-year yields
Monthly US collateralised loan obligations issuance ($bn) Wall Street managers seemingly preferring tie-ups
launch of loan-backed vehicles akin to Diameter’s.
20
investors have
been buoyed Diameter’s launch follows York
‘The ECB has reassured
after $250m seed money after the CLO Capital ceding control of its CLO the market it won’t
business to a new entity called Generate
JOE RENNISON 15 market came
through the Advisors earlier this year, partnering
imminently remove
One of Wall Street’s hottest hedge funds
10
pandemic well with Kennedy Lewis Investment Man- the punchbowl’
has pulled in a quarter of a billion Kevin Hagen/AP
agement who will provide a $200m
dollars from a small group of investors equity contribution to future deals. are the latest milestone in a stunning
seeking out returns from an obscure 5 Kayne Anderson in January raised comeback since the country was locked
corner of capital markets: collateralised $600m in a fund to invest in the equity out of bond markets and needed a series
loan obligations. 0 of both its own and other managers’ of bailouts during the region’s debt crisis
Diameter Capital, which posted a 24 Mar 2020 2021 May
CLO deals. a decade ago.
per cent gain in its main hedge fund last Source: S&P Global Market Intelligence’s LCD
This is Apollo’s fifth partnership, Athens capitalised on the recent rally
year, intends to use the seed money to starting with an equity financing for by selling €2.5bn of new 10-year bonds
structure and sell its first six CLOs, CLO manager Gulf Stream in 2011, with last week, a deal that attracted a record
which bundle together risky company outstanding, according to Citi. The bank credit markets — from bonds to loans — three others in between. €30bn of orders.
loans and use them to back interest predicts it will grow to $850bn by the recover. “We preferred to build something Despite having one of the highest debt
payments on slices of new debt, each end of the year. Even CLO equity investors, most ourselves that we can infuse with our levels in the world, relatively little is in
with different levels of risk and return. “It is a source of return in a world exposed to the default of underlying DNA as opposed to buying a business the hands of private investors with
The asset class nestles just on the where there are not many obvious issuers, largely ended 2020 with that’s struggling on another platform,” much still in the form of bailout loans
fringe of markets, dominated by returns,” said Craig Bergstrom, chief positive, single-digit returns, according said Scott Goodwin, who co-founded from the EU or purchased by the ECB.
specialists, but demand is rising more investment officer at Corbin, who noted to multiple industry sources. Diameter with Jon Lewinsohn. Some investors say they are happy to
broadly. Diameter’s record as part of the $8.5bn “CLOs have come out pretty The pair met while working at credit own bonds issued by countries such as
The combined $250m investment investment manager’s decision to unblemished,” said Scott Snell at credit fund Anchorage roughly a decade ago, Greece and Italy — which despite very
in Diameter from alternative asset invest. fund Tetragon, which invests in both the starting Diameter in 2017. Investing low yields offer a pick-up relative to
managers Apollo Global Management Once interest has been paid to debt debt and equity of CLOs. “If liquidity across credit markets, it has become deeply negative German rates —
and Corbin Capital, and the pension investors in the CLO, whatever is left had not been provided by the Fed, CLOs known as one of the most prolific hedge because the central bank is likely to
fund of renewable energy company flows through to the equity holders that would have been more adversely funds in recent years. counteract any meaningful rise in
Babcock & Wilcox, also hints at a shift have provided seed capital. impacted but it also would have Goodwin’s first boss working at Citi borrowing costs that could set back the
towards the mainstream. CLOs have been viewed sceptically in been more challenging for all markets, was Jim Zelter, now co-president of recovery.
“CLOs have survived the market the past. Before the pandemic struck, not just CLOs.” Apollo. The ECB’s pushback against tapering
swoon intact,” said Bret Leas, who runs regulators had expressed concerns that Eager to capitalise on the demand, a Both Goodwin and Lewinsohn also speculation came at a time when so-
Apollo’s structured credit business. they had facilitated risky lending with host of fund managers has sought had a long-held relationship with John called spreads between Germany’s bor-
“Therefore the asset class continues to weaker standards and that they could to enter the market or expand their ‘CLOs Zito, Apollo’s deputy chief investment rowing costs and those of more indebted
gain more widespread acceptance. It’s lay the groundwork for a future credit business. officer, cemented after Apollo sup- eurozone members were widening.
no longer niche.” crisis. As a result, some market participants have ported Diameter’s entry into issuing “In the near term, the ECB is very,
Part of the allure for investors is that But CLO participants now feel expect consolidation among CLO survived collateralised debt obligations. very clear,” said Nic Hoogewijs, a
the CLO market offers a way to improve vindicated, arguing that a strong managers. There are 135 CLO managers “A lot of people talk about it but there portfolio manager at Lombard Odier
returns now that low interest rates have rebound from the depths of the in the US, according to Citi, with 50 of the market has been very little CLO M&A,” said Our global Investment Managers. “They do not
made higher yielding assets scarce. coronavirus-induced fall in markets has them managing less than $2bn. swoon Leas. “The price sellers expect to be paid team gives you want to see a tightening of financial
Total issuance of CLOs in the US this proved the resilience of the structure Industry veterans said that, is not typically attractive to firms like market-moving conditions and funding costs for
year is running at a record pace around and offered comfort to cautious depending on the fees charged and the intact. It’s ours when we can just either issue our news and views, sovereigns really is key.”
$70bn, according to data from S&P investors, even if critics still point to the size of the team, it typically takes $2bn no longer own deals or seed other managers. A 24 hours a day Investors are unlikely to bet against
Global Market Intelligence, with the large amount of assistance provided by to $3bn in assets to break even. tie-up is a far more likely way to launch ft.com/markets Greek or Italian debt as markets head to
total market now sitting at $770bn the US Federal Reserve that helped all However, few M&A deals have niche’ a CLO manager these days.” a potential summer lull, said McGuire.

Commodities Equities

Goldman taps soaring demand for car BlackRock ETF assets race past $3tn
batteries with cobalt trading expansion as industry total reaches all-time high
HENRY SANDERSON 2040, according to the International hedging products to carmakers and in CHRIS FLOOD to surpass 2020’s record $762.8bn, across the investment industry, fuelling
Energy Agency. turn hedging its own exposure by according to preliminary data from mergers and acquisitions activity as
Goldman Sachs has stepped up its Assets in BlackRock’s exchange traded
At the moment, carmakers cannot holding physical cobalt, people familiar ETFGI, a London-based consultancy. smaller competitors scramble to
trading in battery metal cobalt, fund business raced beyond the $3tn
easily hedge their exposure to battery with its operations said. The bank BlackRock’s iShares ETF arm has gar- respond to the growing power of Black-
latching on to one of the hottest cor- milestone for the first time in May as
metals such as cobalt since there is too declined to comment. nered net inflows of $123.7bn in the first Rock and Vanguard.
ners of the commodities market as car- the ETF industry’s global assets surged
little trading on exchanges such as the The CME exchange last month five months of this year compared with “We are witnessing a tectonic shift
makers transition to electric vehicles. to an all-time high above $9tn.
London Metal Exchange. launched trading of lithium futures for $37.4bn over the same period in 2020 with the growth of ETFs that will drive
The bank has been active in cobalt The CME Group’s Comex exchange in the first time while the LME is also set to BlackRock predicted last week that the when investor confidence was hit by the significant changes across the invest-
markets since last year and has more New York is also working to build up start trading lithium this year. exchange traded fund industry’s assets escalating coronavirus pandemic. ment industry globally,” said Deborah
recently dipped into physical purchases liquidity in its cobalt contract that Goldman joined the LME’s cobalt would reach $15tn as early as the end of Pennsylvania-based Vanguard has Fuhr, the founder of ETFGI.
of the metal for the first time, according launched in December. “All contracts committee in March 2020, the first bank 2025, helped by increasing demand for Patrick Davitt, an analyst at Autono-
to people familiar with the matter. take time to build,” it said. to be a member. Electric carmaker Tesla environmentally friendly strategies and mous Research, said ETF penetration
The involvement of banks such as Goldman, meanwhile, was providing is also a member of the committee. more usage by debt investors.
‘We are witnessing a could become “significantly higher” in
Goldman could help bring liquidity to The bank has become a key investor ETFs currently account for just 3 per tectonic shift with the both Europe and Asia as well as across
the trading of cobalt, an opaque market in the transition to electric cars. It cent of assets held in equity and bond markets, challenging traditional
where prices are determined privately invested about $1bn this week in bond markets globally, according to
growth of ETFs that will active fund managers.
between buyers and sellers. Swedish battery company Northvolt as BlackRock. “There are decades of drive significant changes’ “It is a very tough task for active
Carmakers need metals such as part of a $2.75bn funding round. growth ahead for ETFs,” said Salim equity managers [due to their inconsist-
lithium and cobalt for batteries and Goldman has a long history of trading Ramji, global head of iShares and index attracted ETF inflows of $161bn so far ent performance and higher fees] to win
some source it directly from miners. But commodities, stretching back to its investments at BlackRock. in 2021, more than double the $66.2bn meaningful inflows against ETFs. Tradi-
they are open to potentially painful takeover of J Aron & Co in 1981. In recent Wall Street’s record-breaking rally registered between January and the end tional actively managed bond funds will
price fluctuations. years, however, it has cut back some of since April 2020 and strong gains for of May last year. About $5.2bn of also face more competition from ETFs,”
The price of lithium carbonate has its physical commodities business. other equity markets have generated Vanguard’s US ETF inflows so far this said Davitt.
risen 65 per cent this year and cobalt In 2014, it sold warehouse operator business for the ETF industry where the year have come via an arrangement that ETF assets managed by State Street
sulphate prices 24 per cent, according to Metro International Trade Services two leading rivals, BlackRock and Van- allows clients to convert an existing Global Advisors passed the $1tn mark in
Benchmark Mineral Intelligence. after a US Senate subcommittee alleged guard, compete in a ferocious price war. mutual fund holding into an ETF. April. The investment manager, the
Prices are likely to continue rising that it had contributed to rising Investors worldwide poured almost The global shift over the past decade third-largest in ETFs behind BlackRock
quickly. To meet the goals of the Paris aluminium prices by shuffling the metal $97bn into ETFs in May across both into low cost ETFs that track broad and Vanguard, has registered inflows of
climate agreement, demand for cobalt is Goldman Sachs holds physical cobalt between warehouses — allegations the funds and products, taking net inflows benchmarks, such as the S&P 500 or $32.9bn so far this year, up from $19.3bn
set to increase more than twentyfold by and offers hedging to carmakers bank has refuted. to $559.3bn so far this year — on course FTSE 100, has created intense pressures in the first five months of 2020.
Tuesday 15 June 2021 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

The day in the markets The Fed view of

What you need to know
inflation comes
3 Rallying energy sector helps lift
with high risks
European shares to fresh record
UK’s travel and leisure stocks trail wider market
3 Global oil benchmark rallies to highest Indices rebased
since April 2019
3 Reports of delay to lifting Covid-19
curbs hit UK leisure and travel groups FTSE 350 Travel & Leisure
120
Mohamed El-Erian
Stocks on Wall Street lagged behind
European peers ahead of a two-day US
115
Markets Insight
central bank meeting that will be closely

T
watched for clues on the future path of 110
monetary policy. he US Federal Reserve tionary trend that is a lot faster than ward commitment to zero rates; and the
Wall Street’s S&P 500 index was down monetary policy meeting many expected. shift to an outcome-based monetary
0.2 per cent by lunchtime in New York, this week has turned from a Yet yields on US government bonds framework.
105
retreating from an all-time high that it hit snooze-fest into a test of the fell sharply despite growing concerns All three extend market expectations
on Friday, while the technology-focused FTSE 350 bank’s control of the narra- about the scale and scope of such infla- of ultra-loose financial conditions
Nasdaq Composite climbed 0.4 per cent. tive it sought to promote in markets: tionary pressures. regardless of economic realities.
Core US government debt sold off 100 that the spike in inflation is transitory. This price action has pushed some to This disconnected liquidity paradigm
yesterday, taking the yield on the How the Fed responds has implica- suggest the Fed should take comfort in is good news for stock investors and for
benchmark 10-year US Treasury up tions not only for its policy credibility the markets’ agreement with the central holders and issuers of corporate and
3 basis points to 1.50 per cent.
95
but also for President Joe Biden’s eco- bank’s narrative on current price rises emerging market bonds. In the process,
This followed a rally last week in which nomic reforms and global financial sta- being transitory. While there may be it encourages the continued migration
investors banked on the Federal Reserve Jan 2021 Jun bility. some merit to this view, it would be to ever more risky opportunities.
looking past high US inflation to maintain Source: Refinitiv Developments on the ground have unwise to give it much weight. But it also comes with considerable
its pandemic-era support for markets. pinned the Fed into a corner of its own One of the loud messages of the past risks. Indeed, a lot more is riding on the
The Fed is widely expected to maintain making as a stronger economy chal- few years is that unconventional central Fed’s judgment — more like faith — that
its $120bn of monthly bond purchases “We expect the Fed to upgrade its another record high with energy the top- lenges its commitment not to tighten bank policies can notably and durably the surge in US inflation will prove tran-
when it meets today and tomorrow. outlook for growth and materially revise performing sector following a further lift policy until there is actual evidence, sitory. And the threats go well beyond
These asset purchases, which have up the inflation forecast,” Tiffany Wilding, in oil prices. rather than forecasts, that employment the institutional credibility that is so
been followed by rate-setters in Europe US economist at bond investment house Brent crude, the international oil and inflation are at target levels — its Demand is on a sharp critical to the effectiveness of Fed policy.
and the UK, have lowered the yields on Pimco, said in a research note. “We think benchmark, climbed as much as 1.3 per “outcomes-based” policy framework. upswing with significantly It risks a sudden slamming of the
government bonds, reducing corporate the majority of Fed officials will also pull cent yesterday to $73.64 a barrel. While longer term uncertainties monetary policy brakes, thereby
borrowing costs and boosting the appeal forward their projections for the first rate Elsewhere in the region, the UK’s travel remain, there is now greater clarity higher public and increasing the possibility of a recession.
of riskier assets such as equities. hike to 2023 [from 2024].” and leisure companies lagged behind the about this year’s US recovery. private consumption Unsettling financial volatility down the
But after a rapid recovery of the US The FTSE All-World index of developed wider market on reports that the planned Demand is on a sharp upswing with road is more likely, another potential
economy fuelled by coronavirus vaccines and emerging market shares hovered lifting of Covid-19 curbs on June 21 would significantly higher public and private headwind to the much-needed period of
and President Joe Biden’s massive around its all-time high yesterday as be delayed by the government. consumption accompanied by a pick-up repress yields and distort market sig- high and sustainable growth.
stimulus programmes, some analysts see investors took a wait-and-see approach The news left the FTSE 350 Travel & in corporate investment and manufac- nals. They do so in two ways. And it results in an unbalanced policy
the Fed’s policymakers bringing forward on monetary policy. Leisure sector down 1.4 per cent turing exports. The supply side is First, ample and predictable central mix that could undermine the Biden
their predictions of the first post- Across the Atlantic, the pan-regional compared with rise of 0.2 per cent for the responding, but insufficiently so. bank purchasing of securities provide administration’s economic and social
pandemic interest rate rise. Stoxx Europe 600 gained 0.2 per cent to broader FTSE 350 index. Naomi Rovnick This has resulted in widespread sup- reassurance for many that the down- reforms that aim to enhance inclusive
ply bottlenecks, inventory problems, ward pressure on yields will persist, prosperity and productivity.
and transportation challenges. Mean- especially when central banks demon- It would be wrong to reduce the mar-
Markets update while, significant demand to hire new strate they are willing non-commercial kets’ reaction to inflation risks to a sign
employees is being frustrated by too few buyers (ie insensitive to rich valua- of a relaxed approach to the underlying
workers able and willing to fill what are tions). Second, floored policy rates dynamics. Instead, it reflects a grudging
now record job openings. encourage investors to opt for longer respect for the ability of a conviction-
US Eurozone Japan UK China Brazil Some of these trends are temporary dated debt in search of extra yield. driven Fed to distort prices for a consid-
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa and should be reversed soon. Others are These two effects are amplified when erable period of time. What is risked
Level 4236.90 1766.92 29161.80 7146.68 3589.75 130480.31 not, with high likelihood that notable central banks continue to back their thereafter, however, should give us all
% change on day -0.25 0.18 0.74 0.18 -0.58 0.80 wage and price rises will stick. actions with the regular reiteration of pause to be more humble and open-
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ Last week’s US data included, once ultra-loose forward policy guidance. minded about the nature of inflation.
Level 90.499 1.212 109.985 1.412 6.390 5.062 again, hotter than expected inflation For the Fed, this has involved three
% change on day -0.062 0.083 0.200 0.000 0.000 -1.291 with an increase of 5 per cent for the factors: repeating that it’s “not thinking Mohamed El-Erian is president of Queens’
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond headline measure and 3.8 per cent for about thinking” about any tapering of College, Cambridge university and adviser
Yield 1.496 -0.252 0.035 0.738 3.126 8.939 core. They confirmed an upward infla- asset purchases; an unusually long for- to Allianz and Gramercy
Basis point change on day 3.030 2.200 1.020 3.100 0.000 -5.400
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 474.64 73.11 71.28 1881.05 28.14 4283.90
% change on day -0.02 0.66 0.66 -0.40 1.74 0.79
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4320 1800 7200

4240 1760 7040

4160 1720
6880
4080 1680
| | | | | | | | |
4000 || | | | | | | | | | | | | | | | | | | 1640 | |
| | | | | | | | | | | | | | | | | | 6720 | | | | | | | | | | |

Apr 2021 Jun Apr 2021 Jun Apr 2021 Jun

Biggest movers
% US Eurozone UK
Resmed 4.58 Endesa 2.53 Royal Dutch Shell 2.68
Adobe 3.38 Royal Dutch Shell 2.51 Royal Dutch Shell 2.50
Ups

Coty 2.84 Repsol 2.30 Intermediate Capital 2.23

Biogen 2.69 Galp Energia 2.15 Halma 2.05
Netflix 2.68 Ageas 2.00 Bp 1.88
%
Baker Hughes -4.79 Philips -4.16 Int Consolidated Airlines S.a. -4.17
Corning -4.34 Grifols -3.05 Rolls-royce Holdings -4.09
Downs

Westrock -3.23 Casino Guichard -1.96 Associated British Foods -2.76

Nucor -3.14 Kerry Grp -1.75 Informa -2.43
Norwegian Cruise Line Holdings Ltd -3.07 Commerzbank -1.38 Just Eat Takeaway.com N.v. -2.00
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Wall Street Europe London

An agreement with GlaxoSmithKline to A recall notification sent Philips sliding SThree slid despite reporting a 22 per
co-develop and commercialise EOS-448 after the Dutch multinational said there cent year-on-year rise in net fees for its
— an experimental treatment for cancer were “possible risks to users related to [a] second quarter, which it said reflected “a
— created a surge for iTeos Therapeutics type of foam” present in some its sleep very strong underlying performance with
shares. and respiratory care devices. sustained improvements in new deal
Under the terms of the deal, iTeos Philips said it had received reports of activity and contractor retention rates”.
would receive an upfront sum of $625m “possible patient impact” due to foam The recruiter, which focuses on filling
and be eligible for an additional $1.45bn degradation with the risks of particulate positions in such areas as science,
in milestone payments. exposure including “headache, irritation, technology, engineering and
A well-received bolt-on acquisition inflammation, respiratory issues, and mathematics, said it aimed to pay an
boosted oil and natural gas group possible toxic and carcinogenic effects”. interim dividend in the current financial
Earthstone Energy, which said it had The recall, which includes the year, to be announced next month.
acquired the working interests in assets it replacement of the current foam with a Travel and leisure groups fell on reports
already operated in Texas from four new material, would lead to an increase of that the UK government would delay a
separate sellers. €250m in expected costs. further relaxation of pandemic restriction.
The $48m deal, funded through cash A raised outlook lifted Uponor as the Airline easyJet, British Airways owner
on hand and borrowings under its senior Finnish plumbing and heating supplier IAG and pub chain Wetherspoons all sank.
secured revolving credit facility, would said it expected comparable operating Serco was among the top mid-cap
give Earthstone access to net production profit to increase 2.5 per cent or more performers after the outsourcer increased
of about 1,150 barrels of oil equivalent a from last year, up from an earlier forecast its guidance for underlying trading profit
day. of level year-on-year operating profit. in 2021 by £15m to around £200m.
Canadian cannabis company Flora Underpinning the revision was the It noted that all of its divisions had
Growth rallied on news that it was buying continuation of favourable conditions in operated in-line or ahead of budgets so
Switzerland’s Koch & Gsell for $22.2m. its Europe and North America markets far this year with demand for its testing
Under the Heimat brand, Koch & Gsell throughout the first half of the year, said and tracing services likely to continue for
manufactures hemp products that Jyri Luomakoski, president. longer than anticipated.
contain less than 1 per cent of Aker Carbon Capture jumped after Citi The update prompted Numis to
tetrahydrocannabinol, the main initiated coverage of the Norwegian upgrade its full-year 2021 and 2022
psychoactive compound in cannabis. group with a “buy” recommendation. earnings per share estimates for Serco by
Flora said it intended to invest about The broker said Aker offered exposure 8 per cent and 4 per cent, respectively,
$2.2m in the Steinach-based group to to the “rapidly developing” carbon arguing the group offered “good
grow the “Heimat brand into new markets capture and storage market. “We expect defensive growth, supported by its good
and to strengthen Heimat’s position in further cost efficiencies to be realised as industry reputation, operational delivery
the Swiss market”. Ray Douglas the business scales up.” Ray Douglas and low financial leverage”. Ray Douglas
10 ★ FINANCIAL TIMES Tuesday 15 June 2021

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 € $ pe r £ ¥ per $ £ pe r € Oil Brent $ Sep Gold $

-0.25% -0.65% -0.02% -0.40%

No change
0.33% 0.18% 0.18% 0.74% 0.36% 0.083% 0.200% 0.233% 1.12%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 15 - - Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World May 15 - Jun 14 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
20,139.47 29,161.80 3,252.13
4,236.90 7,146.68 15,673.64
4,173.85 28,084.47
19,135.81 6,963.33 15,199.68 3,153.32
Day -0.25% Month 1.51% Year 39.31% Day 0.01% Month 4.00% Year 32.02% Day 0.18% Month 1.62% Year 17.24% Day -0.13% Month -0.02% Year NaN% Day 0.74% Month 6.23% Year 30.73% Day 0.09% Month 4.16% Year 52.52%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
14,116.01 51,255.63 1,766.92
9,281.10 28,842.13 3,153.14
1,704.29 9,145.60 3,123.26
49,219.26 28,027.57
13,124.99
Day 0.33% Month 5.10% Year 47.20% Day -0.06% Month 4.14% Year 36.04% Day 0.18% Month 3.75% Year 27.99% Day 0.83% Month 1.48% Year 27.27% Day 0.36% Month 0.89% Year 15.17% Day -0.15% Month 0.90% Year 17.38%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
6,616.35 25,757.83 52,551.53
130,480.31 3,589.75
34,021.45 34,255.62 6,385.14 24,766.09 48,732.55
120,705.91 3,429.54
Day -0.65% Month -0.37% Year 33.78% Day 0.80% Month 7.08% Year 40.64% Day 0.24% Month 3.62% Year 36.72% Day 0.16% Month 4.10% Year 36.50% Day -0.58% Month 4.82% Year 22.06% Day 0.15% Month 7.93% Year 55.57%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 66880.46 66093.97 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 28259.68 28198.91 Philippines Manila Comp 6917.49 6907.79 Taiwan Weighted Pr 17213.52 17159.22 Cross-Border DJ Global Titans ($) 488.66 487.98
Australia All Ordinaries 7577.20 7558.80 Czech Republic
PX 1180.01 1177.31 FTSE Italia Mid Cap 48594.69 48323.93 Poland Wig 66816.88 66210.63 Thailand Bangkok SET 1633.06 1636.56 Euro Stoxx 50 (Eur) 4137.50 4126.70
S&P/ASX 200 7312.30 7302.50 Denmark
OMXC Copenahgen 20 1625.86 1614.66 FTSE MIB 25757.83 25717.42 Portugal PSI 20 5198.63 5146.71 Turkey BIST 100 1454.25 1460.86 Euronext 100 ID 1283.31 1279.72
S&P/ASX 200 Res 5625.00 5546.50 Egypt
EGX 30 9887.19 9977.90 Japan 2nd Section 7607.22 7581.22 PSI General 3842.00 3778.63 UAE Abu Dhabi General Index 6701.88 6716.13 FTSE 4Good Global ($) 10434.63 10436.11
Austria ATX 3552.78 3514.08 Estonia
OMX Tallinn 1656.38 1662.95 Nikkei 225 29161.80 28948.73 Romania BET Index 11568.09 11520.46 UK FT 30 2836.70 2842.70 FTSE All World ($) 474.64 474.75
Belgium BEL 20 4220.84 4190.07 Finland
OMX Helsinki General 12533.34 12458.60 S&P Topix 150 1668.85 1662.85 Russia Micex Index 3860.74 3841.53 FTSE 100 7146.68 7134.06 FTSE E300 1766.92 1763.78
BEL Mid 9851.44 9818.66 France
CAC 40 6616.35 6600.66 Topix 1959.75 1954.02 RTX 1687.65 1678.57 FTSE 4Good UK 6712.88 6703.20 FTSE Eurotop 100 3327.72 3321.80
Brazil IBovespa 130480.31 129441.03 SBF 120 5185.72 5172.64 Jordan Amman SE 2078.00 2076.51 Saudi-Arabia TADAWUL All Share Index 10897.47 10796.33 FTSE All Share 4074.57 4068.33 FTSE Global 100 ($) 2750.43 2746.01
Canada S&P/TSX 60 1203.06 1202.83
Germany M-DAX 34176.62 34017.59 Kenya NSE 20 1911.92 1915.98 Singapore FTSE Straits Times 3153.14 3157.97 FTSE techMARK 100 6781.73 6779.07 FTSE Gold Min ($) 2441.96 2454.95
S&P/TSX Comp 20139.47 20138.35 TecDAX 3508.40 3475.38 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 370.33 366.88 USA DJ Composite 11476.66 11547.24 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 852.16 840.59 XETRA Dax 15673.64 15693.27 Latvia OMX Riga 1207.79 1205.36 Slovenia SBI TOP - - DJ Industrial 34255.62 34479.60 FTSE Multinationals ($) 3024.94 3020.60
Chile S&P/CLX IGPA Gen 21852.57 21660.12
Greece Athens Gen 927.29 925.83 Lithuania OMX Vilnius 932.73 931.42 South Africa FTSE/JSE All Share 67941.48 67723.91 DJ Transport 15221.18 15327.39 FTSE World ($) 846.96 847.28
China FTSE A200 14186.63 14293.92 FTSE/ASE 20 2254.14 2252.74 Luxembourg LuxX 1621.81 1624.34 FTSE/JSE Res 20 65583.94 65775.71 DJ Utilities 910.40 912.85 FTSEurofirst 100 (Eur) 4575.14 4566.37
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 28842.13 28738.88 Malaysia FTSE Bursa KLCI 1582.46 1575.16 FTSE/JSE Top 40 61653.75 61444.66 Nasdaq 100 14041.55 13998.30 FTSEurofirst 80 (Eur) 5692.18 5679.38
Shanghai A 3762.65 3784.79 HS China Enterprise 10750.95 10716.28 Mexico IPC 51255.63 51286.46 South Korea Kospi 3252.13 3249.32 Nasdaq Cmp 14116.01 14069.42 MSCI ACWI Fr ($) 719.52 718.23
Shanghai B 256.57 257.49 HSCC Red Chip 4160.10 4152.36 Morocco MASI 12462.80 12373.71 Kospi 200 433.22 432.78 NYSE Comp 16636.17 16620.00 MSCI All World ($) 3012.67 3007.46
Shanghai Comp 3589.75 3610.86
Hungary Bux 49015.24 48845.84 Netherlands AEX 730.10 728.48 Spain IBEX 35 9281.10 9205.00 S&P 500 4236.90 4247.44 MSCI Europe (Eur) 1833.93 1823.60
Shenzhen A 2519.63 2534.98
India BSE Sensex 52551.53 52474.76 AEX All Share 1045.95 1043.86 Sri Lanka CSE All Share 7582.27 7610.30 Wilshire 5000 44548.54 44618.15 MSCI Pacific ($) 3238.86 3246.62
Shenzhen B 1168.94 1169.30 Nifty 500 13554.15 13563.85 New Zealand NZX 50 12562.17 12550.39 Sweden OMX Stockholm 30 2284.64 2278.60 Venezuela IBC 4946.24 4933.11 S&P Euro (Eur) 1912.55 1908.62
Colombia COLCAP 1261.61 1260.21
Indonesia Jakarta Comp 6080.38 6095.50 Nigeria SE All Share 39156.28 39210.10 OMX Stockholm AS 929.00 927.41 Vietnam VNI 1361.72 1351.74 S&P Europe 350 (Eur) 1824.50 1821.50
Croatia CROBEX 2013.05 2011.29
Ireland ISEQ Overall 8257.86 8335.59 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11866.41 11841.30 S&P Global 1200 ($) 3329.81 3332.32
Israel Tel Aviv 125 1760.24 1754.58 Pakistan KSE 100 48726.08 48304.72 Stoxx 50 (Eur) 3551.07 3541.36
(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 Jun 14 %Chg %Chg Jun 14 %Chg %Chg Jun 14 %Chg %Chg Jun 14 %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 48.4 129.48 2.13 Just Eat Takeaway.com N.v. 320.9 6361.00 -130.00 Asml Holding 328.5 577.70 4.10 Eisai Co., 487.0 10700.00 0.00 Auto Trader 630.00 11.4 - Oxford Biomedica 1288.00 13.4 - Reach 267.50 10.8 - Oil & Gas Producers 5302.67 4.4 17.4
Amazon.com 33.2 3368.11 21.28 Bp 157.8 330.40 6.10 Royal Dutch Shella 292.9 17.13 0.42 Softbank . 415.1 8056.00 56.00 Intermediate Capital 2340.00 8.5 - Tullow Oil 64.84 9.9 - Rps 108.00 9.3 48.7 Pharmaceuticals & Biotech. 17460.70 4.1 10.7
Nvidia 26.8 714.31 1.30 Astrazeneca 141.5 8348.00 8.00 Sap Se O.n. 254.0 119.92 1.58 Fast Retailing Co., 394.7 84330.00 1830.00 Smurfit Kappa 3959.00 5.6 - Sanne 837.00 8.8 - Enquest 21.45 8.6 88.8 General Financial 12651.35 3.2 4.6
Facebook 18.2 335.25 3.99 Rio Tinto 120.0 6092.00 -27.00 Eni 221.9 10.73 0.15 Toyota Motor 310.2 9900.00 39.00 Rightmove 653.00 5.5 - Hammerson 44.25 6.8 - Riverstone Energy 341.00 8.3 12.9 General Industrials 7020.06 2.9 6.3
Microsoft 15.0 257.93 0.04 Glencore 94.3 327.65 -1.45 Philips Kon 191.1 44.45 -1.93 Mitsubishi Ufj Fin,. 276.0 604.70 -6.10 Royal Dutch Shell 1393.60 4.9 - Paragon Banking 545.00 6.4 - Norcros 330.00 7.5 66.7 Real Estate & Investment Servic 2784.76 2.7 7.7
Jpmorgan Chase & Co 13.9 157.68 -2.61 Unilever 90.3 4295.00 21.50 Iberdrola 180.0 10.82 0.13 Daiichi Sankyo , 228.3 2609.00 35.50 Royal Dutch Shell 1458.40 4.7 - Chrysalis Investments 219.00 5.3 - Dfs Furniture 295.50 7.5 - Gas Water & Multiutilities 4805.15 2.4 0.7
Boeing 12.8 246.06 -1.22 Bhp 79.0 2152.00 -11.00 Lvmh 171.7 672.60 4.50 Sony 227.5 10820.00 -40.00 B&m Eur Value Retail S.a. 550.00 4.6 - Pennon 1146.00 5.1 - Superdry 426.50 6.6 - Software & Computer Services 2116.75 2.1 10.6
Advanced Micro Devices 11.7 81.04 -0.27 Anglo American 76.5 3112.50 -34.50 Linde Eo 0,001 152.6 238.30 -1.60 M3,. 226.0 7863.00 338.00 Entain 1811.50 4.6 - Essentra 325.00 4.8 - Schroder Eur Real Estate Investment Trust 102.00 5.2 0.0 Mobile Telecommunications 3240.91 2.0 17.5
Alphabet 11.3 2509.21 -4.72 Royal Dutch Shell 75.7 1393.60 34.00 Ing Groep N.v. 151.4 11.21 0.07 Tokyo Electron 220.3 48680.00 800.00 Bt 191.85 4.6 - Man 187.35 4.8 - Allied Minds 22.60 5.1 - Media 8742.36 1.4 9.9
Adobe 10.6 559.57 18.31 Glaxosmithkline 70.2 1407.40 4.00 Intesa Sanpaolo 150.4 2.45 0.02 Itochu 181.1 3266.00 -97.00 Halma 2791.00 4.5 - Lxi Reit 148.00 4.5 - Hyve 132.00 4.3 - Travel & Leisure 8739.06 1.1 8.1
Smith (ds) 445.60 4.5 17.4 Watches Of Switzerland 844.00 4.5 - Harbour Energy 21.34 4.3 - Electronic & Electrical Equip. 11155.06 1.1 11.9
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
Astrazeneca 8348.00 4.3 - Ssp 316.10 4.3 - Residential Secure ome 102.50 4.2 14.4 Industrial Engineering 16959.74 1.1 13.4
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Resmed 228.60 10.02 4.58 Tullow Oil 64.84 5.16 8.65 Endesa 22.29 0.55 2.53 M3,. 7863.00 338.00 4.49 Barratt Developments 731.20 -4.8 - Aston Martin Lagonda Global Holdings 1996.50 -9.3 - Ted Baker 153.30 -11.9 - Automobiles & Parts 4997.43 -6.8 8.5
Adobe 559.57 18.31 3.38 Serco 142.00 6.30 4.64 Royal Dutch Shella 17.13 0.42 2.51 Fujikura 483.00 16.00 3.43 Informa 530.00 -4.2 - Iwg 303.00 -7.9 - Augmentum Fintech 136.50 -11.4 0.9 Household Goods 18130.60 -4.2 3.0
Coty 9.30 0.26 2.84 Volution 410.00 16.00 4.06 Repsol 11.47 0.26 2.30 Taiyo Yuden Co., 5340.00 170.00 3.29 Barclays 179.40 -4.1 20.5 Hochschild Mining 176.20 -7.5 - On The Beach 359.00 -11.2 -7.1 Industrial Transportation 4136.55 -2.3 44.5
Biogen 407.32 10.68 2.69 Ssp 316.10 10.80 3.54 Galp Energia-nom 9.88 0.21 2.15 Fanuc 27045.00 825.00 3.15 Persimmon 3105.00 -4.0 - Crest Nicholson Holdings 429.20 -7.5 - Sig 54.65 -10.0 69.5 Banks 2996.55 -2.1 20.1
Netflix 501.88 13.11 2.68 Petropavlovsk 26.24 0.86 3.39 Ageas 49.36 0.97 2.00 Toyota Tsusho 5410.00 150.00 2.85 Sainsbury (j) 253.80 -3.6 - Cmc Markets 468.50 -7.2 - Majedie Investments 223.00 -9.7 0.5 Construction & Materials 8074.33 -2.0 17.7
Johnson Matthey 3078.00 -3.6 - Wetherspoon ( J.d.) 1237.00 -6.6 - Newriver Reit 89.70 -8.5 9.4 Health Care Equip.& Services 7657.04 -1.8 17.2
Downs Downs Downs Downs
Lloyds Banking 47.84 -3.6 - Rank 177.60 -6.3 - Esken 28.35 -8.1 - Food Producers 7514.73 -1.7 6.7
Baker Hughes 24.67 -1.24 -4.79 Restaurant 123.40 -5.60 -4.34 Philips Kon 44.45 -1.93 -4.16 Shimizu 883.00 -50.00 -5.36
Int Consolidated Airlines S.a. 194.72 -3.5 - Vesuvius 544.00 -6.2 - Electra Private Equity 616.00 -8.1 - Aerospace & Defense 3770.89 -1.4 4.7
Corning 41.29 -1.87 -4.34 Int Consolidated Airlines S.a. 194.72 -8.48 -4.17 Grifols 23.54 -0.74 -3.05 Bandai Namco Holdings . 7956.00 -321.00 -3.88
Taylor Wimpey 167.30 -3.5 - National Express 278.20 -5.9 - Hollywood Bowl 235.00 -7.8 - Mining 24087.11 -0.9 10.8
Westrock 55.49 -1.85 -3.23 Rolls-royce Holdings 107.36 -4.58 -4.09 Casino Guichard 27.49 -0.55 -1.96 Pacific Metals Co., 1807.00 -57.00 -3.06
Jd Sports Fashion 912.20 -3.4 - Marshalls 680.00 -5.6 - Ricardo 407.00 -7.1 17.0 Nonlife Insurance 3174.05 -0.7 -2.8
Nucor 103.24 -3.35 -3.14 Wetherspoon ( J.d.) 1237.00 -51.00 -3.96 Kerry 106.40 -1.90 -1.75 Olympus 2342.50 -70.50 -2.92
Berkeley Holdings (the) 4571.00 -3.1 - Meggitt 487.80 -5.3 - Lsl Property Services 435.00 -6.5 - Industrial Metals 6553.88 -0.2 32.5
Norwegian Cruise Line Holdings Ltd 31.24 -0.99 -3.07 Cmc Markets 468.50 -19.00 -3.90 Sandvik Ab 21.90 -0.32 -1.43 Itochu 3266.00 -97.00 -2.88
Renishaw 5375.00 -2.9 - Vistry 1249.00 -5.2 - Studio Retail 250.00 -6.4 - General Retailers 2813.71 0.0 11.5
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jun 14 Currency Mid Change Mid Change Mid Change Jun 14 Currency Mid Change Mid Change Mid Change Jun 14 Currency Mid Change Mid Change Mid Change Jun 14 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 95.2556 0.1219 115.4921 0.2804 134.4961 0.1246 Indonesia Indonesian Rupiah 14202.5000 13.5000 17219.7655 36.1587 20053.2615 12.0166 Poland Polish Zloty 3.7244 0.0204 4.5156 0.0298 5.2587 0.0269 ..Three Month 0.7083 0.0003 0.8586 0.0013 - -
Australia Australian Dollar 1.2953 -0.0032 1.5704 -0.0021 1.8288 -0.0052 Israel Israeli Shekel 3.2464 -0.0071 3.9360 -0.0041 4.5837 -0.0116 Romania Romanian Leu 4.0594 -0.0016 4.9217 0.0037 5.7316 -0.0043 ..One Year 0.7083 0.0003 0.8581 0.0013 - -
Bahrain Bahrainin Dinar 0.3770 0.0001 0.4571 0.0006 0.5323 -0.0001 Japan Japanese Yen 109.9850 0.2200 133.3507 0.4199 155.2934 0.2559 Russia Russian Ruble 72.0663 0.1063 87.3763 0.2292 101.7540 0.1141 United States United States Dollar - - 1.2124 0.0014 1.4120 -0.0005
Bolivia Bolivian Boliviano 6.9100 - 8.3780 0.0096 9.7566 -0.0034 ..One Month 109.9850 0.2199 133.3508 0.4199 155.2934 0.2558 Saudi Arabia Saudi Riyal 3.7502 -0.0002 4.5469 0.0050 5.2951 -0.0021 ..One Month - - 1.2124 -0.2000 1.4120 -0.0005
Brazil Brazilian Real 5.0624 -0.0662 6.1378 -0.0731 7.1478 -0.0960 ..Three Month 109.9849 0.2198 133.3509 0.4201 155.2933 0.2557 Singapore Singapore Dollar 1.3263 0.0001 1.6081 0.0019 1.8727 -0.0006 ..Three Month - - 1.2122 -0.2000 1.4120 -0.0005
Canada Canadian Dollar 1.2135 -0.0011 1.4712 0.0004 1.7133 -0.0022 ..One Year 109.9846 0.2192 133.3512 0.4208 155.2934 0.2553 South Africa South African Rand 13.7125 0.0250 16.6256 0.0494 19.3614 0.0285 ..One Year - - 1.2115 -0.2000 1.4120 -0.0005
Chile Chilean Peso 719.4350 0.6800 872.2750 1.8270 1015.8069 0.6018 Kenya Kenyan Shilling 107.8000 - 130.7015 0.1504 152.2083 -0.0537 South Korea South Korean Won 1116.8000 6.0500 1354.0582 8.8848 1576.8667 7.9885 Vietnam Vietnamese Dong 22945.5000 -0.5000 27820.2036 31.3875 32398.0030 -12.0753
China Chinese Yuan 6.3904 - 7.7480 0.0089 9.0229 -0.0032 Kuwait Kuwaiti Dinar 0.3009 0.0001 0.3648 0.0005 0.4249 0.0000 Sweden Swedish Krona 8.3251 0.0082 10.0937 0.0215 11.7546 0.0074 European Union Euro 0.8248 -0.0009 - - 1.1645 -0.0018
Colombia Colombian Peso 3654.5000 44.9500 4430.8800 59.5342 5159.9747 61.6666 Malaysia Malaysian Ringgit 4.1150 0.0070 4.9892 0.0142 5.8102 0.0078 Switzerland Swiss Franc 0.8991 0.0004 1.0901 0.0017 1.2695 0.0000 ..One Month 0.8247 -0.0010 - - 1.1645 -0.0018
Costa Rica Costa Rican Colon 617.1550 -0.5150 748.2662 0.2372 871.3925 -1.0351 Mexico Mexican Peso 19.9130 0.0492 24.1434 0.0874 28.1162 0.0596 Taiwan New Taiwan Dollar 27.6055 - 33.4701 0.0385 38.9776 -0.0138 ..Three Month 0.8246 -0.0010 - - 1.1644 -0.0018
Czech Republic Czech Koruna 20.9729 0.0443 25.4284 0.0829 29.6126 0.0521 New Zealand New Zealand Dollar 1.3993 -0.0035 1.6966 -0.0023 1.9757 -0.0057 Thailand Thai Baht 31.1250 0.0550 37.7373 0.1100 43.9470 0.0622 ..One Year 0.8239 -0.0010 - - 1.1639 -0.0017
Denmark Danish Krone 6.1330 -0.0072 7.4360 -0.0002 8.6596 -0.0132 Nigeria Nigerian Naira 411.2900 - 498.6663 0.5737 580.7212 -0.2050 Tunisia Tunisian Dinar 2.7457 -0.0019 3.3289 0.0015 3.8767 -0.0041
Egypt Egyptian Pound 15.6606 0.0537 18.9876 0.0869 22.1120 0.0680 Norway Norwegian Krone 8.3070 -0.0339 10.0717 -0.0295 11.7290 -0.0521 Turkey Turkish Lira 8.4017 0.0552 10.1867 0.0786 11.8629 0.0738
Hong Kong Hong Kong Dollar 7.7623 0.0019 9.4113 0.0131 10.9599 -0.0013 Pakistan Pakistani Rupee 156.0000 0.4500 189.1413 0.7626 220.2643 0.5578 United Arab Emirates UAE Dirham 3.6732 - 4.4535 0.0051 5.1863 -0.0018
Hungary Hungarian Forint 289.2697 1.9612 350.7235 2.7786 408.4346 2.6258 Peru Peruvian Nuevo Sol 3.8878 0.0002 4.7137 0.0057 5.4894 -0.0017 United Kingdom Pound Sterling 0.7082 0.0002 0.8587 0.0013 - -
India Indian Rupee 73.2738 0.2025 88.8404 0.3474 103.4589 0.2495 Philippines Philippine Peso 47.9000 0.2000 58.0761 0.3090 67.6324 0.2586 ..One Month 0.7082 0.0003 0.8587 0.0013 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jun 14 Jun 11 Jun 10 Jun 09 Jun 08 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 2836.70 2842.70 2819.90 2827.20 2836.00 0.00 3314.70 1337.80 Fixed Line Telecomms 40.57 Travel & Leisure 12.29 Automobiles & Parts 8.39 FTSE 100 Price Change FTSE 100 Price Change
Jun 14 chge% Index Jun 11 Jun 10 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 36.76 Electronic & Elec Eq 12.27 Food Producers 7.65 3I Group PLC 1241.5 -5.50 Land Securities Group PLC 718.60 6.20
FTSE 100 (101) 7134.06 0.65 6486.35 7088.18 7081.01 6076.70 2.98 1.70 19.77 115.55 6935.28 P/E Ratio net - - - - - 0.00 19.44 14.26 Industrial Transport 33.71 Media 12.22 Mobile Telecomms 7.57 Admiral Group PLC 3110 43.00 Legal & General Group PLC 276.90 -1.40
FTSE 250 (250) 22734.13 0.55 20670.07 22608.76 22758.97 16973.67 1.88 1.77 30.09 200.88 18212.13 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Banks 19.77 Industrials 11.96 General Retailers 7.46 Anglo American PLC 3112.5 -34.50 Lloyds Banking Group PLC 47.84 -0.56
FTSE 250 ex Inv Co (183) 23738.93 0.57 21583.64 23605.33 23798.47 80.26 1.79 0.59 94.39 158.92 19393.51 FT 30 hourly changes Construct & Material 18.98 Life Insurance 11.94 Electricity 6.22 Antofagasta PLC 1532 3.00 London Stock Exchange Group PLC 7770 46.00
FTSE 350 (351) 4086.98 0.63 3715.92 4061.37 4062.85 3401.69 2.78 1.70 21.07 60.71 7906.68 8 9 10 11 12 13 14 15 16 High Low Beverages 18.37 Health Care Eq & Srv 11.41 Consumer Goods 5.78 Ashtead Group PLC 5086 62.00 M&G PLC 244.20 -1.40
FTSE 350 ex Investment Trusts (282) 3990.03 0.63 3627.77 3965.02 3966.55 82.61 2.84 1.42 24.90 31.19 3985.07 2819.9 2833 2834.5 2760.2 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Basic Materials 18.27 NON FINANCIALS Index 11.34 Aerospace & Defense 5.13 Associated British Foods PLC 2292 -65.00 Melrose Industries PLC 166.55 -2.30
FTSE 350 Higher Yield (140) 3284.98 0.71 2986.74 3261.86 3262.20 2718.75 3.90 1.43 17.91 66.14 7026.98 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mining 17.83 Technology 11.25 Financial Services 4.83 Astrazeneca PLC 8348 8.00 Mondi PLC 1955 22.50
FTSE 350 Lower Yield (211) 4619.62 0.55 4200.20 4594.12 4596.96 3867.87 1.70 2.31 25.41 44.47 5522.05 Oil & Gas Producers 17.59 FTSE 250 Index 11.01 Household Goods & Ho 4.72 Auto Trader Group PLC 630.00 9.00 National Grid PLC 920.00 1.40
FTSE SmallCap (250) 7277.48 -0.25 6616.75 7295.39 7299.42 4962.55 2.12 1.29 36.66 71.38 11694.10
FTSE SmallCap ex Inv Co (132) 6178.97 -0.02 5617.97 6179.98 6196.29 86.70 1.48 -2.46 -27.42 33.59 10358.45 FX: EFFECTIVE INDICES FTSE SmallCap Index
Oil & Gas
17.27
17.04
FTSE All{HY-}Share Index
Health Care
10.91
10.76
Equity Invest Instr
Leisure Goods
4.65
4.11
Avast PLC 487.30 -0.50 Natwest Group PLC 205.10 0.10
Aveva Group PLC 3536 8.00 Next PLC 8068 14.00
FTSE All-Share (601) 4068.33 0.60 3698.96 4044.01 4045.51 3363.63 2.76 1.69 21.37 59.73 7949.38 Telecommunications 16.30 Pharmace & Biotech 10.69 Tobacco 3.51
Jun 11 Jun 10 Mnth Ago Jun 14 Jun 11 Mnth Ago Aviva PLC 416.90 -0.40 Ocado Group PLC 1893.5 -28.00
FTSE All-Share ex Inv Co (414) 3932.44 0.62 3575.41 3908.26 3909.93 82.68 2.81 1.38 25.79 30.58 3988.43 Chemicals 16.17 FTSE 100 Index 10.62 Tech Hardware & Eq 1.29 B&M European Value Retail S.A. 550.00 5.40 Pearson PLC 851.00 -1.00
FTSE All-Share ex Multinationals (533) 1321.89 0.62 996.95 1313.76 1316.46 1006.79 2.27 2.09 21.09 14.08 2678.67 UK 82.23 82.09 82.13 Real Est Invest & Tr 13.29 Financials 10.23 Personal Goods -0.08 Bae Systems PLC 533.80 -2.00 Pershing Square Holdings LTD 2520 -10.00
FTSE Fledgling (85) 13103.85 0.16 11914.13 13082.35 13070.90 8132.03 1.85 3.96 13.64 106.44 27222.01 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Industrial Eng 13.28 Real Est Invest & Se 9.93 Food & Drug Retailer -2.00 Barclays PLC 179.40 -1.00 Persimmon PLC 3105 34.00
FTSE Fledgling ex Inv Co (39) 17886.06 0.18 16262.16 17854.64 17802.71 86.23 1.40 1.45 49.15 99.70 36257.29 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Support Services 12.46 Gas Water & Multi 9.37 Nonlife Insurance -3.00 Barratt Developments PLC 731.20 - Phoenix Group Holdings PLC 721.60 -3.00
FTSE All-Small (335) 5065.86 -0.22 4605.93 5077.14 5079.52 3436.89 2.10 1.42 33.42 49.19 10442.70 Software & Comp Serv 12.40 Consumer Services 9.19 Oil Equipment & Serv -13.61 Berkeley Group Holdings (The) PLC 4571 -14.00 Polymetal International PLC 1654 -16.00
FTSE All-Small ex Inv Co (171) 4641.66 -0.01 4220.24 4642.04 4653.19 86.71 1.48 -2.30 -29.38 25.35 9856.54 Utilities 8.54 Oil & Gas Producers -40.36 Bhp Group PLC 2152 -11.00 Prudential PLC 1485 -4.00
FTSE AIM All-Share (723) 1249.61 0.24 1136.16 1246.58 1249.52 865.61 0.76 0.08 1743.48 4.63 1440.54
BP PLC 330.40 6.10 Reckitt Benckiser Group PLC 6566 78.00
FTSE All-Share Technology (20) 2273.35 0.26 2210.57 2267.46 2251.60 91.06 1.11 0.94 95.82 11.09 3213.72
FTSE All-Share Telecommunications (7) 2079.30 -0.48 2021.87 2089.39 2035.17 61.73 4.05 0.73 33.92 0.02 2876.05 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC
British Land Company PLC
2795.5
514.80
-10.50
4.60
Relx PLC
Renishaw PLC
1909.5
5375
10.50
-5.00
FTSE All-Share Health Care (15) 12478.32 0.53 12133.70 12413.13 12230.78 133.07 3.34 0.79 37.66 73.43 11102.61 Jun 14 No of US $ Day Mth YTD Total
YTD Gr Div Jun 14 No of US $ Day Mth YTD Total YTD Gr Div Bt Group PLC 191.85 0.05 Rentokil Initial PLC 490.10 5.00
FTSE All-Share Financials (250) 4866.88 0.75 4732.47 4830.78 4829.99 69.47 2.35 3.87 11.00 39.03 5158.10 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bunzl PLC 2285 -23.00 Rightmove PLC 653.00 6.60
FTSE All-Share Real Estate (56) 1104.94 0.11 1123.97 1103.76 1111.76 907.90 2.22 -1.48 -30.51 6.60 1111.14
FTSE Global All Cap 9200 813.84 0.2 3.1 11.8
12.8 1265.67
1.7 Oil Equipment & Services 26 249.11 0.3 0.3 31.6 431.90 34.5 4.6 Burberry Group PLC 2219 10.00 Rio Tinto PLC 6092 -27.00
FTSE All-Share Consumer Discretionary (89) 5554.55 0.78 5401.14 5511.57 5587.01 73.56 1.08 0.12 802.02 29.16 5713.38
FTSE Global All Cap 9200 813.84 0.2 3.1 11.8
12.8 1265.67
1.7 Basic Materials 364 709.40 0.5 0.5 16.3 1225.60 18.2 2.6 Coca-Cola Hbc AG 2636 2.00 Rolls-Royce Holdings PLC 107.36 -4.58
FTSE All-Share Consumer Staples (27)19338.26 -0.20 18804.19 19377.10 19373.83 84.84 3.84 1.37 18.99 196.68 16723.51
FTSE Global Large Cap 1730 721.01 0.1 3.0 10.7
11.7 1155.31
1.7 Chemicals 171 966.03 0.1 0.1 11.0 1645.49 12.4 2.1 Compass Group PLC 1610 -13.50 Royal Dutch Shell PLC 1393.6 34.00
FTSE All-Share Industrials (89) 6703.85 0.80 6518.71 6650.63 6684.42 91.18 1.78 1.05 53.50 45.75 7530.62
FTSE Global Mid Cap 2304 1053.42 0.2 3.0 14.9
15.9 1541.05
1.7 Forestry & Paper 21 335.14 0.8 0.8 6.0 649.14 7.9 2.4 Crh PLC 3661 -53.00 Royal Dutch Shell PLC 1458.4 38.00
FTSE All-Share Basic Materials (24) 8524.82 1.58 8289.38 8392.38 8409.04 104.36 3.77 2.33 11.41 48.28 10513.39
FTSE Global Small Cap 5166 1153.31 0.5 3.6 14.6
15.4 1618.59
1.4 Industrial Metals & Mining 94 620.29 1.2 1.2 32.4 1086.44 35.0 3.0 Croda International PLC 7116 72.00 Royal Mail PLC 588.00 -2.20
FTSE All-Share Energy (14) 5378.18 0.62 5229.65 5344.82 5330.43 52.58 3.75 0.73 36.68 50.22 6165.82
FTSE All-World 4034 474.75 0.2 3.0 11.5
12.5 781.60
1.7 Mining 78 1036.75 0.5 0.5 17.7 1839.06 20.3 3.4 Dcc PLC 6080 -10.00 Sage Group PLC 668.40 10.00
FTSE All-Share Utilities (10) 7687.95 0.72 7475.63 7632.79 7616.21 93.65 4.62 1.84 11.78 141.92 10989.53
FTSE World 2616 847.28 0.2 2.9 12.0
13.1 1872.59
1.7 Industrials 761 590.21 0.2 0.2 12.7 917.11 13.6 1.4 Diageo PLC 3434.5 0.50 Sainsbury (J) PLC 253.80 1.50
FTSE All-Share Software and Computer Services (18) 2443.61 0.29 2376.13 2436.54 2419.01 90.10 1.10 0.95 95.66 11.40 3654.64
FTSE Global All Cap ex UNITED KINGDOM In 8913 859.81 0.2 3.1 11.7
12.7 1312.71
1.6 Construction & Materials 148 705.89 0.0 0.0 14.6 1155.33 15.9 1.8 Entain PLC 1811.5 8.00 Schroders PLC 3571 21.00
FTSE All-Share Technology Hardware and Equipment (2) 6209.38 -0.80 6037.89 6259.42 6259.27 111.67 1.40 0.70 101.79 72.63 7859.29
FTSE Global All Cap ex USA 7439 622.76 0.1 3.6 10.5
11.9 1061.01
2.2 Aerospace & Defense 38 855.21 0.3 0.3 16.6 1307.14 17.5 1.3 Evraz PLC 633.60 -4.40 Scottish Mortgage Investment Trust PLC 1243 -
FTSE All-Share Telecommunications Equipment (2) 572.93 -0.31 557.11 574.70 572.30 233.00 1.55 2.75 23.42 2.36 797.84
FTSE Global All Cap ex JAPAN 7810 845.69 0.2 3.2 12.6
13.6 1327.40
1.6 General Industrials 72 287.54 0.2 0.2 13.6 492.03 15.0 2.0 Experian PLC 2705 -9.00 Segro PLC 1096 14.50
FTSE All-Share Telecommunications Service Providers (5) 3232.90 -0.49 3143.62 3248.78 3162.23 60.21 4.13 0.70 34.42 0.00 4064.07
FTSE Global All Cap ex Eurozone 8546 854.94 0.2 3.0 11.6
12.5 1301.39
1.6 Electronic & Electrical Equipment 145 727.88 0.2 0.2 8.8 1023.11 9.4 1.2 Ferguson PLC 9622 50.00 Severn Trent PLC 2519 17.00
FTSE All-Share Health Care Providers (4) 8012.13 -0.52 7790.85 8054.05 8017.74 36.65 0.69 6.30 22.88 0.27 7390.81
FTSE Developed 2174 774.66 0.2 2.8 11.9
13.0 1215.21
1.7 Industrial Engineering 147 1156.67 -0.4 -0.4 12.8 1790.68 13.9 1.5 Flutter Entertainment PLC 13680 -220.00 Smith & Nephew PLC 1549.5 3.50
FTSE All-Share Medical Equipment and Services (2) 7268.32 0.03 7067.58 7266.23 7120.88 117.34 1.77 1.42 39.80 79.79 6790.49
FTSE Developed All Cap 5693 814.86 0.2 2.9 12.2
13.2 1259.86
1.6 Industrial Transportation 124 1073.61 0.5 0.5 17.1 1679.82 18.1 1.5 Fresnillo PLC 861.80 1.20 Smith (Ds) PLC 445.60 0.30
FTSE All-Share Pharmaceuticals and Biotechnology (9)17362.27 0.60 16882.77 17259.36 17009.73 139.61 3.55 0.74 38.09 95.98 13898.31
FTSE Developed Large Cap 861 721.02 0.1 2.8 11.2
12.3 1151.33
1.7 Support Services 87 701.76 0.4 0.4 9.1 1025.47 9.7 1.0 Glaxosmithkline PLC 1407.4 4.00 Smiths Group PLC 1602 -6.00
FTSE All-Share Banks (11) 2955.85 0.27 2874.21 2947.87 2958.92 49.19 1.70 3.76 15.67 9.94 2479.34
FTSE Developed Europe Large Cap 232 445.85 0.1 4.5 13.5
15.7 2.3 Consumer Goods
849.31 532 656.06 0.2 0.2 7.4 1070.08 8.4 1.9 Glencore PLC 327.65 -1.45 Smurfit Kappa Group PLC 3959 64.00
FTSE All-Share Finance and Credit Services (9)10721.15 1.85 10425.06 10526.79 10443.05 47.89 1.15 1.20 72.56 81.09 14076.38
FTSE Developed Europe Mid Cap 343 795.48 0.3 4.3 13.9
15.4 1318.79
2.0 Automobiles & Parts 128 672.18 0.5 0.5 9.8 1063.79 10.4 1.1 Halma PLC 2791 56.00 Spirax-Sarco Engineering PLC 13195 -5.00
FTSE All-Share Investment Banking and Brokerage Services (31)10796.37 1.60 10498.20 10626.52 10624.00 97.64 3.62 2.08 13.30 104.08 14207.16
FTSE Dev Europe Small Cap 713 1124.29 0.0 3.8 16.6
18.1 1793.43
1.7 Beverages 67 790.65 -0.3 -0.3 7.0 1299.63 7.9 2.1 Hargreaves Lansdown PLC 1636.5 -4.00 Sse PLC 1579.5 20.00
FTSE All-Share Closed End Investments (187)13494.53 0.36 13121.84 13446.27 13440.53 101.90 2.08 7.67 6.28 69.51 8155.67
FTSE North America Large Cap 239 929.78 0.2 2.6 12.0
12.7 1366.49
1.4 Food Producers 133 763.18 -0.1 -0.1 6.3 1277.23 8.0 2.2 Hikma Pharmaceuticals PLC 2465 18.00 St. James's Place PLC 1448 1.50
FTSE All-Share Life Insurance (6) 8226.00 1.28 7998.81 8121.83 8075.66 67.93 3.20 2.21 14.13 176.53 9548.99
FTSE North America Mid Cap 421 1236.32 0.4 2.8 16.6
17.3 1.5 Household Goods & Home Construction
1675.81 60 598.27 -0.1 -0.1 3.8 971.93 5.1 2.3 HSBC Holdings PLC 439.45 2.50 Standard Chartered PLC 491.30 -2.50
FTSE All-Share Nonlife Insurance (6) 3633.86 1.34 3533.50 3585.83 3584.01 77.33 4.65 1.14 18.82 54.25 7314.56
FTSE North America Small Cap 1279 1324.93 0.8 3.7 15.8
16.3 1.1 Leisure Goods
1728.94 44 333.81 0.4 0.4 1.1 463.47 1.7 1.1 Imperial Brands PLC 1607.5 -1.00 Standard Life Aberdeen PLC 284.80 0.10
FTSE All-Share Real Estate Investment and Services (16) 2726.58 0.76 2651.28 2705.92 2698.93 79.49 1.41 1.98 35.87 18.99 7923.52
FTSE North America 660 611.11 0.2 2.6 12.9
13.6 1.4 Personal Goods
917.76 86 1143.62 0.5 0.5 8.5 1718.85 9.3 1.4 Informa PLC 530.00 -13.20 Taylor Wimpey PLC 167.30 0.80
FTSE All-Share Real Estate Investment Trusts (40) 2753.98 -0.05 2677.92 2755.38 2781.85 78.59 2.42 -1.96 -21.08 14.58 3975.97
FTSE Developed ex North America 1514 322.53 0.1 3.2 10.1
11.7 593.10
2.2 Tobacco 14 1024.78 0.1 0.1 12.8 2650.43 14.8 6.0 Intercontinental Hotels Group PLC 5038 -82.00 Tesco PLC 231.75 0.15
FTSE All-Share Automobiles and Parts (2) 4985.20 0.23 4847.52 4973.66 5204.08 31.00 0.66 -12.57 -12.08 0.32 5137.87
FTSE Japan Large Cap 174 461.64 -0.2 2.1 1.8
2.8 654.74
2.0 Health Care 325 737.68 -0.4 -0.4 7.5 1148.27 8.6 1.7 Intermediate Capital Group PLC 2340 51.00 Unilever PLC 4295 21.50
FTSE All-Share Consumer Services (4) 2680.10 1.67 2606.08 2636.12 2714.01 77.22 0.21 -1.61 -291.15 0.01 3354.31
FTSE Japan Mid Cap 333 674.53 -0.4 0.0 4.7
5.8 907.62
2.0 Health Care Equipment & Services 123 1480.46 -0.1 -0.1 6.4 1791.79 6.8 0.8 International Consolidated Airlines Group S.A. 194.72 -8.48 United Utilities Group PLC 1027 5.50
FTSE All-Share Household Goods and Home Construction (11)15202.14 0.87 14782.30 15070.94 15315.00 79.28 3.07 1.64 19.81 116.68 12408.94
FTSE Global wi JAPAN Small Cap 883 720.95 -0.3 -0.2 1.1
2.2 1005.58
2.1 Pharmaceuticals & Biotechnology 202 481.60 -0.5 -0.5 8.3 800.15 9.8 2.3 Intertek Group PLC 5420 -2.00 Vodafone Group PLC 130.00 0.16
FTSE All-Share Leisure Goods (2) 29178.09 -0.08 28372.26 29200.22 29573.65 80.66 1.71 1.63 36.04 230.87 30934.16
FTSE Japan 507 191.43 -0.3 1.7 2.3
3.3 303.95
2.0 Consumer Services 442 721.61 0.2 0.2 4.6 1015.17 5.0 0.8 Jd Sports Fashion PLC 912.20 -5.00 Weir Group PLC 1874 -20.00
FTSE All-Share Personal Goods (5) 32830.03 0.36 31923.34 32712.77 33115.31 79.56 0.00 0.00 77.06 0.00 24813.68
FTSE Asia Pacific Large Cap ex Japan 906 931.93 0.2 3.2 6.6
7.4 1.9 Food & Drug Retailers
1626.31 71 331.59 -0.2 -0.2 11.0 509.65 12.4 2.3 Johnson Matthey PLC 3078 -59.00 Whitbread PLC 3255 -60.00
FTSE All-Share Media (10) 8960.48 0.41 8713.02 8923.80 8980.02 80.43 1.92 1.26 41.45 117.67 6119.89
FTSE Asia Pacific Mid Cap ex Japan 945 1170.85 0.2 3.8 14.0
15.1 1965.68
2.2 General Retailers 146 1299.15 0.3 0.3 2.6 1754.80 2.9 0.6 Just Eat Takeaway.Com N.V. 6361 -130.00 Wpp PLC 1002 6.60
FTSE All-Share Retailers (22) 2634.55 0.63 2561.79 2618.18 2645.24 72.47 0.76 4.67 28.28 12.45 3312.55
FTSE Asia Pacific Small Cap ex Japan 2005 726.95 0.3 4.1 11.8
12.6 2.0 Media
1190.02 84 483.75 0.4 0.4 3.1 684.61 3.5 0.7 Kingfisher PLC 344.30 2.80
FTSE All-Share Travel and Leisure (33) 8777.42 0.91 8535.01 8698.59 8820.13 62.96 0.14 -40.56 -17.29 8.31 9016.62
FTSE Asia Pacific Ex Japan 1851 732.86 0.2 3.2 7.3
8.1 1.9 Travel & Leisure
1358.91 141 550.11 0.3 0.3 10.4 791.25 10.9 0.8
FTSE All-Share Beverages (6) 26987.98 -0.66 26242.63 27166.35 27188.14 99.84 2.06 0.74 65.30 7.69 20921.69
FTSE Emerging All Cap 3507 965.72 0.1 4.7 8.5
9.5 2.0 Telecommunication
1602.22 89 163.91 -0.1 -0.1 6.5 363.84 8.4 3.9
FTSE All-Share Food Producers (10) 7785.42 0.24 7570.41 7766.98 7834.48 76.60 1.38 3.21 22.52 23.44 7263.36
FTSE All-Share Tobacco (2) 29885.26 -0.50 29059.90 30034.35 29970.98 57.18 7.74 1.55 8.34 539.40 25140.64
FTSE Emerging Large Cap 869 918.01 0.1 4.6 7.0
7.9 1.9 Fixed Line Telecommuniations
1532.05 37 123.83 0.0 0.0 6.5 310.65 9.2 5.2 UK STOCK MARKET TRADING DATA
FTSE Emerging Mid Cap 991 1202.53 -0.2 4.8 14.8
16.2 2.5 Mobile Telecommunications
2001.74 52 197.20 -0.1 -0.1 7.1 380.56 8.3 3.2
FTSE All-Share Construction and Materials (16) 8690.51 0.45 8450.50 8651.84 8661.07 87.24 1.90 0.00 101801. 18.78 10209.30 Jun 14 Jun 11 Jun 10 Jun 09 Jun 08 Yr Ago
FTSE Emerging Small Cap 1647 978.43 0.2 5.2 14.8
15.7 2.2 Utilities
1556.10 197 329.13 0.3 0.3 2.6 735.39 4.4 3.3
53 Order Book Turnover (m) 28.93 369.62 369.62 199.78 305.66 104.00
FTSE Emerging Europe 84 433.23 -0.2 7.7 17.0
19.3 4.7 Electricity
837.94 137 366.80 0.2 0.2 1.6 807.14 3.3 3.3
FTSE All-Share Aerospace and Defense (9) 4067.69 0.43 3955.35 4050.39 4074.17 72.93 2.41 0.15 274.23 55.09 4817.29 Order Book Bargains 701631.00 663833.00 663833.00 799376.00 775299.00 782893.00
FTSE Latin America All Cap 245 897.66 -0.9 5.1 9.2
11.2 2.8 Gas Water & Multiutilities
1565.97 60 336.90 0.6 0.6 5.1 778.84 7.2 3.4
FTSE All-Share Electronic and Electrical Equipment (11)13067.15 1.32 12706.27 12897.39 12941.54 101.14 1.45 1.80 38.36 81.75 12643.04 Order Book Shares Traded (m) 1118.00 1065.00 1065.00 1327.00 1229.00 1112.00
FTSE Middle East and Africa All Cap 327 772.52 -0.3 3.5 18.3
20.1 2.1 Financials
1356.00 862 297.79 0.0 0.0 18.0 548.31 19.6 2.3
FTSE All-Share General Industrials (9) 5640.98 2.00 5485.19 5530.47 5522.15 81.98 2.94 0.76 44.99 74.82 7163.18 Total Equity Turnover (£m) 5429.64 5638.12 5638.12 5574.63 4510.64 6369.96
FTSE Global wi UNITED KINGDOM All Cap In 287 363.62 0.5 2.4 14.7
16.6 2.8 Banks
706.01 267 228.58 -0.2 -0.2 23.9 462.74 25.8 2.6
FTSE All-Share Industrial Engineering (4)18530.21 0.65 18018.45 18409.98 18465.08 101.36 0.77 2.69 48.48 106.96 24374.83 Total Mkt Bargains 929816.00 874230.00 874230.00 1030644.00 1006325.00 1040040.00
FTSE Global wi USA All Cap 1761 1060.27 0.3 2.7 12.9
13.6 1.3 Nonlife Insurance
1503.14 71 332.81 0.1 0.1 11.2 534.87 13.8 3.1
FTSE All-Share Industrial Support Services (31)10442.49 0.82 10154.10 10357.25 10439.91 104.66 1.53 1.30 50.34 59.16 11693.95 Total Shares Traded (m) 4873.00 4900.00 4900.00 5125.00 5652.00 5649.00
FTSE Europe All Cap 1443 536.69 0.1 4.5 13.9
15.9 2.3 Life Insurance
981.50 53 259.51 0.1 0.1 11.6 474.26 13.6 3.2
FTSE All-Share Industrial Transportation (9) 6205.95 -0.58 6034.56 6242.31 6318.65 82.33 0.77 5.71 22.85 2.61 6309.09 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE Eurozone All Cap 654 530.37 0.2 4.2 14.4
16.3 2.0 Financial Services
964.92 210 485.65 0.6 0.6 15.6 720.58 16.5 1.3
FTSE All-Share Industrial Materials (1)24004.48 0.84 886.75 23804.44 23904.46 15927.54 1.31 2.37 32.20 213.54 29554.28 (c) Market closed.
FTSE EDHEC-Risk Efficient All-World 4034 537.51 0.3 2.8 13.9
14.9 1.9 Technology
817.97 332 584.09 0.5 0.5 12.2 752.10 12.7 0.8
FTSE All-Share Industrial Metals and Mining (11) 7101.81 1.74 6905.67 6980.69 6993.73 110.49 3.96 2.40 10.56 29.23 9764.58
FTSE EDHEC-Risk Efficient Developed Europe 575 423.63 0.1 4.2 13.4
15.1 2.0 Software & Computer Services
716.90 177 968.69 0.3 0.3 15.3 1163.03 15.6 0.5
FTSE All-Share Precious Metals and Mining (5)23189.37 0.85 22548.94 22993.48 23104.25 118.03 4.52 1.79 12.35 659.31 15502.22
Oil & Gas 130 325.43 0.0 5.8 26.1
28.5 3.8 Technology Hardware & Equipment
620.13 155 463.39 0.6 0.6 8.7 637.62 9.2 1.2
FTSE All-Share Chemicals (7) 17488.03 0.52 17005.05 17398.02 17428.02 80.73 1.74 1.56 36.95 181.33 17022.28 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Oil & Gas Producers 89 310.73 -0.1 6.0 28.6
31.1 3.8 Alternative Energy
605.14 15 208.07 0.6 0.6 -22.6 296.74 -22.3 0.6
FTSE All-Share Oil. Gas and Coal (14) 5219.47 0.62 5075.32 5187.09 5173.13 52.58 3.75 0.73 36.68 48.75 6205.75 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Real Estate Investment & Services 162 385.53 -0.3 -0.3 7.5 720.71 8.9 2.5
FTSE Sector Indices Real Estate Investment Trusts 99 544.97 -0.7 -0.7 19.9 1214.76 21.2 2.9 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Non Financials (351) 4869.76 0.56 4427.63 4842.72 4845.29 84.98 2.89 1.17 29.64 36.20 8365.34 FTSE Global Large Cap 1730 721.01 0.1 0.1 10.7 1155.31 11.7 1.7 liable for any loss arising from the reliance on or use of the listed information.
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]
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
FTSE 100 7167.42 7158.68 7156.20 7167.21 7156.91 7146.93 7142.54 7153.54 7170.26 7188.23 7138.05 and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 22816.54 22831.61 22812.49 22813.84 22802.62 22778.31 22740.84 22771.15 22783.61 22864.17 22734.76 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE SmallCap 7299.02 7302.99 7313.78 7323.75 7322.33 7316.72 7316.05 7314.43 7312.24 7325.24 7288.87 of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
FTSE All-Share 4086.38 4082.97 4081.45 4086.66 4081.62 4076.25 4073.09 4078.98 4086.89 4096.72 4070.95 please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE 100 Day's high:07:16:45 Day's Low13:05:30 FTSE 100 2010/11 High: 7134.06(11/06/2021) Low: 6407.46(29/01/2021)
Time of FTSE All-Share Day's high:07:18:00 Day's Low13:06:00 FTSE 100 2010/11 High: 4068.33(11/06/2021) Low: 3641.93(29/01/2021)
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 Active Energy Group Pre 1.810 1.896 8.972L 3.345L 0.007L 0.002L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Augmentum Fintech Pre 19.676 7.800 15.900 7.000 0.00000 0.00000 - 0.000 0.000 06/03 226.00 AIM AREC Arecor Therapeutics PLC 240.50 -1.15 258.00 238.00 6657.9
There are currently no rights offers by any companies listed on the LSE. Distil Pre 3.616 2.441 0.243 0.182 0.070 0.050 0.00000 0.00000 - 0.000 0.000 06/03 3.00 CDL Imperial X PLC 3.15 -0.15 5.80 3.08 1227.1
Draper Esprit Pre 267.447 40.383 208.000 34.000 0.00000 0.00000 - 0.000 0.000 06/01 3.50 AFP African Pioneer PLC 3.05 0.19 3.50 2.50 577.9
Nostra Terra Oil & Gas Co Pre 1.025 1.795 1.302L 1.739L 0.004L 0.009L 0.00000 0.00000 - 0.000 0.000 06/01 3.50 ASP African Pioneer PLC 3.05 0.19 3.50 2.50 577.9
Scirocco Energy Pre 0.000 0.000 3.323L 2.621L 0.570L 0.410L 0.00000 0.00000 - 0.000 0.000 06/01 3.50 ASP African Pioneer PLC 3.05 0.19 3.50 2.50 577.9
Tanfield Group Pre 0.000 0.000 0.697L 0.317L 0.430L 0.200L 0.00000 0.00000 - 0.000 0.000 05/28 45.00 AIM BELL Belluscura PLC 49.50 -1.15 59.00 45.00 5605.4
Ted Baker Pre 351.983 630.478 107.729L 77.625L 56.200L 153.000L 0.00000 0.00000 - 0.000 6.351 05/28 40.00 AIM TRLS Trellus Health PLC 75.60 3.00 6000.00 40.00 12207.5
05/24 273.00 AIM DNM Dianomi PLC 328.50 -2.30 337.00 285.00 9864.2
05/24 150.00 AIM KITW Kitwave Group PLC 163.00 0.50 174.39 143.90 11410.0
05/21 5.00 OCTP Oxford Cannabinoid Technologies Holdings 4.05 -0.01 8.00 3.80 3889.7
PLC
05/14 10.00 CIZ Bould Opportunities PLC 6.75 -0.48 13.00 5.50 1710.8
05/13 410.00 AWE Alphawave IP Group PLC 319.00 4.00 410.00 285.00 212124.1
05/11 102.00 AIM GLAN Glantus Holdings PLC 94.50 0.50 107.00 90.00 3428.0
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. 05/04 5.00 ‡When issued.
§Placing price. *Intoduction. ESTAnnual report/prospectus
East Star Resources PLC at www.ft.com/ir
available 5.15 0.40 9.44 4.00 358.1
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.
Tuesday 15 June 2021 ★ FINANCIAL TIMES 11

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) CntJpRwy 17990 55.00 18455 0.00 0.86 -31.56 33694.96 Nordea Bk 94.42 0.71 95.06 63.54 0.74 14.97 45932.98 BlackRock 877.39 -3.28 890.00 515.72 1.71 26.67 133824.38 MondelezInt 63.42 -0.36 64.37 49.92 1.98 23.47 89086.79
ANZ 28.25 -0.44 29.55 16.40 2.15 16.86 61909.63 Nokia 4.53 0.02 4.95 2.70 - -12.01 31164.87 Denso 7757 40.00 7970 0.00 1.99-219.00 55572.02 SEB 108.85 0.05 111.60 75.56 3.68 12.50 28372.83 Boeing 246.06 -1.22 278.57 141.58 - -11.62 143898.37 Monsanto 9.70 -0.02 10.00 9.51 - - 242.50
BHPBilltn 48.95 0.65 51.82 33.73 3.29 26.53 111055.03 SampoA 38.86 0.39 41.40 29.54 4.02 532.54 26109.19 EastJpRwy 8335 -28.00 8626 0.00 1.75 -8.23 28640.87 SvnskaHn 94.52 0.58 101.20 71.70 4.24 11.95 22080.26 Booking Holdings 2313.63 9.26 2516 1532.83 - 1555.46 94980.81 MorganStly 90.95 -1.10 94.27 44.60 1.59 13.62 169229.31
CmwBkAu 101.36 -0.49 102.64 62.64 3.04 26.64 138490.06 France (€) Fanuc♦ 27045 825.00 29700 0.00 0.78 65.31 49648.95 Swedbank 154.56 0.56 165.90 116.26 4.58 9.06 21016.3 BrisMySq 66.97 -0.38 67.96 54.07 2.87 -23.71 149522.38 Netflix 501.88 13.11 593.29 412.45 - 59.37 222534.97
CSL 296.64 1.43 320.42 242.00 1.03 35.96 103975.53 Airbus Grpe 112.40 0.04 113.30 57.87 - -298.17 107117.95 FastRetail 84330 1830 110500 0.00 0.59 86.40 81331.01 Telia Co 36.76 0.19 39.16 31.62 2.39 -6.70 18055.56 CapOne 158.64 -2.01 168.00 57.30 0.65 29.59 71626.21 NextEraE 73.27 -0.22 87.69 58.44 2.00 33.93 143715.08
NatAusBk 26.46 -0.16 27.84 16.56 2.30 17.14 67220.45 AirLiquide 140.86 0.18 144.45 119.35 2.00 26.29 80920.73 Fuji Hvy Ind 2251 4.00 2504 1898.5 2.74 13.63 15742.28 Volvo 225.80 0.80 240.80 131.70 2.60 20.00 43083.6 CardinalHlth 57.85 -1.46 62.96 44.65 3.46 12.04 16784.51 Nike 130.44 -1.50 147.95 93.44 0.81 60.64 166305.24
Telstra 3.58 0.01 3.61 2.66 2.89 23.21 32791.37 AXA 22.48 0.07 24.16 13.34 3.39 17.25 65918.64 Hitachi 6032 49.00 6178 0.00 1.82 15.52 53082.55 Switzerland (SFr) Carnival 29.19 -0.74 31.52 12.11 - -2.09 28413.85 NorfolkS 271.55 0.06 295.14 166.00 1.44 29.38 67951.69
Wesfarmers 55.00 0.39 56.67 40.90 2.86 31.90 48027.43 BNP Parib 56.45 0.13 57.92 28.79 - 10.20 85539.33 HondaMtr 3584 -1.00 3660 0.00 2.58 13.50 59027.68 ABB 31.03 0.08 31.78 19.29 2.52 134.90 70858.85 Caterpillar 217.18 -3.52 246.69 118.01 1.96 38.51 118968.41 Northrop 370.52 -4.54 379.03 282.88 1.60 13.26 59639.35
Westpc♦ 26.29 -0.30 26.88 16.00 3.09 40.59 74278.79 ChristianDior 692.00 7.00 696.00 335.00 0.69 62.04 151447.9 JapanTob 2193 3.00 2227.5 0.00 7.15 11.32 39878.16 CredSuisse 9.57 -0.03 13.50 8.50 2.83 22.26 27161.46 CharlesSch 72.25 -1.67 76.37 31.63 1.03 32.99 130559.55 NXP 201.82 0.69 216.43 103.20 0.86 130.60 55651.93
Woolworths 42.91 -0.05 43.86 35.66 2.27 36.97 41892.17 Cred Agr 12.46 0.03 13.49 6.51 - 13.58 46703.81 KDDI 3601 -19.00 3767 2604 3.67 11.43 75440.75 Nestle 113.82 - 114.30 95.00 2.49 25.25 364715.18 Charter Comms 684.61 -2.13 712.41 498.08 - 37.90 129162.74 Occid Pet 28.71 0.38 32.52 8.52 2.95 -1.78 26793.78
Belgium (€) Danone 59.48 0.11 65.68 46.03 3.68 19.08 49589.98 Keyence 55720 1480 59310 41780 0.39 67.23 123212.55 Novartis 83.84 0.52 87.06 70.42 3.64 26.18 230050.47 Chevron Corp 107.92 0.01 113.11 65.16 4.94 -35.30 208076.15 Oracle 82.38 -0.53 85.03 50.91 1.18 19.56 237531.2
AnBshInBv 64.61 0.05 64.99 42.19 0.74-229.82 132641.89 EDF 11.99 -0.07 13.58 7.67 - 114.98 45886.93 MitsbCp 3057 -3.00 3298 0.00 4.86 12.54 41295.23 Richemont 115.10 0.50 116.90 56.08 0.87 46.36 66824.83 Chubb 166.12 -0.98 179.01 111.93 1.92 13.19 74700.35 Pepsico 147.45 -0.24 148.85 126.53 2.84 26.68 203721.53
KBC Grp 68.02 0.32 69.06 40.88 - 14.62 34365 Engie SA 12.31 -0.01 13.87 10.10 - -16.63 36341.2 MitsubEst 1911.5 1.50 2047.5 0.00 1.73 15.53 24183.4 Roche 341.70 -0.30 345.55 290.55 2.77 19.69 267006.64 Cigna♦ 239.39 -2.46 272.81 158.84 0.02 10.09 82145.61 Perrigo♦ 47.76 0.03 58.83 38.20 1.95 -38.85 6378.3
EssilorLuxottica♦ 148.50 0.08 149.84 103.05 0.81 749.79 79051.79 MitsubishiEle 1734 -7.50 1817 0.00 2.28 19.90 33852.33 Swiss Re 84.80 0.32 94.96 62.22 6.63 -30.04 29945.25 Cisco 53.78 -0.99 55.35 35.28 2.75 21.88 226639.93 Pfizer 39.59 -0.56 43.08 29.95 3.97 30.91 221612.7
Brazil (R$)
Hermes Intl 1196 -1.50 1208 679.00 0.40 86.86 153084.48 MitsuiFud 2699 4.00 2816.5 1645.5 1.79 13.18 23687.73 Swisscom 525.00 2.00 527.20 456.30 8.19 15.69 30248.05 Citigroup 75.17 -1.32 80.29 40.49 2.80 15.38 155369.63 Phillips66 90.96 -0.01 94.34 43.27 4.05 -18.18 39828.39
Ambev 19.38 0.44 19.86 12.04 2.15 26.84 60253.92
LOreal 384.55 0.50 388.80 255.10 1.04 58.19 261408.22 MitUFJFin 604.70 -6.10 660.30 392.80 4.71 14.67 74674.08 UBS 14.62 0.04 15.24 9.65 4.57 8.68 62729.49 CME Grp 215.29 0.83 221.82 146.89 1.63 35.51 77309.36 PhilMorris 99.50 0.66 99.65 68.37 4.91 17.55 155074.43
Bradesco 23.80 -0.04 24.57 16.11 2.23 15.21 22898.4
LVMH 672.60 4.50 676.20 363.75 0.71 69.23 411624.66 Mizuho Fin 1618 -14.50 1732.5 1256 2.81 37.06 37355.16 Zurich Fin 371.50 1.30 411.30 297.80 5.21 15.65 62168.78 Coca-Cola♦ 55.29 -0.45 56.48 43.51 3.05 32.35 238392.82 PNCFin 186.80 -2.40 203.88 97.09 2.54 28.43 79363.54
Cielo 3.98 0.02 5.93 3.15 1.64 21.92 2135.96
Orange 10.45 0.04 11.15 8.63 5.99 5.86 33703.05 Murata Mfg 8431 131.00 10835 0.00 1.37 31.94 51803.36 Cognizant 70.20 -1.05 82.73 52.50 1.29 26.44 37024.31 PPG Inds 174.87 -2.67 182.97 98.41 1.25 34.17 41458.95
ItauHldFin 28.97 -0.06 29.97 21.10 2.83 15.63 28374.51 Taiwan (NT$)
PernodRic 177.35 -1.15 182.10 131.65 1.56 161.65 56310.54 Nippon T&T 2898 -15.50 3018 2127 3.70 10.92 102782.08 ColgtPlm 83.07 -0.56 86.41 71.21 2.18 25.61 70274.63 ProctGmbl 134.55 -0.31 146.92 113.76 2.41 24.17 329409.72
Petrobras 29.75 0.45 32.34 17.74 0.82 63.22 43737.22 Chunghwa Telecom 114.50 - 117.00 106.50 3.66 26.52 32175.72
Renault 36.84 -0.07 41.42 19.67 - -1.20 13207.07 NipponTT 2898 -15.50 3018 2127 3.70 10.92 102782.08 Comcast 56.69 -0.19 59.11 37.77 1.70 21.90 259914.85 Prudntl 104.16 -1.37 109.17 57.11 4.36-100.84 41039.04
Vale 114.25 -0.09 120.45 51.98 1.96 23.00 119263.04 Formosa PetChem 108.00 -1.50 110.00 78.00 2.73 136.38 37268.03
Safran 123.10 -0.54 127.45 80.64 - 147.62 63766.04 Nissan Mt 555.30 6.50 664.50 359.70 - -1.83 21309.84 ConocPhil 60.54 0.57 61.28 27.53 2.88 -23.35 81693.79 PublStor♦ 293.49 -0.32 296.11 183.22 2.79 42.80 51354.33
Canada (C$) HonHaiPrc 113.50 2.00 134.50 74.10 3.76 15.36 56997.69
Sanofi 88.89 -0.01 95.82 74.92 3.69 8.73 135880.17 Nomura 596.30 8.30 721.00 463.30 4.61 6.10 17531.24 Corning♦ 41.29 -1.87 46.82 25.11 2.23 29.45 35151.25 Qualcomm♦ 136.09 1.47 167.94 83.10 1.96 19.08 153509.52
Bausch Hlth 38.58 -0.16 43.97 19.88 - -19.48 11394.71 MediaTek 980.00 -30.00 1185 473.00 1.09 37.36 56457.2
Sant Gbn 56.74 -0.02 58.60 28.70 - 64.04 37028.96 Nppn Stl 1949 -11.50 2354.5 0.00 - -8.24 16840.27 Costco 380.65 -1.18 393.15 293.84 0.74 38.54 168275.54 Raytheon♦ 88.53 -0.28 89.98 51.92 2.20 -37.78 134130.91
BCE 60.68 -0.98 61.78 52.52 5.49 24.76 45243.76 TaiwanSem 602.00 - 679.00 308.50 1.65 29.53 565470.29
Schneider 130.10 -0.04 140.62 87.78 2.04 32.73 89448.84 Panasonic 1260 14.00 1520 856.60 2.18 15.04 28108.29 CrownCstl 195.44 1.10 200.47 146.15 2.61 80.51 84467.14 Regen Pharm 528.33 2.78 664.64 441.00 - 16.76 55313.42
BkMontrl 126.74 -0.18 129.14 70.29 3.27 15.81 67601.84 Seven & I 4910 11.00 4987 2937.5 2.24 21.69 39572.94 Thailand (THB) CSX 96.92 -0.31 104.87 65.37 1.12 26.83 73407.23 S&P Global 392.87 0.38 398.55 303.50 0.72 37.78 94637.05
SocGen 26.38 - 27.03 10.77 - -24.81 27294.48
BkNvaS 80.79 -0.17 82.11 53.54 4.35 15.55 80799.32 ShnEtsuCh♦ 18905 435.00 20060 11830 1.28 25.47 71618.95 PTT Explor 41.50 - 45.00 30.50 3.31 29.30 38083.9 CVS 83.79 -1.69 90.61 55.36 2.47 14.83 110308.64 Salesforce 245.31 5.00 284.50 171.27 - 54.47 227157.06
Total 39.69 0.87 42.19 24.51 6.62 -28.09 127408.73
Brookfield 60.27 -0.09 61.15 38.77 1.00-400.70 78352.64 Softbank 8056 56.00 10695 4896 0.60 18.12 126200.07 United Arab Emirates (Dhs) Danaher 245.35 -1.67 261.43 165.25 0.31 37.64 175002.97 Schlmbrg♦ 34.31 -0.58 36.87 13.70 1.49 -16.43 47976.79
UnibailR 80.12 -0.63 85.65 29.08 7.03 -1.48 13456.01
CanadPcR 97.25 -0.52 100.00 66.43 3.60 5.50 53420.36 Sony 10820 -40.00 12545 0.00 0.51 11.39 124059.24 Emirtestele 22.14 0.10 22.16 16.34 3.70 20.40 52419.86 Deere 334.13 -7.44 400.34 148.12 0.94 29.73 104229.21 Sempra Energy 142.37 0.13 143.23 112.16 3.03 20.95 43102.53
Vinci 96.01 1.00 96.28 64.86 1.36 41.87 69480.89
CanImp 144.13 -0.25 146.05 89.42 3.96 16.15 53341.01 SumitomoF 3899 -6.00 4354 2800 5.50 190.71 48710.12 Delta 46.02 -0.48 52.28 24.38 - -2.19 29436.55 Shrwin-Will 273.55 -3.19 293.05 178.66 0.67 35.98 72750.51
Vivendi 29.19 0.13 32.35 21.67 2.14 22.22 41999.37 United Kingdom (p)
CanNatRs 45.78 0.53 46.21 19.77 3.65-125.76 44706.23 Takeda Ph 3737 -42.00 4365 3239 5.30 29.59 53628.78 Devon Energy 29.34 0.05 31.99 7.73 1.48 -4.19 19860.25 SimonProp 133.68 -0.55 136.70 59.03 4.64 36.05 43918.08
Germany (€) AscBrFd♦ 2292 -65.00 2528 1618 - 45.30 25620.09
CanNatRy♦ 133.96 -0.25 149.44 115.63 1.73 27.39 78266.85 TokioMarine 5141 24.00 5746 4436 4.17 22.35 32603.06 DiscFinServ 120.94 -2.21 125.38 45.40 1.50 32.52 36873.1 SouthCpr 65.52 -1.43 83.29 35.45 2.66 23.37 50649.52
Allianz 216.65 -0.75 221.50 148.60 4.62 12.74 108299.56 AstraZen 8348 8.00 10120 6499.8 2.47 38.01 149275.88
Enbridge 48.98 0.71 49.35 35.80 6.51 33.64 81765.74 Toyota 9900 39.00 9971 0.00 2.45 13.90 293709.81 Disney 177.29 -0.09 203.02 108.02 - -63.10 322123.88 Starbucks 111.67 -0.89 118.98 71.06 1.58 128.37 131469.09
BASF 67.24 -0.27 72.88 45.92 4.87-102.70 74878.76 Aviva 416.90 -0.40 426.40 247.40 3.12 8.72 23623.62
GtWesLif 36.20 -0.45 38.00 23.06 4.76 11.60 27705.59 DominRes 77.80 0.48 86.95 67.85 4.58 41.38 62747.59 StateSt 84.72 0.98 89.28 56.63 2.51 13.64 29462.93
Bayer 53.21 -0.26 73.63 39.91 5.49 -3.22 63380.27 Mexico (Mex$) Barclays 179.40 -1.00 190.58 88.90 - 13.30 43223.2
ImpOil 41.36 0.12 42.36 14.86 2.09 -16.62 25020.73 DukeEner 101.91 -0.02 108.00 77.58 3.87 57.70 78391.1 Stryker 255.23 -0.56 268.04 171.75 0.97 67.59 96157.36
BMW 94.79 0.05 96.00 53.85 2.75 15.87 69185.88 AmerMvl 16.05 -0.19 16.30 12.71 2.36 13.72 36362.91 BP 330.40 6.10 358.75 188.52 5.73 -8.15 92978.31
Manulife 24.59 -0.16 27.68 17.58 4.48 8.53 39345.42 DuPont♦ 81.43 -1.10 87.27 49.01 1.52 -19.96 43333.63 Sychrony Fin 48.71 -0.66 50.96 21.04 1.85 13.41 28329.68
Continental 128.72 -1.76 131.90 79.04 2.43 -25.67 31214.11 FEMSA UBD 171.90 -0.19 172.70 112.72 1.65-123.26 18656.48 BrAmTob 2795.5 -10.50 3206 207.50 7.53 10.02 73591.87
Nutrien 77.88 -1.03 79.67 41.50 2.90 76.71 36596.32 Eaton 145.56 -1.07 149.38 82.44 2.07 40.38 58005.66 T-MobileUS 144.92 -0.43 148.70 100.11 - 59.20 180694.63
Daimler 78.92 -0.81 80.29 34.30 2.83 10.88 102368.59 WalMrtMex 65.30 0.27 70.40 49.81 1.33 34.06 57260.48 BT 191.85 0.05 198.15 94.68 - 13.14 26876.74
RylBkC 125.98 -0.12 126.90 89.11 3.35 15.96 147909.96 eBay♦ 65.59 -1.55 67.42 45.36 1.03 16.91 44680.54 Target 232.04 -0.90 236.80 114.81 1.19 26.12 114795.72
Deut Bank 11.57 -0.13 12.56 6.75 - 18.51 28987.65 Netherlands (€) Compass 1610 -13.50 1657.03 1024.5 1.67 201.25 37385.49
Suncor En 30.73 0.36 31.07 14.28 3.51 -11.04 38130.6 Ecolab 211.50 -2.52 230.00 181.25 0.92 60.76 60475.76 TE Connect 136.03 -0.97 139.58 75.70 1.44 42.33 44920.46
Deut Tlkm 17.79 -0.01 17.96 12.59 3.52 19.39 102690.19 ASML Hld 577.70 4.10 582.60 289.20 0.44 54.17 293828.29 Diageo 3434.5 0.50 3542.5 2253 2.03 70.81 122079.61
ThmReut 118.76 -0.23 122.03 90.06 1.60 41.20 48509.57 Emerson 96.85 -0.18 99.09 58.67 2.14 27.18 58080.95 Tesla Mtrs 617.67 7.78 900.40 181.70 - 597.58 595023.11
DeutsPost 56.90 -0.22 57.47 28.90 2.11 23.13 85480.34 Heineken 98.22 0.28 100.40 74.26 1.81 57.63 68594.02 GlaxoSmh♦ 1407.4 4.00 1678.62 1190.8 5.68 13.51 97726.6
TntoDom 86.92 -0.34 89.12 57.44 3.55 13.50 130394.64 EOG Res 85.52 0.08 87.99 31.22 1.71 -79.61 49909.91 TexasInstr 187.96 -0.71 197.58 120.80 2.09 27.83 173585.48
E.ON 10.17 0.09 10.81 8.27 4.72 23.79 32562.55 ING 11.21 0.07 11.68 5.65 - 18.54 53061.6 Glencore 327.65 -1.45 339.40 150.59 - -31.99 66732.6
TrnCan 64.28 -0.42 66.14 50.61 4.96 13.78 51844.65 EquityResTP 80.46 -0.29 82.05 45.43 3.07 46.77 30092.47 TheTrvelers♦ 153.12 -1.36 162.71 105.67 2.27 13.53 38504.36
Fresenius Med 68.98 0.38 79.96 55.18 1.81 16.71 24494.56 Unilever 49.96 0.15 53.66 43.00 0.74 26.33 184598.97 HSBC 439.45 2.50 462.55 281.50 2.45 20.91 124407.46
China (HK$) Imperial Brands 1607.5 -1.00 1686 1142 11.55 10.17 21647.07 Exelon 46.72 -0.20 47.02 33.97 3.38 22.50 45648.74 ThrmoFshr 465.32 0.43 532.57 330.57 0.20 28.23 182883.74
Fresenius SE 45.16 -0.10 46.53 31.03 1.94 14.16 24762.61 Norway (Kr)
AgricBkCh♦ 2.81 0.01 3.30 2.38 7.86 3.93 11130.22 LlydsBkg 47.84 -0.56 59.94 23.59 - 19.14 48681.98 ExxonMb 62.28 0.11 64.02 31.11 5.77 -11.48 263664.8 TJX Cos 65.35 -0.42 74.65 48.73 0.36 907.81 78837.91
HenkelKgaA 80.30 0.20 86.50 70.15 2.38 23.85 25293.54 DNB 189.00 2.30 189.75 125.30 - 15.86 35273.95
Bk China♦ 2.83 0.01 3.19 2.33 8.20 3.77 30494.54 Natl Grid 920.00 1.40 998.80 805.40 5.28 21.70 43601.65 Facebook 335.25 3.99 338.30 207.11 - 28.05 803274.8 Truist Financial Corp 57.02 -0.97 62.69 33.47 3.26 17.92 76683.07
Linde 238.30 -1.60 250.65 173.30 1.38 59.51 150249.86 Equinor 192.16 2.36 193.40 116.30 2.51 -24.84 75101.38
BkofComm 5.22 0.03 5.26 3.66 7.33 4.14 23550.73 Natwest Group 205.10 0.10 214.20 90.54 1.46 -58.60 34652.43 Fedex 295.03 -1.07 319.90 127.29 0.89 25.90 78282.55 UnionPac 221.43 0.10 231.26 161.41 1.79 27.99 147096.51
MuenchRkv 233.90 0.80 269.30 194.10 4.37 26.00 39730.77 Telenor 144.05 0.10 161.45 138.25 6.05 13.19 24267.86
BOE Tech 0.80 - 1.10 0.51 - -7.98 20.51 Prudential 1485 -4.00 1598.5 861.00 1.54 24.88 54248.8 FordMtr 14.93 -0.35 16.46 5.74 - 14.74 58537.43 UPS B 201.58 -1.62 219.59 99.59 2.07 126.72 145806.28
SAP 119.92 1.58 143.32 89.93 1.31 26.57 178620.03
Ch Coms Cons 3.90 0.01 5.24 3.21 7.24 3.15 2220.51 Qatar (QR) ReckittB 6566 78.00 8020 5782 2.66 41.22 65285.91 Franklin 34.22 -0.57 35.94 17.97 3.29 21.24 17257.92 USBancorp 58.11 -1.03 62.47 34.01 2.99 18.38 86565.19
Siemens 135.74 -0.98 145.96 85.54 2.99 25.19 139890.64
Ch Evrbrght 3.23 0.01 3.97 2.40 8.01 4.37 5277.14 QatarNtBk 17.97 0.12 19.00 16.35 2.56 15.13 45586.02 RELX 1909.5 10.50 1961 1484.9 2.39 30.21 52124.27 GenDyn 189.75 -1.74 197.51 129.17 2.37 16.78 53622.93 UtdHlthcre 395.68 -2.21 425.98 273.71 1.26 23.90 373404.05
Volkswgn 296.80 -1.20 357.40 131.80 1.69 17.15 106189.12
Ch Rail Cons 5.13 0.01 7.60 4.07 4.91 2.71 1372.54 Russia (RUB) RioTinto 6092 -27.00 6876.26 4226.5 4.62 13.88 115366.2 GenElectric 13.52 -0.17 14.42 5.93 0.30-122.64 118687.23 ValeroEngy 81.79 0.50 84.95 35.44 4.90-115.83 33432.49
Ch Rail Gp 4.05 -0.03 4.85 3.33 5.01 3.13 2195.75 Hong Kong (HK$) GenMills 62.16 -0.37 66.14 53.96 3.25 14.94 37912.76 Verizon 57.01 -0.33 61.95 52.85 4.48 12.19 236004.56
Gzprm neft 277.02 - 13230.22 2.25 - - 91000.04 RollsRoyce 107.36 -4.58 137.45 34.59 - -2.03 2819.28
ChConstBk 6.26 0.02 6.74 4.93 6.19 4.83 193935.04 AIA 95.60 - 109.30 68.85 1.39 24.84 149017.87 GenMotors 60.50 -0.99 64.30 23.33 0.65 13.53 87765.44 VertexPharm 194.33 1.31 306.08 192.63 - 18.10 50305.37
Lukoil 6506.63 - 6759.59 3718.45 - - 62556.6 RylDShlA 1458.4 38.00 1718.36 878.10 3.23 -9.78 94663.72
China Vanke 25.35 -0.15 35.00 22.95 4.83 5.78 6185.39 BOC Hold 27.70 -0.35 29.55 20.05 5.37 10.69 37738.48 GileadSci 67.62 -1.16 78.94 56.56 4.16 654.56 84801.26 VF Cp 81.79 -0.34 90.79 56.70 2.44-172.14 32074.1
MmcNrlskNckl♦ 26296.34 113.06 28011.97 1902.39 - - 57742.38 StandCh 491.30 -2.50 533.20 334.25 1.33 24.56 22869.48
ChinaCitic 4.16 - 4.29 2.93 7.01 3.90 7977.58 Ch OSLnd&Inv 19.74 0.18 27.05 14.92 5.70 4.03 27840.11 GoldmSchs♦ 373.36 -4.70 393.26 185.52 1.38 14.61 126851.91 ViacomCBS 42.17 -0.19 101.97 21.67 2.35 10.94 25534.55
Novatek 1549.2 - 13307.81 953.54 - - 65271.14 Tesco♦ 231.75 0.15 317.55 217.10 5.00 17.29 26791.85
ChinaLife 15.72 -0.12 21.90 15.32 5.71 7.24 15073.36 ChngKng 52.55 -0.05 53.25 35.65 3.78 11.50 24694.08 Halliburton 23.95 -0.08 25.00 10.60 0.77 -11.76 21308.77 Visa Inc 232.42 -2.54 237.50 179.23 0.55 46.92 393209.58
Rosneft 532.83 - 39143.78 345.00 - - 78358.79 Vodafone 130.00 0.16 142.74 100.54 6.28 16.76 48960.83
ChinaMBank 68.40 -0.80 72.45 35.05 2.13 14.25 40464.11 Citic Ltd♦ 8.79 0.11 9.32 5.20 4.53 4.36 32949.67 HCA Hold 206.85 -4.84 217.36 91.21 0.24 15.11 68396.09 Walgreen 54.08 -1.23 57.05 33.36 3.47 -75.32 46746.45
Sberbank 314.82 -1.62 568.52 2.82 - - 94300.86 WPP♦ 1002 6.60 1024.46 558.00 1.00 -4.12 17912.62
ChinaMob 48.60 -0.15 60.40 39.00 7.43 7.52 128228.94 Citic Secs 20.30 -0.20 22.00 14.34 2.99 13.51 5959.74 Hew-Pack 29.51 -0.57 36.00 15.67 2.52 12.11 35449.05 WalMartSto 140.17 -0.59 153.66 117.01 1.58 28.70 392762.78
Surgutneftegas 36.35 - 43.50 30.34 - - 18020.55 United States of America ($)
ChinaPcIns♦■ 25.40 -0.75 42.75 20.20 5.78 8.09 9083.64 CK Hutchison 59.80 -0.10 65.80 45.80 5.04 7.65 29713.84 HiltonWwde 128.18 -0.43 132.69 69.83 0.12 -48.10 35702.45 WellsFargo 44.93 -0.75 48.13 20.76 2.80 106.08 185705.25
CNOOC♦ 9.14 0.12 10.60 6.50 7.94 13.31 52584.43 Saudi Arabia (SR) 21stC Fox A 37.64 -0.30 44.80 23.93 1.26 14.29 12304.32
ChMinsheng 4.06 0.01 5.55 3.85 11.06 5.00 4352.93 HomeDep 306.66 -4.11 345.69 234.31 2.01 24.98 326058.83 Williams Cos♦ 27.58 -0.21 28.35 17.48 5.99 157.06 33503.15
HangSeng 159.20 0.20 166.70 110.00 4.35 18.41 39220.33 AlRajhiBnk 109.60 4.00 109.80 56.50 0.93 23.17 73059.85 3M 201.42 -1.39 208.95 148.80 2.99 20.15 116758.14
ChMrchSecs 19.25 -0.61 28.18 13.77 1.74 16.92 22357.53 Honywell 223.13 -2.06 234.02 137.53 1.68 33.34 154972.72 Yum!Brnds 117.92 -1.73 122.73 84.17 1.65 38.83 35128.5
HK Exc&Clr 468.20 1.20 587.00 286.20 1.48 49.81 76491.07 Natnlcombnk 53.90 - 59.50 35.60 2.30 14.22 43115.97 AbbottLb 110.12 0.21 128.54 86.16 1.35 42.82 195663.43
Chna Utd Coms 4.55 0.16 5.72 4.01 1.33 24.25 21898.33 HumanaInc 413.09 -6.09 475.44 365.06 0.64 14.34 53294.57 Venezuela (VEF)
MTR♦ 43.40 0.10 49.00 37.65 2.93 -53.80 34579.97 SaudiBasic 125.00 0.40 128.20 86.10 3.066050.63 99990.66 Abbvie 114.59 -0.83 118.28 79.11 4.25 40.79 202391.42
ChShenEgy 17.66 0.18 18.32 11.94 8.72 7.07 7686 IBM 149.25 -2.03 152.84 105.92 4.47 24.80 133358.28 Bco de Vnzla 415000-10000.00 500000 6500 173.41 - 485.65
SandsCh 33.95 0.25 40.55 26.50 3.01 -22.50 35405.79 SaudiTelec 139.20 4.80 139.80 94.00 2.94 24.63 74233.08 Accenture 283.80 -1.48 294.50 194.83 1.20 33.30 188759.56
ChShpbldng 4.09 -0.02 5.44 3.94 - -256.01 11702.07 IllinoisTool 230.77 -1.98 242.07 160.34 1.98 33.70 72896.26 Bco Provncl 5250000 50000 6900000 450000 - -16.05 181.64
SHK Props 122.00 -1.10 126.00 90.50 4.20 15.75 45555.54 Singapore (S$) Adobe 559.57 18.31 561.36 395.41 - 48.26 267474.46
ChStConEng 4.92 0.06 5.70 4.68 3.75 4.25 31292.26 Illumina 450.30 -2.87 555.77 260.42 - 102.81 65743.8 Mrcntl Srvcs 5699000-1000.00 6600000 497000 0.02 2.57 111.33
Tencent 596.00 -4.50 775.50 432.20 0.23 29.42 736913.43 DBS♦ 29.66 -0.07 30.60 19.45 4.09 13.69 57302.29 AEP 84.79 0.03 94.21 74.80 3.48 18.13 42373.84
ChUncHK♦ 4.25 -0.02 6.70 3.95 4.26 8.11 16757.06 Intcntl Exch 113.01 0.34 121.97 90.01 1.11 29.52 63595.34
JardnMt US$ 62.77 0.14 68.88 37.37 2.83 -56.79 45296.92 Aetna - - - - - - -
CNNC Intl 5.10 0.02 5.77 4.03 2.39 12.81 12422.34 India (Rs) Intel 57.54 -0.32 68.49 43.61 2.38 12.63 232326.33 Closing prices and highs & lows are in traded currency (with variations for that
OCBC♦ 12.23 -0.10 12.77 8.36 3.72 14.75 41277.33 Aflac 55.57 -0.69 57.57 33.37 2.15 7.00 37765.71
CSR 3.69 0.02 4.22 2.53 4.93 7.43 2078.4 Bhartiartl 539.35 -1.50 623.00 394.00 0.38 -9.57 40425.44 Intuit 471.89 -0.27 474.62 274.19 0.49 69.54 128948.32 country indicated by stock), market capitalisation is in USD. Highs & lows are
SingTel 2.33 0.01 2.63 2.00 5.58 21.55 29010.31 AirProd 298.49 -1.96 327.89 229.17 1.85 33.88 66060.09
Daqin 6.46 -0.28 7.19 6.32 7.42 8.63 15028.69 HDFC Bk 1479.45 -6.90 1641 943.00 - 26.80 111413.29 John&John 164.32 -0.64 173.65 133.65 2.52 28.37 432719.63 based on intraday trading over a rolling 52 week period.
UOB♦ 25.98 -0.16 26.84 18.85 3.75 14.92 32808.16 Alexion 181.27 -0.38 182.72 99.91 - 57.51 40064.16
GuosenSec 10.84 -0.14 16.14 10.42 1.84 15.09 14973.35 Hind Unilevr 2364.6 -1.90 2505.9 2000.05 1.63 67.75 75823.04 JohnsonCn 65.77 -1.27 68.33 32.70 1.63 50.21 47138.35 ♦ ex-dividend
Allstate 130.56 -1.17 140.00 84.97 1.71 7.30 39081.75
HaitongSecs 7.08 -0.02 9.42 5.97 4.78 5.96 3110.62 HsngDevFin 2539.2 -20.60 2896 1623 0.86 24.72 62567.1 South Africa (R) JPMrgnCh 157.68 -2.61 167.44 90.78 2.36 17.19 477317.56
Alphabet 2427.62 -2.58 2441.72 1351.65 - 31.62 730099.05 ■ ex-capital redistribution
Hngzh HikVDT 62.00 0.38 70.48 27.94 1.13 41.03 79189.96 ICICI Bk 635.15 -0.55 679.40 325.50 - 28.13 60008.47 Firstrand 56.84 0.56 59.82 35.52 2.48 23.33 23252 Kimb-Clark♦ 129.13 -0.61 160.16 128.02 3.45 18.92 43572.54
Altria 47.56 -1.35 52.59 35.83 7.36 19.86 88007.09 # price at time of suspension
Hunng Pwr 2.91 0.04 4.12 2.44 5.81 59.39 1762.55 Infosys♦ 1461.8 14.90 1477.55 685.25 1.48 32.74 85008.98 MTN Grp 107.79 -0.36 109.41 49.71 3.18 11.94 14811.7 KinderM 19.06 -0.08 19.29 11.45 5.64 22.99 43157.96
Amazon 3368.11 21.28 3554 2503.35 - 62.561698617.82
IM Baotou Stl 1.61 - 2.24 1.06 - 61.09 7980.76 ITC 207.30 -0.60 239.20 163.35 5.07 18.55 34823.2 Naspers N 3024.6 59.22 3888 2799.68 - 29.70 96061.75 Kraft Heinz♦ 42.61 -0.82 44.95 28.56 3.84 94.62 52112.19
AmerAir 23.19 -0.35 26.09 10.63 - -1.50 14870.47
In&CmBkCh 5.04 0.03 5.75 3.96 6.32 4.84 56368.39 L&T 1515.75 12.30 1593 843.00 1.23 68.73 29053.76 South Korea (KRW) Kroger 38.22 -0.50 42.99 30.35 1.83 11.37 28932.61
AmerExpr 164.00 -0.51 167.14 89.11 1.07 26.27 131741.67
IndstrlBk 21.56 -0.47 28.07 15.50 3.53 6.71 66178.13 OilNatGas 124.80 1.25 128.00 64.10 4.15 167.31 21426.73 HyundMobis 288000 1000.00 405000 183500 1.47 16.55 24445.21 L Brands 66.17 -0.84 71.99 13.18 0.47 21.45 18317.27
AmerIntGrp 51.12 -0.58 54.08 25.57 2.59 -7.19 43868.15
Kweichow 2178.81 -59.67 2627.88 1381 0.78 57.66 428301.32 RelianceIn 2244.9 31.75 2369.35 1561.1 0.30 33.62 207170.69 KoreaElePwr 26700 550.00 30050 18700 - 177.79 15347.81 LasVegasSd 54.53 -1.11 66.77 42.58 - -21.84 41655.17
AmerTower 269.59 1.24 272.20 197.50 1.72 61.12 119912.58
Midea 0.63 0.01 0.85 0.52 - -3.88 24.44 SBI NewA 430.35 0.75 441.95 169.25 - 15.99 52415.85 SK Hynix 127000-1000.00 150500 71300 0.98 17.21 82786.81 LibertyGbl 27.94 0.11 29.07 18.73 - -10.02 5038.28
Amgen 240.26 -2.51 276.69 210.28 2.79 19.45 138042.34
New Ch Life Ins 27.70 -0.45 37.30 25.15 6.11 4.47 3691.14 SunPhrmInds 677.10 -4.20 721.85 452.25 0.61 65.04 22171.51 SmsungEl 80500 -500.00 96800 49900 3.95 19.74 430307.6 Lilly (E) 225.18 1.09 235.85 129.21 1.40 32.94 215953.35
Anthem♦ 381.75 -2.13 406.00 244.10 1.07 19.89 93466.7
PetroChina 3.57 0.13 3.62 2.16 4.49 28.40 9706.13 Tata Cons 3276.35 2.55 3354.35 2000.95 0.91 36.84 165398.75 Spain (€) Linde♦ 288.29 -2.93 305.71 197.26 1.38 59.38 149919.36
Aon Cp 248.47 -1.64 260.97 177.21 0.74 26.51 56066.57
PingAnIns 80.90 -0.05 103.60 77.10 3.15 8.23 77638.9 Israel (ILS) BBVA 5.34 0.10 5.40 2.13 - 10.99 43195.17 Lockheed♦ 386.96 -0.76 402.38 319.81 2.64 15.14 107549.33
Apple 129.48 2.13 145.09 83.15 0.65 28.302160714.46
PngAnBnk 23.37 -0.83 25.31 12.52 - 16.49 70967.82 TevaPha 35.45 1.16 45.29 28.79 - -2.94 11984.5 BcoSantdr 3.44 0.00 3.51 1.44 - -7.40 72271.98 Lowes 188.74 -2.07 215.22 123.09 1.25 23.69 133418.44
Aptiv 156.23 -0.53 160.14 71.80 0.15 22.71 42254.4
Pwr Cons Corp 3.87 0.02 4.88 3.40 1.03 7.62 6749.05 CaixaBnk 2.80 0.04 2.90 1.52 2.48 2.84 27403.7 Lyondell 108.46 -1.62 118.02 60.04 3.96 15.10 36262.36
Italy (€) ArcherDan 65.33 -0.67 69.30 37.54 2.27 17.35 36500.01
SaicMtr 19.91 -0.04 28.80 16.90 4.41 8.88 36401.11 Iberdrola 10.82 0.13 12.57 9.40 3.85 27.52 84197.54 Marathon Ptl 62.94 -0.24 64.84 26.56 3.81 -3.59 41077.78
Enel 8.10 0.08 9.05 6.73 4.20 31.41 99869.64 AT&T 29.07 -0.25 33.88 26.35 7.39 -37.53 207588.36
ShenwanHong 0.07 0.00 0.10 0.03 - -7.64 81.28 Inditex 31.79 0.47 32.85 20.86 1.13 86.91 120127.02 Marsh&M 138.87 -0.06 139.93 101.51 1.37 31.05 70617.29
ENI 10.73 0.15 10.80 5.73 5.34 -4.25 46898.33 AutomData♦ 197.90 -1.75 200.51 127.31 1.90 33.57 84210.08
ShgPdgBk 10.17 -0.06 12.69 9.22 5.89 5.76 46712.47 Repsol 11.47 0.26 11.50 5.04 6.74 -8.20 21244.8 MasterCard 363.31 -2.19 401.50 281.20 0.46 54.45 357099.24
Generali 17.15 0.01 17.92 11.18 3.04 13.60 32875.84 Avago Tech 470.39 -0.31 495.14 292.41 2.92 52.89 192061.33
Sinopec Corp♦ 4.23 0.09 4.69 2.95 5.49 6.00 13906.61 Telefonica 4.11 0.03 4.85 2.71 9.81 16.44 27139.12 McDonald's 235.59 -1.34 238.18 178.88 2.21 36.15 175791.2
IntSPaolo 2.45 0.03 2.49 1.38 - 19.20 57718 BakerHu 24.67 -1.24 26.57 12.13 2.99 75.33 19090.72
Sinopec Oil 2.03 0.05 2.37 1.67 - 84.87 4310.45 McKesson♦ 191.36 -4.14 204.66 139.77 0.90 -6.94 30270.53
Unicred 10.74 -0.04 10.95 6.09 - -7.76 29132.84 Sweden (SKr) BankAm♦ 41.36 -0.51 43.49 22.39 1.78 17.34 354384.13
Denmark (kr) Medtronic 123.23 -0.55 132.30 87.68 1.90 56.27 166123.02
Japan (¥) AtlasCpcoB 439.40 1.00 482.40 316.50 1.56 36.34 20595.82 Baxter 81.87 -0.37 91.45 74.79 1.23 38.65 41168.49
DanskeBk 115.45 0.75 125.60 80.28 1.72 11.02 16229.97 Merck 75.08 -0.54 87.80 15.32 3.41 26.15 190106.94
AstellasPh 1911.5 -17.00 1949 0.00 2.36 23.25 32357.19 Ericsson 109.42 -0.42 121.80 81.48 1.56 20.10 40381.7 BectonDick♦ 241.06 -1.58 284.97 219.50 1.38 42.14 70104.71
MollerMrsk 18340 10.00 18720 7292 0.77 19.97 28206.67 Metlife 63.31 -0.80 67.68 34.82 2.97 10.79 55422.52
Bridgestne 4981 65.00 5049 3078 2.43-136.80 32321.96 H&M 209.80 -0.95 229.50 132.25 - -197.74 36810.25 BerkshHat 425447.13-4834.87 445000 262700 - 15.44 271431.01
NovoB 516.30 -0.50 520.10 400.20 1.73 27.53 149220.18 Microsoft 257.93 0.04 263.19 185.18 0.85 34.341942581.37
Canon 2599.5 -8.00 2742 0.00 3.39 29.77 31523.55 Investor 195.80 -0.10 197.70 117.70 4.49 0.82 42850.57 Biogen 407.32 10.68 468.55 223.25 - 20.51 61323.98
Mnstr Bvrg 93.16 -0.34 99.24 66.62 - 34.16 49240.86
BkNYMeln 49.62 -0.79 52.90 32.65 2.58 12.54 43441.36

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
Adobe 559.57 541.26 18.31 3.38 50.10 9.8 14.99 AgricBkCh 2.81 2.80 0.01 0.36 -0.33 -10.5 -7.87 Jun 14 date Coupon S* M* F* price yield yield yield US Jun 14 date Coupon S* M* F* price yield yield yield US
CSR 3.69 3.67 0.02 0.54 0.31 9.2 8.85 Caterpillar 217.18 220.70 -3.52 -1.59 -22.58 -9.4 -10.54 High Yield US$ US$
UnibailR 80.12 80.75 -0.63 -0.78 6.35 8.6 14.54 Cielo 3.98 3.96 0.02 0.51 -0.32 -7.4 10.25 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Ch OSLnd&Inv 19.74 19.56 0.18 0.92 1.34 7.3 1.23 VertexPharm 194.33 193.02 1.31 0.68 -14.83 -7.1 -10.47 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
CNOOC 9.14 9.02 0.12 1.33 0.62 7.3 0.33 Deut Bank 11.57 11.69 -0.13 -1.08 -0.80 -6.5 -6.50 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
Renault 36.84 36.90 -0.07 -0.18 2.33 6.7 10.27 ChinaPcIns 25.40 26.15 -0.75 -2.87 -1.65 -6.1 -9.30 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
PetroChina 3.57 3.44 0.13 3.78 0.19 5.6 10.56 Deere 334.13 341.57 -7.44 -2.18 -21.30 -6.0 -13.03 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Chna Utd Coms 4.55 4.39 0.16 3.64 0.24 5.6 4.60 FordMtr 14.93 15.28 -0.35 -2.29 -0.95 -6.0 25.97 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Telefonica 4.11 4.08 0.03 0.80 0.22 5.6 2.52 Altria 47.56 48.90 -1.35 -2.75 -2.94 -5.8 -5.53 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Infosys 1461.80 1446.90 14.90 1.03 76.15 5.5 10.16 Carnival 29.19 29.93 -0.74 -2.49 -1.70 -5.5 7.37 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Amazon 3368.11 3346.83 21.28 0.64 170.10 5.3 4.51 Daqin 6.46 6.74 -0.28 -4.15 -0.37 -5.4 -7.10 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Fanuc 27045.00 26220.00 825.00 3.15 1245.00 4.8 11.00 Volkswgn 296.80 298.00 -1.20 -0.40 -16.80 -5.4 -5.36 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
RylDShlA 1458.40 1420.40 38.00 2.68 65.80 4.7 -98.97 UPS B 201.58 203.20 -1.62 -0.80 -11.34 -5.3 -6.84 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
ThrmoFshr 465.32 464.89 0.43 0.09 20.87 4.7 1.36 Mizuho Fin 1618.00 1632.50 -14.50 -0.89 -90.50 -5.3 1.47
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Illumina 450.30 453.17 -2.87 -0.63 19.96 4.6 18.13 Citigroup 75.17 76.48 -1.32 -1.72 -4.15 -5.2 -1.77
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Sempra Energy 142.37 142.24 0.13 0.09 6.27 4.6 3.11 Devon Energy 29.34 29.29 0.05 0.17 -1.58 -5.1 11.45
BT 191.85 191.80 0.05 0.03 8.35 4.6 -98.80 Truist Financial Corp 57.02 57.99 -0.97 -1.67 -3.04 -5.1 -7.48 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
Roche 341.70 342.00 -0.30 -0.09 14.10 4.3 12.61 MitUFJFin 604.70 610.80 -6.10 -1.00 -31.70 -5.0 0.80 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
AstraZen 8348.00 8340.00 8.00 0.10 343.00 4.3 -98.94 BakerHu 24.67 25.91 -1.24 -4.79 -1.27 -4.9 -1.73 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Tata Cons 3276.35 3273.80 2.55 0.08 132.60 4.2 6.11 ArcherDan 65.33 66.00 -0.67 -1.02 -3.33 -4.8 -3.46 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jun 14 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jun 14 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 16.70 1.05 15.65 44.44 15.04 Jun 14 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 14.48 0.34 14.14 51.68 7.84 Tr 3.75pc '21 100.85 0.03 0.00 0.00 -25.00 0.00 102.75 100.00 29.00
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged - - - - - - VXN 20.06 0.90 19.16 47.63 19.08 Tr 4pc '22 102.91 0.01 0.00 0.00 -50.00 -133.33 106.98 102.91 38.77
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 256.39 0.26 0.79 -2.70 1.18 1.19 VDAX 17.86 0.88 16.98 93.30 - Tr 0.125pc '23 100.10 0.06 20.00 -25.00 -40.00 200.00 100.60 100.00 33.82
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 223.84 0.21 0.45 -1.55 0.95 5.85 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 0.125pc '24 99.95 0.14 7.69 -17.65 -33.33 -800.00 104.35 99.72 34.12
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) - - - - - - ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '25 117.89 0.18 5.88 -14.29 -30.77 -1900.00 123.75 117.87 35.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) - - - - - - Tr 0.125pc '26 99.17 0.31 6.90 -11.43 -24.39 675.00 101.14 98.61 33.89
Gilts( £) 248.68 0.20 0.66 -2.08 0.89 1.38 BONDS: BENCHMARK GOVERNMENT Tr 1.25pc '27 104.86 0.44 4.76 -10.20 -22.81 1000.00 109.23 104.13 39.34
INTEREST RATES: MARKET Global Inflation-Lkd 243.29 0.12 0.56 -0.36 0.53 3.75 Red Bid Bid Day chg Wk chg Month Year Tr 0.875pc '29 101.61 0.68 4.62 -8.11 -17.07 353.33 107.70 100.42 41.87
Over Change One Three Six One Markit iBoxx £ Non-Gilts - - - - - - Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 135.46 0.86 2.38 -8.51 -16.50 177.42 147.41 133.57 38.71
Jun 14 (Libor: Jun 11) night Day Week Month month month month year Overall ($) 357.33 0.50 0.69 -5.77 1.59 -7.04 Australia 11/22 2.25 103.20 0.01 -0.01 -0.03 -0.07 -0.25 Tr 4.25pc '36 143.51 1.05 1.94 -7.08 -14.63 123.40 158.28 140.76 30.41
US$ Libor 0.05538 0.000 -0.870 0.000 0.07288 0.11888 0.15250 0.23938 Overall( £) 397.79 0.33 0.70 -2.70 1.05 2.99 05/32 1.25 97.12 1.54 0.00 -0.20 -0.23 0.51 Tr 4.5pc '42 161.88 1.22 2.52 -5.43 -12.23 106.78 183.17 157.72 27.21
Euro Libor -0.58443 -0.004 -0.159 0.001 -0.57643 -0.55114 -0.53214 -0.49400 Overall(€) 360.90 0.45 0.67 -4.92 1.42 -4.65 Austria 05/34 2.40 128.87 0.15 -0.02 -0.05 -0.11 0.09 Tr 3.75pc '52 164.20 1.25 1.63 -5.30 -11.97 119.30 194.87 158.62 24.10
£ Libor 0.04163 0.000 -0.182 0.000 0.05213 0.08475 0.10688 0.16563 Treasuries ($) - - - - - - 02/47 1.50 122.48 0.56 -0.02 -0.05 -0.10 0.21 Tr 4pc '60 186.31 1.20 1.69 -4.76 -11.11 135.29 227.33 179.62 24.12
Swiss Fr Libor 0.001 -0.80140 -0.75320 -0.71100 -0.59280 FTSE Belgium 10/23 0.20 102.02 -0.65 0.00 0.00 -0.03 -0.13 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.001 -0.07867 -0.09700 -0.06533 0.04767 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.65 0.13 -0.02 0.00 -0.03 -0.23
Euro Euribor
Sterling CDs
-0.002
0.000
-0.55100
0.50000
-0.54800
0.63000
-0.52100
0.78500
-0.48900 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 99.47 1.31 -0.02 -0.09 -0.16 0.78 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 701.57 6.19 - - 10.97 14.89 Denmark 11/22 0.25 101.10 -0.52 0.00 -0.01 0.00 0.01
US$ CDs 0.030 0.15000 0.20000 0.24000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 114.96 -1.38 -0.02 -0.05 0.02 -0.35 Price Indices Day's Total Return Return
Euro CDs -0.010 -0.54000 -0.49000 -0.48000 Fixed Coupon Jun 14 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.00 -0.66 0.00 -0.01 -0.01 -0.13
04/31 0.75 108.09 -0.07 -0.02 -0.05 -0.13 0.03 1 Up to 5 Years 88.03 -0.03 2476.41 0.13 -0.43 0.16
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 179.78 -0.15 3711.38 0.82 -2.87 0.59
Jun 14 term notice month month month year Markit iTraxx France 05/23 1.75 104.70 -0.64 0.00 0.00 -0.03 -0.11
3 10 - 15 Years 212.10 -0.24 4677.88 1.58 -5.12 0.98
Euro -0.74 -0.44 -0.71 -0.41 -0.69 -0.39 -0.64 -0.34 -0.63 -0.33 -0.62 -0.32 Crossover 5Y 231.84 0.86 -12.54 -19.82 273.86 229.25 05/27 1.00 108.21 -0.36 -0.02 -0.04 -0.10 -0.09
4 5 - 15 Years 186.91 -0.18 3948.69 1.09 -3.55 0.77
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 Europe 5Y 47.15 0.30 -2.14 -3.27 55.28 46.62 Germany - - - - - - -
5 Over 15 Years 358.84 -0.48 5962.88 2.79 -12.23 1.22
US Dollar 0.09 0.29 0.03 0.23 0.05 0.25 0.10 0.30 0.14 0.34 0.20 0.40 Japan 5Y 44.82 -0.28 -1.75 -2.96 49.50 44.82 08/23 2.00 105.96 -0.72 0.00 -0.01 -0.02 -0.04
7 All stocks 181.36 -0.27 3928.11 1.52 -6.78 1.07
Japanese Yen -0.10 0.00 -0.10 0.00 -0.10 0.10 -0.10 0.10 -0.15 0.15 -0.15 0.15 Senior Financials 5Y 54.96 0.03 -2.53 -4.24 64.29 54.47 02/27 0.25 104.84 -0.59 -0.01 -0.04 -0.09 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/50 0.00 91.88 0.29 -0.03 -0.06 -0.12 0.24 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 121.92 0.40 -0.07 -0.12 -0.31 -1.16
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. Index Linked Jun 14 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 148.75 0.27 -8.40 -10.87 191.34 148.48
Ireland - - - - - - - 1 Up to 5 Years 306.32 0.02 1.26 0.71 2546.45 1.26 2.04
Nth Amer High Yld 5Y 275.34 -3.07 -7.82 -12.96 316.77 275.34
- - - - - - - 2 Over 5 years 834.00 -0.10 5.85 -1.62 6317.60 5.85 -1.26
Nth Amer Inv Grade 5Y 48.26 -0.72 -1.87 -2.43 58.09 48.26
10/22 0.00 100.79 -0.58 -0.01 -0.01 -0.01 -0.15 3 5-15 years 509.30 0.01 2.03 -1.38 4072.28 2.03 -0.63
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.53 -0.45 -0.01 -0.02 -0.09 -0.72 4 Over 15 years 1104.91 -0.13 7.22 -1.81 8143.42 7.22 -1.60
11/25 2.50 111.33 -0.06 -0.04 -0.07 -0.22 -1.01 5 All stocks 740.96 -0.08 5.33 -1.51 5718.74 5.33 -1.06
05/31 6.00 150.69 0.68 -0.05 -0.12 -0.24 -0.93
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 138.10 1.67 -0.06 -0.11 -0.23 -0.73 Yield Indices Jun 14 Jun 11 Yr ago Jun 14 Jun 11 Yr ago
Japan 04/23 0.05 99.97 0.07 -0.01 -0.01 0.00 0.01 5 Yrs 0.33 0.32 -0.07 20 Yrs 1.26 1.23 0.62
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/27 0.10 101.23 -0.10 -0.01 -0.04 -0.03 0.00 10 Yrs 0.83 0.81 0.23 45 Yrs 1.16 1.14 0.47
Crude Oil† Jun 71.58 0.79 Corn♦ Jul 660.00 -25.00 Jun 11 Jun 11 Prev return stock Market stocks
06/34 1.50 117.21 0.16 -0.02 -0.06 -0.04 -0.03 15 Yrs 1.13 1.10 0.51
Brent Crude Oil‡ 73.11 0.48 Wheat♦ Jul 660.25 -20.75 Can 4.25%' 26 130.61 -1.158 -1.158 0.06 5.00 77257.40 7
12/49 0.40 93.96 0.63 -0.01 -0.04 0.00 0.11
RBOB Gasoline† Jun 2.19 0.01 Soybeans♦ Jul 1467.25 -41.00 Fr 1.10%' 22 104.12 -2.489 -2.489 0.08 19.85 268250.18 17
Netherlands 07/23 1.75 105.19 -0.71 -0.01 -0.01 -0.03 -0.12 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Jul 374.30 -8.90 Swe 0.25%' 22 110.09 -0.608 -0.608 -0.14 22.50 216925.58 7
07/26 0.50 105.45 -0.55 -0.01 -0.03 -0.10 -0.09 Real yield Jun 14 Dur yrs Previous Yr ago Jun 14 Dur yrs Previous Yr ago
Natural Gas† Jun 3.29 0.01 Cocoa (ICE Liffe)X Jul 1620.00 19.00 UK 1.875%' 22 109.03 -4.130 -4.130 0.42 15.74 818620.27 31
Ethanol♦ - - Cocoa (ICE US)♥ Jul 2377.00 23.00 New Zealand 04/27 4.50 119.50 1.05 -0.04 -0.17 -0.11 0.45 Up to 5 yrs -2.98 2.86 -2.97 -2.37 -3.27 2.86 -3.27 -2.66
UK 2.50%' 24 358.87 -3.052 -3.052 0.34 6.82 818620.27 31
Uranium† - - Coffee(Robusta)X Jul 1567.00 -27.00 05/31 1.50 98.62 1.65 -0.05 -0.20 -0.14 0.79 Over 5 yrs -2.24 23.88 -2.24 -2.32 -2.25 23.92 -2.25 -2.33
UK 2.00%' 35 293.86 -2.434 -2.434 0.56 9.08 818620.27 31
Carbon Emissions‡ - - Coffee (Arabica)♥ Jul 151.95 -5.95 05/31 1.50 98.62 1.65 -0.05 -0.20 -0.14 0.79 5-15 yrs -2.56 9.44 -2.56 -2.67 -2.64 9.44 -2.64 -2.74
US 0.625%' 23 106.08 -2.579 -2.579 -0.01 47.03 1680029.31 44
White SugarX 448.40 -4.40 Norway 08/30 1.38 99.80 1.40 -0.06 -0.07 -0.03 0.79 Over 15 yrs -2.20 28.59 -2.20 -2.27 -2.21 28.59 -2.21 -2.28
Diesel† - - US 3.625%' 28 135.60 -1.328 -1.328 0.08 16.78 1680029.31 44
Sugar 11♥ 17.02 -0.59 08/30 1.38 99.80 1.40 -0.06 -0.07 -0.03 0.79 All stocks -2.25 21.67 -2.25 -2.32 -2.26 21.73 -2.27 -2.33
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2493.00 31.00 Cotton♥ Jul 84.08 -2.92 Portugal 10/22 2.20 103.87 -0.67 -0.01 -0.04 -0.05 -0.32 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1900.00 -309.50 Orange Juice♥ Jul 120.05 -0.45 04/27 4.13 125.77 -0.26 -0.03 -0.07 -0.14 -0.49 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9969.50 -25.50 Palm Oil♣ - - Spain 10/22 0.45 101.42 -0.57 0.00 0.00 -0.03 -0.30 Gilt Closing Prices information contained herein is proprietary to
Lead 2209.00 3.00 Live Cattle♣ Jun 118.80 0.00 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 121.67 -1.15 -0.04 -0.07 -0.12 -1.03 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 18475.00 130.00 Feeder Cattle♣ May 134.88 - Sweden 11/23 1.50 104.37 -0.30 0.00 -0.03 -0.02 -0.05 accurate, complete or timely; and does not constitute investment advice.
Tin 31725.00 100.00 Lean Hogs♣ Jul 119.93 0.00 Spread Spread Spread Spread 06/26 0.13 118.22 -1.63 0.00 0.04 0.10 -0.35 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 3061.00 10.00 Bid vs vs Bid vs vs 06/30 0.13 116.94 -1.50 -0.01 0.01 0.06 -0.20
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1881.05 -7.60 Jun 11 Month Year 02/23 4.00 108.01 -0.78 -0.02 -0.02 -0.04 -0.13 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.54 - - Netherlands -0.55 - -
Silver (US cents) 2814.00 48.00 S&P GSCI Spt 531.47 3.22 69.14 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria 0.15 - - New Zealand 1.65 - -
Platinum 1153.00 11.00 DJ UBS Spot 94.46 2.77 48.38 Canada 1.31 - - Norway 1.40 - - 07/23 0.75 101.47 0.05 -0.02 -0.02 -0.01 0.08 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2787.00 21.00 TR/CC CRB TR 224.86 4.01 57.55 Denmark -1.38 - - Portugal -0.26 - - 07/26 1.50 105.93 0.33 -0.04 -0.05 -0.06 0.34 use of the listed information. For all queries e-mail [email protected]
Bulk Commodities LEBA EUA Carbon 53.49 -0.30 86.96 Finland -0.07 - - Spain -1.15 - - 07/47 1.50 105.59 1.25 -0.04 -0.08 -0.14 0.65
Iron Ore 222.30 2.35 LEBA UK Power 2224.00 6.67 77.92 Germany - - - Sweden -1.50 - - United States 03/23 0.50 100.63 0.14 0.00 0.00 -0.01 -0.06 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 119.00 0.50 Ireland - - - Switzerland - - - 03/27 0.63 98.33 0.92 0.01 -0.06 -0.12 0.44
Baltic Dry Index 2944.00 87.00 Italy 0.68 - - United Kingdom - - - 04/32 3.38 148.00 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Japan 0.16 - - United States - - - 02/50 0.25 111.56 - - - - -
unless otherwise stated. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
12 ★ † FINANCIAL TIMES Tuesday 15 June 2021

ARTS

the punky artists Tim Noble and Sue

Peter Adjaye is one of three Webster in 2002. “Rhythms and melo-
artists bringing a new dies are everywhere; for me they are
part of architecture,” says Adjaye. “They
ambience to London’s ornate can enhance the telling of a story.”
and historic Chiswick House. In Chiswick House, the stories are of
power and appropriation, gender
Caroline Roux reports divides and social divides. Adjaye has

T
chosen to start the musical journey in
he Blue Velvet Room in the Red Velvet Room (entered from the
Chiswick House, west Lon- Blue Velvet Room), drawn to it by the
don, is a maximalist’s imagery of aggression versus negotia-
dream. Its neo-Palladian tion offered up in a painting of Attila the
walls are hung in velvet bro- Hun meeting Pope Leo. “Sound is a call
cade, the classical cornices are stepped to alertness,” says Adjaye over the notes
and gilded, the mirrors framed in the of cajón and sitar that float beguilingly
finest ormolu. Its coffered ceilings are in the air. “It’s there to awaken your
decorated with putti and its windows
swagged with blue satin.
To add something to this already ful-
‘Rhythms and melodies
some mix might seem like madness. are everywhere; for
Perhaps that is why sound artist Peter
Adjaye’s music only trails into the Blue me they are part of
Room — designed as the study of the
third Lord Burlington, whose house this
architecture’
once was — from the room next door.
“It’s like something calling you senses and your mind.” Here it is a
onwards,” says Adjaye of the mesmeric reminder that coexistence — between
soundtrack of cajón and sitar. “I like my past and present, east and west — is by
sound to travel like water.” far the better option.
Adjaye is one of three artists invited In the Green Velvet Room, where the
earlier this year by Mariam Zulfiqar, ladies traditionally went to retire, are

Sound of neo-Palladian house music

curator of Chiswick House’s Bring Into images of angels and landscapes, and
Being programme, to spend time there Adjaye has responded to its calm and
and use it as a prism to look at history, tranquillity with Sawhney’s haunting
nature or whatever else it offered up to vocals sung over a kora. “It’s not about
the artistic mind. And there’s plenty to cliché ideas of femininity to me,” says
pick through here. The house, com- Adjaye, “but the value of spirituality.”
pleted in 1729, was the result of Burling- Things turn darker when we head
ton’s ambitions to build a Roman villa downstairs. We arrive in a circular cen-
on the outskirts of London. He had tral space that Adjaye calls the Black
taken the Grand Tour in 1719, returning grass and the hours are like numbered on the hour between 10am and 4pm. through the space and destabilising the Room, stark and stone-lined. In a niche
to England dazzled by the legacy of Pal- bowling balls in sleekly polished Indian “Did you know the Shriners have western dominance of the house’s previ- sits a bust of William Cavendish, Fifth
ladio’s architecture and the myths and sandstone. If its grand narrative is the adopted that as their anthem?” asks ous occupants with their invisible but Duke of Devonshire, who was known for
marvels of ancient Rome. cosmic force of the sun, Wallinger’s Wallinger, referring to the American significantly non-western presence. his less-than-enlightened views on race.
The house went on to be one of the closer reference is Burlington and Kent’s Masonic society, as the song “I’m For- Adjaye has form when it comes to “I’ve enjoyed immersing him in non-
favourite fun palaces of the socialite own ideas for a philosophical garden, as ever Blowing Bubbles” pumps out of the working within architectural spaces. He white music,” says Adjaye, as the
Georgiana Cavendish, Duchess of Dev- well as the house’s more mysterious pillar. Dog-walkers pause and smile and was born in Uganda to a Ghanaian diplo- orchestral sound of the kora spins round
onshire, the place where George Can- Masonic connections. little children among the audience start mat father, and his family lived in many the circular walls and talking drums
ning died in 1827, a mental asylum in the For Wallinger, there is also a connec- to dance. places before arriving in London in 1977. drive the rhythm.
19th century, and later a fire station. tion to be made between the garden, While another artist, Jaimini Patel, is After taking a degree in engineering and Then it’s down to the cellar, never
Now restored, though with a certain fra- once filled with Indian-inspired tem- creating a durational work, gathering a PhD in maths, he threw himself into before open to the public, where the
gility, it is an exquisite repository of art, ples, and the Jaipur Observatory (com- leaves from the garden to make a series the trip-hop scene of the early 1990s and servants lived their lives. The octagonal
and a deft essay in neo-Palladian archi- pleted in 1734), featuring the world’s of mandala-like floor pieces over many once his younger brother, David, started space lined with barrels makes a fine
tecture originally designed by William largest sundial, a homage perhaps to the Clockwise from main: months, it is Adjaye who has taken over making architecture (yes, that David late-night bar, and Adjaye has filled it
Kent and set in 65 landscaped acres, advanced state of Indian mathematics vocalist Rekha Sawhney the interior, creating a soundscape with Adjaye: he was awarded the Riba gold with lightness and upbeat sounds. “It’s
filled with statues, groves, water fea- at the time. and sound artist Peter musicians including the Senegalese medal last month), Peter began to make about freedom,” he says, “about expos-
tures and winding walks. Wallinger is not one to labour his mes- Adjaye; sitar player kora player Jali Fily Cissokho and south soundtracks for David’s buildings. A ing this place, and opening it up and let-
On the lawns in front of the house’s sages, though. It’s fun (and seriously Jonathan Mayer; Chiswick Indian vocalist Rekha Sawhney. Four series of them, Dialogues, was released in ting the air in.” Adjaye also earns a living
main facade, Mark Wallinger has Instagrammable) to stand on the gno- House; Peter Adjaye separate tracks flow through four of the a handsome vinyl package in 2016 and as DJ; he knows how to finish on a high.
constructed a sort of vanitas — a mini- mon and see your shadow tell the cor- rooms, united by a shared tempo and includes the horror-cum-house-style
malist sundial, where the gnomon is a rect time. If that’s not enough, a nearby synced to start at the same time, the track for the Dirty House in Shoreditch, To October 31
stripe of York stone embedded in the pillar of black stone emits soap bubbles sounds of tablas and sitars slipping east London, which David designed for chiswickhouseandgardens.org.uk

A crowd-pleaser — and a talent-spotter

Joseph Taylor
As he leaves Northern Ballet, and Antoinette
David Nixon talks to Louise Brooks-Daw in
David Nixon’s
Levene about nurturing stars ‘Dangerous
and his ‘Dangerous Liaisons’ Liaisons’
Emma Kauldhar

I
’ve probably stayed longer than I
intended.” Northern Ballet’s come-
back tour coincides with the unex-
pected announcement that David
Nixon, artistic director of the
Leeds-based company since 2001, will
be stepping down at the end of this year.
Ballet directorships can occasionally
be short-lived — Nixon’s predecessor
lasted less than a year in the post — but
when the right appointment is made
they tend to stick fast. Ninette de Valois, included two works by former company The Royal Ballet was criticised for reviv-
founder of the Royal Ballet, remained in dancer Kenneth Tindall: 2017’s Casa- ing Kenneth MacMillan’s The Invitation
charge for 32 years. Peter Martins nova and last year’s Geisha. “I think I had (1960), in which a teenage girl is raped at
headed New York City Ballet for 35 a talent for nurturing other talent,” he a house party. The source novel for Cov-
years. Nixon, 63 next birthday, has no says. “I’m most proud of the dancers ent Garden’s 2017 The Wind came in for
intention of going for a record: “It’s been who have come through and of Kenny much criticism for depicting yet another
20 years,” he says when we chat on the Tindall: he’s developed into an rape. Is Nixon concerned about the abu-
phone on the eve of his Sadler’s Wells extremely gifted choreographer.” sive element in his writing for Valmont?
season “These are privileged positions Tindall’s Geisha, shelved by Covid “Back then [in 1990] those questions
and we shouldn’t hold them forever.” after its first and only performance in weren’t being raised but it’s a historical
Ontario-born Nixon began his career March last year, might have seemed a piece. Women have been treated like
with the National Ballet of Canada natural choice for Northern Ballet’s this. I’m not condoning it but I feel that if
before joining Berlin’s Deutsche Oper post-lockdown tour but pandemic con- we don’t put some of these things on
Ballet as a principal dancer in 1985. He siderations made a chamber version of stage people won’t understand the past.”
then cut his teeth as a director at the the director’s own Dangerous Liaisons a Nixon’s choreography is frankly
midscale Columbus Met Ballet in Ohio more workable choice. graphic and often downright acrobatic,
where his facility for choreography Nixon made his first version of Chode- but at Sadler’s Wells the cast made light
added 12 new works to the repertoire in rlos de Laclos’s epistolary novel of sex- of the challenges: a fine advertisement
only six years. His flair for narrative ual misdeeds in high life while he was for their training. The Vivaldi score was
dancemaking made him an excellent fit still dancing in Berlin in 1990, the first of beautifully played by Daniel Parkinson
for Northern Ballet Theatre (as it was three versions: “I find the characters and the Northern Ballet Sinfonia.
then known), which had specialised in fascinating,” he says. There is plenty of rag doll pair work
crowd-pleasing, characterful story bal- This 1782 story of seduction and for Valmont (a tireless Joseph Taylor)
lets since its foundation in 1969. resistance offers endless pretexts for and the various women in his life. Antoi-
But Nixon didn’t merely enrich the fruity pas de deux. These have been a nette Brooks-Daw, as his main prey
repertoire. He was a seasoned ballet mainstay of modern narrative ballet, Madame de Tourvel, is even treated to a
master and, together with his wife, bal- with ballerinas being twirled, hurled and one-armed lift and the hapless Cécile
let mistress Yoko Ichino, set about rais- bent every which way and any overtly (the weightless, fearless Rachael
ing standards and creating work that romantic exchange being expressed in Gillespie) is spun like a baton in her
would showcase talents of all types. almost Kama Sutra couplings. seducer’s lusty embrace. In contrast,
It wasn’t always five-star stuff — his This hasn’t been playing so well lately. Matthew Koon’s scrupulous finish and
intergalactic Sleeping Beauty was ill- decorous partnering become a physical
advised, and his Nazi-themed Hamlet is expression of the Chevalier Danceny’s
probably best forgotten — but they were honour and integrity.
good box office, they looked gorgeous Nixon is vague about his future plans:
thanks to Nixon’s unerring visual sense, “People ask if I’ll go back to Canada,” he
and they were perfectly tailored to laughs in surprise. “I haven’t lived in
stretch and flatter the company. “Most Canada for 37 years. My home is here.”
of my choreography was about develop- For now, he is concentrating on his final
ing the dancers; it wasn’t about me being year with a summer revival of his 2004
a great choreographer,” he says. Swan Lake and new productions of Merlin
Nixon was certainly prolific — 13 bal- and Pinocchio scheduled for the autumn.
lets in 20 years — but he also strove to Anything beyond that will be decided by
find and promote young choreogra- his successor who will be fortunate to
phers. Cathy Marston has made three inherit this vivid, versatile troupe: “The
works for him: A Tale of Two Cities, Jane company’s in a very good place.”
Eyre and Victoria. “I gave Cathy her first
full-length opportunity,” says Nixon ‘Swan Lake’, June 17-26
proudly. Other commissions have Raising standards: David Nixon northernballet.com
Tuesday 15 June 2021 ★ FINANCIAL TIMES 13

FT BIG READ. MIDDLE EAST

He has run the country for 15 of the past 25 years but Benjamin Netanyahu is out of power and facing a
corruption trial. Yet the coalition that has replaced him is so fragile that some think he could still return.
By Mehul Srivastava

Is it all over for Israel’s ‘comeback kid’?

I
t seemed almost preordained that
Benjamin Netanyahu would be
undone not by a landslide at the
polls, but by an army of friends
turned foes and by the fire of the
rightwing vitriol he fanned for decades.
The dethronement of Netanyahu —
Israel’s longest serving leader — has
been slow and grinding. Four stalemate
elections in two years of political tur-
moil and, finally, a coalition of eight par-
ties, half of them run by men Netanyahu
groomed and then betrayed in one way
or another.
“It is truly bizarre,” says Roni Rimon,
Netanyahu’s campaign manager in his
2009 election win. “People who Netan-
yahu used to work with, they hate him
so much — they hate him. I know it’s a
strong word, but that’s what is happen-
ing here.”
On Sunday, Netanyahu’s 12-year
reign as premier was ended when Naf-
tali Bennett, an ultranationalist whose
Yamina party controls just six seats in
the 120-member Knesset, was voted in
at the head of an eight-party coalition. It
was an epochal event in Israeli, and Mid-
dle East, history. Added to a three-year
premiership in 1996, Netanyahu has run
Israel for 15 of the past 25 years, tower-
ing over the region as its mighty military
struck further and deeper into enemy
territory and its feared Mossad targeted
Iran, over and over again.
He has fended off efforts by the west
to give up land to the Palestinians, and
reshaped Israel in his own mould — pug-
nacious and rightwing. A generation of

‘People who Netanyahu

used to work with, they
hate him so much — they
hate him . . . that is what
is happening here’
young Israelis have gone from their first An eight-party coalition led by — any dispute over gay rights, Palestin- Netanyahu transformed what had “Likud was patriotic in power, and In 1999, when Netanyahu lost office, a
election as teenagers to their seventh, as Naftali Bennett, top left and ian rights and even the rights of non- been a moribund political group when will be patriotic in opposition,” says the similar investigation into gifts from
30-year-olds, with the man they call by featuring, clockwise, Gideon Sa’ar, Orthodox Jews could split them apart. he took over in the 1990s into a data- party member who shared the mes- wealthy friends ended with no charges.
his nickname, Bibi, on the ballot. Avigdor Lieberman and Benny Gantz And Netanyahu, say people who have driven, membership-dues supported, sages. “Israel needs Bibi. It needs This time, he blames the attorney-gen-
Israelis have been richer and safer took power on Sunday after spoken to him, is waiting for its collapse. political machine. He took the griev- Likud.” eral, another one-time ally, for orches-
during his tenure than ever before; Benjamin Netanyahu, right, was “Who knows?” asks Birnbaum, who ances of Israel’s Mizrahi and immigrant This is part of Netanyahu’s “genius,” trating a witch-hunt to remove him
quelling the coronavirus pandemic unable to form his own coalition. ran Bennett’s election campaign. Jews and turned them into votes for an says Aviv Bushinsky, who worked as the from power. He has pleaded not guilty to
thanks to his efforts to vaccinate more Below right: an Israeli rips up a “Maybe he will have a comeback.” Ashkenazi elite leadership, men like then premier’s media adviser in the all charges, but the trial could take at
people, faster than any other nation; poster showing Bennett and other So far, Netanyahu has given no sign Netanyahu and Ariel Sharon, who 1990s, before falling out with him. least another year to reach a conclusion,
they can fly to Dubai for the weekend members of the coalition leadership that he will go quietly into retirement, as hailed from the European Jewry that “He can not only adjust himself to a and a further two years to go through
and buy sprawling second homes deep during a protest in Jerusalem last he first did in 1999 when he lost the pre- founded the state. With the help of new situation, like being in opposition, appeals.
in the occupied West Bank; shop in Paris week — FT montage miership in a landslide to Ehud Barak, Arthur Finkelstein, the American poll- but also convince the people that what “The trial is a problem, but a small
and London with the shekel stronger the then Labour leader. ster and Birnbaum, he brought US-style he’s doing at any given moment is problem,” says a second member of the
than ever in history. “This is not 1999, because this is not election campaigns to Israel. exactly the right thing to do,” he says. Likud central committee. “The problem
Yet, he must now sit on the opposition an election Bibi has lost,” says a Likud “The people who vote for Likud are “So, suddenly, even if he is politically is how Netanyahu deals with it. Does he
benches. And while his one-time pro- member of the Knesset, who met Netan- the victims. The people who vote irrelevant, he has convinced people that want to settle it? Does he think he can
tégé, Bennett, runs the affairs of state, yahu two weeks ago. “The country is against the Likud are the elite,” says the whatever he does will be the right win it? All our decisions are dependent
Netanyahu will instead have to trek to angry because Bennett stole votes from Likud central committee member. thing.” on his legal strategy.”
Jerusalem District Court to defend him- the right and gave them to the left — “That’s the message Netanyahu gave us. While the trial has done little to dent
self against corruption charges. To don’t expect Bibi to accept this fraud.” It was true in 1996. It is true today.” On trial Netanyahu’s popularity with his fans, it
friends, Netanyahu has compared his But a return from political exile Netanyahu’s legacy may well outlast Yet any plans for a comeback are hob- has narrowed his political options. For
situation with that of Winston Church- requires something Netanyahu appears him — a winning political narrative that bled by the proceedings in a courtroom instance, Sa’ar, the ex-Likud heavy-
ill, the leader he most admires, and who to have exhausted — the loyalty of allies. only a rightwing government can keep in Jerusalem, where lawyers for Netan- weight who started New Hope after los-
in 1945 was cast aside at the ballot box. One member of the Likud central com- Israel safe against a constellation of yahu oppose prosecutors intent on con- ing a party primary to Netanyahu, justi-
“The parallel in my mind is this — he mittee — the party’s top decision mak- threats, both existential and imagined. vincing three judges that the five-time fied its decision to reject a coalition with
did a lot of great things for the country, ing body — is blunt. “Netanyahu has no On his watch, no Palestinian state was premier is corrupt and belongs in jail. Likud due to Netanyahu’s trial.
and still, the people said, ‘Enough, we’ve friends left. Zero. Not one,” he says, ask- allowed to take shape, while the number The charges span the past few years of If convicted, jail time is possible. His
had enough’, which is what they said in ing for anonymity to discuss the inner of Jews living in settlements in the occu- Netanyahu’s premiership and follow a predecessor as prime minister, Ehud
this election,” says George Birnbaum, workings of Israel’s most powerful polit- pied West Bank and East Jerusalem has series of overlapping investigations into Olmert, spent 16 months in prison after
the American pollster and campaign ical party. nearly doubled, to almost 650,000. his relationships with wealthy business- being convicted of corruption in 2014.
strategist who helped launch Netan- “When you’re prime minister, every- The left, once led by Labour, has col- men and media magnates. Unlike Olmert, however, Netanyahu
yahu’s first premiership, in 1996. “Now, body wants to be seen with you,” he lapsed to a handful of seats, painted as Prosecutors have painted a picture of didn’t resign when he was indicted.
like Churchill, can he go into his wilder- adds. “Now, you have lost all the power, traitors to Zionism for having signed the a lavish lifestyle, paid for by friends who Israeli law is vague on whether or not a
ness years, spend some time away and and you look around and see how alone 1993 Oslo Accords. then received favours — investigators prime minister needs to give up office
then come back?” you are.” For Likudniks, Netanyahu’s achieve- documented Netanyahu and his wife when in court, and Netanyahu has
The irony that the strongman of ments are absolute. “You’ve got to Sara receiving gifts, including hundreds seized on the ambiguity to paint the
Israeli politics was brought down by an ‘Israel needs Bibi’ remember, people in Likud, even in the of thousands of dollars in Partagas criminal proceedings as a coup.
awkward alliance between men he once As his grip on power started to slip, so central committee, they’ve felt at times cigars and Dom Pérignon champagne. Without the office of the prime minis-
described as friends, is lost on nobody. did Netanyahu’s hold over Likud, which like they were treated as second-class In return, the couple delivered ter to lambast prosecutors from, Netan-
Bennett, a technology millionaire, until last month appeared absolute. citizens in Israel,” says Birnbaum. “For favours, prosecutors allege, including yahu runs the risk of being “just another
started his career in politics as Netan- Now challengers are emerging. them to have a guy like Netanyahu, who Netanyahu lobbying for Arnon Milchan, criminal defendant,” says a person who
yahu’s chief of staff, then as an anchor to can go to the UN, and speak that lan- the producer of Hollywood blockbust- has recently spoken to him. “And it is
his rightwing governments at the head guage, who can pick up the phone [to] ers such as Pretty Woman, to gain a mul- expensive defending yourself.”
of small ultranationalist parties. Gideon Friends turned foes any world leader — there’s pride in that.” tiyear US visa. Netanyahu’s trial is expected to cost
Sa’ar, once a rising star in Netanyahu’s Likud must now decide whether to In another case, prosecutors allege him millions of dollars. His personal
Likud party, was kept at bay by the search for a new leader or stick with that Netanyahu sought positive news wealth is estimated by the local media to
leader for more than a decade before Netanyahu while they wait for Bennett’s coverage from a media baron in be close to $15m, mostly in real estate,
starting his own party, New Hope. Avig- unstable coalition to implode. In inter- exchange for denting the circulation of a including a luxury villa in Ceasarea — a
dor Lieberman, who represents the sec- views, four members of the party rival, and promised regulatory benefits wealthy coastal town 50km from Tel
ular Russian immigrant vote, broke machinery say that internal polls show to a telecoms provider in return for Aviv — and an apartment in Jerusalem
from Netanyahu in 2019 because of that Likud voters agree with Netanyahu more positive press. but, in opposition, he would be able to
Likud’s embrace of the religious ultraor- Naftali Bennett Gideon Sa’ar Avigdor Lieberman Benny Gantz that his corruption trial is an attempt by take on lucrative speaking engagements
thodox parties while Benny Gantz was Worked as Was cabinet Is a Moldovan-born Served as military the media and police to dislodge a leader and even board seats, the person says.
once Netanyahu’s army chief, before Netanyahu’s chief of secretary in one-time nightclub chief of staff under they could not defeat at the polls. For now, it is still unclear what sort of
entering politics to dethrone him. staff until 2008. He Netanyahu’s first bouncer who was Netanyahu, before It is a view shared by some senior role he will inhabit in opposition — the
Together, the four men have split even named his son government, then once foreign minister entering politics in members of the party which has domi- kind of thorn in Shimon Peres and Yit-
Israel’s rightwing vote away from its Yoni after education and and a top aide to 2019 to dislodge him. nated Israeli politics for most of the past zak Rabin’s side that he was before his
Netanyahu’s elder interior minister in Netanyahu. As head of the Blue
rightwing star — close to 70 per cent of brother, a soldier who subsequent Lieberman and White Alliance,
25 years. first premiership, or calmly waiting for
Israelis voted for a rightwing party in died during a rescue administrations. represents the he and Netanyahu In a WhatsApp group of two dozen this coalition to unravel.
the March election. But with Sa’ar and of kidnapped Israelis He was sidelined in Russian immigrant fought three back-to- powerful members of the party — “The minute he takes a back seat, and
Lieberman, who together control 13 in Entebbe. Their 2019 when he vote in Israel, which is back stalemate screenshots of which were shared with lets this coalition shoot it out with each
seats, refusing to work with Netanyahu, break was gradual, challenged — and almost entirely elections before the Financial Times — one person other, that’s when there is trouble for
he found his path to a governing coali- but people close to lost — a party secular. He broke Gantz entered a unity begged Netanyahu to retire. “Netan- this coalition,” says Birnbaum.
tion blocked repeatedly. Bennett say he struck primary against with Netanyahu in government. yahu needs to sacrifice himself for “His best bet for coming back is just to
out on his own after Netanyahu, starting 2019, refusing to join Netanyahu toppled
Israelis have another nickname for realising that his own party, New a coalition unless it the administration to
the party, for the rightwing camp let the fate and history of this coalition
the 71-year-old Netanyahu, the “come- Netanyahu was Hope. forced ultraorthodox prevent Gantz from and for the people,” the person wrote, be written. And, if the opportunity
back kid”. Bennett’s coalition is weak, unlikely to anoint Jews to serve in the assuming his rotating before being asked to leave the group by comes, to run a campaign based on [its]
and united only in its desire to unseat him, or anyone else, military, alongside premiership, leading others. The message was first reported serious failure,” he adds, “then that is
Netanyahu. The faultlines are apparent as his successor. other Israelis. to the March polls. by the liberal Maariv newspaper. his opportunity.”
14 ★ FINANCIAL TIMES Tuesday 15 June 2021

Letters
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Corrections: [email protected]
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to the FT Editorial Complaints Commissioner: [email protected]

A G7 tax deal must not risk poorer states’ competitiveness

Reforming the global tax system and described in the FT might support the tax rate is higher — 19 per cent — but is have a tax rate of 15 per cent but some,
stopping the race to the bottom that idea but do not want to lose lower than the average in the EU which such as Bosnia and Herzegovina or
we’ve seen for many years is a great competitiveness (Opinion, June 10). is close to 21 per cent and a lot lower Kosovo, have it at an even lower rate of
aim. The G7 and probably the G20 Innovative companies in Poland than for G7 countries (27 per cent, 10 per cent. They are not tax havens
countries will not have issues with using the so-called IP-Box can pay as based on Tax Foundation data). but try to develop and attract foreign
accepting a proposal for a minimum little as 5 per cent tax. Small groups The Polish example shows that there investors.
corporate tax rate of 15 per cent. pay 9 per cent tax and those firms might be more issues with the Piotr Arak
TUESDAY 15 JUNE 2021 Other developing economies like the which reinvest their capital pay no minimum bar being put too high. Director, Polish Economic Institute
example of Poland and Hungary as taxes at all (as in Estonia). The regular Iraq and other developing countries Warsaw, Poland

It’s time Europe stopped At least crypto isn’t Name a Tory leader who
Coping with Netanyahu’s fetishising fiscal discipline
Contrary to the argument set out by
debased like fiat money
I am belatedly reacting to comments by
had any commercial nous
Jon Stokes may lament the lack of

poisonous legacy Wolfgang Schäuble (Opinion, June 3),

we believe the social fabric of Europe
cannot endure a return to “fiscal as
the governor of the Bank of England
Andrew Bailey (FT.com, May 7), who
said that cryptocurrencies “have no
business people in the Labour party
(Letters, FT Weekend, May 29) but the
truth is the top echelons of the Tory
usual” — the failed austerity policies of intrinsic value” and people who invest party have often been similarly lacking
The new government must prioritise repairing Israel’s divisions the past that transformed the 2008 in them should be prepared to lose all (unless you count the modern day
financial shock into a prolonged their money. financial alchemists).
The swearing-in of a new Israeli lition manages to hold together, there recession. We need a new approach to My comments have also been Churchill, Eden and Heath had no
government finally brings down the should be checks on his extreme views. fiscal policy, starting with a recognition spurred by the opinion piece by Roger commercial experience at all while
curtain on the 12-year leadership of Yair Lapid, Bennett’s centrist coali- that too little deficit spending can Svensson “Bitcoin lacks solid footing as Macmillan and Sir John Major held
Benjamin Netanyahu. He bows out as tion partner, surprised many with his cause irreversible social, economic and an international currency” (June 8). temporary admin positions in already
Israeli’s longest-serving prime minister ability to knit together a government, environmental damage. It can be argued that no money has successful companies. One senior Tory
and still the country’s most popular which also includes leftist parties long When the private sector is “intrinsic value” since the abandoning exception is Michael Heseltine who
politician. But he fostered a poisonous in the wilderness. He is supposed to struggling, “fiscal discipline” can of the gold standard system in the built up Haymarket publishing but he
political atmosphere that character- replace Bennett in 2023. The govern- prompt a permanent fall in aggregate seventies. Fiat money is based on the comes from the now extinct Keynesian
ised the latter years of his rule, ulti- ment also includes an Arab party for demand and output, which faith which governments inspire. wing of the party which believed in
mately causing his downfall. What the first time, led by Mansour Abbas. unnecessarily stifles employment and Governments stand behind fiat government seed corn money to build
united the eight disparate parties in the The eclectic grouping faces an uphill household incomes, while leaving currencies, but the faith they inspire up depressed areas.
coalition sworn in on Sunday was their struggle. While an impressive tech sec- future generations worse off. can only go so far. It is a fact that The biggest disaster was when the
desire to see Netanyahu’s back. It now tor has created a wealthy bubble Europe’s most recent experience of money creation nowadays is Tories brought in the unelected
falls to this government, headed for the around Tel Aviv, the nation is blighted fiscal consolidation failed on its own we should prioritise more important performed mostly by private banks, businessman Eric Geddes to deal with
first two years by Naftali Bennett, to by deep inequalities, with Arabs and terms, resulting in higher ratios of debt social, economic and environmental when they make loans. inflation after the first world war. He
heal the country’s wounds. ultraorthodox Jews the worst to gross domestic product due to outcomes — like creating well-paid Consequently, central banks don’t slashed and burnt and made things
A masterful tactician, Netanyahu affected. The violence that erupted permanent economic scarring and green jobs, lifting millions out of control the amount of money in worse, presaging David Cameron and
oversaw relative stability and economic between Israeli Arabs and Jews across associated reductions in tax revenues. poverty and implementing green circulation. The debasement of fiat George Osborne 90 years later.
prosperity. But his legacy is sullied by mixed towns as Israel fought an 11-day Fiscal discipline, not expansion, infrastructure projects. currencies is a fact of life. The biggest laissez-faire flag waver,
bombastic, illiberal behaviour. For conflict with Hamas last month shone widens the gulf between rich and poor If there is one lesson from John The great advantage that I perceive Margaret Thatcher, once applied for a
years, he stoked tensions with Israel’s an ugly spotlight on simmering com- (particularly in a downturn). Maynard Keynes for Schäuble it is for cryptocurrencies as a store of value private sector job with ICI but was
minority Arab community, passing leg- munal tensions. Regressive taxes and deep spending “look after employment, and the is that from the onset they can be rejected at interview because it felt she
islation that institutionalised discrimi- Abbas’s party has secured promises cuts in Europe dismantled measures budget will look after itself”. issued only in a limited amount, which was “headstrong, obstinate and
nation and baiting Palestinians with from the coalition for $16bn to be allo- that support equitable growth, Frank van Lerven is established once and for all. dangerously self-opinionated”.
Israeli citizenship on the campaign cated to improving infrastructure and resulting in higher levels of poverty New Economics Foundation, London, UK Carlos Mora Then of course there’s today’s Tory
trail. Following a decade of ever more security in Arab towns. Bennett and and inequality. Cuts to public Adam Tooze Former Uruguay Ambassador to The prime minister with “f*ck business”.
creeping colonisation in the West Bank, Lapid must ensure these are not hollow investment also undermine the “just European Institute, Columbia University, Netherlands and Saudi Arabia Whoever is running the country,
a resolution to the Israeli-Palestinian pledges. transition” and the fight against New York, NY, US Algarve, Portugal perhaps it’s more important that they
crisis has rarely looked so remote. Coalition leaders will have to put environmental breakdown and can Stephanie Kelton should have a grasp of broad
Netanyahu put his survival above all aside political differences and work for lead to a wide array of environment- Professor of Economics and Public Policy, Use facts as guide to truth, economics and the need to balance the
else, embracing rightwing extremist the betterment of all Israeli citizens related financial losses. Stony Brook University, New York, NY, US supply side with the demand side.
groups whose members include open after two years of political paralysis. If A decade of unconventional Simon Wren-Lewis not to push narratives David Redshaw
homophobes and racists, as Israelis the government is successful it could monetary stimulus and missed Emeritus Professor of Economics, As I often find with her commentary Gravesend, Kent, UK
were dragged through four elections in restrain the urge of centrists to veer to inflation targets clearly failed to raise University of Oxford, UK Jemima Kelly (“Covid lab-leak theory
two years. Amid the political malaise, the right and go some way to convinc- inflation expectations, indicating the Daniela Gabor shows the ‘fact wars’ are still raging”, Centre stage is a lonely
his governments did not approve a ing Palestinians with Israeli citizenship author’s own concerns about inflation University of the West of England, UK Opinion, June 10) is once again right on
budget after 2018. After being charged that the country’s politics can be more are misplaced. Olivier Blanchard, For a full list of the signatories, go to the mark. On the matter of a Covid place in Northern Ireland
with corruption and fraud, he inclusive. If it fails, Israel will be put former IMF chief economist, who is FT.com/Letters “lab-leak”, she is persuasive that I very much appreciate the irony of
launched tirades against the judiciary. through the torture of a fifth election unconcerned about possible politics is a much greater factor in our Northern Ireland taking centre stage at
Traditionally liberal institutions have and voters’ faith in the country’s poli- inflationary effects, went on the record A written constitution can renewed interest in the hypothesis the G7 meeting (Report, June 11). As
come under pressure from rightwing tics will be further eroded. to correct Schäuble. Philip Lane, chief than new information. history has shown, we in Northern
groups he courted. The coalition describes itself as the economist at the ECB, has suggested save UK pain in long run One does not need to disbelieve in Ireland are rarely “centre” anything.
His successor is an ultranationalist “Change” government but it must now there is no alarm surrounding Paul Mortimer-Lee writes (“Britain is facts to understand that politics is Caroline Eagles
who is more rightwing than Netan- translate the label into action. transitory inflation stemming from right to stick with its constitutional increasingly blurring the line between Rostrevor, County Down, Northern
yahu. Bennett was previously forced to Netanyahu will be attempting to temporary supply side bottlenecks imperfections”, Letters, June 12) that facts and opinion, as greater Ireland, UK
deny he boasted of killing “lots of undermine the new government. (instead of demand overheating). “the case for a written constitution in complexity today makes it easy to
Arabs’‘ and has made no secret of his He should instead focus on his corrup- Moreover, too little government the UK is much weaker than in the marshal the “right” facts to support Taking the ‘cradle to grave’
desire to annex the occupied territory tion trial and allow justice to finally spending can increase company US . . . because the latter is a federal one’s argument.
of the West Bank. But if the fragile coa- take its course. bankruptcies and lead to less system with a greater division of Kelly is also correct that just because mantra a bit too far
investment in research and powers between the federal and state something (namely debating with our Your article about two large
development, hurting the supply side level than applies in the UK”. political adversaries) is difficult or international law firms offering fertility
of our economies — potentially I should have thought that it was uncomfortable does not mean that it benefits to their UK-based staff for the
exacerbating inflationary pressures. precisely the parlous condition of shouldn’t happen. Quite the contrary: first time (Report, June 14) seems to be
The EU has gone through a decade of relations between the UK government, learning to agree with even those we saying: “Keep working all hours. We’ll

Restoring trust in demand stagnation, performing well

below its productive potential.
Inflationary forces of the 1970s are no
England, Scotland, Northern Ireland
and Wales — not to mention the much-
bandied about north and south of
find disagreeable is a sign of progress.
Finally, Kelly’s point about using
“facts” as weapons to push narratives
freeze the eggs.”
What next? Free funerals?
John Rhodes

lobbyists and the lobbied longer intact, not least because of

declining labour bargaining power,
changing demographics, high
England — that might very well justify
a written constitution.
A federal system would probably
instead of as a guide to the truth is
crucial. Continuing to do so at a time
when we arguably confront multiple
London SE15, UK

inequality and private debt overhang. require England to be divided up into existential challenges puts us on a Correction
Greensill affair showed ministers and civil servants need tighter rules Without concerted fiscal expansion to regions. perilous path.
scale-up investment and protect the But a bit of short-term effort might Mariano Torras c Daniel Ortega ruled Nicaragua for the
The Greensill affair is the biggest UK suggests business appointments vulnerable, aggregate demand will save a lot of trouble in the long run, as Professor of Economics first time from 1979-1990 after he
lobbying scandal in a generation. Since should be banned for two years where remain low and standards of living will the US founding fathers clearly saw. Chair, Department of Finance and overthrew the dictator Anastasio
the Financial Times revealed that applicants are directly responsible for stagnate. Antony Black Economics, Adelphi University Somoza, not from 1989 as wrongly
David Cameron lobbied the govern- policy, regulation or awarding of con- Instead of fetishising fiscal discipline, Dundee, Scotland, UK Garden City, NY, US stated in an article on June 11.
ment last year on behalf of the now tracts relevant to the hiring company.
defunct finance company, it has Appointment rules should be made
emerged that the ex-premier peppered enforceable through civil servants’ job
ministers and officials with 56 calls,
texts or emails. Lord Jonathan Evans,
contracts, and parallel legal arrange-
ments for ministers; if that is unworka- Can racial The US is scrambling to build black
wealth as a way to tackle its race
American, two Hispanics and 12
Asians held equity in a state cannabis
Nieves worked in a restaurant, but
then lost her job because of the
chair of the Committee on Standards in
Public Life, has made sensible propos-
als to police better the “revolving door”
ble a statutory scheme, backed by civil
penalties, should be explored.
Such measures are reasonable and
equality be problem. And what better way to
attack the racial wealth gap than in a
brand new industry where the rules
dispensary, compared with 204 white
people.
This is partly because the law allows
pandemic. She would have struggled
to save working as a server but notes
that her new job offers stock options
between the public and private sectors.
But more reforms will be needed to
proportionate. So is the recommenda-
tion that ministries publish details of built into the can be written from scratch to make
sure minorities face fewer barriers to
some white-owned concerns to obtain
licenses by hiring people from social
and says she is “on course to wealth if I
stay in this industry”.
achieve the transparency required.
Their aim should not be to bar ex-
ministers or civil servants from joining
lobbying contacts monthly, rather than
every quarter — and that this extends
to “informal” lobbying using commu-
US cannabis getting rich?
Recreational cannabis was legalised
in the state of Illinois in January 2020,
equity groups rather than making
them owners. Last month, the Illinois
legislature tried to fix the problem by
Marijuana industry insiders say it’s
too soon to tell if minorities will
become business owners. Michael
the business world in later life. Officials
have a right to remain active after leav-
ing office, and pursue the salaries avail-
nications such as WhatsApp and text
messages. The Evans report notes that
Cameron’s “extensive” lobbying for
industry? right before the pandemic hit, and
sales have risen to nearly $1.2bn.
Since African Americans and
creating 115 additional dispensing
licences and trying to make it easier
for social equity applicants to prevail.
Malcolm, an African American realtor
and cannabis consultant who qualifies
as a “social equity” applicant because
able in business or other professions, Greensill was not mentioned in any Hispanics suffered more from the war “This is a huge social equity he has a marijuana conviction,
provided inside knowledge or contacts departmental disclosures. Campaign on drugs than white people, the state issue . . . this was supposed to have a estimates it takes $1m to open a single
are not misused. A flow of staff, and groups say disclosure rules should also wanted to make sure they would positive impact on people of colour pot shop. He says many of those
expertise, between public and private be tightened; lobbying meetings are too benefit disproportionately from but we have not yet seen that,” says competing against him in Illinois’ new
sectors is useful. The door between the often vaguely described as “introduc- legalisation. Kimberly Hollingsworth, president of dispensary licensing lottery won’t
two should continue to revolve, but tions” or “general catch-ups”. According to the American Civil Olive-Harvey community college on have the capital or expertise to
with clarity on the activities of those Other reforms are desirable. Acoba Liberties Union, black people in Cook Chicago’s south side, one of the operate a business.
who pass through it. or an equivalent body should be given County, Illinois, where Chicago is Illinois colleges training students to “We are going to see a lot of licences
The Greensill case has made it clear, more resources and powers, and put on located, were 10 times more likely to work in the cannabis industry. sold off as soon as they are awarded,”
too, that safeguards should apply to
those still in office, not just those who
a statutory basis. Above all, the lobby-
ists’ register introduced, ironically, by Notebook be arrested for marijuana possession
than white people before it was
But she believes the sector can still
provide well-paying jobs for minority
he says, which could leave the
industry still largely in control of
have left — and not only to senior gov- Cameron should be extended beyond legalised. So legislators tried to write students. Olive-Harvey recently better-capitalised white people.
ernment officials but to civil servants “consultant” lobbyists to include com-
by Patti Waldmeir rules to give “social equity applicants” launched a programme funded by “I think it’s an opportunity to build
and special advisers. One of the more panies’ in-house representatives, who — those who have lived in areas marijuana taxes to train those with intergenerational wealth,” Malcolm
eye-catching revelations was that the account for the bulk of lobbying work. affected by the war on drugs, many violence and cannabis arrests for adds, “but it’s not the only one. A lot
government’s former chief procure- Lord Evans began his review before of them black or Hispanic, those with employment in the sector. of governments are focusing on
ment officer took a part-time advisory the Greensill case, which has spawned a marijuana arrests and even some with Angelique Nieves, 24, earned a cannabis as though no other industry
role with the supply-chain finance spe- series of inquiries or investigations into convictions as weed dealers — a leg up certificate from Olive-Harvey in had anything to do with the lack of
cialist two months before leaving the different aspects of the scandal; some in the business of selling cannabis cannabis dispensary operations and black wealth.”
civil service in 2015, after getting inter- will have their own recommendations. legally. has just landed a job with a marijuana But if Illinois can’t tackle the racial
nal clearance. He then became a Green- Prime Minister Boris Johnson should But despite promising to give “social company. She recounts how she was wealth gap, even with windfall profits
sill director in 2016. take a bold approach to implementing equity applicants” an advantage in hurt by drugs growing up in Chicago’s from a clean-slate industry, it’s hard to
Lord Evans proposes that govern- them. A full lobbyists’ register, for winning licences, Illinois has no Humboldt Park neighbourhood. “I’ve see how the breach can be bridged in
ment departments and the independ- example, as used in Ireland and Can- majority black-owned cannabis seen friends and family who have industries where vested interests have
ent watchdog the Advisory Committee ada, would do little to impede the dispensaries. And according to a spent years away [in prison], an uncle had a lot longer to dig in.
on Business Appointments should be machinery of government. But it would report first published by marijuana who spent 15-plus years away for
able to ban ex-ministers and civil serv- be important in starting to rebuild trust industry newsletter Grown In, as of marijuana and gang life,” she says. The writer is an FT contributing
ants from lobbying for up to five years, that has been badly dented by a succes- September 2020 just one African Before training at Olive-Harvey, columnist
where deemed appropriate. He also sion of scandals.
Tuesday 15 June 2021 ★ † FINANCIAL TIMES 15

Opinion
It is too soon to worry about post-Covid labour shortages How super-rich
Americans get
EMPLOYMENT
MENT
pandemic. As restrictions lift, employ-
ers from the US and UK to Hungary and
freeze. And minimum wage increases
have decelerated from 6.2 per cent last
ones. People are weighing these risks
against the potential rewards: median
scheme at the end of October before
making a last-minute U-turn. away with
Sarah
O’Connor
nor
Germany are complaining of labour
shortages. Some want policymakers to
intervene on their behalf. The US Cham-
year to 2.2 per cent this year.
That is not to dismiss reports of
labour shortages and higher pay offers
pay in hospitality is lower than any
other sector, at just £8.64 in 2019, and
about a fifth of workers are on zero-
Even some employers who did fur-
lough workers have struggled to keep
them. One chef, at a high-end restau-
paying no tax
ber of Commerce has called for an end to in some sectors, such as hospitality, hours contracts. rant, says almost half the kitchen team
unemployment benefit top-ups, saying where reopenings mean vast numbers Some employers have made their has left. The company, expecting staff
that “paying people not to work is of hotels, restaurants, pubs and bars are own lives harder. The point of the UK’s to be grateful for having been fur-

A
dampening what should be a stronger all trying to hire. generous furlough scheme was to main- loughed, extended their hours on their Morris
fter the Black Death killed a jobs market.” In the UK, the hospitality Some potential workers are still nerv- tain the connection between employers return and cancelled previously prom-
vast swath of England’s industry is lobbying for a “coronavirus and employees to avoid mass redundan- ised promotions. Pearl
population in the 14th cen- recovery visa” scheme which would cies and a subsequent scramble to “I think they read the room badly, and
tury, the remaining work- allow migrant workers to enter the A scramble for chefs rehire. But a slew of hospitality employ- constantly reminding the employees of

T
ers were in high demand country to fill entry-level jobs. ers chose to let workers go anyway, their debt of gratitude and dependence
and they knew it. “Some, seeing the We are getting carried away. It’s too and other workers especially after July, when they had to on the company was the fastest way to he US has long had two tax
straights of the masters and the scarcity
of servants, are not willing to serve
soon to worry about spiralling wage
inflation, or to predict a widespread
might well ease off as start contributing towards the costs of
the scheme.
foster resentment,” he said.
The scramble for chefs and other
systems: one for people who
work for a living, and
unless they receive excessive wages,” shift in the balance of power between the pandemic recedes The number of jobs sustained by the workers might well ease off as the econ- another for the wealthy.
explains the introduction to the Statute labour and capital. To focus on the UK, hospitality and leisure sectors fell 20 omy settles down and the pandemic Many of America’s richest
of Labourers in 1351. the latest data on pay settlements from ous about the virus (not unreasonably: and 21 per cent respectively between recedes. But this moment should serve billionaires paid virtually no taxes on
The statute was a heavy-handed (and XpertHR shows the median award in chefs are among the 10 occupations with January 2020 and April 2021, according as a reminder to employers that labour hundreds of billions of dollars in added
ultimately doomed) attempt to stymie the three months to April was 1.9 per relatively high male death rates from to the Resolution Foundation (fur- isn’t a commodity that can be picked up wealth over the past decade, an eye-
the law of supply and demand. It cent. While this was an increase from 1 Covid-19). Others fear they could be fur- loughed workers are classed as still hav- and put down at a moment’s notice. popping new report from ProPublica
declared that if workers took more for per cent the previous month, more than loughed or made redundant again if ing jobs in this data set.) PizzaExpress, Rather, it is a relationship with people has revealed.
their labour than was “customarily half of all pay awards were still lower there is another lockdown. Workers for example, made 1,300 staff redun- that can be sustained or squandered. The details of this story, based on
paid” before the plague, they “shall be than the same group of employees from abroad who went home to be with dant in October last year, only to launch The shortage of workers isn’t a problem leaked Internal Revenue Service data,
committed to the nearest jail.” received a year ago. Much of the public their families might worry about com- a campaign to recruit 1,000 employees to be solved, but a lesson to be learned. may be shocking. But it’s really just fur-
It is not hard to detect faint echoes of sector workforce, which accounts for 17 ing back, only to be stranded on the in April. Rishi Sunak, the chancellor, did ther confirmation of something that
history as we inch out of the coronavirus per cent of all employees, faces a pay wrong side of a border from their loved not help by threatening to close the [email protected] we’ve known for a long time. And it isn’t
about loopholes, it’s about the funda-
mentally different treatment for
wealthy people that is baked into the
core of the US’s tax code.

Western unity
People who work for a living — the
vast majority of Americans — pay taxes
at rates that vary from about 10 per cent
to about 40 per cent. Some money is
withheld from their pay cheques every

imperilled by
week, and once a year they file a tax
return and either have to pay the IRS a
little bit more or get a small refund of
the excess amount that was withheld.
The wealthy, on the other hand, don’t
need pay cheques. They can just use

frozen sausages
financial derivatives or loans to get
money to live on, and so they do not
need to have any “taxable income”.
They can hire accountants to organise
their finances in order to decide for
themselves if and when to pay taxes.
Because the US only taxes capital gains
upon the sale of an asset, wealthy indi-
also created strains between Washing- viduals are able to accumulate vast for-
GLOBAL AFFAIRS ton and London, with the acting US tunes completely untaxed until they
ambassador in London delivering a firm decide to cash out.
Gideon message to Britain to dial down the rhet-
Rachman oric and respect the protocol.
America’s intervention points to the
threat of a broader crisis within the
Wealthy investors such as
western alliance. There is a very real me should not be allowed

B
rexit was meant to be about
prospect that a G7 summit intended to
showcase western unity, could be
to choose when we want to
the restoration of British sov- swiftly followed by a trade war within pay levies on investments
ereignty. But there are few the western bloc.
starker examples of loss of Avoiding this sorry outcome will yield to the temptation to use this row to ain to Northern Ireland only in frozen and Northern Ireland, US officials have That is how the 25 wealthiest Ameri-
sovereignty than being una- require movement in both London and demonstrate (once again) the folly of form. Failure to enforce the rules from also said privately that they do not cans were able to accumulate $401bn
ble to trade within your own country Brussels — and, quite possibly, media- Brexit, Johnson’s mendacity and the now on, according to the EU, will endan- intend to take sides between Brussels from 2014 to 2018 and only pay 3.4 per
without filling in a customs declaration. tion from Washington. superior power of the bloc. But we ger the European single market. But we and London over the implementation of cent of that amount in taxes. They all
That is what Britain agreed to when If tensions are to be dialled down, the know all that already. Nonetheless, have just witnessed unfrozen sausages the protocol. Their overriding concern became fantastically more wealthy, but
Boris Johnson’s government negotiated British have to kill the idea that their Brexit has happened and Johnson is traversing the Irish Sea for six months is that the dispute should be settled, not because they didn’t sell the assets they
the Northern Ireland protocol as part real intention is to junk the protocol firmly in place, backed by a strong without any evident damage to the EU. the terms of the settlement. owned that increased in value, they
of the Brexit deal. Ironically, the altogether. That was the implication of electoral mandate. The EU can point to the danger of set- The hope must be that the current barely owed any taxes on that increase
imposition of an internal border within Johnson’s recent statement that the peo- However annoying it finds the John- ting precedents and of regulatory diver- war of words between Brussels and in wealth.
the UK is a far more intrusive loss of ple of Northern Ireland should enjoy son government, the EU has a strong gence over time. But those problems London is the kind of posturing that The distinction our tax code makes
sovereignty than anything Britain ever “free and uninterrupted access to goods geopolitical, economic and human could be managed, with good will on typically precedes a deal. The fear is between making money from an
had to accept while it was actually an and services from the whole of the UK”. interest in establishing a decent rela- both sides. that both sides may see an upside in “increase in wealth” and from “income”
EU member. That would indeed be highly desirable. tionship with the UK. Unfortunately good will is in short confrontation. The Johnson govern- creates a massive advantage for only the
Theresa May, Johnson’s predecessor, But it is impossible under the terms of Before triggering a trade war, Brussels supply — in both Brussels and London. ment may see a benefit in blaming the wealthiest Americans.
said no British prime minister could the agreement that he negotiated. The should be able to point to actual, rather So there may be a role for the US to play. dastardly Europeans for the loss of It says that the way rich people make
ever agree to a border down the Irish only legitimate and achievable goal than theoretical, harm to their internal For that to happen, the Americans sovereignty that is actually built into money, through investments increasing
Sea. But Johnson made that concession right now is to get the protocol applied market. Take the great British sausage, would need to allay fears in London that the protocol. Emmanuel Macron, the in value, shouldn’t be taxed, while the
to “get Brexit done”, to force an election, with maximum flexibility. which is currently (and ludicrously) at they will simply act as an enforcer for most hardline of the European leaders, way everyone else makes money,
to avoid creating a border between As for the Europeans, if they are sin- the centre of the dispute. From July, this Brussels and Dublin. Any American is facing a difficult French presidential income, should be. It’s an entirely arbi-
Northern Ireland and the Irish Republic cere in their insistence on the central iconic item can be exported from Brit- special envoy to Northern Ireland election, and getting tough with Britain trary distinction. Yes, there is a differ-
and to keep Britain out of a customs importance of peace in Northern Ire- should follow the stellar example of can only help. ence between an asset increasing in
union with the EU. land, they should recognise the dangers George Mitchell in the 1990s peace proc- But while these stances may make value and actual income. But for the
The inevitable tensions caused by the
protocol are now threatening to create a
of further inflaming Unionist opinion.
They need to find ways of respecting the
Johnson’s government ess. He took the concerns of all sides
equally seriously.
domestic political sense, they are inter-
national nonsense. The unity of the
richest Americans it doesn’t matter.
Wealth is wealth, no matter what form
new crisis between the UK and the EU — protocol and protecting the EU’s inter- may see a benefit in The Biden administration is certainly western alliance is worth more than a it’s held in.
one which has the potential to lead,
quite quickly, to a trade war and the
nal market, while minimising symbolic
flashpoints.
blaming the Europeans capable of playing that role. Although
the US has repeatedly emphasised the
frozen sausage. There is nothing built into the econ-
omy that says you can’t tax unrealised
imposition of tariffs. That prospect has The danger is that the EU will instead for the loss of sovereignty need to avoid a border between Ireland [email protected] capital gains. It’s not an immutable law
of economics, it’s a deliberate policy
choice, a choice that, based on the
explosion of inequality in the US in
recent decades, appears to be a pretty

Aid to the developing world is the key to fighting climate change bad one. Wealthy investors like me, a
former Wall Street executive, simply
should not be allowed to pick and
choose when we want to pay taxes on
our investments.
chiefs for the reporting of risk to be G7, pledged to deliver $100bn annually uncertain, with only Germany and Can- ment Agency, we work to help England There are two solutions here. The first
Emma mandatory. in climate aid to developing countries. ada offering more. become more resilient to climate is to simply tax unrealised capital gains
Howard Boyd This is also about opportunity. The
recent International Energy Agency net
In the years since, the promise has been
repeated, but the amount delivered has
Laurence Tubiana, a key architect of
the 2015 Paris agreement on climate
shocks. Two prominent studies have
projected losses of 10 per cent and 23
every year. Senator Ron Wyden has
already introduced a proposal he calls
zero report suggests 360m electric vehi- not once got close to $100bn, despite the change, said: “In the face of a perfect per cent of global gross domestic mark-to-market that would do exactly
cles will be on the road by 2050, reduc- UK doubling its investment at the UN storm of planetary crises, the world’s product this century, if emissions are that, and he now appears to want to

T
ing oil demand by 6,000 barrels per day. General Assembly in 2019. richest democracies have responded not rapidly cut. That is greater eco- reintroduce it in the wake of the Pro-
his weekend, Sir David The IEA’s fossil fuel pathway projects L ast month, COP26 presi- with a plan to make a plan.” nomic harm than that caused by either Publica investigation.
Attenborough told G7 lead- a shift from 85 per cent of primary dent Alok Sharma said: “I ask ministers A recent study by the World Bank sug- the coronavirus pandemic or the The second is to levy an annual wealth
ers that urgent action on cli- energy to 25 per cent in 2050. Natural gests climate change will push between Depression. tax on the ultra-wealthy, as Senators
mate change is needed “this gas demand will decline by 40 per cent 32m and 132m additional people into Yesterday, the UK government Elizabeth Warren and Bernie Sanders
decade”. The world leaders
gathered in Cornwall made a commit-
by 2040, with renewables, such as the
UK’s fast-growing offshore wind sec-
The UN General Assembly extreme poverty by 2030. The ultimate
review of the G7’s success will come
responded to the Dasgupta review into
the economics of biodiversity, saying
have proposed.
Both approaches have their merits
ment to tougher climate action ahead of tor, picking up the slack. is an important moment from them, and if the $100bn doesn’t nationally significant infrastructure and their challenges, but either would
the COP26 climate change conference in
Glasgow in November.
In his closing remarks to media, Presi-
dent Joe Biden spoke of his hope that the
for G7 leaders to deliver on materialise, developing countries will
feel betrayed.
projects will ensure a net gain in biodi-
versity. This will deliver change in sup-
be a dramatic improvement over the
current status quo.
This G7 meeting saw progress that will US-initiated Build Back Better World their $100bn promise After COP26 in Glasgow, COP27 will ply chains and shows the power that While continuing negotiations in Con-
send clear market signals. Coal is a (B3W) initiative could kickstart green, be held in Africa. The emphasis will shift governments have when they are clear gress over tax increases on the wealthy
busted flush, with all G7 nations agree- values-driven investment in the devel- from developed nations to imagine what slightly from reducing emissions about delivery. don’t appear to include either proposal
ing to end financing by 2022, and the US, oping world. It’s a good idea but so far it is like for communities on the front- towards adapting to climate shocks, Global climate risks and opportuni- at the moment, public pressure for
UK and EU targeting zero-carbon power there is little in the way of detail. Yet, if line of climate change . . . to see devel- such as storms and droughts. The UN ties are too important for promises to aggressive action on this issue is only
networks in 14 years. nations can add flesh to the bones and oped countries invest trillions overnight General Assembly is an impor- remain vague or uncertain. To show going to continue to grow, and for good
There is a broad consensus among the make this a reality by September’s UN to address the Covid-19 pandemic, tant moment for G7 leaders to deliver on they mean business, the G7 must deliver reason. There is no defending a tax code
G7 that emissions need to fall 50 per General Assembly, we could have a whilst the $100bn a year that we have their $100bn promise and keep interna- both the finance and green investment that allows the country’s wealthiest
cent by 2030, a pathway in line with the multitrillion-dollar green investment promised to support developing coun- tional action unified. plan by the UN General Assembly, an individuals to pay almost no tax.
target of limiting global warming to plan for the 2020s and 2030s. tries with remains uncertain.” This isn’t only about developing coun- important step on the road to COP26.
1.5C. There is agreement that climate But we have to talk about climate This weekend, G7 leaders reaffirmed tries. Heatwaves, floods, droughts, crop The writer, the chair of the Patriotic Mil-
change is a material threat to business, finance. Let’s start in 2009, when indus- the $100bn target, but their communi- failures and storms are becoming more The writer is chair of the Environment lionaires, is a former managing director at
hence the agreement among G7 finance trialised countries, including the qué suggests its delivery still remains common everywhere. At the Environ- Agency BlackRock and co-author of ‘Tax the Rich!’
16 ★ FINANCIAL TIMES Tuesday 15 June 2021

Royal Dutch Shell: this is only a drill

US oil-producing assets in the Permian are valuable to Shell. This is a core region. Though it has not made
much money there, sharply rising oil prices mean that profitability should return this year. Higher earnings
might also help Shell’s relatively sluggish share price.

Twitter: @FTLex Shell has generated relatively little profit in US upstream Permian is an important oil region
Pre-tax profit ($bn) Million barrels per day (May 2020)
US Group
Icelandic banks: and energy generation. The emphasis is
on homely virtues. US onshore Permian
Boxed:
US total
history’s chill wind Expect to hear similar remorseful 2017
11.25
oil production
4.54 for the love of bulk
marketing from institutions currently 8.96
On a sunny day in Reykjavik, cold up to their armpits in speculations on Chains like Costco have built an empire
gusts from the glaciers remind you that the New York and London markets. 2018 Source: Rystad Energy selling two-gallon tubs of mayonnaise
conditions can quickly turn hostile. to American bargain hunters. Boxed,
Iceland nearly went bust in 2008 Shell’s share price has trailed dubbed an online Costco for
following debt-fuelled expansion. It
takes a step back towards normality
US mall bankruptcy: Total returns and oil price (rebased) millennials, hopes young shoppers will
be just as keen to bulk-buy as their
2019 Shell Brent crude
this week with the part-privatisation of prime time MSCI All World
180 parents. That is hype. The lossmaker
Islandsbanki. 160 will go public via a special-purpose
Energy index 140
The modest initial public offering Sometimes shoppers show up at the acquisition company at a near $900m
120
values the lender at just IKr146bn mall early, ahead of the masses, before 2020
100 valuation that looks overpriced.
($1.2bn). Elsewhere, cheap money is the bargains are all picked through. 80 Boxed offers discounted household
fuelling speculation in meme stocks, Distressed debt traders like to wake up -20 -10 0 10 20 60 staples and groceries without the need
cryptocurrencies and blank cheque early in the morning too. Yesterday, US 2020 2021 for paid membership. Shipping comes
companies. shopping mall company Washington FT graphic Source: company Source: Refinitiv free on orders of $49 or more.
In just a few years, three Icelandic Prime Group filed for bankruptcy Without sign-up requirements, new
banks went on a $76bn lending spree. protection. The company said it had a Like the enormous tankers that carry message to shareholders and Shell has had a mixed experience customers should be easy enough to
They were propelled by deregulation deal sewn up with most creditors that their products, big oil companies do employees. Moreover, Shell’s legal with its US upstream business but attract. Yet net sales grew just 8 per
and cheap credit from wholesale slashed its debt by nearly $1bn and not qualify as nimble. Last month, a appeals on the emissions ruling will this year could bring a turning point. cent in 2020 to $187m. Boxed wants
financiers, including Iceland’s central gave junior bondholders most of the court in The Hague ordered Royal require several years. It has reported losses in US oil and investors to ignore that lowly number
bank. The assets of Icelandic banks equity of the reorganised group. Dutch Shell to do more to reduce Still, never say never. Every gas production in two of the past four and fix their gaze on projected sales of
soared to over 11 times GDP. When the Washington Prime had been carbon emissions. company should consider offers for years. $1bn by 2026. By then, it claims,
world financial crisis erupted, the attempting to restructure its balance That does not mean it must act assets, or indeed the entire enterprise, At the current average futures adjusted ebitda will be positive once it
banks collapsed. Iceland went cap in sheet for months, but its public immediately. Reports that Shell plans if the price is right. The Permian curve price of $55 per barrel, it could successfully licenses proprietary
hand to the IMF for a bailout of its own. shareholders seemed to be taken off to sell off its US Permian shale oil accounts for about half of the crude oil raise $9bn-10bn and wipe out those technologies to other retailers.
Iceland then was not the same as the guard by the terms. Its market assets sound premature. produced in the “lower 48” US states losses. Permian wells should produce These targets look overly optimistic.
US or the UK now. The banking assets capitalisation fell more than a quarter. Prior to the court ruling, Shell excluding Hawaii and Alaska, and 6 per plenty of free cash flow given they Growing online grocery sales are
of the US and UK are nowhere near as The US is in the midst of a vaccine- delivered an upstream strategy that cent of Shell’s output. Profitability have paid off upfront costs. It would creating plenty of opportunities, but
high. Their banks are tightly-regulated led economic boom. The question now highlighted nine core oil and gas- there has improved as commodity be a shame for Shell to offer these up Boxed is not best placed to cash in.
and well-capitalised. It is at the is whether this deal sparks a bidding producing areas around the globe. prices have risen, exceeding 10 per cent to neighbouring groups such as One of the biggest challenges in
margins of activity that Iceland’s war. Or perhaps permanent damage to These represent 80 per cent of the on invested capital, says Rystad Occidental Petroleum or Chevron. online retail is the so-called “last mile”
microcosmic fate shows how cheap the US shopping business from the group’s cash flow from operations. Energy. US oil futures traded above $71 Shell’s carbon emission reduction of customer deliveries. Both Target and
money can cloud decision making. It 2020 shutdown makes that less likely. One is the Permian Basin in the US. per barrel yesterday, up 47 per cent plan must continue. But selling off Walmart have circumvented this partly
applies, for example, to investors Among its 121 malls, Washington Putting assets there up for sale after this year alone. It is understandable if one of its core upstream areas, unless by offering click-and-collect services,
scrambling to back dodgy hedge funds Prime has many in mid-tier cities in boasting of their importance to the buyers are interested in Shell’s roughly for a very high price, does not make allowing order pick ups at nearby
or the latest electric vehicle float. the Midwest such as Lima, Ohio. group would send an inconsistent 500,000 total acres there. sense at present. stores. Both use their stores, sometimes
The state took control of Several anchor tenants such as as warehouses, to fulfil online orders.
Islandsbanki, then know as Glitnir, in JCPenney and Belk have declared their This cuts down last-mile delivery costs.
2008. That short-term ownership has bankruptcies in recent months. Boxed does not have this option and
lasted 13 years. Even now, the Between shutdowns and the shift to its bonds traded up from 64 cents on shares up 5 per cent. Serco is part of a track-and-trace contributed about shipping bulky items is expensive.
government is only floating an initial ecommerce, cash flow from operations the dollar to 70 cents. It was a clear sign group of outsourcers that fell foul of £350m, thinks UBS. Gross margins reveal the difference.
35 per cent on Nasdaq Iceland. An fell from $209m in 2019 to $79m in of first-mover advantage. previous UK government efforts to cut Public criticism of the test-and-trace Boxed had a 14 per cent gross margin
election this autumn is one impetus. 2020. At the same time, the company costs. The process incentivised programme has weighed on the shares last year, compared with 28 per cent
Yesterday the bank confirmed a float had to deal with interest payment, debt underbidding on contracts that led to but has not stopped Serco lifting and 24 per cent at Target and Walmart.
price of IKr79 per share. That will pay
back some $400m before costs to long-
maturities and covenant compliance.
For canny creditor investors, that can
Serco: poor delivery of services and steep
losses for contractors. That tumultuous
profits. Underlying trading profit
(ebita) this year is now expected to be
There is no shortage of competition
in grocery delivery. Amazon and
suffering Icelandic taxpayers, against create an opening to cut a canny deal trace ace period ended with the pandemic, £200m, or about 8 per cent more than Instacart offer well-known options for
an original outlay of more than $700m. with a desperate company. replaced by greater public-private co- analysts previously expected. That shoppers looking for household items.
Like other bailout recipients, The investor sponsoring the current Bad news may come in threes but operation. Serco shares, at 142p, offer a leaves shares trading on 14 times Yet in spite of this the shares are
Islandsbanki is gun shy when it comes restructuring plan is SVPGlobal. This sometimes good news can arrive as a chance to take advantage of the shift. expected earnings for 2021. These have hardly a steal. The Spac deal values
to what bankers once dubbed “capital big debtholder is willing to inject pair. Outsourcer Serco’s joint venture Under chief executive Rupert essentially moved sideways since a big Boxed’s equity at around five times
efficiency”. The lender’s target core tier hundreds of millions of fresh dollars to with France’s Engie announced it had Soames, Serco has managed to draw a rights issue in 2015 to reduce debt. 2020 revenue, compared with just one
one equity is 16 per cent of risk- finance the restructuring. Existing won a UK defence contract worth at line under past problems. Mistakes are Bloated public borrowing means times at Costco. Walmart trades on two
weighted assets. The figure is currently preferred and common shareholders least £900m yesterday. A further all but paid for. The remnants of the governments still want to do more with times its 2020 grocery sales. Potential
more than 19 per cent. That creates would share just $40m in cash. extension of UK government lockdown bill racked up by Soames’ predecessors less. Similar conditions after the investors should shop elsewhere.
scope for some $250m in capital Washington Prime has said it is measures is also expected to boost was estimated at £400m when he took financial crisis led to a boom for
returns to shareholders. willing to consider other bidders. But revenues from Serco’s much-debated over in 2014. Cash outflows from outsourcers, albeit one that ended in Lex on the web
The bank promotes itself to global that would require any new investors pandemic test-and-trace contract. lossmaking contracts withered to just disaster for most. If Serco can prove its For notes on today’s stories
investors as a proxy for an Icelandic to round up even more capital. While Expectations of an extra £15m of £2m last year. Revenues of £3.9bn test-and-trace services are effective, it go to www.ft.com/lex
economy focused on tourism, fishing the company’s shares sank yesterday, profit this year sent London-listed were the highest since 2013. Of this, UK could avoid a repeat performance.

CROSSWORD
No 16,812 Set by ZAMORCA
• ‘  ‰ …  } y ACROSS
1 Shellfish you and I caught in Kuala
u Lumpur (6)
4 Will defeat that French blocking with
•¸ ••
strength ultimately (8)
10 Recalled face of fellow made redundant
(4,3)
11 Tea’s a bit of butter on one flatbread (7)
12 Bird plunged into water (4)
•‘ • •‰ 13 Ditched actors falling out over bill (4,6)
16 Takes care of some businesses running
•… in recession (6)
17 Cut cakes turning base (7)
• •} 20 Small role for boy with computer
division (3,4)
21 Top politician’s key part of legal panel
•y •u
briefly (6)
24 Female deer with bleeding head
‘¸ ‘• tolerates trapping in cage (6,4)
25 Formerly working with Anglican church
‘‘ ‘ (4)
27 Russia finally taking Crimea troubled
‘‰ ‘… another country (7)
29 Police in range and getting closer (7)
‘ 30 Personified English doctor, ordinary, has
disappeared (8)
31 Like Keats’ unfinished work about old
‘} ‘y ‘u
Titan leader (4,2)
DOWN
1 Good work by spring bee with last of
winter gone (4,4)
¸ • 2 In vain, has both hands treated with
manicure product (4,7)
3 Motorway ahead can appear menacing
(4)
5 Going out around Cuba’s thrilling (8)
JOTTER PAD 6 Skillet and fish to hand after hearing you
getting out of bed (2,3,5)
7 Range of good answers accepted (3)
8 Landlords install first of internal lifts (6)
9 Liver maybe rotten, have meal without
me (5)
14 Cheap for table Duke left, considering
(11)
15 Hear essential secret number and make
sure to remember (4,2,4)
Solution 16,811 18 Break ribcage tackling last lob in game
(8)
× E N ‚ × Ý B ~ ‚ : Ý æ ‚ Ý
æ ‚ Ô 8 } ã Ð B
19 New opera introduced German soldier
Ý Ô Ý ‚ : 8 N } B ‚ × B æ 7 with broken chord (8)
ª : B N Ý : 7 H 22 Large street map in Lincoln’s brightly lit
Ú B Ï ã N 7 ~ N : N H ‚ : (6)
~ N
E N Ý æ B
Ú
7 N
Ú 8
Ú ã ‚ × Ô
N
: ‚
23 Friend caught sarcasm I missed (5)
N æ 7 : Ý }
26 Dad’s very quietly drinking a third
Ð B 7 } Ú Ô ã ~ ‚ : § æ 7 N brandy (4)
× B æ E : Ý 28 Decline in endgame with black bishop
E æ Ô Ý Ú : ª B 7 H : æ Ð taken (3)
N 7 × B ã Ý H ã
K ‚ : Ú N Ú × N 㠂 H B : N
‚ B } B N 7 Ú N
× ‚ × N ‚ ~ ~ Ý N } B × N }