Professional Documents
Culture Documents
00
on course to lead global recovery Beijings sovereign wealth fund has entered
late-stage talks to acquire Logicor from Blackstone
in a deal that values the London-based warehouse
property group at more than 12bn. PAGE 13
NATIONAL
Tories seize on Corbyns interview stumble over childcare costs today of trying to ignore independence
in her speech, but making sure shes
pushing for it in her manifesto, said
Ruth Davidson, Scottish Conservative
leader. Nobody is fooled any more.
JIM PICKARD dont know how much it costs. It hardly attacked by Mr Corbyns supporters, In a televised interview on Monday about Mr Corbyns management abili- Labour accused the SNP of talking
CHIEF POLITICAL CORRESPONDENT inspires the voters, said the presenter, who posted a string of ugly and anti- night Mr Corbyn appeared relaxed as he ties rather than concerns about his about opposing austerity while cutting
Emma Barnett, before giving him the Semitic messages. Denis MacShane, a shrugged off difficult questions about past links with extremist groups. Scottish government spending.
Jeremy Corbyn has had a recent run of correct figure of 4.8bn a year. former Labour MP, said that one tweet whether he supported the IRA, his Lilian Greenwood, former transport On June 8, voters can elect a Labour
form on the campaign trail ahead of Mr Corbyns supporters were quick to labelling Ms Barnett as a Zionist was opposition to the 1982 Falklands war secretary, said of her resignation at the MP who will spend every day fighting
next weeks election, reducing what defend him, with Matt Zarb-Cousin, his utterly disgusting. and his reluctance to authorise a drone time: This is not about policy or ideol- for local services, or they can elect an
had looked to be an unshakeable lead former spokesman, saying: Just a strike on an Isis terrorist. ogy, it is about competence. SNP MP who will spend every day cam-
for Theresa May in the polls. reminder that the success of a policy His subsequent stumble yesterday The episode came just a fortnight paigning for another divisive independ-
But the Labour leader stumbled yester- does not depend on a politician having
Too many decisions are morning raised questions over whether after Diane Abbott, shadow home secre- ence referendum, said Kezia Dugdale,
day morning as he appeared on the BBC the costing imprinted on their memory being referred to him. he is beginning to tire after a relentless tary, was unable to answer basic ques- Scottish Labour leader.
Radio 4 Womans Hour programme to at all times. election campaign. tions about the cost of her own policy of The SNP manifesto published yester-
launch his partys plans for childcare. But fiscal discipline has traditionally
His mind is full of stuff Despite his skilled orating style after a hiring 10,000 extra police officers. day was in line with its 2015 general
Asked how much they would cost, Mr been an area of relative weakness for the Shadow cabinet member lifetime of protest, the 68-year-old has One loyal former MP said yesterday election manifesto, including a call for
Corbyn was stumped. Labour party and the Conservatives never run a large organisation before. that Mr Corbyn would shrug off his more generous government spending
It will obviously cost a lot to . . . we were quick to jump on the blunder. Mr Corbyns personal ratings have Now he is having to deal with a wave of Womans Hour glitch in his typical Zen and a rise in the UK top rate of income
accept that. Ill give you the figure in a Priti Patel, international develop- improved substantially since April, with high-pressure demands, according to style. tax from 45 to 50 per cent.
moment, he began, while trying to ment secretary, described the interview a recent poll by YouGov showing that one member of the shadow cabinet: People are getting to see the real Jer- The SNP promised to oppose all fur-
find the number on his iPad. Labour as shambolic and said Mr Corbyn 28 per cent of people thought he would Too many decisions are being referred emy now, we are starting to break ther cuts to social security planned by
wants to extend 30 hours of free isnt up to the job of leading our coun- be the best prime minister, with 45 per to him, the person said. His mind is through at last. If you think that one the Conservatives and to abolish the cap
childcare to all two- to four-year-olds. try through the challenges ahead such cent opting for Mrs May. He has only full of stuff. interview will change the course of the on tax credits for third and subsequent
Its quite troubling Mr Corbyn that as Brexit. recently moved above the 20 per cent Some former frontbenchers quit last election one way or another you would children, as well as cuts to allowances
youre launching a major policy and you Ms Barnett, who is Jewish, was mark. year largely because they had doubts be deluded, he said. for disabled people.
The Troubles
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Labour leader dogged by past links with Irish republicans
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK 2.70 Channel Islands 3.00; Republic of Ireland 3.00
ROBERT WRIGHT members of Labours hard left treated in 2003 in which he called for Bobby Loughgall ambush, in which the Special
POLITICAL CORRESPONDENT
Trump vs the Valley
Tech titans need to minimise
political risk GILLIAN TETT, PAGE 13
A Five Star plan?
Italys populists are trying to woo
the poor BIG READ, PAGE 11
Dear Don...
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
Northern Ireland as just one of a series Sands, who died in the 1981 hunger Air Service in May 1987 killed eight IRA
HMRC warns Lloyds of Brussels Insurance market
to tap new talent pool with EU base
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80
Briefing
THE END
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Jeremy Corbyns record of links with of struggles worldwide where support strike, and others to be honoured. members attacking a police station as
customs risks
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
HOW DRIVERLESS
for anti-imperialist forces was a given. The peace we have now is due to the well as an innocent civilian, was one
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
OF THE TECHNOLOGY IS
Richard English, professor of politics action of the IRA, Mr McDonnell said. such incident.
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
engulfed in
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
surge in workload expected once Britain press for certain options in Brussels. The US secretary of state has failed to reconcile
British Labour left of the 1980s was people like Bobby Sands, we now have a ever voiced direct support for violence
admitted to MPs. of the Commons treasury select com- Tayyip Erdogan on issues including Syria and the
HM Revenue & Customs told a parlia- mittee, HMRC said the timetable for extradition of cleric Fethullah Gulen. PAGE 9
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was challenging but
achievable. But, it added, CDS was a i Toshiba investors doubt revival plan
in Scotland
March 2019, when Brexit is due to be complex programme that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
in time has collapsed. HMRC assigned a green traffic light to filed for Chapter 11 bankruptcy protection. PAGE 16
Setting up a digital customs system CDS, indicating it would be delivered on 3 Blow for bid to clean up Swiss image
On Monday night, Mr Corbyn was asked sympathetic to and supportive of Sinn peace process. during the conflict. He has also said he
has been at the heart of Whitehalls time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had TheRALPH
bank hasATKINSunveiled
ZURICHa range of gender-neutral it followed a strategy offull client tax
increase in declarations expected at been relegated to amber/red, which DUNCAN
titles such asROBINSON BRUSSELS
Mx, in addition to Mr, Mrs, Misscompliance
or but was still trying to
British ports when the UK leaves the EU. means there are major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.
FINANCIAL TIMES
About 53 per cent of British imports apparent in a number ofkey areas. Credit
needs Suisse hascustomers.
of transgender been targeted by
PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: [CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerlands attempts to clean up dering by a global financial institution
Theresa May announced in January that international trade once the UK leaves
Datawatch
its image as a tax haven. and certain ofits employees. The UK
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.
HMRCs letters to the select commit-
tee, which will be published today, pro- AFP
Terror attacks inwith
co-operating
were contacted
Highlighted
western
attack byOthers
Europe after
authorities
offices in London, Paris and Amsterdam
Recent
1987 which honoured eight killed intertwined with the Provisional IRAs legal political party, rather than the IRA,
bombings have
host of regulatory regimes in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on The inquiries threaten to undermine thousand bank accounts opened in
bucked the trend
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool efforts by the countrys banking sector Switzerland and not declared to French
of generally low
to agriculture and fisheries by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
time Britain leaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation. customers meet international tax The Swiss attorney-generals office
Sources: Janes Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- western Europesaid it was astonished at the way this
Jeremy Corbyn,
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard a pension headache FT MONEY
lands, France and the UK. The bank said in Paris Austens descendants insist the Rice portrait depicts her as a girl see magazine Bridgeman Art Library
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
wall bid goes over the top nications over Facebooks popular Mr Niehaus had turned over his device saging apps as the same as everything
to his employer voluntarily. else.
attended the event and minute of erence for a united Ireland, Prof Eng- search of peace that was sealed in 1998.
April 28 have resisted Donald Trumps Authority highlights the increasing ing system on a number of occasions client and information about a rival of ALEX BARKER BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
attempt to tack funds to pay for a wall problem new media pose for companies last year to impress people. Jefferies. In one instance the banker Gibraltar yesterday hit back at the status within the single market after
of Practice: www.ft.com/editorialcode
Britains plea for early trade talks and Spain. Madrid defended the draft ments and structures to apply.
force a federal shutdown for the first information over messaging services device policy. Goldman Sachs has tion of a disciplinary process. Living wage rise to pile explicitly giving Spain a veto over any clause, pointing out that it only reflected Mr Tusk wants talks on future trade
time since 2013, as Democrats refuse including WhatsApp, which uses an clamped down on its staffs phone bills Jefferies declined to comment while pressure on care services arrangements that apply to Gibraltar. the traditional Spanish position. to begin only once sufficient progress
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britains exit bill and
silence, organised by the Wolfe Tone lish said. But it also grew from their during a visit to But the only contemporary newspa-
US budget Q&A and accessed without permission from the issued BlackBerrys. for comment. About 2.3m people will benefit from European Council president Donald Mr Tusks text left room for negotiators citizen rights, which Whitehall officials
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish todays increase in the national living Tusks first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
Lombard page 20 wage to 7.50 per hour. But the rise which are an important milestone on minister Theresa Mays allies insisted possible if certain conditions are met.
London in 1983
www.ft.com/subscribenow new living wage and the increase is The decision to add the clause giving British officials admitted that the EUs after Brexit with a trade deal.
Society, which describes itself as an Irish sense that various international strug- per report of the Wolfe Tone Society
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One-off copyright licences for reproduction of FT The exchange again highlighted the anti-imperialist campaigns for histori- Corbyn and his colleagues are the intri- minute to commemorate the IRA dead
Advertising articles are also available. contrasting views over the links cal and political justice. cacies of an episode that has been in the Loughgall ambush. It also quotes
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against British rule in Northern Ireland. Commons, together with Linda Quigley Many on the worldwide left sup- than victims of the violence as a whole.
Printed by cost 75p/min. Mr Corbyn insists he spoke to mem- and Gerard MacLochlainn, both former ported republican prisoners hunger Mr Corbyns spokesman insisted yes-
St Clements Press (1988) Ltd, London, Newsprinters bers of SinnFein, the IRAs political wing, IRA prisoners, shortly after the IRA had strike in support of political status, in terday that he had stood in silence to
(Knowsley) Limited, Merseyside, Newsprinters Newspapers support recycling solely to advance the peace process that sought to kill members of the govern- which 10 prisoners died in 1981. There remember all who died.
(Eurocentral) Glasgow, and Smurfit Kappa News The recycled paper content of UK newspapers in
Press Ld, Kells, Ireland 2014 was 78.5% led to ceasefires and disarmament by ment in the Brighton bombing. was also widespread controversy over Jeremy has spent his life campaign-
nearlyall paramilitary groups. Meanwhile Mr McDonnell, Mr Cor- the UK governments alleged pursuit of ing for peace around the world, includ-
Copyright The Financial Times Limited 2017. All But others believe that Mr Corbyn, byns shadow chancellor, was forced to a shoot to kill policy in certain ing in Northern Ireland, the spokes-
rights reserved. Reproduction of the contents of this
Diane Abbott, John McDonnell and apologise earlier this month for remarks encounters with republicans. The man said.
Wednesday 31 May 2017 FINANCIAL TIMES 3
NATIONAL
Fighters pose
mortal threat
surveys and hard data narrows on UK return,
warns expert
Tracking companies sentiments rather than waiting for official figures called into question
ANDY BOUNDS MANCHESTER
CHRIS GILES AND ANDY BOUNDS
Sparkling: the UK confidence indicators Hundreds of Britons who have gone to
fight in overseas wars pose a mortal
The yawning gap between buoyant eco- CBI employers Overall Economic Consumer
Sentiment
threat to the country, a counter-terror-
nomic surveys and weak official data on group has Services ism expert has warned.
economic output has started to close, reported robust Indicator Industrial
with disappointing business and con- figures for (index) (net % balances) Hamed El-Said, who once advised the
sumer confidence figures indicating the output and UN on deradicalisation, has warned of a
economy is facing further weakness. orders Alamy 120 30 veterans effect on people when they
The European Commissions latest return. Associates of Salman Abedi, the
UK economic sentiment indicator, pub- Manchester suicide bomber who killed
lished yesterday, fell from 110.5 in April 115 20 22, said he fought in the 2011 Libyan
to 108.2 in May, with large drops in con- revolution aged just 16. So did others
fidence in services and construction. among the 14 arrested so far for alleged
The commissions consumer confidence 110 10 involvement in the attack
indicator also dropped this month, to its About 850 Britons have travelled to
lowest level since last November. Syria, with half returning home, while
A Lloyds Banking Group survey out 105 0 an unknown number fought in Libya
today shows a stark drop in the net bal- when Muammer Gaddafi was toppled.
ance of companies reporting an Professor El-Said, of Manchester Met-
improvement in their business pros- 100 -10 ropolitan university, said his research
pects, from 60 per cent in April to just 26 2014 15 16 17 had found they struggled to readjust. He
per cent in May. This plunge in confi- said there was a typical profile.
dence, which Lloyds said might be tem- A number are causing a problem.
porary, dragged down its overall busi- UK real GDP growth They come back from a war. They have
ness confidence indicator to its lowest Change on previous quarter (%) post-traumatic stress, a hopelessness
level since September last year. syndrome.
While the signals remain mixed 1.0 They are second or third generation
retail sales bounced back in April, beat- immigrants. They are doing very badly
ing analysts expectations the dip in 0.8 in life in Europe. They are having diffi-
confidence reflected in both surveys culty integrating.
suggests the divergence between so- He said most know about the reality
called soft and hard data in recent 0.6 of Isis and its brutality before they go.
months may be drawing to a close. But they believe Shia states such as Iran
The economy has been plagued by 0.4
and Syria are slaughtering Sunnis and
mediocre official statistics since the western governments are complicit.
start of the year. Gross domestic product They believe Isis is defending Sunnis.
grew only 0.2 per cent in the first quar- 0.2 He said because they formed bonds in
ter, a third of the 0.6 per cent rate war they moved in tight circles. The
recorded in the fourth quarter of last plots involve small groups of friends and
year. Manufacturing and construction 0.0 relatives.[They are] difficult to pene-
output have fallen for three successive 2014 15 16 17 trate.
months, according to official statistics. Sources: European Commission; Prof El-Said criticised the UKs Pre-
Thomson Reuters Datastream
But at the same time, surveys have vent strategy that tries to deradicalise
found companies confidence at near people and argued that the Muslim
record levels. For example, the most- community must be empowered to
recent Markit/CIPS purchasing manag- Bright side Nick Kelsall, chief executive of Norcros, Bruno Jouan, the chief executive
Divergence motive parts supplier based in Hudders- own Prevent.
ers index in manufacturing, construc- Industry a London-listed company based in and majority shareholder of VTL, an field, West Yorkshire, said that while he However, some disagree. Reda Fhel-
tion and services signalled faster growth
chiefs Cheshire that makes tiles and automotive parts supplier in West between thought his company was less likely to boom, a Libyan journalist who lived in
in all three sectors in April, compared bathroom fittings, is one of many Yorkshire, is also upbeat about the
so-called win European contracts, he remained Manchester from 2001-11, said the Lib-
with the previous month. optimistic manufacturing bosses who remain future. He recently invested about confident in its domestic business: I yan community there was more radical
The relatively strong PMI figures have optimistic about the UK economy. 10m in a new robot assembly line to soft and think more tier-one suppliers and man- and conservative than in Libya. Some
been matched by robust surveys of out- He saw a brief slowdown following fulfil a contract with UK carmaker
hard data ufacturers will want to place orders here attended Muslim faith schools where
put and orders from the CBI employers last years Brexit vote but builders are Jaguar Land Rover. and bring business back to the UK. extreme Wahhabi teachings common in
group. Indicators of retail spending for now ramping up demand. The investment decision was taken in recent But with buoyant surveys dipping to Saudi Arabia were reinforced, he said.
April from the British Retail Consor- There was a knee-jerk reaction, he before last years Brexit vote, but Mr
months align with weaker hard data, some He said he was denounced as an un-
tium were also strong. says. Businesses wanted to conserve Jouan, who moved to the UK from experts question what purpose there is believer by family friends who sympa-
Directors across the country have capital and there was destocking in France in 1997, says he would have may be in tracking companies sentiments, thised with the Islamic Fighting Group,
reported similar optimism. the supply chain. But the second half gone ahead with the project
drawing to rather than waiting for official figures. outlawed in the UK. I was surprised by
Nick Kelsall, chief executive of Norc- [to March] has been much stronger regardless of Brexit. Economists who produce the surveys how much freedom they got. They felt it
ros, a London-listed company that is than the first. People talk about uncertainty. If a close say they give an early indication of eco- was justified to kill non-Muslims.
based in Cheshire and makes tiles and He says the pounds fall has boosted you waited for uncertainty to go away nomic prospects, and that their recent They think Islam will dominate the
bathroom fittings, said last month that a sales because about three-quarters of you would never do anything, he readings still suggest official data will UK and the world.
post-EU referendum slowdown was tail- all tiles and bathroom fittings in the says, adding that he expects VTL to improve in the second quarter. Some He said many read books by Ibn
ing off, adding that while many consum- UK are imported, and Norcros is one of win other domestic contracts as independent economists agree, but oth- Taymiyyah, a medieval scholar claimed
ers were still cautious about spending, only a handful of domestic producers. suppliers look to minimise cross- ers say surveys have been reflecting as a spiritual father of al-Qaeda. He
builders were ramping up demand. Mr Kelsall adds that while many border trade. executives optimism, rather than the advocated jihad against Muslims who
There was a knee-jerk reaction. consumers are still hesitant to spend We used to export a lot to Europe. true performance of their companies. did not pray or fast over Ramadan. His
Businesses wanted to conserve capital money on home improvements, the Now we are selling more to the UK, he Erik Britton of Fathom Consulting books were banned in Egypt last year.
and there was destocking in the supply company is seeing strong demand says. I think more tier one suppliers said: The important concept is what is Mr Fhelboom said he had warned the
chain, he said. But the second half [to from new housebuilding projects. and manufacturers will want to place the ratio of signal to noise in business British and US ambassadors in Libya in
March] has been much stronger than I am very optimistic about the orders here and bring business back to surveys. The evidence says it is more 2013 about how dangerous the home-
the first. medium term, he says. the UK. Andy Bounds like 10 to 90, so it is not safe to draw grown jihadis were.
Bruno Jouan, who runs VTL, an auto- strong conclusions. Additional reporting by Robert Wright
London black cabs join electric power charge Lawyers urge May not to abolish fraud office
PETER CAMPBELL the battery slowly, and would take taxis The majority of electric black cabs are JANE CROFT could
. take many years to recover, it where companies pay fines to escape
MOTOR INDUSTRY CORRESPONDENT
off the road for several hours while they likely to have to charge at least once a pointed out. criminal prosecution would be as
Leading lawyers, including a former
On the doorstep of St Leonards church charge. day, to prevent them running out of Folding the SFO into the NCA which effective without the SFO.
solicitor-general, have written to
in Shoreditch is a sign of the future Even the cluster of 22kW chargers, power while on a job or before heading reports directly to ministers and has its The SFO has brought in excess of
Theresa May over her plans to abolish
Londons only roadside high-speed which would charge in an hour, take too to locations such as airports where budget overseen by the Home Office 600m to the public purse through the
the Serious Fraud Office, warning the
electric car charging point. long, according to some in the market. they may pick up long-distance custom- could lead to the loss of powers that use of these agreements, they said.
prime minister that the changes could
Any time off the road is time and ers. were directly crafted for the SFO to help The list of signatories to the letter rep-
lead to significant disruption of cur-
Over the rest of the year, dozens more money lost, said one. Some of our drivers drive 50 miles, fight serious economic crime, they resents some of the most eminent law-
rent investigations.
will appear around London, as local Instead, there are plans for 50kW some drive 250 miles, but the average is added, saying the changes could also yers working in the field of white-collar
authorities and Transport for London super-chargers, such as the one outside around 120 miles a day, said Mr McNa- The Conservatives pledged earlier this lead to perceptions of political interfer- crime.
race to install them ahead of a January St Leonards, which can refill mara. month that if they win next weeks gen- ence in economic crime investigations. As well as former Tory MP Sir Edward
deadline: when all new London taxis by 80 per cent of a battery in half an hour. Although the specifications for the eral election they will fold the SFO, The SFO, which was created in 1988 in Garnier QC, who was solicitor-general
law will have to be able to drive using The government has set aside 18m vehicles have not yet been published, which focuses on corruption and white- response to a series of City of London in the coalition government, signatories
electric power only. to upgrade local power grids and facili- LTCs new electric taxis will have a range collar crime, into the wider National scandals, currently reports to the attor- include Mukul Chawla QC, the barrister
Electrifying the capitals 24,000- tate the installation of 300 of them by of less than 100 miles before they will Crime Agency. ney-generals office. Unlike the NCA, it who led the successful prosecution of
strong black cab fleet is a vital step in need to charge or engage their petrol Yesterday a group of 19 leading silks, has investigators and prosecutors under Tom Hayes, the ex-banker who was
cleaning Londons air on some days engine. along with top criminal lawyers and one roof. jailed for 11 years for Libor manipula-
the city is more polluted than Beijing
Electric taxis are only The company envisages drivers trav- anti-corruption campaigners, wrote to By contrast, the NCA investigates tion.
but also in encouraging more people to going to work if we have elling into town using their petrol the prime minister calling for a public much wider issues, ranging from paedo- The list also includes Sasha Wass QC,
drive battery-powered vehicles. engines, then switching them off during consultation on the proposed shake-up. philia and cyber crime to human who secured the conviction of rogue
New black cabs, designed by the Lon-
the infrastructure the day while travelling around and They said there would be enormous trafficking. UBS trader Kweku Adoboli in 2012 and
don Taxi Company and manufactured Steve McNamara, LTDA recharging at night at home. risks to changing the current structure. In their letter, the lawyers also ques- Lord Ken Macdonald QC, who is a
in a factory on the outskirts of Coventry, But almost all of them will have to If done in the wrong way, folding the tioned whether deferred prosecution former director of public prosecutions,
will go on sale this year. They run on the end of the decade, with plans for 75 recharge at least once a day, which SFO into the NCA could lead to signifi- agreements US-style plea bargains along with Hugo Keith QC, a barrister
electric batteries, with a small petrol by the end of the year. brings in the need for fast, convenient cant damage to the UKs effectiveness who was the leading counsel to the
engine to extend the range they can TfL has selected five companies to charging stations. in tackling economic crime and could inquests into the London bombings of
travel before having to recharge. install the superfast chargers and locat- Pasquale Romano, chief executive of affect the willingness of other agencies, July 7 2005.
Taxidriversswappingtheirdieselcabs ing sites near cafs where drivers stop the worlds largest charging network such as the US Department of Justice, to Solicitors who have signed the letter
will receive 7,500 towards the cost of a for lunch, or in taxi rest bays is provider, ChargePoint, said that he was co-operate with British investigators, include Stephen Parkinson, a partner at
new electric one, plus an extra 5,000 if already under way. often surprised about how quickly peo- the lawyers added. the law firm Kingsley Napley and a
their car ismorethan10years old. Roadside space in London is at a pre- ple switched to electric vehicles once They also argued that any structural former lawyer at the attorney-generals
The scheme has the backing of the mium, said Mr McNamara. charging stations were installed. changes could risk significant disrup- office, together with Ben Rose, the
industry, but only if there are enough Everybody wants it; residents want it Its a question of chicken and egg, he tion to current investigations. founding partner at the law firm Hick-
charging points. to park, local authorities want it to said. Continuing high-profile SFO investi- man & Rose.
Electric taxis are only going to work charge for parking, car clubs want it. But when you get one egg a lot of gations include its probe into Barclays Mrs May has long held the view that
if we have the infrastructure, said Steve When the sites have been picked, the chickens tend to turn up. banks dealings with Qatar at the height the SFO should be part of the NCA. As
McNamara, secretary-general of the five companies Bluepoint London, Shirley Rodrigues, deputy mayor for of the 2008 financial crisis. home secretary, she first tried to
Licensed Taxi Drivers Association. Chargemaster, Fastned, Irish energy environment, said the department The letter also raised concerns about execute her plan in 2011 but it was sty-
A map of all electric charging stations group ESB and a consortium led by Cen- would keep evaluating the amount possible damage to staff morale in any mied by the then justice secretary Ken
in London shows them scattered across trica will bid to install chargers at each needed to clean up Londons toxic air future shake-up. Clarke as well as by Dominic Grieve,
the capital. But the vast majority run at site. They will pay for installation and and ensure London becomes one of the The departure of white-collar exper- Under threat: the SFO may be folded who was serving as the attorney-general
low power levels 7kW which charge make money by charging for the power. greenest cities in the world. tise from the SFO to the private sector into the National Crime Agency at the time.
4 FINANCIAL TIMES Wednesday 31 May 2017
INTERNATIONAL
Brazils scandal-hit Temer pushes on with reform director, this month, over what he called
the Russia thing. He later told Sergei
Lavrov, Russias foreign minister, that
Mr Comey was a nut job whose dis-
missal had eased pressure on him.
Mr Trump has also faced scrutiny
President insists coalition is after Mr Comey claimed the president
strong enough to pass pension had urged him to halt an investigation
into Michael Flynn, the former national
changes despite bribery claim security adviser whose conversations
with Russian officials are being looked
at as part of the FBI probe. US media has
JOE LEAHY SAO PAULO
also reported that Mr Trump urged two
Brazils President Michel Temer yester- top intelligence officials to state there
day mounted a show of unity designed was no collusion between his campaign
to demonstrate that he retained enough and Russia.
support to pass key reforms, including While Mr Trump attended G7 and
flagship pension changes, despite a cor- Nato summits last week, the Russia
ruption scandal that has engulfed his scandal grew with the revelation that
government. the FBI is looking at Jared Kushner, his
Flanked by key figures from his main son-in-law who also met Russian offi-
coalition partner, the PSDB party, as cials during the transition.
well as the powerful heads of the lower Mr Dubke said in a statement: It has
house of congress and the senate, Mr been my great honour to serve Presi-
Temer told an investment conference in dent Trump and this administration.
So Paulo that his government would Reince Priebus, the White House chief
serve out its mandate until the next of staff, said Mr Dubke had offered his
election in 2018. resignation before Mr Trump travelled
We will arrive at the end of 2018 with overseas. He added that he would help
the house in order, he told the packed with the transition and be a strong
conference, accompanied by Geraldo advocate for the president.
Alckmin, the governor of the state of Many Republicans, and privately
So Paulo and Joo Doria, the mayor of some of Mr Trumps own aides, say
the city of the same name, both power restructuring his team will have little
brokers in the PSDB. impact unless he changes his own
The declaration comes nearly two behaviour, including using Twitter to
weeks after the release of a recording remark on the Russia probe.
secretly taped by the former chairman Every White House is ultimately a
of meatpacker JBS, Joesley Batista, alleg- Protesters in veracity of the tape and denied further its worst recession on record have won We will interference from a justice minister reflection of the president. So, you can
edly discussing bribes with Mr Temer Rio de Janeiro allegations contained in a plea bargain market support. The most important of nominated by the political interests of hire and fire staff and shift responsibili-
during a late night conversation in call for direct signed by Mr Batista with public prose- these reforms is the proposed overhaul arrive at the the day, the head of the association, ties around but, ultimately, success is
March. presidential cutors. of the over-generous pension system. end of 2018 Carlos Eduardo Sobral wrote. still dependent upon a presidents abil-
The recording and a plea bargain sub- elections. Brought to power by the impeach- After the scandal over the tape, Mr With the president having survived ity to offer a very clear road map on
sequently signed by Mr Batista with Michel Temer ment of his leftist predecessor, Presi- Temer introduced a new justice minis- with the the initial days of the scandal, attention what they want to get done and then
state prosecutors, sent markets plung- pledges to carry dent Dilma Rousseff, Mr Temer is one ter, Torquato Jardim, prompting con- house in is turning to a separate case in the coun- execute that plan in a very disciplined
ing when it was released amid specula- on with reforms of Brazils most unpopular presidents, cern the government might try to inter- trys electoral court, the TSE, which will way, said Kevin Madden, a Republican
tion the Temer government would fall. yesterday, below according to opinion polls. fere with wide-ranging investigations order decide in a hearing starting on June 6 who was spokesman for Mitt Romney
Analysts still believe the president Mario Tama/Getty But his fiscal reforms to restore Bra- being conducted by the federal police. whether to terminate his mandate. during the 2012 presidential race.
might not serve out his term because of zils sinking public finances and lift During the briefing with foreign jour-
Michel Temer Originally brought by the centre-right Mr Trump yesterday offered a
the scandal. Latin Americas largest economy out of nalists, Mr Temer did not reassert his PSDB, then an opposition party but now reminder of why some of his staff are
The government is hanging from a support for the investigations, known as the Temer governments most impor- worried about his use of Twitter, partic-
thin thread, said Jimena Blanco, head Operation Lava Jato or Car Wash, saying tant coalition partner, the case in the ularly after the justice department
of Latin America research at Verisk only that he expected the minister TSE will decide whether Ms Rousseffs named Robert Mueller, a former FBI
Maplecroft, a risk consultancy. to see what needs to be done when he campaign used illegal finances in the head, to lead an independent investiga-
But Mr Temer, in comments to the gets there. last election in 2014. Mr Temer at the tion into the Russia issue.
foreign media before the conference, The association of federal police time ran as her vice-president. Russian officials must be laughing at
said that despite the defection of one chiefs warned yesterday that the federal Our political desire is that this is the US & how a lame excuse for why the
mid-sized party, the PSB, the rest of his police was constantly in danger of decided quickly, Mr Temer said. He Dems lost the election has taken over
sprawling coalition in congress attempts by politicians at political inter- declined to comment on whether he the Fake News, Mr Trump tweeted. He
remained solid. ference in its activities. would appeal against a decision to ter- later retweeted a story from Fox News,
Not one party has come to me saying It is not admissible that the federal minate his mandate. which cited a source saying Mr Kushner
they wont support [his government or police an organ of the state without Additional reporting by Andres Schipani in had not suggested creating a secret com-
the reforms], Mr Temer said. alignment to governments or those gov- So Paulo munications channel with Russia.
The president has questioned the erning still today could be subject to Liquidity troubles page 14 Additional reporting by John Murray Brown
HMRC warns
A Five Star plan?
the poor BIG READ, PAGE 11
WORLD BUSINESS NEWSPAPER
Dear Don...
Mays first stab at the break-up
letter ROBERT SHRIMSLEY, PAGE 12
UK 3.80; Channel Islands 3.80; Republic of Ireland 3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Dictator and George HW Bush launched a military
invasion to depose him in 1989.
four years younger) to an accountant
father who had emigrated from Colom-
Throughout the 1970s and 1980s, the
CIA was paying Noriega to provide
double agent
Lloyds of Brussels Insurance market
THE END
Briefing
to tap new talent pool with EU base
customs risks
HOW DRIVERLESS
Noriega had been an asset of the bia and his housekeeper. It was in the information on Fidel Castro and on
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
OF THE TECHNOLOGY IS
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
Atlantic. PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
CHANGING AN
being swamped ROAD
i Report outlines longer NHS waiting times
A report on how the health service can survive AMERICAN WAY OF LIFE Censors and sensitivity
Central Intelligence Agency for at least same district that he was to build his leftwing militant groups in Central
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while
Warning: this article may be
by Brexit surge
some surgical procedures will be scrapped. PAGE 4
FT WEEKEND MAGAZINE
upsetting LIFE & ARTS
i Emerging nations in record debt sales
Developing countries have sold record levels of
government debt in the first quarter of this year,
taking advantage of a surge in optimism toward
engulfed in
planned or under construction
JAMES BLITZ WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. If running almost one tower a week
bian drug lords and money launderers, headquarters and make his last stand was acting as a double agent, giving Cas-
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
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
ought to have an impact on how we
press for certain options in Brussels.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was challenging but
fresh tax probe
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen. PAGE 9
Chic new lodgings
in Scotland
MAGAZINE
FEBRUARY 4 2017
and his persecution of opponents, against US troops. tro information on the US military and
needed urgent action to be ready by achievable. But, it added, CDS was a
March 2019, when Brexit is due to be complex programme that needed to be 3 UK, France and Netherlands swoop
In a stormy three-hour meeting, investors accused
completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 Blow for bid to clean up Swiss image
and cast doubt on a revival plan after Westinghouse
in time has collapsed. HMRC assigned a green traffic light to filed for Chapter 11 bankruptcy protection. PAGE 16
US backers
Setting up a digital customs system CDS, indicating it would be delivered on RALPH ATKINS ZURICH it followed a strategy offull client tax
DUNCAN ROBINSON BRUSSELS
has been at the heart of Whitehalls time. But last month, it wrote to the i HSBC woos transgender customerscompliance but was still trying to
Brexit planning because of the fivefold committee saying the programme had The bank has unveiled a range of gender-neutral gather information about the probes.
increase in declarations expected at been relegated to amber/red, which Credit
titles suchSuisse
as Mx,has been targeted
in addition by Miss or
to Mr, Mrs, HM Revenue & Customs said it had
prompted Mr Bush to act, bringing him Of mixed Spanish, Amerindian and playingbothsidesoffagainsteachother.
British ports when the UK leaves the EU. means there are major risks or issues Ms,sweeping
in a move tax
toinvestigations
embrace diversity in the
andUK,
cater to launched
the a criminal investigation into
About 53 per cent of British imports apparent in a number ofkey areas. France
needs and the Netherlands,
of transgender customers. setting
PAGE 20 suspected tax evasion and money laun-
come from the EU, and do not require HMRC said last night: [CDS] is on back Switzerlands attempts to clean up dering by a global financial institution
checks because they arrive through the track to be delivered by January 2019, its image as a tax haven. and certain ofits employees. The UK
single market and customs union. But and it will be able to support frictionless The Swiss bank said yesterday it was tax authority added: The international
Datawatch
Theresa May announced in January that international trade once the UK leaves co-operating with authorities after its reach of this investigation sends a clear
offices in London, Paris and Amsterdam message that there is no hiding place for
The lure of the exotic
Brexit would include departure from the EU . . . Internal ratings are designed
both trading blocs. HMRC handles 60m to make sure that each project gets the wereattacks
Terror contacted by local
in western Europe officials those
Recent attacks seeking to evade tax. Robin Lane Fox on the flair
to the US to be tried and jailed. African origin, his dark skin ensured When US TV crews captured horrific
concerning client tax matters. notably the 2011 Dutch prosecutors, who initiated the
declarations a year but, once outside the
customs union, the number is expected
focus and resource it requires for suc-
cessful delivery. Dutch authorities
Highlighted attack said their counter-
Others massacre by action, said they seized jewellery, paint- of foreign flora HOUSE & HOME
to hit 300m. HMRCs letters to the select commit- parts in Germany were also involved, ingsinand gold ingots as part of their
Anders Breivik
The revelations about the system, tee, which will be published today, pro- AFP while Australias revenue department Norway, theprobe; while French officials said their
called Customs Declaration Service, are vide no explanation for the rating Lloyds of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- said it was investigating a Brussels
Swiss bank. investigation had revealed several
attacks in Paris
The inquiries threaten to undermine and Nice, and the
thousand bank accounts opened in
likely to throw a sharper spotlight on change, but some MPs believe it was sels over five or six other business written in Brussels bourg thought to be more likely Norway Brussels suicide
efforts by the Paris countrys banking sector Switzerland and not declared to French
whether Whitehall can implement a caused by Mrs Mays unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But Nice bombings
to overhaul business models and ensure taxhave
authorities.
host of regulatory regimes in areas sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on
customers meet internationalbucked tax the trend
Noriega was the typical 1980s Ameri- him peasant and working-class support images of Noriega supporters beating
The Swiss attorney-generals office
ranging from customs and immigration Timetable & Great Repeal Bill page 2 expected loss of passporting headquarters, pictured above. its transport links, talent pool of generally low
requirements following a US-led clamp- said it was astonished at the way this
to agriculture and fisheries by the Scheme to import EU laws page 3 rights after Brexit. The Belgian capital had not and extremely good regula- fatalities from
down on evaders, which resulted in operation has been organised with the
time Britain leaves the EU. Editorial Comment & Notebook page 12 John Nelson, chairman of the been seen as the first choice for tory reputation. Sources: Janes Terrorism and Insurgency Centre terror incidents in
billions of dollars in fines. deliberate exclusion of Switzerland. It
western Europe
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- Londons specialist insurance Lex page 14 The probes risk sparking an interna- demanded a written explanation from
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18 tional dispute after the Swiss attorney- Dutch authorities.
generals office expressed astonish- In 2014, Credit Suisse pleaded guilty
ment that it had been left out of the in the US to an extensive and wide-
Escape the taper trap
banker loses job over WhatsApp boast subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Houlder in London, and Michael Stothard
Austens descendants insist the Rice portrait depicts her as a girl see magazine Bridgeman Art Library
a pension headache FT MONEY
seen by Washington as an ideal buffer to cos, or whitetails, the economic elite of with baseball bats and iron bars in 1989,
LAURA NOONAN DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON LONDON
Manuel Noriega
chat app.
Congressional Republicans seeking to The FCA said Mr Niehaus had shared Information shared by Mr Niehaus ambitious trade and airline access deals. mise. If Britain wants to prolong its
keep Castro-style communism from mainly Spanish ancestry. pressure grew in the US for action.
ALEX BARKER BRUSSELS
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a GEORGE PARKER LONDON Gibraltar yesterday hit back at the status within the single market after
April 28 have resisted Donald Trumps Authority highlights the increasing ing system on a number of occasions client and information about a rival of STEFAN WAGSTYL BERLIN clause, saying the territory had shame- Brexit, the guidelines state it would
attempt to tack funds to pay for a wall
on the US-Mexico border on to
problem new media pose for companies
that need to monitor and archive their
last year to impress people.
Several banks have banned the use of
Jefferies. In one instance the banker
boasted how he might be able to pay off
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
fully been singled out for unfavourable
treatment by the council at the behest of
Spain. Madrid defended the draft
THE RISE
supervisory OF instru-
and enforcement
ments and structures to apply.
ECO-GLAM
require existing regulatory, budgetary,
stopgap spending plans. They fear staffs communication. new media from work-issued devices, his mortgage if a deal was successful. Britains plea for early trade talks and
that his planned $33bn increase in Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- Living wage rise to pile explicitly giving Spain a veto over any clause, pointing out that it only reflected Mr Tusk wants talks on future trade
defence and border spending could banned employees from sending client banks move towards a bring your own feries and resigned before the comple- pressure on care services arrangements that apply to Gibraltar. the traditional Spanish position. to begin only once sufficient progress
force a federal shutdown for the first information over messaging services device policy. Goldman Sachs has tion of a disciplinary process. Senior EU diplomats noted that has been made on Britains exit bill and
spreading through Central America. The At the age of five, Noriega was given Then, on December 16 1989, Panama-
time since 2013, as Democrats refuse including WhatsApp, which uses an clamped down on its staffs phone bills Jefferies declined to comment while About 2.3m people will benefit from European Council president Donald Mr Tusks text left room for negotiators citizen rights, which Whitehall officials
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request todays increase in the national living Tusks first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
US budget Q&A and accessed without permission from the issued BlackBerrys. for comment. wage to 7.50 per hour. But the rise which are an important milestone on minister Theresa Mays allies insisted possible if certain conditions are met.
Ruler of Panama
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Bankers at two institutions said staff Additional reporting by Chloe Cornish will pile pressure on English councils, the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary,
WhatsApp from work-issued Black- are typically trained in how to use new Lombard page 20 which will have to pay care workers a ains expectations by setting out a largely constructive, with one saying it reassured European colleagues at a
lot more. Some 43 per cent of care phased approach to the divorce proc- was within the parameters of what we Nato summit in Brussels that Mrs May
1934-2017
Mar 30 prev %chg Mar 30 prev Mar 30 prev price yield chg Madrid and London an obstacle to Brussels sees little room for compro- Henry Mance page 12
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most vital waterways, the Panama ended up as a cadet at the Peruvian mili- invaded Panama by land and air in what
Canal, although at the time the US con- tary academy in Lima. After joining Mr Bush dubbed Operation Just Cause.
Morning briefing. Midday analysis. Mobile updates. Subscribe to trolled the canals traffic and security. Panamas National Guard in 1967, he Surrendering on January 3 1990 after
the FT and youre better informed all day. But his populist and anti-American was sent for training at the School of the days of bombardment, when US
rhetoric grew louder; he once whirled a Americas in Fort Benning, Georgia, troops blasted deafening rock music
With newspaper delivery, you start the day prepared.* With FT.com, machete around his head and declared alma mater to some of Latin Americas from giant speakers, Noriega was flown
youre on top of the news throughout the day. And with mobile Panama to be in a state of war with the most ruthless military dictators. to Miami and tried on charges of drug
and tablet access, youre up to speed wherever you are. US. That piece of bravado, in front of US Noriegas rise began when Omar Torr- trafficking, racketeering and money
network television cameras, marked ijos, Panamas military ruler, took a lik- laundering.
the start of his downfall. ing to his ruthless style and appointed In 1992 he was jailed for 40 years,
Local media reported that his death, him head of the countrys dreaded G-2 later reduced to 30. The US extradited
Visit FT.com/subscribenow announced yesterday by Juan Carlos military intelligence service. When Tor- him in 2010 to France but he was soon
Varela, Panamas president, was caused rijos died in an air crash in 1981, there dispatched to Panama to start a 20-year
by complications following surgery to were rumours both of US-orchestrated sentence handed down in absentia.
*Terms and conditions can be found at www.ft.com/subscribenow remove a brain tumour. sabotage and of involvement by Nori- Noriega leaves his wife Felicidad and
Manuel Antonio Noriega Moreno was ega. Whatever the case, Noriega became three daughters. Phil Davidson
Wednesday 31 May 2017 FINANCIAL TIMES 5
6 FINANCIAL TIMES Wednesday 31 May 2017
INTERNATIONAL
Employment
INTERNATIONAL
US elite for
in other EU states to protect rights they
Trump have under European law.
Yves Bot, advocate-general, said
using the non-EU nationals had the right to live in
Ideas challenge
Kremlin enters economists into beauty contest to find answers to anaemic growth
KATHRIN HILLE MOSCOW an economist and former government even becoming a security concern, with als that steer clear of politics. But the trust by helping the country through the tank backed by the finance ministry,
official. an economic security strategy approved groups calls for a partial rollback of the oil price shock and western sanctions. says: Russia is one of the five countries
Business leaders and government offi-
Russias challenges are well known. It this month citing slow growth, budget flexible exchange rate system, a looser Prime Minister Dmitry Medvedev, with the highest level of social security
cials from Russia and abroad are likely
is over-dependent on oil and gas imbalances and widening income dis- monetary policy and subsidised corpo- meanwhile, has submitted a policy ag- contributions for employers in the
to get an unexpected exposure to raw
exports; it is failing to secure enough parities as security risks. rate loans call into question the key poli- enda that analysts call the most realistic world. He points to Germanys success
political campaigning at the countrys
investment to modernise its ageing Mr Putins advisers are showing vary- cies of the central bank, whose governor and flexible but also the least ambitious in making exporters more competitive
largest annual economic conference in
infrastructure; and productivity is ing degrees of ambition in their propos- Elvira Nabiullina has earned Mr Putins of the three, since it largely entails min- through labour market and social secu-
St Petersburg tomorrow.
struggling to keep up with wage growth als. Although Mr Putin asked for policy or tweaks in various sectors. Its one big rity reforms. But some experts caution
Russias ailing economy is at the centre driven by a shrinking labour force. strategies and each politician is lobby- reform is a proposal to cut employers that the plan may fail to improve pro-
of a beauty contest arranged by Presi- But the debate over meeting these ing for their respective plan, Kremlin Russia's unit labour costs social security contributions and raise ductivity unless Moscow also makes the
dent Vladimir Putin, who has ordered challenges has gained fresh urgency as officials have said the president might rise sharply value added tax, aimed at making man- labour market more flexible.
advisers to submit competing plans for a Mr Putin has failed to deliver on prom- cherry-pick individual measures. Indices rebased ufacturers more competitive and for- Mr Putin is keeping his options open
strategy to pep up growth. ises made at the start of his current term Alexei Kudrin, one of Mr Putins most 300 malising parts of the grey economy. and had aides present their rival plans
Russia emerged from a two-year to create millions of high-end jobs, im- senior economic advisers, argues that Total But Mr Titov warns a VAT rise would privately yesterday. But Mr Kudrin and
recession late last year but growth prove education and health services and modernising the bureaucracy, reform- Agriculture strangle badly needed consumer dem- Mr Titov have been sparring publicly.
Mining 250
remains anaemic far below the 3 per steeply raise real wages. As a result of ing the courts, rolling back the states and, while Mr Kudrin fears that cutting Mr Kudrin wrote last week that his com-
Manufacturing
cent the Kremlin would like and the the latest recession, triggered in 2014 by role in the economy, and radically over- Transport and employers social security contributions petitors were behaving like medieval
exchanges over rival plans are getting the oil price crash and western sanc- hauling education and the labour mar- 200 will complicate pension system reform. alchemists [offering] to instantly turn
communication
increasingly heated as Mr Putin seeks tions, real incomes have fallen sharply. ket are indispensable. His strategy Construction The government has deterred public heaps of lead into piles of gold.
the policies to crown what is expected to The government says gross domestic would entail far-reaching changes to the Finance 150 discussion of its plan until after the elec- Mr Titov hit back. Maybe some-
be the formality of a comfortable elec- product will increase by 2 per cent this institutions of governance, leading tion but the cabinet appears to be mov- where, some day, when the conditions
tion victory next March. year, but only 1.5 per cent annually in many to think it is too political for Mr ing. Theyre ready to push the button are right, the institutions will
In the autumn, when the president the following years. The World Bank Putin to embrace in its entirety. 100 as soon as the election is over, said an improve, he said of Mr Kudrins advice.
officially decides to run, he will use expects only 1.3 per cent growth this The Stolypin Club, a group headed by 2007 09 11 13 16 economist briefed on the issue. But here and now, everyone will just
these materials for his campaign pro- year and 1.4 per cent in 2018 and 2019. Boris Titov, ombudsman for entrepre- Sources: OECD; Rosstat; Haver Analytics; Vladimir Nazarov, director of the keep on stealing and taking the riches
World Bank staff estimates
gramme, says Yevgeny Gontmakher, The Kremlin says the dim outlook is neurial rights, has put forward propos- Finance Research Institute, a think- abroad.
8 FINANCIAL TIMES Wednesday 31 May 2017
ARTS
Giselle
lights up Donizetti
American Ballet Theatre, New York
aaaae
Apollinaire Scherr
of society become pawns of the Devil. Kristallnacht replete with the sound of
OPERA It was a gamble when English breaking glass or the final image of
National Opera in 2011 invited Gilliam Marguerite as a victim of the Holocaust
La Damnation de Faust to make his operatic debut. As the brief are too concrete, however, for Berliozs
Staatsoper im Schiller Theater, Berlin but heated shower of boos for the ravishing, at times mystic score.
aaaae directors team revealed on opening Gilliams filmic approach is most suc-
night, bringing his darkly humorous cessful when the music becomes a
Rebecca Schmid take on Faust to the German capital is kind of underscoring for the action, as
also a bold move. in Fausts dream, which takes place
Second world war references such as the At his best, Gilliam synthesises his not among gnomes and sylphs but at a
brandishing of swastikas have become a narrative with Berliozs music into a Nazi ball.
clich on Germanys opera stages. Yet commentary of spiritual dimensions. In the title role, Charles Castronovo is
Terry Gilliam does not spare the viewer Religious choruses take on new meaning a gripping presence, riding the orchestra
any details in his Berlin production of when sung by SS officers, as in Auer- with resonant, refined tone. Florian Boe-
Berliozs La Damnation de Faust at the bachs tavern, and Fausts invocations of sch is a sly, indomitable Mephistopheles,
Staatsoper im Schiller Theater, from nature against Caspar David Friedrich- Magdalena Koen a sultry but vulnera-
Aryan acrobats in blond wigs to a pile of inspired landscapes (sets: Hildegard ble Marguerite. Simon Rattle leads the
gassed bodies from which Marguerites Bechtler) create a fresh, specifically Staatskapelle Berlin in an elegant per-
soul rises to heaven. German context for the title characters formance, from rich strings to chiselled
The film-maker and former Monty conflict. Torn between the peace of soli- woodwind solos and homogeneous
Python member strikes an unusual tude and the thirst for human progress, brass. If the house choruses do not rise to
blend of sardonic caricature and historic Faust enters a pact with Mephistopheles the same standards in phrasing, they are
realism, casting Berliozs lgende drama- through which he unwittingly joins the imaginatively set into action by Gilliam.
tique as an allegorical tale of German Nazi party.
history in which not just Faust but all Tableaux such as a re-creation of To June 11, staatsoper-berlin.de
Wednesday 31 May 2017 FINANCIAL TIMES 9
Leaving the EU was always going to be complicated. But as this exclusive FT research shows, few people
fully appreciate just how complex a task it will be. At least 759 different agreements, with 168 countries,
have to be renegotiated just for Britain to stand still, writes Paul McClean
295 202
Whitehall official. barely aware of Brexit implications. Britain not only needs external agree-
It poses a formidable and little-under- When asked by the FT about a specific ments, but the national regulators to
stood challenge for Britains prime min- customs agreement, one sanguine 69 65 49 45 34 negotiate and manage them. If Brexit
ister after the June 8 election. While Indian diplomat first denied it existed, talks involve a clean separation from EU
Brexit is often cast as an affair between then said it would not matter anyway: regulatory agencies, for example, that
Brussels and London, in practice Brit- Im sure people have forgotten it. requires regenerating a UK capacity to
ains exit will open more than 750 sepa- The logistics are terrifying, even just safeguard nuclear material, currently
rate time-pressured mini-negotiations to go through these commitments and handled by Euratom, or certify and
worldwide, according to Financial treaties and scope them out, says maintain airline parts or pilots licences,
Times research. And there are no obvi- all at potentially breakneck speed.
ous shortcuts: even a basic transition The simple: Here the US poses one of the biggest
after 2019 requires not just EU-UK Horizontal aviation agreements Negotiations will need to take place with more than 160 countries technical and political challenges. Some
approval, but the deal-by-deal authori- treaties, such as the EU-Euratom
sation of every third country involved.
A 2002 European court ruling forced Arrangements by type and region nuclear accord, require Congressional
Britain to revise its bilateral aviation
The nearest precedent you can think agreements with third countries such as 0 20 40 60 80 approval usually a delicate and time-
of is a cessation of a country you are New Zealand to ensure they treated all consuming process. Meanwhile other
almost starting from scratch, says EU airlines equally on issues such Americas arrangements, such as the EU-US Open
Andrew Hood, a former UK govern- as ownership
Trade Europe
Skies accord for airlines, were agreed
rules. It affects Africa
ment lawyer now at Dechert. It will be a Asia when the forces of liberalisation were at
very difficult, iterative process. around 40 UK their peak. The political mood has hard-
deals, but the Oceania
Britain finds itself at the diplomatic process is
ened considerably since then.
starting line, with the status quo straightforward. Regulatory Americas John Byerly, the former US lead avia-
upended and all sides reassessing their co-operation Europe tion negotiator who secured the Open
interests. Africa Skies deal, says talented lawyers could
To Brexiters this is a liberation that Asia work it out easily if Washington and
allows Britain to negotiate better, more Hosuk Lee-Makiyama, a former trade Oceania London want to maintain current
ambitious deals with trading partners, official for Sweden and the EU now at terms. But there can be slips between
shorn of the encumbrance of Brussels the European Centre for International Fisheries Americas lip and chalice. Im hopeful but lets see.
dogma and politics. At worst, they say, Political Economy. Do you want revi- Europe Britains exit means it will lose The timing is tight. The US needs to
existing arrangements would be contin- sions? Do they? Do you go there? How Africa fishing access rights but has know the UKs arrangements with the
ued through drafting tweaks replacing many visits to Chile will this take? Thats Asia freedom to renegotiate its own.
EU with UK; at best they would be a massive logistical operation in itself. Oceania Opens opportunities with Norway
The ridiculous:
improved. Boris Johnson, foreign secre- There will be a lot of countries with a
tary, said nations were already queue- beef with the EU or the UK and will see Transport Americas We need to talk about swordfish
Europe The agreement with Chile to preserve
ing up to do deals. this as a golden opportunity to bring up Africa swordfish in the southeastern Pacific
Even if it were this simple, critics still a nuisance issue. They might not get Asia came after a dispute in the early 2000s
fear it will open a bureaucratic vortex, anything, but they have to try, he adds. Oceania Existing EU customs deals with that banned EU vessels from landing any
sapping energy and resources. Each There will probably be an accident in Turkey and Switzerland will be of the fish, caught in international waters,
agreement must be reviewed, the coun- areas you cannot predict. Customs Americas hard for Britain to replicate in Chilean ports. Both parties exchange
try approached, the decision makers Europe data on fish stocks, and agree to
found, meetings arranged, trips made, Three-dimensional race Africa co-operate on marine research to
preserve swordfish numbers.
negotiations started and completed Most prominent and economically Asia
all against a ticking clock and the back- significant are the trade deals. Liam Oceania
drop of Brexit, with the legal and practi- Fox, the UK trade secretary, has prom-
cal constraints that brings. Most incon- ised zero disruption by securing tran- Nuclear Americas
venient of all, many countries want to sition agreements to continue old trad- Europe
Africa A US-UK nuclear deal is
know the outcome of EU-UK talks ing terms post-Brexit. Britain will in
Asia essential for the flow of
before making their own commitments. effect repurpose its EU inheritance, re- Oceania EU before it can commit, and that may
We are talking about an enormous activating the existing free-trade deals, fuel and spare parts for not be clear until late 2018.
reactors. It would need
number of complex acts that we rely on Mr Fox says. It is hardly a picture of Agriculture Americas Congressional approval
I dont think there are many prece-
today, says Lord Hannay, Britains splendid isolation, he told parliament Europe dents for doing so many agreements so
former EU ambassador. The challenge this year. Africa quickly. Airlines load schedules months
of replacing them falls in the same cate- For the most part there is a shared Asia in advance, says Mr Byerly. It is not as
gory as Alice in Wonderland running interest in continuing arrangements, Oceania if you can wait until March 2019 to see
furiously to stand in the same spot. since many nations will not want to lose what the regime will be. You probably
preferential access terms to the UK. 0 20 40 60 80 need clarity by the early summer or
Housekeeping measures Some bigger economies see Brexit as a spring of 2018.
Source: FT research Excludes UN and WTO deals
At its most granular level, the sheer window of opportunity, in the words of It puts tremendous strain on White-
administrative scale of the third coun- one ambassador to the EU. Mr Fox has hall. In the months after the Brexit vote,
try question is striking. Through analy- started preliminary discussions with a Britain had just three people dedicated
sis of the EU treaty database, the FT dozen-plus countries that want to fur- Trading places mean 700 front-line negotiators. but most were providing support for to negotiating aviation agreements. The
found 759 separate EU bilateral agree- ther liberalise their existing arrange- Too many deals, Whitehalls Trade Policy Group, which the European Commission. Supporting FT estimates they will need to renegoti-
ments with potential relevance to Brit- ments; South Korea, Switzerland and will lead the negotiations, employs 300 the EU as it negotiates is very different ate 17 existing EU agreements with third
Norway fall into this category. too few negotiators people but very few have experience of to striking deals yourself. countries, as well as around 40 UK bilat-
The missing Wed like the best possible terms for hammering out trade deals. The IFG says Whitehall should first eral deals that include EU clauses. This
Absent from the FTs calculations
our fish. There is a complex web of tariff The task of negotiating new free-trade Despite the creation of a new trade focus on building experience through may need to be done in the space of
are agreements that the UK will quotas and red tape, and wed like to deals and maintaining existing ones will department, the civil service and a series of smaller deals that are easier a few months, once the EU-UK terms
not seek to replace. Among them reduce that, says Oda Helen Sletnes, require a huge amount of money and ministers are not even close to being to achieve to provide vital real-world are clear and Britain decides how
are treaties with Canada Norways ambassador to the EU. But in a manpower from Whitehall. ready to negotiate, let alone implement, experience for the bigger deals ahead. much of its aviation regulation will be
promoting mutual nod to the difficulty of negotiating this The UK Trade Policy Observatory, an new global trading relationships, says But it remains concerned that the UK repatriated.
understanding of the while Brexit terms are still uncertain, independent think-tank, says Britain Jill Rutter at the Institute for lacks deal makers. Experience is the For Mr Chizhov, the potential for
languages, cultures and she added that fisheries discussions will in essence be taking on the same Government, a think-tank. The civil major gap in the UKs capability, says bureaucratic overload has echoes of
institutions of the EU and
environmental deals with
would be complicated by three-way trade policy task as [the EUs service has begun a programme of Ms Rutter. While the Trade Policy another time and place Soviet Russia.
the US to cover energy discussions between EU-Norway-UK. department for] trade. Given the intense training for its negotiators to Group does house a core of officials Brexit means Brexit is a very interest-
efficiency labelling for In other words, this is not a straightfor- nature of Brexit negotiations high make up for this lack of experience. who have worked on trade policy ing expression, says the Russian
office equipment. ward trade-off but a three-dimensional stakes, short timeframes UKTPO The Department for International previously, it has very few who have sat ambassador, referring to Prime Minister
game. says the UK could need twice as many Trade began with just 45 trade officials in the negotiating chair. [That] will be a Theresa Mays mantra on exit. It
Other countries may be less [negotiators] on its side. This would and says it is not starting from scratch, serious challenge for Whitehall. reminds me of Leonid Brezhnev saying,
impressed by the disruption caused, the economy should be economical.
10 FINANCIAL TIMES Wednesday 31 May 2017
Letters
Email: letters.editor@ft.com
Fax: +44 (0) 20 7979 7790
Include daytime telephone number and full address
Corrections: corrections@ft.com
European partners compared with 1.3m. Pentagon contracts. of gross national income on overseas Bethesda, MD, US
RBS case shows why trust BA could divert resources Scotland, we systematically recreated
The chancellors domestic signalling has international implications challenging management situations for
must be rebuilt in business away from pension battle learners to confront, think through and
If Angela Merkel intended to announce that they become a self-fulfilling Sir, It seems that the major players in Sir, On May 25 (FT.com) you reported resolve. Doing this in small groups
a fundamental shift in Europes stance prophecy. the RBS Action Group have accepted that British Airways will appeal against enabled us to look at a range of
towards the rest of the world, a cam- In particular, painting the UK as an the latest RBS settlement offer (May the judgment on May 19 in which different approaches providing rich
paign appearance in a beer hall would unreliable ally will not facilitate the 30). This has, in effect, enabled RBS to Justice Morgan rejected all BAs claims and realistic learning processes.
have been a peculiar place to do it. Brexit negotiations. Meanwhile, the bully the small individual shareholders against the Airways Pension Scheme Then, as a community education
The German chancellors comments USs tolerance for statements like this, into also accepting the settlement. I say trustees who, in 2013, had decided to tutor at Northern College, Barnsley,
on Sunday suggesting Europe could no while large, is not inexhaustible. They bully because RBS is threatening pay a 0.2 per cent discretionary this was an approach regularly used
longer count on the US and the UK as a may cause Mr Trump to retaliate on anyone who pursues the case to risk increase to APS pensioners. with women and men who had little or
reliable partner have attracted consid- the trade front. The president has having costs awarded against them. The judge exonerated the APS no formal education since leaving
erable international attention. In real- sharply criticised Germany for its trade So now the case will be settled. No trustees and described the scheme school, but a great deal of experience in
ity, they were aimed at a domestic audi- surplus with the US. one will be found responsible. RBS will actuary as of outstanding ability. BA the workplace, often as union
ence and were presumably expected The remarks should, however, be pay out 800m (of shareholders is appealing on two points of law. The representatives, organisers and shop
not to cause consternation across the taken in earnest in the rest of the EU. money) to a group of its shareholders judge said that he would allow the stewards. This enabled both students
Channel and the Atlantic. For Europe genuinely to replace the without admitting any culpability or appeal because, if he did not, BA would and tutors to deploy not only their
But they should also stand as a warn- USs security role, including protecting liability. It all gets swept neatly under apply directly to the Court of Appeal, everyday working and organising
ing to the rest of the EU. If Europe is to its eastern border, requires more mili- the carpet and no one goes to jail. It has which would prolong the litigation and experiences, but, in confronting real-
supplant the USs role as both a security tary spending and co-ordination, and a taken nine years for this to happen. It is result in an even longer delay in life dilemmas and apparent
and an economic hegemon, it needs to more unified foreign policy. not just RBS the HBOS Reading trial making legitimate payments to contradictions, we were able to test
accelerate collective action. The shambles of the EUs recent took nearly 10 years to be investigated Beijing is changing course pensioners. At the anticipated solutions based on their past personal
At one level, Ms Merkels comments response to the refugee crisis shows and brought to court. completion date of the permitted and group experience. Smaller groups
are a statement of the obvious. European countries are often far from The key players do not come out of to avert headwinds appeal it is calculated that would produce different approaches.
Even before Donald Trump became united when responding to security this well. Something is wrong with the Sir, The Big Read on China and Japan approximately 6,100 pensioners (out These were later considered and
president, the US complained that problems. Serious Fraud Office, Crown (May 29) is a timely reminder that of 28,000) will have died since BA compared in seminars, looking for
European nations were failing to pull Greater coherence is also needed in Prosecution Service, Financial Conduct trees do not grow to the sky. initiated the litigation in 2013. optimum or alternative strategies.
their weight, for example by falling the economics sphere. European poli- Authority, Financial Reporting Council, The Beijing government is doing all The discretionary increases are the It worked well since it was based
short of the Nato members target of 2 cymakers have long complained about Department for Business, Energy and the right things repositioning the means to restore Colin Marshalls 1984 on the real work and recognisable life
per cent of gross domestic product US economic hegemony, particularly Industrial Strategy, etc when 12bn of economy from exports to domestic pre-privatisation pension promise, the experience of students and tutors. We
spending on defence. the dominance of the dollar. And yet RBS shareholders money raised in a consumption, building an efficient breach of which was collateral damage now know that those involved in these
Barack Obamas foreign policy they have done little to facilitate rights issue can disappear so quickly. infrastructure of roads, high-speed from the governments 2010 decision learning processes students and
instincts were more hands-off than greater use of the euro, which would Very, very few people in the UK have trains and underground lines and to pay CPI rather than RPI increases to tutors went on to be successful
that of his predecessor, as evidenced by include showing willingness to run cur- gone to jail as a result of their actions pouring money into research and public-sector pensions. The litigation managers, leaders and representatives
his minimal military involvement in rent account deficits to provide euros that led to the 2007/08 financial crisis, development. (In PPP terms, R&D has cost BA millions of pounds. Early in across a wide range of professions in
Syria. The inception of Mr Trump, an abroad, and creating a eurozone-wide yet millions of people have suffered investment equalled that of the entire the case, BA attempted to make the management, education and unions.
America-first president, has the poten- deep and liquid pool of safe assets. severe hardship as a result. The SFO, EU by 2013.) This strategy will carry APS trustees personally liable for the David Browning
tial rapidly to accelerate that trend: Mr If Ms Merkel is serious about Europe CPS and/or BEIS should be given more the economy through the next five costs of defending themselves. In July Huddersfield, W Yorks, UK
Trumps rumbling about trade imbal- becoming a larger financial force, she resources and told to pursue problem years but the danger signs are growing. 2014, a judge ruled that it was entirely
ances is threatening the USs leading needs to face down those in Germany, cases much more speedily. Companies The most immediate concern is the unrealistic and unreasonable to Coffers filled by poor ideas
role in anchoring the world economy. including her own ministers, who should not be allowed to hide behind growing level of debt needed to achieve expect the trustees to put their
Ms Merkels remarks must be placed oppose greater eurozone integration. expensive lawyers. The whole process an incremental 1 per cent growth in personal assets at risk for actions on Sir, Your editorial on May 30 defends
in the context of Germanys forthcom- Hyperventilation over remarks of settlements, where management gross domestic product, but there are behalf of their beneficiaries. BA the venerable UK Treasury on the
ing election. She has been criticised by made in a stuffy beer tent is unwar- admit no blame and shareholders pay two more pervasive headwinds. The subsequently agreed to pay all the costs grounds that it is a restraint on bad
Martin Schulz, her main rival, for risk- ranted. Still, Ms Merkel needs to take the fines/settlement amounts, mean demographic decline in the workforce of the action. ideas originating in the rest of
ing an arms race by supporting the 2 into account how her words might be management get off scot-free and also will be far more extreme and occur Especially in view of BAs current Whitehall. I dont doubt other
per cent target. This intervention sug- interpreted abroad. Even more so, she needs a review. over a far shorter period than that of problems, would it not make better departments inclination to submit
gests such a move reflects European should keep preparing the German and These steps plus others no doubt Japan. If the demographer Yi Fuxian is sense for the BA board to abandon its misguided policy ideas, but a strong
solidarity, not German belligerence. the wider European public for the diffi- are required to rebuild trust in correct and the true fertility rate from battle against its pensioners, their case can be made for arguing the
Still, she must be hoping that the cult task of increasing European secu- business and to tackle what Prime 1990 to 2016 was far lower than the trustees and their advisers and instead Treasury is as much a creator of bad
comments are not taken sufficiently rity and economic integration to turn Minister Theresa May calls the official figure, the labour shortage will to focus its efforts and money on policy as it is a blocker of it. Rail
seriously in London and Washington her aspiration into reality. anything goes business culture. be intense, aggravated by the fact that running the airline? Perhaps the huge privatisation, the failed Public Private
Cliff Weight the drift from farm to factory is coming sums that have been spent on the Partnership for London Underground,
Director, ShareSoc to an end; by 2015 only 28.3 per cent of current, nihilistic legal battle would tax credits and the Private Finance
West Malling, Kent, UK workers were employed in agriculture. have been better spent making BAs IT Initiative have at the very least not led
Finally, investors might not want to system resilient? to the benefits the Treasury promised;
Inconsistent treatment admit this but ownership of many Mike Post at worst they have imposed substantial
Chinas real credit risk Sir, I note with interest the impending
settlement of the RBS court case (May
household goods from colour TVs and
mobile phones to air conditioners is
approaching saturation 30 per cent
Marlow, Bucks, UK
Comment
Deeper European integration is on hold indefinitely
accelerating EU integration are no more than three centuries, after Scotland and domestic currencies. Many policymak- be volatile but they are relatively stable. European treaty. However, neither the
OPINION than a pipe dream. England unified in 1707, the British cre- ers in these countries behave as if they In Poland, the zoty has hovered around Swedes nor the new members were part
Britannias ghost will haunt the EU ated a successful monetary union. Yet were under the influence of Sir Alan current levels since the start of the cen- of the then-European Community when
Adam long after the UK has left. The EU mem- England, Scotland, Wales and Northern Walters, Margaret Thatchers notori- tury. In the Czech Republic, the koruna the opt-out clause was introduced. And
Glapinski ber states outside the economic and Ireland retain separate national football ously Eurosceptic economic adviser has appreciated. the EU leadership must know it would
monetary union are in no rush to join teams to this day. Beyond the UK, it will when she was prime minister. Mild currency fluctuations are a small be foolish to force a country to meet
the euro. Some are behaving conspicu- be a long time before European states The British, with the 1991 opt-out price to pay for preserving autonomous treaty obligations against the will of its
M
any Europhiles believed, ously like the British. Their antipathy are willing to give up their places at the clause, were the first to secure the right monetary policy. For relatively small own people.
shortly after the UK seems not to bother those running the to stay outside the single currency. In economies, such policies are efficient. Overcoming the challenges of mone-
voted last June to leave monetary union. They have enough 1993 the Danes followed suit. Sweden is Sweden has used the exchange rate as a tary unification appears an insuperable
the EU, that getting rid of
Britain, that eternal trou-
problems with current members.
Its hard to imagine a landmark event
More nations outside acting similarly despite not having an
opt-out. Central and eastern European
major tool to combat deflation. The
same is true for the Czech National
hurdle for the European establishment,
even after Mr Macrons victory. The
blemaker, would pave the way to deeper that would reverse this reluctance for the euro have started to states that joined the EU in the 2000s Bank, which intervened in the exchange Treaty of Rome is 60 years old, far too
integration of the remaining states. One greater economic integration. Immedi- share British doubts initially saw euro membership as a markets to prevent the currency from short a period to allow the European
year on, even after the ascent of ately after Mr Macrons victory, many badge of honour. Then the sovereign rising, although it has since adjusted the nations to forget the benefits of national
Emmanuel Macron as a pro-European German politicians were quick to offer about the single currency debt crisis destroyed any belief that the policy. policies.
French president, it is time for a more him support, provided he forgot any euro area is a New Jerusalem. And most The Polish authorities quickly real- EU citizens still behave the way Mrs
sober view. idea of the EMU becoming a system for G7 or the International Monetary Fund. new members wrote the single currency ised how EMU imbalances were the key Thatcher once described. Conquering
The EU has made progress in areas transferring funds from creditor to The British were sceptical about the out of the monetary script. reason behind the euro sovereign debt Mount Everest, they plant not the EU
such as European banking supervision. debtor countries. single currency from the beginning. For The treaty obligation to join EMU was crisis. Warsaw has signalled that in the emblem but their national flag. Well
Yet no major member state is willing to Some question whether the UK will years this was seen as another sign of invented to prevent competitive deval- next 10 years it has no interest in join- need a long time before a unified EU
give up decision-making power over survive Brexit. I would put the issue dif- Britains European backwardness. How- uations of the sort seen after the ing. The country needs time to bring football team takes the field in the union
vital issues of taxation and spending. ferently. Britain offers Europe valuable ever, in the past couple of years, more break-up of fixed exchange rates. Yet Polish living standards more in line with colours.
Further development of the economic lessons about what is needed for deeper EU countries outside the euro have double-digit inflation and the threat the rest of the continent.
and monetary union is on hold. All the integration, a long process requiring started to share British doubts, showing of competitive devaluations belong to Some purists say remaining outside The writer is president of Narodowy Bank
ideas, including those from Paris, about many checks and balances. Over more unmistakable fondness for preserving the history books. Exchange rates may EMU without an opt-out breaches the Polski, Polands central bank
D
onald Trump has been the Hard power and lower taxes: these are
American president for just the US priorities under Mr Trump. They
over four months. It is still are also traditionally Republican. Wag-
impossible to predict what ing what amounts to an economic war
his presidency will mean. on ones supporters might seem per-
But it is already a transformative event: verse. But there is method in the mad-
Mr Trump has revolutionised our ideas ness. As the programmes poor whites
of what the US stands for. We live in the depend upon are slashed, those who
world the US made. Now it is unmaking voted for Mr Trump will become more
it. We cannot ignore that grim reality. desperate. This will make politics even
Mr Trumps domestic programme is more polarised. That has been the all-
in accord with the agenda of the Repub- too successful ploy of pluto-populism. Vladimir Putin. He appears to care not interests and values, it is moribund. The soft power of democracy is not it was at least a recognition that climate
lican party. Its aim is to cut taxes on the So what is new at home? The answer is at all about democracy or human rights. Now consider the west and, above all, what it was. It has produced Mr Trump change is a real and pressing danger.
rich by lowering spending on the poor. Mr Trumps personality. He is in a per- Neither does he seem committed to the the US in the world. The rise of China as leader of the worlds most important Now may well be the last chance to head
The Congressional Budget Offices manent war with reality and so with the mutual defence principles of Nato. has reduced its economic and political country. It is not an advertisement. off the worst of it.
analysis of the American Health Care media and his intelligence services. The Mr Trumps alt- right supporters weight. A recent history of failed wars Yet much is at stake in the world. In agreement with many Republi-
Act, recently passed by the House of press and the bureaucracy have both see not a divide between the democra- and financial crises has savaged its lead- Three big challenges exist: prosperity, cans, Mr Trump refuses to recognise the
Representatives and the replacement of held up well. So has the legal system. But cies and the despotisms; but rather ers credibility. The choice of Mr Trump, peace and protection of the commons. threat. He finds it impossible to admit
Barack Obamas Affordable Care Act, is these are early days. The president is between social progressives and glo- a man so signally lacking in the virtues, On the first, Mr Trumps administra- that strong and concerted government
startling. Over the 2017-26 period, the undisciplined and his administration balists, whom they despise, and social abilities, knowledge and experience to tion is still tempted by the idea of action might be required. So he rejects
act would reduce tax revenues by chaotic. Under Mr Trump, a terrorist traditionalists and nationalists, whom be expected of a president, has further restricting imports or at least by bilat- the very notion of environmental limits.
$992bn, paid for by a $1.1tn reduction in outrage might produce a lurch into they support. For them, western Euro- damaged the attractions of the demo- eralism. So far its protectionist bark An optimistic and self-confident US
expenditures on Medicaid and other authoritarianism. peans are on the wrong side: they are cratic system. seems worse than its bite. Nevertheless, would embrace the challenge of over-
subsidies. According to the CBO, the Mr Trumps impact on the very idea of enemies, not friends. Now the west seems deeply divided globalisation is stalled. Without US sup- coming such limits. Alas, Mr Trump
number of uninsured might have the west is already significant. The west- Deep down, Mr Trump might agree. internally too. Across the world, people port it could well remain so. does not speak for that US. If the US
increased by 23m by 2026. ern alliance is still the worlds biggest He is surrounded by orthodox advisers, question the future role of the US. On peace, the question remains withdrew from the Paris accord, the rest
Proposals for tax reform and spend- economic bloc and largest repository of such as James Mattis, defence secretary. Would it not be wiser, they wonder, to whether Mr Trumps instinct for con- of the world must consider sanctions.
ing go in the same direction. Discretion- scientific and business knowledge. But Yet the presidents heart seems not move closer to China? flict can be contained. The biggest chal- It is possible to look at the first four
ary spending proposals for next year it is disintegrating. As Angela Merkel, to be in it. The west may not be dead. Mr Trump would not appear to mind lenge is the relationship with China. Mr months of this presidency as a story of
include a $52bn increase in defence chancellor of Germany, admitted, But as a set of countries with shared if this did happen. He voluntarily with- Trump seems to thinks he can do busi- successful containment. It is also possi-
spending, paid for by big cuts in other Europe can no longer rely on the US. It drew the US from the Trans-Pacific ness with Xi Jinping, Chinas president. ble to view Mr Trump as a normal
areas. These include a $13bn (16 per might have been unwise to say so, but Partnership, aimed at being an alterna- Maybe he likes the autocracy. Republican. Unfortunately, regular
cent) cut to health and human services;
$12bn (29 per cent) to the budgets of the
she was surely right.
Mr Trump seems to prefer autocrats
The west may not be tive to Chinese leadership. Under him,
the US seems to be abandoning the
Perhaps the most depressing conse-
quence of Mr Trumps ascent to power
Republicans have damaging ideas and
Mr Trump may not be contained. This
state department and the international to todays western Europeans. He is dead but, as a set of notion of soft power. Indeed, the pro- emerged at the G7 meeting in Taormina, still looks like the end of the US-led
development agency; and $9bn (14 per warm towards Turkeys Recep Tayyip countries with shared posed budget tells us that the adminis- Sicily, at the weekend. The Paris climate world order.
cent) to education. The diplomatic Erdogan and Rodrigo Duterte of the tration sees the idea as largely empty: change agreement of December 2015
capacity of the US would be devastated. Philippines, not to mention Russias interests, it is moribund guns matter, diplomacy does not. was not an answer to the challenge, but martin.wolf@ft.com
O My generations outlook is
f all the misfortunes we step towards improving your pension is spent saving through auto-enrolment. fered the biggest drop in real wages of their pension pots to pay off housing
millennials like to chew to believe that you will have one. That is the good news for millennials. any generation since the crash of 2008. debt. Some will inherit property, of
over when feeling sorry for In 2012 the UK became one of the first improving. This matters: There are three buts that take the Employers also cite the cost of auto-en- course, but the distribution of such lega-
ourselves, one of our countries in the world to require fatalism is not conducive to gloss off. First, people are not saving rolment as one reason they are handing cies will be patchy and unequal.
favourites is the notion we employers to enrol almost all employees enough into their auto-enrolment pen- out meagre pay rises. The dangers posed to the future of
will have to work until we die. It came as automatically into a workplace pension. planning for old age sions. By 2019, average combined con- Second, auto-enrolment is designed retirement by Britains festering hous-
no surprise to young people in the UK, Employees can opt out but by default tributions from the employee and for a traditional labour market of ing crisis should trouble any policy-
for example, when the World Economic both they and their employers will pay vastly better than these new defined employer will rise to roughly 6 per cent employers and employees. Yet about 15 maker feeling good about auto-enrol-
Forum last week urged the country to in. The policy has not yet been fully contribution schemes but they were less of a full salary. Yet the WEF says people per cent of the UK workforce is self- ment. It would be a tragedy if one of our
prepare for a workforce of octogenari- implemented but the impact is clear. evenly spread. That led to pensioner need to save between 10 and 15 per cent employed. Innovation is needed to most successful policies falls victim to
ans. Pensions? Retirement? Round-the- Between 2012 and 2015 the number of haves and have-nots. Even at the in order to have pensions worth about scoop them into the net. our biggest policy failure.
world cruises? We know these will be private-sector employees with a work- peak of the defined benefit era 50 years 70 per cent of their pre-retirement Third, when experts predict the pen-
history by the time we are old. place pension surged from 5.4m to 10m. ago, one-third of men and two-thirds of incomes. Contribution rates (or other sion incomes people will need for a sarah.oconnor@ft.com
12 FINANCIAL TIMES Wednesday 31 May 2017
CROSSWORD ACROSS
1 Brush back soiled tiles, most
3 Design stylish portable shelter
(6)
No. 15,563 Set by AARDVARK sturdy (8) 4 Fish, with whale initially
5 Writer might use this current disappearing below, become
fund, when banking royalty? (6) calmer (6,4)
9 Old marketplaces give out 6 Type of diet thats fine in
rejects temporarily (3,1,4) alcoholic surroundings? (3-5)
10 Full-body garment from store is 7 Jumble by hospital put in
enormous it must be returned reserve (8)
(6) 8 Gareth excitedly drained prune
11 Dignity, regularly with writer, wine (3,5)
retired together (2,6) 13 Street band leader in Southall
12 Comparatively simple puzzle, wears check undergarment (6,4)
with time to spend, one cracks 15 Six-pack perhaps taken home,
(6) and they endlessly booze (8)
14 Post of journalist in this period 16 Half-sure Elizabethan writer
varies (10) curtailed feature of plot? (8)
18 Film of the King in sad state 17 Worth playing sport on good
(4,6) floor covering (5,3)
22 Spontaneous performance 19 Supplies suit sample (4,2)
mostly better (6) 20 Two businesses operating
23 General once overturned places secure site (6)
in Indian city (8) 21 Ate midday meal? Daughter left
24 Chilling territory oodlum out piece of meat (6)
recalled? (6)
25 Jasmine maybe stirred by such Solution 15,562
a top ones knitted (8)
% $ + $ 6 $ 0 $ / $ < 6 , $
26 Go from work unit into English 5 2 7 6 7 7 &
city (6) $ / / 8 5 ( ( 6 2 7 ( 5 , &
27 An easy putt can be shown 1 2 $ 8 ( ( 8
' 8 * 2 1 * 3 5 , 1 & ( 6 6
alongside clubhouse, if really , 5 * % < ( ' 7 (
JOTTER PAD necessary (2,1,5) 6 / $ < ( 5 - 7
DOWN + 0 5 8 1 $ 0 2 . & $
0 0 3 $ 5 $ 1 *
1 Poorly in chest? Experts 0 = / ' $ < 0 5 $
needed (6) ( 0 ( 5 , 7 8 6 8 3 5 2 $ 5
2 Artist trains to obtain that 5 $ 1 5 2 / $
% 8 / / ( 7 , 1 8 1 3 / 8 *
special quality, making $ 2 $ $ * ( $
masterpiece? (6) 8 1 7 + 5 2 1 ( 8 6 8 5 ( 5
Wednesday 31 May 2017 13
Euro / dollar Brent crude GSK 10-yr Treasury LSE Italian stocks Talk Talk Gold
Media moves TVB saga shows (FTSE MIB)
Chinas influence over HK 0.1% 1.6% 1.8% 2bp 1.5% 0.2% 5.5% $4
INSIDE BUSINESS, PAGE 14
$1.1172 $51.48 16.73 2.23% 34.42 20,814 172.1p $1,261
COMPANIES
INSIDE BUSINESS
Energy
ASIA
I
said. The planned closure is a sign of the nuclear plants in its Alternative Energy construction in the US was slowed by renewable energy, and its costs continue t is hard to exaggerate the cultural and political influ-
intense competition from cheap gas- Portfolio Standard that supports wind the Three Mile Island accident and had to fall, wind and solar power may also ence of TVB, Hong Kongs most powerful broadcaster,
fired generation that is jeopardising the and solar power. Three Mile Island has stopped by Chernobyl in 1986, meaning become significant competitive threats in the Chinese territory.
economics not just of new reactors, but been losing money for five years. that the country has a large fleet of age- to nuclear power across the US. For the Established by the media mogul Sir Run Run Shaw,
even of existing nuclear plants. The flood of cheap gas released by the ing reactors. time being, however, nuclear plants who died three years ago, TVB dominates television
One of Three Mile Islands two reac- US shale boom has driven down whole- Closures of nuclear plants for largely account for the great majority of Penn- news and entertainment in the city of 7m. Its broadcasts
tors has remained closed since it suf- sale power prices and made it more dif- economic reasons have been announced sylvanias electricity generated without can also be picked up by tens of millions more viewers
fered a partial meltdown in 1979. The ficult for nuclear plants to compete with in recent years, including Kewaunee in creating greenhouse gas emissions. across the border in Chinas southern Guangdong prov-
ince. With no serious competition in its home market, TVB
wields considerable influence.
Under Hong Kongs Broadcasting Ordinance, TVB and
Food & beverage. Meat producers other TV stations can only be controlled by local residents.
This rule is one of the important guarantees of Hong
Kongs autonomy aside from foreign affairs and defence
Liquidity troubles loom for JBS as crisis drags on promised by Beijing on the former UK colonys reversion
to Chinese sovereignty in 1997. However, a recent routine
review by Hong Kongs market regulator unexpectedly
turned up evidence that TVB may in fact be controlled by a
mainland Chinese company. The discovery raises ques-
tions about whether other Hong Kong groups might be
Asset sales likely when lenders controlled by Chinese partners.
have weighed up implications The TVB situation, which the market regulator
described as a novel and difficult case, can be traced back
of executives plea bargain to 2011 when Shaw sold his controlling stake in the broad-
caster to a consortium headed by Hong Kong businessman
JOE LEAHY AND ANDRES SCHIPANI Charles Chan. Mr Chan, in accordance with the territorys
SAO PAULO broadcasting code, is a permanent resident.
Mr Chan exercises his control of TVB through a holding
Joesley Batista, the Brazilian meat company called Young Lion, which owns a 26 per cent
tycoon, left his reputation in tatters stake in TVB. His partners in Young Lion include China
when he departed Brazil for the US this Media Capital, a Chinese government-backed fund that
month after confessing to one of the has also invested in Manchester City Football Club, and
countrys biggest bribery scandals. established a Shanghai-based production joint venture
But one thing Mr Batista did not leave with Steven Spielbergs DreamWorks Animation. CMC is
behind was his 30-metre, Italian-made headed by Li Ruigang, a former Shanghai government
Azimut 100 Leonardo yacht. Called official and one of the most powerful media executives in
Why Not, it was one of the most luxu- China.
rious in Brazil. With Mr Chan holding 56 per cent of Young Lions voting
It was shipped out of Itaja, bound for shares, TVB appeared to be firmly in local hands. Or so
the US, where it will be repaired and everyone thought until TVB proposed a share buy-back
sold, said So Paulo-based JBS, the that would boost Young Lions stake to 41 per cent, breach-
worlds largest meatpacker, which Mr ing the 30 per cent level at
Batista used to run alongside his brother which controlling sharehold-
Wesley until he resigned his chairman- ers in Hong Kong are
TVB appeared
ship of the company last week. Wesley required to make an offer for to be firmly in
Batista has stayed on in So Paulo as listed companies. If they do
chief executive. not wish to, then the market
local hands. Or
Joesley Batistas resignation and regulator can be asked for an so everyone
departure from his native country he exemption, also known as a
is reported to have decamped to New whitewash waiver.
thought
During its deliberations,
the regulator asked for more information about Young
Investors are rightly Lions shareholding structure. Young Lion refused to com-
concerned that value at ply. The regulator had to use its statutory powers to force
Young Lion to divulge the information. While Mr Chan
JBS USA could be used to holds 56 per cent of its voting shares, CMC controls 85 per
fund the payment of fines cent of its non-voting shares. Contrary to their moniker,
the regulator discovered that Young Lions non-voting
shares in fact give CMC power of nomination, approval or
York has left the vast meatpacking Weighty stake: pany, but it is a serious situation and actually see they have a very reasonable get divorced or quit your job. Oh, and disapproval [of non-executive directors] amounting to de
empire facing a crisis. aggressive theres still a lot of uncertainty about schedule in terms of their debt and they you dont go out and sell assets, said one facto voting rights. Under a relationship agreement
He and six other JBS executives signed dealmaking over whats coming, potential fines and any are able to generate a reasonable ebitda banker in So Paulo. with Mr Chan, CMC can even force him to sell his stake in
a plea bargain in a case that reaches to the past 10 years increase in reputational risk, says from the businesses that they have, The admission by the brothers and Young Lion to another Hong Kong permanent resident of
the very top: Mr Batista secretly taped made Brazils Johnny Da Silva, director of corporate said Moodys analyst Erick Rodrigues. five other executives of JBS and its hold- CMCs choosing. This, the regulator noted, is very far
President Michel Temer allegedly dis- JBS the worlds ratings at Fitch. But bankers familiar with the group ing company J&F that they paid bribes from a normal situation in which the non-voting shares of
cussing bribes and a fellow executive largest meat In JBSs favour are its solid assets, expect these fundamentals to be tested could lead to material adverse a company . . . have no real say except in situations which
admitted the company paid R$600m in producer in bankers say. The Batista brothers in coming weeks as liquidity tightens. It changes that could trigger covenants, affect their class rights.
kickbacks to 1,829 politicians. terms of aggressive dealmaking over the past 10 was too early to say what assets said a bankruptcy expert. SY Tam, TVBs spokesman, argues the regulator is using
The company that successive Brazil- revenue, years, with help from Brazils state thegroupmightunload, they said. Research house Covenant Review said a different yardstick and that only voting shares should
ian governments fostered as a national capacity and development bank, BNDES, made it the Someone very wise once said to me the covenants covering four bonds be counted when determining control under the Broad-
champion has now been downgraded by production worlds largest meat producer in terms that at the height of a crisis there are issued by a unit of the group, JBS USA, casting Ordinance. It is therefore wrong to say Li Ruigang
Victor Moriyama/Bloomberg
credit rating agencies. It is facing probes of revenue, capacity and production. It four things you dont do get married, worth $3.5bn had a gaping hole that or CMC controls TVB from the shadows, Mr Tam said.
in Brazil for insider trading and has is the worlds biggest producer of beef, allowed unlimited loans from the sub- The market regulator also expressed concern that
been dumped by investors. Its stock is chicken and leather and a leader in lamb sidiary to JBS SA, the Brazilian arm. Young Lion may not have provided Hong Kongs Commu-
down nearly 33 per cent this year and its as well as being the second largest pork JBS share price Investors are rightly concerned that nications Authority, which enforces the Broadcasting
bonds off by about 15 per cent. It is fac- producer in the US, Moodys Investors R$ value at JBS USA could be used to fund Ordinance, a complete picture of its shareholding struc-
ing up to R$11bn in fines from Brazilian Service wrote. This was the result of a the payment of fines resulting from that ture. This information has now been passed to the media
public prosecutors and unknown penal- series of mergers from the acquisition of 14 scandal, Covenant Review said. regulator, which will determine if TVB is in breach of Hong
ties from regulators in the US, Australia, Swift of the US in 2007 to Pilgrims As for the brothers, their future is Kongs local-control rule.
the UK and the other 146 countries in Pride, a US poultry company, in 2009. 12 uncertain. In an open letter to the Bra- All this is happening just weeks before the 20th anniver-
which the company operates. Last year, JBS generated R$170.4bn in zilian media last week, Joesley Batista sary of Chinas resumption of sovereignty over Hong Kong.
Bankruptcy experts say it is only a sales and had R$46.9bn in net debt. 10 blamed Brazils system of political cor- The July 1 festivities will be attended by a senior Chinese
matter of time before the group enters a While its leverage was relatively high for ruption for leading them astray. Communist party official, possibly even President Xi Jin-
form of restructuring or an asset dis- its rating before the scandal, it also had a 8 In other countries outside of Brazil, ping. It is easy to predict the comments about Beijings
posal programme to deal with expected strong cash position, rating agencies we showed ourselves capable of expand- respect for Hong Kongs autonomy under the one coun-
tightening liquidity conditions as lend- said. Its combined R$10.7bn in consoli- 6 ing our businesses without transgress- try, two systems formula.
ers focus on the implications of the plea dated cash and $4.3bn in revolving ing ethical values, he said. The brothers But when it comes to understanding how the territory
bargain. JBS declined to comment. credit facilities covered most of its 4 are about to find out whether regulators really works, it is best to ignore the rhetoric. Follow the
Fitch, the rating agency, downgraded R$18.1bn in short-term debt as of March Jan 2017 May will be swayed by that argument. corporate paper trail instead.
JBSs credit rating from BB+ to BB. I this year, Moodys noted. Additional reporting by Eric Platt in
Source: Thomson Reuters Datastream
dont think this is the end of the com- From a financial perspective, we New York tom.mitchell@ft.com
Media Technology
Amazon live TV viewers will need licence in UK Android creator launches iPhone competitor
DAVID BOND MEDIA CORRESPONDENT 79 subscription, the 147 annual already correctly licensed, it is not TIM BRADSHAW SAN FRANCISCO iPhone in 2008, the Android operating make its phone more resistant to drops
licence fee plus an extra fee for the chan- thought the introduction of Amazons system now runs on more than 80 per and scratches than the aluminium used
Users of the live television channels Andy Rubin, the creator of Googles
nels they want to watch. In the case of new channels will affect many British cent of all smartphones sold, according in Apples iPhones and much of Sam-
that Amazon has added to its Prime Android platform, has launched a
users wanting to watch ITV that would households. But analysts said it was fur- to market researcher IDC. Google said sungs range.
Video service in the UK will have to pay gadget company called Essential, with
cost an additional 3.99 a month. ther evidence of the increasingly frag- this month that there were more than The device comes in four colours but
the TV licence fee on top of two other a modular mobile handset priced at
Amazon is investing heavily in video mented nature of the TV industry as tra- 2bn Android devices in active use. its minimalist design bears no branding.
charges to access the broadcasters on $699 and designed to challenge the
content and original programming such ditional live channels are upended by Mr Rubin started Essential after leav- Like Apples latest iPhone 7, it also lacks
offer. iPhone and a smart-home device to
as Jeremy Clarksons Grand Tour and The streaming services such as Amazon and ing Google in 2014, where he had most a traditional headphone socket.
rival Amazons Echo.
Although the live TV service, launched Man in the High Castle, to try to lock in Netflix. recently been in charge of its Replicant Essentials smartphone comes with a
by the technology group last week, does Prime customers. The addition of the Tom Harrington, Enders analyst, By creating devices that evolve with robotics division. He also helps to run a 360-degree camera accessory, the first
not allow access to BBC channels, UK live channels is seen as a direct chal- said: Its a little bit confusing and a you and will always play well with oth- Silicon Valley venture capital firm, Play- in an anticipated range of modular
law requires all users of live television to lenge to rivals such as Sky and Netflix. product of how television is no longer ers, Mr Rubin has pledged to fix some ground Global, which invests in hard- attachments that could help the phone
buy a licence even if, like Prime, it is Amazon confirmed that customers just what comes down the aerial and of the problems that he admits Android ware start-ups. to keep pace with trends such as virtual
being streamed over the internet. The would need a licence fee to watch live into the TV set. helped to create, such as planned obso- Essentials first product is an reality without customers needing to
broadcasters being offered on Amazon TV programmes, including through Users of the BBCs iPlayer service also lescence and lack of interoperability Android-based smartphone running buy a whole new handset.
Prime include ITV, Eurosport and Dis- Amazon Channels. It added that the need a licence. In the past few weeks the between different platforms. Qualcomms Snapdragon 835 processor, Essential Home, a voice-activated
covery. requirement was outlined on the Ama- corporation has started asking users to Google acquired Android, co-founded with an edge-to-edge screen and a body assistant for the home that includes a
The legislation means Prime custom- zon Channels online help page. register, although the BBC says this is by Mr Rubin, in 2005. First launched on made of titanium and ceramic. The touchscreen, will go on sale later this
ers will have to pay Amazons annual With 94 per cent of people in the UK not to catch licence fee cheats. an HTC device as a challenger to Apples company says these unusual materials year, running its own Ambient OS.
Wednesday 31 May 2017 FINANCIAL TIMES 15
COMPANIES
Banks
COMPANIES
Airlines
Airlines. IT outage
Legal Notices
Businesses
For Sale
Business for Sale, Business Opportunities,
Business Services,
Business Wanted, Franchises
Runs Daily
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Wednesday 31 May 2017 FINANCIAL TIMES 17
COMPANIES
Contenders line up for control of rare earths mine and pharmaceutical companies are fol-
lowing suit.
Last week Merck became the first
stein, predicts a practice-changing
result in the treatment of breast cancer
patients who have a mutation in their
company to win approval to use its BRCA genes.
Keytruda immunotherapy in all
HENRY SANDERSON LONDON Mike Pompeo, director of the CIA, prosium that go into magnets used in ies. We really do believe that even in the patients whose tumours have a biologi-
said this month that the US dependence batteries and wind turbines. current markets certain of these ele- cal trait or biomarker regardless of
A battle is heating up for control of a
on foreign sources of rare earths was a Tom Clarke, a former care home oper- mentswillbeprofitable,hesaid. where the cancer is located.
bankrupt mine that is the only signifi-
very real concern. ator who has been buying bankrupt US Set against Mr Clarke in the auction is At Asco the US group is due to present
cant US source of the rare earth ele-
Last year, the US imported $120m of coal mines, has teamed up with Switzer- a group of Molycorp creditor hedge full results from the trial that convinced
ments used in advanced electronics
rare earth metals, according to the US land-based Pala Investments and Aus- funds. They include Chicago-based JHL the regulators.
and some defence applications.
Geographical Survey more than 70 tralian rare earths explorer Peak Capital Group, run by James Litinsky, We have now approved a drug based
A group led by a former nursing home per cent from China. Resources to offer $1.2m for the mine. and QVT Financial, which have teamed on a tumours biomarker without
operator and a Switzerland-based pri- The winner of the auction is likely to Theres a broad support that we need up with Shanghai-listed Shenghe regard to the tumours original loca-
vate equity fund will vie with a team of have to pass scrutiny by the Committee tohavetheseelementshereintheUS,Mr Resources, a rare earths processor. tion, said Richard Pazdur, one of the
US hedge funds and a Chinese rare on Foreign Investment in the US, and Clarke said, adding that there was a relia- Adding to the complexity of the proc- top oncologists at the US Food and Drug
earths company in an auction set to take on an estimated $80m in environ- ble market for the materials given grow- ess, a company owned by JHL, QVT and Administration.
decide the fate of the bankrupt Moly- mental liabilities. ing demand from electric vehicle batter- New York-based asset manager Oaktree Investors are also watching out for a
corp-owned mine on June 14. Molycorp invested more than $1.5bn Capital own the mineral rights to the study of a drug made by Loxo Oncology.
At stake is whether the US can suc- into the Mountain Pass mine, which is mine. The small US biotechnology group has
cessfully mine its own resources of rare about 50 miles south of Las Vegas, but a $120 m $1.5 bn Mr Clarke said his group could still been singled out by the organisers of
earths, which are increasingly being collapse in prices of rare earths led the US imports of rare Amount Molycorp use the mine site to process material Asco as being of particular interest.
used in electric vehicle magnets as well company to declare bankruptcy in 2015. earth metals invested in rare from elsewhere if they did not get the Loxo is developing a medicine for
as wind turbines and end its reliance The mine contains elements such as 70% of which earths mine before mineral rights but he hoped to negoti- patients whose tumours have a specific Many groups hold back results of
on Chinese supplies. neodymium, praseodymium and dys- came from China prices collapsed ate for them if he won. genetic defect. It is being trialled in a trials to make a splash at the forum
UK COMPANIES
Briefs
It will cost more than a cup of coffee to re-cast BA as a favourite flyer Petrofac
Litigation dilemma
A company that has funded legal
action against groups such as
is less than 1 per cent of BAs revenues tax incentives and grants. That might has turned round several previously- Tesco is setting its sights on
Opportunity knocks
Kate and sub-5 per cent of profits before
unusuals and nasties. Perhaps that is Even as the Conservative manifesto
end the ad hoc horse-trading that goes
on behind closed doors between
moribund industries in Britain, notably
carmaking.
Petrofac following a steep fall in the
share price of the oilfield services
Burgess why yesterday shares in IAG, which
owns BA, dropped just 1.4 per cent.
declares Britain is open for business, it
promises to reform the rules on
bidders and politicians over businesses
in sensitive sectors, such as Arm.
For all that though, replacing EU
rules with a clear framework for all
group, triggered by revelations
around a Serious Fraud Office
But if 8.5p a share is all the weekend takeovers, particularly from overseas Governments should guard against takeovers may be sensible and timely. investigation.
chaos costs, BA and its owners will bidders. It talks of demanding more the lobbyists and elected politicians It may even provide a more solid Bentham Ventures, a third-party
have got off lightly. After a malfunction information and inserting a pause drumming up patriotic fervour to foundation for international trade. litigation funder, said yesterday it
British Airways used to have a in 2012, Royal Bank of Scotland paid button into the bid process to allow decide what constitutes national was looking into funding legal
reputation for employing older, wiser compensation of less than 5 to most more scrutiny. interest. A new regime would need action against Petrofac. Its shares
stewards and stewardesses who could
pour hot coffee freely while calming
of the 6.5m account holders affected.
The total bill was 70m. Two years
The plan may not be as
contradictory as it seems.
independent oversight to assess bids
and the intentions of bidders
Fusionex have fallen as much as 53 per cent
since May 12 when it disclosed its
customers amid bouts of turbulence. later the bank was fined a further One of the opportunities of Brexit wherever they hail from. In 2012 Fusionex, the Malaysian chief executive and chief operating
No longer. The coffee pots have gone, 56m by the Prudential Regulation will be to depart from EU rules on Property rights and the rights of software company, talked big about officer had been questioned under
BA charges 2.30 for a cardboard cup Authority and the Financial Conduct takeovers. These broadly prevent shareholders who put up the using the Alternative Investment caution by the SFO.
of Java Republic and BAs chief steward Authority for poor IT systems and risk member states from siding with capital for companies to expand Market to help it expand. Now Ivan Both were later released without
Alex Cruz has shown as much savoir management. domestic entities against foreign ones must also be safeguarded. Teh, chief executive who owns 41 per charge but Petrofac announced last
faire in a crisis as could be expected Even without regulators rapping it while at the same time allowing states Governments should be wary of cent thinks so little of Aim he plans week that it had suspended its
from a budget airline arriviste. over the knuckles, BA must invest to raise national flags over some defining and discriminating against to delist the company, leaving his COO, Marwan Chedid, and banned
In this digital age of cyberthreats and enough to reassure the market that it sectors. Interpretation has been a tad investors on the basis they are backers stranded in a private all contact between chief executive
worries about global security, BAs can prevent further IT breakdowns. idiosyncratic. In France, yoghurt arbitrageurs or short-term chancers. Malaysian business. Fusionexs Ayman Asfari and third-party
failure to ensure it has a working IT The airline must also rebuild its making has been wrapped in a It is tempting to brand the offer from chairman, broker and public relations consultants. The Petrofac probe
back-up system is a rookie mistake. reputation with disaffected flyers who tricolour. In the UK, security, plurality Pfizer of the US for AstraZeneca, the adviser have all quit. is connected to the SFOs
Even if the cause of BAs computer turn too easily to lower-cost rivals. in the media and stability in the British drug company, in 2014 as an Mr Teh must win three-quarters of far-reaching investigation into
breakdown last weekend was more That may mean rowing back on the financial sector have been badged of opportunist tilt at tax arbitrage and votes cast by June 15 to win the day. Unaoil, a Monaco-based business.
complex, as many as two-thirds of the cuts to customer service. Customers national interest. Other types of asset stripping. But Uncle Matthew of That means if fewer than about 60 per Litigation funders finance a legal
companys passengers were affected. can hope for a resumption of free infrastructure telecoms and energy Nancy Mitfords The Pursuit of Love cent of investors vote, he will win. This case and take a slice of damages if
Analysts estimate the disruption could drinks on board. Shareholders should could be included. So might (Abroad is unutterably bloody and is no time for shareholders to be shy or it is successful. They are becoming
cost between 50m and 100m in brace themselves for a repair bill that research-based industries into which foreigners are fiends) should remain a retiring. increasingly active in Europe and
compensation and lost revenues. That costs rather more than a cappuccino. taxpayers have sunk money through fictional caricature. Foreign ownership kate.burgess@ft.com Bentham is also involved in funding
Financial services
RateSetter
Melrose executives each land 36m bonus BT set to combine mobile and consumer units
FT REPORTERS equal share of 68 per cent of the pot. almost 1m in remuneration, including NIC FILDES group from bringing BT and EE 4.9bn for BT Consumer. With EE
TELECOMS CORRESPONDENT
Despite growing opposition to exces- a bonus of 438,000. Mr Martin earned together, he said. It would create a expected to grow further this year, ana-
The top four executives at Melrose
sive executive remuneration among 803,000, including a 351,000 bonus. A full merger of BTs consumer arm 10bn line of business. It is there in the lysts believe a full merger of EE and BT
Industries are set to receive bonuses of
some institutional shareholders and The size of the individual payouts with its mobile phone division EE is back of our minds. Over the long term Consumer is inevitable.
about 36m each today in one of the
politicians, investors in Melrose have from Melroses long-term bonus scheme expected within four years, creating a there are opportunities to make con- Paolo Pescatore, an analyst with CCS
biggest executive payouts in recent
been largely supportive of the payout. still falls short of awards made to some 10bn mobile, broadband and pay-TV sumer routes to market simpler. Insight, said BT still needs to make
times.
At the annual meeting this month, a other senior executives in the UK. powerhouse, according to the chief EE has overtaken the BT Consumer some decisions as to the future viability
The windfall for the senior management new three-year bonus scheme was Sir Martin Sorrell, chief executive of executive of the wireless company. unit in revenues and was positioned as of managing two competing but signifi-
team of the UK-listed engineer, which approved with a vote of 83 per cent in advertising group WPP, for example, the broader companys growth engine at cantly overlapping lines of businesses,
will be paid out in shares, is part of a favour, albeit with further sharehold- received a remuneration package for BT, which paid 12.5bn for EE last year, the presentation of group financial BT Consumer and EE.
five-year long-term incentive plan er-friendly clauses inserted, the com- 2015 of 70m, including a 63m payout has kept the mobile phone company at results this month. That has led to sug- The two businesses have until now
based on the increase in shareholder pany said. from a long-term incentive scheme, arms length from its established con- gestions that BT would merge the divi- had limited crossover. BT Sports has
value over the period. It added that Melrose had returned sparking a shareholder backlash. That sumer business since it began the inte- sions sooner rather then later. been offered to EEs 24m customers as
The size of the bonus pot is calculated about 3.5bn to shareholders over the was reduced to about 48m for 2016. gration in January 2016. But Marc Mr Allera said it would be three to part of a promotion and BT broadband
using the average share price over the five years covered by the 2012 scheme. Melrose, which was founded in 2003 Allera, chief executive of EE, said that four years before the full integration of is being sold within the mobile com-
past 40 days of 233p, valuing it at just It said annual remuneration for the top by Mr Miller, Mr Peckham and Mr while keeping the two businesses sepa- EE into BT was complete. At present, panys high street stores. An EE system
over 210m. The four top executives executives was not that high com- Roper, has an established record of buy- rate had proved the right approach so the two businesses compete in the wire- developed to manage digital calls made
Christopher Miller, chairman, David pared with other companies in the FTSE ing and improving underperforming far, that would change. less, broadband and pay-TV markets over 4G networks will soon be used to
Roper, deputy chairman, Simon Peck- 250, which Melrose is expected to rejoin manufacturing businesses and selling There are no plans at the moment under their respective brands. In the route all of the wider groups fixed-line
ham, chief executive and Geoff Martin, shortly. them on. The model has been likened to but nothing is forever, but what really year to the end of March 2017 EE gener- voice calls in a sign that more integra-
chief financial officer are eligible to an Last year, Mr Peckham received private equity. excites me is the future opportunity as a ated 5.1bn in revenue, compared with tion is set to take place.
Wednesday 31 May 2017 FINANCIAL TIMES 19
MARKET DATA
-0.12% -0.10% -0.20% -0.28% -0.22% -0.02% -0.06% -0.279% -0.115% -1.32% -0.19%
No change
0.24% 0.156%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 01 - - Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
7,547.63 2,343.68
2,412.82 19,677.85
2,384.20 15,586.13 12,598.68
15,373.36 7,288.72 19,289.43
12,438.01 2,205.44
Day -0.12% Month 1.21% Year 14.96% Day -0.31% Month -1.37% Year 9.13% Day -0.28% Month 4.43% Year 19.97% Day -0.24% Month 1.29% Year 21.92% Day -0.02% Month 2.51% Year 16.89% Day -0.39% Month 6.27% Year 19.02%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
6,203.71 25,701.63
49,261.33 49,379.49 1,533.66 10,876.90 3,204.79
6,047.61 1,517.54 10,715.80 24,578.43 3,171.36
Day -0.10% Month 2.59% Year 25.75% Day -0.14% Month 0.27% Year 7.34% Day -0.22% Month 0.94% Year 11.57% Day -0.07% Month 1.50% Year 19.43% Day 0.24% Month 4.41% Year 24.91% Day -0.30% Month 0.92% Year 14.35%
Dow Jones Industrial New York Bovespa So Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
31,159.40
21,038.50 65,403.25 3,288.93 3,257.06
20,940.51 64,098.01 5,305.94
5,267.33 20,814.48
20,609.16 29,918.40
Day -0.20% Month 0.47% Year 17.71% Day 0.53% Month -2.05% Year 30.83% Day -0.50% Month 0.73% Year 17.52% Day 0.15% Month 1.00% Year 13.79% Day 0.08% Month -0.78% Year 10.48% Day 0.16% Month 4.15% Year 16.91%
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 22233.12 22347.43 Cyprus CSE M&P Gen 76.67 77.09 Italy FTSE Italia All-Share 23058.36 23024.74 Philippines Manila Comp 7860.77 7886.03 Taiwan Weighted Pr 10101.95 10108.49 Cross-Border DJ Global Titans ($) 274.66 274.69
Australia All Ordinaries 5756.00 5747.70 Czech Republic
PX 1006.15 1012.90 FTSE Italia Mid Cap 40135.95 40092.59 Poland Wig 60344.58 60859.28 Thailand Bangkok SET 1568.57 1568.17 Euro Stoxx 50 (Eur) 3561.22 3578.95
S&P/ASX 200 5717.90 5707.10 Denmark OMXC Copenahgen 20 987.64 983.05 FTSE MIB 20814.48 20783.82 Portugal PSI 20 5279.80 5226.48 Turkey BIST 100 97725.95 97533.28 Euronext 100 ID 1022.64 1026.45
S&P/ASX 200 Res 3380.20 3367.70 Egypt EGX 30 13239.16 13207.94 Japan 2nd Section 5971.39 5964.36 PSI General 2908.83 2884.38 UAE Abu Dhabi General Index 4501.76 4492.92 FTSE 4Good Global ($) 6081.22 6076.46
Austria ATX 3160.27 3209.58 Estonia OMX Tallinn 1116.20 1116.80 Nikkei 225 19677.85 19682.57 Romania BET Index 8688.50 8673.50 UK FT 30 3367.10 3367.40 FTSE All World 306.71 306.90
Belgium BEL 20 3890.84 3893.47 Finland OMX Helsinki General 9711.88 9739.58 S&P Topix 150 1273.55 1271.62 Russia Micex Index 1932.91 1940.77 FTSE 100 7526.51 7547.63 FTSE E300 1533.66 1536.99
BEL Mid 6719.66 6703.98 France CAC 40 5305.94 5332.47 Topix 1572.67 1570.21 RTX 1074.81 1085.75 FTSE 4Good UK 6682.46 6693.63 FTSE Eurotop 100 3007.72 3016.81
Brazil Bovespa 64098.01 63760.94 SBF 120 4228.62 4245.47 Jordan Amman SE 2160.39 2155.26 Saudi-Arabia TADAWUL All Share Index 6870.62 6821.71 FTSE All Share 4119.58 4130.15 FTSE Global 100 ($) 1507.08 1507.77
Canada S&P/TSX 60 907.57 Germany
909.58 M-DAX 25229.32 25282.30 Kenya NSE 20 3438.17 3438.20 Singapore FTSE Straits Times 3204.79 3214.55 FTSE techMARK 100 4653.18 4673.33 FTSE Gold Min ($) 1506.40 1512.73
S&P/TSX Comp 15373.36 15421.91 TecDAX 2284.48 2275.91 Kuwait KSX Market Index 6726.87 6662.89 Slovakia SAX 304.13 307.54 USA DJ Composite 7283.92 7288.05 FTSE Latibex Top (Eur) 3976.10 3965.80
S&P/TSX Div Met & Min 701.59 708.06 XETRA Dax 12598.68 12628.95 Latvia OMX Riga 855.16 848.12 Slovenia SBI TOP 782.22 785.95 DJ Industrial 21038.50 21080.28 FTSE Multinationals ($) 1762.11 1762.36
Chile IGPA Gen 24558.07 24529.23
Greece Athens Gen 776.02 777.19 Lithuania OMX Vilnius 589.05 584.89 South Africa FTSE/JSE All Share 54158.04 53944.22 DJ Transport 9175.41 9176.20 FTSE World ($) 542.93 543.26
China FTSE A200 9019.42 9028.96 FTSE/ASE 20 2064.22 2068.21 Luxembourg LuxX 1745.71 1744.70 FTSE/JSE Res 20 31489.10 31253.22 DJ Utilities 722.69 720.22 FTSEurofirst 100 (Eur) 4338.65 4354.88
FTSE B35 9000.71 8988.96
Hong Kong Hang Seng 25701.63 25639.27 Malaysia FTSE Bursa KLCI 1765.34 1764.89 FTSE/JSE Top 40 47699.35 47533.50 Nasdaq 100 5794.36 5788.36 FTSEurofirst 80 (Eur) 4895.54 4915.56
Shanghai A 3257.06 3254.35 HS China Enterprise 10619.34 10579.67 Mexico IPC 49379.49 49450.48 South Korea Kospi 2343.68 2352.97 Nasdaq Cmp 6203.71 6210.19 MSCI ACWI Fr ($) 464.29 464.50
Shanghai B 320.83 320.37 HSCC Red Chip 4078.50 4056.22 Morocco MASI 11536.13 11534.46 Kospi 200 304.59 306.52 NYSE Comp 11603.81 11631.87 MSCI All World ($) 1911.70 1912.21
Shanghai Comp 3110.06 3107.46
Hungary Bux 34321.14 34138.11 Netherlands AEX 525.71 527.73 Spain IBEX 35 10876.90 10884.00 S&P 500 2412.83 2415.82 MSCI Europe (Eur) 1598.24 1600.03
Shenzhen A 1893.24 1895.13
India BSE Sensex 31159.40 31109.28 AEX All Share 800.11 802.22 Sri Lanka CSE All Share 6655.25 6679.46 Wilshire 5000 25057.00 25107.11 MSCI Pacific ($) 2533.33 2536.54
Shenzhen B 1086.47 1084.98 Nifty 500 8328.95 8299.50 New Zealand NZX 50 7411.95 7412.74 Sweden OMX Stockholm 30 1639.74 1631.91 Venezuela IBC 73959.10 72689.66 S&P Euro (Eur) 1633.09 1637.86
Colombia COLCAP 1448.93 1448.93
Indonesia Jakarta Comp 5712.33 5716.82 Nigeria SE All Share 29064.52 28467.61 OMX Stockholm AS 588.27 585.10 Vietnam VNI 738.21 746.25 S&P Europe 350 (Eur) 1578.15 1581.65
Croatia CROBEX 1854.08 1853.42
Ireland ISEQ Overall 6995.83 6972.30 Norway Oslo All Share 788.92 789.60 Switzerland SMI Index 9007.54 9031.96 S&P Global 1200 ($) 2128.40 2129.58
Israel Tel Aviv 100 12.96 12.97 Pakistan KSE 100 51453.16 52138.90 Stoxx 50 (Eur) 3220.57 3231.19
(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.
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
May 30 Currency Mid Change Mid Change Mid Change May 30 Currency Mid Change Mid Change Mid Change May 30 Currency Mid Change Mid Change Mid Change May 30 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 16.0875 0.0975 17.9819 0.1098 20.6903 0.1558 Indonesia Indonesian Rupiah 13322.5000 0.5000 14891.3009 1.2195 17134.1726 25.9425 Poland Polish Zloty 3.7365 -0.0073 4.1764 -0.0080 4.8055 -0.0023 ..Three Month 0.7779 -0.0011 0.8689 -0.0012 - -
Australia Australian Dollar 1.3412 -0.0024 1.4991 -0.0026 1.7249 -0.0006 Israel Israeli Shekel 3.5435 -0.0181 3.9608 -0.0201 4.5573 -0.0166 Romania Romanian Leu 4.0896 0.0046 4.5712 0.0053 5.2597 0.0136 ..One Year 0.7791 -0.0011 0.8684 -0.0012 - -
Bahrain Bahrainin Dinar 0.3772 0.0000 0.4216 0.0000 0.4851 0.0007 Japan Japanese Yen 110.9800 -0.3100 124.0485 -0.3409 142.7322 -0.1873 Russia Russian Ruble 56.6313 0.1512 63.2999 0.1719 72.8339 0.3018 United States United States Dollar - - 1.1178 0.0000 1.2861 0.0019
Bolivia Bolivian Boliviano 6.9100 - 7.7237 0.0003 8.8870 0.0131 ..One Month 110.9798 -0.3103 124.0485 -0.3409 142.7322 -0.1874 Saudi Arabia Saudi Riyal 3.7504 - 4.1920 0.0002 4.8234 0.0071 ..One Month - - 1.1176 -0.1665 1.2862 0.0019
Brazil Brazilian Real 3.2672 -0.0032 3.6519 -0.0034 4.2020 0.0021 ..Three Month 110.9795 -0.3109 124.0486 -0.3408 142.7320 -0.1877 Singapore Singapore Dollar 1.3851 -0.0003 1.5482 -0.0003 1.7814 0.0022 ..Three Month - - 1.1172 -0.1665 1.2865 0.0019
Canada Canadian Dollar 1.3467 0.0028 1.5052 0.0032 1.7319 0.0062 ..One Year 110.9780 -0.3141 124.0487 -0.3405 142.7322 -0.1884 South Africa South African Rand 13.1238 0.1438 14.6691 0.1613 16.8786 0.2095 ..One Year - - 1.1155 -0.1665 1.2876 0.0019
Chile Chilean Peso 675.7300 1.7800 755.3010 2.0233 869.0615 3.5694 Kenya Kenyan Shilling 103.4100 0.0600 115.5871 0.0722 132.9964 0.2735 South Korea South Korean Won 1125.2000 3.5000 1257.6987 3.9682 1447.1282 6.6319 Venezuela Venezuelan Bolivar Fuerte 10.1764 0.0215 11.3747 0.0245 13.0879 0.0469
China Chinese Yuan 6.8610 - 7.6689 0.0003 8.8240 0.0130 Kuwait Kuwaiti Dinar 0.3037 -0.0001 0.3394 0.0000 0.3905 0.0005 Sweden Swedish Krona 8.7399 0.0437 9.7691 0.0493 11.2405 0.0727 Vietnam Vietnamese Dong 22711.0000 -30.0000 25385.3496 -32.4556 29208.8491 4.6063
Colombia Colombian Peso 2918.3850 6.8850 3262.0414 7.8415 3753.3578 14.3859 Malaysia Malaysian Ringgit 4.2825 0.0065 4.7868 0.0075 5.5078 0.0165 Switzerland Swiss Franc 0.9753 -0.0009 1.0901 -0.0010 1.2543 0.0006 European Union Euro 0.8947 0.0000 - - 1.1506 0.0016
Costa Rica Costa Rican Colon 576.5650 -4.0900 644.4587 -4.5426 741.5246 -4.1573 Mexico Mexican Peson 18.6605 0.1472 20.8579 0.1655 23.9994 0.2245 Taiwan New Taiwan Dollar 30.1050 - 33.6500 0.0015 38.7183 0.0572 ..One Month 0.8945 -0.0001 - - 1.1506 0.0016
Czech Republic Czech Koruna 23.6708 -0.0203 26.4582 -0.0215 30.4432 0.0189 New Zealand New Zealand Dollar 1.4111 -0.0022 1.5773 -0.0024 1.8149 -0.0001 Thailand Thai Baht 34.1300 -0.0005 38.1490 0.0011 43.8948 0.0642 ..Three Month 0.8941 0.0000 - - 1.1504 0.0017
Denmark Danish Krone 6.6554 -0.0006 7.4391 -0.0003 8.5596 0.0119 Nigeria Nigerian Naira 314.7500 - 351.8136 0.0157 404.8023 0.5978 Tunisia Tunisian Dinar 2.4318 -0.0021 2.7182 -0.0022 3.1276 0.0020 ..One Year 0.8924 0.0000 - - 1.1499 0.0017
Egypt Egyptian Pound 18.0005 -0.0840 20.1202 -0.0930 23.1506 -0.0737 Norway Norwegian Krone 8.4460 0.0365 9.4406 0.0413 10.8625 0.0630 Turkey Turkish Lira 3.5510 -0.0282 3.9691 -0.0313 4.5669 -0.0295
Hong Kong Hong Kong Dollar 7.7933 -0.0015 8.7111 -0.0012 10.0231 0.0129 Pakistan Pakistani Rupee 104.8350 - 117.1799 0.0052 134.8291 0.1991 United Arab Emirates UAE Dirham 3.6731 - 4.1056 0.0002 4.7239 0.0070
Hungary Hungarian Forint 275.6565 0.0100 308.1165 0.0250 354.5238 0.5364 Peru Peruvian Nuevo Sol 3.2870 0.0060 3.6741 0.0069 4.2274 0.0139 United Kingdom Pound Sterling 0.7775 -0.0011 0.8691 -0.0012 - -
India Indian Rupee 64.6375 0.1475 72.2489 0.1681 83.1308 0.3122 Philippines Philippine Peso 49.8300 0.0100 55.6978 0.0137 64.0867 0.1075 ..One Month 0.7777 -0.0011 0.8690 -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 May 30 May 26 May 25 May 24 May 23 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
Strlg Day's Euro Strlg Strlg Year Div P/E X/D Total FT 30 3367.10 3367.40 3359.20 3358.40 3338.30 0.00 3368.80 3060.90 Personal Goods 22.76 FTSE 250 Index 9.60 General Retailers 4.41 FTSE 100 Price Change FTSE 100 Price Change
May 30 chge% Index May 26 May 25 ago yield% Cover ratio adj Return FT 30 Div Yield 1.47 1.47 1.48 1.48 1.49 0.00 3.93 2.74 Electronic & Elec Eq 19.50 Real Est Invest & Se 9.31 Banks 4.38 3I Group PLC 888.50 20.00 London Stock Exchange Group PLC 3442 51.00
FTSE 100 (100) 7526.51 -0.28 6748.96 7547.63 7547.63 6230.79 3.67 0.91 29.96 139.74 6254.77 P/E Ratio net 30.40 30.36 30.11 30.05 29.85 0.00 19.44 14.26 Forestry & Paper 18.85 FTSE SmallCap Index 8.82 Utilities 3.80 Admiral Group PLC 2031 25.00 Marks And Spencer Group PLC 386.90 0.60
FTSE 250 (250) 19991.85 -0.17 17926.52 20024.92 20024.92 17184.73 2.63 1.70 22.39 231.82 14482.81 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Household Goods & Ho 16.88 Equity Invest Instr 8.63 Construct & Material 3.29 Anglo American PLC 1056 3.50 Mediclinic International PLC 789.50 -26.50
FTSE 250 ex Inv Co (207) 21442.54 -0.11 19227.34 21466.09 21466.09 18682.05 2.67 1.73 21.68 256.03 15849.58 FT 30 hourly changes Consumer Goods 14.26 Health Care 8.46 Real Est Invest & Tr 3.04 Antofagasta PLC 809.50 -15.00 Merlin Entertainments PLC 519.50 1.00
FTSE 350 (350) 4176.71 -0.26 3745.22 4187.61 4187.61 3480.31 3.49 1.01 28.32 72.54 6973.73 8 9 10 11 12 13 14 15 16 High Low Aerospace & Defense 13.45 Chemicals 8.19 Basic Materials 3.00 Ashtead Group PLC 1571 1.00 Micro Focus International PLC 2412 -6.00
FTSE 350 ex Investment Trusts (306) 4142.44 -0.25 3714.49 4152.99 4152.99 3456.64 3.52 1.01 28.25 72.88 3563.05 3367.4 3355.1 3363 3357.9 3357.4 3356.7 3359.1 3365.5 3367.1 3369.5 3346.0 Tobacco 13.10 Pharmace & Biotech 8.02 Leisure Goods 2.44 Associated British Foods PLC 2984 34.00 Mondi PLC 2019 8.00
FTSE 350 Higher Yield (121) 3882.81 -0.23 3481.68 3891.63 3891.63 3174.89 4.74 0.74 28.61 91.83 6785.45 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Eng 12.82 Nonlife Insurance 7.68 Mining 1.80 Astrazeneca PLC 5215 -12.00 Morrison (Wm) Supermarkets PLC 247.60 0.20
FTSE 350 Lower Yield (229) 4070.85 -0.30 3650.30 4083.10 4083.10 3458.13 2.01 1.78 27.98 40.23 4449.88 Software & Comp Serv 12.42 Automobiles & Parts 6.57 Telecommunications 1.18 Aviva PLC 524.50 -2.00 National Grid PLC 1089 -2.00
FTSE SmallCap (277) 5653.93 -0.13 5069.83 5661.48 5661.48 4596.01 2.69 1.21 30.58 61.66 8074.11 Financial Services 12.37 Financials 6.17 Media 0.20
FTSE SmallCap ex Inv Co (146) 5035.97 -0.15 4515.72 5043.67 5043.67 4179.77 2.81 1.54 23.09 54.02 7554.64 FX: EFFECTIVE INDICES Health Care Eq & Srv 12.10 Gas Water & Multi 5.85 Food & Drug Retailer -2.25
Babcock International Group PLC 937.00 -4.50 Next PLC 4380 -4.00
Bae Systems PLC 665.00 -0.50 Old Mutual PLC 191.30 -5.30
FTSE All-Share (627) 4119.58 -0.26 3694.00 4130.15 4130.15 3429.77 3.46 1.02 28.39 70.58 6954.51 Travel & Leisure 10.53 FTSE All{HY-}Share Index 5.54 Electricity -3.69
May 26 May 25 Mnth Ago May 30 May 26 Mnth Ago Barclays PLC 209.20 -2.45 Paddy Power Betfair PLC 8095 -220.00
FTSE All-Share ex Inv Co (452) 4065.23 -0.25 3645.26 4075.50 4075.50 3391.94 3.51 1.01 28.13 70.97 3553.51 Support Services 10.37 Life Insurance 5.39 Oil Equipment & Serv -5.50 Barratt Developments PLC 601.50 0.50 Pearson PLC 700.00 1.00
FTSE All-Share ex Multinationals (567) 1249.68 -0.25 928.76 1252.82 1252.82 1157.49 2.96 1.29 26.25 14.88 2226.25 Australia 92.58 92.83 94.18 Sweden 77.27 77.10 77.71 Technology 10.09 NON FINANCIALS Index 5.32 Industrial Metals & -5.76 Bhp Billiton PLC 1202.5 -2.50 Persimmon PLC 2453 10.00
FTSE Fledgling (94) 9904.40 0.17 8881.20 9887.69 9887.69 7665.31 2.50 1.79 22.37 103.30 18496.28 Canada 87.19 87.23 86.38 Switzerland 160.78 160.65 160.28 Industrials 9.99 Food Producers 5.08 Oil & Gas -7.02 BP PLC 472.10 -2.45 Provident Financial PLC 3057 -34.00
FTSE Fledgling ex Inv Co (45) 13829.86 0.53 12401.12 13757.25 13757.25 10401.72 2.87 2.90 11.99 152.50 25190.53 Denmark 108.75 108.72 107.95 UK 77.25 78.10 78.57 Beverages 9.91 Industrial Transport 5.00 Oil & Gas Producers -7.07 British American Tobacco PLC 5501 -90.00 Prudential PLC 1740 -9.00
FTSE All-Small (371) 3929.73 -0.12 3523.75 3934.37 3934.37 3186.25 2.68 1.24 30.02 42.76 7203.63 Japan 138.60 137.59 140.14 USA 103.21 103.18 104.18 Mobile Telecomms 9.90 FTSE 100 Index 4.59 Tech Hardware & Eq -9.13 British Land Company PLC 636.50 5.00 Randgold Resources LD 7165 -35.00
FTSE All-Small ex Inv Co Index (191) 3771.08 -0.13 3381.49 3775.84 3775.84 3117.06 2.81 1.60 22.28 40.50 7167.00 New Zealand 117.57 117.46 116.20 Euro 91.25 91.16 89.44 Consumer Services 4.54 Fixed Line Telecomms -13.85 Bt Group PLC 308.85 -4.95 Reckitt Benckiser Group PLC 7926 57.00
FTSE AIM All-Share Index (800) 991.11 -0.03 888.72 991.38 991.38 739.50 1.58 0.74 85.42 5.41 1089.62 Norway 87.80 88.02 87.30
Bunzl PLC 2428 -9.00 Relx PLC 1652 -2.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Burberry Group PLC 1786 8.00 Rentokil Initial PLC 264.10 -0.60
Oil & Gas (16) 8261.64 -0.28 7408.14 8285.25 8285.25 6423.26 6.27 0.40 39.60 259.92 7650.20 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Carnival PLC 4959 24.00 Rio Tinto PLC 3183 -7.00
Oil & Gas Producers (9) 7930.38 -0.31 7111.11 7955.19 7955.19 6125.99 6.31 0.41 38.17 251.49 7602.31 Centrica PLC 202.70 -0.50 Rolls-Royce Holdings PLC 868.50 -4.50
Oil Equipment Services & Distribution (7)13834.36 0.73 12405.16 13733.68 13733.68 13358.78 4.54 -0.22 -100.57 306.86 10798.78 FTSE GLOBAL EQUITY INDEX SERIES Coca-Cola Hbc AG 2247 -22.00 Royal Bank Of Scotland Group PLC 260.60 -1.00
Basic Materials (28) 5169.67 -0.23 4635.60 5181.44 5181.44 3193.78 2.41 1.09 37.98 90.92 5282.40 Compass Group PLC 1661 18.00 Royal Dutch Shell PLC 2165 -1.50
Chemicals (7) 14377.20 -0.56 12891.91 14457.55 14457.55 11601.96 2.12 1.89 25.03 95.63 12798.98 May 29 No of US $ Day Mth YTD Total
YTD Gr Div May 29 No of US $ Day Mth YTD Total YTD Gr Div Convatec Group PLC 320.00 -5.00 Royal Dutch Shell PLC 2115 -3.00
Forestry & Paper (1) 23730.38 0.40 21278.83 23636.35 23636.35 15820.25 2.39 3.36 12.47 375.43 25886.29 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 2804 14.00 Royal Mail PLC 438.20 -0.70
Industrial Metals & Mining (2) 2444.42 1.75 2191.89 2402.46 2402.46 1104.21 0.53 21.48 8.75 13.01 2144.81 FTSE Global All Cap 7724 525.58 -0.1 1.8 9.7 746.06
10.9 2.3 Oil & Gas Producers 108 329.81 0.1 0.1 -6.1 541.24 -4.7 3.8 Croda International PLC 3966 4.00 Rsa Insurance Group PLC 627.50 7.50
Mining (18) 14288.79 -0.24 12812.64 14323.76 14323.76 8489.78 2.47 0.84 48.25 273.28 7648.62 FTSE Global Large Cap 1442 462.86 0.0 2.1 10.0 673.89
11.3 2.5 Oil Equipment & Services 28 313.27 0.0 0.0 -10.4 454.83 -9.5 3.2 Dcc PLC 7345 55.00 Sage Group PLC 717.00 3.50
FTSE Global Mid Cap 1644 708.51 -0.1 1.5 10.0 954.53
11.0 2.0 Basic Materials 259 457.52 -0.1 -0.1 8.4 697.26 9.9 2.4 Diageo PLC 2323 -14.00 Sainsbury (J) PLC 279.70 -2.00
Industrials (112) 5486.38 -0.09 4919.59 5491.36 5491.36 4437.79 2.23 0.84 53.24 57.73 5656.41
Construction & Materials (15) 7154.34 0.54 6415.24 7115.80 7115.80 5468.94 2.14 0.39 120.97 101.80 7601.00 FTSE Global Small Cap 4638 739.34 -0.1 0.6 7.6 964.18
8.4 1.9 Chemicals 123 697.36 0.1 0.1 10.6 1068.27 12.1 2.5 Direct Line Insurance Group PLC 348.40 3.00 Schroders PLC 3168 3.00
Aerospace & Defense (9) 5615.08 -0.30 5034.99 5632.24 5632.24 4156.86 2.13 -2.18 -21.48 63.69 6030.30 FTSE All-World 3086 306.90 -0.1 2.0 10.0 460.16
11.3 2.4 Forestry & Paper 15 267.41 0.0 0.0 12.3 454.88 14.8 2.9 Easyjet PLC 1400 14.00 Scottish Mortgage Investment Trust PLC 398.80 -1.20
General Industrials (5) 4869.87 0.36 4366.77 4852.59 4852.59 3795.68 2.70 1.20 30.95 56.24 5534.15 FTSE World 2543 543.26 -0.1 1.9 9.8 1093.90
11.1 2.4 Industrial Metals & Mining 68 375.99 -0.6 -0.6 3.8 569.44 4.7 2.2 Experian PLC 1615 -26.00 Severn Trent PLC 2534 -
Electronic & Electrical Equipment (10) 7612.28 1.00 6825.87 7537.26 7537.26 5450.15 1.66 1.91 31.57 53.21 6939.24 FTSE Global All Cap ex UNITED KINGDOM In 7396 544.29 -0.1 1.7 9.7 760.90
10.8 2.3 Mining 53 538.25 -0.2 -0.2 4.9 817.84 6.6 2.3 Fresnillo PLC 1585 4.00 Shire PLC 4503 -148.50
Industrial Engineering (12) 12852.11 -0.67 11524.38 12939.36 12939.36 8613.79 2.08 1.41 34.08 171.69 15695.72 FTSE Global All Cap ex USA 5827 476.62 -0.1 2.6 12.2 724.24
13.9 2.8 Industrials 547 369.32 -0.1 -0.1 11.5 531.02 12.6 2.1 Gkn PLC 352.70 -1.80 Sky PLC 997.00 -
Industrial Transportation (7) 5078.75 -0.14 4554.08 5086.00 5086.00 4525.41 3.84 1.25 20.86 52.62 4508.57 FTSE Global All Cap ex JAPAN 6437 538.00 -0.1 1.7 9.9 770.75
11.1 2.4 Construction & Materials 113 517.23 0.0 0.0 12.3 777.50 13.6 2.0 Glaxosmithkline PLC 1673 29.50 Smith & Nephew PLC 1350 -1.00
Support Services (54) 7699.27 -0.26 6903.87 7719.03 7719.03 6713.14 2.16 1.81 25.59 69.69 7990.03 FTSE Global All Cap ex Eurozone 7075 540.99 0.0 1.6 8.9 753.12
10.0 2.3 Aerospace & Defense 26 653.65 0.0 0.0 15.7 931.19 16.8 2.0 Glencore PLC 292.00 -0.50 Smiths Group PLC 1590 8.00
FTSE Developed 2102 492.96 0.0 1.9 9.6 705.83
10.9 2.4 General Industrials 57 245.63 0.1 0.1 4.4 381.16 5.6 2.5 Hammerson PLC 584.00 3.00 Smurfit Kappa Group PLC 2182 4.00
Consumer Goods (38) 22896.14 -0.59 20530.78 23032.67 23032.67 19132.40 2.78 1.84 19.59 339.50 16893.48
FTSE Developed All Cap 5667 517.94 0.0 1.8 9.3 732.69
10.6 2.3 Electronic & Electrical Equipment 71 402.96 -0.1 -0.1 17.2 530.47 18.0 1.6 Hargreaves Lansdown PLC 1397 7.00 Sse PLC 1515 -4.00
Automobiles & Parts (1) 8288.61 -0.51 7432.33 8330.91 8330.91 6460.28 2.51 1.89 21.04 138.65 7989.57
FTSE Developed Large Cap 917 454.81 0.0 2.0 9.6 661.13
10.9 2.5 Industrial Engineering 102 721.96 -0.1 -0.1 14.6 1024.80 16.0 2.0 Hikma Pharmaceuticals PLC 1675 -17.00 St. James's Place PLC 1183 11.00
Beverages (5) 18692.64 -0.61 16761.54 18806.66 18806.66 15800.89 2.54 1.53 25.68 175.38 13167.02
FTSE Developed Europe Large Cap 227 362.42 -0.1 3.8 13.5 606.56
16.1 3.3 Industrial Transportation 99 627.16 -0.1 -0.1 11.4 901.85 12.6 2.2 HSBC Holdings PLC 675.20 0.20 Standard Chartered PLC 726.50 -7.00
Food Producers (8) 8635.78 0.76 7743.63 8570.33 8570.33 8304.79 1.88 2.05 25.95 9.11 7392.49
FTSE Developed Europe Mid Cap 314 580.37 -0.1 3.5 17.8 869.48
19.8 2.6 Support Services 79 323.25 -0.1 -0.1 9.5 444.64 10.5 1.8 Imperial Brands PLC 3607.5 -73.00 Standard Life PLC 384.90 1.00
Household Goods & Home Construction (15)16003.91 0.48 14350.57 15927.76 15927.76 14402.51 2.33 2.52 17.02 212.12 11295.36
FTSE Dev Europe Small Cap 709 822.65 -0.1 3.4 18.6 1193.07
20.3 2.4 Consumer Goods 430 476.39 -0.1 -0.1 13.9 703.19 15.3 2.4 Informa PLC 669.50 -19.00 Taylor Wimpey PLC 201.30 1.60
Leisure Goods (1) 5672.01 -1.62 5086.04 5765.41 5765.41 5372.88 3.82 1.34 19.60 104.95 5118.55
FTSE North America Large Cap 295 516.70 0.0 1.4 8.0 702.07
9.0 2.1 Automobiles & Parts 105 385.59 -0.1 -0.1 4.8 550.68 6.3 2.7 Intercontinental Hotels Group PLC 4346 -11.00 Tesco PLC 185.35 -1.45
Personal Goods (6) 32654.83 0.05 29281.31 32638.74 32638.74 23571.79 2.54 3.04 12.97 376.77 22020.38
FTSE North America Mid Cap 387 761.51 0.0 0.4 6.1 963.28
6.7 1.7 Beverages 45 630.18 -0.1 -0.1 14.2 941.24 15.2 2.5 International Consolidated Airlines Group S.A. 605.50 -8.50 Tui AG 1192 23.00
Tobacco (2) 60289.88 -1.70 54061.44 61335.40 61335.40 50273.72 3.41 1.24 23.77 1304.93 39009.45
FTSE North America Small Cap 1433 774.79 0.0 -0.3 3.8 952.26
4.4 1.6 Food Producers 107 622.32 -0.2 -0.2 9.4 945.62 11.0 2.2 Intertek Group PLC 4250 -45.00 Unilever PLC 4310 -0.50
Health Care (21) 10691.06 -0.10 9586.59 10702.05 10702.05 9173.03 3.28 0.72 42.45 208.49 8255.02
FTSE North America 682 345.18 0.0 1.2 7.7 480.05
8.6 2.0 Household Goods & Home Construction 49 453.55 0.1 0.1 12.2 664.66 13.6 2.3 Intu Properties PLC 270.20 0.50 United Utilities Group PLC 1041 6.00
Health Care Equipment & Services (9) 8454.27 -0.69 7580.88 8512.75 8512.75 7223.05 1.27 2.43 32.41 60.36 7332.41
FTSE Developed ex North America 1420 252.07 -0.1 3.0 12.7 412.51
14.6 2.9 Leisure Goods 31 212.03 -0.3 -0.3 32.5 278.59 33.5 1.3 Itv PLC 198.90 -1.30 Vodafone Group PLC 229.15 -1.05
Pharmaceuticals & Biotechnology (12)14381.68 -0.03 12895.94 14386.26 14386.26 12356.49 3.53 0.64 44.09 300.97 9901.11
FTSE Japan Large Cap 180 349.06 0.0 2.4 2.1 Personal Goods
7.1 451.24
8.2 81 685.74 0.0 0.0 18.6 957.97 19.7 1.9 Johnson Matthey PLC 3137 -38.00 Whitbread PLC 4229 -13.00
Consumer Services (94) 5203.57 -0.12 4666.00 5209.60 5209.60 4750.21 2.53 2.00 19.79 62.50 4882.48 FTSE Japan Mid Cap 313 570.83 0.1 2.9 10.5 708.65
11.4 1.7 Tobacco 12 1523.45 0.1 0.1 20.2 3127.60 21.7 3.3
Food & Drug Retailers (7) 3201.21 -0.63 2870.50 3221.65 3221.65 2840.33 1.30 2.26 33.98 22.81 3742.22 Kingfisher PLC 324.00 -4.30 Wolseley PLC 5040 52.00
FTSE Global wi JAPAN Small Cap 794 621.62 -0.1 3.0 11.4 798.94
12.5 1.9 Health Care 181 469.36 -0.1 -0.1 11.0 675.32 12.3 2.0 Land Securities Group PLC 1074 -1.00 Worldpay Group PLC 315.50 -2.00
General Retailers (30) 2615.26 -0.42 2345.08 2626.34 2626.34 2733.11 2.99 2.00 16.74 21.52 2976.73
FTSE Japan 493 147.95 0.0 2.5 2.0 Health Care Equipment & Services
7.8 214.64
8.9 68 798.60 -0.1 -0.1 16.1 929.33 16.6 1.0 Legal & General Group PLC 251.50 1.20 Wpp PLC 1751 14.00
Media (21) 8073.35 -0.05 7239.30 8077.04 8077.04 7390.16 2.87 1.82 19.13 95.38 4971.60
FTSE Asia Pacific Large Cap ex Japan 548 656.17 -0.2 2.1 15.8 1023.59
16.8 2.8 Pharmaceuticals & Biotechnology 113 333.41 -0.1 -0.1 9.0 501.69 10.5 2.5 Lloyds Banking Group PLC 71.12 -0.62
Travel & Leisure (36) 9682.11 0.10 8681.87 9672.05 9672.05 8339.00 2.39 2.14 19.56 146.27 9196.24
FTSE Asia Pacific Mid Cap ex Japan 412 874.88 -0.3 1.3 15.0 1308.02
15.8 2.6 Consumer Services 383 441.28 0.0 0.0 11.8 588.09 12.7 1.6
Telecommunications (6) 3503.14 -0.84 3141.24 3532.78 3532.78 3940.20 5.05 -0.01 -1337.4 4.42 3857.01 FTSE Asia Pacific Small Cap ex Japan 1449 541.31 -0.5 0.0 11.3 796.77
12.1 2.6 Food & Drug Retailers 55 292.69 0.1 0.1 3.5 407.16 4.5 2.0
8
Fixed Line Telecommunications (4) 3632.33 -1.60 3257.08 3691.51 3691.51 5117.92 4.82 1.20 17.35 0.00 3274.79
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
960 518.82
2057 715.15
-0.2
-0.2
2.0
2.0
15.7 859.64
16.7 2.8 General Retailers
14.2 1058.89
15.1 2.8 Media
120 611.59
79 336.60
0.0
-0.1
0.0
-0.1
12.3 793.31
10.7 449.65
13.1
11.4
1.5
1.6
UK STOCK MARKET TRADING DATA
Mobile Telecommunications (2) 5153.49 -0.50 4621.10 5179.55 5179.55 5159.70 5.15 -0.51 -38.27 9.33 5099.21 FTSE Emerging Large Cap 525 677.81 -0.2 2.8 14.5 1010.39
15.4 2.8 Travel & Leisure 129 447.17 0.1 0.1 17.5 602.97 18.5 1.7 May 30 May 26 May 25 May 24 May 23 Yr Ago
Utilities (7) 9134.18 -0.11 8190.54 9144.69 9144.69 8694.21 4.63 1.64 13.20 83.90 10293.69 FTSE Emerging Mid Cap 459 893.66 -0.5 -0.8 12.4 1315.76
13.5 2.8 Telecommunication 94 164.83 -0.1 -0.1 2.3 306.05 3.8 4.2 SEAQ Bargains 5546.00 5202.00 5202.00 5202.00 5058.00 6262.00
Electricity (2) 8940.63 -0.15 8016.99 8953.85 8953.85 8952.32 5.50 2.02 9.02 149.05 12774.83 FTSE Emerging Small Cap 1073 737.63 -0.4 -0.4 13.8 1049.31
14.6 2.6 Fixed Line Telecommuniations 43 133.83 -0.1 -0.1 -4.8 273.86 -3.0 4.8 Order Book Turnover (m) 344.31 193.78 193.78 193.78 139.89 454.55
Gas Water & Multiutilities (5) 8680.59 -0.11 7783.81 8689.85 8689.85 8155.86 4.41 1.51 14.98 63.82 9787.93 FTSE Emerging Europe 114 354.58 0.5 0.0 5.5 546.67
6.3 4.0 Mobile Telecommunications 51 180.79 -0.2 -0.2 13.1 301.02 14.0 3.3 Order Book Bargains 1057471.00 1020304.00 1020304.00 1020304.00 950568.00 976389.00
Financials (289) 5101.42 -0.18 4574.40 5110.78 5110.78 4212.94 3.54 1.04 27.01 101.66 4739.32 FTSE Latin America All Cap 230 843.39 -0.8 -1.4 9.8 1297.53
11.3 2.8 Utilities 167 273.75 -0.1 -0.1 11.0 529.49 12.7 3.7 Order Book Shares Traded (m) 1498.00 1702.00 1702.00 1702.00 1275.00 1511.00
Banks (12) 4270.46 -0.39 3829.29 4287.29 4287.29 3299.52 4.13 0.62 38.77 107.82 3175.75 FTSE Middle East and Africa All Cap 242 716.73 -0.9 3.4 9.0 1116.26
10.6 3.0 Electricity 109 299.98 -0.1 -0.1 10.3 573.45 11.9 3.7 Total Equity Turnover (m) 10212.87 8690.30 8690.30 8690.30 8386.30 9870.73
Nonlife Insurance (10) 3443.19 0.90 3087.48 3412.63 3412.63 2952.79 3.13 1.69 18.93 60.87 6079.06 FTSE Global wi UNITED KINGDOM All Cap In 328 343.86 0.4 3.5 3.5 Gas Water & Multiutilities
10.5 574.86
12.5 58 288.37 0.0 0.0 12.4 573.01 14.2 3.6 Total Mkt Bargains 1184824.00 1152315.00 1152315.00 1152315.00 1060320.00 1108477.00
Life Insurance/Assurance (10) 8426.38 -0.41 7555.86 8461.32 8461.32 7181.42 3.68 1.26 21.61 210.60 8277.35 FTSE Global wi USA All Cap 1897 594.38 0.0 1.1 7.6 783.97
8.4 1.9 Financials 698 227.69 -0.1 -0.1 6.7 371.00 8.3 2.9 Total Shares Traded (m) 4153.00 4794.00 4794.00 4794.00 3976.00 4546.00
Index- Real Estate Investment & Services (20) 2753.16 -0.46 2468.73 2765.92 2765.92 2774.32 2.48 1.86 21.64 31.00 7354.75 FTSE Europe All Cap 1441 424.22 -0.1 3.6 14.4 685.10
16.8 3.1 Banks 248 203.76 -0.2 -0.2 5.8 356.47 7.5 3.3 Excluding intra-market and overseas turnover. *UK only total at 6pm. UK plus intra-market turnover. (u) Unavaliable.
Real Estate Investment Trusts (31) 2753.97 0.49 2469.46 2740.49 2740.49 2849.08 3.53 1.19 23.72 44.78 3431.90 FTSE Eurozone All Cap 649 415.18 -0.2 3.9 17.3 676.21
19.5 2.9 Nonlife Insurance 68 246.05 0.0 0.0 6.1 357.30 7.9 2.3 (c) Market closed.
General Financial (31) 9104.84 0.41 8164.23 9067.41 9067.41 7700.46 3.17 2.17 14.52 108.34 10411.93 FTSE RAFI All World 3000 3043 6401.09 -0.1 1.4 7.2 8432.44
8.7 3.0 Life Insurance 52 215.09 0.0 0.0 7.4 342.89 9.0 3.0
Equity Investment Instruments (175) 9629.60 -0.34 8634.78 9662.48 9662.48 7615.74 2.37 1.17 36.12 93.60 5258.11 FTSE RAFI US 1000 1001 10428.27 0.0 0.0 2.8 13640.85
3.7 2.4 Financial Services 147 260.65 0.0 0.0 8.2 358.19 9.1 1.9
Non Financials (338) 4875.18 -0.28 4371.53 4888.90 4888.90 4073.37 3.43 1.01 28.90 78.79 7199.22 FTSE EDHEC-Risk Efficient All-World 3086 370.06 0.0 2.0 10.6 514.02
11.6 2.1 Technology 182 234.57 -0.1 -0.1 20.8 286.94 21.7 1.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Technology (16) 2077.18 0.32 1862.59 2070.60 2070.60 1431.67 2.17 1.30 35.55 26.90 2673.41 FTSE EDHEC-Risk Efficient Developed Europe 541 313.48 -0.2 3.6 17.1 477.83
19.0 2.5 Software & Computer Services 89 402.86 -0.1 -0.1 21.1 469.95 21.7 0.9 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Software & Computer Services (12) 2375.87 0.35 2130.42 2367.49 2367.49 1912.65 2.09 1.48 32.46 32.21 3230.73 Oil & Gas 145 350.77 0.1 -0.7 -6.5 564.09
-5.2 3.7 Technology Hardware & Equipment 93 177.46 0.0 0.0 20.6 225.62 21.6 2.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment (4) 1911.41 -0.06 1713.95 1912.61 1912.61 1518.42 2.97 0.00-7364.55 12.16 2240.87 Alternative Energy 9 111.24 -0.1 -0.1 21.1 149.82 21.4 1.6 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment & Services 107 322.95 0.7 0.7 17.0 536.99 18.6 2.5 For all queries e-mail ft.reader.enquiries@morningstar.com
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 100 7508.96 7508.56 7524.33 7517.92 7514.99 7511.05 7522.55 7527.71 7529.86 7535.60 7497.17 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 20015.48 19987.60 20016.68 19980.11 19967.35 19959.17 19968.53 19987.54 19996.07 20020.41 19944.26
FTSE SmallCap 5662.88 5658.63 5662.20 5660.43 5660.88 5665.61 5661.53 5663.75 5663.33 5669.46 5653.93 WO 2008/118372, EPN 1733352, and HK1099110). EDHEC is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
FTSE All-Share 4112.97 4111.72 4119.70 4115.60 4113.90 4112.02 4117.26 4120.23 4121.44 4123.65 4105.93 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:14:56:30 Day's Low08:21:00 FTSE 100 2010/11 High: 7547.63(29/05/2017) Low: 7099.15(31/01/2017) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:14:56:00 Day's Low07:23:00 FTSE 100 2010/11 High: 4130.15(29/05/2017) Low: 3858.26(31/01/2017)
Further information is available on http://www.ftse.com FTSE International Limited. 2013. All Rights reserved. FTSE is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. Values are negative.
Figures in m. Earnings shown basic. Figures in light text are for corresponding period year earlier. Placing price. *Intoduction. When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
20 FINANCIAL TIMES Wednesday 31 May 2017
MARKET DATA
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
Surgutneftegas 30.99 29.71 1.29 4.33 4.09 15.2 11.04 SunPhrmInds 502.60 502.60 0.00 0.00 -137.55 -21.5 -21.71 May 26 date Coupon S* M* F* price yield yield yield US May 26 date Coupon S* M* F* price yield yield yield US
Intuit 138.56 138.36 0.20 0.14 13.18 10.5 19.64 ShgPdgBk 12.84 12.93 -0.09 -0.70 -2.18 -14.5 -14.68 High Yield US$ US$
ChinaMBank 23.55 23.70 -0.15 -0.63 2.10 9.8 16.58 Alexion 97.70 98.50 -0.80 -0.81 -16.14 -14.2 -19.08 Navient Corporation 03/20 8.00 BB- Ba3 BB 110.13 4.19 -0.02 -1.32 2.92 Citigroup Inc. 01/28 6.63 BBB+ Baa1 A 121.31 4.17 0.00 0.10 1.92
ChUncHK 11.34 11.18 0.16 1.43 1.00 9.7 12.95 Devon Energy 35.82 35.73 0.09 0.25 -2.57 -6.7 -11.75 High Yield Euro SunTrust Banks, Inc. 01/28 6.00 BBB+ Baa1 A- 110.53 4.78 0.00 0.06 2.53
PingAnIns 50.35 50.00 0.35 0.70 4.05 8.7 14.95 ValeantPh 17.24 17.25 -0.01 -0.06 -1.10 -6.0 36.28 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 97.50 - 0.00 0.00 - FleetBoston Financial Corp. 01/28 6.88 BBB Baa3 A- 121.01 4.43 0.00 -0.13 2.18
MediaTek 229.50 228.50 1.00 0.44 17.00 8.0 6.74 Unicred 15.87 16.59 -0.72 -4.34 -0.91 -5.4 6.22 NationsBank Corp. 03/28 6.80 BBB Baa3 A- 121.18 4.37 0.00 -0.08 2.12
NorfolkS 122.33 119.77 2.56 2.14 9.06 8.0 3.83 CanNatRs 39.80 40.00 -0.20 -0.50 -2.21 -5.3 -8.46 Emerging US$ GTE Corporation 04/28 6.94 BBB+ Baa2 A- 124.77 4.14 0.00 -0.03 1.89
AmerAir 48.74 48.02 0.72 1.50 3.52 7.8 5.04 ENI 14.28 14.31 -0.03 -0.21 -0.74 -4.9 0.07 Mexico 09/16 11.40 BBB+ A3 BBB+ 106.80 1.49 0.03 0.01 0.44 United Utilities PLC 08/28 6.88 BBB- Baa1 A- 120.17 4.61 0.00 -0.21 2.36
CSX 53.96 53.79 0.17 0.32 3.58 7.1 6.24 BakerHu 55.45 54.84 0.61 1.11 -2.77 -4.8 -6.74 Brazil 01/18 8.00 BB Ba2 BB 102.91 3.42 0.00 0.00 2.15
Peru 03/19 7.13 BBB+ A3 BBB+ 109.94 1.60 0.00 -0.20 0.33 Euro
Charter Comms 337.44 333.76 3.68 1.10 21.66 6.9 -2.30 ConocPhil 45.35 45.05 0.30 0.67 -2.13 -4.5 -6.19 HSBC Holdings plc 06/28 3.13 BBB+ A2 A+ 109.42 2.16 0.00 -0.17 -0.09
SK Hynix 57900.00 57100.00 800.00 1.40 3700.00 6.8 7.22 Novatek 650.00 658.20 -8.20 -1.25 -30.00 -4.4 -6.53 Peru 03/19 7.13 BBB+ A3 BBB+ 114.01 2.60 0.00 0.20 0.84
Brazil 01/22 12.50 BB Ba2 BB 112.19 9.23 0.00 0.00 7.44 AT&T Inc. 12/29 2.60 BBB+ Baa1 A- 104.06 2.23 0.00 0.16 -
Mnstr Bvrg 50.90 50.76 0.14 0.28 3.21 6.7 12.84 Lowes 80.91 81.33 -0.42 -0.52 -3.68 -4.4 -5.07 Citigroup Inc. 02/30 4.25 BBB Baa3 A- 117.27 2.30 0.00 0.05 -
China Vanke 20.75 20.35 0.40 1.97 1.29 6.6 5.12 IntSPaolo 2.57 2.62 -0.05 -2.06 -0.12 -4.3 -3.96 Colombia 03/23 2.63 BBB Baa2 BBB 97.15 3.19 -0.01 -0.09 1.40
Poland 03/23 3.00 BBB+ A2 A- 100.88 2.85 0.00 -0.20 1.07 HBOS plc 03/30 4.50 BBB- Baa2 A- 116.99 2.48 0.00 -0.23 -
Ch Evrbrght 3.68 3.68 0.00 0.00 0.22 6.4 0.82 Halliburton 45.76 45.41 0.35 0.77 -2.02 -4.2 -2.62
Turkey 03/23 3.25 - Ba1 BB+ 80.91 7.34 -0.01 0.17 5.55 Yen
IndstrlBk 16.50 16.57 -0.07 -0.42 0.91 5.8 7.35 Shire 4651.50 4738.00 -86.50 -1.83 -200.50 -4.1 1.10
Russia 05/26 4.75 - - BBB- 105.32 4.08 0.00 0.01 1.83 Enagas Transportes, S.A.U. 09/39 3.23 A- Baa2 A- 106.57 2.85 0.00 0.01 -
Hunng Pwr 6.17 5.84 0.33 5.65 0.34 5.8 14.90 Generali 14.06 14.35 -0.29 -2.02 -0.56 -3.8 -3.23
Ch OSLnd&Inv 23.65 23.30 0.35 1.50 1.25 5.6 4.65 NatAusBk 29.27 29.73 -0.46 -1.55 -1.11 -3.7 -13.91 Turkey 03/27 6.00 - Ba1 BB+ 107.00 5.15 0.00 -0.03 2.90 Sterling
ChinaLife 25.60 25.35 0.25 0.99 1.35 5.6 8.25 SBI NewA 284.00 284.00 0.00 0.00 -10.30 -3.5 -1.98 Emerging Euro Electricite de France (EDF) 05/28 6.25 A A3 A- 134.97 2.56 0.00 -0.19 0.31
Delta 50.80 50.40 0.40 0.79 2.60 5.4 9.55 Daimler 65.44 65.38 0.06 0.09 -2.30 -3.4 -3.40 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 HSBC Holdings plc 08/28 2.63 A A1 AA- 101.46 2.47 0.00 -0.31 0.23
Sinopec Oil 3.92 3.68 0.24 6.52 0.20 5.4 13.29 Deut Bank 16.43 16.49 -0.06 -0.36 -0.56 -3.3 -3.27 Mexico 02/20 5.50 BBB+ A3 BBB+ 113.87 0.36 0.00 -0.06 -0.91 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M -
Mexico 04/23 2.75 BBB+ A3 BBB+ 108.03 1.32 0.00 -0.03 -0.46 Moodys, 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 BB+ Baa2 BBB- 108.40 2.12 0.00 -0.01 -0.13
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poors, M - Moodys, F - Fitch.
INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
May 26 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return May 26 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.50-0.75 14-12-2016 1.00 0.50-0.75 0.25-0.50 Index change change change 1 month 1 year VIX 9.81 -0.18 9.99 26.72 9.56 May 26 Price Yield Day Week Month Year High Low m
US Prime 4.00 16-12-2008 3.75 3.50 3.50 Markit IBoxx VXD 9.60 -0.32 9.92 23.69 3.59 Tr 8.75pc '17 102.10 0.01 0.00 0.00 -200.00 -97.44 105.16 100.00 11.14
US Discount 0.75 16-12-2015 0.75 1.00 0.75 ABF Pan-Asia unhedged 181.71 0.08 1.06 4.90 0.80 0.64 VXN 12.26 -0.32 12.58 27.10 9.75 Tr 5pc '18 103.78 0.10 11.11 25.00 233.33 -66.67 108.38 103.78 35.24
Euro Repo 0.00 10-09-2014 0.05 0.05 0.05 Corporates( ) 343.37 0.24 1.41 4.01 1.59 11.04 VDAX - - - - - Tr 4.5pc '19 107.85 0.07 0.00 16.67 133.33 -84.44 111.97 107.85 36.35
UK Repo 0.25 05-03-2009 0.25 0.50 0.50 Corporates($) 271.45 0.05 0.75 3.11 0.75 3.11 CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 112.94 0.08 -11.11 -11.11 0.00 -87.88 117.02 112.94 33.31
Japan O'night Call 0.00-0.00 05-10-2010 0.00 0.00-0.10 0.00-0.10 Corporates() 223.44 0.13 0.20 0.98 0.46 2.65 Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 104.64 0.22 -8.33 -12.00 -12.00 -75.28 106.04 102.64 32.46
Switzerland Libor Target 0.00-0.25 15-01-2015 0.00-0.75 -1.25--0.25 0-0.25 Eurozone Sov() 231.47 0.24 0.53 -0.52 0.79 -0.59 Tr 4pc '22 117.56 0.29 -14.71 -17.14 -9.38 -68.82 121.31 116.43 37.95
Gilts( ) 325.82 0.23 0.79 2.75 0.92 7.46 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 132.35 0.71 -6.58 -6.58 -5.33 -45.38 138.11 129.09 35.08
INTEREST RATES: MARKET Global Inflation-Lkd 259.18 0.01 0.65 4.86 1.37 3.84 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 101.55 1.09 -5.22 -6.03 -3.54 -31.45 138.26 99.31 5.43
Over Change One Three Six One Markit iBoxx Non-Gilts 338.18 0.22 1.18 3.62 1.33 9.60 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 138.52 1.40 -2.78 -4.11 -3.45 -27.84 148.92 131.34 35.44
May 26 (Libor: May 25) night Day Week Month month month month year Overall ($) 236.23 0.05 0.48 2.29 0.48 2.29 Australia 10/19 2.75 102.60 1.64 0.01 -0.02 -0.12 -0.03 Tr 4.25pc '36 143.62 1.56 -2.50 -3.70 -4.29 -26.42 155.77 133.98 29.76
US$ Libor 0.93000 0.000 0.002 0.001 1.04467 1.20178 1.41378 1.72122 Overall( ) 326.45 0.23 0.91 3.01 1.04 8.08 11/28 2.75 101.91 2.56 0.00 -0.03 -0.20 0.00 Tr 4.5pc '42 158.85 1.66 -2.35 -3.49 -4.05 -24.89 174.65 145.64 26.64
Euro Libor -0.43000 -0.006 -0.004 0.000 -0.39857 -0.36929 -0.28500 -0.15543 Overall() 227.66 0.19 0.38 -0.16 0.60 0.09 Austria 10/19 0.25 99.98 0.26 0.00 0.00 0.00 0.00 Tr 3.75pc '52 158.57 1.57 -2.48 -3.68 -4.27 -25.94 177.28 140.85 23.59
Libor 0.22375 0.000 0.000 0.000 0.25263 0.29963 0.44138 0.63813 Treasuries ($) 223.04 0.06 0.33 1.79 0.33 1.79 04/27 0.50 99.27 0.58 -0.03 -0.09 0.00 0.00 Tr 4pc '60 178.41 1.50 -2.60 -3.85 -4.46 -27.18 201.27 155.52 23.21
Swiss Fr Libor 0.000 -0.78540 -0.72960 -0.66180 -0.48960 FTSE Belgium 06/18 0.75 100.88 -0.12 0.00 0.00 0.00 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per 100 nominal of stock. Red yield: Gross redemption yield.
Yen Libor -0.002 -0.01629 -0.01529 0.02300 0.12500 Sterling Corporate () 118.74 0.31 - - 1.03 5.44 06/27 0.80 101.06 0.69 0.01 -0.08 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks.
Euro Euribor 0.003 -0.37100 -0.32900 -0.25400 -0.13000 Euro Corporate () 107.44 0.19 - - 0.17 -0.65 Canada 08/19 0.75 100.00 0.75 0.00 0.00 0.00 0.00
Sterling CDs
US$ CDs
0.000
0.000
0.20000
0.97000
0.28000
1.13000
0.42500
1.31000
Euro Emerging Mkts () 797.74 3.45 - - -0.52 -8.70 06/27 1.00 95.88 1.44 0.00 0.00 0.00 0.00 GILTS: UK FTSE ACTUARIES INDICES
Eurozone Govt Bond 112.35 0.03 - - 0.42 -3.19 Denmark 11/20 0.25 102.29 -0.41 0.00 0.00 0.00 0.00
Euro CDs 0.000 -0.43500 -0.39500 -0.29500 11/27 0.50 99.11 0.59 -0.08 -0.07 0.00 0.00 Price Indices Day's Total Return Return
CREDIT INDICES Day's Week's Month's Series Series Fixed Coupon May 26 chg % Return 1 month 1 year Yield
Short 7 Days One Three Six One Index change change change high low Finland 09/19 1.75 100.47 1.54 0.00 0.00 -0.01 0.23
07/28 2.75 115.37 1.45 0.00 0.00 0.00 0.00 1 Up to 5 Years 96.70 0.03 2435.91 0.09 1.57 0.17
May 26 term notice month month month year Markit iTraxx 2 5 - 10 Years 186.69 0.19 3517.80 0.52 4.70 0.69
Euro -0.50 -0.35 -0.50 -0.35 -0.51 -0.36 -0.47 -0.32 -0.37 -0.22 -0.36 -0.11 Crossover 5Y 369.26 -12.07 35.21 40.34 390.04 288.69 France - - - - - - -
3 10 - 15 Years 218.49 0.30 4282.02 0.75 7.20 1.14
Sterling 0.15 0.25 0.15 0.25 0.23 0.33 0.35 0.50 0.47 0.62 Europe 5Y 85.00 -1.98 7.21 7.01 90.43 67.59 11/20 0.25 102.41 -0.43 0.00 0.00 0.00 0.00
4 5 - 15 Years 194.21 0.23 3706.57 0.60 5.48 0.89
Swiss Franc - - - - - - - - - - - - Japan 5Y 70.05 -2.51 2.21 -0.87 93.03 64.22 10/22 2.25 112.83 -0.12 0.00 0.00 0.00 0.00
5 Over 15 Years 346.65 0.41 5242.96 1.61 12.93 1.58
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 111.86 -3.89 10.86 12.50 121.66 80.36 05/27 1.00 102.18 0.77 0.01 -0.07 0.00 0.00
7 All stocks 184.73 0.24 3617.31 0.88 7.21 1.38
US Dollar 0.90 1.00 0.95 1.05 1.00 1.10 1.10 1.20 1.25 1.35 1.50 1.60 Germany 10/19 0.25 102.23 -0.68 0.00 0.00 0.00 0.00
Markit CDX 08/23 2.00 113.83 -0.21 0.00 0.00 0.00 0.00
Japanese Yen -0.10 0.10 -0.15 0.05 -0.20 0.10 -0.15 0.15 -0.15 0.15 -0.10 0.20 Day's Month Year's Total Return Return
Emerging Markets 5Y 198.09 -3.26 -11.46 -11.68 218.09 197.56 02/27 0.25 99.28 0.33 -0.01 -0.07 0.00 0.00
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked May 26 chg % chg % chg % Return 1 month 1 year
Nth Amer High Yld 5Y 328.29 0.17 -17.13 -10.17 353.95 327.35 08/46 2.50 133.11 1.16 0.00 -0.07 0.00 0.00
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 1 Up to 5 Years 315.17 0.02 -0.12 1.97 2475.12 0.10 3.87
Nth Amer Inv Grade 5Y 63.53 0.28 -4.09 -3.35 69.24 62.53 Greece 04/19 4.75 98.55 5.58 -0.05 0.25 0.00 0.00
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 2 Over 5 years 730.52 -0.30 1.04 23.87 5438.46 1.16 24.53
02/27 3.00 84.72 5.89 -0.02 0.31 -0.37 0.00 3 5-15 years 484.94 0.31 0.36 10.93 3746.22 0.57 12.11
Ireland 10/19 5.90 115.33 -0.48 0.00 0.00 0.00 0.00 4 Over 15 years 941.79 -0.49 1.26 28.79 6862.39 1.35 29.24
05/26 1.00 101.90 0.78 0.00 -0.07 0.00 0.00 5 All stocks 659.70 -0.27 0.95 21.37 4984.18 1.07 22.16
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 10/19 0.05 99.83 0.12 0.01 0.00 0.00 0.00
11/21 0.35 98.65 0.66 0.04 0.04 0.00 0.00 Yield Indices May 26 May 25 Yr ago May 26 May 25 Yr ago
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
06/27 2.20 100.34 2.17 0.08 0.04 0.00 0.00 5 Yrs 0.31 0.33 0.80 20 Yrs 1.69 1.71 2.18
Crude Oil Jun 49.99 0.20 Corn Jul 373.75 0.00 Apr 21 Apr 21 Prev return stock Market stocks
03/47 2.70 90.12 3.24 0.06 -0.01 0.00 0.00 10 Yrs 1.04 1.07 1.52 45 Yrs 1.49 1.51 2.08
Brent Crude Oil 52.25 0.07 Wheat Jul 438.75 0.00 Can 4.25%' 21 121.46 -0.361 -0.372 0.29 5.18 75355.91 7
Japan 05/19 0.10 100.52 -0.17 0.00 0.00 0.00 0.00 15 Yrs 1.51 1.53 1.99
RBOB Gasoline May 1.65 0.01 Soybeans Jul 926.00 0.00 Fr 2.25%' 20 112.37 -1.431 -1.458 0.13 20.31 222459.38 16
03/22 0.10 101.05 -0.12 0.00 0.00 0.00 0.00
Heating Oil Jun 1.58 0.00 Soybeans Meal Jul 301.30 0.00 Swe 0.25%' 22 114.09 -1.848 -1.830 0.17 30.03 229025.37 7
03/27 0.10 100.60 0.04 0.00 -0.01 0.02 0.00 inflation 0% inflation 5%
Natural Gas Jun 3.21 -0.08 Cocoa (ICE Liffe)X Jul 1499.00 0.00 UK 2.5%' 20 373.10 -2.880 -2.849 0.27 6.58 653041.71 27
03/47 0.80 99.88 0.81 0.01 0.00 0.01 0.00 Real yield May 26 Dur yrs Previous Yr ago May 26 Dur yrs Previous Yr ago
Ethanol - - Cocoa (ICE US) Jul 1914.00 0.00 UK 2.5%' 24 371.80 -2.205 -2.162 0.74 6.82 653041.71 27
Netherlands 01/20 0.25 102.37 -0.64 0.00 0.00 0.00 0.00 Up to 5 yrs -2.49 1.97 -2.47 -1.25 -3.24 1.97 -3.24 -1.89
Uranium Jun 18.10 0.00 Coffee(Robusta)X Jul 1983.00 0.00 UK 2%' 35 273.88 -1.791 -1.774 1.49 9.08 653041.71 27
07/27 0.75 102.07 0.54 0.00 -0.07 0.00 0.00 Over 5 yrs -1.75 24.76 -1.76 -0.94 -1.78 24.84 -1.79 -0.97
Carbon Emissions - - Coffee (Arabica) Jul 131.05 0.00 US 0.625%' 21 103.72 -0.249 -0.260 0.21 35.84 1253376.13 38
White SugarX 438.30 0.00 New Zealand 04/20 3.00 102.45 2.12 0.02 0.00 -0.18 -0.02 5-15 yrs -2.00 8.47 -1.96 -0.93 -2.12 8.48 -2.09 -1.06
Diesel - - US 3.625%' 28 133.26 0.507 -0.260 0.58 16.78 1253376.13 38
Sugar 11 15.37 0.00 04/27 4.50 114.18 2.84 0.03 0.00 -0.21 0.25 Over 15 yrs -1.73 29.81 -1.75 -0.94 -1.75 29.85 -1.77 -0.96
Unleaded (95R) - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices Local currencies. Total market
Norway 05/19 4.50 107.72 0.56 0.01 0.01 0.00 0.00 All stocks -1.76 23.05 -1.77 -0.94 -1.79 23.16 -1.80 -0.98
Base Metals ( LME 3 Months) Cotton Jul 77.15 0.00 value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium 1952.00 -8.00 Orange Juice Jul 139.00 0.00 02/27 1.75 102.10 1.52 0.00 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
amount.
Aluminium Alloy 1670.00 -10.00 Palm Oil - - Portugal 06/19 4.75 109.22 0.21 0.01 -0.04 0.00 0.00
Copper 5662.00 -67.50 Live Cattle Jun 122.63 0.00 BONDS: TEN YEAR GOVT SPREADS 04/27 4.13 108.25 3.14 0.00 0.00 0.00 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Lead 2123.00 30.00 Feeder Cattle Aug 147.20 -4.03 Spain 01/19 0.25 100.88 -0.28 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Nickel 9085.00 40.00 Lean Hogs Jun 81.88 0.00 Spread Spread Spread Spread 04/27 1.50 99.66 1.54 0.01 -0.07 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Tin 20325.00 -125.00 Bid vs vs Bid vs vs Sweden 10/18 1.00 99.43 1.44 0.00 0.01 0.02 0.30 loss arising from the reliance on or use of the listed information. For all queries e-mail
Zinc 2644.50 10.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 11/26 1.00 104.67 0.49 -0.02 -0.03 0.00 0.00 ft.reader.enquiries@morningstar.com
Precious Metals (PM London Fix) May 25 Month Year Australia 2.56 2.23 0.31 Italy 2.17 1.85 -0.07 Switzerland 07/20 2.25 109.56 -0.78 0.00 0.00 0.00 0.00
Gold 1265.05 8.10 S&P GSCI Spt 385.50 0.39 - Austria 0.58 0.25 -1.67 Japan 0.04 -0.29 -2.21 06/27 3.25 134.36 -0.14 0.00 0.00 0.00 0.00 Data provided by Morningstar | www.morningstar.co.uk
Silver (US cents) 1729.00 14.00 DJ UBS Spot 84.01 0.70 - Belgium 0.69 0.37 -1.56 Netherlands 0.54 0.21 -1.71 United Kingdom 07/19 1.75 103.58 0.08 0.00 0.00 0.00 0.00
Platinum 961.00 11.00 R/J CRB TR 183.68 0.24 -1.44 Canada 1.44 1.12 -0.80 Norway 1.52 1.19 -0.73 07/22 0.50 100.20 0.46 0.00 0.00 0.00 0.00
Palladium 780.00 13.00 M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark 0.59 0.26 -1.66 Portugal 3.14 2.81 0.89 07/27 1.25 101.51 1.09 0.00 0.00 0.00 0.00
Bulk Commodities UBS Bberg CMCI TR 13.68 -0.48 2.92 Finland 1.45 1.12 -0.80 Spain 1.54 1.21 -0.71 07/47 1.50 96.31 1.66 0.00 0.00 0.00 0.00
Iron Ore (Platts) 57.80 -0.20 LEBA EUA Carbon 5.04 0.00 -13.55 France 0.77 0.45 -1.48 Switzerland -0.14 -0.46 -2.38 United States 03/19 1.25 99.95 1.28 0.00 0.00 0.00 0.00
Iron Ore (The Steel Index) 57.80 0.00 LEBA CER Carbon 0.23 -8.00 -42.50 Germany 0.33 0.00 -1.92 United Kingdom 1.09 0.77 -1.16 04/22 1.88 100.41 1.79 0.00 0.00 0.00 0.00
GlobalCOAL RB Index 72.75 -0.25 LEBA UK Power 1755.00 36.05 50.00 Greece 5.89 5.57 3.64 United States 2.25 1.92 0.00 05/27 2.38 101.13 2.25 0.00 0.00 0.00 0.00
Baltic Dry Index 912.00 -6.00 Ireland 0.78 0.45 -1.47 05/47 3.00 101.72 2.91 0.00 0.00 0.00 0.00
Sources: NYMEX, ECX/ICE, CBOT, X ICE Liffe, ICE Futures, CME, LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information Data provided by SIX Financial Information
unless otherwise stated.
Wednesday 31 May 2017 FINANCIAL TIMES 21
Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence CtyLonInv 390.13 -5.00 414.00 285.00 6.15 12.92 3.8 TedBaker 2499 15.00 3150 2069 1.98 23.91 93.2 Mining PrimyHth 112.25 -0.75 115.50 100.58 4.57 15.38 1019.4 Hays 165.80 -0.50 176.30 91.10 1.69 19.81 2970.5
Avon Rubber 1108 -9.00 1141.75 792.00 0.86 17.48 10.0 CloseBrs 1614 2.00 1715 975.00 3.53 12.39 248.3 AngloAmer 1056 3.50 1529.01 572.00 - 10.61 4297.5 Redefine 38.60 -0.09 46.92 34.39 8.29 16.78 2133.1 Homesve 737.50 -2.50 803.00 441.25 1.72 37.44 665.8
DBAG 41.85 1.07 42.83 25.03 2.82 10.03 42.6
Industrial Engineering SEGRO 497.30 6.60 505.00 331.40 3.18 9.28 2870.3 HowdenJny 456.60 1.50 516.50 339.70 2.28 15.53 1575.0
BAE Sys 665.00 -0.50 667.50 464.80 3.17 23.17 7263.8 AngloPacif 113.25 -2.00 134.50 74.00 5.30 7.26 1991.5
Hargr Lans 1397 7.00 1454 1056 1.58 37.45 602.8 Bodycote 784.50 1.50 845.50 500.00 1.95 22.29 267.1 Shaftbry 969.00 4.00 1008 650.00 1.52 22.33 710.8 Intertek 4250 -45.00 4332 3037.39 1.29 27.10 450.5
Chemring 180.25 -1.75 208.00 90.25 - 75.10 1163.4 AnGoldA R 149.99 1.06 317.75 125.02 - 73.21 1819.8
HBM Hlth SFr 116.40 0.30 118.00 98.30 4.72 -8.95 14.7 Castings 482.50 - 490.00 388.10 2.84 14.78 356.5 Town Ctr 290.88 -0.13 325.00 260.00 3.59 12.99 5.5 MngCnslt 8.40 -0.05 25.00 3.00 - -4.20 869.6
Cobham 138.80 -0.70 177.80 102.50 5.60 -3.03 5691.6 Barrick C$ 22.21 0.14 30.45 18.52 0.56 13.25 829.8
Indvardn SKr 204.60 2.60 215.60 128.00 2.46 3.88 259.2 Fenner 315.75 0.50 351.25 138.00 0.95 225.54 191.8 TritaxBBOX 145.80 0.40 149.00 104.70 5.25 13.87 2704.3 MearsGp 510.00 -4.50 540.00 346.75 2.20 21.79 15.6
Meggitt 503.00 - 506.50 361.80 2.80 21.97 5890.5 BisichMg 79.50 - 83.00 52.00 5.03 17.75 7.7
ICG 880.50 -11.50 940.00 500.96 2.94 15.36 1064.7 Goodwin 1607 26.50 2350 1510 2.64 14.71 2.7 Wkspace 874.50 14.50 890.00 569.00 1.72 6.17 158.1 MenziesJ 701.00 -11.00 725.00 459.63 2.17 59.41 166.9
RollsRoyceX 868.50 -4.50 895.00 588.00 1.35 -3.95 5611.4 EVRAZ 195.70 -0.80 280.64 104.90 - -15.91 3301.4
Investec 611.00 -12.00 630.50 387.00 3.44 14.21 3563.6 Hill&Sm 1419 4.00 1425 754.48 1.56 33.39 137.3
Senior 238.70 1.30 245.00 161.00 2.64 22.04 863.7
IMI 1247 2.00 1317 891.50 3.08 32.39 488.6
Fresnillo 1585 4.00 2057.21 993.50 0.62 33.83 931.9 Real Estate Inv & Services MITIE 241.60 -1.60 287.60 165.00 5.01 -13.35 1348.0
UltraElc 2117 -41.00 2245 1573 2.20 25.57 358.0 Jupiter 494.10 0.60 498.80 324.60 2.73 17.34 1184.6 GemDmnd 90.00 -0.75 145.00 84.00 4.50 -0.97 95.5 Cap&Count 321.60 -3.20 363.10 257.20 0.47 -22.97 1481.7 PageGroup 475.00 -1.90 510.00 156.30 2.45 20.56 654.6
Liontrust 460.00 -2.50 470.00 235.00 2.61 36.54 9.3 MelroseInd 237.50 1.25 834.50 135.75 0.32 -91.35 3466.8 PayPoint 948.00 -8.00 1176.51 700.00 4.47 34.47 67.0
Harmony R 26.79 -0.32 67.00 25.87 1.83 4.26 2061.1 CLS 197.10 -5.90 209.00 112.50 - 8.34 93.8
Automobiles & Parts Man 157.50 0.40 164.10 102.50 4.85 -12.32 3505.6 Renold 56.75 -2.88 65.00 33.50 - 35.47 92.3
Hochschild 287.00 -2.20 327.60 134.50 0.39 39.40 1274.1 Daejan 6700 -55.00 7005 4401 1.31 6.89 2.2 Renewi 93.75 2.25 115.75 70.75 3.20 -107.88 854.9
FordMtr $X 11.09 0.16 14.04 10.67 5.21 5.44 23771.3 NB GFRIF 97.00 -0.30 100.65 88.60 4.74 21.79 1067.6 Rotork 241.30 -1.90 269.40 173.97 2.09 31.34 2364.8 Rentokil 264.10 -0.60 265.20 164.00 1.15 29.05 4013.7
Kenmare 270.88 0.88 366.25 126.02 - -0.63 36.4 Grainger 270.00 2.40 270.80 193.00 1.32 15.08 3227.2
GKN 352.70 -1.80 379.30 249.40 2.47 30.94 6226.6 NEX Group 674.50 9.50 867.30 445.90 5.71 63.70 1001.9 Severfd 85.00 - 88.00 43.00 1.76 20.99 92.9 Ricardo 881.00 -3.50 1040 645.00 2.05 18.91 0.5
Lonmin 80.00 -6.25 252.56 78.86 - -0.50 3995.2 Harworth Grp 100.75 - 107.00 69.00 - 3.26 61.6
Paragon 466.70 -3.50 490.80 225.10 2.89 11.44 1254.2 SKF SKr 177.50 1.40 203.20 127.70 3.10 20.26 2058.4 RbrtWlts 442.88 4.00 465.83 242.00 1.68 17.44 2.7
Banks Petra 129.30 -3.40 173.60 98.50 - 9.95 1810.6 Helical 336.00 -0.50 418.25 228.00 2.22 3.63 121.2
Providnt 3057 -34.00 3402.27 2125 4.06 17.00 274.2 Tex 141.50 - 147.35 96.50 4.95 7.69 11.8 RPS 277.00 1.00 279.50 158.52 3.52 24.53 284.0
ANZ A$X 27.90 0.21 32.95 22.66 8.62 13.51 6055.9 Petropvlsk 7.90 0.18 9.15 5.74 - 9.77 4871.2 HK Land $ 7.52 -0.02 7.89 5.79 2.63 5.08 521.9
RathbnBr 2589 56.00 2599 1577 2.12 33.11 99.4 Trifast 215.25 -1.00 228.94 118.76 1.30 22.52 68.8 SIG 152.70 -0.70 154.90 86.60 3.10 -7.60 10607.0
BcoSant 503.50 -8.50 537.80 230.56 3.48 14.02 7585.9 PolymtIntl 999.00 -26.00 1367.91 723.00 1.77 13.27 1374.2 Lon&Assc 21.50 -0.50 25.48 19.00 0.74 -7.76 71.5
Record 41.50 0.38 47.55 20.94 3.98 16.47 41.7 Vitec 964.50 21.50 970.00 485.00 2.59 47.99 468.2 St Ives 50.25 0.25 152.00 47.50 15.52 -2.32 101.4
BnkGeorgia 3697 -47.00 3781 2241 3.13 10.71 77.3 RndgldRs 7165 -35.00 9820 5410 0.73 33.92 459.7 MacauPrp 162.00 -0.75 185.00 90.00 - -35.36 21.6
S&U 2025 5.00 2612 1940 3.75 13.21 2.4 Weir 1855 -16.00 2096 1162 2.37 92.75 702.1 Vp 850.00 5.75 866.84 615.00 1.98 15.59 0.0
BankIre 0.24 -0.01 0.28 0.16 - 11.11 28467.7 Sirius Min 30.00 1.50 52.50 14.22 - -100.00 39403.0 Mntview 11038.5 -99.00 11675 9700 3.40 11.12 0.4
Schroder 3168 3.00 3284 1960 2.62 19.03 283.3 Industrial General Troy Res A$ 0.08 - 0.66 0.08 - -0.35 2811.7 RavenRuss 48.25 -0.63 55.00 31.50 - -2.54 121.0 Watermn 140.00 - 141.50 52.50 2.14 19.44 44.6
BkNvaS C$X 76.58 0.46 82.30 62.36 4.03 12.27 891.5
..N/V 2363 8.00 2423.27 1492 3.51 14.19 32.1 Coats Group 74.75 0.75 76.00 24.50 - 20.39 1572.0 VedantaRs 648.50 2.50 1112.5 366.10 4.32 -1.40 972.9 RavenR CNV 116.50 -0.50 119.00 100.50 - - 27.6 Wolseley 5040 52.00 5285 3489 1.98 28.39 897.7
BarclaysX 209.20 -2.45 267.32 121.10 1.43 15.97 36400.4
SVG Cap 738.00 -0.50 743.50 475.10 - 6.33 44.3 ExovaGroup 236.75 -0.75 254.56 160.71 1.35 28.87 173.8 RavenR Prf 140.50 - 148.28 115.00 8.54 - 20.6
CanImp C$X 105.42 -0.78 120.83 95.50 4.58 8.97 338.2
TP ICAP 481.00 0.30 497.50 270.80 5.84 27.97 968.8 Oil & Gas Tech - Hardware
HSBCX 675.20 0.20 715.20 392.37 6.16 119.19 19275.1 JardnMt $X 63.98 0.30 67.27 52.90 2.36 9.20 138.1 RavenR Wrt 27.00 - 29.85 13.00 - - 17.7 Laird 140.00 -2.25 361.10 123.50 7.22 -4.40 869.2
WlkrCrip 39.13 - 50.25 37.00 4.73 39.13 1.3 BPX 472.10 -2.45 521.20 349.35 6.51 -30.53 28652.9 Safestre 441.00 - 448.80 311.90 2.32 10.58 434.9
LlydsBkgX 71.12 -0.62 73.58 47.10 3.30 29.63 144667.8 Jard Str $X 42.15 0.37 43.78 28.45 0.72 8.67 140.7 SpirentCM 123.25 -1.50 130.25 72.00 2.54 -21.98 265.7
CairnEng 205.30 -5.30 250.60 171.10 - -15.32 1858.5 Savills 875.00 -11.50 960.50 542.18 1.37 18.86 480.5
RylBkC C$X 94.00 -0.47 99.90 74.64 3.68 12.42 619.3 Food & Beverages Macfrlne 60.50 0.25 69.00 49.00 3.04 13.04 170.3
Cape 242.00 -2.25 252.00 139.00 5.79 -7.08 597.9 SchroderRE 64.75 -0.50 65.50 43.43 3.83 9.25 517.3 Tech - Software & Services
RBSX 260.60 -1.00 271.00 148.40 - -4.38 8932.4 AngloEst 765.00 -5.00 784.50 380.00 0.25 10.79 3.3 RPC 859.50 -1.50 1106 707.00 1.99 34.24 1170.6
ExxonMb $X 81.15 -0.40 95.55 80.30 3.80 32.88 5270.7 SiriusRE 56.13 -0.13 57.50 0.49 3.42 8.97 1779.2
STB 2370 3.00 2749 1550 3.04 23.28 7.9 AscBrFdX 2984 34.00 3183 1910 1.23 21.47 1005.4 Smith DS 435.60 4.20 458.00 355.60 2.94 19.62 2205.9 Computcnt 863.00 20.00 866.50 666.45 2.57 16.50 160.0
GeoPark $ 8.74 -0.15 9.00 2.18 - -13.71 52.8 Smart(J) 111.50 - 115.00 98.00 2.75 14.26 2.0
StandChX 726.50 -7.00 821.60 471.34 - -61.91 7192.3 Barr(AG) 658.00 -2.00 661.50 455.30 2.05 21.52 64.0 Smiths 1590 8.00 1685 1028 2.64 14.72 1734.9 MicroFoc 2412 -6.00 2675 1408 2.23 41.39 806.3
GrnDnGas 81.38 - 284.00 78.19 - -13.06 1.8 StModwen 349.50 -1.30 370.25 218.10 1.66 17.65 275.7
..7.375%Pf 122.50 - 131.50 102.20 6.02 - 146.0 Britvic 702.50 -2.50 742.00 521.00 3.49 16.45 1722.4 SmurfKap 2182 4.00 2260 1503.93 2.74 14.14 238.4 NCC Grp 157.50 -1.25 377.30 87.80 2.95 87.50 495.0
GulfKeyst 115.75 -2.25 800.08 107.75 - -0.13 200.0 U+I 198.00 4.75 204.75 140.00 2.98 30.94 131.8
..8.25%Pf 137.00 0.25 144.20 112.50 6.02 - 25.4 CarrsGroup 139.00 -1.50 167.50 106.50 2.73 13.37 45.5 Vesuvius 579.00 -1.00 609.00 270.20 2.81 33.47 451.9 RM 170.25 -1.13 196.00 112.00 3.11 11.82 31.9
HellenPet 6.75 0.07 6.80 3.13 - 6.36 148.7 UNITE Gp 623.50 -6.00 667.50 541.57 2.49 6.58 1547.3
TntoDom C$X 64.29 0.03 71.31 54.20 3.43 12.98 909.4 Coca-Cola HBC 2247 -22.00 2284 1317 1.52 27.71 646.1 Sage 717.00 3.50 807.50 573.00 1.97 31.70 2778.8
Industrial Transportation Hunting 539.00 -5.50 650.00 302.25 3.40 -5.09 548.1 Urban&C 266.88 -0.88 275.00 183.00 1.09 8.69 41.0 SDL 633.50 5.50 633.50 372.91 0.49 62.72 1248.0
VirginMoney 297.30 -2.80 378.00 196.10 1.58 10.22 1442.6 Cranswk 2945 14.00 3092 1950.37 1.27 27.84 114.2 ImpOil C$X 38.59 -0.12 48.72 38.26 1.60 14.48 207.0
BBA Aviat 318.60 -0.40 319.90 196.00 3.15 -207.151472.1 TriadGp 77.50 - 90.00 24.00 - 7.22 22.6
Westpc A$X 30.33 0.31 35.39 27.57 9.00 13.70 11875.0 Dairy Cr 612.50 -1.50 697.00 503.00 3.56 22.11 358.5 JKX 21.00 -0.25 35.96 15.50 - -0.62 8.3 Retailers
Braemar 308.00 -3.00 459.75 218.00 8.44 -185.54 18.1
Devro 215.50 -1.50 291.04 139.34 4.08 59.86 458.9 Nostrum 493.60 -16.40 525.00 255.00 - -20.57 56.4 AA 238.70 -1.80 309.00 209.50 3.81 19.57 1281.6 Telecommunications
Basic Resource (Ex Mining) Clarkson 2644 -47.00 3033 1629 2.34 22.29 19.1
Glanbia 18.49 0.97 19.78 14.00 0.67 26.32 34.5 Eurotunnl 10.50 0.09 11.82 7.70 2.06 42.76 913.2 OphirEgy 85.50 -3.25 103.41 64.50 - -9.60 1286.5 AO World 142.00 - 192.30 119.60 - 568.00 1909.5 BTX 308.85 -4.95 453.62 297.40 4.68 16.17 19416.1
Ferrexpo 182.60 9.90 182.60 28.50 - 7.07 9108.2
Grncore 238.60 -0.30 370.00 215.00 2.17 25.45 6745.0 Fisher J 1706 - 1755 1275 1.44 21.68 39.5 PremOil 60.50 0.75 99.50 47.89 - 2.94 3926.4 AshleyL 12.88 - 25.00 12.80 15.53 6.13 476.7 Inmarsat 803.00 -10.50 889.00 594.50 5.28 18.72 1284.0
Mondi 2019 8.00 2053 1240 2.41 17.96 1181.5
HiltonFd 768.50 19.00 780.00 486.25 1.96 23.15 22.9 Flybe Grp 36.75 -0.75 63.00 29.90 - -12.25 374.7 RylDShlAX 2115 -3.00 2295.5 1645 7.12 45.06 3784.8 Caffyns 510.00 -5.00 604.94 473.00 4.07 5.75 5.5 KCOM Gp 95.50 1.75 121.00 87.00 6.19 7.59 638.9
Chemicals Kerry 78.87 0.01 82.98 61.06 0.65 26.59 41.3 OceanWil 1032.5 - 1126.54 725.00 4.62 20.94 0.7 ..B 2165 -1.50 2403.68 1646 6.96 46.12 4382.2 Dairy Fm $ 7.91 0.01 9.25 6.24 2.63 22.34 15.7 TalkTalk 172.10 -10.00 249.20 144.96 9.22 55.52 4148.8
Bayer X 116.50 -0.20 118.40 85.00 2.11 21.03 1107.2 Nestle SFrX 82.35 -0.05 83.45 71.45 2.73 29.98 3579.8 RoyalMail 438.20 -0.70 549.00 397.40 5.13 16.05 4875.3 Schlmbrg $X 69.11 -0.99 87.84 68.94 3.01 -53.54 3583.7 Debenhams 50.85 0.35 75.15 49.69 6.74 7.70 4437.3 TelePlus 1319 2.00 1336.6 799.89 3.49 30.60 101.6
Carclo 144.50 0.75 169.00 106.75 1.97 32.84 144.8 PremFds 41.00 - 57.00 36.40 - 10.00 1776.6 SEPLAT 78.75 - 111.50 61.50 4.11 -3.36 1.8 Dignity 2558 -20.00 2940 2240 0.87 22.32 284.2
Croda 3966 4.00 3999 2754.13 1.82 27.00 295.7 PureCircle 326.00 -1.75 562.47 190.00 - 78.99 57.8 Insurance Soco Int 131.00 -1.50 168.26 115.00 1.67 -11.08 136.1 DixonsCar 327.50 -4.10 446.56 242.00 - 15.45 3140.5 Tobacco
Elemntis 301.10 -2.70 320.68 179.60 2.34 25.48 871.8 REA 322.38 -9.75 385.00 210.00 - -8.26 8.2 Admiral 2031 25.00 2288 1680 3.47 25.87 561.0 TrnCan C$X 63.29 -0.08 65.24 53.85 3.81 112.85 330.7 Dunelm 620.00 -4.50 999.00 579.50 4.05 14.49 498.5 BrAmTobX 5501 -90.00 5602 4072 2.80 23.75 2869.6
Syngent SFrX 463.00 -6.70 471.20 360.50 2.57 34.61 2226.3 StckSpirit 170.25 2.00 200.25 146.25 1.62 24.03 88.0 AvivaX 524.50 -2.00 570.50 290.00 4.09 34.74 9680.7 Findel 204.00 2.50 220.00 130.00 - -110.27 20.5 Imperial BrX 3607.5 -73.00 4154 3324 4.30 33.97 2661.3
Victrex 1940 -13.00 2063 1364 2.41 20.06 240.9 Tate&Lyl 737.00 5.00 850.00 603.39 3.80 18.90 3075.2 Beazley 470.40 7.60 471.00 327.30 2.12 14.68 1077.3 Pharmaceuticals & Biotech Halfords 373.30 -1.20 450.40 299.50 4.54 12.78 695.2
TongtHu R 119.39 1.39 135.50 102.98 2.54 21.06 621.2 Chesnar 380.00 -3.00 402.00 248.25 4.98 40.17 102.3 BTG 642.00 -4.00 739.50 528.36 - 41.20 675.2 Travel & Leisure
Inchcape 826.50 -10.00 861.00 574.00 2.55 19.40 1303.7
Construction & Materials Unilever 4310 -0.50 4317 3050.5 2.52 27.74 2429.1 Eccles prf 144.00 - 148.00 126.75 5.99 - 90.8 CathayIn 13.13 - 21.00 12.81 - -5.18 24.8 JDSportsF - - - - - - -
888 Hldg 285.50 0.25 301.75 188.50 1.91 51.31 231.9
Alumasc 183.50 - 205.00 115.00 3.54 11.99 21.4 ..NV 50.46 -0.08 50.86 36.27 2.46 28.23 25.9 Hansard 91.00 4.00 142.75 80.14 9.78 15.96 37.1 Dechra 1889 20.00 1900 811.00 0.98 127.55 305.3 AirPrtnr 121.50 -1.75 126.40 59.90 19.94 5.19 54.0
Lookers 127.25 2.25 150.10 88.00 2.62 7.18 504.8 Cineworld 720.00 -4.50 744.90 496.53 2.46 23.68 704.1
Boot(H) 235.00 1.75 243.80 161.24 2.68 11.03 36.9 Hiscox 1221 9.00 1224 903.00 2.01 10.53 311.8 Genus 1861 - 2113 1323 1.05 36.42 48.5 Marks&Sp 386.90 0.60 397.80 255.10 4.83 25.12 8890.0
ClarkeT 90.00 -1.00 93.67 52.00 3.44 13.85 7.4 Health Care Equip & Services JardineL 1180 4.00 1186 825.00 2.64 31.22 111.9 GlaxoSmhX 1673 29.50 1745.56 1363 4.78 49.06 14351.5 CompassX 1661 18.00 1663.1 1242.15 1.91 24.68 5535.8
Bioquell 166.00 - 173.00 119.50 - 79.05 16.3 MossBros 115.00 -1.00 120.00 86.50 4.92 21.34 98.0 Dalata Hotel 440.25 2.25 451.88 280.00 - 27.24 14.8
CRH 2804 14.00 3342 1700 1.91 22.03 1379.6 Lancashire 693.50 3.50 775.00 467.00 1.48 12.94 417.6 HikmaPhm 1675 -17.00 2703 1573 1.42 26.72 619.4 Next 4380 -4.00 5705 3550 3.61 10.00 689.8
GalfrdT 1238 -2.00 1592 739.86 6.62 8.77 242.6 ConstMed 1030 -15.00 1180 940.00 1.79 31.89 4.4 Leg&Gen 251.50 1.20 262.06 160.50 5.55 11.90 13498.8 Oxfd Bio 5.00 -0.17 6.00 2.98 - -8.06 2514.3 EI Group 143.75 -1.25 149.75 71.50 - 15.29 908.2
ConvaTec 320.00 -5.00 326.20 213.00 - -26.90 9846.4 Ocado 308.60 -4.40 326.00 203.00 - 144.21 1818.6 FirstGrp 151.30 -1.70 154.50 87.75 - 17.59 3142.5
Keller 860.00 -0.50 1044 643.50 3.15 29.66 90.0 Old Mut 191.30 -5.30 229.84 168.30 4.66 18.94 10267.8 RichterG $ 25.37 0.46 25.93 18.33 1.02 17.85 0.0 Photo-Me 167.00 -2.75 177.50 122.77 3.06 21.63 814.8
KierGp 1252 -17.00 1505 917.50 5.15 66.95 558.6 GNStre kr 199.10 4.10 199.50 114.70 0.49 27.68 842.2 PermTSB 2.77 -0.06 2.90 1.47 - 14.93 145.9 ShireX 4503 -148.50 5377 2707.19 0.54 119.81 4606.4 Fuller A 1070 3.00 1125 925.50 1.60 18.31 6.5
UDGHlthC 814.00 1.50 824.00 518.50 1.23 34.08 1132.6 Saga 203.40 -0.70 227.38 175.00 3.79 14.53 1942.8 Go-Ahead 1813 -4.00 2594 1686 5.29 11.72 108.6
Kingsp 30.95 -0.11 33.09 17.38 0.86 22.25 24.1 PhoenixGrp 765.00 -1.00 900.50 691.00 5.94 -22.30 639.4 VecturGp 117.50 - 167.00 117.40 - 97.92 2819.8 SuperGroup 1572 9.00 1793.66 1100 - 32.15 140.3
LowBonr 88.00 1.00 90.03 53.50 3.18 17.09 429.8 PrudntlX 1740 -9.00 1801.5 1096 2.26 23.20 3559.2 GreeneKg 749.50 7.50 910.00 646.50 3.84 18.46 934.2
House, Leisure & Pers Goods Real Estate TescoX 185.35 -1.45 219.40 143.08 - 228.83 17375.0 IrishCtl 5.45 -0.20 5.72 3.90 1.66 22.57 4.1
Marshlls 399.20 7.00 415.50 199.40 1.92 21.45 577.2 RSA Ins 627.50 7.50 629.00 425.60 0.88 90.94 3097.3
BarrttDev 601.50 0.50 624.50 326.00 3.04 10.68 2827.7
MorgSdl 1255 25.00 1270 560.00 2.39 15.42 36.0 SagicFin 90.00 - 95.00 60.00 2.22 5.86 0.6 REITs Support Services Jackpotjoy 596.50 3.50 660.00 528.50 - -2.87 53.3
Bellway 2845 -15.00 3001 1622 2.71 10.31 307.0 Ladbrokes Coral 122.60 -0.70 164.80 105.60 2.45 -7.01 6932.9
Norcros 167.00 -3.88 197.95 137.00 3.95 7.66 33.7 StJmsPl 1183 11.00 1188 521.00 2.50 55.54 945.6 Assura 63.00 1.80 66.75 48.08 3.65 10.86 16656.5 Acal 276.38 3.63 280.00 203.20 2.91 37.86 53.2
Berkeley 3267 -26.00 3421 2015 6.12 9.93 633.5 MandarO $ 1.45 - 1.49 1.22 3.24 31.69 5.6
StGobn X 50.05 0.03 52.40 32.15 2.43 21.68 1956.9 Stan Life 384.90 1.00 414.90 248.20 4.77 17.82 3891.0 BigYellw 791.50 12.50 887.50 629.50 3.15 11.29 402.7 Aggreko 870.00 -2.50 1305 751.00 3.12 17.20 526.2
BovisHme 907.00 -3.00 1028 430.00 4.55 10.08 348.7 Marstons 133.60 -1.90 157.30 126.80 5.46 9.75 5768.0
Tyman 338.00 0.50 352.25 223.00 2.69 28.33 202.5 BritLand 636.50 5.00 773.35 499.96 4.43 5.13 4934.6 AshtdGp 1571 1.00 1764 875.78 1.43 17.13 2510.2
Cairn Homes 1.55 0.02 1.62 0.87 - - 2809.6 Media Natl Exp 370.00 -2.30 379.70 252.81 3.11 16.74 599.9
Cap&Reg 58.75 -0.25 65.00 43.58 5.51 -97.92 230.2 AtknsWS 2081 -1.00 2148 1191 1.79 20.20 279.1
Electronic & Electrical Equip CtrySide 334.00 7.90 337.70 170.60 1.02 15.46 2077.9 4imprint 1747 -2.00 1900 1177.06 2.00 24.81 4.4 Civitas SH 110.75 -1.25 113.50 102.50 - - 547.7 Babcock 937.00 -4.50 1112 780.00 2.75 15.49 2323.7 PPHE Htl 852.00 - 875.00 651.50 2.35 10.27 2.7
Dialight 1032 -16.00 1115 484.25 - -122.86 14.0 CrestNic 624.50 7.50 648.50 323.90 3.15 11.76 1263.7 Centaur 50.50 0.50 57.31 32.88 5.94 -13.29 22.6 Restaurt 361.40 10.80 437.50 229.85 4.81 -18.02 2412.0
Countrywd 175.00 2.00 375.00 147.96 8.57 21.79 747.2 Berendsen 1082 -10.00 1371 722.00 2.96 20.34 834.0
Halma 1146 12.00 1151 854.01 1.07 39.85 925.4 GamesWk 920.00 -6.00 990.00 420.00 5.65 24.04 44.1 DlyMailA 694.50 -7.50 836.00 571.00 3.17 35.62 1473.7 Stagech 211.30 -1.50 262.20 193.80 5.11 12.43 1092.2
DrwntLdn 2795 19.00 3507.8 2230 1.60 53.15 299.5 Bunzl 2428 -9.00 2587.89 1949.5 1.62 30.46 561.9
Morgan Ad 302.80 2.10 338.40 200.30 3.63 16.55 451.0 Gleeson 625.50 -13.50 695.00 385.00 2.32 14.43 25.0 HaynesPb 163.50 - 166.13 95.00 4.59 -15.00 0.3 ThomasCook 92.30 -0.90 97.03 52.60 0.54 131.86 3665.8
Gt Portld 641.00 11.50 824.21 562.63 1.42 3.96 2108.7 Capita 567.00 -2.50 1097 431.30 5.70 102.16 2364.8
OxfordIn 1134 65.00 1139 610.00 1.15 118.13 79.7 Headlam 610.00 -5.00 654.50 408.00 3.51 16.67 52.9 ITE Grp 158.00 -4.75 181.25 49.40 2.85 -27.24 389.9 TUI 1192 23.00 1231 813.00 4.01 20.06 1594.3
Green Reit 1.40 0.00 1.53 1.19 - - 61.7 Comnsis 52.00 2.00 57.50 32.50 3.96 7.46 209.5
Renishaw 3695 40.00 3703 1720 1.26 38.94 126.5 McBride 195.75 -3.25 207.25 127.00 - 21.05 28.0 ITV 198.90 -1.30 221.76 141.00 3.27 17.92 15204.3 Whitbrd 4229 -13.00 4380 3283 2.14 19.48 642.1
Hammersn 584.00 3.00 606.00 400.00 3.92 14.56 2147.4 ConnectGp 125.25 -0.75 168.00 121.00 7.58 9.35 381.5
Spectris 2608 10.00 2869 1604.32 1.90 29.81 345.1 McCarthy&S 182.30 0.10 243.24 129.36 2.47 14.02 5565.7 Pearson 700.00 1.00 989.50 552.00 7.43 -2.44 2961.1 Willim H 292.00 5.90 353.60 235.50 4.28 15.53 5761.4
Hansteen 127.70 -0.80 130.83 94.50 4.19 9.25 3345.3 DCC 7345 55.00 8029.92 5780 1.32 32.28 195.3
TT Elect 200.00 4.25 210.00 116.43 2.75 19.42 54.1 Persimn 2453 10.00 2475 1170 4.48 12.45 1031.6 Quarto 252.50 - 325.00 225.25 4.29 6.95 29.1 HIBERNIA 1.36 0.00 1.43 1.14 1.10 9.83 4206.3 DeLaRue 673.00 -3.00 690.00 458.34 3.71 14.57 330.4 Utilities
XP Power 2658 13.00 2750 1475 2.52 25.61 6.1 Philips 31.32 -0.17 33.34 20.90 2.51 24.85 1787.5 RELX NV 18.31 0.08 18.41 13.92 2.05 28.51 2138.6 INTU 270.20 0.50 319.90 254.70 5.07 24.13 5969.7 Diploma 1120 -5.00 1187 736.00 1.79 28.79 371.5
PZCusns 340.00 -3.00 374.60 291.70 2.39 24.30 469.6 RELX PLCX 1652 -2.00 1657.4 631.02 1.97 29.61 3044.3 Drax 346.00 3.90 393.20 273.10 0.78 7.36 1093.3
Financial General LandSecs 1074 -1.00 1209 810.00 3.33 15.93 1931.0 Elctrcmp 584.00 4.50 588.46 236.40 2.01 117.41 2003.0
ReckittBX 7926 57.00 7926 6496 1.85 30.90 1494.8 STV Grp 372.38 -6.63 440.00 300.00 2.95 11.67 2.1 Natl GridX 1089 -2.00 1252.36 969.71 4.34 18.35 8845.5
3i 888.50 20.00 892.50 468.50 2.10 5.30 3183.0 LondonMtrc 166.80 -1.00 170.10 133.90 5.43 185.33 1629.9 Essentra 573.50 6.00 855.50 366.70 3.61 -28.96 391.4
Redrow 564.50 -1.00 597.50 100.00 1.77 8.93 643.9 ThmReut C$X 58.84 0.04 62.83 50.01 3.21 28.51 156.5 Pennon 931.50 -3.50 958.00 761.00 3.47 25.24 1217.7
AberAsM 291.50 -1.20 354.40 212.50 6.69 23.10 1615.1 McKaySec 228.00 -0.25 240.00 140.00 3.86 14.64 78.9 Experian 1615 -26.00 1708 1224 1.93 24.11 3806.8
TaylorWm 201.30 1.60 207.20 109.44 0.85 11.25 14853.3 WPPX 1751 14.00 1928.07 1204 2.76 16.21 3412.1 UtdUtils 1041 6.00 1078 853.50 3.69 16.60 2568.1
BrewDlph 337.00 5.30 340.20 150.00 3.59 24.24 1034.8 MucklGp 498.75 -6.25 521.00 380.00 4.30 15.82 3.3 HarvyNah 79.13 1.25 82.25 50.34 4.87 9.70 203.4
AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Leeds 36.00 - 43.35 32.00 - 8.18 10.0 WalkerGb 213.50 - 224.00 155.15 1.41 26.42 340.0 ShantaGold 7.88 -0.13 13.38 5.75 - -3.11 1493.7 LXB Retail 39.50 0.63 70.07 33.50 - - 150.5 Tribal Grp 92.00 -0.63 94.50 46.00 - -131.43 39.1
Cohort 440.50 -9.50 468.00 276.00 1.20 23.46 32.2 MattioliWds 819.50 - 858.30 435.00 1.34 38.84 3.9 Stratex 1.53 0.03 2.57 1.41 - -3.39 812.7 Palace Cap 382.50 15.00 390.00 300.00 4.18 14.33 122.9 Utilityws 126.00 - 202.50 112.00 5.16 -67.02 112.4
Miton 38.50 -0.25 42.25 20.00 1.74 20.26 452.4
Industrial Engineering PnthrSec 317.50 - 403.00 285.00 1.89 -57.73 10.0
Banks Numis 256.25 -5.75 292.38 175.00 2.54 13.93 521.2 600 Grp 12.50 - 14.50 7.25 - 9.01 13.0 Oil & Gas SIR 347.00 - 353.90 257.75 1.69 7.32 68.9
Tech - Hardware
Caribbean Inv 11.75 - 35.00 6.00 - -2.54 12.9 Park Grp 83.25 0.63 87.99 59.25 2.94 16.07 25.1 MS Intl 157.50 -7.50 184.50 138.00 5.08 19.21 19.4 AmeriRes 26.00 1.50 32.75 19.75 - -15.45 3182.5 SumGermny 1.10 0.01 1.12 0.85 2.31 7.29 41.5 AminoTech 209.00 - 222.00 100.00 2.69 55.44 149.8
PolarCap 391.75 -1.50 420.00 262.00 6.38 19.46 40.9 Pres Tech 155.00 3.50 244.95 120.00 5.42 32.20 10.8 AndesEnrg 60.75 0.75 68.59 13.70 - -23.40 66.8 TaliesinPr 3572.5 -17.50 3720 2696 - 6.63 1.7 IQE 69.00 0.25 72.50 16.00 - 18.75 2610.9
Basic Resource (Ex Mining) TP Group 6.50 - 9.00 3.13 - -130.00 101.6 BorSthnPet 2.40 -0.13 5.88 1.46 - -5.94 325.5
Share 24.75 - 30.00 24.00 2.51 54.04 11.3 Tech - Software & Services
CropperJ 1505 - 1535 705.00 0.62 36.98 1.0
ShoreCap 252.50 - 315.00 210.00 - 43.53 0.8 ClontarfEn 0.34 -0.02 1.08 0.15 - -8.38 1398.1 Retailers
Industrial General Egdon Res 8.75 0.13 20.33 7.10 - -4.09 212.4 ASOS 6370 -24.00 6444 3303 - 140.93 233.9 Brady 77.00 - 83.75 58.00 2.40 -36.90 48.9
Chemicals STM Group 40.00 2.00 60.00 30.30 3.50 10.34 223.7 RM2 19.00 0.50 35.20 16.16 - -1.69 371.2 Eckoh 46.63 0.13 55.00 30.00 0.97 67.57 62.6
Ithaca Engy 112.00 -0.25 121.00 48.88 - -10.65 55.9 Koovs 34.00 -0.75 96.90 32.20 - -1.05 97.7
Scapa 482.75 -2.50 489.00 224.75 0.36 70.99 767.0 Food & Beverages EgSoltns 88.25 2.25 95.70 40.00 - 126.07 5.0
Insurance PetrelRes 3.88 - 8.30 3.75 - -24.53 30.1
Support Services Ingenta 200.00 -1.50 225.03 110.00 - 33.44 6.0
Construction & Materials FinsbryFd 116.50 -0.50 139.00 102.25 2.23 19.42 86.0 Helios 161.50 -1.00 185.60 135.00 0.93 13.61 0.6 Rockhop 21.25 -0.25 40.10 18.64 - 1.19 717.1
Nichols 1814 -9.00 1959 1373 1.41 28.03 18.8 Sound Energy 68.00 0.25 102.00 15.52 - -26.98 3753.2 AndSyks 495.00 -5.00 530.00 295.00 4.81 14.45 5.3 Iomart 300.00 1.00 325.00 226.00 1.05 27.25 495.7
Abbey 1220 - 1269 925.00 1.03 6.77 0.1
RealGdFd 36.50 - 44.23 23.77 - 6.26 113.1 Media UnJackOil 0.14 -0.02 0.22 0.12 - -6.75 19450.2 Begbies 51.00 - 54.00 38.45 4.31 510.00 54.0 K3BusTc 160.50 -1.50 365.00 140.00 0.93 13.05 9.1
AccsysTch 76.50 0.38 80.00 51.73 - -18.81 60.2
Wynnstay 547.50 -12.50 685.00 371.18 2.08 18.37 15.2 Cello Gp 134.50 - 140.00 93.00 2.25 -47.03 917.1 Christie 84.50 1.50 102.10 71.00 2.96 16.10 25.8 Oxford Metrics 51.00 -1.00 53.80 40.13 1.27 29.31 65.9
Aukett 2.63 -0.38 4125 2.05 8.38 3.55 141.5 Pharmaceuticals & Biotech
M&Csaatc 359.50 9.00 383.75 275.25 2.07 1892.11 54.4 Empres 167.00 2.50 169.00 70.00 0.60 17.96 76.3 Progility 1.18 - 3.17 0.55 - -2.14 44.8
Electronic & Electrical Equip Health Care Equip & Services MissionMk 44.00 - 49.00 33.00 4.66 9.13 21.3 Abcam 978.50 -2.50 987.50 619.00 0.91 49.20 469.4 Gattaca 324.25 10.25 439.81 240.00 7.09 12.14 59.7 RhythmOne 42.75 0.25 50.00 18.50 - -9.54 1491.7
CeresPow 9.10 -0.15 11.00 6.79 - -7.17 23635.6 Advnc Med 278.50 1.50 288.00 180.00 0.31 37.74 399.9 YouGov 262.50 6.50 294.00 161.00 0.53 77.21 95.0 AllcePharm 53.25 - 54.00 40.50 2.07 10.80 665.9 Hargreaves 335.88 -2.25 348.82 162.00 0.68 -10.85 8.6 SciSys 111.00 0.50 117.99 66.23 2.08 14.80 73.8
ElektronT 7.75 - 9.00 5.01 - - 164.3 AVO 21.00 - 209.88 20.18 - -0.59 598.0 e-Thera 7.63 - 14.90 7.00 - -1.55 104.0 Impellam 787.50 -1.50 812.00 600.40 2.16 9.15 0.1 WANdisco 475.00 -25.00 541.00 120.00 - -10.95 33.0
FlowGp 1.03 - 15.88 0.97 - -0.19 3900.7 CareTech 399.00 - 410.00 228.00 2.11 11.03 8.7 Mining Genedrive 42.50 - 93.00 30.00 - -1.08 47.3 JhnsnSrv 129.75 -3.50 134.75 83.00 1.62 24.03 240.7
Tristel 210.00 1.00 214.96 87.11 1.59 28.00 24.8 AMC 6.05 -0.01 18.00 2.26 - -6.22 1015.9 HtchChMd 3137.5 37.50 3335.71 1728.8 - 193.84 1.0 LonSec 2000 - 2150 1550 4.00 17.79 0.0
Travel & Leisure
LPA 147.50 -1.50 206.00 103.00 1.36 13.00 10.3
BotswanaD 1.60 -0.03 2.40 1.13 - -10.67 498.2 Mereo Bio 322.00 -3.00 340.00 240.00 - -5.11 2.6 NewmkSec 1.40 - 2.99 1.00 7.14 4.52 204.1 Celtic 96.50 - 105.00 69.69 - 135.92 1.9
ThorpeFW 395.00 -1.50 412.50 203.00 1.03 32.67 5.4 House, Leisure & Pers Goods CentAsiaM 220.00 -1.00 263.00 135.75 6.95 11.76 39.5 ReNeuron 1.95 - 3.70 1.90 - -4.88 1698.0 NWF 136.50 - 181.00 132.00 3.96 11.19 10.2 ..6%CvPf 90.00 - 105.00 56.95 3.60 - 0.5
Zytronic 535.00 7.50 539.00 311.10 2.30 20.50 53.4
Airea 32.25 - 40.00 16.00 4.65 8.42 15.1 Connema 1.48 - 3.21 1.29 - -5.57 2.6 Sareum 0.88 - 1.73 0.56 - - 4600.2 Petards 33.75 0.25 38.89 11.75 - 20.83 172.9 ..Cv Pf 185.00 5.00 170.00 120.00 - - 0.4
Financial General Churchll 1045 -2.50 1178.5 675.00 1.82 0.22 4.9 C'royG&NR 13.63 - 50.00 11.50 - -4.08 3.1 Vernalis 18.25 -0.50 49.75 16.00 - -5.70 189.6 RedhallGp 10.63 - 12.90 5.65 - -31.25 44.7 Cortex Holdings 36.50 1.25 37.45 27.00 - 6.51 119.4
Arbuthnot 1479.5 -2.50 1770.55 1165 2.03 -399.86 0.9 gamingrealms 13.13 - 21.00 10.92 - -3.39 30.0 GrekaDrill 2.89 0.13 4.75 1.70 - -2.32 250.0 Renew 450.00 -10.00 490.00 290.17 1.78 27.36 252.9 Dart 628.50 3.50 657.00 354.50 0.64 8.87 562.1
BP Marsh 204.00 - 222.00 146.00 1.35 6.85 28.6 Mulberry 1055.5 -24.50 1174.5 911.39 0.47 285.27 5.3 HighldGld 154.00 1.25 195.50 81.00 3.25 55.64 2124.6
Real Estate Restore 418.50 5.00 436.20 252.04 0.84 42.70 391.1 GoalsSocc 110.50 -2.00 122.40 90.00 1.81 -10.63 13.4
Camellia 10843.5 69.00 11600 7300 1.20 32.20 0.4 Portmern 887.50 5.00 1180.36 740.00 3.38 14.24 18.9 KarelianDd 0.50 -0.03 1.09 0.40 - -7.35 24148.6 InlandHms 60.88 -1.13 76.75 46.05 2.14 11.07 414.1 SafeCharge 285.50 2.50 295.50 183.00 4.08 20.37 74.8 MinoanGp 10.00 - 12.75 5.82 - -9.80 197.6
Fairpoint 10.63 0.13 131.65 10.50 61.65 -0.74 155.1 TelfordHms 430.50 11.25 434.75 254.01 3.30 20.40 985.6 OracleC 2.70 -0.05 3.65 2.10 - -27.00 178.6 Lok'nStor 455.00 - 500.00 265.00 1.98 38.82 6.1 Servoca 27.00 - 28.70 18.00 1.11 12.74 22.3 PeelHtls 145.50 - 149.00 93.00 1.37 23.10 2.2
Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) Edin Inv 765.00 -1.00 770.00 618.00 3.18 810.7 -5.6 JPMElct MC 101.00 - 103.00 97.00 0.35
102.2 -1.2 RIT Cap 1860 -17.00 1934.22 1529 1.67 1794.2 3.7 Conventional - Property ICs 52 Week Dis(-) Infra India 6.00 -0.13 15.00 4.00 - 50.5 -88.1
Price +/-Chg High Low Yld NAV or Pm Edin WWd 617.00 - 623.50 398.16 - 647.0 -4.6 ..MG 752.50 11.00 753.88 560.00 1.34
769.0 -2.1 RobecoNV 30.38 - - - - - - Price +/-Chg High Low Yld NAV or Pm
3i Infra 198.80 -0.40 203.40 165.00 3.72 170.4 16.7 EP Global 302.13 -0.13 304.50 200.00 1.03 317.8 -4.9 ..MI 112.50 - 114.71 92.00 3.47
116.2 -3.2 RolincoNV 28.32 - - - - - - Direct Property
AbnAsianIn 211.00 -3.00 215.75 157.91 4.03 225.0 -6.2 Euro Ast
EuroInvT
1277.5
910.00
-
-10.00
1282
922.00
915.00
600.00
6.17
1.76
1289.1
1031.6
-0.9
-11.8
JPM Emrg
JPM EurGth
795.00
302.38
-3.00 798.50
0.38 306.00
560.25
205.83
0.75
908.0
1.93
333.9
-12.4
-9.4
Ruffer Inv Pr
Schroder ToRt
238.88
294.63
-0.63
-0.13
240.00
299.00
191.00
195.50
1.42
1.29
231.5
306.1
3.2
-3.7
AEW UK REIT 103.75 - 104.50 89.50 7.23 96.0 8.1 Guide to FT Share Service
AbnAsian 1037 -3.00 1040.02 777.08 1.01 1197.8 -13.4 CustdnREIT 113.50 - 114.25 99.00 5.58 101.9 11.4
Abrdn Div I&G 114.50 -0.75 124.50 93.43 5.77 124.8 -8.3 F&C Cp&I 322.50 1.50 324.00 244.93 3.21 321.7 0.2 JPM EurInc 163.25 -0.25 166.50 104.98 2.91
175.2 -6.8 SchdrAsiaP 407.75 -0.63 410.00 254.00 1.03 454.8 -10.3
F&CComPrp 147.70 -0.80 151.80 98.00 4.06 139.4 6.0
AbnEmgMkts 578.50 10.25 578.50 388.75 - 660.0 -12.3 F&CGblSmlr 1296 -7.00 1310 927.48 0.83 1293.7 0.2 JPM EuSm 375.50 3.00 376.19 248.79 0.85
417.4 -10.0 Schdr Inc 296.75 -1.50 299.00 224.50 3.47 320.3 -7.4
F&CUKRealE 103.50 -0.50 104.48 76.40 4.83 98.3 5.3
AbnJapInv 553.00 -1.50 565.00 435.00 0.76 639.7 -13.6 F&CMgdG 189.00 - 191.00 139.00 - 185.7 1.8 JPM Clavr 683.00 -1.75 702.43 520.00 3.15
743.6 -8.1 SchdrJap 196.88 1.25 202.00 131.96 1.42 211.1 -6.7 For queries about the FT Share Service pages e-mail
Longbow 102.75 -0.38 106.50 98.00 5.84 102.0 0.7
AbnLatAmIn 71.88 0.13 77.25 50.22 4.87 82.9 -13.3 F&CMgdI 140.50 - 143.00 106.50 2.88 137.1 2.5 JPMGIConv 98.75 3.00 98.75 85.37 4.56
100.8 -2.0 SchdrOrient 246.25 -1.25 250.75 176.00 3.29 244.1 0.9 ft.reader.enquiries@morningstar.com.
PictonProp 85.25 -0.25 86.00 56.88 3.87 81.0 5.2
AbnNewDn 220.25 -1.25 222.00 145.25 1.77 254.2 -13.4 F&C UK HIT A 107.00 0.50 107.10 86.98 4.36 115.0 -7.0 JPM GEI 125.50 0.25 129.00 83.00 3.90
130.5 -3.8 SchdrUK 175.50 -1.25 177.25 139.03 2.96 203.6 -13.8 All data is as of close of the previous business day. Company classifications
SLIPropInc 88.75 0.25 92.50 64.41 6.38 80.2 10.7
AbnNewIndia 454.88 -1.25 463.00 317.50 - 503.5 -9.7 F&C UK HIT B 106.50 0.25 107.00 86.00 4.38 114.9 -7.3 JPM Gl Gr&Inc 303.25 -0.25 397.43 182.00 1.78
309.2 -1.9 SchdrUKMd 528.00 -3.50 535.50 352.56 1.79 617.4 -14.5 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
UKComPrp 87.25 -0.15 91.55 65.00 4.22 88.3 -1.2
AbnNewThai 527.50 0.50 539.00 371.00 1.61 623.7 -15.4 F&C UK HIT UNIT 419.00 - 420.00 335.00 3.34 460.1 -8.9 JPM I&C Uni 369.50 - 371.30 306.50 - 397.2 -7.0 ScotAmer 354.25 - 355.00 257.00 3.03 334.0 6.1 100 constituent stocks are shown in bold.
AbnSmlInCo 241.50 -1.50 245.00 173.00 3.48 303.8 -20.5 FidAsian 399.25 -1.50 404.00 255.79 1.13 402.3 -0.8 JPM Ind 712.50 -7.50 738.50 495.00 - 797.8 -10.7 Scottish Inv 805.00 -2.00 815.50 574.66 1.58 891.8 -9.7 Property Securities
TR Prop 347.20 -3.30 351.30 241.70 2.40 382.7 -9.3 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Abf Gd Inc 247.00 -0.13 258.00 163.00 3.64 257.1 -3.9 FidChiSpS 201.70 -1.60 204.50 131.00 0.89 234.4 -14.0 JPM JpSm 346.50 -0.25 347.00 265.00 - 399.4 -13.2 ScottMort 398.80 -1.20 400.10 245.07 0.74 385.4 3.5
are based on intra-day trading over a rolling 52 week period. Price/earnings
Abf Sml 1314 -19.00 1344 835.00 1.98 1499.4 -12.4 Fid Euro 217.80 -2.20 221.00 151.20 1.53 238.0 -8.5 JPM Jap 363.13 - 366.50 284.00 1.01
414.1 -12.3 ScottOrtll 1024 12.00 1042.16 739.32 1.12 1148.5 -10.8 VCTs 52 Week Dis(-) ratios (PER) are based on latest annual reports and accounts and are updated
AcenciADbt $ 1.58 0.01 1.61 1.31 3.55 1.7 -7.1 Fid Jap 112.88 0.50 114.00 86.00 - 134.3 -15.9 JPM Mid 1056 -1.00 1075.67 760.00 1.89
1200.4 -12.0 SecTstScot 169.75 -0.25 173.00 126.00 3.42 181.6 -6.5 Price +/-Chg High Low Yld NAV or Pm with interim figures. PER is calculated using the companys diluted earnings
Alliance 700.50 -2.50 705.50 480.20 1.84 740.9 -5.5 Fid Spec 242.25 -1.25 251.93 168.70 1.53 254.8 -4.9 JPMRussian 476.00 2.88 565.00 329.26 2.73
561.9 -15.3 Seneca I&G 174.00 -0.13 174.25 137.00 3.44 171.2 1.6 AlbionDev 67.50 - 69.50 63.00 7.41 72.0 -6.2 from continuing operations. Yields are based on closing price and on dividends
AllianzTech 1011 9.25 1015 565.00 - 1061.0 -4.7 FinsG&I 732.00 -1.50 736.22 521.00 1.89 731.2 0.1 JPM Smlr 949.75 -3.50 955.00 669.79 1.93
1172.4 -19.0 Shires Inc 249.75 -1.50 259.75 186.44 4.90 285.3 -12.5 Albion Ent 95.00 - 97.00 83.00 5.26 98.6 -3.7 paid in the last financial year and updated with interim figures. Yields are
Art Alpha 289.63 - 306.00 204.75 1.35 363.0 -20.2 FstPacfic HK HK$ 6.16 0.06 6.35 4.78 2.29 - - JPM US Sml 262.25 0.50 292.29 163.00 - 278.6 -5.9 StdLf Eqt 445.75 1.25 449.50 360.00 3.54 474.4 -6.0 AlbionTech 68.50 - 70.50 61.00 7.30 71.1 -3.7 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
..Sub 2.75 - 4.00 1.20 - - - For & Col 585.00 -6.00 591.00 343.50 1.68 632.0 -7.4 KeystoneInv 1825 -5.00 1838 1502.5 2.79
2010.7 -9.2 StdLf Sml 441.38 -1.13 447.54 258.00 1.50 468.8 -5.8 AlbionVCT 67.00 - 68.94 62.00 7.46 73.8 -9.2 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Aurora Inv 201.00 - 201.00 149.00 0.50 197.7 1.7 Geiger 19.25 0.13 33.50 12.35 - 20.5 -6.1 Law Deb 580.00 -2.00 606.00 445.15 2.79
639.7 -9.3 StrategicEq 218.38 0.63 221.78 169.03 0.36 257.9 -15.3 ArtemisVCT 74.50 1.00 79.70 55.50 5.37 83.4 -10.7 capital changes where appropriate.
Axiom 101.50 - 102.00 91.00 - 101.2 0.3 GenEmer 661.00 -7.00 670.50 482.30 - 753.1 -12.2 Lazard WorldTst 337.75 -0.63 343.25 231.00 1.95
385.8 -12.5 Temp Bar 1307 -12.00 1331.78 959.00 3.07 1357.8 -3.7 Baronsmead 2nd VT 88.75 - 97.40 82.00 16.34 93.1 -4.7
BG Japan 650.00 3.50 695.50 419.70 - 633.0 2.7 GRIT 11.38 0.38 13.00 4.81 - 20.3 -43.9 LinTrain 787.50 - 932.50 550.00 1.03
634.9 24.0 TempEmerg 685.00 -5.00 693.50 438.00 1.20 794.2 -13.7 Trading volumes are end of day aggregated totals, rounded to the nearest
BSC VCT 77.00 - 108.00 73.50 7.14 98.2 -21.6
BG Shin 656.00 4.50 658.00 451.00 - 650.5 0.8 GoldenPros 36.50 - 58.50 28.50 - 42.7 -14.5 Lowland 1535 -20.00 1570 1117.03 3.52
1638.0 -6.3 TRIG 111.70 -0.10 112.30 88.75 6.98 100.3 11.4 1,000 shares.
..VCT2 56.50 - 61.00 54.75 7.96 60.4 -6.5
Bankers 782.00 -8.00 800.00 546.00 2.03 829.1 -5.7 Hansa 903.50 8.00 945.00 684.94 1.77 1314.9 -31.3 Majedie 294.00 -4.50 313.50 244.50 2.98
324.8 -9.5 ThreadUKSel 213.50 0.50 214.00 151.95 2.11 226.4 -5.7 Crown Place 29.00 - 29.49 24.75 7.76 31.0 -6.5 Net asset value per share (NAV) and split analytics are provided only as a
BH Global 1282.5 -2.50 1328 1180 - 1431.0 -10.4 ..A 895.00 - 913.80 675.00 1.79 1314.9 -31.9 Man&Lon 347.00 -6.00 365.81 224.25 0.65
420.0 -17.4 TREurGth 1016 3.00 1027 580.00 0.89 1138.9 -10.8 Inc&GthVCT 83.00 - 100.00 81.00 14.46 93.4 -11.1 guide. Discounts and premiums are calculated using the latest cum fair net
..USD $ 12.90 0.05 13.30 11.80 - 14.2 -9.2 Hend Alt 272.38 -2.38 301.38 205.00 1.21 329.5 -17.3 MCAsiaUncnst 384.00 0.13 387.00 258.86 2.04
441.1 -12.9 TroyInc&G 82.13 -0.25 82.75 67.00 3.01 81.5 0.8 KingsAYVCT 20.75 - 21.25 17.00 4.82 21.7 -4.4 asset value estimate and closing price. Discounts, premiums, gross redemption
BH Macro 2042 -1.00 2160 1870 - 2182.0 -6.4 Hen Div Inc Tr 93.00 - 95.50 87.43 5.48 89.8 3.6 MCGlobPort 235.13 -0.75 239.60 168.00 1.77
236.1 -0.4 UtilicoEmg 223.50 1.50 225.50 165.00 2.91 244.5 -8.6 Nthn 2 VCT 74.00 1.50 81.00 65.50 7.43 75.8 -2.4 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..EUR 19.78 - 20.85 18.10 - 21.2 -6.7 HenEuroF 1368.5 -6.50 1395 873.00 1.93 1371.5 -0.2 Marwyn Val 163.00 -0.25 166.00 134.50 - 232.5 -29.9 UtilEmSubs 32.13 0.25 33.44 12.00 - - - Nthn 3 VCT 101.00 - 103.00 85.00 5.45 106.2 -4.9 are displayed as a percentage, NAV and terminal asset value per share (TAV)
..USD $ 20.23 0.06 20.81 17.90 - 21.8 -7.2 HenEuro 1131 -9.00 1150 764.98 1.77 1187.4 -4.7 MercantIT 1967 - 1967 1369 2.22
2195.7 -10.4 UIL Inv 168.00 1.25 193.55 111.50 4.46 218.8 -23.2 NthnVent 83.50 - 86.50 68.00 7.19 79.3 5.3 in pence.
BiotechGth 710.75 -7.00 790.00 517.86 - 759.5 -6.4 HenFarEs 362.75 -2.25 370.50 269.00 5.57 358.9 1.1 MrchTst 486.50 -3.75 495.00 375.00 4.95
515.2 -5.6 ValAndInc 275.13 -0.50 277.00 220.50 3.34 332.4 -17.2 ProVenGI 74.50 - 77.69 70.00 8.05 81.1 -8.1
BlckRCom 72.88 -1.25 92.75 53.00 7.55 75.7 -3.7 HenHigh 198.88 -0.75 201.50 156.63 4.60 194.9 2.0 Mid Wynd 441.50 1.50 443.00 330.00 1.02
441.7 0.0 VEIL 348.00 0.75 350.00 255.54 - 411.8 -15.5 X FT Global 500 company
ProVenVCT 94.50 - 97.00 89.50 6.88 102.6 -7.9
BlckREmEur 333.00 3.38 344.00 215.00 - 357.2 -6.8 HenInt Inc 157.25 - 159.00 119.00 2.99 157.2 0.0 Miton Global 248.50 - 249.99 159.00 - 254.7 -2.4 Witan 1012 -4.00 1022.13 710.00 1.72 1032.4 -2.0 trading ex-dividend
UnicornAIM 145.00 - 147.20 129.00 4.31 169.7 -14.6
BlckRFrnt 150.25 -0.25 151.75 106.50 3.46 146.2 2.8 Hen Opp 963.75 8.50 996.81 676.50 1.92 1165.6 -17.3 MitonUKMic 62.25 -0.13 64.50 49.00 0.2264.7 -3.8 WitanPac 309.75 -4.75 318.69 223.48 1.52 359.7 -13.9 trading ex-capital distribution
BlckRGtEur 316.75 -4.25 321.00 231.00 1.67 330.3 -4.1 HenSmlr 797.75 -6.50 809.44 511.38 1.88 918.7 -13.2 Monks 699.00 -3.00 875.50 400.00 0.57
692.0 1.0 WwideHlth 2370 -10.00 2468.73 1708 0.70 2356.4 0.6 Ordinary Income Shares 52 Week HR # price at time of suspension from trading
BlckR I&G 205.00 -0.50 206.00 169.00 2.93 212.6 -3.6 Herald 986.00 -4.00 999.00 638.65 - 1238.2 -20.4 MontanSm 783.25 -1.75 790.00 507.41 0.96
892.6 -12.3 Price +/-Chg High Low Yld WO GRY 0%
Conventional - Private Equity 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
BlckRckLat 418.50 -1.13 469.00 304.30 3.74 483.0 -13.4 HICL Infra 171.40 -0.10 185.50 158.80 4.35 146.9 16.7 Mur Inc 816.75 -1.00 820.45 598.50 3.95
893.2 -8.6 JPM I&C 95.00 - 97.00 68.00 7.58 -47.4 3.5
Price +/-Chg High Low Yld NAV or Pm JupiterDv&G 3.88 - 5.50 2.25 29.68 53.2 -90.5 No offer is made by Morningstar or the FT. The FT does not warrant nor
BlckRckNrAm 154.75 - 177.00 116.41 2.97 167.7 -7.7 Highbridge Multi 208.13 0.88 211.00 176.10 - 213.8 -2.7 Mur Int 1248 -15.00 1266 896.00 4.57
1216.4 2.6
Impax Env. 231.88 -1.13 234.00 166.00 0.63 261.8 -11.4 NewCtyEgy 16.50 - 17.25 9.00 - - - AbnPvtEq 121.38 0.25 123.00 84.69 1.82 145.7 -16.7 Rghts&Icp 2129 15.00 2129 1220 1.69 - - guarantee that the information is reliable or complete. The FT does not accept
BlckRSmlr 1247.5 -9.50 1268.5 725.00 1.48 1395.6 -10.6
Ind IT 514.00 4.50 811.00 322.35 1.56 534.4 -3.8 NewCityHY 62.50 0.13 63.50 53.00 6.9859.2 5.6 Altamir 15.65 0.13 16.50 9.55 3.51 21.9 -28.5 responsibility and will not be liable for any loss arising from the reliance on
BlckRThrmt 434.25 -2.25 439.40 264.50 1.54 520.3 -16.5 Zero Dividend Preference Shares 52 Week HR
IntBiotech 581.50 6.00 630.00 392.13 1.98 602.2 -3.4 New Star IT 104.00 -1.00 109.50 72.00 0.29
147.7 -29.6 Electra 2737 -49.00 5154.9 2416 5.63 2932.6 -6.7 or use of the information.
BlckRWld 342.00 2.50 405.00 222.00 5.26 384.4 -11.0 Price +/-Chg High Low SP WO TAV 0%
Intl PP 161.10 - 164.60 144.00 4.07 143.5 12.3 NorthAmer 1177 0.50 1299 838.75 2.93
1290.1 -8.8 F&C PvtEq 362.13 -0.13 366.00 230.88 3.30 345.1 4.9
Brit Emp 679.00 -2.00 690.00 435.90 1.72 763.9 -11.1 Abf Gd Inc 158.63 -0.25 160.40 152.75 - - 159.7
InvAsTr 269.50 - 274.00 176.00 1.35 303.5 -11.2 NthAtSml 2710 -19.50 2790 2025 -3194.5 -15.2 HVPE 1300 -1.00 1310 875.00 - 1458.6 -10.9 The FT Share Service is a paid-for-print listing service and may not be fully
Brunner 701.00 -0.50 708.00 497.50 2.18 801.9 -12.6 JPM I&C 187.50 - 189.40 176.50 -50.8 - 192.1
Inv Inc 306.88 0.38 307.00 245.00 3.34 346.6 -11.5 Oryx Int 692.50 - 705.00 570.25 - 844.7 -18.0 HgCapital 1520 -9.00 1620 1090 2.63 1647.3 -7.7 representative of all LSE-listed companies. This service is available to all listed
Caledonia Inv 2846 - 2884 2055 1.85 3476.0 -18.1 JupiterDv&G 141.00 0.50 142.90 113.00 -5.3 - 145.0
InvPerp 80.25 0.50 80.94 69.50 4.67 77.2 4.0 PacAsset 257.00 -2.75 263.50 179.00 0.86
253.8 1.3 ICG Ent Tr 764.00 2.50 768.00 523.00 2.09 869.3 -12.1 companies, subject to the Editors discretion. For new sales enquiries please
CanGen C$ 21.79 -0.36 23.03 17.25 3.07 29.5 -26.1 UILFn18 155.13 0.13 156.50 146.00 -68.2 -96.1 160.5
IPST BalR 132.50 0.50 133.64 120.75 - 135.0 -1.9 PacHorzn 255.00 -1.75 259.16 161.00 0.14
282.4 -9.7 JZ Capital 566.00 - 578.00 385.00 - 807.4 -29.9 email daniel.fish@ft.com or call +44 (0)20 7873 4571.
Cap Gear 3899 5.00 3910 3321 0.51 3848.8 1.3 UILFn20 137.38 0.25 137.75 127.00 -27.7 -37.4 154.9
IPST Gbl Eq 197.25 -1.25 200.40 149.60 3.04 198.9 -0.8 Perp I&G 405.50 -0.10 407.80 330.00 3.18
440.6 -8.0 Mithras 218.50 1.00 223.00 144.00 0.46 226.2 -3.4
City Merch 198.63 0.25 199.00 170.19 5.03 195.3 1.7 UIL Finance 2022 ZDPs 111.25 -0.13 111.75 100.00 -12.7 -17.8 147.0
NB PE Ptnr 1074 -6.00 1086.63 9.85 - 1222.2 -12.1
CityNatRs 113.38 -0.25 149.00 88.75 4.94 136.2 -16.8 IPST Mngd 101.25 -0.25 101.80 100.00 1.38 103.1 -1.8 PerAsset 41240 -10.00 41391.78 36228.4 1.36
40726. 1.3
Nthn Invs 425.00 -250.00 695.00 105.00 5.65 536.6 -20.8 Data provided by Morningstar
City Lon 436.50 -1.40 438.50 340.00 3.68 430.3 1.4 IPST UK Eq
InvPpUK
192.00
479.75
0.50
0.88
193.50
493.45
154.00
329.00
3.41
3.00
193.1
509.6
-0.6
-5.9 PolarFins 132.88 0.13 137.08 91.50 2.43 139.7
5
-4.9 Pantheon 1795 -5.00 1810 1190 - 2129.3 -15.7 Investment Companies - AIM
DiverseInc 102.00 - 102.61 72.50 2.75 100.1 1.9
JLaingInf 139.30 -0.30 141.10 120.60 4.90 119.2 16.9 ..Sub 13.75 - 16.40 2.10 - - - PantheonR 1632.5 -7.50 1650 1152 - 2129.3 -23.3
Dun Inc 269.63 -1.13 272.00 202.00 4.23 297.9 -9.5 52 Week Dis(-)
JPM Amer 378.30 -3.50 393.70 280.10 1.26 398.0 -4.9 PolarHealth 204.38 1.25 214.75 154.00 2.03 207.5 -1.5 PrincssPE 10.19 -0.28 10.74 6.91 4.50 10.8 -5.6
Dun Sml 243.50 -0.13 249.00 173.75 2.46 294.2 -17.2 Price +/-Chg High Low Yld NAV or Pm
JPM Asn 324.75 1.75 324.75 206.25 0.92 356.1 -8.8 PolarTech 1010 -2.00 1021 568.00 - 1008.2 0.2 Riverstone 1260 -20.00 1358 784.50 - 1584.8 -20.5
EcofinGlobal 124.88 -2.25 135.50 106.00 - 144.1 -13.3 AbnFrntrMkts 65.50 -0.50 72.57 50.00 1.5 71.6 -8.5
JPM Brazil 62.13 0.63 71.50 41.50 0.80 72.9 -14.8 ProspJap $ 1.09 0.03 1.30 0.89 - 1.2 -9.2 StdLfPv 319.75 -0.25 327.00 209.15 1.66 357.6 -10.6
EdinDragn 351.75 0.75 352.00 238.00 0.91 397.3 -11.5 CrysAmber 233.00 -3.00 248.70 140.00 3.2 232.5 0.2
..CULS 108.00 - 109.50 100.50 - - - JPM China 237.00 -0.75 240.00 151.30 0.76 273.8 -13.4 QatarInvF $ 1.03 0.01 1.20 1.00 3.74 1.2 -14.2 IndiaCap 94.75 - 102.00 58.02 - 110.3 -14.1
www.morningstar.co.uk
22 FINANCIAL TIMES Wednesday 31 May 2017
Baring European Growth Trust GBP Inc 1376.00 - 1.00 - (LF) Eq Mena Fund 13.27 - 0.05 0.00 European High Income Acc F 100.67 - -0.31 3.75 Invesco Global Structured Equity A $ 49.50 - -0.04 0.78 Aggressive Strategy 2.3540 - 0.0130 0.00
Baring German Growth Trust GBP Acc 864.30 - 0.50 - (LF) Greek Government Bond 23.04 - 0.00 0.00 European High Income Inc F 68.94 - -0.21 3.83 Invesco Global Total Ret.(EUR) Bond Fund A 13.72 - 0.00 - Global USD Growth Strategy $ 1.5470 - -0.0020 0.00
Abbey Life Assurance Company Limited (UK) Franklin Templeton International Services Sarl (IRL)
100 Holdenhurst Road, Bournemouth BH8 8AL 0345 9600 900 Baring German Growth Trust GBP Inc 782.50 - 0.50 - (LF) Greek Corporate Bond 13.62 - 0.01 0.00 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland European Opportunities Inc F 100.99 - -0.75 1.48 Invesco Gold & Precious Metals A $ 5.52 - -0.02 0.00 Dealing Daily
additional fund prices can be found @ www.abbeylife.co.uk Baring Global Growth Trust GBP Inc 515.70 - -1.30 - (LF) FOF Dynamic Fixed Inc 12.43 - 0.01 0.00 Other International Funds European Opportunities Acc F 106.10 - -0.79 1.46 Invesco Greater China Equity A $ 55.53 - 0.01 0.00
Insurances Baring Japan Growth Trust GBP Acc 192.90 - 0.70 - (LF) FOF Real Estate 16.64 - -0.03 0.00 Franklin Emerging Market Debt Opportunities Fund Plc European Smlr Cos Acc F 247.15 - -1.14 0.88 Invesco India Equity A $ 65.20 - 0.01 0.00 Lothbury Property Trust (UK)
Life Funds Franklin Emg Mkts Debt Opp CHFSFr 23.67 - 5.49 5.95
Baring Korea Trust GBP Acc 341.00 - -1.00 0.00 Global Bond Acc F 138.28 - -0.38 - Invesco Japanese Equity Adv Fd A 4277.00 - 2.00 - 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
Prop. Acc. Ser 2 1512.00 1591.60 0.20 - Franklin Emg Mkts Debt Opp EUR 12.94 - 0.05 5.89 Property & Other UK Unit Trusts
Baring UK Growth Trust GBP Inc 295.40 - -0.50 - Global Bond Inc F 89.23 - -0.25 - Invesco Japanese Value Eq Fd A 1371.00 - 4.00 -
Selective Acc. Ser 2 1827.70 1923.90 -1.40 - Cheyne Capital Management (UK) LLP (IRL) Franklin Emg Mkts Debt Opp GBP 11.09 - -0.26 6.31 Lothbury Property Trust GBP 1844.59 1988.08 20.63 3.27
Baring Strategic Bond Fund GBP Inc 117.00 - -0.10 - Glbl Distribution Acc 60.07 - -0.01 4.33 Invesco Latin American Equity A $ 6.99 - -0.02 -
American Ser. 4 2264.80 2384.00 4.60 - Regulated Franklin Emg Mkts Debt Opp SGD S$ 17.86 - -6.17 5.98
Baring Dynamic Capital Growth Fund GBP Acc 734.20 - 0.90 2.62 Glbl Distribution Inc 53.67 - -0.01 4.34 Invesco Nippon Small/Mid Cap Equity A 1335.00 - 11.00 -
Custodian Ser. 4 552.70 581.80 0.30 - Cheyne Convertibles Absolute Return Fund (D) 1425.43 - 0.96 0.00 Franklin Emg Mkts Debt Opp USD $ 18.13 - -0.27 5.87
Baring Dynamic Capital Growth Fund GBP Inc 283.30 - 0.40 2.68 Global Emerging Markets Acc F 347.03 - -1.10 0.55 Invesco Pan European Equity A EUR Cap NAV 20.69 - -0.02 0.00
Equity Ser. 4 667.10 702.20 0.50 - Cheyne Global Credit Fund (D) 125.00 - -0.02 0.00
UK Authorised Open-Ended Investment Company Global Emerging Markets Inc F 310.98 - -0.98 0.55 Invesco Pan European High Income Fd A 14.68 - 0.00 -
European Ser 4 744.30 783.50 -2.00 - Cheyne European Mid Cap Fund (W) 1058.06 - -6.66 0.00
Baring Multi Asset Fund GBP Acc 173.90 - 0.10 - Frontier Capital (Bermuda) Limited Global Equity (acc) F 621.67 - -2.70 0.97 Invesco Pan European Small Cap Equity A 24.24 - 0.05 0.00
Fixed Int. Ser. 4 964.20 1014.90 0.90 - Baring Multi Asset Fund GBP Inc 163.00 - 0.10 - FIL Investment Services (UK) Limited (1200)F (UK) Other International Global Equity (inc) F 557.35 - -2.42 0.98 Invesco Pan European Structured Equity A 18.95 - -0.02 -
Intl Ser. 4 570.60 600.60 0.80 - 130, Tonbridge Rd, Tonbridge TN11 9DZ
Common Investment Fund Cheyne Capital Management (UK) LLP Commercial Property-GBP Class 71.42 - -0.53 - Global Equity Income Acc F 156.18 - -0.43 3.15 Invesco UK Eqty Income A 35.31 - -0.13 -
Callfree: Private Clients 0800 414161
Japan Ser 4 475.20 500.20 1.70 - Baring Targeted Return Fund GBP Acc 164.10 164.70 0.30 2.82 Other International Funds Global Real Estate-GBP C Class 45.26 - -0.50 -
Broker Dealings: 0800 414 181 Global Equity Income Inc F 121.20 - -0.34 3.23 Invesco UK Investment Grade Bond A 1.08 - 0.00 -
Man. Ser. 4 1990.10 2094.80 2.70 - Baring Targeted Return Fund GBP Inc 121.30 121.80 0.20 2.88 Cheyne European Event Driven Fund (M) 143.68 - 4.28 - M & G Securities (1200)F (UK)
OEIC Funds Gbl Financial Capital Acc 99.71 - -0.26 4.19 Invesco US Structured Equity A $ 24.30 - 0.00 0.00 PO Box 9039, Chelmsford, CM99 2XG
Money Ser. 4 525.10 552.70 0.00 - Cheyne Real Estate Credit Holdings Fund (M) 174.46 - 0.95 0.00
Allocator World Fund N-ACC-GBP 1.57 - 0.00 0.90 Gbl Financial Capital Inc 78.08 - -0.21 4.34 Invesco US Value Eq Fd A $ 35.98 - -0.01 0.00 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196
Prop. Ser. 4 1083.40 1140.40 0.50 - Cheyne Real Estate Credit Holdings Fund III (M) 117.85 - 0.67 0.00 Authorised Inv Funds
BlackRock (JER) American Fund W-ACC-GBP 36.91 - 0.02 - Global Opportunities Acc F 133.98 - -0.25 0.29 Invesco USD Reserve A $ 87.42 - 0.00 -
Custodian Ser 5 528.80 556.60 0.30 - Cheyne Real Estate Debt Fund Class A1 (M) 144.68 - 1.33 0.00 Charifund Inc 1621.30 - -2.45 4.42
Regulated American Special Sits W-ACC-GBP 14.42 - -0.01 0.69 Global Smaller Cos Acc F 2377.32 - -5.92 0.13
International Ser 5 545.80 574.60 0.70 - BlackRock UK Property 41.83 - 0.05 3.07 Cheyne Total Return Credit Fund - December 2017 Class (M) $ 229.77 - 1.04 0.00 Charifund Acc 23961.52 - -36.11 4.28
Asia Pacific Ops W-Acc 1.68 - 0.00 1.06 Global Smaller Cos Inc F 2266.44 - -5.64 0.13
Managed Ser 5 1903.80 2004.00 2.50 - BLK Intl Gold & General $ 6.04 6.37 -0.03 0.00 Cheyne Total Return Credit Fund 2020 (M) $ 134.41 - 3.20 0.00 Invesco Global Asset Management Ltd (IRL) M&G Corporate Bond A Acc 69.73xd - 0.05 2.53
Cash Fund Y-Acc-GBP 1.00 - 0.00 0.08 Global Targeted Rets Acc 59.80 - -0.10 0.98
price updated (D) daily, (W) weekly, (M) monthly Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
Money Ser 5 514.10 541.20 0.00 - Cash Fund Y-Inc-GBP 1.00 - 0.00 0.17 M&G Corporate Bond A Inc 41.90xd - 0.03 3.66
High Income Acc F 930.62 - -3.67 - FCA Recognised
Property Ser 5 1036.40 1091.00 0.40 - Asian Dividend Fund W-ACC-GBP 1.61 - 0.00 1.99
Fundsmith LLP (1200)F (UK) M&G Dividend A Inc 68.43 - -0.27 4.15
BLI - Banque de Luxembourg Investments S.A. High Income Inc F 489.76 - -1.93 - Invesco Stlg Bd A QD F 2.72 - 0.00 -
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Pension Funds Consistent Unit Tst Mgt Co Ltd (1200)F (UK) Asian Dividend Fund W-INC-GBP 1.46 - 0.00 2.74 M&G Dividend A Acc 728.38 - -2.85 2.83
FCA Recognised www.fundsmith.co.uk, enquiries@fundsmith.co.uk High Yield Fund Acc 117.77 - -0.04 - Invesco Asian Equity A $ 8.03 - -0.03 0.26
American 2741.40 2885.70 4.60 - Stuart House, St John's Street, Peterborough, PE1 5DD M&G Episode Income A Acc 162.53xd - -0.15 2.01
BL-Equities Europe B 6982.85 - -4.70 - China Consumer Fund W-ACC-GBP 2.41 - 0.00 0.70 Authorised Inv Funds High Yield Fund Inc 43.19 - -0.01 - Invesco ASEAN Equity A $ 95.20 - -0.35 0.13
Equity 6003.40 6319.40 1.10 - Dealing & Client Services 0345 850 8818
BL-Equities America B $ 6457.36 - -0.73 - Emerging Asia Fund W-ACC-GBP 1.33 - -0.01 - Fundsmith Equity T Acc 336.94 - -1.45 - Invesco Bond A $ 27.81 - 0.00 - M&G Episode Income A Inc 127.88xd - -0.12 3.43
Authorised Inv Funds Hong Kong & China Acc F 642.20 - -1.80 0.53
European 1563.30 1645.50 -6.50 - Fundsmith Equity T Inc 314.69 - -1.35 0.69 M&G Episode Growth A Inc 58.73 - -0.10 2.37
BL-Equities Japan B 17911.00 - 64.00 - Consistent UT Inc 58.92 62.54 -0.02 3.74 Emerging Eur Mid East and Africa W 2.10 - -0.02 1.75 Income & Growth Acc F 1123.25 - -2.32 - Invesco Continental Eurp Small Cap Eqty A $ 258.08 - -0.30 0.00
Fixed Int. 1804.90 1899.90 1.80 - M&G Global Basics A Inc 870.32 - -2.04 1.64
BL-Emerging Markets B 170.22 - -0.27 - Consistent UT Acc 145.10 154.20 -0.10 3.74 Enhanced Income Fund W-ACC-GBP 1.52 - -0.01 - Income & Growth Inc F 461.70 - -0.95 - Invesco Emerging Markets Equity A $ 43.99 - -0.15 0.00
International 1260.90 1327.20 0.30 - M&G Global Basics A Acc 1328.31 - -3.10 0.41
BL-Global Equities B 829.40 - 0.18 0.00 Practical Investment Inc 240.10 256.70 -0.10 2.91 Enhanced Income Fund W-INC-GBP 1.12 - 0.00 - Invesco Emerging Markets Bond A $ 22.42 - 0.01 5.05
Japan 519.80 547.10 1.90 -
GAM Income Acc F 3530.58 - -13.62 -
BL-Global 30 B 1416.49 - 0.86 - Practical Investment Acc 1228.00 1313.00 0.00 2.91 European Fund W-ACC-GBP 14.97 - -0.09 - funds@gam.com, www.jbfundnet.com Invesco Continental European Equity A 9.59 - -0.02 - M&G Global Dividend Fund A Acc 264.51xd - -2.22 1.39
Income Inc F 1871.24 - -7.22 3.18
Managed 5329.70 5610.20 3.60 - Regulated M&G Global Dividend Fund A Inc 198.35xd - -1.68 2.87
BL-Global 50 B 1748.01 - 0.35 - European Fund W-INC-GBP 16.84 - -0.10 - Japan Acc F 413.06 - -0.91 - Invesco Gilt A 16.47 - -0.02 1.03
Property 2797.40 2944.60 0.30 - LAPIS TOP 25 DIV.YLD-D 107.28 - -0.44 - M&G Glbl Emrgng Mkts A Acc 273.93 - 0.83 0.80
BL-Global 75 B 2423.98 - -0.15 0.00 European Opportunities W-ACC-GBP 4.65 - -0.05 0.93 Japanese Smlr Cos Acc F 110.60 - 1.23 0.00 Invesco Global Small Cap Equity A NAV $ 144.75 - 0.09 -
Security 1481.90 1559.90 0.00 - DAVIS Funds SICAV (LUX)
M&G Glbl Emrgng Mkts A Inc 258.08 - 0.79 1.60
BL-Global Flexible EUR B 163.20 - -0.04 - Extra Income Fund Y-ACC-GBP 1.25 - 0.01 - Latin America Acc F 144.70 - 1.64 - Invesco Global High Income A NAV $ 12.64 - 0.00 6.71
Regulated
Selective 2341.90 2465.20 -0.60 - M&G Global High Yield Bond A Inc 52.02 - 0.02 4.68
Davis Value A $ 47.05 - 0.15 0.00 Extra Income Fund Y-GACC-GBP 1.28 - 0.01 - GYS Investment Management Ltd (GSY) Latin America Inc F 119.43 - 1.36 - Invesco Gbl R/Est Secs A GBP F F 9.45 - -0.02 0.89
Formerly Hill Samuel Life Assurance Ltd M&G Global High Yield Bond A Acc 130.25 - 0.05 3.28
Davis Global A $ 35.57 - 0.01 0.00 Extra Income Fund Y-GINC-GBP 1.29 - 0.00 - Regulated Invesco Global Health Care A $ 122.07 - -0.06 0.00
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603 Managed Growth Acc F 213.73 - -0.57 0.45
Extra Income Fund Y-INC-GBP 1.29 - 0.00 3.93 Taurus Emerging Fund Ltd $ 177.08 180.70 -1.86 0.00 Invesco Global Select Equity A $ 14.58 - -0.03 0.49 M&G Global Macro Bond Fund A Acc 131.71xd - -0.31 1.18
Managed Ser A (Life) 1887.90 1997.70 7.90 - Managed Growth Inc F 176.90 - -0.47 0.46
Fidelity Short Dated Corporate Bond Fund Y - Gross Inc 10.14 - 0.00 - Invesco Jap Eqty Core A $ 20.42 - 0.08 - M&G Global Macro Bond Fund A Inc 88.86xd - -0.21 2.59
Asset Management
Managed Ser A (Pensions) 1290.40 1358.30 5.40 - Managed Income Acc F 197.05 - -0.41 2.47
M&G Managed Growth A Inc 105.50 - -0.23 1.41
Formerly Target Life Assurance Ltd
100 Holdenhurst Road, Bournemouth, BH8 8AL 0345 6023 603
Fidelity Short Dated Corporate Bond Fund Y - Gross Acc 10.27
Global Dividend Fund W-ACC-GBP 2.00
-
-
0.01
-0.01
-
Generali Worldwide
- PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Managed Income Inc F
Money Acc F
Asset Management 116.50
90.38
-
-
-0.24 2.52
0.01 0.15
Invesco Japanese Equity A
Invesco Korean Equity A
$ 21.83
$ 29.38
-
-
0.14
0.01 0.00
-
M&G Optimal Income A Inc Asset Management 150.01xd - -0.05 3.07
Managed (Life) 1908.60 2009.10 8.00 - Global Dividend Fund W-INC-GBP 1.75 - -0.01 2.96 International Insurances Invesco PRC Equity A $ 61.79 - 0.00 - M&G Optimal Income A Acc 206.22xd - -0.06 1.68
Monthly Income Plus Acc F 325.70 - -0.18 -
Managed Growth (Life) 627.40 660.40 3.20 - CCLA Investment Management Ltd (UK)
Global Enhanced Income W-ACC-GBP 1.64 - -0.01 -
Global Multi-Strategy Managed $ 5.31 5.72 0.02 0.00 M&G Recovery GBP A Inc 143.47 - -0.37 1.95
Monthly Income Plus Inc F 112.16 - -0.06 - Invesco Pacific Equity A $ 59.26 - 0.04 0.23
Senator House 85 Queen Victoria Street London EC4V 4ET UK Multi-Strategy Managed 5.68 6.12 0.03 0.00
Managed (Pensions) 7744.90 8152.60 32.40 - Global Enhanced Income W-INC-GBP 1.39 - -0.01 4.71 Invesco Global Technology A $ 19.37 - 0.01 - M&G Recovery GBP A Acc 328.24 - -0.86 0.57
Authorised Inv Funds Pacific Acc F 1441.45 - -4.55 0.55
Managed Growth (Pensions) 794.40 836.20 4.00 - Dodge & Cox Worldwide Funds (IRL) EU Multi-Strategy Managed 3.23 3.49 0.00 0.00 M&G Strategic Corp Bond A Inc 77.65 - 0.05 3.60
Diversified Income 1 Units GBP Inc 1.59 1.59 0.00 - Global Focus Fund W-ACC-GBP 20.15 - -0.01 0.47 Pacific Inc F 1311.14 - -4.13 0.55 Invesco UK Eqty A 9.34 - -0.04 -
additional fund prices can be found on our website 6 Duke Street,St.James,London SW1Y 6BN Global Bond USD $ 3.65 3.93 0.01 0.00 M&G Strategic Corp Bond A Acc 115.94 - 0.08 2.45
Diversified Income 2 Units GBP Inc 1.53 1.53 0.00 - Global High Yield Fund Y-ACC-GBP 13.87 - 0.01 - Tactical Bond Acc F 72.31 - -0.01 -
www.dodgeandcox.worldwide.com 020 3713 7664
The Public Sector Deposit Fund Global High Yield Fund Y-GACC-GBP 14.36 - 0.01 - M&G UK Income Distribution A Acc 7103.59 - -10.10 2.95
FCA Recognised Tactical Bond Inc F 61.27 - -0.01 - Janus Henderson Investors (UK)
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.28 Dodge & Cox Worldwide Funds plc - Global Bond Fund Global High Yield Fund Y-GINC-GBP 10.83 - 0.01 - Genesis Asset Managers LLP M&G UK Income Distribution A Inc 815.98 - -1.16 4.11
UK Focus Acc F 249.04 - -1.16 - PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.00 EUR Accumulating Class 12.99 - 0.05 - Global High Yield Fund Y-INC-GBP 10.85 - 0.02 - Other International Funds www.janushenderson.com M&G UK Inflation Lnkd Corp Bnd A Acc 118.00xd - 0.19 0.06
UK Focus Inc F 199.66 - -0.93 -
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.00 EUR Accumulating Class (H) 10.16 - 0.00 0.00 Global Property Fund W-ACC-GBP 1.68 - -0.01 1.73 Emerging Mkts NAV 7.62 - 0.09 0.00 Authorised Inv Funds M&G UK Inflation Lnkd Corp Bnd A Inc 115.07xd - 0.19 1.21
UK Growth Acc F 659.14 - -1.60 -
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.22 EUR Distributing Class 11.73 - 0.05 - Global Property W Inc 1.46 - -0.01 2.54 Asia Pacific Capital Growth A Acc 1035.00 - -6.00 -
UK Growth Inc F 401.08 - -0.97 -
The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.00 EUR Distributing Class (H) 9.16 - 0.01 - Global Special Sits W-ACC-GBP 34.72 - -0.03 0.69 Asian Dividend Income Inc 106.22 111.59 -0.24 6.54
HPB Assurance Ltd UK Smaller Cos Equity Acc F 1172.99 - 0.12 0.36 M & G Securities Ltd (UK)
GBP Distributing Class 12.44 - 0.13 - Index Emerging Markets P-Acc 1.44 - -0.01 - Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Cautious Managed A Acc 267.00 - -0.30 -
UK Smaller Cos Equity Inc F 893.95 - 0.09 0.37 Property & Other UK Unit Trusts
Algebris Investments (IRL)
International Insurances Cautious Managed A Inc 157.30 - -0.20 3.12
Regulated GBP Distributing Class (H) 9.35 - 0.00 3.79 Index Emerging Markets P-Inc-GBP 1.23 - -0.01 - Charibond 129.81xd - 0.09 3.55
CCLA Investment Management Ltd (UK) UK Strategic Income Acc F 203.76 - -0.80 -
Holiday Property Bond Ser 1 0.53 - 0.00 0.00 China Opportunities A Acc 1228.00 - 4.00 0.00
Algebris Financial Credit Fund - Class I EUR 151.20 - -0.06 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET USD Accumulating Class $ 10.47 - 0.01 - Index Europe ex UK Fund P-Inc-GBP 1.36 - 0.00 - (Accum Units) 4056.54xd - 2.73 3.55
UK Strategic Income Inc F 143.15 - -0.56 3.12
Property & Other UK Unit Trusts Dodge & Cox Worldwide Funds plc-Global Stock Fund Holiday Property Bond Ser 2 0.64 - 0.00 0.00 Emerging Markets Opportunities A Acc 202.00 - -0.40 -
Algebris Financial Income Fund - Class I EUR 137.29 - -0.41 - Index Europe ex UK P-Acc 1.40 - -0.01 - NAACIF 86.70xd - -0.24 3.97
US Equity Acc F 730.87 - -1.15 0.00
CBF Church of England Funds USD Accumulating Share Class $ 20.22 - 0.01 - Index Japan Fund P-Inc-GBP 1.45 - 0.00 - European Growth A Acc 233.30 - -1.40 - (Accum Units) 8290.17xd - -23.11 3.87
Algebris Financial Equity Fund - Class B EUR 123.90 - -0.53 0.00 Invesco Perpetual Funds (No Trail)
Investment Inc 1596.34 1614.00 24.81 3.78 GBP Accumulating Share Class 25.96 - 0.26 0.00 European Selected Opportunities A Acc 1657.00 - -10.00 -
Algebris Asset Allocation Fund - Class B EUR 98.18 - -0.05 0.00 Index Japan P-Acc 1.50 - 0.01 - Hargreaves Lansdown Fd Mgrs (1100)F (UK) Asian (No Trail) Acc F 302.06 - -1.19 - M&G Property Portfolio A Acc 127.76 127.76 0.03 2.93
Investment Acc 3436.09 3474.10 53.41 - GBP Distributing Share class 18.68 - 0.19 0.74 PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Fixed Interest Monthly Income A Inc 22.60 23.57 0.02 -
Algebris Macro Credit B EUR Acc 108.06 - -0.35 - Index Pacific ex Japan P-Acc 1.44 - -0.01 2.93 Asian (No Trail) Inc F 268.94 - -1.05 - M&G Property Portfolio A Inc 112.82 112.82 0.02 2.98
Global Equity Inc 181.77 183.78 3.33 4.31 EUR Accumulating Share Class 27.18 - 0.10 - Enquiries 0117 90090000 Global Care Growth A Inc 265.90 - -0.90 -
Index Pacific ex Japan P-INC-GBP 1.17 - -0.01 3.00 Asian Equity Income (No Trail) Acc F 168.18 - -0.81 3.22
Global Equity Acc 282.83 285.96 5.18 - www.hl.co.uk
GBP Distributing Class (H) 11.08 - 0.00 - Index UK Fund P-INC-GBP 1.18 - -0.01 - Global Equity Income A Inc 62.11 - -0.22 3.17
Authorised Inv Funds Asian Equity Income (No Trail) Inc 134.55 - -0.65 3.31
The Antares European Fund Limited UK Equity Inc 170.45 171.99 2.49 4.05
M & G (Guernsey) Ltd (GSY)
Dodge & Cox Worldwide Funds plc-International Stock Fund Global Growth Fund 2909.46 3034.79 -0.65 -
Other International Index UK P-Acc 1.29 - 0.00 - Hargreaves Lansdown Funds Balanced Risk 6 No Trail Acc 116.71 - 0.11 - Regulated
UK Equity Acc 267.77 270.19 3.91 - USD Accumulating Share Class $ 16.60 - -0.02 - Global Technology A Acc 1498.00 - -4.00 -
AEF Ltd Usd (Est) $ 670.65 - 1.90 - Index US Fund P-Inc-GBP 1.64 - 0.00 1.61 Unit Trust Balanced Risk 8 No Trail Acc 122.97 - 0.16 0.00 The M&G Offshore Fund Range
Fixed Interest Inc 172.29 173.16 1.00 3.96 EUR Accumulating Share Class 17.50 - 0.05 - HL Multi-Manager Special Situations Trust A Acc 355.61 374.32 2.05 0.59 Multi-Manager Absolute Return A Acc 142.10 - 0.00 0.07 Corporate Bond A 1394.78 - 1.00 3.98
AEF Ltd Eur (Est) 666.21 - 1.59 0.00 Index US P-Acc 1.80 - 0.00 1.59 Balanced Risk 10 No Trail Acc 129.74 - 0.21 0.00
Fixed Interest Acc 555.90 558.69 3.23 - Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Multi-Manager Active A Acc 217.10 - -0.10 0.40
Index World Fund P-Inc-GBP 1.47 - 0.00 1.82 HL Multi-Manager Special Situations Trust M Acc 355.59 374.30 2.04 0.59 Corporate Bond (No Trail) Acc F 178.23 - 0.12 - Global Basics X 3215.92 - -7.58 0.17
Property Fund Inc 131.68 136.10 0.99 5.69 USD Accumulating Share Class $ 22.78 - 0.01 0.00
Index World P-Acc 1.61 - 0.00 1.79 HL Multi-Manager Income & Growth Trust A Acc 196.64 206.92 0.28 3.92 Multi-Manager Distribution A Inc 136.80 - 0.30 - Global Dividend A 154.12 - -1.31 2.66
Corporate Bond (No Trail) Inc F 120.45 - 0.09 -
Arisaig Partners GBP Accumulating Share Class 27.67 - 0.29 0.00
Japan Fund W-ACC-GBP 3.49 - 0.02 - HL Multi-Manager Income & Growth Trust M Acc 196.64 206.91 0.28 3.92 Multi-Manager Diversified A Acc 85.08 - 0.19 3.57 Global Leaders A 4398.47 - -8.29 1.03
Other International Funds Distribution (No Trail) Acc F 186.87 - -0.21 -
GBP Distributing Share Class 17.43 - 0.19 0.64
HL Multi-Manager Income & Growth Trust A Inc 111.26 117.10 0.15 4.02 Multi-Manager Global Select Acc 231.60 - 0.70 0.01 Global High Yield Bond X 1022.73 - 0.41 5.26
Arisaig Africa Consumer Fund Limited $ 12.05 - -0.09 0.00 CCLA Fund Managers Ltd (UK) Japan Smaller Cos Fund W-ACC-GBP 3.09 - 0.03 - Distribution (No Trail) Inc F 116.29 - -0.13 -
EUR Accumulating Share Class 26.46 - 0.11 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET MoneyBuilder Balanced Y-ACC-GBP 0.58 - 0.00 3.16 HL Multi-Manager Income & Growth Trust M Inc 111.26 117.09 0.16 4.01 Multi-Manager Income & Growth A Acc 173.80 - 0.40 - Global Macro Bond A 13284.86 - -31.35 2.52
Arisaig Asia Consumer Fund Limited $ 75.61 - -0.19 - Emerging European (No Trail) Acc F 109.90 - 0.11 -
Property & Other UK Unit Trusts GBP Distributing Class (H) 10.46 - 0.00 -
MoneyBuilder Balanced Y-INC-GBP 0.63 - 0.00 3.80 HL Multi-Manager Balanced Managed Trust A Acc 230.41 242.34 0.87 1.12 Multi-Manager Income & Growth A Inc 154.60 - 0.40 - North American Dividend A 225.21 - -0.42 1.77
Arisaig Global Emerging Markets Consumer Fund $ 10.82 - 0.01 - Emerging European (No Trail) Inc F 94.99 - 0.10 -
COIF Charity Funds (UK)
MoneyBuilder Dividend Y-INC-GBP 1.45 - 0.00 - HL Multi-Manager Balanced Managed Trust M Acc 230.42 242.35 0.87 1.13 Multi-Manager Managed A Acc 272.90 - 0.20 0.53 Optimal Income A 148.63 - -0.05 3.96
Arisaig Global Emerging Markets Consumer UCITS 12.50 - 0.03 0.00 Investment Inc 1426.00 1441.77 12.91 3.62 European Equity (No Trail) Acc F 209.17 - -1.17 1.85
MoneyBuilder Growth Fund Y-INC-GBP 0.82 - -0.01 - HL Multi-Manager Equity & Bond Trust A Inc 122.04 128.32 0.29 2.28 Multi-Manager Managed A Inc 265.90 - 0.10 0.54 Recovery A 12398.14 - -32.17 2.17
Arisaig Global Emerging Markets Consumer UCITS STG 13.80 - -0.03 0.00 Investment Acc 14470.91 14630.97 131.05 - European Equity (No Trail) Inc F 169.82 - -0.95 1.89
MoneyBuilder Income Fund Y-ACC-GBP 12.83 - 0.01 - HL Multi-Manager Equity & Bond Trust M Inc 122.05 128.32 0.30 2.28 Sterling Bond Acc 221.51 231.07 0.16 - Strategic Corproate Bond A 140.97 - 0.09 3.97
Arisaig Latin America Consumer Fund $ 26.02 - -0.23 - Ethical Invest Inc 219.87 222.30 2.21 3.73 European Equity Income (No Trail) Acc F 205.54 - -0.58 -
MoneyBuilder Income Fund Y-GACC-GBP 14.80 - 0.02 - HL Multi-Manager Equity & Bond Trust A Acc 171.04 179.84 0.41 2.25 Sterling Bond Inc 66.56 69.42 0.05 - UK Inf Lkd Corp Bd A Inc 111.54 - 0.19 2.19
Ethical Invest Acc 298.96 302.27 3.00 - European Equity Income (No Trail) Inc F 148.50 - -0.41 -
MoneyBuilder Income Fund Y-GINC-GBP 1.26 - 0.00 - HL Multi-Manager Equity & Bond Trust M Acc 171.06 179.84 0.42 2.25 Strategic Bond A Inc 127.40 - 0.10 4.55 UK Select A 1736.13 - -1.99 1.08
Global Equity Inc 168.25 170.11 0.93 4.41 European ex UK Enhanced Index (No Trail) Acc F 124.54 - -0.65 -
MoneyBuilder Income Fund Y-INC-GBP 1.26 - 0.00 - HL Multi-Manager Strategic Assets A Acc 114.73 118.24 0.29 1.18 UK & Irish Smaller Companies A Acc 636.90 - 0.60 0.00
Global Equity Acc 264.86 267.79 1.47 - European ex UK Enhanced Index (No Trail) Inc F 123.17 - -0.65 -
Multi Asset Adventurous N-ACC-GBP 1.39 - 0.00 1.10 HL Multi-Manager Strategic Assets A Inc 113.33 116.79 0.30 1.19 UK Absolute Return A Acc 157.10 - 0.00 0.00
Fixed Interest Inc 141.00 141.70 0.28 4.14 Dragon Capital Group European High Income (No Trail) Acc F 208.71 - -0.63 - MMIP Investment Management Limited (GSY)
1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Multi Asset Alloc Advent N-ACC-GBP 1.35 - -0.01 0.98 HL Multi-Manager Strategic Bond Trust A Acc 183.32 188.98 0.26 2.03 UK Alpha A Acc 142.90 - 0.40 1.13 Regulated
Fixed Interest Acc 856.40 860.70 1.66 - European High Income (No Trail) Inc F 142.93 - -0.44 3.82
Fund information, dealing and administration: funds@dragoncapital.com HL Multi-Manager Strategic Bond Trust M Acc 183.33 188.99 0.26 2.03 UK Equity Income & Growth A Inc 670.50 - -0.40 3.39 Multi-Manager Investment Programmes PCC Limited
Property Inc 112.89 116.68 0.75 5.71 Multi Asset Alloc Def N-ACC-GBP 1.19 - 0.00 1.24 European Opportunities (No Trail) Acc F 223.85 - -1.64 1.88
Other International Funds UK Index A Acc 613.90 - -0.90 - UK Equity Fd Cl A Series 01 2707.53 2734.99 38.81 0.00
Multi Asset Alloc Def N-GACC-GBP 1.20 - 0.00 1.23 HL Multi-Manager Strategic Bond Trust A Inc 148.21 152.79 0.20 2.06 European Opportunities (No Trail) Inc F 205.09 - -1.50 1.92
Local Authorities Property Fd (LAMIT) (UK) Vietnam Property Fund (VPF) NAV $ 0.80 - 0.01 0.00
Artemis Fund Managers Ltd (1200)F (UK) HL Multi-Manager Strategic Bond Trust M Inc 148.22 152.80 0.20 2.05 UK Property A Acc 193.08 203.24 0.05 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1597.89 - 17.46 0.00
Property 283.31 307.19 -0.54 4.81 Multi Asset Alloc Growth N-ACC-GBP 1.26 - 0.00 1.02 European Smaller Companies (No Trail) Acc F 305.88 - -1.40 1.27
57 St. James's Street, London SW1A 1LD 0800 092 2051 HL Multi Manager Emerging Markets A Acc 123.96 127.75 1.10 0.63 UK Property A Inc 97.68 102.81 0.03 - Diversified Absolute Return Stlg Cell AF2 1601.47 - 16.27 0.00
Multi Asset Alloc Strat N-ACC-GBP 1.24 - 0.00 - Global Balanced Index (No Trail) Acc F 195.33 - -0.13 1.86
Authorised Inv Funds Global Equity Fund A Lead Series 1351.48 1356.88 -16.72 0.00
DSM Capital Partners Funds (LUX) Multi Asset Balanced Inc N-GINC-GBP 1.14 - -0.01 4.35 HL Multi-Manager European A Acc 139.43 143.72 1.08 0.61 Global Bond (No Trail) Acc F 155.92 - -0.43 -
UK Tracker A Acc 276.40 - -0.50 -
Artemis Capital R ACC 1500.74 1585.08 -0.71 - CG Asset Management Limited (IRL) www.dsmsicav.com
Multi Asset Balanced Inc N-INC-GBP 1.14 - 0.00 - HL Multi-Manager UK Growth A Acc 130.05 134.07 0.13 1.57 US Growth A Acc 967.00 - 1.50 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland Regulated Global Bond (No Trail) Inc F 138.43 - -0.38 -
Artemis European Growth R Acc 331.95 350.36 -0.79 0.93
00 353 1 434 5098 Multi Asset Defensive N-ACC-GBP 1.22 - 0.00 1.05 HL Multi-Manager High Income A Inc 112.27 115.74 0.23 4.14 Glbl Distribution Acc (No Trail) 121.98 - -0.01 - Manek Investment Mgmt Ltd (1000)F (UK)
Artemis European Opps R Acc 101.84 107.53 -0.93 - DSM Global Growth I2 Acc 167.33 - 1.56 0.00
FCA Recognised Multi Asset Defensive N-GACC-GBP 1.23 - 0.00 1.05 HL Multi-Manager High Income A Acc 117.23 120.85 0.24 4.04 Glbl Distribution Inc (No Trail) 108.99 - -0.01 - P.O.Box 100, Swindon SN1 1WR 0844 800 9401
Artemis Global Emg Mkts I GBP Acc 123.17 - -0.70 - DSM Global Growth I1 Acc 122.20 - 0.19 0.00
Capital Gearing Portfolio Fund Plc 31501.78 31501.78 315.25 0.53 Authorised Inv Funds
DSM US Large Cap Growth I3 $ 121.18 - 0.96 - Multi Asset Growth Fund N-ACC-GBP 1.31 - 0.00 1.06 Gbl Emerging Markets (No Trail) Acc F 229.22 - -0.71 0.91
Artemis Global Emg Mkts I GBP Dist 116.98 - -0.66 - Growth Fd Acc 53.93 57.00 -0.17 0.00
CG Portfolio Fund Plc Multi Asset Inc & Growth N-INC-GBP 1.16 - 0.00 3.96
DSM US Large Cap Growth A 112.75 - 0.90 - Haussmann Gbl Emerging Markets (No Trail) Inc F 210.77 - -0.65 0.92
Artemis Global Energy R Acc 29.76 31.59 -0.04 0.40
Absolute Return M Inc GBP 115.17 116.33 1.16 -
DSM US Large Cap Growth I2 112.79 - 0.90 - Multi Asset Income Fund N-GINC-GBP 1.12 - 0.01 4.53 Other International Funds Global Equity (No Trail) acc F 276.56 - -1.18 1.35
Artemis Global Growth R Acc 239.52 252.77 -0.67 0.91
Real Return Cls A 201.72 201.72 3.63 1.81 Haussmann Cls A $ 2748.03 - 56.20 0.00 Marlborough Fd Managers Ltd (1200)F (UK)
Multi Asset Income Fund N-INC-GBP 1.12 - 0.00 4.43 Global Equity (No Trail) inc F 251.92 - -1.08 1.37
Artemis Global Income R Acc 122.78 129.60 -0.49 2.92 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Dollar Fund Cls D 157.51 157.51 1.97 1.87 Haussmann Cls C 2352.02 - 46.23 0.00
Fidelity Asia Fund W-ACC-GBP 11.82 - -0.05 - Global Equity Income (No Trail ) Acc F 325.57 - -0.89 3.14
Artemis Global Income R Inc 94.59 99.84 -0.37 2.99
Capital Value Fund Cls V 152.29 152.29 1.45 0.44 Dynasty AM SICAV- UCITS V (LUX) Kames Capital ICVC (UK) www.marlboroughfunds.com
Multi Asset Open Advent N-ACC-GBP 1.32 - 0.00 - Haussmann Cls D SFr 1234.68 - 24.18 0.00 Global Equity Income (No Trail) Inc F 252.67 - -0.69 3.22 Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA
Artemis Global select R Acc 95.98 101.24 -0.22 - 16, Avenue Marie-Thrse L-2132 Luxembourg Authorised Inv Funds
Dollar GBP Hedged Inc 99.30 99.30 0.11 -
Authorised Multi Asset Open Defen N-ACC-GBP 1.22 - 0.00 1.36 Global ex UK Core Equity Index ( No Trail) Acc F 239.74 - -0.67 1.28 0800 358 3009 www.kamescapital.com Balanced 192.09 202.36 0.10 0.80
Artemis High Income R Inc 80.64 85.75 0.02 5.83
Multi Asset Open Defen N-GACC-GBP 1.23 - 0.00 1.35 Global ex UK Enhanced Index ( No Trail) Acc F 277.79 - -0.56 2.31 Authorised Funds
Dynasty Global Convertibles A EUR 110.93 - 0.05 0.00 Bond Income 52.47 55.52 0.03 3.99
Artemis Income R Acc 413.49 438.34 -0.84 -
Diversified Monthly Inc B Acc 131.95 - -0.03 4.88
Dynasty Global Convertibles A CHFSFr 108.77 - 0.05 0.00 Multi Asset Open Growth N-ACC-GBP 1.29 - 0.00 1.18 Global ex UK Enhanced Index (No Trail) Inc F 113.69 - -0.23 - Cautious Inc 92.36 97.30 0.34 1.14
Artemis Income R Inc 227.42 241.09 -0.46 -
Diversified Monthly Inc B Inc 111.62 - -0.02 5.08
Dynasty Global Convertibles A USD $ 112.11 - 0.06 0.00 Multi Asset Open Strat N-ACC-GBP 1.27 - 0.00 - Gbl Fin Cap No Trail Acc 204.76 - -0.54 4.17 Defensive A Inc 114.66 114.66 0.01 0.00
Artemis Monthly Dist R Inc 72.88 77.18 -0.07 -
Diversified Growth B Acc 1.55 - 0.00 2.80
Dynasty Global Convertibles B EUR 111.71 - 0.06 0.00 Multi Asset Strategic N-ACC-GBP 1.29 - 0.00 1.02 Gbl Fin Cap No Trail Inc 160.38 - -0.43 4.33 Emerging Markets 319.78 319.78 -0.49 1.57
Artemis Pan-Euro Abs Ret GBP 122.90 - 0.13 -
Ethical Cautious Managed B Acc 1.33 - -0.01 1.85
Dynasty Global Convertibles B CHFSFr 105.76 - 0.06 - Open World Fund N-ACC-GBP 1.52 - 0.00 0.18 Global Opportunities (No Trail) Acc F 347.43 - -0.65 0.65 ETF Global Growth A 187.46 187.46 -0.71 0.00
Artemis Strategic Assets R Acc 84.34 89.23 -0.34 -
Ethical Cautious Managed B Inc 1.23 - 0.00 1.87
Dynasty High Yield 2021 A EUR 103.07 - 0.01 0.00 Special Situations Fund W-ACC-GBP 35.58 - -0.04 1.57 Global Smaller Companies (No Trail) Acc F 350.01 - -0.85 0.50 ETF Commodity A 79.72 79.72 -0.25 0.00
Artemis Strategic Bond R M Acc 93.56 99.20 0.05 3.68 Hermes Investment Funds Plc (IRL) Ethical Corporate Bond B Acc 1.88 - 0.00 3.08
Dynasty Corporate Bonds 1-3 A EUR 101.78 - 0.02 - Sterling Core Plus Bond GMACC 12.41 - 0.01 2.39 Global Smaller Companies (No Trail) Inc F 332.45 - -0.81 0.50 European Multi-Cap 473.38 473.38 -2.00 0.20
Artemis Strategic Bond R M Inc 57.53 61.00 0.03 3.74 Canada Life Investments (UK) Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121
Ethical Corporate Bond B Inc 1.05 - 0.00 3.11
1-6 Lombard Street, EC3V 9JU. Dealing 0345 606 6180 Dynasty Corporate Bonds 1-3 B EUR 101.35 - 0.01 - Sterling Core Plus Red Dur 11.18 - 0.00 - FCA Recognised Global Targeted Income Fund Acc (No Trail) 105.29 - -0.17 - Extra Income 86.57 91.61 0.05 3.69
Artemis Strategic Bond R Q Acc 93.73 99.38 0.04 3.64
Ethical Equity B Acc 2.21 - 0.00 2.04
Authorised Inv Funds Strategic Bond Fund Y-ACC-GBP 1.20 - 0.01 - Hermes Abs Return Credit Fund Class F Acc 1.24 1.24 0.01 0.00 Global Targeted Income Fund Inc (No Trail) 106.73 - -0.17 - Far East Growth A Inc 231.68 231.68 -0.21 1.41
Artemis Strategic Bond R Q Inc 57.60 61.07 0.03 3.72
Asia Pacific C Acc 10.52 - -0.05 1.12 High Yield Bond B Acc 2.68 - 0.00 3.91
Strategic Bond Fund Y-GACC-GBP 1.20 - 0.00 - Hermes Abs Return Credit Fund Class R Acc 2.01 2.01 0.00 0.00 Global Targeted Rets (No Trail) Acc 121.62 - -0.20 1.37 Global 232.59 245.01 1.59 0.00
Artemis UK Select Fund Class R Acc 527.38 557.86 0.15 -
Balance C Acc 1.80 - -0.01 1.81 High Yield Bond B Inc 1.00 - 0.00 3.93
Strategic Bond Fund Y-GINC-GBP 1.24 - 0.00 - Hermes Asia Ex-Japan Equity Fund Class F Acc 2.39 2.39 -0.01 - High Income (No Trail) Acc F 200.53 - -0.78 - Global Bond Inc 155.95 164.97 -0.10 2.61
Artemis UK Smaller Cos R Acc 1538.47 1647.49 5.92 1.02
Corporate Bond C Acc 2.61 - 0.01 - Investment Grade Bond B Acc 176.87 - 0.17 2.22
Strategic Bond Fund Y-INC-GBP 1.24 - 0.00 - Hermes Asia Ex-Japan Equity Fund Class R Acc 4.33 4.33 0.02 - High Income (No Trail) Inc F 140.66 - -0.55 - High Yield Fixed Interest 75.82 80.45 0.06 5.05
Artemis UK Special Sits R Acc 597.51 634.11 0.66 1.49
Investment Grade Bond B Inc 1.25 - 0.00 2.75
Asset Management
European C Acc 1.38 - -0.01 - Target 2020 A-ACC-GBP 0.66 - 0.00 - Hermes Europe Ex-UK Equity Fund Class F Acc 1.94 1.94 -0.01 - High Yield Fund (No Trail) Acc 245.96 - -0.06 5.73 Multi Cap Income A Inc 163.05 163.05 -0.50 4.09
Artemis US Abs Ret I Acc 111.35 - 0.00 0.00
Asset Manageme
Global Bond C Inc 1.11 - -0.01 - Sterling Corporate Bond B Acc 0.82 - 0.00 2.76
Target 2025 A-ACC-GBP 1.60 - 0.00 - Hermes Europe Ex-UK Equity Fund Class R Acc 3.80 3.80 0.01 - High Yield Fund (No Trail) Inc 168.04 - -0.04 5.91 Nano-Cap Growth A Acc 140.7379 154.7600 36.9182 0.00
Artemis US Equity I Acc 161.47 - -0.06 -
Global Equity C Acc 8.35 - -0.02 1.24 Sterling Corporate Bond B Inc 0.34 - 0.00 2.78
Target 2030 A-ACC-GBP 1.79 - -0.01 - Hermes European Alpha Equity Fund Class F Acc 1.74 1.74 -0.01 - Hong Kong & China (No Trail) Acc F 256.67 - -0.71 0.95 Special Situations A Acc 1573.52 1665.10 0.60 0.30
Artemis US Ex Alpha I Acc 179.16 - 0.37 0.00
Global Equity Income C Inc 1.57 - 0.00 3.27 EdenTree Investment Management Ltd (UK) Strategic Bond B Acc 1.20 - 0.00 2.19
UK Invest Grade Long Credit GACC 118.20 - 0.20 - Hermes European Alpha Equity Fund Class F Dis 1.66 1.66 -0.01 - Income & Growth (No Trail) Acc F 266.47 - -0.54 - UK Multi-Cap Growth A Inc 317.17 335.63 -0.37 0.35
Artemis US Extended Alpha I Hedged Acc 1.23 - 0.00 0.00 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Global High Yield Bond C Inc 1.00 - 0.00 5.88 Strategic Bond B Inc 1.21 - 0.00 2.21
UK Opportunities Fund W-ACC-GBP 234.90 - -0.60 1.26 Hermes European Alpha Equity Fund Class R Acc 3.51 3.51 0.00 - Income & Growth (No Trail) Inc F 199.86 - -0.40 - UK Micro Cap Growth A 649.37 687.16 1.54 0.11
Artemis US Select I Acc 162.65 - 0.20 0.32 Authorised Inv Funds
Japan C Acc 1.40 - 0.00 0.94 UK Equity B Acc 3.06 - -0.01 2.01
Amity UK Cls A Inc 241.00 - -0.20 - UK Opportunities Fund W-INC-GBP 133.50 - -0.40 1.31 Hermes Global Emerging Markets Fund Class F Acc 1.79 1.79 -0.01 - Income (No Trail) Acc F 195.51 - -0.75 - US Multi-Cap Income 421.76 421.76 -0.32 0.53
Artemis US Select I Hedged Acc 1.20 - 0.00 0.23
Managed 0%-35% C Acc 1.04 - 0.00 - UK Equity Absolute Return B Acc 1.18 - 0.00 0.00
Amity UK Cls B Inc 240.80 - -0.10 - UK Select Fund W-ACC-GBP 2.94 - 0.00 - Hermes Global Emerging Markets Fund Class R Acc 3.78 3.78 0.00 - Income (No Trail) Inc F 136.41 - -0.52 3.17 MFM - Third Party Funds
Artemis US Select I Inc 144.52 - 0.18 0.33
North American C Acc 12.61 - 0.01 0.72 UK Equity Income B Acc 2.59 - 0.00 4.15 Junior Oils 82.34 87.13 -0.42 0.00
Higher Income Cls A Inc 138.40 - -0.10 4.28 UK Smaller Companies W-ACC-GBP 2.45 - 0.01 - Hermes Global Equity Fund Class F Acc 2.11 2.11 0.00 0.00 Invesco Global Emerging Mkts Bond Acc (No Trail) 99.34 - -0.13 -
Artemis US Smlr Cos I Acc 177.24 - 0.17 0.05
Portfolio III C Acc 1.24 - 0.00 - UK Equity Income B Inc 1.87 - 0.00 4.27 Junior Gold C Acc 36.83 36.83 -0.94 0.00
WealthBuilder Fund N-ACC-GBP 1.51 - -0.01 1.13 Invesco Global Emerging Mkts Bond Inc (No Trail) 98.68 - -0.12 -
Asset Management
Higher Income Cls B Inc 143.60 - -0.10 4.24 Hermes Global Equity Fund Class R Acc 4.63 4.63 0.03 -
UK Opportunities B Acc 2.03 - 0.00 1.70
Asset Management
Portfolio IV C Acc 1.27 - -0.01 2.42
Asset Management
Institutional OEIC Funds Hermes Global ESG Equity Fund Class F Acc 1.62 1.62 0.00 0.00 Japan (No Trail) Acc F 197.80 - -0.43 - MFM Artorius Fund 182.67 182.67 1.23 -
UK Equity Growth Cls A Inc 274.20 - -0.10 -
Artisan Partners Global Funds PLC (IRL) Portfolio V C Acc 1.30 - 0.00 1.72 America 5.40 - 0.00 0.57 Hermes Global High Yield Credit Fund Class F Acc 1.44 1.44 0.01 0.00 Japanese Smaller Companies (No Trail) Acc F 283.92 - 3.17 0.00
UK Smaller Companies B Acc 3.51 - 0.00 1.22 MFM Bowland 217.34 234.96 -0.67 1.17
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland UK Equity Growth Cls B Inc 280.40 - -0.10 -
Portfolio VI C Acc 1.32 - 0.00 1.72 Emerging Markets 4.37 - -0.01 0.48 Hermes Global High Yield Credit Fund Class R Acc 3.12 3.12 0.00 0.00 Latin American (No Trail) Acc F 141.00 - 1.61 - MFM Hathaway Inc 130.83 136.99 1.27 1.06
Tel: 44 (0) 207 766 7130 Amity Balanced For Charities A Inc 117.40 - -0.10 5.09
Portfolio VII C Acc 1.30 - -0.01 1.54 Europe (ex-UK) Fund ACC-GBP 5.22 - -0.04 - Hermes Global Small Cap Fund Class F Acc 1.39 1.39 0.00 0.00 Latin American (No Trail) Inc F 125.05 - 1.43 - Kames Capital Investment Portfolios ICVC (UK) MFM Techinvest Special Situations Acc 191.56 191.56 0.88 0.00
FCA Recognised Amity European Fund Cls A Inc 273.60 - -1.10 1.47
Artisan Partners Global Funds plc Short duration Corporate Bond C Acc 1.01 - 0.00 - Fidelity Pre-Retirement Bond Fund 139.40 - 0.00 - Hermes Global Small Cap Fund Class R Acc 2.28 2.28 0.01 0.00 Managed Growth (No Trail) Acc F 260.80 - -0.68 0.81 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA MFM Techinvest Technology Acc 482.98 482.98 -1.78 0.00
Amity European Fund Cls B Inc 276.90 - -1.00 2.13
Artisan Global Equity Fund Class I USD Acc $ 16.30 - -0.03 0.00 Strategic Return C Acc 1.17 - 0.00 0.00 Global Focus 3.97 - 0.00 0.45 0800 358 3009 www.kamescapital.com
Hermes Multi Asset Inflation Fund Class F GBP Acc 1.04 1.04 0.01 0.00 Managed Growth (No Trail) Inc F 237.34 - -0.62 0.82 MFM UK Primary Opportunities A Inc 414.77 414.77 0.57 1.72
Amity Global Equity Inc for Charities A Inc 124.90 - -0.50 3.43 Authorised Funds
Artisan Global Opportunities I USD Acc $ 15.28 - 0.01 0.00 Total Return C Acc 1.09 - 0.00 - Index Linked Bond 3.35 - -0.01 - Hermes Multi Strategy Credit Fund Class F Acc Hed 1.14 1.14 0.00 0.00 Managed Income (No Trail) Acc F 237.63 - -0.48 2.47 Slater Investments Ltd - Investment Adviser
Amity International Cls A Inc 263.60 - -1.00 1.26 Property Income B Acc 125.34 128.48 0.03 4.34
Artisan Global Value Fund Class I USD Acc $ 19.16 - -0.04 0.00 UK Equity & Bond C Inc 2.63 - 0.00 3.96 Index Linked Bond Gross 4.08 - -0.01 - Managed Income (No Trail) Inc F 188.43 - -0.37 2.52 MFM Slater Growth 479.47 508.72 1.33 0.35
Amity International Cls B Inc 266.30 - -1.00 1.92 Hermes US All Cap Equity Class F Stg Acc 1.38 1.38 0.00 0.00 Property Income B Inc 108.83 111.55 0.03 4.44
Artisan US Value Equity Fund Class I USD Acc $ 13.74 - 0.02 0.00 UK Equity C Inc 1.12 - -0.01 - Index-Linked Bond Fund Gross Inc 15.79 - -0.03 - Monthly Income Plus (No Trail) Acc F 189.33 - -0.09 - MFM Slater Income A Inc 165.17 165.17 -0.02 4.24
Amity Sterling Bond Fund A Inc 107.80 - 0.00 4.89 Hermes US All Cap Equity Class R Acc 2.26 2.26 0.01 0.00
Artisan Global Opportunities Class I EUR Acc 20.54 - 0.09 0.00 UK Equity Income C Inc 4.68 - -0.01 - Japan 2.74 - 0.02 - Monthly Income Plus (No Trail) Inc F 111.41 - -0.05 - MFM Slater Recovery 208.45 221.17 -2.18 0.48
Amity Sterling Bond Fund B Inc 117.60 - 0.10 4.85 Hermes US SMID Equity Fund Class F Acc 2.29 2.29 0.00 0.00
UK Government Bond C Inc 1.15 - 0.00 1.66 Long Bond 0.59 - 0.00 - Pacific (No Trail) Acc F 269.46 - -0.83 0.88
Kames Capital VCIC (IRL)
Hermes US SMID Equity Fund Class R Acc 4.08 4.08 0.02 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
Long Bond Gross 1.00 - 0.00 - Pacific (No Trail) Inc F 250.89 - -0.78 1.01
Ashmore Sicav (LUX) FCA Recognised Marwyn Asset Management Limited (CYM)
2 rue Albert Borschette L-1246 Luxembourg
Edinburgh Partners Limited (IRL) Long Bond Fund Gross Inc 13.13 - -0.01 - Regulated
Capita Asset Services (UK) Tactical Bond (No Trail) Acc F 149.00 - -0.02 - Absolute Return Bond B GBP Acc 1104.30 - 0.14 1.03
FCA Recognised
27-31 Melville Street, Edinburgh EH3 7JF
Pacific (Ex Japan) 4.94 - -0.01 1.21
Hermes Property Unit Trust (UK)
40 Dukes Place, London EC3A 7NH Tactical Bond (No Trail) Inc F 122.65 - -0.02 - Marwyn Value Investors 449.78 - 12.85 0.00
Tel: +353 1 434 5143 Dealing - Fax +353 1 434 5230 Property & Other UK Unit Trusts Eq Market Neutral B Acc 973.21 - -0.75 -
Ashmore SICAV Emerging Market Debt Fund $ 102.94 - 0.14 7.26 Order Desk and Enquiries: 0345 922 0044 Pan European 3.48 - -0.02 1.65
FCA Recognised Property 6.09 6.53 0.02 2.83 UK Focus (No Trail) Acc F 206.47 - -0.95 - Eq Market Neutral Plus B Acc 928.65 - -1.63 -
Ashmore SICAV Emerging Market Frontier Equity Fund $ 177.68 - -0.35 1.01 Authorised Inv Funds Edinburgh Partners Opportunities Fund PLC Select Emerging Markets Equities 1.77 - 0.00 - UK Focus (No Trail) Inc F 165.63 - -0.77 - High Yield Global Bond A GBP Inc 534.20 - 0.28 3.12 McInroy & Wood Portfolios Limited (UK)
Ashmore SICAV Emerging Market Total Return Fund $ 90.17 - 0.24 6.26 CF Heartwood Cautious B Acc X 140.43 - 0.18 0.16 Emerging Opportunities I USD $ $ 1.33 - 0.00 1.43 Select Global Equities 4.00 - 0.00 0.94 UK Enhanced Index (No Trail) Acc F 497.79 - 0.00 - Easter Alderston, Haddington, EH41 3SF 01620 825867
High Yield Global Bond B GBP Inc 1117.48 - 0.64 3.69
Ashmore SICAV Global Small Cap Equity Fund $ 151.43 - 0.40 - CF Heartwood Cautious Income B Inc X 114.86 - 0.16 3.17 European Opportunities I EUR 2.82 - 0.00 - South East Asia 5.13 - -0.03 1.60 Hermes UK Residential Real Estate (UK) Authorised Inv Funds
UK Enhanced Index (No Trail) Inc F 294.74 - 0.00 3.38 Investment Grade Global Bd A GBP Inc 578.77 - 0.35 1.99
CF Heartwood Growth B Acc X 171.62 - 0.70 0.53 Property & Other UK Unit Trusts
EM Mkts Corp.Debt USD F $ 97.94 - 0.17 7.20 European Opportunities I GBP 2.44 - -0.02 - Sterling Core Plus Bond Gr Accum 2.52 - 0.00 2.43 Balanced Fund Personal Class Units 4730.80xd - -1.10 1.56
VISTA UK Residential Real Estate 1.02 1.06 0.03 - UK Growth (No Trail) Acc F 175.69 - -0.41 - Kames Emerging Market Bond Fund - B Acc USD $ 11.01 - 0.01 0.00
EM Mkts Loc.Ccy Bd USD F $ 86.10 - 0.40 4.55 CF Heartwood Balanced Income B Inc X 119.69 - 0.22 3.75 European Opportunities A EUR 2.76 - 0.00 - Income Fund Personal Class Units 2707.80 - -2.60 2.69
Sterling Core Plus Bond Inc 1.58 - 0.00 2.48 UK Growth (No Trail) Inc F 136.53 - -0.32 - Kames Global Equity Income B GBP Acc 1547.50 - -1.85 -
EM Short Duration Fund Acc USD $ 129.80 - 0.10 0.00 CF Heartwood Balanced B Acc X 143.70 - 0.39 0.44 Global Opportunities I USD $ 1.86 - 0.01 2.35 Emerging Markets Fund Personal Class Units 2140.90xd - 0.30 1.70
UK 4.33 - -0.01 - UK Smaller Companies Equity (No Trail) Acc F 384.86 - 0.06 0.74 Kames Global Equity Income B GBP Inc 1405.22 - -1.67 3.11
CF Heartwood Defensive Multi Asset Fund B Accumulation 116.11 - 0.17 0.01 Global Opportunities I GBP 1.45 - 0.00 2.25 INDIA VALUE INVESTMENTS LIMITED (INVIL) Smaller Companies Fund Personal Class Units 4836.60 - -2.30 1.30
UK Aggreg Bond Gr Accum 2.09 - 0.01 - UK Smaller Companies Equity (No Trail) Inc F 351.57 - 0.05 0.75
www.invil.mu Kames Global Diversified Growth Fund - B Acc EUR 10.91 - 0.00 -
CF Seneca Diversified Growth A ACC 262.15 - 0.82 2.05 Pan European Opportunities I EUR 1.91 - 0.00 - UK Corporate Bond 1.34 - 0.00 - UK Strategic Income (No Trail) Acc F 815.65 - -3.13 -
Other International Funds Kames Global Equity Market Neutral Fund - B Acc GBP 9.94 - 0.01 -
CF Seneca Diversified Growth B ACC 156.61 - 0.51 2.61
UK Corporate Bond - Gross 2.60 - 0.00 - UK Strategic Income (No Trail) Inc F 573.09 - -2.20 3.12 Meridian Fund Managers Ltd
NAV 9.55 - -0.03 0.00 Kames Global Sustainable Equity Fund - B Acc EUR 11.88 - 0.09 0.00
CF Seneca Diversified Growth N ACC 154.50 - 0.49 2.39
UK Corporate Bond Fund Gross Inc 12.12 - 0.02 - Other International Funds
Electric & General (1000)F (UK) US Enhanced Index (No Trail) Acc F 114.84 - -0.12 - Kames Absolute Return Bond Global Fund - B Acc GBP 10.24 - 0.00 0.00
CF Seneca Diversified Income A INC 96.46 - -0.01 4.71 Global Gold & Resources Fund $ 317.06 - 0.43 -
Stuart House St.John's Street Peterborough PE1 5DD UK Gilt Fund Inc 1.40 - 0.00 - US Enhanced Index (No Trail) Inc F 113.78 - -0.12 - Strategic Global Bond A GBP Inc 1122.41 - 3.82 0.54
CF Seneca Diversified Income B INC 115.34 - -0.01 4.70 Orders & Enquiries: 0845 850 0255 UK Gilt Gross 2.29 - 0.00 -
Intrinsic Value Investors (IVI) LLP (IRL)
Global Energy & Resources Fund $ 38.21 - -0.83 -
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 US Equity (No Trail) Acc F 306.70 - -0.47 0.28 Strategic Global Bond B GBP Inc 636.74 - 2.21 0.99
CF Seneca Diversified Income N INC 113.88 - -0.01 4.71 Authorised Inv Funds
UK Long Corp Bond 1.58 - 0.00 - FCA Recognised
Aspect Capital Ltd (UK) Investment Adviser - Morant Wright Management Limited Authorised Corporate Director - Carvetian Capital Management
UK Long Corp Bond - Gross 3.02 - 0.01 - IVI European Fund EUR 22.05 - 0.01 0.00
Other International Funds CF Morant Wright Japan A X 374.27 - -0.49 0.00 Electric&General Net Income A 196.00 - -0.30 1.56 Ministry of Justice Common Investment Funds (UK)
UK Long Corporate Bond - Gross Inc 12.66 - 0.02 - Kleinwort Benson Bank (UK)
Aspect Diversified USD $ 384.34 - 2.81 0.00 IVI European Fund GBP 25.81 - 0.26 0.62 Property & Other UK Unit Trusts
CF Morant Wright Japan A Inc X 366.41 - -0.49 0.45 14 St. George Street, Mayfair, London W1S1FE
Retail Share Classes The Equity Idx Tracker Fd Inc 1678.00 1678.00 5.00 -
Aspect Diversified EUR 226.35 - 1.58 0.00 CF Morant Wright Japan B X 401.23 - -0.51 0.97 Dealing and enquiries: 0800 024 2400
Ennismore Smaller Cos Plc (IRL) Emerging Markets - retail 1.72 - -0.01 - Distribution Units
Aspect Diversified GBP 118.18 - 0.84 0.00 Authorised Inv Funds
CF Morant Wright Japan B Inc X 371.79 - -0.47 0.98 5 Kensington Church St, London W8 4LD 020 7368 4220 {*}CAR - Net income reinvested Unit Trust Manager/ACD - Host Capital
Aspect Diversified CHF SFr 106.99 - 0.75 0.00 CF Morant Wright Nippon Yield ACC A X 391.63 - -0.24 1.94 FCA Recognised
HC KB Capital Growth A Acc 202.67 - 0.15 1.36
Aspect Diversified Trends USD $ 115.21 - 1.07 0.00 CF Morant Wright Nippon Yield ACC B X 409.13 - -0.23 1.93
Ennismore European Smlr Cos NAV 122.94 - 0.37 0.00 Mirabaud Asset Management (LUX)
Findlay Park Funds Plc (IRL) Invesco (LUX) HC KB Capital Growth A Inc 185.72 - 0.14 1.38 www.mirabaud.com, marketing@mirabaud.com
Aspect Diversified Trends EUR 113.09 - 1.04 0.00 Ennismore European Smlr Cos NAV 140.60 - -0.90 0.00
CF Morant Wright Nippon Yield Fund A Inc X 326.66 - -0.20 1.99 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 Regulated
HC KB Enterprise Equity Income A Inc 118.37 - 0.16 3.06
Aspect Diversified Trends GBP 119.57 - 1.11 0.00 CF Morant Wright Nippon Yield Fund B Inc X 341.35 - -0.19 2.00 FCA Recognised
FCA Recognised HC KB Enterprise Equity Income A Acc 186.88 - 0.25 4.00 Mir. - Conv. Bds Eur A EUR 141.56 - 0.00 -
American Fund USD Class $ 96.77 - 0.06 0.00 Invesco Management SA
Ennismore European Smlr Cos Hedge Fd Invesco Fund Managers Ltd (UK) HC KB Endeavour Multi Asset Balanced A Acc 154.30 - 0.74 0.81 Mir. - Conv. Bds Glb A USD $ 122.35 - -0.04 0.00
Other International Funds American Fund GBP Hedged 52.13 - 0.04 0.00 Invesco Active Multi-Sector Credit Fund A 3.14 - 0.00 -
Atlantas Sicav (LUX)
Cedar Rock Capital Limited (IRL) Perptual Park, Henley-On-Thames, Oxon, RG9 1HH HC KB Endeavour Multi Asset Balanced A Inc 145.83 - 0.71 0.81 Mir. - Eq Asia ex Jap A $ 209.53 - -0.62 0.00
Regulated NAV 523.73 - -0.38 0.00 American Fund GBP Unhedged 75.65 - 0.95 0.00 Dealing: 0800 085 8571 Invesco Asia Balanced A dist $ 14.35 - 0.00 3.75
Regulated HC KB Enterprise Fixed Income A Acc 131.03 - 0.15 3.44 Mir.- EqEurope ExUK Sm&Mid 148.47 - -0.37 -
American Dynamic $ 4181.75 - 28.85 0.00 Latin American Fund USD Class $ 15.85 - 0.18 - Investor Services: 0800 085 8677 Invesco Asia Consumer Demand Fund A income $ 15.02 - 0.00 -
Cedar Rock Capital Fd Plc $ 424.89 - 10.23 1.38 HC KB Enterprise Fixed Income A Inc 112.90 - 0.13 3.44 Mir. - Eq Glb Emrg Mkt A USD $ 110.10 - -0.30 0.00
www.invescoperpetual.co.uk Invesco Asia Infrastructure (A) $ 13.86 - -0.01 0.69
American One $ 3825.24 - -5.29 - Latin American Fund GBP Unhedged 12.62 - 0.29 -
Cedar Rock Capital Fd Plc 517.46 - 14.30 1.45 Equinox Fund Mgmt (Guernsey) Limited (GSY) Authorised Inv Funds Mir. - Eq Global Focus A USD $ 105.40 - 0.32 -
Bond Global 1461.44 - 12.70 - Regulated Invesco Asia Opportunities Equity A $ 125.09 - -0.15 0.00
Cedar Rock Capital Fd Plc 404.89 - 8.54 1.43 INVESCO PERPETUAL Funds Mir. - EqPanEuropeSm&Mid 134.64 - 0.31 0.00
Eurocroissance 985.53 - 3.32 0.00 Equinox Russian Opportunities Fund Limited $ 180.44 - 8.90 0.00 Asian Acc F 715.27 - -2.85 - Invesco Balanced Risk Allocation Fund A 16.51 - -0.01 0.00 Lloyds Investment Fund Managers Limited (1000)F (JER)
The First Investor QSCC Mir. - Eq Spain A 31.16 - 0.17 0.00
Invesco Emerging Europe Equity Fund A $ 10.32 - 0.04 0.00 PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
Far East $ 819.34 - 3.75 0.00 Asian Inc F 635.11 - -2.52 -
5th Floor, Barwa Bank Building, Grand Hamad Street Other International Funds Mir. - Eq Swiss Sm/Mid A SFr 441.01 - -0.94 -
Charles Schwab Worldwide Funds Plc (IRL) Invesco Emerging Local Currencies Debt A Inc $ 7.10 - -0.02 5.78
, P.O. Box 16034, Doha, State of Qatar Asian Equity Income Acc F 81.52 - -0.40 3.23
Regulated Euronova Asset Management UK LLP (CYM) Lloydstrust Gilt 12.9600 - 0.0200 1.95 Mir. - Glb High Yield Bds A $ 121.48 - 0.13 -
Regulated + 974 4459 6111 Invesco Emerging Mkt Quant.Eq. A $ 11.84 - -0.03 -
Bank of America Cap Mgmt (Ireland) Ltd (IRL) Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.02 Asian Equity Income Inc F 65.21 - -0.32 3.32 Lloyds Investment Funds Limited Mir. - Glb Eq High Income A USD $ 105.29 - -0.04 0.00
http://www.tfi.com.qa/ Invesco Energy A $ 16.74 - 0.00 -
Regulated Smaller Cos Cls One Shares 41.52 - 0.06 0.00 Balanced Risk 6 Acc 56.87 - 0.05 - Euro High Income 1.6220 - 0.0030 3.01 Mir. - Glb Strat. Bd A USD $ 112.65 - 0.03 -
Other International Funds
Global Liquidity USD $ 1.00 - 0.00 0.61 Smaller Cos Cls Two Shares 28.35 - 0.03 0.00 Balanced Risk 8 Acc 59.94 - 0.07 0.00 Invesco Euro Corporate Bond Fund (A) 17.74 - 0.00 - European 9.9690 - -0.0910 0.70
TFI GCC Equity Opportunities Fund (Q)QAR 1275.53 - 9.44 0.00 Mir. - US Shrt Term Credit Fd $ 103.88 - 0.01 0.00
Chartered Asset Management Pte Ltd Smaller Cos Cls Three Shares 14.28 - 0.02 0.00 Invesco Euro Inflation Linked Bond A 15.76 - 0.01 0.00
Balanced Risk 10 Acc 63.23 - 0.10 - High Income 0.9043 - 0.0014 4.44
Other International Funds
Smaller Cos Cls Four Shares 18.34 - 0.02 0.00 Childrens Acc F 472.96 - -1.59 - Invesco Euro Reserve A 321.14 - 0.00 0.00 International 5.4490 - 0.0060 0.35
Barclays Investment Funds (CI) Ltd (JER) CAM-GTF Limited $ 307587.82 307587.82 598.12 0.00
Foord Asset Management
Corporate Bond Acc F 199.60 - 0.14 - Invesco Euro Bond A 7.43 - 0.01 0.00 North American 21.1800 - 0.0700 0.00
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 CAM GTi Limited $ 686.20 - -1.02 0.00 Website: www.foord.com - Email: info@foord.com
Invesco European Growth Equity A 27.02 - 0.01 0.00
Asset Management
FCA Recognised Corporate Bond Inc F 91.12 - 0.06 - Sterling Bond 1.5790 - 0.0020 3.03
Raffles-Asia Investment Company $ 1.62 1.62 -0.01 1.90 FCA Recognised - Luxembourg UCITS
Baring Asset Management (UK) Foord Global Equity Fund (Sing) | B $ 14.67 - 0.00 - Emerging European Inc F 46.94 - 0.05 - Invesco Global Equity Income Fund A $ 65.46 - -0.16 0.00 Monthly Share 1.3040 - 0.0020 1.52 Morgan Stanley Investment Funds (LUX)
Authorised Funds Foord International Trust (Gsy) $ 38.22 - 0.14 - Invesco Global Inc Real Estate Sec A dist $ 9.51 - -0.01 1.97 Lloyds Money Fund Limited 6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
European Equity Acc F 1175.53 - -6.64 1.47
UK Authorised Unit Trust Eurobank Fund Management Company (Luxembourg) S.A. Sterling Class 52.5790 - -0.0010 -0.19 www.morganstanleyinvestmentfunds.com
European Equity Inc F 964.97 - -5.45 1.49 Invesco Global Inv Grd Corp Bond A Dist $ 12.27 - 0.01 2.86
Baring Eastern Trust GBP Acc 930.00 - -4.30 - Regulated FCA Recognised
Invesco Global Leisure A $ 48.32 - 0.00 - Lloyds Multi Strategy Fund Limited
(LF) Absolute Return 1.35 - 0.00 0.00 European Equity Income Acc F 99.00 - -0.28 - US Advantage A F $ 69.96 - -0.03 0.00
Baring Eastern Trust GBP Inc 912.70 - -4.20 - Conservative Strategy 1.2550 - 0.0050 1.67
European Equity Income Inc F 71.50 - -0.20 - Invesco Global Smaller Comp Eq Fd A $ 69.99 - 0.02 0.00
Baring Europe Select Trust GBP Inc 3854.00 - -24.00 0.46 (LF) Eq Emerging Europe 0.86 - 0.00 0.00 Asian Equity A F $ 49.34 - -0.07 0.00
Growth Strategy 1.7930 - 0.0080 1.22
Wednesday 31 May 2017 FINANCIAL TIMES 23
Asian Property A F $ 19.54 - -0.01 0.00 OasisCresGl Med Eq Bal A ($) Dist $ 12.48 - 0.00 0.45 Pictet-Global Emerging Currencies-I USD F $ 105.23 - 0.19 0.00
Diversified Alpha Plus A F 27.85 27.85 -0.05 0.00 Oasis Crescent Gbl Property Eqty $ 9.63 - -0.01 - Pictet-Global Emerging Debt-I USD F $ 401.26 - 0.55 0.00
E.I. Sturdza Funds PLC (IRL) UBS Asset Management (UK) CCLA Fund Managers Ltd
Emerg Europ, Mid-East & Africa Eq A F 78.52 - -0.39 0.00 Pictet-Global Env.Opport-I EUR 190.49 - 0.51 0.00 Senator House 85 Queen Victoria Street, London EC4V 4ET
Regulated 21 Lombard Street, London, EC3V 9AH
COIF Charities Deposit Fund 0.20 - 0.20 Qtr
Emerging Markets Debt A F $ 87.03 - 0.10 0.00 Pictet-Global Megatrend Selection-I USD F $ 261.79 - 0.81 - Nippon Growth (UCITS) Fd - B 83373.00 - 200.00 - Client Services 0800 358 3012, Client Dealing 0800 358 3012
Emerging Markets Domestic Debt AX F 12.95 12.95 -0.04 4.92 Pictet-Greater China-I USD F $ 533.03 - 4.01 0.00 www.ubs.com/retailfunds
Nippon Growth (UCITS) Fd - D Inst 54413.00 - 132.00 -
Authorised Inv Funds
Emerging Markets Equity A F $ 40.87 40.87 -0.10 0.00 Pictet-Health-I USD $ 269.17 - -0.77 0.00 Strategic China Panda Fd - USD $ 2719.72 - 3.48 0.00 OEIC
Euro Bond A F 16.22 16.22 0.01 0.00 Pictet-High Dividend Sel I EUR F 173.79 - 0.67 0.00 Strategic China Panda Fd - USD Inst $ 1050.08 - 1.39 0.00 UBS Global Emerging Markets Equity C Acc 0.71 - -0.01 1.16 Data Provided by
Euro Corporate Bond AX F 27.21 27.21 -0.06 - Pictet-India Index I USD $ 114.51 - -0.14 0.00 Ram Active Investments SA S W Mitchell Capital LLP (CYM)
Strategic Euro Bond Fd - Acc 1134.25 - 0.30 -
www.ram-ai.com Regulated UBS Global Optimal C Acc 0.94 - 0.00 -
Euro Strategic Bond A F 45.91 45.91 0.03 0.00 Pictet-Indian Equities-I USD F $ 562.35 - 0.35 0.00 Other International Funds Strategic Euro Bond Fd - Dist 1011.45 - 0.27 1.28 UBS UK Opportunities C Acc 0.86 - 0.00 -
S W Mitchell European Fund Class A EUR 296.93 - 29.15 -
European Currencies High Yield Bd A F 24.25 24.25 0.01 0.00 Odey Asset Management LLP (UK)
Pictet-Japan Index-I JPY F 16706.30 - 18.68 - Strategic Euro Bond Fd - EUR Inst 1016.06 - 0.29 -
RAM Systematic Emerg Markets Core Eq $ 95.20 - 0.10 - UBS US Equity C Acc 1.16 - 0.00 -
40 Dukes Place, London, EC3A 7NH
European Equity Alpha A F 46.49 - 0.01 0.00 Order Desk and Enquiries: 0345 300 2106 Pictet-Japanese Equities Opp-I JPY F 10640.19 - 27.89 - RAM Systematic Emerg Markets Eq $ 170.23 - 0.08 - Strategic Europe Value Fd - EUR 218.11 - 0.05 - UBS S&P 500 Index C Acc 0.77 - 0.01 -
European Property A F 34.92 34.92 0.03 0.00 Authorised Corporate Director - Capita Financial Managers Pictet-Japanese Equity Selection-I JPY F 15221.64 - 29.49 - S W Mitchell Capital LLP (IRL)
Strategic Europe Value Fd - EUR Inst 192.01 - 0.04 -
RAM Systematic European Eq 438.54 - -0.59 - UBS Targeted Return C Acc 13.60 - 0.04 1.21
Regulated
Eurozone Equity Alpha A F 13.19 13.19 -0.01 - Authorised Inv Funds Pictet-LATAM Lc Ccy Dbt-I USD F $ 135.14 - 1.02 0.00 Strategic Europe Value Fd - EUR Inst Dist 104.38 - 0.02 0.00
RAM Systematic Global Shareholder Yield Eq $ 116.04 - 0.23 0.00 SWMC European Fund B EUR 16883.18 - -58.34 0.00 UBS Sterling Corporate Bond Indexed C Acc 0.60 - 0.00 2.86
Global Bond A F $ 40.86 40.86 0.01 - CF Odey Continental European GBP R Acc 912.75 - -5.02 0.65 Pictet-Multi Asset Global Opportunities-I EUR 121.15 - -0.03 0.00 RAM Systematic Long/Short Emerg Markets Eq $ 115.87 - 0.30 - Strategic Europe Value Fd - Euro R Class 102.42 - 0.02 -
Global Brands A F $ 119.44 - 0.20 - CF Odey Opus GBP R Inc 4049.08 - -16.86 0.00 Pictet-Pacific Ex Japan Index-I USD F $ 392.76 - -1.53 0.00 RAM Systematic Long/Short European Eq 147.27 - -0.53 -
SWMC UK Fund B 13942.54 - 5.50 0.00
Strategic European Smaller Companies Fd - EUR 1331.54 - 14.43 0.00
UBS Multi Asset Income C Inc Net
UBS UK Equity Income C Inc Net
0.49
0.72
-
-
0.00
0.00
-
-
www.morningstar.co.uk
SWMC Small Cap European Fund B EUR 14520.57 - 15.65 0.00
Global Convertible Bond A F $ 44.66 - 0.02 0.00 CF Odey Absolute Return GBP R 271.01 - 0.52 0.00 Pictet-Premium Brands-I EUR F 162.16 - 0.88 - Data as shown is for information purposes only. No
RAM Systematic North American Eq $ 274.43 - 0.10 - Strategic Global Bond Fd - RMB $ 1051.36 - -2.78 0.00 UBS Corporate Bond UK Plus C Inc Net 0.53 - 0.00 -
SWMC Emerging European Fund B EUR 11943.94 - -80.19 0.00
Global Property A F $ 28.93 - -0.05 - CF Odey Portfolio Fund GBP R Inc 149.04 - -0.12 0.11 Pictet-Russia Index I USD $ 63.71 - -1.19 0.00 Strategic Global Bond Fd - USD $ 1054.52 - 0.09 - offer is made by Morningstar or this publication.
RAM Tactical Convertibles Europe 153.29 - 0.07 - UBS Global Allocation (UK) C Acc 0.78 - 0.00 1.66
Indian Equity A F $ 43.92 - -0.19 - Pictet-Russian Equities-I USD F $ 66.19 - -1.11 0.00 RAM Tactical Global Bond Total Return 144.60 - 0.00 - Strategic Global Quality Fd - USD $ 120.44 - -0.25 - UBS Global Enhanced Equity Income C Inc 0.47 - 0.00 8.47
Latin American Equity A F $ 50.23 - -0.08 - Odey Asset Management LLP (CYM) Pictet-Security-I USD F $ 229.65 - 0.75 - RAM Tactical II Asia Bond Total Return $ 137.76 - 0.07 - Strategic Global Quality Fd - USD Inst $ 130.03 - -0.27 - UBS US Growth C Acc 1.15 - 0.00 -
Short Maturity Euro Bond A F 20.39 20.39 -0.01 0.00 Regulated Pictet-Select-Callisto I EUR 104.49 - -0.14 0.00 Strategic Quality Emerging Bond Fd - EUR Inst 1033.87 - 0.45 0.00 UBS Emerging Markets Equity Income C Inc 0.50 - 0.00 -
US Dollar Liquidity A F $ 13.07 - 0.00 0.00 OEI Mac Inc GBP A 171.51 - 4.83 0.00 Pictet-Small Cap Europe-I EUR F 1328.01 - 7.35 0.00 Strategic Quality Emerging Bond Fd - USD $ 1050.41 - 0.54 - UBS FTSE RAFI Dev 1000 Index J Acc 138.63 - 1.31 -
OEI Mac Inc GBP B 102.24 - 3.28 0.00 Rathbone Unit Trust Mgmt (1200)F (UK)
US Growth A F $ 86.03 - 0.15 - Pictet-ST.MoneyMkt-I 139.85 - 0.00 - Strategic US Momentum and Value Fd - USD Class $ 799.43 - -2.16 -
Guide to Data
PO Box 9948, Chelmsford, CM99 2AG UBS MSCI World Min Vol Index J Acc 148.65 - 1.57 -
US Growth AH F 58.44 58.44 0.09 0.00 OEI MAC Inc USD $ 905.06 - 25.82 0.00 Pictet-ST.MoneyMkt JPY I USD 101236.17 - -1.82 0.00 Strategic US Momentum and Value Fd - USD Inst $ 535.09 - -1.44 -
Order Desk: 0845 300 2101, Enquiries: 0207 399 0399
US Growth AX F 67.04 67.04 -0.07 - Odey European Inc EUR 393.09 - 10.72 0.00 Pictet-ST.MoneyMkt-ICHF SFr 122.76 - -0.01 0.00 Authorised Inv Funds RobecoSAM (LUX)
Odey European Inc GBP A 156.03 - 4.32 0.00 Blue Chip Income Inc 174.69 180.37 -0.86 - Tel. +41 44 653 10 10 http://www.robecosam.com/ Unicapital Investments (LUX)
US Property A F $ 69.69 - -0.48 - Pictet-ST.MoneyMkt-IUSD $ 137.26 - 0.00 0.00 The fund prices quoted on these pages are supplied by
Regulated
Odey European Inc GBP B 88.51 - 2.45 0.00 Blue Chip Income Acc 274.33 282.93 -1.35 - Regulated the operator of the relevant fund. Details of funds
Pictet-Timber-I USD F $ 172.50 - 0.69 0.00
Investments IV - European Private Eq. 164.09 - -28.22 18.28 published on these pages, including prices, are for the
Odey European Inc USD $ 185.07 - 5.19 0.00 Ethical Bond Inc 95.89 97.80 0.08 - RobecoSAM Sm.Energy/A 15.61 - -0.06 1.48
Pictet Total Ret-Agora I EUR 118.45 - -0.16 - purpose of information only and should only be used
Morgens Waterfall Vintiadis.co Inc RobecoSAM Sm.Energy/N 13.95 - 0.01 0.00
Investments IV - Global Private Eq. 238.25 - 0.00 8.18
Giano Capital EUR Inc 3874.78 - 20.04 0.00 Pictet Total Ret-Corto Europe I EUR 141.65 - -0.50 - Ethical Bond Acc 193.96 197.35 0.15 - as a guide. The Financial Times Limited makes no
Other International Funds
Global Opportunities Acc 188.55 194.28 -0.12 - RobecoSAM Sm.Materials/A 186.73 - -0.58 1.23 representation as to their accuracy or completeness
Phaeton Intl (BVI) Ltd (Est) $ 372.76 - 0.00 0.00 Pictet Total Ret-Divers Alpha I EUR 108.92 - -0.10 0.00
and they should not be relied upon when making an
Pictet Total Ret-Kosmos I EUR 110.40 - -0.02 0.00 Income Inc 974.22 1007.55 -1.85 - RobecoSAM Sm.Materials/N 189.47 - 0.30 0.00 Unicorn Asset Management Ltd (UK)
investment decision.
Odey Asset Management LLP (IRL) PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Income Acc 1593.40 1645.51 -3.02 - RobecoSAM Sm.Materials/Na 128.92 - 0.21 1.20 Superfund Asset Management GmbH
FCA Recognised Pictet Total Ret-Mandarin I USD $ 136.60 - -0.36 0.00 Authorised Inv Funds
RobecoSAM Gl.Small Cap Eq/A 108.40 - -0.40 1.07 www.superfund.com, +43 (1) 247 00 The sale of interests in the funds listed on these pages
Odey Pan European EUR R 315.86 - -1.63 0.00 Pictet-US Equity Selection-I USD $ 208.83 - 1.47 - Multi Asset Enhanced Growth Acc 154.54 - 0.34 0.21 may, in certain jurisdictions, be restricted by law and
Regulated UK Growth A Inc 567.85 - 2.71 -
Odey Allegra International EUR O 166.37 - 0.02 0.00 Multi Asset Strategic Growth inc 171.33 - 0.20 1.55 RobecoSAM Gl.Small Cap Eq/N 189.92 - 0.20 0.00 the funds will not necessarily be available to persons
Pictet-US High Yield-I USD F $ 162.48 - 0.12 0.00 Superfund Green EUR SICAV 831.07 - 1.70 0.00 Mastertrust A Inc X F 478.78 - 0.72 -
RobecoSAM Sustainable Gl.Eq/B 206.73 - 0.13 - in all jurisdictions in which the publication circulates.
Odey Allegra Developed Markets USD I $ 137.86 - -0.03 0.00 Pictet-USA Index-I USD F $ 217.28 - 1.07 0.00 Multi Asset Strategic Growth acc 185.76 - 0.23 1.54 Persons in any doubt should take appropriate
Superfund Red EUR SICAV 811.02 - -0.20 0.00 UK Growth B Inc 571.28 - 2.76 1.23
Odey European Focus Fund 18.73 - 0.04 0.00 Multi Asset Total Return inc 133.03 - 0.10 1.66 RobecoSAM Sustainable Gl.Eq/N 180.24 - 0.13 - professional advice. Data collated by Morningstar. For
Pictet-USD Government Bonds-I F $ 650.36 - 0.43 0.00 Superfund Blue EUR 835.86 - -1.70 0.00 Mastertrust B Inc X F 430.53 - 0.67 -
RobecoSAM S.HealthyLiv/B 188.28 - -0.05 - other queries contact reader.enquiries@ft.com +44
Odey Giano European Fund EUR R 102.26 - 0.42 0.00 Pictet-USD Short Mid-Term Bonds-I F $ 131.70 - 0.05 0.00 Multi Asset Total Return acc 149.79 - 0.11 1.50
Outstanding British Cos A Acc X F 293.96 - 0.64 0.24 (0)207 873 4211.
Natixis International Funds (LUX) I SICAV (LUX) Odey Odyssey USD I $ 103.66 - 0.14 0.00 Recovery Inc 482.26 500.64 -0.74 2.33 RobecoSAM S.HealthyLiv/N 177.37 - -0.04 -
Pictet-USD Sov.ST.Mon.Mkt-I $ 103.71 - -0.01 0.00 Outstanding British Cos B Acc X F 310.35 - 0.69 0.91
FCA Recognised RobecoSAM S.HealthyLiv/Na 133.21 - -0.65 1.04 Thesis Unit Trust Management Limited (UK) The fund prices published in this edition along with
Odey Swan Fund EUR I 49.52 - 0.66 0.00 Pictet-Water-I EUR F 331.73 - -0.02 0.00 Recovery Acc 601.13 623.26 -0.91 2.29
Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP UK Smaller Cos A Inc X F 553.24 - 2.31 1.03 additional information are also available on the
ASG Managed Futures Fund I/A (USD) $ 96.77 96.77 -0.03 - RobecoSAM S.Water/A 235.17 - -0.88 1.46
Odey Absolute Return Focus Fund $ 82.78 - 2.60 0.00 Strategic Bond I-Class Acc 140.36 141.05 0.07 3.65 Financial Times website, www.ft.com/funds. The
Authorised Funds UK Smaller Cos B Inc X F 542.35 - 2.30 1.64
Harris Global Equity Fund R/A (USD) $ 295.79 295.79 -0.44 0.00 RobecoSAM S.Water/N 199.64 - 0.19 0.00 funds published on these pages are grouped together
Strategic Bond I-Class Inc 116.97 117.66 0.06 3.72
TM New Court Fund A 2011 Inc 14.68 - 0.03 0.00 UK Income A Acc X F 314.65 - 0.67 - by fund management company.
Loomis Sayles Global Growth Equity Fund I/A (USD) $ 119.47 119.47 -0.20 - Platinum Capital Management Ltd
Odey Wealth Management (CI) Ltd (IRL) Other International Funds TM New Court Fund - A 2014 Acc 14.72 - 0.03 0.00 UK Income A Inc X F 266.08 - 0.56 3.59
Loomis Sayles U.S. Growth Equity Fund I/A (USD) $ 118.03 118.03 -0.01 - Prices are in pence unless otherwise indicated. The
www.odey.com/prices Platinum All Star Fund - A (Est) $ 125.39 - - - TM New Court Equity Growth Fund - Inc 15.27 - 0.04 0.00 UK Income B Acc X F 337.92 - 0.74 - change, if shown, is the change on the previously
FCA Recognised Platinum Global Dividend Fund - A $ 47.94 - - - quoted figure (not all funds update prices daily). Those
UK Income B Inc X F 285.90 - 0.63 3.57
Natixis International Funds (UK) Odey Opportunity EUR I 234.61 - 0.17 - designated $ with no prefix refer to US dollars. Yield
Platinum Maverick Enhanced Fund Limited $ 93.69 - - 0.00
Authorised Funds percentage figures (in Tuesday to Saturday papers)
Rubrics Global UCITS Funds Plc (IRL) allow for buying expenses. Prices of certain older
H2O MultiReturns Fund N/A (GBP) 1.45 - 0.00 0.63 www.rubricsam.com Value Partners Hong Kong Limited (IRL) insurance linked plans might be subject to capital
Omnia Fund Ltd Regulated www.valuepartners.net, fis@vp.com.hk gains tax on sales.
Loomis Sayles U.S. Equity Leaders N/A (GBP) 2.16 - 0.00 -
Other International Funds Regulated
Robeco Asset Management (LUX) Rubrics Emerging Markets Fixed Income UCITS Fund $ 132.34 - -0.06 0.00
Estimated NAV $ 933.67 - 10.72 0.00 Value Partners Asia Dividend Stocks Fund $ 10.54 - 0.04 0.00 Guide to pricing of Authorised Investment Funds:
Weena 850, 3014 DA Rotterdam, The Netherlands Rubrics Global Credit UCITS Fund $ 15.42 - 0.00 0.00 (compiled with the assistance of the IMA. The
NatWest (2230)F (UK) www.robeco.com/contact Value Partners Classic Equity Fund USD Z Unhedged $ 12.87 - 0.01 0.00 Investment Management Association, 65 Kingsway,
Rubrics Global Fixed Income UCITS Fund $ 161.47 - 0.00 0.00
PO Box 23873, Edinburgh EH7 5WJ** FCA Recognised Toscafund Asset Management LLP (UK) London WC2B 6TD.
Value Partners Classic Equity Fund CHF HedgedSFr 13.03 - 0.01 0.00
Enquiries: 0800 085 5588 Q Rubrics India Fixed Income UCITS Fund $ 11.42 - -0.02 0.00 www.toscafund.com Tel: +44 (0)20 7831 0898.)
Asia-Pacific Equities (EUR) 155.08 - -0.89 0.00 Value Partners Classic Equity Fund EUR Hedged 13.25 - 0.01 0.00
Authorised Inv Funds Rubrics India Fixed Income UCITS Fund $ 97.58 - -0.14 0.00 Authorised Funds
Series 1(Minimum initial investment 16375,000) Polar Capital Funds Plc (IRL) BP US Premium Equities (EUR) 212.77 - -0.24 0.00 Value Partners Classic Equity Fund GBP Hedged 13.70 - 0.01 0.00 OEIC: Open-Ended Investment Company. Similar to a
Regulated Rubrics International Bond UCITS Fund $ 17.49 - -0.01 0.00 Aptus Global Financials B Acc 4.00 - -0.01 -
BP US Premium Equities (USD) $ 242.29 - -0.28 0.00 unit trust but using a company rather than a trust
Global Spec Inv Grade Bd Fund GBP 9.75 - 0.00 2.66 Value Partners Classic Equity Fund GBP Unhedged 16.51 - 0.13 0.00
Asian Financials I USD $ 351.25 351.25 -1.64 - Aptus Global Financials B Inc 3.29 - 0.00 - structure.
Series 2 (Investment Management customers only) Chinese Equities (EUR) 87.71 - 0.18 0.00 Value Partners Classic Equity USD Hedged $ 16.03 - 0.01 0.00
Biotechnology I USD $ 19.14 19.14 -0.15 0.00 Different share classes are issued to reflect a different
UK Specialist Equity Inc 21.36 - -0.12 0.49 Em Stars Equities (EUR) 214.68 - 0.97 0.00 Schroder Property Managers (Jersey) Ltd Value Partners Global Emerging Market Bond Fund $ 10.25 - 0.02 0.00
Optima Fund Management European Income Acc EUR 12.79 12.79 0.02 0.00 Other International Funds currency, charging structure or type of holder.
Global Spec Inv Grade Bd Fund GBP 9.97 - 0.00 2.66 Emerging Markets Equities (EUR) 182.76 - 0.98 0.00 Toscafund Asset Management LLP Value Partners Greater China Equity Fund $ 10.14 - 0.00 0.00
Other International Funds European Ex UK Inc EUR Acc 11.53 11.53 0.03 - Indirect Real Estate SIRE 133.88 140.74 0.60 2.10 www.toscafund.com
The initial charge you will pay will depend on the amount you invest Flex-o-Rente (EUR) 106.07 - -0.03 0.00 Selling price: Also called bid price. The price at which
Cuttyhunk Fund II Limited $ 1668.83 - -24.82 0.00 Other International Funds Value Partners Health Care Fund RMB Class Z UnhedgedCNH 11.51 - -0.08 0.00
**Address and Telephone number for series 1 only Financial Opps I USD $ 13.26 - -0.03 - units in a unit trust are sold by investors.
Glob.Consumer Trends Equities (EUR) 180.53 - 0.32 - Value Partners Health Care Fund HKD Class A UnhedgedHK$ 10.59 - -0.02 0.00
JENOP Global Healthcare Fund Ltd $ 13.24 - -0.66 0.00 Tosca A USD $ 313.10 - 8.82 -
GEM Growth I USD $ 10.49 - 0.07 -
High Yield Bonds (EUR) 143.49 - -0.50 0.00 Scottish Friendly Asset Managers Ltd (UK)
Tosca Mid Cap GBP 298.41 - -0.99 - Value Partners Health Care Fund USD Class A Unhedged $ 10.57 - -0.02 0.00 Buying price: Also called offer price. The price at
OPTIKA Fund Limited - Cl A $ 108.36 - -1.47 0.00 GEM Income I USD $ 11.63 - 0.05 - which units in a unit trust are bought by investors.
Lux -O- Rente (EUR) 140.73 - 0.00 - Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000
Optima Fd NAV $ 92.92 - 0.75 0.00 Authorised Inv Funds Tosca Opportunity B USD $ 422.76 - -0.08 - Includes managers initial charge.
Global Alpha I USD $ 14.73 14.73 -0.02 0.00
New World Financials (EUR) 60.11 - 0.02 0.00
Optima Discretionary Macro Fund Limited $ 83.80 - -0.17 0.00 Managed Growth 278.30 - -0.10 0.00 Pegasus Fund Ltd A-1 GBP 70.19 - -1.53 0.00 Waverton Investment Funds Plc (1600)F (IRL)
Global Convertible I USD $ 12.03 12.03 -0.01 - Single price: Based on a mid-market valuation of the
The Dorset Energy Fd Ltd NAV $ 29.46 - 1.06 0.00 UK Growth 303.00 - 0.10 - waverton.investments@citi.com underlying investments. The buying and selling price
Global Insurance I GBP 5.80 - 0.05 0.00
FCA Recognised for shares of an OEIC and units of a single priced unit
Platinum Fd Ltd $ 97.33 - 0.76 0.00 Global Technology I USD $ 33.80 - 0.05 - Royal Bank of Scotland (2230)F (UK)
trust are the same.
PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Waverton Asia Pacific A USD $ 21.70 - -0.11 -
Platinum Fd Ltd EUR 18.43 - 0.14 0.00 Healthcare Blue Chip Fund I USD Acc $ 11.34 11.34 -0.02 0.00 Authorised Inv Funds SIA (SIA Funds AG) (CH) Waverton Global Equity Fund A GBP 18.83 - -0.04 0.18 Treatment of managers periodic capital charge:
New Capital Fund Management Ltd (IRL) Platinum Japan Fd Ltd $ 62.17 - 0.49 0.00 Healthcare Opps I USD $ 38.63 - -0.08 0.00 Series 5 (Minumum Initial Investment 75,000) Other International Fds The letter C denotes that the trust deducts all or part
Leconfield House, Curzon Street, London, W1J 5JB Waverton Global Strategic Bond Fund A USD $ 8.54 - 0.00 4.61
Optima Partners Global Fd $ 15.77 - 0.07 0.00 Income Opportunities B2 I GBP Acc 2.16 2.16 0.01 0.00 Global Spec Inv Grade Bd Fund GBP 9.59 - 0.00 2.66 LTIF Stability Growth SFr 215.90 - -2.80 - of the managers/operators periodic charge from
www.newcapitalfunds.com Waverton UK Fund A GBP 14.61 - -0.02 1.78
Optima Partners Focus Fund A $ 16.48 - 0.05 0.00 capital, contact the manager/operator for full details
FCA Recognised Japan Alpha I JPY 222.40 222.40 0.43 - Series 6 (Investment Management Customers Only) LTIF Stability Inc Plus SFr 182.00 - -2.40 -
Waverton Equity Fund A GBP 18.19 - 0.07 0.17 of the effect of this course of action.
New Capital Asia Pacific Bond Fund - USD Ord Inc. $ 95.84 - -0.14 2.52 Japan I JPY 2167.16 - 6.86 - US Spec Equity Fund 26.95 - 0.13 0.26
TreeTop Asset Management S.A. (LUX) Waverton Sterling Bond Fund A GBP 9.65 - 0.01 4.96 Exit Charges: The letter E denotes that an exit charge
New Capital Asia Pacific Equity Income Fund - USD Ord Inc. $ 103.31 - -0.13 3.15 North American I USD $ 21.43 21.43 0.01 - Global Spec Inv Grade Bd Fund GBP 9.95 - 0.00 2.66
Oryx International Growth Fund Ltd Standard Life Wealth (JER) Regulated may be made when you sell units, contact the
New Capital Dynamic European Equity Fund - EUR Ord Inc. 189.93 - -0.10 1.30 Other International Funds Address and telephone number for Series 5 only TreeTop Convertible Sicav manager/operator for full details.
UK Absolute Equity I GBP 17.34 17.34 0.08 0.00 PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
New Capital China Equity Fund - USD Ord Acc. $ 145.74 - -0.16 - NAV (Fully Diluted) 8.19 - 0.36 0.00 UK Val Opp I GBP Acc 11.28 11.28 -0.03 - FCA Recognised International A 315.23 - 0.58 - WA Fixed Income Fund Plc (IRL)
Regulated Time: Some funds give information about the timing of
New Capital Global Value Credit Fund - USD Ord Acc. $ 180.88 - 0.01 0.00 Standard Life Offshore Strategy Fund Limited International B $ 414.93 - 0.61 0.00
Royal London Unit Managers Ltd. (1200) F (UK) price quotes. The time shown alongside the fund
Bridge Fund 1.9120 - -0.0039 1.84 European Multi-Sector 119.51 - 0.35 0.00 managers/operators name is the valuation point for
New Capital Global Equity Conviction Fund - USD Ord Acc. $ 106.34 - -0.16 0.00 5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 International C 132.16 - 0.18 -
Polar Capital LLP (CYM) Authorised Inv Funds Global Equity Fund 2.3720 - -0.0052 1.01 their unit trusts/OEICs, unless another time is
New Capital Strategic Portfolio UCITS Fund - USD Inst Acc. $ 109.22 - -0.04 - International D 276.34 - 0.50 - indicated by the symbol alongside the individual unit
Regulated Royal London Sustainable Diversified A Inc 1.86 - 0.00 - Global Fixed Interest Fund 1.0226 - 0.0007 4.06 trust/OEIC name.
New Capital Wealthy Nations Bond Fund - USD Inst Inc. $ 120.69 - 0.03 3.22 European Conviction A EUR 154.97 - 3.40 0.00 TreeTop Global Sicav Yapi Kredi Asset Management (TUR)
Royal London Sustainable World A Inc 221.20 - -0.20 0.60 Income Fund 0.5702 - -0.0010 3.43 Global Opp.A 158.53 - 0.14 0.00 www.yapikrediportfoy.com.tr Tel: + 90 (212) 385 48 48
New Capital Swiss Select Equity Fund - CHF Ord Acc.SFr 150.84 - -0.16 0.00 European Forager A EUR 184.68 - 6.59 0.00 The symbols are as follows: 0001 to 1100 hours;
Royal London Corporate Bond Mth Income 95.17 96.62 0.06 - Sterling Fixed Interest Fund 0.9023 - 0.0006 3.51 Global Opp.B $ 161.25 - 0.12 0.00 Other International Funds
New Capital US Growth Fund - USD Ord Acc. $ 235.36 - -0.06 0.00 1101 to 1400 hours; 1401 to 1700 hours; # 1701 to
Royal London European Growth Trust 141.10 143.20 -1.20 - UK Equity Fund 2.2012 - 0.0017 2.78 Eurobond Fund TRY 0.100702 - -1.295864 - midnight. Daily dealing prices are set on the basis of
New Capital All Weather UCITS Fund - EUR Inst Acc. 101.27 - -0.45 - Global Opp.C 227.38 - -0.70 2.50
Private Fund Mgrs (Guernsey) Ltd (GSY) Koc Affiliate and Equity Fund TRY 0.955637 - -0.440929 - the valuation point, a short period of time may elapse
New Capital Dynamic UK Equity Fund - GBP Inst Acc. 110.13 - -0.06 -
Pictet Asset Management (Europe) SA (LUX) Royal London Sustainable Leaders A Inc 551.30 - -0.90 - Sequoia Equity A 162.70 - 0.53 0.00 before prices become available. Historic pricing: The
15, Avenue J.F. Kennedy L-1855 Luxembourg Regulated Royal London UK Growth Trust 563.50 572.10 -0.40 - DPM Bonds and Bills Fund (FX) $ 1.038197 - -0.358369 -
Sequoia Equity B $ 174.27 - 0.49 - letter H denotes that the managers/operators will
New Capital US Small Cap Growth Fund - USD Inst Acc $ 106.78 - -0.03 - Tel: 0041 58 323 3000 Monument Growth 23/05/2017 528.19 533.97 2.35 1.58
Royal London UK Income With Growth Trust 237.30 240.90 -0.30 4.38 normally deal on the price set at the most recent
New Capital Global Alpha Fund - USD Ord Inc $ 104.28 - 0.03 - FCA Recognised Sequoia Equity C 215.32 - -0.25 - valuation. The prices shown are the latest available
Royal London US Growth Trust 213.20 216.40 0.00 - before publication and may not be the current dealing
Pictet-Absl Rtn Fix Inc-HI EUR 108.32 - -0.04 0.00
Prusik Investment Management LLP (IRL) Additional Funds Available levels because of an intervening portfolio revaluation
Pictet-Agriculture-I EUR F 209.61 - 0.72 0.00 or a switch to a forward pricing basis. The
Enquiries - 0207 493 1331 Please see www.royallondon.com for details
Pictet-Asian Equities Ex Japan-I USD F $ 266.07 - 3.11 - managers/operators must deal at a forward price on
Regulated
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Pictet-Asian Local Currency Debt-I USD F $ 162.08 - -0.18 0.00 Prusik Asian Equity Income B Dist $ 199.69 - -0.45 3.15 Forward pricing: The letter F denotes that that
Ruffer LLP (1000)F (UK) Stenham Asset Management Inc
Pictet-Biotech-I USD F $ 727.55 - -11.60 0.00 Prusik Asia A $ 226.65 - -1.09 0.00 managers/operators deal at the price to be set at the
40 Dukes Place, London EC3A 7NH www.stenhamassetmanagement.com
next valuation.
Pictet-CHF Bonds I CHF SFr 510.14 - 0.17 0.00 Prusik Asian Smaller Cos A $ 169.41 - -1.01 0.00 Order Desk and Enquiries: 0345 601 9610 Other International Funds Yuki International Limited (IRL)
Pictet-China Index I USD $ 129.21 - 0.23 0.00 Authorised Inv Funds Stenham Credit Opportunities A Class USD $ 108.81 - 0.46 0.00 Tel +44-20-7269-0207 www.yukifunds.com Investors can be given no definite price in advance of
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Troy Asset Mgt (1200) (UK) Regulated the purchase or sale being carried out. The prices
Pictet-Clean Energy-I USD F $ 92.98 - 0.35 0.00
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Purisima Investment Fds (UK) (1200)F (UK) 40 Dukes Place, London EC3A 7NH Yuki Mizuho Umbrella Fund appearing in the newspaper are the most recent
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Other International Funds 40 Dukes Place, London EC3A 7NH Yuki Mizuho Japan Dynamic Growth 8053.00 - 43.00 0.00
CF Ruffer European Fund C Inc 1.04 - 0.01 - particulars, prospectus, key features and reports: The
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Authorised Inv Funds CF Ruffer Gold Fund C Acc 147.65 - -1.84 0.54 ACD Capita Financial Mgrs
Pictet-Emerging Europe-I EUR F 370.48 - -2.53 0.00 Stenham Managed Fund USD $ 113.80 - 0.15 0.00 obtained free of charge from fund
Northwest $ Class $ 2437.10 - -16.23 0.00 Yuki Japan Value Select 17389.00 - 243.00 -
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Global Total Fd PCG A 230.13 - -0.59 0.59 CF Ruffer Gold Fund O Acc 145.49 - -1.82 0.35 Spectrum Fund O Acc 208.91 - 1.20 0.46 Yuki Asia Umbrella Fund price on Fridays.
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Yuki Japan Rebounding Growth Fund JPY Class 29820.00 - 431.00 0.00
Global Total Fd PCG B 228.26 - -0.59 0.39 CF Ruffer Japanese Fund C Inc 1.04 - 0.00 - Spectrum Fund O Inc 202.03 - 1.16 0.46 Charges for this advertising service are based on the
Pictet-Emerging Corporate Bonds I USD $ 121.37 - 0.25 0.00 Stenham Quadrant USD A $ 413.31 - -1.62 -
Yuki Japan Rebounding Growth Fund USD Hedged Class $ 1155.75 - 16.38 0.00 number of lines published and the classification of the
Global Total Fd PCG INT 225.47 - -0.59 0.19 CF Ruffer Pacific Fund C Inc 0.99 - 0.00 - Spectrum Income Fund O Acc 114.08 - 0.55 2.82
Pictet-Emerging Markets High Dividend I USD $ 113.41 - 0.83 0.00 Stenham Trading Inc USD $ 119.09 - -0.47 - fund. Please contact data@ft.com or
Equity & General C Acc 428.98 - -1.95 0.00 Spectrum Income Fund O Inc 108.42 - 0.53 2.88 call +44 (0)20 7873 3132 for further information.
Pictet-Emerging Markets Sust Eq I USD $ 103.38 - 1.12 0.00 Stenham Universal USD $ 434.42 - 2.95 -
Pictet-EUR Bonds-I F 579.67 - 2.19 0.00 Purisima Investment Fds (CI) Ltd (JER)
Equity & General C Inc 395.68 - -1.79 0.00
Stenham Universal II USD $ 159.80 - 1.02 0.00
Trojan Ethical Income O Acc 116.42 - -0.37 - Zadig Gestion (Memnon Fund) (LUX)
Equity & General O Inc 392.35 - -1.81 0.00 Trojan Ethical Income O Inc 112.96 - -0.36 - FCA Recognised
Pictet-EUR Corporate Bonds Ex Fin i EUR 149.77 - 0.44 0.00 Regulated
Equity & General O Acc 422.88 - -1.94 0.00 Trojan Fund O Acc 305.78 - -0.13 0.36 Memnon European Fund I GBP 161.29 - -1.51 0.00
PCG B X 197.02 - 1.53 0.00
Oasis Crescent Management Company Ltd Pictet-EUR Corporate Bonds-I F 209.24 - 0.57 -
Other International Funds PCG C X 193.80 - 1.50 0.00 European C Acc 559.22 - 3.23 0.06 Trojan Fund O Inc 252.40 - -0.10 0.36
Pictet-EUR Government Bonds I EUR 161.83 - 0.72 0.00
Money Market
Oasis Crescent Equity Fund R 9.99 - 0.06 0.00 European O Acc 551.23 - 3.15 0.00 Trojan Global Equity O Acc 295.65 - -1.08 0.77
Pictet-EUR High Yield-I F 267.20 - 0.36 0.00
Japanese Fund C Acc 220.08 - -0.13 0.24 Trojan Global Equity O Inc 249.06 - -0.91 0.77
Pictet-EUR Short Mid-Term Bonds-I F 137.40 - 0.03 0.00 Putnam Investments (Ireland) Ltd (IRL)
Oasis Global Mgmt Co (Ireland) Ltd
Regulated
(IRL) Pictet-EUR Short Term HY I EUR 126.22 - 0.07 0.00 Regulated
Putnam New Flag Euro High Yield Plc - E 1051.69 - 0.55 3.37
Japanese Fund O Acc X
Pacific C Acc
216.66
348.51
-
-
-0.14 0.03
0.08 0.99
Trojan Global Income O Acc
Trojan Global Income O Inc
105.95
104.56
-
-
-0.34
-0.32
-
-
Trusts and
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 102.13 - 0.00 -
Oasis Global Investment (Ireland) Plc
Oasis Crescent Global Short Term Income Fund $ 0.99 - 0.00 1.40
Pictet-Euroland Index IS EUR 154.43 - 0.24 -
Pacific O Acc
Total Return C Acc
343.23
445.41
-
-
0.06 1.12
1.23 1.54
E.I. Sturdza Strategic Management Limited (GSY)
Regulated
Trojan Income O Acc
Trojan Income O Inc
332.52
198.13
-
-
-1.07 3.49
-0.63 3.60
Bank Accounts Gross
Pictet-Europe Index-I EUR F 191.07 - -0.31 -
Oasis Global Equity $ 28.73 - 0.00 0.26 Nippon Growth Fund Limited 97026.00 - 1524.00 0.00 Gross Net AER Int Cr
Total Return C Inc 302.40 - 0.85 1.56
Pictet-European Equity Selection-I EUR F 741.34 - 4.19 -
Oasis Crescent Global Investment Fund (Ireland) plc Strat Evarich Japan Fd Ltd JPY 80084.00 - -3003.00 0.00
Total Return O Inc 297.92 - 0.82 1.57
Pictet-European Sust Eq-I EUR F 269.42 - -0.23 0.00
Oasis Crescent Global Equity Fund $ 29.69 - 0.01 0.14 Strat Evarich Japan Fd Ltd USD $ 784.98 - -30.01 0.00 CCLA Investment Management Ltd
Total Return O Acc 439.04 - 1.18 1.55
Pictet-Global Bds Fundamental I USD $ 122.24 - 0.35 - Senator House 85 Queen Victoria Street, London EC4V 4ET
Oasis Crescent Variable Balanced Fund 10.69 - -0.01 0.55
Pictet-Global Bonds-I EUR 171.35 - 0.52 - CBF Church of England Deposit Fund 0.25 - 0.25 Qtr
OasisCresGl Income Class A $ 10.78 - 0.00 -
Pictet-Global Defensive Equities I USD $ 161.69 - 0.68 0.00
OasisCresGl LowBal D ($) Dist $ 12.02 - 0.00 0.00
Birla Sun Life Equity Gr INF209K01AJ8 Indian Rupee 642.60 30.67 19.10 23.50 0.00 - 52,867,544,928 QQQQ 27/12/2016 06:30 Kavitha Krishnan
Franklin India Prima Plus Gr INF090I01239 Indian Rupee 530.57 16.81 18.88 20.70 0.00 - 109,637,376,991 QQQQ 23/12/2016 06:30 Himanshu Srivastava
SBI Magnum Multiplier Fund Reg Div INF200K01289 Indian Rupee 95.54 20.15 18.19 20.61 8.18 - 18,430,875,978 QQQQ Under Review 20/09/2016 03:45 Himanshu Srivastava
Reliance Growth Gr INF204K01323 Indian Rupee 985.61 26.11 17.36 19.16 0.00 - 63,091,130,544 QQQ Neutral 02/02/2016 10:07 Himanshu Srivastava
ICICI Pru Value Discovery Gr INF109K01AF8 Indian Rupee 132.32 16.23 17.07 22.78 0.00 - 173,057,935,611 QQQQQ 30/09/2016 06:30 Himanshu Srivastava
Templeton India Growth Gr INF090I01296 Indian Rupee 238.02 28.05 16.95 18.43 0.00 - 5,561,410,907 QQQ 31/03/2017 05:00 Nehal Meshram
Franklin India Flexi Cap Gr INF090I01205 Indian Rupee 72.17 15.67 16.13 20.06 0.00 - 29,538,433,955 QQQ 19/05/2017 05:00 Himanshu Srivastava
Franklin India Flexi Cap Gr INF090I01205 Indian Rupee 72.17 15.67 16.13 20.06 0.00 - 29,538,433,955 QQQ 19/05/2017 05:00 Himanshu Srivastava
DSP BlackRock Equity Reg Div INF740K01011 Indian Rupee 58.18 28.69 16.08 17.81 9.12 - 23,945,091,952 QQQ Neutral 27/12/2016 07:26 Himanshu Srivastava
Reliance Vision Gr INF204K01406 Indian Rupee 523.36 23.71 15.23 16.85 0.00 - 31,539,392,873 QQ 27/04/2017 05:00 Kavitha Krishnan
MSCI Benchmark 22.09 12.64 15.91 Date/Time of ratings is Universal Co-ordinated Time (UTC). Sorted by Annualised 3yr Total Return of NAV (highest to lowest).
Morningstar Category Benchmark 24.80 17.63 19.28 For important information about Morningstar Analyst Rating please go to: http://global.morningstar.com/managerdisclosures
24 FINANCIAL TIMES Wednesday 31 May 2017
Currencies
Equities
Commodities
Oil prices slip as surprised bulls seek deeper cuts from Opec and its allies
non-Opec producers joined the deal. Analysts and energy bodies such as a barrel, from an initial estimate countries that rely on crude export reve-
ANJLI RAVAL AND NEIL HUME
Prices had risen ahead of last Thurs- the International Energy Agency expect Oil prices of $54.80. nues to fill government coffers could fall.
Oil prices took a further hit yesterday, days Vienna meeting of ministers with supply and demand to balance during $ per barrel But some analysts have said that Low oil prices means lower govern-
reflecting disappointment among trad- hedge funds closing out many of their the second half of this year. 58 while the oil market is focused on excess ment revenue, consequently less money
ers that Opec and its allies agreed to only bearish bets on oil. The run-up to the But there are some concerns output supply from the US or those countries spent, they said. A further and sus-
Brent 56
extend, but not deepen, production cuts Opec meeting saw extensive short cov- from global producers could accelerate participating in the cuts deal, the mar- tained drop in oil prices, potentially
to drain a glut in the market. ering, said Carsten Fritsch at Com- after the nine-month mark, while oth- 54 ket recovery could be derailed instead towards $40 [a barrel] and lower, could
Some of the worlds biggest producer merzbank. ers say the cuts will be offset by a rein- by weaker demand growth. in fact be detrimental to global oil
countries including Saudi Arabia and When ministers merely offered an vigorated US shale oil industry keep- 52 Paul Horsnell, head of commodities demand growth.
Russia last week agreed to curb supplies extension of the current deal, prices fell ing prices under pressure. research at Standard Chartered, said: These worries overshadowed expec-
50
for a further nine months, into 2018, in 5 per cent. They rebounded slightly but Goldman Sachs, one of the most influ- You dont need an economic apoca- tations of a strong start to the American
an effort to end an oil market downturn then came under renewed pressure yes- ential banks in the commodities space, 48 lypse [for demand growth to disap- summer driving season when US holi-
that has entered its third year. terday. reduced its forecasts for oil prices this WTI
point]. If one or two countries are daymakers spur demand for fuels such
The outcome of the Opec meeting Brent, the global benchmark, fell $1 to year, saying falling costs for US produc- 46 softer than expected, this strikes me as as petrol, diesel and jet fuel. The Ameri-
took oil bulls by surprise, said Tamas $51.19 a barrel in mid-afternoon trading tion would help sustain output. 44 a much more likely way the oil market can Automobile Association had pre-
Varga at London-based oil broker PVM. in London. West Texas Intermediate, The bank sees Brent crude prices for Jan 2017 May rebalancing is delayed. dicted the long weekend just passed
The market probably expected deeper the US marker, slid 67 cents to $49.03 a 2017 at $55.39 a barrel, down from Meanwhile, FGE analysts warned that would see the highest level of driving
cuts and was disappointed that no more barrel. $56.76 previously, and WTI at $52.92 Source: Thomson Reuters Datastream should prices slip further, usage from activity since 2005.
Wednesday 31 May 2017 FINANCIAL TIMES 25
Global overview
TRADING POST Markets update
Jamie
Chisholm
Mixed data and energy concerns S&P 500 index
Change on day 0.10%
As Donald Trump has become to the yield curve because of its large
engulfed in a series of scandals, investor retail-lending business.
sentiment on lenders has soured since Its shares climbed as much as 50 per
a sharp rally followed the US election cent in the wake of the election but have
late last year. The controversy that has since cut that rise to 35.7 per cent to
swirled around the White House has trade at $23.11 a piece yesterday.
detracted from Mr Trumps pro- Energy stocks have also performed
business promises that included tax a volte-face with the S&P 500 sector,
reform, looser regulations and a large which led the benchmark index with a
Wall Street infrastructure spending programme.
As doubts set in over the effectiveness
24 per cent gain last year, falling 1 per
cent yesterday and 3.2 per cent so far
Banks poised for of the Trump administration, the yield in May.
curve has flattened dramatically a That took its year-to-date drop to
third monthly fall as bearish factor for banks that borrow on nearly 13 per cent, making it the biggest
Trump rally stutters the short-term market and lend funds
out over longer periods.
decliner on the S&P 500 this year and
on track for its fifth consecutive
In fact, the difference in yield between monthly drop.
10-year and three-month Treasuries, Sentiment has deteriorated amid
which is seen as an important measure concerns that Opecs accord intended
Adam Samson and for bank profitability, contracted to end a glut of supply may not be
Mamta Badkar yesterday by 2.9 basis points to 1.29 enough to bolster prices, as analysts
percentage points, the first reading cautioned that US drillers could boost
Shares in US banks and energy below 1.3pp since last September. The production in response to higher prices.
companies extended their declines in spread had reached a post-election Some investors had also hoped
May, underscoring the deterioration of high of 2.1pp in December. Opecs cuts would be deeper or
two of last years hottest trades. The KBW Banks index is still up by prolonged further.
The KBW Banksindexdropped as 20 per cent since Mr Trumps election In midday trading yesterday, the
muchas1.4percentyesterdayand was but that represents a significant S&P 500 slipped 0.1 per cent to 2,413.1,
poised fora1.3 percentdecline for the pullback from the 32.2 per cent rise the Dow Jones Industrial Average
monthof May.Thatleftthe gauge,which at the beginning of March. dipped 0.2 per cent to 21,037.7 and
tracksshares inUS lenders,poised for its Among the biggest lenders, Bank of the Nasdaq Composite also fell
third-straight monthly fall. America is seen as particularly sensitive 0.1 per cent to 6,206.5.
26 Wednesday 31 May 2017
S
mall, affluent and, at least until now, politically In an attempt to curb emissions from 2017 18 19 20
stable, Austria rarely features on global inves- ships, the UN International Maritime Source: S&P Global Platts
tors horizons. It might soon. Organization has placed a cap on sul-
Austrias stock market has been Europes star phur content in marine fuel oil from Shipowners intentions post
performer so far this year. The Austrian Traded 2020. While good news for the environ- regulatory changes
index (ATX) is up 20 per cent twice as much as Frances ment, the change in bunker fuel stand- % of respondents
CAC 40 or Germanys Dax. Only Venezuelan, Polish and ards threatens to raise fuel prices, hitting Other 2
Greek stocks have performed better, according to Bloom- airlines and consumers at the pump, as 5
Switch to
berg. Yet all is not well in the Alpine country famous for its well as pushing up freight rates. LNG
mountain scenery, schnitzel and The Sound of Music. Its very, very tricky, says Lars Rob- 19
A snap election called this month for October 15 offers ert Pedersen, deputy secretary-general Install
another chance for Europes rightwing populist politicians at the Baltic and International Maritime scrubber
74
to take power just three weeks after Germany is likely Council (Bimco), representing about 60
to have re-elected Angela Merkel as chancellor. The Free- per cent of the worlds shipowners. Buy low
sulphur fuel
dom party will play on Austrias economic underperform- Six months ago the IMO, which gov-
ance relative to its larger neighbour, and on Europes erns international shipping, decided to Source: UBS
migration crisis. cut sulphur limits in marine fuel from
The ATXs surge is partly stock specific, the result of 3.5 per cent to 0.5 per cent in 2020. Estimates calls the lowering of the bunker fuel Consulting commissioned by Bimco and about 90 per cent of goods traded, and
improvements at Erste and Raiffeisen banks and the OMV In two and a half years, shipowners suggest the emissions cap easily the most dramatic several petroleum associations shows fuel costs account for 70 to 80 per cent of
energy group, which make up more than 40 per cent of will either have to switch to more expen- shipping change in fuel specifications in any oil the fuel changes would increase prices total voyage expenses, according to S&P
the index. Nevertheless, Austria illustrates the increasing sive higher-quality marine fuel, invest industrys product market on such a large scale. by about $10 to nearly $20 per barrel, or Global Platts.
confidence in continental European economies and in emissions-cleaning systems, or move fuel costs will The problems for the oil market are 11 to 23 per cent, across all products Wood Mackenzie, the fuel consult-
the rapidly diminishing political fears after Frances presi- to alternative fuels such as liquefied nat- rise by up to twofold. Although high-sulphur bunker worldwide. ants, estimate the shipping industrys
dential election. The risks in terms of populism are for ural gas. $60bn in 2020 fuel accounts for only 4 per cent of glo- The product markets are already fuel costs could rise by up to $60bn in
now . . . most probably higher in the US than Europe, says Many analysts see ships shifting to following the bal oil demand, the marine market has reflecting the rule change, with forward 2020, or more than 50 per cent to
Fritz Mostbck, head of research at Erste. higher-grade marine fuel. A survey of 51 implementation traditionally been an important outlet prices in 2020 for high-sulphur fuel fall- $174bn. Sushant Gupta, research direc-
Historically and geographically a link between west and shipowners by UBS showed three-quar- of the IMOs for the refining industry, absorbing resi- ing and high-quality gas oil a bench- tor of the consultancys Asia Refining,
east Europe, Austria is a play on the continents formerly ters would buy low-sulphur fuel. cap on sulphur due from the refining process, which is mark for low-sulphur marine fuel ris- calculates that the bunker fuel rule
communist economies. Its Whatever choice they make, it will be emissions turned into heavier fuel oil. ing, according to S&P Global Platts. change will add $1 to a barrel of crude oil
FT montage/ Reuters
companies are typically mar- expensive, with some estimates point- Second, the higher demand for lower- Oil refiners will especially feel the transported from the Middle East to
ket leaders in industrial
The populism ing to shipping cost increases of up to 85 sulphur fuels will exacerbate the strain impact of the rule change as the supply Singapore,
niches and make sensible risks are per cent. But the knock-on effect of the of limited capacity and increase the and demand for various products shift. Despite these concerns, the IMO says
things the world needs in an rule change to marine fuel is likely to prices of oil products, including diesel, EnSys says its modelling shows the fuel last years decision was based on a
investment cycle upturn, such
probably higher ripple beyond the worlds shipping fleet jet fuel and gasoline. rule changes will lead to extreme diffi- review by consultancy CE Delft, which
as high-specification car parts in the US to the oil industry and commodities Since the key clean products gaso- culty and indeed potential infeasibil- concluded that the refining sector
(Voestalpine), bricks (Wien- trading. line, jet fuel and diesel are closely ity for oil refiners to supply the ship- would be able to produce sufficient low-
erberger) and hydropower
than Europe Its huge, says Kho Hui Meng, the related, when demand and pricing for ping and airline industries as well as sulphur bunker fuel to meet the indus-
equipment (Andritz). head of Asia for Vitol, an independent one surges that tends to also raise prices consumers needs. trys needs.
The ATX is also a post-global financial crisis catch-up oil trader, adding, it will put the trading of the others, says Martin Tallett, presi- The wider commodities industry Its been motivated by the huge ben-
story. The index is still 30 per cent lower than at the start of market in a spin. dent of EnSys Energy. from oil to coal to sugar also faces a eficial impact on the environment and
2007 even though the worst fears about its banks expo- The International Energy Agency A report by EnSys and Navigistics rise in freight rates. Shipping carries on human health, says the IMO.
sures never materialised. True, Austrias economic growth
trails that of Germany. But since the crisis it has matched
rivals such as France and the Netherlands, and has been
boosted by the fiscal stimulus triggered by the migration Capital markets
crisis and modest tax reforms.
It is perhaps not surprising, therefore, that recent politi-
cal upsets in Austria have left the financial markets look-
ing unperturbed.
Mideast sovereigns
The October 15 election will be a three-way contest. The
Social Democrats and the centre-right Peoples party cur-
go into debt overdrive
rently govern as a grand coalition. Until recently voter
disenchantment with their performance was spurring the
third contender the far-right populist Freedom party, KATE ALLEN CAPITAL that was among the strong-
which was leading in opinion polls. MARKETS CORRESPONDENT est I have seen in 20 years.
However, this month Sebastian Kurz, the 30-year-old Middle Eastern govern- Such big debt sales helped
foreign minister, took over the leadership of the Peoples ments have set a debt- to develop the whole
party. His youth and charisma have led to comparisons to raising record in the first regions capital markets
Frances new president, Emmanuel Macron, and his five months of the year, tak- because they made it easier
partys support in opinion polls has since leapt above that ing advantage of investor for new issuers to enter the
of the other two parties. demand for high-yielding market as investors devel-
But Mr Kurz would almost certainly need a coalition ally, emerging market bonds. oped knowledge of and con-
and there is a good chance he would turn to the Freedom fidence in the region, he
party which was internationally reviled in the past Some $38.5bn of syndicated added.
because of its perceived xenophobia and links with pan- sovereign bonds have been Middle Eastern countries,
German nationalism. sold in the region in 2017, including Egypt, have been
The implications might not be as dramatic as they would more than double the record the largest contributors this
have been if anti-establishment Eurosceptics had won in amount in the same period year, making up more than a
France or if they take control after Italys elections next last year, according to figures third of issuance by value.
year. The Freedom party does not seriously challenge Aus- from data provider Dealogic. The biggest Middle East-
trias membership of the EU or eurozone. I mean no Jan Dehn, head of research ern deal was by Saudi Arabia,
offence to Austria, but it would not be the same as if Italys at Ashmore Investment which raised $9bn last
[Eurosceptic] Five Star Movement was in office, says Fre- Management, which has month in a record-breaking
derik Ducrozet, economist at Pictet. bought into some of the issu- Islamic bond, or sukuk.
Nevertheless, a government that included the Freedom ance, said many Middle East- In second place Kuwait
party could add Austria to the awkward squad of EU ern countries needed to raise landed $7.9bn in five-year
countries obstructing the policies a newly revived Franco- debt to replace the income and 10-year tranches in
German partnership under President Macron and Chan- from oil they had previously March.
cellor Merkel especially on migration policies and Euro- relied on. Rajiv Shah, head of debt
pean economic integration. One of western Europes previ- Some countries revenues capital markets for the Mid-
ously most stable and predictable economies would have halved in 2015 and their dle East, Turkey and Africa
become less so a good reason to put it on global investors economies have not really at BNP Paribas, called the
watch lists. adjusted since, he said. market conditions amaz-
They have been draining ing, but warned that they
ralph.atkins@ft.com their reserves and spending were unlikely to last.
as though oil prices will go up We are very much in a
again. But as it is becoming sweet spot, he said.
clearer that oil prices will Issuers were taking advan-
stay lower for longer, they tage of demand to stock up
are realising that they need on finance, Mr Shah added.
More comment and data on ft.com to issue debt instead. Global markets have been
EM governments as a so positive this year that we
whole have raised just under are seeing a lot of front-load-
Y Fast FT Our global economies, headed $100bn in finance from ing of supply. People are par-
team gives you market- by Brazil, Russia, India investors in 2017 up from ticularly aware that US rates
moving news and views, and China. $80bn in the same period last are rising.
24 hours a day, five days ft.com/beyondbrics year, and nearly two-thirds The amount raised is
a week. ft.com/fastft of the 2016 total. almost as high as Middle
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a Egypts move last week to Eastern sovereigns issuance
irreverent financial blog. look at what is driving raise $3bn via the sale of five- for the whole of 2016.
Join Paul Murphy and the global currency year, 10-year and 30-year Some observers cautioned
Bryce Elder for the daily market. ft.com/podcasts debt its second fundraising about the level of risk. It was
Markets Live session at of 2017 was the latest in a quite courageous to buy
Y Lex Video Analysis flurry of deals. Egypts 30-year debt given
11am. ft.com/alphaville
and opinion from the Camille Abousleiman, a the potential for geopolitical
Y beyondbrics News and team on the hot issues partner at the Dechert legal change in the region, said one
comment from more affecting companies and firm who advises issuers and person with knowledge of
than 40 emerging markets. ft.com/lexvideo investors, said it was really a the market who did not wish
unique moment, a boom to be named.