WORLD BUSINESS NEWSPAPER
MONDAY 15 SEPTEMBER 2014
ASIA
Dilma’s challenger
Looking into the future
This endless war
At a Brazilian election rally with Marina Silva PAGE 4
Lucy Kellaway predicts that McKinsey’s predictions will come to nothing PAGE 10
Obama plan is a campaign only in name, says Edward Luce PAGE 9
Queen urges Scots to take ‘care’ over vote
Briefing i New look for the Financial Times The Financial Times today has a new look. It has a new typeface (called Financier), a wider column measure, redesigned graphics and smarter navigation. The refreshed FT will highlight the accurate, authoritative content that is our hallmark. —LIONEL BARBER, EDITOR
JIM PICKARD – LONDON
i Ukraine stands firm on EU deal
Queen Elizabeth has urged Scots to “think very carefully” before they vote in Thursday’s independence referendum in a rare intervention into the political arena. Speaking after a Sunday service, she wascarefulnottoendorseeithersidebut told bystanders outside the church she hoped “people will think very carefully about the future”. Buckingham Palace insisted the queen was constitutionally impartial but the No campaign privately welcomed the comment. Reports page 6 Editorial Comment page 8 Chris Cummings page 9
Kiev has vowed that it will “not change a word” of a key EU trade deal that it has agreed to delay implementation of for a year.—PAGE 3; SERGEY KARAGANOV, PAGE 9
i US tax inversion hopes fade Hopes of a bipartisan consensus to curb tax-driven takeovers have faded, with warnings that legislation will not be possible before the midterm elections.—PAGE 6
i Fears of Modi failing his mandate Narendra Modi’s honeymoon period is nearing its end for investors disappointed by the lack of big reforms in the first four months in office of India’s premier.—PAGE 4
Independence supporters march towards the BBC’s Scottish headquarters in Glasgow to protest against perceived bias — Getty Images
Contrite Silicon Valley failed to judge force of anti-tech backlash Google and Facebook concede action is needed to prevent more damage to their image RICHARD WATERS – SAN FRANCISCO
TheUStechindustryhasfailedtoappreciate the mounting global concern over its record on online privacy and security and must act fast to prevent deeper damage to its image, Silicon Valley’s top executivesandinvestorshaveconceded. The self-criticism, much of it aimed at consumer internet companies groups such as Google and Facebook, comes as some of the tech sector’s best-known names have been battered by a backlash over revelations of widespread US internet surveillance and concerns about their cultural dominance. Peter Thiel, a start-up investor and Facebook director, said: “Silicon Valley is quite oblivious to the degree to which this crescendo of concern is building up
in Europe. It’s an extremely important thingandSiliconValleyisunderestimating it badly.” Google has been most in the line of fire, with the European Commission turninguptheheatinacompetitioncase lastweekandarecent“righttobeforgotten” legal ruling forcing it to remove some links from its European search services. “I was surprised it turned this quickly,” Eric Schmidt, chairman of Google, said of the change in the political mood over US tech. However, he denied that Silicon Valley had failed to anticipate the concerns. “It’s easy to blame the tech companies for being insufficiently sensitive – we are way sensitive, trust me.” Mr Thiel conceded that Facebook had
work to do on its approach to Europe: “We certainly don’t think there’s a onesize-fits-all. Facebook would like to be more sensitive to more local concerns.” Marc Benioff, chief executive of Salesforce.com, one of the biggest sellers of internet-based services to businesses, said consumer internet companies had “paid a terrible price” for imposing a UScentric view of their technology. Jim Breyer, an early investor and former board member of Facebook, said the US government and tech companies had to “step up significantly if they want to regain the world’s trust”. The backlash over privacy and security has started to ripple more widely through Silicon Valley, where young companies have raced to launch new technologies without making these
Big Tech at bay The era of untrammelled global expansion is over for Silicon Valley Page 7
issues an overriding priority. The tensions have exposed rifts inside the technology industry. While companies such as Facebook and Google claim to have seen little damage to their business, those sellingcloudservicesareexpectedto lose $22bn- $45bn over the next three years as a result of the Snowdenbacklash,accordingtotheInformation Technology and Innovation Foundation. “Some in our industry have underestimated the degree to which people care about privacy,” said Brad Smith, general counsel of Microsoft, which is trying to refocus its business on cloud services. I’m not sure across Silicon Valley people have completely woken up to this.”
Ex-BP chief warns of danger Russian sanctions will choke world oil supplies GUY CHAZAN –LONDON
Qatar urges focus on Assad ‘terrorism’ Analysis iPAGE 3 Australia China Hong Kong India Indonesia Japan Korea Malaysia Pakistan Philippines Singapore Taiwan Thailand Vietnam
A$6.00(inc GST) RMB25 HK$30 Rup150 Rp37,000 ¥630(inc JCT) W4,500 RM10.50 Rupee 220 Peso 130 S$5.50(inc GST) NT$130 Bht140 US$4.50
US and EU sanctions against Moscow are in danger of turning round and biting the west by constraining global oil supply and pushing up prices, the former chief executive of BP has warned. Tony Hayward said that cutting Russia’s energy groups off from capital markets andrestrictingtheiraccesstowesternoil technology would eventually lead to less investment in Russian oil production and damage long-term supply. He said the US shale boom had obscured the growing risks to the world’s supply but its effect would wear off, leaving the global economy dangerously exposed to potential disruptions in the flow of oil. He spoke as the US and Europe expanded sanctions against Russia on Friday, with the US adding Gazprom,
Europe’s leading energy provider, and Lukoil, the privately owned oil group, to the companies deprived of US goods, technology and services for deep water, Arctic offshore and shale projects. The EU and US have also imposed restrictions on financing for some state-owned Russian energy groups. “The world has been lulled into a false sense of security because of what’s going on in the US,” Mr Hayward said in an interview with the Financial Times, referring to the shale boom that has driven a 60 per cent rise in US crude output since 2008. But he asked: “When US supply peaks, where will the new supply come from?” As output from mature basins declines, the world has banked on new barrels from places such as Canada, Iraq and Russia. But Russian production from untapped resources in the Arctic
STOCK MARKETS
Nasdaq Composite
Printed in London, Liverpool, Dublin, Frankfurt, Brussels, Milan, Madrid, New York, Chicago, San Francisco, Washington DC, Tokyo, Hong Kong, Singapore, Seoul, Dubai
prev %chg 1997.45
Sep 12
3237.76
6806.96
6799.62
FTSE All-Share
3627.85
3621.17
CAC 40
4441.70
4440.90
1.210 0.18 SFr per € 0.02 COMMODITIES -0.41
280.83
282.14
2.50
-0.19
99.36
1.04
-0.26
114.36
0.64
-0.01
1.254
3235.07
24662.64
102.02
1.254 Ger Gov 10 yr 138.908 138.242 Jpn Gov 10 yr
0.616
0.797 € per £
FTSE 100
24595.32
-0.45
1.623 £ per $
Euro Stoxx 50
Hang Seng
chg
2.54
0.797
1383.94
9691.28
yield
1.623
1382.98
15909.20
price 140.73
-0.36 £ per € -0.07 ¥ per $
FTSEurofirst 300
-0.08 ¥ per £ 0.11 € index
107.365 106.825 ¥ per € 174.243 173.414 £ index 94.018
0.25 Oil WTI $ Sep -0.27 Oil Brent $ Sep -0.46 Gold $
93.965 $ index 1.210 SFr per £
prev 0.773 US Gov 10 yr 0.616 UK Gov 10 yr
0.773
4591.81
9651.13
Sep 12
1.294 € per $
17049.00
15948.29
prev
1.294
4567.60
Nikkei
INTEREST RATES
-0.60 $ per € -0.53 $ per £
16987.51
FTSE All World $
770307 176616
1985.54
Dow Jones Ind
Xetra Dax
3 8
9
CURRENCIES Sep 12
S&P 500
© THE FINANCIAL TIMES LTD 2014 No: 38,650 ★
Monday Interview page 10
World Markets
Subscribe In print and online www.ft.com/AsiaSubs Tel: (852) 2905 5555 Fax: (852) 2905 5590 email: subseasia@ft.com
and shale reserves in Siberia are threatened by sanctions, he said. “Because of financial sanctions, the big gorillas are going to start cutting their activities.” Mr Hayward, who runs oil explorer Genel Energy and is chairman of commodities group Glencore, also questioned projections for a big increase in oil production from Iraq. He said the country would struggle to reach targets to double production by 2020. Sanctions could endanger joint ventures that Rosneft, the state-controlled Russian oil group, has set up with western majors such as ExxonMobil to explore in Russia’s Arctic seas. Michael Cohen, an analyst at Barclays, said they could also make it harder for European oil groups and service companies to provide support for their current operations in Russia.
86.944 90.122 1.518
Sep 12
prev
92.23
92.83
96.98
98.08
1229.36
1240.40
86.536 US Gov 30 yr 90.085 Ger Gov 2 yr 1.518
91.98
3.28
-0.56
101.45
4.49
-0.03
price
prev
chg
Fed Funds Eff
0.09
0.10
-0.01
%chg US 3m Bills -0.65 Euro Libor 3m
0.02
0.02
0.00
0.05
0.05
0.00
-1.12 UK 3m -0.89 Prices are latest for edition
0.56
0.56
0.00
Data provided by Morningstar
i Cameron resolve on jihadis David Cameron, Britain’s PM, said Isis’s first killing of a British captive would only strengthen the UK’s resolve against the jihadis.—PAGE 3; EDWARD LUCE, PAGE 9
I Netflix launches crucial European push California-based video streaming website Netflix will this week launch in France, Germany, Austria, Switzerland, Belgium and Luxembourg. —PAGE 14
I European companies still hoarding cash Companies are still stashing cash, adding nearly €50bn to reserves in the past year. “If conditions get difficult again, banks won’t be there as they have been historically to supply liquidity.” —PAGE 13; SAFETY FIRST, PAGE 15
I Sweden heads for hung parliament Sweden is braced for a hung parliament as the rise of the Sweden Democrats – a party with neo-Nazi roots – looks set to deprive mainstream parties of a victory. —PAGE 2
Datawatch Scottish electorate Registered voters for Westminster elections as % of population aged 18 and over
100 98 96 94 92 90 2000 02 04 06 08 10 12 14* * Registered voters for independence referendum as a % of population aged 16 and over Source: General Register Office for Scotland
After years of not bothering to register for parliamentary elections let alone vote, Scots have rushed to register for the referendum. The electorate for Thursday is a record 4.29m, helped by lowering the voting age to 16.
★
2
FINANCIAL TIMES
Monday 15 September 2014
INTERNATIONAL GLOBAL INSIGHT
Election
Sweden braced for hung parliament Rise of populist far right looks set to deprive main parties of overall majority RICHARD MILNE — STOCKHOLM
Swedenwasbracingitselfforahungparliament as the centre-left opposition looked on course yesterday to win its first election victory in 12 years but no overall majority. The rise of the anti-immigration Sweden Democrats, a party with roots in the neo-Nazi movement, appeared set to deprive mainstream parties on both the left and right of a possible victory. Early exit polls, which matched the latest opinion polls, pointed to the centre-left scoring about 45 per cent of the vote, placing it ahead of the ruling centre-right coalition on 39 per cent. The Sweden Democrats received a record 10 per cent, which would make
them the third-largest party in parliament. Analysts cautioned that the exit poll, released while polling stations were still open, could be inaccurate. If confirmed, the result threatens a period of relative political instability in a countryrenownedasanoasisofstability and would also mark Sweden as the latest EU member to see the rise of the populist right. Theanti-establishmenttrendwasalso evident yesterday in Germany, where the anti-euro Alternative für Deutschland party continued its electoral success by taking 10 per cent of the vote in a regional contest in Thuringia, in central Germany, and 12 per cent in Brandenburg, the region surrounding Berlin. In Sweden, the populists’ rise has contrasted with the continued collapse in the vote for the Social Democrats, who wereontracktorecordtheirworstresult in 100 years after dominating postwar Swedish politics. Analysts fear that Ste-
fan Löfven, the Social Democrat leader likely to become the next prime minister, will struggle to form a viable government. A minority government of the centre-left parties could be blocked by thecentre-rightandSwedenDemocrats. Mr Löfven is likely to reach out to the three smaller centre-right parties currently in government to see if he can tempt them to join a coalition and thwart the Sweden Democrats. Final results late last night could help him if a new party, the Feminist Initiative, breaks through the 4 per cent barrier needed to enter parliament. Early exit polls gave them 3.7 per cent. Fredrik Reinfeldt, the current centreright prime minister, could arguably claim for Sweden the best economic performance of a western country since the financial crisis. But voters appeared keen for a change after an unprecedented eight years of centre-right rule had brought numerous tax cuts and a
perceived drop in welfare standards. Mr Löfven, meanwhile, was seen by many to have run a cautious and uninspiring campaign. Camilla, a university student, said: “I voted for the Social Democrats because I wanted a change. But I can’t say I really wanted to vote for them.” The rise of the Sweden Democrats has been one of the big stories in a country that has taken in more immigrants per head than any other large EU nation. Despite several scandals – including a candidate pictured wearing a swastika – the party’s anti-immigration message had a powerful appeal. Björn, a university teacher, said: “I’m not very happy that I have to vote for the Sweden Democrats because they have a Nazi background. They are not particularly offering anything except a very drastic cut in immigration.” Additional reporting by Stefan Wagstyl in Berlin
Video Immigration looms large: Richard Milne visits a Sweden Democrats stronghold ft.com/video
Analysis. Eurozone woes
Italy fears chill wind of deflation Business owners are finding it impossible to raise prices amid subdued activity JAMES POLITI – ROME
It is mid-morning along Viale Libia, the main road in a middle-class neighbourhood in northeast Rome, and Rosalba Limentani, the 64-year-old owner of a small women’s shoe shop, is struggling. Normally by this time of the year the summer sales season would be finished and customers returning from their holidays would rush to buy the footwear and handbags stacked on her shelves and along the floor. But that is not the case. Demand has been weak, and Ms Limentani could not afford to raise prices. Even though most of her merchandise is worth at least €89, she says, it is on the market for as little as €59 – and even then is attracting little interest. “There has been no recovery,” Ms Limentani complains. “It is hard to sell even with the discounts.” Hers is a familiar position for business owners across Italy, who are finding it impossibletoraisepricesamidthecountry’s stagnant economy – and in some cases are cutting them. In January, Italy’s consumer price index was up 0.7 per cent compared with a year earlier. By August, it had declined 0.1 per cent on an annual basis, marking Italy’s first bout of deflation since 1959. “Low inflation certainly has its advantages. More competition on prices is good in an economy that is not particularly competitive,” says Raffaella Tenconi, an economist at Bank of America Merrill Lynch in London. “But at the moment it means that small companies have no pricing power, which means profits are low and it is a handicap for employment creation.” The appearance of deflation in Italy suggests a worrying spread from Spain, another peripheral eurozone economy, where it reared its head this year. It is now stalking the home of Rome-born Mario Draghi, the European Central Bank president, who has sounded the alarm about the need to restore growth
A girl chooses dolls to buy at a market in Rome in 1959, the last time Italy witnessed deflation Archivio Cameraphoto Epoche/Getty
across the continent and taken aggressive and unorthodox measures to do so. Economists say the drop in Italian inflation this year can be attributed to a wide range of factors, starting with much weaker growth than anticipated. Earlier in the year, the Italian government had forecast 0.8 per cent growth for 2014, but the first half was disappointing, with gross domestic product actually contracting slightly. Matteo Renzi, the prime minister who gained power in February with an agenda of radical economic and political reform, last week acknowledged that growth would in fact be “around zero” this year. But that is not the only reason. Another more benign driver of falling
A private bank unlike any other.
Italy inflation Annual % change in CPI 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 2009 10
11
59th Floor, The Center, Central, Hong Kong. Subscriptions and Customer service: Tel: +852 2905 5555, subseasia@ft.com Advertising: Tel: +852 2868 2863 asiaads@ft.com, www.ftasia.net Letters to the editor: Fax: +44 20 7873 5938, letters.editor@ft.com Published by: The Financial Times (HK) Limited, Unit 5905-5912, 59th Floor, The Center, No.99 Queen’s Road, Central, Hong Kong. Editor: Lionel Barber Printed by: Australia MPD, Unit E1, 46-62 Maddox Street, Alexandria, NSW 2015; Hong Kong Kin Ming Printing Co Ltd, 15/F BLK A, 18 Ka Yip Street, Ming Pao Industrial Centre, Chai Wan; Representative; Angela Mackay; ISSN 1025-918X
Japan Nikkei Tokyo Newspaper Printing Center, Inc., 1-10-5, Shinonome, Koto-Ku, Tokyo 135-0062; Representative; Hiroko Hoshino; ISSN 0915-9460 South Korea Maeil Business Newspaper, 30-1, 1-Ga, Pil-Dong, Jung-Ku, Seoul, 100-728; Singapore Singapore Press Holdings Ltd, 2 Jurong Port Road, 619088; Representative, Anjali Mahindroo © Copyright The Financial Times Limited 2014. All rights reserved. Reproduction of the contents of this newspaper in any manner is not permitted without the publisher’s prior consent. ‘Financial Times’ and ‘FT’ are registered trade marks of The Financial Times Limited. The Financial Times adheres to a self-regulation regime under the FT Editorial Code of Practice: www.ft.com/editorialcode Reprints are available of any FT article with your company logo or contact details inserted if required (minimum order 100 copies). One-off copyright licences for reproduction of FT articles are also available. For both services phone +44 20 7873 4816, or alternatively, email syndication@ft.com
14
Scotland’s push for independence fuels separatists’ dreams
F
rom Spain’s Basque Country to Veneto in northeastern Italy, independence-minded European regions are licking their lips at the prospect that Scotland will vote to secede from the UK in its referendum on Thursday. Their enthusiasm is shared less widely in the international investment community. With Scotland’s result too close to call, it is dawning on investors that the UK is not the only western European country grappling with confident separatist movements. Tothisextent,arecentrisein10-yearItalianandSpanish government bond yields reflects investor fears that a Scottish Yes vote would bring closer the eventual break-up of Italy or Spain, throwing doubt on the sustainability of their public debt. For its part, the UK Treasury has sought to calm nerves by promising to guarantee all British government debt whether or not Scotland leaves the 307-year-old union with England and Wales. Investor anxiety cuts little ice with separatists and autonomists in the Basque Country and Catalonia in Spain, or South Tyrol and Veneto in Italy. In all four regions the idea has taken hold that local prosperity is siphoned off for the benefit of corrupt, bullying and financially incompetent elites in Madrid and Rome. The growth of Europe’s autonomist and separatist movements can be traced to the 1970s. It was then that Belgium’s Flemish, francophone and German-speaking communities began the reforms that have made the country the EU’s most decentralised state. Italy granted autonomy to South Tyrol and Spain, after the death of Francisco Franco in 1975, promoted self-rule everywhere. The idea has taken For the third year in a row, a demonstration in hold that prosperity support of independence is siphoned off for was held last Thursday in Barcelona, Catalonia’s the benefit of capital, to commemorate the diada – the Catalan corrupt elites national day. Banned under Franco, the diada marks the day in September 1714 when Spanish forces compelled Catalonia’s surrender in the war of the Spanish succession. The protest was expected to be big enough to undercut the arguments of Spain’s central government that separatism has been discredited by the tax evasion scandal surrounding Jordi Pujol, the father of modern Catalan nationalism. Indeed,thePujolaffairhasmadenonsenseoftheCatalan claim that the piles of Spain’s dirty political linen lie exclusively in non-Catalan closets. But pro-independence sentiment in Catalonia has a momentum – and it emerged years before Mr Pujol’s conservative CDC party climbed on the separatist bandwagon, a bit tentatively, in 2012. IfScotland’svoteisboostingCatalonia’sdeterminationto hold a similar consultation in November, it is also raising Basque hopes. Some 150,000 Basques formed a human chain in June in a “Right to Decide” event that copied the human chains of 1989 in Estonia, Latvia and Lithuania as they sought freedom from the Soviet Union. According to Euskobarómetro, an authoritative sociological survey on Basque nationalism, 59 per cent of Basques want a referendum on independence, up 5 percentage points in one year. Yet two Italian regions are, in their own eyes, ahead of the Basques and Catalans. Over the past 12 months, unofficial online referendums haveproducedmajoritiesforindependenceinSouthTyrol, a mainly ethnic German region annexed from Austria after the first world war, and in Veneto, the region that contains Venice, which was an independent republic for more than 1,000 years before Napoleon demolished it in 1797. The Veneto poll was marred by a lack of professional organisation that enabled many ineligible voters to take part. But disgust with the Italian state is so heartfelt that it is unwise to dismiss the restive mood. As Gianluca Busato, leader of the Veneto separatists, warns: “The right of self-determination that is triumphing in Venice is the only way to free ourselvesfromtheworstbureaucraticmonsterofthewestern world – the bloodthirsty beast of the Italian state.” tony.barber@ft.com
Hollande faces confidence vote as domestic pressures pile up French president François Hollande is to host an international conference on Iraq in Paris today in a welcome break from a mounting political and economic crisis.
EFGslogan - 112x50mm - Generic ad - Q - Publication : Financial Times advert 2014 (20.08.2014)
FINANCIAL TIMES
13
Tony Barber
France
HUGH CARNEGY – PARIS
30 global locations • www.efginternational.com
12
Source: Thomson Reuters Datastream
inflation this year in Italy – and the eurozone – has been lower global commodity values. Energy prices have dropped 3.7 per cent over the past year in Italy, while food prices are 0.3 per cent lower. “Price cuts are mostly being imported,” Giulio Zanella, an economist at Bologna university, wrote in a recent blog post, suggesting the focus on sluggish domestic demand was overblown. Meanwhile, the price of communication products and services is 9.1 per cent lower over the year, as Italian mobile phone, internet and cable providers battle for market share. Food, energy and mobile phones are relatively fixed and cumbersome expenses for many Italian households, so price declines, if they last, could leave families with a bit more disposable income to purchase discretionary items such as Ms Limentani’s shoes. Indeed, the hope is that lower prices will start luring Italians back the shops. But policy makers – particularly Mr Draghi and other ECB officials – do not seem to be betting on the resurgence of the Italian consumer. Instead, they have been more focused –andfearful–oftheworst-casescenario: that the country – and the eurozone more generally – could fall into a deflationaryspiral,whereconsumersholdoff purchases on the expectation that prices will fall even further. Deflation would also raise the real value of Italy’s monumental €2.1tn public debt load, causing angst among investors. “Even if you think the probability of damaging deflation is low, if it were to happen it’s a disaster,” says Erik Nielsen, global chief economist at UniCredit, the Italian bank. “The ECB was right to take out an insurance policy against it,” he says, referring to the package of measures including interest rates cut the central bank unveiled this month. Ms Limentani and the small shopkeepers of Viale Libia feel they need all the help they can get. Four other shoe stores in the neighbourhood have closed over the past year – and she too is thinking of calling it quits after 45 years in the business.“It’stough.Iamthinkingofliquidating,” Ms Limentani says. “I can’t keep going like this.”
LONDON
Mr Hollande, who visited Baghdad on Friday, has reinforced his hawkish stance against Islamist militants by saying France would be willing to join in US air strikes against the Islamic State of Iraq and the Levant, known as Isis. But the president’s robust foreign policy record – he is widely applauded for dispatching French troops last year to battle Islamist insurgents in Africa – will count for little this week as his reshuffled government faces a parliamentary vote of confidence and he holds one of his twice-yearly press conferences. Deepening economic gloom and blows to his personal standing, most recently from a damaging book by his formerpartnerValérieTrierweiler,have continuedtotakeatollonhispopularity. One of a long line of devastating opinion polls last week showed 62 per cent of electors wanted him to quit the Elysée Palace before his term ends in 2017.
That coincided with a baleful admission that France was once again set to miss its public finances targets, an announcement accompanied by a cut in the government’s growth forecast for this year to a mere 0.4 per cent. Annual growth is not now expected to reach the level of 1.5 per cent that is sufficient to start to lower double-digit unemployment until at least 2016. Mr Hollande promised in his 2012 election campaign to reduce the budget deficit to the EU-designated limit of 3 per cent of national output in 2013, when he said unemployment would also start falling. He imposed some €30bn in tax increases to close the deficit, anticipating a lift from a cyclical return to growth. But growth never came. Instead, the deficit target has now been put back to 2017, unemployment is still rising and the tax increases have done much to destroy Mr Hollande’s popularity, providing a dismal backdrop to the confidence vote on Tuesday. Manuel Valls, the prime minister, will aim to reiterate the government’s commitment to push ahead with reforms that it hopes will turn round the economy and persuade France’s EU partners
to accept the deficit delay. He has brushed aside worries that abstentions by Socialist party rebels and lack of support from other allies on the left could see him fall short of the required majority.Therebelsobjecttoplanstocuttaxes on business by €40bn over the next three years and shave €50bn from public spending. Mr Valls’s calculation is thattheleftwillnotpromptthedownfall of the government, a move that would trigger legislative elections and certain defeat for the socialists.
62%
€40bn
Of electors want Hollande to quit before his term ends in 2017
Amount Manuel Valls plans to cut in taxes on business
But even if the government wins the vote, further disruption could follow when the 2015 budget is presented to parliament in October. “The uncertainty is very large and we cannot entirely rule out a political crisis that leads to a delay in the approval of reforms,” Barclays wrote in a note to clients. IfMrHollandewereforcedtocallelections he would likely then be faced with forming a “cohabitation” government with the right. But leading figures in the mainstream UMP centre right oppositionofformerpresidentNicolasSarkozy have indicated they would refuse to serve – evoking the extreme scenario of Mr Hollande being forced to resign. Mr Hollande will attempt to banish this kind of speculation at his press conference on Thursday. But he will also have to deal with embarrassing questions about the bestseller by Ms Trierweiler,hispartneruntilhisaffairwithan actress was revealed last January. Assuming Mr Hollande gets through this week, another challenge looms: Mr Sarkozy is set to launch his political comeback, determined to capitalise on Mr Hollande’s woes to put himself in the reckoning for the 2017 presidential race.
★
Monday 15 September 2014
3
FINANCIAL TIMES
INTERNATIONAL
Interview. Khaled al-Attiyah
Hostages
Qatar urges fresh focus on Assad ‘terrorism’ Foreign minister rejects claims that Qataris fund Isis extremists in Syria
JIM PICKARD — LONDON ERIKA SOLOMON — BEIRUT
SIMEON KERR — DOHA
Qatar’s foreign minister is seeking to refocus the world’s attention on the “terrorism” of the Syrian regime, urging the west to back moderate Syrian Sunni fighters against Bashar al-Assad as an essential part of a wider campaign against Islamist extremists across Syria and Iraq. In an interview with the Financial Times in Doha, Khaled al-Attiyah also dismissed as “Qatar bashing” mounting claims that individuals in Qatar were supplying funds to the Islamic State in Iraq and the Levant, or Isis. Speaking days after the US won supportfrom10Arabstatesforbroadermilitary action to defeat Isis, Mr Attiyah said only the moderate opposition in Syria and the empowerment of disenfranchised Iraqi Sunni would undermine extremism. “We all have to come together and support the moderate opposition,” he told the Financial Times in an interview. “We need to enhance them, train them and let them get their country back.” Qatar, a US ally in the Gulf, has been a leading financial and military backer of the Syrian opposition – a role that has generated controversy amid accusations that it has contributed to the radicalisation of fighters and the rise of extremist forces. TheGulfstate’schampioningofIslamist forces, particularly the more moderate Muslim Brotherhood in Egypt, has also pitted it against other conservative monarchies such as Saudi Arabia and the United Arab Emirates. Having secured Sunni Arab backing against Isis, the US is looking to Qatar and others for support, including funds, cracking down on illicit terrorist financing and the use of regional military bases. Saudi Arabia is expected to host training camps for Syrian opposition groups vetted by the US. Mr Attiyah said it was “premature” to decide whether Qatar would permit military action from its al-Udeid air base, the regional US military headquarters. The Sunni monarchies of the Gulf have an interest in combating a jihadi group that could threaten them if left unchecked. Until now, they have been frustrated by Washington’s perceived disengagement from the region and western indifference to Syrian suffering. Yet even as they sign up to US plans to fight Isis in Syria as well as Iraq, many also harbour concerns that this could have the unintended consequence of bolstering Mr Assad as well as Iraqi Shia militias and their Iranian sponsors. Mr Attiyah stressed it was “never too late” for effective opposition pressure to bringtheregimetothenegotiatingtable. As the world focuses on Isis’s bloody advance through Iraq, Mr Attiyah urged equal attention on the regime’s role in the mass death toll in Syria’s civil war. “Terrorism is not just beheading – it is that,anditisugly–butitisalsothrowing barrel bombs at women and children,” he said, referring to killings blamed on the Assad regime. “We have to be clear and not derailed from the right track,” he said a day before the emergence yesterday of an Isis video showing the apparent beheading of British hostage David Haines. Doha has been criticised
David Cameron has insisted that the first killing of a British captive by the Islamic State of Iraq and the Levant, known as Isis, would only strengthen theresolveoftheUKagainstthejihadis.
A rebel fighter in the streets of Aleppo’s Old City. Khaled al-Attiyah, below, says only Sunni moderate opposition would undermine extremism
‘We all have to . . . support the moderate opposition. We need to enhance them, train them and let them get their country back’
Gulf neighbours seek to heal rift after discord over Brotherhood Western focus on Isis is bringing together Qatar and its Gulf Co-operation Council neighbours after months of discord over the role of the Muslim Brotherhood, the pan-Arab Islamist group. Saudi Arabia and the United Arab Emirates backed the Egyptian coup against the Brotherhood and have been calling for Doha to end its support for the group. Saudi diplomacy appears to have made a breakthrough. The Egyptian Muslim Brotherhood on Saturday announced that Qatar has asked its senior Doha-based leaders to leave the country. The move was seen as an attempt by Doha to appease its neighbours and ease fraught relations with Saudi Arabia. Mr Attiyah denied Qatar had asked the Brotherhood leaders to leave, saying Doha would remain a platform for differing opinions.
for allegedly turning a blind eye to the funding of radical groups, including Isis and Syria’s Jabhat al-Nusrah, the alQaeda affiliate. US officials have described Qatar and Kuwait as permissive environments for terrorist financing. But Mr Attiyah said Washingtonhadyettoprovideevidence. “There is no such financing here,” he added. Gulf states and the west are also at odds over the composition of the socalled “moderate” rebel alliance. Mr Attiyah urged western allies not to lump all militant groups under the same umbrella. Qatar did not “deal with” either Isis or Jabhat al-Nusra, he said, but the militant Syrian Ahrar al-Sham was a “purely” Syrian group that has been suffering casualties in its fight againstIsis.“WhybrackettheSyriancrisis as Jabhat al-Nusra and Isis?” the foreign minister said. “It is the regime against the people.” But Qatar’s western allies, while thankful for its hostage mediation, remain uncomfortable with Doha’s apparent intelligence links to these alQaedaaffiliates.Ahraral-Sham,officials say, has operational links with Nusra. Edward Luce page 9
Ukraine
Kiev in vow on EU trade after pact is delayed NEIL BUCKLEY – KIEV
Ukraine’s government has vowed it will “not change a word” of a trade agreement with the EU after Kiev and Brussels agreed under Russian pressure late on Friday to delay implementing the pact for a year. The trade and political “association” deal is an emotive issue that has been at the centre of Ukraine’s political crisis and its subsequent stand-off with Russia. Former president Viktor Yanukovich’s refusal to sign the agreement last November sparked the protests that toppled him in February, prompting Russia to annex Crimea and foment a separatist conflict in east Ukraine. The EU deal will be ratified with much fanfare tomorrow in a live TV link-up between the European parliament and Ukraine’snationalassemblythatfollows its signing in June. The trade measures, however, are set to come into force in December 2015 instead of November this year, as previously planned. In the meantime, Ukraine will have temporary tariff-free access to the EU market. Postponing EU companies’ reciprocal access could give Ukraine’s war-torn economy more time to stabilise. Some senior EU officials were privately stunned by news of the delay on
Isis killing will strengthen UK resolve, says Cameron
Friday. People familiar with three-way talks between the EU’s trade commissioner, Russia’s economy minister and Ukraine’s foreign minister said Moscow had warned there would be no resolution of the conflict in east Ukraine without putting off implementing the deal. Russia has been pushing to delay and amend the deal since last year, claiming it would damage its economy, which is ‘[Russia opposition is] blackmail – not even of Ukraine but of the EU’ Pavlo Klimkin, Ukrainian minister
closely tied to Ukraine’s. The deal also prevents Ukraine from joining a rival economic union Russian president Vladimir Putin has formed with former Soviet republics Belarus and Kazakhstan. Some Russian politicians and mediahavetrumpetedthedelayasavictory for Russia’s strong-arm diplomacy. Alexei Pushkov, chairman of the Russian parliament’s foreign relations committee, tweeted: “The people of Ukraine were deceived. Their economy is not ready for [the] association [agreement]. For the sake of the chimera of the ‘European choice’, the east of the country has
been destroyed. Hundreds and thousands were killed.” Some Ukrainian activists and business leaders also fear the delay could be extended, removing an incentive for needed reforms to ensure the economy can compete when it is opened to EU companies. But Arseniy Yatseniuk, Ukraine’s prime minister, insisted on Saturday the government “will implement everything that is in the deal”. “My feeling is that this was the good gesture of the EU. We got [a] grace period; the EU opened its market, and Ukraine is still protected,” he said. Kiev’s foreign minister Pavlo Klimkin said Moscow’s opposition to the deal was “blackmail – not even of Ukraine, but of the EU”. He added any genuine Russian concerns could be addressed through annexes to the agreement, but Ukraine was not changing a word of the deal. “The text is a question of principle. If Russia forces us to change the text, that means [changing] our policy . . . That’s not just a defeat, it’s dependency on Russia. We will never do it.” José Manuel Barroso, European Commission president, who announced the delay at the Yalta European Strategy conference in Kiev on Friday, insisted the EU had not caved in to Russian pressure.
‘Why bracket the Syrian crisis as Jabhat al-Nusra and Isis? It is the regime against the people’
— Getty
‘Terrorism is not just beheading — it is that, and it is ugly — but it is also throwing barrel bombs at women and children’
The prime minister said yesterday that David Haines, the British aid worker murdered by the group, was a “hero” whose selflessness had cost him his life. “This will not lead Britain to shirk our responsibilities . . . it must strengthen our resolve,” he said. Mr Cameron emphasised that Isis was also planning attacks across Europe. Jihadi militants earlier released a video that appeared to show the beheading of Mr Haines. His killer was then shown threatening another hostage, alsoaBritishaidworker.Thevideo,entitled“AMessagetotheAlliesofAmerica”, shows Mr Haines kneeling in the desert in an orange jumpsuit next to his blackclad killer. His murder follows the beheadings of the US journalists Steven Sotloff and James Foley. The video follows the same pattern as earlierones,exceptthatinsteadofbeginning with a clip of a speech from Barack Obama, the US president, it begins with part of a speech by Mr Cameron. It aims to discourage Britain from taking part in the coalition the US has been building to fight Isis, which has seized almost a third of Syria and Iraq. Mr Haines’s murderer, who seems to be the same British-accented man who appearedinthepreviousvideos,saysthe beheadingisinresponsetoBritishweapons sent to Iraq’s Kurdish peshmerga forces, who are fighting Isis. “Playing the role of the obedient lapdog, Cameron, will only drag you and your people into a bloody and unwinnable war,” he says. Mr Cameron has not clarified whether Britain will join air strikes by the US designed to halt the advance of Isis. Additional reporting by Borzou Daragahi
★
4
FINANCIAL TIMES
Monday 15 September 2014
INTERNATIONAL India
China
Business fears Modi is failing his mandate
Industrial data put growth target in doubt
A dearth of ‘big bang’ reforms has disappointed investors and industry VICTOR MALLET – NEW DELHI JAMES CRABTREE – MUMBAI
Narendra Modi’s honeymoon is nearing its end for the growing ranks of investors disappointed by the dearth of radical economic reforms undertaken during the Indian prime minister’s first four months in office. Marten Pieters, chief executive of Vodafone India, spared neither Mr Modi’s Bharatiya Janata party government nor its Congress predecessor when he last week pronounced the country’s vital telecoms sector “simply a mess”. “Last year China invested $50bn in its
networks. We did five [$5bn],” Mr Pieters told a conference in New Delhi organised by The Economist. Vodafone had sought an advance tax ruling nine months ago to raise equity to bid for spectrum in an auction in February without another tax dispute, but has yettoheartheoutcome.“Lastweek,”Mr Pieters added drily, “I got the news the officer dealing with the file has retired.” Indian and foreign business leaders backed Mr Modi in May’s election because he offered a change from a decade of corruption and indecision. Yet many now fear he is squandering his strong mandate. Theyarealsofrustratedbyhisgovernment’s failure to rescind retrospective legislation and rulings that have left multinationals confronted with surprise tax bills running into billions of dollars.
“If he wants to make India a manufacturing hub, we will need the big bang reforms,” said Gurcharan Das, former head of Procter & Gamble in India. Mr Modi has taken none of the revolutionary steps business had hoped for, such as full privatisation of state companies or liberalisation of labour laws. He never promised those, in any case, and Mr Modi does score high marks for re-energising the bureaucracy. Supporters, including BJP members of parliament, insist the new prime minister is pushing ahead steadily with economic Investors worry that decisionmaking is concentrated in the office of Narendra Modi
reforms that will create jobs, promote manufacturing and modernise India. “This is not 20-20,” said one MP, referring to the dramatic high-speed cricket game. “This is a five-day Test match.” In the meantime though, Mr Modi’s government has backed out of a world trade accord sealed by its predecessor that was meant to trim red tape and reduce customs burdens. It has also failed to implement an increase in the price of natural gas paid to producers. One problem identified by investors is that cabinet ministers lack experience and technocratic skills to run a $1.8tn economy, while decision-making is concentrated in the prime minister’s office. “It looks like we are pinning a lot of hopes on just one individual,” said Banmali Agrawala, head of General Electric in south Asia.
Economists at Nomura predict foreign direct investment into India will rise to $30bn this financial year from $22bn last year, but that will flow mostly into sectors such as pharmaceuticals and ecommerce rather than power and infrastructure, where it is most needed. Oil and gas groups are deterred by the financial disputes in which successful explorers such as Cairn India have become embroiled. Nor are global power companies keen to enter the dysfunctional energy market, despite a huge projected electricity shortfall. Balfour Beatty, Britain’s largest construction company by sales, quietly pulled out of India last year, having decided that it could not make money in a country whose previous government pledgedtospend$1tnonnewinfrastructure by 2017.
Dispatch. South America
Silva quenches Brazil’s thirst for change Outsider’s non-partisan approach has impressed voters – and investors JOE LEAHY – SÃO PAULO
To see Marina Silva deliver a speech on the campaign trail for the Brazilian presidential election next month is to watch a woman transformed. The fragile appearance of the environmentalist and former senator wrought by a tough childhood in a malarial Amazonian rubber plantation vanishes. In its place come force and conviction as Ms Silva, a political outsider who is threatening to end the 12-year reign of Brazil’s powerful centre-left Workers’ party, or PT, links her compelling life story with Brazilians’ thirst for change. “I was illiterate until I was 16,” she tells a party rally on a chilly night in mountainous Caxias do Sul in Brazil’s southern Rio Grande do Sul state, recounting how she went on to earn a degree in history.“Whatmakesthecountrygrowisto have schools that are just as good for the poor as for the rich.” Until last month when the former presidential candidate of her coalition, Eduardo Campos, was killed in a plane crash, Ms Silva was not even in the running for Brazil’s presidency. Now polls show her beating incumbent Dilma Rousseff of the PT in the second round run-off on October 26 – although her lead has narrowed in recent days – and rendering Aécio Neves of the larger opposition PSDB party a distant third. Ms Silva is riding a protest vote that emerged last year in nationwide demonstrations for better public services, analysts say. She combines the social consciousness of Luiz Inácio Lula da Silva, a former unionist from Brazil’s poor northeast who ruled between 20032010 and is credited with lifting millions from poverty, with the economic orthodoxy of Fernando Henrique Cardoso, a former professor who was president between 1995 and 2002 and stabilised Brazil’s runaway inflation. “She represents a vote for change,” said Marcelo Moura, a professor at São Paulo business university Insper. “She has the background of Lula . . . and the head of Fernando Henrique.”
Presidential hopeful Marina Silva arrives for a campaign event in Rio de Janeiro last week
A radical candidate with an orthodox economic vision On inflation, Marina Silva aims to bring it down to the centre of the central bank’s target of 4.5 per cent. Dilma Rousseff’s government has been criticised for allowing inflation to stay at the top of the band. Ms Silva promises to guarantee central
bank autonomy partly through establishing fixed mandates for members of the board. This is seen as a welcome development for markets. Her platform calls for a fiscal responsibility body to monitor budgets and verify that the government is complying with fiscal targets. This is to counteract “creative accounting”. A Silva government is proposing to overhaul Brazil’s tax system, considered one of the key impediments to growth. No details are available.
— Getty
Ms Silva was born in northern Acre state, where as an 11-year-old rubber tapper she rose before dawn each morning to “bleed” the trees of their milky resin with a machete. She suffered debilitating bouts of malaria and hepatitis and at 16 went to Acre’s capital, Rio Branco, to seek treatment and pursue her ambition of becoming a nun. While studying, she joined Chico Mendes, the Brazilian environmentalist who was assassinated while trying to stop deforestation by ranchers. Two marriages followed and four children. Poverty was never far away. Her family remember her fashioning their first shower by punching holes in a tin
can, according to a 2010 biography. That determination and independent streak has marked her political career too. In 2008, after falling out with Mr Lula da Silva, she resigned as environment minister – having reduced deforestation rates by 70 per cent – and then stood against his candidate, Ms Rousseff, in the 2010 election, winning 20m votes. Some of that support came from Brazil’s sizeable evangelical community, which remains a potentially powerful political base. “We support Marina because she supports the family,” said Cláudia Edl, an evangelical waiting outside a Silva campaign event in Rio Grande do Sul. For others, her evangelical beliefs are a turn-off. Her religious conservatism led her to backflip on her party’s platform backing gay marriage. Ms Silva also claims God “cured” her of mercury poisoning, although she remains frail and for health reasons shuns cosmetics, chocolate, dairy products and sugar. Despite her outsider background and green activism, investors and businessmen so far like what they see – Ms Silva’s closest advisers include Maria Alice “Neca” Setúbal of the controlling family of Brazil’s largest private sector bank, Itaú-Unibanco. Even on a visit to a Rio Grande do Sul agricultural fair, where the smell of barbecued meat hangs heavyintheair,ranchersseemwillingto give her the benefit of the doubt. “She recognises the advances of Fernando Henrique and Lula and now sees the opportunity for a different kind of politics,” says Paulo Pires of rancher cooperative federation FecoAgro. Her message is one of non-partisan politics in which she will seek support across party lines. This will be crucial. The Brazilian Socialist party and its coalition only have about 36 seats in Congress.Theyneedmorethan200tohelpa Silva presidency govern. “That is going tobeamajorchallengeforher,”saidJoão Augusto de Castro Neves of the Eurasia Group. At the rally in Caxias do Sul, which is held at the local Catholic church, locals munch free fried chicken as she pitches this vision of a “new politics” free of vote-buying and outdated ideology. “We won’t make personal attacks, we are not seeking to ‘bring down’ Dilma or Aécio,” she says, even though opinion polls suggest she is on the verge of doing just that.
DEMETRI SEVASTOPULO – HONG KONG
Chine s e industrial pro duc tion expanded in August at its slowest pace since the global financial crisis, increasing pressure on the central government to hit its target of 7.5 per cent economic growth for 2014. The National Bureau of Statistics said industrial activity had grown 6.9 per cent in August from the same month a year ago, a slower pace than the 9 per cent rise recorded in July. It blamed the lower growth on weak global demand and domestic pressures, including stresses in the housing market. ANZ bank said the data “reinforced our view that China’s growth momentum has decelerated faster than anticipated”onthebackofasluggishproperty market and slowing credit expansion. It added that China generally needed to achieve 9 per cent growth in industrial production to boost the economy by 7.5 per cent. “Short of outright policy easing, China will likely miss the 7.5 per cent growth target this year, and a sharp economic slowdown will endanger the undergoing structural reforms,” Liu Ligang and Zhou Hao, ANZ economists, wrote in a research note. “Chinese authorities should further relax monetary policy as soon as possible to prevent the growth momentum from decelerating further.” The Chinese economy grew 7.4 per cent in the first quarter of this year, but
6.9% Growth in China’s industrial production in August
8.9% Decline in property sales volumes in August
accelerated to 7.5 per cent in the second quarteronthebackofgovernmentstimulus measures. Speaking at the World EconomicForuminTianjinthisweek,Li Keqiang, Chinese premier, said the government “will not be distracted by short-term fluctuations of individual indicators”. Some experts said the industrial production data reflected successful efforts toreducetherelianceonheavyindustry, as President Xi Jinping pushes ahead with a series of economic reforms. Louis Kuijs, an economist at RBS bank, said there was “some truth” to that view. But he said the property slowdown that is having a “major drag” on the economy was driven by the market, not policy. “In my view, the kind of slowdown suggested by the August numbers is probably too pronounced for the comfort of the government,” said Mr Kuijs. The NBS released other data on Saturday that also pointed to a decelerating economy. Electricity production fell 2.2 per cent in August, marking the first decline in four years. Car sales grew 5.3 per cent, easing from the 8.1 per cent growth reported in July. ANZ said fixed-asset investment had fallenfromthe17percentrecordforJanuary-July to 16.5 per cent for the January-August period. The government said property sales volume had fallen 8.9 per cent in August from last year, a sharper reduction than the 8.2 per cent decline recorded for January-June. Property developers have been offering big discounts – including to people who shop on Alibaba’s Taobao – to help bolster weak volumes.
Electricity
South Africa unveils package for struggling state utility ANDREW ENGLAND – JOHANNESBURG
Contracts & Tenders
South Africa announced a support package yesterday for Eskom, the struggling state utility, enabling it to raise about $4.5bn in additional debt and also receive an equity injection from the government. Eskom – by far Africa’s biggest electricity producer – has been battling to keep the lights on as its grapples with waferthin reserve margins, an ageing infrastructure and a funding deficit. A lack of electricity capacity has been blamed for stymieing new investment and growth in Africa’s most developed economy. South Africa barely avoided a technical recession in the second quarter,whengrowthingrossdomesticproduct came in at 0.6 per cent. The finance ministry said yesterday that the cabinet had approved a “package to support a strong and sustainable Eskom to ensure that the energy security of the country is maintained, as well as supporting GDP growth”.
The treasury said the size of the capital injection would be revealed during budget announcements, adding that Eskom would increase its debt-raising plans by R50bn ($4.5bn) above the original R200bn medium-term plan. Eskom’s funding gap has been estimated at about R225bn for the next four to five years. This year, Eskom has been forced to implement scheduled power outages during the winter as it can no longer put off vital maintenance on its equipment. The problems stem from years of poor planning and under-investment, which came to the fore when rolling blackouts in 2008 sent platinum and gold prices soaring and cost the country billions of dollars. Eskom is spending more than R260bn on three new power plants, and renovating older ones, in the hope of avoiding a repeatofthe2008crisis.Butworkonthe plants has been much delayed, while their construction costs have gone way above budget.
Monday 15 September 2014
★
FINANCIAL TIMES
5
★
6
FINANCIAL TIMES
Monday 15 September 2014
INTERNATIONAL
Prosperity of Scotland hinges on five tests
Greasing the wheels The importance of North Sea riches Structure of the economy % of gross value added by sector, 2011
Scotland
CHRIS GILES — ECONOMICS EDITOR
Scotland’s “Mini-Me” economy is far from an oasis of riches or a pit of despair. Levels of income, unemployment, labour productivity and inequality are similartothecombinedaverageforEngland, Northern Ireland, Scotland and Wales. Completely integrated after 307 years of union, Scotland shares the economic institutions of the UK, its tax system and its insurance mechanisms that support troubled economic areas such as Northern Ireland and extract money from hotspots such as London. Theonebigdifferenceisoil.Scotland’s public finances would be a mess if it did not receive the vast majority of oil revenues after independence, leaving its initial prosperity and prospects dependent on the terms of divorce. Thereafter, an independent Scotland’s economic prospects would hinge on its ability to raise its game. The following five considerations will be paramount. Currency An independent Scotland should assume the rest of the UK would refuse to enter a formal currency union. Economists think the best available option would be initial unilateral use of sterling – soon followed by the establishment of a Scottish central bank and currency. Such an option is feasible and could bring stability if the Scottish central bank pegged the Scots pound against sterling, much as Denmark fixes the krone to the euro. The trade-off wouldbetherequirementforhigherforeign exchange reserves necessary to defend a currency peg and a lack of economic flexibility that floating exchange
rates can bring. The main risk is capital flight, from Scotland and its banks, from people who might fear depreciation and would prefer their financial assets to be denominated in sterling, euros or dollars. As Neville Hill of Credit Suisse has said: “It’s not whether Scotland will stay in the pound, but whether the pound stays in Scotland.” Reserves To defend a currency peg, an independent Scotland would need foreign exchange reserves in excess of the £15bn that Mark Carney, the Bank of England governor, says would be in the “upper end of the range” the country could reasonably expect to inherit. To match the level of reserves held by Denmark as a share of national income, Scotland would need £34bn. Ronald MacDonald, a University of Glasgow professor who has been working with the pro-union campaign, says the need to accumulate reserves would represent “a recipe for austerity” that would end any pegged currency with sterling. Scotland might be able to borrowthemoneytobuildforeignexchange buffers at the cost of creating exchangerate risk either for the Scottish people or its creditors. Such borrowing might therefore be expensive. Public finances The division of the UK’s assets and liabilities would involve tortuous talks. With the UK’s public finances already stretched, Angus Armstrong and Monique Ebell write in the latestOxfordReviewofEconomicPolicy that on any reasonable division, an independent Scotland would begin life “with a substantial debt burden”, forcing
Scotland with 90% of North Sea oil revenues
4.5
Manufacturing
11.3
UK excluding Scotland
Utilities 3.6
Other services
13.7
5.7
49,765 49,479 49,213 48,167 47,893 47,793 45,123 43,830 43,429 40,471 40,175 38,142
60.0 19.7
Financial
Net fiscal deficit (% of GDP) Scotland with per capita share of North Sea revenue Scotland with geographical share of North Sea revenue UK 16 14 12 10 8 6 4 2 0 2008-09 2009-10 2010-11 2011-12 2012-13
* UK position unchanged without Scotland
Other services
... and production has been consistently lower than forecast Production forecasts and outturns (million tonnes of oil equivalent) 160 Actual
Productivity In the long run, an independent Scotland’s prosperity would rest on the nation’s ability to raise its growth rates to sustain higher living
standards.Thiswouldrequiremoreproductivity – that is more output for every hour worked or capital used than now. Sustainably raising productivity growth rates is the holy grail for every economy. Scotland’s economy currently has a higher dependence on financial services and oil than that of the UK. Both are very high productivity sectors, but they are declining as the dwindling stocks of oil in the North Sea become harder to extract and Britain’s overextended financial sector shrinks. The Scottish government hopes that lower corporate taxes would encourage a new entrepreneurial spirit – arguing that this remains “an important tool for securing competitive advantage”. In this, its attitude is similar to that of the Westminstergovernment,whichhascut the UK rate. Such a move would need to have a much stronger effect in Scotland
140 Successive forecasts 2010-14
120 100 80 60
2007 08 09 10 11 12 13 14 15 16 17 18
FT Graphic
spendingcutsortaxincreases“formany years” that were more restrictive than the UK has faced since 2010. Alex Salmond,theSNPleader,wouldbetempted to carry out a threat not to accept that any UK debt was Scottish, but there would be a price to pay, as Scotland would need the UK’s support in matters such as its application to join the EU. Assuming a division was seen as fair on both sides, Scotland would be likely to face tougher spending cuts and tax rises than England as oil revenues declined into the medium term. The nationalists say official forecasts for oil revenues are too pessimistic, but they havebeenpersistentlyover-optimistic.
Financial
Construction
... and fiscal position depend on oil ...
Estimated GDP per head, 2014 ($ at market prices)
12 Netherlands 13 Finland 14 Iceland Scotland (with 90% of N Sea Oil) 15 Germany 16 Ireland 19 France 21 UK* 22 New Zealand Scotland (at present) 23 Hong Kong 24 Japan
Manufacturing Utilities 3.0
Other services
Scotland’s relative wealth ... World ranking
9.3
Financial
Construction
6.5
Construction
16.7
1.1
Utilities 2.4
10.4
21.4 46.9
Oil, mining, agriculture
Manufacturing Oil, mining, agriculture
6.9
57.0
A favourable oil deal would be crucial – but the nation would have to raise its game
Oil, mining, agriculture
Sources: OBR; Scottish government; IMF; ONS; FT calculations
than it has for the UK as a whole in order to offset the headwinds the nation already faces from oil and finance.
Multimedia A guide to the Scottish referendum: what the Yes vote might mean for Scotland ft.com/scotland
Demographics Scotland’s population is set to age more rapidly than that of the UK, adding to public finance pressures and healthcare costs. To raise the Scottish growth rate, it would need to attract more workers and more immigrants. The Scottish government pledges that a new “controlled, transparent and efficient” migration system would attract highly skilled people. The risk is that Scotland would not be abletopickandchooseitsimmigrantsas easily as the government suggests, especially as it has failed to attract as many migrants in recent years as English regions with similar wage levels. Editorial Comment page 8 Fate of British finance page 9
US Congress
Hopes fade for bipartisan deal on tax inversion BARNEY JOPSON — WASHINGTON
Hopesofforginganear-termbipartisan consensus to curb tax-driven takeovers by US companies have faded, with aides warning that Congress will not be able to legislate on the controversial practice before the midterm elections. The administration of President Barack Obama is expected to announce executive action to limit the deals, known as inversions, as early as this week. But while both Republicans and Democrats have criticised the arrangements, the discord between the two parties over how to tackle them has grown in recent days. InversionsenableUScompaniestocut their American tax bills by acquiring a foreign rival and shifting their domicile to a country with lower tax rates. The13dealsannouncedsincethestart of 2013 – including Burger King’s $11.4bn acquisition of Canadian coffee shop chain Tim Hortons – are together worth $178bn, according to Dealogic. A senior Democratic aide said discussions on Capitol Hill last week m a d e i t c l e a r t h e re wo u l d b e n o legislative action on inversions before midterm elections in November. “Part of the reason for that is there is a realclosefightfor[controlof]theSenate
and the two sides have hardened in their stances on the issue,” he said. US companies are waiting to see what executive action the US Treasury will unveil. Tax experts are divided over whether it has the authority to act. Jack Lew, Treasury secretary, said last week that the administration would take action “in the very near future”. Sandy Levin, a senior Democratic tax writer in the House of Representatives, said that the Obama administration
Capitol Hill is unlikely to legislate on tax inversion before midterm polls
could unveil its plans as soon as this week. “I think it may do more than nibble around the edges, but it won’t get, in terms of content, to the heart of the matter,” Mr Levin told reporters, stressing that it would be preferable for Congress to pass legislation on the issue. Orrin Hatch, the senior Republican on the Senate finance committee, last week set out four features he would want in anti-inversion legislation – including an insistence that it not be retroactive. These plans conflicted with three proposed bills from Democratic lawmakers, although Democratic aides said they could at least agree with Mr Hatch that inversion legislation should act as a “bridge” to comprehensive tax reform. A Republican aide said that Democratic attempts to stir up public passion had “fallen flat”, partly because Warren Buffett, the billionaire investor and a Democratic supporter, was involved in the Burger King deal and defended it. The aide added that the pre-election windowofopportunityforan“inversion coalition”wasnowclosed,withlawmakers due to spend just two more weeks in Washington before the midterm elections.
Borrowing
Banks lend more abroad as confidence returns CLAIRE JONES – FRANKFURT
Bankshavestartedtolendmoreabroad for the first time in nearly three years, in a sign that confidence in the sector is recovering after years of uncertainty. The Bank for International Settlements reported yesterday that cross-border lending rose €580bn between the end of December last year and the end of March 2014. It was, the Basel-based central bankers said, the first big rise since late 2011, when the eurozone’s sovereign debt crisis had yet to hit its peak. Lending overseas is an important gauge of banks’ behaviour as it reflects their confidence in the global economy. The increase was spread across countries and sectors, though a significant rise occurred in China, where more than $1tn has been borrowed from foreign banks. In the eurozone, cross-border interbank lending went up for the first time since early 2012, indicating foreign
peers are trusting their counterparts in the single currency area once again. For all these improvements, the big picture remains one of retrenchment: the latest rise was not enough to offset the sharp pace of cutbacks. But the quarterly increase was enough to slice in half the annual rate of contraction from 4 per cent to 2 per cent. “To the extent that cross-border lending has stopped contracting, it is good news. It suggests that the banking sector is turning around after years of deleveraging,” said Hyun Song Shin, economic adviser and head of research at the BIS. Banks expanded their overseas loan books substantially in the run-up to the collapse of Lehman Brothers, the US investment bank that filed for bankruptcy six years ago today. Since then, lenders have pulled back from extending loans abroad, focusing on customers closer to home – a trend that has led some economists to warn of
the dangers posed by the sudden reversals of capital flows in a globalised financial system. Mr Shin said a tightening of monetary conditions was likely to lead to another contraction in cross-border lending, whichwouldbeespeciallyimportantifit affected the US dollar. “The dollar is such an important currency in global banking that, when it appreciates, lending conditions tighten across the globe.” But he added that the banking system was “nowhere near as vulnerable” as it was six years ago. “Instead, the vulnerabilities are in the bond markets,” Mr Shin said, adding that the issuance of foreign currency debt by emerging market companies continued to pose a threat. The BIS statistics showed many companies were issuing debt through overseas affiliates, meaning official national statistics were vastly underestimating the scale of the trend.
★
Monday 15 September 2014
7
FINANCIAL TIMES
THE BIG READ. TECHNOLOGY
Big Tech at bay In the first part of a series on the backlash against the power and reach of US technology companies, Richard Waters reports that Silicon Valley’s era of untrammelled global expansion is over
F
or two decades, they have been celebrated as the rock stars of an emerging digital culture. Unconventional and driven, America’s technology entrepreneurs won the world’s admiration as they rode the internet wave, remaking swaths of personal, social and business life with each innovation. But in the past year, the world has grown uneasy with the bargain it has struck with the giants of US technology. In much of the world today, the companies are no longer seen as the optimistic agentsofabetterfuture,butasoverpowerful, prying and ruthless. The indictments against the biggest tech companies have been piling up. These have included accusations that some were complicit in widespread US internet surveillance – a claim that has fanned the smouldering worries about how Big Tech handles mountains of personal data. Their incursion into more areas of economic activity has also stirred a backlash. This month, the European Commission walked away from a deal with Google to resolve a competition complaint, while a German court banned American taxi service Uber, instigator of the raucous taxi app wars spreading around the world. And their huge personal and corporate wealth has attracted the kind of envy and resentment previously reserved for that most resented of social cliques, bankers. Even if entirely legal, the avoidance schemes that have left companies such as Apple and Amazon paying little in taxes in many countries has engendered widespread revulsion and led to investigations by the EU. The message has started to hit home. An industry that has made a virtue of ignoring the accepted principles on which much of the world runs, boasting about the “disruption” it has brought to the business practices of the less enlightened, is learning a different language. The spread of US-dominated tech “can’t become an exercise where one
C Trustworthy? Leading US tech companies have been accused of being complicit in web surveillance, raising concerns about their handling of personal data C Hair shirt Amid the political backlash, Silicon Valley companies have gone on an international charm offensive to defend their reputation C One on one Google’s Eric Schmidt privately met Sigmar Gabriel, the German minister who has said the company may need to be broken up
‘Right to be forgotten’
‘The US made a huge mistake. It’s naive to think you can spy at this level and not be discovered.’ Eric Schmidt culture and country imposes its values on the world”, says Brad Smith, the chief lawyerandmaininternationalambassador for Microsoft – a company that has earned its fair share of criticism for throwing its weight around over the years. Particularly on issues such as privacy, some American internet companies have not stopped to think about the impact their technology is having around the world, he says. “The trouble is people who take an American view of the technology.” Some of the very people who helped to financeandbuildthecurrentgeneration of world-beating technology that emanatedfromSiliconValleynowseemtobe having second thoughts when it comes to considering what will follow. “We’re starting to enter a very new era when it comes to privacy and security, and how all these internet services are designed,” says Jim Breyer, an early investor in Facebook and, until last year, a member of its board. Apple’s launch last week of mobile services that handle sensitive personal information in fields such as healthcare records and payments is a sign of the next markets Silicon Valley is targeting, accentuating the need for more secure technology. The next generation of start-ups is being designed from the beginning with privacy and security in mind, Mr Breyer says, in what amounts to a put-down of the practices of groups such as Facebook. “It’s a different mindset from the companies we saw being started five or seven years ago. I don’t think the scale of the opportunity worldwide is becoming any less real for US tech companies.”
Charm offensive Changes in the political climate have brought on an international charm offensive in which a parade of US tech executives have traversed the globe in desperate attempts to defend their industry’s fraying reputation. Eric Schmidt, chairman of Google, sayshespentJuneworkingonthesearch engine company’s problems in Germany, hoping he could stem a spreading political crisis in Europe’s biggest economy. That included a private meeting with Sigmar Gabriel, the German economy minister who this year suggested
that Google may have become too powerful and needs to be broken up. The idea, coming from such a senior politician, was nothing short of “astounding”, the Google chairman says now. “There’s no need for Google to be broken up,” he says. Instead, Europe needs to do more to build a competitive tech industry of its own. Butincountriestiredofbeinglectured by Americans about innovation, the message is in danger of wearing thin. Marc B enioff, founder of Sale sforce.com,apioneerincloudservicesfor businesses, found himself squirming during one such meeting in France. “One of the leaders of our industry began lecturing the French that the word ‘entrepreneur’ is French and they need to support entrepreneurs,” he says. The condescension was not lost on the hosts, he adds.
Out of the bubble
Speak no evil: Google chairman Eric Schmidt in Madrid to discuss the ‘right to be forgotten’ ruling Getty
For Silicon Valley, the era of untrammeled global expansion is over. As the revelations of illicit surveillance by the US National Security Agency have curdled, the tech industry has been forced to defend itself to its customers around theworld.Suddenly,theinsularityofthe tech companies centred around the San Francisco Bay area – long considered to be a vital feature of the region’s successful hothouse culture – has come to be seen as a serious liability. “If you live in Silicon Valley, you live in a bubble,” says Pat Gelsinger, chief executive of VMware, one of the region’s leading cloud technology companies. “You get a very jaded view of how the world views things.” The outrage that followed last year’s disclosures about surveillance by Edward Snowden, the former intelligence contractor, has changed all that. The NSA scandal crystallised wider anxieties about the spreading power of a handful of US companies that dominate the tech industry. “It’s a black eye for US tech,” Mr Gelsinger says of the Snowden leaks. “It was
the starting point for the many fissures that are spreading across the [tech] world. Every company in the Valley is trying to position themselves to understand how they play in that world.” The anxieties have risen as new digital platforms such as the Apple and Google mobile ecosystems and Facebook’s social network extend their reach into more corners of social and business life. While it is facing a backlash on the international stage, Silicon Valley is in a period of a creative frenzy at home, as new cloud technologies open a wider range of markets to disruption from the tech industry. It is no longer just music labels or newspapers whose businesses are threatened: from the taxi drivers riled by Uber to the banks nervous that internet companies are now targeting finance, few feel safe. “It’s bringing a lot of anxiety in industries that didn’t have to interface with the technology industry,” says Evgeny Morozov, one of the internet industry’s fiercest critics. “Right now, everything is up for grabs.” The winner-takes-all effect of many online markets has added to the fears.
‘One person’s ‘right to be forgotten’ is another person’s Orwellian memory hole.’
Marc Andreessen
There is a risk that large parts of digital life“willbereplacedbyonebigcompany that serves everything up”, says Mr Morozov. “You can question how many domains you want Google and Apple to have power in.” In the wake of the surveillance scandal, countries such as China and Russia have accelerated their efforts to take more direct control of internet activity and build local technology industries likely to be more susceptible to political pressure. And in countries such as Germany and France, the worries over privacy, fears about a possible loss of cultural identity and unease about the economicmightofthedigitaltitanshave combined to provoke a sharp backlash.
A new normal From Silicon Valley’s vantage point, this has led to a wearied acceptance that the US tech companies are facing a “new normal” in which the digital markets they created and dominated will no longer be as free. In defending themselves, US tech
Privately, most groups are braced for a new wave of regulation and greater political control of the online world. Some make the best of this, admitting that as the internet intrudes on more areas of daily life it is only natural for politicians to try to gain influence. “One doesn’t hear the automobile industry saying governments shouldn’t have local regulations because it would Balkanise the automobile market,” says Mr Smith. Yet at a deeper level, many warn that spreading regulation will undermine the very benefits the internet was meant to bring. This year’s “right to be forgotten” ruling allowing Europeans in some circumstances to have links to information about them removed from search engines has drawn scathing criticism in Silicon Valley. “One person’s right to be forgotten is another person’s Orwellian memoryhole,”saysMarcAndreessen, a prominent Silicon Valley investor. Regulation that places more nationallevel rules on networks in Europe also
executives have resorted to some common tactics. The first has been to bend over backwards to distance themselves from their own country’s political leaders in the handling of the spying scandal. In response to the lacerating attacks h e s a y s h e h e a r d i n G e r m a n y, Mr Schmidt replies: “I have an easy answer: I was not responsible, and I am opposed to it.” HebelievestheUSgovernment“made a huge, huge mistake. It’s naive to think you can spy on this level and not have it discovered.” Mr Smith boasts about the three lawsuits Microsoft has filed against its own government over issues related to government access to data the company holds – the kind of confrontation that would have been unthinkable before the Snowden disclosures.
‘There’s a lot of anxiety in other industries. How many domains do you want Google and Apple to have power in?’
Evgeny Mozorov
An uneasy distance But with questions remaining about whether they went beyond strict legal requirements in aiding the US intelligence services, the tech groups have struggled to distance themselves from the scandal as much as they would like. Microsoft may be making much of its stand against US data over-reach now, but documents released by Mr Snowden showed it helped US intelligence services with ways to listen to conversations passing over Skype and other communications services it owns. Like other tech companies, it has said it was legally required to comply. The companies in most cases had no choice but to go along with US intelligence demands, says Mr Gelsinger, though he adds that “at the margin” there are valid questions about whether some should have “pushed back harder on the [government] requests that were coming in”. A second common response from US tech companies has been to paint themselves as being squarely on the side of economic growth. Feeding Europe’s inferiority complex about its failure to nurture a stronger regional tech industryhasbeenpartoftheformula–leading to the sort of wearying lectures about innovation and entrepreneurialism witnessed by Mr Benioff. “Germany has been a leader for decades but has missed this software revolution,” says Mr Schmidt. According to this view, this is just the moment that Europe needs to open up its digital markets, not retreat into protectionism – and US companies are on handtoteachtheskillsandtheentrepreneurial mindset that are needed.
Tomorrow Europe strikes back Silicon Valley faces a backlash across the continent, but especially in Germany
draws warnings that it will put paid to any hopes the region has of building a significant internet industry of its own. “Networks are about scale,” says Saul Klein, a partner at Index Ventures, one of London’s leading start-up investors. “Europe as a federated network has scale. Europe Balkanised looks puny compared to the US, China, Russia, India, Brazil or even Nigeria.” Anotherfearisthatasprivacylawsare strengthened, existing restrictions on the flow of data will become more pronounced, preventing the efficiencies promised by cross-border business. “You’ll create tremendous friction in the flow of information between companies that work together globally,” says AaronLevie,chiefexecutiveofBoxInc,a cloud storage company. “The industries that have the tightest controls on data generally have the least innovation.” Critics say these arguments are selfserving, and that the tech companies are masters at conflating the idealistic values on which the internet was founded with their commercial interests. The argument that information shouldalwaysbeallowedtoflowfreelyis as simplistic as the market fundamentalism that is sometimes used to justify unfettered capitalism, says Mr Morozov – that “if you interfere with the market, the market will collapse.” Whatevertherightsorwrongsofthese arguments, Silicon Valley realists are preparing for a new and more difficult period as countries around the world take stock of their own place in the digital revolution. “There was this vision that we were moving to one global economy, and it has broken down,” says Peter Schwartz, head of strategy at Salesforce.com. “What we have is fragmentation, and the internet is a big part of that fragmentation.”
★
8
FINANCIAL TIMES
Monday 15 September 2014
Letters
Email: letters.editor@ft.com or Fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address Corrections: corrections@ft.com
The diverse forces calling for separation are far from tribal
MONDAY 15 SEPTEMBER 2014
Business and the costs of Scottish independence –– Ending the 300-year-old single market will raise prices and hit jobs Business has finally entered the Scottish independence debate, kicked off the fence by narrowing opinion polls and panicked investors. Better late than never. Scotland’s largest banks are reassuring their customers that – whatever the outcome – they will stay British, backed by the Bank of England, and if that means changing domicile, so be it. Supermarkets have warned of rising prices. A growing chorus of bosses is now urging the Scots to vote No. The future of Scottish business has become a battleground of the campaign. What took them so long? Many companies clearly felt it politic to keep quiet, whether to avoid annoying customers and employees with strong views, or to dodge the rough edge of the nationalist leader Alex Salmond’s tongue. The clenched fist rhetoric of Jim Sillars’s “day of reckoning” speech – in which he threatened to renationalise BP – speaks to a virulent anti-business strand within the Yes camp. Shocked into finding their voices, businesses have started explaining the cost of Mr Salmond’s dream. They should be still more explicit: pricier postage stamps, kettles or baked beans are not abstractions: they hurt. TheYescampaignisriddledwitheconomic uncertainties. No one knows what currency arrangements an independent state would adopt or whether it would be part of the EU. The negotiations to decide the future of important Scottish business sectors, such as renewable energy and oil, will be complicated and acrimonious. No energy provider will invest more in Scotland without knowing whether UK consumers still want to buy their expensive power. The oil sector needs to know the future fiscal regime before drilling more in the North Sea. The Yes side’s contention that all will be well is based on blind assertion.
Now they have entered the fray, business chiefs need to hammer home the consequences of unravelling a British single market woven over three centuries – one whose importance to Scotland far exceeds any other. Some 70 per cent of Scotland’s external trade is with the rest of the UK – many times what it sends to the rest of the EU. A new border will affect those who never stray over it. Take Royal Mail. Scotland is covered by the universal service provision that obliges the postal service to make deliveries at the same costacrosstheUK.Withindependence, this will go: meaning increased costs for businesses that use the post and a sting in the wallet for anyone mailing birthday cards to relatives down south. At present many British retailers absorb the higher costs of doing business in Scotland to offer standardised prices. Sir Charlie Mayfield, chairman of John Lewis, warned last week that this will end with independence. He is not alone: Asda and Marks and Spencer say the same. Groceries cost 4 per cent more in Ireland than they do in the UK. Tobeblunt,mostbigScottishcompanies have more customers in the UK than in Scotland. Take Standard Life, 90 per cent of whose British clients are south of the border. To keep them happy, the Edinburgh-based insurer hassaiditwillredomicileintheeventof independence. While the implications of this for jobs remain unclear, in the longrunitislikelytomeanmoreoperations relocating to the UK. Mr Salmond claims independence will unleash the energy and self-confidence of entrepreneurs. Maybe so: but their first task will be to deal with the self-inflicted damage caused by replacing a highly-integrated single market with a looser relationship with Scotland’s biggest trading partner. On this point it is the Yes camp – rather than business–thatchoosestoremainsilent.
Imran Khan’s threat to Pakistan democracy — Cricketing hero’s anti-Sharif campaign is overstepping the mark Imran Khan was a true cricketing hero for Pakistan. He was an exceptional all-rounder, a graceful batsmen and a formidable fast bowler. But as a politician – seemingly hell-bent on becoming premier at whatever cost to his country – he makes a far less edifying spectacle. Mr Khan has spent the past month camped out in a shipping container next to a parliament whose legitimacy he has questioned in fiery speeches. With Tahirul Qadri, a moderate cleric, he is calling for the resignation of Nawaz Sharif, the prime minister whose election last year marked the firstdemocratictransitioninPakistan’s 67-year history. He has, however, taken his protest too far. In his stubbornness, he threatens to tear the very democratic fabric he claims to be protecting. Mr Khan may well be right that last year’s elections were marred by irregularities. However, given the easy margin of victory, it is simply not credible to claim that Mr Sharif’s Pakistan Muslim League-Nawaz party stole the election. Mr Khan is also right to bemoan the poor performance of the government, which has failed to address a worsening energy crisis and pursued a confused policytowardsPakistan’sterrorism.Mr Sharif, who has been prime minister twice before, appears almost bored with the job, taking long trips abroad and rarely bothering to show up in parliament. None of this, however, justifies Mr Khan’s determination to force Mr Sharif’s resignation and plunge the nuclear-armed country of 200m people into political crisis. Indeed, the campaign has caused significant damage. Xi Jinping, China’s president, cancelled last week’s visit to Islamabad, adding insult to injury by spending an extra day in India, Pakistan’s arch rival. It is not as though Pakistan does not have enough to contend with. In some areas, 20-hour power cuts are the norm. Floods have
killed hundreds of people. While the political elites tussle for power, the economy, which had been marginally improving, shows signs of sinking back into malaise. The stand-off also risks bringing the military back into politics. The army has been able to present itself as a neutral “third force”, a mirage in a country that has been under military rule for almosthalfofitsindependentyears.Mr Khan has vehemently denied suggestions that he is being manipulated by the military, which is angry with Mr Sharif for pursuing the prosecution of Pervez Musharraf, a former military ruler, and for trying to seize control of foreign policy. Yet Mr Khan’s actions are playing into the hands of those who would bring the whole shaky democratic edifice toppling down. At least Mr Sharif, unlike Mr Khan, has shown some appetite for compromise. He has agreed to several opposition demands, including a judicial inquiry into last year’s election and discussion of electoral reforms. He must not sully this by resorting to arbitrary arrests of opposition forces or violent suppression of demonstrators. Above all, he should concentrate on re-energising his lacklustre government and tackling the country’s urgent problems. There is much riding on a peaceful resolution of this crisis, and not only for Pakistan. In too many Asian countries, from Afghanistan to Thailand, democracy has been jeopardised when those who contest elections refuse to accept the result. Cynics will argue that this proves many countries in Asia lack the institutional foundations on which to buildastabledemocracy.Thereissome truth in this. But what is the alternative? Rule by the military or by unelected technocrats installed by force? It is the duty of Pakistan’s warring political elites to show that democracy can be better than that.
Sir, Your editorial, “Scotland’s fateful choice” (September 11), claims that “the path of separation is a fool’s errand”. If it is, it is a journey on which dozens of newly independent countries in recent decades have embarked without any hint that they wish they had not. That Scotland could be a successful independent country is generally acknowledged, including by the prime minister and your chief political correspondent. The question of whether Scotland should be independent relates to the political,
social and economic trajectory of the UK over an extended period and one that seems set to continue. There is also the question whether its political system has the ability to reform. You say that “above all a Yes vote would ignore the lessons of the 20th century, a chapter in European history indelibly scarred by narrow nationalism”. More important than that extravagantly misdirected comparison, this suggests a serious misunderstanding, or ignorance, of the diverse social and political forces that
A split spells stark danger for Europe Sir, My son, who is studying at Glasgow university, is considering how to vote in the Scottish referendum. My answer has been that dismembering the UK would further destabilise an already extremely dangerous situation in Europe. It would be bad for the UK, bad for Poland, bad for freedom and democracy in Europe, and bad for Scotland. Tens of thousands of Poles will have the right to vote in the referendum. I would appeal to them to reject the folly of dismemberment of one of Poland’s closest allies. The same applies to Lithuanians, Latvians and other EU citizens resident in Scotland. They all have the vote in this referendum, and we shall all be less secure if irresponsibility triumphs. On the question of Scotland’s rights to the Bank of England, Alex Salmond seems not to understand the difference between assets and liabilities: Scotland presumably would have a claim to a share of BoE assets when the Bank (and UK public debt) are divided between the two countries as a result of a Yes vote. But Scotland has no right to insist that the assets of a new National Bank of Scotland should be funded by liabilities for which the rest of the UK would be jointly responsible together with Scotland. With greater power inevitably comes greater responsibility, however inconvenient that may be. Just as à la carte membership of the EU is impossible, so is à la carte independence. Mr Jacek Rostowski Former Deputy Prime Minister of Poland, Warsaw, Poland
It’s the debt stupid, not the currency Sir, In 1707 it took bribes (mainly paid to the Scottish nobility) to get them into the union and it now appears it will take cash payouts to avoid divorce – or as Alex Salmond would have it, “separation”, where we continue as “just good friends” (“Scots see Cameron visit as panicky”, September 11). In desperation, the “Three Amigos” (David Cameron, Nick Clegg and Ed Miliband) make a last-minute gallop north of the border, as they finally realise the “bad guys” are using real bullets. What next? A kilted Alastair Campbell on bagpipes reprising Things Can Only Get Better, accompanied by a chorus of Labour MPs on the train out of Euston? After the scaremongering over the currency, resulting in fear and loathing in West Lothian, the Three Amigos now
The Stasi, the casinos and the Big Data rush Book review Hannah Kuchler
What Stays in Vegas: The World of Personal Data – Lifeblood of Big Business – and the End of Privacy as We Know It By Adam Tanner Public Affairs, $27.99
The Three Amigos: a last-minute gallop north to save the union
hope for a temporary love-in until the vote on the 18th. But all this will do is reinforce the Scots’ view of Westminster’s remoteness and lack of trust in the “English parliament”. Divorce can be either amicable or contentious and expensive – to both parties. But the main thing the Scots have to fear is excessive debt: household, company, bank and government debt. Keep these at manageable levels and Scotland can prosper, whether they simply use sterling (it’s a world currency after all, created by banks not by Mark Carney) or enter a formal currency union (taking on a UK debt commitment in exchange for the Bank of England acting as lender of last resort) or eventually join the euro. It’s the debt stupid, not the currency that’s the key to the economics. Whatever the outcome of the vote, the Scots will end up in a new civil partnership. I hope it’s a “Yes we can” – not least because it might act as a catalyst for a major decentralisation of power from Westminster. Prof K Cuthbertson Cass Business School, London EC1, UK
A curious understanding of common sense Sir, Alex Salmond’s constant refrain when faced with inconvenient facts or hurdles is that “common sense” will prevail (Reports). His definition of “common sense” seems to be that the rest of the world will bend to his will. Take, for instance, the EU. Brussels has made it clear that an independent Scotland will start life outside the EU and have to apply to join. He promises that the EU, like the UK, will ultimately buckle and give Scotland a waiver, despite the clear hostility this would face from, for example, Spain and
Books with sexy titles and decidedly unsexy topics – like, say, data – have a tendency to disappoint. But What Stays in Vegas is an engrossing, storypacked takedown of the data industry. It begins, far from America’s gambling capital, in communist East Germany. The author, Adam Tanner, now a fellow at Harvard’s Institute for Quantitative Social Science, was in the late 1980s a travel writer taking notes on Dresden. What he did not realise was that the Stasi was busy taking notes on him – 50 pages in all – which he found when the files were opened after reunification. The secret police knew where he had stopped to consult a map, of whom he asked questions and when he looked in on a hotel. Today, Tanner explains: “Thanks to meticulous data gathering from both public documents and commercial records, companies . . . know far more about typical consumers than the feared East German secret police recorded about me.” Shining a light on how businesses outside the tech sector have become data addicts, Tanner focuses on Las Vegas casinos, which spotted the value in data decades ago. He was given access to Caesar’s Entertainment, one of the world’s largest casino operators. When chief executive Gary Loveman joined in the late 1990s, the former Harvard Business School professor bet the company’s future on harvesting personal data from its loyalty scheme. Rather than wooing the “whales” who spent the most, the company would use the data to decide which freebies
have motivated the independence cause in Scotland. Given that diversity it is quite wrong to describe the Yes movement as narrow, tribal or inwardlooking as you do. Voters in Scotland are now being offered what they are told is a guaranteed, substantial advance on the current devolution arrangements. As Charles Kennedy MP has said, this should have been offered at least a year ago. It could even have been on the referendum ballot paper. That it has taken recent opinion polling to shift the Westminster parties
to this position so late in the day demonstrates how reluctant they have been to consider seriously, and to undertake to implement, something that might be described as the new political settlement that you say Britain needs. Perhaps opponents of independence among the political class might usefully reflect that, if the UK is so well governed, by what political foolishness on their part did things come to this pass? Cllr Alasdair Rankin, City of Edinburgh Council, UK
others. Given the difficulties the UK has getting what it wants from Brussels, why on earth would the EU of 505m people suddenly decide to appease an applicant state of 5m? The SNP also plays down or dismisses the fact that all new member states must join the Schengen agreement and adopt the euro – which makes the argument over the pound largely irrelevant. It also implies that border posts will have to be built between Scotland and England. Mr Stewart Fergus Croydon, Surrey, UK
11): in the unlikely event that Standard Life, or some other financial institutions, shift some of their operations from Edinburgh to London when Scotland votes for independence, those operations would be moved back to independent Scotland (which will remain an EU member state) when the rest of the UK votes to leave the EU, including the single market, in 2017. Mr John B Reid Sunningdale, Berks, UK
An intoxicating cocktail of blood and soil Sir, David Brophy has nothing to worry about (Letters, September 10). Talking to an old Scottish golf professional a few years ago, I asked him if he was going to watch the British Open. I can still remember the nasty look on his face as he told me that there is no such thing as the British Open. “No,” he said, “it’s the Open Championship.” Since that day I have not dared to call it anything else. So I am not worried that geopolitics will get in the way of the Royal and Ancient game. Mr Bendik Rød Karlsson Oslo, Norway
The triumph of ideology over intellect Sir, In his famous book, Religion and the Decline of Magic, Keith Thomas wrote: “It is a feature of many systems of thought, and not only primitive ones, that they possess a self-confirming character. Once their initial premises are accepted, no subsequent discovery will shake the believer’s faith, for he can explain it away in terms of the existing system. Neither will his convictions be weakened by the failure of some accepted ritual to accomplish its desired end, for this too can be accounted for. Such systems of belief possess a resilience which makes them virtually immune to external argument.” If Scotland votes for independence, I predict that we will see repeated attempts to explain away the subsequent discovery that its economy is in serious decline, without any reference to the triumph of ideology over intellect. Dr Brian White Maidstone, Kent, UK
A temporary move to south of the border Sir, Regarding Martin Arnold’s article, “Lloyds confirms plans to relocate to London if Scots vote Yes” (September
were worth giving away to lure in midspenders who came back often – a strategy credited with helping the business grow. The real revelations come when Tanner examines the data brokers’ “Cheez Whiz”. Like the maker of a popular processed dairy spread, he argues, data brokers blend ingredients from a range of sources, such as public records, marketing lists and commercial records, to create a detailed picture of your identity – and you will never quite be able to pin down the origin of any component. Marketers can rent lists of gay people who own boats, recently divorced African-Americans and women who have bought sex toys. One data broker sends people surveys on subjects from constipation to cancer to gather data it can then sell to specialist marketers. Another lures people to look up friends and family by suggesting that omitting to check out their own files or those of online dates is dangerous. It even tells children to “background check your folks”. The Big Data rush has gone into overdrive since the global economic crisis as marketers from different industries have sought new methods to grab the limited consumer spending available. Tanner argues that while users have in theory given permission for much of this information to be made public in bits and pieces, increasingly industrial-scale aggregation often feels like an invasion of privacy. Privacy policies are so long and
London taxpayers shouldn’t pay for gamble Sir, “Questions raised over David Cameron’s Scotland concessions” (September 11), referring to Westminster MPs being unhappy about the extra incentives now being offered to the Scottish electorate to stay within the UK, hit the button. Mr Cameron ruled out devo-max at the beginning of the process: now we seem to be offering devo-whatever you might want! This will of course (more or less) be paid for by London taxpayers. Nobody has asked us if we want to pay. As a London taxpayer, my vote is that we should not. Scotland should decide on its own merits whether it wants to stand alone or not. Mr C John Brady London W6, UK
Let the Scots make their own minds up Sir, There is nothing more likely to quicken a Scotsman’s pulse – I speak as a Scot – than the sight of Englishmen on the run (“Pro-union camp ‘in chaos’ as poll puts nationalists ahead”, September 8). Rather than chasing votes with craven blandishments at the eleventh hour, London needs now to restate clearly and finally the case for union – economies of scale and the comfort of interdependence – and describe again the perils of a tiny nation adrift from all multilateral entities, whose border with England is the outer frontier of the EU, under the command of a man whose economic vision involves an arc of prosperity reaching from Iceland via Scotland to Ireland. And then let the Scots make their decision. They should vote for willing and proud partnership in a continuing union, or for separate nationhood – being bribed into sullen acquiescence is no result at all. Mr Keith Craig London SW7, UK COMMENT ON FT.COM Nick Butler’s energy blog Is devo max the answer for Scotland or the next problem? www.ft.com/nickbutler
obtuse (one study Tanner quotes found that it would take a person more than a month, working full-time, to read all the privacy statements they come across in a year), people are unwittingly littering their data all over the internet. Anyway, marketers can intuit what we are like from the people we are connected to online. And as the data brokers’ lists are usually private, there is no way to check the compilers have got their facts right. What Stays in Vegas is mainly a wellreported tale of how we ended up here. Tanner skates over the dataobsessive social networks (as he acknowledges) but he does look at the avenues that leisure and retail industries may yet pursue, including the potential to use data from mobile devices and photo recognition technology to track individuals. He does not provide any sweeping solutions that will stop mass privacy invasion but offers modest, sensiblesounding measures, such as creating easier to understand privacy policies modelled on nutrition guidelines on food packaging; allowing people access to their own data profiles; and educating children about what they need to keep private. Perhaps most important, given that it is such a murky subject, What Stays in Vegas offers a narrative that transforms Big Data from spreadsheetdull to a racy read people will pay attention to. The writer is the FT’s San Francisco correspondent
★
Monday 15 September 2014
9
FINANCIAL TIMES
Comment Divisions behind a continent’s declining influence EUROPE
Wolfgang Münchau
U
ntil about a decade ago, I attended an annual conference at which we discussed the future of Europe. We always split into two groups: one focused on foreign policy, one on economics. Each group nominated a rapporteur whose job it was to relay the conclusions of the group to the final plenary. Everyone listened politely. The separation of politics and econ o m i c s i s i n E u ro p e’s D NA . T h e monetaryunionis,moreorless,acollection of small, open economies, and behaves accordingly. Members are more interested in raising their competitiveness against the rest of the world than in using economic instruments to exert influence. To this day, the worlds of foreign and economic policy communicate largelythroughrapporteurs.IntheUS,it
is perfectly normal for foreign policy think-tanks to have big economics departments. European think-tanks mainly do one or the other. This separation leads us to downplay the political consequences of long-term economic weakness. Would Russian President Vladimir Putin have acted so ruthlessly in eastern Ukraine if the eurozone had quickly overcome the crisis and begun to lay the foundations for a fiscal and political union? Would we have the strong separatist movements we see today in various member states? Would opinion polls be telling us that Marine Le Pen, leader of the far-right Front National, stands a real chance of becoming the next French president? Would an anti-euro party have dislodged the venerable Free Democrats as the party of choice for Germany’s liberal bourgeoisie? I know several policy makers who feel a deep sense of foreboding about the present situation – which I share – yet feel unable to do anything about it. Mario Draghi’s attempt to change the eurozone policy narrative in his speech at the central bankers’ gathering in Jackson Hole last month was an exception.
The European Central Bank president was right to emphasise that we should look at the eurozone as a whole rather than obsessing about its constituent parts. It is only when you take a global view that you can spot what is wrong. From this vantage point, you can see a shortage in aggregate demand, and the danger that low inflation today will beget even lower inflation tomorrow. You notice that the mix of fiscal and monetary policies is wrong. And you also see that it is quite easy to draw up a stimulus programme as long as you do it at EU level. And from this position, you can clearly spot the potential of a monetary union as a political power. But when you take the perspective of a national capital such as Berlin, you see none of that. A good reminder of the distance between the prevailing German consensus and Mr Draghi’s new panEuropeanism came last week when, during the 2015 budget debate Wolfgang Schäuble, finance minister, promised permanent fiscal surpluses. There is hardlyasoulintheBundestagwhoquestions how permanent fiscal surpluses wouldfitinwiththerestoftheeurozone,
let alone worrying about the geopolitical consequences. One of the big lessons I learnt from the financial crisis is that even an existential threat does not automatically generate political majorities in favour of further integration. Mr Draghi’s ideas are quite exceptional; European politics is pushing in the opposite direction, towards less centralisation. We have yet to hear
Only from a global perspective can you see the potential of a monetary union as a political power what the new European Commission plans to do once it takes over in November. The European Parliament should question the incoming commissioners with overlapping responsibilities for economics and finance about what they intend to do. They should also ask JeanClaude Juncker, the commission’s new president, to spell out the details of his €300bn plan to boost investment. The recovery will not come by itself.
The eurozone was lucky when Mr Draghi in 2012 ended the acute phase of the crisis through his lender-of-lastresort guarantee. Our luck may hold for a while longer. There is a reasonable chance that Mr Putin will fail to split the EU into a pro-Russian and anti-Russian faction. I personally find it hard to see an independent Catalonia or Caledonia as full member states of the EU. And I find it even harder to envision a President Le Pen or a Prime Minister Beppe Grillo, currently head of Italy’s largest oppositionparty.Butapolicybasedonluckwill fail in the long run. I see the EU’s current policies as unsustainable, to be replaced eventually by something else. In the absence of a big policy shift, our luck will run out. The wisest course of action is to appeal to those who are concerned about Europe’s declining influence, and who are open-minded enough up to see the causal link between narrow-minded national economic dogmatism, poor economic performance, and declining geopolitical influence – and who are able to spot it without the help of rapporteurs. munchau@eurointelligence.com
A ‘war on terror’ by any other name AMERICA
Edward Luce
F
ew have given as much thought as Barack Obama to the pitfalls of waging openended war on an abstract noun. On top of its impracticalities – how can you ever declare victory? – fighting a nebulous enemy exacts an insidious toll. Mr Obama built much of his presidential appeal on such a critique – the global war on terror was eroding America’s legal rights at home and its moral capital abroad. The term “GWOT” was purged the moment he took over from George W Bush. In his pledge last week to “degrade and ultimately destroy” the Islamic State in Iraq and the Levant, known as Isis, he has travelled almost full circle. It is precisely becauseMrObamaisareluctantwarrior that his legacy will be enduring. The reality is the US war on terror has succeeded where it was supposed to. Mr Bush’s biggest innovation was to set up the Department of Homeland Security. If you chart domestic terror attempts in the US since September 11 2001, they have become increasingly low-tech and ineffectual. From the foiled Detroit airliner attack in Mr Obama’s first year to the Boston marathon bombings in his fifth, each attempt has been more amateur than the last. The same is true of America’s allies. There has been no significant attack in Europe since London’s July 7 bombings nine years ago. Western publics have acclimatised to an era of tighter security. If this is the balance sheet of the US war on terror, why lose sleep? Chiefly because it understates the costs. The biggest of these is the damage an undeclared war is doing to the west’s grasp on reality. Myopic thinking leads to bad decisions. Mr Obama pointedly avoided using the word “war” last week.
Although there are more than 1,000 US military personnel in Iraq, and more than 160 US air strikes in the past month, he insisted on calling his plan to destroy Isis a “campaign”. Likewise, the US uniforms are those of “advisers” and “trainers”. These kinds of euphemism lead to mission creep. If you embark on somethingwithyoureyeshalf-open,you are likelier to lose your way. In 2011 Mr Obama inadvertently helped to lay the ground for today’s vicious insurgency by withdrawing US forces from Iraq too soon. He left a vacuum and called it peace. Now he is tiptoeing back with his fingers crossed. The same reluctance to look down the road may well be repeating itself in Afghanistan. Mr Obama went out of his way last week to say that the Isis campaign would have no impact on his timetable to end the US combat mission in Afghanistan. The only difference
warned against. His administration is basing its authority to attack Isis on the same unrepealed 2001 law. Why does America need to destroy Isis? The case for containment – as opposed to war – has received little airing. But it is persuasive. The main objection is that destroying Isis will be impossible without a far larger US land force, which would be a cure worse than the disease. Fewer than 1,000 Isis insurgents were able to banish an Iraqi army force of 30,000 from Mosul in June – and they were welcomed by its inhabitants. Last week Mr Obama hailed the formation of a more inclusive Iraqi government under Haider al-Abadi. But it has fewer Sunni members than the last one. Nouri al-Maliki, the former prime minister, has been kept on in government. The task of conjuring a legitimate Iraqi government looks like child’s play againstthatofbuildingupafriendlySyrian army. Mr Obama has asked Congress formoneytotrain3,000Syrianrebels–a goal that will take months to bear fruit. Isisnowcommandsatleast20,000fighters. Then there are America’s reluctant allies. Turkey does not want to help in any serious way. Saudi Arabia’s support is lukewarm. Israel is sceptical. Iran, whose partnership Mr Obama has not sought, is waiting for whatever windfalls drop in its lap. The same applies to Bashar al-Assad, Syria’s president. Whose army – if not America’s – will chase Isis to the “gates of hell”? Which takes us back to where we started. Mr Obama wants to destroy an entity he says does not yet pose a direct threat to the US. Mr Bush called that pre-emptive war. Mr Obama’s administration calls it a counterinsurgency campaign. Is it a distinction without a difference? The US president’s aim is to stop Isis before it becomes a threat to the homeland. History suggests the bigger risk is the severe downside of another Middle Eastern adventure. It is hard to doubt Mr Obama’s sincerity. It is his capacity to wade through the fog of war that is in question.
If you embark on something with your eyes half-open, you are likelier to lose your way between Iraq in 2011 and Afghanistan today is that you can see the Taliban coming. Nor does it take great insight to picture the destabilisation of Pakistan. In contrast to the Isis insurgency, which very few predicted, full-blown crises in Afghanistan and Pakistan are easy to imagine. So too is the gradual escalation of America’s re-engagement in Iraq. Mr Obama’s detractors on both right and left want him to come clean – the US has declared war on Isis. Why else would his administration vow to follow it “to the gates of hell”, in the words of Joe Biden, the vice-president? Last year, Mr Obama called on Congress to repeal the law authorising military action against al-Qaeda that was passed just after 9/11. “Unless we discipline our thinking . . . we may be drawn into more wars we don’t need to fight,” he said. Mr Obama is already vulnerable to what he
edward.luce@ft.com
Matt Kenyon
Western delusions triggered this conflict and Russians will not yield OPINION
Sergey Karaganov
T
he Soviet Union’s sunset years hardly felt like an innocent age to those who lived through them, but to recall the hopes and aspirations of that era is to rue the naiveties of those days. “A common European house” was how President Mikhail Gorbachev pictured the continent’s future; “a Europe whole and free”, in the words of George HW Bush, his American counterpart. But, as the tussle over Ukraine hasshown,Russiaandthewestarerivals once again. The ceasefire signed on September 5 gives both sides a chance to overcome their own illusions. They should take it, lest the conflict become a direct military confrontation. Western leaders seem to believe their
own propaganda. A failed Ukraine, they suggest, could be cradled into western Europe and become democratic and prosperous – and maybe it could, if they waited 20 years and could count on energetic support from Russia. But Moscow, they are convinced, is hell-bent on grabbing land, a hunger from which it canbedistractedonlythroughtheinfliction of pain. Hence the sanctions, the war of disinformation and the reinvigoration of Nato as a military force. It is a strategy that rests on misunderstanding and miscalculation. The misunderstanding is that this is, at root, a stand-off over Ukraine. To Russians, it is something far more important: a struggle to stop others expanding their sphere of control into territories they believe are vital to Russia’s survival. It is a miscalculation because Russia is far stronger, and the west far weaker, than many imagine. The west that Russia now faces is not the self-confident alliance that proclaimed itself victor of the cold war. It is a directionless gaggle,
beset with economic insecurities and losing sight of its moral convictions. America and its allies once held the future in their hands, but at the beginning of this Asian century they have let it slip through their fingers. Their crown-
The west is directionless, beset with economic insecurities and losing sight of its moral convictions ing accomplishment was globalisation – and they are destroying it, with economic sanctions they incoherently describe as instruments of self-defence. These sanctions will hurt ordinary Russians, but they are helping to rouse ourcountryfromitsslumber.True,Russia is smaller than the Soviet Union was, and a romantic belief in the free market has led it to take some wrong turns. The country’s elite, enjoying the consumer-
ist pleasures afforded by new wealth, had long been at rest. But President Vladimir Putin harbours no illusions about the west. Russian citizens, unlike thedisillusionedSovietswhowerenever far from hunger, know what they are ready to struggle for. Our country is finding its place. Compare the Soviet armed forces, lumbering and expensive, withthenimblemilitaryofRussiatoday. A small minority of my compatriots oppose Moscow’s hard line. Twenty years ago it was the reverse: a minority opposed rapprochement with the west. But that was before the west rediscovered the politics of Versailles and decided Russia had to be stopped at all costs. With encouragement, these foreign powers imagined, the new bourgeoisie would revolt against Mr Putin. Instead, they are rallying around him. State propaganda plays a role, but Russians have access to western media via the internet and the more of it they see the more they unite around the Kremlin. This is no time for denial:
westerners need to understand how their governments made a potential foe out of what was once an aspiring ally. Russia will not yield. This has become a matter of our nation’s life and death. A lasting peace in Europe is a noble aim. It can be achieved only through mutual respect and an accommodation of legitimate interests. Even for a europhile such as me, it will be hard to argue for political union with a Europe that is abandoning, one hopes temporarily, Christianity and traditional norms. But our goal must be to create a common space in which people, capital and energy can move freely between Europe, with its old ties to the US, and a Russia that is embracing Asia. Meanwhile, we must avoid visiting the horrors of war on the people of Ukraine. If we fail to do that, we will have abandoned another European value: reason. The writer is a dean at the National Research University – Higher School of Economics in Moscow
Scotland holds the fate of British finance in its hands OPINION
Chris Cummings
T
he people of Scotland will shortlydecidethefateofthe UK.Theimplicationsarefar bigger than the immediate issue of how a newly independent Scotland may choose to run its economy. Much of the UK’s and Scotland’s prosperity is founded on financial services, an industry that is the country’s biggest taxpayer, its largest export earner and one that attracts more foreign direct investment than any other sector. Edinburgh is the nation’s second City for finance. The spine that joins London to Edinburgh supports 2m jobs across the country. The closeness of recent opinion polls has led to statements about the precautions companies must now put in place in case Scots vote Yes to independence. This is prudent, and the 177,000 people in Scotland who work in the financial and related professional services sector also need to know what is at stake. These jobs are in banking, insurance and asset management, as well as in the supportingservicesofaccountancy,consultancy andthelaw.Bankingemploysmorethan 40,000 people in Scotland, and related professions employ more than 80,000. A Yes vote would reverberate across the rest of the UK and raise questions about its attractiveness to inward investors. Financial services attracts more foreign direct investment than any other sector. Since 2007 foreign groups have invested about £100bn in UK financial companies. Investors are drawn here because of our competitive advantages: timezone, language, rule of law, openness to migration and a business culture that welcomes international ownership. Beyond these factors businesses want ready access to talented people and the ability to expand their operations as business prospers. Scotland’s expertise in financial services has always been a boon to UK-wide inward
It is the combination of companies from across the UK, working together, that delivers export success investment. Companies that once moved jobs offshore are being enticed back. Major international banks, as well as younger and smaller players, can base themselves in London but take advantage of the quality of people and operatingcoststhatScotlandhasoffered by operating within the same country with no thought needed for issues of tax, regulation and currency. Competition for foreign direct investment is fierce. Across the world governments want to create new internationalfinancialcentres.Theyemulate London because of the economic benefits it brings and the high-value jobs it captures. A break-up would naturally weaken the UK and strengthen our competitors. Much of our appeal comes because we operate in a single market, not just in the UK but across Europe. All our energies should be devoted to reinforcing and strengthening this single market – not in disrupting it. The financial industry helps the UK pay its way in the world. Last year the sector ran an impressive £55bn trade surplus, more than all other exporting sectors combined. It is the combination of companies from across the UK, working together, competing, striving to enter new markets and serve their customers across Europe and around the world that delivers this result. Perhaps it can be replicated when the cities of Scotland and England belong to different states, but it will take much time and efforttoregainwhatwillimmediatelybe lost, and the resulting productivity dip is obvious but uncosted. PwC has estimated that financial services could add £62bn to annual economic output by 2020, with Scotland benefiting most, if trading conditions remain calmer. The referendum is a matter for the Scottish people but it will impact on everyone, wherever they live in these islands. It will exert influence on any vote on the UK’s membership of the EU, and it will bear on the global competitiveness and attractiveness of the UK. Individual companies will do what they can to ensure that change will not disadvantage its customers. But the nation’s prospectsneedequalcareandattention. The writer is chief executive of TheCityUK, which represents the UK financial industry
★
10
FINANCIAL TIMES
Monday 15 September 2014
BUSINESS LIFE
McKinsey’s airy platitudes bode ill for its next half-century
Will McKinsey exist in 50 years’ time? This question has lodged itself in my mind after reading a piece in the firm’s magazine that tells us what business people will be thinking about for the next half-century. The McKinsey Quarterly is 50 years old, and it has chosen to celebrate its birthday with a momentous article based on many years’ research by the firm’s sharpest minds. As the resulting piece isn’t terribly snappy, here is a potted summary. The future, the consultants say, is going to be very big. Unfortunately, the past isn’t going to be a good guide to it. Or as they put it: “With more discontinuity and volatility and with long-term charts no longer looking like smooth upward curves, long-held assumptions giving way, and seemingly powerful business models becoming upended.” More specifically, three trends will shape this volatile, discontinuous, upended future. The first is technology. Its growth will be exponential and there will be “turbocharging advances in connectivity”. Second, growth in emerging markets will continue and a lot more big cities will spring up in places we’ve hardly heard of. Finally, all over the world everyone is going to go on getting older. The banality of this is quite arresting.
Lucy Kellaway Onwork
These aren’t trends of the future but of the present; if there is one thing that is true of the distant future it is that it tends not to be ruled by the same things that rule us now. But wait, there is more. These trends will have “extraordinary implications for global leaders”, it warns, before getting down to specifics: “It’s likely that different regions, countries, and individuals will have different fates, depending on the strength and flexibility of their institutions and policies.” I’d put it stronger than that. It is certain that some countries and people will do better than others, as it was always thus, and always will be. As for technology, McKinsey says it will shake up business “in unimaginable ways”. This has the advantage of being right. But it has the disadvantage of being a shameful copout as if you are forecasting it is your job to imagine those ways – and to tell us what they are. The conclusion to all this? “Change is hard” – a declaration so crashingly obvious, it is odd that the authors feel the need to back it up with reference to “social scientists and behavioural economists” who have noticed a bias towards the status quo. There are various things that can be said about this sorry exercise in windy
platitudes. First, 50 years is a ludicrously long time to try to forecast. Accountants, who are on the whole a more sensible lot than management consultants, typically don’t look out for more than a year when establishing if a business is a going concern. I sit on a board where we sometimes plan for the next five years – which is quite an enjoyable exercise, and it is useful to play with various things that might happen – but everyone always takes it with a handful of salt. Second, as my colleague Tim Harford recently pointed out, one of the reasons forecasts are so useless is that they aren’t forecasts at all. They are marketing exercises. Seen this way, the McKinsey piece starts to look a lot less boneheaded. “Tomorrow’s strategist must comprehend a world where offerings may vary . . . necessitating increasingly diverse approaches. All this will place a premium on agility: both to ‘zoom out’ in the development of a coherent global approach and to ‘zoom in’ on extremely granular product or market segments.” In other words, chief executives should get on the phone and appoint McKinsey at once. My own forecast is rather different. Fifty years hence, McKinsey won’t exist. This is based on three trends
‘
Fifty years is a ludicrously long time to forecast – accountants tend to stick at 12 months
’
Monday interview Tony Hayward, Genel Energy CEO
The former BP boss was vilified over the Gulf of Mexico oil spill but his new job is hardly without stress, writes Guy Chazan
T
Tony Hayward at the Genel Energy headquarters — Charlie Bibby
‘There was no way . . . I was ever going to connect with the citizens of Louisiana and Texas’
City verdict
Goodwill unimpaired
of 25 he was given a helicopter and told to do an eight-week field survey of Canada’s Northwest Territories. He clocked up 50,000 miles travelling round China in a Toyota Land Cruiser. Mr Hayward soon came to the attention of John Browne, BP’s then head of exploration and production, who in 1990 made him one of his “turtles” or executive assistants, an experience he says gave him “amazing exposure” to all aspects of BP’s business. He gradually moved up the BP hierarchy, and eventually, in 2007, succeeded Lord Browne as CEO. Mr Hayward was seen as a nuts-andbolts man, more down to earth than his visionary predecessor. Lord Browne had transformed BP with a series of massive deals but his reputation was tarnished by incidents such as the 2005 explosion and fire at BP’s Texas City refinery that killed 15 people. Mr Hayward promised to focus “like a laser”onsafety,andsetaboutstreamlining BP. As oil prices plummeted in the wake of the 2008 financial crisis, he slashed costs. But that boomeranged against him when the Macondo well blew out, and critics accused him of putting profits before safety – a claim he always denied. Either way, his reforms were cut short by the disaster. Soon, Mr Hayward became the very public face of BP’s fitful efforts to staunch the flow of oil from the stricken Macondo well and restore the polluted gulf. He was vilified in the US Rarely was there such a gulf between a businessman’s public image and standing among peers. Tony Hayward was attacked in the US over the Gulf of Mexico oil spill but is popular in the City. “There was a lot of goodwill towards him among investors,” says Charles Whall, who manages a global energy fund at Investec Asset Management. “Hayward did try to behave as a good corporate citizen in the gulf and communicated with shareholders throughout the crisis.”
CV Born 1957 in Slough, UK Education Studied geology at Aston University, Birmingham; PhD at the University of Edinburgh Career 1997-2000: group vice-president, exploration and production, BP 2000-2: group treasurer and head of M&A, BP 2003-7: head of exploration and production, BP 2007-2010: CEO of BP 2011: co-founder of Vallares 2011: CEO of Genel Energy 2013: chairman of Glencore Family Divorced, with two children Interests Sailing, football, theatre, photography
media after telling one TV crew “I’d like my life back”, and was pilloried in Congress. By October, he had been turfed out. It was, he says, a “surreal” period. But he now acknowledges that he and BP made two key mistakes. Firstly, they did not manage expectations well. The company made four interventions on the runaway well, and most of them failed to stop it leaking oil: Macondo was plugged for good only when a relief well intercepteditinJuly2010,afullthreemonths after the disaster occurred. “We allowed the impression to build that each [intervention] was going to be successful,” he says. “What we should have said was: look, this is very, very bad,andtherealansweristhereliefwell, and it’s going to take four to five months. We’re going to try some other things, but we don’t expect them to work.” The other mistake, he says, “was allowing a cool, calm, collected British grammar schoolboy to front the communications”. “There was no way in a million years that I was ever going to connect with the citizens of Louisiana and Texas,” he says. “I needed to have a role, but not the leading role.” MrHaywardadmitsthat,afterleaving
lucy.kellaway@ft.com Twitter: @lucykellaway
Working smarter
Now he has his life back ony Hayward has had another turbulent summer. His company, Genel Energy, was forced to pull out staff from some of its oilfields in Iraqi Kurdistan last month as Islamic State militants advanced. Over two weeks, its share price fell 25 per cent. Things are looking a bit better these days. A new, more inclusive Iraqi government was formed last week that it is hoped will pull the country together and defeat Isis. Genel’s evacuated workers have begun to return. So, crisis averted, this time anyway. But Mr Hayward is unsure whether Iraq has really turned a corner. “Early signs are hopeful but it’s 50:50 whether this is theendofthebeginningorthebeginning of the end for Iraq,” he says. Such geopolitical turmoil would shred the nerves of the average British businessman. But Mr Hayward has been through much worse. Four years ago, he was labelled America’s most hated man as his company, BP, battled to contain the worst offshore oil spill in US history. Less than six months after BP’s stricken wellbeganspewingcrudeintotheGulfof Mexico, he resigned. For a while, Mr Hayward’s prospects looked bleak. But he has staged a remarkable comeback. In 2011 he teamed up with financier Nat Rothschild to take over Genel, the largest oil producer in Kurdistan. And last year, he wasmadechairmanofGlencore,theglobal commodities group. Ithasbeenarollercoasterride,andMr Hayward, relaxed, tanned and looking younger than his 57 years, says he is having a lot of fun. “Not many people have the chance to . . . lead one of the world’s biggest companies and then become an entrepreneur and almost create something from nothing,” he says. His sleek office in Mayfair gives few hints of the many zigzags in his fortunes. Thewallsarebare,apartfromtwopaintings by Bob Dylan (he is, he says, a “lifelong fan”). Nevertheless, the past is never far away. On one shelf stands a photo of Bob, the racing yacht he was caught sailing in off the Isle of Wight at the height of the oil spill crisis, sparking outrage. The White House called it one ofa“longlineofPRgaffesandmistakes”. Mr Hayward later donated Bob to charity: he now has a new, smaller boat, called Black Fun. Mr Hayward was born in Slough in 1957 into what he describes as a “lower middle class” family. The oldest of seven children, he was educated in a local state grammar school, where his maths teacher, a passionate amateur geologist, infected him with a love of rocks. He was the first in his family to attend university, reading geology at Aston University andlatertakingaPhDatEdinburgh.The subject of his thesis was the formation of sedimentary basins in Turkey. In1982hejoinedBP,andonChristmas day that year was on board the rig that discovered the Miller field, which turned out to be one of the most prolific in the North Sea. For anyone with a desire to travel, BP was a perfect fit in those days and Mr Hayward tested rocks from north Yemen to Papua New Guinea. It was, he says,like“multiplegapyears”.Attheage
similar to those the firm spotted. If economic activity moves to new and far-flung cities, these are the very parts of the world where western strategy consultants tend not to flourish. The next trend is that as executives get smarter in dealing with this complex world, they will be more able to solve their own problems. One of the reasons management consultants flourish is that chief executives look at their mediocre underlings and outsource work to brains on sticks instead. If the homegrown talent gets better, they will stop doing this. Most important is the effect of technology. All the grunt stuff consultants do analysing markets can be done by anyone with an internet connection. The two things that people will always be better at than machines are motivating others and coming up with original ideas. Yet on neither score does the consultant look good. Strategy firms don’t do much in the way of motivation. And as for originality, if the best McKinsey can do after years of study is say that technology, globalisation and ageing will feature in the next 50 years – a robot could have come up with that in a jiffy.
BPinOctober2010,he“feltabitlost”.He shared his experience of crisis management with the boards of various big FTSE 100 companies, but spent most of the ensuing months skiing with his children and climbing Kilimanjaro. In December, while sitting on a chairlift in the French ski resort of Les Arcs, he received a phone call from Mr Rothschild, who asked if he would like to become the CEO of a public company again. After thinking about it for a while, he gave his answer: yes. The two helped launch a cash shell, Vallares, which raised £1.35bn in a London flotation in June 2011. Three months later, it carried out a reverse takeover of Genel Energy, a Turkish oil explorer active in Kurdistan. Mr Hayward’s Glencore appointment underlined how well-regarded he still is in the City. But some critics wonder how hecancombinehistwojobs.“Ithinkhe’s spread very thinly,” says one rival oil executive. “Glencore is a full-time job.” Mr Hayward dismisses that, saying he was used to working 80-hour weeks at BP. But he acknowledges he might take a reduced role at Genel at some point in the future. “I’m 57 years old,” he says. “There comes a time when you move from being CEO to doing other things.” Genel’s fortunes have mirrored the uneven progress of the region it operates in. Locked in a dispute with the Iraqi government over control of its oil reserves, Kurdistan has built a pipeline toTurkeythatallowsittoexportbeyond Baghdad’s control. As the pipeline was completed and exports began, Genel’s share price rose: but as Isis militants came dangerously close to Kurdistan last month, it fell again. It now stands at £8.76, down 12 per cent on the float price of £10. SomeanalystssayGenelwillalwaysbe hostage to the volatile politics of Iraq, a country many fear could break up. Mr Hayward disputes that. “The company is sitting on some spectacularly big assets in Kurdistan with very strongly growing production and cash flow,” he says. “I think it has a great future.”
Basic tech shortcuts for those who will never learn to code BY RHYMER RIGBY
Coding is a hot skill to pick up. But most executives are probably not going to sign up for programming courses, so what generally applicable technology skills would improve their productivity and even employability? In most roles, companies do not expect tech geniuses, says Richard Shea, a managing director at the executive search specialists Futurestep Korn Ferry. But it is increasingly important that staff can find key information online and “move easily between devices”. Search is a big weakness for many. They type a query into Google, then add words until they get a result or give up. But search engines have tricks you can use to make searches more powerful: I 1. Typing a minus sign in front of a word excludes it, so if you were searching for information on buckets, you might type “bucket -ice”. I 2. Typing “define:” in front of a term to use Google as a dictionary. I 3. Using “search operators” such as “OR”. Many of these options appear on Google’s advanced search page. It is also worth remembering that Google is not the only game in town. There are both general alternatives such as Bing and DuckDuckGo and more specialist search engines such as Social Mention. Alan Woodward, a computing professor at the University of Surrey, says that the functionality of common packages such as Excel and Word is also underused. For instance, he says most people do not know about macros – saved instructions that automate repetitive tasks. In terms of easy productivity gains, he suggests: “You can program
keyboard shortcuts in Office or put your own buttons on toolbars for regular actions.” There are also many generic keyboard shortcuts that work across most devices. Using the space bar on many browsers will take you down a page and pressing Ctrl and the plus or minus key will make text larger or smaller. On phones, you can change the settings so that hitting space twice when typing will finish a sentence with a full stop and capitalise the next letter. As most people now work across a variety of devices, it is also a good idea to put some effort into making them play nicely together. This has become easier because of the “bring your own device” trend. However, says Mr Shea, it is not just about syncing calendars and documents – you also need to familiarise yourself with basic security. Those who want to improve their skills need to be aware that the way people approach learning about technology has changed, says Prof Woodward. In the past, software came with hefty manuals but now you are better off searching for what you need online: “People now tend to learn about software one thing at a time – you fiddle and if you get stuck, there will always be a training video on YouTube.” If, however, you prefer not to embrace technology further, you may be better off in a large company. Mr Shea says there is a greater call for personal tech skills in small organisations: “If you work in a billion-dollar conglomerate, there will always be experts to do things for you.” workingsmarter@ft.com
Feedback Michael Skapinker argued last week that “liveable cities” such as Melbourne were inferior to London and New York – unless you consider a zoo a significant cultural attraction. Reader comments were polarised: ‘I have worked in central London for the last 15 years and trust me, hardly any of my colleagues has the time to go [to] the theatre, art galleries, etc. Instead they make their way home on overcrowded trains to then do their shopping in busy supermarkets . . . On weekends museums are packed.’ GermaninLondon ‘Melbourne?? Vienna?? Friendly? Liveable? Really?
For the record, I have lived in both and, no, would not want to go back to either. Ever. Give me London, LA, New York or Tokyo.’ Sceptic reader ‘The wow factor of a place like London or NY is great in one’s 20s. But after that liveability becomes increasingly important.’ cc1976 ‘Best ten [liveable cities]: 1. Osaka 2. Potsdam 3. Edinburgh 4. Kyoto 5. Hangzhou 6. Fukuoka 7. Berlin 8. Lisbon 9. Dublin 10. Maputo. Worst ten: 1. Nairobi 2. Moscow 3. Shanghai 4. Lusaka, 5. Johannesburg 6. London 7. Los Angeles 8. New York 9. Jakarta, 10. Singapore.’ Oscar117
★
Monday 15 September 2014
11
FINANCIAL TIMES
ARTS
On a quest to expose injustice P H OTO G R A P H Y
Ernest Cole: Photographer Grey Art Gallery, New York
Ariella Budick In 1966, the young black photographer Ernest Cole fled South Africa and a year later published “House of Bondage”, a scorching visual essay about his native country.Thoughthebookwasbannedat home, abroad it received all the promotion and acclaim he could have wished for.TheNewYorkTimesranhispictures in the magazine. Joseph Lelyveld, who had been the paper’s South Africa correspondent and would go on to become its executive editor, contributed the introduction. And yet, less than a decade later, Cole found himself wandering destitute and unknown around New York, often sleeping in the subway. He died at 49 in 1990, just as the dismantlement of apartheid was finally getting under way. A splendid celebration at the Grey Art Gallery gives the all-but-forgotten Cole a belated victory lap. He was what Cornell Capa called a “concerned photographer”,impelledtobearwitnesswhilethe public averted its eyes. Cole’s book was not the record of obvious brutalisation; rather it chronicled a slow-motion trauma,acomplexritualofdailyhumiliations. His turf was not the battlefield, but the panorama of social interactions, and so he took pictures of black people cramming together, queueing, labouring, waiting, dancing, obeying the “EuropeansOnly”signs,and,mostofall,
ARTS PODCAST Miley Cyrus’s NY installation shows that contemporary art is now the go-to means of expression for young people with attitude, says Peter Aspden ft.com/culturecast
submitting to an endless litany of belittlingroutines.Thebook,Lelyveldwrote, constituted a portrait “of the black man trapped in someone else’s dream, able only wait for the dreamer to wake or be wakened”. Following his hero, Henri CartierBresson, Cole waited for the decisive moment when stoicism, brutality and unspeakable indifference – the essential components of South African society in those years – intersected in a single image. Exhibit A: a train platform at rush hour, seen from above. At one end, a cluster of smartly dressed white businessmen wait aimlessly, surrounded by luxurious swathes of empty space. Just beyond an invisible boundary, a dense sea of black commuters churns, surging up on to a caged bridge above the tracks. The photographer knew the trains and their riders intimately. In the 1950s, his family had been evicted from their home in Eersterust, just outside Pretoria, and relocated to Mamelodi, a settlement that the government jerry-built on the outskirts of nowhere. Like millions oftownshipresidents,Coletravelledtwo and a half hours each way to his job in Johannesburg aboard segregated, miserably overcrowded trains. He used those journeys to complete a nightmarish suite of pictures. A shy, eccentric introvert, the young Cole had found relief from loneliness in photography, a hobby that evolved into a spiritual and political calling. Inspired by Cartier-Bresson’s photo essays on Russia and China, he embarked on a mission to expose apartheid’s evils from the inside. He infiltrated mines, illegally capturing the progressive dehumanisation of black labourers. In one image, shot from a camera hidden inside a paper lunch bag, a row of naked gold miners stands pressed against a wall waiting for some kind of medical exam. The sight of nude black bodies, arms raised and seen from behind, conjures the spectre of slave auctions. But Cole muddies the meaning, noting the physical beauty of the men, a chorus-line of tensed and gleaming muscle. It’s a group
T H E AT R E
Breeders St James Theatre, London
aaaee
Sarah Hemming
Slow-motion trauma: Ernest Cole’s ‘All stand packed together on the floors and seats’, from his 1967 visual essay ‘House of Bondage’. Below right: Tamzin Outhwaite in ‘Breeders’ © The Ernest Cole Family Trust, courtesy The Hasselblad Foundation; Donald Cooper/Photostage
portrait of suffering, certainly, but swathed in a daringly aestheticised – even sexualised – scrim. But Cole didn’t just paint blacks as victims. He also ingratiated himself with gangs of tsotsi (street criminals) who allowed him to film muggings as they were committed. One extremely troublingsequencerecordsthegroupattacking a white man, grabbing and choking him, then throwing him to the street and riffling his pockets. It was this set of images that ultimately forced Cole to flee the country. The secret police had been harassing him for some time, and when they swooped in to arrest the thugs, he found himself caught in the net. He faced a dilemma: should he inform on the gangs orfacejailforabettingrobbery?Hewent into hiding and escaped to Europe in 1966, smuggling out the photos that would become “House of Bondage.” Cole had faith in the transformational power of photography. He believed that images of humanity’s worst sins could bring about change. But his passionate arguments foundered on a familiar sequence of reactions: curiosity and shock, followed by indifference and a
thirst for the next horror. One day’s front-page photo of murder and misery looks much like yesterday’s and tomorrow’s. Cole’s exile coincided with his decline. Stateless and aimless, he bounced between Sweden and the US, never settling down or producing much. He landed a Ford Foundation grant for a book on black life in America, a project he never completed. “Recording the truth at whatever cost is one thing but finding oneself having to live a lifetime of being a chronicler of misery and injustice and callousness is another,” he complained in an essay for a visa application. “And such a matter is ab out the only assignment magazines here want to offer me.” His tragedy was that he felt victimised all over again: South Africa had declared him black first and a man second; his American champions considered him a black photographer first and last. Until Dec 6, nyu.edu/greyart
As the play that launches the One Stage season, a project designed to support emerging producers, Breeders certainly fits the bill. Chosen by producer Vicky Graham, it demonstrates the sort of daring that any good producer is going to need. Graham has also assembled an eye-catching team of actors and a fine director in Tamara Harvey. But while Ben Ockrent’s play is bold and funny, it’s also hit and miss. It is, as so much drama is, about family. But Ockrent considers the nature of family from many angles. There’s the question of just what composes a “normal”family:inthiscasealesbiancouple, Andrea (Tamzin Outhwaite) and Caroline (Angela Griffin), decide they want a baby and ask Andrea’s brother, Jimmy (Nicholas Burns), to be the donor. So there’s the potential family in the air but also the influence of these adults’ own upbringing. Jimmy’s girlfriend, Sharon ( Jemima Rooper), had an unhappy childhood, one factor in her own reluctance to have children. Siblings Jimmy and Andrea, meanwhile, still play out their childhood family rituals: touching, but rather suffocating for the others. All this, plus arguments about equal rights and the ethics of reproduction in a crowded world, is wrapped up into a jaunty sitcom. Comedy is often a great route to honesty and the frank and funny depiction of the unromantic realities of planned insemination draws gasps from the audience. Just what small talk do you make with your girlfriend, your sister and her wife, when you are about to leave the room and produce a sample? Even so, the sitcom framework, having opened up a big subject, limits discussion. Characterisation and motivation are fairly flimsy. Important issues are raised but not discussed in any depth. Witty performances carry the day – especially from Rooper, excellent as cuckoo-in-the-nest Sharon. Promising, but not fully-fledged. stjamestheatre.co.uk
Bellini to quench that bel canto thirst Vocal thrills: Sondra Radvanovsky
OPERA
Cory Weaver
Norma War Memorial Opera House, San Francisco AAAAE
Allan Ulrich No holds were barred but many bars were held, and held, when soprano Sondra Radvanovsky met mezzo-soprano Jamie Barton in the San Francisco Opera’s new production of Bellini’s 1831 masterpiece. The vocal thrills were of the sort that make opera fans for life. About time, too: under previous managements, the company had seriously undercast the piece for the past two decades. Even Kevin Newbury’s tendentious new co-production does not diminish the work’s power. Radvanovsky’s Druid high priestess may not be one for the ages, but it suffices to quench the thirst of today’s bel canto crowd. The soprano’s smoky timbre, her even range, her capacity to encompass both the fiery dramatic and intimate aspects of the assignment and the sheer thrust and authority that pervaded the War Memorial were an energising experience. Blemishes, a ragged run here, a squeaked top note there, as well as a semaphore acting style, barely registered in the face of Radvanovsky’s accomplishment.
T H E AT R E
Fully Committed Menier Chocolate Factory, London AAAEE
Ian Shuttleworth In retrospect, the Menier’s first significant success set the tone for much of the non-musical side of its fare over the subsequent decade: deft, accomplished and not terribly weighty. Now Becky Mode and Mark Setlock’s solo show has been revivedforthevenue’s10thanniversary, and what has changed is principally the world outside. The figure of the between-proper-jobs actor taking phone calls to bring in a few bucks has been a cliché for a while. In thiscase,Samisstaffingthereservations line of a swanky New York restaurant which is usually booked out, or “fully committed” as the house euphemism has it. Sam is overworked, underpaid and abused by an arrogant chef on the other end of a hotline, who sadistically bullies him as far as cleaning up a toilet malfunction upstairs. This is where a
That Barton, last year’s winner of the BBC Cardiff Singer of the World Competition, was recruited for Adalgisa a mere week before the opening night (thanks to the withdrawal of another singer), made her company debut a rather heroic affair. Barton possesses a voice of ruby hue, and empathy for the limpid Bellini phrase, a chest tone she prefers not to exploit beyond the limits of good taste. When Barton traded fioriture with Radvanovksy in “Mira, o Norma”, sparksflew.MarcoBerti’sproconsulPollione offered a burly manner, a heroic sound and serious pitch infractions. The prie st Orove so demands a more rounded bass sonority than Christian Van Horn wields.
The cast faced a few obstacles. The music director Nicola Luisotti enforced slashing attacks and hectic tempi; the trio climaxing the first act almost disintegrated before your ears. Newbury’s cumbersome grey production emphasises the state of war between Romans and Gauls, mirroring (unsuccessfully) the emotional conflict. Newbury denies Norma an acceptable entrance for “Casta diva”, and lets arm waving do the job. Designer David Korins sets the drama in an artillery warehouse. Costumes and coiffures suggest a lost episode of Star Trek.
decade has brought its changes: amid the explosion of unpaid internships and zero-hours work contracts, it can be harder to laugh at privations like these, even when their portrayal is frothily intended. We may have become more callous ourselves as well: on the press night, the biggest and most closely clustered laughs came for repeated descriptions of a woman as ugly.
Despite these harshnesses, though, the basic work remains entertaining, and this revival does it justice. It’s the kind of cast-of-thousands solo piece where the performer has no time to be ostentatious about how many different characters they can do: Sam is supposed to answer the phone before the third ring, so there are only a few seconds to sketch in the person on the other end. Several of them recur, though, such as the domineering chef and Naomi Campbell’sbrayingAussieassistantwithasuccession of excessive demands. Setlock, who performed the play in 2004, now directs television comedian Kevin Bishop as Sam (and everyone else). Bishop makes the transitions between characters bigger than I remember Setlock doing, but still not so big as to constitute showing-off; he gives such a high-octane performance that he even shaves the running time, now standing at a little over 70 minutes. This revivalstrikesmeasprincipallyanactof private nostalgia on the Menier’s part, but happily not so private that it leaves us out of the jollies.
High-octane: Kevin Bishop
sfopera.com
menierchocolatefactory.com
Businesses For Sale FT BUSINESS Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services, Business Wanted, Franchises
.....................................................................................................................................................................................................................................................................................................................................................................................................................
Classified Business Advertising UK: +44 20 7873 3920 | Email: jenny.fazakerley@ft.com
★
12
FINANCIAL TIMES
Monday 15 September 2014
Explore more sports data analysis and visualisation in our new series at ft.com/baseline
Tennis and golf push the wrong button
The Baseline Raheem Sterling’s improved performance By specific game elements: for attacking players across Europe’s top leagues 2012-13
Change is good but also unsettling. The old order can be comfortable, familiar, reliable, in life as in sport, which, of course, imitates life, or possibly the other way round. Thus it came as mildly shocking when CBS television announced in the middle of the just-completed US Open tennis tournament that, after 45 years, it would cover the finals no more. CBS touts its adherence to tradition, as in the Masters golf, but perhaps now it sensed that all the casual viewers – fond of the familiar – would be looking elsewhere. Kei Nishikori of Japan and Marin Cilic of Croatia, the men’s finalists, are not Federer, Nadal, Djokovich or even Murray, who have merely won 36 of the last 38 grand slam tournaments between them. They are global brand names, who have helped make tennis, and themselves, rich beyond avarice, compared with which Nishikori-ware, with a Cilic glaze, might be quaint pieces of rural pottery. Of course, tennis has never been unique in sport in having to accommodate change. Laver and Rosewall, Borg and McEnroe, Sampras and Agassi were once the yardsticks, but so, in team sports, were the New York Yankees, Manchester United, West Indies cricketers, the Pittsburgh Steelers, all fallen idols, even if Man Utd’s decline is a bit too recent to be definitive. Still, their absence from the top has been unsettling, no more so than with the Yankees, winner of far more World Series titles than any other side, the epitome of excellence and arrogance (and wealth) since the days of Babe Ruth. The point about the pinstripes is that they were loved and hated in equal measure, but whenever they played away from home, 81 times a season, the masses flocked to see them. It still seems strange to find them not in the running and playing to half-empty stadiums. But no sport has suffered more from an icon’s demise than golf with Tiger Woods. He has failed to win a major for six years, contending only rarely. There is really only one explanation
Assists Shooting Shots
95th percentile
5%
Jurek Martin
35 Taipei 125 KALMAEGI
33 1000
33
30
31
Colombo
30
1010
Ho Chi Minh City Kuala Brunei Lumpur
32
Singapore
30
16
29
Forecasts by
CROSSWORD No. 14,723 Set by IO
JOTTER PAD
Seoul
Shanghai
Kolkata
Yangon
27
27
1010
33
0.2 0.4 0.6 0.8 1.0
5th percentile
15%
20%
95th percentile
Circle colour represents % of those shots on target <49%
2013-14 (part 1)
50%-99%
100%
2013-14 (part 2)
Golfâ&#x20AC;&#x2122;s TV ratings have declined in line with the fortunes of Tiger Woods, who has not won a major in six years â&#x20AC;&#x201D; AFP/Getty
Beijing
30
10%
2012-13
HIGH
Mumbai
0
By shots on goal: Circle size represents % of shots on goal from specific goal area position
HIGH 27
34
Goals/ shots
1.0 0.8 0.6 0.4 0.2
1010
Delhi
Dribbles
Goals
for his decline, which is that golf â&#x20AC;&#x201C; more than any other game â&#x20AC;&#x201C; is played between the ears and Tigerâ&#x20AC;&#x2122;s head has not been right since the bubble of his invincible perfection burst when he fled his home ahead of an outraged club-wielding missus. (Oh, and the fact that he canâ&#x20AC;&#x2122;t putt any more, but age does that to everybody.) Golfâ&#x20AC;&#x2122;s TV ratings have plummeted in his long swoon, with the casual viewer, as in tennis, not bothering to switch on if he was not on the leaderboard. Obviously, salvation may have arrived in Rory McIlroy. Even in America, it has not mattered that he speaks funny and has nothing like the Woods sex appeal (though mothers might like him) when he wallops drives so far, bouncing merrily down the fairway. Still, he has yet to show the iron will to win â&#x20AC;&#x201C; all the time â&#x20AC;&#x201C; that so marked out the man he may emulate. Woods, modelling himself on Michael Jordan, who once immortally said â&#x20AC;&#x153;Republicans buy shoes tooâ&#x20AC;?, never allowed himself to express an opinion on anything other than golf. McIlroyâ&#x20AC;&#x2122;s mind appears more open to externalities, but if he discovers Proust, the â&#x20AC;&#x153; yipsâ&#x20AC;? could follow. The sportâ&#x20AC;&#x2122;s problems may run
Todayâ&#x20AC;&#x2122;s temperatures
LOW
2013-14 (new year onwards)
Key Passes Interceptions and tackles Dispossessed
Passing
1010
11
2013-14 (up to new year)
Abu Dhabi Amsterdam Athens Bangkok Barcelona Beijing 25 Berlin Tokyo Brussels Budapest Buenos Aires Chicago Copenhagen Dallas Delhi Dubai Dublin Edinburgh Frankfurt Geneva Hamburg Hong Kong Istanbul Jakarta Johannesburg Karachi 32 Kuala Lumpur Kuwait 29 Lisbon London Los Angeles Wind speed Luxembourg in KPH Madrid
Sun Fair Shower Thunder Fair Sun Sun Fair Shower Sun Drizzle Fair Fair Sun Sun Cloudy Rain Cloudy Fair Thunder Thunder Fair Sun Sun Fair Fair Sun Shower Fair Sun Fair Sun
38 21 29 33 26 27 26 22 20 21 17 20 31 36 38 16 15 23 22 24 33 27 34 27 33 32 43 24 21 34 21 28
Malta Manila Melbourne Mexico City Montreal Moscow Mumbai Munich Nairobi New York Oslo Paris Perth Prague Rio Rome San Francisco Seoul Shanghai Singapore Stockholm Sydney Taipei Tokyo Toronto Vancouver Venice Vienna Washington Wellington Yangon Zurich
Sun Thunder Shower Shower Cloudy Sun Fair Cloudy Fair Sun Sun Fair Sun Thunder Sun Sun Fair Fair Fair Fair Fair Fair Fair Cloudy Cloudy Sun Sun Cloudy Fair Shower Thunder Cloudy
ACROSS 6 Leap and dance endlessly in 19â&#x20AC;&#x2122;s film (7) 7 Boy gets into a row in 19â&#x20AC;&#x2122;s film (7) 10 New spare parts gentleman gradually reduces (6,3) 12 The responsibility of doing (2,2) 13 Ill-natured? Itâ&#x20AC;&#x2122;s not like a zebra! (10) 17 Perfectly done brown breadâ&#x20AC;&#x2122;s not square (2,1,1) 18 See 31 19 Take in flier (5) 23 19â&#x20AC;&#x2122;s film shot at Lordâ&#x20AC;&#x2122;s (4) 24 Iâ&#x20AC;&#x2122;m let loose to license stores in this record basement? (3-4,3) 26 See 28 (b) 27 In fable it sings extremely sadly â&#x20AC;&#x201C; and wing broken (5,4) 30 Wasted: did the reverse of drink at home? (3,4) 31, 18 Choice of thousands with DMY in 19â&#x20AC;&#x2122;s show (4,3,5)
14 Devices of Man, perhaps, might be star-like, I fancy (9) 15 I radioed home help, heading north (5) 16 Hampshireâ&#x20AC;&#x2122;s opener clashing with new ODI captain of 15 (5) 20 See 27 21 Exhausted sergeant-majorâ&#x20AC;&#x2122;s orderâ&#x20AC;&#x2122;s not loud (3,2) 22 See 28 25, 8 Nuts disturb me for 19â&#x20AC;&#x2122;s film (3,9) 27, 9, 20 Late postâ&#x20AC;&#x2122;s collected outside European community for 19â&#x20AC;&#x2122;s film (4,5,7) 28, 22, 5 About to ring doctor after medical accident, sailors go to restrain one liable to blow top in 19â&#x20AC;&#x2122;s film (4,7,7) 28, 26, 1 Looking for benevolence in 19â&#x20AC;&#x2122;s film (4,4,7) 29 Come to funeral party, as do patients in 19â&#x20AC;&#x2122;s film (4)
DOWN 1 See 28 (b) 2 19â&#x20AC;&#x2122;s viewer of the world sees river in space (4) 3 Open â&#x20AC;&#x201C; the pickled onions? (4) 4 Staved character off finally, after oneâ&#x20AC;&#x2122;s left in church (4) 5 See 28 (a) 8 See 25 9 See 27 11 The art of musical discrimination â&#x20AC;&#x201C; or the reverse? (3)
SOLUTION 14,722 7 ( 6 7 & $ 6 (
, & $ ( 5 % 5 8 5 ( ( 7 7 & 2 + ( 5 $ 3 $ 3 , ( / , 7
. ( 5 9 , 1 ; 7 5 ( / + ( 9 0 , 6 5 , 2 $ 1
7 ' & ( 3 & 2 7 ' 3 % 8 5 7 & + . $ 6 , (
& / 2 & $ 1 7 , 7 2 1 6 ) 5 $ 5 ( 6 6
$ 3 5 / , 9 5 $ 7 5 , 6 7 ( ' % : 0 ( / % /
7 5 $ 3 ( / 3 3 , ( $ / 7 2 6 + ( ' ( : 7 & + , ( ( 5 7 ( $ 0 / , 5 6 2 1 2 8 , 1 ' 6
30 30 19 23 17 16 31 19 26 22 20 23 23 22 34 26 23 27 27 31 18 20 35 25 18 24 23 22 25 15 30 21
deeper than the performance of its matinee idols. For years, more American golf courses have been closing than opening. Fewer younger people, in their â&#x20AC;&#x153;fast-pacedâ&#x20AC;? lives, appear willing to quit social media to hit the little white ball. The exclusive and expensive â&#x20AC;&#x153;country clubâ&#x20AC;? aura surrounding the game doesnâ&#x20AC;&#x2122;t help, as Barack Obama found out when he dared to play with the world in turmoil and Ferguson in flames. Certainly, the contrast with the two sports on a serious roll â&#x20AC;&#x201C; soccer and the grid iron â&#x20AC;&#x201C; could hardly be greater. Our local parish rag, the Washington Post, devoted roughly five times as much space to the opening game of the Redskinsâ&#x20AC;&#x2122; season, which naturally they lost, as to the baseball Nationals, a very good team cruising to a title. It must have sent half a dozen reporters 1,000 miles to Houston where the outcome of Custerâ&#x20AC;&#x2122;s Last Stand was reversed. Cilic routed Nishikori in ample time for dinner before Monday night football began, as was scheduled. Such is change, and not just of ends. This is the first of a weekly sports column, which will be written alternately by Jurek Martin and Matthew Engel
Source: Opta
GAVIN JACKSON AND JOHN BURN-MURDOCH
Austerity is not just an economic phenomenon for the English, it has spread to the national football team as well, with England fans eschewing pride and passion for pessimism and profanity. But one or two performances in last weekâ&#x20AC;&#x2122;s victory over Switzerland provide hope for the future. Chief among them was that of 19-year-old Liverpool star Raheem Sterling, the most exciting player to emerge on these shores since Wayne Rooney burst on to the scene more than a decade ago. In his first full season in the Liverpool first team, a then 17-year-old Sterling was used predominantly as a
winger. By the end of the 2012-13 campaign, his passing, dribbling and creativity had marked him out as one of the Premier Leagueâ&#x20AC;&#x2122;s top performers. Manager Brendan Rodgers began to deploy him in a more central role during the first half of the 2013-14 season and his output rocketed as he became more involved in the game. In the 23 league appearances he made in 2014, his metamorphosis continued. Sterlingâ&#x20AC;&#x2122;s shooting accuracy and creativity place him well within the top 5 per cent of attackers in Europeâ&#x20AC;&#x2122;s top leagues. Last season Cristiano Ronaldo and Gareth Bale, dribbled past an opponent 2.3 and 2.5 times per 90 minutes played, respectively. The new kid on the block? 3.2.
★
13
MONDAY 15 SEPTEMBER 2014
One vision Google plans to target emerging consumers with cut-price Android handsets
Looking for savings Weak crude prices and poor returns could yet force oil majors to dust off dealmaking plans
MOBILE TELECOMS – PAGE 16
INSIDE ENERGY– PAGE 14
European groups keep hold of cash Companies add nearly €50bn to reserves in past year, as they shy away from investment for growth SARAH GORDON – LONDON
European companies are stashing their cash, adding nearly €50bn to total reserves during the past year, despite signs of an improving economy in the region. “Preserving cash instead of investing is a radical change since the financial crisis, and is a behaviour that looks set to stay,” said Chris Gentle, head of Emea research at Deloitte in London. Listed companies in Europe, the Middle East and Africa have almost €1tn in gross cash balances, according to Deloitte, up from just over €700bn in 2007, before the financial crisis. In the past 12 months, the 1,200 companies in theBloombergEmeaindexhaveaddeda further €47bn to their cash piles. “Companies have quite clearly taken a
step up in the size of their average cash balances,” said Gareth Williams, corporate economist at Standard & Poor’s, the credit rating agency. “Something structural has happened. If conditions turn and get difficult again, banks won’t be there as they have been historically to supply liquidity to companies.” The high cash holdings also reflect easy conditions in the corporate bond markets,whereborrowingcostshavehit historic lows and big European companies have been able to access very cheap finance. Siemens, the German industrial group, had gross cash of €8.2bn in June, but its net debt rose from €2.8bn to €5.6bn between September 2013 and this June. A significant proportion of European companies’ cash balances is concen-
trated in just a few businesses. Globally, four-fifths of the $3.5tn in cash reserves at listed companies is held by about a third of them, whereas in Emea, more than three-quarters of the €963bn total cash is held by just 17 per cent of companies. More than one-third of cash balances – €325bn – is held by the manufacturing sector. At Daimler, the car manufacturer, gross liquidity was €9.3bn at the end of 2013, compared with just €1bn at the end of 2008. BASF’s gross cash position rose from €2.2bn in June 2013 to €2.4bn in June this year. The findings suggest that European businesses are still unwilling to commit significant amounts of cash reserves to investment. Among 271 businesses that were directly contacted by Deloitte, 59 per
German industrial group Siemens had gross cash of €8.2bn in June
cent of those with cash surpluses planned to invest for growth during the next year. However, only one-third of planned investment was expected to be financed from cash reserves. “Companies may be reluctant to invest as long as uncertainty persists in the European economy to varying degrees in different sectors,” said Brian Ager, secretary-general of the European Round Table of Industrialists, which groups 50 chief executives and chairmen of leading European multinational companies. “Chief executives in Europe have been in a particularly brutal environment since the financial crisis began,” said MrGentle.“Inordertostaycompetitive, it’s time for them to rediscover their ambition.” Europe shuns growth page 15
Foreign draw Asian wealth on the move The US remains a magnet for wealthy Asian entrepreneurs even as its growth lags behind developing markets, new research has found. The report, by Barclays Wealth, found those who made their money in booming economies such as China still hoped to move to North America and Europe in search of stability and better business prospects. Almost half of China’s rich expect to move over the next five years, with the US then Europe the most likely destinations. Qataris and Latin Americans were also likely to be planning moves. But only 6 per cent from North America and 12 per cent from Europe were considering Asia. Some 15 per cent of the global rich are likely to move within the next five years, rising to almost a third for those who consider themselves entrepreneurs. Just under half of the 2,000 people surveyed have lived in more than one country and a fifth in three or more . Andrew Bounds
Senior advisory bankers’ pay in London has risen almost to a par with traditionally higher-earning traders, underlining the shifting fortunes of these distinct businesses within investment banks. UK managing directors working on deals and capital raisings have seen total pay rise by a fifth to an average of £586,000 last year, according to data compiled for the Financial Times by Emolument, a pay comparison group. By contrast, senior traders have suffered an average 13 per cent cut to £602,000 after a sharp drop in bonuses, the self-reported numbers from hundreds of staff at 10 European and US
investment banks show. It puts a spotlight on the resurgent clout of advisory bankers, after a dearth of dealmaking in the wake of the financial crisis placed them squarely in the shadows of profitchurning bond traders. A sharp increase in takeovers as well as debt and equity issuance by companies and other clients since last year has reversed the fortunes of corporate financiers. At the same time, their colleagues on trading floors have seen profit opportunities squeezed by tighter regulation, lower trading volatility, a ban on proprietary trading, the move towards electronic trading and several manipulation scandals. William de Quetteville, partner at Armstrong International, an executive
search company, said: “Traditionally, bankers on the global markets side have been paid more but these are tough times in fixed income.” Tradingrevenuesatthelargestinvestment banks globally have fallen 13 per cent in fixed income, currencies and commodities annually in the first half of this year alone, according to data compiled by Coalition, a research firm. By contrast, revenues from advising on deals and underwriting debt and equity issuance have risen 11 per cent in the first six months. The near-equalisation of pay is also a reflection of the rising demand for advisory bankers at a time when many investment banks are still laying off traders.
Companies
Bank of China............................................14
FedEx.............................................................20
Magnit...........................................FTfm10,11
Rio Tinto .......................................................4
UPS.................................................................20
21st Century Fox.....................................14
Barclays.........................................................13
Fosun..............................................................14
Martin Currie.................................FTfm1,7
Roche..............................................................16
University of Alabama.............FTfm12
Alibaba...........................................................13
British Sky Broadcasting....................14
Galliford Try..............................................20
McKinsey...........................................FTfm12
Rocket Internet.........................................13
VMware...........................................................7
Aberdeen.....................................FTfm1,4,7
CBS..................................................................14
Gazprom.......................................FTfm10,11
MediaTek......................................................16
Rosneft.......................................1,FTfm10,11
Viacom...........................................................14
Aeroflot.........................................FTfm10,11
CICC.................................................................14
Genel Energy..........................................1,10
Micromax......................................................16
Royal Dutch Shell...................................14
Vivendi...........................................................14
Amazon...........................................................7
Canal Plus....................................................14
GlaxoSmithKline.......................................16
Mobil...............................................................14
Salesforce.com.............................................7
Amoco............................................................14
Canary Wharf Group.............................14
Glencore.....................................................1,10
Netflix.............................................................14
Apple.................................................................7
Chevron.........................................................14
Google......................................................1,7,16
Nike.................................................................20
Arco.................................................................14
China Life Insurance.............................14
HDFC Bank..................................................15
Nokia...............................................................16
Armstrong International......................13
Cinda...............................................................14
HSBC.................................................FTfm6,7
Nomura..........................................................13
Scottish Widows Investment Partnership.....................................FTfm1,7
Asos................................................................20
Citic Securities..........................................14
Haier...............................................................14
Novartis.........................................................16
Sinopec..........................................................14
Ind Transport............................................20
BP.............................................................1,10,14
Citigroup.......................................................13
Novatek.........................................FTfm10,11
Sky Deutschland......................................14
Media......................................................1,14,16
Crest Nicholson.......................................20
Hermes Investment Management .............................................................. FTfm6,7
Novo Nordisk.............................................16
Sky Italia.......................................................14
Mining..............................................................4
Deutsche Bank...................14,16,FTfm12
ICBC.................................................................14
Old Mutual.........................FTfm6,FTfm7
SkyBridge Capital..........................FTfm3
Mobile & Telecoms.......................4,14,16
El Corte Inglés ........................................14
Itaú-Unibanco..............................................4
Orexigen Therapeutics........................16
Oil & Gas...................................................1,14
Eskom...............................................................4
Liberty Global...........................................14
Paamco......................................FTfm3,10,11
Standard Life Investments ............................................................... FTfm1,7
Bank of America.........................FTfm6,7
ExxonMobil...............................................1,14
Lufthansa.....................................................15
Qatari Diar...................................................14
Tencent.........................................................14
Software.....................................................7,16
Bank of America Merrill Lynch......14
Facebook......................................................1,7
Lukoil...........................................1,FTfm10,11
RRJ...................................................................14
UBS .................................................................13
Technology HW & Equ.....................7,16
Bank for International Settlements 6,FTfm2
© The Financial Times Limited 2014
2005
Proceeds ($bn) 70 60 50 40 30 20 10 0 10 14*
james.mackintosh@ft.com
Companies & Sectors
Balfour Beatty.............................................4
Bad news comes in threes. This week brings a Federal Reserve meeting on Wednesday, the first targeted long-term loans from the European Central Bank on Thursday and the Scottish referendum result first thing on Friday. But as investors brace themselves for pain, they are also hoping for the best from what may be the biggest flotation ever, that of Chinese online retailer Alibaba. Alibaba has what shareholders crave: a highly profitable, fast-growing business. It has no controls on management excess, but for most investors corporate governance is dull and look – there’s Jack Ma! What could possibly go wrong with non-voting, only partial ownership shares in a company controlled by a single Chinese billionaire? Alibaba has been priced to go and demand looks strong. FollowingittomarketwillbeGermany’sRocketInternet.It is appropriately named. The Nasdaq Internet index is now up almost a fifth from its low in May, and only 5 per cent off itsMarchpeak.Theotherbiggrowthstory,biotech,hitnew highs this month, in spite of a warning from the Fed’s Janet Yellen that the sector looks frothy. Biotechs are the main cause of an IPO boom in the US. If listings carry on at the pace they have been going so far, this will be the best year since 2000 both for numbers of IPOs and amounts raised (see chart). Investors should be concerned. As Jay Ritter of the University of Florida pointed out long ago, good times for IPOs tend to be a bad time to invest. This makes sense, as IPO booms come when valuations are high – the best predictor there is that returns will be low in future. Demand for dotcom and biotech stocks begets supply, as start-ups are created and listed. Eventually demand will be satiated and the boom will end. Investors’ current willingness to sacrifice quality, in biotech, and corporate governance, in dotcoms, suggests demand and price in the sectors are far above what is reasonable.
* First 8 months, annualised Source: Prof Jay Ritter
DANIEL SCHÄFER – LONDON
Baillie Gifford................................FTfm1,7
A rocket ride for Alibaba IPO
Number of US IPOs 500 400 300 200 100 0 1998
London dealmakers narrow pay gap on traders in change of focus for banks
Banks and lobby groups say a regulatory proposal to centralise foreign exchange trading would hamper competition and innovation, create risks and push up prices. Their opposition means the plan is unlikely to go ahead. News iPAGE 16
James Mackintosh
Alibaba and the 216* IPOs
Getty Images
Push to centralise forex trading faces resistance
Short View
Vodafone........................................................4
Sanofi..............................................................16
Sectors
Sberbank ....................................FTfm10,11
Banks..............................................13,14,15,16 Gen Financial................................13,FTfm Gen Retailers.............................................14
Pharmaceuticals.......................................16
Week 38
If listings carry on at this pace, it will be the best year since 2000 for numbers of IPOs and amounts raised
★
14
FINANCIAL TIMES
Monday 15 September 2014
COMPANIES INSIDE BUSINESS
Real estate
Qataris sued over US embassy project £10m dispute over plans for renowned building in London’s Mayfair KATE ALLEN AND JANE CROFT
The Qatari owner of the Shard skyscraper is being sued for £10m by its partner on the redevelopment of the US embassy in London, which has ground to a halt. Chelsfield Partners has lodged a claim in London’s High Court against Qatari Diar. The property developer alleges that it is owed the sum under the terms of a contract the pair signed in 2009 to redevelop the Grade II-listed building in Grosvenor Square. Papers filed last month by Chelsfield –
which have not yet been published by thecourt–allegethatmoneyfordrawing up plans for the building became owed by its financial partner in August 2013, according to a person familiar with the case. This is the second time the subsidiary of Qatar’s sovereign wealth fund has facedalegalbattlewithoneofitsLondon development partners. “It is not our practice to comment on such matters, save to say that we very much look forward to working on this landmark scheme and are confident that any outstanding matters can and will be resolved,” said Chelsfield. Qatari Diar declined to comment. The developers, which have yet to commence design plans, face the challenge of finding a concept that incorpo-
rates the 1950s building’s famous modernist façade. The Americans sold the property to Chelsfield and Qatari Diar five years ago and plan to move into a new building in Nine Elms, south London. The on-site redevelopment of the Mayfair building is due to begin in 2018. Property tycoon Christian Candy won a case against the Qatari group in 2010 over their partnership to redevelop the Chelsea Barracks site in west London. His CPC Group later sold its stake to Qatari Diar, leaving the Gulf financiers to go it alone. The Chelsea scheme won planning permission this year after Qatari Diar was warned by Westminster Council that it should “start or sell” the site. Qatari Diar is an international prop-
The 1950s building has a famous modernist façade
ertyvehiclewitha$4bnmarketcapitalisation. It was set up by the Qatar Investment Authority, a sovereign wealth fund, in 2005 and is headquartered in Doha. Its UK-based chief executive John Wallace and development director Jeremy Titchen left the company last year. Qatari Diar financed the construction of the Athletes’ Village for the London Olympics. It is also backing Canary Wharf Group’s redevelopment of the Shell Centre, which faces the Houses of Parliament across the river Thames. Its most well known investment in London, The Shard, became Europe’s tallestbuildingwhenitwasbuiltin2012. Qatar Holding – another subsidiary of the QIA – owns a 25 per cent stake in Chelsfield.
Analysis. Media
Netflix lays down its cards in Europe push International expansion is crucial for growth at the US video streaming site MATTHEW GARRAHAN – NEW YORK
If there was any doubt in Marseille that Netflix was coming to town, Childéric Muller, the city’s deputy mayor, dispelled it this month when he tweeted: “Marseille is the new black.” The reference to one of Netflix’s most popularshows–OrangeIsTheNewBlack– andMarseille,thenameofthecompany’s first original French series, came ahead of a big European push by the streaming video service. This week, the California company will launch its service in France, Germany, Austria, Switzerland, Belgium and Luxembourg on successive days. “This is the biggest international launch we’ve ever done,” said Reed Hastings, Netflix’s chief executive, in an interview. “It represents nearly 80m broadband households and about 200m people.” Netflixhasdisruptedtraditionalviewing patterns with its on-demand service and original productions, such as House of Cards, shaking up the television hierarchy in Hollywood and beyond. The number of people using it recently hit 50m – 35m of its subscribers are in the US – propelling its shares to new heights. Withamarketcapitalisationofalmost $29bn, Netflix is approaching the value of longer established media companies, such as CBS, the US broadcast network, which has a market value of $30.6bn, and Viacom – the owner of Paramount Pictures, MTV and Nickelodeon – which is worth $33.5bn. International expansion is critical to its growth prospects, which is why this week’s launches are so important. “There’s still room to grow in the US but all of Netflix’s incremental growth will come from elsewhere,” said Paul Vogel, an analyst with Barclays. Netflix has been preparing the ground in France for several months to assuage concernsthatitsarrivalwillthreatenthe country’s cultural protection regulations. “Being culturally sensitive is one side of the coin,” said Mr Hastings. “The other side is that French people love content. It is a nation that loves movies and takes movies very seriously.” Marseille, a drama about the city’s political machinations, is a statement of intent,hesaid.“Wewanttomakeitgreat for French speakers but also want to take it around the world.” China, a potentially huge market for Netflix where House of Cards has a cult following, is “a way off” he said, but the company is looking at expanding into
French debut Broadcasters braced for ‘new kid on the block’ Rodolphe Belmer is not taking Netflix’s debut in France lightly. As managing director of Canal Plus, the pay-TV arm of Paris-based Vivendi, he has been beefing up investments across the board, writes Adam Thomson. These include in Canal Play, its popular video-on-demand service, in which Belmer is investing millions of euros in content and advertising. “We know that there is always appetite for the new kid on the block, and Netflix will be a tough competitor,” he told the Financial Times. But Mr Belmer is confident that Netflix’s arrival will have only a limited impact. French consumers, he said, were used to watching content on a TV, via a set-top box provided by a telecoms operator, as part of a tripleplay package of internet, television and fixed-line phone. Canal Plus paid the operators €150m last year to carry its services. But Netflix has yet to sign any such
agreements. That means the US group wants to persuade consumers to watch content online instead. “In the US and the UK they did not have to fight against an existing consumer habit,” said Mr Belmer. For all the emphasis on l’exception culturelle, the French love US content – and they already have it in abundance. An estimated 50 per cent of what is shown on French TV comes from the US. “There is no latent demand for it because it is so widely available already,” said Mr Belmer. One thing Netflix’s presence could do is put pressure on regulation. Since the 1980s French broadcasters have had to channel a percentage of annual revenue to fund the domestic film industry. Broadcasters have long complained that the contributions are unfair and belong to a pre-internet era. The fact that Netflix and other internet-based videoon-demand companies, are not subject to the same rules may help the broadcasters make their point.
Oil and gas
Original productions such as ‘House of Cards’, starring Kevin Spacey (above), have helped boost shares in the online video service – Reuters Below: Netflix chief Reed Hastings
Asia. “Korea, Japan . . . there are great opportunities”. Netflix’s profits have been held back by its investments outside the US but its operations in Latin America, the UK and elsewhere are bearing fruit: excluding this new round of European launches Netflix’s non-US operations are on track to be profitable by the fourth quarter, the company says. Netflix has no physical infrastructure – no pipes to lay or satellites to launch – but has had to strike deals with internet providers in each of its new countries to ensure its video data can travel at adequate speeds to its customers. Rival distributors, particularly in France, have already expressed their displeasure at Netflix’s arrival. “We certainly expect shots from competitors and we’ve seen a lot of that,” says Mr Hastings. “They’re concerned because we bid up the costs of content. That’s good for producers, artists and talent. It’s not as good for the distributors.” But he says Netflix has not affected audiences for television viewing. “Netflix does not mean disaster for Canal Plus or others in France or Germany. HBO [in the US] has more viewers than ever. The more incumbents make great shows the more they will grow.”
ON ENERGY
Ed Crooks
Falling crude prices have set the stage for big oil consolidation
A
s the oil price slides, nervous oil executives are wondering how low it can go. Brent crude hit its lowest level in two years last week, raising questions about how the industry – and the large international oil groups in particular – would cope with a sustained period of weakness. Nick Butler of King’s College London, a former strategist for BP, noted in the Financial Times last week that he knew of at least three major oil and gas companies that had ordered “full scale strategic reviews”. If oil continues to slide, they will have to look harder at their more radical options. There are good reasons why weak prices might not last. Saudi Arabia’s reported cut in output in August looked like a hint from its government that it believed the fall has gone far enough. The growth in world oil supplies is also heavily dependent on the continuation of the shale boom in Texas and North Dakota, and if prices keep falling then some of the potential production there will become uneconomic. All the same, the oil market has made fools of enough forecastersforanysensiblecompanytohaveacontingency plan for a world in which prices go lower and stay low. The threat to large oil companies is particularly menacing because their financial performance is already so weak. The median return on capital for the world’s 15 leading oil companies was 9.3 per cent last year, according to Bloomberg. That was lower than the 11.5 per cent reported in 2002, even though the average oil price rose fourfold over that period from about $25 per barrel to about $109. As John Watson, chief executive of Chevron, put it earlier this year: “$100 per barrel is becoming the new $20.” The reason is that the increased revenues have been soaked up by higher costs. Barred by politics and security concerns from the best world’s resources from Iran to Venezuela, and having been late to spot the potential of US The large oil shale, the large oil groups h a v e b e e n f o r c e d i n t o groups have been increasingly challenging forced into “megaprojects” in deep water, heavy oil, and lique- challenging fied natural gas, where costs have been soaring. A recent ‘megaprojects’ study from Ernst & Young, the professional services firm, found that on average expected completion costs for those projects were 59 per cent above initial estimates. It is no wonder that discontented investors have called for greater capital discipline. The slide in crude is adding fresh urgency to cost reduction effortsthathavebeenbecomingincreasinglyimportantfor management teams since 2010-11, according to Arthur Hanna of Accenture, the consultancy. One potentially fruitful new initiative is a group of oil production companies, equipment manufacturers and service providers that is discussing ideas for greater standardisation across the industry to improve efficiency and cut costs, although its deliberations are still in their early stages. The problem will come if high costs turn out to be more a consequence of the structural difficulty of the projects than of the cyclical demand for equipment and skilled staff driven by a high oil price. If costs do not, in fact, decline as the crude price drops, the industry’s already poor returns will get even worse. One response to such sustained financial pressure would be an upsurge in dealmaking, as in the merger boom of 1998-2000 that brought BP together with Amoco and Arco, Exxon with Mobil, and Chevron with Texaco. Mergers and acquisitions would make it possible to cut out duplication of overheads, and to improve the performance of under-managed assets. Merged companies could also be more ambitious about “high grading” their portfolios: sorting through them to invest only in the reserves where they can reap the greatest rewards, and offloading the rest. The largest deals – a merger of BP and Royal Dutch Shell, say – would exacerbate the problem already faced by big oil: when you are that big, it is hard to find projects that will deliver noticeable growth. They would also be fiendishly complex, and scrutinised forensically by regulators. More modest consolidation, including acquisitions of midsized companies by the largest groups, would be more likely. Companies would probably step up sales of their less-favoured assets, too. Still, Lord Browne, the former chief executive of BP, argued in his memoir Beyond Business that a BP-Shell merger, which he pursued in 2004-05, could have yielded $9bn a year in synergies. If crude continues to slide, expect that to be one of the plans that is dusted off. ed.crooks@ft.com
General retailers
Sinopec sells retail unit stake to China groups Alvarez of Spain’s El Corte Inglés dies aged 79 JENNIFER HUGHES – HONG KONG DEMETRI SEVASTOPULO – HONG KONG LUCY HORNBY – BEIJING
Chinese oil champion Sinopec is selling a$17.4bnstakeinitsretailunittoalarge group of mostly domestic investors as the country tries to reform its sprawling state-owned enterprises. The 29.99 per cent stake sale – to investors including tech group Tencent, private conglomerate Fosun and China Life Insurance – was considered a precedentsetting deal in China’s efforts to realise value in its SOEs. But the deal, announced yesterday, is far from the opening of the oil sector to outside forces that reformers had sought. Sinopec has ceded no control of its lucrative business while raising funds from a sprawling club of state-owned enterprises,leadingprivategroups,pen-
sionfundsandotherdomesticinvestors. The list of investors includes Haier, a white goods maker; Hopu, a private equity group; Bank of China and ICBC, the giant state-owned banks; CICC, an investment bank; and Cinda Asset Management, the state-controlled “bad bank” asset manager. RRJ, a fund owned by Malaysian dealmaker Richard Ong, stands out as the only non-Chinese direct investor. About two years ago China said outside capital would be allowed to invest in strategic state sectors – an announcement welcomed by some as opening the door to more private investment in closely held industries. Sinopec has billed this sale as a prime example of that reform. In August it said it was in discussions with 37 bidders for thestakeinthebusiness,whichoperates 30,000 petrol stations and holds 60 per
cent of the domestic market for oil products. It also owns 23,000 convenience stores under the Easy Joy brand. Stake sizes range from 2.8 per cent of the total group to a 0.1 per cent holding. The price values the unit’s equity at about $59bn. Last year the business produced Rmb25.1bn ($4.1bn) in profit from operating income of Rmb1.5tn. In June Fu Chengyu, Sinopec chairman, said successful bidders would be determined by factors including offer price, domicile, complementary strengths, standing and reputation, and levelofconflictsofinterestwithSinopec. The company is one of China’s three dominant state-owned oil groups. Reformers have argued that their stranglehold on the oil sector raises costs for consumers, crowds out potentially more competitive groups, and allows them to hijack policy to support their interests.
TOBIAS BUCK – MADRID
Spain has lost its second veteran business leader in less than a week, after the death yesterday of Isidoro Álvarez, chairman of the El Corte Inglés retail group. Mr Alvarez had been rushed to a Madrid hospitallastWednesday,andwasreceiving treatment for respiratory problems. He was 79 years old. His death came days after the passing of Emilio Botín, the chairman of Banco Santander and one of the most powerful figures in Spanish business and finance. Privately owned El Corte Inglés has long been a bellwether of the Spanish economy. As well as the eponymous Spanish department stores (the name means “the English cut”), the group owns the Hipercor and Supercor supermarkets, travel agencies, opticians and
mobile phone shops. El Corte Inglés ranks as one of Spain’s biggest employers, with more than 90,000 staff, and is one of the nation’s biggest advertisers. The group also boasts some of the country’s most valuable commercial real estate. Most El Corte Inglés stores are located on landmark sites in the centre of major Spanish cities. In recent years, group sales have been hit hard by Spain’s economic downturn, with additional pressure coming from fast-growing high-street competitors such as Zara and no-frills supermarkets such as Dia and Mercadona. In an attempt to regain its financial poise, El Corte Inglés last year restructured almost €5bn of debt. It also sold 51 per cent of its consumer finance business to Santander, in a deal valuing the operation at €415m. More recently, there were signs that
Spain’s broader economic recovery was starting to feed through into El Corte Inglés. The group´s latest results presentation,deliveredlastmonth,showeda 6 per cent rise in full-year net earnings – the first such increase in six years. Group sales fell 1.8 per cent, however, to €14.2bn. A nephew of the group’s founder, Mr Alvarez spent more than 60 years working for El Corte Inglés. He served as chairman of the board since 1989. Earlier this year, El Corte Inglés appointed Manuel Pizarro, a veteran Spanish business leader, as deputy chairman – a hiring that was widely seen as an attempt to bring more outside expertise and financial knowhow to the tightly-controlled group. Luis de Guindos, the economy minister, yesterday hailed Mr Alvarez as “one of our country’s great businessmen”.
★
Monday 15 September 2014
15
FINANCIAL TIMES
COMPANIES
Europe shuns growth in favour of ‘safety first’ Businesses show signs of risk aversion by hoarding cash, raising fears that the region will lose its competitiveness SARAH GORDON – LONDON
It is the burning question for Europe – will it ever again grow at a reasonable rate? There are signs of a pick-up in the region, particularly in countries that were most damaged by the financial crisis, such as Spain. Meanwhile, the European Central Bank pumps money ever more enthusiastically into the system. But policy makers fear that European businesses, scarred by the past six years, may have changed their behaviour permanently, shunning growth opportunities in favour of “safety first”. “Who is owning the growth agenda?” says Chris G entle, head of Emea research at Deloitte in London. “It shouldbechiefexecutives,buttheyhave not been rewarded recently for taking risks. The danger is that Europe will lose competitiveness in the long term.” There is concrete evidence of Europe’s slidedownthegloballeaguetables.Since
‘Companies are holding on to cash because we have low growth and it’s not attractive to invest’ 2010, a net balance of 41 European companies have exited the Global Fortune 500, which is the sharpest fall on record. One sign of companies’ risk aversion has been their desire to hoard cash. This isnotjustaEuropeanphenomenon.Globally, the leading 1,000 public non-financial companies have accumulated a staggering $3.5tn in cash reserves, compared with under $2tn in 2008. Some$1.6tnofthisisinUScompanies’ hands – much of it held overseas. But Europe’s listed companies are fast approaching that total, with an estimated €963bn in cash reserves, €250bn higher than in 2007 before the crisis hit. Andtheyarecontinuingtosquirrelaway money. Deloitte estimates that the 1,200 listed companies in the region have added nearly €50bn to their cash piles over the past 12 months alone. Cash hoarding has been achieved in different ways. Most corporates in
M&A Cash is not king when it comes to acquisitions Although M&A has surged in 2014, European companies are rarely spending their cash on deals, a strategic choice that has serious risks attached, according to analysts. “Although we have seen an upturn in the level of merger and acquisition level globally, in Europe M&A activity continues to lag behind,” says Ian Macmillan, head of M&A at Deloitte in London. “If European companies want to achieve double-digit growth, then they need to consider M&A activities as part of their growth strategy.” Gareth Williams, corporate economist
Cash to burn Europe, Middle East and Africa corporate cash holdings (excluding financials) Total cash (€bn)
Only 31% of planned investment for the next 12 months is expected to come from companies’ cash reserves* Cash Other reserves 11 Tax 31 credit
2000
29
Large cash holdings***
Aditya Puri, chief executive, told the Financial Times the bank would expand over the next five years into “semiurban and rural” locations, where it operates more than half its branches but makes less than a fifth of its revenues. HDFC’s fortunes are closely watched by international fund managers, given its reputation for asset quality and technological innovation, and their investments have made the bank India’s largest by market capitalisation. Its strong financial performance also makes it one of the world’s most expensive banking stocks, trading at close to five times price-to-book – a common valuation measure – indicating robust investor confidence about future profitability. That compares with an average price/ book ratio for large European and US banksof1.2,accordingtoS&PCapitalIQ. The Mumbai-based bank built its business serving wealthier customers in cities such as New Delhi and Bangalore, but Mr Puri says it must expand elsewhere to sustain the fast growth enjoyed since it was founded in 1994. “It is a misconception that everyone in rural India is poor; there is a lot of
2003
0
Manufacturing
Debt - loans and bank credit 2004
€1000bn 800
600
400
200
256
0
2013 Life science and healthcare 2005
175 Technology, media and telecoms
2012 2006 * Deloitte surveyed 271 executives at 73 listed companies and 198 private companies in 14 countries in Europe, the Middle East and Africa, as well as analysing publicly available data for listed companies. Half had revenues over $1bn, while the remainder had sales of between $100m and $999m ** Companies with less than $2bn in cash reserves in 2013 *** Companies with more than $2bn in cash reserves in 2013
149 2011
Europe have cut costs by firing staff, closing operations or selling off businesses, and by postponing upgrades or even maintenance of assets such as buildings or technology. Further delays to necessary upkeep spending also pose dangers to growth. “Putting off maintenance capex can only go on for so long,” says Mr Gentle. Meanwhile, Europe’s at Standard & Poor’s, suggests that European companies may be facing a lack of compelling targets for potential acquisitions. “Some of it is an absence of interesting opportunities,” he says. “It’s an interesting question of whether the market is not offering value or secular stagnation.” Mr Macmillan warns that a lack of dealmaking could lead European groups to lose competitiveness against US rivals. North American companies have led the upsurge in M&A activity this year, with many deals being driven by the fact that they have large offshore cash holdings that face tax penalties if repatriated. Thirteen “tax inversion” deals worth $178bn have been announced since the start of 2013,
damn wealth out there,” he said in an interview. The bank’s rural businesses would cease making losses “in a year or two”, he added. HDFC’s expansion comes at a time of renewed interest in rural banking. Last month the prime minister, Narendra Modi, set up a scheme to open accounts for 75m poorer households, part of wider attempts to target the one-third of Indians lacking basic banking services. But Mr Puri said HDFC would continue to focus on finding more upperend customers among the 60 per cent of the 1.3bn population who live outside urban areas. “We are not changing our basic profile,” he said. “[But] even if we say that the top 20 or 25 per cent is our target
Global banks with highest valuations* Price-to-book ratio (x) 0 1 2 3 4 5 Allied Irish Banks Banco Provincial HDFC Bank PT Bank Central Asia Housing Development Finance Corp Kotak Mahindra Bank Masraf Al Rayn US/EU banks average * Banks with a market cap of more than $10bn Source: Capital IQ
Consumer business
2007
59
2008 2010 2009
bigger listed companies have taken advantage of historically low interest rates in bond markets to borrow cheaply, often upping debt levels even as cash piles have increased. Last week, German airline Lufthansa issued a €500mbondwithayieldofjust1.125per cent – despite suffering a pilots’ strike. But the question for Europe is when – or according to Dealogic. “With the US, M&A has been driven by tax inversion,” says Mr Williams. “The tack that European companies have been taking has been to invest heavily in emerging markets. But given that emerging markets have had a more difficult time in the last couple of years, that has put a dampener on that source of growth.” North American companies accounted for 43 per cent of M&A deal volumes in the second quarter of 2014, according to Deloitte, compared with 38 per cent in the first quarter of 2013. European groups accounted for 37 per cent of M&A deal volumes in the second quarter of 2014, compared with 41 per cent in the first quarter of 2013. Sarah Gordon
HDFC renews push for India’s rural rich in effort to maintain rapid growth HDFC Bank, India’s second-largest private sector lender by revenue, is planning a renewed push into the country’s vast rural hinterland, and expects its non-urban operations to become profitable by 2016.
325
2002 €200bn
27 Revenues
2001
Small cash holdings**
Banks
JAMES CRABTREE – MUMBAI
Total cash by sector, 2013 (€bn)
Based on companies in the Bloomberg EMEA 1200 index
market, that gives us a complete new bank over the long run.” HDFC currently served just “70 per cent of the geography we want to be in”, Mr Puri said. A five-year programme of branch openings and sales drives centred on products for rural consumers would expand coverage. “This is not an easy transition to make,” he said. “When you are in urban India, you aren’t into motorcycles, light commercial vehicles, tractors, lending to shopkeepers, or loans against gold jewellery. “But now the factory is set up, as it were, the products are there, they are rolling them out, and as the sales increase we will make money.” Mr Puri said he expected the bank’s growth to accelerate more generally in the next two years as India’s economic recovery continued. Net profits have risen 26 per cent to $1.4bn during the past financial year. But HDFC would protect its “pristine” portfolio, in which non-performing assets stood at 0.2 per cent of loans, by continuing to avoid lending to high-risk sectors, he said. Sharp increases in bad loans across industries such as infrastructure and property have dented asset quality at most large Indian banks. “We won’t be doing any of that,” Mr Puri said. “We are conservative people, and we want our money back.” Additional reporting by Jennifer Hughes in Hong Kong
Source: Deloitte
whether – companies will start using some of these hard-won riches to invest in growth opportunities. For some, the wait is becoming dangerously long. “It is a vicious circle,” says James Watson, director of economic affairs at BusinessEurope, the Brussels lobby group. “The problem is that you need investment to achieve growth but firms
Trading Directory
Energy and resources
don’t want to invest unless they feel growth is on the way.” Amid the gloom, however, there is some reason for cheer. Deloitte, which surveyed 271 private and public companies in Europe, the Middle East and Africa on their spending plans, says it has identified some signs of greater willingness to put any money to work.
“The majority of large businesses across Emea have reached a pivot point in their attitude to investing, with the impetus to use their cash reserves for growth increasing all the time,” says Mr Gentle. “However, confidence remains brittle and it is likely that such activity will return gradually.” For other analysts, the picture is less encouraging. “Companies are holding on to cash because, first of all, we’ve got low growth and it’s not particularly attractive to invest,” says Mr Watson. The picture on the ground supports this uncertain outlook and suggests policy makers are right to worry about the sustainability of Europe’s recovery. The top priority for a third of the companies surveyed by Deloitte was making investments,butalmostasmany–31percent– said the most important task remained strengthening the balance sheet. Those that are putting their hands in their pockets are not always doing it to fund future growth. Only a small majority – 55 per cent – of the companies ranked growth as the primary focus for investment over the next 12 months. Nearly a quarter of those that planned to invest said their priorities were maintaining business assets and training. Gareth Williams, corporate economist at Standard & Poor’s in London, says that it is easy to understand why companies are “keeping their powder dry”, adding: “In Europe itself, the recovery appears to have stalled and you’ve got the ECB moving to take increasingly aggressive steps to encourage recovery. If you’re a [company] treasurer faced with that environment you are going to be more cautious than you were before the crisis.” Increasing political risk is another concern. “One minute the Middle East is raising concerns, then you have the situation in the Ukraine, closer to home you have concerns over Scotland,” says Mr Williams. “Ultimately what we’re talking about is a lack of visibility around the political and economic environment over the next few years. When you’re looking to invest, particularly substantial investments, you need that visibility.”
★
16
FINANCIAL TIMES
Monday 15 September 2014
COMPANIES General financial
General financial
Plan for global forex platform under fire
Bond traders on lookout for change of words in US Fed policy
Critics say scheme could hamper competition and push up prices SAM FLEMING – LONDON DANIEL SCHÄFER – LONDON JAMIE SMYTH – SYDNEY
A proposal to reform the foreign exchange market by creating a central platform looks unlikely to get off the ground after industry participants raised doubts about the practicality of the scheme. Several banks and lobby groups have
argued in submissions to regulators against the concept of creating a global platform to match fixing orders, saying that it could hamper competition and innovation, create risks and push up prices. “Having a central utility would create enormous single point-of-failure risks,” said ACI, a forex industry umbrella organisation, in its response to the rules proposed in a Financial Stability Board consultation paper. “Choice as to participation on existing utilities is made largely for participants for their own individual commercial reasons. Such choice must be left to par-
ticipants in an open market,” it added. Deutsche Bank, one of the largest dealers in the $5.3tn a day global forex market, said in a submission to the FSB that regulatory backing of the infrastructure “may be to the detriment of innovation to provide alternative solutions, competitive pricing and risk management”. The idea was part of 15 initial reform proposals that were brought forward by the umbrella regulatory group in July following allegations surrounding the 4pm fixing in the forex market. The FSB said that it was interested in the creation of a “utility” to match fixing orders from
around the globe to reduce the scope for manipulation – in effect undercutting banks’ role in the daily rate “fixes”, which are determined by averaging different market-makers’ order prices. Its working group, led by Paul Fisher of the Bank of England and Guy Debelle of the Reserve Bank of Australia, is finalising reform suggestions ahead of G20 meetings in Australia. The FSB declined to comment ahead of their report’s publication. The responses to the FSB show there is support for the central order matching concept among some lobby groups and firms, for example banks ANZ, NAB and
Commerzbank, even as other respondents stressed the technical hurdles. “Provided that such a utility would come under prudent supervision, we would strongly support such a change in the market infrastructure, as it would help to reinstate the credibility of the FX markets and its participants,” Commerzbank said in its letter to the FSB. Several firms, including State Street and a partnership between ICAP and EBS, are already setting up their own forex matching and execution platforms, a business model that would be threatened by the creation of a centralised global market infrastructure.
Analysis. Mobile and telecoms
Google launches Android mission Company views low-cost smartphones as the key to 1bn potential new users DANIEL THOMAS AND MURAD AHMED
Amid the noise from a stream of expensive flagship smartphone launches by Apple and others, Google has been quietly setting its sights on a much larger market of consumers who have yet to buy their first smartphone. The US technology group will this weeksetouttoestablishthesmartphone standard for the next billion mobile phone users in emerging markets by launching a low-cost platform in partnership with local manufacturers. In New Delhi today Google will reveal the first handsets to be produced as part of an initiative that has become a personal project for Sundar Pichai, the Chennai-born boss of its operating system, Android. The launch is important for the companyasitsseekstosupplantbrandssuch asNokiainemergingmarkets.Thismarketismuchlessprofitableintermsofthe margin on the average selling price, but havingtheeyesandearsofhalftheworld has rewards for Google, which has embarked on a mission to connect the next billion customers to the internet by any means. That means another billion customersforitssearch,maps,YouTube and myriad other services. GSMA, the mobile industry trade body,lastweekforecastthatthenumber of smartphone connections worldwide would reach 6bn by 2020, from 2bn at present, with four-fifths being used in developing markets. Nokia once dominated the industry with close to half of the mobile market, but its gradual demise has coincided with the rise of Android, which runs on 70 per cent of the world’s smartphones. But unlike Nokia’s close control of its hardware and software, the open nature of the Android system has allowed a proliferation of handset makers to modify the operating system as they see fit. “Android One is key for Google in order to drive a consistent user experience at sub-$100 price points,” says Geoff Blaber, analyst at CCS Insight.
MICHAEL MACKENZIE – NEW YORK GREGORY MEYER – CHICAGO
US bond traders are warily awaiting this week’s meeting of the Federal Reserveasdebateintensifiesoverwhen the central bank will alter its guidance on the timing of higher interest rates. With the world’s largest economy showing signs of stronger activity and the Fed’s large purchases of Treasury bonds ending in October, investors are on guard that the Fed may alter a key sentence of its policy statement after a twoday meeting concludes on Wednesday. The Fed’s communication policy with the bond market about rate rises has revolved round stating near-zero overnight interest rates will remain in place for a “considerable time” once quantitative easing ends in October. The bond market generally believes that a “considerable time” entails a delay of at least six months before rate increases occur and expects a rise in official US rates starting around the middle of 2015. But a number of Fed officials have called for a change in the wording of polic y guidance as the economy strengthens and continued progress could prompt a move to lift rates before the middle of next year. “Dropping ‘considerable time’ would ‘Major hawkish step’: Steven Englander, head of G10 F/X strategy at Citi
Smart marketing: Taiwan’s HTC is one of several smartphone makers to launch new products recently, but Google is focusing on a larger customer base – AFP/Getty “Android’s success in entry-level smartphones has been driven by older versions of Android, or Android devices without Google services. If Android is to drive service usage and advertising revenue for Google, it must reduce version fragmentation and increase consistency across the full range of price tiers.” Mr Blaber adds that Android One stands to make the operating system significantly more competitive in markets such as India – “further s t r e n g t h e n i n g A n d r o i d ’s e y e watering scale advantage”. Mr Pichai has masterminded the Android One project. He took the helm at Google’s mobile software unit in 2003,
Global smartphone shipments By type (m) Low-end Mid-range High-end
2012 13 14 15 16 17 18 Source: IHS Technology
replacing Andy Rubin, who had transformed Android from a small project into the world’s most popular software for smartphones during his 10 years. Mark Hung, analyst at Gartner, says: “Sundar hasn’t really sought out the revolutionary changes to Android. He has really been bringing the platform to a maturity level that can take on its competitors.” Industry insiders describe Mr Pichai’s as a potential future chief executive. They say his personal background made him acutely aware of the need to spread mobile and internet services to the emerging markets. People familiar with Google’s thinking say it is worried that standards have
Contracts & Tenders
Are you cut out for an MBA? Find out with our free, online, self test workout. www.mbagym.com
Business Opportunities Readers are strongly recommended to take appropriate professional advice before entering into obligations.
FT BUSINESS EDUCATION Every Monday ............................................................................................................................................................. Classified Business Education Advertising UK: +44 20 7873 4906 US: +1 212 641 6500 ASIA: +852 2905 5554
slipped, leading to substandard experiences for people using smartphones for the first time. The group is working with Micromax, an Indian smartphone maker,accordingtopeoplefamiliarwith the situation. Chipmakers such as MediaTek have also been engaged to produce phones, they say. “India is the first target market, and other countries will swiftly follow,” says a person familiar with the plans. Markets in Asia, Africa and Latin America are being considered, the person adds. One market that Android One is not expected to enter soon is China, where Google has a difficult relationship with the authorities and has pulled its search offering.
beamajorhawkishstep,evenifreplaced by a ‘data dependent’ pace of rate hikes and a FOMC view that considerable slack remains in place,” said Steven Englander, head of G10 F/X strategy at Citi. “It would be seen as opening up room for hiking before mid-2015 and as opening risk of a faster move of policy rates to their equilibrium.” Michael Creadon, chief executive of Traditum,aChicagoproprietarytrading firm said investors were actively debating: “Are they going to tighten in the second quarter or third quarter [of 2015]?” Uncertainly around this week’s FOMC meeting has seen the policy-sensitive two-year Treasury note yield touch its highest level since May 2011, the dollar gain strength and market expectations of future inflation drop sharply as tighterFedpolicyexpectationsarebeing acknowledged. Such momentum was also fuelled by the San Francisco Fed publishing a policy paper last week observing how the bond market anticipates a slower pace of rate hikes during the coming years than the central bank’s much higher forecasts. “Youhavetoconcludethatthemarket thinks that the Fed is being overly optimistic,” said Donald Wilson, chief executive of DRW Trading, a large proprietary trading group in Chicago. “Or, perhaps, the market’s concluding that Janet Yellen is more dovish than the average committee member and that because she’s the chairman she will have greater influence.”
Pharmaceuticals
US more open to obesity drugs ANDREW WARD – LONDON
US regulators are becoming more open to drugs for tackling obesity, according to Lars Sorensen, chief executive of Novo Nordisk, as the Danish company pushes for approval of a weight-loss medicine that analysts forecast could generate $1bn in annual sales. He said that he had detected a shift in attitude towards a drug category that has long faced scepticism from regulators and healthcare professionals as the US struggles to combat its rising rate of obesity. “Obesity was seen as a behavioural problem. That is changing,” he said. “Regulators are seeing that obesity is a problem that must also be addressed pharmacologically.” An expert panel of the US Food and Drug Administration last week recommended the use of Novo Nordisk’s liraglutide drug as a treatment for obese patients with at least one weight-related health problem, paving the way for its likely approval. The FDA also last week gavethegreenlighttoanewobesitydrug called Contrave from Orexigen Therapeutics – the third such treatment approved in the past two years. Until 2012, the agency had not approved an obesity drug for 13 years. Mr Sorensen acknowledged it would “take time” to overcome resistance to obesity drugs among doctors after a history of problematic side effects and questionable clinical benefits. But he said new medical approaches
were needed to fight obesity, which effects more than one-third of US adults and costs the US healthcare system $147bn a year, according to the Centers for Disease Control and Prevention. The FDA panel voted 14 to one to recommend Novo Nordisk’s liraglutide after trials showed that half of patients injected with the drug lost at least 5 per centofbodyweightwhilejustoverafifth lost 10 per cent. “Obesity drugs to date have been commercial flops, though the problem is growing and the demand for pharmaceutical agents is rising,” said Peter Verdult, analyst at Citigroup. Growth in obesity drugs could provide a new source of momentum for Novo Nordisk on top of its role as the world’s biggest maker of insulin for diabetics. Rising incidence of diabetes across the world has helped Novo Nordisk overtake GlaxoSmithKline to become Europe’s fourth-biggest drugmaker by market capitalisation after Roche, Novartis and Sanofi. Mr Sorensen said 10 per cent of global healthcare costs were attributable to diabetes. He said the “enormous business potential” in treating diabetes meant Novo Nordisk had no need to join the rush of mergers and acquisitions among drugmakers this year. “We’re probably not going to be good at getting into other therapeutic areas. We think we would waste capital so we’d rather concentrate on what we’re good at.” www.ft.com/vftt
Monday 15 September 2014
★
FINANCIAL TIMES
17
★
18
FINANCIAL TIMES
Monday 15 September 2014
MARKET DATA WORLD STOCK MARKETS AT A GLANCE
FT.COM/MARKETSDATA
AMERICAS
EUROPE & AFRICA
US
UK
ASIA & MIDDLE EAST Japan Finland
Norway
China South Korea Sweden Canada Denmark Russia Netherlands
India Poland Taiwan
Belgium/Luxembourg France
Hong Kong
Germany
Philippines
Switzerland
Thailand
Mexico Brazil
South Africa
Country squares are proportional to the stock market value measured by the FTSE country index as of end-Aug 2014 Colour shows the change in the country’s headline index (in bold in the table below) over the latest day’s trading (%)
<-0.4 -0.2
0
+0.2 >+0.4
1,997.45
Italy
Singapore
Spain
Turkey
Indonesia
Israel
Chile
Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison Index All World Index All World Sep 12 2014 Sep 12 2014 S&P 500 New York S&P/TSX 60 Toronto 1,955.06
Australia Malaysia
15,524.82
Index
Sep 12 2014 FTSE 100
All World
6,741.25
Index
Sep 12 2014 Xetra Dax
London 6,806.96
All World
9,593.68
Index
Sep 12 2014 Nikkei 225
Frankfurt 9,510.14
All World
Tokyo
15,620.77
Index
Sep 12 2014 Kospi
15,521.22
All World
Seoul
2,071.14
2,041.86
15,619.21
Day -0.60%
Month 17.55%
Year 2.51%
Nasdaq Composite
Day 0.02%
New York
4,508.31
Month 22.86%
Year 2.15%
IPC
4,567.60
Day 0.11%
Mexico City
44,962.88
45,799.70
Month 3.32%
Year 2.65%
FTSE Eurofirst 300
Day -0.41%
Europe
1,346.97
Month 13.62%
Year 6.41%
Ibex 35
1,382.98
Day 0.25%
Madrid
10,937.40
Month 10.56%
Year 5.40%
Hang Seng
10,690.10
Day 0.38%
Hong Kong
Month 1.90%
Year 0.12%
FTSE Straits Times
24,732.21
Singapore
3,374.06
3,330.28
25,166.91
Day -0.53%
Month 22.62%
Year 3.78%
Dow Jones Industrial
Day 0.28%
New York
16,838.74
Month 12.29%
Year 2.38%
Bovespa
16,987.51
Day -0.07%
São Paulo
58,449.29
56,927.81
Month 10.86%
Year 4.75%
CAC 40
Day 0.02%
Paris
4,312.30
Month 22.69%
Year 6.82%
FTSE MIB
Day -0.27%
Milan
4,342.11
Month 7.23%
Year -0.21%
Shanghai Composite
20,645.54
Shanghai
Month 10.84%
Country
Index
Argentina Australia
Merval All Ordinaries S&P/ASX 200 S&P/ASX 200 Res ATX BEL 20 BEL Mid Bovespa S&P/TSX 60 S&P/TSX Comp S&P/TSX Met & Min IGPA Gen FTSE A200 FTSE B35 Shanghai A Shanghai B Shanghai Comp Shenzhen A Shenzhen B COLCAP CROBEX
Year 2.52% Sep 12
Sep 11
11054.09 5532.30 5531.10 4109.00 2304.39 3172.76 4701.21 56927.81 896.82 15531.58 880.98 19456.68 6475.84 9313.20 2441.27 262.28 2331.95 1352.35 973.20 1733.52 1858.20
10966.52 5546.90 5546.10 4091.90 2315.66 3175.42 4691.72 58337.29 896.61 15534.32 872.81 19537.90 6437.79 9317.41 2420.01 260.89 2311.68 1339.99 970.94 1744.09 1864.20
Day -2.42%
Month 6.79%
Country
Index
Year 0.86% Sep 12
Sep 11
Day 0.02%
Month 7.83%
Country
Year 5.81%
Index
Cyprus Czech Republic Denmark Egypt Estonia Finland France
CSE M&P Gen 114.97 114.36 Italy FTSE Italia All-Share PX 997.46 995.04 FTSE Italia Mid Cap OMXC Copenahgen 20 759.04 751.22 FTSE MIB EGX 30 9475.68 9587.35 Japan 2nd Section OMX Tallinn 766.41 767.20 Austria Nikkei 225 S&P Topix 150 OMX Helsinki General 7630.18 7643.03 Belgium Topix CAC 40 4441.70 4440.90 SBF 120 3464.10 3461.66 Jordan Amman SE Brazil Germany M-DAX 16164.77 16146.88 Kenya NSE 20 Canada TecDAX 1256.64 1254.98 Kuwait KSX Market Index Latvia OMX Riga XETRA Dax 9651.13 9691.28 Greece Athens Gen 1161.28 1166.60 Lithuania OMX Vilnius Chile FTSE/ASE 20 376.75 378.43 China Luxembourg Luxembourg General Hong Kong Hang Seng 24595.32 24662.64 Malaysia FTSE Bursa KLCI HS China Enterprise 11014.69 11032.91 Mexico IPC HSCC Red Chip 4812.58 4829.02 Morocco MASI Hungary Bux 18691.80 18638.28 Netherlands AEX AEX All Share India BSE Sensex 27061.04 26995.87 S&P CNX 500 6572.70 6554.75 New Zealand NZX 50 Colombia Nigeria SE All Share Indonesia Jakarta Comp 5143.71 5133.03 Ireland ISEQ Overall 4901.74 4889.09 Croatia Norway Oslo All Share Pakistan KSE 100 Israel Tel Aviv 100 1284.56 1282.44 (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.
Sep 12
Sep 11
22305.91 27124.17 21071.12 4140.28 15948.29 1102.20 1313.72 2129.01 5169.50 7487.95 423.19 456.88 866.67 1855.64 45799.70 9857.34 417.80 642.58 5223.97 40757.20 680.70 30044.89
22321.95 27059.08 21092.24 4139.93 15909.20 1098.98 1311.24 2125.86 5161.21 7479.82 426.56 455.26 871.38 1866.11 45672.60 9918.50 418.01 643.51 5262.32 40885.40 677.26 29858.37
Apple Yahoo Ebay Facebook Class A Bank Of America Microsoft Gilead Sciences Health Care Reit Exxon Mobil Amazon.com BIGGEST MOVERS Ups Yahoo Staples Best Buy Ebay Intercontinental Exchange
stock traded m's 62.1 29.1 20.7 19.5 19.4 16.6 14.9 10.7 9.8 9.7
close price 101.66 42.88 52.19 77.48 16.79 46.70 103.66 63.25 95.78 331.19
Day's change 0.23 1.62 1.51 -0.44 0.22 -0.31 -2.73 -3.24 -1.25 0.67
Close price
Day's change
Day's chng%
42.88 12.95 33.62 52.19 194.68
1.62 0.44 1.12 1.51 4.99
3.93 3.48 3.45 2.98 2.63
Downs Noble (the United Kingdom) 25.95 -1.35 -4.95 Health Care Reit 63.25 -3.24 -4.87 Ventas 61.19 -2.91 -4.54 Hcp 40.55 -1.90 -4.48 Diamond Offshore Drilling 39.83 -1.78 -4.28 Based on the constituents of the S&P500 and the Nasdaq 100 index
stock traded m's Bp 140.5 Glencore 125.6 Barclays 115.2 Royal Dutch Shell 109.8 Hsbc Holdings 97.3 Sabmiller 96.7 Glaxosmithkline 95.8 Rio Tinto 93.5 British American Tobacco 91.8 Astrazeneca 88.9
close price 470.15 358.75 230.00 2387.50 657.40 3405.50 1441.00 3205.00 3629.50 4522.00
Day's change -2.05 -2.35 4.50 -15.50 3.00 -14.00 11.00 1.00 9.50 -17.00
BIGGEST MOVERS
Close price
Day's change
Day's chng%
99.30 479.00 656.50 195.00 187.00
3.90 17.50 23.50 6.40 6.00
4.09 3.79 3.71 3.39 3.31
Downs Aveva 1620.00 -548.00 Kazakhmys 280.40 -7.40 Associated British Foods 2621.00 -56.00 Ocado 306.60 -6.10 Whitbread 4247.00 -81.00 Based on the constituents of the FTSE 350 index
-25.28 -2.57 -2.09 -1.95 -1.87
Ups Bwin.party Digital Entertainment Nmc Health Restaurant Moneysupermarket.com Exova
EURO MARKETS ACTIVE STOCKS Telefonica Santander Novartis N Intesa Sanpaolo Unicredit Novo Nordisk B A/s Roche Gs Bbva Sanofi Nestle N BIGGEST MOVERS Ups Cap Gemini Novo Nordisk B A/s Altice Zodiac Aerospace Assa Abloy Ab Ser. B
UK SERIES www.ft.com/equities £ Strlg Sep 11 6799.62 15621.35 16859.19 3686.28 3669.35 3697.20 3314.17 4442.09 3928.06 3621.17 3592.20 1105.93 7014.44 8718.37 3071.96 2914.00 776.07
£ Strlg Sep 10 6830.11 15672.66 16926.92 3702.15 3685.58 3715.11 3326.42 4459.01 3949.07 3636.71 3608.14 1109.12 7008.21 8714.36 3082.88 2928.84 775.61
Year Div P/E ago yield% Cover ratio 6583.80 3.40 2.15 13.68 15220.09 2.62 2.09 18.21 16516.89 2.66 2.24 16.76 3573.10 3.29 2.14 14.21 3558.97 3.30 2.16 14.02 3577.82 4.43 2.05 11.00 3217.13 1.99 2.37 21.23 4197.82 2.37 1.81 23.38 3734.51 2.28 2.58 16.99 3507.89 3.26 2.13 14.39 3483.42 3.29 2.16 14.06 1110.35 2.94 2.48 13.72 6043.13 2.55 -0.23 -168.64 7080.21 1.88 -2.75 -19.39 2886.61 2.38 1.69 24.90 2741.62 2.27 2.38 18.54 780.84 0.96 2.42 43.16
FTSE Sector Indices Oil & Gas (21) 8862.44 Oil & Gas Producers (14) 8383.38 Oil Equipment Services & Distribution (7) 23200.95 Basic Materials (32) 5464.62 Chemicals (7) 11020.51 Forestry & Paper (1) 12494.00 Industrial Metals & Mining (2) 1408.71 Mining (22) 16234.15 Industrials (115) 4398.20 Construction & Materials (13) 4227.94 Aerospace & Defense (9) 5137.45 General Industrials (6) 3400.06 Electronic & Electrical Equipment (12) 4894.11 Industrial Engineering (14) 10594.80 Industrial Transportation (8) 4116.25 Support Services (53) 6329.53 Consumer Goods (38) 16067.20 Automobiles & Parts (1) 8173.46 Beverages (6) 14189.57 Food Producers (11) 7735.86 Household Goods & Home Construction (12) 10195.67 Leisure Goods (2) 5146.55 Personal Goods (4) 21352.00 Tobacco (2) 41356.60 Health Care (18) 9533.26 Health Care Equipment & Services (8) 6096.04 Pharmaceuticals & Biotechnology (10) 13096.11 Consumer Services (92) 4333.32 Food & Drug Retailers (7) 3200.99 General Retailers (27) 2677.70 Media (24) 6427.52 Travel & Leisure (34) 7059.81 Telecommunications (8) 3493.37 Fixed Line Telecommunications (6) 4522.16 Mobile Telecommunications (2) 4583.75 Utilities (8) 8798.38 Electricity (3) 9493.16 Gas Water & Multiutilities (5) 8151.31 Financials (277) 4642.78 Banks (6) 4534.45 Nonlife Insurance (12) 2143.65 Life Insurance/Assurance (12) 7470.22 Index- Real Estate Investment & Services (25) 2611.69 Real Estate Investment Trusts (19) 2565.18 General Financial (28) 6671.02 Equity Investment Instruments (175) 7443.47 Non Financials (353) 4247.94 Technology (21) 1159.25 Software & Computer Services (13) 1244.98 Technology Hardware & Equipment (8) 1456.80
8900.71 8422.63 23070.08 5474.91 10948.84 12446.99 1389.38 16280.91 4380.19 4227.30 5116.37 3385.15 4849.08 10604.69 4091.04 6296.75 16005.64 8102.96 14213.10 7759.45 10080.61 5057.00 21117.61 41073.26 9485.57 6053.09 13032.64 4323.61 3216.72 2676.19 6388.49 7040.85 3485.36 4505.05 4577.44 8834.29 9471.39 8198.83 4621.07 4502.77 2130.58 7484.42 2604.31 2554.42 6615.08 7416.59 4244.12 1166.79 1277.05 1448.46
8956.84 8476.17 23183.85 5513.67 11009.47 12435.24 1425.96 16400.22 4396.83 4245.79 5128.57 3396.73 4824.49 10659.15 4101.15 6328.95 16044.56 8180.51 14344.00 7796.76 10047.88 5100.20 21011.60 41019.52 9558.25 6054.53 13139.91 4344.24 3238.83 2714.12 6401.16 7046.32 3512.36 4536.40 4615.11 8791.84 9224.01 8206.95 4634.63 4524.59 2132.98 7485.71 2608.08 2555.78 6658.80 7417.44 4264.23 1171.15 1287.07 1449.96
8312.31 7829.84 24197.14 5524.53 10998.93 12846.61 1736.93 16412.59 4431.64 4250.16 5318.51 3385.71 5194.90 10776.93 4621.86 6197.78 14969.03 8305.06 14662.18 6914.19 8713.92 4757.13 22535.22 36765.27 7934.83 4473.87 10992.62 4514.65 4887.99 2673.75 6242.02 6566.12 3541.89 4012.97 4935.45 8436.30 9912.27 7626.39 4585.25 4985.77 1998.33 6386.78 2475.93 2165.06 6151.79 6976.17 4080.91 1165.87 1266.35 1455.10
3.72 1.96 3.75 1.96 2.98 2.22 3.23 3.04 2.29 2.40 3.04 3.19 0.71 14.83 3.34 3.06 2.43 2.11 3.59 0.36 2.08 4.09 3.20 2.04 2.28 2.18 2.16 2.43 2.98 0.90 2.31 1.81 3.00 1.85 2.33 3.62 2.41 1.85 2.96 2.55 2.30 2.60 2.76 1.59 1.97 2.38 4.09 1.27 3.57 2.00 1.54 2.43 3.72 1.98 2.95 2.03 5.95 2.17 2.41 2.35 2.85 1.56 2.14 2.23 4.41 4.94 2.92 2.06 5.32 5.91 4.84 1.52 5.31 0.76 4.71 1.76 3.14 1.65 3.28 1.11 3.47 1.28 3.38 1.86 1.79 5.66 3.22 4.73 3.18 1.90 2.41 1.02 3.30 2.29 1.40 2.17 2.21 2.19 0.89 2.14
13.68 13.63 15.10 10.18 18.20 10.33 9.53 9.79 19.49 78.37 11.79 15.32 20.13 19.03 37.46 23.98 17.98 11.85 22.40 13.27 16.76 22.78 21.31 19.22 14.04 26.72 13.55 16.69 7.76 17.71 22.44 20.93 4.60 16.63 3.18 13.58 24.75 12.08 19.26 27.38 22.43 15.87 9.87 6.57 16.57 40.50 13.27 32.81 20.64 52.49
X/D adj 191.84 309.34 341.86 99.38 99.71 132.11 58.49 76.70 68.53 96.58 97.05 24.52 116.65 120.01 52.91 50.19 5.21
Total Return 5105.79 10583.01 11645.20 5593.13 2865.80 5649.33 3435.46 5905.12 5494.33 5559.77 2852.58 1826.59 12239.84 14865.92 5242.93 5164.53 821.26
259.22 247.86 499.92 175.69 206.58 379.57 9.30 546.43 79.95 129.56 73.83 66.77 76.42 188.35 104.06 110.36 441.01 190.35 311.22 163.17 206.97 104.69 320.64 1693.62 287.35 56.78 414.83 97.45 131.10 44.80 144.77 127.59 104.31 90.02 164.98 318.93 487.03 261.80 119.86 124.20 67.47 231.40 40.27 62.45 148.39 125.62 114.17 14.65 25.11 11.65
6977.55 6822.86 16207.99 5108.88 9256.27 12697.00 1219.25 7906.02 4232.03 4187.77 5153.57 3530.20 4204.23 12017.92 3290.73 6164.65 10947.79 7327.93 9388.43 6295.57 6748.86 4081.91 13287.67 24072.34 6664.04 5059.92 8116.07 3796.10 3564.05 2843.47 3664.74 6273.12 3467.84 3771.98 4024.45 8824.25 11917.76 8201.62 3896.86 2984.97 3495.57 6602.03 6553.28 2921.88 6974.99 3788.40 5702.99 1427.39 1594.66 1656.05
8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Hourly movements FTSE 100 6815.08 6805.93 6805.31 6802.60 6813.12 6818.27 6817.04 6804.93 6809.45 6832.02 6799.40 FTSE 250 15625.14 15652.24 15665.96 15703.26 15730.32 15732.13 15726.54 15706.52 15704.12 15736.97 15624.23 FTSE SmallCap 4442.40 4449.46 4448.96 4448.24 4450.34 4448.59 4448.51 4446.38 4445.81 4458.32 4442.40 FTSE All-Share 3628.09 3625.17 3625.35 3625.40 3630.98 3633.25 3632.52 3626.48 3628.37 3638.81 3623.69 Time of FTSE 100 Day's high:10:41:45 Day's Low13:48:00 FTSE 100 2010/11 High: 6878.49(14/05/2014) Low: 6449.27(04/02/2014) Time of FTSE All-Share Day's high:10:42:00 Day's Low08:54:00 FTSE 100 2010/11 High: 3685.07(24/02/2014) Low: 3464.12(04/02/2014) Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown. For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
UK RIGHTS OFFERS Issue price p 0.005 1295 0.235
Amount paid up -
Latest renun. date 2014-09-25 2014-09-25 2014-09-29
stock traded m's 332.7 285.2 264.7 225.2 224.1 199.3 188.5 175.7 169.4 169.3
close price 11.92 7.69 72.86 2.42 6.29 36.81 227.54 9.61 86.89 58.97
Day's change 0.00 0.03 0.00 -0.02 -0.02 0.95 0.00 0.00 0.90 0.00
Close price
Day's change
Day's chng%
57.32 36.81 45.26 25.89 39.83
1.80 0.95 0.86 0.42 0.62
3.24 2.66 1.93 1.65 1.57
Downs Edp 3.39 -0.12 -3.50 Seadrill 24.43 -0.76 -3.03 Kinnevik , Investment Ab Ser. B 27.96 -0.69 -2.42 Heineken 59.43 -1.32 -2.17 Edf 25.27 -0.56 -2.15 Based on the constituents of the FTSEurofirst 300 Eurozone index
FTSE ACTUARIES SHARE INDICES
8659.06 8190.99 22668.52 5339.22 10767.61 12207.28 1376.39 15861.60 4297.27 4130.92 5019.55 3322.03 4781.79 10351.67 4021.79 6184.28 15698.48 7985.89 13863.94 7558.34 9961.69 5028.45 20862.00 40407.52 9314.49 5956.15 12795.57 4233.88 3127.54 2616.25 6280.02 6897.80 3413.21 4418.39 4478.56 8596.47 9275.31 7964.25 4536.24 4430.39 2094.46 7298.79 2551.75 2506.31 6517.93 7272.66 4150.46 1132.64 1216.41 1423.37
Month 20.25%
Country
Index
Philippines Poland Portugal
Manila Comp Wig PSI 20 PSI General BET Index Micex Index RTX TADAWUL All Share Index FTSE Straits Times SAX SBI TOP FTSE/JSE All Share FTSE/JSE Res 20 FTSE/JSE Top 40 Kospi Kospi 200 IBEX 35 CSE All Share OMX Stockholm 30 OMX Stockholm AS SMI Index Weighted Pr
Romania Russia Saudi-Arabia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan
Year 8.52% Sep 12
Sep 11
7201.88 54021.81 5896.45 2622.58 7085.57 1458.52 1213.27 11063.14 3345.55 206.84 813.34 51247.71 55141.38 45865.20 2041.86 261.39 10888.90 7218.68 1388.59 446.47 8795.93 9223.18
7202.06 54065.27 5922.06 2633.36 7083.71 1449.63 1217.88 11126.01 3347.28 51230.89 54797.29 45830.54 2034.16 259.80 10886.30 7199.25 1382.85 444.59 8829.01 9322.95
TOKYO ACTIVE STOCKS
stock traded m's Softbank . 2539.0 Toyota Motor 1163.3 Fast Retailing Co., 637.0 Fanuc 458.4 Mitsubishi Ufj Financial,. 440.2 Sumitomo Mitsui Financial,. 386.7 Honda Motor Co., 374.7 Kddi 351.8 Sony 333.8 Nippon Telegraph And Telephone 314.1
close price 8365.00 6303.00 34125.00 18655.00 621.90 4424.00 3687.00 6403.00 2127.00 6938.00
Day's change 185.00 85.00 -10.00 -140.00 3.30 22.50 23.50 -14.00 22.50 -127.00
Close price
Day's change
Day's chng%
1066.00 1594.00 241.00 580.00 3188.00
54.00 49.50 7.00 15.00 80.50
5.34 3.20 2.99 2.65 2.59
Downs Mitsumi Electric Co., 854.00 -22.00 Fujitsu 681.60 -14.40 Alps Electric Co., 1665.00 -33.00 Ntn 471.00 -9.00 Nippon Telegraph And Telephone 6938.00 -127.00 Based on the constituents of the Nikkei 225 index
-2.51 -2.07 -1.94 -1.88 -1.80
BIGGEST MOVERS Ups Sumco Astellas Pharma . Shinsei Bank, Dainippon Screen Mfg.co., Fuji Heavy Industries
FTSE 100 Winners Barratt Developments Pearson Shire Kingfisher Meggitt Burberry Imperial Tobacco Persimmon Intercontinental Hotels Easyjet Morrison (wm) Supermarkets Mondi
Sep 12 price(p)
%Chg week
%Chg ytd
Low 1.1 1510 6.6
Day 0.88%
Month 4.05%
Country
Index
Thailand Turkey UAE UK
Bangkok SET BIST 100 Abu Dhabi General Index FT 30 FTSE 100 FTSE 4Good UK FTSE All Share FTSE techMARK 100 DJ Composite DJ Industrial DJ Transport DJ Utilities Nasdaq 100 Nasdaq Cmp NYSE Comp Russell 2000 S&P 500 Wilshire 5000 IBC VNI DJ Global Titans ($) Euro Stoxx 50 (Eur)
USA
Venezuela Vietnam Cross-Border
Year 4.82% Sep 12
Sep 11
1581.36 82193.10 5180.23 2724.20 6806.96 5954.83 3627.85 3361.66 6070.92 16987.51 8552.28 549.64 4069.23 4567.60 10911.39 1160.61 1985.54 21041.43 2715.93 632.50 243.89 3235.07
1580.87 5115.99 2713.70 6799.62 5944.17 3621.17 3357.20 6101.02 17049.00 8555.61 559.90 4092.65 4591.81 10975.99 1172.34 1997.45 21182.54 2688.57 628.99 244.73 3237.76
389.30 1178.00 5295.00 319.00 485.40 1537.00 2753.00 1369.00 2349.00 1395.00 176.50 1063.00
6.5 6.2 5.4 4.3 3.2 3.0 2.6 2.5 2.4 2.1 1.8 1.7
11.5 -12.2 85.7 -17.1 -8.0 1.4 17.8 10.5 7.7 -9.2 -32.4 1.6
Losers Associated British Foods 2621.00 -9.9 7.2 London Stock Exchange 1869.00 -8.4 7.8 Fresnillo 816.00 -6.0 9.5 Old Mutual 194.00 -5.3 2.6 Hargreaves Lansdown 1005.00 -5.3 -25.8 Anglo American 1483.00 -5.2 12.3 Whitbread 4247.00 -5.1 13.2 Babcock International 1065.00 -3.8 -21.4 Antofagasta 764.00 -3.8 -7.3 Petrofac 1062.00 -3.6 -13.2 Next 6945.00 -3.6 27.4 Admiral 1243.00 -3.6 -5.1 Based on last week's performance. †Price at suspension.
COMMODITIES
www.ft.com/commodities Energy Price* Change Agricultural & Cattle Futures Price* Change Crude Oil† Sep 92.91 0.08 Corn♦ Dec 341.00 0.00 Brent Crude Oil‡ 97.90 -0.18 Wheat♦ Dec 505.50 -4.00 RBOB Gasoline† Sep 2.53 0.01 Soybeans♦ Nov 984.50 3.00 Heating Oil† Sep 2.76 0.00 Soybeans meal♦ Oct 338.70 -0.10 Natural Gas† Sep 3.81 -0.01 Cocoa (ICE Liffe)X Dec 1983.00 14.00 Ethanol♦ Oct 1.81 -0.01 Cocoa (ICE US)♥ Dec 3040.00 12.00 Uranium Sep 33.00 - Coffee(Robusta)X Sep 1978.00 8.00 Carbon Emissions Oct - Coffee (Arabica)♥ Dec 184.20 -1.25 Diesel Sep - White SugarX 416.60 -0.80 Unleaded - Sugar 11♥ 14.27 -0.09 Base Metals (♠ LME 3 Months) Cotton♥ Oct 69.80 -0.99 Aluminium 2053.00 13.00 Orange Juice♥ Nov 146.70 -0.45 Alluminum Alloy 2160.00 30.00 Palm Oil Oct 2093.00 8.00 Copper 6851.00 15.00 Live Cattle♣ Oct 158.03 0.65 Lead 2122.75 3.75 Feeder Cattle♣ Nickel 18478.00 105.00 Lean Hogs♣ Oct 105.73 -0.65 Tin 21205.00 105.00 % Chg % Chg Zinc 2281.00 6.00 Sep 11 Month Year Precious Metals (PM London Fix) Gold 1241.25 -9.75 S&P GSCI Spt 588.72 -2.99 Silver 1870.00 -31.00 DJ UBS Spot 121.63 -2.83 Platinum 1378.00 -4.00 R/J CRB TR Palladium 846.00 -10.00 Rogers RICIX TR 3372.82 Bulk Commodities M Lynch MLCX Spt 100.41 5.63 14.85 Iron Ore (Platts) 82.75 -0.25 UBS Bberg CMCI TR 19.81 -4.16 -4.58 Iron Ore (The Steel Index) 81.90 -0.30 LEBA EUA Carbon GlobalCOAL RB Index 67.85 -0.15 LEBA CER Carbon Baltic Dry Index 1181.00 -5.00 LEBA UK Power 3128.00 84.54 84.54 Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X NYSE Liffe, ♥ NYBOT, ♣ CME, ♠ LME/London Metal Exchange. * Latest prices, $ unless otherwise stated. ± Platts. ≠ The Steel Index.
FTSE 250 Winners Petra Diamonds Dechra Pharmaceuticals Bwin.party Digital Entertainment Domino Printing Sciences Telecity Fidelity China Special Situations Just Eat Qinetiq Btg Polar Capital Technology Trust Supergroup Genus
Sep 12 price(p)
%Chg week
%Chg ytd
196.30 764.50 99.30 608.50 770.50 122.40 297.60 225.70 664.50 507.00 1230.00 1155.00
10.2 4.6 4.0 4.0 3.7 3.3 3.2 2.8 2.7 2.5 2.5 2.4
66.1 8.8 -19.3 -20.5 6.2 15.3 4.0 15.7 3.0 -13.1 -10.9
FTSE SmallCap Winners Consort Medical Gleeson (m.j.) Gem Diamonds Charles Taylor Biotech Growth Trust (the) Capital Gearing Trust Batm Advanced Communications Ld Gulf Marine Services Aberdeen Asian Smaller Companies Investment Trust Chesnara Shanks S&U
Losers Aveva Ao World Ashmore Esure Imagination Bank Of Georgia Holdings Kazakhmys Balfour Beatty Cable & Wireless Communications Al Noor Hospitals Entertainment One Grainger
1620.00 194.20 328.20 235.20 200.40 2401.00 280.40 226.00 46.75 1055.00 329.00 192.40
-25.1 -9.5 -7.5 -7.4 -7.3 -7.0 -7.0 -6.7 -6.3 -6.1 -6.0 -5.8
-25.1 -18.2 -5.8 12.6 0.3 28.3 -21.2 -16.9 17.5 26.9 -5.6
Losers New World Resources New World Resources Hogg Robinson Trinity Mirror Darty Premier Foods Carpetright Trifast Hardy Oil & Gas Hilton Food Innovation Lamprell
FT 30 INDEX
27,061.04
Day 0.24% Country
Month 35.32%
Year 6.04%
Index Euronext 100 ID FTSE 4Good Global ($) FTSE All World FTSE E300 FTSE Eurotop 100 FTSE Global 100 ($) FTSE Gold Min ($) FTSE Latibex Top (Eur) FTSE Multinationals ($) FTSE World ($) FTSEurofirst 100 (Eur) FTSEurofirst 80 (Eur) MSCI ACWI Fr ($) MSCI All World ($) MSCI Europe (Eur) MSCI Pacific ($) S&P Euro (Eur) S&P Europe 350 (Eur) S&P Global 1200 ($) Stoxx 50 (Eur)
Sep 12
Sep 11
846.53 5727.27 280.83 1382.98 2807.02 1350.37 1468.68 4248.30 1565.66 495.53 4087.61 4253.65 428.16 1736.99 1402.34 2441.37 1388.19 1413.80 1925.46 3068.46
847.41 5738.38 282.14 1383.94 2808.74 1354.99 1461.53 4321.80 1565.02 497.90 4089.39 4260.11 428.16 1735.79 1402.53 2451.53 1390.18 1414.59 1932.54 3071.22
FTSE SECTORS - LEADERS & LAGGARDS Year to date percentage changes Health Care Eq & Srv 22.99 Tobacco 13.62 Health Care 13.57 Pharmace & Biotech 12.95 Real Est Invest & Tr 11.64 Household Goods & Ho 9.47 Gas Water & Multi 8.79 Utilities 7.56 Life Insurance 6.41 Consumer Goods 5.48 Food Producers 5.18 Equity Invest Instr 3.90 Electricity 3.36 Mining 2.90 Oil Equipment & Serv 2.74 General Retailers 2.61 Basic Materials 2.05 Nonlife Insurance 1.83
Forestry & Paper Oil & Gas Oil & Gas Producers Fixed Line Telecomms FTSE 100 Index NON FINANCIALS Index FTSE SmallCap Index FTSE All{HY-}Share Index Financials Financial Services Personal Goods Industrial Eng FTSE 250 Index Travel & Leisure Support Services Media Real Est Invest & Se Leisure Goods
Stock Continental Coal Ltd London Stock Exchange Group PLC New World Resources PLC
closing Price p 1.1 2034 8.25
+or-27 -0.35
1.63 1.27 1.21 0.93 0.86 0.65 0.61 0.51 0.01 -0.27 -0.93 -1.01 -1.40 -1.63 -1.77 -2.33 -2.53 -2.90
Beverages Software & Comp Serv Construct & Material Industrials Banks Industrial Metals & Chemicals Consumer Services Technology Automobiles & Parts Aerospace & Defense Tech Hardware & Eq Telecommunications Industrial Transport Electronic & Elec Eq Mobile Telecomms Food & Drug Retailer
-3.01 -4.17 -4.62 -4.97 -4.98 -5.27 -5.62 -6.22 -6.50 -6.83 -7.93 -8.44 -11.61 -13.30 -15.32 -16.75 -29.09
FTSE GLOBAL EQUITY INDEX SERIES Sep 12 Regions & countries FTSE Global All Cap FTSE Global All Cap FTSE Global Large Cap FTSE Global Mid Cap FTSE Global Small Cap FTSE All-World FTSE World FTSE Global All Cap ex UNITED KINGDOM In FTSE Global All Cap ex USA FTSE Global All Cap ex JAPAN FTSE Developed FTSE Developed All Cap FTSE Developed Large Cap FTSE Developed Europe Large Cap FTSE Developed Europe Mid Cap FTSE Dev Europe Small Cap FTSE North America Large Cap FTSE North America Mid Cap FTSE North America Small Cap FTSE North America FTSE Developed ex North America FTSE Japan Large Cap FTSE Japan Mid Cap FTSE Global wi JAPAN Small Cap FTSE Japan FTSE Asia Pacific Large Cap ex Japan FTSE Asia Pacific Mid Cap ex Japan FTSE Asia Pacific Small Cap ex Japan FTSE Asia Pacific Ex Japan FTSE Emerging All Cap FTSE Emerging Large Cap FTSE Emerging Mid Cap FTSE Emerging Small Cap FTSE Emerging Europe FTSE Latin America All Cap FTSE Middle East and Africa All Cap FTSE Global wi UNITED KINGDOM All Cap In FTSE Global wi USA All Cap FTSE Europe All Cap FTSE Eurobloc All Cap FTSE RAFI All World 3000 FTSE RAFI US 1000 FTSE EDHEC-Risk Efficient All-World FTSE EDHEC-Risk Efficient Developed Europe
No of stocks 7453 6818 1297 1662 4494 2959 2487 7122 5482 6223 2071 5610 867 191 318 718 324 393 1495 717 1354 167 295 768 462 455 452 1293 907 1843 430 458 955 83 241 200 331 1971 1370 635 3032 1027 2959 509
US $ indicies 482.67 494.22 428.03 633.18 673.49 282.13 497.79 492.82 485.44 496.41 446.33 468.63 414.16 383.73 521.96 722.61 434.71 676.31 692.44 293.11 250.93 316.47 438.03 506.10 129.54 664.46 877.61 595.85 524.45 765.02 729.40 938.93 773.94 424.18 1159.19 813.97 383.85 496.02 431.09 400.44 6180.46 9084.09 322.73 292.76
Day % 0.0 0.0 0.0 -0.1 0.0 0.0 0.1 0.0 -0.4 0.0 0.1 0.1 0.2 0.1 -0.3 -0.5 0.4 0.2 0.3 0.3 -0.1 0.1 0.0 -0.1 0.1 -1.2 -0.7 -0.7 -1.1 -1.3 -1.4 -0.7 -0.7 -0.7 -1.0 -1.4 0.2 0.4 -0.1 -0.1 -0.1 0.2 -0.1 -0.2
Mth % 0.0 0.0 0.0 -0.1 0.0 0.0 0.1 0.0 -0.4 0.0 0.1 0.1 0.2 0.1 -0.3 -0.5 0.4 0.2 0.3 0.3 -0.1 0.1 0.0 -0.1 0.1 -1.2 -0.7 -0.7 -1.1 -1.3 -1.4 -0.7 -0.7 -0.7 -1.0 -1.4 0.2 0.4 -0.1 -0.1 -0.1 0.2 -0.1 -0.2
YTD Total % retn 4.8 640.90 5.7 644.92 4.9 580.17 4.8 807.10 3.9 833.74 4.9 394.93 4.7 935.60 5.3 645.91 2.1 680.78 5.3 664.78 4.4 596.83 4.3 620.38 4.4 560.57 -1.4 582.28 -2.4 727.65 -3.6 981.33 8.1 556.26 8.2 816.93 5.0 813.65 8.2 384.81 -0.5 377.37 -2.7 384.72 1.9 517.31 5.8 616.09 -1.8 177.15 8.2 957.35 10.5 1225.75 8.7 821.07 8.5 803.65 9.4 1054.93 9.9 1010.99 7.8 1292.71 8.2 1031.67 -7.3 591.89 8.7 1649.64 11.0 1171.17 -1.9 581.56 7.6 619.50 -1.9 635.87 -2.9 599.06 4.5 7508.59 7.6 11131.89 6.7 422.13 -0.6 415.03
YTD % 6.7 7.6 7.0 6.4 5.2 6.9 6.7 7.2 4.5 7.3 6.4 6.2 6.4 1.6 -0.2 -1.7 9.8 9.4 6.0 9.7 2.0 -1.5 2.9 7.0 -0.6 11.0 12.9 11.1 11.3 12.2 12.7 10.3 10.7 -4.3 11.4 13.3 0.8 9.0 0.8 -0.4 6.8 9.3 8.5 1.8
Sep 12 No of US $ Day Mth YTD Total YTD Gr Div Sectors stocks indicies % % % retn % Yield Oil & Gas 173 499.10 -0.4 -0.4 5.2 729.15 7.5 2.9 Oil & Gas Producers 119 451.26 -0.5 -0.5 4.2 669.85 6.6 3.0 Oil Equipment & Services 45 536.07 0.0 0.0 9.9 718.17 11.9 2.4 Basic Materials 277 488.79 -0.5 -0.5 0.0 692.27 2.2 2.6 Chemicals 116 645.91 -0.1 -0.1 0.9 922.42 2.9 2.4 Forestry & Paper 18 199.15 -0.6 -0.6 -5.6 309.08 -3.0 3.0 Industrial Metals & Mining 79 505.65 -0.5 -0.5 -0.2 716.73 1.6 2.3 Mining 64 730.48 -1.0 -1.0 -0.9 1020.87 1.9 3.2 Industrials 523 320.90 -0.1 -0.1 1.5 433.86 3.2 2.1 Construction & Materials 117 468.30 -0.6 -0.6 3.8 664.38 5.7 2.1 Aerospace & Defense 28 487.26 0.3 0.3 -0.7 654.20 0.8 2.0 General Industrials 53 220.31 -0.1 -0.1 -1.8 317.86 0.0 2.6 Electronic & Electrical Equipment 65 341.41 0.0 0.0 6.2 427.93 7.7 1.6 Industrial Engineering 101 651.94 -0.4 -0.4 -1.9 866.00 -0.3 2.1 Industrial Transportation 92 583.95 -0.4 -0.4 9.0 789.11 10.9 2.1 Support Services 67 272.55 0.2 0.2 0.5 354.63 2.1 2.1 Consumer Goods 396 406.11 0.0 0.0 1.3 560.08 3.2 2.4 Automobiles & Parts 94 399.77 -0.2 -0.2 -2.2 529.79 -0.5 2.1 Beverages 47 544.43 0.3 0.3 3.5 759.52 5.4 2.5 Food Producers 100 558.68 -0.2 -0.2 5.1 796.83 7.2 2.3 Household Goods & Home Construction 45 373.37 0.5 0.5 1.7 512.53 3.7 2.4 Leisure Goods 25 125.78 0.0 0.0 -1.7 158.34 -0.7 1.2 Personal Goods 72 576.87 -0.1 -0.1 -4.3 763.96 -2.9 1.8 Tobacco 13 1090.56 0.4 0.4 6.9 2013.04 10.2 4.1 Health Care 150 423.88 0.4 0.4 14.0 577.20 15.9 1.9 Health Care Equipment & Services 55 549.26 -0.1 -0.1 13.6 621.29 14.5 1.1 Pharmaceuticals & Biotechnology 95 330.58 0.6 0.6 14.2 466.46 16.3 2.2 Consumer Services 369 360.20 0.0 0.0 1.4 458.16 2.7 1.7 Food & Drug Retailers 56 289.14 -0.1 -0.1 1.9 382.26 3.7 2.2 General Retailers 112 449.63 0.0 0.0 -1.3 559.34 0.1 1.7 Media 89 291.69 -0.2 -0.2 4.6 371.27 5.7 1.6 Travel & Leisure 112 356.38 0.2 0.2 1.0 457.30 2.4 1.7 Telecommunication 95 177.45 -0.4 -0.4 0.8 296.92 4.0 4.1 Fixed Line Telecommuniations 45 143.05 -0.2 -0.2 3.5 259.75 7.1 4.8 Mobile Telecommunications 50 196.42 -0.6 -0.6 -1.9 300.96 1.0 3.3 Utilities 162 268.75 -0.3 -0.3 9.8 470.02 13.1 3.8 Electricity 112 275.91 -0.3 -0.3 10.2 478.60 13.7 3.8 Gas Water & Multiutilities 50 314.22 -0.3 -0.3 9.2 561.32 12.4 3.9 Financials 642 219.31 0.0 0.0 3.6 328.99 5.9 2.7 Banks 238 212.30 0.1 0.1 2.9 337.81 5.4 3.1 Nonlife Insurance 66 206.31 0.3 0.3 3.2 279.75 5.3 2.3 Life Insurance 47 210.82 -0.1 -0.1 2.0 310.23 4.2 2.5 Financial Services 134 223.38 0.2 0.2 2.8 290.39 4.2 1.8 Technology 172 170.22 0.5 0.5 14.9 198.84 16.4 1.6 Software & Computer Services 74 280.38 0.2 0.2 10.8 317.32 11.8 1.0 Technology Hardware & Equipment 98 133.50 0.9 0.9 18.6 159.39 20.7 2.0 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Company Ambrian Fairpoint Group IPSA Group North American Income Trust (The) President Energy Savannah Resources Wetherspoon (J D)
Sep 12 price(p)
%Chg week
%Chg ytd
1030.00 384.00 211.25 242.25 565.00 3350.00 17.00 155.50 1010.00 360.00 109.00 1870.00
8.3 8.2 5.6 5.3 5.1 4.7 4.6 4.4 4.1 3.6 3.6 3.3
0.19 2.46 50.00 179.00 74.50 40.75 458.75 107.00 95.00 433.50 29.00 168.25
-62.2 -12.7 -11.4 -10.2 -8.9 -7.1 -6.6 -5.9 -5.8 -5.7 -5.5
Sep 12 price(p)
%Chg week
%Chg ytd
7.6 19.3 45.4 -3.9 20.7 5.3 -13.9 15.5 11.9 0.5 19.9
Industry Sectors Winners Personal Goods Forestry & Paper Tobacco Household Goods Aerospace & Defense Pharmaceuticals & Biotech. Health Care Equip.& Services Electronic & Electrical Equip. Banks Industrial Transportation Fixed Line Telecommunication Media
24524.03 11449.95 41356.52 12200.87 4957.45 13216.11 6000.23 3776.33 4592.32 2738.42 4451.57 6309.01
2.4 1.7 1.7 1.5 0.7 0.6 0.5 0.3 0.3 -0.1 -0.2 -0.3
-1.1 1.6 13.7 9.6 -8.0 12.9 24.2 -16.8 -4.9 -15.3 0.9 -2.1
-96.6 -36.5 -12.3 -36.7 -67.4 -8.8 33.8 26.7 1.7 -16.5 20.0
Losers Software & Computer Services Food Producers Automobiles & Parts Mining Oil Equipment & Services Life Insurance Gas Water & Multiutilities Oil & Gas Producers Industrial Engineering Real Estate Investment Trusts General Financial Support Services
1122.24 7688.87 8131.79 16909.58 22490.07 7362.96 6167.75 8328.23 10270.86 2845.21 7798.00 6397.13
-4.2 -2.9 -2.7 -2.3 -2.1 -1.9 -1.8 -1.8 -1.7 -1.6 -1.6 -1.5
-4.2 5.8 -6.9 3.1 1.7 6.4 8.7 1.1 -1.2 12.0 -0.2 -1.8
FTSE 100 SUMMARY
Sep 12 Sep 11 Sep 10 Sep 09 Sep 08 Yr Ago High Low FT 30 2724.20 2718.40 2728.50 2725.80 0.00 2856.60 2562.00 FT 30 Div Yield 1.85 1.85 1.85 1.85 0.00 3.93 2.74 P/E Ratio net 24.16 24.06 24.10 24.17 0.00 19.44 14.26 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 FT 30 hourly changes 8 9 10 11 12 13 14 15 16 High Low 2713.7 2721.1 2719.7 2720.5 2726.3 2727.5 2727.2 2721.4 2723.1 2731.0 2713.7 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30
Gr Div Yield 2.3 2.3 2.5 2.0 1.8 2.4 2.4 2.3 2.8 2.4 2.3 2.3 2.4 3.3 2.5 2.4 2.1 1.6 1.4 2.0 2.8 1.9 1.5 1.6 1.8 2.9 2.5 2.6 2.9 2.9 2.9 2.9 2.5 3.7 3.3 2.6 3.3 1.9 3.1 3.0 2.8 2.2 2.2 2.8
UK COMPANY RESULTS High 2.15 2061 98
Mumbai
26,390.96
UK MARKET WINNERS AND LOSERS
LONDON ACTIVE STOCKS
Produced in conjunction with the Institute and Faculty of Actuaries £ Strlg Day's Euro Sep 12 chge% Index FTSE 100 (100) 6806.96 0.11 6650.75 FTSE 250 (250) 15711.85 0.58 15351.28 FTSE 250 ex Inv Co (211) 16960.95 0.60 16571.72 FTSE 350 (350) 3692.87 0.18 3608.12 FTSE 350 ex Inv Co (311) 3675.72 0.17 3591.37 FTSE 350 Higher Yield (96) 3698.08 0.02 3613.21 FTSE 350 Lower Yield (254) 3325.92 0.35 3249.60 FTSE SmallCap (280) 4458.32 0.37 4356.01 FTSE SmallCap ex Inv Co (144) 3945.35 0.44 3854.81 FTSE All-Share (630) 3627.85 0.18 3544.60 FTSE All-Share ex Inv Co (455) 3598.60 0.18 3516.01 FTSE All-Share ex Multinationals (565) 1110.07 0.37 898.93 FTSE Fledgling (105) 7008.33 -0.09 6847.50 FTSE Fledgling ex Inv Co (56) 8716.03 -0.03 8516.01 FTSE All-Small (385) 3082.43 0.34 3011.69 FTSE All-Small ex Inv Co Index (200) 2926.22 0.42 2859.07 FTSE AIM All-Share Index (832) 776.94 0.11 759.11 -0.43 -0.47 0.57 -0.19 0.65 0.38 1.39 -0.29 0.41 0.02 0.41 0.44 0.93 -0.09 0.62 0.52 0.38 0.87 -0.17 -0.30 1.14 1.77 1.11 0.69 0.50 0.71 0.49 0.22 -0.49 0.06 0.61 0.27 0.23 0.38 0.14 -0.41 0.23 -0.58 0.47 0.70 0.61 -0.19 0.28 0.42 0.85 0.36 0.09 -0.65 -2.51 0.58
Year 1.29%
2,345.83
Day -0.10%
STOCK MARKET - BIGGEST MOVERS AMERICA ACTIVE STOCKS
Month 7.20%
BSE Sensex
2,283.92
20,887.53
Day -0.36%
Day -0.05%
FTSE 100
Closing Day's Price Change FTSE 100
3I Group PLC Aberdeen Asset Management PLC Admiral Group PLC Aggreko PLC Anglo American PLC Antofagasta PLC Arm Holdings PLC Ashtead Group PLC Associated British Foods PLC Astrazeneca PLC Aviva PLC Babcock International Group PLC Bae Systems PLC Barclays PLC Barratt Developments PLC Bg Group PLC Bhp Billiton PLC BP PLC British American Tobacco PLC British Land Company PLC British Sky Broadcasting Group PLC Bt Group PLC Bunzl PLC Burberry Group PLC Capita PLC Carnival PLC Centrica PLC Coca-Cola Hbc AG Compass Group PLC Crh PLC Diageo PLC Easyjet PLC Experian PLC Fresnillo PLC Friends Life Group Limited G4S PLC Gkn PLC Glaxosmithkline PLC Glencore PLC Hammerson PLC Hargreaves Lansdown PLC HSBC Holdings PLC Imi PLC Imperial Tobacco Group PLC Intercontinental Hotels Group PLC International Consolidated Airlines Group S.A. Intertek Group PLC Intu Properties PLC Itv PLC Johnson Matthey PLC Kingfisher PLC
378.20 432.20 1.24k 1.62k 1.48k 764.00 954.50 1.03k 2.62k 4.52k 525.50 1.06k 459.00 230.00 389.30 1.18k 1.85k 470.15 3.63k 720.00 874.00 389.40 1.61k 1.54k 1.18k 2.38k 322.00 1.37k 973.50 1.48k 1.81k 1.40k 1.07k 816.00 303.40 259.50 347.80 1.44k 358.75 599.50 1.00k 657.40 1.31k 2.75k 2.35k 374.00 2.74k 341.20 216.50 3.17k 319.00
3.40 1.00 8.00 -28.00 -12.00 -3.00 6.00 7.00 -56.00 -17.00 -5.50 5.00 2.00 4.50 10.00 -3.00 -0.50 -2.05 9.50 -0.50 6.00 1.60 -9.00 18.00 5.00 8.00 -1.60 -7.00 -2.50 2.00 -1.50 7.00 5.00 -3.00 2.10 4.90 3.00 11.00 -2.35 4.00 1.00 3.00 0.00 49.00 24.00 -0.30 14.00 1.40 -0.30 20.00 -1.00
Closing Day's Price Change
Land Securities Group PLC Legal & General Group PLC Lloyds Banking Group PLC London Stock Exchange Group PLC Marks And Spencer Group PLC Meggitt PLC Mondi PLC Morrison (Wm) Supermarkets PLC National Grid PLC Next PLC Old Mutual PLC Pearson PLC Persimmon PLC Petrofac Limited Prudential PLC Randgold Resources LD Reckitt Benckiser Group PLC Reed Elsevier PLC Rexam PLC Rio Tinto PLC Rolls-Royce Holdings PLC Royal Bank Of Scotland Group PLC Royal Dutch Shell PLC Royal Dutch Shell PLC Royal Mail PLC Rsa Insurance Group PLC Sabmiller PLC Sage Group PLC Sainsbury (J) PLC Schroders PLC Severn Trent PLC Shire PLC Smith & Nephew PLC Smiths Group PLC Sports Direct International PLC Sse PLC St. James's Place PLC Standard Chartered PLC Standard Life PLC Tesco PLC Travis Perkins PLC Tui Travel PLC Tullow Oil PLC Unilever PLC United Utilities Group PLC Vodafone Group PLC Weir Group PLC Whitbread PLC Wolseley PLC Wpp PLC Xstrata PLC
1.06k 238.10 74.58 1.87k 425.00 485.40 1.06k 176.50 897.50 6.94k 194.00 1.18k 1.37k 1.06k 1.43k 4.62k 5.42k 992.50 496.30 3.20k 1.02k 349.70 2.48k 2.39k 423.40 475.00 3.41k 382.80 287.10 2.45k 1.95k 5.30k 1.08k 1.35k 712.50 1.49k 700.00 1.24k 410.60 228.65 1.68k 360.10 706.50 2.70k 849.00 203.65 2.70k 4.25k 3.28k 1.27k 1.03k
1.00 1.50 0.50 2.00 -0.70 -0.20 4.00 -1.30 -6.00 -5.00 -2.40 24.00 21.00 -11.00 0.50 -27.00 50.00 5.50 1.00 1.00 3.00 3.70 -18.00 -15.50 0.80 1.90 -14.00 -0.10 1.80 20.00 -14.00 70.00 4.00 11.00 -1.50 5.00 3.50 -1.00 -2.80 -1.55 14.00 -1.60 9.00 4.00 -5.00 0.20 -16.00 -81.00 29.00 3.00 7.08
UK STOCK MARKET TRADING DATA Sep 12 Sep 11 Sep 10 Sep 09 Sep 08 Yr Ago SEAQ Bargains 9594.00 6887.00 6140.00 8180.00 7667.00 7667.00 Order Book Turnover (m) 24.43 24.15 32.51 30.98 30.13 30.13 Order Book Bargains 539585.00 603021.00 553284.00 600276.00 570013.00 570013.00 Order Book Shares Traded (m) 1097.00 1162.00 1105.00 1323.00 1139.00 1139.00 Total Equity Turnover (£m) 3463.79 3259.74 2868.19 2665.90 2973.73 2973.73 Total Mkt Bargains 634780.00 717375.00 630155.00 686219.00 696376.00 696376.00 Total Shares Traded (m) 5517.00 3471.00 3021.00 3916.00 4251.00 4251.00 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. (c) Market closed.
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Data provided by Morningstar
ß
®
www.morningstar.co.uk
UK RECENT EQUITY ISSUES Int Int Pre Int Int Int Pre
Turnover 1528.402 1383.317 13.957 13.942 4.327 3.707 5.839 1409.333
5.725 1280.929
1.165 1.011 0.368 19.996 1.934L 0.919L 78.365
Pre-tax 1.307 2.475 1.876L 40.379 2.903L 0.261L 57.143
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. For more information on dividend payments visit www.ft.com/marketsdata
0.008 1.87 0.34 13.8 0.006L 0.6L 33.9
EPS(p) 0.008 4.51 1.74L 16.57 0.01L 0.47L 37.8
Div(p) 2.3 6 8
2.15 5.5 8
Pay day Oct 24 Oct 31 Nov 27
Total 6.15 16 12
5.7 18.5 12
Issue date 09/11 09/11 09/10 09/10 09/02 08/28 08/28 08/28 08/27 08/22 08/19 08/12 08/05
Issue price(p) 50.00 50.00 50.00 45.00
Sector
AIM AIM AIM AIM
Stock code LSEN LSEF NWRN NWRF PERA FJVS GNI MED AUCT ATQT IGCS FFX
Stock London Stock Exchange Group PLC London Stock Exchange Group PLC New World Resources PLC New World Resources PLC Perform Group PLC Fidelity Japanese Values PLC Fidelity Japanese Values PLC General Industries PLC Medaphor Group PLC Auctus Growth PLC ATTRAQT Group PLC India Capital Growth Fund Ltd FairFX Group PLC
§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir For a full explanation of all the other symbols please refer to London Share Service notes.
Close price(p) 574.00 0.00 0.19 0.00 0.00 5.05 24.00 57.50 55.00 53.50 5.63 62.00
+/-3.00 0.00 -0.04 0.00 0.00 0.33 1.50 0.00 -1.00 0.00 -0.13 1.00
High 630.50 0.00 0.85 0.00 0.00 6.50 23.63 58.00 66.68 55.00 7.00 62.00
Low 554.00 0.00 0.15 0.00 0.00 3.50 14.00 53.96 50.00 52.48 0.60 43.00
Mkt Cap (£m) 0.0 0.0 0.0 0.0 0.0 115.1 247.2 1157.1 134.2 1103.5 210.9 0.0
★
Monday 15 September 2014
19
FINANCIAL TIMES
MARKET DATA FT500 - The World's Largest Companies Stock
52 Week High Low
PriceDay Chng
Yld
P/E MCap m
Stock
Australia ANZ BHPBilltn♦ CmwBkAu♦ CSL♦ NatAusBk Telstra♦ Wesfarmers♦■ Westpc WoodsdPet♦ Woolworths♦
32.83 35.79 80.23 73.36 34.25 5.54 43.75 34.25 42.34 35.25
-0.31 0.29 -0.41 -0.44 -0.17 -0.05 -0.09 -0.37 -0.01 -0.05
35.07 39.79 83.92 75.13 37.07 5.76 45.88 35.99 44.23 38.92
28.84 34.35 70.36 63.77 31.90 4.84 40.70 30.00 36.54 32.42
4.98 3.47 4.73 1.56 5.53 5.10 4.04 5.07 3.54 3.82
13.76 16.25 15.52 25.92 14.29 15.56 21.54 15.57 18.39 18.19
905.00 1.15k 1.30k 348.18 810.28 689.35 500.18 1.06k 348.84 444.11
85.76
-0.73
88.05
69.14
1.81
21.43
1.38k
15.47 30.90 32.65 36.92 40.37 33.11 10.21 19.06 8.04 28.59
-0.33 -0.88 -1.50 -1.19 -0.33 -0.84 -0.29 -1.07 0.12 0.23
17.85 38.19 35.98 41.30 47.10 38.74 11.55 23.50 8.25 38.93
15.01 18.61 20.58 27.13 28.10 23.91 7.73 12.01 5.50 27.80
1.84 5.36 2.95 0.88 2.68 0.45 1.15 2.61 3.18 3.61
21.35 6.63 23.10 12.08 21.13 10.01 10.27 13.57 15.81 69.47
2.43k 885.41 653.00 776.66 634.71 917.16 240.18 1.42k 311.14 919.79
LOreal Lafarge LVMH Orange PernodRic Renault Safran Sanofi Schneider SocGen StGobn Total SA UnibailR Vinci Vivendi
Belgium AnBshInBv
Brazil Ambev BncBrasil BncoDoBrasl Bradesco♦ Cielo ItauHldFin ItuasaPf♦ Petrobras SantanderBras Vale
48.34 84.58 72.97 51.40 222.89 107.01 45.31 80.56 33.24 55.12 32.74 32.62 55.79 122.58 22.24 38.06 82.16 42.92 39.69 41.70 57.77 59.48 135.06
-0.19 0.13 0.21 -0.30 -5.04 0.11 -0.02 0.36 -0.14 -0.76 0.22 0.43 -0.17 -1.17 0.24 0.86 0.30 -0.37 -0.31 0.02 0.18 -0.52 2.06
51.09 85.24 74.93 53.05 228.27 107.37 49.57 120.69 34.79 56.48 33.56 37.31 57.96 125.39 22.53 41.55 82.27 47.18 42.40 42.10 58.20 61.23 170.45
43.18 66.30 58.54 37.25 124.64 81.10 31.73 57.07 28.25 41.74 28.61 28.50 43.19 80.52 16.86 31.23 65.24 34.70 32.68 35.07 44.88 43.94 101.93
4.88 18.56 3.52 12.90 3.39 12.63 1.34 11.56 0.61 39.59 3.57 13.23 1.69 15.34 1.14 24.12 3.00 21.83 2.35 37.54 3.73 13.71 3.68 16.24 0.90 12.43 1.19 15.74 2.33 10.55 3.96 21.83 3.30 13.91 1.96 16.96 3.55 18.06 3.30 73.10 3.05 14.46 3.09 24.94 -56.76
376.03 546.72 888.17 322.34 383.93 424.86 494.81 660.07 251.61 466.52 327.01 320.86 472.88 259.77 413.32 315.65 1.18k 628.87 243.67 335.12 1.07k 421.06 450.52
3.59 3.64 5.69 5.78 4.89 23.10 14.48 99.30 29.45 7.40 22.60 13.88 5.16 10.37 162.45 10.54 63.90 18.52 9.60 7.89
0.01 -0.01 0.01 -0.01 -0.01 0.05 -0.08 -0.70 -0.01 -0.15 0.22 -0.01 0.01 0.47 -0.14 0.45 0.08
4.09 3.79 6.04 6.37 5.28 25.80 17.58 102.20 33.50 9.89 27.00 14.22 5.66 12.72 179.60 11.70 76.50 18.87 12.27 8.23
3.04 3.03 4.53 4.89 3.60 19.52 12.12 63.65 23.55 6.73 19.12 9.03 4.33 8.60 118.01 7.31 55.60 12.22 8.39 5.73
5.91 6.38 5.42 6.15 6.18 1.56 5.08 3.15 1.63 3.72 4.30 1.39 5.41 2.27 3.59 1.21 2.74 5.81 3.50
5.51 5.39 5.52 5.41 4.74 20.42 5.31 14.66 21.07 4.49 8.85 24.56 5.65 3.52 12.43 12.31 13.91 8.09 4.32 11.91
1.10k 3.04k 1.99k 13.90k 727.74 1.72k 664.76 20.23k 817.33 513.08 768.08 3.32k 4.48k 1.68k 1.86k 2.22k 2.00k 1.71k 1.43k 2.01k
161.40 14.87k 274.00
40.00 7.10
164.80 14.95k 276.00
114.30 10.1k 179.60
1.24 1.36 1.19
15.68 24.95 28.04
1.63k 326.81 1.35k
18.79 6.54 37.19
-0.29 0.01 0.03
20.32 6.62 38.83
15.13 4.43 31.23
5.88 1.18 4.46
5.56 64.63 13.90
166.92 244.74 207.82
48.50 97.88 19.50 53.97 25.78 140.00 11.95 54.17 25.27 19.37 163.40
0.30 0.24 0.14 0.26 -0.14 -0.05 0.04 -0.32 -0.56 -0.04 0.70
57.33 101.85 20.64 61.82 29.57 153.60 12.10 57.98 29.90 21.19 177.65
41.61 83.45 16.75 46.50 24.85 126.70 8.04 48.33 21.23 16.02 136.95
1.55 20.50 2.62 20.39 4.17 9.35 2.79 -61.58 2.42 20.16 1.67 16.57 2.94 13.71 2.69 29.93 4.97 13.25 7.78 -5.40 2.31 24.30
380.41 337.29 472.15 671.39 185.16 249.79 307.75 324.82 469.58 457.07 206.30
AIA BOC Hold♦ ChngKong CNOOC♦ Galaxy Enter HangSeng HK & Chn Gas Hutchison SandsCh SHK Props Tencent
134.75 67.94 150.05 12.85 94.83 76.10 54.59 86.89 72.22 48.69 46.40 54.71 213.70 57.36 21.31
114.55 47.70 121.00 8.39 78.82 56.10 43.24 68.29 57.89 34.74 35.04 41.05 174.25 41.51 16.83
2.00 25.73 1.77 28.97 2.29 20.25 6.89 19.82 1.89 19.71 2.90 12.59 2.18 13.63 3.24 27.90 3.58 19.27 2.41 14.62 1.67 21.98 4.77 12.14 4.32 18.49 3.88 10.15 5.20 -10.16
756.10 163.60 691.58 307.04 238.20 176.25 214.41 1.15k 361.11 320.16 212.22 1.19k 203.03 280.56 260.49
133.05 77.00 106.15 66.67 89.43 164.05 62.95 27.09 11.57 25.39 14.40 76.45 153.15 153.15 31.01 59.86 97.09 174.80
-0.35 -0.17 -0.25 0.03 -0.57 -2.00 -0.26 -0.19 -0.09 0.01 0.06 0.31 -1.15 -0.30 -0.58 -0.01 -0.45 -0.30
134.40 88.28 106.90 77.33 96.10 183.25 71.27 40.00 13.15 28.47 15.37 77.68 158.45 170.40 32.98 63.30 101.35 197.95
112.00 69.13 82.27 63.68 77.58 121.20 56.05 24.17 9.80 22.94 12.89 62.13 137.05 141.20 23.97 51.87 86.44 161.00
3.00 9.91 3.51 14.07 1.98 24.60 0.78 27.03 2.18 9.98 1.13 15.86 3.58 10.20 1.9430199.89 3.23 21.74 14.95 1.19 -202.01 1.19 19.17 1.46 22.32 3.55 7.69 3.18 -7.22 1.24 22.46 3.19 17.86 1.72 8.27
603.70 707.25 877.81 151.22 538.36 328.11 673.44 373.50 514.76 307.14 278.18 198.61 284.36 263.56 190.59 715.03 821.51 515.82
42.75 25.65 139.10 14.30 54.10 130.70 17.72 101.20 46.65 117.90 122.90
-0.20 -0.15 -0.50 -0.34 -0.10 -0.80 -0.04 -0.40 0.15 -0.20 0.70
44.20 26.65 152.00 16.48 84.50 133.00 18.40 113.50 68.00 120.20 134.00
34.65 21.50 111.80 11.42 51.90 117.60 13.91 91.70 45.95 83.40 77.56
0.96 3.74 2.37 3.77 3.99 1.82 2.16 3.52 2.78 0.19
28.05 12.38 7.86 9.70 23.52 15.78 28.01 27.79 19.35 8.72 48.32
5.15k 2.71k 3.22k 6.38k 2.30k 2.50k 1.86k 4.31k 3.76k 3.21k 11.51k
855.70 1.05k 1.56k 3.67k 355.65 1.58k 428.65 1.02k 2.63k 806.10 2.61k
1.35 12.45 -1.45 -14.25 4.45 -16.45 -0.85 -3.80 27.30 -16.20 9.25
869.90 1.15k 1.62k 3.85k 387.50 1.78k 471.85 1.15k 2.83k 878.40 2.67k
587.70 755.00 879.20 2.88k 307.55 776.55 260.80 793.10 1.46k 535.55 1.89k
0.77 1.28 2.82 1.66 1.46 0.75 2.25 0.90 1.09 0.30 1.18
25.93 21.20 16.57 20.05 32.40 28.26 13.98 13.42 13.27 87.76 25.51
20.53k 16.46k 18.07k 20.97k 28.29k 14.63k 36.67k 32.83k 19.64k 16.70k 51.08k
7.22k
-25.00
8.05k
5.9k
2.41
15.14 2924.94k
18.65k
190.00
19.07k
12.8k
0.02 1783.04 177.56k
19.49 4.22 18.78 16.23 2.42 40.47 0.93 17.74 6.29
-0.01 0.02 -0.09 0.04 -0.02 -0.13 -0.01 0.11 -0.02
21.50 4.49 20.46 17.70 2.66 43.30 1.01 18.45 6.89
14.92 2.75 16.20 14.54 1.49 35.22 0.56 14.78 4.54
1.61 2.48 4.71 2.23 1.66 1.29 1.24 -
22.83 12.19 13.26 16.75 -8.49 33.99 20.70 18.55 -2.76
160.95 396.63 682.50 252.68 375.83 194.55 124.81 209.43 364.68
1.59k 49.50 3.69k -7.50 3.52k 13.50 14.54k -55.00 4.82k -31.50 8.08k -31.00 18.66k -140.00 34.12k -10.00 820.00 5.90 3.69k 23.50 3.68k 8.50 6.40k -14.00 45.68k 70.00 2.24k 3.50 2.42k -6.00 1.38k -4.50 1.74k 6.50
1.63k 4.02k 3.52k 15.65k 5.80k 8.83k 19.46k 45.35k 877.00 4.38k 3.80k 6.58k 46.32k 2.26k 3.16k 1.43k 1.75k
945.00 3.20k 2.89k 10.66k 4.22k 7.10k 15k 30.35k 606.00 3.29k 2.99k 4.72k 34k 1.77k 2.20k 1.01k 1.31k
0.74 1.53 3.34 0.33 1.47 1.27 0.40 0.73 1.03 1.88 2.22 1.72 0.11 2.37 0.42 0.39 2.89
41.49 12.64 15.75 11.14 14.13 16.43 27.20 39.24 40.22 11.04 15.24 14.29 29.95 10.85 45.89 25.73 8.93
36.02k 30.00k 46.94k 29.95k 42.62k 31.92k 44.68k 36.20k 39.63k 66.79k 73.51k 57.43k 27.77k 37.08k 33.63k 29.69k 31.29k
Israel TevaPha
Italy Atlantia Enel ENI Generali IntSPaolo Luxottica TeleItalia Tenaris Unicred
Japan AstellasPh Bridgestne Canon CntJpRwy Denso EastJpRwy Fanuc FastRetail Hitachi HondaMtr JapanTob KDDI Keyence MitsbCp MitsubEst MitsubishiEle Mitsui
France Airbus Groupe AirLiquide AXA BNP Parib Carrefour ChristianDior Cred Agr Danone EDF GDF Suez Kering
0.70 -0.60 -0.60 -0.05 -0.57 -0.54 0.39 0.90 -0.08 0.08 -0.16 -0.14 -0.50 -0.39 -0.10
Indonesia Astra Int
Finland Fortum Nokia SampoA
125.75 56.90 136.20 11.67 90.49 59.60 51.50 86.89 64.26 41.66 37.37 50.03 207.10 45.87 19.33
India HDFC Bk HsngDevFin ICICI Bk Infosys ITC Larsen&T OilNatGas♦ RelianceIn SBI NewA SunPhrmInds♦ Tata Cons
Denmark DanskeBk MollerMrsk NovoB
FT 500 - Top 20 change 0.43 185.00 1.62 7.10 -2.00 -0.01 7000.00 650.00 27.30 70.00 0.05 49.50 0.22 -4.30 1.81 2.06 -14.00 0.03 23.50 -0.79
Day change % 6.54 2.26 3.93 2.66 -0.56 -0.59 1.98 1.48 1.05 1.34 0.11 3.20 1.33 -0.04 2.33 1.55 -0.22 0.05 0.64 -1.09
Week change change % 18.8 897.00 11.6 8.3 7.5 23.00 6.9 0.06 6.8 21500.00 6.3 2450.00 5.8 114.65 5.8 280.00 5.4 5.0 90.50 4.8 4.8 416.70 4.4 3.8 5.36 3.8 247.00 3.6 3.6 132.50 3.5 3.4
Month change % 19.45 22.06 20.72 11.61 9.94 12.88 11.42 -1.11 8.94 12.06 5.12 10.49 10.39 9.97 8.36 14.23 6.36 9.66 6.45 9.40
INTEREST RATES - OFFICIAL Rate Fed Funds Prime Discount Repo Repo O'night Call Libor Target
Current 0.00-0.09 3.25 0.75 0.05 0.50 0.00-0.03 0.00-0.25
Sep 12 US$ Libor Euro Libor £ Libor Swiss Fr Libor Yen Libor Euro Euribor Sterling CDs US$ CDs Euro CDs
Last 0.09 3.25 0.75 0.15 0.50 0.03 0.00-0.75
Mnth Ago 0.00-0.25 3.25 0.75 0.25 0.50 0.00-0.10 0.00-0.25
Year Ago 0.00-0.25 3.25 0.75 0.75 0.50 0.00-0.10 0.00-0.25
Day 0.000 0.005 0.000 -
Change Week 0.000 -0.033 0.003 -
Month 0.000 0.004 0.001 -0.005 0.005 -0.003 0.000 0.000 0.000
One month 0.15360 0.00071 0.50438 -0.00400 0.08357 0.00700 0.50500 0.16000 -0.04000
Three month 0.23410 0.05000 0.56025 0.00500 0.11786 0.08400 0.57500 0.18000 0.02500
Six month 0.33090 0.14000 0.69875 0.05140 0.17071 0.18800 0.70500 0.25000 0.13500
One year 0.58220 0.29929 1.04744 0.15500 0.32071 0.35200
Short 7 Days One Three Six One Sep 12 term notice month month month year Euro -0.15 -0.05 -0.18 -0.05 -0.15 0.02 -0.05 0.10 0.06 0.21 0.23 0.38 Sterling Swiss Franc -0.15 0.05 -0.15 0.07 -0.15 0.08 -0.05 0.15 0.01 0.21 0.06 0.26 Canadian Dollar 1.00 1.15 1.00 1.15 1.03 1.18 1.12 1.27 1.27 1.42 1.54 1.69 US Dollar 0.06 0.16 0.07 0.17 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 Japanese Yen -0.05 0.10 -0.05 0.05 -0.10 0.10 -0.10 0.10 0.00 0.20 0.10 0.30 *Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sour- ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA & SONIA: WMBA. LA 7 days notice: Tradition (UK).
FX - EFFECTIVE INDICIES Sep 12
PriceDay Chng
MitsuiFud MitUFJFin Mizuho Fin NipponTT Nissan Mt Nomura NpnStlSmMet NTTDCMo Panasonic Seven & I ShnEtsuCh Softbank SumitomoF Takeda Ph TokioMarine Toyota Yahoo Jap
3.43k 47.50 621.90 3.30 204.20 0.40 6.94k -127.00 1.06k 1.50 690.70 -2.50 292.40 0.60 1.89k 8.50 1.31k 4.07k 26.50 6.71k -52.00 8.36k 185.00 4.42k 22.50 4.81k 14.00 3.30k 3.50 6.30k 85.00 418.00 -
52 Week High Low
Yld
P/E MCap m
3.83k 697.00 240.00 7.12k 1.06k 831.00 359.00 1.89k 1.41k 4.48k 6.79k 9.32k 5.47k 5.17k 3.55k 6.52k 668.00
2.88k 519.00 193.00 5.00k 824.00 587.00 262.00 1.51k 904.00 3.45k 5.27k 6.32k 3.8k 4.40k 2.83k 5.20k 407.00
0.55 2.18 2.73 2.08 2.28 1.04 1.44 2.71 0.84 1.44 1.27 0.41 2.30 3.19 1.79 2.20 0.85
39.66 33.98k 8.95 88.11k 10.24 49.60k 13.75 78.86k 10.49 47.69k 15.68 26.40k 11.64 27.79k 17.56 82.39k 24.83 32.21k 19.80 36.05k 24.79 29.00k 27.50 100.44k 8.47 62.56k 36.25 37.96k 11.66 25.40k 10.75 215.44k 18.63 23.80k
Malaysia Maybank PublicBank
10.00 19.02
-0.06 -0.10
3.77k 3.85k
9.44 17.58
5.43 2.58
14.09 17.00
914.21 738.38
17.07 124.94 46.96 34.83
0.16 1.97 0.54 0.43
17.61 134.90 49.59 35.75
12.39 108.90 36.77 27.71
1.26 0.79 1.77 0.37
18.94 29.63 15.08 23.10
12.03k 4.47k 3.66k 6.12k
11.06 76.95 59.43 10.95 23.38 31.96
-0.15 1.12 -1.32 -0.02 0.01
13.40 77.13 60.92 11.17 28.31 32.78
9.97 57.51 44.14 8.24 21.89 26.97
1.33 -17.16 0.68 25.94 1.28 25.13 218.13 20.42 3.18 17.70
184.11 336.42 342.32 422.43 216.02 966.60
115.90 176.40 145.80
1.40 0.80 2.00
117.90 195.80 153.80
91.30 132.30 123.90
1.72 2.93 4.73
9.24 8.82 28.21
1.89k 5.62k 2.20k
194.00 207.80
2.90 3.80
202.90 215.00
146.00 158.50
5.38 3.20
19.70 15.61
1.17k 1.45k
137.56 2.16k 9.92k 400.55 7.40k 233.20 76.65 26.95
0.91 13.90 -4.30 8.05 66.00 3.19 0.35 0.01
158.69 2.21k 10.06k 435.00 7.58k 270.20 106.80 29.90
114.00 1.72k 6.57k 303.60 4.56k 214.39 65.33 24.13
4.16 4.79 1.33 2.81 9.02 5.29 3.56 -
3.06 6.52 21.59 8.65 40.77 4.39 4.05 3.85
32.57k 18.40k 9.38k 12.16k 11.71k 24.71k 16.55k 9.63k
74.75 133.75 75.00
0.65 1.39 -0.08
79.50 136.00 76.00
59.22 96.00 40.00
3.03 3.55 2.22
18.49 16.52 13.04
1.21k 4.01k 1.5k
18.52 37.29 62.03 9.77 3.90 23.04
0.14 -0.27 -0.57 0.05 0.04
18.54 38.10 64.60 10.60 4.08 24.24
15.65 30.06 49.34 9.05 3.42 19.40
3.01 0.65 2.14 3.35 4.14 2.92
7.44 13.91 15.11 10.52 18.63 11.89
455.60 417.69 426.71 341.24 621.80 368.94
250.80 1.30k 618.23
-6.20 11.00 -1.77
263.44 1.47k 652.99
185.06 897.78 470.15
0.03 1720.31 0.00 9002.49 0.03 1360.24
4.64k 5.42k 4.02k
220.00k 274.00k 43.50k 708.00k 361.00k 44.50k 1201.00k
6.5k 2k 900.00 9k 7k 650.00 9k
269k 323.5k 44.85k 880k 363.5k 52.4k 1503k
212k 270k 27.05k 513k 268.5k 28.75k 1180k
0.68 0.59 0.17 0.08 1.93 0.93
9.61 7.69 4.74 23.53 5.56 23.18 18.74 11.92
0.00 0.03 -0.03 -0.07 -0.02 0.16 -0.04 -
9.99 7.96 4.92 24.45 5.77 24.36 21.07 13.14
7.86 5.69 3.06 14.65 4.20 20.21 16.94 10.84
186.70 90.90 302.70 252.00 90.00 90.05 328.00
1.50 0.05 1.30 0.20 0.15 0.90 3.10
195.80 91.45 305.00 264.80 101.00 94.55 341.80
154.80 75.05 247.90 191.70 75.75 67.55 272.90
Mexico AmerMvl FEMSA UBD GrupoMexico WalMrtMex
Netherlands ArcelorMit ASML Hld Heineken ING Philips Unilever
Norway DNB Statoil Telenor
Qatar Inds Qatar QatarNtBk
Russia Gzprm neft Lukoil Magnit Novatek Nrlsk Nckl Rosneft SbankR Surgnfgz
Saudi Arabia AlRahji Bk SaudiBasic SaudiTelec
Singapore DBS♦ Jard Str♦ JardnMt♦ OCBC♦ SingTel UOB
South Africa MTN Grp Naspers N Sasol
South Korea HyundaiMot HyundMobis KoreaElePwr Naver Posco SK Hynix SmsungEl
5.61 12.19 12.47 75.52 20.63 9.95 8.25
484.61k 261.77k 271.02k 210.96k 314.74k 316.04k 1769.07k
1.65 -46.30 4.68 17.91 2.51 67.65 3.02 14.68 2.23 14.58 1.41 29.89 4.09 19.71 4.99 12.30
565.64 921.28 265.15 235.46 346.63 722.44 240.33 542.48
2.98 3.34 3.24 2.25 4.43 4.50 3.55
728.54 2.74k 4.42k 1.15k 3.64k 1.95k 2.01k
Spain BBVA BcoSantdr CaixaBnk GasNatur Iberdrola Inditex Repsol Telefonica
Sweden AtlasCpcoB Ericsson H&M Investor Nordea Bk SEB SvnskaHn
18.80 20.87 26.21 3.38 12.67 12.24 14.04
Sep 11
change -1.07 -56.00 -0.88 -0.14 -1.45 -0.34 -2.91 -1.19 -0.29 -1.50 -0.84 -16.20 -5.10 -0.10 9000.00 -25.00 -0.81 -0.44 -12.00 -0.99
Day change % -5.32 -2.09 -2.77 -1.31 -2.91 -2.32 -3.84 -3.12 -2.76 -4.39 -2.47 -1.97 -2.98 -0.18 1.29 -0.34 -1.99 -1.77 -0.80 -1.18
Day's change
Month's change
Week change change % -1.57 -12.1 -307.00 -9.9 -2.99 -9.8 -0.94 -9.3 -8.7 -1.16 -8.0 -7.9 -1.41 -7.4 -0.50 -7.2 -1.27 -6.9 -2.05 -6.8 -51.75 -6.8 -6.0 -2.55 -5.8 -42000.00 -5.6 -325.00 -5.6 -5.5 -5.3 -110.50 -5.2 -5.1
Month change % 3.47 -5.34 11.86 -0.19 -5.10 -0.28 0.73 1.99 4.72 -2.45 -1.90 5.44 -4.46 -8.23 -6.84 -5.56 -0.33 1.20 -6.49 0.56
Sep 12
Sep 11
Mnth Ago
Australia 104.01 104.52 102.81 Sweden 82.09 82.45 82.22 Canada 104.19 104.66 103.81 Switzerland 146.33 146.17 146.36 Denmark 108.07 107.97 108.28 UK 86.94 86.54 87.95 Japan 133.84 134.12 138.29 USA 90.12 90.09 87.39 New Zealand 123.17 123.89 124.11 Euro 94.02 93.96 94.94 Norway 99.82 100.31 98.88 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Index Markit IBoxx ABF Pan-Asia unhedged Corporates( £) Corporates($) Corporates() Eurozone Sov( ) Gilts( £) Global Inflation-Lkd Markit iBoxx £ Non-Gilts Overall ($) Overall( £) Overall() Treasuries ($)
179.96 276.68 248.02 207.50 212.59 263.57 257.15 276.76 220.42 265.09 210.93 210.47
FTSE Sterling Corporate (£) Euro Corporate (€) Euro Emerging Mkts (€) Eurozone Govt Bond CREDIT INDICES Crossover 5Y Europe 5Y HiVol 5Y Japan 5Y
283.11 67.39 77.82 68.39
Return 1 month
Return 1 year
0.06 -0.03 0.07 0.07 0.11 -0.09 -0.20 -0.02 0.02 -0.07 0.09 -0.01
0.02 0.52 0.42 0.23 0.44 1.19 0.31 0.64 0.55 1.01 0.37 0.69
5.22 5.81 5.88 5.59 8.41 5.81 6.61 5.80 4.39 5.81 7.24 3.85
0.13 0.77 0.42 0.55 1.28 1.71 -0.21 0.91 0.55 1.45 1.00 0.69
3.84 6.40 5.88 6.62 9.43 4.60 7.36 6.13 4.39 5.10 8.25 3.85
-0.29 -0.21 -13.67 -0.29
-
-
0.50 0.39 3.70 0.33
3.65 5.40 -1.37 8.56
1.84 0.58 -0.38 -0.22
37.26 5.88 7.69 4.07
14.45 1.85 2.31 3.24
312.86 80.21 160.72 89.72
219.45 55.83 68.10 62.97
Markit CDX Emerging Markets 5Y 284.14 -1.75 51.72 -5.23 322.29 220.96 Nth Amer High Yld 5Y 330.99 0.82 27.34 -14.15 353.71 292.96 Nth Amer Inv Grade 5Y 63.04 0.10 5.51 -2.48 71.90 55.27 Nth AmerHiVol 5Y 128.96 -0.40 8.21 -3.29 149.70 114.61 Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Price Month Value No of Yield Nov 09 Nov 09 Prev return stock Market stocks Can 4.25%' 21 130.04 0.077 0.088 -1.08 5.18 67061.71 7 Fr 2.25%' 20 117.51 -0.667 -0.648 0.14 19.98 200154.32 14 Swe 0.25%' 22 104.55 -0.204 -0.224 -0.03 27.45 241602.89 6 UK 2.5%' 16 334.41 -1.855 -1.879 0.02 7.90 425819.49 24 UK 2.5%' 24 337.28 -0.528 -0.539 -0.97 6.82 425819.49 24 UK 2%' 35 212.56 -0.227 -0.227 -2.59 9.08 425819.49 24 US 0.625%' 21 103.19 0.156 0.185 -1.17 35.84 1040692.37 35 US 3.625%' 28 138.47 0.660 0.185 -2.13 16.78 1040692.37 35 Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par amount.
CURRENCIES Sep 12
Currency
DOLLAR Closing Mid
Day's Change
EURO Closing Mid
Day's Change
POUND Closing Day's Mid Change Sep 12
Currency
Swedbank TeliaSonera Volvo
PriceDay Chng
52 Week High Low
Yld
P/E MCap m
173.80 49.96 80.50
0.50 0.25 -0.30
184.70 54.90 105.70
146.60 43.98 80.05
5.89 4.26 3.77
13.14 14.91 29.73
1.66k 2.16k 1.17k
21.38 25.26 71.35 70.95 87.60 86.85 274.70 487.70 76.00 530.00 321.20 16.46 279.70
0.05 -0.17 -1.15 -0.40 -0.55 -0.25 -0.60 0.10 0.15 -2.00 0.07 -0.70
24.80 30.54 86.05 72.25 88.25 95.15 275.80 606.50 86.55 548.50 378.70 19.60 281.70
20.13 24.87 62.90 60.60 66.30 80.75 231.20 484.40 73.10 426.60 302.10 15.98 229.60
21.59 1.81 123.00 19.86 1.96 23.94 1.80 26.69 0.77 18.88 2.84 22.06 1.00 13.92 5.10 7.52 2.70 16.44 3.11 20.66 1.53 18.86 11.47
489.80 404.16 232.29 2.26k 2.13k 453.36 2.33k 150.41 261.48 274.55 299.12 632.76 418.01
92.10 99.40 506.00 73.80 123.00
0.30 -0.60 -4.00 0.20 -2.00
99.00 113.00 545.00 85.30 138.00
86.20 72.90 361.00 72.10 94.90
3.84 1.03 3.62 2.58 -
7.14k 14.70k 7.95k 7.03k 31.89k
354.00
Switzerland ABB CredSuisse Holcim Nestle Novartis Richemont Roche SwatchGpI Swiss Re Swisscom Syngent UBS Zurich Fin
Taiwan ChnghwTl HonHaiPrc MediaTek TaiwanPet TaiwanSem
17.67 13.69 19.22 23.08 16.71
Thailand PTT Explor
-2.00
359.00
259.00
2.24
10.22
10.11k
11.55
0.05
12.60
11.10
2.95
12.89
913.16
1.48k 2.62k 4.52k 525.50 459.00 230.00 1.18k 470.15 3.63k 874.00 389.40 322.00 973.50 1.81k 1.44k 358.75 657.40 2.75k 74.58 897.50 1.43k 349.70 5.42k 992.50 3.20k 1.02k 2.39k 3.41k 5.30k 1.49k 1.24k 228.65 203.65 1.27k
-12.00 -56.00 -17.00 -5.50 2.00 4.50 -3.00 -2.05 9.50 6.00 1.60 -1.60 -2.50 -1.50 11.00 -2.35 3.00 49.00 0.50 -6.00 0.50 3.70 50.00 5.50 1.00 3.00 -15.50 -14.00 70.00 5.00 -1.00 -1.55 0.20 3.00
1.68k 3.16k 5.75k 571.50 471.00 309.90 1.36k 526.80 3.65k 954.00 451.00 403.31 1.12k 2.09k 1.71k 379.45 737.00 2.78k 86.87 916.00 1.47k 387.50 5.42k 1.00k 3.68k 1.29k 2.86k 3.49k 5.3k 1.86k 1.58k 382.00 442.06 1.56k
1.22k 1.80k 3.11k 393.90 374.10 201.75 1.01k 426.55 2.87k 782.50 339.10 302.33 874.20 950.00 1.20k 295.80 585.00 2.16k 70.02 725.16 1.13k 291.60 3.24k 810.00 2.94k 952.00 1.98k 2.65k 2.37k 1.30k 1.17k 219.97 187.35 1.16k
3.34 325.36 20.71k 1.22 32.97 20.75k 3.71 48.16 57.10k 2.85 13.41 15.49k 4.38 79.30 14.49k 2.79 33.36 37.77k 1.44 26.18 40.22k 4.65 13.17 86.15k 3.92 18.95 67.65k 3.55 16.08 15.02k 2.54 15.88 31.70k 5.28 24.82 16.14k 2.62 37.16 16.32k 2.70 19.57 45.54k 5.48 14.86 69.88k 2.69 21.75 47.55k 4.27 13.50 125.89k 4.23 38.48 26.35k -30.70 53.23k 4.55 13.59 33.85k 2.35 17.12 36.62k -4.84 22.11k 2.53 20.92 39.09k 2.48 21.45 11.33k 3.54 16.47 45.32k 2.15 8.48 19.34k 4.56 15.78 94.13k 1.82 27.15 54.89k 0.22 32.88 31.22k 5.70 44.81 14.53k 3.96 12.23 30.73k 6.46 9.64 18.57k 9.41 4.88 53.97k 2.69 16.92 16.76k
146.43 43.27 58.77 85.88 108.62 239.15 74.69 55.94 85.72 67.62 136.91 185.43 174.49 62.09 44.05 408.06 44.88 96.24 56.37 99.90 139.93 113.51 91.28 104.57 23.46 103.74 50.94
116.65 32.75 44.02 69.78 90.52 135.00 47.56 41.86 60.32 58.50 102.23 100.89 87.75 49.18 33.80 284.38 23.45 72.08 46.80 71.55 105.76 73.60 68.17 77.31 15.76 63.89 35.63
1.97 1.61 2.66 2.22 2.06 3.60 0.98 2.32 2.19 0.11 1.65 4.22 0.75 0.77 1.22 1.49 0.73 0.84 0.84 1.72 1.66 1.62
United Arab Emirates EmiratesTele
United Kingdom AngloAmer♦ AscBrFd AstraZen♦ Aviva BAE Sys Barclays♦ BG BP♦ BrAmTob♦ BSkyB BT Centrica Compass Diageo♦ GlaxoSmh♦ Glencore♦ HSBC♦ ImpTob LlydsBkg Natl Grid Prudential♦ RBS ReckittB♦ Reed Els RioTinto RollsRoyce RylDShlA♦ SABMill Shire♦ SSE♦ StandCh♦ Tesco Vodafone WPP
United States of America 3M AbbottLb Abbvie Accenture Ace Actavis Adobe AEP Aetna Aflac AirProd Alexion Allergan Allstate♦ Altria♦ Amazon AmerAir AmerExpr AmerIntGrp♦ AmerTower Amgen Anadarko♦ Aon Cp Apache AppldMat Apple ArcherDan
143.94 42.55 57.88 80.97 104.89 234.38 70.98 52.48 82.20 59.79 128.22 162.72 169.25 61.00 43.16 331.19 37.65 87.64 55.19 96.01 137.89 105.46 87.08 96.24 22.30 101.66 50.41
-0.41 -0.01 0.03 -0.54 -0.55 1.64 -1.44 -1.06 -1.49 -0.21 -4.23 0.92 -0.21 -0.03 0.67 -0.44 -0.78 -0.24 -1.82 -1.07 -1.93 0.24 -1.39 -0.63 0.23 -0.51
21.39 32.14 23.48 20.02 11.06 649.78 132.26 15.60 15.15 9.96 28.01 86.23 40.84 12.60 20.93 893.53 -42.94 17.52 9.69 56.64 22.25 -18.48 22.81 24.18 28.52 17.28 21.31
941.77 639.07 921.28 634.50 354.21 408.90 353.04 256.15 293.78 271.53 272.18 321.85 502.98 264.73 856.06 1.52k 271.15 927.76 798.41 379.96 1.04k 532.63 258.35 368.09 271.70 6.35k 329.92
52 Week High Low
Yld
34.50 -0.35 37.48 31.74 83.02 -0.18 84.48 69.91 66.49 -1.21 75.64 48.37 16.79 0.22 18.03 13.60 74.70 -0.39 77.31 62.80 38.16 0.21 41.04 32.65 113.71 -1.48 120.66 98.30 205.64k -1215.00 208.47k 163.04k 323.39 -3.72 358.89 221.07 39.90 0.53 40.06 29.55 329.07 0.56 337.65 259.48 126.95 -0.69 144.57 109.14 50.26 -0.42 57.49 43.12 80.94 -0.29 85.39 67.32 75.39 0.13 75.81 51.64 39.18 -0.10 41.89 31.44 105.02 -0.57 111.46 81.87 57.26 -0.87 68.10 53.01 91.52 -0.44 96.44 66.85 29.52 0.28 29.75 20.44 122.66 -1.17 135.10 109.27 92.32 -1.03 97.28 72.64 25.16 -0.02 26.08 20.22 52.38 0.15 55.28 45.18 79.33 1.81 84.71 66.44 72.88 -2.91 80.91 50.08 41.46 -0.49 42.57 36.83 44.76 -0.28 54.00 39.37 64.48 0.06 70.11 58.72 57.08 0.10 57.14 43.20 78.45 -0.93 87.09 62.74 20.73 -0.21 22.37 13.82 125.37 -0.57 127.32 109.50 90.67 -0.58 92.68 59.72 78.79 -1.66 81.00 68.44 31.29 -0.07 31.59 25.04 138.57 -1.43 161.03 122.52 80.57 -0.52 82.12 56.32 76.88 -0.40 81.14 66.83 81.95 -0.13 94.89 80.76 39.69 0.13 42.66 22.08 69.95 -0.68 80.63 57.20 86.85 -0.15 89.46 57.40 62.43 -0.31 64.44 48.40 89.67 -0.30 91.20 63.10 68.58 -1.34 73.75 59.72 52.67 -0.21 54.97 38.04 73.06 -1.40 75.13 64.75 64.78 -0.35 69.75 56.46 67.09 -0.69 79.98 65.20 52.19 1.51 59.70 48.06 115.47 1.05 116.31 95.02 29.65 -0.04 30.13 23.15 64.49 -0.17 70.66 60.85 101.32 -1.74 118.89 78.01 32.86 -0.39 37.73 26.45 73.74 -1.12 79.37 59.20 95.78 -1.25 104.76 84.79 77.48 -0.44 78.36 42.43 153.77 1.24 155.31 106.38 16.59 -0.07 18.12 14.40 55.45 -0.33 58.87 47.90 34.24 -0.32 39.32 30.38 126.40 -0.22 127.69 83.61 25.87 -0.15 28.09 23.50 52.79 -0.48 55.64 46.70 33.27 -0.34 41.85 31.70 103.66 -2.73 110.64 58.81 183.17 2.17 183.47 151.65 584.90 -6.21 614.44 421.49 65.86 -1.21 74.33 47.46 71.56 -0.79 73.19 38.95 96.97 -1.62 104.50 73.36 36.56 -0.20 38.25 20.25 24.40 -0.44 25.95 20.55 88.84 -0.38 93.52 73.74 94.50 -0.24 98.09 81.04 191.28 -0.44 199.21 172.19 88.26 -0.30 89.50 73.60 172.75 -4.39 185.00 72.77 34.62 -0.40 35.56 22.48 83.99 -1.17 86.80 65.09 104.58 0.03 106.74 85.50 46.58 -0.39 52.50 39.42 60.03 0.27 61.48 50.06 63.89 -0.80 69.50 55.69 106.02 -1.04 114.45 93.12 37.76 -0.59 42.49 30.81 57.72 -0.68 61.10 50.54 51.83 -0.34 52.72 35.13 63.20 -0.45 88.28 61.84 43.91 0.05 90.93 37.98
5.03 2.14 0.86 0.23 2.53 2.31 1.78 1.47 2.08 1.82 2.70 1.41 1.57 2.47 2.17 0.80 0.77 3.15 0.04 2.75 0.07 2.20 2.68 2.03 1.40 3.34 1.83 0.99 1.28 0.84 1.85 1.71 1.18 0.31 2.50 0.57 1.22 1.28 0.91 3.22 2.49 4.05 2.64 2.57 0.87 1.33 2.50 0.38 3.58 2.56 0.38 2.57 0.79 3.47 1.77 3.12 2.84 1.71 1.11 0.83 0.98 1.57 1.86 1.77 1.96 1.81 2.47 0.85 2.43 1.73 2.43 2.73 2.95 4.12 2.59 1.17 2.55 -
Stock AT&T AutomData♦ BakerHu BankAm♦ Baxter♦ BB & T BectonDic♦ BerkshrHat Biogen BkNYMeln BlackRock♦ Boeing BrisMySq CapOne CardinalHlth Carnival Caterpillar CBS♦ Celgene CharlesSch ChevrnTx Cigna Cisco Citigroup CME Grp♦ CntnentlRes Coca-Cola♦ Cognizant ColgtPlm Comcast ConocPhil Corning♦ Costco Covidien CrownCstl CSX♦ Cummins CVS Danaher Deere Delta DevonEngy DirectTV DiscFinServ Disney DominRes♦ DowChem DukeEner♦ DuPont Eaton eBay Ecolab♦ EMC Emerson EOG Res Exelon ExpScripts ExxonMb Facebook Fedex♦ FordMtr Franklin Freeport-Mc GenDyn GenElectric GenMills GenMotors♦ GileadSci GoldmSchs♦ Google Halliburton♦ HCA Hold Hess♦ Hew-Pack♦ HiltonWwde HomeDep♦ Honywell IBM IllinoisTool Illumina Intel Intuit John&John JohnsonCn♦ JPMrgnCh Kellogg♦ Kimb-Clark♦ KinderM Kraft Kroger LasVegasSd LibertyGbl
PriceDay Chng
DOLLAR Closing Mid
Day's Change
EURO Closing Mid
Day's Change
POUND Closing Day's Mid Change
Argentina Argentine Peso 8.4000 -0.0075 10.8679 -0.0122 13.6324 -0.0159 Peru Peruvian Nuevo Sol 2.8615 0.0045 3.7022 0.0050 4.6439 0.0060 Australia Australian Dollar 1.1058 0.0080 1.4306 0.0100 1.7946 0.0125 Philippines Philippine Peso 43.9075 0.0500 56.8073 0.0515 71.2576 0.0615 Bahrain Bahrainin Dinar 0.3770 0.4878 -0.0001 0.6118 -0.0002 Poland Polish Zloty 3.2468 0.0055 4.2007 0.0061 5.2692 0.0074 Bolivia Bolivian Boliviano 6.9100 8.9401 -0.0021 11.2143 -0.0031 Romania Romanian Leu 3.4181 0.0033 4.4223 0.0032 5.5472 0.0038 Brazil Brazilian Real 2.3308 0.0414 3.0155 0.0529 3.7826 0.0662 Russia Russian Ruble 37.8700 0.3545 48.9960 0.4473 61.4593 0.5585 Canada Canadian Dollar 1.1073 0.0059 1.4326 0.0073 1.7970 0.0091 Saudi Arabia Saudi Riyal 3.7507 4.8526 -0.0011 6.0869 -0.0017 Chile Chilean Peso 592.8500 2.6650 767.0264 3.2701 962.1378 4.0607 Singapore Singapore Dollar 1.2634 0.0004 1.6345 0.0001 2.0503 0.0000 China Chinese Yuan 6.1346 0.0046 7.9369 0.0041 9.9559 0.0047 South Africa South African Rand 11.0088 0.0450 14.2431 0.0549 17.8661 0.0681 Colombia Colombian Peso 1996.7000 18.1000 2583.3205 22.8210 3240.4502 28.4883 South Korea South Korean Won 1035.2500 -0.8000 1339.4014 -1.3472 1680.1098 -1.7624 Costa Rica Costa Rican Colon 539.8550 0.0400 698.4617 -0.1109 876.1320 -0.1768 Sweden Swedish Krona 7.1346 0.0196 9.2308 0.0233 11.5788 0.0287 Czech Republic Czech Koruna 21.3267 -0.0008 27.5924 -0.0075 34.6112 -0.0109 Switzerland Swiss Franc 0.9351 0.0004 1.2099 0.0002 1.5177 0.0001 Denmark Danish Krone 5.7533 0.0018 7.4435 0.0007 9.3370 0.0004 Taiwan New Taiwan Dollar 30.0025 0.0100 38.8171 0.0039 48.6911 0.0028 Egypt Egyptian Pound 7.1501 9.2507 -0.0022 11.6038 -0.0032 Thailand Thai Baht 32.2100 0.0250 41.6731 0.0226 52.2737 0.0262 Hong Kong Hong Kong Dollar 7.7509 0.0004 10.0281 -0.0018 12.5790 -0.0028 Tunisia Tunisian Dinar 1.7671 0.0014 2.2862 0.0013 2.8677 0.0016 Hungary Hungarian Forint 243.2061 0.1027 314.6588 0.0597 394.6997 0.0579 Turkey Turkish Lira 2.2121 0.0132 2.8619 0.0164 3.5899 0.0204 India Indian Rupee 60.7175 -0.1375 78.5560 -0.1962 98.5386 -0.2504 United Arab EmiratesUnited Arab Emirates Dirham 3.6731 4.7522 -0.0011 5.9610 -0.0016 Indonesia Indonesian Rupiah 11820.0000 -5.0000 15292.6711 -10.0394 19182.7386 -13.4037 United Kingdom Pound Sterling 0.6162 0.0002 0.7972 0.0000 Iran Iranian Rial 9740.5000 12602.2198 -2.9388 15807.9024 -4.3493 One Month 0.6161 0.0002 0.7972 0.0000 Israel Israeli Shekel 3.6300 0.0003 4.6964 -0.0007 5.8911 -0.0011 Three Month 0.6161 0.0002 0.7971 0.0000 Japan Japanese Yen 107.3650 0.5400 138.9083 0.6665 174.2429 0.8285 One Year 0.6155 0.0002 0.7965 0.0000 One Month 107.3650 138.9083 174.2428 - United States United States Dollar 1.2938 -0.0003 1.6229 -0.0004 Three Month 107.3649 138.9083 174.2427 - One Month 1.2938 -0.3296 1.6229 -0.0004 One Year 107.3645 138.9082 174.2428 - Three Month 1.2937 -0.3296 1.6228 -0.0004 Kenya Kenyan Shilling 88.8000 -0.0500 114.8890 -0.0915 144.1137 -0.1209 One Year 1.2932 -0.3295 1.6222 -0.0005 Kuwait Kuwaiti Dinar 0.2866 0.0001 0.3707 0.0000 0.4650 0.0000 Venezuela Venezuelan Bolivar Fuerte 11.7000 15.1374 -0.0035 18.9880 -0.0052 Malaysia Malaysian Ringgit 3.1975 0.0045 4.1369 0.0049 5.1892 0.0059 Vietnam Vietnamese Dong 21200.0000 -5.0000 27428.5213 -12.7955 34405.6425 -17.5284 Mexico Mexican Peson 13.2698 0.0528 17.1683 0.0643 21.5355 0.0797 European Union Euro 0.7729 0.0002 1.2544 -0.0001 New Zealand New Zealand Dollar 1.2263 0.0046 1.5866 0.0056 1.9902 0.0070 One Month 0.7729 0.0002 1.2543 -0.0001 Nigeria Nigerian Naira 162.8700 0.0700 210.7204 0.0415 264.3221 0.0407 Three Month 0.7728 0.0002 1.2543 -0.0001 Norway Norwegian Krone 6.3709 -0.0007 8.2427 -0.0028 10.3394 -0.0040 One Year 0.7723 0.0002 1.2537 0.0000 Pakistan Pakistani Rupee 102.5300 0.1800 132.6528 0.2020 166.3962 0.2463 Rates are derived from WM/Reuters at 4pm (London time). * The closing mid-point rates for the Euro and £ against the $ are shown in brackets.The other figures in the dollar column of both the Euro and Sterling rows are in the reciprocal form in line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata
10.68 28.12 24.38 28.15 22.16 16.76 23.86 19.27 37.88 17.86 19.07 20.19 32.84 11.59 23.57 28.86 18.44 19.49 55.88 33.89 12.34 13.37 17.60 17.99 29.19 45.11 23.35 21.12 28.38 21.19 12.74 23.43 29.00 28.91 213.15 18.42 17.20 20.77 21.89 9.58 3.30 18.39 16.69 12.92 22.69 26.94 20.35 24.85 21.53 21.14 -634.29 34.00 25.40 19.01 24.26 16.17 34.29 12.86 88.63 23.49 10.82 16.28 14.95 18.49 18.66 19.31 30.71 24.72 12.38 32.22 20.82 21.33 13.08 14.33 44.00 22.10 19.56 12.71 23.08 121.60 18.10 30.44 20.37 26.10 16.24 13.24 20.06 34.30 15.05 18.11 20.57 -13.21
Stock Lilly (E) Lockheed♦ Lowes Lyondell MarathonOil Marsh&M MasterCard McDonald's♦ McKesson♦ Medtronic Merck♦ Metlife♦ MicronTech Microsoft MondelezInt Monsanto MorganStly Netflix News Corp A♦ NextEraE♦ Nike♦ NobleEngy NorfolkS Northrop♦ NtlOilVarc♦ OccidPet♦ Oracle Pepsico♦ Pfizer Phillips66 PhilMorris PionrNat PNCFin PPG Inds Praxair♦ Prec Cast♦ Priceline ProctGmbl Prudntl♦ PublStor♦ Qualcomm♦ Raytheon Regen Pharm ReynoldsAm♦ Salesforce Sandisk Schlmbrg♦ SempraEgy SimonProp SouthCpr Southern SpectraEn Sprint Starbucks StateSt Stryker Target TE Conn TeslaMotors TexasInstr TheTrvelers♦ ThrmoFshr♦ TimeWrnr♦ TimeWrnrC♦ TJX Cos T-Mobile US Twitter UnionPac♦ UPS B USBancorp UtdHlthcre♦ UtdTech ValeroEngy♦ Verizon VF Cp♦ Viacom♦ Visa Inc Walgreen WalMartSto Wellpoint♦ WellsFargo Williams Cos♦ Yahoo Yum!Brnds
1.79k 399.25 289.26 1.77k 404.08 274.18 219.69 1.76k 767.08 451.51 546.22 925.75 832.90 462.64 253.80 232.19 656.90 279.40 366.46 384.75 2.33k 248.02 1.28k 1.59k 266.38 135.64 1.82k 272.11 590.24 1.22k 963.13 271.25 549.49 408.81 263.05 395.53 254.81 933.10 538.69 293.73 336.54 286.17 437.57 291.09 1.55k 398.86 634.18 516.73 592.89 319.82 647.79 345.98 607.02 450.09 553.72 282.23 570.40 4.08k 1.56k 436.64 644.26 348.05 355.77 433.38 2.59k 322.05 533.56 1.59k 807.01 1.65k 556.20 318.17 298.40 682.31 240.25 1.20k 739.50 1.94k 349.96 221.81 1.72k 238.44 2.96k 309.36 2.27k 229.39 396.43 388.14 343.61 253.41 508.97 94.22
52 Week High Low
PriceDay Chng 65.27 174.43 52.97 111.68 39.58 52.69 75.47 93.34 192.46 65.19 59.55 55.47 31.53 46.70 35.32 113.05 35.01 476.55 35.05 94.10 81.84 68.80 107.89 129.99 80.64 97.40 40.50 90.87 29.43 83.02 84.02 202.25 86.22 199.68 131.63 239.96 1.16k 83.26 90.94 166.08 75.33 100.77 346.06 57.40 59.25 98.97 102.22 103.61 165.50 31.93 43.36 39.84 7.00 75.47 74.08 83.46 62.53 63.00 279.20 47.83 92.42 123.28 76.81 154.31 59.89 30.83 52.11 107.01 98.05 42.20 86.18 108.35 48.42 48.40 65.86 79.52 214.04 62.82 75.77 118.62 51.70 56.20 42.88 71.58
0.09 0.23 -0.11 -1.55 -0.44 -0.08 -0.15 0.38 -1.21 -0.55 -0.55 0.76 -0.52 -0.31 -0.43 -0.57 0.28 -5.01 -0.25 -2.05 0.02 -1.20 -0.75 0.23 -1.85 -0.95 -0.18 -0.78 -0.20 -0.99 -0.48 -1.37 0.45 -1.74 0.47 -1.71 -12.91 -0.23 1.50 -5.10 -0.78 -0.16 -4.28 -1.96 -0.12 -2.23 -2.37 -4.42 -0.05 -0.70 -0.81 0.43 -0.65 1.16 -0.78 -0.06 -0.58 -1.11 -0.32 -0.50 -0.02 0.05 0.07 -0.29 0.38 -0.53 -0.70 0.11 0.10 -0.90 -0.16 -1.45 -0.61 1.20 -0.40 -0.91 -0.62 -0.33 -1.33 0.11 -1.24 1.62 -1.01
65.70 177.19 54.14 115.33 41.92 53.55 84.75 103.78 200.00 66.21 61.33 57.57 34.85 47.02 39.54 128.79 35.09 489.29 36.56 102.51 82.79 79.63 109.70 130.32 86.55 105.64 43.19 93.51 32.96 87.98 91.81 234.60 90.00 213.01 135.24 275.09 1.38k 85.82 92.68 178.26 81.97 102.33 369.31 63.39 67.00 108.77 118.76 107.81 177.31 33.90 46.81 43.12 11.47 82.50 76.24 86.93 67.25 65.01 291.42 49.77 96.18 127.63 88.13 154.67 64.38 35.50 74.73 108.74 105.37 43.92 88.85 120.66 59.69 53.66 66.09 89.76 235.50 76.39 81.37 121.33 53.08 59.77 43.20 83.58
Yld
47.53 121.52 44.13 70.08 31.57 41.98 64.74 90.53 127.45 52.44 44.62 45.75 15.67 32.15 30.05 101.78 26.41 282.80 30.67 78.81 67.19 60.14 75.27 92.51 72.67 85.90 32.00 77.01 27.87 55.81 75.28 163.90 70.63 160.76 117.54 225.00 960.17 75.20 75.21 147.14 65.47 73.81 257.69 46.55 48.18 58.57 84.91 84.00 147.50 24.50 40.03 32.80 5.36 67.93 62.67 66.93 54.66 49.22 116.10 38.93 79.89 89.71 60.72 108.88 51.91 24.51 29.51 74.62 88.44 35.69 66.72 102.21 33.20 45.45 47.33 78.43 180.11 50.88 71.51 81.46 40.07 33.98 28.81 64.08
2.85 2.80 1.40 2.04 1.82 1.80 0.49 3.25 0.47 1.69 2.79 2.01 2.17 1.50 1.42 0.68 0.68 2.79 1.10 0.83 1.87 1.85 1.46 2.65 1.15 2.46 3.23 1.82 4.25 0.04 1.98 1.19 1.80 0.05 2.79 2.08 3.11 1.85 2.18 4.30 0.86 1.32 2.36 2.81 1.37 4.48 3.05 1.25 1.38 1.34 2.64 1.57 2.34 2.11 0.46 1.50 1.72 0.98 1.51 2.50 2.10 1.34 2.02 1.86 4.16 1.45 1.47 0.68 1.94 2.42 1.30 2.29 2.66 1.92
P/E MCap m 21.88 18.96 22.90 15.58 14.88 21.56 28.72 17.81 35.16 22.95 33.07 14.89 10.76 18.72 33.18 23.62 17.54 150.77 22.11 21.66 28.48 37.27 18.49 14.80 14.42 13.48 17.59 21.60 19.53 17.02 17.49 -50.73 12.25 24.58 22.51 20.32 30.70 22.04 15.48 34.87 19.14 16.54 103.69 20.68 -94.13 21.32 21.02 24.96 35.87 19.95 18.26 26.49 -13.35 244.69 16.99 48.95 27.42 18.38 -217.57 23.96 9.75 33.72 17.26 22.57 20.48 138.13 -26.93 21.98 26.60 14.68 16.60 18.16 8.92 11.00 24.53 15.39 25.80 22.10 16.59 15.52 13.45 111.21 38.01 28.58
730.67 553.60 522.87 588.88 267.59 289.58 848.06 922.59 445.72 638.55 1.72k 623.89 337.58 3.86k 595.46 593.05 690.15 286.36 487.73 410.39 573.36 248.19 334.08 278.35 345.98 765.19 1.80k 1.38k 1.87k 469.77 1.32k 289.42 466.08 276.08 385.59 344.28 610.46 2.25k 416.51 286.55 1.27k 315.27 342.18 307.68 366.85 223.88 1.33k 254.77 514.30 266.12 388.37 267.28 276.18 568.14 313.74 316.39 396.26 257.50 347.97 516.25 313.34 491.81 656.60 429.93 415.00 247.54 320.60 484.66 692.58 765.99 844.44 993.28 255.64 2.00k 283.41 344.91 1.07k 600.91 2.44k 325.31 2.70k 419.81 426.49 314.70
NOTES Closing prices, highs & lows and market capitalisation are shown in traded currency. Highs and lows are based on intra-day trading over a rolling 52 week period. ♦ ex-dividend ■ ex-capital redistribution # price at time of suspension
Day's Red Bid Bid chge Ratings Sep 12 date Coupon S* M* F* price yield yield US$ Comcast Corp. 02/25 3.38 AA3 A99.48 0.00 DTE Electric Co. 03/25 3.38 A Aa3 A 101.55 0.00 Duke Energy Ohio, Inc. 06/25 6.90 BBB+ Baa1 A- 125.04 0.00 Citigroup Inc. 06/25 6.88 ABaa2 A 122.61 0.00 US Airways 2012-2 Pass Through Trust 06/25 4.63 ABaa1 A- 105.75 0.00 Monsanto Company 08/25 5.50 BBB+ A3 A- 116.96 0.00 Citigroup Funding Inc. 09/25 4.25 ABaa2 A 0.00 Euro GlaxoSmithKline PLC 06/25 4.00 A+ A2 A+ 122.45 1.70 0.00 Deutsche Bahn Finance B.V. 07/25 3.75 AA Aa1 AA 122.22 1.51 0.00 Compagnie de Financement Foncier 10/25 4.00 AAA Aaa AA+ 125.99 1.45 0.00 Electricite de France (EDF) 04/30 4.63 A+ Aa3 A+ 128.96 2.38 0.00 Yen Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.52 0.34 0.00 z£ Sterking Anheuser-Busch InBev Finance Inc 09/25 4.00 A A2 A 104.06 0.00 Anheuser-Busch InBev Finance Inc 09/25 4.00 A A2 A 104.03 0.00 US $ denominated bonds NY close; all other London close. S* - Standard & Poor’s, M* - Moody’s, F* - Fitch.
Mth's chge yield
Spread vs US
0.02 0.01 -0.11 0.07 -0.01 0.03 0.00
-
-0.04 -0.04 -0.06 -0.03
-0.84 -1.03 -1.09 -
0.00
-0.99
-0.05 -0.05
-
BONDS - HIGH YIELD & EMERGING MARKET
Sep 12 Day Chng Prev 52 wk high 52 wk low VIX 0.51 13.31 12.80 21.48 10.28 VDX VXN 0.64 14.67 14.03 408.36 9.66 VDAX † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. ‡ Deutsche Borse. VDAX: DAX Index Options Volatility.
BONDS - TEN YEAR GOVT SPREADS Spread Spread Bid vs vs Yield Bund T-Bonds Australia Austria Belgium Canada Denmark Finland France Germany Greece Ireland Yields: annualised basis.
P/E MCap m
BONDS - GLOBAL INVESTMENT GRADE
Red 52 Week Amnt Change in Yield Sep 12 Price £ Yield Day Week Month Year High Low £m Tr 3.5pc '00 88.55 3.95 -1.19 -3.84 -1.38 9.70 93.94 79.66 0.02 Tr 2.75pc '15 100.88 0.31 -0.02 -0.06 -0.20 -2.15 103.12 100.88 0.29 Tr 2pc '16 101.85 0.63 -0.04 0.04 0.10 -1.08 103.23 101.66 0.32 Tr 1.75pc '17 101.84 0.96 -0.06 0.11 0.40 -0.24 102.86 101.07 0.29 Tr 5pc '18 112.36 1.36 -0.12 0.00 0.26 -2.34 116.01 111.68 0.35 Tr 4.5pc '19 112.44 1.62 -0.17 -0.05 0.44 -1.08 115.24 111.17 0.36 Tr 4.75pc '20 115.18 1.83 -0.22 -0.11 0.55 -0.54 117.86 113.53 0.33 Tr 8pc '21 137.69 1.99 -0.19 -0.17 0.44 -1.18 141.69 135.65 0.24 Tr 4pc '22 112.98 2.12 -0.21 -0.23 0.77 2.11 113.84 109.05 0.38 Tr 5pc '25 123.07 2.49 -0.28 -0.61 0.79 3.40 124.57 116.64 0.35 Tr 4.25pc '27 117.13 2.70 -0.42 -0.97 0.84 5.34 119.07 109.01 0.30 Tr 4.25pc '32 118.04 2.94 -0.65 -1.49 0.49 6.60 120.89 109.23 0.35 Tr 4.25pc '36 118.55 3.07 -0.75 -1.90 0.09 6.98 122.13 109.13 0.26 Tr 4.5pc '42 125.38 3.14 -0.89 -2.52 -0.28 8.10 130.39 114.63 0.26 Tr 3.75pc '52 112.92 3.16 -1.05 -3.19 -0.54 10.66 118.68 101.07 0.22 Tr 4pc '60 120.83 3.14 -1.08 -3.39 -0.77 11.35 127.53 107.39 0.21 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield. This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list on Saturdays, and can be found daily on ft.com/bond&rates.
VOLATILITY INDICES Year change
BONDS - INDEX-LINKED Mnth Ago
Stock
GILTS - UK CASH MARKET
Close Prev price price Petrobras 20.13 20.13 AscBrFd 2621.00 2677.00 BncBrasil 31.78 31.78 PetroChina 10.54 10.68 ValeroEngy 48.42 49.87 CNOOC 14.30 14.64 CntnentlRes 72.88 75.79 Bradesco 38.11 38.11 ItuasaPf 10.50 10.50 BncoDoBrasl 34.15 34.15 ItauHldFin 33.95 33.95 SunPhrmInds 806.10 822.30 PublStor 166.08 171.18 Galaxy Enter 54.10 54.20 Naver 708000.00 699000.00 Astra Int 7225.00 7250.00 SpectraEn 39.84 40.65 HiltonWwde 24.40 24.84 AngloAmer 1483.00 1495.00 Phillips66 83.02 84.01 Based on the FT Global 500 companies in local currency
BOND INDICES Since 16-12-2008 16-12-2008 18-02-2010 05-05-2014 05-03-2009 05-10-2010 03-08-2011
INTEREST RATES - MARKET Over night 0.09060 -0.05929 0.47500 -
Stock
FT 500 - Bottom 20
Close Prev price price Sprint 7.00 6.57 Softbank 8365.00 8180.00 Yahoo 42.88 41.26 NovoB 274.00 266.90 PTT Explor 354.00 356.00 TeleItalia 0.93 0.93 Posco 361000.00 354000.00 SK Hynix 44500.00 43850.00 SBI NewA 2630.40 2603.10 Shire 5295.00 5225.00 LibertyGbl 43.91 43.86 AstellasPh 1594.00 1544.50 BankAm 16.79 16.57 Magnit 9924.70 9929.00 CME Grp 79.33 77.52 ValeantPh 133.00 133.00 KDDI 6403.00 6417.00 Abbvie 57.88 57.85 HondaMtr 3687.00 3663.50 HCA Hold 71.56 72.35 Based on the FT Global 500 companies in local currency
Sep 12 US US US Euro UK Japan Switzeland
P/E MCap m
Hong Kong
China AgricBkCh Bk China BkofComm ChConstBk ChinaCitic ChinaLife ChinaMBank ChinaMob♦ ChinaPcIns ChMinsheng ChShenEgy ChUncHK In&CmBkCh IndstrlBk Kweichow PetroChina♦ PingAnIns♦ Saic Motor ShngPdgBk Sinopec
Yld
Germany Allianz BASF Bayer Beiersdorf BMW Continental Daimler Deut Bank Deut Tlkm DeutsPost E.ON HenkelKgaA Linde MuenchRkv RWE SAP Siemens Volkswgn
Canada BCE♦ BkMontrl BkNvaS Brookfield♦ CanadPcR CanImp CanNatRs♦ CanNatRy♦ CenovusE♦ Enbridge GtWesLif♦ HuskyE♦ ImpOil♦ Magna Intl Manulife♦ Potash RylBkC Suncor En♦ TelusCorp♦ ThmReut♦ TntoDom TrnCan ValeantPh
52 Week High Low
PriceDay Chng
4.00 1.26 1.35 2.30 158.38 1.32 1.48 1.04 6.08 1.99
Spread Spread Bid vs vs Yield Bund T-Bonds Italy Japan Netherlands Norway Portugal Spain Switzerland United Kingdom United States
3.17 0.64 1.21 2.37 3.34 2.57 2.50 2.54
BONDS - BENCHMARK GOVERNMENT Red Date 02/17 04/25 09/17 10/24 03/15 06/24 09/17 06/25 11/17 11/24 09/17 07/25 02/17 12/19 10/25 05/45 09/16 10/19 08/24 07/44
Bid Bid Day chg Wk chg Month Year Coupon Price Yield yield yield chg yld chg yld Australia 6.00 4.00 4.00 0.01 0.02 0.04176 0.09 3.25 4.00 4.00 0.01 0.05 0.05594 -0.24 Austria 4.30 112.70 0.04 0.00 0.01 0.00189 0.01 1.65 103.48 1.26 0.00 0.01 -0.01104 0.00 Belgium 8.00 104.08 0.21 0.00 0.01 0.00000 0.00 2.60 111.14 1.35 0.00 0.03 -0.02268 0.00 Canada 1.50 1.29 0.00 0.00 0.00353 -0.03 2.25 2.30 0.00 0.02 0.00000 0.00 Denmark 4.00 112.49 112.52 0.00 0.00 0.00000 0.00 7.00 158.06 158.38 0.00 0.00 0.00000 0.00 Finland 3.88 111.37 0.06 0.00 0.01 -0.00143 0.00 4.00 126.46 1.32 0.00 0.03 -0.00929 -0.32 France 1.75 104.28 0.99 0.00 0.00 -0.00137 -0.02 9.82 92.94 1.38 0.00 0.01 -0.09583 -0.93 6.00 145.68 1.48 0.00 0.05 -0.00961 -0.45 3.25 115.77 2.49 0.00 0.07 0.01611 -0.74 Germany 5.63 101.45 4.49 0.00 0.00 0.00000 0.00 0.25 99.13 0.41 0.00 0.00 0.00000 0.00 1.00 99.32 1.04 0.00 0.00 0.00000 0.00 2.50 112.09 1.94 0.00 0.02 -0.00717 -0.42 Greece 02/25 2.00 79.77 6.08 0.00 0.00 0.00000 0.00 Ireland 10/20 5.00 124.26 0.87 0.01 0.02 -0.06503 -0.65 03/25 5.40 131.62 1.99 0.01 0.05 -0.12232 -0.90 Italy 11/17 3.50 107.61 1.00 0.00 0.01 -0.00460 0.00 09/20 4.00 113.65 1.59 0.00 0.04 -0.02974 0.00 07/24 5.13 116.12 3.17 0.00 0.03 -0.03475 -0.96 09/44 4.75 117.02 3.83 0.00 0.10 -0.08886 0.00 Japan 12/17 0.20 100.32 0.10 0.00 0.00 0.00005 0.00 12/20 1.20 105.92 0.24 0.00 0.00 0.00331 -0.01 12/25 2.00 114.30 0.64 0.00 0.01 0.00843 -0.03 Netherlands 02/17 1.00 99.12 1.34 0.00 0.00 0.00259 0.00 07/24 2.00 107.10 1.21 0.00 0.02 -0.00644 0.00 New Zealand 04/20 3.00 94.18 4.16 0.00 0.00 0.00438 -0.10 04/23 5.50 108.72 4.24 0.00 0.02 0.00867 -0.17 Norway 05/19 4.50 111.94 1.79 0.00 0.00 0.01567 0.00 03/24 3.00 105.08 2.37 0.00 0.00 0.00483 0.00 Portugal 10/17 4.35 108.85 1.40 0.00 0.02 -0.06949 -0.71 02/24 5.65 118.56 3.34 0.00 0.05 -0.19934 -1.67 Spain 03/15 0.63 99.70 1.09 0.00 0.00 0.00077 0.01 07/25 4.65 119.48 2.57 0.00 0.10 -0.06694 -0.80 Sweden 08/17 3.75 0.36 0.34 0.00 0.00 0.00000 0.00 05/25 2.50 1.56 1.51 0.00 0.00 0.00000 0.00 Switzerland 06/17 4.25 111.67 0.00 0.00 0.00817 0.11 07/25 1.50 108.97 0.00 0.01 0.01286 -0.10 United Kingdom 09/17 1.00 99.24 1.24 0.00 0.00 -0.00559 -0.01 07/20 2.00 100.07 1.97 0.00 0.00 0.00000 0.00 09/24 2.75 101.98 2.50 0.00 0.01 -0.02297 0.00 01/44 3.25 101.38 3.17 0.00 0.04 -0.01194 0.00 United States 06/15 0.38 99.23 1.33 0.00 0.00 0.00006 0.00 12/20 2.38 101.27 2.12 0.00 0.01 0.01495 0.00 08/25 6.88 140.68 2.54 0.00 0.04 0.03745 -0.12 05/43 2.88 91.98 3.28 0.00 0.04 0.00684 0.00 London close.Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding tax at 12.5 per cent payable by non residents.
Red date
Coupon
S*
Ratings M*
F*
Bid price
Bid yield
Day's chge yield
Mth's chge yield
Spread vs US
04/16
9.75
BB-
Ba3
BB
110.50
-
0.00
0.11
-
02/17
6.88
B
Caa1
B
28.19
28.19
0.00
0.00
26.86
01/17 03/15 05/16 01/18 02/20 03/19 07/19 07/18 11/19 03/23
6.00 6.63 8.38 8.00 11.75 7.13 6.38 11.00 7.50 3.25
BBBBBB+ BBB+ BBBBBB BBB+ ABBB-
Baa2 A3 A3 Baa2 Baa2 A3 A2 Baa1 Baa3 Baa3
BBB BBB+ BBB+ BBB BBB BBB+ ABBB BBBBBB-
109.81 102.67 121.00 110.85 142.92 128.75 124.38 125.00 125.38 83.49
1.68 0.87 1.23 4.43 3.11 1.95 2.17 3.47 5.73
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.01 0.04 0.00 0.00 0.06 0.00 0.00 0.15 0.00 0.02
0.35 -0.46 -0.10 2.30 0.98 -0.17 0.05 1.35 3.18
Emerging Euro Brazil 02/15 7.38 BBBBaa2 BBB 111.75 0.73 0.00 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 Mexico 02/20 5.50 BBB+ A3 BBB+ 121.63 2.06 0.00 Bulgaria 09/25 5.75 BBBBBB- 123.05 3.25 0.00 US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
0.00 0.00 0.00 -0.17
-0.60 0.17 -0.06 0.71
Sep 12 High Yield US$ The AES Corporation High Yield Euro Kazkommerts International BV Emerging US$ Brazil Mexico Peru Brazil Colombia Peru Poland Russia Turkey Turkey
GILTS - UK FTSE ACTUARIES INDICIES Price Indices Fixed Coupon 1 Up to 5 Years 2 5 - 10 Years 3 10 - 15 Years 4 5 - 15 Years 5 Over 15 Years 6 Irredeemables 7 All stocks Index Linked 1 Up to 5 Years 2 Over 5 years 3 5-15 years 4 Over 15 years 5 All stocks Yield Indicies 5 Yrs 10 Yrs 15 Yrs
Day's chg % -0.08 -0.25 -0.35 -0.28 -0.37 -0.51 -0.25
Sep 12 98.96 174.00 196.11 178.84 267.49 377.56 164.08 Day's chg % -0.08 -0.34 -0.27 -0.38 -0.31
Sep 12 317.49 505.59 422.72 592.39 474.96 Sep 12 1.78 2.53 2.89
Sep 11 1.75 2.88 3.36
Total Return 2302.25 3034.06 3455.49 3134.21 3729.35 4376.00 2962.02
Month chg %
Yr ago 2.06 3.05 3.46
Year's chg %
Return 1 month 0.36 0.66 0.70 0.68 0.36 -0.45 0.44 Total Return 0.25 0.25 0.74 0.00 0.25 Sep 12 3.07 3.16 3.96
20 Yrs 45 Yrs Irred
Return 1 year 1.17 4.49 8.08 5.49 12.37 14.49 6.35 Return 1 month -1.05 9.42 4.59 11.88 8.19 Sep 11 3.55 3.65 -
Yield 1.40 2.18 2.67 2.37 3.11 3.96 2.79 Return 1 year 2381.24 3695.73 3162.91 4260.55 3512.38 Yr ago 3.60 3.59 -
inflation 0% inflation 5% Sep 12 Dur yrs Previous Yr ago Sep 12 Dur yrs Previous Yr ago Real yield Up to 5 yrs -1.24 2.33 -1.27 -1.38 -1.94 2.34 -1.98 -1.88 Over 5 yrs -0.22 21.54 -0.24 0.13 -0.26 21.65 -0.27 0.09 5-15 yrs -0.45 9.11 -0.48 -0.09 -0.56 9.14 -0.59 -0.22 Over 15 yrs -0.19 27.84 -0.20 0.17 -0.20 27.91 -0.22 0.14 All stocks -0.24 19.64 -0.25 0.10 -0.28 19.78 -0.29 0.05 FTSE is making a number of enhancements to the FTSE Actuaries UK Gilts Index Series which are effective from 28 April 2014. Please see the FTSE website for more details: http://www.ftse.com/Indices/FTSE_Actuaries_UK_Gilts_Indices/index.jsp
All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any loss arising from the reliance on or use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Data provided by Morningstar
ß www.morningstar.co.uk
®
★
20
FINANCIAL TIMES
Monday 15 September 2014
Corporate diary September 15 – September 21
ECONOMIC OUTLOOK
TODAY 15
Shareholder meeting Banco Santander TUESDAY 16
A fire at Asos’s main warehouse in June is expected to weigh on sales in its fourthquarter trading update. The blaze destroyed about £20m worth of the online fashion retailer’s stock and forced the company to suspend trading for two days, putting an expected dent of £30m in sales, according to analysts at JPMorgan. Asos’s share price has taken a pummeling lately, falling over 60 per cent this year. Management has promised to invest to expand the business internationally, though it has taken a hit from strong sterling as well as rising competition from the likes of Boohoo.com, which floated earlier in the year. Analysts are plumping for about 20 per cent underlying sales growth for Q4 compared with the same period the year before. Deutsche Bank say it will be watching to see how consumers have responded to a recently introduced £15/ $25/€15 threshold for free shipping. – SALLY DAVIES
Further windows are opened on the homebuilding sector, closely watched for signs of housing market cooling. In the past two weeks three of the biggest builders – Berkeley, Redrow and Barratt Developments – have warned that normal sales patterns have resumed; namely, a quieter July and August. The Royal Institute of Chartered Surveyors said it was seeing a “less volatile market” with more stable price expectations. Full-year results from Galliford Try and a trading update from Crest Nicholson should shed further light on the progress of the autumn selling season, which coincides with the start of the academic year. As always, the builders will also be quizzed on how they plan to boost the supply of homes, as well as the state of material stocks and labour supply – two of the main constraints on expansion. Galliford also has a sizeable construction
Investors hope FedEx can deliver another strong quarter
– RICHARD WATERS
Attention will focus on Wednesday, when FedEx posts results for the quarter to August 31, on whether the express parcel service can repeat its strong performance in the quarter to the end of May. FedEx, in common with UPS, its main rival in the huge US market, suffered during North America’s harsh winter. Both companies have also shown signs of suffering from sluggish demand growth all over the world. They are having to adapt to significant changes because of the rise of online retailing – which increases the number of deliveries to individual homes – and customers’ growing preference for lower-cost ground and more slowly delivered air express services. Analysts expect FedEx to announce adjusted earnings per share of $1.96, up 28 per cent on the same quarter last year, and revenue
of $11.5bn, up 4.5 per cent. Both FedEx and UPS, because they handle large quantities of business-to-business movements, are often seen as bellwethers for wider US economy. FedEx initially struggled to adapt to a shift in recent years to the changing business environment and had to announce an overhaul of its network in 2012. It has also come under pressure from Dan Loeb, the activist investor. However, FedEx’s results for the year to May 31 were 35 per cent up on its results for 2012-13 and Alan Graf, chief financial officer, said after those results were published that he expected the current financial year to be still better. The company has forecast earnings per share for the year to May 31, 2015 of between $8.50 and $9.00, after announcing EPS of $6.75 for the year to May 31 this year. – ROBERT WRIGHT
business. Its order book doubled to £2.8bn following the acquisition of Miller Group’s contracting arm in July, and analysts see the company as well-placed to capitalise on an upturn in UK construction.
Trading and sales estimates Chemring Group, Compagnie Financière Richemont, Daily Mail and General Trust, IG Group THURSDAY 18
– ANDY SHARMAN
Diary commentary from FT reporters. Data, unless otherwise stated, from Thomson Reuters. Company announcements, collated by Thomson Streetevents, are of information publically available before last week. Results forecasts, from Thomson I/B/E/S, are for fully diluted, post-tax EPS in local currency for the stated fiscal period. The comparable period of the previous year is bracketed. Non-UK reporting periods are broken by quarter: Q1, Q2, Q3, Q4. UK periods are designated: Q1, H1 (first half), Q3 and FY (full year).
execution issues in some of its core software markets and struggled with the shift to the cloud. Its most recent quarter, however, pointed to accelerating revenues from new subscription-based cloud services, with Oracle breaking out sales separately for the first time. Wall Street’s growing confidence has been based partly on Oracle’s return to big acquisitions – one of its biggest growth drivers of recent years – with the recent purchase of point-of-sale technology company Micros Systems for $5.3bn. Declines in hardware sales are also largely behind the company, following several quarters of declines in low-margin products. Analysts are expecting Oracle to report revenues of nearly $8.8bn, up from $8.4bn the year before, with adjusted earnings per share of 64 cents compared to 59 cents.
EARNINGS
Adobe Systems Q3 $0.26 Falkland Oil & Gas H1 * -$0.05
($0.32) (-$0.01)
*FY estimate
Trading and sales updates Asos, Crest Nicholson Holdings, Thomas Cook WEDNESDAY 17 EARNINGS
FedEx Q1 JD Sports Fashion H1* *FY estimate
$1.94 ($1.53) 31.78p (29.28p)
Oracle’s latest quarterly earnings, due on Thursday, may not provide a definitive answer to the strength of the US software company’s sales momentum, given the inconsistency of its results in a typically light first quarter of its fiscal year. But with its cloud services showing stronger growth this year and the macro economic environment improving, Wall Street has continued to warm to the company’s prospects. Recent quarters have brought mixed results as Oracle has suffered sales
Nike investors have much to look forward to ahead of the US athletics wear maker’s annual shareholder meeting. The Oregon group topped forecasts with healthy profits and an 11 per cent rise in sales during its latest quarterly results. That figure is likely to increase in its next set of earnings, announced later this month, helped by shopper enthusiasm driven by the World Cup. But there are also some challenges ahead. A slew of fast and hungry competitors like Under Armor and Lululemon continue to gain ground in the market, and Nike must continue to manage the volatile global currency fluctuations that continue to weigh heavily on many global retail players. These headwinds have not gone unnoticed by the market. For all its strength, Nike stock has risen by about 5 per cent in 2014 to date, compared with a near 10 per cent return from the S&P 500 over the same period. – ELIZABETH PATON EARNINGS
Oracle French Connection Kier Group Premier Farnell
Q1 $0.64 ($0.59) H1* -0.80p (-4.60p) FY 102.65p (134.90p) H1* 14.81p (14.20p)
*FY estimate
Trading and sales update Merlin Entertainments Shareholder meetings Diageo, John Wiley & Sons, Nike FRIDAY 19 EARNINGS
Songbird Estates
H1*
1.35p (-54.79p)
*FY estimate
Shareholder meetings Imagination Technologies, Poundland Group, SuperGroup
Big sterling swings put Scotland in focus The meeting of the Federal Reserve’s Open Market Committee probably loses out to the Scottish independence referendum for the most significant event this week, given the big swings in sterling associated with the campaign. In terms of data it is again the US and the UK that will also command attention. Inflation figures are expected for both countries this week, and will be joined by unemployment and wage growth estimates in the UK as well as minutes from the latest Bank of England meeting. In Wednesday’s FOMC meeting markets will be looking for more explicit guidance as to the pace of the eventual tightening of the Federal Funds rate. A San Francisco Fed paper said that investors were too sanguine about the eventual plans of the
US inflation
Annual % change in CPI 4 3 2
2011
12
13
1 14
Source: Thomson Reuters Datastream
central bank. Currently the Federal Reserve says that the rate will remain in the 0-0.25 per cent range for a considerable amount of time. At Wednesday’s meeting it is expected to strike a more hawkish note. The Fed is expected to reduce the pace of asset purchases under the quantitative easing programme from $25bn to $15bn with it ending at the end of October. US inflation is expected to come in below target for August. July’s figure was 2 per cent but this month it is forecast to fall to 1.9 per cent, partly because of falling energy prices. On the other hand, rents have been rising. The UK data release that is likely to move the markets most will be the voting figures for independence referendum in Scotland. But in economic data it’s likely to be the estimates for wage growth. Wage growth is thought to play a crucial role in the timing of any interest rate rises from the BoE, while it has been under the rate of inflation and households have been experiencing a fall in income in real terms, the BoE has been loath to raise interest rates. This Wednesday’s release is expected to show a continuing fall in real wages, with growth in the year to July only 0.7 per cent. Inflation estimates, out tomorrow, are expected to come in at 1.5 per cent, because of lower food and fuel prices. GAVIN JACKSON
4CAST ECONOMIC CALENDAR COUNTRY MONDAY Eurozone UK US US
For
Indicator
Jul Sep Aug Aug
Trade balance (NSA) 3 n/a 16.8 Rightmove house prices 2 n/a 5.3 Capacity utilisation % 79.3 79.2 Industrial production 1 0.3 0.4
TUESDAY Canada Eurozone Germany Germany UK UK UK UK UK UK UK
Jul Sep Sep Sep Aug Aug Aug Aug Aug Aug Aug
UK US US US
Units Mkt* Prev
Manufacturing sales 1 ZEW (econ. sentiment) ZEW (current conditions) ZEW (econ. sentiment) CPI 1 CPI 2 Input prices 1 Input prices 2 Output prices 1 Output prices 2 Output prices core 1 (unadjusted) Jul ONS house prices 2 Jul Long-term TICS flows 3 Aug PPI 1 Aug PPI (ex food & energy) 1
WEDNESDAY Eurozone Aug Eurozone Aug Eurozone Aug UK Jul UK Aug UK Aug
1.0 n/a 42.0 5.0 0.4 1.5 -0.2 -6.8 -0.1 -0.2 0.0
0.6 23.7 44.3 8.6 -0.3 1.6 -1.6 -7.3 -0.1 -0.1 0.0
n/a 10.2 n/a -18.7 0.1 0.1 0.1 0.2
HICP 1 0.1 -0.7 HICP 2 0.3 0.3 HICP - core 2 0.9 0.9 Average earnings 4 0.5 -0.2 Claimant count change 5 -30.0 -33.6 Claimant count rate % 2.9 3.0
COUNTRY UK US US US US US
For Jul Aug Aug Q2 Sep Sep
Indicator Units Mkt* Prev Unemployment rate % 6.3 6.4 CPI 1 0.0 0.1 CPI (ex food & energy) 1 0.2 0.1 Current account 3 -113.3 -111.2 FOMC - Fed funds rate % 0.25 0.25 NAHB builders’ survey 56 55
THURSDAY UK Sep CBI Industrial trends % 9 11 UK Aug Retail sales (ex fuel) 2 4.8 3.4 UK Aug Retail sales (inc fuel) 2 4.0 2.6 US Week Initial claims 5 n/a 315 US Sep Philadelphia Fed survey 22.5 28.0 FRIDAY Canada Canada Canada Eurozone Germany Germany Japan Japan US
Aug Aug Jul Jul Aug Aug Jul Jul Aug
CPI CPI - BoC core rate Wholesale sales Current account (SA) PPI PPI All Industry act. index Leading indicator Leading indicator
2 2.0 2.1 2 1.8 1.7 1 n/a 0.6 3 n/a 13.1 1 -0.2 -0.1 2 -0.8 -0.8 1 0.1 -0.4 n/a 106.5 1 0.4 0.9
Mkt* = market consensus estimates. Prev*= previous actual Units*; 1 = % change on previous period, 2 = % change on same period in previous year, 3 = national currency bn, 4 = annualised quarterly % change, 5 = 000s, NSA=not seasonally adjusted, SA=seasonally adjusted. See more at www.ft.com/economic-calendar
fm
THE AUTHORITY ON GLOBAL FUND MANAGEMENT | FINANCIAL TIMES | Monday September 15 2014
Hill ruffles feathers Juncker accused of allowing a fox to guard the henhouse PAGE 11
Scottish fund companies hurt by referendum jitters Corporate investors pull $11bn from 36 investment houses
CAROLINE LIINANKI
MADISON MARRIAGE AND CHRIS NEWLANDS
Heightened uncertainty over the outcome of Scotland’s referendum on Thursday has dented sales for the largest Scottish fund groups as investors grow increasingly concerned over the safety of their assets. Many of Scotland’s biggest fund houses have suffered net outflows or seen a significant year-on-year drop in sales in recent months, while alarmed investors have begun seeking reassurances that their assets are safe and have put new investments on hold. The head of one Scottish asset management company, who asked not to be named, said: “Most professionals are cacking themselves. They are terrified of independence and a new regulatory regime.” Scotland’s six biggest fund houses posted collective net outflows of €144m in the first seven months of the year, according to figures compiled for FTfm by Morningstar, the data provider. This is a sharp decline on the collective inflows recorded in the preceding four years of between €3bn and €10bn for the companies, which are Aberdeen Asset Management, Scottish Widows Investment Part-
Swedish AP pension revamp has first casualty
Uncertainty over the outcome of Thursday’s poll has seen a slowdown in new investment sales in Scotland PA nership, Baillie Gifford, Kames Capital, Martin Currie and Standard Life Investments. The bulk of outflows came from Aberdeen, which suffered redemptions of €5bn from its European mutual funds to the end of July, and Scottish Widows Investment Partnership, which was acquired by Aberdeen last November. Edinburgh-based Standard Life Investments and Baillie Gifford recorded net inflows of €2.6bn and
€1.3bn respectively to the end of July, although this was roughly half the level of assets for the same period in 2013. The groups affected said the slowdown in sales is unrelated to investor uncertainty over the outcome of the referendum, but other industry participants painted a different picture. CharlesHeenan,investmentdirector at Edinburgh-based Kennox Asset Management, said: “If Scotland is forced to make its own cur-
rency, potentially assets could be frozen. Conservative investors are asking, why take that risk? “We have been fielding a lot of questions from clients and wealth managers in Edinburgh who want to know whether they should move their money to the US dollar. “We put out a statement to keep people calm. This is a big deal.” Corporate investors have pulled more than $14bn from 36 fund continued on page 7
Sweden’s five AP funds, set up to meet potential shortfalls within the state pension system, have suffered their first high-profile departure following the decision to cut the five pension funds to three in a bid to reduce costs. As part of the fallout of the announced shake-up of the AP funds in March, Gustaf Hagerud, AP3’s deputy chief executive and head of asset management, is to move to London to join Kestrel Investment Partners. He will co-manage a multi-asset fund at Kestrel together with John Ricciardi, one of the firm’s founding partners. Mr Hagerud joins in March next year. “I’ve been offered a really great job, but the decision to leave is of course related to the political agreement [regarding the changes to the AP funds] – and the signal that the AP funds shouldn’t and won’t offer competitive compensation to portfolio managers,” said Mr Hagerud. “Over the next two years, there’s a risk that the AP funds’ attention will be on internal issues. I want to focus on investments,” he said. Speaking to FTfm last month, Peter Norman, Swedish financial markets minister, defended the move to cut salaries at the AP funds and insisted it would not lead to a “brain-drain”. He said salaries should not be benchmarked against private sector companies but against other public authorities, such as the central bank, where pay is far less generous.
2 | FTfm
FINANCIAL TIMES Monday 15 September 2014
NEWS
INSIDE Face to face Aberdeen’s Martin Gilbert says how the Scots vote will not affect the global company PAGE 4
Comment Data mining gives fund managers the edge in trend spotting, writes David Oakley PAGE 8
View from America It is time to stop groupthink, sell momentum and buy value, writes John Dizard PAGE 8
Ukraine crisis Sanctions mean short sellers are wary of making a call on the direction of the Russian market PAGE 10
Mutual funds Liquid alternatives fail to deliver on promise of returns PAGE 12
Viewpoint Hong Kong is mulling proposals to introduce a core pension fund option, writes Mark Konyn PAGE 13
FTfm September 15 2014
Developing world is vulnerable to rapid fixed income growth EMERGING MARKETS
BIS warns of risk of sudden outflows destabilising market
STEVE JOHNSON
Investors are staging a “buyers’ strike” of investment trusts with heavy exposure to Scottish fixed assets, such as infrastructure and property, according to one industry figure.
STEVE JOHNSON
The rapid growth of emerging market funds, combined with “herd behaviour” by investors, threatenstobeasourceof“vulnerabilities”forthedeveloping world, the Bank for International Settlements has warned. Emerging market bond funds have seen their assets quadruple from $88bn to $340bn in the four years to the end of 2013, said BIS, quoting data from EPFR Global, while EM equity funds expanded from $702bn to $1.1tn. Against this backdrop, Basel-based BIS, known as the central bankers’ bank, warned that over the past two years investment flows and asset prices had “amplified each other’s fluctuations”, raising the risk of emerging markets being “destabilised” by sudden outflows. It found that emerging market fund managers used a narrower range of benchmarks than developed world managers, and investor flows were more “clustered” in emerging markets, raising the likelihood of correlated movements and “one-sided markets”. “The way the industry is managed, [with] widespread benchmarking and short-term
The Bank of International Settlements in Basel performance assessment, limits the degree to which individual portfolio managers can deviate from industry averages,” said Hyun Shin, a BIS economist. “The behaviour of the ulti-
EM bond funds have seen their assets quadruple from $88bn to $340bn in the four years to the end of 2013 mate investors can introduce further correlation. There is some evidence that during last year’s taper tantrum retail investors were prone to herding and they herded procycli-
Bloomberg
cally, forcing funds to sell when prices were falling and buy when prices were rising.” BIS warned that the prudentialregulationoftheassetmanagement industry focused primarilyonmicroprudentialand consumer protection aspects. It called on policy makers to broaden their scop e and “address issues that give rise to correlated behaviour across asset managers or the procyclicality of investor flows and asset prices” to design an “effective policy response”. A senior figure at a large EM house argued that a major flaw in the system was that just 15 per cent of local currency bonds were included in main-
Editor Chris Newlands Tel: +44 (0)20 7775 6382 e-mail: chris.newlands@ft.com Deputy editor Steve Johnson Tel: +44 (0)20 7873 3525 e-mail: steve.johnson@ft.com
Reporter Madison Marriage Tel: +44 (0)20 7873 3817 e-mail: madison.marriage@ft.com Production Jearelle Wolhuter Tel: +44 (0)20 7873 4872 e-mail: jearelle.wolhuter@ft.com Advertising manager Steven Canfield Tel: +44 (0)20 7873 4802 e-mail: steven.canfield@ft.com FINANCIAL TIMES Number One Southwark Bridge London SE1 9HL +44 (0)20 7873 3000 ©The Financial Times Limited 2014. Reproduction of the contents of FTfm in any manner is not permitted without the publisher’s prior consent. “FINANCIAL TIMES” and “FT” are registered Trade Marks and Service Marks of the Financial Times Limited
Ahead of this week’s independence vote, attention has largely focused on the 41 investment trusts – publicly quoted closed-ended funds – with combined assets of £22.6bndomiciledinScotland. However, amid a belief that these trusts could redomicile south of the border relatively easily if necessary, attention has instead turned to funds with assets that would be stream indices, meaning pas- impossible to shift. sive funds and benchmark“There is definitely concern, constrained active funds were there is no doubt about that. forced to funnel all their money into this small slice of £22.6bn the market. He said a solution would be for the World Bank or Combinedassetsof41 asimilarorganisationtocollect investmenttrusts–publicly its own daily pricing data, quotedclosed-endedfunds– domiciledinScotland allowing the creation of far wider-ranging indices. For the [trusts] that have more “There is a major market fixed assets in Scotland such as failure and the fact that it hap- a wind farm, there is definitely pens is an abrogation of duty a buyers’ strike at the moment on the part of international [with investors not adding civil servants that is absolutely money to their funds],” said mind-blowing,” he said. “It the figure, although he said would cost the World Bank or there were no signs of widethe IMF $10,000 per country spread selling. per year to do this. That is a Analysis by Winterflood drop in the ocean.” Securities, a research house and broker, identified The Renewables Infrastructure Group and Greencoat UK Wind, with 27 per cent and 23 per cent respectively of their assets in Scotland. Among property funds, Services, the brokerage, said Empiric Student Property has there was a lot of “wrong posi- the highest exposure to Scottioning” by bond managers at land at 23 per cent. the start of 2014, which took Simon Elliott, head of time to reverse. research at Winterflood, said Expectations that bond that while redomiciling a portyields would rise as the US eco- folio of listed securities to Engnomic recovery picked up pace land was straightforward, “if were dented when preliminary you own a wind farm or have a estimatesforfirst-quarterGDP social infrastructure project in showed unexpectedly weak Glasgow it’s [problematic]”. growth. Concerns may be heightIn the second quarter, rising ened by uncertainty as to geopolitical tensions and the whether the UK government S&P 500’s rally to an all-time would continue subsidising highmeantfixedincomeassets renewable energy production looked attractively valued rel- inScotlandintheeventofindeative to US stocks, drawing pendence and, if not, whether more buying interest for long- the Scottish government could dated Treasuries. afford to pick up the tab.
US managers caught out by bond market rally
Reporter Chris Flood Tel: +44 (0)20 7873 3892 e-mail: chris.flood@ft.com Reporter Sophia Grene Tel: +44 (0)20 7873 4685 e-mail: sophia.grene@ft.com
CHRIS FLOOD
Almost all actively-managed US long-dated government bond funds underperformed their benchmarks in the first half of the year, according to analysis by S&P Dow Jones Indices. The data show many fixed income managers were caught short by the US government bond market rally, resulting in widespread underperformance. Nearly 90 per cent of actively-managed long-dated investment grade corporate bond funds also failed to beat their benchmarks. The figures represent a
Investors avoid Scottish exposure
sharp reversal from last year when just 10.1 per cent of government bond funds and 3.2 per cent of corporate bond funds underperformed their b e n c h m a r k s ove r t h e 1 2 months to end of December. Managers were left unprepared by the strong rally for 30-year Treasuries with the yield dropping from 3.94 per cent at the start of January to 3.34 per cent at the end of June. Aye Soe, director of global research and design for S&P Dow Jones Indices, said the reversal highlighted continuing uncertainty around US monetary policy and difficulties forecasting interest rates.
MsSoesaidthemagnitudeof underperformance was also notable. Actively managed US longdated government bond funds underperformed their benchmarkbyanaverageof358basis points while long-dated investment grade corporate bond funds underperformed by an average of 227bp. Marc Ostwald, fixed-income strategist at ADM Investor
90
% Amountofactively-managed long-datedinvestmentgrade corporatebondfundsthatfailed tobeattheirbenchmarks
FTfm | 3
FINANCIAL TIMES Monday 15 September 2014
NEWS
Y
Fine fears Spectre of rising penalties haunts big bank investors PAGES 6&7
Activist hedge funds up by $8bn despite worries PERFORMANCE
Total assets in sector grow 9% but investors warned of high risk MADISON MARRIAGE
Activist hedge funds, which agitate for corporate change, have seen their asset base grow by $8bn this year, despite rising concern about performance prospects and the quality of new funds in the sector. Investors poured $5.6bn into activist hedge funds in the first six months of the year, according to figures from Eurekahedge, the data provider. Activist managers, which include Pershing Square’s Bill Ackman and Third Point’s Dan Loeb, have also recorded average performance gains of 2.9 per cent to the end of July, leading to an additional asset increase of $2.3bn. This means that total assets in the activist sector have
increased 9 per cent this year alone to $96bn. The data provider warned, however,thatinvestorsneedto take into account that the risk profile of these funds is usually twice that of the average hedge fund, with annualised standard deviation of 10.2 per cent. “While activist hedge funds with their concentrated port-
‘Investors have to understand that the absolute returns will be far lower going forward’ folios and diligently executed campaigns can be a great source of alpha for investors, their high volatility and susceptibility to drawdowns during extreme events should be kept in perspective too,” the data provider said. Troy Gayeski, partner at fund of hedge fund company SkyBridge Capital, which
invests in several large activist funds, agreed investors might not have enough awareness of the sector’s high risk and return dynamics and probable weakening in performance. He said: “Some investors could be inaccurately extrapolating the performance success of 2013 and early 2014 when both the macro and micro [environments] were arguably the best they have ever been. “Investors have to understand that the absolute returns will be far lower going forward and activists’ volatility will be higher, as you’ve seen the past few months.” The surge of money into the strategy has also prompted concern about managers with little experience of activism exploiting the ‘activist’ label to attract investors. Anne-Gaelle Pouille, senior portfolio manager at fund of hedge fund company Paamco, agreed that the so-called ‘style drift’ of
FUND FOCUS
Liontrust strategic bond fund suffers dismal year Poor performance and mass outflows see 85% fall in assets under management Liontrust’s Michael Mabbutt has had a torrid start running his Global Strategic Bond fund after poor performance and mass outflows. It was the first foray back into fixed income funds by the UK fund management company following the sale of its credit team to Avoca Capital in 2011, and it marked Mr Mabbutt’s return to fund management after a five-year break. Liontrust, which bought Walker Crips Asset Management in 2012, launched the Dublin-domiciled Global Strategic Bond fund in February last year after hiring Mr Mabbutt and co-manager Felix Martin. The fund initially saw strong growth as investors bought into Mr Mabbutt’s record earned at Thames River, LGT Asset Management and Baring Asset Management. Major institutional buyer John Chatfeild-Roberts was one of the early backers of the fund, building up positions in his Jupiter Merlin Income and Jupiter Merlin Conservative funds. But the fund struggled in 2013 and investors in its sterling-hedged share class lost 8.2 per cent by the end of the
year, FE Analytics data show. The average fund in the IMA Sterling Strategic Bond sector rose 2.9 per cent over the same period. The poor performance led many investors, including Mr Chatfeild-Roberts, to depart. Between the end of September 2013 and the end of February 2014, the size of the fund collapsed by more than 85 per cent, with assets falling from $640m to $91.3m. The size of the fund has since declined further to $73.4m at the end of August, despite performance turning positive.
Liontrust GF Global Bond Total return (rebased) 2 0 -2 -4 -6 -8 -10 -12 Feb 2013 Source: FE Analytics
2014 Sep
Mr Martin said: “Obviously we were not happy with the performance in 2013. When we launched the product it was almost the complete opposite in terms of perfect timing to launch a bond fund.” The fund was launched just before the mass sell-off triggered by then US Federal Reserve chairman Ben Bernanke’s comments about ending quantitative easing. Mr Martin said the fund’s positioning meant it was particularly badly hit, given that it had significant exposure to emerging market debt, which bore the brunt of the sell-off. The fund also had a large short position on corporate high yield bonds because the company thought the sector was expensive. The high-yield sector, however, held up better than other forms of bonds during the sell-off, continuing to rally afterwards. But Mr Martin stands by the decision. He said: I do not regret [the position] in strategic terms, though I do regret the poor performance.” — MATTHEW JEYNES
Matthew Jeynes is deputy news editor at Investment Adviser
Bloomberg
2.9% Average performance gains made by activist managers including Bill Ackman of Pershing Square in the year to the end of July
$96bn Total assets in the activist sector this year – an increase of 9% – though the risk profile is twice that of the average hedge fund
some event-driven fund managers towards activism is misleading. Event-driven funds attempt to make gains before and after corporate events. She said: “Successful activism requires staying power, relationships, credibility and business skills that are built over time; hedge fund managers should demonstrate a track record before allocating investor funds to that sub-strategy.” But Mr Gayeski played down fears about misuse of the activism label. “There have always been and will always be those who claim an ability in order to beguile investors when in fact they do not,” he said. “[But] compared to the last cycle from 2005 to 2007, we have seen fewer managers claim to be successful at prodding management teams when in fact they are just cheerleadersfortheheavyliftingdoneby thosewhohavearichhistoryof success.”
4 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FACE TO FACE
Business as usual no matter how Scots vote
Aberdeen Asset Management Founded 1983 Headquarters Aberdeen Assets under management £322.5bn Employees 2,600 Ownership Listed on FTSE 100
MARTIN GILBERT
Aberdeen boss says global company will not be affected by referendum DAVID OAKLEY
M
artin Gilbert plays golf with Alex Salmond – but unlike his good friend, the Scottish First Minister, he is neutral on the issue of independence for his country. Like many businessmen, the chief executive of Aberdeen Asset Management is a pragmatist, which in part explains his longevity in a competitive industry. The head of Europe’s biggest independent investment group insists a vote either way on the Scottish referendum this Thursday will make little difference to his business as it is a global operation. Despite its headquarters being based in Aberdeen, the company has a big office in London and Mr Gilbert sees no need to move the HQ south of the border in the event of a Yes victory. “It is an emotional issue, but I’m not worried about the referendum,” he says, despite the shares of some companieswithlinkstoScotlandsuffering falls last week. Although Mr Gilbert canbefiery,thissanguineapproachto business is his hallmark. Indeed, it is more than a decade since his career was nearly broken on one of the biggest financial scandals in the City of London. But he insists he never considered quitting and remained calm duringthecontroversyoversplitcapital investment trusts. He may have been called a “sophisticated snake oil salesman” in a televised parliamentary hearing over the scandal, seen his company’s share price plunge 97 per cent and market cap drop to just £30m (it is £5.7bn today), and been forced to pay £78m in compensation to pensioners and small investors who had lost their life’s savings – but Mr Gilbert says he was determined to soldier on. Today Mr Gilbert’s career and company, which has more than £300bn in assets under management, is in good
shape. At the age of 59 and after more than 30 years at the helm of Aberdeen, the exuberant Scotsman is arguablyatthetopofhisgame,having catapulted his group past Schroders as the biggest listed asset manager in Europe following this year’s acquisition of Scottish Widows Investment Partnership (Swip).
Born 1955 Education 1960 Alice Smith School, Kuala Lumpur 1964 Robert Gordon College, Aberdeen 1973-78 Aberdeen University, MA in accountancy, LLB in law Career 1978 trainee chartered accountant, Deloitte 1982 trainee lawyer, Brander & Cruickshank 1983 co-founder and chief executive Aberdeen Asset Management
His resilience is somewhat essential if the company is to keep pace with its rivals. Investment groups face sweeping changes because of new technology and advances in data gathering, which some think will transform the industry over the next five years. Aberdeen seems to have turned a corner this year after coming through a tough period as the group’s reliance on emerging market equities dented performance. This prompted Mr Gilbert to swoop for Swip in a deal providing much needed diversification. “2013 was a difficult year,” he says. “We own big, liquid stocks in the emerging markets and that really hit us hard. That prompted a big rethink. WesatdowninMarch2013andsaidto ourselves, we’re over reliant on three very successful blockbuster products [emerging market, Asia and global equities] and we’d like to build the businesses. Then Swip came along.” The £550m takeover was completed in March. It has given Aberdeen a much broader product range and is one of the last pieces in the jigsaw for the group as it has grown from a small manager of money in the Scottish backwaters when it was cofounded by Mr Gilbert in 1983 to a glo-
bal company with 33 offices in 25 countries. “Swip satisfied a lot of our strategic objectives in one go. It is not the end of the journey for us, but the acquisition has taken us to a place where I am happy to consolidate and take stock. T h e g ro u p’s p e r f o r m a n c e h a s reboundedin2014andwearelooking to grow in America.” America is perhaps the final fron-
‘Half of the world’s money is in America and they’re looking to invest overseas’ tier for Aberdeen. Only 13 per cent of the group’s clients are from the US, Canada and Latin America, which equate to £42bn in assets. “Half of the world’s money is in America and they’re looking to invest overseas, so we want to be getting some of those assets,” he says. “It is a difficult market to crack, but we are definitely looking to expand there.” Mr Gilbert agrees the investment industry is on the cusp of change, but unlike some of his rivals, most nota-
bly Schroders, he is not as focused on new techniques, particularly in data gathering, to improve performance. “The old ways of fund management are still relevant,” he says. Inthisrespect,heisaparadox.Heis very entrepreneurial and loves nothing more than sealing a big deal or acquisition. He is considered a classic “wheeler and dealer” or “deal junkie” whenitcomestomergers.Yet,despite this, he believes in the traditional ways of long only fund management. “One of the most important things in stock selection and fund management is understanding a company. This means meeting the managers and analysing the balance sheet. Then, when you have made your selections it is important not to panic and to be consistent.” Critics warn that Aberdeen is too conservative, particularly as other groups are looking at taking advantage of technological advances. There has also been a worry that Aberdeen has relied too much on acquisitions to grow, making it more unstable than someofitsrivals.Thethreatfrompassive funds is also a concern for mainly active groups such as Aberdeen. However, for the time being, these criticisms look less threatening. The company’s integration of Swip has been smooth. The acquisition has offered the group greater options in terms of growth in markets such as property, fixed income and investment solutions. The acquisition has alsogiventhecompanyamuchbigger foothold in the passive arena with £60bn in these strategies. As far as Mr Gilbert is concerned, the company’s outlook is good. He certainly has no plans to quit. “I think fund managers and executives improve with age. I look at our top fund managers and they are on the wrong side of 50, like me. I once said I would go on as long as [Sir] Alex Ferguson at Manchester United. He retired when he was 71.” Thesuccessionquestionisarguably the one key worry for Aberdeen. If Mr Gilbert were to fall under a bus, who would replace him? Perhaps, it is churlish to raise such a question. Mr Gilbert is in robust health and looks like he might go on even longer than the former Manchester United boss.
6 | FTfm
FINANCIAL TIMES Monday 15 September 2014
THE BIG PICTURE
Spectre of fine inflation haunts the big bank investors Star fund manager’s comments fuel fears penalties are making banks uninvestable but others see opportunities in the sector STEVE JOHNSON
N
eil Woodford, one of the U K ’s m o s t h i g h l y regardedfundmanagers, blamed the spectre of “fine inflation” for his decision to sell out of HSBC, his sole bank holding, earlier this month. Mr Woodford’s move came against a backdrop of seemingly ever larger punishments for bank malfeasance; last month Bank of America paid a record $16.7bn to the US government to settle claims of mis-selling mortgage-backed securities in the run-up to the financial crisis, adding to the £100bn that the 10 largest western banks coughed up in fines between 2008 and late 2013, according to the London School of Economics. Moreover, with investigations into manipulationofLibor(andlikemeasures) and foreign exchange rates still ongoing, there is no sign the punishments are over yet. Many will argue that the banks’ behaviour has been so egregious that all this and more is deserved. Yet Mr Woodford’s contention is that “fines are increasingly being sized on a bank’s ability to pay, rather than on the extent of the transgression”. In other words, there is little point in favouring an investment in Bank X ratherthanBankYbecauseXisfinancially more sound, if it is simply going to be hit with larger fines as a result. “The size of any potential fine is unquantifiable, so this represents an unquantifiable risk,” said Mr Woodford, a 25-year veteran at Invesco Perpetual who now runs his own asset management house. His comments build on rising concerns that legal risk has overtaken more traditional metrics such as
credit risk as the key uncertainty facing banks. Given the opacity and unpredictability of the former – bordering on an “unknown unknown” in the parlance of former US defence secretary Donald Rumsfeld – banks may be becoming uninvestable. The best guide to whether this is so is presumably market valuation. Unsurprisingly,bankshaverecovered somewhat from their mid-crisis lows, with the global sector now trading on a price-to-book ratio of 1.14 and a historical price-to-earnings ratio of 13, up from lows of 0.6 and 6.7 respectively in early 2009, according to Datastream. Yetpricesarestillwellbelowhistorical norms. Excluding the crisis and post-crisis period, they have not been this low since 1985, and for most of this period were markedly higher. Divining the reasons for the historically low valuations is harder. Banks are certainly less profitable than they once were, but this lowers the “e” in the p/e ratio, not the ratio itself. Expectations for weak earnings growth in a low-economic-growth, low-interest-rate environment are probably a factor keeping prices depressed, alongside the lingering reputational risk of banks. But, in the wake of a five-year long stock market rally, it does suggest the uncertainty engendered by the seemingly endless “taxing” of banks via fines may be a factor in the still low valuations. However, few seem to share Mr Woodford’s view that this effectively renders banks uninvestable. Richard Buxton, head of UK equities at Old Mutual Global Investors, retains HSBC as his largest holding, and also has positions in peers Barclays and Lloyds. He says: “Of course
Rosie hallam
In his own words . . . Neil Woodford on why he sold out of HSBC I started to build a position in HSBC for some portfolios in May last year and I included it in the portfolio of the CF Woodford Equity Income Fund at launch. I have started to become more concerned about one particular risk: that of “fine inflation” in the banking industry. Banks have attracted many fines in the postfinancial crisis world as regulators and policy-makers have cracked down on past and ongoing wrongdoings. The size of the fines, however, appears to be increasing. For example, in 2012, HSBC was fined $1.9bn for failing to prevent Mexican drug cartels laundering money through its bank accounts. I am concerned, however, that these fines are increasingly being sized on a bank’s ability to pay, rather than on the extent of the transgression. I am worried that the ongoing investigation into the historic manipulation of Libor and foreign exchange markets could expose HSBC to significant financial penalties.
it is highly likely that banks will be subject to further fines for historic behaviour, but it is highly unlikely thatinthecaseofthesebanksitwould require raising of additional capital. “Itwilldeferareturntobetterlevels of profitability and dividend payment but does not take away from the underlying case for investing in them, for the patient long-term investor.” Saker Nusseibeh, chief executive of Hermes Investment Management, which manages £27bn of assets and advises on a further £109bn, is also relaxed. “Is [the banking sector] investable, in the sense that you will make money from it? Yes. People will find banks that are better governed than others and even the worst run banks will have shares that go up,” he says. WilliamSmead,chiefexecutiveand chief investment officer of Seattlebased Smead Capital Management, takes a different tack still. He agrees that “attorneys like looking for deep pockets”, and that this principle probably applies when it comes to fining banks, but sees this as a positively good thing for the sector. Mr Smead, a noted contrarian, subscribes to the “Peter Lynch theory” of buying stocks that have something about them that keeps many investors away. In the heyday of Mr Lynch, a near-legendary Fidelity fund man-
ager, this meant the likes of mortgage finance group Fannie Mae (“nobody understood what they did and how they did it”) and cigarette manufacturer Philip Morris (“which sold a product that was severely damaging to their best customers”).
T
o Mr Smead, “that’s a pretty good view of a Bank of America or JPMorgan now”. As a result, stocks are cheap and the likelihood of new competitors emerging to breach the “protective moat” that surrounds the existing banks is vanishingly low. “You can turn this around and say it’s the perfect situation. Do these problems increase the size of [banks’] moatordotheyshrinkit?Theseproblems are creating a preventative wall because absolutely no one wants to create a big bank and put up with all this crap,” says Mr Smead. “People get up every day and say they want to create the next big software company, but no one wants to create the next big bank. The regulatorsaresettingupabetterentrenched set of margins. They are creating less and less competition. “If paying these gaudy fines and putting up with another two years of harsh legal grappling is the price they have to pay, it’s worth it.”
FTfm | 7
FINANCIAL TIMES Monday 15 September 2014
Scots fund houses feel poll jitters continued from page 1 groups with primary operations in Scotland since January, according to eVestment, the data provider. A senior executive at one B BoA £16.7bn Fined by US to settle claims of mis-selling mortgage-backed securities I HSBC $1.9bn Fined by US in 2012, for failing to prevent money laundering M Barclays £290m Fined by UK and US in 2012 for attempting to manipulate Libor
‘The size of any potential fine is unquantifiable, so this represents an unquantifiable risk’ NEIL WOODFORD (ABOVE LEFT)
‘[The prospect of more fines for banks] does not take away from the underlying case for investing in them’ RICHARD BUXTON (RIGHT)
For his part, Mr Nusseibeh believes it is “probably true” that the size of finesisincreasinglyrelatedtoabank’s ability to pay, but says this is not unusual, pointing to the Nordic countries, several of which impose fines for, say, speeding that are based on the offender’s finances. Despite this, he argues that deep corporate engagement, which Hermes trumpets as one of its core strengths, can identify the banks that have adopted strong governance and are, he believes, less likely to commit wrongdoing in the first place, although Mr Nusseibeh admits the system failed when it came to investing in Goldman Sachs. Engagement work leads Mr Nusseibeh to conclude that the cultural shift in behaviour of bank boards that he deems necessary is still in its infancy, and most banks have not learnt from the past. So he is comfortable with the seemingly endless barrageoffines,evenifinvestorsloseout. “Most of the banks around the world got bailed out. The recession has resulted in pain for taxpayers and unemployment levels not seen outside of war. [The payback] is nowhere near bloody enough,” he says. “A fair society would say to banks: before youcanbegintopayyourbonuses, you owe society the billions that were pumped in to save you.”
large Scottish fund house, who requested anonymity, said: “The referendum is an event you want to get out of the way before normal activity will resume. Light flows [following the summer break] have persisted for longer this year.” The sales slowdown has not been limited to Scottish institutions. Bill O’Neill, head of the UK investment office at UBS Wealth Management, said: “ We h ave s e e n a l i m i t e d
amountofmoneybeingmoved out of Scottish bank accounts and assets as a purely precautionary measure, mainly by investors with self-invested pensions worried about company stocks exposed to Scotland.” Some investment professionals, however, warned that investors may be overreacting. Mark Dampier, head of fund research at Hargreaves Lansdown, the investment
broker, said: “I still think the vote will be no, I’m doing nothing with my own portfolio, which has a little cash in it. [And if there was] a decent fall Iwouldaddtoholdings.[There is] way too much hysteria around.” Peter Lenardos, an analyst at RBC Capital Markets, added: “People keep forgetting that even if [there is] a Yes vote, thereisalmostatwo-yeartransition [period].”
8 | FTfm
FINANCIAL TIMES Monday 15 September 2014
OPINION
Data gives managers the edge in trend spotting COMMENT
David Oakley
W
hen R&B star Pharrell Williams’ hit ‘ H a p py ’ re a c h e d number one for a third time in the UK this year – the first song to do so in 57 years – it piqued the interest of some fund managers. Itmaynotbethemostconventional pieceofinformationtobackupatrading position, but used in conjunction with more orthodox ways of telling when an economy is on the mend, it helped underline the improving sentiment among consumers. Other trends to support the view that people are more content with theirlot,andthereforetheeconomyis heating up nicely, include the increasing number of colourful cars on the road. At the height of the financial crisis, more people were choosing black. Now as their moods lighten, theyaremoreinclinedtopickacheerful yellow. The tracking of number one tunes and the colour of people’s cars high-
lights how some fund managers have become more innovative in the way they are data digging or data mining to help them gain an edge on rivals. In the past, spotting a trend such as the rising number of colourful cars on the road was done anecdotally. Now, with Google search engines and Twitter search feeds, it is possible to establish these trends with the use of data. Spotting these trends, which may encourage a manager to buy stocks that benefit from a growing economy, is only one part of the story. The old ways of stock selection by analysing company results and meeting chief executives still matter and arguably always will. But to make a difference in active management, it has become more important to utilise the proliferation of information on the web. A senior executive at a big asset management group told me recently that his firm had become more like a technology company because of the amount of data it stored to help stock selection and the creation of portfolios. If Google decided to branch out into asset management, they would be a force to be reckoned with because of the size of their database. Other companies, such as retailer Tesco, could in theory also use their database to help spot consumer
rying behavioural finance with data digging to try to improve stock selection and asset choices further. Being able to empirically establish the increasing number of colourful cars on the road is an example of this.In other words, some asset managers are using data to understand socio-economic patterns that in turn help them pick stocks.
I This may mean the end of old fashioned portfolio managers, replaced by a breed of mathematically oriented successors
trends that would be invaluable to asset managers. The senior executive thinks this may mean the end of the old fashioned portfolio managers as a new breed of mathematically oriented successors replace them. “There is just so much you can do with data,” he said. “In the old days, you did not have the information, but now if you are clever you can select therightdatatogiveyouamuchfuller pictureofwhatisgoingonintheeconomyandtheworld.Itisveryexciting.” Other investment groups are mar-
n journalism, data digging or data mining has become more important, too. Elegant writing still matters at the Financial Times, but there is a growing pressure on reporters to find statistics and data that provide readers with more insight. It is like a second industrial revolution for many businesses, but in technology. This observation may not be particularly new as the web and advances in technology have been with us for a decade or more, but it doesseemthatinthepasttwoyearsor sothisrealisationoftheimportanceof data gathering has started to hit home in more profound ways. It will be interesting to see if these technological advances translate into higher returns for some investors – or in journalism whether it will help reporters produce better and more informed stories.
It is time to stop groupthink, sell momentum and buy value VIEW FROM AMERICA
John Dizard ‘But it was all right, everything was all right, the struggle was finished. He had won the victory over himself. He loved Big Brother’ – GEORGE ORWELL, 1984
I
f you have been an international investor over the past six months you had to love the developed world’s central bankers, particularlytheFederalReserve.Aslongas you owned the shares or bonds that benefitedfromtheirsecuritiesbuying operations,orliquidityprovision,you would have made money. No deviation from groupthink was required; just add your client’s chips to the “momentum” trades. What happens when the “liquidity” trade stops working, though? Securities dealers have much less ability to manage large sell orders than they did at the start of the last financial crisis. This is probably the time to sell
momentum and buy value. It is not that hard to identify the momentum that should be sold. The Fed-driven relief rally in US Treasury prices since May of this year has disproportionately inflated the prices of equities in financially fragile emerging markets such as Brazil and Turkey. These have weak growth, large current account deficits, high inflation, and high short term interest rates. If the Fed had gone ahead with tapering its securities purchases this spring, they would have been in even more trouble. David Goldman, a strategist with Reorient in Hong Kong, has done some interesting statistical work on the EM equity bubble. “There seems to have been an inverse relationship between economic growth and equity price performance among the major emerging markets,” he writes. “Among the best performers during the past six months have been countries with low growth, big deficits, and high short-term interest rates.” It may be too early to sell emerging market ETFs or shares that are heavily weighted in EM indexes, but at leasttherearesomebuyerslefttotake the other side of the trade. It is probably not a good idea to wait around to
see if the asset bubble can be blown just a little bigger. So if equities in large-cap, easily traded EM indexes are the momentum sells, where can one find the valuebuys?Well,iftheywerepopular, the value would already be recognised. Consider looking for equities in countries with an image problem – Russia, Argentina or Kazakhstan. Harvey Sawikin, a lead portfolio manager for Firebird Republics Fund in New York, started investing in the former Soviet republics in April of 1997,andhasearnedhigh,thoughvolatile, returns over the years. “Sentiment on Russia has become so negative it is hard not to add exposure,” he says.“OfcourseIdonotlikewhatthey are doing in Ukraine, but they do have somegreatcompanies.Andsincethey have not been getting the portfolio inflows during this period of central bank easing, they will not have the portfolio outflows when it ends.” He does not like Gazprom, the biggest Russian company “because it does not generate shareholder values. It is basically run for the strategic interests of the Russian state. Lukoil, on the other hand, is managed with shareholder interests in mind, and
the two guys who run it continue to buy the stock,” he says. Kazakhstan, where Firebird also invests, has had a lot of bad press from corruption scandals along with litigation-intensive delays in getting its giant Kashagan oil project online. Mr Sawikin says: “Even without getting Kashagan finished until 2016, they are experiencing 5 per cent growth in their economy.” Mr Sawikin has played Kazakhstan through bank workouts, not a game for the faint of heart. Essentially, he
It is probably not a good idea to wait around to see if the asset bubble can be blown just a little bigger has been watching to see what distressed bank paper the locals have been buying, analysing their possible motives, and then following their lead if it all makes sense. This means keeping track of former management’s extradition cases and current management’s over-provisioning for loan losses – but, as he says of Kazkommertsbank stock, it is “a complex but
potentially lucrative opportunity”. For investors who prefer to stay withinthe(relatively)safeconfinesof the eurozone, Estonia has under-appreciated macro policy and undervalued equities. With a government debt to GDP ratio of about 10 per cent, along with corporate and household sectors that have already deleveraged their balance sheets, it does not need the ECB’s asset purchase programme to avoid another economic crisis. Perhaps because Estonia has insufficient debt to be “re-bubble-ised” by the ECB, the Tallinn Stock Exchange index has declined by more than 6 per cent this year, even though GDP is still growing. One of the larger components of the index, Tallink Grupp, which operates a ferry service on the Baltic, is selling for a bit more than half its book value and a dividend yield of 3 per cent. The apparent ease with which “liquid” EM index products can be bought and sold, for the moment, is deceptive. They are at risk of being frozen money in the next crisis. You are better off selling them and taking the trouble to do the securities analysis necessary to buy company specific value shares in smaller markets.
10 | FTfm
FINANCIAL TIMES Monday 15 September 2014
NEWS
Short sellers wary of making a call on Russia UKRAINE CRISIS
Sanctions will add to the risks facing the European economy CHRIS FLOOD
When Russian President VladimirPutinsenttroopsinto
Crimea in early March, hedge fund managers were quick to bet that the share prices of major Russian companies would fall as a result of the Ukraine crisis. The energy companie s Gazprom, Lukoil, Rosneft and Novatek along with Sberbank
and Aeroflot, the airline, were just some of the companies targeted by short sellers. Short sellers pay brokers to borrow stocks that they then sell, betting that they can buy back these positions at a lower price and pocket the difference.Anincreaseinfeestobor-
row stocks indicates rising demand from short sellers. Two US-listed exchange traded funds tracking the broad Russian market, smaller Russian companies as well as retailers Dixy and Magnit were targets for hedge funds. “Fees to borrow Russian
names were generally low before March and it wasn’t until Russian troops entered Crimea that the short sellers really got involved,” says Chris Benedict, lead analyst at DataLend, a securities finance data provider. After pro-Russian gunmen seized Crimea’s regional parliament on February 27, Russia’s Micex e quity index dropped almost 16 per cent to a low for the year on March 14. But as the fighting spread east in August, hedge fund managers reduced their bets. Mr Benedict says fees to borrow shares in Novatek, Aeroflot, and the Market Vectors Russia small-cap ETF stayed high but demand for stock to short other names declined even before the announcement of a ceasefire by Moscow and Kiev on September 5 on the eve of a Nato summit. The ceasefire announcement prompted a rebound for Russian equities and the rouble despite some observers cautioning that the fighting might not stop. Stuart Jarvis, director, European equity finance at Citi, says: “Sometimes the best trade is to have no exposure.” Hepointstothe2007-08global financial crisis and Greek banking crisis when both longs and shorts exited during fast moving events that were difficult to assess. The European Union last week approved new sanctions designed to limit the access of Russia’s largest energy companies to western financial markets. Alper Ince, managing director at Paamco, a $9bn investor inhedgefunds,saysnooneisin a strong enough position to make a call on the future direction of the Russian market. “Wefeelthatitisadvisableto have a neutral position on Russia. Some macro hedge funds may have put on small directional positions but these are likely to be at the margin. It is very difficult to short Russian equities based on a geopolitical view,” he says. With Russia threatening retaliation against the threat of sanctions, Neil Meadows, founder of Laurentia Funds, a macro-hedge fund, believes the importance of the crisis in Ukraine has been underestimated by investors in Europe. Anti-Russian sanctions will add to the risks facing the European economy and the effect on sentiment is already
being reflected by the euro, German bond yields and the ECB’s decision to further reduce interest rates, says Mr Meadows In Europe, a number of companies including Adidas, the sportswear maker, and the brewers Carlsberg and Heineken have cited Russia as a factor affecting business. Sir Martin Sorrell, chief executive of WPP, said last month that the advertising group expected business in Russia to weaken in the second half as western sanctions against Moscow started to bite. A basket of European companies with Russian exposure created by Société Générale has fallen 9 per cent since late February, substantially underperforming the broad European equity benchmark. But while hedge funds have
9% Fall in value since February of a SocGen-created basket of European companies with Russian exposure
been shorting Russian companies they have been wary of betting on weakness for Russia-exposed European stocks. Roland Kaloyan, a strategist at SocGen, says shorting Russia-exposedEuropeanstocksis a high risk strategy, given a resolution to the Ukraine crisis might soon be found. But Simon Colvin, an analyst at Markit, the financial information services company, says pocketsofshortsellinginterest have been evident, pointing to Marine Harvest, a Norwegian fish producer, which had around 7.3 per cent of its shares out on loan in August. CGG, the French seismic surveyor, which generates around 10 per cent of its profits from Russia, also had around 11.6 per cent of its stock on loan, according to Markit. Alex Brooks, analyst at Canaccord Genuity, says CGG may have been targeted by short sellers because of its weak history in generating cash. Mr Colvin adds: “The lack of liquidity, both in the securities lending and cash markets, suggests we have not seen much in the way of shorting reaction to Russian exposed companies.”
FTfm | 11
FINANCIAL TIMES Monday 15 September 2014
NEWS
Hill has to convince EU he is right man for the job FINANCIAL SERVICES
Former lobbyist is a contentious choice as new commissioner MADISON MARRIAGE
Lobbyists in Brussels and finance chiefs in London were baskinginthenewsthattheUK has unexpectedly secured one of the most coveted positions in European politics: financial services commissioner. The surprise decision, however,toawardobscureUKpoliticianLordJonathanHilloneof the most influential roles in Europe has also raised concerns about whether end investors’ interests will be adequately protected by the conservative peer, who worked for nearly two decades as a lobbyist before entering politics. Sven Giegold, the German Green MEP who last year led the failed attempt to impose bonus caps on Europe’s fund managers, accused the incoming president of the European Commission, Jean-Claude Juncker, of having allowed “a fox to guard the henhouse”. Mr Giegold said: “Lord Hill, with his well-developed contacts to the City of London and financial industry, would be in a position to influence future financial market regulation. This poacher-turned-gamekeeper approach is clearly not what is needed in the sensitive areas of financial services. “In order to [prevent] investors’ money [being] skimmed by fees for economically useless intermediation services and products, a proactive commissioner is crucial. JeanClaude Juncker [has made] a huge gift to the British prime minister David Cameron. But this gift among friends may come at [a] high cost for financial market stability.” Mick McAteer, founder of The Financial Inclusion Centre
think-tank, took to Twitter to express scepticism over Lord Hill’s ability to look after the best interests of investors and consumers over those of the financial services community. He wrote: “[The] EU [financial] services lobby in Brussels continually attempts to undermine reforms designed to make markets work for society. [The] big challenge for Lord Hill will be to show he is not overly influenced by [the] hugefinancialserviceslobbyin [the] UK and Brussels. [It is] hard to take [the] smugness of lobbyistswhothinkthey’vegot their man in Brussels. I will work very hard to prove them wrong. Lord Hill must show he understands [financial services] exist to serve consumer, economy [and] society needs – not the other way round.” He told FTfm: “But we shouldjudgehimbyhisactions rather than reputation.” Lord Hill will oversee a
‘This poacher-turnedgamekeeper approach is not what is needed in the area of financial services’ number of files under negotiation in Europe that are aimed at improving investor protection but are being lobbied hard against by the asset management industry over concerns that they will raise costs. These include new rules governing the bloc’s money market fund industry, as well as possible revisions to the fifth iteration of the Ucits directive, which seeks to strengthen Europe’s mutual fund framework. Although many investor advocates expressed alarm at Lord Hill’s appointment, James Walsh, head of international polic y at the UK’s National Association of PensionFunds,describedhisnomination as “surprising and good
Lord Hill’s appointment is seen as good news for the UK Alamy
news” for the UK’s workplace pension industry. AlexvanderVelden,partner at Dutch fund house Ownership Capital, added: “It’s fair to say many have been surprised by Lord Hill’s appointment, however, while unpopular with some groups in the Euro-
pean Parliament, this could be viewed as a clever move by Juncker. He is aiming to bring the UK back in to the fold.” The conservative peer is also likely to be involved in any Commission discussions over whether asset managers pose a systemic risk to the financial
system, according to David Henry Doyle, head of the Brussels office at Hume Brophy, the PR and public affairs group. Mr Doyle said: “Lord Hill’s appointment is a political coup for the UK, but it has also come as something of a shock to certainquartersinBrussels.Given
the tensions between the UK and Brussels on financial services in the last few years it is certainly a bold choice. “[Lord] Hill is expected to face a tough hearing in the European Parliament, especially from the Greens and Socialists.”
12 | FTfm
FINANCIAL TIMES Monday 15 September 2014
NEWS
Liquid alternatives fail to deliver on promise of returns MUTUAL FUNDS
Investors undeterred by performance issues as assets pass $300bn mark CHRIS FLOOD
Mutual funds that employ hedge fund strategies, known as liquid alternatives, are arguably the hottest investment trend of the moment, attracting interest from a growing number of investors as well as that of regulators. But most liquid alternatives have not created any value for investors and have failed to deliver on their promise to provide positive returns regardless of market conditions, according to research by academics at the University of Alabama. The research, which examined the performance of 318 alternative mutual funds between January 2008
and December 2011, found that the performance was even worse during the financial crisis. Investors, the academics say, would havebeenbetteroffusingindexfunds tracking the S&P 500 than equity liquid alternatives over the entire four year period. “Investorsshouldbewaryofhaving unrealistic expectations of the performance and diversification benefits of these alternative mutual funds,” says professor Robert McLeod. The warning, however, comes as assets in US liquid alternatives pass the $300bn mark, while assets in alternative Ucits have reached some €236bn ($306bn). McKinsey, the consultancy, says up to half of net new revenues from US retail investors could flow into liquid alternatives over the next five years, driven by greater adoption by regis-
University of Alabama academics says investors would have been better off using index funds tracking the S&P 500 zumapress/alamy tered investment advisers and the large brokers (wirehouses). Liquid alternatives proliferated after the repeal in September 1997 of the so-called “short-short” rule that heavily taxed mutual fund managers if they earned more than 30 per cent of their gross income from sales of securities held for less than three months. Deutsche Bank forecasts that liquid alternatives will attract $49bn of new cash over the next 12 months, up from
$34bn over the past year, with inflows accelerating from private banks, wealth managers, funds of funds and institutional asset managers. Indeed, almost three quarters of investors that use alternative Ucits and nearly two-thirds of those investing in US liquid alternatives plan to increase their allocations over the next 12 months, according to Deutsche, which surveyed 212 investors and 86 hedge fund managers. But Deutsche’s survey also points to
performance issues. It found that 31 per cent of the US managers it surveyed held products that underperformed their corresponding hedge fund strategy. This was still an improvement on the previous year when that number was 50 per cent. “Poor performance is cited as the primary challenge to investing in liquid alternatives for 11 per cent of responding investors,” says Deutsche. OnurErzan,adirectoratMcKinsey, says liquid alternatives are typically more complex than traditional mutual funds and require investors to perform thorough due diligence so they properly understand how these products match their risk appetite and asset allocation requirements. Constraints on leverage and liquidity can hinder their performance compared with full blooded hedge funds. A 2013 study by Cliffwater, the consultancy, found that investor returns on average were reduced by around 1 per cent a year for the better liquidity offeredbyliquidalternatives.Cliffwater said it could not judge if the performance shortfall was a “fair exchange” for the improved liquidity offered by alternative mutual funds. Fees are also generally higher for liquid alternatives than for traditional mutual funds.
FTfm | 13
FINANCIAL TIMES Monday 15 September 2014
OPINION
Hong Kong mulls core pension fund proposal VIEWPOINT
Mark Konyn
Few voters appear fully aware of what history shows about the risks of opting for independence
PA
Scotland can learn from the business mistakes of others THE LAST WORD
Jonathan Davis
T
ravelling up to Edinburgh last week to test the waters ahead of this week’s referendum vote, I kicked off my visit by calling in on the Library of Mistakes, a newly launched charitable venture that aspires to offer Scottish students of all ages the opportunity to learn fromthemistakesoftheirforefathers. ThelibraryisthebrainchildofRussell Napier, the market historian and investment strategist, and is funded by many of the so-called “financial mafia” in the Scottish capital. The library aspires to become a go-to collection of primary and secondary source material for anyone wanting to learn from (and about) business and financial history. There are success stories, as well as tales of glorious and inglorious failure. The aim is to provide a rich seam of study materials for anyone who feels the need for a pragmatic counterweight to the prevailing theoretical nonsense that is taught, for want of a better alternative, in all universities and business schools. In the real world, the study of great people (and great villains) is more important to those looking to make their way in businessthananunderstandingofthe efficient markets hypothesis. Oneparticularlyinterestingsection contains all the official Department of Trade and Industry reports into malfeasance, scandal and fraud that have appeared over the past half century. I can vouch for the fact that these offi-
cial enquiries (Maxwell, Blue Arrow, Guinness, Barings and so on) often read like thrillers, and the pages of gruesome detail are cautionary tales that any aspiring businessman or investor would be well advised to read first, long before they go near an economics textbook or seminar room. Without presuming to know the innermost thought processes of the majority of the Scottish population, whose country I admire and whose future is rightly a matter they alone can decide, this week’s referendum is a cause for concern. Judging by the calibre of public debate, few voters appear to have fully appraised themselves of what historical experience has to say about the risks they will be
Opting for independence could earn Scotland a prominent place in the Library of Mistakes embracing if they do opt for independence. To do so is clearly Scotland’s right: but there is a serious risk that doing so could prove a grievous mistake of a kind, and on a scale, that will earn them a prominent place in the Library of Mistakes. Amid all the criticism of how the Better Together campaign should have been run (most of it valid), one thing that is clear is that the SNP has brilliantly deflected debate away from the economic consequences of separation towards more ethereal issues of national identity and social idealism that have little chance of being realised any time soon. Instead of harping on about the pound, one senior Edinburgh fund manager suggested to me last week, the No campaign should have concen-
trated on a simple alternative slogan, namely the “SNP’s Tax Bombshell”. Why?Becauseitisclearthatthereis no realistic prospect of any post-independence Scottish government being able to afford the many attractive promises it has dangled under the noses of its voters. Without a revolution in social and political attitudes, which currently looks improbable, I fear that an independent Scotland is more likely to become a failed nation state than a new Singapore. Historical experience is clear, that in politics, as in investment, you should judge policy makers not by their intentions, but by the results their policies are likely to produce in practice. On this count, the reality of an independent Scotland is certain to fall a long way short of what many of those campaigning for independence appear to think they can achieve. Of course the Yes vote may not happen. I have a decent bet that independence will be rejected, probably byabiggermarginthantheconsensus assumes. I would like to think that is because the lessons of history, deeply buriedastheymaybeintheshelvesof the Library of Mistakes, have somehow permeated more widely among the Scottish population than a casual visitor might be led to think. Mr Napier meanwhile says he has aspirations to fund similar libraries in London and the United States and is looking for benefactors to help his fledgling charitable initiative. Given that professional investment has become a “loser’s game”, this seems a more than creditable idea. Englishmen like myself who presume to pontificate about the risks in Scottish independence should humbly admit that we have more than our own share of corporate and financial disasters to learn from as well.
F
ro m t h e o u t s e t H o n g Kong’s Mandatory Provident Fund (MPF) system has been subject to criticism and remains the topic of heated debate. Introduced at the end of 2000 after a lengthy consultation process, it aims to provide employment based defined contribution retirement benefits and is managed completely by the private sector. Some, however, see the MPF as a way for the government to avoid addressing the broader issues of providing social welfare. There are some 2.5m scheme members. Members are offered a range of fund investment options and about 80 per cent of the accumulated contributions are invested in equity or mixed asset funds with longer term investment objectives. For many employers, which did not have voluntary arrangements beforetheMPF,thesystemisviewed as a government imposition and as a type of tax. For those joining the scheme late on in their working life, contributionswillfallwoefullyshort of what is required. Employers continue to be sceptical of the scheme and most make just the minimum required contribution. Voluntary contributions represent less than 20 per cent of total contributions and tend to be for employees in the higher paid industries. The government, nevertheless, continues to promote the MPF and has focused on championing the low fees and investment performance. Fallingshortofimposingafeecap, fees have instead reduced in the past several years through moral suasion and public debate. Providers have lowered fund management fees for certain funds as well as administration fees more generally. Other providers have introduced lower fees for plans offering a smaller range of both investment and service options. John Tsang, financial secretary,saidinMaythatincreasedcompetition has helped push MPF fees down by 20 per cent since 2007. In November 2012 the regulations were amended allowing members to move accumulated contributions from the funds offered by their current provider to the funds offered by any other provider. The aims were twofold. Firstly, allowing employees greater choice wasexpectedtorelieveemployersof
the pressure of having to take responsibility for the investment performanceoftheirchosenscheme provider. Members could simply move money away if performance and options were more attractive elsewhere in the market. Secondly, the movement of money across different schemes would help make it easier to compare fees and encourage consolidation of the number of funds being offered in the market. But these changes have fallen well short of expectations. An elaborate and somewhat cumbersome process to transfer between schemes has led to a disappointing amount of flow between schemes and funds. The latest initiative involves the potential introduction of a core fund option that is offered by all schemes and is intended for members who do not want to make an investment choice. Such funds would be subject to a maximum fee. In this way, according to the consultation paper that has been issued and is open
Plan raises questions of set-up costs and expense ratios until new funds reach a meaningful size until the end of September, the core fund will offer good value and take account of the longer term interests of members. Most MPF schemes already offer default investment options and the proposal raises questions of how existing arrangements will sit alongside the new core fund arrangements and whether members would be required to divert contributions to the new core fund options. Since default arrangements are not specified by the existing regulations, different providers have adopted different approaches of how to invest contributions where the member has failed to select funds. Under the core fund arrangements these existing default options may no longer be relevant and new fundsmayneedtobelaunched.This raises questions of both set-up costs and expense ratios until the new funds reach a meaningful size. The core fund approach may well prove a convenient way to impose maximum fees and avoid the uncomfortable situation where the government is promoting the need to save regularly for retirement, and at the same time complaining about the high cost and poor performance of the mandated system. MarkKonynischiefexecutiveofCathay Conning Asset Management, based in Hong Kong
14 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm
Guide to data The fund prices quoted in FTfm are supplied by the operator of the relevant fund. Details of funds, including prices, are for informational purposes only. The Financial Times Limited makes no representation as to their accuracy or completeness, and they should not be relied upon when making an investment decision. The sale of interests in the funds listed in FTfm in certain jurisdictions may be restricted by law and the funds will not necessarily be available to persons in all jurisdictions in which the publication circulates. Persons in any doubt should take appropriate professional advice. Data collated by Morningstar. For all other queries, contact the FT at
Fund
Bid
Offer D+/- Yield
reader.enquiries@ft.com. The fund prices published in this edition along with additional information are also available on the Financial Times website at www.ft.com/funds. Charges for this advertising service are based on the number of lines published and the classification of the fund. Please contact data@ft.com or call +44 (0)20 7873 3132. The funds published on these pages are grouped together by fund management company. Prices are in pence unless otherwise indicated and those designated $ with no prefix refer to US dollars. Yields % allow for buying expenses. Prices of certain older insurance linked plans are subject to capital gains tax on sales. Some
Fund
AEF Ltd Eur (Est)
ACPI Global UCITS Funds Plc
Bid
-
0.01 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 119.96
-
0.02 0.00
ACPI Global Credit Fund UCITS USD C $ 13.54
-
0.01 0.00
ACPI Global Fixed Income UCITS Fund GBP C £ 150.61
-
0.08 0.00
Arisaig Partners
ACPI Global Fixed Income UCITS Fund EUR B € 145.01
-
0.06 0.00
Other International Funds Arisaig Africa Consumer Fund Limited $ 19.38
-
0.07 0.00
-
-0.02 0.00
Arisaig Asia Consumer Fund Limited $ 58.08
-
0.53 0.00
Arisaig Global Emerging Markets Consumer Fund $ 10.47
-
0.04
-
ACPI India Fixed Income UCITS Fund EUR B3 € 90.08
-
0.05 0.00
Arisaig Global Emerging Markets Consumer UCITS € 10.65
-
0.03
-
ACPI India Fixed Income UCITS Fund USD A3 $ 82.97
-
0.20 0.00
-
0.01 0.00
ACPI Select UCITS Funds PLC
(IRL) -
0.00
-
Arisaig Global Emerging Markets Consumer UCITS STG £ 10.80 Arisaig Latin America Consumer Fund $ 26.62
-
Artemis Investment Management LLP Regulated Artemis Gbl Hedge Fd Ltd GBP
£ 55.91
-
-0.01
-
0.05 0.00
(CYM) 2.46
-
ACPI Balanced UCITS Fund EUR Retail € 10.58
-
0.00
-
Artemis Gbl Hedge Fd Ltd EUR
€ 52.35
-
2.30
-
ACPI Balanced UCITS Fund GBP Retail £ 10.66
-
0.00
-
Artemis Gbl Hedge Fd Ltd USD
$ 56.34
-
2.43
-
ACPI Balanced UCITS Fund USD Institutional $ 10.00
-
-
-
Artemis Pan-Euro Hdg EUR
€ 187.98
-
2.38
-
-
-
-
ACPI Balanced UCITS Fund GBP Institutional £ 10.00
-
-
-
ACPI Focused Equity UCITS Fund $ 14.33
-
-0.03
-
Artemis Pan-Euro Hdg GBP Artemis Pan-Euro Hdg USD
£ 207.96 $ 195.93
-
2.68 2.45
-
ACPI -
0.00 0.00
ACPI Global Credit UCITS Fund USD C $ 11.96
-
0.00 0.00
Q-ACPI India Fixed Income Fund USD A $
-
0.03 0.00
(IRL) Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Tel: 44 (0) 207 766 7130 FCA Recognised Artisan Partners Global Funds plc Artisan Emerging Markets I USD Acc $ 8.42 - -0.04 0.00 Artisan Global Equity Fund Class I USD Acc $ 14.29
-
-0.01 0.00 -0.01 0.00
Artisan Global Value Fund Class I USD Acc $ 16.09
-
0.00 0.00
Artisan US Value Equity Fund Class I USD Acc $ 11.93
-
0.02 0.00
Ashburton Fund Managers Limited
Alceda Fund Management S.A.
(JER) 17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000 FCA Recognised Ashburton Emerging Markets Funds Limited Ashburton Chindia Equity Fund - Sterling Share Class I £ 102.6889 107.8233 -0.0724 0.00
www.alceda.lu FCA Recognised AC Opp - Aremus Fund EUR A
€ 104.78
-
0.13
AC Risk Parity 7 Fund (EUR A)
€ 122.03
-
-0.07 0.00
Ashburton Chindia Equity Fund - Sterling Share Class R £ 0.7741 0.8128 -0.0006 0.00
AC Risk Parity 12 Fund (EUR A)
€ 145.77
-
-0.13 0.00
Chindia Eq - Class I
$ 167.3962 175.7660 0.0057 0.00
AC Risk Parity 17 Fund EUR A
€ 95.54
-
-0.15 0.00
Chindia Eq Fund
$ 1.2570 1.3199 0.0000 0.00
ACQ - Risk Parity Bond EUR A
€ 102.99 102.99 0.01 0.00
-
(LUX) 5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 www.amundi-funds.com FCA Recognised Absolute Var 2 EUR £ 99.04 0.01 0.00 Bd. Euro Corporate AE Class - R - EUR € 18.56
-
0.01 0.00
Bd. Global AU Class - R - USD
-
0.00 0.00
Eq. Emerging Europe AE Class - R - EUR € 26.83
-
-0.24 0.00
Eq. Emerging World AU Class - R - USD $ 101.52
-
-0.35 0.00
Eq. Greater China AU Class - R - USD $ 626.21
-
-2.78 0.00
Eq. Latin America AU Class - R - USD $ 591.33
-
1.13 0.00
The Antares European Fund Limited Other International AEF Ltd Usd (Est)
$ 574.09
-
2.38
-
Aspect Capital Ltd (UK)
BNP Paribas Investment Partners
Other International Funds Aspect Diversified USD
$ 315.21
-
-2.23 0.00
Aspect Diversified EUR
€ 188.57
-
-1.35
5 Aldermanbury Square, EC2V 7BP London Telephone: +44 207 063 7783 FCA Recognised BNP Paribas Insticash BNP Paribas InstiCash EUR P Cap* € 118.75
-
0.00 0.00
BNP Paribas InstiCash GBP P Cap* £ 131.76
-
0.00
Aspect Diversified GBP
£ 95.94
-
-
-0.69 0.00
SFr 90.51
-
-0.65 0.00
Aspect Diversified Trends USD
$ 92.90
-
-0.56 0.00
Aspect Diversified Trends EUR
€ 92.46
-
-0.56 0.00
Aspect Diversified CHF
Aspect Diversified Trends GBP
£ 95.67
-
-0.56 0.00
Atlantas Sicav
(LUX)
Regulated American Dynamic
$ 3258.15
-
-1.55 0.00
American One
$ 3058.96
-
14.95 0.00
Bond Global
€ 1229.94
-
16.22 0.00
Eurocroissance
€ 759.07
-
4.69 0.00
Far East
$ 728.27
-
4.50 0.00
(GSY)
(IRL)
Bid
Offer D+/- Yield
-0.04 0.00
Bond USA High Yield P Cap*
$ 19.53
-
-0.02 0.00
Bond USD Goverment P Cap*
$ 164.98
-
0.03 0.00
Bond World Corporate C
$ 150.28
-
0.05 0.00
Bond World Emerging P Cap*
$ 25.67
-
0.01 0.00
Bond World Emerging Advanced C $ 103.53
-
-0.02 0.00
Bond World Emerging Local P Cap* $ 90.73
-
-0.03 0.00
Bond World High Yield P Cap*
€ 107.50
-
-0.11 0.00
Equity Best Selection Euro P Cap* € 141.51
-
BDT Asian Focus EUR A
€ 23.48
-
-0.05 1.72
Equity Best Selection Europe P Cap* € 137.91
-
BDT Asian Focus EUR B
€ 24.43
-
-0.05 1.65
Equity Best Selection Europe ex-UK P Cap* € 121.41
-
-0.24 0.00
BDT Asian Focus USD A
$ 27.55
-
-0.07 1.80
Equity Brazil P Cap*
$ 107.38
-
0.47 0.00
BDT Asian Focus USD B
$ 29.69
-
-0.07 1.67
Equity Europe Growth P Cap*
€ 138.45
-
-0.08 0.00
BDT Oriental Focus USD A
$ 24.05
-
-0.07 1.65
Equity India P Cap*
$ 118.39
-
0.45 0.00
Prospectus data, price histories, charges and risk analytics on the funds within these pages is available online at www.ft.com/funds.
Fund
Bid
-
0.02 0.00
BlueBay Struct.Fds: High Inc Loan Fd € 191.00
-
-0.06 0.00
$ 144.52
-
5.55 0.00
Other International Funds Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6901.00
-
-13.00 2.43
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 9678.00
-
-54.00 0.88
-
-0.06 1.57
Equity Japan Small Cap P Cap*
¥ 180826.00
-
-809.00 0.00
-
-0.11 1.72
Equity Latin America P Cap*
$ 41.14
-
-0.01 0.00
-
0.03 0.00
$ Income Fund - Share Class V DisA$ 1021.51
-
-0.08
Gl Sukuk Fund - Share Class A Acc $ 1201.17
-
-
0.65 0.00
-
-5.73 0.00
Equity Turkey P Cap*
€ 108.08
-
-1.26 0.00
Equity USA Growth P Cap*
$ 134.53
-
-0.12 0.00
Equity USA Mid-Cap P Cap*
$ 185.36
-
0.65 0.00
Equity USA Small-Cap P Cap*
$ 151.67
-
0.89 0.00
Equity World Low Vol P Cap*
€ 134.47
-
-0.33 0.00
V350 P Cap*
€ 103.04
-
-0.05 0.00
* RDR-compliant share class
-0.03 0.00
-
-0.19 0.61
Other International Funds BNP PARIBAS GLF USD-DIST-USD $
1.00
-
0.00 0.03
Bank of America Cap Mgmt (Ireland) Ltd $
1.00
Emerging Mkt Debt LC A GBP Hedged Inc £
9.97
-
-0.01 5.46
Emerging Opportunities A GBP Inc H £ 20.50
-
-0.01 0.00
Glb Emerging Markets A GBP Inc H £ 20.48
-
-0.02 0.45
Glb Resources A GBP Inc H
-
-0.01 0.31
-
(IRL)
0.00 0.18
High Yield Bond A GBP Hedged Inc H £ Hong Kong China A GBP Inc
7.26
-
0.00 6.05
£ 559.53
-
-0.26 0.66
India Fund - Class A GBP Inc
£ 13.53
-
0.11 0.00
Latin America A USD Inc H
$ 44.04
-
-1.04 0.91
MENA A GBP Inc F *
£ 15.14
-
-0.07 1.10
Baring International Fd Mgrs (Ireland) Regulated China A-Share A GBP Inc
£
5.70
-
Barings (Luxembourg) FCA Recognised Russia A GBP Inc F
Regulated BlackRock UK Property
0.08 7.32 (JER) 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 FCA Recognised Bond Funds Sterling Bond F £ 0.44 - -0.01 3.45
(IRL) 0.14 0.00
(LUX) £ 31.37
-
BlackRock
0.00 0.00
Braemar Group PCC Limited
(GSY)
Regulated UK Agricultural Class A
£
1.24
-
UK Agricultural Class B
£
1.35
-
0.01 0.00
Student Accom Class B
£
1.00
-
-0.05 0.00
Brown Advisory Funds plc
(IRL) http://www.brownadvisory.com Tel: 020 3301 8130 FCA Recognised Brown Advisory US Equity Growth Fund USD B $ 20.88 - -0.01 0.00
-0.54 1.01
(JER) £ 37.38
-
0.30 4.00 0.61 0.00
Blackrock UK Long Lease
£ 1020.62
-
BLK Intl Gold & General
$
6.30 0.05 0.00
5.98
Blairmore Funds PLC FCA Recognised Smith & Williamson Investment Management Administrators - BNP Paribas Blairmore Global Equity fund $ 13.12 0.04 0.00
-
(IRL) CG Asset Management Limited Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland 00 353 1 434 5098 FCA Recognised Capital Gearing Portfolio Fund Plc £ 26049.92 26049.92 103.32 0.64 CG Portfolio Fund Plc Real Return Cls A
£ 172.11 172.11 1.54 2.67
Dollar Fund Cls D
£ 126.29 126.29 1.56 1.90
Capital Value Fund Cls V
£ 126.42 126.42 0.53 0.28
CACEIS (Switzerland) SA Tel: +41 22 360 94 00 www.caceis.ch Other International Funds Dynamic Ratchet Bond Fund-Japan ¥ 6423.00
€ 104.89
-
-0.35 0.00
BlueBay Em Mkt Bd B - USD
$ 297.39
-
0.30 0.00
BlueBay Em Mkt Corp Bd B
$ 167.80
-
-0.19 0.00
BlueBay Em Mkt Sel Bd B - USD $ 164.42
-
0.16 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 164.95
-
0.10 0.00
BlueBay Gbl High Yield Bd B
$ 193.59 $ 132.12
Ashmore SICAV Global Equity Fund $ 125.05
-
-0.65 0.07
Ashmore SICAV Global Small Cap Equity Fund $ 140.51
-
-1.22 0.07
Ashmore SICAV Local Currency Fund $ 95.11
-
-0.02 1.47
EM Mkts Corp.Debt USD F
$ 106.27
-
-0.02 8.50
EM Mkts Loc.Ccy Bd USD F
$ 101.86
-
0.04 7.82
BlueBay Inv Grd I Euro Agg Bd Fund € 143.96
-
39.00 0.18
A$ 1007.64
-
-1.17 0.00
Candriam Eqts L Sust World Cap € 255.16
-
-0.25 0.00
€ 1098.71
-
-1.18 0.00
Candriam Bds Euro Infl Linked Cap € 141.41
-
-0.20 0.00
Candriam Qt-Eqts Europe Cap
€ 2072.71
-
-2.75 0.00
Candriam Qt-Eqts USA Cap
$ 2378.44
-
3.85 0.00
(LUX)
Regulated BlueBay Em Mkt Abs Ret Bd IN
BlueBay Gbl Convert Bd I - USD
Gl Sukuk Fund - Share class B Acc £ 1064.14 1064.14 0.51 0.00
Barclays Investment Funds (CI) Ltd
£ 13.69
BlueBay Asset Management LLP
BNP Paribas
Regulated Global Liquidity USD
-
0.00
€ 24.50
$ Income Fund - Share Class M Acc € 1014.38
9.88
£ 55.14
0.04 0.00
£ 29.40
-
Dynamic Emerging Markets A GBP Acc F £
-
BDT Oriental Focus GBP A
0.00
0.00 0.60
-
BDT Oriental Focus EUR B
-0.03 0.00
-
Brown Advisory US Flexible Equity Fund USD B $ 10.65
428.00 0.00
-
6.14
Brown Advisory US Small Cap Blend Fund USD B $ 11.59
-
-
Baring Global Mining Fund - Class A GBP Inc £
0.03 0.00
¥ 92072.00
$ 646.63
-
0.03 0.00
Equity Japan P Cap*
$ Income Fund - Share Class G Acc £ 1071.85
0.00
-
-0.05 1.69
$ Income Fund - Share Class D Dis $ 1004.94
-
Brown Advisory US Smaller Companies Fund USD B $ 15.58
-
-0.01 0.00
Baring European Opportunities Fund Class A EUR Acc € 10.63
BONHOTE
-0.14 0.00
€ 22.77
-
-0.01 0.00
0.03 0.00
BDT Oriental Focus EUR A
$ Income Fund - Share Class C Acc $ 1005.31
-
-
-0.19 0.00
0.13 0.95
0.00 0.00
Baring Emerging Markets Corporate Debt Fund $ 10.36
Brown Advisory American Fund USD B $ 15.88
-
-
-0.73 2.11
-
-0.36 0.00
$ 111.11
(LUX)
-
$ 10.29
(CYM)
0.04 0.21
Equity Indonesia P Cap*
BLME Asset Management
£ 77.13
Baring China Bond Fund
Regulated Bluebay Macro Fd A
-
-0.07 1.54
Equity Russia Opport. P Cap*
Australia A GBP Inc
BlueBay Asset Management LLP
-
-
-0.12 1.62
-0.13 0.00
Brown Advisory American SRI Fund USD B $ 14.75
$ 25.75
-
-
Offer D+/- Yield
€ 127.00
Brown Advisory US Equity Value Fund USD B $ 12.98
BDT Oriental Focus USD B
$ 28.30
-
-
-0.10 1.62
0.00 0.00
Ashmore SICAV Emerging Market Total Return Fund $ 95.89
Bond Euro Medium Term P Cap* € 134.37
-
-
-0.03 1.04
-0.06 0.00
£ 32.51
$ Income Fund - Share Class B Acc $ 1152.94
-
-
BDT Asian Focus GBP B
-0.01 6.42
Ashmore SICAV Emerging Market Frontier Equity Fund $ 179.97
€ 154.19
0.16 0.00
-
0.23 9.45
Bond Euro P Cap*
-0.08 0.00
9.86
-
0.01 0.00
-
Emerging Mkts Liquid Inv P'folio $
2 rue Albert Borschette L-1246 Luxembourg FCA Recognised Ashmore SICAV Emerging Market Debt Fund $ 106.20
-
-
0.00 0.00
(LUX)
$ 102.86
€ 109.17
-
Ashmore Sicav
Parvest Bond Asia ex-Japan P Cap*
€ 113.46
£ 31.29
£ 41.70
Eastern Europe A GBP Inc
Convertible Bond World P Cap*
BLME Sharia'a Umbrella Fund SICAV SIF Regulated $ Income Fund - Share Class A Acc $ 1134.21
-1.44 0.00
-0.11 6.32
Bond World Inflation-Ld P Cap*
-0.27 0.00
-
-
-0.10 1.75
-
Emerging Mkts Corporate High Yield $ 119.71
€ 93.37
Asia Growth A GBP Inc H
-
-
Regulated Ashmore Emerging Market Debt & Currency Fund Inc USD $ 161.92
Local Currency Debt Pflo
BNP Paribas L1 BNPP L1 Bd World Plus P Dis*
(LUX)
33 St James's Square, London, SW1Y 4JS FCA Recognised BDT Asian Focus GBP A £ 30.11
BDT Oriental Focus GBP B
Ashmore Management Company Ltd
Amundi Funds
Fund
(IRL) Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 FCA Recognised 0.03 0.96 ASEAN Frontiers A GBP Inc £ 120.87 -
BDT Invest LLP
Artisan Global Opportunities I USD Acc $ 11.85
$ 27.46
Offer D+/- Yield
move to forward pricing at any time. Forward pricing: The letter F denotes that that managers/operators deal at the price to be set at the next valuation. Investors can be given no definite price in advance of the purchase or sale being carried out. The prices appearing in the newspaper are the most recent provided by the managers/operators. Scheme particulars, prospectus, key features and reports: The most recent report, scheme particulars, prospectus and key features document may be obtained free of charge from fund managers/operators. * Indicates funds which do not price on Fridays. Other explanatory notes are contained in the last column of the FT Managed Funds Service.
BlueBay Inv Grd Libor Fd B
-
Artisan Partners Global Funds PLC
9.69
Bid
(LUX) 22 Conduit Street, Mayfair, London W1S 2XR +44(0)20 7491 1901 FCA Recognised The Arbiter Global Emerging Markets Fund Class A USD $ 116.20 - -0.27 0.00
-0.24 0.00
Other International Funds ACPI Global Credit UCITS Fund EUR C € 12.49
Fund
Arbiter Fund Managers Limited
-
ACPI Balanced UCITS Fund EUR Institutional € 10.00
Offer D+/- Yield
4.47 0.00
ACPI India Fixed Income UCITS Fund GBP C3 £ 83.26
Regulated ACPI Balanced UCITS Fund USD Retail $ 13.97
Bid
hours; # 1701 to midnight. Daily dealing prices are set on the basis of the valuation point, a short period of time may elapse before prices become available. Yield: Funds comprising mainly of bonds normally quote a gross redemption yield after all charges but before tax has been deducted. Funds mainly made up of equities normally quote a yield representing the estimated annual payout net of tax for basic rate taxpayer. For further information contact the management company. Historic pricing: The letter H denotes that the managers/operators will normally deal on the price set at the most recent valuation. The prices shown are the latest available before publication and may not be the current dealing levels because of an intervening portfolio revaluation or a switch to a forward pricing basis. The managers/operators must deal at a forward price on request, and may
Baring International Fd Mgrs (Ireland)
-
ACPI International Bond UCITS Fund USD $ 18.17
Fund
or type of holder. Buying price: Also called offer price. The price at which units in a unit trust are bought by investors. Includes manager’s initial charge. Selling price: Also called bid price. The price at which units in a unit trust are sold by investors. Single price: Based on a mid-market valuation of the underlying investments. The buying and selling price for shares of an OEIC and units of a single priced unit trust are the same. Exit Charges: The letter E denotes that an exit charge may be made when you sell units, contact the manager/operator for full details. Time: The time shown alongside the fund manager’s/operator’s name is the time of the unit trust’s/OEIC’s valuation point unless another time is indicated by the symbol alongside the individual unit trust/OEIC name. The symbols are as follows: ✠ 0001 to 1100 hours; ♦ 1101 to 1400 hours; ▲1401 to 1700
(IRL)
www.acpi.com Regulated ACPI Emerging Mkts FI UCITS Fund EUR B € 103.93
ACPI Global Fixed Income UCITS Fund USD A $ 147.14
Offer D+/- Yield
€ 579.77
Property Unit Trusts are limited to investors who are UK tax exempt. All dealings are subject to individual Trust Deed rules. The sale prices for these funds are estimates. Guide to pricing of Authorised Investment Funds. Compiled with the assistance of the IMA. The Investment Management Association, 65 Kingsway, London WC2B 6TD. +44 (0)20 7831 0898. All funds within this section, whether OEICs or unit trusts are authorised in the UK by the Financial Services Authority. The prices quoted should only be used as a guide. OEIC: Open-Ended Investment Company. Similar to a unit trust but using a company rather than a trust structure. Share Classes: Separate classes of share are denoted by a letter or number after the name of the fund. Different classes are issued to reflect a different currency, charging structure
-
0.00 0.00 -0.47 0.00
BlueBay High Yield B - EUR
€ 334.95
-
-0.76 0.00
BlueBay High Yield Corp Bd B
€ 141.20
-
-0.46 0.00
BlueBay Inv Grd B - EUR
€ 171.97
-
0.03 0.00
BlueBay Inv Grd B Euro Gov Bd Fund € 143.06
-
-0.21 0.00
-
-0.11 0.00
Candriam Investors Group FCA Recognised Candriam Eqts L Australia Cap
Candriam Bds Euro Cap
(LUX)
Candriam Investors Group FCA Recognised Candriam Sust Euro Bonds Cap
€ 349.59
(BE) -
-0.21 0.00
FTfm | 15
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Fund
Candriam Sust North America Cap $ 41.44
-
0.06 0.00
Cap Int Em Mk LocCur Dbt B
Candriam Sust World Cap
-
-0.02 0.00
Cap Int Euro Bond B
€ 23.66
Candriam Investors Group
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
$ 11.01
-
0.00 0.00
Cheyne High Income Regulatory Capital Fund Class A Series 1 € 121.82
-
SFr 18.72
-
-0.06 0.00
Cheyne Long/Short Credit Fund
$ 217.85
-
Cap Int Euro Bond B
£
9.62
-
-0.04 2.03
Cheyne Malacca Asia Equity Fund Class A $ 1532.62
-
0.01 0.00 0.48
Bid
Offer D+/- Yield
€ 12.25
-
Cap Int Euro Bond B
$ 20.01
-
-0.07 0.00
Cheyne Multi Strategy Liquid Fund $ 124.80
-
0.15
-4.09 0.00
Cap Int Euro Bond BD
€ 15.48
-
-0.05 0.00
Cheyne Real Estate Credit Holdings Fund £ 136.09
-
1.46 0.00
Candriam Eqts L Euro 50 Cap
€ 524.38
-
-1.03 0.00
Cap Int Glb H Inc Opp B
SFr 33.10
-
-0.05 0.00
Cheyne Real Estate Debt Fund Class A1 £ 127.38
-
-0.46 0.00
Candriam Eqts L Europe Cap
€ 881.77
-
-0.73 0.00
Cap Int Glb H Inc Opp B
€ 27.36
-
-0.05 0.00
Cheyne Total Return Credit Fund - December 2017 Class $ 195.09
-
6.31 0.00
Candriam Eqts L Japan Cap
¥ 18280.00
-
48.00 0.00
Cap Int Glb H Inc Opp B
$ 35.37
-
-0.07 0.00
Cheyne Total Return Credit Fund December 2019 $ 131.74
-
7.37
Candriam Bds Euro Conv. Classic Cap € 3384.15
-
-0.81 0.00
Cap Int Glb H Inc Opp BD
£ 12.54
-
-0.02 5.35
Candriam Bds Euro Corp ExFin Cap € 160.58
-
0.05 0.00
Cap Int Global Bond B
SFr 18.35
-
-0.06 0.00
Clareville Capital Partners LLP
Bid
Offer D+/- Yield
€ 2170.00
-
-3.80 0.00
Cap Int Global Bond B
€ 15.17
-
-0.05 0.00
Other International Funds Pegasus Fund Ltd A-1 GBP
-
+44 (0)20 7389 8840 www.coronation.com Enquiries: +27 (21) 680 2020/2224 coronationfunds@coronation.co.za Other International Funds Global Equity Fund of Funds - Class A $ 14.54 0.03 0.00 -
0.00 0.00
All Africa
$ 21.59
-
0.14 0.00
Africa Frontiers
$ 22.93
-
0.23 0.00
Top 20 South Africa (Cayman Islands) $ 26.77
-
-0.41 0.00
0.68 0.00
(IRL) 111 Buckingham Palace Road Victoria, London SW1W 0SR www.dodgeandcox.worldwide.com 020 7340 8695 FCA Recognised Dodge & Cox Worldwide Funds plc - Global Bond Fund EUR Accumulating Class € 10.77 - -0.02 EUR Accumulating Class (H)
€ 10.02
-
-0.01
-
EUR Distributing Class
€ 10.73
-
-0.02
-
EUR Distributing Class (H)
€
9.98
-
-0.01
-
-
0.97 0.00
Cap Int Global Bond B
$ 19.61
-
-0.07 0.00
Pegasus Fund Ltd A-2 GBP
£ 151.00
-
1.75 0.00
GBP Distributing Class
£ 10.40
-
-0.02
-
Candriam Bds Euro High Yield R Cap € 105.93
-
0.11
Cap Int Global Bond BD
£
-
-0.04 1.71
Pegasus Fund Ltd A-1 EUR
€ 25.48
-
0.30 0.00
GBP Distributing Class (H)
£
9.99
-
-0.01
-
Candriam Bds Euro Long Term Cap € 7358.88
-
-13.07 0.00
Pegasus Fund Ltd A-1 USD
$ 27.32
-
0.31 0.00
$ 10.03
-
-0.02
-
Candriam Bds Euro Sh.Term Cap € 2071.75
-
0.16 0.00
Pegasus Fund Ltd A-2 USD
$ 148.57
-
1.69 0.00
Candriam Bds High Spread Classic Cap € 184.28
-
0.08 0.00
Pegasus Fund Ltd B-1 GBP
£ 192.11
-
2.22 0.00
(IRL) 31/32 St James's Street, London, SW1A 1HD FCA Recognised CC Asia Alpha Fd - Cls A Euro € 13.25 13.25 -0.13 0.00
USD Accumulating Class
Candriam Bds International Cap
€ 975.62
-
-0.54 0.00
Pegasus Fund Ltd B-2 GBP
£ 147.29
-
1.70 0.00
CC Asia Alpha Fd - Cls B USD
$ 13.00 13.00 -0.14 0.00
Candriam Bds USD Cap
$ 905.81
-
-0.02 0.00
Pegasus Fund Ltd B-1 EUR
€ 160.99
-
1.86 0.00
CC Asia Alpha Fd - Cls C GBP
£ 12.83 12.83 -0.13 0.00
Candriam Total Return Bond Cap € 131.14
-
-0.09 0.00
CATCo Reinsurance Fund Ltd. Regulated CATCo Re Fund Ltd Series A
(LUX)
6, route de Trèves, L-2633 Senningerberg,Luxembourg Capital International funds are part of The Capital Group Companies www.thecapitalgroup.com FCA Recognised Growth Funds SFr 21.61 - -0.01 0.00 Cap Int All Ctry Eq B Cap Int All Ctry Eq B
€ 17.87
-
-0.01 0.00
Cap Int All Ctry Eq B
$ 23.10
-
-0.02 0.00
Cap Int All Ctry Eq BD
£ 14.18
-
$ 22.72
-
-0.04 0.00
Cap Int Global Equity BD
£ 13.50
-
-0.03 0.32
Cap Int Global Equity B
SFr 21.26
-
-0.03 0.00
Cap Int Global Equity B
€ 17.58
-
-0.02 0.00
Cap Int Japan Equity B
€
-
-0.02 0.00
Cap Int Japan Equity B Cap Int Japan Equity B Cap Int Japan Equity BD Cap Int AsiaP ex Jp Eq B Cap Int AsiaP ex Jp Eq B Cap Int AsiaP ex Jp Eq B Cap Int Asia Pex Jp Eq BD Cap Int Em Mkts Fund BD
$ 11.63 SFr 10.88
-
-0.02 0.00
-
-0.02 0.00
7.13
-
-0.02 0.00
SFr 18.15
-
-0.05 0.00
£
€ 15.01 $ 19.40 £ 11.35 £ 54.55
-
-0.04 0.00 -0.06 0.00 -0.03 0.39 -0.55 0.00
Cap Int Em Mkts Fund B
SFr 86.66
-
-0.66 0.00
Cap Int Em Mkts Fund B
€ 71.64
-
-0.46 0.00
Cap Int Em Mkts Fund B
$ 92.71
-
-0.42 0.00
Growth and Income Funds Cap Int Glb Growth Inc BD
£ 11.30
-
-0.02 0.68
Cap Int Glb Growth Inc B
€ 15.05
-
-0.01 0.00
Cap Int Glb Growth Inc B
SFr 18.20
-
-0.01 0.00
Cap Int Glb Growth Inc B
$ 19.45
-
-0.02 0.00
Cap Int Eur Growth Inc B
€ 23.94
-
0.00 0.00
Cap Int Eur Growth Inc B
SFr 28.96
-
0.01 0.00
Cap Int Eur Growth Inc B
$ 30.95
-
-0.01 0.00
-
$ 1557.0239
-
15.2090
$ 1301.7625
-
12.4506 0.00
$ 1320.1244
-
(IRL)
Regulated Cedar Rock Capital Fd Plc
$ 342.93
-
5.46 0.00
Cedar Rock Capital Fd Plc
£ 324.17
-
6.65 0.00
Cedar Rock Capital Fd Plc
€ 271.02
-
8.48 0.00
Charlemagne Capital (IOM) Ltd Other International Funds OCCO Eastern European Magna Umbrella Fund PLC Magna Africa R
$ 396.60
-
-1.41 0.00
€ 10.83
-
-0.03 0.00
Magna Biopharma Income Fund N Acc EUR € 11.95
-
-0.03
Magna Eastern European R
8.33
-
-0.11 0.00
Magna Emerging Mkts Div Fd R Acc € 13.29
-
-0.06 0.00
Magna Emerging Mkts Div Fd R Dist € 11.39
-
-0.06 3.17
Magna Global Emerging Markets R €
8.95
-
-0.08 0.00
Magna Latin American R
€ 10.31
-
Magna Mena R *
€ 23.31
Magna New Frontiers R
€ 13.04
€
Pegasus Fund Ltd B-1 USD
-
CMI Asset Mgmt (Luxembourg) SA
(LUX) 23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311 FCA Recognised CMI Global Network Fund (u) Regional Equity Sub Funds CMI Continental Euro Equity € 27.10 - -0.01 1.15
0.08 0.63
CC Japan Inc & Grwth Fd - GBP Founder Inc £ 14.22 14.22 0.02 0.00
€ 19.09
-
0.01 2.05
Japan Index Tracking
¥ 711.65
-
1.94 1.04
UK Eqty Index Tracking
£ 16.07
-
0.02 3.04
US Eqty Index Tracking
$ 56.38
-
0.06 0.80
Managed Sub Funds Global Bond
£
1.46
-
0.00 1.18
Global Network Mgd Global Mxd £
2.35
-
0.00 0.41
Global Equity
2.62
-
-0.01 0.21
Bond Sub Funds CMI Euro Bond F
€ 45.70
-
-0.04 2.37
CMI UK Bond
£
-
-0.01 2.13
-
-0.02 1.60
€
5.76
-
Cohen & Steers SICAV
0.00 0.00
(LUX)
Regulated European Real Estate Securities € 18.0520
-
-0.0186 1.64
€ 11.43
-
-0.07
-
Europ.RealEstate Sec. IX
€ 23.7611
-
-0.0244 0.00
OAKS Em.and Front.Opp. Fd H
£ 11.43
-
-0.07
-
Gbl RealEstate Sec. I
$ 10.5904
-
-0.0088 1.34
Gbl RealEstate Sec. IX
$ 12.3507
-
-0.0103 0.00
Charles Schwab Worldwide Funds Plc Regulated Schwab USD Liquid Assets Fd
$
1.00
-
-0.03 0.00
CAM GTi Limited
Cap Int US Growth Inc B
SFr 23.04
-
-0.04 0.00
Raffles-Asia Investment Company $
Cap Int US Growth Inc B
$ 24.62
-
-0.06 0.00
Cap Int US Growth Inc BD
£ 15.02
-
-0.04 0.03
2.20
-
CC Japan Inc & Grwth Fd - USD Founder Inc $ 14.18 14.18 0.02 0.00
-9.66 0.00
2.20 0.02 2.91
Comgest SA
Crèdit Andorrà Asset Management www.creditandorra.com FCA Recognised Crediinvest SICAV Money Market Eur I € 11.24 Crediinvest SICAV Money Market Usd A $ 10.03
(LUX)
-
0.00 0.00 0.00 0.00
Crediinvest SICAV Fixed Income Eur € 10.92
-
0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.75
-
0.00 0.00
Crediinvest SICAV Spanish Value € 278.24
-
-0.42 0.00
Crediinvest SICAV International Value € 220.60
-
-0.55 0.00
Crediinvest SICAV Big Cap Value € 18.04
-
-0.03 0.00
Crediinvest SICAV US American Value $ 17.81
-
0.00 0.00
Crediinvest SICAV Sustainability € 14.39
-
-0.02 0.00
(GSY)
kr 461.50 462.30 -2.10 0.00
$ 40.02
-
0.03 0.00
Davis Global A
$ 30.80
-
-0.03 0.00
€
9.66
-
-0.04 0.00
Cap Int Em Mk Tot Opp B
$ 12.50
-
-0.02 0.00
SFr 5654.32
-
Cap Int Em Mk Tot Opp Bd
£
-
Comgest SA Cheyne Capital Management (UK) LLP
(IRL)
-0.05 1.91
Regulated Cheyne Convertibles Absolute Return Fund € 1338.71
-
-2.16 0.00
0.00 0.00
Cheyne European Real Estate Bond Fund € 112.21
-
-0.06 0.00
€ 119.50
-
-0.01 0.00
Cheyne Global Credit Fund
Income Funds Cap Int Em Mkts Debt B
SFr 13.43
-
-0.04 0.00
Cap Int Em Mkts Debt B
€ 11.11
-
-0.01 0.00
Cap Int Em Mkts Debt B
$ 14.37
-
0.00 0.00
Cap Int Em Mkts Debt Bd
£
-
-0.04 4.78
Cheyne Capital Management (UK) LLP
£ 13.20
-
0.00 0.80
EUR Accumulating Share Class
€ 20.56
-
0.01 0.00
€ 14.76
-
-0.02 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund USD Accumulating Share Class $ 18.39 0.05 0.00 GBP Accumulating Share Class
£ 17.64
-
0.04 0.00
EUR Accumulating Share Class
€ 18.48
-
0.04 0.00
-
0.00
0.01 0.00
Ennismore Smaller Cos Plc
(IRL) 5 Kensington Church St, London W8 4LD 020 7368 4220 FCA Recognised Ennismore European Smlr Cos NAV £ 90.39 - -0.63 0.00 -
-0.40 0.00
Ennismore European Smlr Cos Hedge Fd Other International Funds NAV
€ 418.59
-
2.91 0.00
Equinox Fund Mgmt (Guernsey) Limited Regulated Equinox Russian Opportunities Fund Limited $ 110.85
-
Euronova Asset Management UK LLP
(GSY)
-8.34 0.00
(CYM)
Regulated Smaller Cos Cls One Shares (Est) € 29.70
-
0.36 0.00
Smaller Cos Cls Two Shares (Est) € 21.23
-
0.24 0.00
Smaller Cos Cls Three Shares (Est) € 10.53
-
0.14
Smaller Cos Cls Four Shares (Est) € 13.69
-
0.18 0.00
-
Dominion Fund Management Limited
-
Comgest AM International Ltd
(IRL)
46 St Stephen's Green, Dublin 2, Ireland FCA Recognised Comgest Gth Asia ex Jap DIS F $ 7.48
-
-0.02 0.33
Comgest Gth Emerging Mkt DIS F $ 35.11
-
0.02 0.28
Comgest Gth Europe DIS F
-
0.05 0.00
€
1.33
-
0.00 0.00 -0.05 0.00
£ 123.13
-
-0.44 0.00
(LF) Balanced - Active Fund (RON)RON 16.08
-
DGT - Strategic £ I Class
£
1.09
-
0.00 0.00
(LF) Cash Fund €
1.45
-
0.00
DGT - Strategic £ R Class
£
1.10
-
0.00 0.00
(LF) Cash Fund (RON)
RON 16.07
-
0.00 0.00
€
-
(LF) Eq Dyn Romanian Fd €
€
1.72
-
-0.01 0.00
Dominion Fund Management Limited
(LF) Eq Emerging Europe €
€
0.90
-
-0.01 0.00
Other International Funds DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 96.32 96.32 0.74 0.00
(LF) Eq Flexi Style Greece €
€
1.76
-
-0.01 0.00
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 110.42 110.42 -0.30 0.00
(LF) Global Bond Fd €
€ 11.50
-
0.00
(LF) Global Equities €
€
1.03
-
0.00 0.00
(LF) Greek Equities €
€
0.36
-
0.00 0.00
(LF) Eq Mena Fund €
€ 15.21
-
-0.03 0.00
Dragon Capital Management (Hong Kong) Limited 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Fund information, dealing and administration: funds@dragoncapital.com Other International Funds Vietnam Enterprise Inv. (VEIL) NAV $ 3.62 0.01 0.00 Vietnam Growth Fund (VGF) NAV $ 25.84
-
0.02 0.00
Vietnam Property Fund (VPF) NAV $
-
0.01 0.00
0.78
-
(LF) Greek Government Bond €
€ 19.89
-
0.05 0.00
(LF) Income Plus $
$
1.22
-
0.00 0.00
(LF) Greek Corporate Bond €
€ 12.64
-
0.01 0.00
(LF) FOF Balanced Blend €
€
1.33
-
0.00 0.00
(LF) FOF BRIC €
€
0.90
-
0.00 0.00
(LF) FOF Equity Blend €
€
1.16
-
0.00 0.00
(LF) FOF New Frontiers €
€ 15.35
-
-0.03 0.00
(LF) FOF Dynamic Fixed Inc €
€ 11.07
-
0.00 0.00
FIL Fund Management DSM Capital Partners Funds www.dsmsicav.com Regulated Global Growth I2 Acc
(LUX)
€ 106.89
-
-0.84
-
Edinburgh Partners Limited
(IRL) 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Dealing - Fax only - +353 1 434 5230 FCA Recognised Edinburgh Partners Opportunities Fund PLC European Opportunities I EUR € 2.50 0.00 1.36
30.13 0.00
-0.01 0.00
Regulated (LF) Absolute Return €
(LUX) 2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg Phone: 800 22 089, 800 22 088 Regulated China Consumer A-GBP £ 14.13 - -0.09 0.00 China Focus A-GBP
(FRA)
17 square Edouard VII - 75009 Paris FCA Recognised Comgest Magellan € 19.51
Eurobank Fund Management Company (Luxembourg) S.A. (LUX)
DGT - Consumer £ R Class
(LUX)
-0.06 0.00
Cap Int Em Mk Tot Opp B
-
SR 17.17
(LUX)
Regulated Davis Value A
17 square Edouard VII - 75009 Paris, www.comgest.com FCA Recognised Comgest Asia F $ 3941.82 - -10.92 0.00 Comgest Europe F
GBP Distributing Share class
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port Guernsey - Channel Islands United Kingdom GY1 3PU +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com FCA Recognised DGT - Consumer £ I Class £ 127.11 - -0.45 0.00
DAVIS Funds SICAV
$ 866.78
-
Saudi Arabia Equity Fund
CC Japan Inc & Grwth Fd - USD Founder Acc $ 14.79 14.79 0.03 0.00
Regulated Dantrust II Limited
0.00 0.01
$ 359092.64 359092.64 492.17 0.00
Middle East & Developing Africa Fund (Final) $ 19.81
CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1425.22 1425.22 2.52 0.00
Dantrust Management (Guernsey) Ltd
(IRL)
Chartered Asset Management Pte Ltd
-
7.63
$ 13.17
OAKS Em.and Front.Opp. Fd G
€ 19.05
-
7.80
0.00 0.62
-
Cap Int US Growth Inc B
$ 13.33
£
-
-0.07
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com Other International Funds The EFG-Hermes Egypt Fund $ 29.93 0.00
CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1494.49 1494.49 2.65 0.00
Index Tracking Sub Funds Euro Equity Index Tracking
9.86
-
¥ 983.45 983.45 -2.39 0.00
-
$
$ 11.06
CC Japan Alpha Fd - Cls C JPY
$ 76.31
CMI US Dllr Currency Reserve
OAKS Em.and Front.Opp. Fd C
£ 10.05 10.05 -0.03 0.00
CMI US Enhanced Equity F
-0.02 0.00
-
CC Japan Alpha Fd - Cls B GBP
CC Japan Inc & Grwth Fd - GBP Founder Acc £ 14.81 14.81 0.03 0.00
-
-0.07
9.23 -0.02 0.00
0.02 2.10
0.00 0.97
-
9.23
-
-
€ 11.09
€
£ 12.50
4.97
OAKS Em.and Front.Opp. Fd A
CC Japan Alpha Fd - Cls A Euro
CMI UK Equity
£
-0.03 0.00
0.00 0.00
EUR Accumulating Share Class
CC Japan Inc & Grwth Fd - Cls Acc USD $ 14.46 14.46 0.02 0.00
CMI Stlg Currency Reserve
-
-
CC Asian Evolution Fd. Cls B GBP £ 14.69 14.69 0.05 0.00 CC Asian Evolution Fund - Cls C USD Acc $ 17.53 17.53 0.05 0.00
10.71 0.97
-0.11 0.00
€ 11.38
£ 17.93
CC Asian Evolution Fd. Cls A USD $ 15.60 15.60 0.04 0.00
-
CMI Access 80% Gu F
Offer D+/- Yield
EFG Hermes
Ennismore European Smlr Cos NAV € 113.38 GBP Accumulating Share Class
Dodge & Cox Worldwide Funds plc-International Stock Fund USD Accumulating Share Class $ 16.20 - -0.01 0.00
Single Country Equity Sub Funds CMI Japan Enhanced Equity F ¥ 3771.98
CMI US Bond
Dodge & Cox Worldwide Funds plc-Global Stock Fund USD Accumulating Share Class $ 17.68 0.01 0.00
$ 10.25 10.25 -0.10 0.00
-0.21 1.92
-
Magna Undervalued Ass Fd R
CC Asia Alpha Fd - Cls I USD
-
0.00 0.75
0.00 0.00
Coupland Cardiff Funds Plc
CMI Pacific Basin Enhanced Equity $ 47.94
-
-
-0.01 1.37
7.22
1.96 0.00
-0.01 0.00
€ 10.61
-
-
-
Currency Reserve Sub Funds CMI Euro Currency Reserve € 25.16
Magna Turkey R
£ 17.15
SFr 11.68
$ 172.25
-
13.3196 0.00
Cedar Rock Capital Limited
Cap Int Eur Growth Inc BD
Cap Int Gbl Abs Inc Grow B
14.0823
CATCo Re Fund Ltd Series D
Other International Funds CAM-GTF Limited
Objective Based Funds Cap Int Em Mk Tot Opp B
-
-0.02 0.00
Cap Int Global Equity B
8.99
$ 1521.6731
(BMU)
CATCo Re Fund Ltd Series B
CATCo Re Fund Ltd Series E
Capital International funds services
9.82
Bid
Dodge & Cox Worldwide Funds Coronation Fund Managers
Candriam Bds Euro High Yield Cap € 959.83
-
Fund
-
Global Emerging Markets - Class A $ 17.29
-
Fund
-0.06 0.00
-
-
£ 59.54
Comgest Gth GEM PC DIS F
27.02 0.00
Other International Funds Candriam Eqts L Emerging Mkts Cap € 654.63
Candriam Bds Euro Gov.Cl.Cap
Fund
Deutsche Asset Management UK Ltd.
(LUX)
Tel: + 44 207 545 9070 www.dws.co.uk FCA Recognised Deutsche Invest I Africa GBP RD1 Inc £ 170.79 170.79 -0.93 0.88
European Opportunities I GBP
£
1.99
-
-0.01 1.59
European Opportunities I USD
$
3.24
-
0.01 1.26
European Opportunities A EUR
€
2.44
-
0.00 0.97
Global Opportunities I USD
$
1.80
-
0.01 1.08
Global Opportunities I GBP
£
1.11
-
0.00 1.03
Global Opportunities I EUR
€
1.39
-
0.00 1.08
Global Opportunities A GBP
£
1.04
-
-0.01 0.61
Pan European Opportunities I EUR €
1.53
-
0.00
Deutsche Invest I Chinese Eq.GBP RD Inc £ 109.34 109.34 -0.84 1.06 Deutsche Invest I Clean Tech GBP RD Inc £ 65.27 65.27 0.11 0.17
£
3.78
-
-0.03 0.29
Global Financial Services A-GBP £
0.40
-
0.00 0.00
Global Health Care A-GBP
£
0.47
-
0.00 0.00
Global Industrials A-GBP
£
0.73
-
0.00 0.00
Global Inflation-Linked Bd A-GBP-Hdg £
1.21
-
0.00 0.50
Global Real Asset Securities
£
1.51
-
-0.01 0.00
Global Technology A-GBP
£
0.22
-
0.00 0.00
Global Telecomms A-GBP
£
0.27
-
-0.01 1.09
India Focus A-GBP
£
4.15
-
-0.02 0.00
Latin America A-GBP
£
2.05
-
0.00 0.15
Deutsche Invest I Conv.GBP RDH Inc £ 161.99 161.99 0.05 0.45
Other International Funds Cheyne European Event Driven Fund € 142.25
-
-0.83 0.00
Cheyne European High Yield Fund € 138.99
-
1.66 0.00
Deutsche Invest I Global Agrib.GBP LD DS Inc £ 102.79 108.20 -0.21 0.33 € 17.37
Deutsche Invest I Top Asia GBP RD Inc £ 151.01 151.01 -1.32 0.78
-
(IRL) Findlay Park Funds Plc Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460 FCA Recognised American Fund USD Class $ 76.08 0.06 0.00
16 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Offer D+/- Yield
Fund
£ 41.49
-
0.05 0.00
Frk MENA Fund
$
8.02
-
-0.01 0.00
Latin American Fund USD Class
$ 21.42
-
-0.10 0.00
Frk Mutual Beacon
$ 71.40
-
0.07 0.00
GYS Investment Management Ltd
Frk Mutual Euroland Fd
€ 16.78
-
-0.02 0.00
Regulated Taurus Emerging Fund Ltd
Frk Mutual European EUR
€ 22.89
-
-0.07 0.00
7.33
-
0.00 0.82
JB Strategy Growth-EUR
Frk Mutual Gbl Disc
$ 18.32
-
-0.02 0.00
Generali International Limited
Invesco Global Health Care A
$ 123.59
-
0.07 0.00
JB Strategy Inc-CHF/B
Frk Natural Resources Fd F
$ 10.34
-
0.00 0.00
Invesco Global Select Equity A
$ 13.97
-
0.02 0.00
JB Strategy Inc-EUR/B
Frk Real Return Fd F
$ 10.95
-
-0.01 0.00
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108 International Insurances Global Multi-Strategy Managed $ 4.92 5.30 0.02 0.00
Invesco Jap Eqty Core A
$
-
0.00 0.00
JB Strategy Inc-USD/B
Foord Asset Mgt (Guernsey) Ltd Regulated Foord International Trust
$ 35.95
(GSY) -
0.91 0.00
FourWinds Capital Management (UK) Limited (LUX) Contact +442075187970,info@fourwindscm.com,www.fourwindscm.com Regulated Bache Global Series - Alternative Benchmark Commodity Index USD Inst. Accumulation Shares $ 58.80 61.74 -0.20 USD Inst. Annual Distribution Shares $ 81.11 85.17 -0.22
-
EUR Inst. Accumulation Shares
€ 79.01 79.01 -0.07
-
GBP Inst. Accumulation Shares
£ 77.97 77.97 -0.83
-
Franklin Templeton International Services Sarl (IRL) JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Other International Funds Franklin Emerging Market Debt Opportunities Fund Plc Franklin Emg Mkts Debt Opp CHFSFr 19.94 - -0.07 5.59 Franklin Emg Mkts Debt Opp EUR € 13.39 Franklin Emg Mkts Debt Opp GBP £ 11.37 Franklin Emg Mkts Debt Opp SGD S$ 24.81 Franklin Emg Mkts Debt Opp USD $ 19.63
-
0.00 5.55 -0.01 5.62 -0.11 5.60 -0.10 5.62
Franklin Templeton Investment Funds
(LUX) 8A rue Albert Borschette / L-1246 Luxembourg www.franklintempleton.co.uk UK freephone 0 800 305 306 FCA Recognised Class A Dis Frk Gbl R.Estate (USD) A Dis $ 9.73 - -0.01 2.38
Frk Strategic Income Fd
$ 14.98
-
0.00 0.00
Frk Technology
$ 10.43
-
0.04 0.00
Frk U.S. Focus Fund
$ 15.83
-
0.02 0.00
Frk US Equity
$ 23.34
-
0.03 0.00
Frk US Opportunities
$ 11.49
-
0.00 0.00
Frk US Sml Mid Cap Gth F
$ 19.25
-
0.07 0.00
Frk Wrld Perspective Fd
$ 19.33
-
-0.04 0.00
Tem Africa
$ 12.77
-
-0.03 0.00
Tem Asian Sml Comp Fd
$ 39.88
-
-0.09 0.00
Tem BRIC
$ 15.93
-
-0.06 0.00
Tem China
$ 24.01
-
-0.09 0.00
Tem Eastern Europe
€ 20.79
-
-0.18 0.00
Tem Emerging Mkts Sml Comp Fd $ 10.22
-
0.01 0.00
Tem Euro S-Term Money Mkt Fd € 1012.57
-
0.00 0.00
Tem Euroland
€ 18.18
-
-0.06 0.00
Tem European EUR
€ 19.92
-
-0.07 0.00
Tem Frontier Mkts Fund
$ 21.33
-
-0.02 0.00
Tem Growth (Euro)
€ 15.04
-
-0.02 0.00
Frk High Yield
$
7.22
-
-0.01 5.20
Tem Korea
$
6.26
-
-0.10 0.00
Frk Euro Gov. Bond
€ 10.90
-
-0.01 1.07
Tem Thailand
$ 21.74
-
-0.10 0.00
Frk Euro High Yield Frk Euro Short Dur Bond Fd
€
6.56
€ 10.16
-
0.00
-
Frontier Capital (Bermuda) Limited
€ 11.27
-
0.01 1.69
Frk Global Aggr.Inv.Grd Bond Fd
$ 10.74
-
-0.01 0.00
Global Real Estate-GBP C Class
-
$ 11.32
-
-0.02 5.03
Frk Income
$ 13.24
-
0.01 2.86
Frk US Government
$
-
0.00 2.36
Frk US Liquid Reserve Inc Frk US Low Duration Fd Frk US Total Return Tem Asian Bond Tem Asian Growth Tem Emerging Markets Tem Emg Mkts Balanced AQdis
$ $
9.68 9.91
$ 11.34 $ 14.18 $ 34.54 $ 35.87 $
8.65
-
0.00 0.00 0.00 0.63 -0.01 1.82 0.00 2.91 -0.29 0.27 -0.09 0.24 -0.02 2.77
Tem Emg Mkts Bd
$ 19.30
-
0.02 6.09
Tem Euro Liquid Reserve
€
-
0.00 0.00
Tem European Total Return
€
4.38 9.89
-
0.00 1.80
Tem Global
$ 36.30
-
-0.05 0.43
Tem Global (Euro)
€ 17.43
-
0.02 0.40
Tem Global Balanced Tem Global Bond Tem Global Bond (Euro) Tem Global Equity Income
$ 24.07 $ 21.59 € 10.55 $ 11.05
-
0.01 0.71 -0.01 2.31 -0.01 2.84 -0.01 2.87
Tem Global High Yield Fd F
$ 10.18
-
-0.01 4.75
Tem Global Income
$ 14.77
-
0.00 1.54
Tem Global Smaller Cos
$ 35.54
-
UK Multi-Strategy Managed
£
4.83
5.20 0.02 0.00
EU Multi-Strategy Managed
€
2.73
2.94 0.01 0.00
Global Bond USD
$
3.67
3.96 -0.01 0.00
-0.06 0.00
Tem Global Total Return
$ 18.42
-
0.00 3.48
Tem Latin America
$ 66.65
-
-0.11 0.63
-0.01 1.54
JB Strategy Balanced-EUR
€ 151.71
-
INDIA VALUE INVESTMENTS LIMITED (INVIL)
Invesco Global Small Cap Equity A NAV $ 125.00
-
0.44 0.00
JB Strategy Balanced-USD/B
$ 133.09
-
0.01 0.00
www.invil.mu Other International Funds NAV
Invesco Global High Income A NAV $ 13.46
-
-0.01 5.25
JB Strategy Growth-CHF/B
SFr 96.51
-
-0.16 0.00
€ 113.69
-
-0.16 0.00
SFr 123.15
-
-0.09 0.00
€ 158.34
-
-0.08 0.00
$ 149.80
-
0.04 0.00
£
5.99
-
0.03 0.00
Intrinsic Value Investors (IVI) LLP
(IRL) 1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 FCA Recognised IVI European Fund EUR € 15.70 - -0.02 0.00 £ 17.20
-
-0.03 0.32
Genesis Asset Managers LLP Other International Funds Emerging Mkts NAV
£
6.11
-
-0.07 0.00
£
0.62
-
Invesco
Hamon Investment Group Other International Funds Asian Market Leaders - USD
$ 27.40
-
0.01 0.00
Asian Market Leaders - GBP
£ 13.18
-
-0.01 0.00
Greater China - USD
$ 11.91
-
-0.02 0.00
Greater China - GBP
£
-
-0.01 0.00
Selected Asian P'folio
4.63
$ 50.89 50.90 0.01 0.00
Haussmann Hldgs NV Curacao Other International Funds Haussmann Holdings NV Cls A
$ 2628.38
-
45.57 0.00
Haussmann Holdings NV Cls C
€ 2295.92
-
40.45 0.00
Haussmann Holdings NV Cls D SFr 1231.96
-
21.45 0.00
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 FCA Recognised Invesco Management SA Invesco Asia Balanced A dist $ 16.54 - -0.08 2.82
-
Heartwood Wealth Management Limited Regulated Heartwood Caut Multi Asset B Acc
138.35
-
-0.21 0.00
-0.04 0.00
$ 1986.10
-
0.55 0.00
0.00 0.00
Invest AD - GCC Focus Fund
-0.01 0.00
Invesco Capital Shield 90 (EUR) A € 11.97
-
0.00 0.00
9.35
$ 30.86
-
-0.03 0.00 -0.02 5.27
-
0.00 0.00
Invesco Euro Inflation Linked Bond A € 15.53
-
-0.03 0.00
Invesco Euro Reserve A
€ 322.88
-
0.00 0.00
Invesco European Bond A
€
-
-0.01 0.00
6.64
$
5.73
9.52
Invesco Global Inv Grd Corp Bond A Dist $ 11.72
0.25 0.00
GAM Star Emerging Asia USD Class ACCU $ 13.51
-
-0.01 0.46
(IRL) Hermes Investment Funds Plc Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 FCA Recognised Hermes Active UK Inflation Fund Class F Acc £ 1.14 1.14 0.00 -
GAM Star Emerg. Market Rates USD Acc F $ 11.59
-
0.01 0.00
Hermes Asia Ex-Japan Equity Fund Class F Acc £
1.47
1.47 0.00 0.00
2.95
2.95 -0.01 0.00
GAM Star European Eqty USD Acc F $ 22.25
-
-0.02 0.00
Hermes Asia Ex-Japan Equity Fund Class R Acc €
GAM Star Flexible Gbl Port EUR Ac € 12.72
-
0.01 0.00
Hermes Global Emerging Markets Fund Class F Acc £
1.20
1.20 0.00 0.00
GAM Star Flexible Gbl Port GBP Ac £ 12.48
-
0.01 0.00
Hermes Global Emerging Markets Fund Class R Acc €
2.81
2.81 -0.01 0.00
GAM Star GAMCO US Equity Acc F $ 13.68
-
0.05 0.00
Hermes Global Equity Fund Class F Acc £
1.41
1.41 0.00 0.00
GAM Star Global Conv Bond USD Acc F $ 11.23
-
-0.02 0.00
Hermes Global Equity Fund Class R Acc €
3.44
3.44 0.00 0.00
1.07
1.07 0.00
GAM Star Global Rates USD Acc F $ 12.42
-
0.13 0.00
Hermes Global ESG Equity Fund Class F Acc £
-
GAM Star Global Selector USD Acc F $ 15.31
-
0.00 0.00
Hermes Global High Yield Bond Fund Class F Acc £
1.19
1.19 0.00 0.00
GAM Star Japan Eqty USD Acc F $ 12.59
-
0.00 0.37
Hermes Global High Yield Bond Fund Class R Acc €
2.86
2.86 0.00 0.00
-0.03 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £
1.01
1.01 -0.01
1.25
1.25 0.00 0.00
-
GAM Star Local EM Rates and FX USD Acc $ 12.73
-
0.00 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £
GAM Star Technology USD Acc F $ 16.66
-
0.08 0.00
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.23
1.23 0.00 1.80
GAM Star US All Cap Eqty USD Acc F $ 14.33
-
0.00 0.00
Hermes Sourcecap EU Alpha Fund Class R Acc €
2.80
2.80 0.00 0.00
GAM Star Worldwide Eqty USD Acc F $ 3523.56
-
-2.09 0.33
Hermes Sourcecap EX UK Fund Class F Acc £
1.28
1.28 0.01 0.00
Hermes Sourcecap EX UK Fund Class R Acc €
2.78
2.78 0.00 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £
1.41
1.41 0.00 0.00
Hermes UK Small & Mid Cap Fund Class R Acc €
3.93
3.93 0.01 0.00
Hermes US SMID Equity Fund Class F Acc £
1.45
1.45 0.01 0.00
Hermes US SMID Equity Fund Class R Acc €
2.86
2.86 0.01 0.00
Invesco Global Leisure A
$ 34.79
-
-0.03 0.00 -0.02 0.00
-
0.00 1.00
-
0.03 0.00
-
0.00 2.61 -0.02 3.18
-
0.05 0.00
Invesco Global Smaller Comp Eq Fd A $ 56.64
-
0.21 0.00
Invesco Global Structured Equity A $ 43.84
-
0.01 0.95
Invesco Global Total Ret.(EUR) Bond Fund A € 13.10 Invesco Gold & Precious Metals A $
-
5.97
-
0.08 0.00
Invesco Greater China Equity A
$ 49.38
-
0.00 0.00
Invesco India Equity A
$ 49.34
-
0.37 0.00
Invesco Japanese Equity Adv Fd A ¥ 3225.00
-
3.00 0.00
Invesco Japanese Value Eq Fd A ¥ 1069.00
-
2.00 0.00
Invesco Latin American Equity A $ 10.02
-
-0.01 0.00
Invesco Nippon Small/Mid Cap Equity A ¥ 977.00
-
-7.00 0.00
Invesco Pan European Equity A EUR Cap NAV € 18.02
-
0.00 0.00
Invesco Pan European High Income Fd A € 13.78
-
0.00 2.59
1.10
-
-0.01 0.00
Multi Asset Balanced B GBP Income Rpt £
1.37
-
-0.01 0.26
-
Global Convertible A (Dis) F
$ 19.42
-
0.00 0.25
Multi Asset Balanced B USD Acc Non-Rpt $
1.09
-
0.00 0.00
Global Convertible B (Cap) F
$ 23.05
-
-0.02 0.00
Multi Asset Balanced C GBP Income Rpt £
1.43
-
0.00 1.13
-0.01 0.23
Multi Asset Conservative B EUR Acc Non-Rpt €
1.02
-
0.00 0.00
1.04
-
-0.01 0.00
Global Convertible B Hdg GBP (Cap) F £ 14.98
-
-0.01 0.00
Multi Asset Conservative B GBP Acc Non-Rpt £
Global Convertible Hdg A (Cap) F $ 18.81
-
-0.01 0.26
Multi Asset Conservative B GBP Income Rpt £
1.03
-
-0.01 1.86
Global Convertible B Hdg (Dis) F
-
-0.02 0.00
Multi Asset Conservative B USD Acc Non-Rpt $
1.03
-
0.00 0.00
-0.18 0.25
Multi Asset Growth B EUR Acc Non-Rpt €
1.12
-
0.00 0.00
1.14
-
-0.01 0.00
$ 22.38
Global Convertible A Hdg EUR(Dis) F € 15.47
-
Global Convertible B Hdg EUR (Cap) F € 16.80
-
-0.01 0.00
Multi Asset Growth B GBP Acc Non-Rpt £
Global Convertible A Hdg CHF (Dis) FSFr 22.48
-
-0.02 0.22
Multi Asset Growth B GBP Income Rpt £
1.15
-
0.00 0.00
Global Convertible B Hdg CHF (Cap) FSFr 24.78
-
-0.02 0.00
Multi Asset Growth B USD Acc Non-Rpt $
1.13
-
0.00 0.00
Sterling Fixed Income B GBP Income Rpt £
0.95
-
0.00 3.88
USD Currency B USD Acc Non-Rpt $
0.98
-
0.00 0.00
Leumi Global Managers Fund $ 161.19
-
0.01 0.00
LGM Equity EUR
€ 150.65
-
0.27 0.00
LGM Equity P USD
$ 114.26
-
0.01 0.00
LGM Conservative 80/20 USD
$ 154.69
-
-0.04 0.00
LGM Conservative 80/20 Euro
€ 150.18
-
-0.12 0.00
-0.04 0.00
LGM Conservative 80/20 Global
$ 153.34
-
-0.02 0.00
$ 155.35
-
-0.36 0.00
Swiss & Global Asset Management
(LUX) funds@swissglobal-am.com, www.jbfundnet.com Regulated 0.06 0.00 JB BF ABS-EUR B € 105.40 JB BF Abs Ret Def-EUR B
€ 114.22
-
(LUX)
Regulated LGM Equity USD
-
0.18 0.00
-
0.31 0.00
Lloyds Investment Funds Limited Euro High Income € 1.6910
-
-0.0020 3.67
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 FCA Recognised Invesco Stlg Bd A QD F £ 2.62 0.00 3.93
JB BF Local EM-USD B
$ 312.78
-
0.04 0.00
European
£ 7.6160
-
-0.0100 0.97
JB BF Total Ret-EUR B
€ 100.37
-
-0.10 0.00
High Income
£ 0.8742xd
-
-0.0014 5.27
Invesco Asian Equity A
$
7.22
-
-0.02 0.10
JB EF Abs Ret Eur-EUR B
€ 115.32
-
-0.10 0.00
International
£ 4.4690
-
-0.0090 1.10
Invesco ASEAN Equity A
$ 109.17
-
-0.16 0.57
JB EF Euro Value-EUR B
€ 193.21
-
-0.73 0.00
North American
£ 15.0900
-
-0.0200 0.09
Invesco Bond A
$ 28.47
-
-0.04 2.03
JB EF Japan-JPY B
¥ 14982.00
-
3.00 0.00
Sterling Bond
£ 1.4630
-
-0.0030 3.79
Invesco Continental Eurp Small Cap Eqty A $ 207.60
-
-0.07 0.00
JB EF Luxury B-EUR B
€ 203.07
-
-0.75 0.00
UK
£ 7.2000
-
-0.0260 1.42
Invesco Emerging Markets Equity A $ 43.22
-
-0.08 0.00
JB Ms EF Special Val. EUR/A
€ 136.81
-
0.22 0.00
JB Strategy Balanced-CHF/B
SFr 153.26
-
-0.15 0.00
Lloyds Gilt Fund Limited Lloyds Gilt Fund Quarterly Share £ 1.2240
-
-0.0020 2.22
Frk Global Gth & Val
$ 25.62
-
-0.01 0.00
Frk Global Sml Mid Cap Gth
$ 30.61
-
-0.10 0.00
Frk Gold and Precious Mtls Fd F
$
4.90
-
-0.01 0.00
Frk India
$ 30.75
-
0.11 0.00
Invesco Emerging Markets Bond A $ 22.11
-
0.00 4.57
Frk Japan Fd
¥ 737.54
-
0.91 0.00
Invesco Continental European Equity A €
-
-0.01 0.08
0.00 0.00
0.00 0.00
Multi Asset Balanced B GBP Acc Non-Rpt £
€ 341.51
0.00 0.00
-
0.01 0.00
-
$ 422.28
-
1.88
-
1.08
JB Emerging (USD)-USD B
$ 14.39
$
1.28
Multi Asset Balanced B EUR Acc Non-Rpt €
JB Emerging (EUR)-EUR B
0.00 0.00
Frk Global Growth
Env Mkts (Ire) USD A
International Equity B GBP Acc Non-Rpt £
-0.09 0.00
-
0.00 0.00
1.37 0.00
0.00 0.00
-
$ 87.02
-
-
-
$ 101.02
Invesco USD Reserve A
$ 12.02
GAMut Investments Inc. T Class $ 129.15
0.90
JB BF EM Inv Grade-USD B
0.09 0.00
Frk Global Conver.Securities
-0.01 0.00
0.00 0.00
International Bond B GBP Acc Non-Rpt £
0.06 0.00
-
-0.01 0.00
-
-
-
$ 33.31
-
1.90
0.99
$ 106.99
Invesco US Value Eq Fd A
$ 13.62
€
0.00 3.93
GBP Currency B GBP Acc Non-Rpt £
JB BF EM Infl Link-USD B
0.03 0.00
Frk Gbl Fundamental Strat Fd
Env Mkts (Ire) Euro A
0.00 0.00
-
0.02 0.00
0.00 2.67
-
-0.03 0.00
3.72 0.00
-
1.00
-
-
$ 22.14
-
-
0.99
EUR Fixed Income B EUR Income Rpt €
$ 108.31
0.95
Invesco US Structured Equity A
$ 12.20
$ 335.37
(GSY)
Regulated Kleinwort Benson Elite PCC Ltd EUR Currency B EUR Acc Non-Rpt €
JB BF EM Corporate-USD B
Invesco UK Investment Grade Bond A £
Frk Gbl Equity Strategies Fd
GAM Trading II Inc USD Op
Kleinwort Benson (CI) Inv Man Ltd
-0.06 0.00
-0.02 0.00
1.56 0.00
-0.24 1.50
-0.18 0.00
-
0.26 5.97
-
-
€ 31.17
-
627.56
-
Frk European Sml Mid Cap Gth
-
Strategic Global Bond B GBP Inc
$ 188.53
Other International Funds GAM Absolute Return Bond USD $ 115.45
£ 108.24
-0.44 0.98
€ 99.17
-0.08 0.00
£ 328.48
-
LGM European Equity
-
GAM Trading II GBP 1.25 XL
0.01
1106.36
LGM Dynamic Fixed Income
€ 14.70
GAM Sterling Special Bond Inc
-
Strategic Global Bond A GBP Inc
-0.06 0.00
Frk European Growth
Norfolk House, 31 St James's Square, London, SW1Y 4JR FCA Recognised Env Mkts (Ire) Stl A £ 2.21 - -0.02 0.00
-
Kames Global Equity Income B GBP Inc £ 10.55
-0.03 0.00
GAM Limited
(IRL)
-
-
-0.03 0.00
Impax Asset Management
0.01
-
-
5.56 0.00
-
€ 134.34
€ 17.76
-
0.33 2.39
Kames Global Equity Income B GBP Acc £ 10.66
€ 134.42
-0.02 0.00
Frk Euroland Core Fund
GAM Multi-Emg Mkts USD Open $ 722.86
-
JB BF Abs Ret Pl-EUR B
-
-0.03 0.00
3.63 0.00
557.17
€ 14.76
-
-
-0.20 4.24
Investment Grade Global Bd A GBP Inc
Europe Convertible Bd B (Cap)
Global Convertible A Hdg GBP(Dis) F £ 12.74
-0.03
-0.10 3.73
-
JB BF Abs Ret-EUR B
Invesco Pan European Structured Equity A € 14.75
-
-
(LUX) 11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 FCA Recognised Europe Convertible Bd A (Dis) - D - EUR F € 12.97 - -0.03 1.08
-
1139.51
0.00 0.00
$ 10.78
$ 764.98
Jefferies Umbrella Fund
548.27
High Yield Global Bond B GBP Inc
-
-0.06 0.00
Frk Brazil Opportunities Fd
GAM Diversity Inc USD Open
6 route de Trèves L - 2633 Senningerberg - Luxembourg FCA Recognised Star Capitol America Star Capitol America D € 2224.09 - -0.11 0.00
High Yield Global Bond A GBP Inc
$ 120.83
-
-0.06 0.00
1.15 0.00
JPMorgan Asset Management (Europe) S.à. r.l. (FRA)
-
JB BF Abs Ret EM-USD B
Invesco Pan European Small Cap Equity A € 18.94
-
-
(IRL)
LGM Dynamic Equity Sub-Fund
$ 28.80
GAM Composite Abs Rtn GBP Open £ 258.44
Kames Capital VCIC
0.00 0.00
Class A Acc Frk Biotech Discovery
0.85 0.00
Invest AD
-
Invesco Global Inc Real Estate Sec A dist $
-0.01 1.37
-
0.12 0.00
Invesco Balanced Risk Allocation Fund A € 15.18
Invesco Global Equity Income Fund A $ 60.79
-
GAM Composite Abs Rtn GBP Listed £ 173.91
-
-0.49 0.00
Invesco Global Bond A Inc
-0.02 0.00
0.08 0.00
£ 29.13
-
Invesco Global Absolute Return Fund A Class € 11.43
-
-
Invesco UK Eqty Income A
-
Invesco European Growth Equity A € 21.39
GAM Star Dynamic Gbl Bd USD Acc H $ 11.02
-
0.01 1.15
2.88
(IRL)
GAM Star Discretionary FX USD Acc F $ 11.83
GAM Star Keynes Quant Strat USD Acc F $ 10.77
-
Invesco Absolute Return Bond Fund A €
Invesco Euro Corporate Bond Fund (A) € 17.02
3.11
0.03 0.00
8.00
Invesco Asia Opportunities Equity A $ 107.24
0.02 0.00
GAM Star Cont European Eqty GBP Acc F £
-
£
-12.30 0.00
-
-0.05 0.47
$ 15.19
Invesco UK Eqty A
-
Invesco Energy A
-
Invesco Global Technology A
Invest AD - Emerging Africa Fund $ 1343.84
-
GAM Star China Equity USD Acc F $ 23.55
0.02 0.00
-0.04 1.26
-0.50
0.02 0.00
-0.26 0.11
-
-
$ 13.87
-
0.08 0.00
-
$ 52.44
Invesco Asia Infrastructure (A)
£ 45.26
-
$ 52.44
Invesco Pacific Equity A
Client services: +971 2 692 6101 clientservices@InvestAD.com Other International Funds Invest AD - Iraq Opportunity Fund $ 82.20 2.80 0.00
-0.05 0.00
-
Invesco PRC Equity A
0.02 0.19
-
$ 12.22
-0.08 0.00
-
Invesco Emerging Mkt Quant.Eq. A $ 11.99
GAM Star Cat Bond USD Acc
0.02 0.00
-
Invesco Asia Consumer Demand Fund A income $ 14.52
-
GAM Star Cap.Appr.US Eqty USD Inc F $ 17.98
-
$ 29.29
(LUX)
-0.53
-
$ 18.15
Invesco Korean Equity A
0.00 0.00
-
GAM Star Asian Eqty USD Ord Acc F $ 15.12
Invesco Japanese Equity A
-0.11 0.00
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 FCA Recognised 0.35 Absolute Return Bond B GBP Acc 1070.72 -
£ 71.42
(IRL) FCA Recognised GAM Fund Management Ltd Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927 GAM Star Fund Plc GAM Star Asia-Pacific Eqty USD Acc F $ 12.50 0.01 0.74
1.76
PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343 International Insurances Holiday Property Bond Ser 1 £ 0.53 - -0.01 0.00
Invesco Emerging Local Currencies Debt A Inc $
GAM Limited
Invesco Gbl R/Est Secs A GBP F F £
HPB Assurance Ltd
Holiday Property Bond Ser 2
Offer D+/- Yield
-
IVI European Fund GBP
-0.01 1.36
Frk Global Income Fd
9.41
$ 230.16 234.86 4.33 0.00
Bid
£ 14.03
Invesco Emerging Europe Equity Fund A $ 10.22
Frk Europ Corp Bond Fd
$ 10.18
(GSY)
0.01 4.59 Other International Commercial Property-GBP Class
Frk Global Aggregate Bond Fd
Invesco Gilt A
Bid
American Fund GBP Hedged
Invesco Global Asset Management Ltd
7.96
(IRL)
Lloyds Investment Fund Managers Limited (1000)F (JER) PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555 FCA Recognised Lloydstrust Gilt £ 11.8100 - -0.0200 2.71
FTfm | 17
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Monthly Share
£ 1.1760xd
Offer D+/- Yield
-
-0.0020 2.22
-
0.0070 1.45
€ 52.6620
-
0.0000 -0.06
NZ$ 207.3450
-
0.0150 2.61
Sterling Class
£ 52.5040
-
0.0000 0.09
US Dollar Class
$ 60.6110
-
0.0000 -0.17
New Zealand Dollar
Global Energy (USD) PA F
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
-0.89 0.00
Asian Equity Fund Class A F
$ 3.4067
-
-0.0085 0.42
European Property A F
€ 28.60
-
SFr 20.21
-
0.05 0.00
Em.Mk.Eq.Fund Sterling
£ 109.40
-
-1.22 0.00
Asian Equity Fund Class AA F
$ 1.0940
-
-0.0027 0.16
Eurozone Equity Alpha A F
€ 10.75
-
0.02 0.00
Golden Age (EUR) PA
€ 13.71
-
0.04 0.00
Em.Mk.Eq.Fd.US Dollar
$ 115.34
-
-0.66 0.00
Asian Small Cap Equity Fund Class AA F $ 2.4443
-
-0.0110 0.69
Global Bond A F
$ 41.06
-
-0.01 0.00
Golden Age (USD) PA F
$ 19.07
-
0.05 0.00
Em.Mk.Loc.Ccy Debt Fd.FC
¥ 10479.00
-
-12.00 5.90
Asian Small Cap Equity Fund Class AA (HKD)HK$ 9.8887
-
-0.0439
Global Brands A F
$ 94.12
-
0.11 0.00
Japan Small & Mid Caps PA
¥ 2924.00
-
-6.00 0.00
Em.Mk.Loc.Ccy Debt Fd.FD
¥ 11210.00
-
5.00 5.96
China Value Fund Class A F
$ 8.5137
-
-0.0347 0.58
Global Convertible Bond A F
$ 42.96
-
0.00 0.00
Sh.T- Money Mkt EUR PA
€ 112.44
-
0.00 0.00
Em.Mk.Loc.Ccy Debt Fd II
$ 101.21
-
-0.05 0.00
China Value Fund Class AA F
$ 2.6657
-
-0.0109 0.36
Global Property A F
$ 28.03
-
-0.10 0.00
Sh.T- Money Mkt CHF PA
SFr 129.40
-
0.00 0.00
Gb.Conc.Eq.Fd.Euro
€ 229.26
-
0.06 0.00
Dragon Growth Fund Class A F
$ 2.0185
-
-0.0094 0.91
Indian Equity A F
$ 33.15
-
0.21 0.00
-
-0.0030 2.30
Sh.T- Money Mkt GBP PA
£ 10.25
-
0.01 0.00
Gb.Conc.Eq.Fd.Sterl.UK T
£ 152.38
-
-0.48 0.00
Dragon Growth Fund Class AA HKDHK$ 9.7818
-
-0.0451 0.67
-0.0070 1.64
Sh.T- Money Mkt USD PA
$ 10.30
-
0.00 0.00
Gb.Conc.Eq.Fd.Sterling
£ 231.42
-
-0.74 0.00
Emerging Eastern Europe Fund Class AA F $ 1.8670
-
-0.0123 2.42
Aggressive Strategy
£ 1.7620
-
-0.0090 0.00
Sw.Fr.Bd(For) PA
SFr 23.58
-
0.01 0.00
Gb.Conc.Eq.Fd.US
$ 187.78
-
0.40 0.00
Emerging Eastern Europe Fund Class A F $ 4.3540
-
-0.0287 2.43
Sw.Fr.Credit Bd(For) PA
SFr 13.53
-
0.01 0.00
Gb.Eq.Hdg Fd.Euro IRE T
€ 166.81
-
0.12 0.00
European Growth Fund Class A F $ 11.3234
-
-0.0056 1.01
Tactical Alpha (CHF) PA
SFr 10.04
-
0.00 0.00
Gb.Eq.Euro Hdg Fd.
€ 236.72
-
0.17 0.00
European Growth Fund Class AA F $ 0.8156
-
-0.0004 0.18
Tactical Alpha (EUR) PA
€ 10.27
-
0.00 0.00
Gb.Eq.Fund Euro
€ 239.76
-
0.03 0.00
Global Contrarian Fund Class AA F $ 0.9548
-
-0.0011 0.00
Tactical Alpha (USD) PA
$ 14.70
-
-0.01 0.00
Gb.Eq. Fd Euro IRE T
€ 151.45
-
0.02 0.00
Global Property Fund Class AA F $ 0.9876
-
-0.0063 6.39
Technology PA
€ 13.66
-
0.04 0.00
Gb.Eq.Fd.Sterling UK T
£ 192.75
-
-0.63 0.00
Global Resources Fund Class AA F $ 1.0280
-
-0.0001 0.00
Technology PA
Lombard Odier Darier Hentsch
(LUX) Queensberry House 3 Old Burlington Street London W1S 3AB FCA Recognised Lombard Odier Funds Absolute Ret Bond (EUR) PA € 12.16 0.00 0.00 Absolute Ret Bond (USD) PA
$ 17.82
-
0.01 0.00
All Roads (CHF) PA
SFr 17.89
-
-0.06 0.00
All Roads (USD) PA
$ 11.28
-
-0.04 0.00
All Roads (GBP) PA
£ 11.47
-
-0.04 0.00
All Roads (EUR) PA
€ 11.45
-
-0.03 0.00
Alpha Japan (EUR) PA F
€ 10.12
-
0.01 0.00
Alpha Japan (CHF) PA F
SFr 12.73
-
0.02 0.00
Alpha Japan (JPY) PA F Alpha Japan (USD) PA F
¥ 1195.00 $ 14.51
-
1.00 0.00 0.02 0.00
Wld Gold Expertise PAF
$ 20.87 SFr 16.08
-
0.08 0.00 0.13 0.00
Gb.Eq.Fd.US Dollar Gb.Eq.Fund Sterling
$ 310.18 £ 191.11
-
0.64 0.00 -0.63 0.00
Wld Gold Expertise PA
€ 12.63
-
0.11 0.00
Gb.Val.Ex-Jap.Fd.USD
$ 116.29
-
0.19 0.00
Wld Gold Expertise PA
$ 16.42
-
0.13 0.00
Gb.Val.Ex-Japan Fd.Yen
¥ 12215.00
-
36.00 0.00
LO Selection Balanced (CHF) PA F
SFr 108.85
-
-0.10 0.00
Balanced (EUR) PA F
€ 119.06
-
-0.07 0.00
SFr 104.48
-
-0.05 0.00
Conservative (CHF) PA F Conservative (EUR) PA F Global Allocation (GBP) PA F Growth (CHF) PA F Growth (EUR) PA F Vantage 1500 (EUR) MA Vantage 3000 (EUR) MA
€ 110.85 £
-
9.66
-
-0.01 0.00
-
-0.14 0.00
€ 10.35
-
(LUX)
-
-0.03
-
-
-
-0.0034 0.00
$ 1.3530
-
0.0051 0.00
International Growth Fund Class A F $ 4.6026
-
-0.0072 0.00
India Equity Fund Class AA F
International Growth Fund Class AA F $ 1.0573
-
-0.0017 0.01
Japanese Growth Fund Class A F $ 3.2790
-
-0.0095 0.08
€ 17.66
-
0.00 0.00
Japanese Growth Fund Class AA F $ 0.8395
-
-0.0025 0.05
$ 26.26
-
-0.18 0.00
Latin America Equity Fund Class AA F $ 1.1613
-
-0.0300 1.82
Bond A1
$ 10.31
-
0.00 0.00
Russia Equity Fund Class AA F
$ 0.5581
-
-0.0036 2.23
China Equity Fd A1
$ 10.16
-
-0.04 0.00
Taiwan Equity Fund Class AA F
$ 1.6008
-
-0.0199 0.17
Continental European Eqty A1
€ 15.51
-
0.00 0.00
Turkey Equity Fund Class AA F
$ 0.9102
-
-0.0212 0.25
Emer Mkts Debt Lo Curr Fd A1
$ 14.18
-
-0.03 0.00
US Bond Fund Class AA F
$ 1.2463
-
-0.0025 4.73
Emerging Markets Debt A1
$ 34.11
-
0.00 0.00
U.S. Bond Fund Class AA Inc F
$ 1.0010
-
-0.0020
-
-
-0.0199
-
-
€ 10.64
$ 1.7295
-0.0067
Asia ex-Japan A1
-0.09 0.00 -0.01
Healthcare Fund Class AA F
-
Regulated Absolute Return A1
-0.04 0.00
SFr 113.97 € 126.64
MFS Meridian Funds SICAV
Greater China Opportunities Class AA $ 1.0279
Alternative Beta PA F
SFr 120.06
-
0.05 0.00
Emerging Markets Eq.A1
$ 13.12
-
-0.08 0.00
U.S. Bond Fund Class AA (HKD) IncHK$ 9.9737
Alternative Beta PA F
€ 80.38
-
0.04 0.00
PrivilEdge Inc.Pt.RMB Dt.CNH PA
CNY 100.79
-
0.00
-
European Concentrated A1
€ 15.66
-
-0.05 0.00
U.S. Special Opportunities Fund Class AA F $ 1.0272
-
-0.0015 4.22
0.06 0.00
Inc.Pt.RMB Dt.SH CHF PA
SFr 10.22
-
0.01
-
European Core Eq A1
€ 26.31
-
-0.04 0.00
U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.9256
-
-0.0144
-
-0.06 0.00
Inc.Pt.RMB Dt.SH EUR PA
€ 10.22
-
0.01
-
European Res.A1
€ 27.92
-
-0.07 0.00
U.S. Special Opportunities Fund Class AA Inc $ 0.9916
-
-0.0014
-
-
0.0024 0.00
-
-0.0055 0.00
Alternative Beta PA F Commodities (CHF) PA
$ 120.03 SFr
7.65
-
Commodities (EUR) PA
€
7.72
-
-0.06 0.00
Inc.Pt.RMB Dt.USD PA
$ 10.24
-
0.00
-
European Smaller Companies A1 € 40.00
-
-0.07 0.00
US Small Cap Equity Fund Class AA F $ 1.1200
Commodities (USD) PA
$
7.88
-
-0.06 0.00
Jenn. US Eq.Opp. USD PA
$
9.91
-
0.03
-
European Value A1
€ 30.38
-
0.01 0.00
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3007
Convertible Bd P A
€ 16.69
-
-0.02 0.00
Neubrg.Berman US Core PA
$ 14.12
-
0.02 0.00
Global Bond A1
$ 11.04
-
-0.02 0.00
€ 13.88
-
-0.03 0.00
Global Conc.A1
$ 35.41
-
0.04 0.00
Manulife Global Fund
Convertible Bd Asia PA F
SFr 13.84
-
-0.01 0.00
Sands US Growth PA
Convertible Bd Asia PA F
€ 14.67
-
-0.01 0.00
Sands US Growth PA
$ 16.78
-
-0.04 0.00
Global Energy Fund A1
$ 17.52
-
-0.03 0.00
Other International Funds Asia Total Return Fund Class AA Inc $ 0.9859
-
-0.0010 3.25
Convertible Bd Asia PA F
$ 14.74
-
0.00 0.00
Will.Blair Gbl. Ldrs PA
€ 13.37
-
-0.02 0.00
Global Equity A1
$ 45.45
-
0.04 0.00
Asia Value Dividend Equity Fund Class AA F $ 1.7238
-
0.0004 2.91
SFr 13.34
-
-0.04 0.00
Will.Blair Gbl. Ldrs PA
$ 12.91
-
0.01 0.00
Global Equity A1
€ 22.32
-
0.03 0.00
Strategic Income Fund Class AA F $ 1.1329
-
-0.0008 3.46
Emerg. Consumer (CHF) PA Emerg. Consumer (EUR) PA
€ 13.42
-
$ 13.40
-
-0.03 0.00
Emerg.Eq. Risk Par.(EUR) PA
€
-
-0.06 0.00
Emerg. Eq. Risk Par.(USD) PA
8.84
Global Multi-Asset A1
$ 16.67
-
-0.03 0.00
Lothbury Property Trust (UK)
Global Res.A1
$ 26.62
-
-0.03 0.00
Marlborough International Management Limited (GSY)
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 Property & Other UK Unit Trusts Lothbury Property Trust GBP £ 1553.69 1666.58 13.67 3.36
Global Total Return A1
€ 15.41
-
-0.02 0.00
Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520 FCA Recognised Marlborough North American Fund Ltd £ 28.21 28.49 0.32 0.00
-0.03 0.00
Emerg. Consumer (USD) PA
$
8.00
-
-0.03 0.00
High Yield A1
$ 25.63
-
-0.03 0.00
Emerg. Loc.Cur.&Bds DH (CHF) PASFr
8.38
-
0.00 0.00
High Yield Fund A1
€ 14.42
-
-0.01 0.00
SFr
9.68
-
-0.03 0.00
Inflation-Adjusted Bond A1
$ 14.34
-
0.04 0.00
Emerg.Loc.Cur.Bd.Fdt PA
€ 11.52
-
-0.03 0.00
Japan Equity A1
$
9.85
-
-0.09 0.00
Emerg.Loc.Cur.Bd.Fdt PA
$ 10.36
-
0.00 0.00
Latin American Equity Fd A1
$ 21.04
-
-0.03 0.00
SFr 15.75
-
0.01 0.00
Limited Maturity A1
$ 14.05
-
0.00 0.00
Emerg.Loc.Cur.Bd.Fdt PA
Euro BBB-BB Fdt PA Euro BBB-BB Fdt PA
€ 12.34
-
0.01 0.00
Euro BBB-BB Fdt PA
£ 10.86
-
0.01 0.00
Euro BBB-BB Fdt PA
$ 17.54
-
0.01 0.00
Euro Credit Bd PA F
€ 12.84
-
0.00 0.00
Euro Government Fdt PA
€ 12.12
-
-0.01 0.00
Euro Inflation-Lk Fdt PA
€ 11.98
-
-0.01 0.00
Euro Resp.Corp. Fdt PA
€ 18.25
-
0.01 0.00
Europe High Conviction PA
€
9.67
-
0.04 0.00
Eurozone Small&Mid Caps PA
€ 42.75
-
0.05 0.00
Fdmt.Eq.L/S SH Sd EUR PA Fdmt.Eq.L/S SH Sd USD PA Gl Aggregate High Conv PA Gbl.Gov.Fdt SH (EUR) PA Gbl.Gvt.Fdmt PA Gbl.Gvt.Fdmt.(CHF) PA Gbl.Gvt.Fdt.SH (CHF) PA Gbl.5B Fdmt (EUR) PA Gbl.5B Fdmt (CHF) PA Gbl.5B Fdmt SH (USD) PA Generation Global (CHF) PA F Generation Global (EUR) PA F Generation Global (USD) PA F
€ 10.09 $ 10.09 $ 19.55 € €
9.97 9.97
SFr 24.17 SFr 26.36 € 10.84 SFr 10.73
-
0.02 0.02
-
0.01 0.00
M & G (Guernsey) Ltd
(GSY)
Regulated The M&G Offshore Fund Range 149.93 156.17 0.60 0.00 American Fund
-0.05 0.00
Research Bond A1
$ 16.43
-
0.00 0.00
UK Equity A1
£
8.00
-
-0.03 0.00
US Conc.Growth A1
$ 14.78
-
0.01 0.00
US Government Bond A1
$ 16.77
-
0.01 0.00
Value A1
$ 21.29
-
0.03 0.00
2428.57 2529.76 -2.07 0.00
Global Leaders
3340.65 3479.84 -2.27 1.25
High Yield Corporate Bond
1019.83 1051.37 -0.59 4.87
Global Macro Bond Fund Optimal Income Fund Recovery Fund Limited 'A' Participating Shares
11292.41 11762.93 5.89 0.54
Recovery Fund Limited 'I' Participating Shares
11329.26 11801.31 5.98 1.44
(GSY) Regulated Multi-Manager Investment Programmes PCC Limited European Equity Fd Cl A Initial Ser € 2180.50 2189.25 45.35 0.00
Strategic Corporate Bond Fund
132.38 137.90 -0.09 3.01
Japanese Equity Fd Cl A Initial Ser ¥ 291457.00 292445.00 -5422.00 0.00
UK Growth
1536.90 1600.94 4.39 1.09
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1385.63 1389.77 50.78 0.00
-6.65
-
Global Energy & Resources Fund $ 84.50
-
-7.47
-
0.00
-
-
0.00 0.00
-
-3.16 0.00
MMIP Investment Management Limited
Pacific Basin Fd Cl A Initial Ser
$ 2552.31 2573.03 11.76 0.00
UK Equity Fd Cl A Series 01
£ 2136.42 2157.52 43.02 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1604.37
-
1.39 0.00
Diversified Absolute Return Stlg Cell AF2 £ 1619.96
-
1.73 0.00
Manulife Global Fund $ 122.65
-
-0.02 0.00
-
-0.02 0.00
Em.Mk.Debt Fd.Yen 2
¥ 13635.00
-
16.00 0.00
¥ 10422.00 ¥ 13635.00
-
-2.00 0.00 16.00 0.00
Emerging Markets Managed Accounts PLC (IRL) info@emmaplc.com,+44(0)20 8123 8369 www.emmaplc.com Regulated Milltrust ASEAN A $ 105.27 - -0.24 0.00 Milltrust Brazil A Milltrust India A
(LUX) (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg www.manulife.com.hk FCA Recognised American Growth Fund Class A F $ 28.5309 - -0.0300 0.00
(LUX)
www.mirabaud.com, marketing@mirabaud.com Regulated Mirabaud Fund Mir. Ac. All. Bal A EUR € 111.60 -
0.18 0.00
€ 110.03
-
0.18 0.00
Mir. Conv. Bds Eur A EUR
€ 128.00
-
-0.20 0.00
Mir. Conv. Bds Glb A USD
$ 111.63
-
-0.10 0.00
Mir. - Dynam.Alloc. A EUR
€ 102.94
-
-0.22 0.00
Mir. - Eq Asia ex Jap A
$ 194.73
-
-0.34 0.00
Mir. - Eq Eurozone A EUR
€ 160.10
-
-0.27 0.00
Mir. - Eq Glb Emrg Mkt A GBP
£ 100.61
-
-0.67 0.00
Mir. - Eq Glb Emrg Mkt A USD
$ 114.16
-
-0.70 0.00
Mir. - Eq France A EUR
€ 181.07
-
0.00 0.00
Mir. - Eq Global A USD
$ 130.93
-
0.18 0.00
Mir. Ac. All. Cons A EUR
Mir. - Eq Pan Eur A Cap
€ 105.30
-
0.23 0.00
Mir. -Eq Spain A
€ 26.83
-
-0.05 0.00
-
0.56 0.00
Mir. - Eq UK
£
2.08
-
-0.02 0.00
Mir. - Eq US A USD
$ 170.23
-
-0.07 0.00
Mir. - Glb High Yield Bds A
$ 110.79
-
0.03
-
Mir. - Glb High Yield Bds AH CHFSFr 110.08
-
0.03
-
Mir. - Glb High Yield Bds AH EUR € 110.49
-
0.03
-
Mir. - Glb High Yield Bds AH GBP £ 111.13
-
0.03
-
Mir. - Glb Eq High Income A CHF SFr 103.97
-
-0.45
-
Mir. - Eq Swiss Sm/Mid A
SFr 298.99
Mir. - Glb Eq High Income A EUR € 104.84
-
-0.34
-
Mir. - Glb Eq High Income A GBP £ 102.73
-
-0.69
-
Mir. - Glb Eq High Income A USD $ 105.67
-
-0.14
-
Mir. - Glb Strat. Bd A USD
$ 106.13
-
0.00
-
Mir. Opp. -Emerg. Mkt HO
$ 111.55
-
0.00 0.00
Mir. Serenite A EUR
€ 120.42
-
0.59 0.00
MirAlt Sicav MirAlt Sicav-Diversified A Cap.
$ 113.36
-
0.40 0.00
MirAlt Sicav-Europe A dis
€ 68.20
-
0.20 0.00
MirAlt Sicav - North America A dis $ 163.19
-
2.85 0.00
-0.02 0.00
Latin American Equity A F
$ 66.11
-
0.44 0.00
Short Maturity Euro Bond A F
€ 20.47
-
0.00 0.00
US Dollar Liquidity A F
$ 13.03
-
0.00 0.00
US Growth A F
$ 63.83
-
0.60 0.00
US Growth AH F
€ 44.13
-
0.42 0.00
US Growth AX F
£ 39.35
-
0.23 0.00
US Property A F
$ 63.34
-
-0.63 0.00
Morgens Waterfall Vintiadis.co Inc Other International Funds Phaeton Intl (BVI) Ltd (Est)
$ 451.04
-
3.79 0.00
Natixis International Funds (Lux) I SICAV (LUX) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000 FCA Recognised Harris Global Equity R/A (USD) $ 274.73 274.73 0.38 0.00 Harris Concentrated US Equity H-N/A (GBP) £ 145.65 145.65 0.09 0.00 Harris Concentrated US Equity R/D (GBP) £ 131.21 131.21 -0.61 3.79 H2O MultiReturns Fund N/A (GBP) £
1.19
-
0.00
-
H2O MultiReturns Fund I/A (GBP) £
1.19
-
0.00
-
Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 100.22 100.22 -0.12 2.28 Loomis Sayles Strategic Income H-N/D (GBP) £
1.04
-
0.00 4.57
Loomis Sayles Strategic Income H-N/A (GBP) £
1.10
-
0.00 4.71
Loomis Sayles US Equity Leaders N/A (GBP) £
1.21
-
0.00 0.13
Loomis Sayles US Equity Leaders I/A (GBP) £
1.19
-
0.00 0.15
Natixis International Funds (Dublin) I plc (IRL) Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000 Regulated Loomis Sayles Global Opportunist Bond Fund H-S/D GBP £ 10.30 10.30 0.00 3.96 Loomis Sayles Multisector Inc Fd I USD $ 13.94 13.94 -0.01 4.99
Morant Wright Management Ltd
(CYM)
Regulated MW Japan Fd Ltd A
$ 23.21
-
-0.06 0.00
MW Japan Fd Ltd B
$ 23.54
-
-0.07 0.00
Loomis Sayles Inst High Inc Fd I USD $
8.96
8.96 -0.01 5.94
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.56 13.56 0.00 2.08
Morant Wright Funds (Ireland) PLC
(IRL)
FCA Recognised Morant Wright Sakura Fund Sterling Acc Hedged £ 11.23
-
Morant Wright Sakura Fund Euro Acc Hedged € 11.21
-
0.00 0.00
Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1135.90
-
-0.84 0.00
Morant Wright Sakura Fund Dollar Acc Hedged $ 11.22
-
-0.01 0.00
Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 11.19
-
-0.01 0.00
-0.01 0.00
Nevsky Capital LLP Other International Funds Nevsky Fund Plc EUR Acc
€ 1316.32
-
7.88 0.00
Nevsky Fund Plc GBP Acc
£ 1334.64
-
8.18 0.00
Nevsky Fund Plc USD Acc
$ 1344.22
-
8.02 0.00
Metage Capital
$ 132.26
SFr 12.04
Em.Mk.Debt Fund Yen 4
-
$ 559.28
-3.00 0.00
0.02 0.00
$ 298.20
MEMO - MEMV Series (Est)
-
Em.Mk.Debt Fund Yen 3
Meridian Fund Managers Ltd Other International Funds Global Gold & Resources Fund
Mirabaud Asset Management
28.93 0.00
MEMO - Master Series (Est)
¥ 10386.00
-0.01 0.00
-
144.56 150.58 -0.04 2.43
0.00 0.00
0.00 0.00
£ 586.06
(CYM)
10935.54 11273.75 7.43 0.60
-0.09 0.00
FCA Recognised Em.Mk.Debt Fd.US Dollar
Marwyn Asset Management Limited Regulated Marwyn Value Investors
-
-0.03 0.00
MFS Investment Funds
£ 26.80 27.07 0.91 0.00
$ 207.12
0.00 0.00
0.00 0.00
Marlborough Tiger Fund Ltd F
Other International Funds MGS -Master Series (Est)
Em.Mk.Debt Fd.Yen 1
-
-
Global Basics
0.00 0.00
$ 14.46
$ 13.98
1300.96 1341.19 -0.99 3.32
-
-
Prudent Wealth Fd A1
Corporate Bond
$ 10.93
€ 16.41
Offer D+/- Yield
-
-
0.0010 0.00
Bid
€ 116.71
-
-
Fund
Em.Mk.Eq.Fund Euro
£ 1.4530
$ 1.4360
Offer D+/- Yield
0.03 0.00
Growth Strategy
Dealing Daily
Bid
-
Lloyds Multi Strategy Fund Limited Conservative Strategy £ 1.0770
Global USD Growth Strategy
Fund
$ 12.34
Golden Age (CHF) PA F
Lloyds Money Fund Limited Australian Dollar A$ 172.2450 Euro
Fund
Milltrust Latin America A
$ 120.15 $ 129.73 $ 130.37
Milltrust Value Partners Greater China A $ 122.99
-
(LUX) Morgan Stanley Investment Funds 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61 www.morganstanleyinvestmentfunds.com FCA Recognised US Advantage A F $ 51.64 0.24 0.00
New Capital Fund Management Ltd
(IRL) Leconfield House, Curzon Street, London, W1J 5JB FCA Recognised New Capital UCITS Funds Asia Pac Bd USD Inst Inc $ 99.26 - -0.06 2.58
Asian Equity A F
$ 47.05
-
-0.18 0.00
Asian Property A F
$ 19.90
-
-0.04 0.00
Asian Property AX F
£ 11.38
-
-0.06 1.01
Asia Pac Bd USD Ord Inc
$ 101.30
-
-0.07 1.90
Diversified Alpha Plus A F
€ 33.61
-
0.07 0.00
Asia Pac Eq EUR Ord Inc
€ 111.89
-
-0.39 2.24
Emerg Europ, Mid-East & Africa Eq A F € 66.09
-
-0.32 0.00
Asia Pac Eq GBP Ord Inc
£ 114.78
-
-0.39 2.61
Emerging Markets Debt A F
-
-0.32 0.00
Asia Pac Eq USD Ord Inc
$ 115.55
-
-0.39 2.27
-
-0.05 4.92
Asia Pac Eq USD Inst Acc
$ 118.15
-
-0.39 0.00
$ 80.27
Emerging Markets Domestic Debt AX F £ 13.19
-1.37 0.00
Emerging Markets Equity A F
$ 40.98
-
-0.06 0.00
Asia Pac Eq USD Inst Inc
$ 129.05
-
-0.43 2.84
1.90 0.00
Euro Bond A F
€ 15.34
-
0.00 0.00
Dyn Europ Eq EUR Ord Inc
€ 149.48
-
-0.14 0.52
-0.19 0.00
Euro Corporate Bond AX F
£ 24.17
-
-0.06 2.24
Dyn Europ Eq GBP Ord Inc
£ 159.69
-
-0.15 0.94
0.00 0.00
Dyn Europ Eq USD Ord Inc
$ 150.02
-
-0.12 0.64
3.19 0.00
Euro Liquidity A F
€ 12.89
Euro Strategic Bond A F
-
€ 42.73
-
0.08 0.00
China Equity EUR Ord Acc
€ 137.19
-
-0.98 0.00
American Growth Fund Class AA F $ 1.6240
-
-0.0018 0.00
European Currencies High Yield Bd A F € 21.41
-
0.02 0.00
China Equity GBP Ord Acc
£ 140.02
-
-0.96 0.00
American Growth Fund Class AA (HKD) FHK$ 10.1943
-
-0.0106
European Equity Alpha A F
-
0.04 0.00
China Equity USD Ord Acc
$ 138.96
-
-0.95 0.00
China Equity USD Inst Acc
$ 141.35
-
-0.97 0.00
-
€ 41.33
18 | FTfm
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Swiss Select Equity Inst Acc
SFr 108.74
-
Swiss Select Equity Ord Acc
Fund
Bid
Offer D+/- Yield
0.35
-
Odey Allegra European GBP D
£ 167.51
-
-0.14 0.00
-
SFr 108.40
-
0.35
Odey Allegra International Euro Class € 152.33
-
-0.09 0.00
Total Ret Bd USD Ord Acc
$ 169.93
-
-0.01 0.00
Odey Allegra International GBP Class £ 189.74
-
-0.76 0.00
Total Ret Bd EUR Ord Acc
€ 159.51
-
-0.02 0.00
Odey Allegra International USD
$ 155.08
-
0.20 0.00
Total Ret Bd GBP Ord Acc
£ 180.29
-
-0.01 0.00
Odey Allegra International Euro I Class € 139.54
-
-0.09 0.00
Total Ret Bd USD Inst Acc
$ 124.98
-
0.00 0.00
Odey Allegra International GBP D inc £ 171.89
-
-0.70 0.00
Fund
Bid
Orbis Japan Equity (US$)
$ 39.07
Offer D+/- Yield
-
0.59 0.00
*Orbis Prices as of September 11th
Orbis Sicav
(LUX)
Regulated Orbis Japan Equity (Yen)
¥ 3809.00
-
Orbis Japan Equity (Euro)
60.00 0.00
€ 25.30
-
0.39 0.00
Orbis Asia ex-Japan - Investor Shares $ 24.61
-
-0.48 0.00
Orbis Global Equity - Investor Shares € 144.37
-
-1.65 0.00
Fund
Pictet-Japan Index-I JPY F
Bid
Offer D+/- Yield
¥ 13740.80
-
Pictet-Japanese Equities Opp-I JPY F ¥ 8109.03
-
Pictet-Japanese Equity Selection-I JPY F ¥ 12111.99
-
16.17
Pictet-LATAM Index I USD
$ 87.70
-
Pictet-LATAM Lc Ccy Dbt-I USD F $ 153.43
36.95 0.00
Fund
Bid
Offer D+/- Yield
Low Average Duration - Inst Acc $ 14.68
-
0.00 0.00
PIMCO EqS Emerging Markets Fund Inst Acc $
Fund
Bid
Offer D+/- Yield
9.11
-
-0.05 0.00
Purisima Investment Fds (CI) Ltd
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 14.63
-
-0.01 0.00
Regulated PCG B
160.21
-
-0.42 0.00
-0.02 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 14.59
-
-0.01 0.00
PCG C
158.92
-
0.21 0.00
-
0.06 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 13.26
-
0.02 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 394.81
-
-3.10 0.00
StocksPLUS{TM} - Inst Acc
$ 22.23
-
0.02 0.00
Putnam Investments (Ireland) Ltd
€ 139.79
-
-0.18 0.00
Total Return Bond - Inst Acc
$ 26.64
-
0.02 0.00
Regulated Putnam New Flag Euro High Yield Plc - E € 1044.77
Pictet-Quality Global Equities I USD $ 132.16
-
0.10 0.00
UK Corporate Bond - Inst Acc
£ 16.19
-
0.01 0.00
Pictet-Russia Index I USD
$ 71.21
-
-1.36 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 17.60
-
0.04 0.00
Pictet-Russian Equities-I USD F
$ 59.94
-
-0.95 0.00
UK Real Return - Inst Acc
£ 20.44
-
0.01 0.00
Pictet-Security-I USD F
$ 183.18
-
0.50 0.00
UK Sterling Long Average Duration - Inst Acc £ 19.16
-
0.05 0.00
3.68 0.00 -
(JER)
(IRL)
Total Ret Bd GBP Ord Inc
£ 117.26
-
-0.01 3.67
Odey Allegra International GBP A D £ 126.93
-
-0.51 0.00
US Growth USD Ord Acc
$ 191.53
-
-0.31 0.00
Odey Allegra Developed Markets Fund USD I $ 120.54
-
0.01 0.00
US Growth EUR Ord Acc
€ 184.26
-
-0.33 0.00
Odey Allegra Developed Markets Fund GBP I £ 115.26
-
-0.61 0.00
US Growth GBP Ord Acc
£ 191.49
-
-0.32 0.00
Odey Atlas Fund GBP I
£ 102.23
-
-0.29
US Growth USD Inst Acc
$ 175.26
-
-0.29 0.00
Odey Atlas Fund GBP I S
£
1.22
-
0.00 0.00
Wealthy Nat Bd EUR Inst Inc
€ 111.34
-
0.04 3.99
Odey Atlas Fund GBP R S
£
1.04
-
-0.01 0.00
Pictet-Select-Callisto I EUR
€ 103.05
-
0.17 0.00
UK Sterling Low Average Duration - Inst Acc £ 13.93
-
0.00 0.00
Wealthy Nat Bd GBP Inst Inc
£ 114.71
-
0.05 3.83
Odey Giano European Fund EUR R € 113.67
-
0.31 0.00
Pictet-Small Cap Europe-I EUR F € 887.85
-
0.18 0.00
Unconstrained Bond - Inst Acc
$ 12.21
-
-0.01 0.00
Wealthy Nat Bd EUR Ord Inc
€ 110.73
-
0.04 3.69
Odey Giano European Fund GBP R £ 113.96
-
0.31 0.00
Pictet-ST.MoneyMkt-I
€ 140.56
-
0.01 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.51
-
0.04
Wealthy Nat Bd GBP Ord Inc
£ 115.33
-
0.04 3.59
Odey Giano European Fund USD R $ 114.70
-
0.32 0.00
Pictet-ST.MoneyMkt JPY I USD
¥ 101601.02
-
-4.37 0.00
US Government Money Market - Inst Inc $
-
0.00 0.00
Wealthy Nat Bd USD Ord Inc
$ 112.47
-
0.04 3.80
Odey Naver Fund Euro I Class
€ 117.28
-
0.13 0.00
Pictet-ST.MoneyMkt-ICHF
SFr 125.24
-
0.01 0.00
(GSY) www.recmglobal.com Enquiries: info@recmglobal.com Regulated RECM Global Fund Limited - Class A $ 19.69 - -0.02 0.00
Pictet-ST.MoneyMkt-IUSD
$ 134.70
-
0.00 0.00
RECM Global Equity Fund Limited - Class A $ 10.31
Pictet-Timber-I USD F
$ 155.76
-
0.10 0.00
Pictet Total Ret-Corto Europe I EUR € 121.95
-
0.41 0.00
Renasset Select Funds Plc
Pictet Total Ret-Divers Alpha I EUR € 99.91
-
0.09
Regulated European Opportunities Fund A
€ 109.72
-
0.04 0.00
European Opportunities Fund B
Pictet Total Ret-Mandarin I USD $ 113.60
-
-0.05 0.00
New Capital Alternative Strategies All Weather Fd USD Cls $ 121.47
-
-0.31 0.00
€ 109.85
-
-0.31 0.00
All Weather Fd EUR Cls All Weather Fd GBP Cls
£ 117.92
-
-0.30 0.00
Tactical Opps USD Cls
$ 170.91
-
1.02 0.00
Tactical Opps EUR Cls
€ 143.85
-
0.89 0.00
Tactical Opps GBP Cls
£ 161.70
-
1.01 0.00
-
Oryx International Growth Fund Ltd Other International Funds NAV (Fully Diluted)
£
5.34
-
-0.03 0.00
Permal Investment Mgmt Svcs Ltd www.permal.com Other International Funds Offshore Fund Class A US $ Shares Investment Holdings N.V. $ 5480.65
-
59.47
-
$ 4077.52
-
18.13
-
Pictet-Premium Brands-I EUR F
Odey Naver Fund GBP I Class
£ 117.87
-
0.13 0.00
Odey Odyssey USD I
$ 143.18
-
-0.44 0.00
Odey Odyssey Fund GBP I
£ 142.69
-
-0.43 0.00
Odey Odyssey Fund GBP R
£ 140.74
-
-0.43 0.00
Odey Odyssey EUR I
€ 127.98
-
-0.39 0.00
Odey Odyssey Fund EUR R
€ 107.25
-
-0.33 0.00
Odey Odyssey Fund USD R
$ 111.69
-
-0.34 0.00
Pictet-US Equity Selection-I USD $ 189.17
-
0.45 0.00
Odey Orion Fund Euro I Class
€ 122.13
-
-0.46 0.00
Pictet-US High Yield-I USD F
$ 151.39
-
-0.17 0.00
Macro Holdings Ltd
$ 426.24
-
1.74
-
LUX Advantage Multi-Strategy Fund $ 1613.35
-
16.23
-
Fixed Income Holdings N.V.
$ 1387.14
Strategic Allocation A
-
8.60
-
Pictet Total Ret-Kosmos I EUR
-
1.00
Platinum Capital Management Ltd Other International Funds Platinum Global Dividend Fund - A $ 65.21 Platinum All Star Fund - A
$ 112.64
Platinum Arbitrage Opportunities Fund Ltd Class A $ 92.92
Northwest Investment Management (HK) Ltd 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373 Other International Funds 0.00 0.00 Northwest $ class $ 2105.99 Northwest Warrant $ class
$ 1926.51
-
-86.93 0.00
Odey Orion Fund USD I Class
$ 122.26
-
-0.46 0.00
Pictet-USA Index-I USD F
$ 174.00
-
0.18 0.00
Odey Swan Fund Euro I Class
€ 93.09
-
0.75 0.00
Pictet-USD Government Bonds-I F $ 613.58
-
0.26 0.00
Odey Swan Fund Euro R Class
€ 91.81
-
0.73 0.00
Pictet-USD Short Mid-Term Bonds-I F $ 128.43
-
0.04 0.00
Odey Swan Fund GBP I Class
£ 93.44
-
0.74 0.00
$ 102.46
-
0.00 0.00
Odey Swan Fund GBP R Class Odey Swan Fund USD I Class Odey Swan Fund USD IR Class Odey Swan Fund USD R Class
£ 96.83 $ 92.95 $ 92.90 $ 92.11
-
Odey Wealth Management (CI) Ltd
Oasis Crescent Management Company Ltd Other International Funds Oasis Crescent Equity Fund
R 10.14
-
0.05 0.00
Regulated Oasis Global Investment (Ireland) Plc Oasis Global Equity $ 27.69
-
(IRL)
0.01 0.29
0.75 0.00 0.74 0.00
(IRL)
SFr 116.35
-
-0.32 0.00
Odey Opportunity CHF I
SFr 117.78
-
-0.32 0.00
Odey Opportunity EUR R
€ 136.94 € 206.89
-
-0.38 0.00 -0.58 0.00
Odey Opportunity GBP I
£ 229.20
-
-0.63 0.00
Odey Opportunity GBP R
£ 146.06
-
-0.41 0.00
Odey Opportunity NOK R
Oasis Crescent Global Investment Fund (Ireland) plc Oasis Crescent Global Equity Fund $ 28.15 0.03 0.13
Odey Opportunity NOK I
OasisCresGl Income Class A
$ 11.12
-
0.01 2.50
Odey Opportunity USD R
OasisCresGl LowBal D ($) Dist
$ 12.07
-
0.02 0.00
Odey Opportunity USD I
OasisCresGl Med Eq Bal A ($) Dist $ 12.23
-
0.02 0.20
Oasis Crescent Gbl Property Eqty $
-
0.01 1.85
9.66
0.75 0.00
FCA Recognised Odey Opportunity CHF R
Odey Opportunity EUR I
Oasis Global Mgmt Co (Ireland) Ltd
0.77 0.00
NKr 126.82 NKr 131.02 $ 144.78 $ 217.50
-
-0.33 0.00 -0.31 0.00 -0.41 0.00 -0.60 0.00
Omnia Fund Ltd Other International Funds Estimated NAV
$ 827.16
-
-5.62 0.00
Pictet Funds (Europe) SA
Pictet-Absl Rtn Glo Div-I EUR F
(CYM)
£ 344.88
-
-4.40 0.00
OEI Mac Inc B
£ 182.55
-
OEI MAC Inc USD
$ 1883.41
Odey European Inc EUR
€ 788.27
Optima Fund Management
-
-
-
0.33 0.00
-
0.05 0.00
Pictet-Asian Local Currency Debt-I USD F $ 157.39
-
-0.05 0.00
Pictet-Biotech-I USD F
$ 683.16
-
-1.92 0.00
Pictet-Brazil Index I USD
$ 79.73
-
0.35 0.00
Pictet-CHF Bonds I CHF Pictet-China Index I USD Pictet-Clean Energy-I USD F
SFr 492.61 $ 114.05 $ 96.00
Pictet-Digital Communication-I USD F $ 240.19 Pictet-Eastern Europe-I EUR F Pictet-Em Lcl Ccy Dbt-I USD F
€ 347.06 $ 192.72
Pictet-Emerging Markets-I USD F $ 589.07
-
0.24 0.00 -0.32 0.00 0.05 0.00 -0.49 0.00 -5.06 0.00 -0.03 0.00 -1.05 0.00
Pictet-Emerging Markets Index-I USD F $ 272.12
-
-6.83 0.00
Pictet-Emerging Corporate Bonds I USD $ 106.54
-
-0.02 0.00
Pictet-Emerging Markets High Dividend I USD $ 123.17
-
-0.57 0.00
Pictet-Emerging Markets Sust Eq I USD $ 105.89
-
-1.71 0.00
Pictet-Environmental Megatrend Sel I EUR € 137.95
-
-0.09 0.00
€ 529.83
-
-0.72 0.00
Pictet-EUR Corporate Bonds Ex Fin i EUR € 142.77
-
0.35 0.00
€ 197.50
-
0.08 0.00
Pictet-EUR Government Bonds I EUR € 151.00
-
-0.14 0.00
€ 241.23
-
0.27 0.00
Pictet-EUR High Yield-I F
-1.46 0.00
Other International Funds JENOP Global Healthcare Fund Ltd $ 13.68
-
0.14 0.00
Pictet-EUR Inflation Linked Bonds I EUR € 124.18
-
-0.09 0.00
-
-23.96 0.00
Optima Fd NAV (Est)
$ 91.09
-
0.10 0.00
Pictet-EUR Short Mid-Term Bonds-I F € 136.49
-
-0.02 0.00
-
-5.04 0.00
Optima Discretionary Macro Fund Limited $ 83.36
-
0.18 0.00
Pictet-EUR Short Term HY I EUR
€ 117.38
-
-0.39 0.00
Odey European Inc A GBP
£ 301.78
-
-1.92 0.00
The Dorset Energy Fd Ltd NAV (Est) $ 64.24
-
-1.64 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.27
-
0.00 0.00
Odey European Inc B GBP
£ 171.33
-
-1.10 0.00
Platinum Fd Ltd
$ 93.22
-
-0.36 0.00
Pictet-Euroland Index IS EUR
€ 121.26
-
-0.44 0.00
Odey European Inc USD
$ 368.50
-
-2.36 0.00
Platinum Fd Ltd EUR
€ 18.32
-
-0.08 0.00
Pictet-Europe Index-I EUR F
€ 157.77
-
-0.20 0.00
Pictet-European Equity Selection-I EUR F € 568.20
-
-1.81 0.00
Giano Capital EUR Inc
€ 4296.47
-
Odey Asset Management LLP
-47.97 0.00
(IRL)
FCA Recognised Odey Pan European EUR R
€ 305.64
-
-0.31 0.00
Odey Pan European GBP R
£ 195.63
-
-0.87 0.00
Odey Allegra European EUR O
€ 243.36
-
Odey Allegra European EUR A
€ 146.38
-
Odey Allegra European GBP O
£ 278.16
Odey Allegra European USD O Odey Allegra European EUR I Odey Allegra European EUR A I
Platinum Japan Fd Ltd
$ 49.98
-
-0.01 0.00
Optima Partners Global Fd
$ 14.68
-
0.13 0.00
Pictet-European Sust Eq-I EUR F
€ 207.97
-
-0.28 0.00
Optima Partners Focus Fund A
$ 16.68
-
0.19 0.00
Pictet-Generics-I USD F
$ 261.27
-
2.05 0.00
Pictet-Global Emerging Currencies-I USD F $ 107.47
-
0.00 0.00
Pictet-Global Emerging Debt-I USD F $ 353.72
-
0.13 0.00
Orbis Investment Management Ltd
(BMU)
0.63 0.00
Regulated Orbis Global Equity
$ 189.30
-
-2.43 0.00
Pictet-Global Megatrend Selection-I USD F $ 224.58
-
0.38 0.00
0.39 0.00
Orbis Optimal (US$)
$ 80.27
-
-0.25 0.00
Pictet-Global Bds Fundamental I USD $ 131.15
-
-0.02 0.00
-
-0.23 0.00
Orbis Optimal (Euro)
$ 462.60
-
-2.06 0.00
$ 242.16
-
1.09 0.00
Orbis Optimal (Yen)
¥ 1127.00
-
0.00 0.00
Pictet-High Dividend Sel I EUR F € 147.46
-
-0.24 0.00
€ 232.42
-
0.60 0.00
Orbis Leveraged (US$)
$ 141.81
-
-0.28 0.00
Pictet-India Index I USD
$ 106.88
-
0.06 0.00
€ 149.00
-
0.39 0.00
Orbis Leveraged (Euro)
€ 46.17
-
-0.09 0.00
Pictet-Indian Equities-I USD F
$ 434.19
-
0.74 0.00
€ 27.03
-
-0.07 0.00
Pictet-Greater China-I USD F
€ 241.56
-
-0.19 0.00
Pictet-World Government Bonds-I EUR F € 145.86
-
-0.14 0.00
-0.03 0.00
€ 172.93
Pictet-EUR Corporate Bonds-I F Regulated OEI MAC Inc A
€ 123.26
Pictet-USD Sov.ST.Mon.Mkt-I Pictet-Water-I EUR F
0.06
Pictet-Asian Equities Ex Japan-I USD F $ 219.74
Pictet-Agriculture-I EUR F
Pictet-EUR Bonds-I F
Odey Asset Management LLP
(LUX)
15, Avenue J.F. Kennedy L-1855 Luxembourg Tel: 0041 58 323 3000 FCA Recognised Pictet-Absl Rtn Fix Inc-HI EUR € 106.38 -
-
-
Platinum Dynasty
$ 99.85
-
Platinum Essential Resources
$
8.90
-
Platinum Low Volatility Fund SICAV (Est) $
8.95
-
-
-
-
-
-
-
-0.19
-
Platinum Maverick Enhanced
$ 86.28
-
-
0.00
Platinum Gold Advantage (Est)
€
-
-
-
Credit Absolute Return Fund Inst Acc $ 11.55
-
0.00 0.00
Diversified Income - Inst Acc
$ 19.61
-
0.02 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.95
-
0.01 0.00
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 12.21
-
-0.05
Emerging Asia Bond Fund Inst Acc $ 10.94
-
0.00 0.00
Emerging Multi-Asset Fund Inst Acc $
9.48
-
-0.03 0.00
Regulated ALVA Convertible A USD
$ 13.97
-
0.01 0.00
European Conviction A EUR
€ 161.49
-
0.01 0.00
Emerging Markets Bond - Inst Acc $ 40.40
-
0.09 0.00
European Forager A EUR
€ 181.31
-
-1.77 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 13.93
-
0.00 0.00
Emerging Markets Curr.Fd- Inst Acc $ 13.70
-
0.00 0.00
EuriborPLUS - Inv. Acc
-
0.00 0.00
Other International Funds Developing Countries 'A'
$ 38.29
-
0.63 0.00
$ 40.35
-
0.70
-
-8.39 0.00
Polar Capital Funds Plc Regulated Biotechnology I USD
(IRL)
€ 104.90
-
-0.02 0.00
Renaissance Eastern European Allocation Fund € 411.10
-
-0.02 0.00
Renaissance Eastern European Fund A € 466.73
-
-3.57 0.00
Renaissance Eastern European Fund B € 100.22
-
-0.77 0.00
€ 133.40
-
-1.21 0.00
Chinese Equities (EUR)
€ 66.42
-
-0.70 0.00
Em Stars Equities (EUR)
€ 180.50
-
-2.14 0.00
Emerging Markets Equities (EUR) € 150.36
-
-1.30 0.00
€ 105.82
-
0.00 0.00
Flex-o-Rente (EUR)
-0.11 0.00
-
-0.07 0.00
Lux -O- Rente (EUR)
€ 130.07
-
-0.06 0.00
New World Financials (EUR)
€ 48.72
-
0.00 0.00
US Premium Equities (EUR)
€ 178.03
-
0.46 0.00
US Premium Equities (USD)
$ 199.24
-
0.53 0.00
Regulated S W Mitchell European Fund Class A EUR € 299.09
-
4.39
0.01 0.00
S W Mitchell Small Cap European Fund Class A EUR € 222.11
-
2.08
-
The Charlemagne Fund EUR
€ 295.95
-
-35.77
-
Regulated SWMC European Fund B EUR
€ 14533.30
-
17.68 0.00
SWMC UK Fund B
-
Polar Capital LLP
(CYM) $ 127.86
-
-0.61 0.00
Polunin Capital Partners Ltd
0.00 0.00
Euro Credit - Inst Acc
€ 14.40
-
0.00 0.00
Luxcellence Em Mkts Tech
$ 1070.98
Euro Income Bond - Inst Acc F
€ 13.06
-
0.01 0.00
Polunin Developing Countries
$ 908.95 916.68 -4.35 0.00
Euro Long Average Duration - Inst Acc € 19.61
-
0.01 0.00
Polunin Discovery - Frontier Markets $ 1554.34
0.00 0.00
Polunin Small Cap
€ 12.19
-
0.00 0.00
Euro Ultra Long Duration - Inst Acc € 25.57
-
0.13 0.00
Global Advantage - Inst Acc
-
0.01 0.00
$ 13.31
(IRL)
-
-
Euro Short-Term Inst Acc
-0.04 0.00
€ 123.86
€ 21.91
-
-
Glob.Consumer Trends Equities (EUR) € 124.39
-
Euro Bond - Inst Acc
€ 13.18
€ 141.82
High Yield Bonds (EUR)
$ 14.71 14.71 -0.02
Emerging Markets Active
Euro Real Return - Inst Acc
-
(LUX) Coolsingel 120, 3011 AG Rotterdam, The Netherlands. www.robeco.com/contact FCA Recognised Asia-Pacific Equities (EUR) € 121.27 - -0.77 0.00
-0.07 0.00
-
-0.01
Robeco Asset Management
-
Euro Low Duration Fund Inst Acc € 11.24
-
-
8.95
€ 11.84
RECM Global Management Limited
-0.31 0.00
0.02 0.00
Emerging Local Bond - Inst Acc
1.09 0.00 3.79
-
-
CommoditiesPLUS111sp Strategy - Inst Acc $
1.07
-
Platinum Navigator Fund Ltd Class A $ 103.81
7.64
£
-
(IRL) PIMCO Europe Ltd,11 Baker Street,London W1U 3AH http://gisnav.pimco-funds.com/ Dealing: +44 20 3640 1000 PIMCO Funds: +44 (0)20 3640 1407 FCA Recognised Asia Local Bond Fund - Inst Acc $ 10.11 - -0.01 0.00 $ 14.42
Strategic Bond Ret Inc
Platinum Global Dividend UCITS Fund $ 80.51 80.51 0.30 5.91
Pimco Fds: Global Investors Series Plc
Capital Securities Inst Acc
(UK) PO Box 9948, Chelmsford, CM99 2AG Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 Authorised Inv Funds Strategic Bond Ret Acc £ 1.17 1.19 0.00 3.72
-
Platinum Precious Metals (Est)
6.28
1.17 5.04
Rathbone Unit Trust Mgmt (1200)F
Renaissance Ottoman Fund
€
-
-
23.04
-
$ 1546.44 1565.77 37.78 0.00
Private Fund Mgrs (Guernsey) Ltd Regulated Monument Growth 09/09/2014
-
(GSY)
S W Mitchell Capital LLP
(CYM) -
£ 444.11 449.30 -2.62 0.95
S W Mitchell Capital LLP
(IRL)
Global Advantage Real Return Fund Inst Acc $ 10.28
-
0.03 0.00
Prosperity Capital Management Ltd
Global Bond - Inst Acc
$ 26.86
-
0.01 0.00
Regulated RPF A Shares
$ 220.49
-
£ 9292.45
-
-5.46
Global Bond Ex-US - Inst Acc
$ 18.71
-
-0.01
-
RPF D
$ 13.02
-
0.22 0.00
SWMC Small Cap European Fund B EUR € 12958.32
-
-19.09 0.00
Global Fundam.Index StocksPLUSInst Acc $ 12.21
-
0.02
-
PQF B Shares
$ 464.58
-
3.29 0.00
SWMC Emerging European Fund B EUR € 9685.68
-
-79.42 0.00
Global High Yield Bond - Inst Acc $ 19.93
-
-0.01 0.00
PCF
$ 397.24 401.54 5.39 0.00
Global Investment Grade Credit - Inst Income $ 12.44
-
0.00 2.94
CAPF
$
Global Investment Grade Credit Fund Inst Acc € € 10.26
-
-0.01 0.00
Global Investment Grade Credit Fund Inst Acc $ $ 16.26
-
Global Multi-Asset - Inst Acc
$ 14.52
Global Real Return - Inst Acc High Yield Bond - Inst Acc Income Fund Inst Acc Inflation Strategy Fund Inst Acc
0.00
-
0.15 0.00
0.01 0.00
Prusik Investment Management LLP
(IRL)
-
-0.01 0.00
$ 17.86
-
0.03 0.00
Enquiries - 0207 493 1331 Regulated Prusik Asian Equity Income B Dist $ 156.46
-
-0.31 4.26
$ 27.61
-
-0.03 0.00
Prusik Asia A
$ 212.60
-
0.25 0.00
Prusik Asian Smaller Cos A
$ 174.37
-
0.07 0.00
$ 11.99 $
9.92
-
0.01 0.00 0.00 0.00
9.12
(CYM) -
-
RobecoSAM
(LUX) Tel. +41 44 653 10 10 http://www.robecosam.com/ Regulated RobecoSAM Sm.Energy/A £ 12.27 - -0.13 18.11 RobecoSAM Sm.Materials/A
£ 125.32
-
-1.48 1.61
RobecoSAM S.Climate/A
£ 80.67
-
-0.18 2.55
FTfm | 19
FINANCIAL TIMES Monday 15 September 2014
FTfm Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
Fund
Bid
Offer D+/- Yield
RobecoSAM S.Global Eq/B
€ 159.50
-
-0.68 0.00
Global Fixed Interest Fund
£ 1.0786
-
-0.0005 3.67
Strategic Global Bond USD Acc
$ 1054.52
-
-2.11 0.00
Sequoia Equity A
€ 138.06
-
0.24 0.00
RobecoSAM S.HealthyLiv/B
€ 153.23
-
0.52 0.00
Sterling Fixed Interest Fund
£ 0.8527
-
-0.0005 3.52
Strategic US Momentum and Value Fund $ 756.05
-
-0.03 0.00
Sequoia Equity B
$ 150.98
-
0.01 0.00
RobecoSAM S.Water/A
£ 164.93
-
-0.86 1.36
UK Equity Fund
£ 1.8693
-
0.0002 2.85
Strategic US Momentum and Value EUR Hedged Class EUR € 528.73
-
-0.14
Sequoia Equity C
£ 160.74
-
-0.84 3.81
Strategic US Momentum and Value CHF Hedged Class CHFSFr 527.58
-
The Hartford International Funds Regulated Gbl Govt Bond (Ex Japan) Index (GBP) £ 1568.20
Stenham Asset Management Inc
Schroder Property Managers (Jersey) Ltd Other International Funds Indirect Real Estate SIRE
£ 118.88 123.71 0.83 3.23
SEB Asset Management S.A. www.seb.se +352 26 68 2595 Regulated SEB Asset Selection Fund EUR
(LUX)
0.03
-
(IRL) -
-7.05 0.00
UK Corporate Bond
£ 1493.80
-
-2.06 0.00
Gilt
£ 1464.32
-
-1.57 0.00
Investments IV - European Private Eq. € 331.39 347.96 -21.23 0.00
-
0.14
Global Eq (Ex Japan) Index Fund
¥
1.34
-
0.00 0.00
Stenham Credit Opportunities A Class USD $ 110.83
-
-0.09 0.00
Global Eq (ex Japan) Class HJ4
¥
1.39
-
0.00 0.00
Stenham Emerging Markets USD B1 $ 112.72
-
1.40 0.00
Global Eq (ex Japan) Class JP5
¥
1.39
-
0.00 0.00
Stenham Gold USD
$ 191.48
-
1.33 0.00
Global Eq Ex Japan Index Fund (Hedge) ¥
1.28
-
0.01 0.00
Stenham Growth USD
$ 208.89
-
3.97
Gbl Govt Bond (Ex Japan) Index
¥
1.24
-
0.01 0.00
-
€ 15.10 16.02 -0.08 0.00
Stenham Healthcare USD
$ 159.24
-
7.48 0.00
Gbl Govt Bond (ex Japan) Class JP4 ¥
1.21
-
0.00 0.00
€ 100.65 100.65 -0.03
-
Stenham Helix USD
$ 101.47
-
-0.61 0.00
Japan Equity Index Fund
¥
0.89
-
0.01 0.00
SEB Dynamic Bond Fd C EUR
€ 100.56 100.56 -0.03
-
Stenham Managed Fund USD
$ 111.17
-
1.50
-
Japan Equity Class JP3
¥
1.08
-
0.01 0.00
SEB Dynamic Bond Fd C SEK
SKr 100.76 100.76 -0.03
-
Stenham Multi Strategy USD
$ 117.59
-
0.83
-
SEB Dynamic Bond Fd HNWC SEKSKr 100.52 100.52 -0.04
-
Stenham Quadrant USD A
$ 376.37
-
-1.29
-
The National Investor (TNI)
-
www.tni.ae Other International Funds UAE Blue Chip Fund *
SEB Dynamic Bond EUR
SEB Dynamic Bond Fd HNWD SEKSKr 100.52 100.52 -0.04 SEB Dynamic Bond Fd IC SEK SEB Dynamic Bond Fd ID SEK SEB Short Bond Fd D SEK
SKr 100.97 100.97 -0.04
-
SKr 100.69 100.69 -0.04
-
SKr
8.28
8.28 0.00
-
Stenham Trading Inc USD Stenham Universal USD Stenham Universal II USD
$ 109.25 $ 437.68 $ 163.14
-
-0.37 3.26
1.12 0.00
-
Stratton Street Capital (CI) Limited Regulated Fine Wine PCC Limited - Bordeaux Fund £
LTIF Classic LTIF Em.Mkt Value LTIF Natural Resources
(LUX) € 161.47 € 321.11 € 89.99 € 98.93
-
-0.27 0.00 -0.54 0.00 -0.44 0.00 -0.59 0.00
0.42
-
9.48
Japan Synthetic Warrant Fund USD Class $
-
-0.33 0.00
8.98
Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 104.37 Renminbi Bond Fund AUD Cls A A$ 119.79 Renminbi Bond Fund AUD Cls B A$ 121.56
Renminbi Bond Fund CHF Cls B SFr 120.64
-
9.41
SKAGEN Vekst
€ 213.09
-
-0.17 0.00
SKAGEN Tellus
€ 14.43
-
-0.05 11.12
Daiwa Gaika MMF AU$ Portfolio
$
7.13
-
A$
0.01
-
0.00
-
$
0.01
-
0.00
-
Canadian Dllr Pfolio
C$
0.01
-
0.00
-
New Zealand Dllr Pfolio
NZ$
0.01
-
0.00
-
US$ Portfolio
Daiwa Bond Series Monthly Dividend AUD Bd
-0.05 1.61
-
-0.04 1.09
-
0.36 3.28
Renminbi Bond Fund YEN Cls B
¥ 13021.20
-
38.69 0.00
Renminbi Bond Fund USD Class
$ 167.92
-
0.49 3.52
£ 163.10
-
0.48 3.24
Renminbi Bond Fund SGD Class S$ 160.74
-
0.48 3.57 57.00 0.00 0.31 3.33
A$ 10.21
-
0.00 0.00
Monthly Dividend EUR Bd
€ 10.65
-
0.00 0.00
Monthly Dividend CAD Bd
C$ 10.10
-
-0.02 0.00
-
0.00 0.00
Mthly Div US Preferred Secs Daiwa Equity Fund Series New Major Economies
$
7.86
Regulated Nippon Growth Fund Limited
¥ 94874.00
-
354.00 0.00
Strat Evarich Japan Fd Ltd JPY
¥ 94385.00
-
-383.00 0.00
Regulated Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1035.16 Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1210.44
-
UBAM-Neuberger Berman US Eq Val AC Acc $ 1054.84
-
-0.02 0.00
(JER) PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 FCA Recognised Standard Life Offshore Strategy Fund Limited Bridge Fund £ 1.5578 - 0.0019 2.32
6.50 0.00
-
Veritas Global Focus Fund A EUR € 12.07
-
7.00 0.00
Veritas Global Focus Fund A USD $ 25.66
-
-0.04 0.86
SFr 248.10
-
-0.23 0.00
Veritas Global Focus Fund C GBP £ 28.25
-
-0.05 0.00
UBAM-Unconstrained Bond APC Acc € 102.12
-
0.00 0.00
Veritas Global Focus Fund C EUR € 21.15
-
-0.06 0.00
UBAM FCP-EM Inv Grd Corporate Bd Acc $ 120.09
-
0.06 0.00
Veritas Global Focus Fund C USD $ 27.10
-
-0.04 0.00
UBAM Convertibles Euro 10-40 AC Acc € 1792.03
-
-1.01 0.00
Veritas Global Equity Income Fund A GBP £ 169.11
-
-0.42 4.16
UBAM Convertibles Europe AC Acc € 1692.45
-
-1.40 0.00
Veritas Global Equity Income Fund A EUR € 214.49
-
-0.73 3.93
UBAM Convertibles Global AC Acc € 1227.19
-
-0.95 0.00
Veritas Global Equity Income Fund A USD $ 141.93
-
-0.35 3.94
Veritas Global Equity Income Fund C GBP £ 188.70
-
-0.47
-
Veritas Global Equity Income Fund C EUR € 239.56
-
-0.81
-
Veritas Global Equity Income Fund C USD $ 157.41
-
-0.39
-
Veritas Global Real Return Fund A USD $ 20.38
-
-0.04 0.20
Veritas Global Real Return Fund A GBP £ 11.31
-
-0.03 0.00
(CYM)
Regulated Tosca
$ 266.81
-
0.47 0.00
Tosca Mid Cap GBP
£ 211.41
-
1.74 0.00
Retail Veritas Asian Fund B USD
$ 221.35
-
-0.27 0.45
Tosca Opportunity B USD
$ 313.41
-
20.23 0.00
Veritas Asian Fund B GBP
£ 265.21
-
-0.65 0.40
Veritas Asian Fund B EUR
€ 207.77
-
-0.61 0.08
Veritas China Fund B GBP
£ 133.23
-
-0.12 0.00
Veritas China Fund B EUR
Veritas Global Real Return Fund A EUR € 11.72
-3.87 0.00
2.63 0.00 3.13 0.00
-
-0.03 0.77
€ 140.76
-
-0.13 0.00
Veritas Global Focus Fund B USD $ 18.46
-
-0.03 0.47
Veritas Global Focus Fund B GBP £ 20.45
-
-0.04 0.48
Veritas Global Focus Fund B EUR € 14.34
-
-0.04 0.46
Veritas Global Equity Income Fund B GBP £ 156.58
-
-0.39 4.19
Veritas Global Equity Income Fund B EUR € 198.09
-
-0.67 3.96
239.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 79063.00
-
200.00 0.00
TreeTop Asset Management S.A.
195.00 0.00
Regulated TreeTop Convertible Sicav International A
€ 295.85
-
0.57 0.00
Veritas Global Equity Income Fund B USD $ 141.61
-
-0.35 3.97
International B
$ 381.79
-
0.69 0.00
Veritas Global Real Return Fund B USD $ 19.72
-
-0.04 0.00
International C
£ 132.02
-
0.23 0.00
Veritas Global Real Return Fund B GBP £ 11.08
-
-0.03 0.00
Pacific A
€ 301.95
-
1.89 0.00
Veritas Global Real Return Fund B EUR € 12.82
-
-0.03 0.00
Pacific B
$ 381.30
-
2.35 0.00
TreeTop Global Sicav Global Opp.A
€ 146.54
-
0.09 0.00
Global Opp.B
$ 152.58
-
0.11 0.00
www.veritas-asset.com Other International Funds Real Return Asian Fund USD
€ 277.56
-
2.63 0.00
Global Opp.C
£ 184.09
-
-0.77 0.00
Real Return Asian Fund GBP
£ 295.35
-
2.93 0.00
Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 50877.00
Strategic China Panda Fund Hedged EURO € 2474.05
-
130.00 0.00 -5.20 0.00 -5.23 0.00
Strategic China Panda Fund Hedged Sterling £ 2502.70
-
-4.89 0.00
Strategic Euro Bond Accumulating Class CHFSFr 1020.61
-
0.08 0.00
Diversified Assets Fund
£ 1.1685
-
0.0003 2.99
Strategic Euro Bond Institutional Class EUR € 1029.26
-
0.08 0.00
Global Equity Fund
£ 1.7409
-
0.0030 1.49
Strategic Euro Bond Fund Accumulating Class Shares € 1158.37
-
0.08 0.00
Global Balanced Fund - Income Units £ 1.2995
-
0.0023 1.69
Strategic Euro Bond Fund Distributing Class Shares € 1059.25
-
0.08 0.00
Global Balanced Fund - Accumulations Units £ 1.4801
-
0.0026 1.67
Strategic Global Bond RMB Acc CNY 1084.51
-
-1.12 0.00
(LUX)
-
2.75 0.00
(IRL)
waverton.investments@citi.com FCA Recognised Asia Pacific A USD $ 20.58
-
-0.06 0.34
European Fund A Eur
€ 16.31
-
-0.05 0.42
Global Bond Fund Cls A
$
9.53
-
-0.01 4.67
Global Equity Fund A GBP
£ 13.97
-
0.05 0.16
UK Fund A GBP
£ 12.69
-
0.01 1.93
Waverton Equity Fund A GBP
£ 14.26
-
-0.01 0.00
Waverton Sterling Bond Fund A GBP £ 10.11
-
0.00 4.89
€ 117.14
(IRL) -
Give your funds maximum exposure
-0.05 0.00
Winton Capital Management Other International Funds Winton Futures USD Cls B
$ 920.85
-
0.00 0.00
Winton Futures EUR Cls C
€ 258.08
-
0.00 0.00
Winton Futures GBP Cls D
£ 281.35
-
0.00 0.00
Winton Futures GBP Cls F
£ 108.52
-
0.00 0.00
Winton Evolution USD Cls F
$ 1532.79
-
71.33 0.00
Winton Evolution EUR Cls H
€ 1203.02
-
56.96 0.00
Winton Evolution GBP Cls G
£ 1219.36
-
57.76 0.00
Winton Futures JPY Cls E
¥ 18045.81
-
0.00 0.00
Yuki International Limited
Publish your funds in the Financial Times and stand out in an overcrowded market. It’s a powerful way to promote your brand, communicate with your clients and attract new investors. For more information please contact data@ft.com or call +44 (0) 20 7873 3132
(IRL)
Tel +44-207-269-0203 www.yukifunds.com Regulated Yuki Mizuho Umbrella Fund Yuki Mizuho Japan Dynamic Growth ¥ 6311.00
-
24.00 0.00
Yuki Mizuho Japan Large Cap
¥ 6528.00
-
17.00 0.00
Yuki Mizuho Japan Low Price
¥ 23014.00
-
124.00 0.00
Yuki Mizuho Japan Value Select ¥ 11109.00
-
6.00 0.00
YMR Umbrella Fund YMR N Growth
¥ 14973.00
-
53.00 0.00
Yuki Asia Umbrella Fund Yuki Japan Rebounding Growth Fund ¥ 19906.00
-
125.00 0.00
-0.03 0.85
-
UBAM-Swiss Equity AC Acc
Offer D+/- Yield
-0.04 0.88
UBAM-SNAM Japan Eq Val AC Acc ¥ 1174.00
(IRL) -
Veritas Global Focus Fund A GBP £ 26.83
-
Strategic China Panda Fund USD $ 2538.59
Standard Life Wealth
0.05 0.00
Nippon Growth (UCITS) Fund JPY Class A shares ¥ 94257.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 76801.00 $ 10.28
UBAM-Global High Yield Solution AC Acc $ 140.23
-0.03 0.00
E. I. Sturdza Strategic Management Limited (GSY)
E.I. Sturdza Funds PLC
-0.36 3.93
-
$ 121.80
-
-
Veritas Global Focus Fund D GBP £ 27.84
Renminbi Bond Fund USD Cls B
$ 945.80
-0.12 0.00
Veritas Global Equity Income Fund D USD $ 147.02
Veritas Global Focus Fund D EUR € 20.83
0.36 3.33
Strat Evarich Japan Fd Ltd USD
-
0.12 0.00
UBAM-Europe Equity AC Acc
Toscafund -0.01 0.00
€ 133.71
0.27 0.00
SMT Fund Services (Ireland) Limited Regulated Monthly Dividend High Yield
-0.12 0.00
Veritas China Fund A EUR
-
-
-
-0.13 0.00
-
-
Renminbi Bond Fund SGD Cls B S$ 121.35
0.56
-
£ 137.31
€ 375.31
0.35 3.00
£
$ 135.74
Veritas China Fund A GBP
UBAM-Europe Equity Dividend+AC Acc € 116.85
-
Poland Geared Growth
Veritas China Fund A USD
-0.04 1.65
£ 122.37
-
-0.82 0.83
-0.44 4.15
Renminbi Bond Fund GBP Cls B
€ 111.65
-
-
0.34 3.09
Renminbi Bond Fund EUR Class
€ 282.95
Veritas Global Focus Fund D USD $ 26.70
-
-
Veritas Asian Fund A EUR H
-0.08 0.00
€ 121.40
¥ 19289.00
-0.80 0.90
-
Renminbi Bond Fund Euro Cls B
Renminbi Bond Fund YEN Class
-
UBAM-EM High Yld Short Dur Corp Bd AC Acc $ 106.32
0.29 3.21
-0.08 0.00
£ 360.69
-0.75 3.91
-
-
Veritas Asian Fund A GBP H
-
Renminbi Bond Fund CNH Cls B CNH 121.59
€ 15.20
(IRL) Veritas Asset Management LLP HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland Veritas Funds Plc www.veritas-asset.com +353 1 635 6799 FCA Recognised Institutional Veritas Asian Fund A USD H $ 315.21 - -0.49 0.86
-
0.90 0.76
SKAGEN m2
0.01 0.00
Veritas Global Equity Income Fund D GBP £ 175.89
-
0.16 0.00
(IRL)
Veritas Global Equity Income Fund D EUR € 220.05
SFr 205.50
-0.09 0.00
Value Partners Hong Kong Limited
-0.02 0.00
0.34 3.10
Bid
$ 289.63
Waverton Investment Funds Plc (1600)F
Regulated European Multi-Sector
-
(LUX)
Real Return Asian Fund EUR
WA Fixed Income Fund Plc
0.34 3.34
LTIF Stability Inc Plus
-
Investments IV - Global Private Eq. € 440.55 462.57 -26.10 0.00
Rue du Rhône, 96-98 Geneve Switzerland FCA Recognised UBAM-Dynamic Euro Bd A Acc € 255.52
0.30 3.44
-
-11.39 0.00
UBP - Union Bancaire Privée
-
€ 82.33
-
0.39 3.51
Renminbi Bond Fund CNH Cls A CNH 121.82
SKAGEN Kon-Tiki
-6.43 0.00
0.38 3.75
1.00 0.72
Renminbi Bond Fund GBP Class
-
9.70 0.00
-
-
PO Box 160, 4001 Stavanger, Norway Tel (47) 51 21 38 58 www.skagenfunds.com FCA Recognised SKAGEN Global € 145.46
$ 1604.20
-
-0.23 0.00
-
SFr 221.30
(NOR)
TNI Funds Plc (Ireland) MENA UCITS Fund
$ 1200.51
-
-17.06 0.00
Other International Fds LTIF Stability Growth
SKAGEN Funds
TNI Funds Ltd (BMU) MENA Special Sits Fund
AED 12.30
€ 76.55
www.valuepartners.com.hk / vpl@vp.com.hk Regulated Value Partners Classic Equity USD Hedged $ 13.45 -
0.00 0.00
¥ 718.19
Renminbi Bond Fund CHF Cls A SFr 120.86
SIA (SIA Funds AG) (CH)
(GSY)
Japan Synthetic Warrant GBP Hedged Participating Shares £ 104.98
Japanese Synthetic Warrant
SIA (SIA Funds AG) Regulated LTIF Alpha
-
(LUX)
Regulated Investments III
www.stenhamassetmanagement.com Other International Funds Stenham Asia USD $ 132.19
-
Unicapital Investments
Fund
Veritas Asset Management LLP
Zadig Gestion (Memnon Fund) FCA Recognised Memnon European Fund I GBP
£ 100.65
(LUX) -
Zebedee Capital Partners LLP
-0.37
-
(CYM)
Regulated Zebedee Focus Fund Limited Class A EURO Shares € 169.78
-
-0.96 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 197.30
-
-1.19 0.00
Zebedee Focus Fund Limited Class A USD $ 170.38
-
-0.82 0.00
Data Provided by Morningstar
www.morningstar.co.uk
Search, view and download annual reports on over 1600 companies with FT.com’s Investor Relations Service free of charge. Additional information including results, videos and podcasts is also available on selected companies, helping you to get the full picture on potential and existing investments.
Data as shown is for information purposes only. No offer is made by Morningstar or this publication.
Visit www.ft.com/ir
NEWS
Pimco is transferring Joshua Anderson, pictured, from its headquarters in Newport Beach to London to lead its European structured product group in London. It is also expanding its real estate team in Europe to 21 with five new hires. Adam Doran, Shrey Shah and Steffen Kluners join as portfolio managers from Deutsche Bank,
RBS and Blackstone respectively. Rudiger Holfeld and Véronique Ménard, both structuring and finance experts, have moved from Goldman Sachs. Pimco has also hired Said Saffari as a portfolio manager for emerging markets corporate debt from GoldenTree Asset Management in New York.
C Axa Investment Managers is expanding its Asian fixed income team with the appointments of Honyu Fung as a senior portfolio manager and Jason Pang as a portfolio manager, based in Hong Kong. Both join from HSBC Global Asset Management.
Luxembourg from Allfunds Bank International where he was head of the Benelux business.
C The Association of the Luxembourg Fund Industry (Alfi) has appointed MarcAndré Bechet as director of legal and tax. Mr Bechet was previously head of investment funds services at Banque Degroof Luxembourg. C Henriette Bergh is moving to Schroders as head of Europe product and manager solutions (ex the UK) from Morgan Stanley where she served as head of sales, private wealth management for Emea. C Chris Edge has moved to HSBC as the new head of HSBC Securities Services
Henriette Bergh is moving to Schroders
INSIDE
The last word Jonathan Davis says a Scottish yes vote could prove a grievous mistake
Saker Nusseibeh of Hermes on bank fines ‘The recession has resulted in pain for taxpayers and unemployment levels not seen outside of war. [The payback] is nowhere near bloody enough’
ETF success story Lee Kranefuss of Source on competition pitfalls
US managers caught out by bond market rally Almost all activelymanaged US long-dated government bond funds underperformed their benchmarks in the first half, S&P Dow Jones Indices analysis shows.
PAGE 13
PAGES 6 & 7
VIDEO.FT.COM/FTFM
PAGE 2
INSIDE
Pimco taps Deutsche and Goldman to expand property team
C Henderson Global Investors is also expanding its £19.7bn fixed income team with Dónal Kinsella joining as an investment director to look after institutional clients. Mr Kinsella was most recently with Lane Clark & Peacock where he was an associate investment consultant.
QUOTE OF THE WEEK
DON’T MISS
Movers & shakers
C Pioneer Investments has hired Dean Heaney as institutional sales director from Royal London Asset Management. C James Hughes will join the multi asset investment team at Gottex, the $8.5bn alternative asset manager, in October as a managing director. Mr Hughes was previously group chief investment officer for HSBC Insurance where he was responsible for assets totalling more than $95bn. C Simon Brazier, head of UK equities at Threadneedle Investments, is to join Investec Asset Management in November to run equity funds consistent with his current £2bn alpha strategy. Blake Hutchins is also moving from Threadneedle to run a new UK Equity Income fund. Investec also poached analysts Ben Needham and Anna Farmbrough, both analysts, and Neil Finlay, a product specialist from Threadneedle. C Union Bancaire Privée, the $107bn Swiss private bank, has appointed Stella Ma as a senior portfolio manager within its fixed Income team. Ms Ma joins from the Swiss Federal Social Security Funds. C Justine Gordon has moved from Guggenheim Partners to run the energy and infrastructure investment practice at AlpInvest, the $51.1bn private equity fund of funds arm of Carlyle, the USbased alternative investment group. — CHRIS FLOOD
VIDEO