TUESDAY 31 MAY 2022 INTERNATIONAL NEWSPAPER OF THE YEAR EUROPE

Backing Ukraine Bank of Orbán Mohamed el-Erian

West must hold its nerve and boost Merger adds financial weight to Why private equity cannot avoid
support — GIDEON RACHMAN, PAGE 21 political machine — BIG READ, PAGE 19 the market reckoning — PAGE 13

Colombia vote Briefing

Populist fights i EU wrestles with Russia oil embargo

for presidency
Leaders are struggling to agree a ban that exempts
pipeline delivery, a concession to Hungary after it
blocked the sanctions.— PAGE 3; ROSNEFT RECORD, PAGE
6; $120 A BARREL, PAGE 10; GIDEON RACHMAN, PAGE 21
Rodolfo Hernández, a populist busi-
nessman dubbed Colombia’s Trump, i ECB rejects big moves in interest rates
has ridden a late surge to win a place in Chief economist Philip Lane has said increases of
the presidential run-off vote, where he 25 basis points in July and September will be the
will face former guerrilla Gustavo Petro. central bank’s “benchmark pace”, rebuffing calls for
The 77-year-old millionaire — pic- bigger jumps to end its negative rate policy.— PAGE 2
tured rallying supporters in his home
town of Bucaramanga this month — had i Bahamas disclosure illuminates Tether
trailed for most of the campaign but The stablecoin issuer has held reserves at Capital
soared in final opinion polls as voters on Union, a small bank, people familiar with the issue
the right saw him as their best chance of say, shedding light on how it manages the $73bn
foiling the leftwing frontrunner. stablecoin underpinning the crypto market.— PAGE 6
Petro has solid support among the
young and poor but appears to be stuck i Top Gun gives $248mn boost to cinemas
on a 40 per cent share of the electorate. Top Gun: Maverick, the sequel to
He will struggle if Hernández can scoop the 1986 original, has given
up votes from Federico Gutiérrez, the struggling cinema owners hope
defeated centre-right candidate. for a summer box office revival
Run-off page 4 by taking a bumper haul on its
Reuters
opening weekend.— PAGE 4

i Islands fail to back China security push

Qualcomm seeks Arm investment

Beijing has suffered its first setback in an escalating
tussle with western powers for dominance in the
Pacific, failing to win support for a comprehensive
partnership centred on security.— PAGE 4

alongside rivals to spur neutrality

i SoftBank slashes pay for top executives
The investor has cut salaries after its Vision Fund
posted a historic loss of $27.6bn caused by a rout in
tech stocks, rising interest rates and a regulatory
crackdown in China.— PAGE 8; LEX, PAGE 22

i Investors target UK student housing

3 US listing planned 3 Fears for chipmaker’s ownership 3 Call for golden share in UK Singapore’s sovereign wealth fund and US property
developer Greystar have agreed to buy a £3bn-plus
portfolio, signalling confidence in UK rentals in
ANNA GROSS AND He added that Qualcomm, one of But despite intense British lobbying, take control of a company that was of spite of inflation and rate rise.— PAGE 6; LEX, PAGE 22
TIM BRADSHAW — LONDON
Arm’s biggest customers, could join SoftBank is thought to be pushing ahead fundamental value to the entire sector.
The US chipmaker Qualcomm wants to forces with other chipmakers to buy with a US listing, leading to questions “Arm has won everywhere because of
buy a stake in Arm alongside its rivals Arm outright, if the consortium making over the future control of a company the collective investment of . . . compa- Datawatch
and create a consortium that would the purchase was “big enough”. Such a that has long been “the Switzerland” of nies like Apple and Qualcomm and
maintain the UK chip designer’s neu- move could settle concerns over corpo- the $500bn global semiconductor many others. That’s because it was an
trality in the highly competitive semi- rate control of Arm after the IPO. industry. Arm strikes licensing deals Qualcomm chief independent, open architecture that Scoot to commute Growing numbers
conductor market. “You’d need to have many companies with partners regardless of size or geog- Cristiano Amon everybody could invest in,” said Amon, Preferred vehicle, 2021 of workers are
Japan’s SoftBank plans to list Arm in participating so they have a net effect raphy, which has led to its intellectual told the FT: referring to the period before SoftBank (% of respondents) hopping on to
Moped Car smaller, more
New York after Nvidia’s $66bn purchase that Arm is independent,” he said. property being used in the majority of ‘You’d need purchased the company.
environmentally
collapsed this year. However, the IPO Arm, founded and headquartered in chips sold worldwide. to have many With demand for semiconductors set Bike Scooter
friendly vehicles
has sparked concern over the future the UK, was listed in New York and Lon- Amon’s intervention will give fresh companies to double over the next 10 years, manu- World avg for their commute.
ownership of the company, given its cru- don before SoftBank acquired it for momentum to the idea of a syndicate of participating so facturers of the technology found in all China Globally, more
cial role in the global technology sector. £24.6bn in 2016, despite widespread chipmakers becoming cornerstone inv- they have a net modern electronics will rely increas- Italy
France than two-thirds
“We’re an interested party in invest- concern over Britain’s most successful estors in Arm. Intel chief executive Pat effect that Arm ingly on Arm’s designs. Germany are embracing
ing,” Cristiano Amon, Qualcomm chief tech company falling into foreign hands. Gelsinger suggested this year that the is independent’ “I think the trend is that everything is US ‘micromobility’
executive, told the Financial Times. “It’s Some UK politicians have called for chipmaker could support such a move moving to Arm,” said Amon, pointing to UK vehicles such
a very important asset and it’s an asset the government to buy a “golden share” Qualcomm had opposed Nvidia’s pro- the chip designer’s recent expansion 0 20 40 60 80 100 as bikes and
which is going to be essential to the in Arm that would recognise the com- posed acquisition of Arm, claiming it beyond mobile phones into cars, the Source: McKinsey electric scooters
development of our industry.” pany’s place as a crucial strategic asset. made no sense for one chipmaker to internet of things and data centres.

France says sorry for botched security

after chaos at Champions League final
LEILA ABBOUD — PARIS rior minister Gérald Darmanin and A spokesman for Boris Johnson, the
JIM PICKARD — LONDON
sports minister Amélie Oudéa-Castéra UK prime minister, said footage from
France has apologised for the chaos said they regretted the plight of Liver- the Stade de France “was deeply upset-
that marred the Champions League pool fans. “We have nothing to be proud ting and concerning. We know many
final in Paris on Saturday but sharp dif- of about what happened on Saturday Liverpool fans travelled to Paris in good
Airbus production targets ferences over who was to blame threat- night,” said Darmanin. time. We’re hugely disappointed by how
set supply chain challenge ened to turn into a diplomatic row after But he defended police action, saying they were treated.”
the UK called the scenes “deeply upset- the problem stemmed from as many as Others, including journalists and fans
Analysis i PAGE 9 ting and concerning”. 40,000 fans arriving without tickets or who were on site, cast doubt on the
with fake tickets, leading to a dangerous French version. Ronan Evian, head of
French ministers admitted that the way build-up of crowds at the gates. fans group Football Supporters Europe,
Austria €4.20 Malta €3.90
Bahrain Din1.8 Morocco Dh50 British football fans were handled at the Darmanin said this “massive fraud on said the 40,000 figure was “a fantasy”
Belgium
Bulgaria
€4.20
Lev7.50
Netherlands
Norway
€4.20
NKr43
game between Liverpool and Real an industrial scale” came about because used to blame Liverpool supporters for
Croatia Kn31 Oman OR1.60 Madrid went badly wrong. But they nearly all Liverpool fans were using the behaviour of police.
Cyprus
Czech Rep
€3.90
Kc110
Pakistan
Poland
Rupee350
Zl 22
blamed mass distribution of fake tickets paper tickets, in contrast to the 22,000 The incidents are politically sensitive
Denmark DKr40 Portugal €3.90 for crowd control issues that resulted in Madrid fans mostly using digital tickets. for the French government, not only for
Egypt E£59 Romania Ron17
Finland €4.70 Russia €5.00 women and children being tear-gassed Liverpool mayor Joanne Anderson the negative image they projected of
France €4.20 Serbia NewD530 by police outside the Stade de France. said the French claim that fake tickets France at a high-profile event but also
Germany €4.20 Slovenia €3.90
Greece €3.90 Spain €3.90 The game, won by Real Madrid, was had caused the crowding were “deeply because the country is preparing to host
Hungary
India
Ft1250
Rup220
Sweden
Switzerland
SKr39
SFr6.40
delayed while thousands of Liverpool irresponsible and contrary to the video the Rugby World Cup next year and the
Italy €3.90 Tunisia Din7.50 fans struggled to gain entry. and witness accounts from multiple Liv- summer Olympics in 2024.
Lithuania
Luxembourg
€4.60
€4.20
Turkey
UAE
TL40
Dh22.00
At a press conference yesterday inte- erpool fans on the ground”. Additional reporting by Jennifer Williams

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2 ★ FINANCIAL TIMES Tuesday 31 May 2022

INTERNATIONAL

‘Benchmark pace’ US central bank

ECB official rules out bigger rate increases Fed governor

calls for policy
Chief economist backs process of removing its stimulus rates, but there are divisions over the back control of the discussion and to all-time high of 8.7 per cent in May, to be tightened
gradual 25bp rises amid
policymaker divisions
“should be gradual”.
“Normalisation [of monetary policy]
has a natural focus on moving in units of
pace of the move.
Economists said Lane’s comments
yesterday were an attempt to quash
prevent a 50-basis point rise in July,”
said Carsten Brzeski, global head of
macro research at ING.
driven by a 38.3 per cent rise in energy
prices and an 11.1 per cent jump in food
prices. Spanish inflation also rose faster
until economic
MARTIN ARNOLD — FRANKFURT
25 basis points, so increases of 25 basis
points in the July and September meet-
calls by more hawkish members of the
ECB’s governing council for it to follow
Austria central bank governor Robert
Holzmann, one of the most hawkish
than expected in May to 8.5 per cent.
The German government has
growth is hit
ings are a benchmark pace,” he told the lead of the US Federal Reserve by members of the ECB governing council, announced measures to cushion the
The European Central Bank’s chief Spanish business newspaper Cinco Días. raising rates at a more aggressive pace of said last week it should raise rates by impact of inflation, including a cut in
economist has said quarter-percentage Lane was more specific than ECB half a percentage point at a time. half a percentage point in July as “every- fuel duty and discounted train tickets. JAMES POLITI — WASHINGTON
point interest rate rises in July and Sep- president Christine Lagarde, who last “The only explanation I can come up thing else risks being seen as soft”. Michael Holstein, chief economist at
A senior Federal Reserve official has
tember will be its “benchmark pace”, week signalled for the first time a clear with is that this is indeed a desperate But ECB executive board member DZ Bank, said: “The danger remains,
called for the US central bank’s main
rebuffing calls for a bigger increase to plan to end its eight-year experiment attempt by Lane (and Lagarde) to take Fabio Panetta warned that “signs of eco- however, that the decline in real house-
interest rate to rise to a level at which it
end its negative rate policy instantly this with negative rates by saying borrowing nomic stress are emerging in the hard hold income will also lead to a further
starts to stunt economic growth by the
summer. costs were on track to hit zero by the end data, signs which may become more vis- economic downturn.”
Economists said the ECB was likely to of September.
‘This is indeed a desperate ible in the coming months”. In that con- Eurozone inflation has consistently
end of the year, brushing off concerns
that a sharp monetary tightening
face rising pressure to ditch its ultra- The ECB’s deposit rate is minus 0.5 attempt by Lane (and text, pre-committing to change policy risen faster than the ECB expected and
would hurt the labour market.
loose monetary policy more quickly per cent and has been in negative terri- “seems unnecessary and unwise”, he economists are forecasting it will hit a
after inflation in Germany soared to a tory since 2014, when the region faced a
Lagarde) to take back added. new high of 7.7 per cent when figures for In a speech yesterday at Goethe Univer-
record high of 8.7 per cent in May. But sovereign debt crisis. Most of its policy- control of the discussion’ Data published yesterday showed May are published today — nearly quad- sity in Frankfurt, Fed governor Christo-
chief economist Philip Lane said the makers agree on the need to start raising annual inflation in Germany hit a new ruple the ECB’s 2 per cent target. pher Waller said he backed increasing
interest rates by another 50 basis points
“for several meetings” and would not
stop that pace “until I see inflation com-
Energy. Plant maintenance ing down closer to our 2 per cent target”.
“By the end of this year, I support hav-
ing the policy rate at a level above neu-

Shutdowns hinder France’s ‘nuclear adventure’ tral so that it is reducing demand for
products and labour, bringing it more in
line with supply and thus helping rein in
inflation,” Waller said.
The Fed does not specify an exact fig-
ure as the “neutral” rate, the point at
Corrosion in ageing reactors which monetary policy neither boosts
hits output just as president nor stunts economic activity. However,
Fed officials forecast that interest rates
revives atomic power would settle at 2.4 per cent over the long
run, a good approximation for the “neu-
SARAH WHITE — PARIS

As most of Europe struggles to end the

‘The unemployment rate
continent’s dependence on Russian fos- will increase, but only
sil fuels, one country might seem to
have good reason to feel less anxious
somewhat because labour
than most: nuclear-friendly France. demand is still strong’
The country’s longstanding reliance
on nuclear power means Paris has faced tral rate”.
few of the difficult decisions made by Waller said his expectations were
countries such as Germany, which is roughly in line with those of investors in
exposed to the economic blowback of an financial markets, who were predicting
abrupt exit from Russian gas. the policy rate would hit 2.65 per cent by
But a series of maintenance issues the end of the year.
including corrosion at some of France’s “If the data suggest that inflation is
ageing reactors, troubles at state- stubbornly high, I am prepared to do
controlled energy group EDF and a more,” he said.
years-long absence of significant new Top Fed officials have said they are
nuclear investment are sapping supply ready to increase interest rates above
and casting doubts on whether nuclear the “neutral” level if needed, but Waller
will insulate France from the troubles of has gone slightly beyond that by saying
its neighbours. Half of France’s 56 reac- this should now be the goal of the Fed.
tors are offline — a record — with 12 of Waller said it was crucial for inflation
those shut down because of corrosion expectations to remain in check. “What
inspections. I care about is getting inflation down so
“There’s a whole series of problems that we avoid a lasting escalation in the
that have led to an absolutely unprece- public’s expectations of future inflation.
dented level of difficulties and shut- Once inflation expectations become
downs in France’s nuclear industry,” VIP visit: France derived 69 per cent of its elec- But France has little wriggle room as it ‘We’re going reactor turbine factory in eastern unanchored in this way, it is very diffi-
said Yves Marignac, a nuclear energy President tricity output from atomic power last plans for a less carbon intensive future. France. cult and economically painful to lower
specialist at think-tank négaWatt. Emmanuel year. The outages have cut that to 59 per Like EU neighbours it aims to eliminate to need Europe is also reliant on French out- them,” he said.
The corrosion issues capped a 10-year Macron talks to cent, hitting state-controlled energy greenhouse gas emissions by 2050. French put. France was the region’s biggest net He also sought to dismiss fears that
decline in the performance of the officials and group EDF’s finances. The debt-laden Despite investment, however, it lags exporter of power last year, supplying steep interest rate rises along the lines
nuclear fleet, he added. workers at the group has had to buy power on whole- behind European neighbours in build- nuclear neighbours such as Italy and Germany he was advocating would deliver a sub-
The outages could not have come at a GE Steam Power sale markets as the Ukraine war sends ing solar and wind power due to power even — despite the latter shutting down its stantial hit to the jobs market and possi-
worse time. Surging global oil and gas nuclear turbine prices soaring, and has said it expects an bureaucracy and its long reliance on own nuclear industry over environmen- bly trigger a recession.
demand as Covid-19 lockdowns lifted, plant in Belfort, €18.5bn hit to its core profits this year as nuclear energy. more in the tal concerns. “The unemployment rate will
followed by supply chain disruptions eastern France, a result, on top of another €10.2bn from The energy crisis has added to the European “When you see plans for gas and coal increase, but only somewhat because
and unfavourable weather that in February energy price cap measures imposed by urgency. Macron had initially appeared plant closures, we’re going to need labour demand is still strong — just not
depleted renewable energy production Jean-François Badias/AFP/
Getty Images
the government. agnostic on nuclear, overseeing the system by French nuclear power even more in the as strong — and because when the
combined last year to spark an energy Delays and cost overruns on two flag- shutdown of one plant in 2018 as it 2030’ European system by 2030,” said Valérie labour market is very tight, as it is now,
crisis in Europe. The Ukraine war has ship next-generation European Pressu- reached the end of its life. But now, he Faudon, the executive director of Sfen, a vacancies generate relatively few hires,”
added to the pressure. rised Reactor (EPR) projects in France has doubled down on atomic power. science-based group that promotes the Waller said.
The corrosion, which caused cracks in and Britain have also given EDF a repu- When announcing the six planned nuclear industry. “Thus, reducing vacancies from an
the pipes of a back-up water injection tation for being unable to make novel new EPRs, which would replace existing Macron now faces a series of hurdles extremely high level to a lower — but
system, could take years to fix, France’s nuclear technologies on time and on ageing reactors, in February, the presi- to get construction of the new plants still strong — level has a relatively lim-
nuclear watchdog said last week. budget. “There’s a fundamental prob- dent said another eight could follow. He going by the end of his second term in ited effect on hiring and on unemploy-
Before Russia invaded Ukraine, lem around EDF, shown by the recur- also unveiled a plan to extend the 2027 and on target for a 2035 start-up. ment.”
French president Emmanuel Macron ring issues on too many different topics lifespan of all nuclear plants past the His first challenge will be securing Waller, a former senior economist and
promised in February to restart France’s and which have been going on for too standard 40 years where possible, in another majority in legislative elections official at the St Louis Fed, is seen as a
“nuclear adventure”, unveiling a €52bn long,” said Denis Florin of energy con- effect abandoning his previous goal of in June. Left-leaning candidates, includ- relatively hawkish Fed governor. His
plan to build new reactors in a strategy sultancy Lavoisier. cutting France’s reliance on nuclear ing some anti-nuclear proponents, have comments come as central bankers
partly aimed at cutting the country’s “That has made EDF a target for crit- energy to 50 per cent by 2035. formed an alliance to maximise their debate the best way to reduce inflation
carbon emissions while providing ics who question what [taxpayers and “The time for our nuclear renaissance chances of denying him one, although without excessively harming their econ-
energy security. investors] would pour billions into.” is here,” he said in a speech at a nuclear polls show that is unlikely. omies.

Northern Europe

Denmark to vote on ending opt-out from EU defence system

MAKE A WISE RICHARD MILNE tious owing to Denmark’s long-rooted Denmark remains committed to Nato many in EU defence and security pol-
INVESTMENT NORDIC AND BALTIC CORRESPONDENT
Euroscepticism. and is opening up for foreign troops to icy”, he said.
Danes will vote tomorrow on whether Denmark secured an opt-out from EU be able to train and exercise on Danish Danish opponents of the EU have
Subscribe today at to abandon their country’s opt-out co-operation on defence, as well as on soil for the first time since at least the argued the country would be best rely-
ft.com/subscribetoday from the EU’s defence and security pol- membership of the euro and judicial 1950s. But as the US starts to turn more ing solely on Nato. They have seized on
icy in the latest potential shift in north- affairs, after the country’s 1992 rejection towards Asia, Denmark is worried that comments by leaders such as French
ern Europe following Russia’s full-scale of the EU’s Maastricht treaty in a refer- being outside the EU’s defence policy president Emmanuel Macron and Euro-
war against Ukraine. endum. Danes then rejected joining the could rob it of influence in a crucial area, pean Commission head Ursula von der
FINANCIAL TIMES 28821, Coslada, Madrid. Legal Deposit Number
(Deposito Legal) M-32596-1995; euro in 2000 and voted against chang- particularly as European countries Leyen on their hopes for an EU military
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Publishing Director, Roula Khalaf; Denmark has a history of voting against ing its justice opt-out in 2015. increase their military spending. force or for the EU to adopt qualified
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Tuesday 31 May 2022 ★ FINANCIAL TIMES 3

INTERNATIONAL

EU vows greater effort to help Bloc seeks to close ranks Pipeline exemption

Ukraine export grain over land on softened oil ban plan SAM FLEMING, VALENTINA POP AND said she had “low” expectations that the
Tens of millions worldwide face starvation from Russian blockade of country’s ports ANDY BOUNDS — BRUSSELS
DAVID SHEPPARD — LONDON
outstanding differences on the terms of
the oil embargo would be resolved in the
EU leaders heading into a summit yes- coming 48 hours but they could be set-
terday were struggling to agree an oil tled thereafter.
embargo against Russia which exempts An embargo solely on seaborne oil
a key supply route — a concession purchases would cover about two-thirds
aimed at appeasing Hungary, which of Europe’s imports from Russia.
has been blocking the sanctions for A move to ban only Russian seaborne
nearly a month. crude also risks distorting competition
in the EU oil market, with refineries
The watered-down embargo will connected to pipelines from Russia
include oil and petroleum products but enjoying a large advantage. The price of
will crucially allow a “temporary” Russian oil has fallen to a huge discount
exemption for crude delivered by pipe- as European traders have shunned the
line, according to draft conclusions seen country’s seaborne crude since the inva-
by the Financial Times. sion of Ukraine.
The conclusions are still subject to If exports via Druzhba are at the pipe-
change and diplomats have not agreed line’s maximum capacity of 750,000
how long any carve-out of oil supplied barrels a day, it would help Russia earn
via pipeline would last. in the region of $2bn a month from EU
Keeping pipelines out of any embargo buyers.
has been a key demand of Hungary, Russian Urals crude is trading at
which has argued that a ban would put
its economy at risk given its reliance on
crude delivered by the Druzhba
‘It’s going to cost us more,
(Friendship) pipeline from Russia. but it’s only money.
But on his way into the Brussels sum-
mit, Hungarian prime minister Viktor
The Ukrainians are
Orbán insisted there still was no deal paying with their lives’
and that he wanted guarantees Buda-
pest could still access Russian oil from about $93 a barrel compared with $120
other sources if there was an “accident” for Brent, the international oil bench-
with Druzhba, which crosses Ukraine. mark. While Russian oil delivered via
He also accused the European Com- Druzhba may not carry such a big dis-
mission of “irresponsible” behaviour in count, depending on how contracts are
failing to ensure security of supply for structured, Hungarian oil group MOL
Hungary in its proposals. has said it has enjoyed “skyrocketing”
Baltic leaders, who have been pushing margins for its refineries since March
for an oil embargo, stood in stark con- owing to the “widening Brent-Ural
trast to Orbán, paving the way for spread”.
potential acrimonious discussions dur- The draft summit conclusions say
ing the leaders’ dinner. ministers need to ensure a “level play-
Kaja Kallas, Estonia prime minister, ing field” for oil purchases.
said it was “up to everybody’s moral According to draft legislation seen by
compass how to proceed with this”, the FT, the ban will include a restriction
while Arturs Kariņš, her Latvian coun- on re-exporting Russian oil to other
Ready to roll: grain is loaded at a mill in the Chernihiv region of north Ukraine last week. The plant has been shelled by Russian forces — Edgar Su/Reuters terpart, asked Orbán to look at the big member states and a prohibition of
picture. services including the financing of oil
“It’s going to cost us more, but it’s only shipments.
ANDY BOUNDS — BRUSSELS Ukraine a month through neighbouring Hungary, Romania and Slovakia. Adina EU diplomats said freight networks money. The Ukrainians are paying with Additional reporting by Victor Mallet in
countries. But Brussels accepts the chal- Vălean, EU transport commissioner, were already congested and moving their lives,” he said. Brussels, Eleni Varvitsioti in Athens and
European leaders will intensify efforts lenges are huge. Railway gauges in last week also instructed the bloc’s agri- slowly. Private companies are reluctant Arriving at the summit, Ursula von Marton Dunai in Budapest
to get food out of Ukraine by land as a Ukraine and the EU are different, so culture ministers to speed up border to send trucks into Ukraine, as they can- der Leyen, the commission president, See FT Big Read
Russian blockade of the country’s ports trains must change the bogie, the crossings. not get insurance and could be bombed
threatens tens of millions of people chassis that carries the wheels, or the There were “shocking examples of by Russian forces
across the world with starvation. cargo must be switched to different entire convoys being delayed for four Barges can take grain up the Danube
An EU summit finishing today will trains. days or sometimes even 10 days for one river to Romania for onward shipment Sanctions enforcement
pledge to improve attempts to find It has launched a desperate plea to missing certificate for types of cargo from Constanta, but Vălean earlier
alternative routes to bring out millions
of tonnes of grain over the next three
member states to provide equipment to
do the transfer as well as rolling stock,
where such certificates were not even
required at the destination”, she said.
this month set out the scale of the chal-
lenge, commenting on a seagoing grain Russian oligarch Melnichenko
berths superyacht in UAE
months and free Ukraine’s warehouses trucks, drivers and barges. A total of 467 “We are also asking the member states carrier that left Constanta with 70,000
for the coming harvest, according to wagons can be handled a day at the eight to increase inspection capacity at bor- tonnes.
draft conclusions seen by the Financial railway border crossings with Poland, der posts to deal with arrivals 24/7.” “To fill it to capacity, a combination of
Times. 49 barges and trains were used. One
Dozens of countries rely on cereals Dependency on Ukraine wheat 600m train can carry about 1,900
grown in the war-torn country, mostly tonnes of grain. SIMEON KERR — RAS AL-KHAIMAH Times then saw the yacht on April 18
exported via its Black Sea ports, which % of recipient country’s total wheat imports “A convoy of six barges, which is how and on Saturday it remained berthed
0 20 40 60 80 Investigators worldwide have been
are now either in Russian hands or the grain travelled from Ukraine’s Dan- opposite Ras al-Khaimah’s fish market.
Laos searching for sanctions-hit Russian oli-
blockaded by warships. Lebanon 133 ube ports, can carry a maximum of[up Businessmen in the UAE say Meln-
Libya 109 garchs’ yachts. One has been hiding in
Russia’s President Vladimiir Putin has Somalia Moldova to] 18,000 tonnes.” ichenko, who denies affiliations to the
Tunisia 194 Qatar plain sight.
said he would only allow grain ships to Many feel the EU plan is simply unde- Kremlin, held meetings there in April,
leave the port of Odesa if the EU lifts the Pakistan 258 liverable. David Beasley, head of the UN While Italian authorities quickly but has since returned to Moscow. A
sanctions it imposed after his invasion Djibouti World Food Programme, told the FT’s impounded Russian coal and fertilisers representative of Melnichenko, who has
of Ukraine three months ago. Bangladesh 295 Rachman Review podcast that trucks magnate Andrey Melnichenko’s been placed under sanctions by the EU,
Kyiv needs to export 20mn tonnes of could only handle 1mn tonnes a month. $600mn Sailing Yacht A after Russia UK, Switzerland and Australia, referred
grain in the next three months or some Egypt 611 “Twenty-six countries get 50 per cent invaded Ukraine, the $300mn Philippe questions on the yacht to a lawyer, who
crops will rot, as there will be nowhere or more of their grain from Ukraine or Starck-designed Motor Yacht A has declined to comment. UAE authorities
to store them after August’s harvest. In Jordan 46 Russia,” he said, including Egypt, Leba- been anchored for weeks in Ras al- in Dubai, Ras al-Khaimah and Abu
Yemen 144
April, just 1.2mn tonnes were exported. Bar height = non and Senegal. With 49mn threat- Khaimah, in the United Arab Emirates. Dhabi declined to comment.
Ukraine produces 12 per cent of the Indonesia 543 total import ened with famine, “we are taking food By placing his yacht in the UAE, Meln- European officials say they have
world’s wheat, 15 per cent of its corn and value ($mn) from the hungry children to give to the ichenko has put it beyond the reach of raised concerns that the UAE could
50 per cent of its sunflower oil. Malaysia 72 starving children”. western governments enforcing sanc- become a haven for Russians put under
“We will discuss concrete ways to help Putin said yesterday that Russia was tions on those deemed to support Presi- sanctions by the west. “We don’t want
Ukraine export its agricultural produce ready to facilitate the shipment of grain dent Vladimir Putin’s war on Ukraine. our allies to become facilitators for the
using EU infrastructure,” Charles Other out of blockaded Ukrainian ports in co- Its presence is a reminder of the Gulf Putin regime,” said one.
1,166
Michel, president of the European ordination with Turkey, the Kremlin monarchy’s ambivalence towards west- The UAE has said it is remaining neu-
Council, told leaders in a letter inviting said, summarising a phone call between ern sanctions on Russia, allies of Putin tral through the war, calling for an end
them to this week’s summit. Recep Tayyip Erdoğan, Turkey’s presi- and the businessmen who have often to hostilities and providing humanitar-
The EU on May 12 announced a plan 0 20 40 60 80 dent, and his Russian counterpart. benefited from ties to the state. ian aid to Ukraine. Abu Dhabi, which
Source: International Trade Centre
to take up to 4mn tonnes of grain out of Gideon Rachman see Opinion While the UAE is trying to enhance has developed closer ties with Moscow
anti-money laundering measures to exit in recent years, has also assured its allies
a global dirty-money watchdog’s watch- that sanctions-hit entities will not be
list, the economic foundation of cities able to operate in the UAE. The monar-
Tanker seizures such as Dubai has long been based on chy, which has argued it is not com-
welcoming flows of assets and people. pelled to enforce other nations’ sanc-

Greece warns its ships to avoid waters near Iran “Given its non-enforcement of west-
ern sanctions, the dilemma for the UAE
is how to sustain its place as an open des-
tions, wants to maintain its role as an
apolitical territory focused on business.
Thousands of wealthy, non-sanctions-
tination for capital while also appearing hit Russians have relocated to the UAE
to be a good global citizen,” said one to escape economic uncertainty and
ELENI VARVITSIOTI — ATHENS caution from tanker operators in assign- rerouting to trade flows following the industry will be watching closely.” compliance professional. “It’s a tricky political instability at home, despite a
DAVID SHEPPARD — LONDON
ing vessels to Middle Eastern routes. Russia’s invasion of Ukraine, with The global oil tanker market has balancing act.” struggle to access the financial system.
Greece has warned oil tankers and Shipping operators, including the smaller tankers in high demand for already faced disruption after Russia’s The Isle of Man said it had in March “Big banks are more cautious, but
other vessels flying the country’s flag to owner of the Prudent Warrior seized by short-haul routes in the Atlantic basin. invasion of Ukraine. Many oil traders deregistered Melnichenko’s yachts, smaller banks are offering help to those
avoid sea waters close to Iran following Iran, said they were asking for further “Any Greek owner is going to think have shunned vessels from Sovcomflot, including Motor Yacht A, because of wishing to relocate. It’s just taking a lot
the seizure of two Greek-flagged tank- guidance from the Greek shipping min- twice before going into the Middle East,” the state-backed Russian company that western sanctions, saying “we will con- of time,” said a Russian businessman.
ers by Iranian forces last week. istry. Other tanker operators said they said Richard Matthews, head of is the largest owner of medium-sized oil tinue to act with appropriate robustness Most of the elite have other passports
were already appraising the safety of research at the shipbroker E A Gibson. tankers in the world. should the situation warrant it”. Marine from countries that sell nationality.
Ioannis Plakiotakis, Greece’s shipping operating in and around Hormuz. “While the response has been muted in Last month, Athens seized the Rus- locator services placed Motor Yacht A Additional reporting by Nastassia
minister, told the Financial Times he “After the seizure of the two Greek tanker markets so far, Greeks are the sian-flagged Pegas oil tanker for carry- off the Maldives in March. The Financial Astrasheuskaya in Riga
had issued a “strong recommendation” flagged tankers, we are reassessing the largest tanker owners in the world, so ing Iranian crude that was under sanc-
to Greece-flagged vessels to avoid all safety of the Arabian Gulf,” said Panos tion. US authorities are reported to have
“sea waters under Iran’s jurisdiction” in Dimitrakopoulos, chief executive of Sig- taken the Iranian crude from the tanker.
a move with the potential to destabilise nal Maritime, a commercial ship man- Iran has indicated its action in seizing
tanker markets at a time when oil prices agement company based in Athens. the tanker was designed primarily to
were already at the highest in a decade. Analysts said owners of Greek-flagged discourage other countries from helping
Greece is a shipping powerhouse with Very Large Crude Carriers — among the the US seize its oil, which has been
almost a quarter of all oil supertankers largest and most common supertankers under sanctions by Washington since
sailing under its flag. The Strait of Hor- that can carry more than 2mn barrels — the US left the nuclear deal in 2018.
muz, which separates Iran from the Gulf would be unlikely to risk their ships on Iran’s Tasnim News Agency, affiliated
states, is just 21 miles wide at its narrow- Middle Eastern routes. to the Islamic Revolutionary Guard
est point and accounts for about a third Daily shipping rates for VLCCs are in Corps, said on Friday that 17 other
of all seaborne global oil trade daily. negative territory meaning there is little Greek tankers were in the Gulf waters,
The guidance from the Greek ship- incentive to put them at risk, with prices which could be seized by the elite force
ping ministry, while falling short of an pressured by a slowdown in buying “if Greece continued its games”.
outright ban on Greek-flagged vessels from China amid Covid-19 lockdowns. Additional reporting by Najmeh Bozorg-
navigating through the Hormuz strait, is Conversely, rates for small and mid- Ioannis Plakiotakis: minister issued mehr in Tehran and Harry Dempsey in
nevertheless likely to lead to greater sized tankers have been buoyed by the ‘strong’ guidance to ship owners London Safe harbour: Andrey Melnichenko’s Motor Yacht A — Theyachtphoto/Imagebroker/Shutterstock
4 ★ FINANCIAL TIMES Tuesday 31 May 2022

INTERNATIONAL

Partnership proposal Presidential run-off

Pacific Islands snub China security pact Populist

to challenge
Washington and Canberra Development Vision that Beijing had alarm in the US, Australia, Japan and region, with the result being the fractur- on power,” Bainimarama tweeted after ex-leftwing
guerrilla in
proposed. New Zealand, the region’s traditional ing of regional peace, security and sta- the session with Wang. He added that he
strive to frustrate Beijing’s The blow to China came after the US security partners and main aid donors. bility”. had sought Chinese commitments to
push to boost influence and Australia strongly challenged Bei- Beijing’s negotiations with Kiribati That Micronesia was wary of the deal key livelihood issues such as ending ille-

KATHRIN HILLE — TAIPEI

jing’s efforts to entice more of the small,
mostly impoverished Pacific Island
nations into its embrace.
over a similar deal, reported last week,
and China’s proposal for the regional
deal fanned that anxiety.
was expected, as it has a free association
agreement with the US, which gives
Washington a say over its security ties
gal fishing and expanding Fiji’s exports.
China signalled it would continue to
seek more influence in the region.
Colombia poll
China has suffered its first setback in an Penny Wong, Australia’s foreign sec- David Panuelo, president of the Fed- with other nations. But Wang’s failure to “Don’t be too anxious and don’t be too
escalating tug of war with western pow- retary, rushed to Fiji on Thursday days erated States of Micronesia, urged lead- get immediate approval of the proposal nervous, because the common develop- GIDEON LONG — BOGOTÁ
ers for dominance in the Pacific Islands after taking office for talks with Prime ers of 21 other Pacific island nations in a yesterday pointed to broader concerns. ment and prosperity of China and all the
Populist businessman Rodolfo
after it failed to win support from coun- Minister Frank Bainimarama. The US May 20 letter not to ratify Beijing’s pro- The meeting included Fiji, Samoa, other developing countries would only
Hernández pulled off a strong second-
tries in the region for a comprehensive announced on Friday, the eve of the Chi- posal, which he warned was aimed at Tonga, Kiribati, Papua New Guinea, mean great harmony, greater justice
place showing in Colombia’s presiden-
partnership centred on security. nese foreign minister’s arrival in Fiji, acquiring “access and control of our Vanuatu, the Solomon Islands and Niue. and greater progress of the whole
tial election on Sunday, clinching a run-
At a virtual meeting yesterday with that Suva would join the Indo-Pacific The draft deal mentioned co-opera- world,” Wang said, according to Reuters.
off next month against former leftwing
Wang Yi, the Chinese foreign minister, Economic Forum, Washington’s plan to tion on Pacific island nations’ concerns The Chinese embassy in Fiji said Bei-
leaders from eight Pacific island nations counter China’s Belt and Road Initiative.
‘The Pacific needs genuine such as climate change and fisheries, jing would detail plans for the region in a
guerrilla Gustavo Petro.
agreed to co-operate in five areas Beijing’s success in signing a security partners, not superpowers but security and political priorities, “position paper” after the questions With most results in, Hernández, an
including health, disaster management agreement with the Solomon Islands such as co-ordinating positions in the leaders had raised at the meeting. They outspoken populist who has been com-
and agriculture. But Wang said that last month, which allows Beijing to
that are super-focused UN and regional bodies, proved trickier. had agreed to discuss the draft commu- pared to former US president Donald
more discussion was needed on the Chi- deploy both police and military forces to on power’ “The Pacific needs genuine partners, niqué “until we have an agreement”, Trump, had earned about 28 per cent of
na-Pacific Islands Countries Common the South Pacific nation, triggered not superpowers that are super-focused said Qian Bo, China’s envoy to Fiji. the vote, beating the more established
centre-right candidate, Federico Gutiér-
rez, who was third with 24 per cent.
Petro won with more than 40 per cent
Covid-19. Inoculation of the vote but given that most of Gutiér-
rez’s supporters are likely to back
Hernández in the second round, the

S Africa vaccine plant at risk from low demand frontrunner has his work cut out to win
the presidency. He won about 8.5mn
votes while Hernández and Gutiérrez
took nearly 11mn between them.
“This really is the hardest scenario
imaginable for Petro and I don’t think
Jab hesitancy fuelled by falling ble for most countries in Africa” but his campaign team will be very happy,”
sense of danger puts efforts should be the goal by the end of the year. said Sandra Botero, political analyst at
Privately, however, many public Rosario University in Bogotá. “It will be
at preparedness under stress health officials think the target is an uphill struggle for him in the second
beyond reach due to vaccine hesitancy round.”
and high levels of prior infection. A For most of the campaign, Petro and
JOSEPH COTTERILL — JOHANNESBURG WHO study suggests about two-thirds
OLIVER BARNES AND
of Africans may have been infected by
JOHN BURN-MURDOCH — LONDON
the end of last year, even before the
‘This really is the hardest
The signing of a licensing deal late last Omicron variant swept the continent. scenario imaginable for
year for South Africa’s Aspen Pharma- A former high-ranking African Union
care to bottle and sell the Johnson & official involved in the body’s jab rollout
Petro . . . it will be an
Johnson Covid-19 vaccine across Africa admitted the goal of reaching 70 per uphill struggle for him’
was hailed as a lifeline for a continent cent coverage was no longer relevant for
that lost out in the early rush for jabs. most African countries but had not been Gutiérrez led opinion polls. But Hernán-
But six months later, the factory is on scrapped because “no one wants to be dez, a straight-talking 77-year-old
the brink of closure because of lack of the first to say we’ve dropped it”. millionaire who has financed his own
demand. Demand in South Africa has tapered campaign, surged in the final polls
Asked if she would get a booster after off because of “a sense of complacency” before the vote. Some voters on the right
having two Pfizer jabs last year, Agnes as Omicron seem less deadly, said Chris seem to have turned to him at the last
Mohale, 70, could not see the point. “I Vick, a public relations expert with minute as their best chance of keeping
don’t know what it’s for,” said the pen- Covid Comms SA, a volunteer group Petro from power.
sioner who lives in Johannesburg’s big- working in vaccination communication. “To those who voted for me, I tell you
gest township, Soweto. “I won’t go for a A wave of infections driven by two now, I won’t fail you,” Hernández said
third one. I’m not worried.” sub-variants of Omicron — BA.4 and after the results were announced.
Mohale’s reluctance to seek extra pro- BA.5 — peaked largely unnoticed in There were jubilant scenes in his
tection reflects faltering demand in daily life, with little impact on rates of home city of Bucaramanga, where he
South Africa, where only 5 per cent of severe illness or death. “People are tired was mayor for four turbulent years in
people have received a booster shot and of it,” Vick added. 2016-2019 but was known as an uncom-
just under a third of the 60mn popula- “The importance of vaccination as a promising campaigner against corrup-
tion are double vaccinated. It is part of a preventive measure is taken a lot less tion. When he left office, he had an
broader trend across Africa that helps seriously than it was.” approval rating of 84 per cent.
explain why the future of the continent’s Production line: viable does not bode well for efforts to two African countries — Mauritius and Vaccination The sense of fatigue is reflected across Thousands of his supporters took to
biggest vaccine plant is in doubt. a worker checks build up vaccine production. Seychelles — have achieved that goal. the continent, where public health offi- the city’s streets, waving “Rodolfo” flags
The death toll from Covid-19 has been output at Aspen At the onset of the Covid pandemic, Morocco and Rwanda are nearing it. ‘is taken a cials have to juggle a wide array of prob- and chanting his name. Hernández’s
lower across Africa than other conti- Pharmacare’s there were just four African countries Only 17.4 per cent of Africa’s popula- lot less lems. In Nigeria, Africa’s most populous age, wealth and tirades against tradi-
nents. Africa has accounted for just 8.3 plant with vaccine manufacturing capacity: tion is double vaccinated, the lowest fig- country, only 8.1 per cent of people are tional politicians have led some to dub
per cent of the world’s 14.9mn excess Waldo Swiegers/Bloomberg
South Africa, Egypt, Senegal and Tuni- ure of any continent. In the EU, the seriously double vaccinated, with Ethiopia, the him “Colombia’s Trump”. Others, per-
deaths during the pandemic, according sia. Now, there are 15 with vaccine equivalent figure stands at 73.5 per cent. than it was’ next largest country, on 18.5 per cent. haps in reference to his permanent sun-
to the World Health Organization, manufacturing projects in the works. Dr John Nkengasong, director of the “When you add together the low risk tan and carefully coiffured comb-over,
despite having 16.7 per cent of the global Just a day away from a WHO target for Africa Centres for Disease Control and Chris Vick, perception because of the way most liken him to Italy’s Silvio Berlusconi.
population. Some experts say the low countries to ensure 70 per cent of their Prevention, said the 70 per cent target Covid Africans have been infected, when you Petro’s result confirms he has solid
death rate could be due to Africa being populations are double vaccinated, only for mid-2022 was “clearly not achieva- Comms SA add the mistrust, then definitely people support across the country, particularly
the youngest continent, with a median will not run to get the vaccine,” said Pro- among the young and poor. But it also
age of 19.7 years, against 42.5 in Europe. South Africa’s wave of BA.4 and BA.5 variant infections has passed largely unnoticed fessor Yap Boum, a Cameroonian epide- suggests he has a ceiling of about 40 per
The resulting reluctance to get jabs — miologist and the regional representa- cent that he struggles to break through.
Covid cases* , hospital admissions and deaths in South Africa, each as a share of Beta wave peak (%)
and poor health infrastructure — means tive for Epicenter Africa, the research “Everyone knows Petro is allied to
Africa could continue to be blighted by Beta wave Delta wave Omicron BA.1 wave arm of Médecins Sans Frontières. [Marxist guerrilla groups] the Farc and
the disease long after Covid has become 100 Covid-19 had “dropped way down the the ELN and the country can’t forget
endemic elsewhere and give rise to more 80 priority list” in Africa, he said. “You how those bandits intimidated us for
potent new variants, experts say. Mean- First wave have malnutrition in some countries, years,” said Jorge Garzón, a 34-year-old
while, the possible loss of local vaccine 60 malaria, cholera, yellow fever, measles. who voted for Gutiérrez on Sunday.
production could leave the continent ill- BA.4 & BA.5 40 Why would you put Covid as a priority?” “That’s what Gustavo Petro is all
prepared for future diseases. wave But Nkengasong stressed that local about and we can’t allow him to win.”
“This lack of momentum on vaccina- 20 vaccine production cannot be allowed If Petro wins and former Brazilian
tions is affecting our dynamic state of 0 to fall by the wayside. “Every region of president Luiz Inácio Lula da Silva com-
readiness for the next variant or next the world, including Africa, should be pletes a comeback victory in Brazil’s
viral threat,” said Dr Ayoade Alakija, co- Jul Oct Jan Apr Jul Oct Jan Apr able to produce vaccines in a timely election in October, the seven most pop-
chair of the Africa Vaccine Delivery Alli- 2020 2021 2022 fashion so that we don’t get into these ulous nations in Latin America — Brazil,
ance. “It is endangering the local and * Cases in the most recent wave will be a substantial undercount due to reduced testing squabbles of accusing the north of Mexico, Colombia, Argentina, Peru,
regional vaccine production efforts.” Cases are by specimen date, deaths and admissions by date of occurrence, all adjusted for reporting lags in recent days depriving the south of vaccines.” Venezuela and Chile — will all be under
Source: FT analysis of data from South Africa’s NICD, MRC and Louis Rossouw
The struggle to remain commercially See Opinion leftwing rule.

Hollywood Australia

‘Top Gun’ sequel propels cinema revival hopes Opposition leader to focus on ‘forgotten people’
CHRISTOPHER GRIMES — LOS ANGELES dance to delay release for two years. he received an honorary Palme d’Or. JAMES FERNYHOUGH — MELBOURNE would force Labor under Prime Minis- stituency. One Liberal colleague said the
Rival studios including Warner Bros and “We’ve always believed in theatrical ter Anthony Albanese to negotiate with former policeman was “well read, has a
Top Gun: Maverick hauled in $248mn Peter Dutton, a former defence minis-
Disney released some of their most [releases] and this confirms it,” said independents and the Greens. beautiful family and a soft heart. Aus-
worldwide in its opening weekend, giv- ter and staunch conservative, has been
anticipated titles on streaming services Marc Weinstock, Paramount’s head of Dutton has cultivated a reputation as tralian voters will be very surprised by
ing struggling cinema owners hope for elected Australia’s opposition leader,
during the outbreak. worldwide marketing and distribution. an ardent rightwinger during his 21 the Peter Dutton they will see.”
a summer box office revival after two promising to represent the “forgotten
But Cruise and Jerry Bruckheimer, The pandemic box office has been years in parliament. As immigration John Warhurst, emeritus professor of
lean years caused by the pandemic and people” in the outer suburbs and shift
producer of both Top Gun films, insisted propped up by younger fans who have minister, he took a tough line on asylum politics at the Australia National Uni-
further growth of streaming services. his Liberal party’s focus from big to
that the sequel be released in cinemas to flocked to see superhero films such as seekers, drawing criticism in 2016 for versity, said Dutton was a “very capable,
small business.
The action thriller, a sequel to the 1986 showcase the sequences featuring jet Spider Man: No Way Home, Doctor Strange describing them as “illiterate and innu- experienced politician” who had a
film that made Tom Cruise one of Holly- plane acrobatics. Releasing the film on a in the Multiverse of Madness and The Bat- Analysts said it was unlikely Dutton, merate”. “deserved reputation as a hard warrior
wood’s biggest stars, has been praised by streaming platform “was never going to man. But Top Gun: Maverick’s audience is who was elected unopposed yesterday, in politics”.
critics as a classic summer popcorn happen”, Cruise said at Cannes, where broader, with young ones joining older would move the party back towards the The Liberal-National coalition
movie. It earned Cruise his first $100mn fans of the original 36 years ago. centre despite the Liberals’ heavy poll
‘I do think those people dropped 18 seats at the election, with
opening weekend, thanks in part to the “Our biggest single audience was 18 to defeat under Scott Morrison on May 21. in small business and surprise losses in traditionally safe Lib-
actor’s relentless promotion efforts that 24,” Weinstock said. “A lot of our mar- Dutton will lead a coalition with the eral seats in wealthy inner-city suburbs
included appearances in San Diego, keting was geared to [them]. We knew rural National party, which elected
microbusiness feel that to pro-climate, pro-business “teal”
Cannes and London, at a screening the older audience already had it on former agriculture minister David Lit- the system is against them’ independent candidates.
attended by Prince William and the their list.” tleproud to replace climate sceptic But Dutton said the Liberal party
Duchess of Cambridge, and in Japan. In the US, ticket sales for the first four Barnaby Joyce as its leader. Littleproud, As defence minister, he warned Aus- would not prioritise that segment of the
The film was number one at the box months of the year were down 40 per a moderate in the Nationals, will be dep- tralia to “prepare for war” with China electorate.
office in the US and globally, bringing cent from pre-pandemic levels in 2019. uty opposition leader. Collectively, the and said Australian troops would “All I want to do is to make sure that
in $124mn in its first three days in North The performance of Top Gun: Maverick coalition holds 57 seats in Australia’s defend Taiwan if the People’s Liberation we don’t forget about those in the sub-
American theatres and another $124mn may lift studios’ hopes as they prepare lower house. Army invaded the island. urbs and I do think they are the forgot-
internationally, Paramount said. It cost for other high-profile releases. Rich Gel- Labor held 75 seats yesterday after- But Dutton has also been praised for ten people, I do think those people in
about $150mn to make. fond, chief executive of IMAX said: noon, one short of an outright majority, his “polite” and warm personal manner small business and microbusiness feel
The strong opening vindicated deci- Flying high: a scene from ‘Top Gun: “This film heralds the return of the sum- with results yet to be called in three con- that has maintained his popularity that the system is against them. And I
sions by Paramount and producer Sky- Maverick’, the sequel action thriller mer blockbuster.” stituencies. Failure to win a majority within the party and his Brisbane con- want to be a voice for them,” he said.
Tuesday 31 May 2022 ★ FINANCIAL TIMES 5
6 ★ FINANCIAL TIMES Tuesday 31 May 2022

Alarm call Claims of illegal Xiaomi remittances threaten Chinese smartphone seller’s position as India market leader y PAGE 8

Reserves held Cash pipeline Rosneft to pay out record $7bn

dividend despite sanctions grip and isolation
GIC swoops
on £3bn UK
by Tether at student rental
portfolio
Bahamas bank GEORGE HAMMOND

Singapore’s sovereign wealth fund and

under scrutiny
a big US property developer have
agreed to buy a £3bn-plus portfolio of
student housing, signalling confidence
in the UK market for rental property
despite soaring inflation and rising
interest rates.

3 Light shone on stablecoin’s workings Final bids for Student Roost, owned by
Canadian fund Brookfield, were submit-
3 Investor withdrawals exceed $10bn ted on Friday, and GIC and Greystar
emerged as the successful bidders over-
night on Sunday with an offer of more
KADHIM SHUBBER — LONDON the bank. Tether previously disclosed than £3.3bn, according to people with
that it has had a banking relationship knowledge of the process.
Tether has held some of its reserves at a since 2018 with another Bahamas bank, The pair have beaten a trio of compet-
small Bahamas bank called Capital Deltec Bank & Trust, whose chair Jean itors including US private equity giant
Union, people familiar with the matter Chalopin co-created the cartoon Inspec- Blackstone, UK company Unite Stu-
say, shedding further light on how the tor Gadget in the 1980s. dents and specialist student-housing
group manages the $73bn stablecoin In the past, Tether struggled to access investor GSA, according to two people
that underpins the crypto market. the traditional financial system. Last with knowledge of the deal.
The stablecoin issuer has generally year, US regulators said that Tether had The transaction is among the largest
declined to reveal where it holds the previously misled users about its UK real estate deals struck since the
assets that back its eponymous token, reserves, in part because it had used pandemic began, and according to one
known as USDT, noting that, as a private bank accounts in the names of its gen- real estate banker it sends “a good mes-
company, it is not obliged to reveal eral counsel and sister exchange Bit- sage” to residential property owners
information on its financial partners. finex. Tether and Bitfinex agreed to pay that investors are still willing to transact
Tether has come under renewed scru- $60mn across two settlements in which despite a gloomier economic outlook.
tiny in recent weeks after USDT briefly they neither admitted nor denied Rental housing and student proper-
wrongdoing. ties have remained a target for investors
Tether chief technology officer Paolo despite the cost of living squeeze and
The USDT token briefly Ardoino said this month that its most rising borrowing costs, in part because
traded as low as 95 cents, liquid reserves, cash deposits, were held rents are revalued frequently and can be
at two Bahamas banks. Tether had adjusted to match inflation.
significantly below the $1 “strong banking relationships” with But there are also indications that
peg it seeks to maintain “more than seven, eight banks across The Rbs441.5bn Rosneft payout is equivalent to half of the state-run oil group’s annual profit — Andrey Rudakov/Bloomberg economic headwinds could slow deal-
the world”. making. Bids for Student Roost had
traded as low as 95 cents, significantly People familiar with the matter said HARRY DEMPSEY bal markets following a rebound in Russian deputy prime minister been expected to hit £3.5bn, but some of
below the $1 peg it seeks to maintain. Capital Union was another Bahamas energy demand as economies Alexander Novak said this month the the participants in the auction were
Rosneft will pay a record dividend
Investors have since redeemed more bank Tether had used. The boutique emerged from the pandemic. country’s oil production was about deterred by rising borrowing costs.
for 2021 off the back of surging crude
than $10bn from Tether, which has was founded in 2013 and had assets of Brent crude breached $120 a barrel 1mn barrels a day lower in April. But it “We weren’t comfortable above £3bn
prices even as Russia’s state oil cham-
argued that the outflows have proved $1bn at end 2020, the most recent year yesterday for the first time in two had recovered by 200,000b/d to because borrowing costs have more
pion faces increasing problems with
that it has ample liquidity on hand. for which there are public accounts. months as a squeeze on oil products 300,000 b/d in May and Moscow than doubled,” said one rival bidder.
western sanctions following
Launched in 2014, Tether’s USDT Capital Union chair Lonnie Howell tightened, the EU hammered out a expects more volume to be restored GIC and Greystar remained commit-
Vladimir Putin’s invasion of Ukraine.
token is widely used in cryptocurrency previously co-founded EFG Interna- compromise to embargo Russian oil next month as Russian sellers pivot to ted to a deal that will increase their pres-
markets for trading bitcoin and other tional, a publicly traded Swiss bank. The company, led by Putin ally Igor and after Iran seized two Greek tank- Asia. Analysts estimate the losses at ence in the UK student housing market.
digital assets. USDT is the largest stable- It is unclear how much of Tether’s Sechin and responsible for 40 per ers on Friday, raising new fears over 1mn-2mn b/d in the longer term. Student Roost manages more than
coin in circulation by market value. reserves have been held through Capital cent of Russia’s crude output, said yes- the free flow of Middle Eastern oil. Data from Russia’s energy ministry 20,000 beds across the UK.
Tether is registered in the British Vir- Union, or when the relationship began. terday that it would pay Rbs23.63 a Rosneft in February reported its show that Rosneft and its subsidiaries Greystar already operates high-end
gin Islands and promises to redeem on Chalopin in 2021 said that Deltec held share as a final dividend, taking the highest ever full-year net income of account for about two-thirds of Rus- student housing brand Chapter, which
demand USDT on a one-to-one basis only about a quarter of Tether’s 2021 payout to Rbs41.66. In total it Rbs883bn for 2021, an almost sixfold sia’s output cuts, meaning it has been is focused on London, and GIC has made
with dollars. The company’s ability to reserves, then about $15bn, in the form will pay Rbs441.5bn ($7bn), equiva- rise on the year before when the pan- disproportionately hit by sanctions. a string of investments in UK student
keep that promise depends on the of cash and low-risk bonds. lent to half of its annual net profit. demic led to a collapse in demand. From May 15, commodity traders accommodation, including a number of
liquidity and safety of its reserves, Capital Union in June 2021 began pub- The record payout comes after Despite the boost from higher crude based in the EU and Switzerland were buys made alongside Unite. Blackstone
which it says include bank deposits, US lishing research reports on crypto. Later Gazprom, the state-owned gas pro- prices, Rosneft has been struggling to banned from selling Rosneft barrels and Unite are already big players in the
government bonds, commercial paper, that year, it appointed a manager for ducer, announced a dividend totalling maintain production levels as sanc- anywhere else in the world. sector, with the former having acquired
precious metals and cryptocurrencies. digital assets and other areas, according Rbs1.24tn, which it said was the high- tions by the US, the EU and UK bite. Rosneft is also becoming increas- the iQ Student Accommodation plat-
Capital Union said “the only informa- to the person’s LinkedIn profile. est in Russian stock market history. Only the UK and US have banned ingly isolated after BP announced its form from Goldman Sachs and the Well-
tion we make publicly available about In April, Capital Union said that it had The sums highlight the windfall for Russian oil imports but difficulties intention to sell its near 20 per cent in come Trust for almost £5bn in 2020.
our company is contained in the annual begun using compliance software pro- the Kremlin from rallying commodity securing trade financing, shipping the producer in February and former Brookfield and Greystar declined to
report” on its website, while Tether did vided by Chainalysis, a blockchain data prices, exacerbated by uncertainty and insurance have led many in the German chancellor Gerhard Schröder comment. GIC did not respond.
not comment on its relationship with company. over continued Russian supply to glo- market to avoid Russian supplies. stepped down this month as chair. See Lex

Legal Notices
The new Schleswig-Holstein question is about hydrogen
evokes particular enthusiasm in Ger- circular economy risked being pigeon-
INSIDE BUSINESS many as a low-carbon fuel for industry. holed as a crank.
Germany is an environmentally con- A lot is being expected of hydrogen
EUROPE scious nation whose three-party coali- and of the private sector investors
tion government includes the Greens. It needed to fund new manufacturing
Jonathan is also Europe’s industrial powerhouse
and its largest emitter of carbon dioxide.
capacity. Switching the German steel
industry from coking coal to hydrogen
Guthrie Coal-fired power stations are largely
to blame, a problem the push to reduce
would be a huge endeavour, for exam-
ple. Some back-of-an-envelope figures
Russian hydrocarbons imports is doing underline this.
nothing to alleviate. The steel industry German steelmakers require about

T
is another culprit. The bulk of Ger- 180 terawatt hours of energy a year, I
he Schleswig-Holstein many’s 40mn tonnes of annual steel calculate, equivalent to 5.4mn tonnes of
question was a 19th- output last year was made using coking hydrogen. But converting electricity
century diplomatic puzzle coal, generating around a tenth of all into the gas is inefficient. So electrolysis
supposedly understood by carbon emissions. plants would suck up some 270 terawatt

Businesses For Sale only three people. They

variously died, went mad or forgot the
details, said the British statesman Lord
Earlier this year, steelmaker Salzgit-
ter pledged to switch over to smelters
powered by hydrogen and electricity by
hours of juice. That would be just under
half Germany’s projected production of
renewable energy.
Palmerston. Now the north German 2033. Larger rival The cost would be steep. Hydrogen
state is at the heart of a thoroughly mod- ThyssenKrupp has prices are hard to forecast in the current
ern conundrum. promised to cut
We should be happy for an nascent market. Rafi Ghazi, head of cor-
How should Germany transport steelmaking emis- industrial gas which, it if porate finance at HH2E, says motorists
renewable energy from places where it sions by a third by pay around €9 per kg. Wholesale prices
is plentiful, including windswept 2030. It is, mean-
were wrote confessional are expected to settle at a lower level as
Schleswig-Holstein, to places it is while, planning to literature, would admit to production increases, at €3-€4 per kg by
needed but the grid cannot serve? To list Nucera, a sub- around 2030. Coking coal yields the
some investors and policymakers the sidiary that makes
having been in a dark place same energy at far lower financial
answer is simple: hydrogen. hydrogen equipment for refining, which expense but at a much heftier price in
That certainly makes sense to HH2E, has a mooted valuation of up to €6bn. carbon emissions.
a renewable energy project developer. It Politicians are enthusiastic propo- You could quickly drive yourself as
hopes to dot northern Germany with nents of hydrogen. The European Com- mad as an expert in the Schleswig-
electrolysis plants turning electricity mission has set a target for the EU to Holstein question by flexing statistical
Business for Sale, Business Opportunities, Business Services,
from wind farms into the gas, hoping to produce 10mn tonnes of domestic green assumptions. The bottom line is that
Business Wanted, Franchises earn internal rates of return “in the low hydrogen a year by 2030, importing the weaning German furnaces off coking
Runs Daily to mid-teens”. same amount. German legislators coal will be expensive.
.........................................................................................................................................................................................................................................................................
HH2E just raised €12mn in equity aspire to install hydrogen plants requir- To lure the tens of billions of euros in
Classified Business Advertising
UK: +44 20 7873 4000 | Email: advertising@ft.com
from investors including HydrogenOne, ing 10 gigawatts of renewable electricity investment, Berlin must do two things.
a business backed by British chemicals capacity by the same deadline. First, write a detailed transition plan, so
tycoon Jim Ratcliffe. The partners have We should be happy for hydrogen, an investors know what to expect. Second,
Notice to Advertisers conditionally agreed to contribute to industrial gas which, it if were the cover the price gap with fuels like coking
Calls to the Financial Times Advertising Department may be monitored. hydrogen projects costing more than author of confessional literature, would coal. The cost would be borne, one way
Acceptance of any advertisement for publication will be subject to the then current terms and conditions of insertion
€500mn across Germany. admit to having “been in a dark place”. or another, by taxpayers. Hardly a pop-
of advertisements in FT publications. HH2E initially plans to produce green In the 1930s, a promising role in the air- ular message. But is there ever a good
hydrogen at times of the day when ship business ended explosively. And time to tell someone bad news?
A copy of the terms and conditions of insertion of advertisements in FT publications can be obtained from
+44 (0)20 7873 3000, or viewed at www.FT.com/advertising
renewable electricity is cheap to fuel until a few years ago, anyone who sug-
vehicles and chemical plants. Hydrogen gested hydrogen might be useful in the jonathan.guthrie@ft.com
Tuesday 31 May 2022 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Tuesday 31 May 2022

COMPANIES & MARKETS

Financials Pharmaceuticals

Top figures at SoftBank suffer pay cut Takeda says

crises point to
reduction in
Tech rout, rising rates and
China crackdown lead to
¥293mn ($2.3mn) in the past fiscal year
ended on March 31, down from
¥480mn a year earlier, and Ken Miya-
“Son’s salary doesn’t really have much
of an impact on his net worth, which is
much more closely linked to how Soft-
toric loss in an unusually sombre pres-
entation.
Some investors and analysts have
Bank’s annual meeting on June 24 and
also showed the tech conglomerate had
trimmed borrowing from Mizuho, its
drug prices
$27.6bn Vision Fund loss uchi, who runs SoftBank’s telecoms Bank shares are doing given his stake in expressed concerns over SoftBank’s main lender and Japan’s third-largest
operations, earned ¥593mn compared the company,” he added. finances because of the degree to which bank, by 4.5 per cent to ¥812bn. JAMIE SMYTH — NEW YORK
with ¥635mn. it has used stakes in companies such as Mizuho chief executive Masahiro
ANTONI SLODKOWSKI — TOKYO The head of Asia’s largest pharmaceuti-
The Vision Fund’s performance Chinese ecommerce group Alibaba and Kihara told the Financial Times last
SoftBank slashed the wages of its top pushed Son’s technology conglomerate
Founder Son has said the UK chip designer Arm to obtain loans to month he was “totally unconcerned”
cal company said the risk of a global
recession, along with the impact of
executives after its Vision Fund posted a to a record quarterly net loss of ¥2.1tn in business will embrace a raise new funds for investment. about the SoftBank’s financial health
Covid-19 and the war in Ukraine, could
historic loss of ¥3.5tn ($27.6bn) caused the fourth quarter, driven by underper- Son has said the company’s loan-to- despite the sell-off in tech stocks.
by a rout in tech stocks, rising interest formance at Chinese ride-hailing group
more ‘defensive’ posture value ratio stands at 20.4 per cent, Goto has described the bond between
force the industry to cut drug prices.
rates and a regulatory crackdown in Didi Chuxing and South Korean ecom- or slow down investments which is below the 25 per cent threshold SoftBank and its main bank as an “abso- Christophe Weber, chief executive of
China. merce platform Coupang. he has vowed not to cross “at normal lute relationship of trust”. Japan’s Takeda, said that pressure on
Billionaire SoftBank founder Masay- “The performance of the Vision Fund Son owns about a third of the con- times”. He added that the company Borrowing from Wall Street banks government healthcare budgets had
oshi Son’s pay has held steady at is obviously going to have influence on glomerate. would embrace a more “defensive” pos- also fell, with lending by JPMorgan and increased this year due to the costs of
¥100mn, according to regulatory filings what the top executives are being paid,” Son tried to reassure investors this ture, or slow down investments, Goldman Sachs to SoftBank declining combating crises such as the pandemic,
to the Tokyo Stock Exchange. But chief said Kirk Boodry, analyst with Redex month that SoftBank’s debt load was because of the volatile market. 23 per cent and 39 per cent respectively. the Russia-Ukraine war and invest-
financial officer Yoshimitsu Goto made Research. manageable when he revealed the his- The filings were made ahead of Soft- See Lex ments related to climate change.
“Energy and food costs, together with
supply chain constraints, have led to sig-
nificantly higher inflation and econo-
Technology. Regulation mists are pointing to a heightened risk
of a looming recession,” he said in a let-
ter to shareholders.

Xiaomi trips up on long march through India “This perfect storm scenario will have
an impact on investment in innovation
and could accelerate downward pres-
sure on drug prices,” he said.
The crisis in Ukraine was a reminder
sion charges last year, and Amway had that companies operated in a “very
New Delhi turns up heat assets frozen this year. uncertain and politically divided”
“The regulatory intensity in the coun- world.
with allegations of illegal try under this government has generally The 2008 global recession prompted
been very high,” said Debanshu European nations to implement pricing
remittances to parent Mukherjee, co-founder of the Vidhi and regulatory reforms that drove down
Centre for Legal Policy in New Delhi. the value of drug sales despite a slight
CHLOE CORNISH — MUMBAI Enforcement agencies’ “prioritisation increase in volumes in 2008-11, accord-
As the managing director who brought seems to be loaded with some politics ing to a study of eight EU states by the
Xiaomi to India in 2014, Manu Kumar at times”. But “it’s not that they would World Health Organization.
Jain was the face of the company. He go after folks without any violation Prices of branded drugs fell an aver-
danced in its advertising campaigns. whatsoever”. age of 2 per cent to 9 per cent per year
Under Jain, Xiaomi’s rise was swift. It Xiaomi’s woes began in December between 2017 to 2021 in five of the six
rose from 6 per cent of India’s smart- when revenue officials raided the largest pharmaceutical markets —
phone market in 2016 to 27 per cent premises of “foreign-controlled” mobile Japan, Germany, Australia, Spain and
three years later, beating Indian brands phone groups. Days later, the Directo- France — according to research by Glo-
and Samsung and paving the way for rate of Revenue Intelligence alleged balData, a consultancy.
other China marques. About three- that Xiaomi had evaded customs duty, However, in the US — by far the most
quarters of India’s market is controlled and demanded that Xiaomi pay about valuable pharmaceutical market — list
by Chinese-owned companies. $85mn. prices of patented drugs rose by an aver-
With Jain the poster boy for India’s Last month, India’s Enforcement age of 18 per cent per year between 2017
mobile phone revolution, Xiaomi says it Directorate alleged that, since 2015, and 2021.
has sold more than 200mn smart- Xiaomi had violated foreign currency List prices are those that manufactur-
phones in the $38bn revenue market. laws by sending $725mn out of India ers initially set for a drug. In the
But that rise is at risk, with India’s labelled as royalties “on the instructions US, pharmaceutical companies often
authorities accusing Xiaomi of unlaw- of their Chinese parent group entities”. offer rebates and discounts on
fully remitting $725mn abroad. Xiaomi denies making unlawful pay- products that can cut the final cost to
The case is being watched for what it ments, and its lawyers argue that other patients.
means for the future of China tech in companies made payments to an Evan Seigerman, biopharma analyst
India, as local competition tentatively unnamed US company without censure. at BMO Capital Markets, said the drop in
revives. Mukesh Ambani launched the But freezing $725mn in Xiaomi’s bank list prices in markets outside the US is
affordable “JioPhone Next” last year, not surprising because most govern-
although it has yet to make an impact. ments negotiate procurement directly
India has an uneasy relationship with $725mn 40% with industry and so can exert down-
the China tech it relies on. After 2020 Sum the phone Decline for ward pressure on prices.
border clashes, it banned many Chinese maker allegedly Xiaomi’s share “Depending on the state of any reces-
apps, including several made by remitted abroad price in Hong sion, if there is a big strain on govern-
Xiaomi, while making clear telecoms unlawfully Kong this year ment budgets then you could see
groups should not use Huawei tech. increased pricing pressure,” he said.
Promod Nair, an advocate, said that Xiaomi kept platforms such as Amazon and Flipkart threaten its market share. Oppo, Vivo ‘Many may accounts left Xiaomi “not in a position Seigerman said that pricing pressure
given rising Sino-Indian tensions, costs down by at a time when, Singh said, “nobody and realme arrived after Xiaomi dis- to pay salaries/wages to its employees”, in the US would probably be less pro-
“many may be tempted to view this selling its Redmi thought it could be done in an online rupted the market. be tempted Xiaomi’s lawyers told a High Court nounced due to the political difficulties
investigation as part of an orchestrated phones online scenario”. Xiaomi said that it put “small to view this judge, who permitted Xiaomi to use its in passing drug price reform legislation
campaign against Chinese economic for less than Through partnerships, including with changes” in its market share down to accounts for business expenses, court in Congress.
interests in India”. The courts must $130 ) — Sajjad Hussain Taiwan’s Foxconn, Xiaomi’s phones “supply chain disruption. We expect as part of an filings show. The Biden administration’s efforts to
“resolve the dispute quickly and dispas- AFP via Getty Images
were largely manufactured in India [the] supply situation to normalise by orchestrated The dispute became acrimonious pass drug pricing reforms, which
sionately in order to dispel any appre- under the Make in India scheme. Jain the end of this year”. when the Enforcement Directorate include allowing the government’s
hensions that foreign investors may posted selfies with Narendra Modi. In an effort to reduce its reliance on campaign denied allegations that its officials had Medicare health insurance scheme to
have about the investment climate”. But rival low-cost Chinese brands the Redmi brand, still its biggest seller, against threatened Xiaomi executives, includ- negotiate some drug prices, have so far
Although Xiaomi is not provisioning Xiaomi is expanding in the premium ing Jain, triggering a diplomatic salvo foundered in Congress.
for losses, trouble with the Indian India smartphone market smartphone segment. It has pushed into Chinese from China. Takeda’s letter to shareholders also
authorities creates more challenges wearables and is India’s top smart-TV economic The Chinese embassy said it hoped warns global authorities risk remaining
Share (%)
as it defends its dominance in the seller. By increasing its bricks-and-mor- the “Indian side can provide a fair, just in a “state of inertia” when it comes to
fast-growing market, and as it contends Others 100 tar presence, Xiaomi says offline interests’ and non-discriminatory business envi- preparing for the next pandemic.
with investor doubts — Xiaomi’s share Lava accounts for half its smartphone sales. ronment for Chinese companies”. Not enough work has been done to
price has fallen 40 per cent in Hong Micromax 80 But Xiaomi India took a hit during the Meanwhile, Jain, once a symbol of create global stockpiles of protective
Kong this year. Vivo pandemic. Filings with India’s corporate how Xiaomi stormed into India’s tech equipment, medical devices, vaccines
When it arrived in India, “Xiaomi realme affairs ministry show that Xiaomi scene, is no longer in charge. He is in and treatments for rapid deployment in
Oppo 60
came and took the market by storm”, India’s profits after tax fell 31 per cent Dubai and a global vice-president at a crisis, it said.
said Prachir Singh, an analyst at Samsung for the financial year ending March 31 Xiaomi, according to his Twitter profile. There was a lack of funding to better
Counterpoint Research. Xiaomi 40 2021, from Rs4bn ($51mn) to Rs2.8bn. Xiaomi said that since mid-2021, its understand zoonotic diseases and the
It moved faster than rivals to supply “Nobody goes out of the way to dis- India business had been managed current crop of Covid vaccines may not
4G-ready handsets when Ambani’s Jio 20 cuss profitability,” said a former execu- by chief operating officer Mura- be good enough, according to Weber.
mobile network upturned India’s tele- tive. “You can’t remain a start-up for likrishnan B, chief business officer “A reliance on a consistent pattern of
coms market in 2016 with cheap 4G 0 more than four years.” Raghu Reddy and chief financial officer boosters could ultimately diminish
services. It kept costs down by selling 2016 17 18 19 20 21 In India, legal experts say Modi’s gov- Sameer BS Rao. Despite Jain’s depar- adoption — and we are already seeing
Redmi phones online for less than ernment is aggressive in pursuing cor- ture, Xiaomi insisted that “there is no booster adoption plateau in some coun-
Source: Counterpoint Research
Rs10,000 ($130) through ecommerce porates. Samsung was stung by tax eva- leadership vacuum”. tries,” he added.

Energy

Australian tech billionaire wins activist fight as AGL is forced to abandon coal sites demerger
JAMES FERNYHOUGH — MELBOURNE demerger follows a three-month corpo- that his proposal, which AGL manage- Times in an interview this month that tenacity & creativity. Lots of work but That would be my leading candidate for
NIC FILDES — SYDNEY
rate battle that began when Cannon- ment said lacked detail, would be better Brookfield was not involved in his latest we CAN do this,” he wrote. what is going to happen.”
AGL Energy has abandoned a plan to Brookes and Canadian investment for the environment and shareholders. battle with AGL’s board. But he did not Last week, Hesta, one of Australia’s The battle over AGL follows an Aus-
spin off its coal-fired power plants and group Brookfield Asset Management AGL has a large energy and telecoms rule out revisiting the Brookfield con- largest pension funds and a shareholder tralian election that was partly defined
its chief executive and chair have offered to buy AGL for A$5.43bn retail business with more than 4mn cus- sortium bid if his campaign to block the in the company, said that it would vote by a huge swing towards the Greens and
resigned after climate activist Mike (US$3.9bn) and take it private. tomers, as well as an energy-generation demerger was successful. against the demerger on environmental progressive parties that have called for
Cannon-Brookes bought shares in the The consortium proposed to take AGL business with three coal plants and Cannon-Brookes called AGL’s deci- grounds. “After reviewing the plan, we faster action on climate change.
group to try to block the restructure. private, close its three coal plants earlier some renewable generation capacity. Its sion to abandon the demerger a “huge remain unconvinced that the overall Cannon-Brookes has said that the
than planned and invest A$20bn in market capitalisation was almost A$6bn day for Australia” on Twitter. demerger plan would sufficiently accel- demerger plan was a test for investors
The Australian company said yesterday renewable energy generation. when markets closed on Friday. “We embrace the opportunities of erate decarbonisation to meet Paris- that had adopted an environmental,
that it believed that tech billionaire Can- AGL rejected the bid, saying that it Cannon-Brookes told the Financial decarbonisation with Aussie courage, aligned targets, nor manage the risk of social and governance commitment, as
non-Brookes’s attempt to persuade undervalued the company. stranded assets,” the fund said. the split is not aligned with Paris climate
shareholders with at least 25 per cent of After seeming to walk away from the Mike Cannon- David Leitch, energy analyst and targets. “If you have any ESG lens in
voting power to oppose the demerger at deal, Cannon-Brookes, chief executive Brookes, head of principal at ITK Services, said that the your company you have to vote against
a vote next month had been successful, of software company Atlassian and one software group announcement opened a window for it. It’s that clear to me,” he said.
leaving the plan unviable. of Australia’s most vocal climate activ- Atlassian, has Brookfield and Cannon-Brookes, AGL is Australia’s largest polluter,
AGL’s chair Peter Botten and chief ists, amassed an 11.3 per cent stake in amassed an through his family office Grok Ventures, accounting for about 8 per cent of the
executive Graeme Hunt will leave the the company. He announced that he 11.3% stake in to revive their takeover offer. “The first country’s emissions. Cannon-Brookes
group once replacements have been would use his voting power to oppose AGL, Australia’s question that comes to my mind is said more than half of AGL’s investors
found. Two other board members will the break-up and attempt to persuade largest polluter whether Grok will make a new bid, and voted to force the company to adopt
also resign. The company said that it other shareholders to support him. Patrick T Fallon/Bloomberg
it probably can’t do that without Brook- Paris-aligned targets at last year’s
would re-evaluate its strategy and Cannon-Brookes wanted to use the field coming back to the party,” he said. annual meeting but were ignored.
invited bids from third parties. entire group’s balance sheet to fund “A negotiated kind of bid would seem “Absolutely bupkis,” he said of the
The decision to abandon the investment in renewables. He argued to be the most friendly way forward. board’s response.
Tuesday 31 May 2022 ★ FINANCIAL TIMES 9

COMPANIES & MARKETS

Jet output boost at Airbus tests supply chain

Increase in manufacturing represents a large industrial and logistical challenge as sector emerges from pandemic
SYLVIA PFEIFER heavily on Russian-produced titanium,
INDUSTRY CORRESPONDENT
but both Airbus and Boeing have in
The decision by Airbus to boost jet recent months said they are looking
production is one of the strongest sig- to find alternative supplies.
nals yet that the aviation industry is Airbushas previously said it has
recovering from the pandemic, but it enough titanium stockpiled to last the
will test the health of its supply chain. short and medium term.
For an industry still recovering from One uncertainty is China and the
the Covid-19 crisis, China’s lockdown lockdowns in the country that have
disrupting supplies of goods, and mate- complicated the logistical challenge,
rials and inflationary pressures forcing notably in terms of deliveries of planes
up costs, the increase in production to airline customers.
comes at a critical time. About 20 per cent of Airbus’s annual
It is an industrial and logistical chal- deliveries go to China on average.
lenge. Each Airbus aircraft is made up of “Around 50 per cent of delivery com-
about 3mn parts. The company receives mitments in China are through the leas-
more than 1.7mn every day at its plants ing companies. That is dampening the
from about 3,000 suppliers for its civil impact of the slowdown,” said Mhun.
programmes. Some of the European company’s Chi-
But the European manufacturer of nese customers were still able to send
the A320 family that dominates the people to Toulouse to take delivery of
market for single-aisle aircraft is confi- planes, according to people familiar
dent it can meet its bold pledge to raise
production 50 per cent to 75 planes
a month by 2025 and move to a rate of
‘All our A321 and A320neo
65 by next summer. aircraft are delayed from
It says there is demand for new nar-
row-body jets as airlines renew fleets
one to four months’
after the pandemic, and it will be able to John Plueger, Air Lease boss
meet the higher rates by adding produc-
tion capacity at its existing sites, includ- with the matter.
ing the building of a second final assem- Airbus has also managed to hand over
bly line at its US operations in Mobile. some aircraft using “e-deliveries”,
which simplify the contractual transac-
tion process.
‘Right now there is One unavoidable reality of today’s
tremendous pressure. environment is cost inflation across the
industry.
Everything is tight’ Christian Scherer, Airbus chief com-
Dominik Asam, Airbus finance chief mercial officer, said the company was
able to maintain its pricing through the
Stepping up production will require a pandemic, but admitted that pricing
balancing act between meeting resur- Single-aisle jets market Ascend by Cirium, said “demand is not Airbus, is that the company has given An A320 on the assembly line at the pressures from inflation were a “cause
gent demand for new, more energy-effi- an issue” but there were “big chal- suppliers visibility. Airbus plant in Hamburg. The group of concern for us as an industrial enter-
cient planes from carriers under pres- dominated by Airbus lenges”, notably getting the “engine sup- “We are having open-book discussion cites demand for new narrow-body prise. Those inflationary pressures are a
sure to cut emissions while ensuring Backlogs (‘000 units*) pliers on board”. with our suppliers,” he said. Airbus had jets as fleets are renewed, and says reality that the ecosystem will have to
that thousands of suppliers can deliver Airbus backlog Morris pointed out that CFM Interna- given companies “certainty that what that it will meet the higher rates by absorb,” he said.
after cutbacks during the crisis. share for 6 tional, the joint venture between Safran we are ordering is firm”. adding capacity at existing sites Despite the various challenges,
Concerns over the availability of raw single-aisle jets and GE Aviation, supplies engines to It is also procuring some raw materi- Morris MacMatzen/Getty Images
Scherer insisted that the rate of 75 was
is 58% — higher if
materials such as aluminium and tita- non-firm Boeing both Airbus’s A320 programme and to als, including aluminium and titanium, the right one.
5
nium because of the war in Ukraine and orders are taken Boeing for its 737 Max family. for some suppliers to help with sourcing “What we have dialled here is a right
a shortage of skilled workers risk fur- into account Boeing is building at a slower rate as it as well as pricing. flight level for a sustainable period,” he
ther strains. Boeing’s 4 tries to clear its backlog of stored jets The aerospace industry has relied added
Dominik Asam, chief financial officer ASC606 orders after two deadly crashes of the Max, but
at Airbus, admits that “right now there 3 this could change in the coming months,
is tremendous pressure on the supply adding strains to the supply chain.
chain. Everything is tight”. “If Airbus does [increase its] rate at
Worries over the bold production tar- 2 75, given CFM’s lead on the A320 pro-
Backlog
gets have been raised, with aircraft les- gramme, they will be doing more than
sors warning the supply chain was frag- 1 this rate, given they also provide
ile as they pushed back against the engines to Boeing,” Morris said.
higher rates when Airbus floated them 0 Asam said the company was in talks
last year. Although the company last with the engine providers and the “tone
month secured an extension to vital Airbus Boeing has changed from half a year ago”, when
engine supply contracts, this was only * As at end of Apr 2022. ASC606 orders is a US they initially cautioned about the
accounting adjustment to reflect uncertainty
until 2024. Some industry executives about order commitments increase. “I trust as we move ahead and
fear risks remain. prove strong demand from custom-
John Plueger, chief executive of Air Boeing falls behind ers . . . I am pretty confident there will
Lease and one of Airbus’s biggest cus- Monthly new-build aircraft by first be support from them.”
tomers, said he believed there was “sig- flight, six-month moving average Most of the parts for the planes are
nificant risk going to 75 a month despite (units) assembled gradually by suppliers in the
the demand. All of our single-aisle A321 60 various tiers of the supply chain before
and A320neo aircraft this year are A320 arriving at the group’s final assembly
already delayed from one to four 50 lines, from Toulouse to Mobile.
months. In addition to supply con- The company is using what it calls a
straints and labour . . . we always 40 “supplier watchtower” initiative to
remain focused on quality in the pro- 30 anticipate and help to mitigate bottle-
duction process and taking delivery”. necks and other risks that might come
Airbus said it had made “some adjust- 20 up among its 12,000-plus direct com-
ments in view of the current environ- mercial aircraft suppliers. The initiative
ment for a variety of reasons” but it was 10 does not specifically track suppliers but
737
still “working towards” its previous 0 risks such geopolitical ones.
guidance to deliver 720 aircraft by the Critical to aid the increase in output,
end of the year. 2000 05 10 15 20 22 said Philippe Mhun, executive vice-
Source: Cirium
Rob Morris, head of consultancy at president programmes & services at

Telecoms

Telecom Italia agrees to discuss merger

of fixed network assets with Open Fiber
SILVIA SCIORILLI BORRELLI — MILAN at the time, but about half the average Italia’s commercial assets would be split
paid by French conglomerate Vivendi to from its fixed network, which would be
Debt-laden Telecom Italia has signed a
build its controlling stake in 2016. combined with Open Fiber.
preliminary agreement with investors
The company’s share price was €0.29 State-owned CDP has been lined up to
to merge its fixed network assets with
yesterday morning, up 2 per cent on the control the new entity, which will take
smaller rival Open Fiber, paving the
day. on a significant part of Telecom Italia’s
way for an Italian single broadband
Chief executive Pietro Labriola was debt and staff in Italy.
champion.
given the task of turning the company The deal will become binding by the
The deal with investors including state- round after his predecessor, Luigi Gubi- end of October, according to the state-
owned CDP, Macquarie and US private tosi, stepped down over internal disa- ment.
equity group KKR comes after months greements caused by the KKR offer. Labriola said the separation of the
of uncertainty over the future of Italy’s Labriola proposed in March to split fixed network infrastructure would give
largest telecoms operator. the group’s fixed network from all other Telecom Italia the resources to invest in
The sixth management shake-up in assets including its mobile business and client and mobile services, while allow-
less than a decade follows three profit Brazilian unit. ing it to compete more effectively on
warnings in 2021 and a non-binding Under the memorandum of under- digital services, according to ANSA,
takeover offer by KKR, which was standing, signed on Sunday, Telecom Italy’s leading wire service.
rejected. The move, which would com- A previous attempt to merge the net-
bine broadband with fixed network works, with Telecom Italia maintaining
assets, is a coveted project in Rome. the controlling-stake, failed in 2020.
The government hopes it will spur the KKR owns a stake in the company’s
rollout of ultrafast internet across Italy last-mile network and has joined talks
as part of a post-pandemic recovery between the operator and Italy’s CDP.
plan that would upgrade the country’s CDP is Open Fiber’s largest investor
digital infrastructure. and owner of a 10 per cent stake in Tele-
At the same time, Telecom Italia com Italia. Macquarie is also an investor
wants to reduce its enormous net debt of in Open Fiber after acquiring utility
€17.7bn and increase profitability. Enel’s stake for more than €2bn last
KKR’s offer in November of €0.505 a year. The final agreement will be subject
share valued the company at €10.7bn, a The deal eases doubts about the to Italian and EU regulatory approval
45 per cent premium on the share price future of Italy’s top telecoms group and approval of Telecom Italia’s board.
10 ★ FINANCIAL TIMES Tuesday 31 May 2022

COMPANIES & MARKETS

Asset management. Passive products Commodities

Oil breaches
Fund industry heavyweights $120 as diesel
muscle in on ETF trade and gasoline
prices soar
DAVID SHEPPARD — ENERGY EDITOR

Oil rose higher than $120 a barrel

yesterday as increasing prices for fuels
such as gasoline and diesel combined
with lingering concerns over supplies
from Russia to propel crude to its
highest level in two months.
Brent crude, the international bench-
mark, hit $120.50 a barrel, up 1 per cent
ahead of the July contract’s expiry
today. US benchmark West Texas
Intermediate rose by a similar amount
to more than $116 a barrel.
The rally in crude oil comes as
supplies of refined products, such as
gasoline, remain tight at major delivery
hubs at a time when demand is expected
to pick up steam in many countries,
including the US.
Lower exports of diesel from Russia,
which many western companies are
shunning or cutting back on following
the invasion of Ukraine, have tightened
markets even more so than crude.
The gas oil contract in Europe, a proxy
for diesel and other distillates, is trading
close to record levels near $1,200 a
tonne.
Sky-high product prices mean that
Neuberger Berman, Morgan Actively managed ETFs Screen test: large-cap US equity funds that launched motorists in many countries are paying
Total assets ($bn) exchange traded on May 18. SEI has been running these record prices for diesel and gasoline
Stanley and SEI join rush as 500 funds are strategies since 2013 in separately man- despite crude being well below its all-
rapidly gaining aged accounts, which are only available time high of $147.50 a barrel, which it hit
active managers face pressure market share at to institutions and wealthy individuals. in 2008. The key US summer driving
400
the expense of Pricing is comparable at 15 basis points.
STEVE JOHNSON Although SEI is initially focusing on
Neuberger Berman and a clutch of some
300 traditional
mutual funds the US market, Barr said it was “actively
‘Despite record high
of the world’s biggest investors are 200 John Minchillo/AP
looking” at the possibility of launching prices in local currencies,
joining the exchange traded fund active ETFs in Europe with the need for
industry for the first time as they seek a 100 full transparency again not a barrier.
political decisions continue
foothold in a fast-growing sector that
0
“We’re comfortable with transpar- to distort the market’
has piled pressure on active managers to ency,” he added. “It’s not a passive
justify their fees. 2012 13 14 15 16 17 18 19 20 21 22 approach where someone is going to be season kicked off yesterday with the
2022 figure is as of Apr 30
The US investment house is one of a Source: ETFGI
able to arbitrage it away.” Memorial day holiday.
group including Morgan Stanley, Neuberger Berman debuted its first An easing of Covid-19 restrictions and
SEI and Matthews Asia — together three ETFs in April this year. The government subsidies have both helped
managing $3tn — that have recently offerings,” said Noel Archard, global Archard, who was recruited from actively managed thematic equity strat- to support demand, said Keshav Lohiya
launched or signalled their intention to head of ETF and portfolio solutions at State Street Global Advisors in February egies cover the Connected Consumer, at consultancy Oilytics.
unveil their debut ETFs. AB. to head the push, said a “significant Carbon Transition and Infrastructure, “Despite record high prices in local
Those names follow other recent Morgan Stanley, which has $1.4tn in event” in AB’s ultimate conversion to and Disrupters ETFs, each at 55bp. currencies, political decisions like
heavyweight converts, such as T Rowe assets under management and was ETFs was a SEC ruling in 2019 that The New York-based group already subsidies continue to distort the
Price, Dimensional Fund Advisors and ranked 15th-largest by Willis Towers simplified and accelerated the approval manages $18bn — out of $460bn in total market,” said Lohiya. “In addition,
Federated Hermes, in rushing to roll out Watson in its latest report, is the largest process for ETFs, including actively — in thematic funds and Hari Ramanan, post-Covid demand continues to keep
ETFs as the products rapidly gain mar- fund provider not to offer ETFs. managed ones. its CIO of global research strategies, mobility very high in Europe, especially
ket share at the expense of traditional But an internal memo written by Dan “It lowered one of the barriers to entry cited the “potential for tax efficiency” in with the run-up to summer.”
mutual funds. Simkowitz, head of investment manage- for many firms that had been thinking expanding this range into ETFs. In a sign of pressures on the market,
The rollout comes against a backdrop ment at the bank, said it had made a about getting into ETFs,” said Archard. Matthews Asia is also going down the traders are willing to pay a premium to
of falling fund fees in a further sign of “strategic decision” to launch a multi- “We have a predominantly active foot- transparent active equity route, filing in secure supplies immediately because of
the heat facing active managers as asset ETF platform offering active and print. That change in rule prompted April for three ETFs focused on emerg- tightness in the market. Brent for
investors capitalise on the proliferation systematic strategies this year. another look into whether we should we ing markets, Asian innovators and delivery in July is trading at a roughly $4
of cheaper, passive products. Morgan Stanley shared the memo, introduce [active ETFs].” China, which build on its existing premium compared with August.
As a collection of securities tracking which was circulated in March, but Archard said AB’s two initial fixed mutual funds in these areas. Analysts are also monitoring any EU
an index, an ETF is cheaper for a man- declined to comment for this story. income ETFs should list in “late Q3 or “While we believe mutual funds will decision on restrictions or an outright
ager to run than an old-school, For AB, the imminent arrival of its early Q4” and it was planning “several continue to provide benefits to many embargo on Russian oil purchases in the
hands-on vehicle. first US ETFs will be the culmination of a equity products”. investors, we have seen a growing inter- coming days. Bloc members were due to
Such savings are usually passed on to 12-year journey. While the rollout is starting in the US, ‘If you talk est from financial intermediaries and meet yesterday and today.
the end investor, along with superior tax It filed to launch equity ETFs in 2010 Archard said AB was “not constraining” end-investors who want to take advan- A full ban on Russian oil purchases
efficiency — in the US at least — boosting and was later granted approval by the itself to any region. Its initial ETFs will about tage of the benefits active ETFs offer,” has been opposed by some members
the appeal of the funds. Securities and Exchange Commission have a fully transparent structure that is meeting said Jonathan Schuman, Matthews such as Hungary but the EU is keen to
In the US, ETF assets jumped 185 per but the funds never saw the light of day. essential in markets such as Europe Asia’s global head of distribution. increase pressure on Russia.
cent to $7.2tn in the five years to 2021, While AB was prevaricating, Cathie where the portfolio-shielding, semi and clients Matthews Asia may have spotted a An EU leader’s summit starting
according to the Investment Company Wood took the decision to leave in 2014 non-transparent structures common- where they potential gap in the market, given the yesterday evening was expected to vow
Institute, while those of mutual funds and set up Ark Invest, which has since place in the US have yet to be approved. relative lack of actively managed Asia or to include oil and petroleum products in
rose 65 per cent to $27tn over the same launched a suite of ETFs. Kevin Barr, head of the investment are, the China-focused ETFs at present. Our global a sanctions package but would allow a
period. Globally, ETF assets have more AB appears to have rekindled its management unit at SEI, said it was ETF tool But all the ETF latecomers may have team gives you “temporary” exemption for crude deliv-
than tripled to $10.1tn since 2015, earlier enthusiasm for the idea of “looking for something that is differen- to find their own niches in order to gain market-moving ered by pipeline, according to draft con-
according to consultancy ETFGI. launching ETFs, however, and filed tiated”, adding: “There really is not is one that a toehold in an industry dominated by news and views, clusions seen by the Financial Times.
“If you talk about meeting clients this month to roll out actively managed much need for more passive ETFs.” we want BlackRock, Vanguard and State Street, 24 hours a day Reticence from the Opec+ group to
where they are, the ETF tool is one that Ultra Short Income and Tax-Aware The first fruits of these endeavours which together still account for over ft.com/markets accelerate oil production increases is
we want to offer alongside our other Short Duration ETFs. are four actively managed factor-based to offer’ three-quarters of the US market. also supporting prices.

Asset management Currencies

BlackRock’s Asia-Pacific boss confident ‘Grim’ prospects for sterling as UK

region’s talent exodus will be temporary economy slows, warn Wall St banks
HARRIET AGNEW — LONDON New York-based BlackRock, which led some investors to declare the coun- TOMMY STUBBINGTON the currency. “Sterling’s fall from grace Central Bank plays catch-up, according
TABBY KINDER — HONG KONG
has $10tn in assets under management, try “uninvestable”. has been epic given last year’s euphoria to Citi’s head of currency strategy
A duo of Wall Street banks is warning
The head of Asia-Pacific at the world’s and competitors including Goldman Global financial institutions in Hong and in many ways has caught the Vasileios Gkionakis.
on the “grim” outlook for the pound,
largest asset manager BlackRock says Sachs Asset Management, JPMorgan Kong, which many use as a launch pad investor community by surprise,” said “The ECB has made a notable hawkish
predicting that stubbornly high
she is confident an exodus of foreign Asset Management and Amundi, are all into China, have suffered an exodus of Kamal Sharma, a currency strategist at shift while the BoE will remain between
inflation and an economic slowdown
talent from the region is temporary expanding in Asia, with growth in China international and local staff in the past Bank of America. “Hiking rates against a rock and a hard place due to high infla-
will precipitate further declines for the
and that it remains attractive despite along the most rapid in the region. year, as well as a collapse in hiring inter- a sharply slowing economy is never a tion and a sharply slowing economy,”
UK currency.
border closures, repeated lockdowns They have been attracted by the nationally. Many are braced for further good look for any currency.” said Gkionakis, who is forecasting a rise
and political tensions. opportunities presented by changes in exits this summer. The pound has lost ground against most A pause in the global dash to the for the euro above £0.90 later this year,
China such as its pension reforms, Hong Kong’s adherence to mainland key rivals this year, despite four UK dollar, along with last week’s £15bn from the current level of £0.852.
Rachel Lord said that during the pan- despite geopolitical tensions with the US China’s zero-Covid strategy has resulted interest rate rises since December as the Pressure on sterling could increase if
demic there had been “a lot more stress and a wide-ranging corporate clamp- in hotel quarantines for residents Bank of England began the process of the UK follows through on its threat to
in Asia for expatriates” and that this had down by President Xi Jinping that has returning to the city of between one and tightening monetary policy ahead of
‘The ECB has made a rip up the post-Brexit trade deal for
been a “catalyst for more moves home”. three weeks, as well as punishing isola- other major central banks. hawkish shift while the Northern Ireland, Gkionakis added.
At the same time, because of border tion periods for confirmed cases and The sharpest losses have come over It climbed as high as $1.42 a year ago
restrictions in Asian countries — which their close contacts. the past six weeks as investors grow
BoE will remain between as investors warmed to sterling in the
lasted much longer than those in the US Bank of America and Citigroup have increasingly concerned about a cost of a rock and a hard place’ aftermath of the signing of the UK-EU
and Europe earlier in the pandemic — relocated senior staff to Singapore, living crisis, which the BoE cautioned Brexit trade deal in December 2020.
“we haven’t seen what is normally a flow while banks including JPMorgan and could push the UK into recession later package to support UK households It has since slipped to $1.26, but the
of incoming talent in the way that we Goldman Sachs have permitted reloca- this year. battered by climbing energy prices, losses could quickly accelerate to take
would have done previously”. tions to places such as Australia, the UK Sterling has steadied recently as a “may provide some relief but the dam- the pound to parity with the dollar if
But she said in an interview for the and the US. broad dollar rally goes into reverse, but age has been done and the outlook for the Northern Ireland dispute escalates
Financial Times Future of Asset Man- There has been a net departure of remains close to the lowest level since the pound looks grim,” Sharma added. into a trade war with the EU, according
agement Asia conference that she was 136,000 people from the territory this early 2021 against a basket of currencies The BoE’s head start in tightening to Gareth Colesmith, head of global
confident this situation would not last. year so far, equivalent to almost 2 per of the UK’s trading partners. monetary policy has widened the gap in rates and macro research at Insight
“I don’t think those are permanent cent of Hong Kong’s 7mn population. A recent investor survey by Bank of bond yields between the UK and econo- Investment.
conditions,” she said. “What I see at the Visa approvals for foreign professionals America showed the sharpest one- mies including the eurozone, where “It could happen, if the UK govern-
moment are short-term responses to dropped from more than 40,000 in 2019 month drop in sentiment towards ster- interest rates are yet to rise. ment is not bluffing about Northern
the pandemic that will work their way Rachel Lord says foreign workers to below 14,000 in 2021, according to ling in at least a decade, abruptly ending However, that tailwind for sterling is Ireland, and it pulls the plug, and the US
out over the next year.” will return over the coming year government data. a period of relative optimism regarding on course to fade as the European sides with the EU,” Colesmith said.
Tuesday 31 May 2022 ★ FINANCIAL TIMES 11
12 ★ FINANCIAL TIMES Tuesday 31 May 2022
Tuesday 31 May 2022 ★ FINANCIAL TIMES 13

COMPANIES & MARKETS

The day in the markets Private equity

What you need to know
cannot avoid
3 Eurozone stocks rise as traders assess
the bumpy ride
policy direction
High-grade eurozone debt under selling pressure
3 Government bond prices in Europe fall 10-year government bond yields (%)
in wake of inflation data
3 Haven asset US dollar on course for
monthly decline France
2.0
Mohamed El-Erian
European stocks extended their gains
yesterday while government bonds in the
1.5
Markets Insight
region were hit by a fresh bout of selling

D
as traders assessed how far inflationary 1.0
pressures would push the bloc’s central uring a conference of part of most public market portfolios. refinancing of leveraged take-private
bank to tighten monetary policy. investment professionals In contrast to this year’s brutal sell-off transactions. They make the paths back
The pan-regional Stoxx Europe 600 that I recently attended, in stocks and bonds, private equity into the public markets less secure and
0.5
share gauge and Frankfurt’s Xetra Dax several private equity funds valuations have remained robust. the exit valuation less certain.
index finished the day up 0.6 and 0.8 per argued with considerable As often pointed out by their market- They also curtail new investors’
cent, respectively. Germany vigour that this year’s large losses in ers, the conventionally longer holding enthusiasm for buying private equity
Those moves followed upticks in Asian 0 public markets would drive even more period reduces the disruptive influence stakes in the secondary market, putting
markets with Hong Kong’s Hang Seng investors their way. of speculative money looking to get out pressure both on prices and volumes.
index and Tokyo’s Topix rising 2.1 and 1.9 They were confident that their asset quickly. As does the fact that private The worsening global economic out-
per cent, respectively. class would avoid the reckoning that equity investments are usually focused look is also a problem. Downturns rob
-0.5
The FTSE All-World index rose 0.7 per stocks and bonds have been exposed to on single assets as opposed to indices, companies of actual and prospective
cent, having snapped a seven-week Jan 2022 May this year because they were structurally limiting the scope for contagion. revenues, leading to faster burning of
losing streak on Friday. Source: Refinitiv
immunised against disruptive changes Such factors fuel expectations of an cash reserves, increased debt burdens
This was driven by the best in the investment landscape. acceleration of what already has been a relative to equity and capital erosion.
performance for Wall Street’s benchmark I fear that this may prove to be too considerable multiyear increase in the There are two additional risks that are
S&P 500 since November 2020 after fell. The pressure on the debt instrument percentage point interest rate rises in much bravado and misplaced strategic allocation of investment flows, specific to private equity in the period
softening economic data encouraged came as the preliminary German inflation July and September would be its self-confidence. ahead. First, that one of its oft-cited
investors that the US Federal Reserve reading for May came in higher than “benchmark pace”. Both the real economy and the finan- structural strengths — that of illiquidity
could slow its tightening of monetary analysts’ expectations. The US dollar, typically perceived as a cial system have entered a phase that is What lies ahead is a world that damps unfavourable price
policy. US markets were closed yesterday “Inflation in the eurozone’s largest haven asset and up almost 6 per cent this uncertain and destabilising for private in which the cost of money volatility — turns into a weakness; and
for a holiday. economy is still taking no prisoners,” year in comparison with peer currencies, as well as public market investors. second, that financial regulators and
The equity moves also came as China’s Claus Vistesen, chief eurozone economist was on course for a monthly fall in May. As noted recently in the Financial will be higher and financial supervisors pay a lot more attention to
authorities signalled the easing of some at Pantheon Macroeconomics, wrote in a The US Dollar index, which measures it Times by Katie Martin, “adherents to flows more selective conduct in private markets.
pandemic restrictions on business note. “The pressure on the ECB over the against a basket of six currencies, was the classic portfolio split — 60 per cent Private equity is just as likely to expe-
activity in Shanghai with European summer is only going one way: up.” down 0.3 per cent yesterday. stocks and 40 per cent bonds — have not rience a shift in operating paradigm this
consumer businesses making some of the Yields for French and Italian 10-year International oil benchmark Brent had it so bad in half a century”. and not just from public pension funds, year as the public markets are undergo-
largest gains. bonds rose by 8bp and 10bp, respectively. crude rose higher than $120 a barrel for Both equities, usually dubbed as risk foundations, endowments and sover- ing — from a seller’s to a buyer’s market.
In government bond markets, Bonds were hit by selling even as Philip the first time since March as EU members assets and the “risk-free” alternatives of eign wealth institutions. Indeed, both are in the process of
Germany’s 10-year Bund yield rose 9 Lane, chief economist of the European continued to debate an embargo on government bonds have experienced Private equity fans also expect the exiting from a world of massive and
basis points to 1.06 per cent as its price Central Bank, said that gradual quarter- Russian supplies. Ian Johnston large losses this year. asset class to get a boost from continuing predictable central bank liquidity injec-
In the traditional correlation between efforts to make private equity more tions that over-facilitated a seemingly
such assets, if stocks sold off, govern- accessible for retail money. endless flow of money into a smaller set
Markets update ment bonds rose. That correlation Such optimism about the robustness of investment opportunities.
has broken down as all these assets of the asset class may, however, be What lies ahead is a world in which
(understandably) suffered from excessive. Private equity valuations are the cost of money will be higher and
worries about higher interest rates and updated much less regularly than for financial flows more selective as they
US Eurozone Japan UK China Brazil tightening financial conditions. public investments. become less ample.
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa While the last couple of weeks have Indeed historically, revaluations have With time, genuinely attractive value
Level 4158.24( c) 1749.88 27369.43 7600.06 3149.06 112249.21 seen some reversion to the more tended to lag behind public markets by will be restored to private and public
% change on day - 0.57 2.19 0.19 0.60 0.27 traditional correlation, that is not with- a minimum of six to nine months. More- markets. The process of doing so,
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ out its own problems. The reason is over, several of the factors that have however, is likely to be as bumpy.
Level 101.536 1.078 127.635 1.265 6.663 4.738 increasing concern about global growth recently undermined the public mar-
% change on day -0.130 0.654 0.401 0.317 -0.689 0.142 and corporate earnings. kets are worrisome for private equity. Mohamed El-Erian is president of Queens’
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond They point to further volatility for Higher interest rates and tightening College, Cambridge, and an adviser to
Yield 2.743( c) 1.052 0.229 1.986 2.762 12.026 equities which constitute the largest financial conditions will complicate the Allianz and Gramercy
Basis point change on day - 9.200 0.380 7.100 2.600 4.300
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 433.43 116.49 115.92 1851.80 22.28 4553.10
% change on day 0.63 -1.84 1.23 0.19 1.78 1.43
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4800 1840 7680

4480 1760 7520

4160 1680 7360

| | | | | | | | |
3840 || | | | | | | | | | | | | | | | || | 1600 || | | | | | | | | | | | | | | | || | 7200 | | | | | | | | | | |

Mar 2022 May Mar 2022 May Mar 2022 May

Biggest movers
% US Eurozone UK
Occidental Petroleum 144.98 Coloplast 5.51 Melrose Industries 5.16
EQT Corp 124.02 Novozymes 5.40 Jd Sports Fashion 3.79
Ups

Helmerich & Payne INC 121.02 Volkswagen 4.31 Ocado 3.75

Coterra Energy 94.9 Hermes Intl 4.17 Rs 3.65
Marathon Oil 90.5 Novo Nordisk 3.95 Int Consolidated Airlines S.a. 3.49
%
Nektar Therapeutics -73.9 Oci -3.22 Airtel Africa -5.07
Netflix INC -67.6 Deutsche Boerse -2.35 British American Tobacco -2.66
Downs

Align Techology -56.7

-56.6 Sanofi -2.05 Imperial Brands -1.53
Paypal Holdings -54.8 Iberdrola -1.72 Aviva -1.41
Under Armour INC -51.2 Edf -1.70 Astrazeneca -1.06
YTD Change to Last Close Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.

Europe London
News of a large plane order pushed PXT3003, its experimental drug for Brentwood’s Countryside Partnerships
Norwegian Air up sharply. treating Charcot-Marie-Tooth disease, an jumped on news that one of its largest
The low-cost airline said it had reached inherited disorder that causes nerve shareholders wanted to buy the
an agreement in principle with Boeing to damage. housebuilder.
purchase 50 of its 737 Max 8 aircraft. David Horn Solomon, chief executive, US investment group Inclusive Capital,
Norwegian said it intended to finance said this next phase brought the group which already has a 9 per cent stake in
its “outstanding balance of pre-delivery “one step closer to a potential treatment Countryside, announced that it had made
payments through positive cash flow for . . . a debilitating disease which affects a two “confidential” approaches to take
from operating activities”. around 1.5mn people globally”. the property company private.
The deal also included an option for an French healthcare group Sanofi slid Its £2.95-per-share offer, which valued
additional 30 planes. after being informed by the US Food and Countryside at £1.5bn, represented a 24
Chief executive Geir Karlsen said the Drug Administration that its planned per cent premium to Friday’s closing
agreement would help solidify actual use trial for Cialis, its erectile price.
“Norwegian’s financial position”. The dysfunction tablet, had been placed on Countryside replied that both
group emerged from bankruptcy hold “due to matters surrounding the “proposals materially undervalued the
protection late last summer after protocol design”, it said. company and its prospects” and “strongly
struggling with the fallout from the The Paris-based multinational said it advised” its shareholders to take no
pandemic. would work with the regulator to move action.
The announcement of another order the “Cialis programme forward”. Clothing group Ted Baker rallied after a
lifted German group Siemens. Spain’s Cellnex sank following a report Sky News report that said Reebok owner
Alongside its consortium partners late last week that stated that the Authentic Brands was a preferred bidder
Orascom Construction and The Arab wireless telecom business was and considering an offer of £1.50 per
Contractors, it finalised a contract with considering teaming up with Brookfield share, which was more than 10 per cent
the Egyptian National Authority for Asset Management on a bid for Deutsche higher than Friday’s closing price.
Tunnels to create the sixth largest high- Telekom’s tower division. Danni Hewson, financial analyst at AJ
speed rail system. Bloomberg said a possible deal could Bell, noted that “the deal said to be on
The group subsidiary’s share of the value the towers business at around the table values the business at a fraction
combined contract was worth €8.1bn in €20bn including debt. of what it was worth this time three years
what was “the biggest order in the history Belgium’s TheraVet, which specialises ago”. Back in early 2018, the retailer was
of Siemens”, said Roland Busch, chief in treating bone diseases in pets, rallied above £2.20.
executive. on signing an exclusive distribution “A bargain or a steal, that’s the
French biopharma group Pharnext agreement with Spain’s Nuzoa, a question shareholders will have to wrestle
climbed on announcing the enrolment of distributor of veterinary products and with, if and when a deal does finally
387 patients for its phase 3 study of services. Ray Douglas materialise,” said Hewson. Ray Douglas
14 ★ FINANCIAL TIMES Tuesday 31 May 2022

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

2.47% 3.33% 1.76% 0.19% 0.57% 2.19% 2.06% 0.66% 0.654% 0.317% 0.401% 0.353% 0.56% 0.19%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 01 - - Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World May 01 - May 30 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
7,600.06 14,575.98 27,369.43 2,695.05
4,131.93 4,158.24 21,121.06 7,509.19 26,590.78 2,669.66
20,824.00 14,097.88

Day 2.47% Month -0.61% Year -1.02% Day 0.87% Month 0.80% Year 5.42% Day 0.19% Month 0.75% Year 8.24% Day 0.79% Month 4.25% Year NaN% Day 2.19% Month 1.98% Year -6.07% Day 1.20% Month -0.94% Year -16.28%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
52,374.88 8,930.80 3,322.05
12,871.53 51,417.97 1,763.38 1,749.88 8,584.20 21,089.39 21,123.93
12,131.13 3,238.92

Day 3.33% Month -2.86% Year -11.69% Day 0.14% Month 2.19% Year 5.01% Day 0.57% Month -0.76% Year 1.26% Day -0.03% Month 4.04% Year -3.18% Day 2.06% Month 0.12% Year -27.50% Day 0.26% Month -3.37% Year 2.05%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
112,249.21 24,808.65 3,149.06
33,916.39 6,533.77 6,562.39 24,252.16 57,521.06
33,212.96 107,876.16 55,925.74
2,886.43

Day 1.76% Month -0.27% Year -3.63% Day -0.90% Month 2.83% Year -11.65% Day 0.72% Month 0.44% Year 1.21% Day 0.70% Month 2.29% Year -1.43% Day 0.60% Month 3.35% Year -12.55% Day 1.90% Month -1.95% Year 8.80%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 93433.91 93683.29 Cyprus
CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 27091.39 26875.59 Philippines Manila Comp 6822.32 6726.14 Taiwan Weighted Pr 16610.62 16266.22 Cross-Border DJ Global Titans ($) 457.70 456.18
Australia All Ordinaries 7522.60 7413.10 Czech Republic
PX 1320.25 1310.33 FTSE Italia Mid Cap 43415.78 42725.35 Poland Wig 57794.90 56609.87 Thailand Bangkok SET 1653.61 1638.75 Euro Stoxx 50 (Eur) 3843.77 3808.86
S&P/ASX 200 7286.60 7182.70 Denmark
OMXC Copenahgen 20 1707.72 1639.58 FTSE MIB 24808.65 24636.26 Portugal PSI 20 6294.98 6240.72 Turkey BIST 100 2532.04 2438.84 Euronext 100 ID 1251.21 1242.37
S&P/ASX 200 Res 5895.30 5785.00 Egypt
EGX 30 10086.72 10200.56 Japan 2nd Section 7228.27 7239.06 PSI General 4628.77 4600.43 UAE Abu Dhabi General Index 8333.19 8358.50 FTSE 4Good Global ($) 10197.28 10161.19
Austria ATX 3361.63 3343.91 Estonia
OMX Tallinn 1835.34 1827.96 Nikkei 225 27369.43 26781.68 Romania BET Index 12460.05 12391.31 UK FT 30 2589.50 2569.70 FTSE All World ($) 433.57 430.73
Belgium BEL 20 3947.73 3945.31 Finland
OMX Helsinki General 11252.99 11229.08 S&P Topix 150 1660.19 1628.31 Russia Micex Index 2436.57 2445.30 FTSE 100 7600.06 7585.46 FTSE E300 1749.88 1740.02
BEL Mid 10040.58 10000.03 France
CAC 40 6562.39 6515.75 Topix 1922.44 1887.30 RTX 1245.71 1212.57 FTSE 4Good UK 6936.48 6914.83 FTSE Eurotop 100 3395.41 3378.84
Brazil IBovespa 110928.77 111941.68 SBF 120 5096.70 5062.63 Jordan Amman SE 2455.60 2468.26 Saudi-Arabia TADAWUL All Share Index 12689.01 12530.34 FTSE All Share 4202.96 4190.21 FTSE Global 100 ($) 2668.82 2660.31
Canada S&P/TSX 60 1266.29 1255.40 Germany M-DAX 30188.02 29749.55 Kenya NSE 20 1687.81 1678.69 Singapore FTSE Straits Times 3238.92 3230.55 FTSE techMARK 100 6193.07 6161.62 FTSE Gold Min ($) 2044.69 2043.01
S&P/TSX Comp 20929.20 20748.58 TecDAX 3226.97 3178.93 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 359.70 365.43 USA DJ Composite 11311.46 11112.01 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 1658.54 1627.17 XETRA Dax 14575.98 14462.19 Latvia OMX Riga 1042.66 1027.09 Slovenia SBI TOP - - DJ Industrial 33212.96 32637.19 FTSE Multinationals ($) 2815.95 2750.01
Chile S&P/CLX IGPA Gen 28690.94 28595.47 Greece Athens Gen 891.00 891.41 Lithuania OMX Vilnius 920.66 917.80 South Africa FTSE/JSE All Share 71958.15 70485.46 DJ Transport 14444.66 14141.67 FTSE World ($) 785.84 781.45
China FTSE A200 10659.66 10588.09 FTSE/ASE 20 2156.42 2154.32 Luxembourg LuxX 1700.87 1689.38 FTSE/JSE Res 20 78038.43 76948.22 DJ Utilities 1035.30 1022.04 FTSEurofirst 100 (Eur) 4614.44 4598.81
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 21123.93 20697.36 Malaysia FTSE Bursa KLCI 1543.02 1546.76 FTSE/JSE Top 40 65335.09 63882.81 Nasdaq 100 12681.42 12276.79 FTSEurofirst 80 (Eur) 5315.94 5273.92
Shanghai A 3299.85 3280.26 HS China Enterprise 7255.13 7082.38 Mexico IPC 52536.10 52463.55 South Korea Kospi 2669.66 2638.05 Nasdaq Cmp 12131.13 11740.65 MSCI ACWI Fr ($) 652.84 639.30
Shanghai B 308.09 305.23 HSCC Red Chip 3905.41 3879.00 Morocco MASI 12334.93 12411.50 Kospi 200 352.49 348.04 NYSE Comp 15942.62 15664.00 MSCI All World ($) 2802.59 2743.96
Shanghai Comp 3149.06 3130.24 Hungary Bux 38751.18 38644.57 Netherlands AEX 708.34 702.28 Spain IBEX 35 8930.80 8933.60 S&P 500 4158.24 4057.84 MSCI Europe (Eur) 1780.44 1759.09
Shenzhen A 2067.12 2045.29 India BSE Sensex 55925.74 54884.66 AEX All Share 974.06 964.37 Sri Lanka CSE All Share 8231.33 8315.55 Wilshire 5000 41391.27 40347.97 MSCI Pacific ($) 2754.16 2723.55
Shenzhen B 1105.29 1098.62 Nifty 500 14154.80 13873.15 New Zealand NZX 50 11145.50 11065.15 Sweden OMX Stockholm 30 2075.28 2058.10 Venezuela IBC 6149.60 6046.88 S&P Euro (Eur) 1778.23 1763.71
Colombia COLCAP 1261.61 1260.21 Indonesia Jakarta Comp 7037.57 7026.26 Nigeria SE All Share 54085.30 53151.32 OMX Stockholm AS 845.69 836.88 Vietnam VNI 1293.92 1285.45 S&P Europe 350 (Eur) 1800.47 1789.74
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7424.41 7344.75 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 11736.26 11647.17 S&P Global 1200 ($) 3119.84 3103.89
Israel Tel Aviv 125 1939.07 1890.69 Pakistan KSE 100 43040.14 42861.45 Stoxx 50 (Eur) 3689.38 3674.51
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO May 30 %Chg %Chg May 30 %Chg %Chg May 30 %Chg %Chg May 30 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Tesla 226.1 759.63 51.90 Shell 345.8 2374.00 -6.00 Nestle N 274.9 113.31 0.37 Nippon Yusen Kabushiki Kaisha 1497.8 10930.00 -380.00 Ocado 935.20 19.3 - Pets At Home 345.00 22.3 - Cineworld 28.25 20.4 -11.7 Automobiles & Parts 2233.08 8.0 -
Nvidia 138.9 188.11 9.60 Bp 281.8 433.50 2.85 Asml Holding 274.9 558.10 16.80 Kawasaki Kisen Kaisha, 1246.1 10610.00 -140.00 Melrose Industries 135.65 11.6 -13.2 Countryside Partnerships 283.00 17.9 -37.2 Superdry 174.60 17.7 - Industrial Transportation 3296.81 6.1 -
Apple 136.1 149.64 5.86 Vodafone 216.7 129.32 -0.82 Roche Gs 272.4 320.39 0.87 Sony 1005.2 11995.00 570.00 Scottish Mortgage Investment Trust 818.80 10.5 - Ssp 277.90 17.9 12.9 Made.com 61.00 15.1 - Personal Goods 28705.78 5.5 -
Amazon.com 107.8 2302.93 81.38 Barclays 112.3 171.22 0.84 Novartis N 241.1 84.62 0.21 Tokyo Electron 962.4 59750.00 630.00 Intermediate Capital 1612.00 10.3 - Firstgroup 133.30 15.4 28.0 Forterra 275.00 12.9 2.0 Health Care Equip.& Services 8876.49 5.1 7.5
Advanced Micro Devices 106.7 102.26 3.51 Astrazeneca 109.2 10468.00 -112.00 Novo Nordisk B A/s 193.2 103.53 4.25 Keyence 863.2 51640.00 2590.00 Barclays 171.22 8.5 -9.3 Serco 175.30 14.7 28.6 Bank Of Georgia 1590.00 11.3 -2.2 Banks 3313.52 5.1 8.8
Microsoft 73.5 273.24 7.34 Hsbc Holdings 102.4 528.60 -3.80 Lvmh 191.3 610.90 17.50 Toyota Motor 863.1 2126.50 42.50 B&m Eur Value Retail S.a. 458.70 8.4 - Volution 409.50 14.7 -26.5 Dfs Furniture 182.60 10.7 - Electronic & Electrical Equip. 9386.36 4.9 -
Meta Platforms 44.0 195.13 3.50 British American Tobacco 94.7 3456.00 -94.50 Intesa Sanpaolo 173.8 2.06 0.01 Softbank . 849.9 5358.00 17.00 Ashtead 4237.00 8.2 - Baltic Classifieds 150.00 14.0 - S&U 2445.00 10.1 - Household Goods 13488.27 4.5 -
Alphabet 42.6 2246.33 90.48 Glencore 88.4 526.50 0.30 Unicredit 168.0 10.92 0.10 Nippon Telegraph And Telephone 709.8 3989.00 -7.00 Next 6614.00 7.9 - Baillie Gifford Us Growth Trust 175.80 13.4 - Videndum 1310.00 8.4 -8.7 General Industrials 6297.03 4.3 -
Alphabet 33.8 2255.98 90.06 Lloyds Banking 79.3 45.14 -0.10 Ubs N 157.2 17.72 0.30 Nintendo Co., 549.2 58330.00 1630.00 Associated British Foods 1747.50 7.3 - Marks And Spencer 152.30 11.6 - Tt Electronics 200.00 8.3 - Travel & Leisure 6814.41 4.1 -
Costco Wholesale 26.9 470.76 5.77 Glaxosmithkline 74.2 1728.00 -5.20 Richemont N 156.5 103.57 2.95 Mitsui O.s.k.lines, 462.4 3565.00 -115.00 Rolls-royce Holdings 88.99 7.0 - Auction Technology 1070.00 11.5 - Wickes 203.80 8.2 - Construction & Materials 7158.56 4.1 -
Halma 2305.00 6.5 - Syncona 202.00 11.0 -5.6 Artemis Alpha Trust 324.00 8.0 -19.2 Industrial Engineering 13879.23 3.8 -
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Smurfit Kappa 3291.00 6.3 - Morgan Sindall 2120.00 10.8 -15.2 Treatt 900.00 7.9 - Real Estate & Investment Servic 2665.50 3.8 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Ulta Beauty 425.08 47.12 12.47 Countryside Partnerships 283.00 44.40 18.61 Vestas Wind Systems A/s 24.15 1.56 6.89 Recruit Hldgs Co Ltd 4694.00 294.00 6.68 Harbour Energy 378.90 -15.2 8.5 Drax 660.00 -18.7 7.8 Hostmore 41.70 -18.2 - Electricity 10862.40 -9.2 7.7
Autodesk 211.38 19.75 10.31 Aston Martin Lagonda Global Holdings 737.60 54.40 7.96 Sartorius Ag Vzo O.n. 372.50 18.30 5.17 Yaskawa Electric 4470.00 275.00 6.56 Sse 1765.00 -7.9 6.7 Integrafin Holdings 293.40 -18.0 - Enquest 29.10 -16.9 55.2 Gas Water & Multiutilities index 6293.98 -6.1 5.7
Tesla 759.63 51.90 7.33 Dr. Martens 222.80 13.60 6.50 Dsv A/s 153.85 6.92 4.71 Daikin Industries, 20640.00 1265.00 6.53 United Utilities 1047.00 -7.3 -4.3 Centrica 77.44 -13.6 8.5 De La Rue 94.00 -16.4 - Mining 10581.26 -2.4 -
Constellation Energy 66.60 4.13 6.61 Baltic Classifieds 150.00 9.00 6.38 Atlas Copco Ab Ser. B 9.28 0.40 4.45 Omron 7425.00 386.00 5.48 Severn Trent 2967.00 -5.5 0.2 Hilton Food 1114.00 -8.5 -2.9 Slf Realisation Fund 7.61 -15.4 - Pharmaceuticals & Biotech. 21184.21 -1.8 12.8
Perkinelmer 156.18 9.53 6.50 Baillie Gifford Us Growth Trust 175.80 9.20 5.52 Volkswagen Ag St O.n. 205.60 8.50 4.31 Cyberagent,. 1402.00 72.00 5.41 Itv 70.44 -5.3 - Petrofac 144.90 -7.9 28.2 On The Beach 208.00 -13.5 - Media 8977.39 -1.2 -8.1
National Grid 1162.50 -5.1 7.7 Johnson Matthey 2131.00 -7.5 2.6 Icg-longbow Senior Secured Uk Property Debt Investments 61.75 -9.9 - Tobacco 36055.88 -1.2 23.1
Downs Downs Downs Downs
Endeavour Mining 1808.00 -3.7 11.6 Pennon 1029.00 -5.9 -12.5 Goodwin 3035.00 -9.4 -6.0 Food & Drug Retailers 3873.11 -0.9 -
Bristol-myers Squibb Co 76.14 -1.45 -1.87 Airtel Africa 151.80 -8.10 -5.07 Orsted A/s Dk 10 14.10 -0.34 -2.38 Nippon Yusen Kabushiki Kaisha 10930.00 -380.00 -3.36
Dcc 5610.00 -3.5 -7.9 Greencoat Uk Wind 150.20 -5.6 6.1 Seraphim Space Investment Trust 79.85 -9.3 - Chemicals 12747.01 -0.1 -
Cf Industries Holding 95.72 -0.99 -1.02 British American Tobacco 3456.00 -94.50 -2.66 Sanofi 100.28 -2.10 -2.05 Mitsui O.s.k.lines, 3565.00 -115.00 -3.13
Wpp 933.60 -3.3 - Coats 68.30 -5.3 -1.4 Headlam 323.00 -9.0 - Oil & Gas Producers 8054.49 -0.1 40.8
Philip Morris Int 106.97 -1.10 -1.02 Helios Towers 113.90 -3.10 -2.65 Iberdrola 11.11 -0.20 -1.73 Tokyo Electric Power ,orporated 486.00 -14.00 -2.80
Glaxosmithkline 1728.00 -3.0 6.8 Xp Power 3280.00 -4.5 - Lsl Property Services 330.00 -8.3 - Nonlife Insurance 3072.46 0.2 -6.5
Citigroup 53.62 -0.47 -0.87 Uk Commercial Property Reit 86.40 -1.90 -2.15 Edf 8.30 -0.14 -1.71 J.front Retailing Co., 1044.00 -26.00 -2.43
Hikma Pharmaceuticals 1707.00 -2.9 - Centamin 82.08 -4.4 -6.4 Wanton 386.50 -7.1 7.4 Beverages 27928.08 0.4 -
Zimmer Biomet Holdings 119.83 -0.82 -0.68 Qinetiq 361.20 -7.80 -2.11 Engie 12.51 -0.19 -1.53 Ntn 262.00 -6.00 -2.24
Reckitt Benckiser 6120.00 -2.2 -3.8 Bmo Commercial Property Trust 117.40 -4.2 11.5 Fisher (james) & Sons 363.50 -6.7 0.0 Aerospace & Defense 4716.68 1.2 12.9
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
May 30 Currency Mid Change Mid Change Mid Change May 30 Currency Mid Change Mid Change Mid Change May 30 Currency Mid Change Mid Change Mid Change May 30 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 120.0135 0.4495 129.3681 1.3155 151.7621 0.9384 Indonesia Indonesian Rupiah 14558.5000 -18.5000 15693.2903 81.3653 18409.8662 21.7332 Poland Polish Zloty 4.2531 -0.0158 4.5846 0.0126 5.3782 -0.0068 ..Three Month 0.7909 -0.0019 0.8521 0.0034 - -
Australia Australian Dollar 1.3898 -0.0087 1.4981 0.0003 1.7574 -0.0067 Israel Israeli Shekel 3.3397 -0.0052 3.6000 0.0176 4.2231 0.0038 Romania Romanian Leu 4.5872 -0.0276 4.9448 0.0023 5.8008 -0.0206 ..One Year 0.7915 -0.0019 0.8509 0.0034 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4064 0.0026 0.4767 0.0012 Japan Japanese Yen 127.6350 0.5100 137.5837 1.4333 161.3999 1.0383 Russia Russian Ruble 64.6500 -2.9500 69.6892 -2.7101 81.7527 -3.5212 United States United States Dollar - - 1.0779 0.0069 1.2645 0.0031
Bolivia Bolivian Boliviano 6.9100 - 7.4486 0.0480 8.7380 0.0214 ..One Month 127.6348 0.5097 137.5837 1.4333 161.3997 1.0380 Saudi Arabia Saudi Riyal 3.7509 -0.0001 4.0433 0.0260 4.7432 0.0115 ..One Month - - 1.0778 -0.1835 1.2646 0.0031
Brazil Brazilian Real 4.7376 0.0067 5.1069 0.0401 5.9909 0.0231 ..Three Month 127.6344 0.5089 137.5838 1.4334 161.3992 1.0371 Singapore Singapore Dollar 1.3666 -0.0035 1.4731 0.0058 1.7281 -0.0001 ..Three Month - - 1.0774 -0.1835 1.2646 0.0031
Canada Canadian Dollar 1.2658 -0.0102 1.3644 -0.0021 1.6006 -0.0089 ..One Year 127.6314 0.5029 137.5829 1.4319 161.3997 1.0346 South Africa South African Rand 15.4988 -0.0675 16.7068 0.0354 19.5988 -0.0372 ..One Year - - 1.0754 -0.1835 1.2652 0.0031
Chile Chilean Peso 826.5500 3.9850 890.9765 10.0124 1045.2074 7.5847 Kenya Kenyan Shilling 116.7000 - 125.7963 0.8111 147.5721 0.3611 South Korea South Korean Won 1238.6500 -17.6000 1335.1983 -10.2409 1566.3253 -18.3684 Vietnam Vietnamese Dong 23180.0000 -17.5000 24986.8195 142.3459 29312.1036 49.6634
China Chinese Yuan 6.6635 -0.0462 7.1828 -0.0032 8.4262 -0.0377 Kuwait Kuwaiti Dinar 0.3059 0.0001 0.3297 0.0022 0.3868 0.0011 Sweden Swedish Krona 9.7465 -0.1030 10.5061 -0.0426 12.3248 -0.0998 European Union Euro 0.9277 -0.0060 - - 1.1731 -0.0047
Colombia Colombian Peso 3933.8750 24.8750 4240.5062 53.9815 4974.5527 43.5522 Malaysia Malaysian Ringgit 4.3662 -0.0128 4.7066 0.0167 5.5213 -0.0026 Switzerland Swiss Franc 0.9576 0.0007 1.0322 0.0074 1.2109 0.0038 ..One Month 0.9275 -0.0060 - - 1.1730 -0.0047
Costa Rica Costa Rican Colon 680.4600 0.6500 733.4994 5.4253 860.4704 2.9257 Mexico Mexican Peso 19.4890 -0.0980 21.0081 0.0305 24.6447 -0.0633 Taiwan New Taiwan Dollar 29.1255 -0.2185 31.3957 -0.0316 36.8304 -0.1855 ..Three Month 0.9271 -0.0060 - - 1.1727 -0.0047
Czech Republic Czech Koruna 22.9292 -0.1320 24.7164 0.0180 28.9949 -0.0955 New Zealand New Zealand Dollar 1.5257 -0.0050 1.6446 0.0052 1.9293 -0.0016 Thailand Thai Baht 34.0800 -0.0875 36.7364 0.1431 43.0956 -0.0049 ..One Year 0.9252 -0.0061 - - 1.1716 -0.0047
Denmark Danish Krone 6.9013 -0.0441 7.4392 0.0008 8.7269 -0.0342 Nigeria Nigerian Naira 415.0000 - 447.3477 2.8842 524.7850 1.2843 Tunisia Tunisian Dinar 3.0614 -0.0138 3.3000 0.0065 3.8713 -0.0079
Egypt Egyptian Pound 18.6032 0.0299 20.0533 0.1613 23.5245 0.0953 Norway Norwegian Krone 9.3946 -0.1014 10.1269 -0.0433 11.8799 -0.0988 Turkey Turkish Lira 16.3900 0.1447 17.6675 0.2689 20.7258 0.2333
Hong Kong Hong Kong Dollar 7.8483 -0.0009 8.4601 0.0536 9.9246 0.0232 Pakistan Pakistani Rupee 198.7250 -0.5250 214.2149 0.8189 251.2962 -0.0473 United Arab Emirates UAE Dirham 3.6731 - 3.9594 0.0255 4.6447 0.0114
Hungary Hungarian Forint 364.5346 -3.1592 392.9487 -0.8500 460.9694 -2.8571 Peru Peruvian Nuevo Sol 3.6750 0.0136 3.9615 0.0401 4.6472 0.0285 United Kingdom Pound Sterling 0.7908 -0.0019 0.8524 0.0034 - -
India Indian Rupee 77.5425 -0.0312 83.5867 0.5054 98.0558 0.2005 Philippines Philippine Peso 52.3150 -0.0100 56.3928 0.3529 66.1545 0.1493 ..One Month 0.7908 -0.0019 0.8523 0.0034 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries May 30 May 27 May 26 May 25 May 24 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2589.50 2569.70 2555.30 2506.40 2486.50 0.00 2880.10 2300.60 Oil & Gas Producers 40.66 FTSE 100 Index 2.92 Household Goods & Ho -14.11 FTSE 100 Price Change FTSE 100 Price Change
May 30 chge% Index May 27 May 26 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Oil & Gas 40.58 NON FINANCIALS Index 1.34 Equity Invest Instr -14.87 3I Group PLC 1296 13.50 Itv PLC 70.44 -0.20
FTSE 100 (100) 7600.06 0.19 6954.90 7585.46 7564.92 7022.61 3.42 1.94 15.09 128.97 7658.95 P/E Ratio net - - - - - 0.00 19.44 14.26 Oil Equipment & Serv 33.25 Beverages 31.66 Construct & Material -15.20 Abrdn PLC 198.45 2.30 Jd Sports Fashion PLC 124.50 4.55
FTSE 250 (251) 20546.89 0.86 18802.70 20372.52 20248.74 22683.95 2.50 2.67 14.98 233.09 16822.07 FT 30 hourly changes Mining 23.50 FTSE All{HY-}Share Index -0.12 Industrials -15.49 Admiral Group PLC 2229 -9.00 Kingfisher PLC 265.30 -0.40
FTSE 250 ex Inv Co (179) 21296.45 0.85 19488.64 21116.00 21020.62 23716.28 2.51 1.24 32.04 250.21 17782.57 8 9 10 11 12 13 14 15 16 High Low Tobacco 23.10 Consumer Goods -5.14 Real Est Invest & Se -17.33 Airtel Africa PLC 151.80 -8.10 Land Securities Group PLC 772.60 -2.00
FTSE 350 (351) 4237.75 0.29 3878.01 4225.30 4211.67 4032.98 3.27 2.03 15.08 68.20 8478.01 2569.7 2597.3 2599.2 2595.9 2588.1 2592.5 2589.8 2590.3 2592.4 2605.4 2569.7 Basic Materials 15.35 Travel & Leisure -5.42 Food & Drug Retailer -20.22 Anglo American PLC 3850 47.00 Legal & General Group PLC 265.10 2.90
FTSE 350 ex Investment Trusts (277) 4171.32 0.25 3817.23 4160.85 4150.10 3936.47 3.33 1.89 15.86 68.59 4311.77 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mobile Telecomms 13.18 Food Producers -5.94 Software & Comp Serv -20.96 Antofagasta PLC 1518.5 48.50 Lloyds Banking Group PLC 45.14 -0.10
FTSE 350 Higher Yield (114) 3667.94 -0.21 3356.57 3675.79 3682.26 3237.87 4.20 1.72 13.85 73.64 8217.68 Pharmace & Biotech 12.85 Financials -5.97 Technology -21.07 Ashtead Group PLC 4237 117.00 London Stock Exchange Group PLC 7588 30.00
FTSE 350 Lower Yield (237) 4386.50 0.95 4014.13 4345.08 4302.99 4563.64 2.09 2.82 17.01 48.44 5345.88 FT WILSHIRE 5000 INDEX SERIES Aerospace & Defense 12.34 Life Insurance -9.36 Support Services -21.65 Associated British Foods PLC 1747.5 11.50 M&G PLC 221.60 3.70
FTSE SmallCap (249) 6712.47 0.63 6142.66 6670.36 6643.05 7265.54 3.09 2.82 11.47 89.92 11085.99 Health Care 12.31 Media -9.39 Tech Hardware & Eq -22.09 Astrazeneca PLC 10468 -112.00 Meggitt PLC 777.00 -
FTSE SmallCap ex Inv Co (132) 5663.25 0.50 5182.51 5634.97 5616.67 6167.31 2.80 1.85 19.24 66.17 9727.57 May 27 May 27 Telecommunications 11.73 Financial Services -9.56 General Retailers -22.58 Auto Trader Group PLC 590.80 14.00 Melrose Industries PLC 135.65 6.65
FTSE All-Share (600) 4202.96 0.30 3846.18 4190.21 4176.59 4016.13 3.27 2.05 14.94 67.30 8490.93 Banks 8.68 Real Est Invest & Tr -9.93 Industrial Eng -22.93
FT Wilshire 5000 42197.53 FT Wilshire Mid Cap 5667.82 Avast PLC 485.60 7.30 Mondi PLC 1567 6.50
FTSE All-Share ex Inv Co (409) 4101.83 0.26 3753.63 4091.38 4080.76 3880.49 3.32 1.89 15.90 67.14 4304.90 Fixed Line Telecomms 8.37 FTSE SmallCap Index -10.01 Chemicals -23.08
FT Wilshire 2500 5403.69 FT Wilshire Small Cap 5171.17 Aveva Group PLC 2325 52.00 National Grid PLC 1162.5 -1.50
FTSE All-Share ex Multinationals (533) 1183.32 0.66 897.65 1175.60 1169.01 1315.57 3.24 2.56 12.08 17.11 2468.58 Electricity 7.68 Beverages -10.15 Electronic & Elec Eq -23.72
FT Wilshire Mega Cap 5386.26 FT Wilshire Micro Cap 5049.99 Aviva PLC 434.70 -6.20 Natwest Group PLC 228.90 1.70
FTSE Fledgling (77) 12795.17 -0.04 11709.01 12799.78 12782.48 12880.84 2.83 4.96 7.13 147.02 27237.64 Utilities 6.20 Nonlife Insurance -11.25 Industrial Transport -24.60
FT Wilshire Large Cap 5433.30 B&M European Value Retail S.A. 458.70 6.60 Next PLC 6614 74.00
FTSE Fledgling ex Inv Co (30) 17907.99 -0.45 16387.81 17988.80 18025.96 17437.11 2.29 -2.45 -17.80 204.32 37064.33 Gas Water & Multi 5.70 Consumer Services -12.00 Leisure Goods -24.87
Source: Wilshire. Wilshire Advisors LLC (Wilshire) is an investment advisor registered with the SEC. Further Bae Systems PLC 761.60 -5.20 Ocado Group PLC 935.20 33.80
FTSE All-Small (326) 4686.65 0.60 4288.81 4658.91 4640.52 5053.08 3.07 2.93 11.11 62.31 9927.95 Health Care Eq & Srv 4.85 Personal Goods -12.32 Automobiles & Parts -38.45
information is available at https://www.wilshire.com/solutions/indexes . Wilshire® is a registered service Barclays PLC 171.22 0.84 Pearson PLC 753.60 10.80
FTSE All-Small ex Inv Co (162) 4268.04 0.47 3905.74 4248.17 4235.19 4628.33 2.78 1.73 20.77 49.84 9285.06 FTSE 250 Index -12.49 Industrial Metals & -76.07
mark. Copyright ©2022 Wilshire. All rights reserved. Barratt Developments PLC 514.00 10.40 Pershing Square Holdings LTD 2615 60.00
FTSE AIM All-Share (766) 974.21 0.62 891.51 968.25 958.00 1256.11 1.24 1.45 55.51 5.04 1134.36
Berkeley Group Holdings (The) PLC 4289 54.00 Persimmon PLC 2254 17.00
FTSE All-Share Technology (22) 1864.09 1.38 1625.51 1838.66 1824.96 2218.31 1.94 0.67 77.66 22.76 2675.85
BP PLC 433.50 2.85 Phoenix Group Holdings PLC 651.80 5.60
FTSE All-Share Telecommunications (6) 2058.80 -0.65 1795.29 2072.34 2088.28 2009.72 4.41 1.22 18.55 0.76 2978.95 FTSE GLOBAL EQUITY INDEX SERIES British American Tobacco PLC 3456 -94.50 Prudential PLC 1051 21.00
FTSE All-Share Health Care (13) 14816.07 -0.58 12919.76 14902.40 14929.08 12058.75 2.69 0.76 49.13 233.48 13587.05
May 30 No of US $ Day Mth YTD Total
YTD Gr Div May 30 No of US $ Day Mth YTD Total YTD Gr Div British Land Company PLC 527.00 0.80 Reckitt Benckiser Group PLC 6120 2.00
FTSE All-Share Financials (257) 4673.16 0.43 4075.04 4652.93 4597.37 4892.65 3.40 3.21 9.17 91.92 5117.68
Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Bt Group PLC 183.95 -0.30 Relx PLC 2291 8.00
FTSE All-Share Real Estate (52) 1104.18 0.58 1007.26 1097.86 1093.02 1083.83 2.86 5.31 6.58 13.51 1139.72
FTSE Global All Cap 9446 733.20 2.1 -0.1 -13.4
-12.6 1162.23
2.1 Oil Equipment & Services 23 306.33 1.4 1.4 30.9 555.36 33.1 3.8 Bunzl PLC 2858 - Rentokil Initial PLC 513.40 4.20
FTSE All-Share Consumer Discretionary (91) 4796.97 1.18 4183.01 4741.16 4712.29 5518.95 1.90 0.85 61.89 48.98 5020.98
FTSE Global All Cap 9446 733.20 2.1 -0.1 -13.4
-12.6 1162.23
2.1 Basic Materials 372 660.99 1.9 1.9 -1.7 1189.80 0.2 4.3 Burberry Group PLC 1705 34.50 Rightmove PLC 597.60 1.80
FTSE All-Share Consumer Staples (25)19012.06 -0.28 16578.70 19065.95 19096.07 19035.97 3.99 1.64 15.28 302.31 17089.07
FTSE Global Large Cap 1879 654.40 2.1 -0.2 -13.8
-12.9 1069.26
2.1 Chemicals 181 889.13 1.9 1.9 -8.2 1549.92 -7.0 2.5 Coca-Cola Hbc AG 1772.5 17.00 Rio Tinto PLC 5735 33.00
FTSE All-Share Industrials (88) 6267.97 0.94 5465.73 6209.36 6135.06 6662.93 2.08 1.53 31.33 71.86 7179.08
FTSE Global Mid Cap 2249 954.52 2.0 0.3 -11.0
-10.2 1423.10
2.2 Forestry & Paper 20 306.98 0.8 0.8 0.6 614.49 3.0 3.3 Compass Group PLC 1799.5 - Rolls-Royce Holdings PLC 88.99 2.08
FTSE All-Share Basic Materials (22) 9478.73 0.66 8265.55 9416.92 9319.47 8427.42 5.66 2.24 7.90 285.22 12526.29
FTSE Global Small Cap 5318 978.54 2.0 -0.1 -14.5
-13.8 1395.75
1.9 Industrial Metals & Mining 94 533.74 2.2 2.2 -3.5 993.05 -1.3 6.9 Crh PLC 3322.5 33.50 Royal Mail PLC 328.90 7.90
FTSE All-Share Energy (14) 8338.27 0.01 7271.05 8337.17 8430.84 5086.50 3.09 2.15 15.01 140.29 9945.25
FTSE All-World 4128 430.73 2.1 -0.1 -13.3
-12.5 723.04
2.2 Mining 77 1034.65 1.8 1.8 11.2 1948.52 14.0 5.6 Croda International PLC 6978 96.00 Rs Group PLC 966.50 34.00
FTSE All-Share Utilities (10) 9226.51 0.29 8045.61 9199.70 9344.33 7678.63 3.92 0.75 33.85 38.37 13552.98
FTSE World 2674 781.45 2.1 0.0 -13.0
-12.1 2.1 Industrials
1761.04 779 500.83 2.0 2.0 -16.6 791.40 -15.8 1.9 Dcc PLC 5610 -6.00 Sage Group PLC 676.00 3.00
FTSE All-Share Software and Computer Services (20) 2005.39 1.43 1748.72 1977.15 1963.83 2389.25 1.94 0.65 79.38 24.90 3045.97
FTSE Global All Cap ex UNITED KINGDOM In 9151 773.60 2.1 -0.3 -13.7
-12.9 1203.06
2.1 Construction & Materials 146 593.01 1.7 1.7 -19.8 988.49 -18.9 2.2 Dechra Pharmaceuticals PLC 3628 18.00 Sainsbury (J) PLC 231.10 -
FTSE All-Share Technology Hardware and Equipment (2) 5136.80 0.09 4479.34 5132.05 4988.63 5632.20 1.84 1.14 47.48 32.00 6572.29
FTSE Global All Cap ex USA 7603 522.49 1.4 0.8 -12.9
-11.6 915.29
3.0 Aerospace & Defense 34 831.07 1.6 1.6 3.5 1288.11 4.2 1.6 Diageo PLC 3668.5 25.00 Schroders PLC 2972 36.00
FTSE All-Share Telecommunications Equipment (1) 519.95 0.17 453.40 519.06 506.09 597.14 2.18 2.15 21.34 6.68 737.50
FTSE Global All Cap ex JAPAN 8052 765.92 2.2 -0.3 -13.4
-12.6 1224.98
2.1 General Industrials 72 241.42 1.9 1.9 -13.0 422.48 -11.7 2.5 Endeavour Mining PLC 1808 3.00 Scottish Mortgage Investment Trust PLC 818.80 24.00
FTSE All-Share Telecommunications Service Providers (5) 3211.00 -0.68 2800.02 3232.85 3260.58 3116.92 4.48 1.21 18.49 0.00 4226.78
FTSE Global All Cap ex Eurozone 8781 776.83 2.1 -0.4 -13.2
-12.4 1204.23
2.1 Electronic & Electrical Equipment 159 621.21 2.0 2.0 -22.7 884.30 -22.3 1.5 Entain PLC 1461 28.00 Segro PLC 1129 10.50
FTSE All-Share Health Care Providers (3) 9109.27 -1.11 7943.37 9211.24 9111.98 7965.33 0.11 20.09 43.77 0.00 8409.64
FTSE Developed 2224 715.72 2.1 -0.1 -13.3
-12.4 1143.72
2.0 Industrial Engineering 151 957.45 2.5 2.5 -17.2 1509.70 -16.3 2.0 Experian PLC 2692 -3.00 Severn Trent PLC 2967 28.00
FTSE All-Share Medical Equipment and Services (2) 6262.28 2.07 5460.77 6135.01 6184.50 7181.16 2.11 1.32 35.85 84.76 5980.21
FTSE Developed All Cap 5877 746.29 2.1 0.0 -13.4
-12.5 1175.01
2.0 Industrial Transportation 128 976.35 1.4 1.4 -12.1 1563.58 -10.8 2.7 Flutter Entertainment PLC 9710 164.00 Shell PLC 2374 -6.00
FTSE All-Share Pharmaceuticals and Biotechnology (8)21109.24 -0.73 18407.46 21263.54 21296.34 16732.71 2.74 0.73 50.27 338.30 17431.63
FTSE Developed Large Cap 864 668.84 2.1 -0.2 -13.7
-12.8 1088.08
2.0 Support Services 89 546.24 2.7 2.7 -23.1 806.98 -22.6 1.4 Fresnillo PLC 809.20 7.20 Smith & Nephew PLC 1321.5 25.50
FTSE All-Share Banks (12) 3271.15 -0.26 2852.48 3279.73 3244.38 3051.31 3.57 3.42 8.17 80.59 2853.03
FTSE Developed Europe Large Cap 228 392.07 1.4 1.9 -12.8
-10.7 3.1 Consumer Goods
770.75 562 584.33 1.9 1.9 -15.2 973.10 -14.3 2.4 Glaxosmithkline PLC 1728 -5.20 Smith (Ds) PLC 312.30 3.20
FTSE All-Share Finance and Credit Services (7)10557.85 0.32 9206.54 10524.02 10313.65 10483.29 1.81 1.91 28.99 142.41 14103.24
FTSE Developed Europe Mid Cap 358 626.97 1.1 0.9 -18.7
-17.4 1065.78
2.7 Automobiles & Parts 131 591.74 3.3 3.3 -23.5 952.34 -22.6 2.2 Glencore PLC 526.50 0.30 Smiths Group PLC 1578 23.50
FTSE All-Share Investment Banking and Brokerage Services (34) 9063.21 1.14 7903.20 8961.46 8884.49 10607.91 4.57 2.55 8.60 175.39 12407.26
FTSE Dev Europe Small Cap 740 899.72 1.5 1.0 -18.5
-17.1 1471.07
2.6 Beverages 71 765.06 0.8 0.8 -5.1 1283.34 -4.5 2.2 Halma PLC 2305 40.00 Smurfit Kappa Group PLC 3291 41.00
FTSE All-Share Closed End Investments (191)12146.82 1.05 10592.15 12021.14 11862.19 13393.65 2.48 5.16 7.82 128.34 7500.51
FTSE North America Large Cap 245 893.49 2.5 -1.0 -14.3
-13.8 1331.10
1.5 Food Producers 133 736.10 1.3 1.3 -6.3 1259.13 -4.9 2.4 Harbour Energy PLC 378.90 -3.20 Spirax-Sarco Engineering PLC 10770 205.00
FTSE All-Share Life Insurance (6) 7051.27 0.96 6148.77 6984.50 6896.81 8290.04 4.25 1.50 15.75 188.82 8496.34
FTSE North America Mid Cap 428 1187.13 2.4 0.1 -9.2
-8.6 1633.47
1.8 Household Goods & Home Construction 63 550.02 1.4 1.4 -15.9 915.14 -14.9 2.6 Hargreaves Lansdown PLC 863.40 11.40 Sse PLC 1765 12.50
FTSE All-Share Nonlife Insurance (7) 3502.18 -0.74 3053.94 3528.40 3491.44 3542.25 4.60 1.47 14.80 84.60 7360.34
FTSE North America Small Cap 1351 1148.37 2.4 0.3 -13.0
-12.5 1516.95
1.4 Leisure Goods 53 270.45 1.1 1.1 -15.1 380.32 -14.5 1.3 Hikma Pharmaceuticals PLC 1707 18.50 St. James's Place PLC 1291 23.50
FTSE All-Share Real Estate Investment and Services (12) 2596.69 0.26 2264.34 2589.98 2566.35 2642.44 2.05 3.85 12.68 26.12 7690.47
FTSE North America 673 586.96 2.5 -0.8 -13.4
-12.8 893.79
1.6 Personal Goods 97 874.62 2.8 2.8 -24.2 1335.41 -23.6 1.9 Howden Joinery Group PLC 683.20 7.40 Standard Chartered PLC 626.60 -0.40
FTSE All-Share Real Estate Investment Trusts (40) 2780.25 0.64 2424.40 2762.55 2753.06 2709.18 3.03 5.52 5.99 35.31 4127.03
FTSE Developed ex North America 1551 274.32 1.3 1.6 -13.0
-11.4 519.29
3.0 Tobacco 14 1070.82 -0.3 -0.3 11.4 2943.43 13.2 5.5 HSBC Holdings PLC 528.60 -3.80 Taylor Wimpey PLC 132.45 2.20
FTSE All-Share Automobiles and Parts (2) 2244.52 5.02 1957.24 2137.24 2108.45 5133.19 0.86 -10.43 -11.09 8.35 2327.96
FTSE Japan Large Cap 165 389.57 0.6 2.1 -14.5
-13.5 565.33
2.7 Health Care 348 727.29 1.4 1.4 -7.9 1150.97 -7.0 1.7 Imperial Brands PLC 1769.5 -27.50 Tesco PLC 259.20 0.70
FTSE All-Share Consumer Services (3) 2970.38 0.01 2590.20 2970.16 2929.89 2656.80 0.78 3.24 39.50 23.08 3748.29
FTSE Japan Mid Cap 342 538.08 0.8 3.1 -12.3
-11.2 742.27
2.6 Health Care Equipment & Services 135 1417.43 2.3 2.3 -14.8 1729.58 -14.5 1.0 Informa PLC 552.40 4.40 Unilever PLC 3495.5 20.00
FTSE All-Share Household Goods and Home Construction (14)11285.40 2.00 9840.97 11064.16 11092.37 15697.98 5.89 1.86 9.15 322.29 9707.51
FTSE Global wi JAPAN Small Cap 887 585.38 0.8 2.2 -15.9
-14.6 837.83
2.8 Pharmaceuticals & Biotechnology 213 484.60 0.7 0.7 -2.5 823.58 -1.2 2.2 Intercontinental Hotels Group PLC 4995 59.00 United Utilities Group PLC 1047 3.00
FTSE All-Share Leisure Goods (2) 19076.23 2.26 16634.66 18654.57 18350.75 30311.38 2.76 1.89 19.15 381.27 20801.48
FTSE Japan 507 159.72 0.7 2.3 -14.1
-13.1 259.57
2.7 Consumer Services 434 544.66 2.5 2.5 -22.7 773.14 -22.3 1.2 Intermediate Capital Group PLC 1612 16.00 Vodafone Group PLC 129.32 -0.82
FTSE All-Share Personal Goods (5) 24908.61 2.95 21720.55 24194.97 23810.33 31652.88 2.09 1.94 24.63 16.03 19170.26
FTSE Asia Pacific Large Cap ex Japan 1084 721.84 2.2 0.0 -13.4
-12.7 1289.03
2.8 Food & Drug Retailers 66 325.12 0.9 0.9 -5.6 511.01 -4.6 2.3 International Consolidated Airlines Group S.A. 135.04 4.56 Whitbread PLC 2755 25.00
FTSE All-Share Media (11) 9230.94 0.59 8049.47 9176.35 9160.64 8733.91 2.10 1.68 28.33 114.85 6420.22
FTSE Asia Pacific Mid Cap ex Japan 854 1003.74 1.3 -0.9 -11.4
-10.5 1729.05
3.3 General Retailers 149 954.23 3.1 3.1 -25.4 1297.86 -25.1 1.0 Intertek Group PLC 4743 68.00 Wpp PLC 933.60 7.20
FTSE All-Share Retailers (22) 2139.46 1.24 1865.63 2113.31 2110.19 2702.33 1.99 3.99 12.59 18.30 2737.93
FTSE All-Share Travel and Leisure (32) 6728.98 1.59 5867.74 6623.52 6546.80 8551.15 0.38 -23.04 -11.52 21.01 6937.18 FTSE Asia Pacific Small Cap ex Japan 2045 590.93 1.1 -3.5 -18.8
-18.2 988.83
2.7 Media 78 327.99 2.0 2.0 -30.1 468.33 -29.8 1.2
FTSE All-Share Beverages (5) 28045.01 0.66 24455.52 27861.84 27829.43 26715.32 2.07 1.53 31.62 216.33 22195.86 FTSE Asia Pacific Ex Japan 1938 573.63 2.1 -0.1 -13.2
-12.5 1088.73
2.8 Travel & Leisure 141 439.51 2.0 2.0 -14.3 637.93 -13.9 1.1
FTSE All-Share Food Producers (10) 6502.63 0.17 5670.36 6491.30 6478.43 7702.86 2.41 2.59 16.01 3.05 6181.23 FTSE Emerging All Cap 3569 756.26 1.9 -0.8 -14.1
-13.3 1288.76
3.2 Telecommunication 87 151.89 0.4 0.4 2.5 350.79 4.3 3.7 UK STOCK MARKET TRADING DATA
FTSE All-Share Tobacco (2) 36055.94 -2.47 31441.12 36967.61 37054.42 29054.06 6.54 1.58 9.68 716.90 32765.89 FTSE Emerging Large Cap 1015 702.54 2.1 -0.5 -14.6
-13.8 1203.85
3.1 Fixed Line Telecommuniations 32 120.15 0.1 0.1 6.6 317.41 8.9 4.4 May 30 May 27 May 26 May 25 May 24 Yr Ago
FTSE All-Share Construction and Materials (15) 7627.15 0.93 6650.95 7556.82 7516.00 8732.23 2.82 0.60 58.88 154.56 9207.20 FTSE Emerging Mid Cap 889 1053.31 1.2 -1.3 -8.4
-7.1 1809.27
3.8 Mobile Telecommunications 55 178.36 0.6 0.6 0.3 355.70 1.9 3.2 Order Book Turnover (m) 268.40 1082.90 1082.90 305.15 446.16 92.53
FTSE All-Share Aerospace and Defense (9) 4962.57 -0.10 4327.41 4967.67 4968.88 4021.63 1.97 1.94 26.12 55.63 5993.84 FTSE Emerging Small Cap 1665 807.64 1.0 -2.7 -16.6
-15.9 1316.03
2.9 Utilities 194 345.85 0.7 0.7 0.8 796.77 2.2 3.1 Order Book Bargains 689726.00 851689.00 851689.00 790199.00 859193.00 930012.00
FTSE All-Share Electronic and Electrical Equipment (10)11049.13 1.79 9634.95 10854.97 10657.29 12693.66 1.53 2.40 27.16 79.94 10840.30 FTSE Emerging Europe 49 97.24 -0.4 -6.5 -76.5
-76.0 199.77
3.8 Electricity 138 390.37 0.9 0.9 1.2 886.28 2.7 3.0 Order Book Shares Traded (m) 1597.00 1462.00 1462.00 1526.00 1646.00 2094.00
FTSE All-Share General Industrials (9) 5070.37 1.28 4421.41 5006.29 4951.81 5527.07 2.68 1.03 36.20 82.56 6611.67 FTSE Latin America All Cap 264 822.56 1.4 6.9 16.0
20.4 1555.41
8.8 Gas Water & Multiutilities 56 343.61 0.2 0.2 -0.4 817.92 1.1 3.2 Total Equity Turnover (£m) 7763.05 7548.66 7548.66 7867.33 10655.94 9570.60
FTSE All-Share Industrial Engineering (5)15265.80 2.04 13311.93 14961.32 14750.34 18232.13 1.64 1.96 31.24 164.12 20370.83 FTSE Middle East and Africa All Cap 332 816.89 0.9 -6.1 2.5
4.1 2.9 Financials
1476.00 860 275.81 1.7 1.7 -8.1 522.26 -6.8 3.0 Total Mkt Bargains 869119.00 1052961.00 1052961.00 948848.00 1026851.00 1113146.00
FTSE All-Share Industrial Support Services (31) 9884.41 0.48 8619.30 9837.37 9652.84 10433.77 1.81 1.70 32.55 101.85 11268.53 FTSE Global wi UNITED KINGDOM All Cap In 295 337.71 0.6 2.9 -6.1
-4.6 3.3 Banks
678.63 270 212.08 1.2 1.2 -6.3 445.55 -4.6 3.9 Total Shares Traded (m) 4788.00 4391.00 4391.00 4481.00 4650.00 5903.00
FTSE All-Share Industrial Transportation (9) 5008.39 2.46 4367.36 4888.00 4801.94 6299.79 1.78 2.69 20.88 13.05 5160.50 FTSE Global wi USA All Cap 1843 1004.78 2.5 -0.8 -13.8
-13.3 1.5 Nonlife Insurance
1443.23 71 350.08 1.8 1.8 -0.1 580.06 2.0 2.9 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
FTSE All-Share Industrial Materials (1)15202.84 -3.80 503.63 15802.95 15802.95 23354.36 2.14 1.40 33.38 220.04 19059.10 FTSE Europe All Cap 1449 450.50 1.3 1.6 -15.9
-14.0 3.0 Life Insurance
849.43 51 226.75 1.9 1.9 -6.2 427.73 -4.6 3.8 (c) Market closed.
FTSE All-Share Industrial Metals and Mining (9) 8530.69 0.62 7438.84 8478.44 8372.48 7013.07 6.06 2.23 7.39 277.56 12664.55 FTSE Eurozone All Cap 665 433.83 1.3 3.0 -16.3
-14.4 3.0 Financial Services
813.26 212 446.76 2.2 2.2 -10.5 672.45 -9.8 1.6
FTSE All-Share Precious Metals and Mining (5)10164.91 0.19 8863.90 10145.89 10285.96 23564.95 3.35 1.94 15.38 201.37 7045.56 FTSE EDHEC-Risk Efficient All-World 4128 493.97 1.7 0.2 -9.5
-8.6 2.4 Technology
768.27 365 519.14 3.4 3.4 -23.5 673.79 -23.2 0.9
FTSE All-Share Chemicals (7) 14181.76 1.28 12366.63 14002.23 14052.57 17239.31 2.35 2.41 17.63 120.30 14001.26 FTSE EDHEC-Risk Efficient Developed Europe 586 340.52 1.2 0.8 -17.6
-16.0 3.0 Software & Computer Services
593.04 193 789.33 3.2 3.2 -26.2 952.23 -26.0 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
FTSE All-Share Oil. Gas and Coal (13) 8092.70 0.01 7056.91 8091.61 8182.50 4936.40 3.10 2.15 15.00 136.18 10010.29 Oil & Gas 127 422.43 1.0 12.7 28.9
31.5 3.9 Technology Hardware & Equipment
844.24 172 456.77 3.7 3.7 -20.3 635.98 -19.9 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Oil & Gas Producers 84 417.40 0.9 13.9 31.4
34.3 855.36
4.1 Alternative Energy 20 176.09 2.5 2.5 -15.5 251.86 -15.4 0.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
FTSE Sector Indices Real Estate Investment & Services 153 284.91 1.6 1.6 -13.4 546.61 -12.3 3.3
Non Financials (343) 5139.89 0.27 4703.57 5126.18 5122.11 4781.12 3.23 1.70 18.18 77.03 9130.76 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 103 519.30 2.4 2.4 -12.9 1191.79 -12.1 3.2
For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE Global Large Cap 1879 654.40 2.1 2.1 -13.8 1069.26 -12.9 2.1
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 100 7617.91 7612.46 7603.86 7601.82 7587.56 7585.50 7585.54 7584.07 7598.36 7625.62 7576.44 mid cap) - please see https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index® Data provided by Morningstar | www.morningstar.co.uk
FTSE 250 20506.86 20587.56 20615.61 20588.36 20506.86 20534.47 20526.83 20497.04 20549.63 20645.66 20485.11 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.
FTSE SmallCap 6688.27 6713.98 6723.19 6730.33 6727.95 6730.00 6729.01 6728.52 6733.98 6734.82 6688.27 Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark
FTSE All-Share 4209.40 4209.87 4207.00 4205.36 4196.34 4196.29 4196.06 4194.47 4202.67 4216.97 4190.85 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,
Time of FTSE 100 Day's high:08:16:30 Day's Low13:39:30 FTSE 100 2010/11 High: 7672.40(10/02/2022) Low: 6959.48(07/03/2022) please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:08:16:00 Day's Low13:38:00 FTSE 100 2010/11 High: 4296.96(10/02/2022) Low: 3862.39(07/03/2022)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing abrdn Japan Investment Trust Pre 10.424L 27.820 81.700L 203.490 9.00000 9.00000 Jul 22 15.000 15.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Altus Strategies 1st 0.343 0.000 2.293L 1.317L 1.950L 1.860L 0.00000 0.00000 - 0.000 0.000 05/24 50.00 AIM ENSI EnSilica PLC 50.50 -1.66 57.00 50.00 3799.2
There are currently no rights offers by any companies listed on the LSE. Barings Emerging EMEA Opportunities Int 24.167L 19.417 204.220L 156.700 6.00000 15.00000 Jul 1 17.000 25.000 05/06 3.50 KEN Kendrick Resources PLC 2.25 0.00 3.50 2.20 493.9
Capital Gearing Trust Pre 68.728 64.062 394.950 513.390 46.00000 45.00000 Jul 15 46.000 45.000
Cizzle Biotechnology Holdings Pre 0.000 0.000 3.958L 0.306L 2.400L 0.000 0.00000 0.00000 - 0.000 0.000
Comptoir Group Pre 20.711 12.366 1.525 8.150L 1.340 6.600L 0.00000 0.00000 - 0.000 0.000
First Tin Pre 0.000 0.000 1.213L 0.682L 0.000 0.000 0.00000 0.00000 - 0.000 0.000
Gama Aviation Pre 235.909 197.503 10.745L 8.142L 0.127L 0.231L 0.00000 0.00000 - 0.000 0.000
i-nexus Global Int 1.540 2.013 0.343L 0.427L 1.000L 0.800L 0.00000 0.00000 - 0.000 0.000
JPMorgan Asia Growth & Income Int 30.213L 70.216 31.080L 73.920 4.20000 4.90000 May 26 8.800 9.100
Microsaic Systems Pre 0.907 0.198 3.396L 2.590L 0.056L 0.520L 0.00000 0.00000 - 0.000 0.000
Octopus AIM VCT Pre 19.459L 50.850 12.900L 37.400 3.00000 3.50000 Aug 12 5.500 6.000
Rockhopper Exploration Pre 0.839 2.754 7.910L 236.435L 0.017L 0.517L 0.00000 0.00000 - 0.000 0.000
SDX Energy 1st 13.150 15.632 1.011 1.846 0.001L 0.003 0.00000 0.00000 - 0.000 0.000

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Tuesday 31 May 2022 ★ FINANCIAL TIMES 15

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Denso 7871 344.00 9575 6584 1.84 21.35 48591.02 Novartis 87.34 0.22 88.42 73.01 3.39 9.19 222048.28 Boeing 132.23 4.50 258.40 117.08 - -19.86 78232.01 Lilly (E) 323.48 10.02 324.08 196.68 0.98 56.75 307357.61
ANZ Bank 25.77 0.09 29.64 24.65 5.52 11.45 51810.43 Nokia 4.78 -0.04 5.71 4.12 - 16.74 29353.52 EastJpRwy 6692 -5.00 8569 6373 1.55 -6.65 19815.28 Richemont 106.90 3.05 146.10 90.28 1.80 24.69 58275.6 Booking Holdings 2265.98 44.47 2715.66 1796.45 - 86.37 92051.49 Linde 329.63 9.30 346.50 267.51 1.20 48.35 165713.14
BHP Group 44.91 1.24 54.55 35.56 8.63 11.18 163588.62 SampoA♦■ 42.98 -0.10 48.74 35.85 3.92 9.28 25673.93 Fanuc 21315 950.00 28165 18740 2.20 25.10 33718.8 Roche 330.70 0.90 404.20 308.75 2.61 21.46 242637.45 Bristol-Myers 76.14 -1.45 78.62 53.22 2.46 26.20 162106.95 Lockheed 450.56 2.57 479.99 324.23 2.30 20.77 119897.16
CmwBkAu 106.56 -0.07 110.19 92.37 3.10 21.23 130837.76 France (€) FastRetail 61600 1950 90500 54310 0.88 28.62 51193.93 Swiss Re 80.84 0.48 102.20 72.44 7.18 18.92 26804.33 Broadcom 583.28 32.62 677.76 455.71 2.40 35.37 238142.24 Lowes 199.63 4.10 263.31 179.22 1.41 17.63 127589.29
CSL 274.00 4.98 319.78 240.10 1.04 41.57 94971.44 Airbus Grpe 112.54 0.68 121.00 90.24 - 20.94 95610.44 Fuji Hvy Ind 2132.5 26.00 2413 1664.5 2.72 24.25 12851.24 Swisscom 567.60 -6.80 587.40 491.10 3.80 16.36 30706.26 Cadence Design 156.24 7.57 192.70 122.04 - 67.10 43084.59 Lyondell 117.08 5.58 118.02 84.17 3.53 7.50 38357.96
NatAusBk 31.85 0.17 33.75 25.08 2.66 17.97 73562.88 AirLiquide 165.06 -0.60 166.60 136.46 1.64 30.92 84585.36 Hitachi 6780 119.00 7460 4750 1.76 9.84 51432.86 UBS 18.29 0.31 19.90 13.10 1.86 9.12 70719.35 CapOne 126.46 2.05 177.95 110.29 1.47 5.04 49705.19 Marathon Ptl 102.10 2.62 102.55 50.19 2.12 54.27 55235.58
Telstra 3.93 0.02 4.20 3.45 2.40 33.87 32811.14 AXA 24.12 -0.15 29.09 20.78 5.84 8.25 60742.73 HondaMtr 3184 40.00 3724 3043 4.19 6.67 45188.15 Zurich Fin 440.50 -1.20 461.70 352.80 4.47 14.22 69215.92 CardinalHlth 57.70 -0.32 64.53 45.85 3.16 32.10 15719.06 Marsh&M 161.19 4.10 183.14 133.86 1.55 26.62 80903.47
Wesfarmers 47.65 0.92 67.20 45.89 3.52 25.96 38875.41 BNP Parib 54.30 0.75 68.07 43.07 4.86 7.94 72248.49 JapanTob 2360 29.00 2417 2000 5.99 11.89 36980.46 Taiwan (NT$) Carnival 13.97 0.76 31.52 11.56 - -1.79 13826.12 MasterCard 357.78 7.89 399.92 305.61 0.59 43.85 345229.38
Westpac Bank 24.22 0.13 27.12 20.00 3.46 18.67 61015.8 ChristianDior 586.00 16.50 733.50 513.00 1.18 21.71 114022.36 KDDI 4550 6.00 4636 3237 2.73 15.09 82140.61 Chunghwa Telecom 127.00 1.00 132.50 109.00 3.31 28.16 33825.88 Caterpillar 217.14 4.15 246.69 179.67 1.84 19.71 115812.31 McDonald's 251.87 3.78 269.72 217.68 1.94 26.94 186269.69
Woolworths 34.93 0.76 42.66 33.45 2.92 42.21 30510.02 Cred Agr♦ 10.35 0.15 14.27 8.97 7.61 5.74 33759.21 Keyence 51640 2590 76210 48450 0.40 42.72 98399.69 Formosa PetChem 96.30 0.50 117.50 88.30 0.60 18.89 31496.44 Centene Corp 84.41 2.52 89.92 59.67 - 39.75 49370.31 McKesson 334.96 -1.46 339.94 184.43 0.49 40.73 48691.57
Belgium (€) Danone 54.79 0.03 65.30 46.48 3.49 18.92 39912.48 MitsbCp 4499 32.00 4749 2903 3.17 9.94 52370.19 HonHaiPrc 110.50 - 120.00 99.70 3.56 11.35 52595.22 CharlesSch 70.59 1.77 96.24 61.53 0.95 26.78 128266.08 Medtronic 99.08 -0.36 135.89 96.86 2.34 29.03 132919.7
AnBshInBv 52.57 -0.30 65.86 46.66 1.00 26.62 98442.32 EDF♦ 8.35 -0.09 12.67 6.64 5.75 6.52 33651.69 MitsubEst 1971 18.00 1988 1546 1.52 18.99 21487.87 MediaTek 878.00 17.00 1200 797.00 4.14 12.72 48204.8 Charter Comms 509.94 7.10 825.62 410.33 - 22.38 85597.65 Merck 93.08 0.77 94.92 70.89 2.64 20.56 235381.17
KBC Grp 59.44 1.16 86.50 49.75 5.70 9.81 26711.04 Engie SA 12.55 -0.15 14.61 9.79 4.16 8.98 32955.59 MitsubishiEle 1418.5 37.50 1817 1225.5 2.92 12.55 23863.4 TaiwanSem 547.00 9.00 650.00 505.00 1.92 22.17 486993.04 Chevron Corp 178.28 1.69 178.35 92.86 2.77 23.52 350286.94 Meta 195.13 3.50 384.33 169.00 - 15.22 447534.32
EssilorLuxottica♦ 152.20 2.00 195.00 133.60 0.70 47.11 72607.22 MitsuiFud 2859.5 36.00 2911.5 2211 1.59 17.25 21495.81 Chipotle Mexic. 1402.42 61.51 1958.55 1230.91 - 65.76 39215.1 Metlife 67.72 0.81 73.18 55.21 2.61 9.95 55070.31
Brazil (R$) Thailand (THB)
Hermes Intl 1135 43.00 1678 995.80 0.39 49.46 129160.91 MitUFJFin 738.30 -0.50 828.30 564.40 3.64 7.41 76829.17 Chubb 210.89 3.19 218.99 155.78 1.40 11.75 89356.49 Microsoft♦ 273.24 7.34 349.67 243.00 0.78 31.242043571.01
Ambev 14.15 -0.06 19.86 13.06 3.82 22.30 47041.8 PTT Explor 38.00 0.50 42.00 34.00 5.06 10.53 31848.31
LOreal 331.70 6.90 433.65 300.90 1.19 41.02 191749.7 Mizuho Fin 1531 9.50 1716 1397 5.28 7.24 30458.66 Cigna 272.40 3.52 272.97 191.74 1.37 18.59 86425.29 Mnstr Bvrg 89.67 0.94 99.89 71.78 - 37.46 47495.64
Bradesco 16.68 -0.12 22.34 14.43 4.77 8.05 17148.19 United Arab Emirates (Dhs)
LVMH 608.60 15.20 741.60 537.50 1.13 25.86 331140.06 Murata Mfg 8247 282.00 10535 7008 1.51 16.39 43665.5 Cintas Corp♦ 396.91 13.48 461.44 345.34 0.85 37.36 40613.78 MondelezInt 63.76 1.26 69.47 57.63 1.94 22.52 88238.97
Cielo 3.94 -0.05 4.45 2.01 3.54 13.91 2259.41 Emirtestele 29.10 -0.30 38.98 11.60 2.56 29.20 68900.63
Orange 11.59 -0.11 11.94 8.93 5.103906.40 33244.62 Nippon T&T 3989 -7.00 4055 2799.5 2.72 12.43 113199.41 Cisco 45.62 0.63 64.29 41.02 3.05 17.39 188910.78 Monsanto 9.82 0.02 9.95 9.61 - 48.31 245.38
ItauHldFin 22.25 -0.07 30.15 18.91 3.33 9.19 23286.46
PernodRic 184.15 0.70 214.50 172.20 1.67 28.22 51983.49 NipponTT 3989 -7.00 4055 2799.5 2.72 12.43 113199.41 United Kingdom (p) Citigroup 53.62 -0.47 80.29 45.40 3.54 5.68 106215.57 MorganStly 86.45 1.45 109.73 76.75 2.26 11.56 151225.61
Petrobras 32.28 -1.46 39.28 24.50 14.24 4.80 50709.76
Renault 25.71 0.53 38.07 20.47 - -19.49 8195.65 Nissan Mt 502.30 12.10 654.30 436.50 - 15.79 16610.37 Anglo American 3850 47.00 4996.8 36.40 4.63 7.62 68383.52 CME Grp 199.93 3.02 256.94 185.79 1.68 29.45 71858.47 Netflix 195.19 3.79 700.99 162.71 - 18.65 86717.81
Vale 86.96 1.24 118.00 61.85 14.31 4.05 91758.83
Safran 99.91 0.37 127.74 91.48 0.421014.38 46012.99 Nomura 507.00 6.00 609.60 460.30 4.69 -33.74 12844.55 AscBrFd 1747.5 11.50 2389 1462.5 0.35 28.88 17494.32 Coca-Cola 64.68 0.38 67.20 52.28 2.42 30.87 280389.66 NextEraE 77.43 2.82 92.91 67.22 1.95 109.21 152111.21
Canada (C$) Nppn Stl 2218 15.50 2381 1690.5 3.73 3.39 16514.38 AstraZen 10468 -112.00 11000 7870 1.981772.43 167642.72 Cognizant 74.73 1.99 93.47 66.19 1.20 19.81 38947.32 Nike 115.99 3.05 179.10 103.46 0.94 32.55 147163.5
Sanofi 100.42 -1.96 106.08 80.51 3.14 20.61 136958.34
Bausch Hlth 12.99 0.43 39.11 10.12 - -4.16 3704.73 Panasonic 1198.5 19.00 1541 1018.5 2.16 11.73 23041.95 Aviva■ 434.70 -6.20 606.58 341.92 4.91 57.20 22060.66 ColgtPlm 78.86 0.70 85.18 72.20 2.11 33.21 66080.1 NorfolkS 241.03 4.33 296.87 222.54 1.61 21.37 57445.29
Sant Gbn 55.88 0.72 64.93 45.76 2.40 13.57 31564.54
BCE 69.02 0.20 74.09 59.81 4.74 24.67 49724.18 Seven & I 5411 149.00 6083 4552 1.97 19.93 37580.11 Barclays 171.22 0.84 217.63 140.06 1.75 4.15 36945.61 Comcast 44.16 0.03 61.80 39.47 2.11 15.60 197420.39 Northrop 470.76 5.06 490.82 344.89 1.22 11.61 73177.1
Schneider 131.58 3.78 173.78 121.60 1.95 23.56 80749.85
BkMontrl 137.53 1.01 154.47 121.76 3.08 11.30 72982.28 ShnEtsuCh 18250 410.00 21480 15860 1.64 16.92 59576.89 BP 433.50 2.85 436.40 275.85 3.63 15.73 109255.67 ConocPhil 114.60 1.45 114.60 51.41 1.58 20.27 148229.32 NXP 195.93 3.30 239.91 164.75 1.07 30.98 51444.32
SocGen 25.31 0.43 37.68 18.34 2.15 4.34 22839.12
BkNvaS 85.71 0.41 95.00 75.84 4.05 11.45 81108.64 Softbank 5358 17.00 8400 4210 0.85 4.46 72328.01 BrAmTob 3456 -94.50 3601 2507.5 6.24 11.69 81481.29 Constellation 246.31 1.94 261.53 207.35 1.16-1190.83 40090.12 Occid Pet 70.86 2.20 71.28 21.62 0.05 36.93 66409.35
Total 55.18 0.30 55.52 34.27 4.82 10.76 155232.13
Brookfield 65.57 1.28 79.04 57.40 0.94 23.22 85029.67 Sony 11995 570.00 14745 10220 0.52 14.82 118515.1 BT 183.95 -0.30 206.70 134.85 - 17.86 23079.63 Corning 35.65 0.70 44.12 32.24 2.51 29.90 30110.44 Oracle 72.78 1.12 106.34 66.72 1.65 29.55 194188.47
UnibailR 66.69 0.62 85.65 52.04 - -9.65 9967.59
CanadPcR 90.86 0.23 105.46 82.12 0.78 23.23 66749.6 SumitomoF 3981 21.00 4461 3641 5.20 7.50 42867.04 Compass 1799.5 - 1841.98 1395.5 0.78 43.78 37423.36 Corteva 62.91 -0.26 64.03 40.60 0.79 28.49 45527.97 Pepsico 171.77 1.66 177.62 144.61 2.30 33.59 237503.55
Vinci 91.70 -1.03 103.74 80.74 2.89 20.64 58604.91
CanImp 69.94 0.76 167.50 67.70 8.03 5.17 49911.28 Takeda Ph 3744 - 3842 2993 4.98 13.00 46413.24 Diageo 3668.5 25.00 4364.1 3282.5 1.98 28.22 116783.61 Corteva 62.91 -0.26 64.03 40.60 0.79 28.49 45527.97 Perrigo 40.33 0.17 50.90 31.32 2.22 -44.19 5426.09
Vivendi 11.06 0.03 12.16 5.45 5.35 -20.04 13210.4
CanNatRs 86.72 1.73 88.18 37.82 2.15 14.35 79154.26 TokioMarine 7366 -64.00 7565 4907 3.09 11.59 39243.78 GlaxoSmh 1728 -5.20 1817 1215.83 4.63 19.95 107461.49 Costco 470.76 5.77 612.27 375.50 0.63 40.35 208652.27 Pfizer 53.91 -0.08 61.71 38.48 2.70 14.73 302483.39
CanNatRy 146.70 1.59 171.48 128.50 1.57 22.76 80239.1 Germany (€)
Toyota 2126.5 42.50 2375.5 1772.8 2.48 9.28 271820.58 Glencore 526.50 0.30 540.20 289.65 1.68 19.27 96037.18 CrownCstl 193.39 5.86 208.69 157.16 2.63 77.77 83744 Phillips66 101.73 3.05 102.27 63.19 3.31 36.78 48942.31
Enbridge 59.54 0.76 59.54 45.88 5.25 22.17 95319.61 Allianz 199.60 -0.60 232.50 178.30 4.74 12.80 87883.01
Mexico (Mex$) HSBC 528.60 -3.80 567.20 329.55 3.06 11.55 134022.5 CSX 32.05 0.47 38.63 29.49 1.13 19.01 69685.03 PhilMorris 106.97 -1.10 112.48 85.64 4.27 19.70 165815.3
GtWesLif 34.76 0.29 41.50 31.72 5.20 10.43 25588.29 BASF 51.44 0.33 69.52 46.47 6.32 8.65 50929.24
AmerMvl 21.61 -0.55 22.49 14.61 1.61 16.41 48373.29 Imperial Brands 1769.5 -27.50 1888 1434.23 7.81 5.92 21340.88 CVS 98.05 0.25 111.25 79.34 1.90 17.69 128573.85 PNCFin 175.05 2.10 217.60 152.35 2.55 14.80 72397.31
ImpOil 71.70 0.65 71.83 30.64 1.34 22.02 37904.49 Bayer 66.50 -0.08 67.99 43.91 2.96 66.19 70423.53
FEMSA UBD 152.99 4.74 180.66 137.05 1.41 117.46 16965.4 Jardine Mathes. 62.50 - 60.50 52.26 2.57 11.14 44773.34 Danaher 266.49 14.78 333.96 233.71 0.32 32.65 193758.69 PPG Inds♦ 130.03 3.73 182.97 111.32 1.70 30.64 30712.35
Manulife 23.39 0.23 28.09 21.75 4.68 7.06 35562.71 BMW 81.48 0.71 97.60 67.58 2.30 4.41 52873.88
WalMrtMex 72.15 -1.19 82.93 62.50 0.74 33.76 64643.68 LlydsBkg 45.14 -0.10 54.50 38.10 5.69 6.27 41138.39 Deere 360.73 13.22 446.76 307.64 1.02 21.27 110251.96 ProctGmbl 148.72 2.24 165.35 131.94 2.24 27.14 356823.43
Nutrien 119.99 -1.58 147.93 71.40 1.81 18.39 52276.07 Continental 71.38 0.98 132.68 56.78 - 11.17 15389.22
LSE Group 7588 30.00 8546 6230 1.01 77.59 33199.9 Delta 42.23 1.40 48.54 29.75 - 54.42 27072.66 Prudntl 106.27 1.71 124.22 94.51 4.03 5.85 39851.25
RylBkC 132.31 1.36 149.60 123.70 3.15 12.55 146712.08 Deut Bank 10.65 0.25 14.64 8.16 - 10.63 23717.92 Netherlands (€)
Natl Grid 1162.5 -1.50 1271.45 880.60 4.23 27.10 49342.56 Devon Energy 75.80 1.99 75.83 24.05 2.42 19.42 50028 PublStor 335.77 9.87 421.76 280.64 2.22 36.53 58937.35
SHOP 484.99 15.67 2228.73 402.00 - 17.92 43755.01 Deut Tlkm 19.08 0.00 19.13 14.47 3.10 22.27 102568.31 ASML Hld 556.10 14.80 777.50 486.30 0.60 43.59 243659.47
Natwest Group 228.90 1.70 258.10 182.85 4.59 9.01 34636.04 Digital Realty 141.51 4.72 176.53 124.35 3.05 25.58 40283.99 Qualcomm 139.76 4.92 192.68 122.17 1.79 17.19 157241.4
Suncor En 52.59 0.93 52.65 21.90 1.87 20.29 58785.4 DeutsPost 38.95 0.85 61.38 35.97 3.50 10.01 52016.48 Heineken 93.34 0.66 103.80 77.50 1.03 16.42 57954.8
Prudential 1051 21.00 1566 881.00 1.12 17.07 34385.88 DiscFinServ 112.20 1.42 135.69 98.38 1.56 6.76 31524.28 Raytheon 96.71 1.71 106.02 79.00 1.93 40.25 143828.57
ThmReut 125.92 0.33 156.62 116.70 1.52 9.27 48457.4 E.ON 9.61 -0.04 12.54 9.42 4.82 5.42 27372.99 ING 10.47 0.28 14.00 7.90 5.65 8.64 44085.46
ReckittB♦ 6120 2.00 6709 4905.16 2.85 -26.48 54498.4 Disney 109.32 3.71 187.58 99.47 - 68.24 199031.64 Regen Pharm 692.80 9.36 747.42 497.22 - 10.34 74841.83
TntoDom 96.55 0.56 109.08 80.68 3.17 12.91 137816.22 Fresenius Med 56.92 0.34 71.14 50.98 2.32 17.46 17977.78 Unilever 41.00 0.05 51.05 39.36 3.50 21.05 132327.18
RELX♦ 2291 8.00 2634.82 1833 2.08 30.22 55776.02 Dollar General 228.38 6.25 262.21 183.25 0.69 23.88 51841.58 S&P Global♦ 360.64 8.17 484.21 322.20 0.80 30.95 122581.54
TrnCan 73.56 0.43 74.39 57.71 4.43 42.27 57152.44 Fresenius SE 32.18 -0.33 47.60 26.69 2.76 10.33 15721.2 Norway (Kr) RioTinto 5735 33.00 6876.26 4354 8.76 6.00 97267.09 DominRes 85.16 0.58 88.78 70.37 2.76 28.66 69087.78 Salesforce 165.10 2.64 311.75 154.55 - 118.65 163509.26
HenkelKgaA 61.80 1.10 82.80 56.55 2.92 16.69 17306.84 DNB 192.90 -0.95 220.50 168.40 8.97 12.39 32018.26
China (HK$) RollsRoyce 88.99 2.08 161.91 77.87 - 60.54 2092.92 DukeEner 114.40 1.17 116.33 95.48 3.18 24.92 88076.62 Schlmbrg 48.21 1.52 48.42 25.90 0.97 39.22 68142.94
Linde 304.60 -1.15 308.15 236.75 1.21 48.04 165065.86 Equinor 351.70 -1.05 360.25 167.18 1.39 15.25 121956.1
AgricBkCh 2.99 - 3.18 2.54 7.43 3.76 11710.57 Shell PLC 2374 -6.00 2413.5 1282.78 2.55 12.51 138007.08 DuPont♦ 68.36 1.32 86.28 62.10 1.63 22.72 34762.87 Sempra Energy 166.65 1.80 173.28 119.56 2.46 44.62 52378.88
Mercedes-Benz 66.27 0.25 91.63 48.05 2.01 6.73 106.60 Telenor 129.10 -1.20 159.95 121.65 6.93 21.92 19231.27
Bk China 3.10 -0.01 3.20 2.67 7.48 3.67 33029.96 StandCh 626.60 -0.40 634.20 406.20 1.41 14.05 26122.45 Eaton 139.82 3.54 175.72 130.44 2.02 28.11 55788.18 Shrwin-Will♦ 276.35 4.38 354.15 233.32 0.74 42.51 71887.29
MuenchRkv 230.60 2.30 282.25 205.15 4.19 11.19 34825.01
BkofComm 5.27 -0.08 5.74 4.35 6.91 4.17 23509.77 Qatar (QR) Tesco♦ 259.20 0.70 304.10 221.70 3.53 13.20 26836.8 eBay 48.82 2.35 81.19 43.28 1.37 137.94 27331.49 SimonProp 113.73 1.70 171.12 103.46 5.86 17.85 37376.07
SAP 95.12 1.13 129.74 86.81 1.92 21.65 125963.76
BOE Tech 0.77 -0.03 1.21 0.57 - 11.88 19.52 QatarNtBk 20.70 0.20 27.00 17.40 2.55 16.00 52500.6 Unilever 3495.5 20.00 4388 3267.5 4.14 17.95 54446.65 Ecolab 166.03 1.83 238.93 154.31 1.09 45.59 47427.33 SouthCpr 62.76 1.58 79.32 53.36 4.75 15.35 48519.13
Siemens 124.82 2.96 156.98 105.92 2.76 19.06 114366.87
Ch Coms Cons 4.46 -0.03 5.17 3.57 4.75 3.54 2510.89 Saudi Arabia (SR) Vodafone 129.32 -0.82 141.60 106.30 5.98-289.31 43619.94 Edwards Lifesc. 101.12 2.55 131.73 91.52 - 45.62 62871.54 Starbucks 76.71 2.22 126.32 68.39 2.23 22.26 87978.7
Volkswgn 205.30 8.20 314.00 180.10 2.30 7.04 65304.08
Ch Evrbrght♦ 2.55 0.02 3.32 2.51 9.78 3.30 4119.45 AlRajhiBnk 96.10 2.20 117.40 64.13 2.32 17.50 102479.32 WPP 933.60 7.20 1231.5 868.80 2.84 17.78 14947.42 Eli Lilly 323.48 10.02 324.08 196.68 0.98 56.75 307357.61 StateSt 73.04 2.05 103.76 65.41 2.78 10.91 26814.09
Ch Rail Cons 5.17 -0.03 5.99 4.39 5.28 2.63 1367.74 Hong Kong (HK$) Emerson 88.40 1.80 105.99 81.01 2.14 20.72 52509.6 Stryker 236.50 1.56 281.16 224.02 1.02 48.74 89433.44
Natnlcombnk 68.10 0.90 82.00 52.40 1.98 24.56 81298.81 United States of America ($)
Ch Rail Gp 5.42 -0.12 5.88 3.53 3.95 4.17 2905.58 AIA♦ 80.60 1.35 102.60 70.15 1.55 19.68 123697.39 EOG Res 136.85 3.13 136.94 62.81 1.10 18.39 80154.89 Sychrony Fin 36.14 0.96 52.49 31.37 2.33 5.11 18123.81
SaudiBasic 114.00 1.60 141.40 106.80 2.65 15.93 91175.7 21stC Fox A 35.46 0.92 44.95 31.35 1.23 15.41 11052.31
ChConstBk 5.83 0.02 6.43 5.03 6.63 4.05 178589.2 BOC Hold 30.20 -0.65 32.75 22.20 3.87 14.79 40683.42 Equinix 693.68 23.68 885.26 621.34 1.54 134.69 63134.47 T-MobileUS 134.11 1.37 150.20 101.51 - 59.75 167542.28
SaudiTelec 104.60 0.60 139.80 102.80 3.56 19.86 55771.8 3M 149.51 2.47 206.81 139.74 3.69 15.86 85079.99
China Vanke 17.26 -0.24 27.05 13.06 8.59 7.44 4181.07 Ch OSLnd&Inv 22.90 -0.20 27.35 15.42 4.93 5.43 31935.09 EquityResTP 78.13 1.77 94.32 71.86 2.87 24.48 29374.85 Target♦ 167.14 3.94 268.98 145.51 1.78 12.61 77498.5
Singapore (S$) AbbottLb 116.69 1.82 142.60 104.63 1.44 31.80 204317.46
ChinaCitic 3.76 - 4.25 3.28 7.77 3.34 7129.75 ChngKng♦ 52.20 -0.05 56.05 41.35 3.19 11.40 24233.77 Exelon 49.85 0.69 50.71 29.10 2.86 30.76 48859.83 TE Connect 129.49 4.65 166.44 119.58 1.42 18.89 41718.29
DBS 31.17 0.07 37.49 29.18 3.73 12.75 58695.27 Abbvie 150.00 -0.57 175.91 105.56 3.23 24.97 265066.51
ChinaLife 11.92 0.18 16.46 10.86 5.97 4.99 11301.58 Citic Ltd 8.96 0.06 10.24 6.96 5.64 3.96 33210.61 ExxonMb 97.59 0.95 97.93 52.10 3.33 19.44 411102.09 Tesla Mtrs 759.63 51.90 1243.49 571.22 - 166.46 786984.22
JardnMt US$ 59.00 1.24 65.51 49.98 2.72 10.51 42266.03 Accenture 304.15 12.60 417.37 268.17 1.13 33.16 201479.4
ChinaMBank 48.45 0.35 72.30 40.60 3.07 8.55 28340.87 Citic Secs 16.26 0.12 21.52 15.42 2.76 7.99 5428.2 Fedex 219.67 7.38 318.54 192.82 1.22 12.69 56933.68 TexasInstr 177.97 3.84 202.26 160.50 2.20 23.13 164112.16
OCBC 11.72 0.02 13.54 10.98 3.38 11.66 38520.77 Activision Bli. 78.20 0.21 99.46 56.40 0.56 24.41 61143.13
ChinaMob♦ 50.65 0.05 58.65 45.90 6.62 7.48 132040.83 CK Hutchison♦ 55.85 -0.10 62.50 48.80 3.83 6.75 27286.77 Fidelity NIS 105.16 0.96 152.20 85.00 1.38 168.53 64228.7 TheTrvelers 177.83 2.96 187.98 144.44 1.90 11.77 42672.26
SingTel 2.65 -0.05 2.88 2.21 2.67 44.63 32014.44 Adobe 428.22 19.62 699.54 370.27 - 45.23 202333.95
ChinaPcIns 18.08 0.10 29.50 16.14 7.57 5.64 6393.38 CNOOC 12.16 0.16 12.40 7.55 3.50 10.13 69175.43 Fiserv 101.37 2.08 119.86 89.91 - 54.69 66096.11 ThrmoFshr 572.35 32.24 668.94 438.72 0.17 31.58 224053.28
UOB 29.34 -0.04 33.33 25.28 3.19 13.03 35952.24 Advanced Micro 102.26 3.51 164.46 78.66 - 42.72 165713.14
ChMinsheng 3.01 0.02 4.20 2.56 8.51 3.73 3191 HangSeng 138.10 -0.80 169.50 131.00 4.15 21.20 33640.9 FordMtr♦ 13.63 0.51 25.87 12.07 0.68 3.29 53823.69 TJX Cos♦ 64.59 0.48 76.94 53.69 1.51 25.44 75856.7
AEP 103.57 0.99 104.81 80.22 2.70 22.42 53187.77
ChMrchSecs 12.81 -0.08 20.65 12.06 3.44 11.34 14268.29 HK Exc&Clr 338.00 7.20 544.00 314.00 2.54 36.36 54601.15 South Africa (R) Franklin 27.55 0.34 38.27 23.63 3.82 7.83 13772.91 Truist Financial Corp 49.13 0.72 66.10 44.85 3.53 11.80 65412.36
Aflac 60.41 1.29 67.20 51.28 2.04 10.15 38913.98
Chna Utd Coms 3.48 -0.01 4.57 3.39 3.24 17.31 16170.12 MTR♦ 42.95 -0.05 47.45 39.35 2.69 29.67 33893.66 Firstrand 70.96 2.21 79.34 51.04 3.36 13.96 25683.21 GenDyn 226.51 5.25 254.99 182.66 1.92 21.06 62902.99 Twitter 40.17 0.65 73.34 31.30 - -154.04 30672.91
AirProd 250.65 8.16 316.39 216.24 2.23 28.27 55587.48
ChShenEgy 26.05 -0.30 26.80 14.30 8.19 7.56 11210.44 SandsCh 14.82 0.62 35.60 13.52 - -15.62 15282.29 MTN Grp 166.16 2.40 211.49 97.12 - 24.63 20200.73 GenElectric 78.76 1.75 116.17 71.14 0.38 -26.02 86688.37 UnionPac 222.50 2.51 278.94 195.68 1.94 22.08 139735.6
Allstate 136.89 3.20 144.46 106.11 2.20 8.66 37642.42
ChShpbldng 3.64 0.07 5.08 3.36 - -268.32 12063.5 SHK Props 97.15 0.25 124.30 87.15 4.79 10.59 35869.88 Naspers N 1668.26 81.89 3127.98 1262.66 0.32 9.75 46877.7 GenMills 69.89 0.43 73.99 56.67 2.74 19.82 42088.6 UPS 182.53 4.15 233.72 165.34 2.08 13.35 134056.88
Alphabet 2246.33 90.48 3030.93 2037.69 - 21.50 675614.35
ChStConEng 5.52 -0.12 6.40 4.38 3.92 4.24 33828.02 Tencent♦ 350.00 8.20 640.00 297.00 0.43 13.14 428649.98 South Korea (KRW) GenMotors 38.57 1.15 67.21 34.31 - 6.18 56244.35 USBancorp 52.50 0.36 63.01 47.68 3.12 11.05 78001.36
Altria 54.43 -0.07 57.05 42.53 6.02 43.61 98548.63
ChUncHK♦ 3.70 -0.02 4.73 3.60 4.43 7.80 14425.18 India (Rs) HyundMobis 206000 4000 297500 193500 1.89 8.26 15728.46 Amazon 2302.93 81.38 3773.08 2025.2 - 38.151171547.66 GileadSci 64.80 0.33 74.12 57.19 4.08 14.11 81279.51 UtdHlthcre 507.11 4.88 553.29 383.12 1.03 30.12 475756.2
CNNC Intl 7.25 -0.03 8.92 4.62 1.73 18.79 20020.84 Bhartiartl 699.05 14.65 781.80 509.44 - 153.45 53047.45 KoreaElePwr 23300 -500.00 27450 20050 5.12 -13.99 12075.86 AmerAir 18.13 0.89 26.04 12.44 - -5.20 11775.7 GoldmSchs 328.58 4.95 426.16 293.90 1.84 5.93 112849.74 ValeroEngy 131.81 3.69 133.08 58.85 2.77 62.35 53791.19
CSR 3.06 0.04 4.04 2.78 7.04 8.05 1704.23 HDFC Bk 1401.55 9.50 1725 1278.3 - 24.43 100336.97 SK Hynix 107000 1000.00 134000 90500 1.40 7.87 62888.03 AmerExpr 169.60 4.23 199.55 149.71 1.02 17.68 127719.02 Halliburton 41.36 1.20 42.60 17.82 0.59 24.95 37305.72 Verizon 51.40 0.41 57.61 45.55 4.59 10.37 215861.69
Daqin 6.71 -0.05 7.25 5.80 7.22 10.08 14970.84 Hind Unilevr 2348.95 18.35 2859.3 1927 1.33 64.70 71174.81 SmsungEl 67700 1200 83300 64500 2.07 12.05 326286.11 AmerIntGrp 59.00 1.27 65.73 44.54 2.02 5.85 46739.33 HCA Hold 215.55 3.76 279.02 198.69 0.83 10.94 63691.66 VertexPharm 273.73 4.08 292.75 176.36 - 32.62 70008.08
GuosenSec 9.11 -0.05 13.29 8.92 2.55 10.38 12068.08 HsngDevFin 2367.25 36.85 3021.1 2098.2 0.95 20.72 55376.5 Spain (€) AmerTower 260.96 6.27 303.72 220.00 1.86 49.51 119071.51 Hew-Pack 38.75 1.98 41.47 26.11 2.02 7.51 40817.92 VF Cp 50.18 1.31 84.96 44.17 3.66 17.67 19486.04
HaitongSecs 5.51 0.08 7.81 5.15 5.44 5.72 2393.72 ICICI Bk 748.50 8.70 867.00 616.25 0.26 24.41 67106.35 BBVA 5.15 0.11 6.29 4.38 7.11 7.11 36994.7 Amgen♦ 255.26 2.21 258.45 198.64 2.57 26.66 136359.87 Hilton Worldwi. 142.25 3.78 167.99 114.70 - 104.61 39592.68 Visa Inc 212.88 4.33 252.67 186.67 0.58 37.84 350340.74
Hngzh HikVDT 32.99 0.46 70.44 31.12 2.45 17.98 45264.76 Infosys 1526.8 65.45 1923.3 1365 1.93 31.01 82843.95 BcoSantdr 3.08 0.04 3.51 2.49 2.45 6.26 56672.43 Amphenol Corp 71.33 1.41 88.45 65.84 1.02 30.51 42593.89 HiltonWwde 142.25 3.78 167.99 114.70 - 104.61 39592.68 Walgreen 43.71 0.67 55.82 39.72 4.09 6.80 37755.54
Hunng Pwr 3.67 -0.03 5.74 2.53 5.61 -3.94 2197.95 ITC 269.05 -0.15 282.35 200.90 3.89 22.98 42758.12 CaixaBnk 3.40 0.04 3.43 2.22 0.78 22.72 29568.47 Analog Devices 167.55 3.55 191.95 143.81 1.55 60.41 87093.5 HomeDep 308.46 5.65 420.61 279.59 2.01 21.13 317021.29 WalMartSto 128.48 2.48 160.77 117.27 1.61 28.06 353677.42
IM Baotou Stl 2.00 - 4.14 1.51 - 33.76 9507.6 L&T 1660.85 60.55 2035 1447.25 1.06 28.32 30094.09 Iberdrola 11.11 -0.20 11.49 8.47 3.74 19.35 77096.13 Anthem 520.55 8.12 533.68 355.43 0.86 21.38 125496.68 Honywell 196.35 3.25 236.86 174.42 1.79 26.65 133661.91 Walt Disney 109.32 3.71 187.58 99.47 - 68.24 199031.64
In&CmBkCh 4.68 -0.02 5.14 4.08 6.76 4.10 51755.29 OilNatGas 144.05 0.25 189.80 108.50 6.15 4.19 23370.26 Inditex 22.49 0.20 32.85 18.55 0.97 24.08 75557.03 Aon Cp 281.68 8.94 341.98 223.19 0.66 54.49 59824.3 HumanaInc 461.21 8.99 472.68 363.73 0.57 21.84 58340.02 Waste Manage. 161.00 3.01 170.18 136.97 1.33 40.30 66848.33
IndstrlBk 19.53 -0.19 23.26 17.08 4.01 5.31 60887.28 RelianceIn 2664.8 89.70 2856.15 2016.25 0.26 31.35 232517.92 Repsol 14.85 -0.15 15.15 8.69 3.98 9.19 24441.56 Apple 149.64 5.86 182.13 123.13 0.54 26.652421950.48 IBM 139.27 2.38 152.84 114.56 4.38 28.70 125264.36 WellsFargo 45.89 0.29 60.30 40.74 1.57 9.96 173939.26
Kweichow 1778.41 23.25 2288 1525.5 1.09 39.72 335267.02 SBI NewA 474.60 5.65 549.00 400.50 0.82 13.61 54623.17 Telefonica 4.95 0.01 5.00 3.59 6.88 3.67 30111.14 Applied Materi.♦ 119.48 4.41 167.06 101.33 0.74 17.70 103941.3 IDEXX Laborato. 398.61 13.69 706.95 330.66 - 49.77 33486.12 Williams Cos 37.46 0.54 37.60 23.53 4.08 32.44 45626.71
Midea 0.46 0.01 0.72 0.44 - -4.78 17.64 SunPhrmInds 888.30 -15.60 967.05 652.70 0.82 34.03 27485.95 Sweden (SKr) Aptiv 104.35 2.60 180.81 88.15 - 57.75 28271.64 IllinoisTool 206.74 2.41 248.11 195.25 2.13 26.08 64387.72 Workday 158.79 -9.36 307.81 149.06 - 1407.41 3017.01
New Ch Life Ins 20.30 0.20 29.35 18.38 7.86 3.69 2674.75 Tata Cons 3375.25 113.95 3989.9 3115 1.05 33.14 159270.24 AtlasCpcoB■ 97.51 4.15 534.40 88.30 7.52 6.53 3904.01 ArcherDan 88.93 0.62 98.88 56.91 1.55 19.93 50041.6 Illumina 258.06 14.49 526.00 208.35 - 54.98 40541.23 Yum!Brnds 119.77 2.01 139.85 108.55 1.56 24.68 34154.07
PetroChina 4.12 -0.01 4.49 2.94 6.04 7.95 11075.87 Israel (ILS) Ericsson 81.27 -0.13 117.32 72.56 2.78 12.02 25618.93 AT&T 21.29 -0.03 22.42 16.62 9.10 8.28 152415.11 Intcntl Exch 102.70 3.17 139.79 93.45 1.20 15.36 57333.95 Zoetis♦ 172.10 6.20 249.27 156.67 0.54 43.28 80995.19
PingAnIns 49.50 1.10 85.05 45.80 5.28 7.53 46972.31 TevaPha 30.79 1.69 36.15 24.02 - 26.06 10207.58 H&M 134.42 1.92 215.55 110.10 4.71 18.59 20145.14 Autodesk 211.38 19.75 344.39 173.90 - 100.37 46034.2 Intel♦ 44.55 1.07 58.42 40.31 2.91 9.84 182164.95 Zoom 110.42 3.42 406.48 79.03 - 26.10 27793.04
PngAnBnk 14.08 -0.10 25.06 13.22 1.25 8.34 41004.26 Investor 186.30 3.56 228.75 167.84 1.89 8.04 34825.68 AutomData 224.66 6.38 248.96 192.18 1.59 37.34 93851.08 Intuit 422.48 16.06 716.86 339.36 0.57 56.81 119171.9 Venezuela (VEF)
Italy (€)
Pwr Cons Corp 7.88 0.02 9.96 3.77 1.14 16.24 13179.04 Nordea Bk 103.18 -0.58 114.64 85.25 14.23 12.08 40866.94 AutoZone 2055.39 26.43 2267.4 1367.96 - 19.94 40797.16 John&John♦ 181.09 1.63 186.69 155.72 2.15 24.90 476520.55 Bco de Vnzla 1.34 -0.37 594.00 0.32 77.88 - 965.76
Enel 6.16 -0.02 8.23 5.29 5.86 29.10 67530.24
SaicMtr 17.30 0.17 23.45 14.63 3.47 8.58 30333.19 SEB 111.80 0.25 141.85 91.64 9.07 9.38 24891.94 Avago Tech 583.28 32.62 677.76 455.71 2.40 35.37 238142.24 JohnsonCn 54.71 1.11 81.69 49.42 1.96 26.82 38060.05 Bco Provncl 1.85 - 798000 1.70 - 0.00 137.09
ENI 14.20 0.01 14.85 9.33 4.68 6.07 55190.26
ShenwanHong 0.09 0.00 0.11 0.05 - 2.46 97.14 SvnskaHn 97.90 -0.56 108.15 82.92 5.13 9.64 19534.66 BakerHu 37.18 0.08 39.78 19.23 1.86 92.40 36606.54 JPMrgnCh 131.27 1.83 172.96 115.02 2.70 9.18 385546.61
Generali 17.04 -0.04 21.55 15.30 8.50 9.72 29041.4
ShgPdgBk 7.88 -0.12 10.38 7.52 5.89 5.00 34711 Swedbank 151.45 0.30 196.70 130.80 9.66 8.12 17590.23 Bank of NY 46.48 0.82 64.63 41.77 2.60 12.05 37546.46 Kimb-Clark 133.43 1.02 144.53 117.32 3.29 26.89 44955.97 Closing prices and highs & lows are in traded currency (with variations for that
IntSPaolo 2.06 0.01 2.92 1.68 1.75 64.81 43136.21
Sinopec Corp 4.15 0.02 4.33 3.25 3.50 4.79 13490.74 Telia Co 40.34 -0.27 41.70 33.61 4.98 14.28 16926.74 BankAm 37.02 0.35 50.11 32.96 1.96 11.13 298265.75 KinderM 19.94 0.32 20.19 15.01 5.19 46.25 45213.4 country indicated by stock), market capitalisation is in USD. Highs & lows are
Unicred 10.92 0.10 15.93 7.75 1.08 16.46 26325.55
Sinopec Oil 1.95 - 2.90 1.70 - 642.83 3970.94 Volvo 172.86 -0.60 230.00 148.24 3.78 11.30 28172.51 Baxter 76.16 0.41 89.70 69.72 1.33 32.32 38348.74 KLA Corp 371.27 17.99 442.44 287.44 0.98 20.52 55406.5 based on intraday trading over a rolling 52 week period.
Japan (¥) Kraft Heinz 37.83 0.76 44.87 32.79 3.94 49.54 46302.1
Denmark (kr) Switzerland (SFr) BectonDick 256.46 3.96 277.29 229.24 1.22 47.64 73107.67 ♦ ex-dividend
AstellasPh 2041.5 20.50 2105 1736 2.33 30.42 29364.13 Kroger♦ 52.96 0.82 62.78 36.45 1.38 25.96 38180.88
DanskeBk 113.30 1.85 133.25 93.56 1.74 7.88 14154.76 BerkshHat 478669.51 9864.47544389.26407773.23 - 8.64 293762.83 ■ ex-capital redistribution
Bridgestne 5068 78.00 5467 4042 3.39 11.41 28338.8 ABB 30.08 0.72 35.30 27.39 - - - LasVegasSd 34.62 0.45 59.59 28.88 - -24.62 26453.46
MollerMrsk 20560 260.00 24070 16020 1.63 3.40 26537.86 Biogen 206.20 1.98 468.55 187.16 - 21.29 30198.41 # price at time of suspension
Canon 3267 43.00 3275 2418.5 3.09 15.65 34139.58 CredSuisse 7.09 0.13 10.18 6.10 - - - LibertyGbl 25.02 0.39 30.58 21.41 - 1.15 4381.78
NovoB 770.20 31.60 834.50 479.60 1.20 37.70 194475.32 BlackRock 666.53 14.09 973.16 582.58 2.31 18.72 100981.46
CntJpRwy 16330 -115.00 18455 14660 0.82 -30.31 26356.25 Nestle 116.96 0.38 128.90 109.34 - - -

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Zoom 110.42 107.00 3.42 3.20 20.68 23.0 13.11 Petrobras 33.09 33.74 -0.65 -1.93 -4.58 -12.2 -1.20 May 30 date Coupon S* M* F* price yield yield yield US May 30 date Coupon S* M* F* price yield yield yield US
Dollar General 228.38 222.13 6.25 2.81 40.78 21.7 -6.21 OilNatGas 144.05 143.80 0.25 0.17 -17.85 -11.0 -10.22 High Yield US$ US$
Schlmbrg 48.21 46.69 1.52 3.26 7.09 17.2 20.68 Ch Evrbrght 2.55 2.53 0.02 0.79 -0.29 -10.2 -10.49 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
AutoZone 2055.39 2028.96 26.43 1.30 283.71 16.0 -5.77 ChStConEng 5.52 5.64 -0.12 -2.13 -0.39 -6.6 -12.10 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
Richemont 106.90 103.85 3.05 2.94 14.40 15.6 -7.45 PngAnBnk 14.08 14.18 -0.10 -0.71 -0.94 -6.3 -8.09 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
Deere 360.73 347.51 13.22 3.80 47.42 15.1 -6.43 Natl Grid 1162.50 1164.00 -1.50 -0.13 -62.50 -5.1 -2.68 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Intuit 422.48 406.42 16.06 3.95 54.70 14.9 1.01 SK Hynix 107000.00 106000.00 1000.00 0.94 -5500.00 -4.9 -4.89 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Tesla Mtrs 759.63 707.73 51.90 7.33 95.73 14.4 -13.83 BHP Group 44.91 43.67 1.24 2.84 -2.27 -4.8 -6.46 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Deut Bank 10.65 10.39 0.25 2.44 1.28 13.7 13.74 Ch OSLnd&Inv 22.90 23.10 -0.20 -0.87 -1.15 -4.8 -6.13 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
Costco 470.76 464.99 5.77 1.24 54.33 13.0 -15.04 China Vanke 17.26 17.50 -0.24 -1.37 -0.86 -4.7 -7.62 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Halliburton 41.36 40.16 1.20 2.99 4.66 12.7 15.08 E.ON 9.58 9.65 -0.07 -0.75 -0.47 -4.6 -4.61 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
Applied Materi. 119.48 115.07 4.41 3.83 13.02 12.2 9.81 Hunng Pwr 3.67 3.70 -0.03 -0.81 -0.17 -4.4 -8.27 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
PNCFin 175.05 172.95 2.10 1.21 19.07 12.2 2.71 Workday 158.79 168.15 -9.36 -5.57 -7.20 -4.3 -23.19 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
EOG Res 136.85 133.72 3.13 2.34 14.80 12.1 21.31 ChngKng 52.20 52.25 -0.05 -0.10 -2.15 -4.0 -2.43
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Occid Pet 70.86 68.66 2.20 3.20 7.60 12.0 27.47 ITC 269.05 269.20 -0.15 -0.06 -10.95 -3.9 3.66
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
JPMrgnCh 131.27 129.44 1.83 1.41 13.93 11.9 8.11 BOE Tech 0.77 0.80 -0.03 -3.75 -0.03 -3.8 1.27
Hew-Pack 38.75 36.77 1.98 5.38 4.10 11.8 6.31 Cred Agr 10.41 10.20 0.20 2.00 -0.38 -3.5 0.31 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
TJX Cos 64.59 64.11 0.48 0.75 6.72 11.6 5.08 ChinaMob 50.65 50.60 0.05 0.10 -1.80 -3.4 -3.24 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
CharlesSch 70.59 68.82 1.77 2.57 7.31 11.6 2.93 Medtronic 99.08 99.44 -0.36 -0.36 -3.45 -3.4 -7.08 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Aptiv 104.35 101.75 2.60 2.56 10.77 11.5 0.62 Sanofi 100.28 102.38 -2.10 -2.05 -3.42 -3.3 -0.37 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
May 30 Rate Current Since Last Day's Month's Year Return Return May 29 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.33 17-03-2022 0.08 Index change change change 1 month 1 year VIX 25.72 -1.78 27.50 38.93 14.10 May 30 Price £ Yield Day Week Month Year High Low £m
US Prime 3.50 17-03-2022 3.25 Markit IBoxx VXD 21.10 -0.60 21.70 45.37 2.67 Tr 1.75pc '22 100.19 1.04 0.97 0.97 8.33 -10500.00 103.06 100.19 29.68
US Discount 0.50 17-03-2022 0.25 ABF Pan-Asia unhedged 204.88 0.38 -0.16 -6.78 -0.37 -7.93 VXN 32.00 -1.63 33.63 44.05 18.01 Tr 0.75pc '23 99.25 1.41 2.92 -5.37 -1.40 2720.00 101.08 98.95 34.04
Euro Repo 0.00 16-03-2016 0.00 Corporates( £) 356.49 0.41 -0.41 -9.93 -1.11 -9.58 VDAX 22.06 0.05 22.01 93.30 - Tr 0.125pc '24 97.73 1.51 2.72 -5.63 -3.82 843.75 100.00 97.17 34.43
UK Repo 1.00 05-05-2022 0.75 Corporates(€) 220.60 0.20 -0.73 -8.67 -1.34 -8.78 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 2pc '25 101.50 1.53 2.68 -5.56 -2.55 665.00 118.03 99.56 38.68
Japan O'night Call 0.00-0.10 01-02-2016 0.00 Eurozone Sov(€) 230.37 0.25 -0.70 -9.45 -1.76 -9.38 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 0.125pc '26 95.04 1.52 2.01 -5.00 -3.80 334.29 99.56 94.12 34.20
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 Gilts( £) 319.56 0.42 -1.14 -11.10 -2.23 -9.72 Tr 1.25pc '27 98.28 1.60 1.91 -3.61 -1.23 226.53 105.60 97.45 39.69
Overall( £) 323.74 0.40 -0.94 -10.57 -1.92 -9.48 BONDS: BENCHMARK GOVERNMENT Tr 0.875pc '29 93.84 1.77 2.91 -1.12 2.31 139.19 103.32 93.11 42.24
INTEREST RATES: MARKET Overall(€) 224.08 0.23 -0.58 -9.16 -1.52 -9.24 Red Bid Bid Day chg Wk chg Month Year Tr 4.25pc '32 120.53 1.98 3.13 0.51 5.88 110.64 138.01 120.39 39.06
Over Change One Three Six One FTSE Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '36 124.29 2.20 2.33 1.85 8.37 96.43 147.98 124.29 30.68
May 30 (Libor: May 27) night Day Week Month month month month year Sterling Corporate (£) - - - - - - Australia 11/22 2.25 100.43 1.34 0.04 0.04 0.18 1.31 Tr 4.5pc '42 136.18 2.28 2.24 2.24 10.14 78.13 169.96 136.18 27.46
US$ Libor 0.82557 0.008 -0.100 0.002 1.06171 1.59786 2.08614 2.69571 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 05/32 1.25 82.97 3.26 0.05 -0.06 0.13 - Tr 3.75pc '52 133.16 2.23 2.29 2.76 12.06 71.54 180.27 133.16 24.32
Euro Libor -0.64957 -0.064 -0.224 0.001 -0.61943 -0.58057 -0.55600 -0.48571 Euro Emerging Mkts (€) 623.32 2.97 - - -16.13 -3.81 02/50 1.00 99.85 1.31 0.04 0.05 0.33 1.00 Tr 4pc '60 147.88 2.14 1.90 3.88 13.83 73.98 213.01 147.88 24.34
£ Libor 0.18063 -0.005 -0.043 0.008 1.07820 1.38440 1.82310 0.81363 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Austria 02/29 0.50 95.54 1.19 -0.03 0.01 0.08 1.33 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Swiss Fr Libor -0.002 -0.77540 -0.75300 -0.70280 -0.55320 02/47 1.50 94.17 1.79 -0.04 0.14 0.22 1.17
CREDIT INDICES Day's Week's Month's Series Series
Yen Libor
Euro Euribor
0.000
-0.001
-0.05553
-0.54500
-0.01754
-0.36800
0.03220
-0.07600
0.04867
0.35800
Index change change change high low
Belgium 06/27 0.80 99.50 0.90 -0.02 -0.01 0.00 1.22 GILTS: UK FTSE ACTUARIES INDICES
06/47 1.60 89.70 2.13 -0.04 0.10 0.18 1.25
Sterling CDs 0.000 0.50000 0.63000 0.78500 Markit iTraxx Price Indices Day's Total Return Return
Canada 03/25 1.25 96.52 2.57 0.00 -0.09 -0.11 1.90
US$ CDs 0.000 1.10000 1.61000 2.04000 Crossover 5Y 420.49 -9.58 -52.66 -7.41 491.70 330.24 Fixed Coupon May 27 chg % Return 1 month 1 year Yield
06/30 1.25 89.22 2.76 -0.01 -0.05 -0.05 1.33
Euro CDs -0.010 -0.54000 -0.44000 -0.17000 Europe 5Y 84.40 -2.23 -11.98 -5.88 101.24 70.55 1 Up to 5 Years 84.56 0.05 2416.27 0.20 -2.38 1.49
12/48 2.75 98.63 2.82 -0.03 -0.03 0.06 0.77
Japan 5Y 66.01 -3.10 -8.72 -0.05 78.35 57.71 2 5 - 10 Years 165.36 0.32 3478.15 -0.14 -5.85 1.73
Short 7 Days One Three Six One Denmark 11/29 0.50 94.99 1.21 -0.03 0.01 0.04 1.24
Senior Financials 5Y 93.42 -2.69 -13.32 -8.42 111.57 79.74 3 10 - 15 Years 186.83 0.49 4232.28 -1.34 -8.77 2.07
May 30 term notice month month month year 11/52 0.25 69.51 1.51 -0.09 0.07 0.15 0.91
Markit CDX Finland 09/24 0.00 98.79 0.53 0.02 0.05 0.06 1.12 4 5 - 15 Years 169.53 0.37 3658.85 -0.54 -6.79 1.88
Euro -0.76 -0.46 -0.74 -0.44 -0.69 -0.39 -0.59 -0.29 -0.32 -0.02 0.18 0.48 5 Over 15 Years 294.03 0.68 4988.46 -4.83 -15.48 2.16
Emerging Markets 5Y 265.60 -4.32 -38.32 -19.01 304.78 219.01 09/29 0.50 95.07 1.21 -0.02 0.02 0.07 1.32
Sterling 0.45 0.55 0.58 0.68 0.71 0.86 0.90 1.05 7 All stocks 160.31 0.40 3540.33 -2.09 -9.30 2.06
Nth Amer High Yld 5Y 456.76 -9.23 -66.48 -5.10 523.24 362.83 France 05/28 0.75 98.43 1.02 -0.02 0.00 0.01 1.20
US Dollar 0.63 0.83 0.75 0.95 1.00 1.20 1.51 1.71 1.94 2.14 2.49 2.69
Nth Amer Inv Grade 5Y 78.90 -2.35 -11.78 -4.79 90.68 63.80 05/48 2.00 100.20 1.99 -0.04 0.10 0.14 1.13
Japanese Yen -0.30 -0.10 -0.25 -0.05 -0.20 0.00 -0.15 0.05 -0.10 0.20 -0.05 0.25 Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Germany 08/29 0.00 94.40 0.80 -0.03 0.01 0.00 1.11
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Index Linked May 27 chg % chg % chg % Return 1 month 1 year
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 08/50 0.00 71.10 1.22 -0.04 0.12 0.15 0.83
1 Up to 5 Years 324.05 0.03 0.52 6.45 2724.20 0.77 7.65
Greece 01/23 3.50 102.21 0.19 0.01 -0.11 -0.11 0.48 2 Over 5 years 731.25 0.79 -5.57 -9.56 5559.11 -5.48 -9.23
01/28 3.75 107.25 2.37 -0.04 -0.26 0.02 1.94 3 5-15 years 510.43 0.32 -1.46 1.33 4111.54 -1.33 2.08
Ireland 10/22 0.00 100.11 -0.30 0.03 0.02 0.18 0.26 4 Over 15 years 911.32 1.02 -7.45 -14.33 6731.21 -7.38 -14.15
05/26 1.00 100.95 0.76 0.00 0.02 -0.02 1.11 5 All stocks 663.84 0.70 -4.86 -7.83 5146.14 -4.75 -7.43
02/45 2.00 100.62 1.97 -0.04 0.12 0.12 1.21
Italy 02/25 0.35 97.33 1.37 0.02 -0.11 0.05 1.41 Yield Indices May 27 May 26 Yr ago May 27 May 26 Yr ago
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 05/30 0.40 99.20 0.50 0.02 0.09 0.79 0.91 5 Yrs 1.55 1.58 0.38 20 Yrs 2.26 2.30 1.31
03/48 3.45 103.39 3.25 -0.06 -0.05 0.14 1.43 10 Yrs 1.95 2.00 0.90 45 Yrs 2.03 2.05 1.18
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
Japan 04/25 0.05 100.02 0.04 -0.01 -0.01 0.00 -0.01 15 Yrs 2.19 2.24 1.19
Crude Oil† Jul 115.77 0.64 Corn♦ Jul 776.25 0.00 May 27 May 27 Prev return stock Market stocks
12/29 0.10 99.75 0.13 0.00 -0.02 -0.02 0.12
Brent Crude Oil‡ 116.90 -1.77 Wheat♦ Jul 1157.00 0.00 Can 4.25%' 26 118.30 0.171 0.201 -0.20 5.25 73363.37 8
12/49 0.40 86.54 0.96 -0.02 0.00 0.02 0.31 inflation 0% inflation 5%
RBOB Gasoline† Jul 3.91 -0.10 Soybeans♦ Jul 1732.50 0.00 Fr 2.10%' 23 107.61 -4.163 -4.219 0.25 18.05 273201.00 17
Netherlands 07/27 0.75 99.59 0.83 -0.01 0.00 0.00 1.24 Real yield May 27 Dur yrs Previous Yr ago May 27 Dur yrs Previous Yr ago
Natural Gas† Jul 8.81 0.09 Soybeans Meal♦ Jul 433.10 0.00 Swe 1.00%' 25 122.97 -1.444 -1.461 -0.04 35.15 214070.73 6
01/47 2.75 127.18 1.43 -0.04 0.13 0.20 1.06 Up to 5 yrs -2.53 1.92 -2.50 -2.72 -3.07 1.93 -3.06 -3.09
Base Metals (♠ LME 3 Months) Cocoa (ICE Liffe)X Jul 1755.00 37.00 UK 0.125%' 24 109.80 -4.960 -4.978 0.93 15.24 722849.99 31
Aluminium 2913.50 45.00 Cocoa (ICE US)♥ Jul 2465.00 0.00 New Zealand 05/31 1.50 84.90 3.48 0.00 0.00 -0.16 1.58 Over 5 yrs -1.30 21.90 -1.27 -2.10 -1.33 21.96 -1.29 -2.13
UK 2.50%' 24 376.47 -4.234 -4.236 0.85 6.82 722849.99 31
Aluminium Alloy 2580.00 -170.00 Coffee(Robusta)X Jul 2108.00 10.00 09/40 2.50 124.75 1.84 -0.01 -0.08 0.30 0.88 5-15 yrs -1.80 9.15 -1.76 -2.43 -1.90 9.15 -1.86 -2.54
UK 2.00%' 35 286.78 -1.901 -1.864 -1.52 9.08 722849.99 31
Copper 9550.00 60.00 Coffee (Arabica)♥ Jul 228.50 0.00 Norway 08/30 1.38 90.66 2.65 -0.03 -0.10 -0.11 1.18 Over 15 yrs -1.23 27.63 -1.19 -2.06 -1.24 27.65 -1.21 -2.08
US 0.625%' 24 103.72 -1.616 -1.664 0.57 40.98 1678132.06 46
Lead 2177.00 11.50 White SugarX 574.40 6.20 Poland 01/23 2.50 97.78 6.03 0.11 0.26 -0.01 5.65 All stocks -1.32 19.50 -1.28 -2.11 -1.35 19.58 -1.32 -2.14
US 3.625%' 28 121.41 -0.013 -0.032 -0.40 16.78 1678132.06 46
Nickel 29325.00 780.00 Sugar 11♥ 19.65 0.00 07/27 2.50 81.31 6.94 0.02 0.20 0.13 5.47 See FTSE website for more details www.ftse.com/products/indices/gilts
Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Tin 34650.00 450.00 Cotton♥ Jul 139.16 0.00 04/47 4.00 67.50 6.72 0.00 0.42 0.42 4.25 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Zinc 3918.50 54.50 Orange Juice♥ Jul 180.35 0.00 Portugal 04/27 4.13 113.55 1.24 -0.01 -0.06 0.03 1.39 Gilt Closing Prices information contained herein is proprietary to
amount.
Precious Metals (PM London Fix) Live Cattle♣ Jun 132.13 0.00 Spain 10/22 0.45 100.31 -0.29 0.03 -0.02 0.01 0.27 Tradeweb; may not be copied or re-distributed; is not warranted to be
Gold 1851.80 3.55 Feeder Cattle♣ May 134.88 - BONDS: TEN YEAR GOVT SPREADS 10/29 0.60 92.90 1.62 -0.02 -0.05 0.04 1.34 accurate, complete or timely; and does not constitute investment advice.
Silver (US cents) 2227.50 39.00 Lean Hogs♣ Jun 110.18 0.00 10/46 2.90 105.92 2.57 -0.04 0.03 0.17 1.24 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Platinum 955.00 13.00 Spread Spread Spread Spread Sweden 06/30 0.13 118.12 -1.12 0.00 -0.10 0.22 0.36
Palladium 2044.00 51.00 % Chg % Chg Bid vs vs Bid vs vs 03/39 3.50 125.83 1.72 -0.02 -0.15 -0.09 0.94 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Bulk Commodities May 27 Month Year Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 04/28 4.00 120.93 0.38 0.01 0.03 -0.16 0.78 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Iron Ore 134.44 4.24 S&P GSCI Spt 792.75 5.74 52.06 06/29 0.00 96.72 0.47 0.03 0.04 -0.17 0.76 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Australia 3.26 2.46 0.52 Netherlands 0.83 0.03 -1.91
Baltic Dry Index 2571.00 -110.00 DJ UBS Spot 133.87 3.25 44.25 Austria 1.19 0.39 -1.55 New Zealand 3.48 2.67 0.74 United Kingdom 07/23 0.75 99.28 1.39 -0.01 -0.06 -0.09 1.33 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Richards Bay ICE Futures 330.00 0.00 TR/CC CRB TR 341.45 4.93 56.14 Canada 2.76 1.96 0.02 Norway 2.65 1.85 -0.09 07/27 1.25 98.44 1.57 -0.03 -0.04 -0.10 1.07 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
LEBA EUA Carbon 58.91 -1.98 129.94 Denmark 1.21 0.40 -1.53 Portugal 1.24 0.44 -1.50 07/47 1.50 86.16 2.22 -0.04 0.06 0.14 0.90
LEBA UK Power 1048.00 -37.43 -39.60 Finland 1.21 0.41 -1.53 Spain 1.62 0.82 -1.12 United States - - - - - - - Data provided by Morningstar | www.morningstar.co.uk
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Germany 0.80 0.00 -1.94 Sweden -1.12 -1.92 -3.86 03/25 0.50 94.13 2.67 0.03 -0.08 -0.20 2.14
unless otherwise stated. Italy 0.50 -0.30 -2.24 Switzerland 0.47 -0.33 -2.27 02/30 1.50 91.45 2.74 0.01 -0.04 -0.16 1.24
Japan 0.13 -0.67 -2.61 United States 2.74 1.94 0.00 02/50 0.25 88.13 0.72 -0.01 -0.04 0.28 -
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
16 ★ FINANCIAL TIMES Tuesday 31 May 2022

MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Fund Bid Offer D+/- Yield Data Provided by
Mirabaud - UK Equity High Alpha £ 138.44 - 4.68 0.00

abrdn Capital (CI) Limited (JER) EdenTree Investment Management Ltd (UK) Purisima Investment Fds (CI) Ltd (JER)
www.morningstar.co.uk
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 PO Box 3733, Swindon, SN4 4BG, 0800 358 3010 Regulated Data as shown is for information purposes only. No offer
FCA Recognised Authorised Inv Funds PCG B 288.02 - 7.13 0.00 is made by Morningstar or this publication.
Aberdeen Standard Capital Offshore Strategy Fund Limited EdenTree Short Dated Bond Cls B 96.38 - -0.06 0.72 PCG C 280.52 - 6.94 0.00
Bridge Fund £ 2.2667 - 0.0353 1.63
Global Equity Fund £ 3.3404 - 0.0728 0.96
Global Fixed Interest Fund £ 0.8145 - 0.0033 5.32
Income Fund
Sterling Fixed Interest Fund
UK Equity Fund
£ 0.6694
£ 0.7709
£ 2.0721
-
-
-
0.0065 -
-0.0005 3.22
0.0137 3.09
Guide to Data
The fund prices quoted on these pages are
Blue Whale Investment Funds ICAV (IRE) Guinness Global Investors Superfund Asset Management GmbH supplied by the operator of the relevant fund.
www.bluewhale.co.uk, info@bluewhale.co.uk Ennismore European Smlr Cos Hedge Fd www.superfund.com, +43 (1) 247 00 Details of funds published on these pages,
Guinness Global Equity Income Y GBP Dist £ 18.29 - 0.17 2.20 Oasis Crescent Global Investment Funds (UK) ICVC (UK)
Other International Funds Other International Funds
FCA Recognised - Ireland UCITS Guinness Global Innovators Y GBP Acc £ 25.91 - 0.70 - Regulated including prices, are for the purpose of
Blue Whale Growth USD T $ 9.10 - 0.39 - NAV € 651.52 - -0.71 0.00 Guinness Sustainable Global Equity Y GBP Acc £ 10.83 - 0.25 0.00 Oasis Crescent Global Equity Fund USD A (Dist) $ 37.21 - 0.40 0.22 Other International Funds information only and should only be used as a
Oasis Crescent Global Income Fund USD A (Dist) $ 10.30 - -0.03 2.68 Superfund Green Gold $ 1671.44 - 36.43 - guide. The Financial Times Limited makes no
Oasis Crescent Global Low Equity Fund USD D (Dist) $ 13.00 - 0.09 0.24 Superfund Green Silver $ 1399.67 - 40.73 - representation as to their accuracy or
Oasis Crescent Global Medium Equity Fund USD A (Dist) $ 14.37 - 0.10 0.13 Regulated completeness and they should not be relied
Oasis Crescent Global Property Equity Fund USD A (Dist) $ 9.26 - 0.15 0.36 Superfund Green US$ $ 1259.08 - 24.29 - upon when making an investment decision.
Oasis Crescent Global Short Term Income Fund USD A (Dist) $ 0.96 - 0.00 1.80
Oasis Crescent Variable Fund GBP A (Dist) £ 10.33 - 0.04 0.00 The sale of interests in the funds listed on these
pages may, in certain jurisdictions, be restricted
by law and the funds will not necessarily be
Euronova Asset Management UK LLP (CYM)
HPB Assurance Ltd Ram Active Investments SA available to persons in all jurisdictions in which
Regulated Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 www.ram-ai.com the publication circulates. Persons in any doubt
Smaller Cos Cls One Shares € 54.99 - 0.24 0.00 Other International Funds should take appropriate professional advice.
International Insurances
Smaller Cos Cls Two Shares € 35.19 - 0.15 0.00 RAM Systematic Emerg Markets Eq $ 215.99 215.99 4.28 - Data collated by Morningstar. For other
Holiday Property Bond Ser 1 £ 0.48 - 0.00 0.00
Smaller Cos Cls Three Shares € 17.56 - 0.07 0.00 RAM Systematic European Eq € 550.52 550.52 9.77 - queries contact reader.enquiries@ft.com
Holiday Property Bond Ser 2 £ 0.63 - 0.00 0.00
Smaller Cos Cls Four Shares € 23.15 - 0.10 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 153.39 153.39 4.60 0.00 +44 (0)207 873 4211.
Algebris Investments (IRL) Omnia Fund Ltd RAM Systematic Global Eq Sustainable Alpha $ 115.19 115.19 -0.42 -
Regulated Other International Funds RAM Systematic Long/Short European Eq € 154.75 154.75 -1.40 - The fund prices published in this edition along
Algebris Financial Credit I EUR € 179.43 - 0.96 0.00 Estimated NAV $ 781.04 - 22.77 0.00 RAM Systematic US Sustainable Eq $ 354.57 354.57 17.78 - with additional information are also available
Algebris Financial Credit R EUR € 154.94 - 0.83 0.00 RAM Tactical Global Bond Total Return € 143.85 143.85 0.28 - on the Financial Times website, www.ft.com/
Algebris Financial Credit Rd EUR € 97.75 - 0.51 4.69 RAM Tactical II Asia Bond Total Return $ 147.59 147.59 0.33 - funds. The funds published on these pages are
Algebris Financial Income I EUR € 180.43 - 1.38 0.00 grouped together by fund management
Brooks Macdonald International Fund Managers Limited (JER)
Algebris Financial Income R EUR € 164.96 - 1.26 0.00 5 Anley Street, St Helier, Jersey, JE2 3QE company.
Algebris Financial Income Rd EUR € 103.81 - 0.79 3.46 +44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Janus Henderson Investors (UK)
Algebris Financial Equity B EUR € 155.47 - 1.34 0.00 Brooks Macdonald International Investment Funds Limited FIL Investment Services (UK) Limited (1200)F (UK) PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 Prices are in pence unless otherwise indicated.
Algebris Financial Equity R EUR € 131.44 - 1.14 0.00 Euro High Income € 1.3213 - -0.0008 2.50
Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP www.janushenderson.com The change, if shown, is the change on the
Callfree: Private Clients 0800 414161 Toscafund Asset Management LLP (UK)
previously quoted figure (not all funds update
Authorised Inv Funds
Algebris IG Financial Credit I EUR € 101.29 - 0.39 0.00 High Income £ 0.7346 - 0.0009 3.77 Broker Dealings: 0800 414 181 www.toscafund.com
Janus Henderson Instl UK Idx Opps A Acc £ 1.12 - 0.00 2.58 prices daily). Those designated $ with no prefix
Algebris IG Financial Credit R EUR € 99.99 - 0.39 0.00 Sterling Bond £ 1.3898 - 0.0014 2.06 OEIC Funds Orbis Investments (U.K.) Limited (GBR) Authorised Funds
28 Dorset Square, London, NW1 6QG Aptus Global Financials B Acc £ 4.53 - 0.03 4.24
refer to US dollars. Yield percentage figures (in
Algebris Global Credit Opportunities I EUR € 125.27 - 0.42 0.00 Brooks Macdonald International Multi Strategy Fund Limited Fidelity American Fund W-ACC-GBP £ 52.19 - 1.65 0.00
www.orbis.com 0800 358 2030 Ruffer LLP (1000)F (UK) Tuesday to Saturday papers) allow for buying
Algebris Global Credit Opportunities R EUR € 122.67 - 0.41 0.00 Balanced Strategy A £ 0.9126 - 0.0086 - Aptus Global Financials B Inc £ 3.01 - 0.02 5.44
Fidelity Cash Fund W-ACC-GBP £ 1.02 - 0.00 0.00
Regulated 65 Gresham Street, London, EC2V 7NQ expenses. Prices of certain older insurance
Algebris Global Credit Opportunities Rd EUR € 122.67 - 0.41 0.00 Balanced Strategy £ 0.9097 - 0.0086 - Fidelity Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.66 - 0.03 4.34 Orbis OEIC Global Cautious Standard £ 11.87 - 0.05 0.00 Order Desk and Enquiries: 0345 601 9610 linked plans might be subject to capital gains
Algebris Core Italy I EUR € 147.78 - 1.02 0.00 Cautious Balanced Strategy A £ 0.9209 - 0.0064 - Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.27 - 0.01 4.20 Orbis OEIC Global Balanced Standard £ 19.06 - 0.16 - Authorised Inv Funds tax on sales.
Algebris Core Italy R EUR € 140.84 - 0.97 0.00 Growth Strategy A £ 0.9190 - 0.0128 - Fidelity Sustainable Global Equity W-Accumulation £ 32.73 - 0.82 0.00 Orbis OEIC Global Equity Standard £ 21.37 - 0.33 - Authorised Corporate Director - Link Fund Solutions
High Growth Strategy A £ 0.9084 - 0.0143 - Fidelity Global High Yield Fund W-ACC-GBP £ 14.27 - 0.06 5.27 LF Ruffer Diversified Rtrn C Acc 106.70 - 0.44 0.00 Guide to pricing of Authorised Investment
Orbis OEIC UK Equity Standard £ 10.54 - 0.00 3.42
Cautious Balanced Strategy £ 1.2876 - 0.0090 0.00 Fidelity Japan Fund W-ACC-GBP £ 5.48 - 0.06 1.29 LF Ruffer Diversified Rtrn C Inc 106.65 - 0.41 0.00 Funds: (compiled with the assistance of the
Growth Strategy £ 1.9185 - 0.0267 0.00 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 3.41 - 0.08 0.62 M & G Securities (1200)F (UK) LF Ruffer European C Acc 770.46 - -19.24 1.00 IMA. The Investment Association, Camomile
High Growth Strategy £ 2.6677 - 0.0420 0.00 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.17 - 0.01 - PO Box 9038, Chelmsford, CM99 2XF LF Ruffer European C Inc 139.44 - -3.48 0.96 Court 23 Camomile Street, London EC3A 7LL.
US$ Growth Strategy $ 1.6760 - 0.0265 0.00 Fidelity Special Situations Fund W-ACC-GBP £ 42.64 - 0.01 2.03 www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472 LF Ruffer European O Acc 748.12 - -18.73 0.65 Tel: +44 (0)20 7831 0898.)
Dealing Daily. Initial Charge Nil for A classes and up to 2% for other classes Authorised Inv Funds
Toscafund Asset Management LLP
Fidelity Short Dated Corporate Bond Fund W-ACC-GBP £ 10.79 - -0.01 3.93 LF Ruffer Equity & General C Acc 564.33 - -1.51 0.43 www.toscafund.com
Fidelity Sustainable Water & Waste W-ACC-GBP £ 1.18 - 0.03 0.14 M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.16 - 0.00 2.02
LF Ruffer Equity & General C Inc 513.93 - -1.37 0.43
OEIC: Open-Ended Investment Company.
Tosca A USD $ 419.62 - -0.01 0.00
Fidelity Sustainable Water & Waste W-INC-GBP £ 1.17 - 0.03 0.13 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 40.84 - -0.07 1.53
LF Ruffer Equity & General O Acc 548.02 - -1.49 0.15
Similar to a unit trust but using a company
The Antares European Fund Limited Tosca Mid Cap GBP £ 220.15 - -10.74 0.00
Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14 M&G Charity Multi Asset Fund Inc £ 0.91 - 0.00 -
LF Ruffer Equity & General O Inc 506.68 - -1.39 0.14
rather than a trust structure.
Other International Tosca Opportunity B USD $ 336.20 - -16.19 0.00
Fidelity UK Select Fund W-ACC-GBP £ 3.65 - 0.03 2.01 M&G Charity Multi Asset Fund Acc £ 106.84 - 0.59 -
LF Ruffer Gold C Acc 279.27 - 11.12 0.00 Pegasus Fund Ltd A-1 GBP £ 52.38 - -2.55 0.00
AEF Ltd Usd $ 547.23 - -11.27 0.00 Different share classes are issued to reflect a
LF Ruffer Gold C Inc 169.03 - 6.74 0.00
AEF Ltd Eur € 508.49 - -10.55 0.00 different currency, charging structure or type of
LF Ruffer Gold O Acc 271.10 - 10.78 0.00
holder.
LF Ruffer Japanese C Inc 159.47 - 0.37 0.00
LF Ruffer Japanese C Acc 342.70 - 0.81 0.00
CG Asset Management Limited (IRL) Selling price: Also called bid price. The price
LF Ruffer Total Return C Acc 566.38 - -5.23 1.78
25 Moorgate, London, EC2R 6AY at which units in a unit trust are sold by
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 LF Ruffer Total Return C Inc 358.82 - -3.31 1.80 investors.
FCA Recognised LF Ruffer Total Return O Acc 549.93 - -5.12 1.78
CG Portfolio Fund Plc LF Ruffer Total Return O Inc 348.21 - -3.23 1.80 Buying price: Also called offer price. The price
Findlay Park Funds Plc (IRL) MMIP Investment Management Limited (GSY)
Absolute Return Cls M Inc £ 141.89 141.89 0.33 1.31 Regulated
Troy Asset Mgt (1200) (UK) at which units in a unit trust are bought by
30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900 65 Gresham Street, London, EC2V 7NQ
Artemis Fund Managers Ltd (1200)F (UK) Capital Gearing Portfolio GBP P £ 39228.18 39228.18 68.19 1.01
FCA Recognised Multi-Manager Investment Programmes PCC Limited investors. Includes manager’s initial charge.
Platinum Capital Management Ltd Order Desk and Enquiries: 0345 608 0950
57 St. James's Street, London SW1A 1LD 0800 092 2051 Capital Gearing Portfolio GBP V £ 190.79 190.79 0.33 1.00 UK Equity Fd Cl A Series 01 £ 3169.28 3203.08 19.37 0.00
American EUR Unhedged Class € 155.81 - 4.57 - Authorised Inv Funds
Authorised Inv Funds Dollar Fund Cls D Inc £ 174.63 174.63 0.46 1.38
American Fund USD Class $ 166.87 - 4.78 - Diversified Absolute Rtn Fd USD Cl AF2 $ 1676.35 - -37.82 0.00
Other International Funds Single price: Based on a mid-market valuation
Authorised Corporate Director - Link Fund Solutions
Artemis Corporate Bond I Acc 104.29 - 0.15 2.60 Dollar Hedged GBP Inc £ 102.97 102.97 0.51 1.53
American Fund GBP Hedged £ 83.34 - 2.38 0.00 Diversified Absolute Return Stlg Cell AF2 £ 1568.02 - -36.17 0.00
Platinum All Star Fund - A $ 150.58 - - - of the underlying investments. The buying and
Artemis Positive Future Fund 65.24 - 2.13 0.00 Real Return Cls A Inc £ 209.51 209.51 0.32 1.42 Platinum Global Growth UCITS Fund $ 8.67 - 0.15 - Trojan Investment Funds selling price for shares of an OEIC and units of a
American Fund GBP Unhedged £ 132.27 - 3.38 - Global Equity Fund A Lead Series £ 1775.60 1781.63 -35.68 0.00
Artemis Target Return Bond I Acc 106.48 - 0.06 2.29 Platinum Essential Resources UCITS Fund SICAV USD Class E $ 12.71 - 0.24 0.00 Trojan Ethical O Acc 127.14 - 0.81 0.00 single priced unit trust are the same.
Platinum Global Dividend UCITS Fund $ 49.39 - 0.23 0.00 Trojan Ethical Global Inc O Acc 101.11 - 1.16 -
Rubrics Global UCITS Funds Plc (IRL) Trojan Ethical Global Inc O Inc 99.90 - 1.15 - Treatment of manager’s periodic capital
www.rubricsam.com Trojan Ethical O Inc 126.89 - 0.81 0.00 charge: The letter C denotes that the trust
Regulated deducts all or part of the manager’s/operator’s
Rubrics Emerging Markets Fixed Income UCITS Fund $ 135.70 - 0.30 - periodic charge from capital, contact the
Rubrics Global Credit UCITS Fund $ 17.07 - 0.02 - manager/operator for full details of the effect of
Rubrics Global Fixed Income UCITS Fund $ 173.58 - -0.01 - this course of action.
Chartered Asset Management Pte Ltd Foord Asset Management Marwyn Asset Management Limited (CYM)
Other International Funds Regulated
Exit Charges: The letter E denotes that an exit
Website: www.foord.com - Email: info@foord.com
CAM-GTF VCC $ 304696.71 304696.71 -10543.84 - Marwyn Value Investors £ 329.72 - -6.14 0.00
charge may be made when you sell units,
FCA Recognised - Luxembourg UCITS
CAM GTi VCC $ 780.49 - -32.39 -
contact the manager/operator for full details.
Foord International Fund | R $ 50.29 - 0.55 -
RAIC VCC $ 1.64 1.64 0.03 2.06 Zadig Gestion (Memnon Fund) (LUX)
Foord Global Equity Fund (Lux) | R $ 16.58 - 0.61 -
FCA Recognised Time: Some funds give information about the

Slater
Regulated Memnon European Fund - Class U2 GBP £ 229.28 - 3.63 0.00 timing of price quotes. The time shown
Foord Global Equity Fund (Sing) | B $ 19.79 - 0.43 - alongside the fund manager’s/operator’s name

Investments
Foord International Trust (Gsy) $ 49.00 - 0.53 - is the valuation point for their unit trusts/OEICs,
unless another time is indicated by the symbol
alongside the individual unit trust/OEIC name.

Ashmore Group The symbols are as follows: ✠ 0001 to 1100

hours; ♦ 1101 to 1400 hours; ▲ 1401 to 1700
61 Aldwych, London WC2B 4AE. Dealing team: +352 27 62 22 233 Dodge & Cox Worldwide Funds (IRL) Polar Capital Funds Plc (IRL)
Authorised Inv Funds 48-49 Pall Mall, London SW1Y 5JG. Regulated
Emerging Markets Equity Fund $ 120.35 - 3.55 0.00
hours; # 1701 to midnight. Daily dealing prices
www.dodgeandcox.worldwide.com 020 3713 7664 Automation & Artificial Intelligence CL I USD Acc $ 15.54 15.54 0.43 0.00
Emerging Markets Equity ESG Fund $ 134.68 - 4.55 0.00 FCA Recognised
are set on the basis of the valuation point, a
Asian Starts I USD Acc $ $ 14.28 - 0.38 0.00
Emerging Markets Frontier Equity Fund $ 193.07 - 3.84 0.35 Dodge & Cox Worldwide Funds plc - Global Bond Fund Franklin Templeton International Services Sarl (IRL) short period of time may elapse before prices
Biotechnology I USD $ 34.45 34.45 0.95 0.00
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland become available. Historic pricing: The letter H
Emerging Markets Blended Debt Fund $ 58.86 - 0.77 6.35 EUR Accumulating Class € 15.66 - 0.04 0.00 China Stars I USD Acc $ $ 11.26 11.26 0.17 -
Other International Funds
Slater Investments Ltd (UK)
denotes that the managers/operators will
Emerging Markets Blended Debt ESG Fund $ 89.71 - 1.32 0.00 EUR Accumulating Class (H) € 10.62 - 0.03 0.00 Emerging Market Stars I USD Acc $ 11.50 - 0.30 0.00
Franklin Emerging Market Debt Opportunities Fund Plc www.slaterinvestments.com; Tel: 0207 220 9460 normally deal on the price set at the most recent
Emerging Markets Active Equity Fund $ 129.10 - 4.31 0.00 EUR Distributing Class € 11.72 - 0.02 1.49 European Ex UK Inc EUR Acc € 14.00 14.00 0.11 0.00
Franklin Emg Mkts Debt Opp CHFSFr 12.40 - -0.53 3.01 FCA Recognised valuation. The prices shown are the latest
Emerging Markets Corporate Debt Fund $ 67.05 - 0.51 8.37 EUR Distributing Class (H) € 7.89 - 0.02 1.73 Financial Opps I USD $ 14.35 - 0.24 2.24
Franklin Emg Mkts Debt Opp GBP £ 8.09 - -0.37 3.02 Slater Growth A Acc 734.75 734.75 4.36 0.00 available before publication and may not be the
Emerging Markets Debt Fund $ 65.66 - 1.00 7.56 GBP Distributing Class £ 12.19 - 0.01 1.41 Global Convertible I USD $ 14.03 14.03 0.13 0.00
Franklin Emg Mkts Debt Opp USD $ 14.07 - -0.79 3.01 Milltrust International Managed Investments ICAV (IRL) Slater Income A Inc 150.64 150.64 0.12 5.22 current dealing levels because of an intervening
Emerging Markets Local Currency Bond Fund $ 62.55 - 0.56 - GBP Distributing Class (H) £ 8.40 - 0.02 1.64 Global Insurance I GBP £ 9.19 - 0.10 0.00
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com
Slater Recovery A Acc 369.99 369.99 1.85 0.00 portfolio revaluation or a switch to a forward
USD Accumulating Class $ 12.12 - 0.03 0.00 Regulated Global Technology I USD $ 70.82 - 2.64 0.00 pricing basis. The managers/operators must
Slater Artorius 333.40 333.40 -6.47 0.26
Dodge & Cox Worldwide Funds plc-Global Stock Fund British Innovation Fund £ 121.92 - 2.89 0.00 Healthcare Blue Chip Fund I USD Acc $ 18.66 18.66 0.23 - deal at a forward price on request, and may
USD Accumulating Share Class $ 30.29 - 0.46 - MAI - Buy & Lease (Australia) A$ 103.45 - 0.50 0.00 Healthcare Dis I Acc USD $ $ 12.47 - 0.33 - move to forward pricing at any time. Forward
GBP Accumulating Share Class £ 39.44 - 0.49 - MAI - Buy & Lease (New Zealand)NZ$ 91.20 - -6.06 0.00 Healthcare Opps I USD $ 61.38 - 1.47 - pricing: The letter F denotes that that
GBP Distributing Share class £ 26.81 - 0.33 - Milltrust Global Emerging Markets Fund - Class A $ 97.22 - -0.35 0.00 Income Opportunities B2 I GBP Acc £ 2.87 2.87 0.01 0.00 managers/operators deal at the price to be set
EUR Accumulating Share Class € 42.38 - 0.60 - Japan Value I JPY ¥ 131.48 131.48 1.40 0.00 at the next valuation.
GBP Distributing Class (H) £ 14.39 - 0.22 0.40 North American I USD $ 33.70 33.70 0.74 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund GAM Smart Energy I USD Acc $ $ 8.79 8.79 0.32 - Investors can be given no definite price in
Atlantas Sicav (LUX)
funds@gam.com, www.funds.gam.com Smart Mobility I USD Acc $ $ 8.65 8.65 0.27 - advance of the purchase or sale being carried
USD Accumulating Share Class $ 39.48 - 0.75 0.00
Regulated out. The prices appearing in the newspaper are
GBP Accumulating Share Class £ 48.62 - 0.80 0.00 Regulated UK Val Opp I GBP Acc £ 13.20 13.20 -0.03 0.00
American Dynamic $ 6466.17 6466.17 -10.85 - the most recent provided by the managers/
GBP Distributing Share Class £ 29.29 - 0.48 0.23 LAPIS GBL TOP 50 DIV.YLD-Na-D £ 126.04 - 0.42 2.56
American One $ 6532.47 6532.47 -23.13 0.00 operators. Scheme particulars, prospectus, key
EUR Accumulating Share Class € 47.69 - 0.86 0.00 LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 101.24 - 2.34 0.97
Bond Global € 1542.94 1542.94 -23.60 0.00 features and reports: The most recent
GBP Distributing Class (H) £ 15.98 - 0.30 0.27
Eurocroissance € 1317.86 - -6.53 - Milltrust International Managed Investments SPC particulars and documents may be obtained
Far East $ 1003.39 - -6.48 - em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com free of charge from fund managers/operators. *
Regulated Indicates funds which do not price on Fridays.
Milltrust Alaska Brazil SP A $ 89.62 - 0.21 0.00
Milltrust Laurium Africa SP A $ 104.11 - 1.66 0.00 Charges for this advertising service are based
Milltrust Marcellus India Fund $ 124.95 - 2.50 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) on the number of lines published and the
Milltrust Singular ASEAN SP Founders $ 140.13 - 1.32 0.00 Regulated classification of the fund. Please contact
Genesis Investment Management LLP Milltrust SPARX Korea Equity SP A $ 121.53 - 2.04 0.00 Monument Growth 08/03/2022 £ 542.68 548.12 -6.21 - data@ft.com or call +44 (0)20 7873 3132 for
Milltrust Xingtai China SP A $ 143.48 - 0.18 0.00 Stonehage Fleming Investment Management Ltd (IRL) further information.
Other International Funds
www.stonehagefleming.com/gbi
Emerging Mkts NAV £ 7.21 - -0.16 1.81 The Climate Impact Asia Fund SP (Class A) $ 79.04 - 0.18 0.00
enquiries@stonehagefleming.com
The Climate Impact Asia Fund (Class B) $ 78.61 - 0.18 0.00
Regulated
SF Global Best Ideas Eq B USD ACC $ 230.85 - 6.79 0.00
SF Global Best Ideas Eq D GBP INC £ 277.64 - 7.29 0.00

Prusik Investment Management LLP (IRL)

Enquiries - 0207 493 1331
Regulated
Mirabaud Asset Management (LUX) Prusik Asian Equity Income B Dist $ 185.83 - 1.31 -
Dragon Capital www.mirabaud.com, marketing@mirabaud-am.com Prusik Asia Emerging Opportunities Fund A Acc $ 194.53 - 3.23 0.00
www.dragoncapital.com Conviction based investment vehicles details available here www.mirabaud-am.com Prusik Asia Fund U Dist. £ 223.85 - 3.14 0.00
Fund information:info@dragoncapital.com Regulated Prusik Asia Sustainable Growth Fund A Acc $ 92.08 - 1.26 -
Other International Funds Mir. - Glb Strat. Bd I USD $ 117.51 - 0.76 0.00
Vietnam Equity (UCITS) Fund A USD $ 33.93 - 0.16 0.00 Mir. - DiscEur D Cap GBP £ 184.11 - 4.00 0.00
Tuesday 31 May 2022 ★ 17
18 ★ FINANCIAL TIMES Tuesday 31 May 2022

ARTS

Dialogues in steel,
stone and water
Virginia Overton’s multi-material art is on show in Venice,
London and, from tomorrow, at New York’s LaGuardia airport.
She talks to Jane Ure-Smith about finding connections

W
hen Virginia Overton metal, water, glass, stone, plastic and
was invited to create a piping, spying energy and aesthetic
site-specific work for potential in discarded or forgotten
the new Delta terminal objects. Recently, the colour and shape
at LaGuardia airport, of an abandoned slab of concrete had
she remembered her father’s tales of fly- her “out at 5am with a dolly and a bunch
ing in low over the rooftops when he vis- of ratchet straps” to lug it back to her
ited New York in the 1960s. She sought a Brooklyn studio. Overton is in love with
symbol for the process of transitioning her materials and, if it is an obsession,
from ground to air and came up with she can see the funny side.
12 diamond-shaped sculptures evoking For a 2012 video piece which she plans
New York City landmarks suspended to re-screen at Nashville’s Frist Art
from the ceiling, inspired by the idea of a Museum in October, she reworked a
skylight. Large-scale and lit from within, 1970s anti-litter TV ad in which a heavily
these pendants will draw the eye up and tattooed man drives through the coun-
down the terminal’s four-storey atrium. tryside hurling rubbish from his car. “I
The LaGuardia piece is Overton’s first was so enamoured by that commercial
permanent public commission. For an as a kid,” she says. “When I saw it later
artist who often dismantles existing and people joked about my using trash
pieces to make new work from them, in my work, I ran it backwards . . . so
the notion of forever is unsettling. “Per- he’s picking up the trash. It’s a clear illus- Above: Virginia Overton’s to the varied nature of the building, As ever with her work, there are sto- known for her spontaneity. Does she
manent was a concept I had to grapple tration of what I do in a way, picking ‘Untitled (chime for Caro)’ which ranges from super-distressed ries within stories to be found in the still abandon plans? “I did it here in a
with,” she says when we meet at a solo these things up, that gesture . . .” And (2022). Below: ‘Untitled bricks and tiles through a pristine, light- Goldsmiths show. “Untitled” (2015), a modified way,” she says, admitting that
show of her work that opened in early the fact you recycle? “Yeah, totally!” (sculpture on table)’ filled white cube to an inky-black den “sculptural painting” composed from such an approach can at times induce
May at Goldsmiths Centre for Contem- At Goldsmiths CCA in London, a Vic- (2022), both on show in inside what was once a water tank. New brass tubes, looks a perfect fit for the panic in collaborators. The exhibition’s
porary Art in London. torian bathhouse made over as a gallery London — Courtesy of the artist and pieces by the artist incorporate steel white cube, a gentle play on the idea of title, Animal Magnetism, alludes to the
Everyone wants a piece of her right in 2018, Overton was invited to respond White Cube, London. Photo: Rob Harris
that was stored by the late British sculp- abstract art. But look closely and you fact that she can never quite pinpoint
now, it seems. In Venice in April, I sat on tor Anthony Caro at Yorkshire Sculp- notice bird droppings and rain- and why she does things and lives easily with
an Overton bench to eat my lunch, as I ture Park for use by future generations insect-damage: the tubes were once part the mystery.
surveyed her tulip-shaped concrete of artists. of a 500ft pipe that ran across the fields The Caro steel has prompted Overton
sculpture embedded with pink glass Overton spent a week at YSP making of Storm King Art Center in upstate New to reflect on the sculptural canon. She is
and a row of fishing net-covered buoys. “a visual and a physical inventory” of York. Handprints on the work are a proud of her place in art history, but art
Both works are part of the Biennale’s Caro’s steel, looking to take away pieces reminder that people could communi- history isn’t the whole story. When I
central exhibition. she could integrate with other material cate through the pipe without the need mention land artist Robert Smithson’s
The child of intellectual but intensely “to make a conversation between the for auditory amplification. fascination with crystals as a reference
practical parents, Overton, 50, grew up two”. For “Untitled (chime for Caro)” Equally unexpected is her incorpora- in the LaGuardia skylights, she agrees
on a farm in Tennessee. It took her a (2022), the most enjoyable piece in the tion of a tiny brooch that once belonged that he was a “strong voice” in her head.
long time “to say out loud” that she show, she sorted Caro fragments accord- to her great-grandmother into the “But I would say my grandfather was a
wanted to be an artist. “I wanted to be ing to their weight and has hung them disco-lit darkness of her tank-room land artist,” she says. “He terraced his
useful and to add to the world,” she says. on a gantry opposite a row of aluminium installation, while Richard Strauss’s Also fields so he could grow corn. It was so
“And I hadn’t wrapped my mind around pipes. Visitors can “play” them, offset- sprach Zarathustra rumbles ominously beautiful. I feel like they are equal.”
the idea that art could be that thing.” But ting the ding of the aluminium with the around you.
art kept “popping up” and she gave in, cowbell-like sound of the steel. Ever since a 2012 show at The Kitchen ‘Animal Magnetism’ to July 31,
completing an MFA at the University of Her work is in constant dialogue with in New York, for which she turned up goldsmithscca.art
Memphis, before moving to New York. a long line of almost exclusively male empty-handed and set about making a LaGuardia installation from June 1,
Today she makes work from timber, sculptors: Caro, Carl Andre, Richard show from scratch, Overton has been laguardiaairport.com
Serra, Tony Cragg, Dan Graham, Mark
di Suvero. “Those artists are important
to her,” says Sarah McCrory, director of
Goldsmiths CCA. “But she is a woman
stepping into a room that is occupied
predominantly by men and moving the
conversation in a different direction.”
Reworking minimalism for the con-
temporary world, Overton’s feminist
practice meanders thoughtfully, finding
connections between industrial materi-
als and the natural world. For “Untitled
(Late Bloomer)” (2021), a ravishing
piece on show until the autumn in Mil-
waukee, she has planted lotuses in the
back of a pick-up truck. Everything is
intuitive and experimental: “I don’t
want to assert too much will,” she says. Overton’s ‘Untitled (stance)’ (2015) — Courtesy of the artist and White Cube, London. Photo: Rob Harris

Sheeran breaks free of the loop

it made its remorseless way between particular change did not pay off. The
POP enormodomes, was the musical equiva- band’s contributions were meagre to the
lent of Billy bookcases and MDF tables. point of anonymity.
Ed Sheeran Here, in the second of his three shows, The evening’s other experiment, the
Principality Stadium, Cardiff he shook things up by adding a backing rotating stage, was better. Several sets of
aaaee band. Their five members did not join looping pedals were placed on it, ena-
Sheeran on the central stage but stood bling Sheeran to move around serenad-
Ludovic Hunter-Tilney separately on little island stages ringing ing different sections of the audience. It
it. Their apartness from him, and also turned him into a more mobile and
A 15-mile traffic jam has joined Ed each other, was designed to enable dis- engaging performer than the solitary
Sheeran’s collection of hefty statistics, to creet entries and exits during the set. It figure who used to play on stages at the
go with his billions of streams and 13 UK also exposed their lack of chemistry. far end of stadiums. And it helped the
number one singles (equal to For opening number “Tides”, the stated purpose of his show, which was to
Madonna). That was the length of the band created a trebly wash of sound as get everyone singing along and jumping
tailback trying to cross into Wales over Sheeran sang about fatherhood and about as though in a vast open-air pub.
the Severn Bridge before his gig in Car- entering his thirties. “Everything has “I want to bring out the Cardiff-on-a-
diff. Drivers cursed the cheery trouba- changed, but I’m still the same some- Friday-night in you,” he cried near the
dour’s name and kicked their tyres in how,” he cried. The next track, “Blow”, beginning. The fight that broke out dur-
frustration. The Sheeran juggernaut, a amplified the changes with an over- ing “Overpass Graffiti” perhaps took
monster vehicle hogging the middle of cooked hard-rock pastiche in which the that prospectus too far. But it was faith-
the road, had brought the main motor- singer yelped about pulling his trigger fully observed by the lusty chorusing
way into an entire country to a standstill. amid pyrotechnics and hammering that accompanied Sheeran’s yearning
That juggernaut shows scant signs of riffs. Then the band disappeared, and tones, which cut through the mass choir
slowing. Sheeran’s latest album, last Sheeran swapped his electric guitar for like a spotlight. Meanwhile, the sleek
year’s Equals, charted globally. His three an acoustic old-faithful to play old sound of “Shape of You” and “Bad Hab-
Cardiff shows were billed as the biggest favourites such as “The A Team”. its” acquired a scruffier energy. The
ever gigs in Wales, with a capacity of His accompanists returned later for a attempt to bring a band on board was a
more than 70,000. More attendees than suite of songs starting with “Visiting flop, but Sheeran has found a way to
usual were present due to the stage Hours”, another number about trans- refresh his solo stagecraft.
set-up, with Sheeran playing on a circu- formation (“So much has changed
lar platform in the middle: an innova- since you have been away”). But this edsheeran.com
tion for him.
It was not the only change. Ever since Ed Sheeran on
his faraway days sofa-surfing and play- stage at the
ing open mic nights, Sheeran has relied Principality
on the same shtick, a one-man-band Stadium
using loop pedals to build up live songs Zak Walters

from the basic components of voice and

acoustic guitar. Even after cramped
stages swelled into huge runways, that
has remained his core approach. But its
limitations have started to show.
The Divide tour ended in 2019 as the
highest-grossing in history, with a
$776mn haul. But Sheeran’s trick had
begun to resemble the assembly
instructions for flat-pack furniture. Hit
guitar with palm to create loop A. Strum
it for loop B. Attach loop B to loop A, and
so on. Inside the Sheeran juggernaut, as
Tuesday 31 May 2022 ★ FINANCIAL TIMES 19

FT BIG READ. HUNGARY

Since taking power in 2010, the illiberal prime minister has sought economic influence to match his
political stature. The merger of three of the largest Hungarian banks might give him what he wants.
By Marton Dunai

The Bank of Viktor Orbán

A
cold early April wind blew nerabilities or prudential risks” beyond
over Budapest as Hungary’s the risk profile of any financial institu-
illiberal leader stepped on tion. Bankholding’s political influence
stage for an election victory also crosses borders. In March, with
speech. Having secured the merger looming, it emerged that
his fourth successive landslide, Viktor MKB Bank had loaned more than
Orbán was jubilant as he addressed a €10mn to French nationalist presiden-
small crowd of party faithful outside tial candidate Marine Le Pen, according
the Whale, a swanky fish-shaped con- to filings she made in Paris.
vention centre by the Danube. Orbán had supported her politics and
“We sure are in good shape,” he said met with her frequently in recent years,
to laughter and applause. “We won so even appearing in a video message at
big you can see it from the Moon.” her rallies. When Le Pen was unable to
Nearby, a group of bankers with close secure funding because of the long-
links to the prime minister’s elite circle standing reticence of French banks to
was similarly relieved. Orbán, Europe’s associate with her far-right party, the
longest-serving government leader, for Hungarian bank came to her aid.
years had backed their effort to merge That was a sort of loyalty test for
three of the country’s largest banks into Bankholding. According to two people
a single institution, hoping it would with knowledge of the situation, Orbán’s
serve his political goals as much as cus- direct order was necessary to extend
tomers. His victory meant the Hungar- the loan to Le Pen, something the bank’s
ian Bankholding project would defi- management and even Mészáros were
nitely go forward. reluctant to do in such a sensitive polit-
Indeed, it was already under way. ical time. Eventually Orbán’s will pre-
That same night, the merger took its vailed and a Bankholding loan officer
first steps. Election night was chosen as was sent to Paris to sign the paperwork
the moment when some of the systems with Le Pen, these sources said. The
of the first two members, Budapest bank passed the test. Le Pen did not
Bank and MKB Bank, would merge. reply to repeated requests for comment.
Takarékbank, the third partner, is fore- Asked whether it would look into the
cast to join in 2023. Le Pen financing deal, the NBH told
The fusion went smoothly, systems the Financial Times such control was
were up and running. And Orbán was outside its purview.
secure in office for at least another four “According to EU law, market reg-
years: maybe enough time for the so- ulators are not allowed to track or
called “superbank” to mature. Hungar- authorise loans for individual cust-
ian Bankholding was coming to life, omers . . . The [NBH] has no knowledge
intended to give Orbán’s political sys- of such a transaction and is not examin-
tem a sturdy financial backbone. ing it,” the central bank said, adding that
When Orbán took power in 2010, his a political party was an appropriate
party Fidesz said it would govern under customer if it presented proper collat-
the National System of Cooperation eral and guarantees.
(NER) under which all members of There is evidence, however, that
society would pull together in pursuit the central bank may have a conflict
of common goals. In practice, the NER of interest when it comes to the super-
has gradually become a network of state bank. Two companies, Blue Robin
institutions and select businesses, typ- Investments and Magyar Takarék
ically run by Orbán’s friends and allies, Holding, now control about 23 per
that rights groups say aid each other to cent of Bankholding, according to com-
prop up the prime minister’s illiberal pany documents. Both are owned by
regime. mutual funds managed by István
EU leaders have accused Orbán of Száraz, a business partner and close
channelling EU subsidies and public friend of Ádám Matolcsy, the central
procurement contracts to this network bank governor’s son.
in order to cultivate loyalty and cement The NBH said in a statement that
his regime. His government denies this, “the National Bank of Hungary
but now faces a dearth of financing as strongly denies that the governor of the
the EU withholds €7.2bn worth of post- central bank or any member of his fam-
pandemic recovery funds over rule of
law and corruption concerns.
Orbán, above,
believes that
However, that does not necessarily
mean a Hungarian superbank is a bad
The banking system was then argu-
ably in need of reform. Homegrown
in loyal hands, in many ways the perfect
conduit for the NER.
‘Aside from ily has any ownership relationship with
Hungarian Bankholding. Any inform-
A large private bank like Hungarian foreign banks idea. People with close knowledge of OTP Bank dominated a fragmented “The NER hadseveral reasons to direct ation to the contrary is a deliberate false
overcharge
Bankholding could help stimulate
Hungary’s economy. The government Hungarians and
its situation, who mostly spoke on con-
dition of anonymity because of the sen-
market with a share above 20 per cent.
Subsidiaries of several foreign banks
reshuffle the ownership structures of
the bank sector,” said József Martin,
profits and rumour that is suitable to misleading
readers.”
says a large
says the intention of the merger is to domestic bank sitivity of the issue, said that a financial held around 10 per cent each, with a director of Transparency International financing for Systemic risk
create a “strategically important” bank institution with capacity to lend more smattering of microlenders. in Hungary. “They wanted to get rid of
that will help make Hungary’s banking
could make
the sector broadly could be a boon to the country’s Most did not turn significant profits foreign capital, and pass the stakes on to companies, The bank’s exposure to the NER net-
sector more secure and more efficient.
But a bank that co-operates closely
more efficient
FT montage/Reuters
economy — but only if it is free of polit-
ical influence and permitted to outgrow
but parent companies kept them in
their international networks anyway.
pro-government business circles, ulti-
mately to Mészáros.”
what [Orban work kept the entire banking sector on
edge before the elections. Hungarian
with the government, and perhaps its outsized exposure to Orbán’s system. “Nobody quit despite shocks and slow The stage was set and in December and the Bankholding was a legal reality, if not
even takes instructions from it, would At the moment that seems unlikely. development,” said one banker with 2020, Hungarian Bankholding com- yet a fully merged company, and its
also fast-track the development of Alongside the state, the bank’s other decades of experience on the Hungarian menced operations as a holding com- government] combined market share and €21.4bn
the hybrid economy that epitomises the
NER system, bankers say.
owners are Orbán’s closest ally and
childhood friend, Lőrinc Mészáros,
market. “That is, until Orbán came
along.”
pany ahead of the planned merger. covet most is balance sheet, easily the second largest
in the country, made it too big to fail. If
“Aside from direct profits and financ- with about 40 per cent; and an investor In his 2010 manifesto, Orbán turned Financing the empire influence’ the opposition won, they might have
ing for their companies, what [Orbán group with links to the son of central the banks into scapegoats, pledging to That merger is not yet complete but stripped Orbán’s allies of their lucrative
and the government] covet most is bank governor György Matolcsy, fight back against mostly foreign-owned Bankholding’s books are already government contracts, leaving them
influence,” says one banking executive another close Orbán ally. As one person lenders, which he said overcharged stacked with loans to Orbán allies, unable to pay back loans.
who did not want to be named. “They put it, until that changes, Hungarian Hungarians. He corrected a gaping fiscal friends and family members in the NER But now that Orbán is safely back
want a large bank, which is great busi- Bankholding — whose members’ com- hole with extra taxes on big businesses, network, people with direct knowledge in office, the merger continues apace.
ness, but it is also a power considera- bined balance sheet in 2020 amounted mostly foreign-owned, including banks, of its operations say. “The Bankholding process is clearly
tion,” says another financial sector exec- to about one-sixth of the country’s GDP and began to overhaul the entire sector. Although the precise extent of irreversible by now, and the way it was
utive. “It can help you finance the con- — “will be the single largest risk of the He cracked down on foreign currency the NER exposure is unknown, some conducted, channelling assets through
struction of the National System of Hungarian economy.” lending, introduced further taxes on projects are public knowledge. Last the state, is completely unique in the
Cooperation.” transactions and set out to create what August, Opus Energy, a subsidiary of western world,” says Martin of Trans-
The Bankholding will help Orbán Building the superbank he called “a new economic system.” At a Mészáros’s holding Opus Global, bought parency International. “It is an instru-
create a resilient local economic and Orbán has long been convinced that business forum in the summer of 2012, the eastern Hungarian electricity retail mental part of Orbanomics and the orig-
social elite that would ensure ideological economic influence must underpin Orbán signalled a departure from the network Titász using a loan worth about inal capitalisation of that system.”
supremacy for whoever is in power political power to make his regime western model of a social market econ- €130mn from MKB Bank and Takarék- Nobody in the banking sector was
formally, say people familiar with his enduring, a lesson he learnt when his omy. “Part of the new model is to have bank, both Bankholding members, willing to share their views on
thinking. It could also help fulfil his first stint as premier ended in defeat in 50 per cent of the banking system in according to stock exchange filings. Bankholding on the record, for fear of
nationalist agenda of weakening foreign 2002 despite a solid record of economic Hungarian hands,” he said. In another example, BDPST, a real angering the prime minister, but many
rivals and even enable him to finance stewardship. When he returned to The premier wasted no time. A few estate developer controlled by Orbán’s say privately they feel angst at the
illiberal allies overseas. The French power in 2010 he set out to take control months later, still in 2012, the state son-in-law István Tiborcz, received two systemic risks of the project. NER loans
far-right party of Marine Le Pen was of the economy right out of the gate. bought a big stake in Takarékbank, a Takarékbank loans worth a total of are expected to continue, trapping the
granted a loan by one of the banks that savings and loan co-operative network, about €100mn last July to develop Hotel enterprise in a phase where borrowers
has merged to become Bankholding.
Bankholding did not respond to many
Circle of influence from Germany’s DZ Bank. In 2013, it
increased its stake to become a majority
Dorothea, a luxury hotel under con-
struction in the heart of Budapest, land
and owners are equally beholden to
Orbán, said another senior banker,
requests for comment, but the Hungar- shareholder. In 2014, the state pur- registry documents show. adding: “The world changes and those
ian government rejected the idea that Lőrinc György István chased MKB from Germany’s BayernLB. And another subsidiary of Tiborcz’s companies can fail.”
the superbank would serve Orbán’s Mészáros Matolcsy Tiborcz The following year, General Electric sold BDPST received about €14mn from Others are more relaxed and say it
agenda. The state’s ownership of only Trusted friend Central banker Son-in-law Budapest Bank to the government. Budapest Bank last September to buy can keep financing NER without serious
30.35 per cent of Bankholding means In 2016, the government reprivatised the swanky downtown Iberostar Grand problems. “If they get enough time, four
that “there is not and cannot be a poli- MKB and within 12 months one of hotel, across the street from the central ‘The way the to five years, then they may put it
tical influence in its daily operation,” he
says. It is “subject to the same rather
Orbán’s closest friends snapped up a
large chunk of it. Mészáros, a former
bank, according to the land registry.
Those three loans alone expanded
Bankholding together and start making money with
or without government favours,” one
strict legal framework and operating pipe-fitter who grew up in the same vil- the Hungarian Bankholding exposure process was person said.
standards as any domestic bank.” lage as the prime minister, had risen to to NER by nearly a quarter of a billion To some, however, there is a sense of
Therein lies the risk. One of the become one of the country’s wealthiest euros — more than 1 per cent of conducted, missed opportunity at what this super-
bank’s chief vulnerabilities, according individuals as his companies won scores its cumulative balance sheet. Sources channelling bank could have done for Hungary. The
to dozens of FT interviews with Hungar- of state procurement contracts. He once with direct knowledge of operations Bankholding project “has many logical
ian finance professionals, is that its Orbán’s close ally, The central bank Orbán’s son-in-law, jovially attributed his meteoric rise to, say many other large NER projects assets through elements”, says another longtime bank-
books are already loaded with loans for and one of the governor, whose whose real estate “God, good fortune and Viktor Orbán.” have also received loans from these the state, is ing leader.
people beholden to Orbán’s regime. country’s richest son is close to an group was loaned Mészáros, who did not respond to a banks. “Merging retail, corporate and small
If Orbán fails, many of those compa- people, who owns investor group funds by two of request for comment on this article, The National Bank of Hungary, the unique in business portfolios is smart. But they
nies stand to lose their fat state con- about 40 per cent that owns about the banks that acquired big stakes not just in MKB country’s central bank which also acts the western can hardly deal with that as they are
tracts and might default on their loans, of Hungarian 23 per cent of merged to become but also in Takarékbank, in 2019. The as market regulator, says Bankholding busy financing the empire.”
in turn hitting the bank. Bankholding the bank Bankholding components of the superbank were presents no “material additional vul- world’ Additional reporting by Leila Abboud
20 ★ FINANCIAL TIMES Tuesday 31 May 2022

The FT View
An important restructuring experiment in auditing
Wirecard (which was audited by EY). does not guarantee better audits — as Reform is to implement a split globally. Its plan
EY split would be tricky but Auditors challenge management; the Big Four have argued. They have needed to puts pressure on rivals at PwC, Deloitte
consultants help it. Those in favour of held that smaller auditing firms could and KPMG to follow suit — or explain to
it could be rewarding for the structural reform argue professional become overly dependent on big corpo-
improve
regulators and clients why they cannot.
firm and for the sector services firms can never properly align rate clients. However, paired with other quality, boost Besides, contingency planning for a split
these two competing philosophies reforms — such as mandatory rotation competition, makes sense in case governments and
Accounting firm EY is considering a vol- under one roof, particularly when audit — dependence can be mitigated. clamp down regulators force the issue.
untary split of its audit and advisory is often the poor relation to more lucra- Firms have also argued that shedding on conflicts in EY’s plans go beyond operational sep-
businesses worldwide. That is an aston- tive consulting work. consultancy work would hinder recruit- firms and avoid aration mooted by the UK, which will
ishing volte-face, given the Big Four’s It is too early to form a firm judgment ment of the best graduates or special- issue its latest announcement on the
previous steadfast public opposition to on EY’s plans. The precise nature of a ists. They often sign up to auditing as a corporate overhaul of audit today but has dragged
structural reform. Spinning off firms’ split is still being thrashed out. The like- staging post before moving on to better- collapses its feet over legislating for change. The
audit or consulting units so that they are lihood is audit would remain a partner- paid consulting. A simple fix might be to European Commission has promised
completely separate businesses is, as the ship while EY would place the advisory increase auditors’ pay. Firms retort that proposals by the end of 2022.
Financial Times has written, the risk- business under separate ownership, higher salaries mean higher fees billed EY’s focus may be the US, which
iest, most disruptive and costliest of possibly through a public listing or the to clients. If that leads to better audits, prompted the last big overhaul of
suggested remedies for the sector’s sale of a stake. EY’s national member perhaps it is a price worth paying. accountancy firms following Enron’s
conflicts of interest. Yet if EY can pull firms around the world would have to Meanwhile, over the whole exercise failure in 2001. The Securities and
off structural reform against the odds, vote on such a radical change. That looms the possibility that if the EY plan Exchange Commission is reportedly
it could yield big rewards. would be no mean electoral feat: EY cur- fails, the Big Four could narrow still fur- concerned about the growth of firms’
Reform is certainly needed to rently has 312,000 employees, includ- ther to three. That would exacerbate, advisory work relative to audit, and has
improve audit quality, to boost competi- ing nearly 13,000 partners, operating in not alleviate, problems of dependency, signalled it will be scrutinising conflicts
tion between auditors, to clamp down over 150 countries. low quality and lack of competition. of interest and auditors’ independence.
on the conflicts that can proliferate in Regulatory approval in those differ- Despite these questions, EY deserves A review is under way. EY may simply
multidisciplinary firms, and ultimately ent countries could not be taken for praise for trying to get ahead of the sense it is better to lead and to influence
ft.com/opinion to avoid corporate collapses, such as granted. Structural separation in itself issue, and for understanding it must try the change than to fight it.

Opinion Demography
Letters
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com

Low fertility rate will force

If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com

a rethink on immigration US strategic ambiguity is way to keep China guessing on Taiwan

Ewan White When asked in Japan if the US would The White House quickly said that warnings against Taiwan from Chinese partnerships with the US and regional
respond militarily if China invaded there was no change in its (not leaders, coupled with almost daily stakeholders, they will not hesitate to
Taiwan, President Joe Biden flatly Beijing’s!) “one China policy” based on sabre-rattling near and around the take risky actions in one form or
answered “yes” and reaffirmed the US the 1979 Taiwan Relations Act, three area. With the spirit of the brave another.
commitment to help defend the island communiqués and six “assurances”. Ukrainian people in mind, the 23mn Biden’s statement, intended or not,
democracy. Biden himself tried the next day to citizens of Taiwan simply cannot should be a strong signal to all. To keep
According to your report and clarify by reiterating that the decades- assume that an increasingly assertive, Beijing guessing as to when, or if, the
subsequent editorial, the world seemed old American playbook of “strategic revisionist and “wolf warrior” regime US would come to Taiwan’s aid
to freak out and wondered if it was a ambiguity” remained the same. in Beijing is only bluffing. however, Washington is likely to
major shift in Washington’s In the wake of the unprovoked and Like Putin, the only thing the continue along the line of: “We don’t
longstanding policy, thus drawing brutal war in Ukraine launched by Chinese leaders understand and care know, and you don’t know!”
Beijing’s stern rebuke (Report, May 24; Vladimir Putin of Russia there are about is power. When they see any Ambassador Stanley Kao (Ret.)
and FT View, May 25). many parallels and unabashed blatant weakness in Taiwan or in its robust Taipei City, Taiwan

Germans need to see Sunak’s handouts cause the Regulating cryptos will
Putin for what he really is wealthy to feel ashamed do consumers no favours
childcare costs in the OECD The fertil- Guy Chazan ends his superb Big Read Why hasn’t the UK chancellor Rishi As a former head of the Financial
Stephen ity problem does have another solution
available if wealthy states cannot (or,
article “How Germany decided to
rebuild its army” (May 24) on a
Sunak limited the payouts to those who
are financially vulnerable? I am
Services Compensation Scheme, I
endorse Charles Randell’s caution
Bush like the UK, will not) increase their
own birth rate: they can attract people
cautionary note, quoting Brigadier
General Alexander Krone’s worry that
ashamed to think I will be a beneficiary
of this thoughtless, lazy handout
about regulating cryptocurrencies
(“FCA chair sceptical on crypto role for
from other countries. This need not the needs of Germany’s armed forces (Report, May 27). regulator”, Report, May 21). It will do
be a negative factor for their countries “will slip out of the public Millions of wealthy families and consumers no favours. The evidence is

T
of origin — as Bangladesh’s economic consciousness again”. those who live above the poverty consumers assume that regulated
he rich world can produce and social progress, helped by large It has become obvious that Olaf threshold will benefit in the short term products are safe and have the
more of everything it amounts of money sent back “home” Scholz’s government is woefully but will have to pay through the nose in protection of the FSCS and the
needs with greater and in remittances, shows. But it will mean dragging its feet on its promises to taxes when monetary policy responds Financial Ombudsman Service even
greater ease: except peo- a change in how rich countries, used to rearm the Bundeswehr and supply to double digit inflation. when they are not and do not.
ple. For a population to making a great song and dance about Ukraine with heavy arms, regardless of Sunak can’t fool everyone with this Cryptocurrencies have no intrinsic
remain stable, the average family how stringent their border-control what such irresponsible behaviour will distracting device to cover for the value and are only suitable for
needs to have 2.1 children: two to regimes are, talk about and to prospec- do to Europe’s future and Germany’s prime minister. He needs to do his consumers who are happy to lose their
replace them, with the rather surreal tive migrants. international reputation. homework and apply the windfall tax money. The regulatory envelope is
sounding “0.1” on top to make up for Because the UK government is What we are witnessing are still the so it benefits the most vulnerable. If he already wide. We should not widen it
the people who won’t, for reasons of making so little effort to increase long-term effects of the 1968 student has any difficulty figuring out who they further.
infertility, preference or bad luck, be domestic birth rates, and because the movement, which turned subsequent are, the information is easily available Mark Neale
able to have children themselves. loss of its EU single market member- generations leftward, becoming to from HM Revenue & Customs. London SW15, UK
Overpopulation has its own prob- ship means it needs to increase imm- some extent pro-Soviet and ultimately leaders, including president Frank- Energy companies have benefited
lems, but we have a much better idea igration from outside Europe to fill resulting in the Russophile inclinations Walter Steinmeier, is that the Russian unfairly from the price hikes due to the
of how to bring birth rates down than job vacancies and keep its economy of important segments of the Social dictator they openly or covertly flirt Russian invasion; instead of penalising Correction
to bring them back up again. Greater ticking over, Britain is a good guide to Democratic party. with is a hard-nosed national socialist. corporations after the fact, legislation
reproductive rights, easy access to what the future of other rich nations At the root of this was the It is time for Germans to snap out of needs to be put in place that ensures cAssets under management across
contraception and better education all might look like, and what challenges understandable desire of young their “chiliastic” dream of cobbling such callous, abusive greed does not private markets were $7.4tn as of
mean women have fewer children: they might face. Germans to distance themselves from together a peaceful paradise on earth. happen in future. June 2020, according to McKinsey & Co,
across the world, the fertility rate has Thus far, the UK has tried to have their country’s national socialist past. Uwe Siemon-Netto Olivia Cox-Fill Hoare not $7.4bn as wrongly stated in an
fallen drastically. In 1950, the average it both ways: ostentatious displays of What has not dawned on today’s SPD Laguna Woods, CA, US London SW1, UK article on May 30.
woman had more than five children; authoritarianism and tight control
now she has fewer than 2.5. over who can enter the country on the
one hand, high and growing levels of

I
immigration on the other. But immi-
It is hard to attract gration has not been high enough to
prevent the highest post-pandemic
OUTLOOK can think of few things worse
than spending weeks immersed in
But I could not have been more
wrong, perhaps proving that I need
counterpart, rather than the other
way round. “We were able to talk
people to a country drop in employment in the G7. Part of
CH ICA G O the news media favoured by media re-education even more than about it because Mary Lou didn’t
while at the same time the problem is Brexit, but it is also due
to how the UK government constructs
someone whose political views I
abhor. But that is exactly what a
those who actually signed up for it.
Mary Lou, the liberal, had planned
condemn. If I had felt condemned I’m
sure my blood would have got up,
asking them to leave and markets its immigration policy. group of “red” (conservative) and to break out of her news silo — which because that’s just what happens, but

An attempt to
Take the country’s new high poten- “blue” (liberal) voters from my home includes PBS, the American public she was just explaining what she had
Part of the problem is that parent- tial visa, which gives recent graduates state of Illinois did for most of May. broadcaster — by listening to the same read,” the school teacher told me
hood in general and motherhood in of what the UK government believes They agreed to “walk a mile in my story reported by both PBS and Fox afterwards. She plans to listen to
particular is often not a great deal for
those involved. Maternity care before,
during and after pregnancy can lag
to be the world’s top universities a new
visa route for two years. Sensibly, the
policy also makes it easier for people
get Americans news” with a voter from the other side
of the chasm that is US politics. Braver
Angels, the grassroots group that
News, the leading conservative
broadcaster. “But I couldn’t even find
Fox News on my TV,” she exclaimed in
more PBS in future, because
Mary Lou does. “Maybe we will have
tea one day.”
behind other parts of healthcare
provision. Most, but not all, of the
to bring their partners and depend-
ants with them. The idea is good, but it to talk across brought them together, wants to break
Americans out of their “media silos”.
exasperation, demonstrating how
hard it can be to escape our media
But even those who can’t have tea
with a political enemy can still walk a

the political
remaining gender pay gap is actually a sits uneasily alongside the UK’s gen- That means not just reading articles ghettos, even for the rare few who are mile in their news with the help of the
“motherhood gap”. And while parents eral approach to immigration policy. from across the political divide, but minded to try. websites Tangle Media, The Flip Side,
are, on average, happier than childless “High potential” applicants will be getting to know someone for whom Mary Lou’s red partner says she and AllSides, which curate rival
adults in old age, they are, on average,
unhappier while raising children than
their childless friends are when watch-
able to bring their partners with them
— but must go through the same rig-
marole of proving the relationship is
divide those articles are gospel truth. The
aim is to build human bridges to help
heal a country where partisans
wanted to connect with a blue on an
“intuitive” level. “I identify as a red,
my parents are both reds, my first
viewpoints on topics each day.
Isaac Saul, 31, Tangle founder, says
“we are all living in curated news
ing art house movies, eating in classy enduring and clearing the same salary increasingly think rival voters are not thoughts are all still red,” she told me bubbles, we are fed the type of news
restaurants and living in blissful igno- threshold as anyone else. Added to just wrong, but stupid and evil, too. in an interview. “But I want the that we already want to see. We are
rance about who Peppa Pig is. that, they will have to pay the UK’s “I want to be able to hear why tribalistic thinking to stop”. hoping to puncture the bubble. This
It remains to be seen whether the healthcare surcharge and will not be others think the way they do — rather The women tackled an incendiary isn’t about kumbaya, there’s no
growing trend for governments to try able to apply for indefinite leave to than just say ‘oh, they’re idiots!’” says news story from earlier this month, appetite for that, but there’s an
to increase the fertility rate will work. remain in the UK without first apply- retired, 70-something, Catholic which has fuelled vitriol in rival appetite for ‘there must be something
In France, one of the earliest adopters ing for a new visa scheme. school-educated Mary Lou. “That’s outlets: the racially motivated mass that I’m missing’”.
of policies to encourage people to have It is a welcome update on the visa very different from when I was shooting in Buffalo, New York, which Or, in the words of social
larger families, the fertility rate fell route for students at top UK universi- growing up, when you didn’t even many US Democrats have blamed on psychologist Jonathan Haidt in his
below replacement level in 2010. In ties, whose right to remain was curbed know what your neighbours’ views conservative media. seminal 2008 Ted talk: “you can’t just
the rich world, only Israel has managed pre-Brexit in a doomed attempt to were. Now people choose The two even waded into the topic go charging in, saying, ‘you’re wrong,
to keep fertility above the replacement manage voter anxiety about immigra- neighbourhoods based on their of the “great replacement theory”, an and I’m right’ because everybody
rate, in part thanks to generous state tion, but it has the same basic prob- political views.” idea endorsed by the suspected thinks they are right”.
funding of egg freezing and IVF but lem: it is hard to attract people to a Mary Lou was paired with a woman Buffalo shooter, which holds that the Hats off to Braver Angels for
perhaps also cultural norms around country while at the same time asking half her age. And based solely on their Democratic party is trying to gain encouraging Americans to try what
the importance of a high birth rate. them to leave. Nations inclined to be ages — not to mention unconscious bias political power by encouraging the Haidt terms “moral humility” instead
Then, some countries seem to want hostile to children will rapidly be — I was sure I knew which one was immigration of more like-minded — or what used to be called, in less
to aggravate the problem: the UK caps forced to concede they no longer have which. Mary Lou would be red and her voters to outweigh white conservative fractious times, an open mind.
child benefit after two children, has the luxury of imposing bureaucratic partner, a personable 30-something votes.
tight planning laws that make home hurdles to adults from elsewhere. Chicago school teacher who prefers to Ironically, Mary Lou found herself The writer is a contributing columnist,
ownership a distant dream for many by Patti Waldmeir remain anonymous, would be blue. explaining the theory to her red based in Chicago
families and has the second highest net stephen.bush@ft.com
Tuesday 31 May 2022 ★ FINANCIAL TIMES 21

Opinion
Splintered UK labour market makes a wage-price spiral unlikely Climate stigma
is costing
EMPLOYMENT
MENT
aimed at compensating people for infla-
tion, were “fuelling the fires” by creating
with 8.2 per cent in the private sector.
Alongsidethesechangesinthesizeand
would force employers to push up prices
to protect their profits, and so on.
quarter, pay grew fastest in finance and
business services, thanks partly to high oil and gas
Sarah
O’Connor
nor
a “built-in twist in the wage-price spi-
ral”. At the end of that year, the National
Institute of Economic and Social
role of trade unions, more people have
struck out on their own. The proportion
of workers who are self-employed
On most metrics, workers have more
market power than they have had for a
long time. Employers are hungry for
bonuses.
Strangely, the IFS has found that the
occupations with very high levels of job
majors their staff
Research warned that pay settlements almost doubled between 1975 and 2019 staff. The number of job vacancies has vacancies such as cleaning have not
were anticipating inflation and creating to about 14 per cent. This rise was outstripped the number of unemployed experienced the highest pay growth.
a “self-fulfilling prophecy”. driven by the “solo self-employed” who people for the first time on record. Peo- This is in stark contrast to the situation

T
It is hard to overstate how fundamen- on average earn less than employees. ple are switching jobs at higher rates in the US where the lowest-paid workers Margaret
hese are disorientating tally the labour market has changed In other words, the 21st-century UK than usual. And nominal pay is indeed have secured the biggest pay rises. Xiao-
times for people my age. since then. The unions that negotiated on the rise. wei Xu, a senior IFS economist, says it is Heffernan
For most of my adult life, those pay settlements have shrunk in But employers are doing their best to possible that UK employers in these sec-
inflation has been weak size and power. At their peak in the Outside pockets of union make sure this does not become tors have felt unable to raise prices to

L
and wage growth weaker. 1970s, roughly half of employees were entrenched. They are offering pay top- sustain higher pay, unlike those in
Now, inflation in the UK is 9 per cent. union members. Now the figure is just strength, it would have to ups in the form of bonuses, golden hel- financial services. ast Monday, Caroline Den-
Last week, unionised drivers for the
manufacturer JCB secured a 9.5 per cent
23 per cent — and they are clustered dis-
proportionately in the public sector. For
be driven by individuals’ los and temporary “market supple-
ments” in an attempt to avoid increas-
Andrew Bailey, governor of the Bank
of England, suggested earlier this year
nett, a safety consultant at
Shell, published an excoriat-
pay rise. Rail unions are planning to large parts of the economy, the idea that power to secure higher pay ing the base rate of pay. The latest wage that to help keep inflation under con- ing resignation email, saying
strike. Britain’s policymakers, like their pay rises are the result of bargaining data for the first quarter of the year sug- trol, workers shouldn’t ask for big she could “no longer work for
counterparts in other countries, are between unions and employers is a relic labour market is far more individualis- gests average total pay rose 1.4 per cent pay rises. It is more realistic to expect a company that ignores all the alarms
fretting about the possibility of a wage- of a previous era: only 13.7 per cent of tic than it was the last time the country in real terms thanks to bonuses. With- people to protect themselves against and dismisses the risks of climate
price spiral. private sector employees now have faced a serious bout of high inflation. out the bonuses, regular pay fell 1.2 per inflation by securing higher wages if change and ecological collapse”. New
Are we going back to the 1970s? I read their pay set this way. That doesn’t make a wage-price spiral cent in real terms. they can. The question is who has that exploration projects belied the com-
the Financial Times archives for a fla- Even in the public sector, where impossible. But if it does happen, it Averages also conceal a lot. Analysis power in today’s atomised labour mar- pany’s commitment to Net Zero, she
vour of how the last bout of high infla- unions have held out the longest, their won’t unfold in the same way. Outside by the Institute for Fiscal Studies shows ket, and who does not. We might well said, and she urged fellow workers in
tion played out. In 1974, the paper power to push up pay has waned. pockets of union strength like train that the employees in the UK who have see a wage spiral for some and a price the industry to follow her before it was
reported, the cost of living rose 19 per Indeed, average annual total pay growth drivers, it would have to be driven by secured the biggest pay rises over the spiral for others. too late. The next day, addressing grad-
cent while the basic wage rate rose 26 in the public sector was just 1.6 per cent individuals’ market power to secure past two years are the ones who were uates of Seton Hall University in New
per cent. Wage threshold agreements, in January to March this year, compared higher pay for themselves, which in turn paid most to begin with. In the latest sarah.oconnor@ft.com Jersey, UN secretary-general António
Guterres pleaded with them not to work
“for climate wreckers”.
The coincidence of the calls wasn’t
planned but it feels like a sea change,

The west must

with workers anxious that staying in the
sector now poses too great a risk to their
careers and their consciences.
Dennett was criticised for her move
but she also received what she calls an

hold its nerve

“outpouring of positivity” from many in
the industry. She claims that retention is
a big problem and manpower levels
already cause for concern.
This is dangerous, because if compa-
nies are going to decommission oil rigs

on Ukraine
and refineries, they need the expertise
of an experienced, highly specialised
workforce.
Why is retention such an issue? Peo-
ple are leaving because they say they
can’t see their careers developing, they
fear reputational damage or can’t
square the work with their values. Vet-
the battle of wills. As a country fighting erans and newcomers alike are increas-
GLOBAL AFFAIRS for its freedom and independence, the ingly attracted to new businesses devel-
Ukrainians are much better motivated. oping renewable technologies like car-
Gideon When it comes to firepower and eco-
Rachman nomics, however, the bilateral advan-
tage tilts towards Moscow. Russia has
more heavy artillery and more aircraft
People are leaving because
than Ukraine and it is finally making they fear reputational

I
s the Ukraine war finally turning
that tell in the Donbas. Sabine Fischer, a
German academic, says the mood in
damage or can’t square the
Vladimir Putin’s way? The Russian Moscow is “swinging back to ‘we can win work with their values
army is grinding forwards in the this thing’”. Russia has suffered heavy
Donbas. If Putin’s military can cap- casualties but so has Ukraine. President Ukraine. They fear that some countries promised weaponry. If the west holds manufacturers have had to stop produc- bon capture which don’t carry the
ture Ukraine’s industrial heart- Volodymyr Zelensky said recently that — probably led by France or Germany — its nerve, keeps its promises and accel- tion for lack of components. stigma of oil and gas majors.
lands and cut the country off from the his country is losing up to 100 men a will grab on to illusory peace negotia- erates the delivery of weapons, then The financial squeeze on Putin is also Wilful blindness to this problem per-
sea, Ukraine’s survival as a viable state day. The real figure may be higher. tions and drastically reduce support to the pressure on the Ukrainians to make tightening. At present, Russia is still petuates fear and silence. At Shell, where
would come into question. Ukraine has also sustained much Ukraine. These Ukrainian anxieties territorial or other concessions to Mos- receiving roughly €1bn every day from Dennett surveyed 20,000 people and
That grim scenario is certainly possi- more serious economic damage than will have been raised by the recent cow will ease. With more heavy weap- the export of oil and gas. But the EU gathered half a million words of open
ble. But it is not inevitable — or even Russia. The Russian economy is pro- phone call between Putin and Olaf Scholz onry, the Ukrainians should be able to plans to end imports of Russian oil by feedback, she found a “startling” lack of
likely. However, to prevent Russia jected to shrink by 12 to 15 per cent and Emmanuel Macron, the leaders of hold the Russians off and then force the end of the year and to drastically conversation about net zero. “Such talk
achieving a semblance of victory, the this year. But Ukraine’s economy, Germany and France. them back. Professor Lawrence Freed- reduce gas imports as soon as possible. might occur in the boardroom, in the PR
western alliance backing Ukraine has to smaller to start with, is expected to These fears are understandable. But I man points out that “Russia must now Germany is now constructing and leas- department, in the marketing and
hold its nerve and increase its support contract by 45 per cent. think (and hope) that they are wrong. defend a long front and substantial ing new terminals for the import of liq- branding departments,” she said, “but in
for Kyiv. The momentum in the war Other than higher morale, Ukraine’s Scholz’s speech in Davos showed a clear occupied territory. Its forces are already uid natural gas, which will allow the the operations where it matters, I’ve not
must shift back towards Ukraine before great advantage is western support. If understanding of what is at stake in stretched and Moscow is scrambling to process of cutting off gas imports from heard it. Leaders in management com-
there is any prospect of an acceptable the western alliance gives the Ukraini- Ukraine. The chancellor argued that find reserves.” Russia to begin in earnest next year. The municate their commitment to safety
peace settlement. ans the weapons and the economic aid Russia is waging an imperialist war and It is on the economic front, however, Russians do not have the pipelines in through actions, not just words. If you’re
The war in Ukraine is essentially they need, then the balance of the war stated that “Putin must not win”. Impor- that Russia’s position could dramati- place to redirect that gas towards China not doing it, then it’s not happening.”
being fought on three fronts and among will switch back towards Kyiv. tantly, the Germans say the same thing cally weaken over time. The Russian and so face a disastrous hit to their Employees’ anxieties can only be
three protagonists. The first front is the There was palpable nervousness in private — insisting that they have no army has lost a lot of military equip- national finances. addressed by an action plan for change.
battlefield itself. The second front is among the large Ukrainian delegation to intention of forcing Ukraine to cede ter- ment. Replacing it is very hard in an The prospect of a prolonged war is Energy generator SSE has published its
economic. The third front is the battle of the World Economic Forum in Davos last ritory and fully intend to deliver the economy that is being hammered by horrifying. But until the Russian gov- Just Transition strategy, which lays out
wills. The three participants are Russia, week that western support may soften. western sanctions. ernment abandons its goal of conquer- how it intends to retrain staff and sup-
Ukraine and the western alliance back- The Ukrainians are alarmed by the slow- The Russians are now so short of sem- ing new territory in Ukraine, there can port the communities in which they
ing Ukraine.
The Ukrainians are increasingly edgy
ness of weapons deliveries from the US
and Germany, which is making it harder
When it comes iconductors that they are reportedly
using computer chips from dishwashers
be no prospect of real peace talks. That
may only be possible when Putin’s
operate. But for most in the oil and gas
industry, lack of such detail is a source of
because they worry that western sup- to push back the Russian advance. They to firepower and and refrigerators in military equip- troops run out of equipment and his scepticism and fear.
port is going soft. They know that, in a
straight fight with Russia, Ukraine has
worry that, by September, western coun-
tries will be focused more on their own
economics, the advantage ment. The US government claims that
Russia has lost around 1,000 tanks in
government runs out of money. If you work in fossil fuels, it’s impossi-
ble not to feel rising public fear and
the advantage only on the third front — economic problems than on the plight of tilts towards Moscow battle and that two of the country’s tank gideon.rachman@ft.com anger about the climate crisis. This is
not coming only from protests and
activists. A big influence on adults is
their children, educated about the cli-
mate crisis, and terrified, frustrated and

We need a worldwide compact on vaccines depressed by the bleak future it por-

tends. One industry veteran who retired
quietly had had his mind changed as he
drove his daughter to an Extinction
Rebellion protest. She drew a picture of
vaccine that can protect against it, there public funding, companies are granted vaccines and could be expanded to assurance environment is daunting. the planet as it could be — healthy and
Nina was no attempt by the private or public sweeping intellectual property protec- include any medicine created through There are different regulatory rules in flourishing — and as she saw it: polluted
sector to make it in Africa or deploy tions. Those advantages are further public subsidies. every country, making it hard for new and stripped of biodiversity. That, she
Schwalbe it there. This is due to the way we, as entrenched by highly complex man- Manufacturing capacity also needs producers to get their products quickly said, was what his company was doing.
a global community, produce vaccines ufacturing that requires significant to be in place ahead of time to allow for to market. The experience with Covid Such stories might feel anecdotal but
that prioritise the health needs of knowhow and upfront investment in a rapid scale-up of production. To do vaccines has provided some promising are consistent with academic research

A
wealthy western countries. equipment. that, low- and middle-income countries paths forward, starting with the WHO showing that teenage daughters are a big
s new cases of the monkey- Pfizer’s recent announcement that it That’s why a Trips waiver isn’t enough need equipment and “knowhow” to emergency use evaluation procedures. environmental influence on white con-
pox virus appear in the US will produce Covid-19 vaccines at not- to solve the problem — and never make vaccines. In addition to sharing Accepting WHO authorisation or that of servative men. Earlier this month, chief
and Europe, already both for-profit pricing for low- and middle- will be. We have to go further to fix a the patents, the originator company a regional regulatory body, like the Afri- executives, unions and activists at a con-
are moving to ensure they income countries does not address should work with new manufacturers can Medicines Agency, could streamline ference hosted by the UK’s Royal Society
can vaccinate their popula- the structural issue that remains. The on all steps of the process as a condition the pathway for other vaccines. agreed that there was no escaping the
tions. Although there is no specific
monkeypox vaccine, the inoculation
fundamental flaw is that vaccine-manu-
facturing is concentrated in just a few
A few wealthy of public investment in research and
development and procurement.
The existing model has failed. A Trips
waiver is necessary to vaccinate the
pressure to change. Coherent, detailed
environmental, social, and governance
developed to protect against smallpox countries. But the good news is that the nations are hoarding Partnership between established world but it is not sufficient. What’s strategies might wax and wane among
bioterrorism attacks offers some cross-
protection, and one is approved for
problem is fixable.
Recent efforts to grant a “Trips”
inoculations approved for pharmaceutical companies and new
producers should be good for business
needed now is a new compact between
pharmaceutical companies and the
investors but pressure from families
and the streets would prove inexorable.
monkeypox. waiver, a negotiated exemption to trade monkeypox just in case in the long run, allowing the existing public that funds them. A new deal This is not just an issue for energy
Now that vaccine, which is in very rules that restrict the use of the intellec- companies to offer high-quality prod- that distributes manufacturing capacity companies. Any business without a
short supply, is being hoarded by tual property associated with Covid-19 system that saves an effective monkey- ucts closer to a consumer and decrease globally, supports vaccine research transition plan risks sowing doubt and
rich countries — just in case. The US vaccines, are a good start. In June, the pox vaccine for rich countries that the distribution cost. Manufacturing and product development in nascent disengagement in their workforce. The
has signed a deal to purchase millions World Trade Organization will decide haven’t needed it. partnerships can also help expand the vaccine-producing regions, and shifts more that grand words and pledges pro-
of doses, the EU’s health agency is whether to grant a waiver. But according To do that, first, we must make the type of products that a company can the vaccination model from charity liferate, the more leaders lose their
gearing up for a vaccination drive and to a recently leaked draft, the proposed patent system easier to understand. offer, such as single-dose vials for the to self-reliance. credibility. Only action now will con-
Russia has announced it will vaccinate agreement fails to undo monopoly pro- Right now, it is purposefully complex. American market and multi-dose vials vince their workers — while they still
medics. tections for different types of intellec- Creating a universal patent database commonly used in Africa. The writer, who has held senior leadership have them.
Monkeypox is not new to the world. tual property beyond patents. will help new manufacturers know if As things stand, even when a new positions at Gavi, Unicef and USAID, is on
It has been circulating for decades. Even though most research and they’re in danger of infringing on patent manufacturer manages to produce a the faculty of Columbia’s Mailman School The writer is the author of ‘Uncharted: How
Remarkably, even though we have a development is heavily subsidised by rights. One already exists for Covid-19 vaccine, the regulatory and quality of Public Health to navigate the Future’
22 ★ FINANCIAL TIMES Tuesday 31 May 2022

CEO pay: bounceback bonanza

The correlation between chief executive pay and financial performance often appears weak. Profits are set to
soar this year, making it easier for shareholders to overlook steep remuneration, which is making a comeback
after being hit by public criticism and by the pandemic.

Twitter: @FTLex FTSE 100 CEO pay and profits FTSE 100 soars
Stated net profit (£bn) Adjusted net profit (£bn)
Reported remuneration (£mn)
Estimate 180
16 160
Pascal Soriot, AstraZeneca 140
S4 Capital: geographies to support clients. It must
now focus on getting its financial 14
120 US reits:
100
ad infinitum reporting up to scratch. Erik Engstrom, 80
60
storage hunters
12
A revival in the share price depends RELX 40
The slowing economy is squeezing the on this — as well as Sorrell being right 20 Self-storage groups run warehouses
10 0
digital advertising market. That about demand for advertising. Emma Walmsley, GSK 2010 12 14 16 18 20 22 23 where people pay to keep items they do
message from US social media group 8 Noel Quinn,
Sources: Company; MarketScreener; AJ Bell not need immediately but do not want
Snap hit tech stocks hard last week. HSBC FTSE 100 CEO pay to discard. Recently, Americans have
Ben van Beurden, Shell
But UK ad mogul Sir Martin Sorrell
sees no sign of a slowdown. Yesterday,
UK student housing: 6 Median (£mn) been sending shares of self-storage
operators straight to the dump. Since
his digital marketing agency S4 Capital the stung ones 4 2017
hitting a record in April, stock of Public
reported “frenetic” new business. Its Gary Nagle, Glencore 2018 Storage, the country’s largest self-
first-quarter gross profit rose by more Student accommodation in Britain has 2 storage owner, has fallen 20 per cent,
CS Venkatakrishnan, Barclays 2019
than a third. The London-listed group come a long way from the grotty house 0 reducing its market value to $59bn.
2020
expects ad spending by big businesses share of 1980s comedy The Young Ones. Rivals have fallen by the same or more.
-5 0 5 10 15 20 25 30 2021
to remain resilient. Caveats apply. One of the largest UK property deals Operators packed in big gains over
2022 net income estimate (£bn)
Apple’s software privacy changes last since the pandemic reflects this. GIC, 0 1 2 3 4 the past two years as Americans turned
year clearly damaged Meta’s business the Singapore wealth fund, and US Sources: S&P Capital IQ; Source: Deloitte bedrooms into offices and garages into
model. Moreover, clients rarely signal developer Greystar plan to pay more gyms. Demand also came from city
bad news in advance. Downturns can than £3.3bn for the 23,000-bed Talk about a bounce-back. The top differential. Based on the near-70 Nicolai Tangen has inveighed against dwellers, who needed a place to stash
come as a sudden, nasty surprise. portfolio of Student Roost. The duo UK groups raised billions of pounds companies that reported in the first greed, which takes a toll on investors their stuff when they temporarily
But it is reasonable to think that yesterday outbid UK-listed peer Unite and cut costs during the pandemic, quarter of this year, the median pay via dilution. The Church of England, decamped to the countryside.
digital marketing expenditure will hold to clinch the purchase. producing bountiful profits last year. gap has nearly doubled to 63 times, similarly riled, says the remuneration The end of lockdowns and rising
up even in a downturn. It is expanding Rising inflation has weakened Shareholders and management says High Pay Centre, a think-tank. system is broken. interest rates have reversed sentiment.
its reach at the expense of analogue investors’ enthusiasm for property shared in the spoils — £153bn worth This resumes the trend that has seen Some bosses are more responsive Most self-storage companies are
spending. S4 forecasts that US digital exposure. When interest rates move of adjusted net profits for the FTSE steady rises in executive pay than others. Chris O’Shea at utility structured as real estate investment
ads’ share of total US ad spend will rise up, rental yields feel the pressure. 100 — via raised dividends, buybacks unaccompanied by sustained rises in Centrica waived his £1.1mn bonus. In trusts. A higher rate environment
by 7 percentage points to 68 per cent However, student property has and incentive payments. Labour has performance. In a recovery year bosses the tone-deaf corner sit the bosses at makes the relatively high dividend
by 2025. S4’s other businesses, such as defensive properties because demand not done so well. were being rewarded as much for Boohoo, who responded to a dud yields generated by reits less attractive.
marketing technology software and for higher education is relatively Deloitte research shows FTSE 100 externalities as performance. This incentive scheme — in the sense that But not all reits are alike. Self-storage
digital transformation, are expected to inelastic in the UK. And it is easier for bosses pocketed a median £3.6mn looks awkward amid an inflation- it missed targets and thus failed to reits benefit from a combination of
grow at an even faster rate. landlords to increase rents in line with last year, in line with the pre-Covid fuelled cost of living crisis. Think-tank pay out — by drawing up a new one. lower costs, solid demand, and short-
That outlook is not reflected in the inflation when lets are short and the levels of 2018. Their pay has risen as NIESR reckons 1.5mn households’ Big pay awards look set for more term lease structures. Compared with
shares, which have fallen two-thirds tenant group is constantly changing. a multiple of worker remuneration. disposable income will not cover their opprobrium this annual meeting hotel or office reits, self-storage reits
since September. Much of the dip was The price being paid translates into The gap, measuring the median CEO food and energy bills this year. season. Shareholders should show are low-maintenance. They do not have
down to a last-minute delay in auditor £127,000 per bed, including about against their median employee, rose The head of Norway’s $1.2tn oil fund, their teeth. If they cannot get to spend a lot of money to keep their
PwC signing off results because of weak 3,000 rooms that Student Roost has in from 75:1 in 2019 to 81:1 last year. which owns the equivalent of 1.5 per companies to follow their views on customers happy. Demand for self-
controls and missing documentation. development. That is a sizeable Workers had previously been cent of every listed company, has voted pay, they should expect to be ignored storage is holding up. Public Storage
S4’s enterprise value is 10 times its premium to Unite’s £110,000-per-bed enjoying a brief narrowing of this down pay awards at Intel and Apple. on everything else. reported occupancy of more than 95
ebitda, less than half the historic valuation. Portfolios this big are scarce. per cent in its latest quarter. Revenue,
average. The multiple is two-thirds Greystar should be able to make margins and net operating income rose
higher than for traditional agencies savings by integrating Student Roost during the period. Even the biggest
such as WPP and Publicis. But it is with its existing Chapter business. qualities assert themselves. Students ($785,000). Executives who suffered largest shareholder have performed far problem for the self-storage sector —
significantly lower than the likes of IT Underbidder Unite deserves a are not good-for-nothings like The pay-package shrinkage included chief worse than the market. Shares in South oversupply — appears to be waning.
consulting company Accenture, on a valuation upgrade, even so. It is more Young Ones if you are an investor. financial officer Yoshimitsu Goto. His Korean ecommerce platform Coupang High housing prices mean potential
multiple of 16. focused on London than Student Roost, remuneration dropped 40 per cent have plunged 72 per cent since it listed purchasers may hold off moving.
The shares have been beaten down to which means its properties should be compared with the previous year. while Chinese ride-hailing group Didi Americans are fond of buying things
a level where they are not much use as
currency. Sorrell has pledged to issue
worth more. Unite’s most recent results
showed occupancy on track to hit
SoftBank/pay: SoftBank has a history of largesse.
Simon Segars, the ex-chief executive of
has fallen 75 per cent in the past year.
Such reversals call into question the
but not of throwing them away.
Demand for storage is not easily
paper for acquisitions only at the 425p 97 per cent and reservations for the blurred Vision the company’s chip unit Arm, earned strategy of SoftBank heads including swayed by macroeconomic trends. In
price prevalent before the 2021 results next academic year at 77 per cent. $9mn during the three months that he Rajeev Misra, chief executive of 2021, there was less self-storage
delay, nearly a third higher than today. Indeed, UCAS expects the number of Founder Masayoshi Son is trying to was a board director. SoftBank Investment Advisers, which development than in 2019. The value
That will not stop deals altogether, international undergraduates to turn round the fortunes of SoftBank Former chief operating officer oversees the firm’s Vision Funds. was $3.5bn versus $5bn in 2019.
though it will slow the pace. increase by almost 50 per cent by 2026. following a historic loss for its Vision Marcelo Claure, who left SoftBank this SoftBank shares have halved since Self-storage shares should be held on
Los Angeles-based tech services Sector yields are compressing, with Fund unit. But moves to counteract year after months of frosty talks over their 2021 peak. They trade below to, even if investors are having a Marie
company TheoremOne agreed a deal Unite reporting an average of 4.9 per falling profits and a dwindling share pay, earned more than $14mn in the book value at less than half the group’s Kondo-style portfolio clear-out. They
on that basis two weeks ago. cent at the end of 2021. The Student price are too little, too late. They year before he left, putting him on a stated net asset value of $150bn. should put the stock away in a safe
A fallow period for dealmaking Roost deal’s yield was not disclosed. It include steep pay cuts for executives of par with ex-chief operating officer of Son has promised to play defence, place, where they will not trip over it.
would be a big change for a company may well have pushed below the 4 per the Japanese tech investment group. Bank of America Thomas Montag. slowing the pace of new investments.
that has agreed 30 takeovers in just cent level. Unite shares are trading at The reductions follow a record SoftBank blamed the loss at its first The question for investors should be Lex on the web
under four years. It would be no bad 23 per cent above their spot NAV, investment loss of ¥3.5tn ($27.5bn) at Vision Fund on the tech sell-off in the whether it is worth holding shares in a For notes on today’s stories
thing. The company has amassed a thinks Max Nimmo at Numis. Expect the unit for the year to March. Oddly, US and China. But some prominent business that is still paying executives go to www.ft.com/lex
broad enough spread of disciplines and that premium to persist as defensive Son’s pay was unchanged at ¥100mn companies in which SoftBank is the highly to underperform the market.

CROSSWORD
No 17,108 Set by MUDD
       ACROSS
1 Retiring nurses fighting authority,
provider of shoddy work (6)
4 I walk back on to cold Arctic mass
  (3,3)
8 Mistake caging Irish animal (7)

9 Circulation of air in primitive
 
dwelling a rare treat? (7)
11 Jam vessel, brass (10)
12 A London group who play as well (4)
13 Still in ecstasy, Ethiopians (2,3)
   14 Worshipper, one addicted to felines?
(8)
16 Clean surface originally without
pans? (8)
   
18 Operation hurt (5)
20Ring circular, as like loop, first of all
(4)
   21 No room to manoeuvre in
apartment, as furniture may have
arrived? (4-6)
23 Character beginning sentence, type
  of punishment (7)
24Clear film, thin covering (7)
25 Endless joy in swallow, little bird (6)
 
26 Cryptic setter’s boulevard (6)
DOWN
1 Cotton sock on foot of commando
(5)
2 Loaded question about late
manoeuvring (7)
JOTTER PAD 3 Crooked ref often moved to net
header for Chelsea (3-6)
5 Handle oddball (5)
6 Fine journey south of a US city (7)
7 Moribund and bitter (9)
10 German diet fatty, male scoffing last
Solution 17,107 of torte (9)
13 Past peak, supporting amateur
ᆦ ᆚ ᆙ ᆨ ᆘ ᆚ ᆦ ᆡ ᆗ ᆠ ᆠ ᆛ ᆥ ᆪ actor, bitter leading man (5,4)
ᆘ ᆚ ᆝ ᆚ ᆣ ᆨ ᆠ ᆚ
ᆣ ᆛ ᆛ ᆝ ᆗ ᆢ ᆙ ᆚ ᆙ ᆦ ᆣ ᆨ ᆦ ᆗ
15 Challenge one in bed – early riser?
ᆥ ᆣ ᆥ ᆜ ᆞ ᆧ ᆟ ᆦ (4,5)
ᆦ ᆣ ᆠ ᆚ ᆥ ᆞ ᆤ ᆘ ᆨ ᆥ ᆥ ᆚ ᆢ ᆧ
ᆚ ᆞ ᆦ ᆚ ᆨ ᆚ ᆪ
17 Decisive action of snitch? (7)
ᆦ ᆢ ᆗ ᆤ ᆤ ᆚ ᆥ ᆡ ᆨ ᆠ ᆠ ᆚ ᆧ 19 Scent anger (7)
ᆚ ᆢ
ᆦ ᆧ
ᆣ
ᆗ ᆧ ᆚ ᆦ
ᆚ
ᆡ ᆨ ᆦ ᆞ
ᆢ ᆛ
ᆘ ᆗ ᆠ
21 Fifty musical boxes for sweetheart
ᆣ ᆡ ᆟ ᆣ ᆦ ᆞ ᆣ (5)
ᆙ ᆗ ᆦ
ᆚ ᆟ
ᆟ ᆗ
ᆥ
ᆤ ᆞ ᆧ ᆗ ᆠ
ᆤ ᆢ ᆘ
ᆛ ᆥ ᆗ ᆨ
ᆘ ᆢ
22 English opener in competition (5)
ᆦ ᆝ ᆗ ᆥ ᆟ ᆤ ᆥ ᆚ ᆩ ᆗ ᆞ ᆠ ᆚ ᆙ
ᆦ ᆧ ᆚ ᆚ ᆙ ᆥ ᆚ ᆚ
ᆗ ᆤ ᆚ ᆥ ᆧ ᆨ ᆥ ᆚ ᆦ ᆤ ᆞ ᆙ ᆚ ᆥ