Financial Times Europe - 06 04 2020 PDF
Preview Financial Times Europe - 06 04 2020
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws WORLDBUSINESSNEWSPAPER MONDAY 6 APRIL 2020 EUROPE EU’s last chance Is it game over? Food insecurity Unless a true union is forged now, it Sport battles to survive worldwide Nations follow consumers in the will die shutdown race to stockpile grain —LUIGI ZINGALES, PAGE 17 —BIG READ, PAGE 15 —PAGE 3 Hope springs Briefing Europe shows iUSfacesshortageofmedics positive signs TheUSisfacinganacuteshortageofmedicalstaff tofightthevirusandlacksacentralplantodeploy doctorsandnursestothehardest-hitstates,evenas hospitalbedsandsuppliesarerampedup. —PAGE4 Awomanwearingaprotectivemask takesaselfieamongthecherryblos- iItalianregions’fortunescontrast somsyesterdayinBonn. DramaticallylowerdeathratesintheItalianregion Across Europe, there were hopeful ofVenetothaninneighbouringLombardyhaveled signsovertheweekendthatthespread tosuggestionsthatthelatter’searlyhospitalisation ofthedeadlycoronaviruswasbeginning ofpatientshelpedspreadthecoronavirus. —PAGE2 toslow.Anumberofcountriesreported tentativeprogressovertheweekend, iPutintriestokeepalowprofile withthenumberofdeathsperdaydrop- RussianpresidentVladimir ping in Spain and the Netherlands, Putinhastriedtodistance while the number of people needing himselffromunpopular intensivecarefellinBelgium. lockdowns,leavingtheMoscow Those signs of improvement have mayorandregionalgovernors openedupdiscussionacrosstheconti- totakethelead. —PAGE3 nentoverhowandwhensomeofthe current lockdown measures, which iTrumppressesIndiaformalariadrug have now been in place for several DonaldTrumphascalledonIndiatoloosenexport weeks,mightbeeased. restrictionsonhydroxychloroquine,an Coronavirusnews&analysispages2-4 antimalarialdrugidentifiedasapotential,though unproven,treatmentforCovid-19. SaschaSteinbach/EPA-EFE/Shutterstock —PAGE4 iVenezuelaallegescoupplot Relaxation of capital rules adds Venezuelahasclaimedoneofitsformergenerals andtheUSwereinvolvedinaplottooverthrowthe country’sruler,NicolásMaduro,afteratruckloadof weaponswasseizedinColombia. —PAGE4 $500bn to banks’ virus armoury iHSBCfacesstormoverlostdividends HongKonginvestorsarethreateningtosueHSBC overlostdividendsafterUKregulatorspressedthe Asia-focusedbanktosuspendpayoutstohelp conservecapitalduringthepandemic. —PAGE6 iFedbalancesheettohit$9tn 3 Bid to keep credit lines flowing 3 Lending capacity raised by $5tn 3 Dividends frozen TheUS FederalReservewillseeitsbalancesheet top$9tnbytheendoftheyear,ormorethan40per centofUSgrossdomesticproduct,becauseof MARTINARNOLD—FRANKFURT reliefbycentralbanksandregulators lems.Thistimetheyareseenasavital ers’equityandretainedearningsandis measurestopropupthecrisis-hiteconomy.—PAGE6 fromWashingtontoHongKong,which “transmissionmechanism”forthetril- used to absorb losses while staying Financial regulators have freed up hasmostlycomefromcuttingextracap- lionsofdollarsinaidgovernmentshave solvent,makingitacrucialmeasureofa about $500bn of capital for lenders ital buffers that were designed to unleashedtosavetheglobaleconomy. bank’sfinancialstrength. Datawatch aroundtheworldtohelpthemabsorb strengthenlenders’balancesheetsafter “Inaway,thebankingsectorhassud- By allowing banks to operate with theimpactoftheCovid-19pandemic, the 2008 crisis. The freed-up capital denlybeentransformedfromanomi- lowerlevelsofcapital,regulatorsare accordingtocalculationsbytheFinan- provideslenderswiththecapacityto nally capitalist enterprise into effec- Christine boosting their firepower to absorb Africa’s youth Coronavirushas cialTimes. makeanextra$5tnofloans. tivelyastateentity,”saidNicolasVéron, Lagarde, higherdemandforloansaswellasarise %of the population by age in 2020 beenrecorded Byrelaxingcapitalrequirementsin Someregulatorshaveorderedbanks aseniorfellowatBruegel,aBrussels- ECBpresident, incustomerdefaultsandadeterioration Africa Europe acrossalmostall thepastweeks,centralbankshavetried to conserve capital by freezing divi- based think-tank, and the Peterson lastmonth increditqualityintheirloanbooks. 0-9 Africancountries, tokeepcreditflowingtobusinessesand dendsandreininginbonuses,whileoth- InstituteforInternationalEconomics. easedcapital “Thekeydynamicforbanksinthis 10-19 raisingfearsthat householdsandmitigatetheeconomic ershavepostponedtheintroductionof “It’stemporary,butitissignificant.” requirements coronavirus crisis is duration,” said 20-29 stretchedhealth 30-39 systemscouldbe turmoilcausedbymassquarantinesput toughercapitalisationrulesorprovided Whilecentralbankersareconfident forbanks, JosephDickerson,bankinganalystat 40-49 strainedfurther.A inplacetoslowthespreadofthevirus. temporaryexemptionsinthecalcula- thatthebankingsystemisinmuchbet- freeingup Jefferies.“Itisunlikelythatanybanks 50-59 rayofhopeisits Datareleasedlastweekshowtheglo- tionofcapitalrequirements. tershapethanduringthe2008crisis, €120bnacross will need to raise more capital from 60-69 youthfulness,as baleconomyisalreadyontrackforits Themoveshighlighthowpolicymak- they are worried that the economic theeurozone investorsifitisresolvedbythesummer. 70-79 theyoungare sharpest slowdown since the Great ershopethatbankswillplayamore downturncouldbeamplifiedifthereisa Butifitdragsontotheautumn,thatis 80+ typicallylessat Depression, while millions of people constructiverolethaninthe2008finan- pullback from lending to companies goingtobeabiggerproblem.” 0 5 10 15 20 25 riskofdyingfrom aroundtheworldhavelosttheirjobs. cialcrisis,whentheywereblamedfor andindividualstoconservecapital. InvestorsthreatenHSBCpage6 Source: UN infection. TheFThascounted$492bnincapital beingthesourceofmanyoftheprob- Bankcapitalismadeupofsharehold- AndrewBaileypage17 Saudi-Russia squabble over oil crash prompts threat of tariffs from Trump tioncutstheymake,butUSpresident Russiareachingadealhasinanyevent DAVIDSHEPPARDAND DEREKBROWER—LONDON DonaldTrumpappearedmorelikelyto dimmedafterawarofwordserupted HENRYFOY—MOSCOW goontheoffensivethantoaccepttheir betweenthetwocountries. demands. Hopes for a deal sent oil SaudiArabiahasaccusedRussiaof Aglobaldealtoendtheoilpricewar pricesupalmost40percenttoabove “falsifying facts” in claiming Riyadh risksunravellingaftertheUSthreat- Sonfacesuphillbattleto $30abarrelattheendoflastweek, pouredmillionsofextrabarrelsofcrude enedtariffsonSaudiArabiaandRus- restorefaithinSoftBank sia,andproducerstradedbarbsover thoughtheyremainlessthanhalfthe ontothemarkettoharmtheUSshale levelofearlyJanuary. industry.SaudiArabiablamesRussia responsibilityforthemarketcrash. AnalysisiPAGE7 “I’ve been against Opec my whole forrefusingtocutproductionatameet- US and Canadian officials have dis- life,”MrTrumpsaidattheweekend.“I ingoftheOpec+groupamonthago. cussedimposingtariffsonSaudiAra- thinkthey’regoingtosettle[thedis- While Russian president Vladimir Austria €3.90 Malta €3.70 bianandRussianoilimportsifthetwo pute], because they’ll be destroying Putinhassaidadealtocut10mbarrelsa Bahrain Din1.8 Morocco Dh45 Belgium €3.90 Netherlands €3.90 countriescannotquicklyreachadealto themselvesiftheydon’t.” dayofsuppliesispossible,Moscowcon- Bulgaria Lev7.50 Norway NKr40 Croatia Kn29 Oman OR1.60 cutsupplies. Mr Trump warned he would do tinuedtoneedleRiyadhyesterday.Mr Cyprus €3.70 Pakistan Rupee350 The two producers launched a “whateverIhavetodo”includingtariffs Putin’sspokesmanhighlightedtheking- CzechRep Kc105 Poland Zl20 Denmark DKr38 Portugal €3.70 market-sharewarlastmonththatwors- onimports.HehasalsohintedUSmili- dom’sattemptstodiscountitscrudeand Egypt E£45 Qatar QR15 Finland €4.70 Romania Ron17 enedapricecollapsecausedbythecoro- taryaidtoSaudiArabiacouldbeatrisk. raise production by an “unprece- France €3.90 Russia €5.00 navirus pandemic, which has cut oil The president’s comments damped dented”amount.Aproducermeeting Germany €3.90 Serbia NewD420 Gibraltar £2.90 SlovakRep €3.70 consumptiongloballybyaboutathird. hopesthathewouldbackplansbysome ontheproposedcutshasbeendelayed Greece €3.70 Slovenia €3.70 Hungary Ft1200 Spain €3.70 Riyadh and Moscow have insisted USshaleproducerstocutoutputincol- untilThursday. India Rup220 Sweden SKr39 thatotherbigproducers,includingthe laborationwithOpec. MarketQuestionspage8 Italy €3.70 Switzerland SFr6.20 Latvia €6.99 Tunisia Din7.50 USandCanada,joininanynewproduc- ButtheprospectofSaudiArabiaand EditorialCommentpage10 Lithuania €4.30 Turkey TL19 Luxembourg €3.90 UAE Dh20.00 NorthMacedonia Den220 World Markets SubscribeInprintandonline STOCK MARKETS CURRENCIES INTEREST RATES www.ft.com/subscribetoday email:[email protected] Apr 3 Mar 27 %Week Apr 3 Mar 27 Apr 3 Mar 27 price yield chg Tel:+442077756000 S&P 500 2488.65 2541.47 -2.08 $ per € 1.080 1.106 £ per $ 0.816 0.810 US Gov 10 yr 0.57 -0.03 Fax:+442078733428 Nasdaq Composite 7373.08 7502.38 -1.72 $ per £ 1.226 1.235 € per £ 1.135 1.117 UK Gov 10 yr 0.31 -0.02 Dow Jones Ind 21052.53 21636.78 -2.70 £ per € 0.881 0.895 ¥ per € 117.170 119.637 Ger Gov 10 yr 104.35 -0.44 0.00 ©THEFINANCIALTIMESLTD2020 FTSEurofirst 300 1219.38 1223.66 -0.35 ¥ per $ 108.505 108.190 £ index 78.082 74.497 Jpn Gov 10 yr -0.01 0.00 No:40,367★ Euro Stoxx 50 2662.99 2728.65 -2.41 ¥ per £ 133.016 133.659 SFr per £ 1.198 1.181 US Gov 30 yr 134.54 1.21 -0.03 FTSE 100 5415.50 5510.33 -1.72 SFr per € 1.056 1.057 Ger Gov 2 yr 105.28 -0.68 -0.02 PrintedinLondon,Liverpool,Glasgow,Dublin, FTSE All-Share 2958.40 3021.89 -2.10 € per $ 0.926 0.904 Frankfurt,Milan,Madrid,NewYork,Chicago,San CAC 40 4154.58 4351.49 -4.53 Francisco,Orlando,Tokyo,HongKong,Singapore, Seoul,Dubai,Doha Xetra Dax 9525.77 9632.52 -1.11 COMMODITIES price prev chg Nikkei 17820.19 18664.60 -4.52 Fed Funds Eff 1.58 1.55 0.03 Hang Seng 23236.11 23352.34 -0.50 Apr 3 Mar 27 %Week US 3m Bills 0.09 0.09 0.00 MSCI World $ 1803.07 - Oil WTI $ 28.91 21.95 31.71 Euro Libor 3m -0.24 -0.25 0.01 MSCI EM $ 838.53 - Oil Brent $ 34.93 25.10 39.16 UK 3m 0.64 0.57 0.07 MSCI ACWI $ 431.28 - Gold $ 1616.80 1634.80 -1.10 Prices are latest for edition Data provided by Morningstar APRIL 6 2020 Section:FrontBack Time: 5/4/2020 - 18:54 User: jeremy.wright Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws 2 ★ FINANCIAL TIMES Monday6April2020 CORONAVIRUS Stay-at-home orders CORONAVIRUS Europe prepares to review lockdowns ROUND-UP BidensuggestsAmericansmaynotbe allowedtovoteinpersonatelection FranceandSpainplanexit downofhiscountryforanothertwo The French premier Édouard ‘Whenwe tomostexperts,itwillrequireamassive strategieswhileaimingto weeksuntilApril26buthesaidaban Philippesaidlastweekthattheprocess increaseintestingcapacity.Manyworry havethe JoeBiden,thepresumptiveDemocraticnomineefor imposedlastmonthonallnon-essential of“deconfinement”hadnoprecedent about undermining the stay-at-home avoidasecondwave president,yesterdaysuggestedAmericansmaynotbe workincludingmanufacturingandcon- and would be “fearsomely complex”, [infection] messagewiththeonsetoftheEaster allowedtovoteinpersonatthisyear’selection,ashe structionwouldbeliftedafterEaster. adding:“Weareprobablynotheading holidaysandwarmerweatherandwith curveunder urgedelectionofficialstofocusonhowtoholdNovem- “Whenwehavethe[infection]curve foradeconfinementthatwouldbeabso- populationsalreadychafingatweeksof BENHALL—LONDON ber’svoteinthemiddleofthecoronaviruscrisis. GUYCHAZAN—BERLIN undercontrol,wewillshifttowardsa luteeverywhereforeveryone.” control,we confinementandthelossofearnings. MrBidensaid:“Ithinkit’stimewestartthinking GovernmentsacrossEuropehavebegun newnormalityandtowardstherecon- Denmark,whichwasoneofthefirst Germany,wherethedailyrateofcon- willshift abouthowwe’regoingtoholdelections.”Healsosug- preparations to ease the lockdowns structionofoureconomy,”MrSánchez countriesinEuropetoshutdownactiv- firmed coronavirus cases and deaths gestedhispartymightneedtoholdavirtualconvention imposedacrossmuchofthecontinent added.“Aspecificteamofepidemiolo- ity and close its borders, last week towardsa hasriseninrecentdays,hasalsobegun thissummer. tocontainthecoronaviruspandemic, gistshasbeenworkingfortwoweeks becamethefirsttoputatimetableon preparing what one official called a new evenifrestrictionsthathaveparalysed nowonaplantorestarteconomicand thelooseningofrestrictions. “phase-out”thatwouldbe“acceptable theeconomyareexpectedtoremainin socialactivity.” “IfweDanesforthenexttwoweeks— normality’ intermsofhealthpolicy”.“Butwe’ve forceforseveralmoreweeks. AngeloBorrelli,headofItaly’sCivil beyond Easter — continue to stand beencarefulaboutwhatwesayinpub- Greeceplacessecondcampof France,Spain,BelgiumandFinland ProtectionAgencywhichisinchargeof together,atadistance,andifthenum- PedroSánchez, lic,”headded. asylum-seekersinquarantine areamongmanycountriesthathaveset co-ordinatingthenationalresponseto bersremainstableandreasonable,then Spain’sPM “Theimportantmessagenowis:we upcommitteesofexpertstoexaminea theoutbreak,suggesteda“phasetwo” thegovernmentwillbeginagradual, are not in a phase of the pandemic gradualeasingofstay-at-homeorders ofthecountry’slockdowncouldbegin quietandcontrolledopeningofoursoci- wherewecantellpeoplethemeasures Greeceyesterdayquarantinedasecondasylum-seek- forsomebusinessesandschoolswhile nextmonth.“Idon’twanttogivedates, etyagain,”primeministerMetteFred- cannowberelaxed,”SteffenSeibert, ers’campnearAthensafteranAfghanresidenttested avoidingasecondwaveofinfections butbetweennowandMay16wemay eriksensaidonMarch30. spokesman for German chancellor positiveforcoronavirus,themigrationministrysaid.A thatcouldoverwhelmhealthservices. havefurtherpositivedatathatsuggests Fewothergovernmentsarewillingto AngelaMerkel,saidonFriday. 53-year-oldmancametothemedicalunitinthecamp Spanish prime minister Pedro wecanresumeactivitiesandthenstart put a timescale on the loosening of AdditionalreportingbyMilesJohnsonin atMalakasa,40kmnorthoftheGreekcapital,showing SánchezonSaturdayextendedtheshut- phasetwo,”hesaid. restrictionsnotleastbecause,according Rome symptomsofCovid-19.HewastakentoanAthens hospitalfortesting. Itwasthesecondcaserecordedinthepastweekata Greekfacilityforrefugeesandmigrants. Italy. Mortality Veneto offers clues for outbreak control Iransetsdatetoloosenrestrictions Region’sdeathratefrom Covid-19isjustathirdof itsneighbourLombardy MILESJOHNSON—ROME WhenattheendofFebruaryLombardy andVenetorecordedItaly’sfirstcasesof transmission of coronavirus, the two PresidentHassanRouhanisaidyesterdayIranian regions quickly erected road blocks, businesseswithalowormoderateriskofspreading establishing Europe’s first lockdown coronaviruscouldresumeworkonApril11inallprovinces andaprecedentfortherestoftheconti- exceptforTehran. nent.Sincethenthefortunesofthetwo wealthyneighbours,whichhavesome ofthebest-resourcedhealthsystemsin Europe,havetragicallydiverged. HongKongfinanceministerwarns Struck by a human catastrophe ofbroadereconomicthreat unseeninEuropeoutsideofwar,with military trucks taking away corpses fromthecityofBergamo,Lombardyhas PaulChan,HongKong’sfinancialsecretary,saidthe adeathrateof17percent.ButVeneto’s economicimpactofcoronavirushasspreadfromretail isjustover5percent.Whilevirologists andtourismtoalmostallsectorsintheChineseterri- cautionthatthepercentagedeathrateis tory.ManyEuropeanandAmericancustomershad closelytiedtotheleveloftesting,they refusedtopayforgoodsorcancelledorders,exacerbat- alsoattributethegaptootherfactors, ingcashflowdifficultiesformanyHongKongsuppliers. suchasVeneto’sreluctancetohospital- Writingonhisblogyesterday,hesaidfuturerelief isecomparedwithitsneighbour. measureswillshiftfromfocusingonprovidingassist- AsofWednesday,Lombardy,which ancetoindividualindustriestoallcompanies. has a population of 10m people, accountedfor7,593,or57.7percent,of Italy’stotaldeclareddeathsfromthe TheRialtofish theytracebacktoitspioneeringhistory careofsamplingthedoctorsornurses, wasdone.TheItalianprimeministerat virusof13,155.WhileVeneto,whichhas marketin dealingwithvirusesarrivinginitsport [so]youweretakinghometheinfec- thestartcriticisedthehospitalsinLom- Johnsonhasmadeseriousmistakes, apopulationof4.9m,hassuffered499 Venice.The fromtheeast. tion,”ProfPalùsaid. bardy,anditseemstheyrespondedby saysnewoppositionleaderinUK deathsoutof9,625diagnosedcases. Venetoregion’s The word quarantine derives from Hisobservationcomesasmorethan wantingtoshowtheyweretreatingpeo- Higherlevelsoftestingandtracingin highlevelof quarantena,theVenetianwordfor“forty 60Italiandoctorsandhealthworkers ple,nottellingthemtostayathome.” Venetoisthemostwidelycitedexplana- testingand days”,ortheamountoftimeshipsarriv- havedied,themajorityoftheseinLom- OfficialsinLombardyalsosaidRome KeirStarmer,thenewleaderoftheUK’sopposition tionforwhytheregionhasmanagedto tracing,aswell ing from plague-ridden destinations bardy.AgroupofdoctorsfromthePapa shouldhavedonemore.“Iputmymask Labourparty,criticisedBorisJohnson’shandlingofthe controlitsoutbreakmoreeffectively. asitslow wereisolated. Giovanni XXIII hospital in Bergamo onthetelevision,andtheyinsultedme crisis,sayingtheprimeministerhadmade“serious LucaZaia,governorofVeneto,was hospitalisation ForGiorgioPalù,oneofEurope’slead- warnedlastmonththathospitalshad andtoldmethatIunderminedItaly’s mistakes”inrecentweeks. thefirstregionalheadinItalytodevisea rate,have ingvirologists,andscientificadviserto becomethemainsourceoftransmis- credibility,”saidLombardy’sgovernor SirKierwonwith56percentofthefirst-roundvote. widespread testing programme that helpedit thegovernorofVeneto,acriticalfactor sionofCovid-19infections,andurged AttilioFontanathisweek.“PerhapsI Oneofhisfirstchallengeswillbeholdingthegovern- involvesdrive-throughswabsdonein managethe has been the number of diagnosed morepatientstobetreatedathome. shouldhavebeentougherinopposing menttoaccountonitsresponsetotheoutbreak.Mr cars,aswellastestsinmedicalcentres. crisis patientstakenintohospital. TheVenetoregionhasalargenetwork the [central] government.” Late last —Manuel Johnsonhaswrittentooppositionleadersurgingthem This went beyond World Health Silvestri/Reuters ProfPalùsaidthehospitalisationrate ofsmallerhealthcentres,whichhave month,Lombardyestablishedteamsof toworkcloselywiththegovernmenttotackleCovid-19. Organizationguidance,whichadvisesto inLombardyatthestartoftheoutbreak beenusedtodiagnoseandtreatpatients medicstomonitorathomepatientswho testandtracesuspectedcases.Onthe wasabout65percent.Thiscompares inwaysthathavekeptthemoutoflarge hadbeendischargedfromhospital. adviceoftheregion’sscientists,Veneto with20percentinVeneto,wherethe hospitals,saidProfPalù. Fornow,themoodinbothregionsis Casessofar: hastodateconducted133,289testsasof majority were told to stay at home ThefactthatLombardyhasagreater sombre. Saturday,thesecondhighestinItaly unlessurgentcarewasrequired. proportion of private hospitals than “Have we committed errors? Of 1,237,420 afterthe141,877ofLombardyinspiteof “There has been more testing in VenetoalsocontributedtomoreCov- course we have,” said Giulio Gallera, havinghalfofitspopulation. Venetobutpeoplewerekeptathome id-19patientsendingupinhospitals,he Lombardy’sheadofwelfare,lastweek. confirmedcasesand67,260deathsby5.10pmyesterday Yetexpertssaytestingisnottheonly andnottakenintohospitals.Themore argued.Lombardy’sadministrationwas “Wehavealwaysgivenourbesttooffer Source:JohnsHopkinsUniversity,CSSE reasonforthelowerdeathrate. patientsyouadmittothehospital,the alsounderpoliticalpressure,headded. themanypeoplewhoarrivedinour Readmoreatft.com/coronavirus Venetiandoctorsalsocitetheregion’s morecasesyouget.Youcreatetheout- “There were too many admissions hospitalsthenecessarycare . . . wehave expertiseininfectiousdisease,which breakasatthestartnobodywastaking fromtheprimaryside,wherethetriage donethebestwecould.” Emergency funding MAKE A SMART INVESTMENT Swiss lead way with loans for small businesses hit by crisis Subscribe to the FT today at FT.com/subscription SAMJONES—ZURICH Switzerland unveiled its SFr20bn economiccoronaviruscounterattack. 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APRIL 6 2020 Section:World Time: 5/4/2020 - 18:22 User: andrea.crisp Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws Monday6April2020 ★ FINANCIAL TIMES 3 CORONAVIRUS Food security pushed up agenda as Commodity shock LatAm and Caribbean stockpiling bottlenecks spook states nations call for IMF aid to Countries top up grain reserves or curb exports after rising prices and demand unsettle markets fight recession EMIKOTERAZONO—LONDON seniorresearchfellowatthink-tankthe MICHAELSTOTT HEBASALEH—CAIRO International Food Policy Research LATINAMERICAEDITOR JOHNREED—BANGKOK Instituteandformerchiefeconomistat FourteenLatinAmericanandCarib- Reda Hachelaf has had a hectic few theUSDepartmentofAgriculture. beancountrieshaverequestedurgent weeks.ThechiefexecutiveofSOPI,an Someexportingcountries,especially help from the IMF as the region is Algeriancouscousandpastamaker,has thosehitbytheturmoilinemerging braced for its worst recession in 50 beenrunningflatouttomeetincreased marketcurrencies,havetakenstepsto years, according to a senior Fund demandfromretailerswhohaveseen limitexportsastheybecomeworried official. theirshelvesstrippedbarebypanic- about domestic food price inflation, stricken shoppers. The quantities he whichhasworsenedbecauseofpanic AlejandroWerner,headofthewestern suppliedinonemontharenowbeing buyingatsupermarkets. hemisphere department, told the soldintwoweeks. InRussia,therouble’s16percentfall FinancialTimesthatLatinAmericawas “Theproblemisthatthereisthissud- againstthedollarmeansfarmersdonot particularlyexposedtotheimpactof denincreaseindemandbecausefami- want to sell their wheat to domestic thecoronaviruscrisisbecausemanyof liesarestockpiling,sodemandhasbeen flourmillers,insteadoptingforexport its economies were struggling even compressedinashorterperiodoftime,” marketswheretheycanearndollars. before they were hit with multiple hesaid. Moscowlastweekproposedimposinga shocksfromweakercommodityvalues, Thewidespreadstockpilingincities quotaof7mtonnesonwheatexports theoilpricecrashandcapitalflight. fromtheMaghrebtoManilabyconsum- between April and June, as well as “Youneverhadsevererecessionsin erslookingtorideoutthecoronavirus releasinggrainfromstatereserves. allthecountriestogetherandtherefore pandemichasdrivenupgrainprices, “The rouble has weakened signifi- thiswillmakefortheworstgrowthyear pushing food security up the agenda cantlyandtheauthoritiesweregetting inLatinAmericainthelast50years,” bothforfood-exportingcountriesand concerned,asmany[food]itemshave MrWernersaid.“Withhighprobability thenationsthatrelyonthem. becomemoreexpensive,”saidAndrey thatisgoingtobethecase.” CountrieslikeAlgeria,Moroccoand Sizov at grain consultancy SovEcon. The14nationshaveaskedtheIMFfor thePhilippineshavesteppedupefforts “Therehasbeenalotofpressureon helptotalling$4.48bnusingafundfacil- totopuptheirgrainreservesasbigpro- ity,whichallowsdisbursementofupto ducersincludingtopwheatproducer The global wheat trade Top wheat exporters ‘Wecouldcreateacrisis halfofacountry’sIMFquotaperyear Russiaandtheworld’sthird-largestrice 2018 ($bn) and importers withminimalconditions.MrWerner whenthereactually exporterVietnamimposedrestrictions declinedtonamethecountriesbutsaid Importing 2018 ($bn) onoverseassales.Largeimportershave country isn’tacrisis’ somehaddiscussedrequestingafull- alsobeenspookedbylogisticalbottle- blownIMFprogrammeoncetheeffects Exporters necksincludingalackoftruckandtrain Wheat exporting JoeGlauber,foodpolicyexpert oftheviruswerebetterknown.Mexico driversandportstaffinFrance,another country to its top 1.9 Egypt 8 andColombiaalreadyhadinplacesub- leadingwheatexporter. five destinations authoritiestodosomethingasthemill- stantialflexiblecreditlinesfromthe In Egypt, the world’s largest grain ershavebeenunhappyaswellaslive- fundbeforethecrisis. buyer, President Abdel Fattah al-Sisi 0.7 6 stockproducerswhohavetofeedtheir TheIMFsaysithasupto$1tnavaila- Japan 0.4 lastweekorderedanincreaseinthe animals.” blegloballytohelpcountriesmanage 0.3 country’s strategic reserves of staple Russia WhileRussia’scapongrainexports thefinancialeffectsofthecoronavirus goods,whileinthePhilippines,which 3.7 1.2 Algeria 4 wasregardedasmostlysymbolicasit crisisandMrWernersaidthiswould reliesonVietnamasitslargestricesup- wasinlinewithanalysts’expectations morethancoverrequestsreceivedso plier,cabinetsecretaryKarloNograles 0.5 of what the country would have far,withoutrequiringadditionalspecial Indonesia saidthegovernmentplannedtoimport 0.5 exportedanyway,itsetmanybuyerson drawingrights(SDRs),aproxyforfor- 2 ricetoshoreupsupplies. edge. eignexchangereserveassetsthatare 0.6 SaudiArabialastweekplacedextra France 0.3 Philippines MeanwhileinVietnam,riceindustry madeavailabletoIMFmembers. ordersforbarley,Algeriapaid8percent 2.9 analystssaidthegovernment’sdecision “There are talks about other morethanitdidafortnightbeforeon 0.9 Turkey 0 torestrictnewexportcontractswasa issues...newallocationofSDRsetc,” Russia Canada US France Australia severalcargoesofwheatwhileTurkish precautionarymeasureinthewakeof hesaid.“Thosearehappeningsimulta- traderspaidpricesthatwere10percent 0.8 US panicbuyingbylocalconsumers. neouslybutweinthestaffarehighly Importers higherthanafortnightago,accordingto “Insomeplaces,peoplebecamevery concentrated on responding to the Tom Houghton, an analyst at price US 00..43 South Korea 2.5 nervousandtheywenttothemarketto requests that we have and for these 2.7 assessmentfirmAgriCensus. buyriceatanyprice,”saidDangKim requestswehavemorethansufficient 0.7 Mexico Althoughothercommoditymarkets Son, a former director of Vietnam’s resourcessofar.” 2.0 haveplungedinrecentweeks,stockpil- 0.4 Bangladesh InstituteofPolicyandStrategyforAgri- ThecoronaviruspandemichitLatin 0.2 inghassupportedgrainprices.Wheat cultureandRuralDevelopment. Americarelativelylatecomparedwith Canada tradedonthefuturesmarketinChicago 2.4 0.5 Belgium 1.5 ProfessorVoTongXuan,oneofViet- AsiaandEurope.Thefirstinfectionwas hasrisen10percentsincemid-March, 0.5 Netherlands nam’sleadingriceexperts,saidHanoi’s onlyrecordedonFebruary25inBrazil reaching$5.50abushel,whilephysical decisiontorestrictexportsmeantthe andthefirstdeathonMarch7inArgen- 0.5 China 1.0 pricesforFrenchwheathaveincreased country’sricegrowersweremissingout tina,althoughalackoftestingmeans Australia 11percent.BenchmarkVietnameserice 0.4 Sudan ontheopportunitytosellatahigher thatthevirusmayhavespreadearlier. 1.6 priceshaverallied14percentto$410a 0.4 Italy 0.5 pricebeforepricesfallback. Most of the region’s governments tonnesincethestartoftheyear. 0.3 Spain Thefarmers“havebeencomplaining responded by imposing lockdown Thishasbroughtbackmemoriesof 0.3 Taiwan somuch”inrecentdays,hesaid. measures,withthenotableexceptions pastpoliticalinstabilitydrivenbyfood 0.2 Vietnam 0 That leaves economists warning of ofBrazilandMexico,whosepopulist pricerises.In2007-08severedroughts 0.1 Azerbaijan Egypt Algeria Philippines thepotentialnegativeconsequencesof leaderstookamorerelaxedapproach. aroundtheworlddrovepricesup,lead- Graphic: Liz Faunce Indonesia Italy anyfurthertighteningininternational Oneoftheworstaffectedcountries Source: International Trade Centre ingtofoodriotsinAfricancountries.At trade. hasbeenEcuador,whichalreadyhada the time, some countries imposed “Exportrestrictionsinourperception $4.2bn programme with the IMF to exportrestrictionsthatalsopushedup TopwheatproducerRussiahas andsuppliesremainplentiful.Global year’srecordhigh,enoughtocoverfour areamistake.Itwillonlyexacerbatethe propupitsshakygovernmentfinances marketpricesofstaplegoods.Awheat imposedrestrictionsonoverseas wheat inventories for 2019-20 are months’worthofdemand. situation,”saidMaximoTorero,chief beforethevirushit.Therecentcollapse exportbanbyRussiain2010alsoledto sales.Mostproducershavehadgood expected to be 277m, slightly higher Despite this, export restrictions, economist at the UN FAO. “At this inglobaloilpriceshaswroughthavoc asurgeinfoodpricesintheMiddleEast, harvestsandsuppliesremain than the year before and 3 per cent pricesincreasesandarushtostockpile pointcountriesshouldbeverycareful with its dollarised economy and the contributingtothepoliticalunrestof plentiful abovethefive-yearaverage,according couldstillhaveanegativeeffect,ana- toassessthesituationandkeeptrade countryalsohasoneofLatinAmerica’s —IlyaNaymushin/Reuters theArabspring. totheUNFoodandAgricultureOrgani- lystswarn. flowing.” highesttotalsofinfectionsrelativeto Thekeydifferenceisthatnowmost zation. “Wecouldcreateacrisiswhenthere AdditionalreportingbyPhamHaiChungin the size of the population, despite producershavehadgoodgrainharvests World rice stocks are close to last actuallyisn’tacrisis,”saidJoeGlauber, Hanoi havingimposedalockdownearlyon. Russia.Leadership Middle East UAE central bank expands Putin leaves tough decisions to regional aides stimulus as activity slows tivesagainstCovid-19,overshadowing implement them individually. The expertssayasurgeininfectionscould Moscowmayorheadsvirus otherofficialsandshakingupthesys- Kremlinrushedoutastatementsaying overwhelm the underfunded medical battleaspresidentdistances temoftop-downgovernment. itsupportedtheMoscowmayor’sdirec- system. At the same time, forcing SIMEONKERR—DUBAI airportsclose,tradeslowsandhotelslie Inatelevisedmeetinglastweek,Mr tives,andrebuffingclaimsthatbylaw employerstoshutwhilefundingfive unoccupied. The United Arab Emirates central himselffromlockdowncurbs SobyaninwarnedMrPutinthatgovern- only the central government could weeksofpaidtimeoffforemployeeswill Saudi Arabia’s non-oil sector saw bankhasdoubleditsbankingstimulus mentfiguresshowinglownumbersof imposerestrictionsonmovement. causemassbankruptcies,sayanalysts. businessconditionsdeclineattheirfast- packageto256bndirhams($70bn)as infectionsunderestimatedthescaleof “Sobyanin is responsible only for MrPutin’slowprofilestemmedfrom estpaceinmorethanadecade,record- HENRYFOY—MOSCOW businesssentimentdeterioratedinthe the outbreak. And last weekend he Moscow,butitfeelslikeheactsinapar- areluctancetotakeresponsibilityfor ing their lowest level since the IHS MAXSEDDON—NEWYORK Gulf’scommercialcentre. announced Moscow would be placed allelrealitycomparedtothefederalgov- potentiallyunpopularmeasures,saida Markit purchasing managers’ index Whenitcomestocontainingcoronavi- under near-total lockdown. These ernment,”saidMsStanovaya.“Onone former senior Kremlin official, who TheUAE’scentralbankyesterdaysaidit surveybeganinAugust2009. rus,theKremlinhasasolidplan:Rus- moveshaveleftotherpartsofthepower hand, Sobyanin is a deputy head of addedthatthepresidentinitiallysought wouldreducereserverequirementsfor The kingdom’s PMI fell to 42.4 in sia’spresidentVladimirPutinpromises structurescramblingtofollowhislead. Mishustin’sco-ordinationcouncil,but todelegatethemtoMrMishustin. demanddeposits,injectingDh61bnto March—thefirsttimeithasfallenbelow everyone a month-long holiday; “It’sastrangesituationfortheRus- ontheotherhandhehasautonomy, KremlinspokesmanDmitryPeskov support banks’ lending and liquidity theneutralvalueof50—from52.5in regional governors have to come up siangovernmentthatithasto,infact, answers directly to Putin and has a hasstressedthatMrMishustin’scabinet management. The measures, which February.Steepdeclinesinoutputlevels with painful restriction measures to followSobyanin’smeasures,anditcre- directlinktothepresident.” wasgivenauthoritytointroduceastate builtonlastmonth’sDh126bnstimulus andnewordersweighedonthePMI, thenkeeppeopleintheirhomes. ates some uncomfortable positions,” Thatroleasthepublicfigurehead, ofemergency—normallyapresidential inmid-March,alsoincludesDh95bnin though employment was “relatively “Ihavedecidedtoprolongtheofficial said Tatiana Stanovaya, founder of overshadowingMrMishustin,whohas prerogative—becauseitremainedin assistancetobanksastheUAEextended resilient”withstaffingfallingonlyfrac- non-work period until the end RPolitik,apoliticalanalysisfirm. onlybeeninofficefor11weeks,brings chargeofcombatingthepandemic. aprogrammetodeferretailandcorpo- tionally. ofthemonth,”MrPutinsaidinabrief The result has been a muddled notinsignificantdanger. “There is a co-ordinating commis- rate debt payments until the end of In the United Arab Emirates, the speechonThursday.“Letmestressthat approachinwhichsomebranchesof Yesterday Russia said it had 5,389 sion,whichisempoweredtomakethe 2020. indexdroppedtoarecordlowof45.2in wages will be retained. Regional governmenthavetakentheirresponse casesand45deaths.Whilethisisfar decisionsthatitconsidersexpedient... “Theadditionalmeasuresannounced Marchfrom49.1inFebruary—itsthird heads...will have to plan out a set totheextreme,whileothershavedone lowerthanotherbigEuropeanstates’, chairedbyheadofthegovernmentMr todaywilleffectivelyrelievethepres- monthlydecline. ofspecificpreventivemeasuresthatare nexttonothing. Mishustin,”MrPeskovsaid. sureonfinancialinstitutions,offering Newordersfellattheirquickestpace themostrationalfortheirregions.” RamzanKadyrov,strongmanleader MrMishustin,however,wasreluctant therequiredreliefandcontinuedaccess onrecordastourism,tradeandcon- As the coronavirus pandemic ofChechnya,hasclosedofftheregion tointroducestrictermeasuresearlier, tofundingforbusinessesandhouse- sumerdemandwerehitbyCovid-19, presentshimwitharguablythegreatest fromtherestofRussia,andtalkedof promptingMrPutintoactthroughMr holds,”saidAbdulhamidSaeed,thecen- IHSMarkitsaid. challengeofhis20-yearrule,thetypi- killingpeoplewhoviolatequarantine. Sobyanin,theformerofficialsaid. tralbank’snewly-appointedgovernor. “TheclosureofairportsintheUAE callyhands-onpresidenthasbeencon- JustafterMrPutinendedhisnational Moscowaccountsfor72percentof Thefreshfinancialstimuluscomesas and working-from-home policies, as spicuousbyhisabsence. address on Thursday, three regional Russia’sCovid-19cases.AfterMrSoby- thenon-oilsectorsoftheGulfstates’ seen across the globe, are likely to AsMrPutindistanceshimselffroma governorstenderedtheirresignations. anin unilaterally placed the capital twolargesteconomiesaredecelerating extendthedownturnintoApril,partic- lockdownthatlookssettoplungethe Russia’s parliament had to rush underrestrictionstougherthanthose rapidly, according to new business ularlyasthereisnoendinsighttothe countryintoasharprecession,regional throughalawlastweekmakingMrSob- imposedbythenationalgovernment, confidencesurveys. pandemic,”saidDavidOwen,anecono- governorsandlocalofficialshavebeen yanin’slockdownmeasureslegalpost MrPutinendorsedthem. TheGulf’sprivatesector,whichisreli- mistatIHSMarkit. thrustintotheleadershipvacuum. facto.PrimeministerMikhailMishustin Yetfewbelievethatthemayoracts antonstatespending,hasbeenhitby The survey reported the sharpest NonemoresothanMoscowmayor saidhebackedthecurbs,butshiedaway withcompleteautonomy. tumblingcrudepricesandthecurfews decreaseinemploymentonrecordas SergeiSobyanin,whohasemergedas fromimposingthemnationwide,leav- FewbelieveMoscowmayorSergei MsStanovayasaid:“Sobyaninwillnot designedtostemthespreadofcoronavi- firmsmadestaffredundantandasked thepublicfigureheadofRussia’sinitia- inggovernorsinthe84otherregionsto Sobyaninactswithtotalautonomy moveafingerwithoutPutin’sassent.” rus,thathaveleftbusinessesreelingas employeestoreducehours. APRIL 6 2020 Section:World Time: 5/4/2020 - 17:35 User: andrea.crisp Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws 4 ★ FINANCIAL TIMES Monday6April2020 CORONAVIRUS Antimalarial GLOBAL INSIGHT Trump calls on India to release drug ASIA Tom Mitchell NewDelhitightensexport quinewasa“game-changer”despitea events—includingattheheadquarters ‘IsaidI’d orderswithfulladvancepaymentand lackofconcreteevidenceaboutitseffec- of Islamic missionary movement onhumanitariangrounds.ButonSatur- restrictionsonpotential tiveness. Tablighi Jamaat in New Delhi — has appreciate daythecommerceandindustryminis- ‘game-changer’treatment MrTrumpsaidtheUSgovernment raisedfearsthatitsswiftactiontoput itifthey try issued a circular prohibiting all China’s economy has wasworkingtomakethedrugavailable thecountryunderlockdownmaynotbe exports of “hydroxychloroquine and forcoronaviruspatients,eventhoughit enoughtoflattenthecurve. would formulationsmadefromhydroxychlo- yet to feel full effects STEPHANIEFINDLAY hadyettobeapprovedbytheUSFood The Indian Council of Medical roquine . . . withoutanyexception”.Ina releasethe USPresidentDonaldTrumpcalledon andDrugAdministration.“We’regoing Researchhasrecommendedtheanti- separatenoticeonthesameday,italso Indiatoreleaseordersofhydroxychlo- tobedistributingitthroughthestrate- malarial, which is also used to treat amounts put restrictions on the export of diag- of unemployment roquine,anantimalarialdrugthathas gicnationalstockpile,”saidMrTrump. lupusandrheumatoidarthritis,canbe nostic kits. The ministry did not thatwe beenidentifiedasapotentialtreatment “We’realsogettingitfromvariousloca- used as a preventive medication for respondtoarequestforcomment. forcoronavirus,asNewDelhitightened tionsandothercountries.” Covid-19high-riskindividualssuchas ordered’ SudarshanJain,oftheIndianPhar- export restrictions to combat rising Whilethereisnoproofthatitworks healthcareworkers. maceuticalAllianceinMumbai,saidthe USPresident infections. againstcoronavirus,Indiahaspriori- OnMarch25,Indialimitedexports fullbanwasputinplacetostopspecula- F orXiJinping,thegoodnewsisthatChina’secon- DonaldTrump MrTrumpsaidthatduringaphone tisedthesupplyofthedrugforitsown with some exceptions, including for tive buying as companies rushed to omyappearstohaveperformedslightlybetterin callwithIndianprimeministerNaren- useasitcountsagrowingnumberof placeorders. MarchthaninFebruary.Thebadnewsis,thatis dra Modi on Saturday he requested casesthatthreatenstooverwhelmits “TherewasanewdemandasaCov- aboutasfarasthegoodnewsgoesfornow.Ifthe moreofthedrugbecausethecountry underfunded healthcare system. The id-19productandallofasuddenthere world’ssecond-largesteconomyisnotperform- madeitin“largeamounts”. world’ssecondmostpopulouscountry wasspeculativedemandfromallover ingmarkedlybetterbytheendofJune,China’spowerful “IsaidI’dappreciateitiftheywould of1.37bnpeoplehasreportedalmost theworld,”saidMrJain.“Thegovern- presidentcouldfaceunprecedentedeconomicandpoliti- releasetheamountsthatweordered 3,600 coronavirus infections with 99 mentistryingtotakestockofthesitua- calchallenges,rangingfromadouble-digitunemployment andtheyaregivingitseriousconsidera- deaths as of yesterday — triple its tionandcomeupwithapolicy.” tothecountry’sfirstofficialrecessionsince1976. tion,”saidMrTrumpduringaWhite caseloadfromlastweek,accordingto Pharmacompaniesareina“dialogue” “TherealunemploymentrateinChinaislikelytogo Housebriefingovertheweekend.He JohnsHopkinsUniversity. with the government over the next higherthan10percentforsure,”saidDianaChoyleva, repeatedhisclaimthathydroxychloro- The discovery of superspreader India’sCovid-19casesarerising steps,addedMrJain. chiefeconomistatEnodoEconomicsinLondon.“Q2[eco- nomicactivity]isshapinguptobeveryweakasdisrup- tionstoproductioninChinalingerand,moreimportantly, demandfromtherestoftheworldevaporates.” Emergency response. Staff deficit OnTuesday,marketswerebrieflycheeredbytherelease oftheofficialpurchasingmanagers’indexoftheNational BureauofStatistics.Thisshowedthat,relativetoFebruary, US faces acute shortage of medics moremanufacturersthannotwerenowexperiencinga modestexpansioninbusinessactivity. ConsideringthatChina’seconomywasbroughttoan almosttotalhaltinthefirsthalfofFebruarybythecorona- viruspandemic,onesurveysayingthingsareslightlybet- terishardlyreassuring—apointtheNBS’schiefstatisti- Alarmspreadsatlackof ciandrovehome.Theworldwillhavetowaitfortwomore nationalplantogetdoctors weeksbeforeafullerpictureisavailable,withtherelease offullfirst-quarterdatarangingfromexportstoGDP. andnursestodiseasehotspots Thatdataisunlikelytobemuchbetterthantheraftof record-lowindicatorsrecentlyreleasedforJanuaryand February.Lastweek,ateamofANZeconomistsledby HANNAHKUCHLER—NEWYORK Betty Wang projected InNewYork,hospitalbedsarebeingset thatChina’sfirst-quarter State-ownedbanks upinCentralPark,insideavastconfer- GDP would fall 9.4 per haveapatchy encecentre,andonamilitaryvessel cent year on year, with moored off Manhattan. Across the anotherannualdeclineof recordwhenit US,carmakersareproducingventila- upto2.1percentpossible comestoextending tors,distilleriesaremakinghandsani- inthesecondquarter. tiserandtailorsaresewingfacemasks. ForMarch,MsWangis credittoSMEs But another shortage is proving anticipatingdouble-digit hardertoaddress:thedearthofmedical year-on-year falls in workerstotreatcoronaviruspatients. industrialproduction(-11.7percent),fixedassetinvest- Demandfordoctorsandnurseswith ment(-18percent)andpropertyinvestment(-12.0per experienceinemergencydepartments cent).ThiswouldatleastbebetterthantheJanuary- andintensivecareunitshassoaredin Februaryperiod,whenfixedassetinvestmentwasdown recentweeks.“Thereisnotenoughof almost25percentyearonyear,butwouldalsoindicatethe anything,”saidWilliamJaquis,presi- Chineseeconomyhasyettoreachbottom. dentoftheAmericanCollegeofEmer- ForChina’sleaders,suchheadlinenumbersare,fornow, gencyPhysicians. meresurfacenoise.AspremierLiKeqiangrecentlyputit, Asanacuteshortageofmedicalstaff economicgrowth“doesnotmatterthatmuch”aslongas beginstotakeitstollinNewYork,cen- thegovernment’semploymenttargets—typically10mor treoftheoutbreakintheUS,mayorBill morenewurbanjobsayear—aremet. deBlasioonFridayproposedadraftof Overthefirsttwomonthsofthecoronaviruscrisis,Mr healthcare workers. Speaking on Xi’sadministrationhasinsteadfocusedonstaunchingthe MSNBC,hecalledfora“nationaleffort bleeding.AccordingtoacountbySarahTongandYaoLiat toenlistdoctors,nurses,hospitalwork- theNationalUniversityofSingapore’sEastAsianInstitute, ersofallkindsandgetthemwherethey sinceJanuary24variousministrieshaveissuedmorethan areneededmost”. Doctorstesting havesoared400percent,accordingto TheWhiteHouse—criticisedasslow raryhealthcarework,saidmorethan 20policydirectives,almostallofthemdirectedathelping Headded:“Idon’tsee,honestly,how forcoronavirus staffingproviderVizient.Therehasalso toprocuresupplies—hasnotputin 1,200nursessigneduptoworkinNew companiesstabilisetheiroperationsandavoidlay-offs. we’regoingtohavetheprofessionalswe inNewYork. beenasurgeindemandforcleanersand place a plan to channel staff to the Yorkinjustaweek.Payforatemporary Despitethisfocus,thegovernment’sofficialunemploy- need to get through this crisis.” An Thecityisatthe nursingassistants. worst-affectedstates.Thefederalgov- registerednursewasup73percentin mentratecameinatarecordhigh6.2percentinFebruary. emergencyalertlaterflasheduponthe centreoftheUS Howmanymorestaffmaybeneeded ernmenthaswaivedlicensingrequire- March,comparedwithJanuary. UnfortunatelyforMrXi,China’sstate-ownedbanks phone of every New Yorker asking outbreak willdependonhowmuchofthecountry ments,allowingdoctorstopractisein Butthesurgein“hazardpay”islikely haveapatchyrecordwhenitcomestoextendingcreditto healthcareworkerstovolunteer. MishaFriedman/GettyImages coronavirus devastates — and how otherstates,butonlysomehavetaken toprovechallengingforsomehospitals, smallandmedium-sizedemployers,evenwhentheyare TheUShasfewerphysicianspercap- many healthcare workers become stepstoacceptotherstates’licences. whicharealreadyfinanciallystretched orderedto.Statebanks’incentivesystems,whichtendto itathanhard-hitcountriessuchasItaly infectedandhavetostayathome. AshishJha,directoroftheHarvard becausemoreprofitableelectiveproce- holdloanofficersresponsiblewhenmoneyisnotrepaid, andSpain,with2.6perthousandpeople StevenCorwin,chiefexecutiveofNew GlobalHealthInstitute,describedthe dureshavebeencancelled.The$2.2tn arestrongerthandirectivesfromonhightolendtoriskier comparedwith4and3.9,respectively, York Presbyterian, the city’s largest situationas“haphazard”.“Whatwould federalcoronavirusreliefbillallotted private-sectorborrowers. thoughithasmorenurses,saystheKai- healthcaresystem,saidstaffingwasthe beidealwouldbeanofficeoutofthe $100bnforhospitals,butitisunclear Thistrickle-downapproachtocreditallocationiseven serFamilyFoundationthink-tank. “nuboftheproblemrightnow”. White House, coordinating medical howitwillbedistributedorwhen. lesseffectivewhenitcomestodirectingcredittothemil- Toaddresstheproblem,hospitalsin Hesaidtherewere600coronavirus staffandworkingwithstatestorelax Without a countrywide response lionsofmom-and-poprestaurants,hairsalonsandother thehardest-hitstatesarescramblingto patientsinintensivecareatNewYork rulesaboutlicensure,”hesaid. plan,thedecisiontosupporthard-hit street-levelbusinesseswhotypicallyhavefewifanyassets recruitcliniciansfromthosewithfewer Presbyterian, where everyone from ThePentagonsaidonFridayitwas areashasbeenlefttoindividuals.Amit oftheirowntoofferupascollateral. coronaviruscases,andretrainingstaff radiologists to surgeons were being “wellprepared”tohelpwithlogisticsif Phull,aclinicianandvice-presidentof “Banks’ [lending] decisions are still commercially whoworkinotherfieldsofmedicine. divertedtotreatthem.Theproblems therewasamassvolunteeringofdoc- Doximity,asocialnetworkfordoctors, driven,”saidMsWangatANZ.“Iftheyseerisingrisks, About80,000retireeshavevolunteered werecompoundedby400ofhisclini- tors.Thiscouldinvolveflyingvolun- saidhewastornbetweenflyingtoNew Idon’tthinktheywilllendmoretoSMEsthataresuffer- toreturntoworkinNewYork,ontopof ciansbeingexposedorinfectedwiththe teers to hotspots, starting with New Yorktohelpandpreparingforwhatisto ing.”Ifso,justwhenitseemedtobepeaking,MrXi’s more than 1,000 military med- virusandhavingtostayhome.“We’ve York. For now, staffing agencies are comeathishospitalinChicago. coronaviruscrisismaybeenteringanevenmoredanger- ics. Requests for critical-care nurses triedtohireextrapeople.We’vehada seekingtoenticeworkerswithhigher Hesaid:“There’sapullinmyselfto ousphase. haverisen250percentinamonthand little amount of success, not a huge pay,freehotelroomsandotherbenefits. stayatmyinstitutionandhelpwhenthe vacancies for respiratory therapists amountofsuccess,”MrCorwinsaid. Nursefly,amarketplacefortempo- problemgetsthere.” [email protected] LatinAmerica.‘Narco-terrorism’claims Mystery surrounds foiled ‘plot’ to liberate Venezuela from Maduro’s rule Venezuela.Intheback,accordingtothe “It’sacampaignstartedinMiami,in quite dangerous”. Mr Alcalá’s claim USauthorities.Hewaswhiskedoutof liner.Eachcaptainblamedtheother. Incidentcomesatatimeof Colombian public prosecutors’ office, Washington,inColombia,tojustifythe camejusthoursaftertheUSDepart- Colombia within hours, even though Thecruiseship’sownersaid“gunshots heightenedtensionsbetween were26US-madesemi-automaticrifles, coup d’état...the military, terrorist ment of Justice charged him, Mr prosecutorsinthecountrysaidthere werefired”.MrMadurosaidthecruiser helmets,night-visiongogglesandflak attacks they were preparing against MaduroandadozenotherVenezuelans wasnowarrantforhisarrestandno mighthavebeentransportingmerce- WashingtonandCaracas jackets. Venezuela,”MrMadurosaid.“TheUS inconnectionwith“narco-terrorism” requestforhisextradition.Heisbeing naries,withoutofferingevidence. Threedayslater,aformerVenezuelan governmentisbehindthis.[Colombian andothercrimes.TheDoJoffered$15m questionedbytheDoJintheUS. The following day, the US said Mr general, Cliver Alcalá, said he was president]IvánDuqueisbehindthis.” forinformationleadingtoMrMaduro’s CaracasandWashingtonhaveoffered Maduroshouldcedepowertoatransi- GIDEONLONG—BOGOTA responsibleforthecache.Inarambling Venezuela’sattorney-generalordered arrestand$10mforMrAlcalá. starkly differing accounts of what is tionalgovernmentinexchangeforsanc- KATRINAMANSON—WASHINGTON andcontradictoryradiointerviewhe Mr Guaidó to testify. The opposition Theformergeneralsaidhehadnoth- goingon.TheVenezuelanssaythatonce tionsreliefandhumanitarianaidtohelp Itstartedwitharoutinepolicesearch saidheandhissupporters,“allcommit- leader,whohasbeentryingtooustMr ingtohideandhandedhimselfoverto theplotfellapart,theAmericanshadto thecountrydealwithcoronavirus. onaroadinnorthernColombia. tedtotheliberationofVenezuela”,had Maduroformorethanayearwiththe extracttheir“agent”,MrAlcalá,sothey OnWednesday,USpresidentDonald WithindaysthegovernmentofVene- planned“amilitaryoperationagainst backingoftheUS,theEUandmostof chargedhimwithnarco-terrorismand Trump said he was sending war- zuela was claiming it was proof of a theMadurodictatorship”. LatinAmerica,deniedallknowledgeof hauledhimbacktoWashingtonbefore shipsclosertotheVenezuelancoastto foiled plot to “liberate” the country Mr Alcalá, who lives in Colombia, theplotandrefused—adecisionthat hecouldrevealmoresecrets. stop“cartels,criminals,terroristsand fromitssocialistrule,withechoesof havingfallenoutwiththegovernment couldleadtohisarrest. Washington’sversionisthatMrAlcalá othermalignactors”exploitingthepan- pastfailedeffortstooverthrowLatin inCaracas,saidUSadvisers,whohe “They are dangerous lies because was acting on the orders of Caracas demictosmuggledrugstotheUS. Americanregimes. described as contractors working for theymaybeusedasapretexttoarrest when he made his “wild allegation” “DonaldTrumphasbecomecrazy,” The details of the alleged plot are companies,knewabouttheplot.So,he or harm interim president Juan againstMrGuaidó. Mr Maduro responded, anticipating murky.OfficialsinWashingtondenyit added, did Venezuela’s opposition Guaidó,”aUSstatedepartmentofficial “Clearly, he was put up to making possibleUSactiontotopplehim.“Ifhe evenhappened.Butitcomesatatimeof leaderJuanGuaidó.They,alongwith toldtheFinancialTimes,addingthat thoseterriblechargesbytheregime, entersVenezuela,hewillbedefeated.” heightened tensions between the US Colombianpoliticians,allsignedacon- close advisers and relatives of Mr andthenrealisedhe’dbettergetoutof MauricioClaver-Carone,MrTrump’s andVenezuela,astheTrumpadminis- tractauthorisingit,healleged,without Guaidóhadbeentargetedby“violent Colombiaandgettoaplacewhereat topadviseronLatinAmerica,warnedin trationstepsupeffortstoforcePresi- producingthedocument. repression”inpastweeks. leasthewasphysicallysafe,whichwas aninterviewwithaMiamiTVchannel: dent Nicolás Maduro to relinquish In Venezuela, the government ElliottAbrams,theUSspecialrepre- theUnitedStates,”saidMrAbrams. “Historically,noonewho’sconfronted power. jumpedonhisstatementsasproofof sentativeforVenezuela,saidclaimsthat Theepisodecomesatajitterytimein the US justice system has come out The story began in Colombia on what it had long claimed: that Mr MrGuaidóhadcontractedMrAlcaláto Venezuela.LastMonday,oneofitsnaval well.”Headded:“Whetherit’sNoriega, March23,whenpolicestoppedavanon Guaidó,theUSandColombiaarework- disposeofMrMadurowereclearlyalie, RetiredVenezuelangeneralCliver vesselssankintheCaribbeanaftercol- PabloEscobaror‘ElChapo’Guzmán,it theCaribbeancoastheadingtowards ingtogethertooverthrowtheregime. describing them as “despicable and AlcaláisbeingquestionedbytheUS lidingwithaPortuguese-flaggedcruise neverendswell.” APRIL 6 2020 Section:World Time: 5/4/2020 - 18:15 User: andrea.crisp Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws Monday6April2020 ★ FINANCIAL TIMES 5 APRIL 6 2020 Section:Ad Page Time: 5/4/2020 - 09:55 User: peter.bailey Page Name: AD FILLER, Part,Page,Edition: USA, 5, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws 6 ★ FINANCIAL TIMES Monday6April2020 y Rana Foroohar ‘The internet is almost the only thing that has kept the economy and society functioning’ OPINION HSBC investors Rolls-Royce Emergency purchases Fed relieves strain but set to ditch balance sheet likely to top $9tn by end of year threaten to sue profit goal and halt payout lender over PEGGYHOLLINGER—LONDON Rolls-Roycewillthisweekabandontar- dividend cut getsonprofits,cashanddeliveries,and suspenditsdividendforthefirsttime since privatisation in 1987, as the groundingofmostoftheworld’swide- bodyaircrafttakesitstollontheUK aero-enginemaker. Thegroup,whichisstillinthethroesofa wide-ranging,multiyearrestructuring, isalsoaimingtoannouncenewcredit 3 Fury from Hong Kong shareholders facilitiesinexcessof£1bntobolster liquiditythatattheendof2019was 3 UK regulators piled on the pressure closeto£7bn.Anannouncementcould comeasearlyastoday,accordingtotwo peoplewithknowledgeofthesituation. PRIMROSERIORDAN Britisheconomy.Thathasreignitedthe Rolls-Royce,whichbuildsenginesfor ANDNICOLLELIU—HONGKONG debateoverwhetherHSBC’sheadquar- widebodyaircraftsuchastheAirbus Retail investors in Hong Kong have ters should move to Asia, where it A350 and A330, and Boeing’s 787 threatenedlegalactionagainstHSBC makesmostofitsrevenue. Dreamliner,hasbeenhithardbyglobal andwillattempttoforcethebankto TheHongKongretailinvestorcollec- measurestocontainthespreadofcoro- holdanextraordinarygeneralmeeting, tivehasalsothreatenedtosueHSBCin navirus.Borderclosuresandnational afteritwaspressedbyUKregulatorsto thecity’scourtsoverthedividendissue. lockdownsinseveralcountrieshaveled cancelitsdividendduetothecoronavi- Thegrouphasabout2,700memberson AndrewHarrer/Bloomberg airtraveltobeallbuthalted. ruscrisis. Facebookbutitisnotclearhowmany Thecompany’scivilaerospacedivi- Federal Reserve’s balance sheet US takes a cue from Japan Thecontroversysurroundingthesus- sharestheycontrol.TheywanttheEGM sion,whichaccountsforroughlyhalfof could reach $9tn Central banks’ balance sheets as % of GDP pensionofHSBC’sannualpayoutforthe todiscusswaystoinsulateHSBC’sHong Rolls-Royce’s£15.4bnannualrevenue, firsttimeinnearly75yearshasagain KongbusinessfromUKregulators. $tn 120 makesitsprofitfromthenumberof Bank of Japan highlightedthelender’scomplicatedsit- Atleast200oftheretailshareholders 10 European Central Bank 100 hoursitsenginesfly.Buttwo-thirdsof uationinHongKong,whereitderives arebeingadvisedbySurichAssetMan- Bank of England theworld’swidebodyaircraftarenowin 8 mostofitsprofitsbeforetax. agement, according Simon Yuen, the Federal Reserve 80 storage,accordingtoCirium,anavia- Projected IndividualHSBCshareholdersinthe HongKong-basedinvestmentgroup’s 6 60 tionconsultancy. Asian financial hub — from wealthy founder. Surich itself does not own InMarch,engineflyinghourswere40 4 40 sharesinHSBC. percentdown,accordingtooneperson ‘Many . . . usethisastheir “Manyofthemusethisastheirretire- 2 20 close to the subject. The drop is mentplan.Theyrelyonthedividendto expectedtobesteeperthismonth. retirementplan.Theyrely payfortheirlivingexpensesaftertheir 0 0 As a result, the group will ditch a onthedividendtopayfor retirement, so this will actually hurt 2007 09 11 13 15 17 19 2006 08 10 12 14 16 18 19 pledge,setin2017andrestatedonlyin them a lot,” Matthew Chung, an Sources: BofA Global Research; Bloomberg; BoE; ECB; BoJ; Federal Reserve Board; Statistical Office of the European Communities; February,togenerate£1bninfreecash theirlivingexpenses’ Cabinet Office of Japan; US Bureau of Economic Analysis; UK Office for National Statistics adviseratSurich,saidofthesuspension. bytheendofthisyear. Noel Quinn, HSBC chief executive, It had also promised 15 per cent businesspeopletolow-incomeearners lastweeksentanapologytothebank’s COLBYSMITH—NEWYORK centralbanksandotherinternational couldseethebalancesheetsoaringto growthincoreoperatingprofitforthis —havebandedtogethertotrytoreach HongKongshareholdersfollowingthe monetaryauthoritiestotemporarily asmuchas$12tnbymid-year,andris- year.Thedividendpaymentof11.7pper TheFederalReserve’sbalancesheet thethresholdof5percentofoutstand- cancellationofthedividend,sayingit swap their Treasuries for highly ingfromthere. share, frozen since 2016, will be isexpectedtoballoontoanunprece- ingsharesrequiredtosecureanEGM. didnottakethemforgranted. prizeddollarsamidaglobalshortage. Thatisequivalenttoabout60per suspended. dentedsizethisyearafteritsdra- “The decision [to withhold divi- Itisthesecondtimeinseveralmonths AnalystsatBankofAmericasay cent of US national output — and Rolls-Royce’smovecomesasAirbus maticinterventionstoprotectcapi- dends]isunreasonable,thisisabout that HSBC, which is so synonymous theseactions,takentogether,could would push the Fed higher up the preparestoslashtherateofproduction talmarketsandtheworld’sbiggest gatheringHongKongpeoplewhohave withthecityitisstillknownbymany resultintheFed’sbalancesheettop- table of central-bank intervention. ontwinandsingle-aisleaircraft,inthe economyfromtheeffectsofthecoro- heldthesharesforalongtimeandfight- locals as the Hong Kong bank, has ping$9tnbytheendoftheyear,or AccordingtoBofA,theassetsonthe expectationthatdemandwillfallinthe navirusoutbreak. ingforourrights,”saidofficeclerkRay- angeredpartsofthecommunity. morethan40percentofUSgross European Central Bank’s balance mediumtermascash-strappedairlines mondTang,amemberofalargeFace- Anti-government protesters in the AsCovid-19broughttheglobaleco- domesticproduct.Itsbalancesheet sheetequatetoaround40percentof struggletorecoverfromthecrisis. bookgroupdedicatedtothecause. Chineseterritorylastyearvandalised nomicenginetoascreechinghaltlast hasalreadyexpandedbymorethan GDP.FortheBankofJapan,italready Rolls-Roycewillgivenonewguidance A third of London-headquartered HSBC’s branches and ATMs after it monthandsentstocksintoabear $1tnsincethecoronavirusoutbreak tops100percent. forthisyearuntilAirbus’snewratesfor HSBC’ssharesareownedbyretailinves- closedanaccountusedtoraisefundsfor market, the US central bank began. Anexpansionofthismagnitudeis widebodyaircraftareclear,saidanother torsinHongKong.Manyrelyonthe demonstrators,citingmoneylaunder- announced confidence-restoring Thatcouldproveanunderestimate. notwithoutitsrisks,warnanalysts. personclosetothesubject.Thiscould bank’sdividendsforincome. ingrules.Protestersaccusedthebankof measurestorelievestraininthetrad- KrishnaGuha,vice-chairmanatEver- “Whenthebalancesheetisthislarge, comeasearlyasthisweek.Butjoblosses ThebankwasoneoffiveUK-based sidingwithBeijing. ingofUSTreasuries,agencymort- coreISI,expectsthebalancesheetto itdoesmakeitdifficulttounwind,” arelikelyinthelongertermifproduc- lendersthatlastweekbowedtopres- HSBCsaidthebank“deeplyregrets” gage-backedsecuritiesandcommer- hitthe$9tnmilestonebymid-year. saidGennadiyGoldberg,aratesstrat- tionhastoscalebacksignificantly. surefromtheUK’sPrudentialRegula- anyharmcausedbythesuspensionof cialpaper,aswellasmunicipaland Should the economic shutdown egistatTDSecurities.“Policymakers The widebody market had already tionAuthoritytowithholditsannual thedividend,reiteratingthemovewas corporatebonds. become“prolonged”,andtheFedis will have to be more comfortable beenslowingbeforethevirushit.Rolls- dividendduetothecoronaviruspan- attherequestofUKregulators. Last week the Fed added yet forcedtoscaleupthesizeofitsemer- holdingmoreassetsandneverreally Roycehadcutexpectationsfordeliver- demic,whichhasbadlydamagedthe USlendersdefenddividendspage8 anothernewfacility,whichwillallow gency purchases, Mr Guha said he gettingbackto‘normal’.” iesfrom500to450forthisyear. Contracts&Tenders Media. Quarantine Lockdowns ‘press pause’ for outdoor advertisers button[onthe]entireoutdooradvertis- downturnduringthe2008financialcri- Global declined to comment on Businessestakedefensive ingsector”. siswiththeadvertisingmarketbeinghit whetherthecompanywouldtrytorene- measuresasclientspullback Knownastheoldestformofmarket- badly,” said Jean-François Decaux, gotiateitsrentalagreementsinthewake ing,outdooradvertisingwasseenasa co-chiefexecutive. oftrainstationclosuresandreduced onplannedadspending steady-but-dullbusinesswithrootsin Thefamily-ownedgroupisalsolook- traffic.TransportforLondonsaid:“We ancienttimes.ButgroupssuchasStröer, ingtorenegotiaterentaldealswithair- willinduecourseworkwithouradver- JCDecauxandClearChannelOutdoor ports,portauthoritiesandtrainstations tising agents to assess the impact of MARKDISTEFANO—LONDON arenowonthefrontlineoftheindus- whereitrunsmorethan1madvertising thesemeasures.” EvenatthebeginningofMarch,Udo try’s battle to weather an unprece- panels. Speaking in early March, Mr For those groups that do survive, Mueller,thefounderofoneofEurope’s dentedshocktotheglobaleconomy. Decauxsaidtherentonmanyairport thereisalsoabiggerquestiononthe biggestoutdooradvertisinggroups,was Whilethepreciseimpactisimpossi- contractsrepresentedmorethan70per horizon:willadspendingflowbackto describingthemarketreactiontocoro- bletopredict,overalladspendingfellby centofrevenues. out-of-homesitesifpublicbehaviouris navirusas“hysteric”. about11percentgloballyduringthelast Digitaltechnologyhasbeenthebig permanentlyalteredbythecrisis? “Ineveryaverageinfluenzawavein “advertisingrecession”of2019,accord- growthdriverfortheindustryinrecent BrianWieser,globalpresidentofbusi- Germany,25,000peoplearedying,”the ingtofiguresbyGroupM,themedia years,withexpensiveinvestmentsin nessintelligenceatGroupM,saidthere chiefexecutiveofStröertoldanalysts. buyingagency. high-tech billboards allowing eye- wasaneedto“lookbeyondtheperiod “Andnowwehave140peopleinfected AnalystsatMacquarieResearchnote catchingadvertstobesoldandrotated directlyinfrontofus”.Iftherewere inGermanyfrom80-somethingmillion thataboutafifthofglobalexpenditure muchfasterthanphysicalposters. “wavesofpeopleworkingfromhome” people.Idon’tthinkthatintwoorthree isgeneratedbysectors,suchasleisure But relatively new entrants are now infuture,thatwouldlessentherelative months, anybody [will be] talking andtravel,thathavebeendevastatedby exposed, especially in the UK, the appealoftheoutdooradvertising. aboutitanymore.” coronavirus. If those clients halve world’smostdigitisedoutdooradvertis- Thepandemicmaybeapromptfor Justafewweekson,thecoronavirus plannedspendingwhileothersshave10 ingmarket. consolidation.“Wewillseesomemar- pandemichasdealtadevastatingblow percentfromcampaignbudgets,the In2018mediagroupGlobalboughta ketcontractionthatwillcreate,obvi- Businesses For Sale totheso-called“out-of-home”sector,a overallhitwouldbeabout18percent, portfolioofoutdooradvertisingcompa- ously,someopportunities,”MrDecaux onceresurgentindustrydependenton theyestimate. niestosecurealmostathirdoftheUK toldinvestorsinMarch.“Itisclearthat busyroads,packedurbancentresand Outdoor-focusedcompanieswillbear market,includingtheLondonUnder- ourbalancesheetistheretohelpusto transporthubs. thebruntandarealreadyscramblingto groundcontract. takeadvantageofopportunitieswhen MrMuellerhasbeenmadetoback- managecostsandshoreuptheirbalance theymaycome.” track,withthecrisisforcingCologne- sheets. LastweekClearChannelannounced basedStröertoscrapits2020guidance ClearChannel,whosesharepricehas thesaleofitsstakeinChinesesubsidiary andtellinvestorsitwouldconsiderrevi- tumbled75percentinamonth,saidlast ClearMediafor$253mtoaconsortium sionstodividends.Otheroperatorshave weekthatitwastapping$150mfromits including JCDecaux, a sign that the takendrasticaction,cancellingpayouts revolvingcreditfacility. French group was trying to expand anddrawingonrevolvingcreditlines. JCDecaux,theworld’sbiggestout-of- despitethecrisis. Thedefensivemeasuresarelikelyto home advertising group, last month Anexecutiveatoneprominentout- bethestartofawrenchingperiodwitha unveiled sweeping measures that door advertising group insisted “it significantportionoftheworld’spopu- includedcancellingthepaymentofdivi- wasn’talldoomandgloom”,pointing lationlargelyconfinedtotheirhomes. dends,cuttingdiscretionaryspending outthatAmericanswerestilldriving Advertisersarepullingbackonthe and reducing employee hours. The past billboards on highways and in BusinessforSale,BusinessOpportunities,BusinessServices, $40bntheywerepredictedtospendon Frenchgroupalsowithdrewguidance supermarketcarparks.Butheadded: BusinessWanted,Franchises adsacrossbigcitiesandtransportsys- issuedatthebeginningofMarch,pre- “Thisisthebiggestsingleshocktothe RunsDaily ......................................................................................................................................................................................................................................................................... temsin2020.DouglasMcCabeatEnd- dictinga10percenthittorevenues. businessworldthatmostofushaveseen ClassifiedBusinessAdvertising ersAnalysissaidwidespreadquarantine “Wearenowfacingaglobalrecession Billboardsoveranear-deserted inourlifetimes.” UK:+442078734000|Email:[email protected] measureshadeffectively“putapause which is likely to be worse than the PiccadillyCircus,London AdditionalreportingbyLeilaAbboud APRIL 6 2020 Section:Companies Time: 5/4/2020 - 18:45 User: andrea.crisp Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws Monday6April2020 ★ FINANCIAL TIMES 7 COMPANIES & MARKETS Son’s two weeks of turmoil at SoftBank How the Japanese billionaire was forced to take drastic action to shore up confidence in his tech empire KANAINAGAKIANDLEOLEWIS—TOKYO ARASHMASSOUDI—LONDON Timeline Masayoshi Son broke three years of social media silence on March 10 to tweetthathewas“worriedaboutthe coronavirus”.TheJapanesebillionaire Keydatesincompany’s pledgedshortlyafterwardstobuy1m bidtowinbackinvestors masksforfrontlinedoctors. Buthewasalsourgentlyconfrontinga crisisathistechnologyconglomerate, SoftBank.Itsshareswerefallingrapidly FridayMarch13 as investors speculated that Mr Son, SoftBankannounces$4.6bn(¥500bn) whofamouslylost$70bninthedotcom sharebuybackplan crash,wasfacinganotherreckoning. Lessthantwoweeksafterhistweet, WednesdayMarch18 MrSonwouldbreakwithhislongstand- SoftBankwarnsitmaywalkawayfrom ingresistancetosellingstakesinSoft- WeWorkdeal Bank’smostcovetedholdings,unveiling plans to sell $41bn of assets to fund ThursdayMarch19 thelargestsharebuybackinJapanese Sharestouchanearfour-yearlow historyandpaydownitsenormousdebt of¥2,687,downnearly30percent load. frompreviousFriday Themeasureswouldrelievepressure fromElliottManagement,theactivist FridayMarch20 hedgefundthathaspushedMrSonto SoftBankexecutivesbeginlong change his spending habits and to weekendoftalks,includingover reformSoftBank’sgovernance. whethertotakethegroupprivate Sincethen,themanwhohasbecome SaturdayMarch21 ‘Wehadtodeliveraneven SoftBankexecutivesterminatetalks withOneWeboverfurtherfunding strongermessageofour strongbalancesheet.The MondayMarch23 SoftBankannounces$41bnshare talkswentonendlessly. . .’ buybackanddebtreductionplan, fundedbyanassetsale asymbolforbombastic,freewheeling CreditSuisse,JuliusBaer,JSafraSara- Goto,SoftBank’schieffinancialofficer, debtof$55bn,partofawider$180bnof Fromleftto issimplynotgoingtotolerateamassive dealmakinghasshowedothersignsofa sin,andLiechtenstein’sLGTBank. Rajeev Misra, the former Deutsche borrowing,shouldalsobepaiddown. right,executives valuationdiscrepancyanymore.” shift,cuttinghislossesonmoney-burn- It was not the only way the deal- BanktraderwhooverseestheVision Veteranequityandcreditanalystsin MarceloClaure, Butnoteveryonehasbeenconvinced. ingstart-ups. maker’sshareshadbeenleveraged:last Fund,andMarceloClaure,theformer Tokyo say they now assume that all RajeevMisra, RatingsgroupMoody’sissuedatwo- MrSon’sfirstshotwasfiredonthe year,MrSonpledgedsomeofhisstake Sprintchiefexecutivenowtaskedwith threeofJapan’smegabanks—MUFG, YoshimitsuGoto notch downgrade of SoftBank’s debt. morningofFridayMarch13,whenhe as collateral to help the founder of turningaroundWeWork. MizuhoandSMBC,havereachedtheir andfounder SoftBankrespondedbycallingMoody’s announcedplansfora$4.6bn(¥500bn) India’sOyosecurefundstoboosthis “Wehadtodeliveranevenstronger maximumlendinglimitswithSoftBank MasayoshiSon views“biasedandmistaken”,demand- sharerepurchase.Thebuzzwasshort- positioninthehotelstart-up.Thedeal messageofourstrongbalancesheet,” afterextendingtensofbillionsofdollars metvirtuallyto ingtheagencywithdrawitsratings. lived. Global markets from Tokyo to doubled the valuation of lossmaking saidonepersonclosetoMrSon.“The ofloans. discuss Attentionhasturnedtowhichassets NewYorkwerebeingroiledbythecoro- Oyoto$10bnfromtheleveltheVision discussionswentonendlesslyuntilwe “Peoplemakethemistakeofthinking SoftBank’s SoftBankwillsell,withparticularfocus naviruspandemicandsharepriceswere Fundhadinvestedinit. reachedthebestconclusion.” thatJapanesebanksaredumb,andthat fallingshare onits$130bnstakeinAlibaba,thecor- infreefall. If SoftBank’s shares kept falling, Oneideathegroupexploredwasto theyhaveinfinitepatiencewithborrow- price nerstoneofMrSon’sreputationasan —FTmontage SoftBankplunged32percentoverthe bankswoulddemandMrSonputup takeSoftBankprivate,somethingwhich ers,”oneanalystsaid.“[But]ifthere investorandthesecurityblanketforthe nextfivetradingdays,outpacingthe morecollateral.PeopleclosetoSoft- MrSonhadtoyedwithpreviously.The werebigmargincalls[causedbySoft- hugeloansextendedbybanks.People wider market as investors panicked Bankinsistnomargincallsweremade discussionscameafterElliott’sGordon Bank’ssharepricefall]thebankswould familiarwithmanagementdiscussions overitsindebtedness.Bythecloseof toMrSon. SingerandNabeelBhanjiexpressedan notturnablindeye.” saidSoftBankwasconsideringasaleof ThursdayMarch19,itwasclearfurther ThatFriday,apublicholidayinJapan interestinaddingtothehedgefund’s MrSonappearstohavestoppedwrit- Alibabastockworthasmuchas$15bn. actionwasneeded. andoneweekafterthefirstbuyback SoftBankstake. ingtheoutsizedchequesthatmadehim InvestorswhospoketoMrGotoafter ThevalueofSoftBank’sTokyo-traded plan,SoftBankexecutivesbeganhur- MrSoninstructedhisteamtostudy the world’s most aggressive start-up thepackagewasannouncedsaidthey shareshadfallento$51bn,a70percent riedconferencecallsoverwhattodo suchamovebycontactingotherpoten- investor. On that Saturday, SoftBank believetheassetsalewillbeamixof discounttoitsassetvalue.Thegroup’s next. The team included Yoshimitsu tialinvestorssuchasAbuDhabifund withdraw from talks to further shares in Alibaba, UK chip designer marketcapitalisationwaslessthanthat Mubadala.Buttheplanwasdropped fundOneWeb.Italsowalkedawayfrom Arm,itsJapanesemobileunitandUS ofSoftBankCorp,thelistedJapanesetel- after“halfaday”ofdiscussionsafterMr apreviouslyagreed$3bndealtobuy carrierSprint,whichhasmergedwith ecomsgroupinwhichithasatwo-thirds SoftBank’s share price plunge Gotoandotherexecutivesimpressed sharesfromWeWorkinvestors,includ- rivalT-Mobile. stake. ¥ uponMrSonhowdifficultandtime- ingitsco-founderAdamNeumannand SoftBank executives, working TheplungeruffledMrSon,whoowns consumingtheprocesswouldbe. BenchmarkCapital,onwhichanother remotelyandcommunicatingviaBlue- 25percentofSoftBank.Hebelievedhis 5,000 Eventually,MrSonsettledonasset $1.1bnSoftBankloantothecompany Jeansvideoconferencingapp,arestill companywasinamoreliquidposition sales that would fund a further $19bn depended. debatingtheexactmake-up,whichwill thanduringthedotcomcrashandthe buyback.“Inaway,thatbuybackisa “Inthiskindofenvironment,wehave dependonmarketconditions. 4,500 2008globalfinancialcrisis,oneperson publicLBO[leveragedbuyout].It’sjust haltedproactiveinvestment.Wealso CloseadvisersbelieveJapan’smost closetohimsaid.Itstwotoplistedhold- that changed the source of capital, willnotbeprovidingneedlesssupport leveragedbusinessmanhasonemore 4,000 ings,thecash-richdomestictelecoms whichwasnolongerMasaandhiscon- toourportfoliocompanies,”aSoftBank trickuphissleevetotrytorestoresome businessanditsvaluablestakeinChi- sortiumpartners,”saidoneofthepeo- executivesaid. of the swagger that SoftBank has 3,500 nese ecommerce giant Alibaba, had pleinvolvedinthetalks.Itamountsto On Monday March 23, SoftBank lostsinceWeWork’svaluationcrashed. weatheredthemarketturmoil. 33percentofallofSoftBank’sshares revealedits$41bnpackagetoarecep- Theissuewiththecurrentstrategy, MrSonwasnowinanuncomfortable 3,000 outstandingatcurrentvaluations. tivemarket.Sincethen,itsshareprice accordingtooneadviser,isthat“itisnot position.Toploughhisownmoneyinto ExecutivespushedMrSontogofur- hasrecovered39percentanditsmarket astrategicmoveforward.It’stoodefen- the Vision Fund, he had pledged 2,500 ther,notingthatS&PGlobalhaddown- valuehasclimbedto$72bn. siveforSon.Iwouldnotbesurprisedif roughly 40 per cent of his SoftBank gradeditsoutlookonSoftBankdebtto RichardKaye,aportfoliomanagerat weseehimannouncingsomeacquisi- Mar 2020 Apr sharesascollateraltoborrowfrom19 negativeafterthefirstbuybackandtell- Comgestwhoholdsa$40mstake,said: tions—probablyinthe5Gandtelecoms financial groups, including Mizuho, Source: Refinitiv inghimthatsomeofthecompany’snet “Welikethemessagethatthecompany space,andpotentiallybig.” Technology Retail & consumer Media Zoom admits user data routed Dutch shopping centre owner Independent rival to Amazon ‘mistakenly’ through China takes on Li chain over rent bill proves turn-up for the books HANNAHMURPHY—SANFRANCISCO ingfromBeijing—thattheirdatawas GEORGEHAMMOND—LONDON Mr van Loon, ICI Paris had not yet ANNANICOLAOU—NEWYORK Amazon’sinfluenceinthesectorhas notroutedthroughChineseservers. offeredacompromise,hesaid.Court balloonedinrecentyears.Thegroup Zoom,thevideoconferencingappthat A shopping centre owner in the Asmallonlinebooksellerlaunchedin OnThursdaythecompanyhadtold proceedings are unlikely to result in wasresponsiblefor52percentofallUS hasbecomewildlypopularduringthe smallDutchcityofDordrechtisthreat- Januaryhasfoundunexpectedsuccess theFinancialTimes“dataoriginatingin bankruptcyforASWatson,butMrvan book sales as of October, according to coronavirus crisis, admitted it had ening to bankrupt AS Watson, the in recent weeks as the coronavirus theUSstaysintheUS,andcross-border Loonclaimstobeactingoutofprinciple. Codex,aresearchcompany. “mistakenly”routedsomeuserdata biggest health and beauty products pandemic turns the business world meetingdatagoestowhereverthehost’s “Isaid,‘ifyoutreatmelikethis,you’ll MrHunter,apublishingveteranwho throughChina,markingthelatestina retailerintheworld,overanunpaid upsidedown. enterpriseaccountisheadquartered”.It getthesamereactionfromme.’That’s previouslyfoundedsitesincludingLit- stringofmis-stepstocastdoubtonthe €9,000rentbill. alsosaidatthetimeitonlyhadonedata thereasonI’mgoingtocourt.” Bookshop.org,anecommercesitethat erary Hub, raised less than $1m for securityoftheplatform. centreinChina,nottwo. PietervanLoon,whoownsabout30 LinaAlblas-vandenBurg,managing lets people buy print books directly Bookshopfrominvestorsincludingthe TheSiliconValleycompany—which ZoomfloatedinAprillastyearand shops,haslaunchedacaseagainstthe directorofICIParis,confirmedreceipt fromindependentshops,startedtwo AmericanBooksellersAssociationand hasbeenusedbytheBritishgovern- nowhas200mdailyactiveusers,up EuropeanarmofASWatson,whichalso ofabankruptcynoticefromoneofthe monthsagowithlittlefanfareandini- billionaireWillHearst. ment,amongothers,tohostmeetings from10mattheendofyear.Itsshares ownsSuperdrugandpostedrevenuesof company’s landlords, but said there tiallysoldabout$4,000worthofbooks ThepremiseofBookshopissimple:a duringthepandemic—saidonFriday havenearlydoubledin2020,although morethan€10bnin2019.Thecompany was“nochancethathewillbesuccess- aday. sleekwebsitewhereindependentbook- certainmeetingsheldbyitsnon-Chi- theyaretradingdown20percentfrom isakeyassetinHongKongtycoonLi Butasphysicalbookstoreshaveshut shopscancometoselltheirinventoryto neseusersmayhavebeen“allowedto highslastweekof$128.20. Ka-shing’sglobalbusinessempire. ‘Idon’twanttoplaywith andAmazon,whichhastakenalarge customersonline.Thesiteworkswith connecttosystemsinChina,wherethey TheChinarevelationsarethelatest MrvanLoonhaslaunchedcourtpro- slice of book sales, has slowed ship- thedistributorIngram,whichhandles abigAsiangiant,but shouldnothavebeenabletoconnect”. concernsaboutthedatasecurityprac- ceedingstohavethecompanydeclared mentsofnon-essentialgoods,Bookshop shipping,andsplitsitsrevenuebetween The company said it had “mistak- ticesofthecompany,whichonThurs- bankruptonthebasisthatitssubsidi- . . .thisisnothowit isnowmakinginexcessof$140,000in thebooksellers,Ingramandthepub- enly”allowedthecallstoflowthrough daycommittedtoshiftingallitsengi- ary, perfume shop ICI Paris XL, has salesaday. lisher.Altogetheritlosesabout75per worksinHolland’ itstwoChinesedatacentressinceFeb- neeringresourcestotacklingprivacy withheldrentpaymentsforAprilfrom Due to bizarre timing and circum- centofitsrevenuestothesepayoutsand ruaryaspartofitseffortstocopewith issues. Mis-steps include undisclosed 155Dutchlandlords.Thetotalwithheld stances,thisstart-uphasturnedintoa fees,MrHuntersaid. increasedtraffic,asmillionsofpeople data sharing, features that allowed fromMrvanLoonis€9,474.72. fulunderDutchlaw”.Sheadded:“Atthe rare Covid-19 success. “If we had About 420 independent bookshops useditstechnologytohostmeetingsand userstoharassotherusers,andmis- “Ireceivedaletterpronouncingthey sametime,wedounderstandhissenti- launchedeventwomonthslater,this usetheplatformastheirdoorshave socialcatch-upsduringlockdown. leadingstatementsaboutitsencryption wouldn’t pay the rent any more. That ment.Wewillmeethimearlynextweek wouldn’thavehappened,”saidfounder shut.Meanwhile,Amazon’sshipments Thecompanysaidithadsincefixed capabilities—allofwhichithassought wasit,”saidMrvanLoon,whosecom- inordertofindacommonagreement.” AndyHunter,whobelievesannualsales ofbookshaveslowed,accordingtosev- theflaw,addingtheerroroccurredonly to address with technology or policy panyTresInvestcollected67percentof UKlandlordsreceivedjustathirdof couldreach$60miftheviruskeptsoci- eralpublishers.Theecommercegroup “under extremely limited circum- updates.Italsoannouncedplanstopre- thetotalrentitwasdueforApril. therentduetothemonthequarter’s etyinlockdown.“We’rejusttryingto saidit“continue[s]tofocusonreceiving stances” and government customers pareatransparencyreportaboutany Theepisodeisoneofmanybattles paymentdateinlateMarch. keep up with it. I thought this was andshippinghighpriorityproductsthat werenotaffected. datarequestsithasreceivedfromgov- playingoutbetweencommercialten- AcrossEurope,ASWatsonhas8,000 urgentbecauseAmazonwasgrowingso customersneedatthistime”. Zoom has significant operations in ernments,followingpressurefrompri- antsandtheirlandlordsfromSydneyto stores.MrvanLoon’stenant,ICIParis,is fast.ButIdidn'trealise,ofcourse,that Whilenosectorwillbeimmunetoa China,includingaresearchanddevel- vacyadvocacygroups. SanFrancisco,astheformerwithhold asub-brandwithalmost300stores. this[pandemic]wascoming.” recession,booksareprovingmoreresil- opment department with more than Friday’sstatementwaspromptedby paymentswhiletheirshopsareforced “Idon’twanttoplaywithabigAsian MrHuntercreatedBookshopwiththe ientthanbusinessessuchascinemasas 700staff,whichithascastasabidto researchfromCitizenLab,whichfound toclosebecauseofcoronavirus. giant,butIhavetomakemystatement: ambitionoftakingonAmazon’sdomi- peoplequarantinedathomeseeknew keeppersonnelcostslow.Untilnow,it insomecasesZoom’sencryptionkeys— While other companies, including thisisnothowitworksinHolland,”said nanceofthebookmarket.“Thisisabout material. Readers in the US bought hassoughttoreassurewesterncritics thecodeusedtounscramblemeetings DutchlingeriecompanyHunkemöller MrvanLoon. preservinganindustry,”hesays.“We’re 32.4mprintbooksbetweenMarch8and whohaveprivacyconcerns—including data—appearedtobesenttoserversin andanumberofsmallerretailerseither AdditionalreportingbyPrimroseRiordan usingSiliconValleytacticstotrytokeep 28,downjust1percentfromayearago, thatmeetingsmaybevulnerabletospy- Beijing. paidinfullorsoughttonegotiatewith inHongKong thingsthewaytheywere.” accordingtoNPDBookScan. APRIL 6 2020 Section:Companies Time: 5/4/2020 - 17:34 User: andrea.crisp Page Name: CONEWS2, Part,Page,Edition: USA, 7, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws 8 ★ FINANCIAL TIMES Monday6April2020 COMPANIES & MARKETS Banks Automobiles US lenders defend dividend payments Carmakers face revenue hit of more WallStreetchiefssaythey tocontinuepayingdividends,reinforc- thosedividendscollapse[inacrisis]. return.Wehaveasanindustrystopped Europe, share buybacks account for havethemeanstokeep ing comments from prominent bank That’swhatcreatesafinancialcrisis: a large portion of the capital return about10percentofcapitalreturn,so than $100bn chiefexecutivesinrecentdays,accord- whendividendsstarttoberatcheted [and]it’smyexpectationwe’llpayour “inorderforEuropeanbanksto‘pitch rewardingshareholders ingtopeoplefamiliarwiththesituation. lowerthatshakesconfidence.” dividendreturn.” in’andreducetheirpayouts,itreallyhas The bankers, including Goldman Thetop20USbankshavemorethan Research from Autonomous shows tobethedividendsthatgetcut”,Auton- Sachs boss David Solomon, Morgan $200bn in excess capital and make thatabouttwo-thirdsofUSbanks’pay- omoussaid. LAURANOONAN—NEWYORK StanleybossJamesGormanandCiti- morethan$50bninprofitsbeforeloan outsareintheformofsharebuybacks, MrGormantoldCNBCthatsuspend- PETERCAMPBELL—LONDON America’s biggest banks will defend groupchiefMikeCorbat,arguedthey losseseveryyear,accordingtoanalysts whichthebiggesteightbanksvoluntar- ingdividendswouldbea“verypoor Thecarindustry’sshutdowninEurope theirplanstocontinuepayingdividends hadthemeanstocontinuepayingdivi- atBarclays,givingthemampleroomto ily suspended until at least July. In thingtodo”sinceitwoulddepriveinves- andNorthAmericaisforecasttocost insubmissionstoregulatorstoday,just dends and cutting them would be cover dividend payouts even if loan torsofincomeandbe“destabilising”. morethan$100bninlostrevenuesif days after Europe’s regulators urged “destabilisingtoinvestors”. lossesacrossthegroupwereashighas Goldman,Citigroupand Inaseparateinterview,MrCorbat factories across both continents lenders to abandon shareholder pay- “We’re in a very different position the$175bntheyrecordedin2009. told CNBC that Citi’s dividend was MorganStanleybossessay remaincloseduntiltheendofApril. outswhiletheydealtwiththecoronavi- thanwhatweseeinEurope,”saidMarty MrSolomontoldCNBClastweekthat “soundandweintendtokeeppayingit”. ruspandemic. Mosby,aveteranbanksanalystatVin- USbankswereinadifferentpositionto cuttingpayoutswouldbe JasonGoldberg,analystatBarclays, LostEuropeansaleswillriseto2.6m USbanks’annualcapitalplans,dueto ingSparks. thoseinEurope. saidthatwhetherthebanksultimately cars, worth €66bn, while in North ‘destabilisingtoinvestors’ be submitted to the Federal Reserve “Howwesetitup[post-crisiscapital “HereintheUnitedStates,it[thedivi- make those payouts would depend on Americatheywillhit2mcars,worth today,areexpectedtoincludeproposals requirements]wastobeabletonothave dend]isamuchsmallerpartofcapital thebroaderenvironmentinJune. about$52bn,if,asexpected,theclo- suresremaininforcefortherestofthis month. Thecalculationshavebeenmadeby Market questions. Virus fallout IanHenry,whoownsresearchgroup AutoAnalysisandcompilesvehicleout- Crude supply curbs pose challenge for ministers putforecastsforBritain’smotorindus- trytradeassociation,theSMMT. MrHenrysaidthateachfurtherweek thatEuropeansiteswereclosedwould and sterling vulnerable to dollar flare-ups costtheindustryanadditional€8bnin lostproductionvalue. InNorthAmerica,thefigurewouldbe upto$7.5bn. Every major European and North Americanplantisclosedaftercarmak- FTREPORTERS ersshutteredsiteslastmonthbecause Canoilministersreachadealon theynotonlywantedtoprotectworkers supplycurbs? butalsobecausedemandfell. MrHenrycalculatedexpectedoutput OilministersfromOpecandcountries foreachautoplantthisyear,takinginto thatwerepartoftheOpec+alliancethat account new model launches and collapsedlastmonthareexpectedto demand levels, then subtracted the takepartinanemergencymeetingthis numberofdayslostthroughclosure. week to discuss cutting supply in Thenumberofcarslostisthenmulti- responsetothecoronaviruspandemic. Ministerswillparticipateinanonline ‘Ican’tseeanysemblance conferenceafterUSpresidentDonald ofnormalityreturning Trump said a deal was imminent betweenRussiaandSaudiArabiathat beforeMay’ couldseeupto15mbarrelsadaytaken offthemarket,potentiallysupporting IanHenry,AutoAnalysisowner pricesafterabigdeclinethisyear. The move has prompted questions plied by the expected “factory gate aboutwhetherSaudiArabiaandRussia price”,whichisthevehiclepricewithout canmendtheirdifferencesandwhat dealercostsortaxes,forthefinalvalue anypotentialdealmightlooklike. lost.“Ican’tseeanysemblanceofnor- SaudiArabiahasbeensupportiveofa malityreturningbeforeMay,atthevery dealtocutsupplyaslongasallglobal earliest,”hetoldtheFinancialTimes. producersdotheirpart.Inrecentdays, Manyoftheearlyestimatesbycar- ithasalsoalludedtonecessarypartici- makersaboutexpectedreopeningsin pationfrombeyondtheOpec+group— late March or April have since been whichwouldincludetheUS. scrapped,withseveralincludingNissan, The Opec+ alliance fell apart last FordandGeneralMotorsnowsaying month after Russia was reluctant to sitesareclosed“indefinitely”. agreetoaSaudiproposalfordeeperand Carmakershaveplacedhundredsof prolongedcutsinthefaceofadropinoil thousandsofworkersontogovernment consumption. In turn, the kingdom wageschemes,anddrawntensofbil- launchedawarformarketshare,cut- lionsofdollarsofdebttotrytoweather tingpricesandacceleratingproduction theCovid-19lockdown. toarecordofabove12mbarrelsperday. GeneralMotorsandFordhaveboth Itisunclearhowfarproducersmight drawn$16bnand$15.4bnrespectively bepreparedtocut,howtheUSmight fromtheircreditlines,whileGermany’s participateandwhatRussiawantstosee Russiahasbeen Thursday’sdatareleasesforFebruary the eurozone: the issuance of debt Most investors think jointly issued DaimleronThursdayopenedafresh beforeitagreestoanydeal. reluctantto includethoserelatingtoGDPandindus- backedbyallofthecommoncurrency’s bondswouldtradesomewherecloseto €12bncreditlineontopofitsexisting Aslockdownsandtravelbansprolif- agreetoaSaudi trialproduction. memberstates. debtissuedbytheESM,meaninghigher €11bnfacility. erate, traders have said oil demand proposalfor Analystssaidrisingunemployment, Lastmonth,nineeurozonecountries yieldsthanGermanybutfarlowerthan Lastweek,Nissanplacedallofthe couldfallbyupto30mbarrelsadaythis deeperand coupledwithapoorperformancebythe calledforso-calledeurobonds(some- fiscallyweakercountriessuchasItaly. 6,000productionstaffatitsSunderland month — roughly one-third of the prolonged manufacturingsectorinMarch,point times now rebranded as “coro- WhetherornottheDutchandGer- plantonafurloughscheme,wherethe world’saveragedailyconsumptionin productioncuts towardsadeeprecession. nabonds”) as governments ramp up mans agree to eurobonds, Mr Major UK government pays 80 per cent of 2019.AnjliRaval MaximShemetov/Reuters AndrewWishart,UKeconomistfor borrowingtotacklethepandemic. arguesthebondbuyingbytheEuro- theirsalaries. Capital Economics, forecast a 15 per Inarerunofsimilardebatesduring pean Central Bank in effect already The financial toll on the industry Howmuchfurtherwillthepound centdropinGDPinthesecondquarter the eurozone debt crisis, a group of amountstoincreasedsharingofdebt remains unknown, though Volkswa- fall? comparedwiththefirstthreemonthsof northernEuropeancountriesincluding burdensacrossthecurrencybloc.The gen’schiefexecutiveHerbertDiesssaid DatadueoutonThursdayareexpected 2020.Henotedthatwouldbeabigger GermanyandtheNetherlandsobjected, ECBannouncedanextra€750bnofpur- theGermancarmakerfacedabillof toshowzeroeconomicgrowthintheUK fallinoutputthanduringthelastfinan- saying they would prefer struggling chaseslastmonthaspartofavirus- €2bnaweekincosts. inFebruary—afragilebackdrop,before cialcrisis,ortheGreatDepression. nationstobegivenacreditlinebythe fighting package, halting a sell-off in CarsalesacrosswesternEuropefell thefulleffectsofthecoronavirusout- DerekHalpenny,ananalystatMUFG European Stability Mechanism, the Italianbonds. abouttwo-thirdslastmonth,according breakhitthecountryinMarch. Bank,arguedaslowerdeathratefrom region’sbailoutfund.Thetopicislikely “TheneardoublingoftheECB’sbal- tocountry-by-countrydatapublished Already,thepoundhasbeenonawild thediseaseintheUKcomparedwith todominatediscussionattomorrow’s ancesheettoover50percentofGDP, sofar,whileUScarsalesinMarchfellto ride.Itdroppedmorethan13percent SpainandItalycouldlendsomesupport meetingoffinanceministers. throughthelastdecade,arguablysays FastFT thelowestlevelin10years. frompeaktotroughlastmonth,reach- tothepound.EvaSzalay Debtmutualisationintheeurozone debtmutualisationistakingplaceany- Ourglobalteam Whilecarsalesthataredelayedmay ingalowjustabove$1.14beforeshoot- wouldmeanhigheryieldsonGermany’s way,albeitbelowthesurface,”MrMajor givesyouthe comebackoncethelockdownsarelifted Willthecoronaviruscrisispavethe market-moving ingbackupto$1.23bythestartofApril. debt,andthepushforgreaterburden said.Overthelongterm,headded,this by European and US authorities, wayforeurobonds? newsandviews, Butthepoundremainsvulnerableto sharingisonereasonforrecentpressure trendwaslikelytomeanfurtherconver- thestateoftheeconomyandemploy- 24hoursaday flare-ups in dollar demand and the Thecoronaviruscrisishasforcedalong- onBunds,accordingtoHSBCheadof genceofGermanyieldsandthoseinthe ment levels are expected to taper ft.com/fastft impactofcoronavirusontheeconomy. runningdebatebackontotheagendain fixed income research Steven Major. restoftheeurozone.TommyStubbington demand. Food & beverage Energy Luckin Coffee sorry for alleged fraud Oil majors tap bond market for $32bn RYANMCMORROW nesses.“We’veletdownandhurttoo controls,”Luckinsaidinastatement. ANJLIRAVALANDROBERTSMITH oilbenchmarkfelllastweektothelow- Equinorraiseddebtof€3bnand$5bn many people,” Mr Lu said. Several Theinternalinvestigation,overseenby LONDON estlevelsince2002—hascausedtur- respectively.Thisfollowedamoveby Luckin Coffee yesterday apologised and pledged to strengthen controls employees, including Luckin’s chief aspecialcommitteeoftheboard,isinits Thebiggestoilcompanieshaveraised moilforenergycompanieswhoseshare Exxontoraise$8.5bnafewweeksago. afteraninternalinvestigationfound operatingofficer,havebeensuspended earlystagesandLuckinsaiditsconclu- debtworthmorethan$32bninrecent priceshavealsotakenahit. Forsomegroups,suchasShellandBP, hundreds of millions of dollars of andareunderinvestigationandLuckin sionswouldbemadepublic. weekstobuildupwarcheststomanage Brendon Moran, a senior energy the bond issuance comes on top of alleged fake sales last year, wiping saiditreservedtherighttotakelegal “Wewilltakeallnecessaryremedial thefinancialfalloutofthecoronavirus bankeratSociétéGénérale,said:“The securingmultibillion-dollarcreditfacil- about75percentoffthecompany’s actionagainstthem. measuresandwewillnotskirtanyprob- outbreakwhilepreservingshareholder playbookisthesameaspreviouscrises: ities.Whilesomesmallerandindepend- marketvalue. Thegroupwarnedlastweekthatits lemsbroughtonbythismatter,”the payouts. thosethatcangetoutintothebondmar- entcompanieshavealreadycuttheir previousfinancialstatementscouldno companysaid,notingitwouldcontinue ketaredoingit.Itsecuresliquiditybutit dividendastheycomeunderfinancial LuZhengyao,thecompany’schairman, toserveitscustomersandoperatenor- Companiesthathavetappedthebond alsodemonstratesthattheyhaveaccess pressure,majorenergygroupsaretreat- saidonsocialmediahewas“ashamed” ‘Ipersonallyblamemyself. mallyinthemeantime. marketsincemid-MarchincludeExx- tofunding.”Shellthisweekraised€3bn ingthisasalastresort.Manyareaware and“acceptedallquestionsandcriti- Thecompanyrevealedlastweekthat onMobiloftheUS,RoyalDutchShell, and$3.75bn,whileBPtappedthemar- thatthepayoutsareoneofthefewrea- Regardlessofthefinal cisms”,whilepromisingtodohisbestto theearlystagesoftheinvestigationindi- the UK’s BP, Norway’s Equinor and ketfor€3.25bnand$3.25bn.Totaland sonssomeinvestorsholdtheshares,as recoverthelosses.MrLubackedthe findings’ catedthatthe“aggregatesalesamount France’sTotal,raisingdebtineurosand pressurebuildsoninvestorstomove start-upin2017asitaimedtotakeon associatedwiththefabricatedtransac- dollars.Oilandgascompaniesarepull- awayfromcarbon-intensiveindustries. StarbucksinChinaandremainsoneof LuZhengyao,Luckinchairman tionsfromthesecondquarterof2019to ing on every financial lever possible Before the coronavirus outbreak, itslargestshareholders. the fourth quarter of 2019 amount beforehavingtocuttheirdividends. energygroupswerealreadyfacingchal- “I personally blame myself. Regard- longerbereliedon. toaroundRmb2.2bn($310m)”. Theyarecurbingcapitalspendingby lenges. They had promised to keep lessofthefinalfindingsoftheindepend- Law firms in the US have already Theintenselocalmediacoverageof billions of dollars, suspending share shareholderdistributionsintactdespite entcommittee,Iwillbeartheresponsi- begunrecruitinginvestorswithlossesto theallegedfraudhasspurredarushof buybackprogrammes,reducingcosts themacroeconomicuncertainty,main- bilitythatIoughtto,”MrLusaidina joinclass-actionsuitsagainsttheloss- customerstoLuckin’stakeawaycoffee anddelayingtheapprovalofprojects. tainrevenuesfromfossilfuelbusinesses postwidelyreprintedbylocalChinese makingcompany,whichhadmorethan shops. Some are apparently worried Globaloildemandhascollapsedamid andinvestinlowercarbonenergy.Ana- mediayesterday. 4,000outletsbytheendof2019. theymightnotbeabletocashintheir widespreadlockdownsandtravelbans. lystshavesaidthatwhileexistingpay- MrLuisalsothechairmanofHong China’s securities regulator con- discounted coffee coupons that the Thedropinconsumptionhascoincided outsfromenergymajorsweregenerally Kong-listedChinaAutoRental,whose demnedtheallegedfraudonFridayand chain is known for. “If we wait any withaSaudiArabia-ledpricewarthat safefornow,thereturnofscripdivi- sharepriceplungedasmuchas70per saiditwouldlookintothecase. longer,wewon’thavetheopportunityto couldseemillionsofbarrelsadayextra dendscouldhappen,referringtothe centonFridayasinvestorscuttheir “Thecompanywillalsodeeplyreflect drink anything,” said one user on unleashed on to the oil market. The ExxonMobilisoneofthegroups option for investors to receive addi- exposure to the entrepreneur’s busi- andrepent,andstrengthenourinternal Weibo,China’sversionofTwitter. dropinBrentcrude—theinternational raisingdebttopreservedividends tionalsharesinsteadofcashpayments. APRIL 6 2020 Section:Companies Time: 5/4/2020 - 18:30 User: andrea.crisp Page Name: CONEWS3, Part,Page,Edition: USA, 8, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws Monday6April2020 ★ 9 COMPANIES & MARKETS How to Lead. Makoto Uchida, chief executive of Nissan Seeking the right direction in times of crisis frommarketswhereitspositionislag- Shortlyaftertakingovera ging.Thedivisionofroleswithinthe grouphitbyscandal,the alliance,whichalsoincludesMitsubishi Motors,willbemoreexplicit,witheach newbosswasdealingwith partnertakingtheleadinmarketsand thecoronavirusoutbreak, technologieswhereithasanedge. Underhispredecessor,thecarmaker writesKanaInagaki hadoutlinedplanstocut12,500jobs, buttherapiddeteriorationinbusiness conditionsandplantshutdownscaused J ustweeksafterMakotoUchida byCovid-19meantherewillbemany wasappointedtoleadNissanin morejobslost.“Wemayneedtoright- early December, news of the size more dramatically,” Mr Uchida coronavirusoutbreakinChina says,withoutelaboratingonthedetails. reached the Japanese car- MrUchidaisanoutlieramongJapa- maker. neseexecutivesinsideNissan,whohave Hiswifeandtwochildrenwerestill mostly stayed at the company since basedinWuhan,theearlycentreofthe graduating.Hespentmanyyearsofhis pandemicthathasnowkilledmorethan childhoodoutsideJapanashisfather, 67,000peopleworldwide.Thecityis hometotheheadquartersofNissan’s ‘Myemployeesaremy joint venture with China’s Dongfeng familytoosowewanted Motor. “Myemployeesaremyfamilytoo,so tomakesuretheywere wewantedtomakesuretheyweresafe safeandtreatedwell’ andtreatedwell.Thatcomesfirst,”says the53-year-oldwhousedtoheadthe whoworkedatanairline,waspostedto company’soperationsinChinabefore places such as Egypt and Malaysia. becomingchiefexecutive. “That’swhereIfoundthediversity,cul- MrUchidasayshewasalsoextracare- tureandadaptabilitytodifferentcir- fulinhowthecompanycommunicated cumstances,”hesays. itsresponsetothevirus:“Weshouldnot Afterstudyingtheology,MrUchida beexaggeratingthesituationorunnec- spentmorethanadecadeatatrading essarilyinvitingpanicmodeoruncer- housenowknownasSojitz.Hisfirst taintyamongouremployees.” experiencewiththeautomotiveindus- Sincetheoutbreak,Nissanhasgiven Experience: makealotofplanning.Istillcannot direction the company was moving theNissanbrand.“Ourindividualcapa- trywasduringthefiveandahalfyears regular updates and guidelines to MrUchidawas foreseehowmuchimpactthisuncer- towards,”MrUchidasays. bilityismuchhigherthanwhatweare hespentinthePhilippines,wherethe employeesonhealthandsafety,andtips considered taintywillhave”withthepandemicnow NowNissan’splantslocatedallover deliveringtoday,”MrUchidasays. tradinghousehadajointventurewith onhowtostayconnectedwhileworking Nissan’sideal spreadingtotheUS,Europeandelse- theworldhavebeentemporarilyshut “It’smyjobandthemanagement’s MitsubishiMotors.HethenjoinedNis- virtuallythroughZoomorSkype.Mr candidatedueto where,MrUchidasays. downbecauseofthelockdownofcities job...to move the company in the sanin2003,startinginthepurchasing Uchidaandotherexecutivesalsocom- histimespent EvenbeforeCovid-19,theCEOhad andsupplychaindisruptionscausedby rightdirection.” divisionbeforebeingassignedrolesin municateregularlywithHRandline outsideJapan enoughproblemstodealwith.Thecar- thespreadofcoronavirus,triggeringa Aspartofeffortstorebuilditsbrand, SouthKoreaandlaterinChina. managers. AndronikiChristodoulou makerhadfacedaseriouscrisissince two-notchdowngradeofitsdebtbyrat- MrUchidahastalkedoftenaboutthe Themulticulturalexperiencewasone Forboththecompanyandthewider the2018arrestofitsformerchairman ingagencyMoody’stojustabovejunk new“NissanWay”withemployees,say- ofthekeyfactorswhythecompany’s carindustry,thelessonsdrawnfromthe CarlosGhosnonfinancialmisconduct territory.Sharesinthecompanyhave ingthegroup’scorporatecultureneeds nomination committee selected Mr 2011Tohokuearthquakeandtsunami charges, which the ex-chair denies. nearlyhalvedthisyear. tobetransformedtoputanevenbigger UchidaasitsnewCEOtoleadduringa provedvital.Thedetailedlistofparts Losseswerebuildingupontumbling Still,inamessagetoemployeesatthe emphasisoncustomerneedsineach period of uncertainty and tension suppliersthathadbeencompiledafter salesworldwide,andits21-yearalliance startofthenewfinancialyearonApril1, market.“Ifyoutakeitseriouslyandact withinthealliance. thatearlierdisasterhelpedNissantofig- withFrance’sRenaulthadnearlycol- MrUchidasaid:“Wewillhavetoendure proactively, I believe that Nissan’s Following two decades of one-man ureoutwhichpartswereimportedfrom lapsed.MrUchida’sarrivalwasmeantto inconvenience and uncertainty for futurewillbebrighter,”MrUchidasaid Leadership leadershipunderMrGhosn,Nissanis Chinaandwheretheshortagesmight mark a new start for the company. sometime.However,wecandefinitely inamessagetoemployeesinFebruary. Moreinterviews experimentingwithatroikamanage- occur,soitcouldsetupback-upplansto Instead,hisformerbossstolethespot- weatherthestorm.” Restoring that direction will entail illuminatingthe mentteamthatalsoincludesAshwani producethemelsewhere,accordingto lightashemadeanaudaciousescape As he started the role of CEO, he pain,MrUchidasays.Followingyearsof personalitiesof Gupta,whoisnowthechiefoperating MrUchida. from Japan to Lebanon, launching a placedtoppriorityonvisitingthegemba aggressivelypursuingahighermarket high-profile officer.Theapproachisuntested,and Evenso,Nissan,withitsheavyreli- publictiradeagainstNissanexecutives —thefactoryfloorsanddesigncentres share and sales volume during the leadersby criticssayitmakesitunclearwhois anceonhundredsofcomponentsmade forplottingtobringhimdown—aclaim inJapan,theUSandEurope—wherehe Ghosnera,thecompanyhasshiftedits focusingonthe actuallyleadingthecompany.ButMr inChina,becameoneofthefirstglobal stronglydisputedbythecompany. held town hall meetings with employ- focustoprofitability.Butthathasmeant issuestheyfaced Uchidasays:“Ifwesettherightdirec- carmakerstocutproductionathome “Peoplewereabitdemotivated.Ina ees.Staffaskedtheirnewbosshowthey Nissanwillbeconcentratingmoreon ft.com/howtolead tion,Ithinkthiscompanyhasalotof becauseofapartsshortage.“Weneedto way, they were worried about what couldhelpthemanagementtorepair areaswhereitisstrongandwithdrawing strengthtoreviveitself.” An online queue manager has rapidly become vital in today’s ‘click and deliver’ culture Asupermarketdeliveryisthe2020 Queue-itin2010,initiallyfortheonline equivalentofaGlastonburyticket.You eventticketingindustry. cangetthem,butitrequires “Atthebeginning,weknewforsure persistenceandstrategy. thattherewouldbecapacityissues Myfirstdeliveryofthecoronavirus onlineinthefuture,butwhenwe crisis,fromWmMorrison,Britain’s calledthebankforfunding,wewere fourthlargestsupermarketchain, laughedat.” wasn’ttoohardtosecure,eventhough Soon,however,theyweretrialling Ocado,themiddle-classdelivery theirsoftwareontheDanish serviceofchoice,hadalreadyclosedto governmentwebsiteforrenewing newcustomers. huntinglicences.Theynowhave750 Tryingtogetasecondslotfrom corporateclients.MrSodemann Morrisons,however,wastricky,even explainsthatMorrisonsandOcadohad forthreeweeks’time.Butthequest adoptedQueue-itinthepastfew wasgreatlyhelpedbyabackground weeks,havingtriedanotherqueueing Jonathan Margolis softwareplug-inthattheretailer—and softwarebutnotgonewithit. Ocadotoo,whichsharesMorrisons’ ButQueue-it,whichMrSodemann Technology system—areusing. saysisthebiggestcompanygloballyin ItiscalledQueue-it,andinformed itsniche,hadbeentryingtoattract methattypically,70-80,000people supermarketsacrossEuropesincethe wereaheadofmeintheline,andit beginningofFebruary. wouldtakeanhourormorejusttoget “Wewerebeingusedatthattimein ontotheMorrisonssite.Gettinga HongKongformasksales,whichwere deliverytimewasaseparatematter. thebig-demandproductthere,andat That,Ilearnt,requiredgettingonto thesametimewestartedreachingout thesiterepeatedlyatquiettimesto proactivelytosupermarkets,because peekattheupcomingslots. weknewtherewasgoingtobeanissue At2amonaSunday,therewerestill inthenearfuture.And,yes,that’s 7,000peopleinline—afiveminute drivingalotofnewbusiness,”hesays. wait,asQueue-it’shelpfuldashboard Hethinksthesupermarketsin showed.Butevenifgettingontothe Europedidnotunderstandhowbigthe sitewaseasy,therewerestillnoslots. changewasgoingtobe.“It’sbeenan At6am,therewere17,478customers explosionintoonlineatthesametime ‘ stackedup,with15minutes’waittime asaseismic,colossalincreaseinusage and,againnoavailability. oftheinternet.” Yetbystudyingformpatiently,itwas TheinspirationforQueue-ithad possibletogetthetreasuredslot,and originallybeenthepaperticketsystem kudostoMorrisonsforagoodservice usedatbusytimesinDanishbakeries. inthecircumstances. “There’salotofpsychologyin Whatintriguedme,thoughwas queueing,”MrSodemannadds. Queue-it.BasedinCopenhagen,it “Havingthenumberanddisplayingit proclaimsitselfasawayofpreventing helpsyouunderstandthatthey’re websitecrashesbycontrollingtraffic adjustingtheflowofuserstothe Danishsoftwaregroup andtreatingcustomersfairly. capacityoftheshop.Youseeit’sfair WasQueue-it,however,something andyoucandecideyourselfifyouwant Queue-itsaysitprevents Morrisonshadalwayshadworkingin tostay.Fairnessandunderstanding websitecrashesby thebackground,orasolutionthey whoisinfrontandwho’sbehindis draftedinforthecrisis?Byextension,I extremelyimportant.Itdecreasesthe controllingtrafficand ’ wondered,wasQueue-itenjoying,to stresslevelacrosstheboard.” treatingcustomersfairly usethatslightlytaintedexpression SoisQueue-ithavingagoodwar? from1914to1918,having“agoodwar”. Gettingnewclientsonboardhasbeen Thetechnologydirectorat easier,butMrSodemannsaysthere Morrisons,abusypersonIamsure, willalsobebusinessesthatfail. wouldonlysaytheyare“verypleased Butheconcludesthat“thiscrisis, withhowQueue-itisbeingusedto likeothers,willchangemanyofthe manageourtrafficonline,”soIspoke waysbusinessisdone”. toNielsSodemann,aformerErnst& Youngconsultant,whoco-founded [email protected] APRIL 6 2020 Section:Features Time: 5/4/2020 - 17:57 User: nicola.davison Page Name: MONINTERVIEW, Part,Page,Edition: USA, 9, 1 UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws 10 ★ FINANCIAL TIMES Monday6April2020 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 $ -1.51% -1.53% -1.69% -1.18% -0.96% -0.19% -1.37% -0.552% -0.969% 0.01% 0.491% 0.342% 15.29% 2.55% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Mar 04 - - Index All World Mar 04 - Apr 03 Index All World Mar 04 - Apr 03 Index All World Mar 04 - Apr 03 Index All World Mar 04 - Apr 03 Index All World Mar 04 - Apr 03 Index All World S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul 3,023.94 16,553.99 6,705.43 11,944.72 21,100.06 2,085.26 2,488.65 12,938.30 5,415.50 9,525.77 17,820.19 1,725.44 Day -1.51% Month -17.14% Year -13.39% Day -1.22% Month -21.22% Year -20.53% Day -1.18% Month -19.53% Year -27.12% Day -0.47% Month -20.52% Year -20.32% Day 0.01% Month -16.51% Year -17.14% Day 0.03% Month -13.84% Year -20.75% Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore 8,738.60 43,404.76 1,488.31 8,683.00 26,767.87 3,018.27 7,373.08 32,626.58 1,219.38 6,581.60 23,236.11 2,389.29 Day -1.53% Month -15.10% Year -6.62% Day -1.53% Month -22.12% Year -23.68% Day -0.96% Month -18.04% Year -20.18% Day NaN% Month NaN% Year NaN% Day -0.19% Month -11.85% Year -21.76% Day -2.60% Month -20.58% Year -27.17% Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai 26,121.28 102,233.24 5,361.10 21,554.88 3,071.68 38,623.70 2,763.99 21,052.53 4,154.58 16,384.35 68,334.15 27,590.95 Day -1.69% Month -18.77% Year -19.70% Day -3.76% Month -34.11% Year -26.41% Day -1.57% Month -22.97% Year -24.03% Day -2.67% Month -24.20% Year -24.22% Day -0.60% Month -6.97% Year -13.00% Day -2.39% Month -27.67% Year -29.36% 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 26505.41 26003.28 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 17903.74 18368.40 Philippines Manila Comp 5346.97 5342.31 Taiwan Weighted Pr 9663.63 9708.06 Cross-Border DJ Global Titans ($) 300.32 304.04 Australia All Ordinaries 5106.90 5188.70 Czech Republic PX 774.34 780.85 FTSE Italia Mid Cap 28758.35 29346.79 Poland Wig 41532.37 41219.51 Thailand Bangkok SET 1138.84 1138.27 Euro Stoxx 50 (Eur) 2662.99 2688.49 S&P/ASX 200 5067.50 5154.30 Denmark OMXC Copenahgen 20 1082.55 1064.83 FTSE MIB 16384.35 16834.03 Portugal PSI 20 3972.71 3993.56 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 819.98 832.83 S&P/ASX 200 Res 3642.60 3602.20 Egypt EGX 30 9455.38 9424.89 Japan 2nd Section 5081.02 5090.43 PSI General 2801.35 2800.79 UAE Abu Dhabi General Index 3758.35 3745.10 FTSE 4Good Global ($) 6368.94 6469.58 Austria ATX 1964.94 1981.68 Estonia OMX Tallinn 994.84 998.14 Nikkei 225 17820.19 17818.72 Romania BET Index 7525.60 7548.64 UK FT 30 1966.50 2016.30 FTSE All World ($) 280.61 284.52 Belgium BEL 20 2857.05 2895.39 Finland OMX Helsinki General 7593.53 7673.69 S&P Topix 150 1106.74 1106.88 Russia Micex Index 2572.23 2545.95 FTSE 100 5415.50 5480.22 FTSE E300 1219.38 1231.26 BEL Mid 6981.13 7020.97 France CAC 40 4154.58 4220.95 Topix 1325.13 1329.87 RTX 1049.88 1034.06 FTSE 4Good UK 4934.72 4989.59 FTSE Eurotop 100 2380.56 2402.55 Brazil IBovespa 69537.56 72253.46 SBF 120 3262.43 3317.69 Jordan Amman SE 1668.18 1675.47 Saudi-Arabia TADAWUL All Share Index 6749.69 6569.39 FTSE All Share 2958.40 2998.54 FTSE Global 100 ($) 1641.01 1659.61 Canada S&P/TSX 60 792.20 800.81 Germany M-DAX 20345.74 20488.22 Kenya NSE 20 1985.27 1967.93 Singapore FTSE Straits Times 2389.29 2453.03 FTSE techMARK 100 4359.31 4435.42 FTSE Gold Min ($) 1718.95 1639.90 S&P/TSX Comp 12938.30 13097.84 TecDAX 2561.99 2563.43 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 324.33 326.02 USA DJ Composite 6828.18 7014.83 FTSE Latibex Top (Eur) 4440.00 4432.20 S&P/TSX Div Met & Min 302.96 296.21 XETRA Dax 9525.77 9570.82 Latvia OMX Riga 914.18 916.71 Slovenia SBI TOP 873.85 - DJ Industrial 21052.53 21413.44 FTSE Multinationals ($) 1772.41 1746.63 Chile S&P/CLX IGPA Gen 18293.33 16651.41 Greece Athens Gen 540.74 541.44 Lithuania OMX Vilnius 600.64 601.24 South Africa FTSE/JSE All Share 44598.70 45060.69 DJ Transport 7305.31 7445.71 FTSE World ($) 497.14 504.37 China FTSE A200 9819.07 9873.89 FTSE/ASE 20 1313.42 1315.40 Luxembourg LuxX 881.35 898.83 FTSE/JSE Res 20 37025.13 37371.62 DJ Utilities 706.01 729.36 FTSEurofirst 100 (Eur) 3167.38 3206.27 FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 23236.11 23280.06 Malaysia FTSE Bursa KLCI 1330.65 1330.90 FTSE/JSE Top 40 40873.41 41245.26 Nasdaq 100 7528.11 7635.66 FTSEurofirst 80 (Eur) 3637.66 3673.53 Shanghai A 2896.62 2914.09 HS China Enterprise 9491.10 9526.56 Mexico IPC 33075.41 33590.62 South Korea Kospi 1725.44 1724.86 Nasdaq Cmp 7373.08 7487.31 MSCI ACWI Fr ($) 431.28 426.00 Shanghai B 216.03 216.88 HSCC Red Chip 3607.54 3591.16 Morocco MASI 9559.86 9626.05 Kospi 200 231.70 231.84 NYSE Comp 9880.63 10062.37 MSCI All World ($) 1803.07 1781.27 Shanghai Comp 2763.99 2780.64 Hungary Bux 32265.92 32591.95 Netherlands AEX 471.46 478.27 Spain IBEX 35 6581.60 6574.10 S&P 500 2488.65 2526.90 MSCI Europe (Eur) 1276.00 1269.96 Shenzhen A 1767.91 1776.28 India BSE Sensex 27590.95 28265.31 AEX All Share 662.36 672.33 Sri Lanka CSE All Share 4571.63 4874.73 Wilshire 5000 24736.26 25199.64 MSCI Pacific ($) 2159.16 2202.40 Shenzhen B 815.42 814.60 Nifty 500 6638.45 6761.95 New Zealand NZX 50 9935.18 9870.56 Sweden OMX Stockholm 30 1404.59 1427.19 Venezuela IBC 127331.47 117920.12 S&P Euro (Eur) 1213.49 1227.46 Colombia COLCAP 1114.43 1063.03 Indonesia Jakarta Comp 4623.43 4531.69 Nigeria SE All Share 21121.20 21100.54 OMX Stockholm AS 531.75 536.48 Vietnam VNI 701.80 680.23 S&P Europe 350 (Eur) 1247.33 1260.65 Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 4784.67 4880.10 Norway Oslo All Share 788.11 788.71 Switzerland SMI Index 9242.44 9270.96 S&P Global 1200 ($) 1987.16 2015.46 Israel Tel Aviv 125 1233.00 1236.83 Pakistan KSE 100 31621.79 30782.67 Stoxx 50 (Eur) 2667.15 2686.81 (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 Apr 03 %Chg %Chg Apr 03 %Chg %Chg Apr 03 %Chg %Chg Apr 03 %Chg %Chg ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners Apple 76.7 241.41 -3.52 Royal Dutch Shell 247.1 1471.00 -70.60 Royal Dutch Shella 448.9 16.90 -0.93 Softbank . 1043.6 3732.00 -121.00 Imperial Brands 1563.50 18.2 -16.7 Go-ahead 920.00 22.7 -58.3 Tullow Oil 17.29 50.3 -71.0 Tobacco 30883.35 14.4 - Amazon.com 67.0 1906.59 -12.24 Bp 228.9 337.30 -16.05 Total 442.9 33.53 -2.75 Fujifilm Holdings 814.4 5764.00 164.00 Hikma Pharmaceuticals 2279.00 16.0 14.8 Bmo Commercial Property Trust 68.70 17.2 -40.8 Bmo Private Equity Trust 327.00 32.9 -13.1 Oil & Gas Producers 5378.29 12.2 -33.9 Microsoft 62.0 153.90 -1.36 Royal Dutch Shell 183.7 1418.40 -61.20 Allianz Se Na O.n. 379.8 149.32 -2.14 Sony 522.5 6260.00 -62.00 Royal Dutch Shell 1418.40 15.3 -37.2 Energean Oil & Gas 677.00 14.0 -27.1 Premier Oil 22.84 31.0 -77.1 Index - Technology Hardware & Equipment 1687.86 10.3 - Boeing 46.2 124.52 1.25 Rio Tinto 156.5 3761.00 39.50 Iberdrola 360.9 9.05 0.26 Fast Retailing Co., 503.1 41570.00 630.00 Royal Dutch Shell 1471.00 14.7 -34.8 Cairn Energy 92.30 14.0 -54.8 Xaar 24.40 30.5 -53.4 Pharmaceuticals & Biotech. 15956.11 4.1 - Nvidia 39.9 243.91 -11.56 Astrazeneca 154.7 7144.00 164.00 Intesa Sanpaolo 348.2 1.33 -0.11 Toyota Motor 497.4 6195.00 -381.00 British American Tobacco 2940.00 13.6 -10.0 Bbgi Sicav S.a. 164.20 11.3 -3.4 Dp Eurasia N.v. 42.70 29.4 -18.4 Mining 13413.60 1.7 - Facebook 39.4 154.18 -4.01 Hsbc Holdings 138.0 397.20 -0.55 Asml Holding 297.0 228.15 -1.40 Denki Kagaku Kogyo Kabushiki Kaisha 443.3 2581.00 500.00 Bp 337.30 10.4 -29.9 Drax 174.70 11.1 -44.0 Treatt 430.00 27.2 -7.5 Oil Equipment & Services 3814.44 1.6 - Advanced Micro Devices 33.3 42.59 -1.90 Glaxosmithkline 127.6 1489.40 -3.80 Sap Se O.n. 284.8 97.35 0.12 Tokyo Electron 340.0 19605.00 175.00 Ocado 1364.50 10.3 8.3 Gamesys 752.00 10.3 4.4 Enquest 9.44 24.7 -57.2 Construction & Materials 4842.30 1.4 - Alphabet 27.5 1092.70 -24.33 Reckitt Benckiser 111.7 6252.00 58.00 Siemens Ag Na O.n. 250.2 76.33 -0.07 Recruit Hldgs Co Ltd 270.8 2351.50 -80.00 Flutter Entertainment 6994.00 6.8 -26.0 Firstgroup 52.30 10.1 -58.9 Impact Healthcare Reit 93.00 24.0 -14.7 Personal Goods 33080.15 1.4 - Alphabet 25.1 1097.88 -22.96 National Grid 110.2 841.80 -29.20 Eni 237.9 9.32 -0.51 Kddi 260.3 3099.00 59.00 Rio Tinto 3761.00 6.6 -16.9 Hastings Holdings 186.60 9.8 3.7 Alfa Fin Software Holdings 78.70 21.3 -34.2 Equity Investment Instruments 8577.65 -0.4 -21.4 Exxon Mobil 18.9 39.21 -1.19 Compass 109.2 1100.00 0.00 Basf Se Na O.n. 237.2 40.75 -0.83 Mitsubishi Ufj Fin,. 251.5 386.80 -21.20 Rentokil Initial 383.30 5.9 -15.9 Spirent Communications 214.00 9.7 -13.4 Cmc Markets 192.80 16.4 30.6 Industrial Engineering 9051.94 -0.5 - Polymetal Int 1369.00 5.3 14.9 Weir 757.40 9.0 -50.1 Goco 65.10 16.0 -37.4 Food & Drug Retailers 3787.02 -0.7 - BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's Astrazeneca 7144.00 5.0 -6.7 Plus500 Ltd 1111.50 9.0 27.9 Nb Private Equity Partners 738.00 15.7 -39.3 Electronic & Electrical Equip. 7148.67 -1.6 - price change chng% price change chng% price change chng% price change chng% Ups Ups Ups Ups Losers Losers Losers Losers Arconic 8.06 1.85 29.79 Go-ahead 920.00 105.00 12.88 Carrefour 15.09 0.87 6.08 Denki Kagaku Kogyo Kabushiki Kaisha 2581.00 500.00 24.03 Carnival 614.80 -37.4 -83.1 Aston Martin Lagonda Global Holdings 77.95 -72.0 -55.7 Sig 17.51 -35.4 -86.0 Banks 2165.80 -15.7 - Apache 5.38 0.69 14.71 Firstgroup 52.30 4.80 10.11 Carlsberg B A/s 105.11 4.55 4.53 Yamato Holdings Co., 1811.00 105.00 6.15 Rolls-royce Holdings 251.60 -31.0 -63.1 Bakkavor 64.90 -38.4 -55.5 Brown (n) 10.04 -31.2 -93.7 Life Insurance 4823.57 -14.5 - L Brands 11.34 1.19 11.72 Drax 174.70 15.20 9.53 Coloplast B A/s 139.19 5.96 4.47 Osaka Gas Co., 1984.00 82.00 4.31 Meggitt 217.00 -30.0 -66.8 Hammerson 53.92 -36.9 -82.6 Hyve 16.40 -29.0 -83.6 Electricity 6140.43 -12.6 -26.1 Marketaxess Holdings 387.27 39.98 11.51 Playtech 177.30 14.20 8.71 Deutsche Boerse Na O.n. 125.10 5.20 4.34 Inpex 632.20 25.70 4.24 Melrose Industries 75.26 -29.1 -68.9 Cineworld 36.47 -31.8 -83.4 Lamprell 11.00 -24.1 -72.5 Aerospace & Defense 3189.35 -11.3 - Diamondback Energy 31.59 2.54 8.74 Gvc Holdings 483.70 33.70 7.49 Iliad 134.00 5.45 4.24 Secom Co., 8690.00 343.00 4.11 Legal & General 159.70 -23.7 -48.6 Hyve 16.40 -29.0 -83.6 Arrow Global 89.40 -23.6 -66.4 Automobiles & Parts 2801.55 -10.9 - Informa 363.70 -21.8 -58.1 Provident Fin 161.60 -26.6 -65.2 Rps 30.20 -21.8 -82.6 General Industrials 3999.61 -10.8 - Downs Downs Downs Downs Centrica 31.84 -20.3 -64.7 G4s 69.92 -24.4 -67.5 Just 44.50 -21.7 -46.4 Industrial Transportation 1360.42 -8.9 - Paycom Software 165.01 -16.25 -8.97 Hammerson 53.92 -18.08 -25.11 Natixis 1.84 -0.43 -18.72 Fuji Heavy Industries 1715.00 -350.50 -16.97 Easyjet 475.00 -20.1 -66.8 Network Int Holdings 320.00 -23.8 -49.6 Int Personal Finance 58.00 -21.6 -64.1 Gas Water & Multiutilities 4575.86 -8.9 - Xerox Holdings 16.90 -1.58 -8.55 G4s 69.92 -22.40 -24.26 Cnp Assurances 8.07 -0.85 -9.53 J.front Retailing Co., 738.00 -149.00 -16.80 Phoenix Holdings 530.40 -19.5 -29.7 Onesavings Bank 191.70 -23.7 -56.8 Topps Tiles 30.70 -21.3 -59.1 Nonlife Insurance 2414.84 -8.6 - Mgm Resorts Int 10.58 -0.93 -8.08 Bakkavor 64.90 -14.70 -18.47 Aegon 2.09 -0.19 -8.49 Nippon Sheet Glass , 272.00 -46.00 -14.47 Lloyds Banking 27.73 -19.4 -56.5 Travis Perkins 720.00 -23.6 -55.8 Electra Private Equity 157.50 -20.9 -58.6 Travel & Leisure 5047.30 -8.5 - Discover Fin Services 28.53 -2.46 -7.94 Ascential 192.60 -31.80 -14.17 Safran 63.00 -5.60 -8.16 Seiko Epson 983.00 -158.00 -13.85 Itv 54.42 -18.7 -63.9 Capita 24.13 -23.2 -85.7 Ricardo 355.00 -20.8 -54.6 Forestry & Paper 13773.55 -7.2 - Wynn Resorts 48.50 -4.17 -7.92 Aston Martin Lagonda Global Holdings 77.95 -12.40 -13.72 Societe Generale 12.80 -1.14 -8.15 Alps Alpine Co., 901.00 -142.00 -13.61 M&g 109.40 -18.7 -55.1 Just 44.50 -21.7 -46.4 Restaurant 35.68 -20.4 -78.6 Support Services 6381.52 -6.7 - 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 Apr 03 Currency Mid Change Mid Change Mid Change Apr 03 Currency Mid Change Mid Change Mid Change Apr 03 Currency Mid Change Mid Change Mid Change Apr 03 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 64.8868 0.1956 70.0683 -0.2093 79.5444 -0.5368 Indonesia Indonesian Rupiah 16425.0000 -90.0000 17736.6288 -204.517120135.3498 -308.5694 Poland Polish Zloty 4.2292 0.0223 4.5669 -0.0033 5.1845 -0.0232 ..Three Month 0.8158 0.0079 0.8807 0.0033 - - Australia Australian Dollar 1.6633 0.0091 1.7962 -0.0009 2.0391 -0.0087 Israel Israeli Shekel 3.6369 -0.0091 3.9273 -0.0335 4.4585 -0.0549 Romania Romanian Leu 4.4736 0.0244 4.8308 -0.0026 5.4841 -0.0235 ..One Year 0.8159 0.0079 0.8801 0.0033 - - Bahrain Bahrainin Dinar 0.3771 - 0.4072 -0.0025 0.4622 -0.0045 Japan Japanese Yen 108.5050 0.5300 117.1697 -0.1294 133.0158 -0.6464 Russia Russian Ruble 77.0613 -0.7287 83.2150 -1.2925 94.4691 -1.8271 United States United States Dollar - - 1.0799 -0.0065 1.2259 -0.0120 Bolivia Bolivian Boliviano 6.9100 - 7.4618 -0.0449 8.4709 -0.0829 ..One Month 108.5049 0.5298 117.1697 -0.1294 133.0158 -0.6465 Saudi Arabia Saudi Riyal 3.7550 - 4.0549 -0.0244 4.6032 -0.0451 ..One Month - - 1.0798 -0.1580 1.2259 -0.0120 Brazil Brazilian Real 5.2954 0.0332 5.7182 0.0016 6.4915 -0.0225 ..Three Month 108.5047 0.5294 117.1697 -0.1294 133.0156 -0.6469 Singapore Singapore Dollar 1.4399 0.0098 1.5549 0.0013 1.7652 -0.0052 ..Three Month - - 1.0796 -0.1580 1.2260 -0.0120 Canada Canadian Dollar 1.4103 -0.0020 1.5229 -0.0113 1.7288 -0.0193 ..One Year 108.5039 0.5278 117.1697 -0.1294 133.0158 -0.6476 South Africa South African Rand 18.8193 0.3387 20.3221 0.2457 23.0704 0.1934 ..One Year - - 1.0788 -0.1580 1.2261 -0.0120 Chile Chilean Peso 865.0950 4.9800 934.1775 -0.2122 1060.5164 -4.2197 Kenya Kenyan Shilling 105.9000 0.2000 114.3567 -0.4710 129.8224 -1.0236 South Korea South Korean Won 1230.8500 2.3000 1329.1400 -5.5008 1508.8939 -11.9277 Venezuela Venezuelan Bolivar Fuerte - - - - - - China Chinese Yuan 7.0903 -0.0077 7.6565 -0.0544 8.6920 -0.0946 Kuwait Kuwaiti Dinar 0.3110 -0.0012 0.3358 -0.0033 0.3813 -0.0052 Sweden Swedish Krona 10.1781 0.0830 10.9908 0.0240 12.4772 -0.0194 Vietnam Vietnamese Dong 23565.0000 -30.0000 25446.8466 -185.700628888.2919 -319.9601 Colombia Colombian Peso 3998.5000 -41.6400 4317.8023 -71.2214 4901.7445 -99.5433 Malaysia Malaysian Ringgit 4.3570 0.0055 4.7049 -0.0223 5.3412 -0.0455 Switzerland Swiss Franc 0.9776 0.0052 1.0557 -0.0007 1.1984 -0.0053 European Union Euro 0.9261 0.0055 - - 1.1352 -0.0043 Costa Rica Costa Rican Colon 574.4500 -2.1850 620.3229 -6.1071 704.2159 -9.6003 Mexico Mexican Peso 24.5740 0.5640 26.5364 0.4530 30.1252 0.4032 Taiwan New Taiwan Dollar 30.2845 - 32.7029 -0.1968 37.1256 -0.3635 ..One Month 0.9260 0.0055 - - 1.1352 -0.0043 Czech Republic Czech Koruna 25.7244 0.3550 27.7786 0.2185 31.5354 0.1307 New Zealand New Zealand Dollar 1.7040 0.0102 1.8401 0.0000 2.0889 -0.0078 Thailand Thai Baht 32.9700 -0.0075 35.6028 -0.2224 40.4178 -0.4050 ..Three Month 0.9258 0.0055 - - 1.1351 -0.0043 Denmark Danish Krone 6.9158 0.0429 7.4681 0.0017 8.4781 -0.0298 Nigeria Nigerian Naira 381.5000 - 411.9648 -2.4794 467.6793 -4.5794 Tunisia Tunisian Dinar 2.8999 0.0066 3.1315 -0.0116 3.5550 -0.0266 ..One Year 0.9250 0.0055 - - 1.1345 -0.0043 Egypt Egyptian Pound 15.7507 0.0319 17.0085 -0.0677 19.3087 -0.1496 Norway Norwegian Krone 10.5336 0.1306 11.3747 0.0734 12.9130 0.0352 Turkey Turkish Lira 6.7080 0.0915 7.2437 0.0558 8.2233 0.0327 Hong Kong Hong Kong Dollar 7.7525 0.0013 8.3716 -0.0490 9.5038 -0.0915 Pakistan Pakistani Rupee 166.6500 0.0500 179.9579 -1.0287 204.2955 -1.9385 United Arab Emirates UAE Dirham 3.6732 0.0000 3.9665 -0.0238 4.5029 -0.0440 Hungary Hungarian Forint 338.9731 4.8588 366.0419 3.0753 415.5457 1.9457 Peru Peruvian Nuevo Sol 3.4613 0.0074 3.7377 -0.0144 4.2432 -0.0323 United Kingdom Pound Sterling 0.8157 0.0079 0.8809 0.0033 - - India Indian Rupee 76.1700 0.5188 82.2526 0.0685 93.3765 -0.2722 Philippines Philippine Peso 50.7100 -0.1400 54.7595 -0.4817 62.1652 -0.7820 ..One Month 0.8158 0.0079 0.8808 0.0033 - - 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 FTSE ACTUARIES SHARE INDICES UK SERIES FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY www.ft.com/equities Produced in conjunction with the Institute and Faculty of Actuaries Apr 03 Apr 02 Apr 01 Mar 31 Mar 30 Yr Ago High Low Year to date percentage changes ClosingWeek's ClosingWeek's £ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 1966.50 2016.30 2025.00 2122.80 2104.10 0.00 3314.70 1337.80 Food & Drug Retailer -9.80 NON FINANCIALS Index -27.48 Industrials -33.23 FTSE 100 PriceChange FTSE 100 PriceChange Apr 03 chge% Index Apr 02 Apr 01 agoyield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tobacco -10.44 FTSE 100 Index -28.20 Support Services -33.34 3I Group PLC 688.40 -59.60 Land Securities Group PLC 514.60 -60.40 FTSE 100 (101) 5415.50 -1.18 4787.93 5480.22 5454.57 7401.94 5.71 1.48 11.82 71.45 5061.30 P/E Ratio net - - - - - 0.00 19.44 14.26 Pharmace & Biotech -10.47 Mining -29.37 Oil & Gas Producers -33.37 Admiral Group PLC 2200 -44.00 Legal & General Group PLC 159.70 -49.70 FTSE 250 (250) 14099.21 -2.34 12465.33 14436.80 14547.20 19507.33 4.57 1.80 12.15 95.17 11034.91 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Tech Hardware & Eq -12.67 FTSE All{HY-}Share Index -29.50 Oil & Gas -33.70 Anglo American PLC 1217.6-134.40 Lloyds Banking Group PLC 27.73 -6.67 FTSE 250 ex Inv Co (187) 14257.31 -2.53 12605.11 14627.01 14768.49 20596.31 5.02 1.46 13.61 89.06 11404.15 FT 30 hourly changes Health Care -12.75 Telecommunications -29.66 Leisure Goods -34.83 Antofagasta PLC 757.20 15.20 London Stock Exchange Group PLC 7200 252.00 FTSE 350 (351) 2996.97 -1.37 2649.67 3038.48 3030.24 4103.41 5.53 1.52 11.87 36.48 5589.83 8 9 10 11 12 13 14 15 16 High Low Personal Goods -13.74 Basic Materials -29.86 Financials -34.96 Ashtead Group PLC 1605.5 -77.50 M&G PLC 109.40 -25.20 FTSE 350 ex Investment Trusts (287) 2945.10 -1.35 2603.81 2985.35 2976.54 4058.67 5.65 1.48 11.95 36.49 2834.21 2016.3 1992 1976.9 3120.5 1981.9 1989 1981.7 1983.6 1971.8 2016.3 1962.9 Gas Water & Multi -15.22 Technology -30.05 Aerospace & Defense -35.44 Associated British Foods PLC 1739 -66.50 Meggitt PLC 217.00 -93.00 FTSE 350 Higher Yield (107) 2513.42 -2.34 2222.15 2573.73 2530.02 3699.40 8.19 1.32 9.24 40.79 5107.53 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Utilities -17.94 FTSE SmallCap Index -30.32 FTSE 250 Index -35.57 Astrazeneca PLC 7144 339.00 Melrose Industries PLC 75.26 -30.94 FTSE 350 Lower Yield (244) 3261.20 -0.41 2883.28 3274.75 3311.40 4140.13 2.99 2.05 16.31 26.98 3812.66 Electronic & Elec Eq -18.35 Health Care Eq & Srv -30.52 Consumer Services -37.71 Auto Trader Group PLC 372.00 -53.00 Mondi PLC 1223.5-103.50 FTSE SmallCap (265) 4146.56 -0.50 3666.04 4167.19 4187.24 5523.55 5.41 1.19 15.61 34.23 6467.40 FX: EFFECTIVE INDICES Consumer Goods -18.65 Forestry & Paper -30.97 Life Insurance -40.08 Aveva Group PLC 3253-247.00 Morrison (Wm) Supermarkets PLC 185.70 5.55 FTSE SmallCap ex Inv Co (146) 3169.44 -0.78 2802.15 3194.24 3218.29 4541.45 6.96 0.59 24.39 19.69 5193.02 Equity Invest Instr -22.70 Real Est Invest & Se -31.22 Industrial Metals & -40.27 Aviva PLC 233.60 -34.90 National Grid PLC 841.80 -95.20 FFTTSSEE AAllll--SShhaarree (e6x1 I6n)v Co (433) 22898538..4450 --11..3344 22564195..3517 22992928..5584 22991941..4162 34907466..1602 55..6573 11..4561 1121..0956 3355..4612 25851784..6318 Apr 02 Apr 01Mnth Ago Apr 03 Apr 02Mnth Ago HBeovuesreahgoelds Goods & Ho --2242..5755 SCoofntswtraurcet && CMoamtpe rSiaelrv --3311..3733 FGiexende rLailn Ree Ttealielecrosmms --4400..3781 BBaaerc Slayysst ePmLCs PLC 50800..0204 --1167..2103 NNemxct HPLeCalth PLC 93383.9400-6180..0000 FTSE All-Share ex Multinationals (542) 838.59 -1.74 614.49 853.46 860.68 1176.59 5.12 1.45 13.46 4.81 1648.00 Australia - - - Sweden - - - Mobile Telecomms -24.77 Chemicals -32.27 Banks -42.81 Barratt Developments PLC 384.30 -68.70 Ocado Group PLC 1364.5 127.00 FTSE Fledgling (96) 6476.31 0.14 5725.81 6467.33 6494.05 9232.44 5.56 0.50 35.77 61.82 13083.22 Canada - - - Switzerland - - - Nonlife Insurance -25.44 Financial Services -32.50 Industrial Transport -43.94 Berkeley Group Holdings (The) PLC 3386-258.00 Pearson PLC 477.80 -41.00 FTSE Fledgling ex Inv Co (42) 7228.87 1.27 6391.16 7138.26 7168.60 10926.40 9.77 -0.57 -17.85 48.24 14332.56 Denmark - - - UK 78.08 78.15 79.42 Electricity -26.96 Real Est Invest & Tr -32.63 Automobiles & Parts -48.78 Bhp Group PLC 1241.2 53.60 Pennon Group PLC 1045 -27.50 FTSE All-Small (361) 2863.82 -0.46 2531.94 2877.04 2890.77 3829.56 5.41 1.15 16.12 23.86 5730.64 Japan - - - USA - - - Food Producers -27.28 Industrial Eng -32.76 Travel & Leisure -50.91 BP PLC 337.30 31.80 Persimmon PLC 1622.5-227.50 FTSE All-Small ex Inv Co (188) 2358.86 -0.71 2085.51 2375.69 2393.30 3385.23 7.06 0.53 26.52 14.68 4895.86 New Zealand - - - Euro - - - Media -32.78 Oil Equipment & Serv -55.03 British American Tobacco PLC 2940 352.00 Phoenix Group Holdings PLC 530.40-128.40 FTSE AIM All-Share (736) 659.25 -0.86 582.85 664.97 666.11 920.24 2.13 1.38 34.15 1.79 752.38 Norway - - - British Land Company PLC 314.50 -27.50 Polymetal International PLC 1369 69.50 FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 111.30 -8.10 Prudential PLC 920.20-111.30 Oil & Gas (12) 5537.76 -4.27 4896.02 5784.74 5363.31 9476.80 9.54 1.33 7.91 127.00 5988.91 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 1550 36.50 Reckitt Benckiser Group PLC 6252 242.00 OOiill E&q uGipams ePnrto Sdeurcveicres s( 8&) Distribution (4)35839993..3876 --14..8269 34474678..4890 35967335..2980 35520277..4829 119511690..7353 139..9499 01..6304 127..0808 1205..0000 36305415..7684 FTSE GLOBAL EQUITY INDEX SERIES BCuarrbneivraryl PGLrCoup PLC 61142.5800-3-7656..5800 RReelnxt oPkLiCl Initial PLC 1368836.3.50 2-71..0400 Basic Materials (23) 4452.52 -1.63 3936.54 4526.44 4426.20 6877.72 7.99 2.10 5.97 138.64 5252.70 Centrica PLC 31.84 -8.13 Rightmove PLC 440.00 -30.10 Chemicals (7) 9611.65 -0.52 8497.81 9661.80 9766.29 15122.22 3.63 1.99 13.82 33.37 9097.17 Apr 2 No of US $ Day Mth YTD Total YTD Gr Div Apr 2 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 1666.5 38.50 Rio Tinto PLC 3761 233.00 Forestry & Paper (1) 15029.47 -3.17 13287.79 15520.83 16368.43 21914.65 6.06 2.02 8.15 601.80 18428.48 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1100-102.00 Rolls-Royce Holdings PLC 251.60-113.10 Industrial Metals & Mining (2) 2430.95 -0.75 2149.24 2449.31 2397.11 6509.52 22.70 1.06 4.17 261.34 3103.67 FTSE Global All Cap 8918 479.27 1.1 -19.2 -24.7 727.81 -24.2 3.0 Oil Equipment & Services 36 147.52 5.1 5.1 -44.9 239.50 -44.2 8.0 Crh PLC 2135 66.00 Royal Bank Of Scotland Group PLC 101.75 -18.40 Mining (13) 12839.80 -1.67 11351.86 13058.50 12668.07 19640.72 8.33 2.15 5.59 417.29 7989.36 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5 Basic Materials 352 361.89 0.9 0.9 -29.6 602.41 -28.9 4.5 Croda International PLC 4113 -59.00 Royal Dutch Shell PLC 1418.4 187.80 Industrials (99) 4002.00 -1.81 3538.23 4075.57 4106.19 5281.90 3.63 1.35 20.37 16.36 4398.33 FTSE Global Large Cap 1772 440.56 1.3 -17.3 -22.4 688.62 -21.9 3.1 Chemicals 159 531.15 0.6 0.6 -29.2 874.88 -28.7 3.9 Dcc PLC 4921 -81.00 Royal Dutch Shell PLC 1471 188.20 Construction & Materials (14) 5042.35 -1.06 4458.02 5096.51 5098.39 6172.24 3.84 0.49 53.13 95.82 5792.87 FTSE Global Mid Cap 2192 576.81 0.4 -23.8 -30.4 825.21 -30.1 3.0 Forestry & Paper 20 201.07 -0.2 -0.2 -27.7 377.90 -26.3 4.7 Diageo PLC 2458 -54.50 Rsa Insurance Group PLC 371.10 -58.10 Aerospace & Defense (9) 3366.19 -2.24 2976.10 3443.32 3489.00 4947.71 3.68 1.11 24.57 2.61 3819.04 FTSE Global Small Cap 4954 583.26 0.4 -25.8 -32.6 803.36 -32.2 2.9 Industrial Metals & Mining 94 229.35 -0.6 -0.6 -39.3 383.78 -38.8 5.5 Easyjet PLC 475.00-119.80 Sage Group PLC 558.20 -31.80 General Industrials (7) 3226.25 -3.53 2852.38 3344.34 3357.18 4597.54 5.06 0.89 22.26 0.00 3973.65 FTSE All-World 3964 284.52 1.2 -18.4 -23.8 457.12 -23.3 3.1 Mining 79 543.17 2.2 2.2 -25.5 926.55 -24.2 5.2 Evraz PLC 228.00 -11.90 Sainsbury (J) PLC 213.40 3.40 Electronic & Electrical Equipment (10)8353.92 -0.29 7385.83 8378.57 8460.81 8795.89 1.69 2.10 28.23 3.43 7955.91 FTSE World 2598 504.37 1.2 -18.7 -24.1 1088.02 -23.6 3.1 Industrials 745 322.13 0.4 0.4 -28.2 490.33 -27.8 2.7 Experian PLC 2114-179.00 Schroders PLC 2321-156.00 Industrial Engineering (12) 9913.35 -0.85 8764.55 9998.81 9799.71 13691.50 3.46 1.65 17.56 0.97 12787.51 FTSE Global All Cap ex UNITED KINGDOM In 8615 503.98 1.2 -19.0 -24.2 751.76 -23.8 2.9 Construction & Materials 147 390.48 -0.6 -0.6 -29.6 621.82 -29.2 3.2 Ferguson PLC 4450-630.00 Scottish Mortgage Investment Trust PLC 538.50 5.50 Industrial Transportation (6) 2205.05 -1.71 1949.52 2243.51 2233.57 3690.98 10.97 0.81 11.28 0.00 2230.70 FTSE Global All Cap ex USA 7134 380.80 -0.1 -18.6 -26.6 628.99 -26.0 3.9 Aerospace & Defense 37 518.47 -1.0 -1.0 -42.1 777.27 -41.9 3.2 Flutter Entertainment PLC 6994 444.00 Segro PLC 745.40 -12.40 Support Services (41) 6078.11 -1.90 5373.75 6195.52 6279.07 7852.77 3.24 1.86 16.56 19.92 6694.19 FTSE Global All Cap ex JAPAN 7565 492.27 1.4 -19.6 -24.9 754.34 -24.5 3.1 General Industrials 64 164.75 0.8 0.8 -27.7 274.07 -27.0 3.4 Fresnillo PLC 636.00 -91.60 Severn Trent PLC 2149 -83.00 Consumer Goods (42) 16380.20 -0.55 14481.99 16471.07 16281.04 19820.99 5.05 1.69 11.69 185.33 13531.13 FTSE Global All Cap ex Eurozone 8267 504.68 1.2 -18.9 -24.2 750.96 -23.7 2.9 Electronic & Electrical Equipment 140 376.24 0.0 0.0 -26.1 519.36 -25.8 2.2 Glaxosmithkline PLC 1489.4 46.40 Smith & Nephew PLC 1363 -64.50 Automobiles & Parts (2) 2815.91 -6.54 2489.59 3012.92 3295.19 6558.79 3.35 2.23 13.37 0.00 2878.81 FTSE Developed 2173 462.77 1.2 -18.4 -23.6 708.82 -23.1 3.0 Industrial Engineering 145 610.18 1.0 1.0 -26.4 925.53 -25.7 3.1 Glencore PLC 120.00 -4.00 Smith (Ds) PLC 254.70 -23.30 Beverages (6) 19157.16 -0.53 16937.14 19259.18 19225.69 24743.26 2.96 2.12 15.94 195.72 14477.32 FTSE Developed All Cap 5644 477.89 1.1 -19.2 -24.6 721.93 -24.1 3.0 Industrial Transportation 126 568.04 1.6 1.6 -25.0 868.84 -24.6 2.9 Halma PLC 1889.5 -1.50 Smiths Group PLC 1060.5 -42.50 Food Producers (10) 5871.79 0.72 5191.34 5829.63 5968.91 7561.14 3.14 2.07 15.39 12.57 5388.55 FTSE Developed Large Cap 884 439.15 1.4 -17.3 -22.1 684.30 -21.6 3.0 Support Services 86 383.71 0.3 0.3 -24.0 552.97 -23.6 1.9 Hargreaves Lansdown PLC 1277 -80.00 Smurfit Kappa Group PLC 2164 -50.00 Household Goods & Home Construction (14)11630.04 -1.47 10282.30 11803.38 11732.29 14156.67 4.77 2.04 10.29 21.70 9166.59 FTSE Developed Europe Large Cap 234 282.85 0.0 -17.8 -26.3 518.48 -25.8 4.5 Consumer Goods 547 402.50 0.6 0.6 -21.1 639.03 -20.6 3.2 Hikma Pharmaceuticals PLC 2279 315.00 Spirax-Sarco Engineering PLC 7860 -85.00 Leisure Goods (2) 10838.22 -2.08 9582.24 11068.51 10873.22 9160.65 4.69 1.48 14.44 109.33 11237.74 FTSE Developed Europe Mid Cap 355 432.34 -0.3 -23.1 -31.6 695.89 -31.4 4.0 Automobiles & Parts 132 251.91 -2.1 -2.1 -33.9 391.80 -33.3 4.7 HSBC Holdings PLC 397.20 -69.35 Sse PLC 1073-188.00 Personal Goods (6) 28576.92 -0.14 25265.30 28617.81 28291.77 32940.17 3.54 2.72 10.36 220.67 20937.57 FTSE Dev Europe Small Cap 695 587.59 -0.7 -25.7 -34.6 911.47 -34.4 4.0 Beverages 66 547.34 2.1 2.1 -22.7 876.46 -22.3 3.0 Imperial Brands PLC 1563.5 240.90 St. James's Place PLC 709.80 -59.80 Tobacco (2) 30883.40 -0.24 27304.49 30956.51 30045.39 36033.40 8.10 1.12 10.99 710.53 23962.61 FTSE North America Large Cap 253 554.86 2.4 -17.4 -20.4 799.28 -20.0 2.4 Food Producers 131 597.79 0.6 0.6 -12.3 964.60 -12.0 2.5 Informa PLC 363.70-101.60 Standard Chartered PLC 406.40 -60.30 Health Care (17) 11231.62 1.06 9930.05 11113.41 11239.57 10909.98 3.82 0.99 26.35 193.60 9607.59 FTSE North America Mid Cap 410 660.77 1.1 -25.3 -30.2 878.94 -29.8 2.5 Household Goods & Home Construction 60 412.41 1.9 1.9 -18.6 650.35 -18.2 3.0 Intercontinental Hotels Group PLC 2841-613.00 Standard Life Aberdeen PLC 192.90 -40.60 Health Care Equipment & Services (8)5872.14 0.59 5191.65 5837.63 6021.95 7085.00 2.46 1.89 21.52 77.97 5375.72 FTSE North America Small Cap 1310 636.13 1.1 -27.7 -33.4 818.15 -33.1 2.4 Leisure Goods 43 209.66 1.1 1.1 -13.4 287.17 -13.0 1.4 Intermediate Capital Group PLC 823.00 -59.50 Taylor Wimpey PLC 101.50 -18.35 Pharmaceuticals & Biotechnology (9)15842.65 1.11 14006.73 15668.60 15814.92 15017.75 3.95 0.94 26.95 279.28 12163.48 FTSE North America 663 357.09 2.2 -18.8 -22.2 525.74 -21.8 2.5 Personal Goods 102 708.61 0.5 0.5 -21.4 1043.70 -21.2 2.2 International Consolidated Airlines Group S.A. 198.00 -13.70 Tesco PLC 223.90 -8.70 CFGMToroeaeonnvddeesi ra&lua &m (lD1 R 8eLreu)ertg iaSs Riuelererertvs a(i 3ic(l26ee7)rss) ((856)) 33164594293324693727.....3972046901 ----02010.....2590618981 33154142532761998281.....1038488321 33164584394341965207.....9116711213 33165694423050684571.....5487857162 54288122292322442040.....8916540199 42445.....3702626870 11111.....6375745094 1211146440.....1846253197 21830288.....5097350060 34145587118574024923.....6330354477 FFFFFFTTTTTTSSSSSSEEEEEE A DGJJJselaaaioavpppb ePaaaalannnolc p wiLMfeiaicd ir J dLgeAa exCrP gaNCAepa oNCpra tShpm Aexam lJle aCrpiacapan 1513859182402027492 234515017136131009......015161798458 -----022320......708524 ------111111723325......691898 ------222222615611......110787 346629532906842636......170905421587 ------222222504501......410793 432223......008894 CFTHHPohooeeoabnaadralslmtt cuh&hcam C oCcDeaearrrur ueSet giEec qRarvulesiitcp a&emis leBenriost t&ec Shenrovliocgeys 142856189626326 342859743133107408......072462773026 -102111......830575 -102111......830575 -----11221-980913......630601 11356918591620283348......696653590294 -----11121-969802......178775 321712......077312 IIJJJntdouvt hs eSPtnrL ptsEeCooakrntt G sTM raFoakauetsptahh wiPeoLynaC yPP.LCLCCom N.V. 415064647843..35477.82052-21---5167362952.....0540004000 UUVWWonnhpdiiltipaete bfvPdoreL enUrCae tPd iGLl iPCtriLoeCusp G PrLoCup PLC 8144184291304...3807770210-15--0403-58524.....5200300600 Telecommunications (6) 1598.94 -0.39 1413.65 1605.13 1594.53 2337.28 8.29 0.02 529.30 0.00 2112.89 FTSE Asia Pacific Mid Cap ex Japan 852 610.60 0.5 -21.3 -29.5 994.67 -29.2 4.0 General Retailers 148 785.22 0.7 0.7 -13.2 1052.88 -13.0 1.1 Fixed Line Telecommunications (3) 1409.43 -3.00 1246.10 1452.96 1445.50 2705.82 12.66 1.45 5.43 0.00 1540.50 FTSE Asia Pacific Small Cap ex Japan 1814 397.10 0.2 -19.9 -26.9 632.66 -26.6 3.9 Media 88 291.68 1.8 1.8 -24.1 408.53 -23.8 1.9 UK STOCK MARKET TRADING DATA Mobile Telecommunications (3) 2508.42 0.59 2217.73 2493.63 2475.79 3264.48 6.70 -0.95 -15.64 0.00 2968.71 FTSE Asia Pacific Ex Japan 1774 441.09 0.4 -16.2 -22.4 795.68 -22.0 3.5 Travel & Leisure 150 325.29 -1.1 -1.1 -37.2 462.92 -36.8 2.9 Utilities (8) 6336.58 -3.22 5602.27 6547.07 6816.18 6829.63 6.77 0.51 29.24 33.74 8465.81 FTSE Emerging All Cap 3274 588.39 1.1 -18.5 -25.5 948.19 -25.2 3.6 Telecommunication 95 131.59 1.7 1.7 -18.0 277.10 -17.2 5.1 Apr 03 Apr 02 Apr 01 Mar 31 Mar 30 Yr Ago Electricity (3) 6126.48 -5.45 5416.52 6479.58 6828.50 7087.90 8.54 -0.37 -31.66 129.12 10776.05 FTSE Emerging Large Cap 888 574.78 1.2 -17.1 -24.1 932.52 -23.8 3.4 Fixed Line Telecommuniations 41 109.16 2.5 2.5 -19.4 256.61 -18.6 5.9 - - - - - - Gas Water & Multiutilities (5) 6047.47 -2.62 5346.66 6210.02 6444.11 6395.23 6.31 0.81 19.50 7.47 7989.87 FTSE Emerging Mid Cap 903 646.87 1.0 -25.2 -33.5 1040.69 -33.1 4.6 Mobile Telecommunications 54 140.20 0.7 0.7 -15.9 260.13 -15.3 4.1 Order Book Turnover (m) 48.60 220.61 64.55 68.65 80.97 80.97 Financials (308) 3346.61 -1.61 2958.79 3401.28 3441.29 4922.59 5.06 1.92 10.31 25.16 3436.06 FTSE Emerging Small Cap 1483 539.05 0.5 -23.0 -28.7 831.22 -28.5 4.1 Utilities 190 258.50 1.5 1.5 -18.7 552.66 -18.0 4.1 Order Book Bargains 1316294.00 1494312.00 1487354.00 1360649.00 1456772.00 1456772.00 Banks (10) 2136.70 -0.88 1889.09 2155.68 2208.45 3870.38 6.16 2.24 7.23 0.02 1759.81 FTSE Emerging Europe 75 281.39 4.1 -22.8 -36.1 506.90 -35.9 8.3 Electricity 133 290.59 1.9 1.9 -18.4 612.79 -17.7 4.0 Order Book Shares Traded (m) 2270.00 2704.00 2730.00 1925.00 2574.00 2574.00 Nonlife Insurance (8) 2764.26 -4.89 2443.93 2906.52 2922.17 3685.18 5.28 1.60 11.86 30.72 5358.06 FTSE Latin America All Cap 242 509.17 1.7 -39.2 -48.3 855.32 -48.0 4.5 Gas Water & Multiutilities 57 259.19 0.7 0.7 -19.3 571.38 -18.8 4.4 Total Equity Turnover (£m) 4053.27 9172.32 5402.68 4492.76 7874.40 7874.40 Life Insurance/Assurance (7) 4921.55 -5.13 4351.22 5187.61 5145.77 8005.09 7.50 1.74 7.68 68.76 5424.83 FTSE Middle East and Africa All Cap 329 463.74 0.9 -21.6 -32.8 790.89 -31.7 4.8 Financials 861 178.64 0.9 0.9 -32.5 317.33 -32.0 4.4 Total Mkt Bargains 1526441.00 1716441.00 1758156.00 1562596.00 1721431.00 1721431.00 Real Estate Investment & Services (18)2019.87 -2.17 1785.80 2064.60 2050.34 2566.95 2.87 2.28 15.33 5.28 5738.84 FTSE Global wi UNITED KINGDOM All Cap In 303 238.15 -0.1 -21.4 -33.4 445.53 -32.8 5.6 Banks 280 130.90 0.4 0.4 -38.7 254.11 -38.2 6.2 Total Shares Traded (m) 5386.00 5715.00 6931.00 4765.00 5442.00 5442.00 Real Estate Investment Trusts (41) 2031.47 -2.32 1796.05 2079.82 2078.45 2691.29 4.96 -0.25 -81.18 25.00 2841.13 FTSE Global wi USA All Cap 1784 606.56 2.1 -19.6 -23.2 844.21 -22.8 2.4 Nonlife Insurance 73 224.63 1.5 1.5 -27.2 345.92 -26.9 3.0 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. General Financial (41) 7356.58 0.73 6504.07 7303.20 7506.91 9025.42 4.05 1.77 13.96 99.64 9293.89 FTSE Europe All Cap 1433 326.33 0.0 -19.6 -28.3 575.24 -27.8 4.5 Life Insurance 58 161.23 -0.1 -0.1 -33.2 280.70 -32.7 4.7 (c) Market closed. Equity Investment Instruments (183) 8691.59 -1.33 7684.37 8808.88 8829.46 10358.79 3.23 2.88 10.75 71.46 5104.75 FTSE Eurozone All Cap 651 304.39 -0.1 -22.0 -30.0 534.36 -29.8 4.3 Financial Services 211 270.95 1.9 1.9 -26.8 393.07 -26.5 2.3 Non Financials (308) 3613.43 -1.25 3194.69 3659.13 3632.74 4819.11 5.68 1.39 12.63 48.90 5976.18 FTSE EDHEC-Risk Efficient All-World 3964 313.87 0.7 -21.2 -27.5 465.58 -27.0 3.2 Technology 290 306.09 1.4 1.4 -14.9 389.72 -14.6 1.5 Technology (15) 1583.09 -1.57 1399.64 1608.41 1641.45 2136.24 4.27 0.83 28.05 13.03 2187.09 FTSE EDHEC-Risk Efficient Developed Europe 589 243.88 -0.5 -20.2 -27.8 400.08 -27.6 4.0 Software & Computer Services 149 531.29 0.9 0.9 -12.6 633.23 -12.5 0.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed Software & Computer Services (13) 1701.68 -1.61 1504.48 1729.57 1771.03 2380.57 4.50 0.76 29.13 13.43 2485.99 Oil & Gas 150 210.39 6.5 -27.7 -42.2 378.52 -41.4 7.4 Technology Hardware & Equipment 141 229.22 2.0 2.0 -17.6 310.30 -17.1 2.4 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor Technology Hardware & Equipment (2)3799.71 -1.16 3359.38 3844.15 3780.23 3023.50 1.80 2.76 20.06 43.15 4694.81 Oil & Gas Producers 104 204.67 7.0 -25.9 -42.0 376.23 -41.3 7.5 Alternative Energy 10 106.40 0.8 0.8 -15.9 149.02 -15.9 1.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be Real Estate Investment & Services 158 277.45 -0.2 -0.2 -24.9 498.76 -24.4 3.9 liable for any loss arising from the reliance on or use of the listed information. Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 81 352.78 0.7 0.7 -28.8 758.26 -28.1 5.1 For all queries e-mail [email protected] FTSE 100 5435.35 5426.51 5419.55 5417.21 5420.15 5450.17 5431.34 5433.49 5424.20 5455.99 5397.74 Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2 FTSE 250 14423.75 14378.50 14230.00 14161.38 14310.67 14280.53 14195.00 14252.13 14161.32 14429.56 14084.16 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/ Data provided by Morningstar | www.morningstar.co.uk FTSE SmallCap 4171.71 4159.25 4152.50 4143.59 4141.88 4141.89 4139.20 4141.52 4133.69 4171.71 4120.58 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC FTSE All-Share 2978.24 2972.57 2964.55 2961.10 2967.17 2979.56 2968.37 2971.21 2963.98 2987.45 2949.71 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, Time of FTSE 100 Day's high:07:06:00 Day's Low15:26:15 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see Time of FTSE All-Share Day's high:07:06:00 Day's Low15:26:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. 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 Digitalbox Pre 2.240 0.000 0.460L 0.250L 0.571L 0.262L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m) price up date High Low Stock Price p +or- Journeo Pre 11.402 12.601 0.948L 0.139 1.080L 0.150 0.00000 0.00000 - 0.000 0.000 03/23 0.69 SYME Supply@ME Capital PLC 0.30 0.10 1.10 0.25 9826.5 There are currently no rights offers by any companies listed on the LSE. Tracsis Int 26.365 18.750 2.419 2.121 6.760 5.970 0.00000 0.80000 - 1.000 1.700 03/06 80.00 AIM FRP FRP Advisory Group PLC 78.50 3.14 83.17 70.00 18643.8 03/06 3.00 MMM Mining Minerals & Metals PLC 3.50 - 0.00 0.00 111.6 02/27 195.00 AIM SPEC Inspecs Group PLC 147.50 -6.00 199.00 145.00 10434.9 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. APRIL 6 2020 Section:Stats Time: 5/4/2020 - 15:46 User: peter.bailey Page Name: MARKET DATA 1, Part,Page,Edition: USA, 10, 1
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