Financial Times Europe - 13 04 2020

2020·36.97 MB·English

WORLDBUSINESSNEWSPAPER
MONDAY 13 APRIL 2020 EUROPE
Crisis management Property in ruins Staycation politics
How New York’s biggest hospital is The virus has burst the real estate Taking holiday when nobody can go
responding to Covid-19 bubble anywhere
—PAGE 9 —RANA FOROOHAR, PAGE 17 —PILITA CLARK, PAGE 18
G20 nations
On the mend Grateful Johnson says
Briefing
‘things could have gone either way’
close to sealing iBigbanksbracedforprofitswipeout
AreportfromMorganStanleyandconsultants
OliverWymansuggestsevenanoptimisticscenario
mightseea100percentfallthisyear,withEurope’s
lendersmoreatriskthanUScounterparts.
—PAGE6
debt deal for
iWorldstruggledbeforeheightofcrisis
ThelatestBrookings-FTTrackingIndexshowsthe
globaleconomyfaceditsworstslumpsincethe
secondworldwarascoronavirusbegantostrikein
poor countries March.IMFforecastsareduethisweek.—PAGE2
iTurkeyseesnoneedtotakeIMFcash
AspokesmanforPresidentRecepTayyipErdogan
hassaidthatreachinganagreementwiththefund
overhelptoovercomethecoronaviruscrisisis“not
onouragenda”,despitemarketspeculation.
—PAGE4
3 Six-month moratorium on payments
iTopMBAstudentsdemandfeerefund
3 Push to avoid emerging market crisis Thoseenrolledatsomeofthe
leadingbusinessschoolshave
pushedforcompensationfor
ANDREWENGLANDAND theydon’tneedtoworryaboutthecash campusclosuresandtheswitch
JONATHANWHEATLEY—LONDON flowanddebtservicinggoingtoother towhattheyviewasinferior
JAMESPOLITI—WASHINGTON
countries,andtheycanusethatmoney onlinelearning.
—PAGE2
TheG20groupofnationsisclosinginon fortheirimmediateneeds.”
adealtoofferlowerincomecountriesa Concernhasbeenmountingoverthe iHitachiexpectsChinesespendingsurge
moratorium on bilateral government debt sustainability of some lower TheJapanesemakerofeverythingfromnuclear
loanrepaymentsaspartofaplanto incomecountriesthatborrowedheavily powerplantstobullettrainsislookingforwardto
tackletheCovid-19pandemicandavoid intheyearsafterthe2008globalfinan- Beijingsplashingoutoninfrastructureasittriesto
anemergingmarketsdebtcrisis. cialcrisis.Manynowlacktheresources turbochargetheeconomy’srecovery.
—PAGE6
AccordingtoaseniorG20official,the to deal with the economic problems
initiative is due to be finalised at a caused by the Covid-19 pandemic as iRiyadhvilifiedonEthiopiadeportations
finance ministers’ meeting this week theygrapplewithhighdebt,fiscaldefi- Migrantadvocateshavedescribedthedeportation
andwouldseeafreezeonsovereigndebt cits,plummetingrevenuesandweaken- ofEthiopians,includingsomesuspectedofsuffering
repaymentsforatleastsixmonths— ingcurrencies—aswellashealthcrises. fromCovid-19,asrecklessandinhumane.Ethiopia
Anofficialclosetothenegotiations hasrequestedthatthedeportationsstop.
—PAGE3
saidtheinitiativehasstrongsupport,
Inside adding:“Negotiationsarestillongoing, iFriarsandnunsseekBoeingdisclosure
andsomedetailsremain,butweare Ashiftingcoalitionofreligiousordersthatcontrols
3VirusreportsPages2-4 confidentasolutionwillbefound.” $400bninassetsthrough300memberbodieshas
3CorporateimpactPages6-8 TheIMFandtheWorldBankcalled steppedupitspushfortransparency,citingthe
3BigReadPage15 fordebtrelieffor76oftheworld’spoor- aircraftmaker’s“disingenuous”arguments.—PAGE8
3EditorialCommentPage16 estnationsthatareeligibletoreceive
3OpinionPage17 thebank’sInternationalDevelopment
3LexPage18 Associationfunding.Butothercoun- Datawatch
triesthatdonotmeetthatcriterionare
possiblythroughto2021—inlinewith alsostruggling.Therearestilldiscus-
Service sectors slip
anappeallastmonthfromtheIMFand sionsonwhowouldbeincluded. Servicesectors
theWorldBank. Countriesreceivingbilateraldevelop- Purchasing managers’ index, (below/ acrosstheworld,
above 50 = contraction/expansion)
Wealthy nations and multilateral mentassistanceareestimatedtobedue BorisJohnsoninapictureissuedbyDowningStreetyesterday morereliant
institutionswouldusethetimetodraw tomakerepaymentsofabout$40bnto —PippaFowles/10DowningStreet/CrownCopyright/PA Services Manufacturing onface-to-face
up “very clear criteria, country-by- external creditors this year. The BorisJohnsonwasdischarged InavideopostedonTwitter, ticular—JennyfromNewZea- India interactions,
China havebeenhit
countryofwhatexactlyisgoingtohap- country-to-countryloansareestimated fromaLondonhospitalyester- MrJohnsonsaid:“Ihavetoday landandLuísfromPortugal—
Emerging mkts harderbythe
pen”,suchasdebtreliefordeferment, torepresentabout$18bn. day, three days after he was left hospital after a week in who“stoodbymybedsidefor
US novelcoronavirus
theofficialsaid. The Institute of International movedoutofintensivecare. which the NHS [National 48 hours when things could
UK pandemicthan
“Fordebtrelieftohappenitwould Finance,anindustryassociation,esti- The British prime minister HealthService]hassavedmy havegoneeitherway”. Russia manufacturing,
taketimeforittobeco-ordinated,”said matesthatlower-incomenationswill hadspentaweekinStThomas’ life,noquestion.” Britainisoncoursetobeone Eurozone accordingto
the official, who did not want to be makerepaymentsofafurther$130bn hospital receiving treatment The message offered some of the worst-hit European Sweden purchasing
namedbecauseofthesensitivityofthe ondomesticdebts.Buttheexactscaleof forCovid-19andisexpectedto insight into how serious his countriesinitsnumberofcor- 25303540455055 managers’
Mar 2020
discussions.“Butwhatisimmediately thedebtisnotclear,giventheopacityof takesometimetorecuperate conditionhadbeen.MrJohn- onavirusdeaths,withthetotal Sources: Refinitiv; IHS Markit; Swedbank and Silf indicesglobally
neededistogivethesepeoplespaceso someofthelending. beforereturningtowork. sonthankedtwonursesinpar- risingyesterdayabove10,000.
EU states should buy company stakes
to repel China takeovers, says Vestager
sharpeconomicdownturncausedby levelplayingfieldbetweenEuropean
JAVIERESPINOZA—BRUSSELS
the coronavirus outbreak and subse- andChinesecompetitors,MsVestager
Europeancountriesshouldbuystakes quentsteepfallsinsharepricesacross saidlastmonththatproposalstothat
incompaniestostaveoffthethreatof thecontinenthaveincreasedthepoten- effectwouldbereleasedinJune.
Chinesetakeovers,theEUcompetition tialforoverseasbids. Theoverhaulwouldtargetcorpora-
Virussharpensbroadband chief has said, as Brussels steps up “It’sveryimportantthatoneisaware tions owned or backed by non-EU
challengeinruralAmerica plans to protect businesses fighting thatthereisarealriskthatbusinesses governments,toaddressworriesthat
for survival during the Covid-19 thatarevulnerablecanbetheobjectofa their financial power grants them
AnalysisiPAGE15 pandemic. takeover,”MsVestagersaid.“Thesitua- an unfair head start over European
Regulatorsarealreadyworkingonpro- tionnowreallyunderlinestheneedso competitors.
posalstograntEUcountriessweeping weworkreallyintensively.Thisisoneof Askedifthetiminghadacceleratedin
powers to derail unfair competition ourmainpriorities.” lightofthecurrentcrisis,MsVestager
Austria €3.90 Malta €3.70
Bahrain Din1.8 Morocco Dh45 fromstate-backedenterprises. She cautioned against rushing out saidBrusselswasworking“asquicklyas
Belgium €3.90 Netherlands €3.90
Bulgaria Lev7.50 Norway NKr40 Margrethe Vestager, also executive measures, saying the best solution possible”topublishdetails.
Croatia Kn29 Oman OR1.60 vice-presidentoftheEuropeanCom- wouldbetodrawupregulationsthat Anyproposalwouldhavetogooutto
Cyprus €3.70 Pakistan Rupee350
CzechRep Kc105 Poland Zl20 mission,toldtheFinancialTimes:“We actedasadeterrent. consultationandeventuallyberatified
Denmark DKr38 Portugal €3.70
Egypt E£45 Qatar QR15 don’thaveanyissuesofstatesactingas “Peoplearemorethanwelcometo bytheEuropeanParliament.
Finland €4.70 Romania Ron17 marketparticipantsifneedbe—ifthey comedobusinessinEuropebutnotto In December, Ms Vestager praised
France €3.90 Russia €5.00
Germany €3.90 Serbia NewD420 providesharesinacompany,ifthey dothatwithunfaircompetitivemeans. Dutchproposalscallingforarevampof
Gibraltar £2.90 SlovakRep €3.70
Greece €3.70 Slovenia €3.70 wanttopreventatakeoverofthiskind.” Ithastohavethisdoublefunction.” European law to allow regulators to
Hungary Ft1200 Spain €3.70 Europeancompanieshavelongbeen Following pressure from Germany interveneindealswherestate-backed
India Rup220 Sweden SKr39
Italy €3.70 Switzerland SFr6.20 inthesightsofChineserivals,butthe andFranceforregulatorstoensurea companiesweredistortingcompetition.
Latvia €6.99 Tunisia Din7.50
Lithuania €4.30 Turkey TL19
Luxembourg €3.90 UAE Dh20.00
NorthMacedonia Den220
World Markets
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APRIL 13 2020 Section:FrontBack Time: 12/4/2020 - 18:54 User: simon.roberts Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1
2 ★ FINANCIAL TIMES Monday13April2020
CORONAVIRUS
Economic confidence
CORONAVIRUS
Global outlook collapsing before crisis
ROUND-UP
USexpertFaucifendsoffcriticsover
delayinimposingcontactguidelines
Indexflaggedcontraction
itshealingforalongtime,datasuggest. business and consumer confidence, ‘Theinability betterwithstandsuchmassiveshocks
ofactivitybeforethe Kristalina Georgieva, IMF managing whicharealreadyinfreefall,”hesaid. comparedtomarketeconomies.Butthe
ofnationsat
TopUSmedicalexpertAnthonyFauciacknowledged director,saidthat170ofits189mem- “TheUSeconomyhascometoavir- economyishardlyoutofthewoodsyet.”
pandemictookhold
therewas“alotofpushback”aboutimposingsocialdis- bers would suffer falling output per tualstandstill...France,Germanyand suchacritical Manyotheremergingeconomiesalso
tancingguidelinesearlierthatmayhavechangedthe headin2020.“Thebleakoutlookapp- theUKfacehistoricrecessionsasall havetodealwithcapitalflightworse
timetoforge
waythecountry’scoronavirusoutbreakplayedout. liestoadvancedanddevelopingecono- indicatorsofactivityandtradetumble.” thaninthe2008-09globalfinancialcri-
CHRISGILES—LONDON
acommon
DrFauciwasaskedduringaCNNinterviewyesterday miesalike.Thiscrisisknowsnobounda- TheBrookings-FTTrackingIndexfor sisandasuddendeclineindemandfor
whetherlivescouldhavebeensavedhaddistancingand The global economy was facing the ries.Everybodyhurts,”shesaid. theGlobalEconomicRecovery(Tiger) front theirexports.
stay-at-homemeasuresbeenintroducedinthethird worstcollapsesincethesecondworld Threemonthsago,theIMFhadexp- comparesindicatorsofrealactivity,fin- TheTigerindex’sreadingisinline
highlightsa
week of February, rather than mid-March, but he warascoronavirusbegantostrikein ectedrisingprosperityin160countries. ancialmarketsandinvestorconfidence withotherindicesandforecasts,which
insisted:“It’sverydifficulttogobackandsaythat.” March,wellbeforetheheightofthecri- Withnocountryimmunefromthe withtheirhistoricalaveragesfortheglo- dangerous pointtothemostdifficultmomentfor
sis,accordingtothelatestBrookings-FT Covid-19crisis,arecoveryoncethelock- baleconomyandindividualcountries. theglobaleconomyinalmostacentury.
fracturingof
trackingindex. downshavebeeneasedislikelytobe Itshowedhistoricallylargedeclines The Peterson Institute for Interna-
TheindexcomesastheIMFprepares slowerthanhoped,saidProfessorEswar across financial indicators, real eco- co-operation’ tional Economics forecast US unem-
Mexicostockexchangechiefdies
to hold virtual meetings this week, PrasadoftheBrookingsInstitution,who nomicdataandconfidenceindicatorsin ploymentwouldreachalmost20per
fromCovid-19complications whenitwillreleaseforecastsshowing lamentedthelackofaco-ordinatedpol- March,wellbeforetheworsteffectson centinthesecondquarterandtheeuro-
thedeepestcontractionfortheglobal icyresponsefromgovernments. theeconomiesofmostcountries. zonewouldsuffera12percentdropin
economysincethe1930sdepression. “The inability of national govern- OnlyinChinaarethedatastabilising, grossdomesticproduct.
The president of Mexico’s stock exchange died Withconfidenceindicatorsfallingoff mentstocometogetherevenatsucha havingfallensteeplymuchearlierafter IntheUK,theNationalInstituteof
yesterdayfromcoronaviruscomplications,thehighest acliff,financialmarketsinturmoiland criticaltimetoforgeacommonfront itsufferedfirstfromlockdownsafter EconomicandSocialResearchforecast
profile victim to date in Latin America’s second- real economic indicators plunging, againstthepandemichighlightsadan- coronavirusemergedinWuhan. thatbytheendofthesecondquarter,
biggesteconomy. bankruptciesandjoblosseswillleave gerousfracturingofinternationalco- ProfPrasadsaid:“Insomerespects, outputwouldbe25percentlowerthan
“TheMexicanStockExchangeinformswithpro- scarsontheworldeconomyandhinder operation. This is further damaging China’scommandeconomyisbuiltto atthestartoftheyear,beforearecovery.
foundsadnessthatJaimeRuizSacristán,president
ofitsboard,diedtoday,”theBMVsaidinastatement.
MrSacristán,70,contractedcoronavirusonatripto
theUSskiresort,Vail. Unemployment. Sweeping closures
Jobless surge wreaks havoc in Pennsylvania
KimJongUn’ssisterbackinkeyrole
Governoraccusedofdraconian
actioninstatewheremorethan
8%ofpeoplehavefiledaclaim
DEMETRISEVASTOPULO—WASHINGTON
Fourweeksago,MichaelSchulson,the
acclaimedchefandownerof10restau-
rantsinPhiladelphia,tookthetough
decisionoflayingoff1,300staffover
KimYoJong,sisterofNorthKoreanleaderKimJongUn, concerns about the coronavirus pan-
hasbeenreinstatedtoatoppoliticalcommittee,as demic.
Pyongyanggrappleswiththethreatofthecoronavirus. “MywifeandIlookedateachother
andsaidthisisgettingcrazy,wehave
a responsibility to self-distance,”
MrSchulsonsaid,explainingthatsome
SixarrestedaftergangattacksGerman
dinershadbeentoo“cavalier”about
patrolenforcingsocialdistancingrules socialdistancing.
Pennsylvania,akeyswingstateinthe
presidentialelection,hasbeenoneof
GermanpolicehavearrestedagroupofmeninFrank- theworsthitbythedramaticcollapse
furtwhoattackedthemwithstonesandironbarsafter in the US labour market because of
theytriedtoenforcesocialdistancingrules. Covid-19.
Theclasheshappenedinasuburbofthefinancial Overthepastthreeweeks,astunning
capitalonFridaynightwhenapatrolcarspottedthe 17mAmericanshavefiledfreshjobless
groupwhowereignoringtherulesthatlimitpublic claims.Thestaterecordedthesecond-
gatherings.Officerswereattackedbyabout20men. highestnumberofnewclaims,asmore
Later,thepoliceraidedaflatandfoundsamurai thanonemillionpeoplelosttheirjobs,
swordsandknives.Sixmenaged23to31werearrested. accordingtotheUSlabourdepartment.
Thisamountstoastaggering8.3per
centofthestate’spopulation.Incom- Boxclever: groupshaveaccusedMrWolfofbeing JohnLongstreet,headofthePennsyl- materialscompanyhasshutfourofhis
parison,only4.1percentofNewYork- acommunity toodraconian. vaniaRestaurant&LodgingAssocia- 10readymixcementplants,although
Iranianstoldtogotoworkbycaras
ersfiledclaimseventhoughthestateis foodbank GordonDenlinger,thePennsylvania tion,whichrepresents700,000work- hehasavoidedlayingoffanyofhis400
publictransportcomesunderpressure thebiggestcoronavirushotspot. distributes directorfortheNationalFederationof ers,saidtheorderhadcontributedto employeesbecausehehasa“rainyday
“PennsylvaniaisusuallyaGoldilocks boxesof Independent Business, said he had thehobblingofthehospitalityindustry, fund”forcrises.
economy.Wenevergettoohotortoo provisionsata takena“morerigorousstanceonclo- whichisthesecondbiggestemployerin Hesaidthestatedeemedconcrete
Iran’spresidentHassanRouhaniurgedresidentsofbig coldsincewearefairlywelldiversified,” drive-through sures” than some states that had thestateafteragriculture. production to be essential but shut
citiestouseprivatecarsandtaxistogotowork. said Brendan Boyle, a Philadelphia centrein allowedbusinessestostayopenifthey “I’vebeenthroughtworecessionsand down infrastructure projects, leaving
IranloosenedrestrictionsofmovementonSaturday, Democraticcongressman,whoseoffices Pittsburgh, followed social distancing guidelines. atleasttwopandemicsandthetragedy himfewcustomers.
allowingmostbusinesseswithaloworaverageriskof havebeeninundatedwithconstituent Pennsylvania, “Thegovernorhastakenaone-sizefits of9/11,”hesaid.“Thewordunprece- Buthestressed:“Itisnotgoingto
spreadingcoronavirustoreopen. requests.“Soitisarealanomalythat lastweek allapproach,”saidMrDenlinger. dentedhasbecomeclichébutthere’s destroyAmerica.Wewillgetthrough
Thereleasefromlockdownhasledtoheavytrafficin ourunemploymentclaimsarethrough GeneJ.Puskar/AP MrWolfrejectsthecriticisms.Hesaid notanythingstrongenoughtodescribe thisthesamewaywegotthrough9/11
Tehranandotherbigcities.“Publictransportshould theroof,farhigherthanmoststates.” hetookthe“leastbadchoice”toensure this.” andthefinancialcrisis.”
nothavepassengersmorethantheirseats,”saidMr BusinessespointtothemovebyTom thathospitalswerenotoverwhelmed MrLongstreetsaidhalfofthe1,500 Butillustratingtherealityformany
Rouhani. Wolf,theDemocraticgovernor,toorder andto“trytomakethistransitional hotels,whichcanbeopen,and26,000 workersinthenowdevastatedhospital-
the closure of “non-life-sustaining” periodasquickaspossible”. restaurants in the state had shut. The ity industry, Oy Rathpakdy, general
businessesonMarch19,inoneofearli- “Whatwehavetodoishunkerdown other restaurants are trying to stay manager of two of Mr Schulson’s
Casessofar estandmostsweepingactionsbyany andfigureoutwhat’sthebestwecando afloatthroughpermittedtake-outand restaurants,saidherteamof100were
state. inthisverybad,imperfectworld,”he delivery, which has showed signs of struggling, even with the food that
1,807,939 “Wemovedquickandhadbusinesses said.“I’mcertainlysympathetictothe pickingup.“Ifpeoplehadstockedupat MrSchulmanisprovidingformanyof
shutdownacrossthestate,”MrWolf folkswhosay,OKlet’sjustwaveamagic home,theyareeitherrunningoutof hisformerstaff.“I’vebeenluckythat
and112,241deathsby18:09BSTonApril12 toldtheFinancialTimes.“Wewerethe wandandgetallthebusinessesback food,ortiredoftheirowncooking.” I’vebeenabletodipintosavings,butthe
Source:JohnsHopkinsUniversity,CSSE
firsttodothat,sotheotherstatesare openagain.Iunderstandit,Iwouldlove Whilesomebusinessesagreethatclo- serversandlinecooks,themajorityof
Readmoreatft.com/coronavirus
playingcatch-up.” todothat.Idon’tthinkthat’sasmart sureswerenecessary,JohnSilviisfrus- peopleinthisindustry,livepaycheque
Republicans and some business thingtodo.” trated. The owner of a construction topaycheque.”
Higher education
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JONATHANMOULES—LONDON absorbedbackintotheworkforceupon such as teaching facilities and staff video app Zoom has reduced their
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t8iHseeoeoot3E3065eo2y83”53ls8.cnMhOavWd0isffl1oit5092h6.uth06rhftmPeaoysreudinhgdear11eaadtinarirEteE7snacpo10wtersCmtins%h0011Att6tart94-mtbtoUaWrgEwp000....hhh.esRe..Ea9812lcaa7o46oerlf...risrii’24h3dd3064eeee0eKese73sttsip-t--fm.cSv212g2144Hra5vc66mENesRecIUUGJUGFUEUPiNaN ppahreueeeSKSSKiethcrsmbpmsBrNhwJHRMaTicnidroP rr NoeDeGG3uteooiG3fDE oe aaeriGGseGahtFiaGratImom eqMBRinooa nopLelbssidpauenooosttn tenEivvzvirunrss aoxnaeobrevvervMeBoheubCr S rneoinst131 Oiid t orarielgyivnb.T12rBR1enaslsrn00sun0hctTsliorvtItii0 0 sseAel e uys RrIelM,atntyy3rsayEt et wShiuArisrfyyenmANrrrnmmffhse“GtnJmdtiGr&prnai ixeosiTofioegBhdedanfLIometknPiEnmxh)hrrcelaMnAhettr NspnVScieoylieeatnanEwinwtdNiyseaiGisewrttZrgnnnidOtastcutkt,aaaitiwuipoiugCoodlsteteiaBwInerinnyTtnnanhcsnuislnENeiobdohsgsldtatdygnh:c 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E—ortiopeR4cpe sieI& cnhL de HnrOecl5l n e/aeehrAtOiansSxg h R—UUnamitF)oneentNtT8i2S r eDi taFSnEa ;fvAlvidcETyl aYpc1a&aia g ftM2bi Cd Hryg,8sAIeOA eORiONP Nt; lMRtEI5aLE2Y-a2,, 0Gh 1.e7°3lL8SPfDAap.T7M.00.Oon6r1i19ehm0.6S81saB0,9lee2a-oM.sQn5dCYx6tLaeaia84;dli,t2017FEBRUARY 4 tmF5aM84rivai3r56id.atex41eT.hR0:7oIde+aS;u01f9,l/0l1I/32S0f:e1l,7S 13ie:53+7NcSLse9(Nia0;71) lictoAaae9yngoenhoxelrtn0neaoAgeaapmcls0ldTnireimestsnan’ipeehw,tssSneimedeietirwtfiggnlanteioen$oepcnhtWbsfra1ahanuafeeur6kcoatthtnrntsuc0oireioeoaitdiitd.,rsnnrw0rinwe’ttcosegot0ssohfuhosnG.n,o0-eslan$ryera,thtsa1qetthchcStd5iwaauahanhceu0srmioseghoiva,rMy0-rbooptaayee0vletloumBecseuSie0lsaeeAn,acoinicrwtthrvniwlidenooeoMtsgaehosodindsgsgufBeleiatcernorrfnAumleeeeefesofdesseBeidaspne,fsraeucnenrignbaasoadeotltidnnoyersss--- bsefaavbUabc$oeno2vileufScasrvFTu5sdeeslcambeea0thnlniesslusnrem,e-wed0arsiteidbna0iiliphnisssmnteny0fdcsciicseogfnhre.dhoeosohrseagowsmMcrtaaroocosbehnsscefoBltey,oosahhsoAstwcnlottmohenloholladoiiriesuansonislec,nsvnreebglaac.tfeeotxropleaorseceptprrpcrieacehneuntoeltuitaosaaseunnch,snhtrtarsaebeihiseetoenviiyoidifsnrnsogigo.m,mrftanhcArlhuilaaestalncfesmostoaleonitenwctoenulypcaoigmnsadcrvudsssiereaitisitfosndndronuerosineeggsssrtt-f cfwdcosotoYohcaorvenoirhHananetaueftothnrdtoeiT-oivorletwtnupileetohnrufepabca-eeoeevoylosedrsawemmanuttcrvflohocie,owmeinrtedrwnMialgeowdeyttsennBcoutsolattlus.csAr”taenoobdlosrdnadmuesrmsnrainttkneoudshstemdosdoapeaigmvpesvpeenreoneioeoddtnltbptutehusiehlacapenaeenatcdlngubotdfcrmsrruefmawcleoqsileosemslpiuxwlsnsllaeiciaaeibnosoaatbisltlnnnhdness-l tdiawppwotmeinnhhlxuoelhoti“KaceecrnihnuytnWrceevtothMilesteullssdaueleecla,hieloB”gdh’tfssurenigehmeAiooeeadhnglteonhtbi,oegbclsodeao[sfaioaeucmcsususwntiutotarthdatwsdrerpsdpie:eioesrtdteoeto“sseefKehbtm.o]sWidenne.etuaaf”“onhildettttclPioatioownhwKasengfetrgreeoeeglovxeoutialpwihpnwcldnlcecolskieieeopewihsosglrgn.rhlagailuraaefeeldn,etninrlcncdheeesdededtceaenlieduiesnaridvgsrderetucseeiheendthsrntssvoautathotdaheeorupcao—inndddee-t--l
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Monday13April2020 ★ FINANCIAL TIMES 3
CORONAVIRUS
Europe’s drive to save jobs risks
UN warning
Saudi Arabia
denies forced
fuelling north-south inequality
repatriation
of migrants
Measures to stop surge in unemployment threaten to widen gap across EU states to Ethiopia
MARTINARNOLD—FRANKFURT DAVIDPILLINGANDANDREWENGLAND
DANIELDOMBEY—MADRID LONDON
Europeiscountingonshort-termpaid SaudiArabiaissteppingupthedepor-
leaveschemestoshielditsworkersfrom tation of thousands of Ethiopians,
aUS-stylesurgeinunemployment,but includingsomewhoaresuspectedof
analystswarnthepandemicwillwiden sufferingfromcoronavirus,anactthat
thegapbetweenstronglabourmarkets some migrant advocates have
inthenorthandweakonesinthesouth. describedasrecklessandinhumane.
InGermany,FranceandSpainalone,
officials received applications from Overthepast10days,uptotwoflightsa
businessesforpaidleaveonbehalfof daycarryingEthiopianmigrantshave
morethan10mpeopleinthefirstweeks landed at Addis Ababa international
ofthecrisis.ThegoalistokeepEuro- airport,beforereturningtoSaudiAra-
pean companies on life-support by bialoadedwithcattleexports.
helping them put workers on short- A total of 2,968 migrants were
termleave,withmostoftheirwages returnedinthefirst10daysofApril
paidbythestate. accordingtooneUNofficialwhospoke
“Itisaveryquickandpracticalsolu- onconditionofanonymity.
tion,”saysSandraSauleda,whohasput “Thisissimplynotthemomentfor
80percentofthe52staffemployedby massdeportationsfromapublichealth
herBarcelona-basedcateringcompany perspective,”saidCatherineSozi,UN
on to Spain’s Erte temporary leave humanitarian co-ordinator for Ethio-
schemeafteritsorderscollapsed. pia.“Thesemassdeportations,without
“Iamstillworriedaboutwhathap- anypre-departuremedicalscreening,
pensafterwards—Idon’tlikefiringany- arelikelytoexacerbatethespreadof
one,”sheadded.“Butwiththefallin Covid-19totheregionandbeyond.”
sales,wewillneedtorestructure.” AseniorSaudiofficialsaidtheking-
Analystssaysuchprogrammesvary domwasnotconductingforcedrepatri-
considerably—Germany’sKurzarbeit ationsbutwasco-ordinatingwithcoun-
systemismoregenerousthanitsSpan- triesifmigrantswantedtoreturnhome.
ishequivalent.AlthoughSpainhastrig- “Weareco-operatingwithindividual
geredaforcemajeureErtescheme— countriestosay,‘doyouwantyourpeo-
coveringabout70percentofworkers’ pleback,areyouabletoreceivethem,
salariesforcompanieshitbythepan- whatcanwehelptoenablethemto
demic—somegroupssayitistootightly come back?’” the official said. “And
definedforthemtoqualify. wherecountrieshaverespondedposi-
“Ifyouhaveabar,arestaurantora tively,weareorganisingflights,someof
hotel[closedbydecree],itisveryclear itwepayfortosendthemhome,butwe
—thecauseisforcemajeure—butfor arenotforcingpeople.”
companieslikeusitismorecompli- Foreignworkersaccountforabouta
cated,”saidRogerBarrio,whosefamily Madridin sishit—thesecondhighestintheEU staffonKurzarbeitforthepastweek, ‘Ifitis Spanishonewastheweakest,warning: thirdofSaudiArabia’s30mpopulation.
runsthreeBarcelona-basedcompanies lockdown: afterGreece. entitlingittoclaimupto67percentof “Weareconcernedaboutthecombina- Riyadhhasimposedastrictlockdownto
months
providingelectricalinstallation,com- worriesgrow Attheotherendofthespectrum,Ger- theirpayfromthestatewhilepaying tionofarelativelyweakpartialunem- containCovid-19.
puternetworksandairconditioning. thatsouthern manyenteredthecrisiswithajobless them86percentofwhattheywould beforewe ploymentsystemcomparedtoitslarger “Idon’tthinkwewillseeinSaudi
Abouthalfofhis45staffarestillactive, Europewillbe levelofonly3.2percent.ItsKurzarbeit normallyreceiveforlosthours. EuropeanpeersandSpain’salreadyrel- Arabiaasignificantnumber[offoreign
returnto
includingononecontracttoequipanew hithardestby scheme,whichsupported1.5mworkers “Itshieldstheemployeesandthatis ativelymorevulnerablelabourmarket workers]asapercentagegoingout,”the
intensivecareunitinanearbyhospital, joblosses inthe2008financialcrisis,hasbeen very good,” said Oliver Maassen, normal,it structure.” Saudiofficialsaid.“Ifwearetolookat
—Uanjo
sohedoesnotbelievehisgroupswill Martin/EPA-EFE/Shutterstock heldupasamodelacrossEurope.By Trumpf’sheadofHR.But,headded,the TheypredictSpain’sjoblessratewill [the] big picture in the next three
willbe
qualifyfortheErtescheme. lastweek,arecord650,000companies systemisbureaucratic:“Ittookfivepeo- climb above 20 per cent, while Ger- months,Iwouldnotimagineanything
AnexistingErteprogrammeforcom- hadappliedforitshelp. plethreedaysjustfillingoutthedocu- much many’swillpeakat6percent. morethan10percentgoingoutbecause
panieswithspecificproblemsoftheir OneofthoseisTrumpf,amachine mentstopresenttotheauthorities.” Eurogroup finance ministers last offlightcapacity.”
harderfor
owniswidelyconsideredtoobureau- tool and laser technology company MrMaassensaidKurzarbeitisattrac- weekendorsedaplan,knownasSure,to MsSozisaidtheUNwascallingfora
cratic.Meanwhile,companiesaffected based north of Stuttgart, which has tivebecausethealternativeofsacking companies create€100bnoftemporaryEUloansto temporarysuspensionofthedeporta-
bySpain’stwo-weekbanon“non-essen- placedalmosthalfofits7,500German workersissodifficultandcostlyunder fundemploymentprotectionschemes tionstogiveEthiopianauthoritiestime
tosurvive’
tialwork”areexpectedtokeeppaying Germanlabourlaw.“IntheUS,they inweakermemberstates. toplanforthemigrants’repatriation.
theiremployeesthemselves. Europe’s paid leave offering wouldlaughatmeifIexplainedKur- Economistsworry,however,thatif “If you keep receiving 600-700
“Ifthelockdowndoesn’tgoonfor zarbeittothem[andask]‘whynotjust thecrisisdragsonformonths,more migrantsadayandtheyallhavetogo
How much of
much longer, the temporary lay-off letthemgohomeandthenhirethem peoplewillfallthroughthecracksand intoquarantinesomethingwillbreak,”
your pay do Who can
scheme could stop more jobs being againinsixmonths’timewhenthisisall losetheirjobsinsoutherncountries— saidonewesternofficialinAddisAbaba.
you still get? apply?
destroyed. But if it is months and over?’ThesameinAsia.” wideningthegapwiththerichernorth- Ethiopia has requested that the
monthsbeforewereturntonormal,it Germany 60% or 67% Only for companies with TrumpfalsohasafactoryinAlsace erncountriesandmakingitharderto deportationsstopduringthecoronavi-
willbemuchharderforcompaniesto for parents over 10% of staff idled and the company is talking to the restarttheireconomiesafterwards. ruscrisis,andonSaturdaydeniedland-
survive all the same,” says Antoni UK 80% up to Only for furloughed staff, not Frenchauthoritiesaboutwhetheritwill “It is obvious that the southern ingrightstoaSaudiaircraft,according
Cañete, secretary-general of Pimec, £2,500 a month those put on reduced hours havetocloseandwhatsupportisavaila- Europeancountriesaregoingtosuffer toapersonfamiliarwiththedeporta-
which represents Catalan small and ble.ItsItaliansalesofficeand3Dprint- morethanthenorthernEuropeancoun- tions.TheEthiopianforeignministry
France 84% up to 4.5 times Requires approval
medium-sizedenterprises. ingplanthavealreadybeenforcedto tries,”saidCarstenBrzeski,anecono- couldnotbecontactedforcomment.
the minimum wage by workers' council
Madrid has introduced temporary shutandTrumpfis“tryingtofindout mistatING.“Thesizeofthetourism Themigrantsarebeingtakentofour
measurestobancompaniesfromsack- Italy Up to 80% to a Only for companies with whatthesituationis”onstatesupport industryandtheSMEsectorarebigger quarantine centres in Addis Ababa.
ingstaffduetothecrisis,butdespite limit of €1,199.72 at least 15 employees there,MrMaassensaid. inthesouthernEuropeancountries—so SomehavetestedpositiveforCovid-19.
this, more than 800,000 people lost Economists at Deutsche Bank thiswillincreasethedividebetween Ononerecentflightwith308passen-
Spain 70% between €501 Only for companies
theirjobslastmonthoutofalabour recently assessed short-term leave northandsouthinEurope.” gers,staffworkingfortheWorldHealth
and €1,098 a month hit by the pandemic
forceof19m.UnemploymentinSpain schemesinGermany,theUK,France, AdditionalreportingbyLeilaAbboudin Organization identified seven people
wasalreadyat14percentbeforethecri- Source: FT research Italy and Spain. They concluded the Paris withsuspectedCovid-19.
EasternEurope.Labour Harvest risk
‘Champagne’ of tea lost as
Ukrainian workers head home from Poland
lockdown imperils supplies
haveheadedwestinvastnumbersin beenreallocatedtoitsecommercecen- homeforavarietyofreasons.Somelost
Zelenskytakesopportunity
searchofworkandabetterlife. tre,wherebusinesshaspickedupas jobsandhousing,othersworriedthat
tolurereturningnationals Lastyear,Polandissued1.5mspecial customers cooped up at home order theaccommodationtheysharedwith BENJAMINPARKIN—NEWDELHI theportcityMombasa,alargeteaship-
short-termworkpermitstoUkrainians clothesonline. fellowmigrantworkersexposedthem EMIKOTERAZONO—LONDON pinghub.
forinfrastructureprojects —farmorethananyothernationality— But with the company burning toagreaterriskofcatchingthevirus. CoronaviruslockdownsinIndiaand Curfews in Sri Lanka temporarily
andtheseworkershaveeasedlabour throughcash,eachofitsoutletsclosed Anotherproblem,shesaid,isthatthe Kenyaarethreateningglobalteasup- stoppedproduction,thoughithassince
shortages in factories, building sites, as the result of lockdowns across closure of many government offices plies, with traders racing to secure restarted.Tradehasalsobeendisrupted
JRAOMMEASNSOHLOETATRECRH—YKW—ARKSYAIWV farms,hotels,restaurantsandshops. Europe,thefocusislessonfindingstaff becauseofthepandemicmeantworkers stocks. inChina,theworld’slargestteapro-
Butasthefalloutfromthepandemic thanfindingthefundstopaythoseit wereunabletoextendtheirpermits. ducer.WhenIndiaannouncedthelock-
MilahasforyearstakenjobsinPoland, drivessomeworkershome,businesses alreadyhas. Theyleftratherthangetintotroublefor InIndia,whichisinthemidstofathree- downitindicatedthatteaproduction
oneofmorethan1mUkrainianswho thatdependheavilyonmigrantlabour, “[Thesituation]isverydynamic.It’s overstaying.Warsawhassincetweaked weekshutdowntostopthevirusspread- wouldbedesignatedanessentialservice
crosstheborderandhelpmeettheir andwhicharestillinoperation,facethe thebeginningofthe[economic]crisis. therulestoallowshort-termworkers ing, production in the top growing and exempt. But local authorities in
westernneighbour’slabourneeds. prospectofarenewedstruggleforstaff. Entrepreneursarelookingonceagainat whoseregistrationsexpiremoretimeto regions of Assam and Darjeeling has AssamandDarjeelingfailedtograntthe
But three weeks ago, worried she Poland’s main farmers’ union has howmanypeopletheyneedandproba- regularisetheirstatus. groundtoahaltjustasthepluckingsea- necessarypermissionstokeepthegar-
wouldbeineligibleformedicaltreat- warnedofparalysisiftheUkrainiansare blyeverybodyisexpectingsomecutsin In Ukraine, Mr Zelensky sees the sonwasduetobegin. densopen.
mentduringthecoronaviruspandemic, unabletopickthisyear’sfruitharvest. the jobs,” Mr Piechocki said. “If the reversalintheflowasanopportunityto ThefirstflushinDarjeeling,oneofthe “TheDarjeelingfirstflushisgone,and
Mila,67,decidedtoleaveherjoblooking Constructiongroupsarealsofeelingthe ordersaresmaller,forsuretheydonot createjobsforinfrastructureprojects, world’smostprizedbrewsknownasthe ifwedon’topenupsoonthesecond
after an elderly lady in Krakow and pressure.“It’sournumberoneprob- needsomanypeople.” suchasbuildingroads,toeasethepain “champagne”oftea,hasalreadybeen flushwillbegone,”saidVivekGoenka,
headhometoLvivinwesternUkraine. lem,” said Cezary Maczka, a board MyroslavaKeryk,headofFundacja ofapendingrecession. lost,planterssaid.Theleaves,which presidentofWarrenTeaandchairman
“PeopleinKrakowstartedwearing memberatBudimex,Poland’sbiggest NaszWybor,whichsupportsUkraini- “Ibelievethatwemustdoeverything commandapremiumgloballyfortheir oftheIndianTeaAssociation.
facemasks.Weheardthat[Ukrainian constructioncompany. ans in Poland, said people had gone tokeepthesepeopleinUkraine,”hesaid delicateflavour,arenowtoolongand MrIdoniboyeexpectssuppliesinter-
President Volodymyr] Zelensky gave “Ifyoulookatoursubcontractors,in lastweekinanationaladdress.“We hardtoharvest. nationallytotightenoverthenextthree
sometwoweekstocomeback,warning someofthemupto70percentofthe reallyneedyourknowledgeandskills.” EvenifthelockdownendsonApril14 tosixmonths,withIndialosingaround
theborderswouldbeclosed,”shesaid. workforceisfromUkraine...It’snot But for many migrants, the future asscheduled—officialshaveindicatedit 150,000tonnesoftea,or10percentof
“Thenitgotreallyscary,especially thatthesecompaniesaredisappearing, remainsdeeplyuncertain.Someplanto maycontinuelonger—planterssaidit itsproduction.
whenPolishtelevisionshowedwhatwas butduetolackofpeople,theyarepush- returnoncethecrisispasses.Butothers would take weeks to get the bushes
goingoninItaly,SpainandGermany. ingbackthedeadlinesforthejobsthat feartheeconomicdamagewillbesuch ready again, which could threaten the
Theyshowedlinesontheborderwith theyhadinthecontract.” thattherewillbefarfewerjobsonoffer. nextroundofplucking. Contracts&Tenders
Germany,withPolesreturning.AsIwas Other sectors are less affected: at Mila,whohasspenthertimesince “We’llloseahugeamountofcrop,”
watchingthis,myheadstartedtohurt.” hotelsandrestaurantsthathavebeen returningtoUkraineinquarantine,is said Prabhat Bezboruah, a grower
Duringthepastcoupleofweeksmore orderedtoclose,orfactoriesthatare amongthosewhodonotknowwhether in Assam and chairman of India’s
than 100,000 Ukrainians have gone runningfarbelowcapacityorbarelyat theywillreturn.“Whenwillthisend? TeaBoard.“Manygardensareindeep
homeviathecheckpointsonPoland’s all,survival,ratherthanstaffshortages, Willtheyallowusback?Willwewantto trouble.”
easternborder,inastrikingreversalof isthemainconcern. go?”sheasked. InAfricanproducerssuchasKenya,
anexodustothewestthathadbeenone Marek Piechocki, co-founder and “ThisismorescarythanRussia’swar theflowofteafromplantationsinto
ofEurope’sbiggestrecentmigrations. chiefexecutiveofLPP,Poland’slargest againstourcountry.Atleasttherewe portsandbeyondhasbeendisrupted,
InthesixyearssinceUkraine’secon- fashionretailer,saidthatabout200of haveourbravesoldiersprotectingus, accordingtoIbiIdoniboye,ananalystat
omy nosedived after Russia annexed the800Ukrainiansworkinginthecom- but here we are facing this invisible commoditiesdatafirmMintec.
Crimeaandstirredupaproxywarinthe pany’sdistributioncentreneartheport Ukrainianswaittoboardabusatthe virus.”sheadded.“It’snotclearwhereit Kenyathisweekentereditsown21-
easternregionofDonbass,Ukrainians cityofGdanskhadleft.Theresthave Polishbordertotakethemhome camefromandwhoitwilltakenext.” daypartiallockdown,whichincludes
APRIL 13 2020 Section:World Time: 12/4/2020 - 18:42 User: ian.holdsworth Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1
4 ★ FINANCIAL TIMES Monday13April2020
CORONAVIRUS
Slowdown. Jobs
Battered economy
Turkey rejects
suggestions it
will seek help
from IMF
Ankarainsistsitwillnot Now,thecountryisgrapplingwitha
majorCovid-19outbreak—withmore
breakpledgeneveragain
than5,100newconfirmedcasesonSat-
toaskfundforsupport urday—aswellastheimpactofaworld-
widerecessionandarushtosafetyby
globalinvestors,whohavepulledtensof
LAURAPITEL—ANKARA
billionsofdollarsoutofemergingmar-
Turkeyhasdismissedspeculationthat kets.
itcouldturntotheIMFforhelpinover- Turkey’s reserves, which were
comingthecoronaviruscrisisthathas alreadyconsideredinadequatebefore
batteredits$750bneconomy. thepandemicbroke,havefallenfurther
A spokesman for President Recep inrecentweeks.
TayyipErdogansaidthatreachingan Gross foreign currency reserves,
agreementwiththeIMFwas“notonour includinggold,stoodat$89.6bnatthe Ghosttown:ausuallybustlingPlazaMayorsquareinMadridstandsempty—
ManuFernandez/AP
agenda”. startofthismonth.Thatcompareswith
Turkeyhad“noneed”forastandby $172bnofdebtpaymentsthatcomedue Spain on course to be worst-hit EU economy
agreement, Ibrahim Kalin told the inthenext12months.
broadcasterCNNTurk. Official statistics for net reserves,
MrErdoganinheritedanIMFpro- including public sector deposits held
gramme when he swept to power in atthecentralbank,stoodat$27.5bn
2002onthebackofaseverefinancial in the first week of April. However,
crisisandhaslonginsistedthatTurkey thatfigureincludesbillionsofdollars GDP.Othereconomistsarguethata10 impact of the crisis could be deter- otherservices.Yet,withitslimitedfiscal
Abundanceofsmallbusinesses
wouldneveragainturntothefundon of borrowed money obtained by the percentdropinoutputandadeficitof mined,“weneedtoknowhowlongthe roomformanoeuvre,Spainhasbeen
hiswatch. centralbankthroughswapagreements andalreadyfragilefinances 10percentofGDParelikely.Thatwould shutdownisgoingtolast,whetherthere less generous than other European
Asrecentlyaslastyear,hesaid:“Tur- bringtotaldebttoatleast120percentof will be another outbreak, and what countries. When Pedro Sánchez, the
keyhasclosedtheIMFbookanditwill ‘Thiswillbepainful,but putnationinparticulardanger GDP—upfromjustunder100percent measuresaregoingtobeinplacewhen Socialistprimeminister,announced10
notbeopenedagain.” previously—evenbeforemeasuresto peopledogooutoftheirhomes”.The daysagothatthegovernmentwashalt-
ithastobedone,sooner
But the coronavirus crisis has rebuildtheeconomyarecontemplated. OECDestimatesthatforeachmonthof ingallworkdeemednon-essentialfor
DANIELDOMBEY—MADRID
promptedmarketspeculationthatMr ratherthanlater’ Social security figures last week lockdown,countriescanexpecttolose twoweeks,thebillwaspassedtothepri-
Erdogan, whose country has limited Itisasignofhowsavagelythecoronavi- showedmorethan800,000peoplehave 2percentagepointsofannualgrowth. vatesector.
reservesofforeigncurrencyandalarge RefetGurkaynak,economist ruscrisisishittingSpain’seconomythat alreadylosttheirjobsoutofalabour ButMsHerreroalsoemphasisesthat Companiesarerequiredtogoonpay-
external financing requirement, may JosepTres’sbusinessistodaydoinglittle forceofaround19m.Meanwhile,the Spain’seconomywasparticularlyvul- ingsalariesontheunderstandingthat
havetorenegeonthatpledge. with Turkish commercial banks. morethanfendingoffrodents. governmentissupportingtheincomeof nerable,becauseof“thehighpropor- theiremployeeswillmakeuplosthours
Inareflectionofinvestorconcern,the TurkeyhasheldtalkswithotherG20 Mr Tres and his family have run some6mpeople,whetherthroughtem- tionofpeopleontemporarycontracts; beforetheendoftheyear.
liragainedasmuchas2percentagainst nations — including the US — about Netexpres,acleaningcompany,for40 porarylay-offschemes,taxholidaysor theroleoftheservicesector,including Spain’s €100bn loan-guarantee
thedollaronThursdayafterKristalina securingswaplinesinordertoreplenish years.Beforethepandemictookhold,it increasedbenefits.Unemploymentwas schemeforbusinessesfallsfarshortof
Georgieva,theIMF’smanagingdirector, itsstocksofhardcurrency,accordingto employed400workersfromitsbase already14percentbeforethecrisishit. theUK’s£330bnprogramme,letalone
saidthefundhad“veryconstructive reportsconfirmedbyaTurkishofficial. nearBarcelonaairport.Overhalfhave Such figures are a big reason why, 15.5% 800,000 the“bazooka”withnoupperlimitthat
engagementwiththewholemember- Sofar,noagreementhasbeenreached, been furloughed as shopping malls, despite resistance from northern Germanyhasputintoplace.
Estimateddecline Numberofpeople
ship,includingwithTurkey”. itisbelieved. sportsvenues,gyms,restaurantsand Europe,Madridispushingformutuali- Bruegel, the think-tank, suggested
inSpanishgross inSpainwhohave
Even before the coronavirus crisis, RefetGurkaynak,oneofthecountry’s governmentofficeshavebeenclosed. sationofdebtandEU-backed“coro- domesticproduct lostjobsdueto thatbytheendofMarchSpainhadput
Turkey’seconomywasstillrecovering leadingeconomists,warnedyesterday Normally 30 staff clean two huge nabonds”—anagendaonwhichEuro- thisyear thelockdown inplacediscretionaryfiscalmeasures
fromtheafter-effectsofa2018currency thatTurkey’sneedforforeigncurrency installationsthatprepare10,000aero- zonefinanceministersremainedatlog- andguaranteesworthabout12percent
crisis,whichwasfollowedbyarecession meantthatitwouldeventuallyhavelit- planeandairportmealsaday.Butnow, gerheadslastweek,evenastheyagreed tourism,whichhasbeenverybadlyhit; ofGDP,comparedwith18percentinthe
andasharpriseinunemployment. tlechoicebuttoturntotheIMF. withtheairportstilled,“itisjusttwo a€500bnpackageofmoreimmediate andtheimportanceofsmallandmedi- UK,23percentinFranceandcloserto
Writing for the Turkish news site peoplecleaningforfourhours,tokeep measures. um-sizedenterprises”. 60percentinGermany.
Duvar,hesaidaswaplinefromtheUS theratsaway”,saysMrTres. “Thegeneralfactthatwearelooking MorethanaquarterofSpain’swork- “Inacrisislikethis,theSpanishecon-
FederalReserve,ifitwasforthcoming, Heworriesthatanalreadydramatic at a contraction in the economy, force is on temporary contracts, the omycannottakeonmoredebt;itcan’t,”
would simply “kick the can further surge in Spanish unemployment will althoughwecan’tyetknowthesize—as highestlevelintheEU,andattimesof saidMrSánchezlastmonthashecalled
downtheroadagainwithoutaddressing risestillfurtherasthecountry’sthree- wellastheextraordinarygovernment stresstheeasiestwayforcompaniesto fortheEUtounderwritealatter-day
themainproblem”. week-oldlockdowngoesonandcompa- spending—meansthattherewillbea cutlabourcostsistosacksuchpeople MarshallPlantoreconstructtheecon-
Capital controls, he added, would niesfold.“We’vesurvivedalotofthings: riseinpublicdebtasaproportionof ratherthantoreducesalariesorthe omy.Headdedthatthelastfinancialcri-
be“disastrous”. recessionin1992,thefinancialcrisis,” GDP,”saidCristinaHerrero,presidentof workingweek.Accordingtolastweek’s sisalsohitsouthernEuropeharderthan
Ultimately,hepointedout,thecoun- headds.“ButI’veneverbeensoscared.” Spain’sIndependentAuthorityforFis- figures,thenumberofpeopleontempo- thenorth.
tryneededanIMFprogrammetobring UniCredit research published this calResponsibility. rarycontractshasalreadydeclined17 “Theghostoftheglobalfinancialcri-
inlonger-termforeigncurrencyfunding weeksuggestsSpainissettosuffermore “Thelimitedfiscalspacerelativeto percent,comparedwithjusta2percent sis is haunting Spain’s relations with
andtoensurethatthecountryadopted fromthecrisisthananyotherEuropean othercountriesisabigpartofthereason fallinpermanentlyemployedstaff. Europe,”saidIlkeToygur,attheElcano
much-neededeconomicreforms. economy, estimating a 15.5 per cent why Spain wants eurobonds, coro- Meanwhile,tourism,whichin2018 RoyalInstitute,aMadrid-basedthink-
Workersinprotectivegear “Thiswillbepainful,butithastobe declineingrossdomesticproductthis nabonds,mutualisationofdebt.” contributed 12 per cent to GDP, has tank.“Sánchezandhisgovernmentdes-
disinfectIstanbul’sGrandBazaar done,soonerratherthanlater.” yearandafiscaldeficitof12.5percentof Sheaddedthat,beforetheeconomic groundtoavirtualhalt,ashavemany peratelyneedmorehelpfromtheEU.”
South America PublicNotice
Argentina braced as ninth
sovereign debt default looms
BENEDICTMANDER—BUENOSAIRES “Seeingwherebondpricesarenow,
COLBYSMITH—NEWYORK the government probably feels...it
Argentina is heading for its ninth can put forward more aggressive
sovereigndebtdefault,analystshave terms,”saidPatrickEsteruelas,atEmso
warned,withincreasinglyfrustrated AssetManagement.
investorssettorejectthestate’sdebt SettlingArgentina’sdebtissueswas
restructuringofferduethismonth. seenasessentialtosolvingitseconomic
woes,includingarecessioninitsthird
Lastweek,thecentre-leftgovernment yearandinflationofabout50percent.
delayedpaymentson$10bnoflocal-law Butanysenseofurgencyingovernment
debt,amoveseenbymanyasasignalof hasdiminishedsincethepandemic.
whatistocome.Aftermissingaself- MrFernándezhassaidhewantsto
imposeddeadlineofMarch31toreacha avoidadefaultbuthasalsoinsistedthat
dealon$83bnofexternaldebtowedto thismustnotbeattheexpenseofthe
privateinvestors,officialssaidlastweek wellbeingofArgentines.Theviruscrisis
talkswouldgoontoSaturday. hasunderscoredthegovernment’sgoal
The process, already beset with ofsecuringfiscalandfinancialreliefvia
delays,hasbeenfurthersetbackbythe debtrestructuring.
disruptiononmarketscausedbythe The next test will come on April 22
coronavirus crisis, which analysts said when Argentina is due to pay about
would make it easier for President $500mtobondholders.
AlbertoFernándeztojustifyadefault. GordonBowers,ananalystatColum-
CarlosAbadiofDecisionBoundaries, biaThreadneedle,saidheexpectedArg-
afinancialadviser,saidthegovernment entinatofallintoharddefaultatthat
risked making an offer to investors point.“Iftalksaren’tprogressingandit
without first ensuring it had enough lookslikeadealcan’tbedoneinthe30-
onside.“Argentinamayjumpintothe daygraceperiod,itdoesn’tmakealotof
poolwithoutfirstmakingsurethereis sense[forthegovernment]toletgoof
waterinit,”hesaid.“Theresultislikely $500m,”hesaid,especiallyasnetforex
tobeafailureoftheofferand,hence, reserveshavedwindledtoabout$12bn.
default.” Butotherssayadefaultisnotinevita-
A bondholder in talks said the ble.Someanalystsrecommendastand-
countrywasheadingtowardsa“hard” stillintalksuntilthecoronaviruscrisis
default,withnoprioragreementwith haspassedandtheeconomyhasstabi-
investors:“Itishardtobeoptimistic.” lised. Mr Abadi said creditors would
Pricesofsovereigndollarbondshave accept“aone-yearreprofiling”,which
plunged because of the pandemic to would also satisfy the need to stop
levels suggesting investors expect an bleedingdollarsviadebtpayments.
imminent default. The international “Thecrisisopensanewdoor,”said
bondmaturinginApril2021hasfallen economist Eduardo Levy Yeyati. He
45percentsinceearlyMarchandisat argued that bondholders could be
30 cents on the dollar. The once- “sweetened”byusingsomeofthe$13bn
vaunted100-yearbond,issuedin2017, thatremainstobedisbursedfromthe
isat26centsonthedollar,amorethan suspended$57bnIMFprogrammeasan
35percentfallsinceMarch. upfrontpaymenttocreditors.
APRIL 13 2020 Section:World Time: 12/4/2020 - 18:38 User: ian.holdsworth Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
Monday 13 April 2020 ★ FINANCIAL TIMES 5
APRIL 13 2020 Section:Ad Page Time: 9/4/2020 - 10:53 User: william.baxter_mag Page Name: AD FT1, Part,Page,Edition: EUR, 5, 1
6 ★ FINANCIAL TIMES Monday13April2020
y
Andrew Hill Sage advice from William Wordsworth on how to navigate prolonged home working
PAGE 12
Investment
Construction
Economic boost Buyers needed for $3tn of
in China set
US government debt to fund historic stimulus
banks braced
to rebound,
says Hitachi
for earnings
KANAINAGAKIANDLEOLEWIS
TOKYO
wipeout Japanese conglomerate Hitachi is
expecting a wave of infrastructure
spendinginChinaasBeijingtriesto
turbochargetheeconomy’srecovery
fromthecoronavirusoutbreak.
The group, which makes everything
from nuclear power plants to bullet
trains,saiditselevatorfactoryinChina
hadresumedproductionandthatthe
3 European lenders seen as vulnerable
constructionindustrywouldreboundas
citiesendtheirlockdowns.
3 Wall Street set to grab market share
“Thesesituationscreatetheneedfor
governmentstoactuallygetthework-
forcebackandthereforeinfrastructure
STEPHENMORRIS—LONDON increasingly dominant Wall Street is spendingwillrise,”saidAlistairDormer,
likelytousethecrisistotakemarket headofthegroup’srailandmobility
Global investment banks risk seeing sharefromsmallerEuropeanlenders. businesses.“Alltheindicationsarethat
theirannualearningswipedoutbythe Germany’sstrugglingDeutscheBank Chinaisgoingaheadatfullspeed.”
coronaviruscrisiswithEuropeanbanks andCommerzbankaretheworstposi- Asthefirstcountrytobeafflictedby
morevulnerablethantheirmoreprofit- tionedamongbigbanks,havinglittleor thevirus,governments,businessesand
ableUScounterparts. no profits to absorb a wave of loan investorsaretrackingChina’seffortsto
Even the most optimistic “rapid defaults.Switzerland’sCreditSuisseand emergefromlockdown.Wuhan,thecity
rebound”scenario,whererelativenor- UBSaretheEuropeanlendersbestposi- of11mpeoplewherethediseasefirst
malityisrestoredinsixmonthsorless, tionedtocope,largelythankstotheir erupted, last week officially ended a
couldleadtoa100percentdeclinein shift away from investment banking morethantwo-monthlongquarantine.
profits this year, according to a towardswealthandassetmanagement. AndrewHarrer/Bloomberg Beijingisduetoreleasefiguresonthe
reportco-authoredbyOliverWyman Governmentsandcentralbankshave economy’s first-quarter performance
Who will buy $3tn of US Treasuries?
andMorganStanley. unveiledmeasurestosupportlenders, onFridaywitheconomistspredictinga
Annual US Treasury purchases by sector, with Goldman Sachs projections for 2020 ($bn)
In a more pessimistic model — includingfreeingup$500bnincapital sharpcontraction.ForHitachi,thepan-
dubbed “deep global recession” and bytemporarilyrelaxingregulationsand demichasforcedittodelaytherelease
2,000
lastingayearormore—someweaker pumping trillions of cheap financing 2018 2019 2020 ofitsannualearningstomid-May.
intothesystem. 1,500 MrDormersaidthegroup’ssprawling
‘Thepressureonearnings Despiteallthehelp,“wearestilltalk- 1,000 setofbusinesseshadhelpedcushionthe
ing about an ugly earnings scenario blowfromthepandemic.Lastweek,the
couldrevealstructural ratherthanbanksdippingbelowtheir 500 companysoughttoreassureinvestors
weaknessesinsome capitalrequirements”,saidMsStoklosa. thatithada$12.9bnfinancialbuffer
0
For the past five years, wholesale includingcashathand,corporatebond
businessmodels’
bankshavegeneratedanaveragereturn -500 issuanceandbankloans.
Fed Foreign Households Pensions Asset Money Foreign Banks Brokers/ Other
onequityof9to10percent,according “Peoplesayweprefercompaniesthat
official managers market private dealers sectors
bankswouldincurbiglosses.Inthis tothereport.Inthebest-casescenario, funds focusjustinonesector.Inthesekindsof
scenario,creditlossescouldsurgeto thatmeasureofprofitabilitywillhalve uncertaintimes,it’snotabadthing,”
Sources: Federal Reserve Board; Goldman Sachs Investment Research
between $200bn and $300bn, com- to4to5percentbetween2020and saidMrDormer.“Thereisimpacthere
pared with $30bn-$50bn if a rapid 2022,withtheweakestlendersfallingto andtherebutbroadlythebusinessis
reboundunfolds. zeroorbelow. COLBYSMITH—NEWYORK matetheTreasurydepartmentwill whichtypicallyinvestinshort-dated stillstrongandcontinuing.”
Whilethebankingindustryhasbuilt The eurozone banking system need to issue $3tn of securities — Treasuries. Goldman estimates OneofHitachi’sbusinessesthathas
TheUSTreasuryissettoissuetril-
uprobustcapitalandliquiditybuffers enteredthiscrisisinaparticularlyweak includingsomewriggleroomtocover Treasurybills,whichhaveamaturity beenhithardisitsrailoperationsin
lionsofdollarsofextradebtthisyear
sincethefinancialcrisis,“returnshave state.AEuropeanCentralBankstudy fundingneeds—topayforthishuge ofoneyearorless,willmakeupabout Italy,whichmakesignallingequipment.
to fund a historic stimulus pro-
neverbeenlowerenteringamajorstress lastweekshowedaveragereturnshad undertaking. halfofthenetissuance.Thatshould Hitachihashadacontrollingstakein
gramme intended to dull the eco-
eventandbanks’firstlineofdefence fallento5.2percentin2019,lessthan BecausetheUScentralbankhas allowthesefundstoserveaslarge AnsaldoSTSsince2015buthasbeen
nomicpainofthecoronavirusout-
is pre-provision profitability”, said halfthatoftheirUSpeers.Thiswill alreadycommitteditselftobuyingan buyersofthe“slack”,Goldmansaid, forcedtocloseitsItalianfactoriesas
break.Andonebuyerdwarfsalloth-
MorganStanley’sMagdalenaStoklosa, “intensifycallsforsignificantstrategic unlimitedquantityofTreasuriesto pickingupdebtthatothersdonot. Romeseekstotamethevirusoutbreak.
ers:theFederalReserve.
who led the report alongside Oliver change,potentiallyalsoactingasacata- ensurethesmoothfunctioningofthe Lesshelpfulthistimearoundisthe SharesinHitachihavefallen32per
Wyman’sJamesDavis. lystforconsolidationamongEuropean InMarch,USlegislatorsagreedtoa world’slargestdebtmarket,theana- foreignofficialsector:governments, centthisyearcomparedwitha17per
“The pressure on earnings could andtier-twoplayers”,thereportsaid. $2tn package to provide relief for lystssaytheyexpecttheFedtobethe central banks and international centdropinJapan’sbenchmarkTopix
revealstructuralweaknessesinsome Unlikeinthe2008financialcrisis, businesses,householdsandlocalgov- topbuyerofthisnewlyissueddebt— organisations.Unlikein2009,when index.Innorth-eastEngland,itstrain
businessmodels[...]theperformance banks can no longer slash billions ernments struggling to cope under snappinguproughly$2tnthisyear,a foreignerssteppedintobuyupagreat assembly plant at Newton Aycliffe,
gap will be wide,” Ms Stoklosa inspendingbecausefixedregulatory, theshutdownsmandatedinmanycit- record. dealofthesecuritiesissuedbythe CountyDurham,isexpectedtoresume
added. “The biggest single driver of complianceandITcostshavebuiltup. iesacrossthecountry. Atadistantsecondinthescaleof Treasurydepartment,thesectorhas manufacturingfromtomorrow.
profitabilityisscale”,whichmeansan USbankearningspage8 Analysts at Goldman Sachs esti- buying are money-market funds, morerecentlysolddownitsholdings. MarketQuestionspage8
Corporateoversight.Shareholdermeetings
Investors fear virtual AGMs will shift power balance
Executivesmightfinditeasier There were doubts about whether moderniseAGMs,”saidWolfgangGross, mitted during the meeting and were
online-onlyAGMswerelegalandcon- asecuritieslawspecialistatGermanlaw read out verbatim, although they
toavoiddifficultquestionsif
cernsaboutlawsuitsbyshareholders firmHengelerMueller. declinedtoreadoutacoupleofothers,”
over potential procedural mistakes. “Holdinganin-personmeetingcanbe said Stephen Mayne, a regular AGM
thereisnooneintheroom
“Virtual meetings, done wrong, create expensive,”saidTimGokey,chiefexec- attendeewhowaspresentattheSantos
significant risks,” said Sarah Wilson, utiveofBroadridge,aninvestorcom- virtualmeeting.
OLAFSTORBECK—FRANKFURT chiefexecutiveofMinerva,aUK-based municationscompany.Withanonline BrynnO’Brien,executivedirectorof
ATTRACTAMOONEY—LONDON proxyadviser. meeting,“thereislowercostandlower theAustralasianCentreforCorporate
JAMIESMYTH—SYDNEY
But the coronavirus pandemic has complexity”,hesaid.Broadridgeorgan- Responsibility,saidthat“someofthe
PATRICKTEMPLE-WEST—TAMPA
forcedarethinkbypolicymakers—Ger- ised326virtualmeetingsintheUSlast responsestopre-submittedquestions
Withclimatechangeactivistsstaging many, for example, has put in place yearandsaysthenumberwillquadru- werehighlypreparedandtherewasn’t
noisyprotestsandgreen-mindedinves- emergencylegislationtoallowvirtual plethisyear. muchpossibilitytoaskfollow-upques-
torsthrowingdifficultquestionsatexec- meetings—andbycompanies. However,investorsandshareholder tions”.
utives,theshareholdermeetingsofAus- WarrenBuffett’sBerkshireHathaway rights activists have mixed feelings. Smallerretailshareholderscouldlose
tralianoilandgasproducerSantosare has announced it is going online Union Investment, Germany’s third outinparticular,warnedDanVeazey,
usuallycombative,drawnoutaffairs. thisyear,ashaveAmazon,Johnson& largestassetmanager,isadamantthat headofcorporategovernanceatSchro-
Thisyear’sAGMonApril3wasquite Johnson, Bayer, Commerzbank and “shareholdermeetingswithoutshare- ders,theUK’ssecond-largestlistedasset
different. BMW. holderscanonlybeastopgapduringthe manager. Many big investors have
Santoswasoneofthefirstbigglobal Somecorporationshavedecidedthat coronacrisis”,arguingthatAGMsare accesstocompanyboardsthroughout
corporatestoswitchtoafullyvirtual fornowtheywilljustpostponetheir notjustaboutdecisionmakingbutalso theyear,buttheannualmeetingisthe
shareholdermeeting,afterAustralia’s meeting,butKayBommer,directorof about“thedialoguebetweenthecom- only time retail investors have an
securitieswatchdogAsicgaveatempo- theGermanInvestorRelationsAssocia- panyandshareholders”. opportunitytoaskquestions.
rarygo-aheadforsuchevents. tion,expectsmanymorewillsimply TheSantosAGMgivesaforetasteof “Ourexpectationisthatifcompanies
The change of procedure was in movetheirAGMonline. whatshareholdersnewtovirtualmeet- dohaveavirtualAGM,thereshouldbe
responsetothefar-reachingrestrictions Legal&GeneralInvestmentManage- ingsmightexpect:noinvestorsattend- anotherget-togetherwheresharehold-
ontravelandmassgatheringsthataim ment,theUK’slargestassetmanager, inginperson,questionshadtobesub- erscanspeaktotheboard[laterinthe
Businesses For Sale
toslowthespreadofcoronavirus,with hasurgedcompaniestodoso,rather mittedinwriting,andthecompanydid year].Itisareallyimportantarenafor
regulators and policymakers taking thanpostpone,ifpossible. notanswerallofthem. shareholders.”
similaractionsinmanyothercountries. “Thecoronacrisismaybeacatalystto “Igotthreequestionsthatweresub- AbigchallengeforanyvirtualAGMis
Santos’schairmanKeithSpencetook howtosetupafairandefficientprocess
partintheAGMfromhishometownof forshareholderstoaskquestionsand
Perth,whilechiefexecutiveKevinGal- noteobjections.“InaphysicalAGM,
lagherwassitting2,500kmawayinthe everyshareholdercanjustwalkupto
group’s headquarters in Adelaide. [the]notary.Thereneedstobeanelec-
Shareholderswatchedonlineandthe tronic equivalent for this,” said Mr
event was finished in less than two Gross.
hours,withfarfewerheatedwordsthan SebastienThevoux-Chabuel,aportfo-
usual. liomanageratFrenchassetmanager
While virtual meetings have Comgest,fearsashiftinthebalanceof
beencommonplaceintheUSforyears, powerinfavourofcompanies.“Ifitisa
BusinessforSale,BusinessOpportunities,BusinessServices,
BusinessWanted,Franchises withblue-chipsfromMicrosofttoFord physicalAGM,itisveryhardnottogive
RunsDaily hosting them, companies all across themicrophonetosomeonewhoseems
......................................................................................................................................................................................................................................................................... EuropeaswellasinAustraliahad,until insistentonaskingthetoughquestions.
ClassifiedBusinessAdvertising
now,almostuniversallystuckwiththe InavirtualAGM,itismucheasierto
UK:[phone]|Email:[email protected]
traditionalformat. SantosisoneofthefirstgroupstoswitchtovirtualAGMs managethat,”hesaid.
—BrendonThorne/Bloomberg
APRIL 13 2020 Section:Companies Time: 12/4/2020 - 18:51 User: stephen.smith Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1
Monday13April2020 ★ FINANCIAL TIMES 7
COMPANIES & MARKETS
Survival specialists set off to help those all at sea
Some distressed companies are holed below the waterline and others will find there is no easy way of regaining buoyancy
SUJEETINDAPAND for$9.9bnin2018,isnowseekingto
JAMESFONTANELLA-KHAN—NEWYORK swapmorethan$1bnofjuniorbondsfor
As businesses strain every sinew to seniorloanswithafacevaluethatwould
survivethecoronaviruscrisis,Mohsin bejust35centsonthedollar.
Meghjihasasimplemessage—thefirst Followingthefinancialcrisis,several
battleisaboutattitude. privateequity-backedcompanieswere
“Alotofcompaniesarenotusedto keptaliveinthiswayas“zombies”inthe
livingpoorandthat’sthemindsetweare hopethataneconomicupswingwould
tryingtoimplement,”saidMrMeghji, eventually revive them. And, some-
founderofM-IIIpartners,aconsultancy times,itdid.
in New York focused on financially Blackstone’s2007buyoutofHilton
distressedcompanies. Hotelsfor$26bneventuallycamegood.
Thefirmisjustoneofasmallarmyof However, in the case of Toys R Us,
specialist consultants, lawyers and acquiredbyaconsortiumincludingKKR
bankersofferingshell-shockedcompa- andBainCapitalin2005,kickingthe
niesacrashcourseinhowtosurvivea candowntheroadproveddisastrous.
globaleconomyinlockdown,industries Butwithgovernmentssignallingthat
fromretailtocarmakinginshutdown, the lockdowns may need to be
andinvestorsinastateofanxiety. extended,Chapter11bankruptcymay
Themeasuresavailabletocompanies betheonlyoptionfortheweakestUS
runsfromthestraightforwarddeferral companies.
ofinterestpaymentsandextensionof Formalbankruptcyproceedingstypi-
debtmaturitiestocreativefinancings callyforceownerstoturnoverthekeys
andbondexchanges.Allhavesignifi- tocreditors.Buttheyalsogivecompa-
cantimplicationsforinvestors,credi- niesareprievefromtheirobligations,
torsandemployeesfacingaworldfew spacetodevelopablueprintforsurvival
couldhaveimaginedjustmonthsago. andajudgetosupervisetheprocess.
Ifthecrisishasforcedcompaniesinto “Theadvantageofbankruptcyisthat
aradicalreorderingofpriorities,ithas itoffersabreathingspell,”saidNicole
alsodemandedswiftaction. Greenblatt,abankruptcyattorneyat
Last month, US companies tapped Kirkland&Ellis.“Chapter11canstop
banks for more than $100bn from lawsuits,facilitateaccesstocash,allow
revolvingcreditfacilities,asignofthe companies to terminate unprofitable
scrambletopreservecash. leasesandcontracts,allowacompanyto
Restructuring consultants, whose de-leverorevensellitself.Thedown-
ranksincludeAlixPartnersandAlvarez sideisitcanbeexpensiveandtimecon-
&Marsal,saiditwasoneleverboards suming,however.”
havepulledtoweathertheturmoilof Ifthenumberofbankruptciesand
recentweeks. administrations has been small so far,
Stretchingoutpayablestovendors, some companies have already been
collectingreceivablesmoreaggressively Terrafirma:the Indeed,restructuringadvisersarenot ‘Alotof Defaultratesoncorporateloansand stallabankruptcybygivinginvestorsa pushedovertheedge.
and quick asset sales are among the RubyPrincess anticipating a sudden wave of bank- bondsarenowforecasttospikebeyond steep discount on the value of their Earlier this month, Whiting Petro-
companies
otherweaponsinacompany’sarsenal. preparestotie ruptcyfilings—alastresortgivenequity 10percent.Thenumberofcompanies bondsintheformofnewdebt,stockor leum,thelongtroubledshaledriller,
Thefirefightinghashadtheoverrid- upinPort holdersaretypicallywipedout. arenot withacreditratingthathasfallentoB3 cash.Suchdealsoftenoccuratprivate filedforbankruptcy.Thepandemichas
ingaimofbuyingtime.“Onceyougeta Kembla, “Wearestillseveralweeksormonths orlower—ornearthebottomrungsof equity-backedcompaniessaddledwith alsoupendedexistingbankruptcypro-
usedto
handleonliquidity,thenyouhavea Australia. awayfromawaveofbankruptciesfor junkstatus—hasspiralledtomorethan debt,astheyallowthebuyoutfirmsto ceedingsforahostofothercompanies,
prettygoodideaofhowmuchtimeyou Carnival,its previously healthy companies,” said livingpoor 300,accordingtoMoody’s,therating stayincontrol. includingEPEnergyandretailersMod-
havetofigureoutoptionsbut,ideally, owner,has SteveZelinofPJTPartners,theadvisory agency.Thatisalreadyhigherthanthe “Bynature,privateequityandhedge ell’sSportingGoodsandPier1Imports.
andthat’s
thatwillbethreetosixmonths,”saidMr lookedtosafety boutiquehiredbytheUSTreasuryto 2008financialcrisispeak. funds are financial engineers,” said “Sometimes the best alternative is
Meghji,whosefirmembedsconsultants withhigh-yield workonabailoutoftheairlineindustry. themindset Itisforsuchcompaniesthatcreditors MichaelKramer,founderofrestructur- reallyjusttheleastworst,”saidVincent
insideacompany’sfinancedepartment. bondsales “It will all depend on how long the mayreserveevenmoreseveresteps. inginvestmentbank,DuceraPartners. Indelicato, a bankruptcy attorney at
weare
Whileglobalstockandcorporatedebt DeanLewins/EPA-EFE broadereconomyisshutdown.Ifthe Oneoptionisaso-called“distressed EnvisionHealthcare,aUSsupplierof ProskauerRose.“Thatisaveryhard
markets remain far below their highs, economystartspickingup,thosebusi- tryingto exchange”offer,wherecompaniesfore- medicalstaffthatwasboughtbyKKR thingforpeopletoaccept.”
thepasttwoweekshaveofferedadegree nesses who were in good financial
implement’
ofrespiteforbusinessesracingtoshore health before the crisis will emerge
uptheirfinances. withouttheneedtorestructure.”
YumBrands,theowneroftheKFC, Butwitheconomistsbelievingadeep
Taco Bell and Pizza Hut franchises, globalrecessionisalreadyunderway,
‘Sometimes
raised$600minhigh-yieldbondsatthe morecompaniesandtheircreditorswill
endofMarch.Withindays,Carnival,the needtoconsiderstepsthatgobeyond thebest
strickencruiseoperator,followedsuit. thefirefightingofthepastmonth.
alternative
Others are poring over their legal Businessescanstartnegotiatingwith
agreementswithbanksandbondhold- lendersandlandlordsforrelieffrom isreallythe
erstoseeiftheycantakeonnewdebt. covenantsthatdemandcertainfinan-
leastworst.
Governmentactionoverthepasttwo cialmetricsaremet.Withthepossibil-
weekshasofferedhope.Countriesfrom itythatarecessioncouldbeviolentbut Thatisa
theUKtoGermanyhavepassedstimu- alsobrief,somecreditorsmaydecideto
veryhard
luspackagesonascalethatdwarfsthose deferinterestorleaseexpensestoavoid
ofthefinancialcrisis. messyforeclosuresandevictions. thingfor
IntheUS,the$2.2tnpackage,known However,forthosecompaniesper-
peopleto
astheCaresAct,establisheda$349bn manentlyshrunkenbythecrisis—and
fund for small businesses while ear- noteasilyabletoaccessnewmoney— accept’
marking$500bnforlargerenterprises. moreaggressivesurgerytotheircapital
Latelastweek,theUSFederalReserve structuremaybeneeded.Businesses
pledgedafurther$2.3tninsupport. can,forexample,repurchasetheirown
debtforsay70centsonthedollar,lock-
inginthebenefitofthefallinprice.
Default rates have remained benign
Indebtedcompaniescanalsoembark
for the past decade
on“exchange”offers,whereinvestors
US high-yield trailing 12-month default rate (%) swaptheirexistingdebtfornewbonds
with longer maturities. If successful,
20
companiessecuremoretimetoemerge
fromtroublewhilebondholderstypi-
15 cally pocket a higher coupon rate, a
smallfeeand,insomeinstances,higher
10 priorityinthecapitalstructure.
Althoughthedecisiontoshutdown
swathsoftheglobaleconomyisunprec-
5 Video
edented,thepainnowfeltismadeworse
Interview:
bythelastdecade’sborrowingbinge.
BillGatesonthe
0 TheUSleveragedloanandhigh-yield globalbattle
2009 12 14 16 18 20 bondmarkets—wheretheriskiestcom- withcoronavirus
paniesborrow—haveeachballoonedto
ft.com/video
Source: Fitch morethan$1tninsize.
Energy
Lockdown pushes power prices lower
GREGORYMEYER—NEWYORK percentfromlateMarch,evenadjust- atesbetweentheseasonswithasurgein
ingfortheeffectsofweather.InNew summermonthswhenairconditioners
Thecoronaviruspandemichasledtoa
YorkCity,demandhasbeenbetween2 run.Ifthetrendoflowerdemandcon-
sell-off in wholesale US electricity
percentand18percentbelownormal tinuesintothesummer,itwillhaveabig
markets as closed restaurants and
dependingonthetimeofday. impactontheprofitsofelectricutilities
office buildings, and idled factories,
Commercial and industrial busi- and power producers such as NRG
leadtolowerpoweruse.
nessesareusinglesspower.Anincrease EnergyandCalpine,saidPavelMolch-
Thepricedeclineisareal-timeindicator inresidentialdemand,aspeoplehunker anov,analystatRaymondJames.
ofaneconomybelievedtobehurtling downathome,isnotenoughtooffset Notallgeneratorswouldbeequally
towardsrecessionwithmorethan100m theeffectsoflowerbusinessuse,theUS affected,headded.Naturalgas-fuelled
peoplestayingathometoavoidconta- Energy Information Administration powerplantsbuilttoquicklyfireupand
gion.Itislikelytohurttheprofitsof (EIA)saidlastweek. capturepricesattimesofhighdemand
Americanpowerproducersandcould InCalifornia,demandhasbeen9per —knownaspeakers—mightrunless
tiltthebalanceofUSenergyuseaway cent lower than usual, according to thissummer.Butsolarandwindplants
fromfossilfuelsandtowardswindand BloombergNEF, an energy research couldcaptureabiggershareofthemar-
solarsources. group.“There’snohistoricprecedent,” ket,atleastonsunnyorbreezydays.
Powerfutureshavedroppedbetween said Joshua Danial, a BloombergNEF “When power generators decide
22percentand37percentsincemid- analyst.“Eveninthefinancialcrisis,we whichplantstotemporarilyshutdown,
February across most trading hubs, werenotseeingthesamedeviation.” the number one question is simply
accordingtodatafromNodalExchange. TheEIAestimatedthatretailelectric- whichplantshavethehighestcashoper-
The hardest-hit market is New York itysaleswouldfall3percentto3.6tn atingcost,”MrMolchanovsaid.“Wind
state,thecentreoftheUSoutbreak. kilowatt hours in 2020 with second- isfreeandsoissunlight.Thewindand
Thestate’sgridoperatoronThursday quartersalesthelowestsincethefinan- solarpowerplantsgenerallyspeaking
saiddailyenergyusehadfallennearly8 cialcrisisin2009.Electricityusefluctu- havethelowestoperatingcosts.”
APRIL 13 2020 Section:Companies Time: 12/4/2020 - 18:33 User: stephen.smith Page Name: CONEWS2, Part,Page,Edition: USA, 7, 1
8 ★ FINANCIAL TIMES Monday13April2020
CCOOMMPPAANNIIEESS && MMAARRKKEETTSS
Airlines Retail
Religious orders seek disclosure by Boeing US shopping
mall owners
hit as tenants
Agroupofshareholdersis Boeing’sannualmeetingonApril27.A ance,whichinthelongterm,ashare- Shareholder Services, an influential environment for the company.
hopingthe737Maxcrisis shifting coalition of religious orders holderhastodo.” firmthatadvisesinvestorsonhowto Therenewedpushcomesassomebig withhold rent
alignedwiththeInterfaithCenteron Boeing’sboardhasurgedsharehold- vote at shareholder meetings, has investors, including BlackRock, have
willassistitscampaign Corporate Responsibility has cam- ers to vote against the proposal. endorsedtheresolution.Thereligious saidtheyarewillingtousetheircloutto
paignedforBoeingtobemoretranspar- AlthoughBoeing“firmlybelievesinthe ordersalsohopethatthedestruction force companies to tackle social and
entsinceatleast2014.Butaftertwo importanceoftransparencyregarding of billions of dollars in shareholder environmentalproblems.
CLAIREBUSHEY
fatalplanecrashesgroundedthecom- itspoliticaladvocacy”,theresolution“is value following the grounding of “Everyyearwegetallexcitedthat ALISTAIRGRAYANDERICPLATT
AgroupofUSfriarsandnunswants pany’s fleet of 737 Max aircraft and notinthebestinterestsofourshare- the737Maxwillpromptbiginvestors LarryFink[BlackRock’schiefexecu- NEWYORK
Boeingtodisclosemoreaboutitslobby- turnedthespotlightonitsrelationship holders”,thecompanysaid. to push for more information on tive]putsouthisletterandgivesusjust SomeofAmerica’sbiggestmallowners
ingpractices,bettingthatthe737Max with the US aviation regulator, TheICCR,whichcontrols$400bnin whether Boeing’s lobbying had a enoughhopethatmaybethey’regoing are facing a financial reckoning as
crisiswilladdmorepressureontheUS theordersbelievetheresolutionhasa assetsthrough300memberorganisa- roleincreatingafriendlierregulatory toputtheirmoneywheretheirmouth retailers from Urban Outfitters to
aircraft maker ahead of its annual greaterchanceofsuccess. tions,hastargeted40companieswith is,”saidChrisCox,associatedirectorat CalvinKleinstoppayingrentinthe
shareholdermeetinglaterthismonth. “Isimplydon’tunderstandwhythe similarresolutionsthisyear,including ‘Isimplydon’tunderstand SeventhGenerationInterfaith,aWis- coronavirusshutdown.
The aerospace manufacturer has [Boeing]boardisn’tembracingthisres- Amazon, BlackRock, Ford and Walt consin-basedgroupthatissupporting
whythe[Boeing]board
made“disingenuous”argumentsover olution...this time,” said Robert Disney. the resolution. Institutional investors Capitalmarketsaresignallingthatsome
itscommitmenttotransparency,sev- Wotypka,afriarinWisconsinwhose AtBoeing’s2019meeting,thepro- isn’tembracingthis “caneithervoteforitbecauseit’sthe retail landlords are heading for debt
eralreligiousorderssaidinafilingwith Detroit-based Capuchin order has posal was backed by 32 per cent of moralandethicalandrightthingtodo, restructurings as properties remain
resolution . . . thistime’
USregulatorsmadedaysbeforeEaster. ownedBoeingstockformorethantwo shareholders, significantly up on the ortheycanvoteforitbecauseit’sthe closedforweekswhiletheygrapplewith
The resolution will be voted on at decades.“ButIamprayingforendur- previousyear.ThisyearInstitutional profitablethingtodo”,MrCoxadded. multibillion-dollarliabilities.
CorporatebondsinbothCBL&Asso-
ciates and Washington Prime, which
alonehaveinterestsinacombined125m
Market Questions. Outbreak outlook sqftofretailandmallspace,aretrading
atdistressedlevels,havingsoldoffheav-
State of China’s economy takes centre ily in recent weeks. A smaller mall
owner,PennsylvaniaReit,saiditwas
applyingforrelieffundsunderWash-
ington’svirussupportpackage.
stage as IMF sets the scene globally
JohnMurray,headofcommercialreal
estatefortheAmericasatassetmanager
Pimco,warnedthatthecrisiswaslikely
to“permanentlyerase”largenumbers
oftenantsandthelevelofdistresswas
such that some bondholders in real
FTREPORTERS
estateinvestmenttrustswouldtakesig-
HowsharplyhasChinacontracted? nificantlosses.“Reitsmaybesuccessful
Asthepandemicgrows,investoratten- indeferring[or]restructuringsomeof
tionhaslargelyshiftedfrombackward- their mortgaged assets but we don’t
looking indicators that confirm the expectitwillbeenoughtopreservethe
severityoftheeconomicshutdownto unsecureddebtinmostcases,”hesaid.
morefrequentlyupdatingtrackersof Thewarningsignscomeasmoreretail
activity. But this week, the biggest
Chinese economic reading, due for ‘Iexpectthemtolookat
releaseonFriday,willtakecentrestage.
tryingtosellassetsand
First-quartergrossdomesticproduct
isallbutcertaintohaveshrunk.The issuingequitybutit’s
onlyquestionishowsharply.Theworse
goingtobeveryhard’
the reading, the slimmer the chance
that Beijing can deliver on the
“V-shaped”recoverythatithastouted. tenants join Mattress Firm and The
TaoWang,headofeconomicresearch Cheesecake Factory in withholding
atUBS,predictsa10percentcontrac- rentsaspartofeffortstoshoreupfinan-
tion,whichwouldindicateadevastating cialpositionsduringthelockdown.
impactonemployment. ExecutivesatLeviStrauss,thejeans
UBSestimates50m-60mpeoplein companythathasmorethan900com-
theservicessectormaybewithoutwork pany-operatedstores,toldWallStreet
withanother20mintheindustrialand analyststheywereholdingtalkswith
constructionsectors. landlordsto“abate”payments.
But Ms Wang added that, “as eco- Equinox,thegymchain,sentaletter
nomicactivitiesnormaliseandwiththe toitslandlordssayingitwouldnotbe
helpofpoliciessupporting[smalland payingitsmonthlyrent.
mediumenterprises],weexpectthese Urban Outfitters, which operates
numberstodeclinequicklyandsub- morethan600storesglobally,andPVH,
stantiallyinthecomingquarters”. parentcompanyofTommyHilfigerand
Joblosses,UBSestimated,mightnar- CalvinKlein,havealsosaidtheywould
rowtofewerthan50mbytheendofthe suspendrentpayments.
firsthalfof2020.Yetotherreadingson Therefusalbytenantstopayrent
economicactivityarenotencouraging. duringthepandemicisthreateningto
TheFT’sChinaEconomicActivityindex tipretaillandlordswithlowerquality
showsbackslidingaftersomeupward properties,whichwerealreadystrug-
momentum last month with activity glingwithincreasingvacanciesandthe
stilldowncloseto40percentfrompre- riseofonlineshopping,overtheedge.
outbreaklevels.HudsonLockett SeveralmallReitswereclosetofinan-
Dividendsandbuybacks
GitaGopinath theUSdollaristemporaryorasignthat may not repurchase stock or pay cialdistress,saidVinceTibone,retail
Badnewsandthedollar
oftheIMFis theworstofthecrisisisover.Analystsat US-listedcompaniesarefacingrenewed adividenduntil12monthsaftertheloan sector head at real estate researcher
Themostlyoptimisticmoodinfinancial expectedtoset GeneraliInvestmentsthinkcomingto pressure to curb the amounts they isrepaid,”Goldmananalystswrote. GreenStreetAdvisors.“Iexpectthemto
marketswillbetestedtomorrowwhen thetonewith termswiththeviruswillallowinvestors spendondividendsandsharerepur- Airlines including Delta and Air lookatacombinationoftryingtosell
Gita Gopinath, IMF chief economist, thelatestglobal to re-establish riskier positions and chasesaseconomicactivityslows. AlaskaandBoeing,theaircraftmanu- assetsandissuingequitybutit’sgoingto
outlines the latest global economic economic dampdemandforthedollar. Already,13companiesintheS&P500 facturer,areamongthecompaniesto beveryhard,”hesaid.
outlookatthestartoftheorganisation’s outlook “Withmorevisibilityonthefallout havecutdividends,GoldmanSachssaid alreadyscrappeddividendsandshare Mohsin Meghji, chief executive of
—Anindito
two-daymeeting. Mukherjee/Bloomberg andtheglobalshutdowntobegradually inanotetoclientslastweek,addingthat buybacks. M-IIIPartners,arestructuringfirmthat
In early March, the IMF set aside eased, safe-haven demand for the total payouts could fall 25 per cent Share buybacks have boomed in handledthebankruptciesofretailers
$50bntohelpcoronavirus-hitcountries greenback is likely to recede,” said below2019levels. recentyears,reachingarecord$806bn SearsandBarneys,said:“Manyofthe
andwarnedthattheoutbreakwould ThomasHempel,analystatEuropean Share buybacks will fare worse, in2018,thefirstyearafterthecorporate mall-basedrealestateinvestmenttrusts
forceittocutitsglobaleconomicgrowth assetmanagerGeneraliInvestments. Goldmansaid,halvingto$371bn. taxcutsusheredinbyPresidentDonald arefairlychallengedinthecurrentenvi-
forecasttobelowthe2.9percentrate ButZachPandl,strategistatGoldman Partofthereasonstemsfromlimits Trump. ronmentandarelikelytobeconsidering
recordedlastyear. Sachs,saidthedollar’sbehavioursofar ondividendandbuybackpaymentsfor Thepopularityofbuybackshasmade FastFT debtrestructurings.”
This week’s meeting comes as the this year mirrored that of 2008-09, companies receiving money through UScompaniesthelargestblockofstock Ourglobalteam JCPenney,thestrugglingdepartment
AustraliandollarandtheUKpound— suggestingfurtherfallsinequityprices the US government’s $2tn spending purchasersinthemarketandareduc- givesyouthe storechain,isamajortenantofCBL,
market-moving
currenciesthatplumbedhistoriclows wouldpushthecurrencyhigheragain. package designed to support the tioninactivityremovesakeypillarof whichhasinterestsinabout60shop-
newsandviews,
againsttheUSdollarinMarch—have “Weexpectthedollartoremainfirm economy. supportforstockpricesafterthemost pingmallsintheUS.
24hoursaday
regainedsomeground.Butanalystsare aslongasriskyassetsremainweak,”he “Thebillstipulatesthatanycompany volatileperiodsincethe2008financial WashingtonPrimeandCBLdidnot
ft.com/fastft
dividedoverwhetherthepullbackin said.EvaSzalay thatborrowsmoneyfromtheTreasury crisis.RichardHenderson respondtorequestsforcomment.
Financials.Crisismeasures
Wall Street banks to report earnings under shadow of coronavirus
howbadthebanksthinkthecoronavi- bankstoofferforbearance,believingit thecoronaviruscrisishasbeenasurge Thegovernmentwillmeetsomeof longcoronaviruslockdownsarelikelyto
Investorswillwanttoknowthe
ruscrisiscouldget. leadstobetterlong-termoutcomesthan inlending. theseneeds,througha$350bnsmall last,accordingtoMrHarte.
Butitcouldbedifficulttotellhow peoplegoingintodefault. Research from Morgan Stanley business grants programme and a “It’sabitofahangoverfromhistory,”
scaleofprovisionsforsouring
much of the extra provisions are Still,MrHartesaidregulatoryguid- showsthatUS-listedcompaniesdrew $454bnschemeforlargercompanies. he said. “Normally, [because banks]
loansinthewakeoflockdown triggeredbyfearsthatcoronaviruswill ance allowing banks not to consider down $223bn of credit lines so far Still,analystswillbeinterestedinhow touchliterallyeverypartoftheUSecon-
leadtoawaveofloanlosses. loansinforbearanceas“trouble”’could thisyear,almosttwo-thirdsofwhich muchbanks’loanbooksaregrowingby omy,withalltheircustomerdatathey
Thatisbecauseprovisionsweresetto leadtoa“cliff”ofbadloansifthelock- occurred between March 17 and —andhowmuchcapacitytheyhaveto dohavesomeinsight[intowhenreces-
LAURANOONANINNEWYORK increaseanywayasbanksimplement downlastsformonthsandtheloans March19. growthemfurther. sionswillend].”
America’s biggest lenders this week new accounting standards that allow ultimatelyhavetobereclassified. Bankerssaydemandforotherloansis
M&Aoutlook Dividends
report first-quarter earnings as the themtosetmoneyasideforlossesear- risingascompaniesandindividualsuse
Loanbookexpansion
economyisbeingrockedbycoronavi- lierthantheytraditionallywouldhave. debttoplugthegapingholesintheir Whiledealmakingfelloffacliffinthe Days after the chief executives of
rus.Bankshavealreadygivensomehint Banksareallowedtodefertheserules Oneofthebrightspotsforbanksfrom incomeasthecrisisworsens. first quarter — including the slowest Goldman Sachs, Morgan Stanley and
ofhowtheyarebeingaffectedbutthere for two years but the big banks are weeksinceApril2009—bankershave Citigroup defended their intent to
isalotthatwedonotknow. expectedtohaveintroducedthemfrom beenintimatingthattheirclientsare paydividendsin2020,JPMorganChase
Herearethetopthingstowatch. Januaryanyway. stillontheprowlforstrategictransac- boss Jamie Dimon raised the spectre
tions. ofsuspendingthem—albeitunderan
Provisions Forbearance
Publiccommentsfrombankexecu- extremescenariowheretheUSecon-
Themostcloselywatchednumberin Investorsandanalystswillbelooking tives on their M&A pipelines will be omyfell35percentinthesecondquar-
banks’accountswillbehowmuchextra fordetailsonthetake-upofbankoffers closelywatched. terandthecontractionpersistedtothe
theyhavesetasideforsouringloans. of interest holidays, fee waivers and Strongdealpipelineswouldsuggest endoftheyear.
JonCurran,seniorinvestmentman- otherreliefforworkersandbusinesses aswifterreturntobusinessasusual Other bank chiefs are likely to be
ager at Aberdeen Standard Invest- hitbythecoronaviruscrisis. once coronavirus lockdowns begin quizzed on whether they share Mr
ments,saidthat,eventhough“noone “That’ll be important,” said Jeff toease. Dimon’s views and can imagine a
knowswhatloanlosseswillultimately Harte,analystatPiperSandler,adding situationwhereAmerica’sbanks,like
Lockdowncomments
looklike”bankswould“preemptively thatinvestorsexpectgranulardetailon their peers in Europe and the UK,
boost their reserves” to prepare for thetypesofforbearancegranted,andin America’s bank bosses are not disease abandon all shareholder payouts
thehit. whichportfolios. specialists but investors will place whiletheydealwiththefalloutfrom
Thescaleofprovisionswillhintat Regulatorshavestronglyencouraged JPMorganhasraisedthespectreofsuspendingdividends weightontheircommentsabouthow coronavirus.
—MikeSegar/Reuters
APRIL 13 2020 Section:Companies Time: 12/4/2020 - 18:27 User: stephen.smith Page Name: CONEWS3, Part,Page,Edition: USA, 8, 1
Monday13April2020 ★ 9
COMPANIES & MARKETS
How to Lead. Steven Corwin, chief executive of New York-Presbyterian
Leadership on the coronavirus frontline
NewYork-Presbyterianincreasedlabo-
NewYork’stophospital
ratorystaffingtobeabletorunitsown
hasmovedswiftlyto Covid-19testsaroundtheclock,increas-
ingitscapacityfrom60testsadayto
respondtothecrisis,write
1,000bylateMarch.
AndrewEdgecliffe-Johnson Thecrisisistakingitstollonstaffand
DrCorwinhashadtoinstitute“abuddy
andHannahKuchler
system” for his management so that
eachofthemcantaketimeoffaftertoo
many16-hourdays.Hehasmovedall
S teven Corwin was a young meetingswithseniormanagementand
physicianduringtheAidsepi- chairsofdepartmentstovideocalls,and
demic,whenalittleunder- isneverphysicallyinthesamemeeting
stoodvirusstrainedhospitals as his chief operating officer: they are
andleftmedicalprofessionals keepingtheirdistanceincaseonefalls
asconcernedfortheirsafetyasthegen- illandtheotherhastostepin.
eralpublicwas. Asthenumberofpatientshassoared,
Now,ashetriestosteerNewYork thechallengehasonlybecomegreater.
City’slargesthospitalsystemthrough Some 400 of his doctors and nurses
the coronavirus pandemic, the chief havefallenillwithCovid-19,exacerbat-
executive of New York-Presbyterian ingstaffshortages.
sayshehasneverseenacrisisofthis
‘Ultimately,evenwithall
magnitudeinhis40yearsinmedicine.
“This feels like the Aids epidemic thebedsintheworld,you
pressedintoacoupleofmonths,”he
needdedicatedstaffwho
says.DrCorwinwasthegroup’schief
medicalofficerduringtheSeptember11 willgotheextramile’
attacksonNewYork,“butthereweren’t
alotofpatients”. Thepandemicwillchangethehealth-
This,bycontrast,“isarollingdisaster; caresystemforever,DrCorwinbelieves.
thisisadayafterdaydisaster”.DrCor- His hospitals have undergone a dra-
win, 64, is used to complexity. New matic shift to telemedicine, moving
York-Presbyterian, where he has from doing 2 per cent of all visits
workedsince1979,isanacademicmedi- remotelyto35percent.
calcentreaffiliatedwithbothColumbia Thecostof needtoaccommodate1,100Covid-19 Presbyterian’sbalancesheetisfarmore personalprotectiveequipment. “Everyone’scrossedtheRubiconon
andCornelluniversities,rankedbyUS Covid:aswellas patients.Bedsareonlypartofthechal- robustthanmanyUShospitals.Whileit NewYork-Presbyterianhasanemer- thisandrecognisedthattelemedicineis
News&Worldreportasthefifthbestin thethreatto lenge.NewYork-Presbyterianexpects isanon-for-profitinstitution,itregu- gencymanagementsystemwhichithad thefuture,”hesays.Theheadofahospi-
thecountry.Spreadacrossmorethana humanlife, tohaveto“split”ventilatorstomeetthe larlyproducesasurplus(almost$250m activatedforemergenciessuchasthe talsystemthatusedtooperatewithjust
dozenhospitalsandmedicalcentresin MrCorwinsays demand,anditsstaffhavegonefrom in2018)andinFebruaryithad311days Ebolaoutbreakof2014whenoneofhis twotothreeweekssupplyalsohopesthe
and around New York, it employs thehospital’s using4,000masksadaybeforethecri- ofcashonhand,comparedwiththeless physicianswasthefirstpatienttobe worldwilllearnlessonsaboutthedan-
47,000people,hasmorethan2mvisitsa financeswillbe sistomorethan50,000adaynow. thantwoweeksreportedbysomerural diagnosedwiththediseaseinNewYork. gersofjustintimedelivery.“DoIthink
year, and had revenues of $8.5bn in hardhit Then there is staffing. “Ultimately, hospitalsorinstitutionsthatrelyheav- Dr Corwin’s team began modelling wearegoingtoreverseglobalisation?I
—Pascal
2018,thelastyearforwhichithasdis- Perich/FT withallthebedsintheworldandallthe ily on Medicaid, the publicly-funded whattheimpactofCovid-19mightbe donot.ButIdothinkweneedtolookat
closeditsfinances. ventilatorsintheworld,youneeddedi- healthinsuranceforthepoor. whenthefirstcaseswerereportedin ourownmanufacturingcapacityinthe
Butthescaleoftheleadershipchal- cated staff who are willing to go the Nevertheless,hishealthsystemwill Wuhanandkeptupdatingitsprojec- USandmakesurethattheUSstockpile
lengesuddenlyconfrontingthecardiol- extramile,”DrCorwinnotes.Andhe takeasignificantfinancialhit.Itwarned tionsasmoredatacameinfromareas forthingslikethisismuchmorerobust
ogistisimmense. needsalotofthem.Evenifhemanages bondholders in mid-March that the withearlyoutbreaks.“Wehaveapretty thanwhatitwas,”hesays.
NewYorkstatehasbecometheepi- tocreateenoughbeds,“youjustcan’t Covid-19 crisis could cost it between sophisticated data science group,” he For now, though, he is focused on
centreoftheUScrisis,withmorethan gettwoandahalftimeswhatyouusu- $350mto$700mthisyear,withoutgov- says:“Unfortunatelyourmodellinghas more immediate needs in New York
120,000 cases and more than 4,000 allystaffICUroomswith.” ernment assistance, wiping out this beeneerilycorrect.” Leadership (wherehehasturnedhospitallobbies
deaths.IntheBalkanisedUShealthcare Hisanswerhasbeentocreatepyra- year’s expected operating income of DrCorwin’smanagersbeganreaching Moreinterviews andcafeteriasintofieldhospitalsand
system, hospitals usually steer their midlike management structures in $246m. outtocontactsacrosstheglobeforsur- illuminatingthe securedaColumbiaUniversitysoccer
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APRIL 13 2020 Section:Features Time: 12/4/2020 - 18:03 User: charlotte.middlehurst Page Name: MONINTERVIEW, Part,Page,Edition: USA, 9, 1
10 ★ FINANCIAL TIMES Monday13April2020
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 $
-11.01%
No change No change No change No change
1.45% 0.77% 1.22% 2.90% 1.37% 0.79% 1.38% 0.07% 1.99%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 11 - - Index All World Mar 11 - Apr 08 Index All World Mar 11 - Apr 09 Index All World Mar 11 - Apr 09 Index All World Mar 11 - Apr 10 Index All World Mar 11 - Apr 10 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,741.38 2,789.82 14,270.09 14,166.63 5,876.52 5,842.66 10,438.68 10,564.74 19,416.06 19,498.50 1,834.33 1,860.70
Day 1.45% Month 1.58% Year -3.07% Day 1.73% Month -2.39% Year -13.28% Day 2.90% Month -2.16% Year -21.39% Day 2.24% Month -0.57% Year -10.85% Day 0.79% Month -1.02% Year -10.57% Day 1.33% Month -4.81% Year -15.94%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
7,952.05 8,153.58 38,730.56 1,300.82 1,300.54 7,436.40 7,070.60 24,309.07 24,300.33 2,783.72 2,571.32
34,567.78
Day 0.77% Month 2.55% Year 3.09% Day 0.12% Month -16.48% Year -23.92% Day 1.37% Month -1.90% Year -14.45% Day NaN% Month NaN% Year NaN% Day 1.38% Month -7.15% Year -19.28% Day 1.26% Month -13.27% Year -22.54%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
23,553.22 23,719.37 85,171.13 77,681.94 4,610.25 4,506.85 17,928.64 17,621.62 2,968.52 2,796.63 37,576.62
31,159.62
Day 1.22% Month -0.55% Year -9.30% Day -1.20% Month -9.74% Year -19.33% Day 1.44% Month -4.27% Year -17.10% Day 1.39% Month -4.49% Year -18.58% Day -1.04% Month -4.98% Year -13.68% Day 4.23% Month -17.08% Year -19.49%
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 28017.59 26696.10 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 19212.87 18955.05 Philippines Manila Comp 5510.83 5650.01 Taiwan Weighted Pr 10157.61 10119.43 Cross-Border DJ Global Titans ($) 324.99 324.96
Australia All Ordinaries 5439.40 5258.80 Czech Republic PX 840.08 827.66 FTSE Italia Mid Cap 30432.47 30148.58 Poland Wig 44499.23 43573.02 Thailand Bangkok SET 1228.03 1210.48 Euro Stoxx 50 (Eur) 2892.79 2851.27
S&P/ASX 200 5387.30 5206.90 Denmark OMXC Copenahgen 20 1088.72 1096.14 FTSE MIB 17621.62 17380.82 Portugal PSI 20 4196.31 4071.37 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 887.87 874.39
S&P/ASX 200 Res 3861.20 3804.50 Egypt EGX 30 10321.97 10095.57 Japan 2nd Section 5494.60 5468.36 PSI General 2888.33 2806.91 UAE Abu Dhabi General Index 4113.67 3866.83 FTSE 4Good Global ($) 6952.92 6952.66
Austria ATX 2184.06 2114.34 Estonia OMX Tallinn 1065.35 1053.64 Nikkei 225 19498.50 19345.77 Romania BET Index 8349.93 8129.50 UK FT 30 2247.10 2172.20 FTSE All World ($) 309.76 309.53
Belgium BEL 20 3092.39 3055.32 Finland OMX Helsinki General 8103.05 8009.67 S&P Topix 150 1191.89 1182.61 Russia Micex Index 2677.86 2701.77 FTSE 100 5842.66 5677.73 FTSE E300 1300.54 1282.95
BEL Mid 7279.86 7237.26 France CAC 40 4506.85 4442.75 Topix 1430.04 1416.98 RTX 1142.07 1155.49 FTSE 4Good UK 5372.31 5215.12 FTSE Eurotop 100 2516.99 2487.74
Brazil IBovespa 77681.94 78624.62 SBF 120 3557.79 3499.45 Jordan Amman SE 1668.18 1675.47 Saudi-Arabia TADAWUL All Share Index 7006.24 6999.34 FTSE All Share 3233.24 3140.10 FTSE Global 100 ($) 1780.88 1780.19
Canada S&P/TSX 60 859.44 846.79 Germany M-DAX 22100.17 21704.44 Kenya NSE 20 1967.13 1968.19 Singapore FTSE Straits Times 2571.32 2539.44 FTSE techMARK 100 4864.80 4765.91 FTSE Gold Min ($) 1974.28 1808.83
S&P/TSX Comp 14166.63 13925.71 TecDAX 2789.77 2746.09 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 320.14 326.49 USA DJ Composite 7804.73 7660.88 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 337.31 315.59 XETRA Dax 10564.74 10332.89 Latvia OMX Riga 992.31 991.98 Slovenia SBI TOP 873.85 - DJ Industrial 23719.37 23433.57 FTSE Multinationals ($) 1921.09 1900.44
Chile S&P/CLX IGPA Gen 19126.82 16651.41 Greece Athens Gen 607.29 609.09 Lithuania OMX Vilnius 651.32 644.75 South Africa FTSE/JSE All Share 48011.56 46689.90 DJ Transport 8236.92 8152.39 FTSE World ($) 550.74 550.24
China FTSE A200 9943.62 9987.54 FTSE/ASE 20 1484.10 1482.08 Luxembourg LuxX 937.40 941.14 FTSE/JSE Res 20 41083.97 39678.93 DJ Utilities 827.83 789.15 FTSEurofirst 100 (Eur) 3407.36 3347.68
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 24300.33 23970.37 Malaysia FTSE Bursa KLCI 1357.50 1369.76 FTSE/JSE Top 40 43837.45 42772.20 Nasdaq 100 8238.53 8229.54 FTSEurofirst 80 (Eur) 3948.50 3893.03
Shanghai A 2930.86 2961.54 HS China Enterprise 9811.12 9681.95 Mexico IPC 34567.78 34526.31 South Korea Kospi 1860.70 1836.21 Nasdaq Cmp 8153.58 8090.90 MSCI ACWI Fr ($) 469.57 462.28
Shanghai B 217.63 219.71 HSCC Red Chip 3803.18 3721.15 Morocco MASI 9237.67 9183.80 Kospi 200 248.00 245.61 NYSE Comp 11136.61 10902.59 MSCI All World ($) 1970.67 1940.08
Shanghai Comp 2796.63 2825.90 Hungary Bux 33761.87 32863.79 Netherlands AEX 508.04 500.71 Spain IBEX 35 7070.60 6951.80 S&P 500 2789.82 2749.98 MSCI Europe (Eur) 1351.08 1331.19
Shenzhen A 1801.03 1836.79 India BSE Sensex 31159.62 29893.96 AEX All Share 714.16 703.29 Sri Lanka CSE All Share 4571.63 4874.73 Wilshire 5000 27938.93 27457.05 MSCI Pacific ($) 2301.38 2284.23
Shenzhen B 828.27 838.34 Nifty 500 7441.65 7161.45 New Zealand NZX 50 9963.90 10031.66 Sweden OMX Stockholm 30 1498.76 1499.51 Venezuela IBC 191984.67 164354.42 S&P Euro (Eur) 1318.56 1297.18
Colombia COLCAP 1187.13 1163.43 Indonesia Jakarta Comp 4649.08 4626.70 Nigeria SE All Share 20925.19 20669.38 OMX Stockholm AS 574.44 572.78 Vietnam VNI 757.94 760.33 S&P Europe 350 (Eur) 1334.17 1315.10
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 5289.18 5109.84 Norway Oslo All Share 809.81 818.20 Switzerland SMI Index 9452.83 9432.39 S&P Global 1200 ($) 2197.62 2195.98
Israel Tel Aviv 125 1312.52 1270.15 Pakistan KSE 100 32033.21 31837.30 Stoxx 50 (Eur) 2794.23 2767.14
(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 09 %Chg %Chg Apr 09 %Chg %Chg Apr 09 %Chg %Chg Apr 09 %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 108.6 267.99 1.92 Royal Dutch Shell 378.8 1509.60 16.80 Sap Se O.n. 575.3 110.00 5.00 Fast Retailing Co., 1289.2 48190.00 1240.00 Carnival 965.60 59.6 -73.5 Cineworld 77.24 99.7 -64.9 Tullow Oil 26.32 125.3 -55.9 Travel & Leisure 6344.51 24.6 -
Amazon.com 95.1 2042.76 -0.24 British American Tobacco 295.3 3020.50 90.00 Royal Dutch Shella 504.8 17.44 0.19 Softbank . 1177.9 4347.00 164.00 Jd Sports Fashion 564.60 37.8 -32.1 William Hill 106.40 65.9 -45.5 Petra Diamonds 2.39 95.3 -72.9 Oil Equipment & Services 4712.58 21.0 -
Microsoft 84.9 165.14 0.01 Bp 232.1 335.75 0.40 Allianz Se Na O.n. 421.3 164.88 3.90 Fujifilm Holdings 434.9 5459.00 133.00 Easyjet 681.20 37.0 -52.4 Hyve 29.35 65.8 -70.6 Superdry 170.00 91.1 -66.5 General Retailers 1862.92 19.9 -
Boeing 57.8 151.84 4.97 Glaxosmithkline 224.3 1544.20 44.80 Asml Holding 359.6 255.65 -2.35 Mitsubishi Ufj Fin,. 399.3 426.00 18.00 Melrose Industries 100.95 35.8 -58.3 Capita 39.64 52.9 -76.5 Restaurant 60.00 70.5 -63.9 Industrial Metals 2646.91 17.1 -
Jpmorgan Chase & Co 43.2 102.76 8.46 Hsbc Holdings 211.7 428.85 8.40 Airbus 357.8 61.00 1.19 Toyota Motor 392.8 6635.00 -45.00 Intermediate Capital 1096.00 34.1 -33.2 Gvc Holdings 672.80 49.5 -26.8 Premier Oil 31.50 70.3 -68.4 Industrial Transportation 1625.61 16.8 -
Facebook 41.2 175.19 0.91 Royal Dutch Shell 202.1 1472.00 21.40 Siemens Ag Na O.n. 351.3 81.34 -0.54 Sony 383.1 6670.00 -41.00 Taylor Wimpey 141.90 29.8 -28.0 Go-ahead 1199.00 47.1 -45.7 Hyve 29.35 65.8 -70.6 General Industrials 4741.68 14.5 -
Advanced Micro Devices 38.9 48.38 -0.41 Diageo 188.9 2633.00 111.00 Linde Eo 0,001 346.4 168.75 2.30 Tokyo Electron 376.9 22645.00 -295.00 Itv 76.38 28.9 -49.4 National Express 258.60 45.4 -45.4 Pharos Energy 18.50 62.3 -65.5 Real Estate Investment Trusts 2632.02 14.0 -
Nvidia 34.6 262.95 -4.00 Astrazeneca 177.6 7121.00 150.00 Total 329.7 33.63 -0.26 Sumitomo Mitsui Fin,. 282.6 2836.50 109.50 Next 4624.00 28.1 -33.5 Firstgroup 68.80 44.8 -46.0 Enquest 13.24 57.6 -39.9 Construction & Materials 5529.26 13.0 -
Walt Disney (the) 32.9 104.50 3.43 Rio Tinto 162.0 3853.00 156.00 Intesa Sanpaolo 300.8 1.45 0.00 Recruit Hldgs Co Ltd 220.2 2733.00 12.50 British Land 410.20 27.0 -34.7 Elementis 62.95 41.8 -65.9 Card Factory 48.70 57.1 -66.3 Health Care Equip.& Services 6519.27 12.2 -
Alphabet 32.6 1206.57 -0.43 Lloyds Banking 124.2 33.39 1.53 Adidas Ag Na O.n. 296.0 224.30 8.30 Fanuc 196.0 15045.00 50.00 Land Securities 677.00 25.9 -31.9 Future 1112.00 39.3 -23.9 Ted Baker 167.40 54.0 -61.3 Food Producers 6664.36 12.1 -
Persimmon 2111.00 25.9 -22.7 Rank 174.40 39.3 -37.7 On The Beach 275.00 48.6 -43.8 Aerospace & Defense 3660.66 12.1 -26.5
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
Rolls-royce Holdings 350.20 25.8 -48.6 Virgin Money Uk 80.72 39.3 -57.7 Xaar 33.80 47.0 -35.5 Industrial Engineering 10228.54 12.0 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Gap (the) 9.09 1.24 15.80 Hyve 29.35 7.70 35.57 Sodexo 71.60 8.18 12.90 Namco Bandai Holdings . 5550.00 262.00 4.95 Nmc Health 0.10 -100.0 -100.0 Aston Martin Lagonda Global Holdings 70.05 -22.5 -60.2 Bmo Real Estate Investments 50.00 -15.3 -40.9 Oil & Gas Producers 5482.34 -2.7 -
United Airlines Holdings 31.50 3.99 14.50 Cineworld 77.24 16.62 27.42 Klepierre 19.28 1.60 9.05 Aozora Bank, 2095.00 98.00 4.91 Bp 335.75 -5.0 -30.2 Bakkavor 72.50 -8.9 -50.3 Stv 276.50 -14.7 -33.4 Nonlife Insurance 2616.79 2.4 -
Kohl's 19.91 2.39 13.64 Elementis 62.95 11.45 22.23 Heidelbergcement Ag O.n. 43.90 2.69 6.53 Thb Chiba Bank, 496.00 21.00 4.42 Rsa Insurance 381.10 -3.6 -33.0 Ascential 210.60 -6.1 -45.7 Reach 88.30 -12.6 -36.1 Mobile Telecommunications 2562.89 2.6 -
Newmont 57.31 6.78 13.42 Capita 39.64 6.61 20.01 Raiffeisen Bank Internat. Ag 15.23 0.91 6.35 Mitsubishi Ufj Fin,. 426.00 18.00 4.41 Sainsbury (j) 200.20 -2.2 -13.7 Sabre Insurance 286.00 -6.1 -5.9 Gulf Marine Services 3.02 -10.3 -58.9 Pharmaceuticals & Biotech. 16206.60 2.7 -9.1
Kimco Realty 10.82 1.19 12.36 Network Int Holdings 430.80 60.80 16.43 Endesa 19.92 1.18 6.33 Sumitomo Realty & Development Co., 2727.50 111.00 4.24 Royal Dutch Shell 1509.60 -2.1 -33.1 Assura 78.40 -2.5 0.9 Asa Int 85.00 -8.2 - Tobacco 31939.52 2.8 -7.7
Admiral 2216.00 -1.7 -3.7 Hastings Holdings 183.30 -1.6 1.8 Triple Point Social Housing Reit 89.20 -7.7 -3.9 Automobiles & Parts 3085.88 3.0 -
Downs Downs Downs Downs
Pearson 522.00 -0.6 -19.7 Ultra Electronics Holdings 1946.00 -1.5 -7.9 Vpc Specialty Lending Investments 46.90 -7.1 -40.6 Personal Goods 34355.13 3.5 -
Diamondback Energy 34.86 -2.62 -6.99 Nmc Health 0.10 -938.30 -99.99 Novozymes B A/s 41.54 -1.66 -3.85 Familymart Co., 1827.00 -97.00 -5.04
Royal Dutch Shell 1472.00 -0.5 -34.8 Daejan Holdings 7920.00 -0.6 46.1 Int Personal Finance 52.80 -6.4 -67.3 Gas Water & Multiutilities 4893.40 4.0 -9.5
Fortinet 101.93 -7.25 -6.64 Bmo Commercial Property Trust 80.20 -4.10 -4.86 Dnb 10.03 -0.36 -3.45 Jgc 983.00 -32.00 -3.15
Reckitt Benckiser 6168.00 -0.4 -0.5 Hipgnosis Songs Fund 100.50 -0.5 -7.8 Ao World 62.00 -6.3 -27.7 Index - Technology Hardware & Equipment 1778.56 4.9 -9.9
Halliburton 8.21 -0.54 -6.17 Aston Martin Lagonda Global Holdings 70.05 -3.25 -4.43 Norsk Hydro 1.94 -0.07 -3.43 Inpex 652.60 -20.50 -3.05
Antofagasta 762.20 0.5 -19.3 Petrofac 213.40 -0.5 -44.3 Tritax Eurobox 87.60 -5.6 -8.0 Food & Drug Retailers 3864.35 5.0 -7.7
Pioneer Natural Resource Co 75.48 -4.81 -5.99 3i Infrastructure 250.00 -10.00 -3.85 Carrefour 14.22 -0.47 -3.20 Kikkoman 4650.00 -145.00 -3.02
Morrison (wm) Supermarkets 180.95 1.1 -10.6 Convatec 180.60 -0.1 -8.6 Electra Private Equity 152.50 -5.0 -59.9 Electronic & Electrical Equip. 7626.08 6.7 -
Flowserve 27.19 -1.55 -5.39 Spirent Communications 225.50 -8.50 -3.63 Investor Ab Ser. B 42.56 -1.32 -3.00 Dentsu . 1936.00 -49.00 -2.47
United Utilities 873.60 1.5 -8.4 Avast 389.40 -0.1 -18.0 Harworth 96.00 -4.0 -32.9 Beverages 20681.31 6.9 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.
CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Apr 09 Currency Mid Change Mid Change Mid Change Apr 09 Currency Mid Change Mid Change Mid Change Apr 09 Currency Mid Change Mid Change Mid Change Apr 09 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 65.0651 - 71.1716 - 81.1265 - Indonesia Indonesian Rupiah 15880.0000 - 17370.3994 -19800.0198 - Poland Polish Zloty 4.1522 - 4.5418 - 5.1771 - ..Three Month 0.8021 0.0000 0.8771 0.0000 - -
Australia Australian Dollar 1.5852 - 1.7339 - 1.9765 - Israel Israeli Shekel 3.5733 - 3.9086 - 4.4553 - Romania Romanian Leu 4.4189 - 4.8336 - 5.5097 - ..One Year 0.8023 0.0000 0.8765 0.0000 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4124 - 0.4701 - Japan Japanese Yen 108.5050 - 118.6885 - 135.2896 - Russia Russian Ruble 73.2976 - 80.1767 - 91.3912 - United States United States Dollar - - 1.0939 - 1.2469 -
Bolivia Bolivian Boliviano 6.9100 - 7.5585 - 8.6157 - ..One Month 108.5049 -0.0002 118.6885 0.0000 135.2896 -0.0002 Saudi Arabia Saudi Riyal 3.7598 - 4.1126 - 4.6879 - ..One Month - - 1.0938 -0.1530 1.2469 0.0000
Brazil Brazilian Real 5.0546 - 5.5289 - 6.3023 - ..Three Month 108.5047 -0.0006 118.6885 0.0000 135.2894 -0.0005 Singapore Singapore Dollar 1.4176 - 1.5506 - 1.7675 - ..Three Month - - 1.0936 -0.1530 1.2470 0.0000
Canada Canadian Dollar 1.3957 - 1.5266 - 1.7402 - ..One Year 108.5038 -0.0024 118.6884 -0.0001 135.2896 -0.0013 South Africa South African Rand 17.8845 - 19.5630 - 22.2993 - ..One Year - - 1.0927 -0.1530 1.2471 0.0000
Chile Chilean Peso 839.3850 - 918.1634 - 1046.5887 - Kenya Kenyan Shilling 105.9500 - 115.8937 - 132.1039 - South Korea South Korean Won 1219.6000 - 1334.0626 - 1520.6605 - Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 7.0586 - 7.7211 - 8.8010 - Kuwait Kuwaiti Dinar 0.3106 - 0.3398 - 0.3873 - Sweden Swedish Krona 9.9397 - 10.8725 - 12.3933 - Vietnam Vietnamese Dong 23490.0000 - 25694.6550 -29288.5804 -
Colombia Colombian Peso 3899.0050 - 4264.9379 - 4861.4818 - Malaysia Malaysian Ringgit 4.3350 - 4.7419 - 5.4051 - Switzerland Swiss Franc 0.9658 - 1.0565 - 1.2043 - European Union Euro 0.9142 - - - 1.1399 -
Costa Rica Costa Rican Colon 571.8350 - 625.5032 - 712.9935 - Mexico Mexican Peso 23.4455 - 25.6459 - 29.2331 - Taiwan New Taiwan Dollar 30.0930 - 32.9173 - 37.5215 - ..One Month 0.9141 0.0000 - - 1.1398 -
Czech Republic Czech Koruna 24.6099 - 26.9196 - 30.6849 - New Zealand New Zealand Dollar 1.6492 - 1.8040 - 2.0563 - Thailand Thai Baht 32.8050 - 35.8838 - 40.9030 - ..Three Month 0.9139 0.0000 - - 1.1397 0.0000
Denmark Danish Krone 6.8248 - 7.4654 - 8.5096 - Nigeria Nigerian Naira 388.7500 - 425.2352 - 484.7136 - Tunisia Tunisian Dinar 2.8941 - 3.1657 - 3.6085 - ..One Year 0.9130 0.0000 - - 1.1391 0.0000
Egypt Egyptian Pound 15.7768 0.0115 17.2575 0.0126 19.6713 0.0143 Norway Norwegian Krone 10.1888 - 11.1450 - 12.7039 - Turkey Turkish Lira 6.6405 - 7.2637 - 8.2797 -
Hong Kong Hong Kong Dollar 7.7529 - 8.4805 - 9.6667 - Pakistan Pakistani Rupee 167.2000 - 182.8921 - 208.4736 - United Arab Emirates UAE Dirham 3.6732 - 4.0179 - 4.5799 -
Hungary Hungarian Forint 322.8506 - 353.1509 - 402.5468 - Peru Peruvian Nuevo Sol 3.3735 - 3.6902 - 4.2063 - United Kingdom Pound Sterling 0.8020 - 0.8773 - - -
India Indian Rupee 76.2925 - 83.4527 - 95.1254 - Philippines Philippine Peso 50.5950 - 55.3435 - 63.0845 - ..One Month 0.8021 0.0000 0.8772 - - -
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 09 Apr 08 Apr 07 Apr 06 Apr 03 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 2247.10 2172.20 2170.00 2076.80 1966.50 0.00 3314.70 1337.80 Tobacco -7.38 Construct & Material -21.99 Media -24.53 FTSE 100 PriceChange FTSE 100 PriceChange
Apr 10 chge% Index Apr 08 Apr 07 agoyield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Food & Drug Retailer -7.96 Real Est Invest & Se -22.07 FTSE 250 Index -25.02 3I Group PLC 773.20 58.80 Land Securities Group PLC 677.00 139.40
FTSE 100 (101) 5842.66 2.90 5187.44 5677.73 5704.45 7421.91 5.29 1.48 12.81 70.81 5459.91 P/E Ratio net - - - - - 0.00 19.44 14.26 Tech Hardware & Eq -8.36 Real Est Invest & Tr -22.08 Financial Services -25.02 Admiral Group PLC 2216 -39.00 Legal & General Group PLC 213.00 35.45
FTSE 250 (250) 16407.92 3.44 14567.86 15862.83 15568.96 19484.84 3.91 1.83 14.01 89.04 12836.31 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Pharmace & Biotech -9.03 Health Care Eq & Srv -22.18 Aerospace & Defense -25.91 Anglo American PLC 1462.6 164.60 Lloyds Banking Group PLC 33.39 4.49
FTSE 250 ex Inv Co (187) 16777.05 3.90 14895.60 16146.73 15801.27 20537.95 4.24 1.48 15.98 77.95 13409.56 FT 30 hourly changes Gas Water & Multi -9.33 Technology -22.40 Telecommunications -26.33 Antofagasta PLC 762.20 3.60 London Stock Exchange Group PLC 7232 496.00
FTSE 350 (351) 3273.60 2.99 2906.49 3178.44 3181.01 4111.94 5.06 1.52 12.99 35.98 6104.80 8 9 10 11 12 13 14 15 16 High Low Personal Goods -10.30 FTSE 100 Index -22.54 Financials -26.66 Ashtead Group PLC 1956 359.50 M&G PLC 142.00 23.20
FTSE 350 ex Investment Trusts (287) 3212.34 3.05 2852.10 3117.37 3121.42 4066.45 5.18 1.48 13.08 35.91 3090.79 2172.2 2236.8 2196.7 3120.5 2214 2214.7 2231.7 2250.7 2246.7 2252.5 2172.2 Health Care -10.52 FTSE SmallCap Index -22.58 Consumer Services -27.94 Associated British Foods PLC 1945 219.00 Meggitt PLC 281.50 54.60
FTSE 350 Higher Yield (107) 2717.37 2.92 2412.63 2640.26 2655.42 3723.84 7.57 1.33 9.97 40.46 5521.28 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Utilities -10.69 FTSE All{HY-}Share Index -22.95 General Retailers -28.16 Astrazeneca PLC 7121 141.00 Melrose Industries PLC 100.95 26.59
FTSE 350 Lower Yield (244) 3596.98 3.06 3193.60 3490.08 3476.75 4127.04 2.70 2.04 18.16 26.31 4204.40 Electronic & Elec Eq -12.41 Mining -23.18 Life Insurance -29.56 Auto Trader Group PLC 414.00 29.00 Mondi PLC 1350 86.50
FTSE SmallCap (265) 4607.06 2.14 4090.41 4510.36 4454.33 5517.74 4.87 1.26 16.35 36.65 7189.51 FX: EFFECTIVE INDICES Consumer Goods -13.15 Mobile Telecomms -23.25 Industrial Metals & -29.95 Aveva Group PLC 3589 345.00 Morrison (Wm) Supermarkets PLC 180.95 1.95
FTSE SmallCap ex Inv Co (146) 3566.44 2.73 3166.49 3471.75 3387.31 4514.03 6.18 0.63 25.64 19.69 5843.49 Equity Invest Instr -13.59 Basic Materials -23.33 Oil & Gas Producers -31.98 Aviva PLC 264.60 14.90 National Grid PLC 908.20 37.20
FFTTSSEE AAllll--SShhaarree (e6x1 I6n)v Co (433) 33124363..7224 32..0947 22789730..8635 33015430..8140 33015461..5208 34908534..0598 55..1095 11..4561 1133..1098 3345..8149 36007951..3379 Apr 08 Apr 07Mnth Ago Apr 09 Apr 08Mnth Ago HEloeucstreihciotlyd Goods & Ho --1154..2217 SCohfetmwiacraels & Comp Serv --2233..6473 OFiixl e&d GLianse Telecomms --3323..1098 BBaaerc Slayysst ePmLCs PLC 53987..4508 4105..3906 NNemxct HPLeCalth PLC 406.2140-93180.1340
FTSE All-Share ex Multinationals (542) 955.86 3.52 703.39 923.37 913.88 1169.19 4.49 1.45 15.36 4.84 1878.51 Australia - - - Sweden - - - Beverages -18.44 Forestry & Paper -23.84 Industrial Transport -33.38 Barratt Developments PLC 512.40 95.00 Ocado Group PLC 1368 33.00
FTSE Fledgling (96) 7067.07 1.80 6274.54 6942.28 6875.41 9270.85 5.08 0.50 39.61 63.85 14280.83 Canada - - - Switzerland - - - Nonlife Insurance -19.21 Industrials -23.90 Banks -35.80 Berkeley Group Holdings (The) PLC 3975 575.00 Pearson PLC 522.00 -3.00
FTSE Fledgling ex Inv Co (42) 7735.02 0.75 6867.58 7677.28 7548.96 10999.22 9.09 -0.58 -19.10 56.28 15352.18 Denmark - - - UK 78.03 77.46 79.44 Food Producers -19.47 Leisure Goods -24.06 Travel & Leisure -38.34 Bhp Group PLC 1314 55.00 Pennon Group PLC 1088.5 48.50
FTSE All-Small (361) 3178.66 2.12 2822.19 3112.53 3074.34 3826.51 4.88 1.21 16.90 25.49 6363.98 Japan - - - USA - - - NON FINANCIALS Index -21.58 Industrial Eng -24.06 Automobiles & Parts -43.58 BP PLC 335.75 -17.60 Persimmon PLC 2111 434.50
FTSE All-Small ex Inv Co (188) 2649.90 2.66 2352.73 2581.18 2519.05 3366.18 6.28 0.57 27.74 14.77 5500.11 New Zealand - - - Euro - - - Support Services -24.21 Oil Equipment & Serv -45.31 British American Tobacco PLC 3020.5 74.50 Phoenix Group Holdings PLC 599.60 23.60
FTSE AIM All-Share (736) 745.61 2.48 661.99 727.58 712.36 932.99 1.88 1.37 38.65 1.85 851.02 Norway - - - British Land Company PLC 410.20 87.30 Polymetal International PLC 1510 139.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 125.80 10.80 Prudential PLC 1047 104.40
Oil & Gas (12) 5664.19 0.96 5028.98 5610.25 5728.67 9706.25 9.33 1.33 8.07 127.00 6125.64 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 1694 189.00 Reckitt Benckiser Group PLC 6168 -26.00
OOiill E&q uGipams ePnrto Sdeurcveicres s( 8&) Distribution (4)45754025..3936 30..6993 44281808..5500 45547535..4304 45553722..6531 119737842..9486 119..5300 01..6304 148..5092 1205..0000 46017761..3268 FTSE GLOBAL EQUITY INDEX SERIES BCuarrbneivraryl PGLrCoup PLC 1946653.6.50 231650..5600 RReelnxt oPkLiCl Initial PLC 1379921.3.50 15136..5900
Basic Materials (23) 4866.78 3.67 4320.99 4694.29 4761.65 7051.87 7.31 2.10 6.52 138.64 5741.39 Centrica PLC 35.58 1.66 Rightmove PLC 507.00 60.00
Chemicals (7) 10832.60 4.17 9617.79 10399.38 10263.32 15446.89 3.22 1.99 15.58 33.37 10252.77 Apr 10 No of US $ Day Mth YTD Total YTD Gr Div Apr 10 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2029 357.00 Rio Tinto PLC 3853 131.50
Forestry & Paper (1) 16583.40 0.11 14723.67 16564.97 16196.45 22246.32 5.50 2.02 8.99 601.80 20333.84 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1359.5 259.50 Rolls-Royce Holdings PLC 350.20 71.90
Industrial Metals & Mining (2) 2851.14 1.87 2531.40 2798.87 2676.03 6698.86 19.35 1.06 4.90 261.34 3640.14 FTSE Global All Cap 8916 523.43 0.1 -4.8 -17.8 795.30 -17.2 2.8 Oil Equipment & Services 36 163.98 0.0 0.0 -38.8 266.23 -37.9 7.2 Crh PLC 2399 256.00 Royal Bank Of Scotland Group PLC 122.50 18.05
Mining (13) 13966.09 3.86 12399.87 13447.14 13721.56 20152.80 7.66 2.15 6.08 417.29 8690.17 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5 Basic Materials 351 403.84 0.2 0.2 -21.4 672.25 -20.6 4.1 Croda International PLC 4412 270.00 Royal Dutch Shell PLC 1509.6 -32.00
Industrials (99) 4561.69 3.30 4050.13 4416.02 4375.00 5283.55 3.19 1.37 22.97 16.24 5013.32 FTSE Global Large Cap 1772 477.04 0.1 -3.9 -15.9 746.10 -15.3 2.8 Chemicals 159 598.81 0.3 0.3 -20.2 986.34 -19.7 3.5 Dcc PLC 5358 388.00 Royal Dutch Shell PLC 1472 -7.60
Construction & Materials (14) 5762.26 6.64 5116.05 5403.67 5388.05 6049.68 3.36 0.49 61.27 95.82 6619.93 FTSE Global Mid Cap 2191 645.67 0.1 -7.0 -22.1 923.97 -21.7 2.7 Forestry & Paper 20 214.64 0.1 0.1 -22.8 403.41 -21.3 4.5 Diageo PLC 2633 164.50 Rsa Insurance Group PLC 381.10 -14.20
Aerospace & Defense (9) 3863.62 3.03 3430.34 3750.07 3750.21 4921.94 3.21 1.16 26.80 2.61 4383.39 FTSE Global Small Cap 4953 656.10 0.1 -8.3 -24.1 903.87 -23.8 2.6 Industrial Metals & Mining 93 254.25 0.5 0.5 -32.8 425.44 -32.1 5.2 Easyjet PLC 681.20 184.00 Sage Group PLC 614.80 61.60
General Industrials (7) 3821.26 3.35 3392.72 3697.32 3641.10 4587.86 4.27 0.93 25.09 0.00 4706.49 FTSE All-World 3963 309.76 0.1 -4.4 -17.0 497.96 -16.4 2.8 Mining 79 600.13 0.0 0.0 -17.7 1023.72 -16.2 4.7 Evraz PLC 264.30 33.20 Sainsbury (J) PLC 200.20 -4.60
Electronic & Electrical Equipment (10)8961.44 2.17 7956.46 8771.04 8669.73 8848.24 1.54 2.15 30.28 0.00 8530.97 FTSE World 2597 550.74 0.1 -4.4 -17.1 1188.76 -16.5 2.8 Industrials 747 354.34 0.2 0.2 -21.1 539.49 -20.6 2.5 Experian PLC 2252 62.00 Schroders PLC 2660 329.00
Industrial Engineering (12) 11196.90 2.13 9941.23 10962.88 10846.10 13926.91 3.06 1.65 19.84 0.97 14443.19 FTSE Global All Cap ex UNITED KINGDOM In 8613 550.62 0.1 -4.8 -17.2 821.80 -16.7 2.7 Construction & Materials 148 429.48 0.3 0.3 -22.5 684.77 -22.1 2.8 Ferguson PLC 5300 736.00 Scottish Mortgage Investment Trust PLC 606.00 59.50
Industrial Transportation (6) 2620.44 3.97 2326.58 2520.41 2449.93 3652.52 9.23 0.81 13.40 0.00 2650.93 FTSE Global All Cap ex USA 7132 407.42 0.2 -6.1 -21.5 673.34 -20.8 3.7 Aerospace & Defense 37 596.66 0.0 0.0 -33.3 895.00 -33.1 3.1 Flutter Entertainment PLC 78341000.00 Segro PLC 826.40 78.60
Support Services (41) 6910.29 2.81 6135.34 6721.09 6643.95 7906.46 2.85 1.86 18.83 19.92 7610.72 FTSE Global All Cap ex JAPAN 7564 538.51 0.0 -5.0 -17.9 825.67 -17.4 2.8 General Industrials 64 178.46 0.1 0.1 -21.7 296.96 -20.9 3.2 Fresnillo PLC 714.40 36.60 Severn Trent PLC 2296 123.00
Consumer Goods (42) 17488.63 2.86 15527.38 17002.28 17046.66 19577.01 4.73 1.69 12.48 185.33 14446.77 FTSE Global All Cap ex Eurozone 8266 551.69 0.1 -4.8 -17.1 821.34 -16.5 2.7 Electronic & Electrical Equipment 140 411.52 0.2 0.2 -19.2 568.11 -18.8 2.0 Glaxosmithkline PLC 1544.2 51.00 Smith & Nephew PLC 1564 219.50
Automobiles & Parts (2) 3101.69 -0.76 2753.85 3125.29 3188.58 6179.87 3.04 2.34 14.06 0.00 3170.98 FTSE Developed 2172 505.64 0.1 -4.0 -16.5 774.92 -15.9 2.8 Industrial Engineering 146 667.24 0.4 0.4 -19.5 1012.20 -18.8 2.8 Glencore PLC 144.76 17.88 Smith (Ds) PLC 308.30 46.80
Beverages (6) 20708.44 4.33 18386.11 19848.71 20181.43 24852.79 2.74 2.12 17.24 195.72 15649.65 FTSE Developed All Cap 5642 523.90 0.1 -4.4 -17.3 791.86 -16.8 2.7 Industrial Transportation 126 607.65 0.1 0.1 -19.8 929.42 -19.4 2.7 Halma PLC 1970 128.00 Smiths Group PLC 1237 99.00
Food Producers (10) 6502.60 1.23 5773.37 6423.49 6432.26 7663.15 2.84 2.07 17.00 12.57 5967.44 FTSE Developed Large Cap 884 477.09 0.1 -3.5 -15.4 743.90 -14.8 2.8 Support Services 86 427.11 0.1 0.1 -15.4 615.50 -14.9 1.7 Hargreaves Lansdown PLC 1489.5 164.50 Smurfit Kappa Group PLC 2322 44.00
Household Goods & Home Construction (14)12907.84 2.43 11460.30 12601.26 12427.59 13453.07 4.29 2.04 11.42 21.70 10173.72 FTSE Developed Europe Large Cap 234 300.15 0.0 -4.1 -21.8 550.75 -21.2 4.3 Consumer Goods 547 432.57 0.0 0.0 -15.2 686.92 -14.7 3.0 Hikma Pharmaceuticals PLC 2225 47.00 Spirax-Sarco Engineering PLC 8400 520.00
Leisure Goods (2) 12628.93 -0.19 11212.67 12652.36 11980.17 9183.53 4.03 1.48 16.83 109.33 13094.46 FTSE Developed Europe Mid Cap 355 475.03 0.0 -7.0 -24.9 764.77 -24.6 3.7 Automobiles & Parts 132 288.05 0.1 0.1 -24.4 448.10 -23.7 4.1 HSBC Holdings PLC 428.85 31.10 Sse PLC 1248.5 103.50
Personal Goods (6) 29714.99 1.11 26382.62 29390.01 29746.82 32852.02 3.41 2.72 10.77 220.67 21771.40 FTSE Dev Europe Small Cap 694 647.32 0.0 -10.0 -27.9 1004.44 -27.7 3.6 Beverages 66 598.77 0.0 0.0 -15.5 958.84 -15.0 2.7 Imperial Brands PLC 1665 95.50 St. James's Place PLC 825.20 86.80
Tobacco (2) 31939.58 3.50 28357.74 30859.13 30864.01 35776.43 7.83 1.12 11.37 710.53 24782.11 FTSE North America Large Cap 254 608.70 0.0 -2.8 -12.7 877.42 -12.2 2.2 Food Producers 131 622.36 0.0 0.0 -8.7 1004.87 -8.4 2.4 Informa PLC 463.10 88.20 Standard Chartered PLC 450.90 52.50
Health Care (17) 11518.28 2.60 10226.57 11226.38 11264.61 10863.84 3.72 0.99 27.25 193.60 9852.80 FTSE North America Mid Cap 409 755.24 0.0 -6.4 -20.2 1004.87 -19.8 2.2 Household Goods & Home Construction 60 437.22 0.1 0.1 -13.7 689.48 -13.2 2.8 Intercontinental Hotels Group PLC 3710 710.00 Standard Life Aberdeen PLC 230.20 37.45
Health Care Equipment & Services (8)6576.65 3.51 5839.12 6353.63 6291.15 7105.55 2.20 1.89 24.10 77.97 6020.67 FTSE North America Small Cap 1310 729.26 0.0 -7.8 -23.6 938.10 -23.3 2.1 Leisure Goods 43 218.36 0.0 0.0 -9.8 299.09 -9.3 1.3 Intermediate Capital Group PLC 1096 278.50 Taylor Wimpey PLC 141.90 32.60
Pharmaceuticals & Biotechnology (9)16098.70 2.50 14293.32 15705.78 15781.77 14940.88 3.89 0.93 27.65 279.28 12360.07 FTSE North America 663 394.49 0.0 -3.5 -14.0 581.14 -13.5 2.2 Personal Goods 102 759.10 0.0 0.0 -15.8 1118.07 -15.5 2.1 International Consolidated Airlines Group S.A. 246.70 46.70 Tesco PLC 232.00 13.20
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Telecommunications (6) 1674.56 2.31 1486.77 1636.79 1683.68 2281.84 7.91 0.02 554.33 0.00 2212.82 FTSE Asia Pacific Mid Cap ex Japan 852 650.43 0.2 -12.1 -24.9 1059.79 -24.6 3.8 General Retailers 148 846.36 0.0 0.0 -6.5 1134.87 -6.3 1.0
Fixed Line Telecommunications (3) 1581.82 2.84 1404.43 1538.12 1528.19 2677.36 11.28 1.45 6.10 0.00 1728.92 FTSE Asia Pacific Small Cap ex Japan 1814 425.73 0.1 -11.0 -21.6 678.40 -21.3 3.6 Media 88 314.42 0.0 0.0 -18.2 440.37 -17.9 1.7 UK STOCK MARKET TRADING DATA
Mobile Telecommunications (3) 2559.01 2.10 2272.03 2506.44 2613.00 3165.07 6.57 -0.95 -15.95 0.00 3028.58 FTSE Asia Pacific Ex Japan 1774 466.19 0.1 -7.8 -18.0 841.26 -17.5 3.3 Travel & Leisure 150 372.07 0.0 0.0 -28.2 529.40 -27.7 2.6
Utilities (8) 6895.77 4.12 6122.45 6622.72 6474.57 6780.89 6.22 0.51 31.66 33.74 9212.91 FTSE Emerging All Cap 3274 622.18 0.0 -8.6 -21.3 1003.12 -20.8 3.4 Telecommunication 94 138.42 0.2 0.2 -13.7 293.35 -12.4 4.9 Apr 09 Apr 08 Apr 07 Apr 06 Apr 03 Yr Ago
Electricity (3) 7112.07 3.43 6314.50 6875.98 6583.45 6969.59 7.35 -0.36 -37.80 129.12 12509.64 FTSE Emerging Large Cap 888 606.48 -0.1 -7.3 -20.0 984.39 -19.5 3.3 Fixed Line Telecommuniations 41 114.47 0.0 0.0 -15.5 271.98 -13.7 5.7 - - - - - -
Gas Water & Multiutilities (5) 6467.12 4.32 5741.87 6199.38 6096.24 6367.12 5.90 0.81 20.86 7.47 8544.32 FTSE Emerging Mid Cap 903 690.83 0.1 -14.6 -29.0 1112.32 -28.5 4.4 Mobile Telecommunications 53 148.11 0.5 0.5 -11.2 274.94 -10.5 3.9 Order Book Turnover (m) 377.09 63.12 98.19 169.49 48.60 48.60
Financials (308) 3773.93 2.97 3350.70 3665.09 3659.38 4921.50 4.47 1.94 11.54 24.09 3873.63 FTSE Emerging Small Cap 1483 575.43 0.2 -13.5 -23.9 887.67 -23.6 3.9 Utilities 190 285.53 0.1 0.1 -10.2 610.47 -9.5 3.7 Order Book Bargains 1456989.00 1286827.00 1720308.00 1313040.00 1316294.00 1316294.00
Banks (10) 2398.46 3.17 2129.48 2324.74 2319.83 3876.19 5.49 2.24 8.12 0.02 1975.39 FTSE Emerging Europe 75 312.15 -0.7 -0.4 -29.1 562.47 -28.9 7.9 Electricity 133 321.98 0.1 0.1 -9.6 679.02 -8.8 3.6 Order Book Shares Traded (m) 3145.00 2186.00 3016.00 2480.00 2270.00 2270.00
Nonlife Insurance (8) 2995.43 2.65 2659.51 2918.16 2963.03 3655.92 4.77 1.63 12.87 6.45 5758.26 FTSE Latin America All Cap 242 561.55 0.0 -21.0 -43.0 943.82 -42.6 4.3 Gas Water & Multiutilities 57 284.36 0.1 0.1 -11.5 626.86 -10.9 4.0 Total Equity Turnover (£m) 8015.75 4335.65 6163.67 7384.14 4053.27 4053.27
Life Insurance/Assurance (7) 5785.67 3.33 5136.84 5599.21 5781.89 8022.19 6.38 1.74 9.02 68.76 6377.32 FTSE Middle East and Africa All Cap 329 499.03 0.0 -6.9 -27.7 851.64 -26.4 4.5 Financials 861 199.54 0.2 0.2 -24.6 355.02 -23.9 4.0 Total Mkt Bargains 1715483.00 1499745.00 1992642.00 1530883.00 1526441.00 1526441.00
Real Estate Investment & Services (18)2288.68 5.50 2032.02 2169.27 2148.40 2546.21 2.53 2.28 17.36 5.28 6502.59 FTSE Global wi UNITED KINGDOM All Cap In 303 258.01 0.0 -6.3 -27.8 482.55 -27.2 5.2 Banks 280 145.16 0.2 0.2 -32.1 282.59 -31.3 5.6 Total Shares Traded (m) 7030.00 6351.00 8493.00 6820.00 5386.00 5386.00
Real Estate Investment Trusts (41) 2349.65 4.30 2086.15 2252.82 2195.43 2664.73 4.29 -0.25 -94.90 25.00 3286.13 FTSE Global wi USA All Cap 1784 673.13 0.0 -3.8 -14.7 937.33 -14.3 2.1 Nonlife Insurance 73 246.31 0.0 0.0 -20.2 380.36 -19.6 2.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (41) 8171.44 3.02 7255.06 7932.15 7874.26 8953.64 3.59 1.80 15.50 95.13 10316.99 FTSE Europe All Cap 1432 349.76 0.0 -5.0 -23.1 617.04 -22.5 4.2 Life Insurance 58 175.92 0.4 0.4 -27.1 306.31 -26.5 4.3 (c) Market closed.
Equity Investment Instruments (183) 9716.33 1.83 8626.70 9541.38 9473.77 10419.84 2.89 2.97 11.66 77.41 5710.16 FTSE Eurozone All Cap 650 329.15 0.0 -5.5 -24.3 578.11 -24.0 4.0 Financial Services 211 305.55 0.1 0.1 -17.5 443.36 -17.1 2.0
Non Financials (308) 3907.43 2.97 3469.24 3794.91 3798.87 4832.30 5.25 1.39 13.72 48.59 6461.89 FTSE EDHEC-Risk Efficient All-World 3963 347.40 0.1 -6.0 -19.7 515.51 -19.2 2.9 Technology 289 330.15 0.0 0.0 -8.2 420.38 -7.9 1.4
Technology (15) 1756.28 0.99 1559.32 1739.02 1669.23 2132.83 3.85 0.83 31.12 13.03 2426.35 FTSE EDHEC-Risk Efficient Developed Europe 589 263.11 0.0 -5.8 -22.2 431.93 -21.8 3.7 Software & Computer Services 149 573.61 0.0 0.0 -5.6 683.76 -5.5 0.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1897.32 1.39 1684.54 1871.29 1784.41 2376.83 4.04 0.76 32.47 13.43 2771.81 Oil & Gas 150 223.93 -0.1 -1.7 -38.5 402.95 -37.7 7.0 Technology Hardware & Equipment 140 246.92 -0.1 -0.1 -11.2 334.26 -10.7 2.2 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)3987.06 -3.36 3539.94 4125.58 4243.69 3016.87 1.72 2.76 21.05 43.15 4926.30 Oil & Gas Producers 104 216.03 -0.1 -0.2 -38.8 397.13 -38.0 7.1 Alternative Energy 10 110.45 0.0 0.0 -12.7 155.78 -12.1 1.5 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 158 296.07 0.4 0.4 -19.8 532.52 -19.2 3.6 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 81 421.03 0.0 0.0 -15.1 904.95 -14.2 4.3 For all queries e-mail [email protected]
FTSE 100 5765.15 5794.52 5722.78 5693.85 5743.39 5744.64 5789.22 5834.43 5832.53 5842.66 5688.39 Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2
FTSE 250 16070.23 16294.69 16036.09 16014.81 16126.08 16111.01 16159.40 16311.90 16355.00 16407.92 15963.17 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 4523.61 4573.20 4560.82 4550.38 4556.98 4553.79 4563.15 4590.42 4602.24 4610.18 4523.61 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 3185.99 3207.40 3166.87 3153.07 3178.85 3178.85 3200.47 3226.11 3226.92 3233.24 3150.45 (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:15:45:59 Day's Low09:55:30 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:15:46:15 Day's Low09:56:00 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 Martin Currie Global Portfolio Trust Pre 50.477 3.691 60.280 3.720 1.50000 1.50000 Apr 30 2.400 2.400 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 03/23 0.69 SYME Supply@ME Capital PLC 0.30 0.00 1.10 0.25 9826.5
There are currently no rights offers by any companies listed on the LSE. 03/06 80.00 AIM FRP FRP Advisory Group PLC 93.00 4.00 94.00 70.00 22087.6
03/06 3.00 MMM Mining Minerals & Metals PLC 3.50 - 0.00 0.00 111.6
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 13 2020 Section:Stats Time: 12/4/2020 - 16:25 User: keith.allen Page Name: MARKET DATA 1, Part,Page,Edition: USA, 10, 1