Financial Times Europe - 16 04 2020

2020·14.97 MB·English

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WORLDBUSINESSNEWSPAPER
THURSDAY 16 APRIL 2020 EUROPE
Covid-19: the 3 Is the UK paying too much attention to epidemiologists? — BIG READ, PAGE 15
3 The world’s lockdown will lead to more equality
— AMARTYA SEN, PAGE 17
global impact
3 How the virus is infecting democracy
— CONSTANZE STELZENMÜLLER, PAGE 17
Watered down
Briefing
India to ease
iIMFwarnsof‘massive’publicborrowing
restrictions Thefundhasforecastthatlockdownsandeconomic
contractionswillpushbudgetdeficitswellabove
financialcrisispeaksinitsfirstattempttoquantify
thepandemic’sdamagetopublicfinances.
—PAGE2
AworkerinFaridabad,India,sprays
disinfectantinaresidentialareayester- iWallStbanksadd$12.8bntoprovisions
day.India’sCovid-19lockdown,which BankofAmerica,CitigroupandGoldmanSachs
wasimposedonMarch24withlittle haveunveiled$12.8bnoftotalfirst-quartercharges
warning,willslowlybegintounwind forloanlosses,joiningJPMorganandWellsFargo,
nextweekwithlimitedmanufacturing whichreportedcreditchargesonTuesday.
—PAGE5
andagriculturalworkresumingoutside
virushotspots. iG20agreesdebtreliefforpoornations
Butthelockdownwillremainoneof Theworld’srichestnationshaveagreedtofreeze
theworld’sstrictest,withallschools, bilateralloanrepaymentsuntiltheendoftheyear
publictransport,flights,religioussites, andurgedprivatecreditorstojointheireffortina
shopping centres and other public bidtoheadoffanemergingmarketcrisis.
—PAGE3
spacesremainingoutofboundsuntil
nextmonth.WhileIndiahasreported iAfricaadaptsforcoronavirusbattle
377coronavirus-relateddeaths,doctors Scientistsandhealthofficials
believemanymoredeathslinkedtothe haveadaptedtechnologyand
diseasehavebeenuncounted. systemsdevelopedtofight
Strictcurbsremainpage3 tuberculosisandpoliototryto
Notebookpage16 makeupforalackofhealth
MoneySharma/AFP infrastructure.—PAGE4
iDividendblockonbailed-outEUgroups
Trump condemned for WHO
AdocumentseenbytheFThasrevealedthat
companiesgivenemergencyequityinjectionsby
EUstateswillnotbeallowedtopayoutdividends.It
alsobarsthemfrom“excessiverisk-taking”.
—PAGE2
fund freeze as coronavirus rages iEYandDeloittejoinpartnerpaycuts
TheBritishauditfirmshavesaidtheywillslashpay
by20percent,followingsimilarmovesbyBigFour
rivalsPwCandKPMG.Mid-tierrivalsfurloughed
juniorstafftocopewiththecrisis.
—PAGE6
iTikTokhiringamidhomevideosurge
3 China-link accusation stirs tension 3 Gates joins criticism 3 Global infections pass 2m
ByteDance,theChinesestart-upbehindthevideo
app,hassaiditwilltakeon10,000staff,aseveryone
fromnursestocelebritiesmakesclipslip-syncedto
MICHAELPEEL—BRUSSELS Twitter.“Thereisnoreasonjustifying WHO’s“roleinseverelymismanaging tionblame”overthepandemic.Simon musictoabsorblockdowntime.—PAGE5
GUYCHAZAN—BERLIN this move at a moment when their andcoveringupthespreadofthecoro- Coveney, Ireland’s foreign minister,
DEMETRISEVASTOPULO—WASHINGTON effortsareneededmorethaneverto navirus”.Healsocriticisedtheorganisa- Inside slammedMrTrump’sdecisionas“inde-
RICHARDMILNE—OSLO
helpcontain&mitigatethecoronavirus tion’srelationshipwithChina. fensible”inthe“midstofpandemic”.
Datawatch
America’s allies rounded on Donald pandemic.” “American taxpayers provide 3Virusreports SergeiRyabkov,Russia’sdeputyfor-
TrumpyesterdayaftertheUSpresident TedrosAdhanomGhebreyesus,WHO between$400m-$500mperyeartothe Pages2-4 eign minister, branded the US move
Close family
abruptly stopped funding the World director-general,expressedregretatMr WHO, in contrast China contributes 3Corporate “veryalarming”. Poorercountries
HealthOrganization,deprivingtheglo- Trump’sdecisionandsaidhisorganisa- roughly $40m a year, even less,” Mr impact MrTrump’wasalsocondemnedby %of households with three typicallyhave
balbodyofitsbiggestdonorasitbattles tionwasassessingtheimpactandhow Trumpsaid.“Astheorganisation’slead- Pages5-7 BillGates,theMicrosoftfounderand generations in the same home morehouseholds
thecoronavirusoutbreak. tofillanyfundinggaps.“Thisisatime ingsponsor,theUShasadutytoinsist 3Markets billionaireheadoftheBill&Melinda Pakistan wherethree
Themoveaggravatedinternational forallofustobeunitedinourcommon onfullaccountability.” Pages8-9 GatesFoundation.“Haltingfundingfor India generationslive
Bangladesh together,making
tensions over the pandemic and struggle against a common threat, a TheEuropeanCommissionsaidthe 3BigRead theWorldHealthOrganizationduringa Indonesia
itdifficultforthe
exposedanewriftbetweentheUSand dangerous enemy,” he told report- EUbackedtheWHOinitseffortstocon- Page15 worldhealthcrisisisasdangerousasit China
Mexico elderlytoisolate
China after Mr Trump criticised the ers. “When we are divided the virus tainthepandemicandwasweighinga 3Editorial sounds,”hewroteonTwitter. Brazil andcutinfection
body’srelationshipwithBeijing. exploitsthecracksbetweenus.” responsetotheUSmove.“Thisisthe Comment Morethan26,000peoplehavedied Nigeria risks.Countries
JosepBorrell,EUforeignpolicychief, MrTrumpshockedEuropeanallies time for solidarity, not for finger- Page16 fromCovid-19intheUS,thehighestoffi- ItaUlSy liketheUKtendto
warnedthatallcountriesmustwork onTuesdaywhenheannouncedthat pointing or undermining multilateral 3Opinion cial national death toll. Globally, the UK havesomeformof
togethercloselytostemtheCovid-19 hundredsofmillionsofdollarsinUS co-operation,”itsaid. Page17 numberofpeopleinfectedhasdoubled 0 5 10 15 20 25 30 young-oldsocial
pandemic.“DeeplyregretUSdecisionto fundingwouldbesuspendedwhilea In Germany, Heiko Maas, foreign 3LexPage18 intwoweeksto2m,accordingtodata Source: UN, 2019 (using latest available data) distancingbuiltin
suspendfundingtoWHO,”hewroteon review was conducted to assess the minister,saiditdidnothelpto“appor- fromJohnsHopkinsUniversity.
Cash-strapped Occidental forced to
pay Buffett dividend with 17m shares
ERICPLATTAND at a high price. In return for $10bn, investedinshort-termTreasurybills.
JAMESFONTANELLA-KHAN—NEWYORK Berkshire received preferred shares ItisunclearwhetherMrBuffettwill
DEREKBROWER—LONDON
carryingan8percentdividend.Occi- decidetoselltheadditionalstock.
WarrenBuffettwillreceivethelatestof dentalhadtheoptiontopaywitheither Investors have soured on the US’s
hisdividendsfromOccidentalPetro- cashorbyissuingBerkshirenewshares. debt-ladenshaleoilproducers,causing
Twitchyconsumerspush leuminsharesinsteadofcash,asthe TheAnadarkodeal,whichwascriti- equity valuations for the sector to
coffeeintothebigleague heavilyindebtedoilproducertriesto cisedastooexpensivebysomeshare- underperformagainstthewidermar-
shoreupitsbalancesheetinthefaceof holders,includingactivistCarlIcahn, ket.Thecrisishasdeepenedwithahalv-
AnalysisiPAGE8 apriceroutthathasrattledthesector. saddled the company with debt just ingoftheoilpricesinceJanuaryaslock-
before oil prices plunged. Occidental downscausedacollapseindemand.
Inaregulatoryfilingyesterday,Occi- hassincetakenaseriesofemergency Record oil production cuts
Austria €3.90 Malta €3.70 dentalsaidithadissued17.3msharesto measurestoshoreupitsfinancialposi- announcedbyOpecandRussiaonSun-
Bahrain Din1.8 Morocco Dh45
Belgium €3.90 Netherlands €3.90 MrBuffett’sBerkshireHathaway,worth tion,includingcuttingcapitalexpendi- dayfailedtostopfurtherpricefallsthis
Bulgaria Lev7.50 Norway NKr40
Croatia Kn29 Oman OR1.60 about $257m at the previous night’s tureandslashingthedividendonits week.TheUScrudebenchmark,West
Cyprus €3.70 Pakistan Rupee350 closingpriceandamountingto1.9per commonsharesby90percent. TexasIntermediate,droppedbelow$20
CzechRep Kc105 Poland Zl20
Denmark DKr38 Portugal €3.70 centofthecompany’sequity.Themove ForBerkshire,the$10bninvestment a barrel yesterday, sparking further
Egypt E£45 Qatar QR15
Finland €4.70 Romania Ron17 sentOccidental’ssharepricemorethan inOccidentalcameafterMrBuffetthad declinesinshaleproducershares.
France €3.90 Russia €5.00 12percentloweratonepointyesterday, goneyearswithoutclinchingoneofthe S&PGlobalRatings,thecreditrating
Germany €3.90 Serbia NewD420
Gibraltar £2.90 SlovakRep €3.70 triggeringshort-salelimitsonthestock. multibillion-dollardealsforwhichheis agency,alsodowngraded$37bnofOcci-
Greece €3.70 Slovenia €3.70
Hungary Ft1200 Spain €3.70 OccidentalturnedtoMrBuffettayear known.Itallowedhimtoputpartof dentaldebttojunkstatus,citingthe
India Rup220 Sweden SKr39 agotohelpfundits$55bntakeoverof Berkshire’smammothcashpiletowork, highleverage.
Italy €3.70 Switzerland SFr6.20
Latvia €6.99 Tunisia Din7.50 rivalAnadarko,butthefinancingcame which at the time was primarily Payoutbanforrescuedgroupspage2
Lithuania €4.30 Turkey TL19
Luxembourg €3.90 UAE Dh20.00
NorthMacedonia Den220
World Markets
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APRIL 16 2020 Section:FrontBack Time: 15/4/2020 - 19:00 User: simon.roberts Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1
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2 ★ FINANCIAL TIMES Thursday16April2020
CORONAVIRUS
Fallout
CORONAVIRUS
IMF warns of global rise in public debt
ROUND-UP
Germanycelebrates‘interimsuccess’in
slowingvirusandreopenssmallshops
Borrowingexpectedto topping levels in the 2008-09 crisis. licspending.“Onceeconomiesrecover, thisyear,withnetpublicdebtrising
Despitetheseconcerns,theIMFsaid achieving progress on ensuring debt from84percentto107percent.
builddeficitssurpassing
GermanyistoreopensmallshopsnextMonday,but thesurgeinshort-termpublicborrow- sustainabilitywillbeneeded,”itsaid. Deficits are likely to rise towards
peoplewillhavetowearmasksinthemandonpublic peaksof2008-09crisis ingwasnecessarytocontainthevirus. Deficitswouldrisesharplyacrossthe 10percentofgrossdomesticproduct
transport. “Government responses should be world,itsaid.IntheUS,thepublicsec- acrosstheeurozoneandnetdebt-to-
Angela Merkel, chancellor, said Germany had swift, concerted, and commensurate tordeficitwillsurgefrom5.8percentof GDPratioswillballooninallcountries,
CHRISGILES—LONDON
achievedan“interimsuccess”inslowingthespreadof withtheseverityofthehealthcrisis, nationalincomein2019to15.4percent andthatcouldexacerbatethediffer-
thevirus,butitwas“fragile”.Restrictionsonsocialcon- Theincreaseinborrowingbygovern- withfiscaltoolstakingaprimerole,”it encesbetweenmembersstates’budget
tactwouldremainuntilatleastMay3.Allbigpublic mentsasaresultofthepandemicwillbe saidinitsannualfiscalmonitor. positions that have caused so much
Government deficits set to rise
eventssuchasfairswillremainforbiddenuntiltheend “massive”,theIMFsaidyesterday,fore- “Thehumancostofthepandemichas politicaltensionintheblocinthepast.
% of GDP
ofAugust.SchoolswillbepartiallyreopenedonMay4. castingthatlockdownsandeconomic intensifiedatanalarmingrate,andthe Germany’snetdebtisexpectedtorise
2019
contractionswillpushbudgetdeficits impactonoutputandpublicfinancesis by7.9percentagepointsto49.2percent
2020
wellabovefinancialcrisispeaks. projectedtobemassive.” -15 -10 -5 0 5 ofGDP,butinItalyitwillriseby19.6per-
Globally,netpublicdebtwillrisefrom Itrecommendedthatcountrieswith Advanced economies centagepointsto142.7percentofGDP,
Russialaunchesstimulusmeasuresfor 69.4percentofnationalincomelast goodaccesstolendersshouldborrow US thefundsaid,reflectingadeeperdown-
Canada
SMEs,essentialbusinessesandairlines yearto85.3percentin2020,theIMF initiallytofinancetheirhealthsectors turnandgreaterlossoftaxrevenues.
France
said,raisingconcernsaboutthewilling- andprotectcompaniesandhouseholds UK Higherborrowingcostswouldexpose
nessoftheprivatesectortofinancegov- from falling revenues and incomes. Italy emergingeconomiestotheriskofcapi-
VladimirPutinhasannouncedRussiawillintroduce ernments with chequered records in Oncelockdownswerelifted,evenmore Japan talflight,a“concerning”outlook,itsaid.
Germany
measurestostemunemploymentandsupportbusiness. servicingtheirborrowings. borrowingwouldbeneededto“facili- There was a high risk of an “abrupt
Russia’spresidentsaidthatsmallandmediumenter- In its first attempt to quantify the tatetherecovery”,theIMFwarned. Emerging economies worseninginfinancingconditions”.
prises from hard-hit sectors would receive up to scale of the damage to the public “Asthevirusiscontainedandpeople China Theaverageinterestbillongovern-
Rbs12,100($162)peremployeetocoversalarypay- financesbycoronavirus,thefundprovi- return to work, a broad-based fiscal Brazil ment debt in low-income developing
India
mentsontheconditiontheyretainatleast90percent sionally forecast global deficits will stimulusbecomesmoreeffective,”the countrieswas20percentoftaxreve-
Russia
ofstaff.Othermeasuresincludegovernment-backed climbby6.2percentagepointsthisyear IMFsaid.Butlongerterm,governments nuesin2019.TheIMFexpectsthisto
loansforessentialbusinessesatnear-zerointerestrates toreach9.9percentofnationalincome, wouldneedtoraisetaxesandcurbpub- Source: IMF risebeyond30percentthisyear.
andRbs23bntosupporttheairlineindustry.
Employment. Workers at risk
Globalnumberofcaseshits2mmark
Europe’s trade unions fear for future
Cumulative confirmed cases
2,000,000
1,500,000
1,000,000 Companyrestructuringsand
liftingoflockdownrestrictions
500,000
tooearlytoplistofconcerns
0
Mar 01 Mar 23 Apr 06
JOEMILLER—FRANKFURT
Source: Johns Hopkins University, CSSE DAVIDKEOHANE—PARIS
TheCovid-19counthastopped2m.Signsofaplateauin DaysafterGermanybroughtitsecon-
casesareseeninItalyandSpainbutmanycountriesare omytoatemporaryhaltinMarch,500
inearlyphases.Theglobalcasecounthit1monApril2. workersinthecountry’ssouthernmost
town, Sonthofen, learned their jobs
mightbeinperil.
Whileastriketoprotestagainstthe
Brusselstohostdonationdriveto
planned closure of a specialist gear-
raisefundsforCovid-19research makingplant,nestledatthefootofthe
Alps,wascalledoffowingtothevirus
outbreak,thefactory’sowner,Voith,did
TheEUwillholdanonline“pledgingconference”to notsuspenditsrestructuringplans.
raisefundsforresearchintoCovid-19onMay4. Thecompanywasswiftlyaccusedby
UrsulavonderLeyen,presidentoftheEuropean Germany’s largest union of taking
Commission,saidthatBrusselswouldhostthedona- advantageofthepandemic.“Suchan
tiondriveinco-ordinationwithorganisationssuchas approach does not create cohesion,”
theGatesFoundation,theWellcomeFoundationand saidJohannHorn,theheadofIGMet-
theWorldHealthOrganization.“[Theconference]will all’sBavarianbranch,“butcanleadto
helpaddresstheimmediatefundinggapstocomeup thetearingapartofsociety.”
withinnovativeandequitablesolutions,”shesaid. For the time being, the incident
remainsanisolatedexample;workers’
representativesinEurope’stwolargest Solidarity: “Wehavetodiscussanewsocialcon- hardt, IG Metall’s director of policy. untarilytoppeduptheirgovernment’s
economies,GermanyandFrance,have membersofthe tractandputthemostimportantsub- “Why do we keep making planes, temporarypaymeasuresafternegotiat-
NewZealandpremiertakespaycutin
mostly co-operated with the region’s CGTunion jectsonthetable,”saidLaurentBerger, cars,lipstick,whenscientistssaythe ingwithworkers’representatives.
solidaritywithstrugglingworkers largestcorporations. dressedas theheadofFrance’slargesttradeunion, best protection is to stay at home? While Germany and France have
However,PhilippeMartinez,headof traditional theConfédérationFrançaiseDémocra- Despiteallofourwarningsandalerts largelyavoidedhugejoblosses,some
the Communist-aligned French trade cleaners tiqueduTravail.“Wehaveaskedfora therearestillshopswherepeopleare analystshavebeguntoraiseconcerns
NewZealand’sprimeministerandhercabinetwilltake union,theCGT,believesthereisa“risk protestagainst lotfromworkers,wehavetoletthem notprotected,”saidMrMartinez. aboutthelonger-termimpactsofjob-
a20percentpaycutforthenextsixmonthstoshow that restructuring projects in desk government speakwhenthisisallover.” TheCGThasalreadyfiledacriminal savingpoliciesonbothcountries’econ-
solidaritywithcitizensstrugglingfinanciallybecauseof drawerscouldbetakenoutandused policiesin UnionsinbothFranceandGermany complaint against Carrefour and its omies,ascompaniesarelumberedwith
thecoronaviruspandemic. duringthiscrisis”. centralParis areurgingthegovernmenttopushback chief executive, Alexandre Bompard, excesscapacity.Therelativespeedof
“WeacknowledgeNewZealanderswhoarerelianton Companies such as Lufthansa are inJanuary againstglobalisationandprotectmore allegingthesupermarketchainwasnot economicrecoveriesindevelopedcoun-
wagesubsidies,takingpaycutsandlosingtheirjobsasa alreadywarningthattheycouldemerge KiranRidley/GettyImages strategic industries. They recently adequatelyprotectingitsworkers,while trieswillputthestrengthofEurope’s
result of the Covid-19 global pandemic,” Jacinda fromthecrisismuchsmaller.Thepros- receivedthetacitsupportofEUcompe- onTuesdayaFrenchcourthandedthe unionsandjob-savingschemesunder
Ardernsaidinherdailybriefing.NewZealandhas1,386 pectofleanerbusinessesbeingableto tition commissioner Margrethe unionsavictoryaftertellingAmazonto morescrutinythanever.
viruscasesasofyesterday,andninehavedied. function with reduced workforces Vestager,whotoldtheFinancialTimes onlyshipessentialitemsinthecountry While the unions’ traditional May
alarmslabourorganisationsthathave that European countries should buy untilithaddoneasystematicreviewof Day celebrations are unlikely to go
dominatedthecontinent’smanufactur- stakesincompaniesunderthreatofChi- itssafetymeasures. aheadthisyear,thesolidaritythatfuels
Casessofar inghubssincethesecondworldwar. nesetakeovers. Governments across Europe have themmaystillprovevitaltoaneco-
Thepandemichasalsodisproportion- Whileunionssearchforlonger-term spenttensofbillionsofeurosensuring nomicrecoveryonceworkersareasked
2,016,020 atelyplacedlow-paidworkersinshops, relevance,thecrisishasputtheminthe companieskeepmillionsofemployees togobacktoriskyjobs.“Afewmonths
hospitals and on public transport at unusualpositionoffightingtherightsof ontheirbooksthroughshort-termpaid ago, [French president Emmanuel]
and130,528deathsby18.45BSTonApril15 risk,spurringunionstofightforwage workerstostayathome.“Wedonot leaveschemes.Theunions,too,have Macronthoughtthattheunionsweren’t
Source:JohnsHopkinsUniversity,CSSE
increasesandforemergencysupport wanttoseetheshutdownorcontactban playedtheirrole.Severallargemanu- goodforanythingbutnow...hethinks
Readmoreatft.com/coronavirus
offeredtogigeconomyworkerstobe restrictionsliftedevenadaybeforeitis facturers, including Germany’s weserveapurpose,”saidMrMartinez.
madepermanent. absolutelysafetodoso,”saidUweMein- VolkswagenandFrance’sPSA,havevol- “Iwillwaitandseeifthatcontinues.”
Competition concerns Monthly data
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h,d,arBiauspineDGEeeermiTsswooctteAcrreetetielRWhrBao1iM“pgsersruahoianagrmuiac2svenrnirsalsunanudnfful“k111WiidYgesttotfdtH999slni000tretg-ffiDpeposaeosaNeLai0000h899rse002hsicapathlrrsaaDelJ...n.trdt...ica...oAiiet6733in3622o335scrccsnoaqyreitoep684ae6eg377nee567 etaistrflxopr’timnem eavosplioracagr hylreofnEhlsiuotrlnetp,IvuY.salaneaydeetiaaxy-sb--tdyrtt—rnp10000203g00”ssonrliepSigiuo,u&p.k........re..rilMteudDet20673430t73ip-”Sertlalrd eaeseao27684134c65db,bevtomyeo eiltregyrgtffi,wd nskiragh nseMeeelOteSeaarssloetgcrtoMaAte1emrtt--faaa3raiiu.00000000001aienrRttEsccarinor..........daie u00000000lhh00rsantlyUydTnady2010000011”ggegerFss-g,,r,ePsoutaaibzr &fpiss2nLreTeto3e:9en0IBVnO_rCoiFedaong5vesemrER_aunPlhRAPrEtSceLv.Si9b.rPianrd4ydl oB e1t+ueba6ao,uH CiMTRoEHaCWuo.nb3A TfposoehpFha- Gsfbrobc wnereKoOHSAerinianlns L rwtZxc1hilpecs3to nlSuiIELiii,NiaA igegnoogrnrTaEa it shng: eU9nTnh nRttRt e o f eheshaD—hfJloAlwoa aeanieIo3FfY(s rjas Lr Sod nnK19 ttadaAa aIhSxoFcloe ahr aEsP0d 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otrwpecealp2iheefxqn0lnaitadBEBenliuyee2lnttutrugrrsib4hubustclmwtreoteyotesoasotirboasdstpclhbaielabhtgenketaethlalilleoseajvnisflteogsigscnbiekhncsefiotoyesiaecatbtdmalnbhiofntoualotaregesemmwoclsonio’soipissdpmanopi1bseaos.rl5seaecslnefceIhittsnpitgfrsdnothsmoaeieiieenebecsanrrrndmisoosytegfsctaortuhtaesaiatooDehrcrnunoudrt.aaasetptlhetieetpdg,hcnspecctciepritacanolonuremhrenedrumgcopgaenteecbv2riaipttiiigaaen0itvsnuacvhglirce.nrmloenptteei3i.ahnnaeoetoe1noegrsr-t-f, dTitesbMBDrcachaeonnReowAaal“vengdEwdetlMoIaelNasstboynTnaumcDdfwifsAbolgmbrAtreehianhgooBelNadedaelefpmiAsrnivsb:GputsdDtegUedhReerteKmhccheEedSeanAoosEmiebictobRsnlLinleydnUcnaredE—d,auencttYSpuwhhlsettdNaeesa—eupeolr,tEydlcgertormiWWosilnrgiidfcdpnanoeAtduYeltrhwso1sSuOchliot9taanmHalsRuies9irnnrgtIniKtNy2,rwncpfgqewi.GeocyaueuatTehslrlethalriOeitsaanserlehtNehhcptdceeetilores.rsiordewevdttctafoihaaeokittrnidyyaer--l ttysssit2dmsmhhapthoe7rauaHTPeeeaocopptinnrrupcihiwreoesaoayodraejrsannoelcomidcetnchfdtsbraldsemggbaiedsssnnrsahaftaheiieoeeneatsnrnsoarw,lsistrkrblcdhwlbaeaetaei8au1htnsttcAn.dad7satto7.gcdmiehslrprtltipepihdonoesreneseaaceergnrccrrelprsidelcuetcertocaemsaammyameswnntuinensenabitdear.tdsn.teoassaSe,C-itbrhnrnMams,aasleeoeultoc.2esgasirpptcr,sc7arahsosaecwunsaiprrashhnirtdhtnent,ggaiporigidwcewnscsecufdlhahrgtoeoehlerlbeunrasetiosinnyoeerrst-tl
34204,Bagcilar-Istanbul,Tel.[phone].
Publishedby:TheFinancialTimesLimited, Sweden:ResponsiblePublisher-ChristerNorlander Bailed-outbusinessesarealsoforbid- tivesforcompaniestoexittheschemes theeconomy,”saidJoshuaShapiro,at werecutinhalf,theworstofanycate-
BrackenHouse,1FridayStreet,LondonEC4M9BT. dentotake“excessiverisks”oreven assoonaspossible.“Thememberstate consultingfirmMFR.“Whiletherewill gory. Car and furniture sales each
Tel:[phone];Fax:[phone]. ©CopyrightTheFinancialTimes2020.
Editor:RoulaKhalaf. Reproductionofthecontentsofthisnewspaperinany engage in “aggressive commercial shallputamechanisminplacetoincen- beabounceingrowthratesastheecon- droppedbyaquarter.
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Khalaf.Responsibleforadvertisingcontent,JonSlade. Timesanditsjournalismaresubjecttoaself-regulation
Italy:MonzaStampaS.r.l.,ViaMichelangeloBuonarroti, regimeundertheFTEditorialCodeofPractice: stateaidrules.Theywillnotbeableto “Thecommissionisexpectedtoask crisiswilltakealongtime... probably saidLydiaBoussouratOxfordEconom-
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CORONAVIRUS
International support Reserve assets
G20 seals debt relief deal for poor nations US resists call
for additional
emerging
Loanrepaymentsputon suchastheIMFandWorldBank,“to encouragethemtoconsideritinsup- countriesthatborrowedheavilyinthe IMFofficialssaythefund’scurrent
economy aid
furtherexploretheoptionsforthesus- portofthesecountriesandthepeopleof yearsafterthe2008globalfinancialcri- resources are helping governments
holdandprivatecreditors
pensionofdebtservicepaymentsover thesecountries.” sisandnowlacktheresourcestodeal dealwithimmediateneeds,butgreater
areurgedtofollowsuit thesuspensionperiod”. MrJadaanadded:“Consideringthe with the health and economic crises supportwasneededinthelongerterm.
“Wesupportatime-boundsuspen- speed,thespreadandtheseverityof triggeredbytheCovid-19pandemicas The Jubilee Debt Campaign, a UK-
sionofdebtservicepaymentsforthe Covid-19...thisrequiresaverystrong, theygrapplewithhighdebts,fiscaldefi- basedcharity,saidtheG20dealrepre- JAMESPOLITI—WASHINGTON
ANDREWENGLANDAND
poorestcountriesthatrequestforbear- boldandsignificantactionbytheG20 cits,plummetingrevenuesandweaken- sentedanimportantstepforward,but
JONATHANWHEATLEY—LONDON TheTrumpadministrationisresisting
JAMESPOLITI—WASHINGTON ance,”theG20saidinastatementafter andbytheworld.” ingcurrencies. added that “suspending payments
appeals from European and African
financeministersheldanonlinemeet- Themoratoriumonbilateralgovern- Many poorer nations have closed ratherthancancellingmeanscountries
leadersfortheIMFtocreateadditional
G20nationshaveagreedtofreezebilat- ingyesterday. ment debt repayments will begin on largepartsoftheireconomies,while willcontinuetopileupinterestandface
reserveassetstohelplow-incomeem-
eralgovernmentloanrepaymentsfor “We agreed on a co-ordinated May1andapplytothe76countriesthat vitalsourcesofemployment,revenue evenbiggerdebtlevelsnextyear”.
ergingeconomiescopewiththepan-
low-incomecountriesuntiltheendof approachwithacommontermsheet areeligibletoreceiveassistancefrom andforeigncurrenciesearningshave “WeurgentlyneedG20governments
demic,creatingafreshdivisioninthe
theyearaspartofaplantotacklethe providingthekeyfeaturesforthisdebt theWorldBank’sInternationalDevel- collapsed,includingtourismandremit- tocommittoengaginginaUNprocessto
globalresponsetothecrisis.
healthandeconomicthreatstriggered servicesuspensioninitiative.” opmentAssociation,whichworkswith tances.Commodityexportersarealso agreeacomprehensiveandenforceable
bythepandemicandavertanemerging Mohammedal-Jadaan,financeminis- the poorest countries as well as all enduringtheblowoftheplungeinoil waytocanceldebtsdowntoasustaina- The expansion of the IMF’s “special
marketsdebtcrisis. terofSaudiArabia—whichiscurrently nations defined as least developed and metal prices as global demand blelevel,readytobeimplementedin drawingrights”hascausedfrictionin
Thegroupoftheworld’srichestdevel- chairingtheG20—saidthedebtassist- countriesbytheUN.Eligiblecountries freezes,aswellastheclosureofmines. 2021,”thegroupsaidinastatement. multilateral discussions ahead of the
opedanddevelopingnationsalsocalled anceinvolvedcouldbeworth“northof mustbe“current”onanydebtservice Countriesreceivingbilateraldevelop- TheG20saidcreditorswouldcon- IMFandWorldBankspringmeetings,
onprivatecreditors“toparticipatein $20bn”.Headdedthatanyassistance paymentstotheIMFandthebank. mentassistanceareestimatedtobedue siderapossibleextensionofthemorato- whicharebeingheldonlinethisweek.
theinitiativeoncomparableterms”and fromprivatesectorcreditorswouldbe Concerns have mounted about the tomakerepaymentsofabout$40bnto riumoncetheyhadtakenintoaccount AnewallocationofSDRswouldoffer
askedmultilateraldevelopmentbanks, on a voluntary basis, but said: “We debt sustainability of lower-income externalcreditorsthisyear. theliquidityneedsofeligiblecountries. aliquidityboosttomanycountriesfac-
ingasuddendepletionofforeignexch-
ange reserves. The move is seen by
manygovernmentsasakeycomple-
Middle East. Shock-and-awe strategy menttoadebtreliefpackagetosupport
strugglingemergingeconomiesthatthe
G20,includingtheUS,wasexpectedto
Oil price war ‘unwelcome departure’, say Saudis
endorseasearlyasyesterday.
IntheFinancialTimesonTuesday,
European leaders including German
chancellorAngelaMerkelandFrench
president Emmanuel Macron joined
leading African figures such as Abiy
Energyministerclaimsmove
Ahmed,primeministerofEthiopia,and
necessarytocapturerevenues Cyril Ramaphosa, president of South
Africa,tourgetheIMFto“decideimme-
forkingdom’seconomy diatelyontheallocationofspecialdraw-
ingrights”to“provideadditionalliquid-
ityfortheprocurementofbasiccommo-
ditiesandessentialmedicalsupplies”.
ANJLIRAVAL
“Noregioncanwinthebattleagainst
SENIORENERGYCORRESPONDENT
Covid-19alone,”theywrote.“Thisisnot
SaudiArabia’soilministersaidtheprice thetimefordivisionorpolitics,butfor
war it started last month that drove unityandco-operation.”
Brent crude to 18-year lows was an ButtheUS,thefund’slargestshare-
“unwelcomedeparture”fromitsstrat- holder,hasdelayedbackingthemeas-
egytopursuecollectiveoilcuts. ure,castingdoubtonwhetherthatpart
AbdulazizbinSalman,whoistheson ofthemultilateralresponsetothepan-
oftheking,saidinaninterviewwiththe demicwillgetofftheground.
FTthatthekingdom’smovestoescalate
productionanddrasticallycutexport ‘TheUSresponsefornow
priceswerenecessarytocreateafinan-
isno.Idiscussedthiswith
cialbufferforitseconomy.
“[Engaging in a price war] was an StevenMnuchin[twice]’
unwelcomedeparturefromourend,but
wehadtobecauseofadesiretocapture BrunoLeMaireofFrance
some revenues versus sitting on our
handsanddoingnothing,”hesaid. “TheUSresponsefornowisno.Ihad
Thekingdom,theworld’sbiggestoil anopportunitytodiscussthiswithUS
exporter, pursued a shock-and-awe secretary of the Treasury Steven
strategyafterRussiawasreluctantto Mnuchinontwooccasions,”BrunoLe
enactdeeperandmoreprolongedcuts. Maire,France’sfinanceminister,told
Itcoincidedwithademandfalltriggered reporters.
bythecoronavirusoutbreakandcaused The US Treasury said Washington
widespreadpainacrosstheoilindustry. Inthepipeline: somesadisticapproachofkillingcom- “supportsavarietyofeffortsattheIMF
PresidentDonaldTrumpputpressure Washington’ssuccessinpushingRussia optiononthetablewhenyou’re aworkeratan petition.” He added: “As a long-term toproviderapid,targetedassistanceto
onSaudiArabiatoengagewithRussia andSaudiArabiatoendtheiroilprice attemptingtoprotectoneofyourmore oilprocessing producer,wecaremoreaboutaprosper- countries that need support to over-
Opecdeal
andendthepricewar,ultimatelysecur- warmarkeda“fundamentalshift”in importantormostimportantdomestic facilityrunby ousworldeconomythatbringsapros- comethecurrentchallenges”butdid
ingadiplomaticvictorythatalsobene- globaloilpolitics,whichhadbeenmade industries.Ifyouwantaccesstothe SaudiAramco perous level of demand. We are not notexplainitspositiononnewSDRs.
fitedtheUSshaleindustry. possiblebyUSself-sufficiency,according numberoneeconomy...you’regoingto attheAbqaiq engagedinanytypeofzero-sumgame.” “WesupportacceleratingIMFproce-
Theworld’slargestsupplycutdeal, USrole totheTrumpadministration’senergy agreetotermsandconditionsthatare oilfieldin PrinceAbdulazizsoughttopatchover dures, higher access from the IMF’s
struckonSundaybetweenOpecand marks secretary. goingtobesetbythateconomy. Eastern thedisputethatcollapsedathree-year emergencylendingfacilities,andsup-
RussiawithbroadbackingfromtheUS DanBrouillettetoldtheFinancial “Becausewe’reabletocoverourown Province oilalliancewithrivalRussialastmonth, portfromdonorsfortheIMF’sassist-
‘shift’in
andotherG20nations,wasanindica- Timesinaninterviewthattheshale energyneeds...wecanbyinference StanislavKrasilnikov/Tass/ sayingthat“wedon’tneeddivorcelaw- ancetolow-incomecountries,including
tion “we are not changing our energy energyrevolutionhad“dramatically” makethepointthat...hey,youknow, GettyImages yersyet”.“Wecouldhaveweatheredthe grants to help these countries make
approach”,PrinceAbdulazizsaid. politics elevatedUSnegotiatingpower wemaybedon’tneedasmuchaswe situation and stayed for a long, long debtpaymentstotheIMF,”itsaid.
Theso-calledOpec+groupwillcut comparedwithitspositionindealing usedtoneedfromyou.” while,butitwouldhavebeenextremely Onepersonfamiliarwiththetalks
9.7mbarrelsadayfromMay. withpreviousglobalcrises. MrTrumpspokeseveraltimesto destructive,”headded,notingthefinan- saidUSscepticismwassharedbysome
Prince Abdulaziz emphasised that “Thatdoesn’tmakeus...an800- CrownPrinceMohammedbinSalmanof cialpainforproducereconomies.As othercountries.
cutscouldamountto20mb/dorhigher poundgorillabutitdoesfundamentally SaudiArabiaandRussianpresident storagetankshavefilledup,SaudiAra- TheG20calledontheIMF“toexplore
oncetheytookintoaccountcontribu- changethepolitics,”hesaid. VladimirPutintotrytosecurethedeal. biahasalsostruggledtosellitsextraoil, additional tools that could serve its
tionsfromothercountriessuchasthe “Whenwewerewhollydependent Hisinterventionalsohelpedironouta accordingtopeoplefamiliarwiththe members’needsasthecrisisevolves”
USthatwerenotpartofthecurbsdeal. uponoilbeingimportedintothecountry, disputebetweenRiyadhandMexico. matter. butfellshortofcallingforanewalloca-
“Ifpricesstaywithintheborderof wecouldnothavebroughtthesetwo AskedwhatSaudiArabiagotinreturn PrinceAbdulazizsaidthekingdom tionofSDRs.EarlierdraftsoftheG20
$35-$40abarrel...Iwouldn’tbesur- majoroilproducerstothetableto foreasingitsdemandthatMexicoagree hadalwayssoughtacutaslongasitwas statementseenbytheFTincludedsuch
prisedifnaturaldeclinesareevenmore resolvetheirdispute.” tolargercuts,MrBrouillettesaidtheUS “equitable”.Yet,theoilproductiondeal acallbutitappearstohavebeenwith-
severeaswemoveintothenextfew MoscowandRiyadhagreedonSunday hadconvincedthepartiesnotto“hold achievedinrecentdaysalmostunrav- drawnafteroppositionledbytheUS.
months,”hesaid. tothebiggestoilcutdealinhistory.The upthis...dealoverthissmallamountof elled over a squabble with Mexico, KristalinaGeorgieva,IMFmanaging
Yetoiltradershadlittlefaithinpro- Opec+groupwillremovealmost10m oil,andthatargumentwontheday”. whichwantedtocurboutputbyless director,saidnooptionshadbeenruled
ducers’abilitytoreachthe20mb/dtar- barrelsadayfromsupply. Oilpriceshavefallensincethedeal,as thanothercountries.“Pragmatism”,he outintheglobalresponsetothedown-
getanddoubtedthecutswerecloseto DonaldTrump,USpresident,said tradersdoubtitcanmakeupfortheloss said,ultimatelyprevailed,despitethe turntriggeredbythepandemic,sug-
offsetting the demand collapse amid previouslyhecouldputtariffsonoil ofupto30percentofglobaldemand. kingdom’s persistent concerns that gestingtheallocationofnewreserve
globallockdownsandtravelbans.Brent importsafterlobbyingfromshale Askedifthecutswereenough,Mr othernationsmightaskforexemptions assetsremainedonthetable.
crude dipped below $30 a barrel on executives,includinghisfriend,Harold Brouillettesaid:“Theyaremorethan oftheirown,underminingthealliance. SDRs are an international reserve
Tuesdaybeforerecoveringslightly. Hamm,headofContinentalResources, zero,whichisapositivething.” InMay,thekingdomwillcutitspro- assetcreatedbytheIMFin1969toaug-
Despite Saudi Arabia accelerating toencourageMoscowandRiyadhto Hesaidtheycouldendupbeingas ductiontojustunder8.5mb/d. mentmembers’officialreserves.Their
supplytorecordlevelsof12.3mb/dand agreeadeal. muchas20mbarrelsbecauseofthefall PrinceAbdulazizsaidoilwouldcon- valueisbasedonfivecurrencies,includ-
officials talking the market down at Askedifthethreathadsubsided,Mr indemand. tinuetobeamajorenergysourcefor ingtheUSdollar.ThestockofSDRs
everyopportunityoverthepastmonth, Brouillettesaidtariffswerealwaysan DemetriSevastopuloinWashingtonand decades.“I’mnotwilling,yet,toforfeit amountstoabout$275bn,mostlyissued
PrinceAbdulazizsaid:“Wedon’thave option.“Everynationwillkeepevery DerekBrowerinLondon that,”hesaid. duringthe2008financialcrisis.
Business activity
India outlines tentative steps back to work while ensuring strict curbs remain
AMYKAZMIN—NEWDELHI gone unrecognised and uncounted. Thelimitedreopeningoftheecon- India’sschoolsandeducationalinsti- operations.Ruralmanufacturingunits ShilanShah,IndiaeconomistatCapi-
Inalengthydocumentreleasedyes- omywillbeginafterApril20,provided tutes will stay closed, as will public andfactoriesindesignatedindustrial talEconomics,saidtherelaxationmeas-
Indiayesterdaysetoutplansforthe
terday,PrimeMinisterNarendraModi’s businesses in the sectors chosen to spacessuchasreligioussites,malls,cin- areas can also operate, as long as ureswereunlikelytohaveanymeaning-
gradualreopeningofitseconomy,per-
government outlined measures that restartarenotindesignatedcoronavi- emas,sportsfacilitiesandmosthotels, employersprovideaccommodationfor fulimpactonIndia’sgrowthprospects
mittingsomemanufacturing,agricul-
attemptedtobalancecontrolsonpublic rushotspots. unlesstheyprovideemergencyshelter. workersonsite,ornearby. fortheyear.Buthesaidtheywouldhelp
tural work and other activities to
movementwiththeneedtorevivean Gatherings such as weddings remain Construction can resume, using alleviatethehumanitariancrisisaspeo-
resumenextweek.
economythathadgroundtoahalt. banned. labourers who have been trapped at plestruggletofindmoneytobuyfood.
Butthelockdown—imposedonMarch “Indiaisessentiallydebatingbetween ThepopularIndianPremierLeague buildingsitessincethelockdownbegan, “Wedon’tthinkit’sgoingtohavea
24 with little warning and since epidemiologicalgainversuseconomic crickettournament,whichwasdueto althoughnoadditionalpeoplecanbe majorimpactongrowth,”MrShahsaid.
extendeduntilMay3—willremainone pain,”saidAurodeepNandi,anecono- startyesterday,hasbeen“indefinitely broughtintoworkused. “Therearestillenormouspartsofthe
ofthestrictestintheworld,withall mist at Nomura, which forecast postponed”,giventherestrictionson Agricultural activities — which economy that are going to remain
domestic and international flights, thatIndia’seconomywouldshrink0.5 publicgatherings. accountfor15percentofIndia’sgross closed.We’remorepositiveonthelong-
trains,buses,metros,taxiservices,rick- percentthisyearasadirectresultof However,someactivitiesintendedto domestic product but still employ termhumanitarianbenefitsofthis.”
shawsandotherpublictransportserv- coronavirus. helpeasetheplightofIndia’spoorest nearlyhalfofthecountry’sworkforce— Investorswereinitiallyupbeatabout
icesstillsuspended. “Whiletheaimistonudgetheecon- andmostvulnerable,whoseincomes canrestart.Thisincludestheopeningof the economic plan. But the Bombay
India has reported 11,438 cases of omyfromlockdownatrophy,theopen- havecollapsed,andtoensuretheconti- agriculturalsupplyshopsandprocess- Stock Exchange Sensex benchmark
coronavirusand377deaths.However, ingwillultimatelybeonawinganda nuity of essential services will be ingunits.Self-employedcarmechanics, marketgaveupitsgainsandatitsclose
manydoctorsbelievethatthecountry prayerthatthenumberofcasesdoes allowedtoresume. electricians,plumbersandotherrepair wasdownnearly1percent.
is severely under-testing and that notescalateasIndiamakesitswayback Takingabreak:Indiawillallow Ports,cloggedwithuncollectedgoods peoplecanresumework,exceptindes- AdditionalreportingbyBenjaminParkin
manydeathsfromthepathogenhave towork,”hesaid. somelabourerstoresumework andunloadedcontainers,canresume ignatedcoronavirushotspots. SeeNotebook
APRIL 16 2020 Section:World Time: 15/4/2020 - 18:29 User: john.conlon Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1
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4 ★ FINANCIAL TIMES Thursday16April2020
CORONAVIRUS
Africa uses knowledge from
South Korea
Seoul arranges flights to
past diseases to tackle crisis ease business disruption
EDWARDWHITE—WELLINGTON forbusinessmencouldsparkopposition
Scientists adapt skills fighting Ebola and polio to track and test for Covid-19 SONGJUNG-A—SEOUL [abroad]overvirusprotectionbecause
SouthKoreaisoperatingspecialflights itcouldbeseenasmeaningallbusiness
forpeoplewithfactoriesabroadinan tripsareallowedunconditionally.”
efforttoreducedisruptiontobusiness Onesuchproposalisbasedonthe
fromvisaandtravelrestrictions. Asia-Pacific Economic Cooperation
forum’scardthatfacilitatestravelinthe
Atleastfiveflightshavetakenhundreds region,thoughnotcurrentlytoChina.
ofengineersandexecutivessincelate TheOECDclubofmainlyrichnations
MarchtofactoriesinChina,Vietnam
andeasternEuropeownedbySamsung ‘Tryingtogeteverybody
andLG,thetechcompanies,Hyundai,
onthesamepage
thecarmaker,andtheirsuppliers.
ParkKi-young,deputytrademinis- wouldrequireabig
ter,said:“Ourbusinessmenwithover-
diplomaticeffort’
seasplantsareintrouble... weplanto
continuetoruntheseoperationsuntil
thepandemicisbroughtundercontrol.” andothergroupshavewarnedmultilat-
Theproblemisacuteforcompaniesin eraleffortstocombattherisktoglobal
the middle of plant expansion and supplychainshavebeeninsufficient,
refurbishment, such as a Samsung, giventheseverityoftheproblems.
whichhasamemorychipprojectin StephenJacobi,atradeexpert,saida
China. commitmentbyAustralia,Brunei,Can-
South Korea, Asia’s fourth-largest ada,Chile,Myanmar,NewZealandand
economyandoneofthetop10out- Singaporetokeepsupplychainsopen
bound investors, was for a time the wasapositivedevelopment.Butawider
countryworst-hitbycoronavirusout- agreementwouldbedifficultbecauseof
sideChina.DespiteSeoul’ssuccessin an“absenceofleadership”atthelikesof
containingtheoutbreak,accesstomore theG20andG7.
than150nationsislimited.Theflights, “Ifsomethinglikea‘trustedtraveller
fundedmostlybybusiness,arepossible scheme’weretogetofftheground,it
becauseofone-offvisaapprovals. wouldrequiremuchgreaterco-opera-
Therestrictionshavealsofrustrated tionbetweentradingpartnersthanwe
effortsbytradeofficialsanddiplomats areseeingrightnow,”saidMrJacobi,
tobuildinternationalsupportforavisa executivedirectoroftheNewZealand
systemtoallowbusinesstravelifthereis InternationalBusinessForum.
noriskofspreadingCovid-19. “Itisaboutleadership,politicalwill
“It is not easy for each country to andtrust.Tryingtogeteverybodyon
agreeandsetsuchmechanismsinplace thesamepagewouldrequireabigdiplo-
Leadingthefight:ChristianHappiwithcolleagueOnikepeFolarin.MrHappihelpedsequencetheEbolaandcoronavirusgenomesinNigeria immediately,”saidMrPark.“Approval maticeffort.”
—AmyMaxmen
addingthetestwouldfindthevirus’s polio,thesystemhasalsobeenusedto killed11,000.“IthinktheEbolaexperi-
NEILMUNSHI
RNA—thecellularinformationthat hunttuberculosisandLassafever.The encehasreallypreparedNigeriaina Monetary easing
WESTAFRICACORRESPONDENT
wouldidentifywhetheritisCovid-19— WHOmaintainsperiodiccontactwith way because it means we have good
China cuts crucial rate ahead
Africanscientistsandhealthofficials anddeliverapositiveornegativeresult communitymembersinthenetwork alertsystems,”saidSaniAliyu,national
aretakingoncoronavirusbyadapting inabout30minutes. andsendsexplanatoryvideoswhennew co-ordinatorforthecountry’spresiden-
technologyandsystemsdevelopedto Hesaidkeymaterialsneededtopro- diseases arise, helping officials to spot tialtaskforceonCovid-19. of data likely to show GDP fall
fightdiseasessuchastuberculosisand ducethetest,includingreagents,were potentialoutbreaksearly. DrAliyusaidNigeriawasworkingto
polio,anefforttheyhopewillhelpcom- notavailableinAfricaandwouldbe “Things we never used to notice adaptitsnetworkofroughly400rapid
pensateforthecontinent’slackofcriti- slowtobedeliveredamidtheglobal beforetheybecameanepidemic,we TBtestingmachinestotestforcoronavi-
calcareinfrastructure. shutdown,butthefirstprototypewas nowseetheonesturnintotwosintotens rusandthatteamsdeployedtotrace
“Technically, Africa is not better expectedtobereadyina“fewweeks”. andwecanrespondfaster,”saidGodwin Lassa fever would now investigate HUDSONLOCKETT—HONGKONG EconomistspolledbyReutershave
prepared,”saidChristianHappi,direc- Across Africa, government officials Covid-19casestoo.Butcontacttracing forecastthatChina’sGDPshrank6.5per
China’scentralbankhascutoneofits
toroftheAfricanCenterofExcellence andotherscientistsaredrawingonsim- ‘Thingsweneverusedto stillneededtobeimproved,hesaid. centyearonyearinthefirstquarterasa
most important lending rates to a
forGenomicsofInfectiousDiseasesat ilarexperiencestodevelopcoronavirus Thepandemicisinitsearlystagesin resultofindustriallockdownstocon-
noticebeforetheybecame recordlowasBeijingseekstoincrease
Redeemer’sUniversityinNigeria. solutions, despite weak health infra- Africabutisfollowingasimilartrajec- tainthespreadofCovid-19.Somebig
liquidityinthefinancialsystemand
“Butintermsofunderstandingdis- structureandshortageofequipment. anepidemic,wenowsee torytoEurope.Nigeriahad373con- internationalbanks,includingUBSand
cushionthehittotheeconomyfrom
eases and combating outbreaks with SouthAfricahasincreasedCovid-19 firmedcasesasofyesterdayafternoon Deutsche Bank, have predicted that
. . . andrespondfaster’ thecoronaviruspandemic.
limitedresources,Africaismuchbetter testingusinganetworkofover200pub- whilethecontinenthadatleast15,000. GDPfellbetween10and15percent
preparedbecausetheydealwithout- liclaboratoriesdevelopedinresponseto “IfwedohaveabadspateofCovidlike ThemovebythePeople’sBankofChina betweenJanuaryandMarch.
breaksonapermanentbasis.” pastHIVandtuberculosisoutbreaks.It Akpan,atechnicalofficerwhoworkson what’shappeninginEurope...there yesterday to boost monetary easing
MrHappiisoneofAfrica’sleading hasconductedmorethan70,000tests. data collection initiatives and polio willbeproblemsbecauseourinfrastruc- comesdaysbeforeitwillreleasefirst-
scientists.HehelpedsequencetheEbola MeanwhileWorldHealthOrganiza- eradicationatWHOAfrica.Thisweek tureisreallynotprepared,”DrAliyu quartergrossdomesticproductfigures. ThePeople’sBank
ofChinahopesits
andcoronavirusgenomesandlastyear tionAfricahassaiditwilluseadatacol- thesystemwillstarttosendmessagesto said.“Thehealthsystemisnotstrong Analystsexpectthedatatorevealthe
moveyesterday
deployedatestforLassafeverusing lectionsystemoriginallysetuptofight itsnetworkofinformantsasking“have enoughtowithstandamajorshock.” country’s first official year-on-year
willencourage
Crispr gene-editing technology at his poliototrackinfections.Avadar,asthe youseensomeonewithacough,ordiffi- ThatwasonewaymostAfricangov- declineineconomicoutputsince1976. bankstolend
laboratoryinruralNigeria.Thedeadly system is known, uses a network of culty breathing” or displaying other ernmentshadnotlearntfrompastout- The central bank cut the one-year atlowerrates
disease killed 161 Nigerians between roughly 6,000 community members Covid-19 symptoms, said Mr Akpan. breaks, said Mr Happi. Few had medium-term lending facility by
January1andMarch15. fromtraditionalhealerstovillagechiefs “Wejustpushitfromtheserveronto investedseriouslyinpermanenthealth- 0.2percentagepointsto2.95percent— “Withexternalheadwindsmounting
Nowheisusingthesametechnology across 11 countries who can report theirmobileataverygrassrootslevel.” careinfrastructure.“Theunfortunate itslowestlevelsinceitwasintroducedin and domestic demand struggling to
todeveloparapiddiagnostictestfor symptomaticpatientstotheWHOvia InwestAfrica,countriesaredeploy- thingisI’mjustalaboratoryandateam 2014. The PBoC also injected fullyrecoverfromtheoutbreakevenas
coronavirus. “We want to take that theirmobilephones. ingskillsdevelopedinthe2014-15Ebola workingwithme...wecan’tprepare Rmb100bn($14bn)intothefinancial mostcompanieshaveresumedopera-
sameapproachforSars-Cov-2,”hesaid, Since its first application to track outbreak,whichinfected28,000and forthewholecountry.” systemviathefacility. tions,thePBoCappearstoberamping
The MLF rate is the benchmark upthepaceofmonetaryeasing,”said
againstwhichthePBoClendstocom- Julian Evans-Pritchard, senior China
mercial banks. The measure should economistatCapitalEconomics.
reduce funding costs for banks and “Butmorewillbeneededtoensure
encouragethemtolendatlowerrates. theeconomygetsbackontrack.”
Chinahasrestartedlargepartsofits Economistssaidthatmovesbythe
economy after putting the country FederalReservetosupporttheUSecon-
underlockdowninanattempttocon- omyhadgivenBeijingbreathingroom
taintheoutbreak.Butanalystsexpect tofollowsuit.
growthislikelytoremainunderpres- China’sstatemediahavereportedin
surebecauseoftherisingprobabilityof recentdaysthatmoreeconomicsup-
aglobalrecession. portmeasurescouldbecoming.
France
Macron stands firm on 2024
target to reopen Notre-Dame
LEILAABBOUD—PARIS cautionstaken.Anotherchallengehas
beenremovingthehundredsoftonnes
Notre-Dame will reopen within five
ofscaffolding—inplaceforrestoration
years,EmmanuelMacronhasinsisted,
workbeforethefirebrokeout—that
eventhoughworkhasbeensuspended
wasreducedtoatangledmess.
becauseoftheCovid-19outbreak.
Complaintsaboutbureaucracyhave
TheFrenchpresidentsaidonthefirst alsobeenaired.RémiDesalbres,headof
anniversary of the fire that almost theassociationofarchitectswhowork
destroyedthePariscathedral:“Wewill
doeverythingtomakethatdeadline. ‘Wemustsetourselves
“Idon’tthinkthatwaitingorbeing
proactivegoalsandrally
stuckindisarrayaretheanswerstothe
challengesofourtimes...”hesaidina togethertoachievethem’
videomessage.
“We must set ourselves proactive EmmanuelMacron
goalsandrallytogethertoachievethem,
toliveuptotheexamplesofthegreat onhistoricalmonuments,toldLePoint
projectsthatmadeourhistory.” magazinethatsafetyrulesandprecau-
Expertsfollowingtheprojectsayitis tionswereaproblem.
stillpossibletomeetthetargetof2024, “Thetimehascometodoafullanaly-
whenParisisduetohosttheOlympic sisoftheproject,setatimetableand
Games.Optionsincludeusingatempo- estimatedcostfortherestoration,and
rarycoverwhiletheroofisrepairedand make companies compete for the
openingonlyasmallsection. work,”hesaid.
Little progress has been made on “Itisurgentthatweputsomecom-
reconstructionbecauseworkhassofar monsensebackintheprojectandlearn
focusedonshoringupthestructureand howtoworktogethermoreeffectively.”
waitingfortheinteriortodryout. Thecathedralbells,silentsincethe
Healthconcernsaboutleadfromthe fire,weretoberungat8pmlastnightto
spire and roof mean protective gear coincidewithdailyapplausesessionsto
mustbewornatalltimesandstrictpre- thankhealthcareworkers.
APRIL 16 2020 Section:World Time: 15/4/2020 - 17:50 User: john.conlon Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
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Thursday16April2020 ★ FINANCIAL TIMES 5
y
Derek Brower Traders decide Opec’s record cut was undercooked as Covid-19’s hit to demand is just too big
MARKETS INSIGHT, PAGE 9
Wall St bank
TikTok owner
Great escape Length of holiday rentals double
ByteDance to
as city dwellers take evasive action from virus
shares dive as
hire another
10,000 staff
provisions for
RYANMCMORROW—BEIJING
ByteDance, the Chinese start-up
loan losses soar behind the TikTok video app, is to
recruit10,000moreemployees,defy-
ingachillthathasforcedmanytech-
nologycompaniesaroundtheworldto
layoffworkers.
The Beijing company has benefited as
3 Three lenders take $13bn in charges thecoronaviruspandemichastrapped
manyofits1.5bnmonthlyusersathome
3 More virus fallout to sector expected withextratimetospendonitsstableof
morethanadozenapps.
OutsideChina,thepopularityofTik-
Tokhassoaredaseveryonefromnurses
LAURANOONANAND whilethedeclineatBofAwas45per to celebrities uploads short clips of
ROBERTARMSTRONG—NEWYORK cent. themselves lip-syncing to music to
BankofAmerica,CitigroupandGold- BofA’s results included $4.8bn of whileawaythetime.
manSachstook$12.8bnofchargesin creditlosses,versus$1bnayearearlier, InsideChina,ByteDancehasbeefed
the first quarter for loan losses, and including$2.3bnatitsconsumerbank upitsecommerceplatformtomonetise
warnedtherecouldbemoretocome, and$2.1bnforinvestmentbankingcli- the extra traffic to its Douyin short-
heighteninginvestorfearsaboutthetoll ents.“Giventheriseinunemployment videoplatform,whichhas400mdaily
thatcoronaviruswilltakeonthesector. claims,wedoexpectconsumerlossesto users.Ithasbegunsellinggoodsinlive-
Thesoberingfiguresfromthreeofthe increaselaterthisyear,andpotentially streamsthathavedrawntensofmil-
biggestUSbankscamethedayafter into2021,”PaulDonofrio,chieffinan- lionsofviewersandrakedinmillionsof
JPMorgan Chase and Wells Fargo cialofficer,said. renminbi.
reportedacombined$12.3bnofcredit Headdedthattheultimateloanlosses Thestart-uphas60,000employees
chargesforthefirstthreemonthsofthe woulddependonhowwelltheUSgov- and is advertising more than 10,000
year,astheyrampedupreservestodeal ernment’ssupportplanswork,andthe jobsaroundtheglobeforeverything
withcorporateandconsumerloanrisks. fateofclientsthattemporarilysuspend fromaBeijing-baseddataanalystforits
“You have to be planning on an theirpayments,as16percentofBofA’s LatinAmericabusinesstoaShenzhen-
assumptionthatwe’regoingtobeoper- smallbusinesscustomershavedone, basedoperationsmanagerforitsgam-
atingintoarecessionthrough2020and alongwith5percentofmortgageclients ingplatform.Inaddition,itsinternal
into2021,”DavidSolomon,Goldman’s and3percentofcardcustomers. hiringboardindicatesthatitislooking
“Thebiggestunknownishowlong for3,000internsandgraduatetrainees.
‘Wedoexpectconsumer economic activities . . . will be Thecompanyisknownforitsgener-
impactedbythevirus,”MrDonofrio Urbanretreat:destinationssuchastheHamptons,NewYork, haveprovedpopular ouspayandbenefitsthatcloselymimic
lossestoriselaterthisyear, —Alamy
said. Silicon Valley start-ups. Employees
andpotentiallyinto2021’ AtCiti,provisionchargestooka$7bn ALICEHANCOCK—LONDON spreading rapidly. However, she lockdown stays — from a one- receive three free meals a day and
chunkoutofquarterlyearnings,includ- added that booking volumes were bedroom flat in Queensland, Aus- “unlimited snacks”, as well as gym
Citydwellershavesharplyextended
PaulDonofrio,BofA ing$4.9bnforloanslikelytogobadin downwithafewspecificexceptions. tralia,promotingitselfas“perfectfor memberships,accordingtotherecruit-
holidayrentalsastheyhuntforbolt-
thefuture,and$2.1bnforcharge-offs Airbnb, Booking.com and Vrbo self-quarantine”,toacottageinFlor- mentadverts.
holestoescapecoronavirushotspots
chief executive, said as the bank relatedtoactuallossesintheperiod. haveseenbookingsdropabout50per idatouting“quarantineinparadise”. Zhang Yiming, ByteDance founder,
suchasLondonandNewYork.
revealedthatitwouldscalebacksome “Evenaswehaveclosedoutthisquar- centinurbanareasintheUSbut,in ThepictureissimilarintheUK, saidinMarchthattheeight-year-old
plannedinvestmentstocopewiththe terthevariableswelookatcontinueto Theaveragelengthofaholidaylethas rurallocationsandsuburbsbookings despite government warnings that companywouldhave100,000employ-
“terriblepandemic”. shift,”saidMarkMason,thebank’sCFO. jumpedfrom4.5daystoninedays, were down only 10-20 per cent, citydwellersshouldnottraveltosec- eesbyyear-end,whichwouldtakeits
SharesinBofAweredown6.3percent “Iwouldexpectwewouldseeadditional accordingtodatafromGuesty,which Guestyhasfound.Itsaidplacessuch ondhomesforfearofspreadingthe headcountwellbeyondthatofTencent,
byearlyafternoon,whileWellsFargo [reserve]buildsinthesecondquarter provides software to short-term astheHamptonsandNapaValley, virus.Airbnblastweekbannedall its chief rival, which had 62,000
wasoff5.4percent,JPMorgan5.26per ...butitiswaytooearlytogiveasense rentalownersin80countries. whicharewithinatwotothree-hour listingsexceptthoseopentofrontline employeesattheendof2019.
cent and Citi 3.99 per cent. Morgan ofwhatthatnumbermaybe.” AirDNA,adataanalyticsgroupthat driveoflargecities,wereamongthe workersuntilApril18. InvestorsvaluedtheSoftBank-backed
StanleyandGoldman,whichhaveless Goldmantook$937mofprovisionsin tracks listings from companies mostresilientdestinations. Guestysaidthatinthefinalweekof companyat$75bntwoyearsagoina
exposuretoconsumerandsmallbusi- thefirstquarter,mostlyrelatedtoloans includingAirbnbandExpedia-owned Owners and managers of short- March,smallercitiessuchasLiver- $3bnfundingroundledbytheJapanese
nesscreditrisk,weredown3.7percent toinvestmentbankingclients. rivalVrbo,foundthat50percentof termrentalshaverespondedtothe poolandNottinghamhadreceived tech conglomerate. More recently,
and0.12percent,respectively. TheWallStreetpowerhousewasalso newbookingsinrecentweekshad demand by advertising discounted morebookingsascustomershunted ByteDance’s valuation has risen to
Marty Mosby, analyst at Vining hitwith$500mofmarkdownstoitspri- beenfortwoweeksormore. ratesforlongerstays. forLondongetaways. between$90bnand$100bnintransac-
Sparks,saidtheprovisionswereonly vateequityportfolioand$500mtoits “Lengthofstayisincreasingdra- Airbnb,whichhasbeenbatteredby “If[you]aregoingtoworkfrom tionsonsecondarymarkets.
about15percentoftheloanlossesthey public equity holdings, including a matically,”saidVeredRavivSchwarz, the crisis with bookings down as homeforanextendedperiodoftime InChina,Douyinhassteppeduphir-
weresubjectedtooveratwo-yeartime- $180mhittothevalueofitsholdingin chiefoperatingofficerofGuesty,add- muchas90percentinsomeareas, then why would you do it from a ingascompaniesincludingTeslaand
frameinFederalReservestresstests. listedhealthcarecompanyAvantor. ingthattherehadbeen“aruraluptick saidabouthalfitsactivelistingsnow 600sqftLondonflatwhenyoucanget PolyRealEstatehaveturnedtoitslives-
Butheadded:“Thesearebignumbers, “Unlesspeoplefeelsafeandsecure insomecases”. offereddiscountsforstaysofamonth theconnectivityinaniceplacebythe treaming function to tout cars and
peoplegetshockedandthrownoff.” andconfidentaroundthevirus,theeco- Shesaidthatthetrendsweredown orlonger.SearchesforAirbnbhomes coast?” said Martin Luen, a travel apartments.
CitiandGoldmanbothreported46 nomicimpactwillcontinueinsomeway to“cityscapers”lookingtogetaway torentduringtherestrictionsbring industry specialist at investment Additional reporting by Nian Liu in
percentfallsinfirst-quarterincome, shapeorform,”saidMrSolomon. fromplaceswherethevirushadbeen uppropertiesadvertisingasopenfor bankBaird. Beijing
LegalNotices
Salvini’s anger at short sellers would be better aimed at banks
BrothersofItaly,andAntonioTajani, becauseofitsrootsinItaly.Itsellsmore
INSIDE BUSINESS
numbertwoinSilvioBerlusconi’sForza carsinNorthAmericanthananyother
Italia,whocalledonConsob,theItalian region.ProfitsatEni,theItalianoilcom-
EUROPE
stockmarketregulator,toimmediately pany,willtumblethisyear,butbecause
prohibit,inthewordsofMsMeloni, of the slump in energy prices, not
Miles “financialspeculationfrombringingthe becauseitisItalian.Ferrarisalesdonot
nationtoitsknees”. ebbandflowwiththedomesticItalian
Johnson Consobobliged.Lastmonthitbanned economyintheslightest.
shortselling.OtherEuropeanregula- Aneffectivewayofbettingagainst
tors did the same, including France, Italywouldbetotakeashortpositionin
SpainandBelgium.Esma,theEUfinan- itsbanks,whichwerealreadystruggling
cialmarketwatchdog,saidthatitsup- toturnaprofitintheyearsbeforethe
I taly,ifyouaretobelievesomeofits portedthebans. coronavirusoutbreak.TheironyofMr
rightwing politicians, is not only Opponentsofshort-sellingbanssay Salvinicallingforashort-sellingbanto
undersiegefromcoronavirusbutis thatbanningbetsagainststocksdoes protectItaliansaversisthatthereisno
alsobeingtargetedbyacabaloffor- nothingtochangethefinancialrealityof singlesectorthathasdonemoredirect
eign speculators trying to profit companies,andinsteadreducesliquid- damagetothesesavingsthanthecoun-
fromthecountry’sworstcrisissincethe ity when it is needed most. Others, try’sownlenders.
secondworldwar. deemanytypeofprofiteeringduringa TheFTSEItalianbankindexisdown
Lastmonth,assomeofthedarkest pandemicthatiskillingtensofthou- 68percentoverfiveyears,excluding
daysofItaly’soutbreakwereunfolding, sandsasgruesome. dividends,whilethebroaderFTSEMIB
Matteo Salvini, leader of the anti- Thereisanother is down 25 per cent over the same
migrationLeagueparty,calledforan less understood Thevaluedestructionby period.Bankshavenotonlydragged
immediatebanofshortselling—the reason why those downtheoverallperformanceofItaly’s
thecountry’sbanksisafar Contracts&Tenders
practiceofborrowingstocktoselliton, who have argued stockmarket.NumerousItalianlenders
inthehopeofprofitingfromafallinthe forabanon“spec- moreterminalthreatto alsodirectlysoldtheirsecuritiestotheir
price — arguing that malign outside ulating against ownretailclients,meaningwhenthey
Italiansavingsthan
forcesshouldnotbeallowedtomake Italy” are mis- wererescuedorraisedadditionalcapi-
betsonthecountry’smisfortune. taken.Sellingshort foreign‘speculators’ talthisinflictedlossesonunsophisti-
“WerememberthecaseofSorosin manylistedItalian catedinvestorswhohadbeenencour-
1992whobuilthisfortunewithadown- companies is, in fact, very often an agedtoparktheirsavingsintheseprod-
wardspeculationagainstItaly,”MrSal- extremelyimprecisewayofexpressing uctsbylocalbanksthattheytrusted.
vini said, in only the most recent of abearishviewontheItalianeconomy. ManyItalianbusinessesthatarealso
manyattemptsbytheLeagueleaderto Thosewhotrytodosomayendupbet- globalbrandshavedonewellduringa
casttheHungarian-borninvestorasthe tingonsomethingcompletelyunrelated difficult decade for the country and,
personificationofshadowyforeignplots asmanylargecompaniesinItaly’sFTSE whenthecrisispasses,arelikelytocon-
againstItaly.“Itisnottolerablethat MIBbenchmarkstockindexgenerate tinuetodoso.
someonetakesadvantageofanational themajorityoftheirsalesoutsideItaly. Italian politicians should recognise NoticetoAdvertisers
emergencybyspeculatingtothedetri- IfoneofthespeculatorsthatMrSal- thattheongoingvaluedestructionby
CallstotheFinancialTimesAdvertisingDepartment
mentofItaliansavings.” vinisodespisesistryingtoprofitfrom thecountry’sbanksisafarmoretermi- maybemonitored.
SFMUK,whichmanagesmoneyon Italy’smisfortune,ashortpositionin nalthreattoItaliansavingsthanforeign
Acceptanceofanyadvertisementforpublicationwillbe
behalfofGeorgeSorosandhisfamily, sharesofluxury-goodscompanySalva- “speculators”. But persuading Italian
subjecttothethencurrenttermsandconditionsof
heldtwosmallshortpositionsinItalian toreFerragamo,whichsellsmoreofits bankstotakemorecareoftheirshare- insertionofadvertisementsinFTpublications.
companiesaccordingtothemostrecent productsintheAsia-Pacificregionthan holders’ money requires a lot more
Acopyofthetermsandconditionsofinsertionof
regulatorydisclosuresinMarch. inEurope,isunlikelytodothetrick. effortthansimplybanningshortselling.
advertisementsinFTpublicationscanbeobtainedfrom
MrSalviniwasjoinedbyhisallies CarmakerFiatwillsufferapainful [phone],orviewedat
GiorgiaMeloni,leaderofthefar-right periodduringaglobalrecession,butnot [email protected] www.FT.com/advertising
APRIL 16 2020 Section:Companies Time: 15/4/2020 - 18:57 User: nick.miller Page Name: COMP&MKTS1, Part,Page,Edition: USA, 5, 1
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6 ★ FINANCIAL TIMES Thursday16April2020
COMPANIES & MARKETS
Financial services Mining
UK auditors suffer worst crisis in a decade Lynas Corp
warns over
rare earths
BigFourcutpartners’ monthbybetween20percentand25 cent,addingthatitwould“doevery- PwC and KPMG, which last week whosepartnersearnedanaverageof
paybyuptoaquarter percenttobuildupcashreservesand thing possible” to navigate the crisis announcedcutsinpartnerpayof20per £602,000lastyear,hasalsoofferedstaff availability
helpsurviveadownturninwork.Part- without redundancies, furloughs or centand25percentrespectively. areductioninworkinghoursandpay.
toboostcashreserves nersatthefirms,whichbetweenthem reducingemployeesalaries. BDO,thefifth-largestaccountingfirm GrantThorntonmaybeforcedtofur-
employabout74,000peopleintheUK, RichardHouston,Deloittechiefexec- by revenues, announced it had fur- loughstaffafterjust150ofits4,500
earnedanaverageof£720,000lastyear. utive,alsoannounceda20percenthit lougheditsfirst-yeartrainees,appren- employeesagreedtoreducetheirhours
TABBYKINDER—LONDON
Theblowfollowsyearsofcorporate topartnerprofitsfor2020.Distribu- ticesandsomesupportstaff—about andpaybyupto40percent,according JAMIESMYTH—SYDNEY
The UK accounting industry was failuresandaccountingscandalsthat tionstopartnerswouldbe“deferred” 700employees.Itsaidmonthlypay- toapersonclosetothefirm.
LynasCorp,oneoftheonlyrareearths
plungedintoitsworstcrisisinmore have hurt their reputations. Despite andpayrises,bonusesandpromotions mentstopartnerswouldbecutasmuch Itspartnershaveagreedtotakeapay
producersoutsideChina,haswarned
thanadecadeastheBigFourfirmscut this,theirrevenueshavesoaredduring putonhold.“Themeasuresalignwith as25percentuntiltheendoftheyear.It cut“whenweneedto”,accordingto
that a protracted shutdown of its
partners’paybyuptoaquarterand thepastdecadeastheyhaveexpanded ourcommitmentthatthehighestearn- hasforecastadropinrevenuesthisyear DavidDunckley,chiefexecutive.
Malaysianprocessingplantwillunder-
theirmid-tierrivalsfurloughedjunior beyondtheirrootsinaudit,resultingin ersinourfirm—ourpartners—should ofupto15percent. Mazarshasfurloughed200ofitsstaff
mine security of supply for critical
stafftocopewiththepandemicfallout. increasinglylargesumsbeingpaidto shoulderthegreaterproportionofthe Paul Eagland, managing partner, inteamswhoseworkloadhasdeclined
industries including medical devices
KPMG,PwC,DeloitteandEYhave theirhighestearners. financialburden.” warnedits5,500staffyesterdaythat sincethebeginningofthepandemic,
andautomotiveproducers.
reducedtheamountofprofitsthatare EYtoldits17,000UKstaffyesterday ThemeasuresbyEYandDeloittefol- “normal trading conditions will not andsaiditspartners’paywouldbecut
distributed to their partners each thatpartners’paywouldbecut20per lowsimilarmovesbyBigFourrivals return until early 2021”. The firm, byaquarter. The Australian group said yesterday
thatithadaskedtheMalaysiangovern-
mentforanexemptiontoreopenits
facility,whichKualaLumpurclosedlast
Automobiles. Shutdown monthaspartofalockdown.
Lynas added that the extent of
disruption — production fell 18 per
Supply chain weakness threatens car sector revival
cent in the March quarter from the
same period a year ago — and weak
pricescouldforceittoseekgovernment
support to complete a separate
A$500m($317m)capitalprojectvitalto
itsoperation.
Survivalofthousandsofsmall
AmandaLacaze,chiefexecutive,said
partsmakersisvitaltothe thecompanywasconsideringtapping
fundsfromJapan,AustraliaortheUS—
fortunesofbigmanufacturers whichconsiderLynas’snon-Chinafacil-
itytobestrategicallyimportant—to
completeanoreprocessingplantinKal-
FTREPORTERS goorlie,Australia.
When Germany’s top car executives “We have always proposed to self-
dialledintoacrisiscallwithChancellor fund that [plant] on the basis of
AngelaMerkelthismonth,theywere cashflowgeneratedbythebusiness.
notjustconcernedwiththeirrapidly Nowifthereisasustaineddownturn
evaporatingrevenues. acrosstheindustrythismayaffectour
TheheadsofVolkswagen,BMWand abilitytodothat,”MsLacazetoldthe
Daimlerdiscussedthedireeffectsofthe FinancialTimes.
coronaviruspandemicontheirthou- KualaLumpurhastoldLynasthatto
sandsofsmallersuppliers,whosesur- maintainitsoperatinglicenceitmust
vival is key to restarting production buildafacilityoverseasby2023tohan-
oncetheoutbreakthatshuttheirplants dleradioactivewasteproducedduring
acrossEuropeandtheAmericasfinally
eases. TheAustraliangrouphas
Althoughsomeofthebiggestcarmak-
askedKualaLumpurfor
ers — including Toyota, Renault,
Hyundai,VolkswagenandVolvo—are anexemptionsothatitcan
preparing to reopen some plants in
reopenitsMalaysiafacility
Europe,carsaleshaveshudderedtoa
near-halt and the more immediate
problemisthatpartsofthevulnerable theprocessingofrareearthsatitsplant
andlongsupplychainthatunderpins inMalaysia.
theindustryaregoingbankrupt. MsLacazesaidshewasoptimisticthat
“Weareveryworriedabout[suppli- Lynas would win approval to
ers’liquidity],”FrankWitter,VW’schief reopentheMalaysiaplant,whichsup-
financial officer, told the Financial plies more than 10 per cent of the
Times. world’s rare earths — a group of
With VW contractors in northern 17 minerals widely used by the
Italy,Spainandaroundtheglobegoing electronicsandoilandgasindustries
outofbusiness,theworld’slargestcar- andcriticalformagnetsusedinwind
makerwasworkingon“individualsolu- turbinesandelectriccars.
tionswherewecanhelp”,hesaid. Butshesaidthedisruptioncausedby
Thepaceofthedisintegrationofauto Manufacturers portionofits8,000-strongworkforce, wehavetopaystaffcostsourselves,”it ‘Weknow next two decades, has further compli- the pandemic again highlighted the
supplychainshassurprisedeventhose suchas whiletyremakerGoodyear,intheswing said. catedthesituation. needtodiversifythesupplychainaway
thatweare
whoreinforcedtheirprocurementplans Mercedes-Benz stateofOhio,hasfurloughedorcutpay Evenoncelockdownsarelifted,itis Inoneofthefirstsignsofsuppliers’ fromChina,whichaccountsforalmost
afterthepreviousfinancialcrashand parentDaimler for4,000employees. likely to take months for the supply asweakas vulnerabilitytothepandemic,Moll,a 90percentoftheworld’srareearths
the Fukushima nuclear disaster by relyonparts In France and Germany, suppliers chainbehindtheroughly30,000com- GermanbatterymakerthatcountsVW production.
theweakest
identifying back-up contractors for fromaroundthe suchasContinental,Valeo,andMiche- ponentsinacartobefullyfunctional. among its main clients, began insol- “Thisisawake-upcalltomanyofthe
everycrucialcomponent. globetokeep linputtensofthousandsofstaffonpar- “Onelittlecompanycanreallymess linkinour vencyproceedingslastmonth.Itwas endusersinthewest,someofwhich
Continental, which, as one of the theirproduction tialemploymentschemes. upthesupplychainforseveralauto- leftwithlittlecashreservesafterinvest- have a single geography reliance on
supply
world’slargestcarpartsmakers,makes linesmoving Whilecarmanufacturersandtheir makers,” said Kristin Dziczek, vice- ingheavilyinthedevelopmentoflithi- theirsupplychain,”shesaid.
everythingfrombrakestoradiostoaug- AndreyRudakov/Bloomberg largest component providers have presidentofindustry,labourandeco- chain’ um-iontechnologyforelectricvehicles. “Diversity in supply is really
mentedrealitywindscreens,saiddoz- accesstomultibillion-eurocreditlines, nomicsattheCenterforAutomotive “Thiscrisisissimplyworse,”saidGer- important.”
ensofits2,300supplierswereonthe capitalmarketsandgovernmentloans, ResearchinMichigan. hardWolf,ananalystatStuttgart-based Last year, escalating trade tension
brinkofcollapse. thenetworkofsmaller,oftenfamily- Industryexecutiveswarnthatreplac- LBBW.“Itcomesatatimewhencompa- betweentheUSandChinasparkedcon-
Within days of widespread shut- owned,companiesthatfeedintothe ingasinglesuppliercoulddelaythereo- niesareundergoingatransformation.” cerns that Beijing could use its rare
downscomingintoforceacrossEurope industrycannotaffordtotakeonlarge peningofacarplantforweeks,whilea Althoughtheeasingoflockdownsin earthdominancetoincreasepressure
and the Americas, the effect on the amountsofdebt. newproviderislocated,equippedand somepartsoftheworldoffershopefor onWashington.
labourmarketalsobecameapparent,as “Thesituationistough,”saidDräxl- certified. largemanufacturers,anyrestartinpro- MsLacazesaidsupplychaindiversifi-
carsuppliers,whichemploymorethan maierGroup,aGermansupplierthat “Weknowthatweareasweakasthe ductionwoulddependonasimultane- cationwasbeginningtohappen,noting
1m people in the US, Germany and makesbespokeelectronics,instrument weakestlinkinoursupplychain,”said ousreopeningofseverallargeecono- that Japanese magnet makers were
Francealone,furloughedworkersand panels and interior lighting for pre- JacquesAschenbroich,chiefexecutive mies,manyofwhichareonlynowfeel- investingathomeandinsouth-eastAsia
cutpay. miumcarbrandsaroundtheworld. ofValeo,oneofthelargestFrenchparts ingthefullimpactofthevirus. aidedbyfundingfromtheJapaneseand
Parts manufacturers employ more Thecompanyhadtocloseitsfactories suppliers,whichspecialisesinsensors HenrikHenriksson,chiefexecutiveof USgovernments.
peopleintheUSthancompaniesthat immediatelywhenthemanufacturers’ andhigh-endequipment,includingfor SwedishtruckmakerScania,saidEuro- “This is a recognition that if you
buildvehicles:592,000comparedwith shutterscamedown,andsendtensof self-drivingcars. peanauthoritiesneededtoco-ordinate. sourceallyourproductsfromonearea
403,000.Manyofthelargestpartsmak- thousands of workers home, while “We produced 8m products a day “Evenifwehavegoodco-operationin justbecauseitischeap,ifyoucan’tget
ersareclusteredinMichigan,astate absorbingtheenormousfixedcostsof beforethecrisis,using3bncomponents Sweden,westillneedFrance,Italy,Ger- theproductitnolongerlookscheap,”
criticaltotheoutcomeofNovember’s keepingtrainedstaffonitsbooks. inour191plants,”headded. many,Spaintoo.” shesaid.
presidentialelection. “Inalotofthecountriesinwhichwe The industry-wide shift towards ReportingbyJoeMillerinFrankfurt,David IntheMarchquarter,Lynassupplied
SuperiorIndustriesInternational,an produce,suchasTunisia,Hungaryand emissions-freevehicles,whichthreat- KeohaneandVictorMalletinParis,Claire justatenthofitsrareearthsproductsto
aluminiumwheelmakerinthestate, Mexico, Kurzarbeit [Germany’s state enstowipeoutmuchofthenetworkof Bushey in Chicago, Peter Campbell in customersinChina,downfrom38per
hasclosedfactoriesandfurlougheda furloughscheme]isnotavailable,and combustionenginesuppliersoverthe LondonandRichardMilneinOslo centtwoyearsearlier.
Automobiles Mining
Poor vehicle sales squeeze components group Zambia threatens to revoke Glencore licence
KANAINAGAKI—TOKYO tocarmakersincludingNissan,Toyota, withlastyear.“Coronavirushasnotyet NEILHUME—LONDON Glencore owns 73.1 per cent of Mr Lungu has taken a tough line
Honda,Daimler,GeneralMotorsand leftthemindsofconsumers,”hesaid. Mopani. The other shareholders are against international mining compa-
Thecoronaviruscrisisisstillweighing ZambiahasthreatenedtostripGlen-
Volkswagen.Outputhasalsobeencur- MrShidosaidYorozuwouldspeedup FirstQuantumMineralswitha16.9per nies.Lastyearthegovernmentplaced
ondemandforvehiclesamonthafter coreofitslicencetooperateinasharp
tailedatitsfactoriesinThailandand standardisationofitspartsinresponse centstakeandgovernment-controlled KonkolaCopperMinesintoliquidation,
productionresumedinChina,accord- escalationofadisputeovertheminer
Indonesia,whileallitsplantsintheUS, tothecrisis.Already,91percentofits Zambia Consolidated Copper Mines accusingVedantaResources,itsowner,
ingtoAkihikoShido,chiefexecutiveof and commodity trader’s decision to
Mexico,BrazilandIndiaareshut. 152componentsmadeinWuhancanbe InvestmentHoldings,with10percent. ofbreachingthetermsofitslicence.
Yorozu,asignificantsuppliertothe closeitslocalcopperbusiness.
However,thecompany’stwofacilities producedatitsplantselsewherebutthe “TheMiningLicensingCommitteeis Vedantahastakenitscasetointerna-
world’sbiggestcarmakers.
inChina’sWuhan,wheretheoutbreak other9percentprovedcriticalduring Glencoreannouncedlastweektheclo- inreceiptofaninvestigationreportby tionalarbitration.
AfterweeksoffactoryclosuresinChina, started,arerunningat80percentcapa- theChinafactoryshutdown. sure of lossmaking Mopani for three theDirectorofMineswhichhasestab- NickBranson,seniorAfricaanalystat
the motor industry is now grappling cityandmorethan90percentofits580 InFebruary,whileitsplantsinWuhan months because of low commodity lishedthatyouhaveproceededtoplace VeriskMaplecroft,saidZambia’sulti-
withshutdownselsewhereinAsiaas workersareback.Thatismainlytore- wereclosed,Yorozucoveredforthelost pricesandthecoronaviruspandemic. theNkanaandMufuliraminesoncare matumtoGlencorewasthelatestina
wellasinEuropeandtheUS. coverlostinventoryandhasnotspurred productionbyhavingstafffromDaim- Richard Musukwa, Zambia’s mining and maintenance without giving suffi- longlineof“populistthreats”froma
Whilesupplychaindisruptionsand “actualdemand”,MrShidosaid. lerandNissanvisititsfactoriestoretrie- minister, denounced the decision as cientnoticeasrequiredbylaw,”saidthe heavilyindebtedgovernment.
partsshortagesareanissue,MrShido CardealershipsinChinahavemostly vein-stockcomponents.Thecompany unjustifiedandillegal. letter,seenbytheFinancialTimes. “Weseescopeforcompromisegiven
warnedthatthebiggerchallengewas resumedoperations.AnalystsatGold- saidhadtheshutdownlastedlonger,it ThesouthernAfricancountryhasa Glencoresaiditwasindiscussions thestate’sweakhandandtheminer’s
thelackofdemand,despitethepan- manSachsprojectedthatdealertraffic wasconsideringimportingpartsinto largedebtburdentoserviceandearns withthegovernmentonthewayfor- deeppockets,”hesaid.“Zambiaruns
demicincreasingtheappealofusingpri- mighthavealreadyreturnedtoprevious ChinafromMexico. mostofitsforeignexchangefromcop- ward.Ithasinvestedmorethan$4bnin theriskofanotherbustedflushifit
vatecarsoverpublictransport. yearlevelsonthebackofnewcarpur- WithChinaproductionrestored,the perexports. thecountrysince2000. movestoexpropriateMopani,sinceit
“Originally, we couldn’t produce chasesubsidiesfromregionalgovern- companyisshippingsomepartsmade InaletterdatedApril14,Zambia’s Zambia’sthreattorevokeGlencore’s hasstillyettosecureanewbuyerfor
becauseofsupplychainissues,butwe ments,notingthatdeclinesinweekly theretoUScarmakers. Mining Licensing Committee told mining licence comes as the govern- Vedanta’sKonkolaCopperMines.”
[resolved]thatthroughback-upplans,” saleshadnarrowedinMarch. MrShidosaidYorozudidnotfaceany NathanBullock,Mopanichiefexecu- mentofEdgarLungu,president,strug- MrBransonexpectedthegovernment
hesaid.“Nowconsumersentimentis ButTangJin,ananalystatMizuho immediate funding shortage. “We’ve tive,thatitwouldrevokeoperatingper- glestoserviceitsdebtload.Formermin- “topushfortaxadvancesfromGlencore
depressedandthat’scausingproduction BankandanexpertontheChinesecar madesuretomakeourbalancesheet mitsfortheNkanaandMufulirasitesin isters and officials yesterday urged ratherthanpursueexpropriationand
tobereducedinplaceslikeJapan.” industry,forecastafallof10percentfor strongsinceyouneverknowwhenthe sevendaysunlessGlencorecouldshow LusakatoseekaloanfromtheIMF.The endupwithasecondunprofitablemine
Yorozusuppliessuspensionsystems newsalesinChinafor2020compared companycouldfallintoacrisis.” whytheyshouldnotbecancelled. countryhas$11bnofexternaldebt. onitsbooks”.
APRIL 16 2020 Section:Companies Time: 15/4/2020 - 18:28 User: cathy.pryor Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday16April2020 ★ FINANCIAL TIMES 7
COMPANIES & MARKETS
Software stocks look like downturn winners
Shares in cloud groups prove more resilient than most other sectors but sceptics believe this confidence is misplaced
RICHARDWATERS—SANFRANCISCO tion.Iseealotoftheseprojectsgetting
postponed.”
Thereisnothinglikeaneconomiccrisis Mostinvestorsappeartobecounting
tobringhighlyvaluedtechnologystocks onanyfall-offinnewcontractslikethis
backtoearth.Theflighttoqualitythat beingshortlived,saidRBC’sMrZukin.
followsusuallyhurtscompanieswith GermansoftwaremakerSAPlastweek
stretchedvaluationsthemost,asinves- saidnewsoftwarelicencerevenuehad
tors worry about a collapse in the fallenoff31percentinthefirstquarter,
growthratesthathavesupportedtheir butpredictedarecoverylaterinthe
highprices. year. The optimistic prediction
Butforsoftwarecompaniesatleast, extendedareboundinwhichitsshares
thecoronavirusshutdownisnotturning haverisen30percentsincemid-March.
outtobeoneofthosecrises.Alreadyat Askedwhethernewcontractsignings
sky-high levels, software shares have werelikelytodryup,MrMcDermott
provedmoreresilientthantheoverall predicted customers were likely to
stockmarketandinsomecasesareris- maintaintheirspendinginthecurrent
ingtorecordhighs. crisistotrytoprotecttheirrevenues
Investorsaccustomedtolookingto andensurebusinesscontinuity.
historyasaguidehavehadtothink Criticscounter,however,thatpredic-
again.Inthemeltdownthatfollowedthe tionslikethesearemadewithoutthe
2008financialcrisis,therevenuemulti- experienceofpreviousdownturns.“I
plesonsoftwarestockscontractedby75 thinktheyhaverose-colouredglasses
percent.Thistime,accordingtoGold- on,”saidMrZukin.“Youcan’tbelieve
manSachs,theyhadfallenbackonly whatthecompaniestellyou,because
about30percentbythetimethemar- theydon’tknow,andtheydon’twantto
ketbottomedinthemiddleofMarch, seetheirmultiplesimpacted.”
beforeareboundoverthenextthree EvenoptimistssuchasSnowflake’s
weeksthatsawthemexpandagainby18 MrSlootmanadmititisimpossibleto
percent. predict how well sales will hold up
Software executives such as Bill becausemostsoftwarecompaniesare
McDermott,formerchiefexecutiveof
SAPandnowheadofServiceNow,claim ‘Ithinktheyhaverose-
theremarkableresiliencereflectsafun-
colouredglasseson.You
damentalchangeintheimportanceof
software,makingitmorecentraltohow can’tbelievewhatthe
businessesarerunandthewayworkers
companiestellyou’
dotheirjobs.
“Thisisnotthat,”hesaid,comparing
the shutdown to the 2008-09 crisis.
“Thisisnowadifferentwayofworking, heavilydependentonsigningnewbusi-
US tech stocks have largely fared better
amorevirtualwayofworking.” nessinthefinaldaysoftheirfiscalquar-
than the wider market Share price change, year to date (%)
Evenaftera20percentcorrection, ters.
Indices rebased
ServiceNow’ssharesarestilltradingat Software Hardware Another risk is that seemingly
12timesanalysts’mostrecentestimates 110 S&P 500 dependable subscription income will
of2020revenues,valuingitatabout S&P 500 Info Tech -60 -40 -20 0 20 40 -60 -40 -20 0 20 40 evaporateassomecash-strappedcus-
$54bn. DocuSign Nvidia tomers seek to renegotiate payment
To Wall Street sceptics, however, 100 Citrix Sys Advanced Micro Devices terms.“Ifyouselltoanairline,ortoa
Okta Intel
investorshavefailedtograsphowhard hotel,they’regoingtoaskyouforhelp,”
Microsoft Apple
thedownturnwillhitagroupofcompa- 90 ServiceNow Qualcomm saidAllianz’sMrPrice.
Verisign Texas Instruments Anytemporarydenttorevenue,how-
‘Thisisnot[the2008-09 Adobe Seagate Tech ever,mightnotbesignificantaslongas
80 Oracle Microchip Tech thecoronaviruscollapsedoesnotleadto
crisis].Thisisadifferent Salesforce.com HP
S&P 500 Alphabet CDW widespreadcustomerbankruptcies.
wayofworking,amore 70 Facebook TE Connectivity Cloudsoftwarecompaniesmanaged
Hewlett Packard Ent Corning theirbusinessestomaximisethelife-
virtualwayofworking’ Jan 2020 Apr DXC Technology Xerox timevalueoftheircustomers,saidTien
Source: Refinitiv Tzuo,chiefexecutiveofZuora,whose
technologyisusedbyothercompanies
niesthathavenotfacedasharpcontrac- 30 Othercloudbusinesseschargecus- Asecondfactorbehindthestrengthof include remote electronic agreement Software tosupportsubscriptionoperations.Asa
%
tionbefore. tomersbasedontheamountofcomput- software stocks has been a surge in companyDocuSign,identitymanage- companiesthat result,headded,helpingafinancially
IncreaseinZoom
“Ithinkwe’reabsolutelyinthedenial ingpowerorstoragecapacitytheycon- demandforthetechnologiesneededto mentconcernOktaandcybersecurity helpbusinesses strappedcustomerthroughadifficult
sharepricesince
phase,”saidAlexZukin,ananalystat sume. supportworkingfromhome. companyFortinet. operate periodmightnothavemuchimpacton
thecrisisstruck
RBCCapitalMarkets.“Wehaven’thada “There’snodenyingthatsomeindus- Thathasreachedbeyondcompanies Tosceptics,though,suchconfidence virtuallyhave thelonger-termvalueofthatcustomer.
crisisforalongtime—andthese[cloud 25 triesareinabsolutesurvivalmode— such as videoconferencing concern ignorestheinevitabledamagethatwill seentheirshare Evenmanyofthosewaryaboutthe
%
companies]weren’taroundforthelast there’sgoingtobeaknock-oneffectfor Zoom,whosesharesareup30percent comefromaneconomyinsharpcon- pricesrebound sector’sstockprices,meanwhile,agree
RiseforEquinixin
one.” everybody when the tide is running sincethecrisisstruck,tootherswhose traction. asthepandemic thattheupheavaltobusinessfromthe
sameperiod,while
Theresilienceofthecloudsoftware Citrixisup15% out,”saidFrankSlootman,alongtime technologiessupportremotework,such “Justbecausetheyhaveasubscrip- changestheway pandemic is likely to accelerate the
stocksowesmuchtoWallStreet’sfaith softwareexecutiveandheadofprivate asCitrix(up15percent)andEquinix tionmodeldoesn’tmeanthey’regoing peoplework longer-termshifttocloudsoftware,as
inafundamentalchangeintheindus- clouddatabasecompanySnowflake. (25percent). tobeabletoclosedeals,”saidWalter ErikIsakson/Getty companieslookformoreflexibleways
try’sbusinessmodel.Insteadofselling Butheaddedthat,evenifsomecus- Shareshavealsoreboundedstrongly Price, a portfolio manager at Allianz ofworking.
one-offlicences—aformofrevenue tomersweresuffering,consumptionof inawiderangeofsoftwarecompanies Global Investors. New sales tied to “There’snodoubtinourmindsthat
thatcanquicklydryupinadownturn— his company’s services was running whoseservicesaregearedtowardshelp- “digitaltransformation”—oneofthe thecloudwillbecomeevenmoreimpor-
manysoftwarecompaniesnowrelyon aheadofexpectationsasbusinessespri- ingbusinessesoperatevirtually,reflect- hottestbuzzwordsinbusiness—will tant”asaresultofthecrisis,saidBrad
regularsubscriptions,whichcustomers oritiseITspendingonnewtechnologies ingabeliefthatthepandemicwillaccel- inevitablysuffer,hesaid:“Near-term, ZelnickatCreditSuisse.Theonlyques-
havetokeeppayingtomaintainaccess thathelpthemreapvaluefromtheir erateashiftthatwasalreadyunderway it’shardtogetmeetings,andit’shardto tionishowmuchpainthecoronavirus
tothetechnology. data. in the way business is done. They getconsultantstoworkontransforma- shutdownwillinflictinthemeantime.
Industrials Technology Healthcare
Ferguson keeps main listing in Travel woes prompt Airbnb Abu Dhabi bank files criminal
UK after investor soundings to raise another $1bn in debt complaint against NMC Health
NIKOUASGARIANDATTRACTAMOONEY ing,theboardintendstoputforward MILESKRUPPA—SANFRANCISCO The investors and Airbnb declined SIMEONKERR—DUBAI TheadministratorsonTuesdaydis-
another vote to relocate Ferguson’s tocomment. solvedthepreviousboardandformeda
Ferguson,theFTSE100plumbingand Airbnb is raising $1bn of senior debt, AbuDhabiCommercialBanksaidit
mainlistingtoAmerica. Thedebtandequityfundinground creditor committee led by ADCB to
heatingsuppliesmerchant,willstick just one week after announcing an hadlaunchedacriminalcomplaintin
“Webelievethatultimatelyachieving announcedlastweekfolloweddiscus- liaisebetweenlendersandthegroup.
withitsmainlistingintheUKafter equal-sized funding round from the theUnitedArabEmiratesinrelationto
aUSprimarylistingremainstheright sionswithmorethanadozeninvestors NMC’sproblemsspilledintotheopen
soundingoutinvestors. investmentfirmsSilverLakeandSixth NMCHealth,thegroupthatwasput
outcomeforourbusiness,”saidGeoff asAirbnb’sbusinesscameunderpres- inDecemberwhenashortsellerpub-
Street,furtherbolsteringtheproperty intoadministrationintheUKlastweek
Thegroupsaiditwasunlikelytomeet Drabble, chairman. “We believe this sureinMarch. lishedareportquestioningthecom-
rentalcompany’sreservesasitfacesa andwhichowesthebanknearly$1bn.
the 75 per cent investor threshold processpresentsthemostorderlyand PeoplebriefedonthatdealsaidAir- pany’sfinances.Anindependentprobe
steepdrop-offinbusiness.
neededtoswitchitsmainlistingtothe equitablepathtoachievingthisaim.” bnbagreedtopayinterestratesofmore Theindividualsuspects,whohavebeen discoveredoffbalancesheetfinancing
USafterconsultingwith70percentof Ferguson’sperseverancetolistinthe ApolloGlobalManagement,OwlRock than10percentandgrantedinvestors accusedoffraudandforgeryinthecom- onthesamedaythatPrasanthManghat,
itsshareholders. USisavictoryforUShedgefundand Capital, Silver Lake and Sixth Street equitywarrantsvaluingthecompanyat plainttotheattorney-generalinAbu the former chief executive, was dis-
Instead,the£12bn-valuedgroup,for- activistinvestorTrianPartners,runby wereamongtheinvestorsthatpartici- about$18bn. Dhabi, comprise a number of the missed.NMClaterconfirmedevidence
merlyWolseley,willseekapprovalfor NelsonPeltz,oneofthecompany’slarg- patedinthenewoffering,saidpeople Airbnb, which had been valued at group’spreviousmanagementaswell ofsuspectedfraudandreportedthatits
anadditionallistingintheUS,whichit estshareholders,witha6percentstake. briefedonthematter. $31bnduringafundingroundin2017, ascertaincurrentandformershare- debtpilewas$6.6bn,muchhigherthan
hopestocompletenextyear,oncethe Lastyear,Triansaidtheplumbing Airbnbhasracedtoshoreupitsbal- wasexpectedtocompleteoneofthis holders,twopeoplebriefedonthecom- previouslydisclosed.
coronaviruscrisissubsides. andheatingproductssupplierwas“an ancesheetasthecoronavirusoutbreak year’s largest public listings, but the plaintsaid.Mostofthemarenolonger NMC,whichisbasedinAbuDhabi
ThelossofalargeBritishcompany attractivebusinessthattradesatadis- bringstraveltoahalt,inflamingten- planhasbeenthrownintodoubtbythe believedtobeintheUAE. andlistedintheUK,wasfoundedby
wouldbeablowtomanyUK-basedfund counttocomparableUSpeers”. sionswithrentalhostsandthrowing pandemic. The company had at one The bank, the people added, had Indian entrepreneur BR Shetty. It
managerswhoseinvestmentmandate AynsleyLammin,equityanalystat doubtsonthecompany’stimelinefora pointbeenleaningtowardadirectlist- accusedthemofusingforgedorinaccu- receivedamajorinvestmentfromEmir-
preventsthemfromholdingoverseas- CanaccordGenuity,said:“It’sashame publiclisting. ing,inwhichnonewmoneyisraised. ratedocumentstomisstateNMC’slia- atisSaeedal-QebaisiandKhalifaal-Mu-
listedstocks. fortheUKmarket,butwhenyoulookat The wave of cancellations has GoldmanSachsandMorganStanley bilities,aswellasgivingfalsevaluations hairiin2011aheadofitsinitialpublic
RupertKrefting,headofcorporate wherethebusinessispositioned,they’re weighedonfinancesthatforyearshad advised Airbnb on the latest debt thatfraudulentlyinducedADCBtopro- offeringontheLondonStockExchange
financeatM&GInvestments,saidthe reporting in dollars...it makes sense stoodoutcomparedwithcash-burning offering. vide lending facilities. The criminal in2012.Allthreehavesincesoldmost,
UKassetmanagerhadhelddiscussions forFergusontobelistedintheUS.” privatetechpeerssuchasUber.Last complaintalsoincludedacalltofreeze orall,oftheirshareholdings.
with the group about the proposed As the pandemic continues to hit year,thecompanyproducedpositive assetsoftheaccused,theyadded. MessrsShetty,QebaisiandMuhairi
plans. business, Ferguson joined a growing cashflowsinallfourquartersandhad “They’vegoneforthecompanyitself declined to comment. Mr Manghat
“Weareverysupportiveofwhatthey numberofcompaniesinscrappingits about$3bnincashandequivalentsatits viatheadministration,and[someof couldnotbereachedforcomment.
aredoing.Wewereveryagainstthem dividend, and has suspended the disposal,peoplebriefedonitsfinances the]shareholdersandformermanage- At last week’s online administration
movingtheirprimarylistingtotheUS,” $500m share buyback announced in havesaid. mentviathecriminalproceedings,”said hearing in London, the court heard
he said, adding that many of its UK earlyFebruary. Airbnbisnowprojectingitcanreturn onepersonbriefedontheaction. ADCB’s concerns the previous board
fundswouldhavebeenforcedsellersat ThegroupsaidithadtappedtheUK to2019levelsofrevenuebynextJanu- “This action is consistent with the had not investigated the suspected
marketpricewithoutapremiumtooff- government for funds through the ary,theFinancialTimesreported. bank’sobjectivetoprotectitsinterests,” fraudwithanyurgency.Thebankalso
setpotentialtaxissues. CovidCorporateFinancingFacilityand The new five-year loan carries an thebanksaidinastatement,without arguedthatadministratorswouldhave
“Thisisthebestofbothworlds,They had$2.5bninavailableliquiditytohelp interestrateof7.5percentagepoints namingthoseinvolved. the power to launch an independent
createaccessforUSshareholdersand itgetthroughthecoronaviruscrisis. abovetherisk-freerateandisseniorto Nochargeshaveyetbeenbrought. probeintothesuspectedfraudandseek
theykeeptheUKshareholdersaswell,” InSeptember,Fergusonannouncedit thedebtAirbnbraisedlastweek,said ADCB,whichisowedalmost$1bnby torecoveranymisappropriatedfunds.
hesaid. would separate its UK business and peoplefamiliarwiththedeal.Thecom- NMC,hasmovedforcefullyagainstit, NMCstatedinalettertotheHigh
However, the company remains focus on North America, which panyattractedabout$2.5bnofinterest applying successfully to appoint CourtinLondonlastweekthatneither
focusedonmovingentirelytotheUS. accountsformorethan90percentof frominvestorsfortheoffering,oneof Airbnbhasbeenhithardbyawave restructuring consultancy Alvarez & thecompanynortheboardaccepted
Within12monthsofaUSadditionallist- earnings. thepeoplesaid. ofcancellationsduetothepandemic MarsalasadministratorsintheUK. anyallegationsofwrongdoing.
APRIL 16 2020 Section:Companies Time: 15/4/2020 - 18:46 User: cathy.pryor Page Name: CONEWS2, Part,Page,Edition: USA, 7, 1
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8 ★ † FINANCIAL TIMES Thursday16April2020
COMPANIES & MARKETS
Commodities. Sales surge Fixed income
Italian debt
Coffee climbs as locked-down
slides despite
consumers seek caffeine fix ECB purchase
programme
Coffee rallies on consumer TOMMYSTUBBINGTON
and corporate stockpiling
Italiangovernmentbondsarecoming
ICE arabica (cents per lb) underpressuredespitetheEuropean
Central Bank’s huge asset-purchase
130
programmeasinvestorsworryabout
theenormousdebtloadItalyandother
125 eurozone members are taking on to
combatthecoronaviruscrisis.
120 Asell-offinItaly’sgovernmentdebt
extended to a second day yesterday,
pushingthe10-yearyieldtoafour-week
115
highofmorethan1.8percent.Bonds
issuedbyGreece,PortugalandSpain
110 alsoweakened.
ThegapbetweenItalianandGerman
105 yields—ameasureofriskineurozone
bondmarkets—widenedtomorethan
2.2percentagepoints,reversingmore
100
thanhalfofthenarrowingseensincethe
Jan 2020 Apr announcement of the ECB’s €750bn
Pandemic Emergency Purchase Pro-
Top coffee exporters
grammeonMarch18.
Export volumes in 2018 (million 60kg Theshake-upunderlinesthatwithout
bags) awaytopoolriskacrossalleuromem-
0 10 20 30 40 bers,investorswillbeforcedtofocuson
thefinancialriskeachcountryistaking
ontofightthepandemic.
Brazil
“Whatmatterstomarketsisthesense
thatwearenotseeingsolidarityata
Vietnam timeofcrisis.Instead,it’severymanfor
himself,” said Mark Dowding, chief
investment officer at BlueBay Asset
Colombia Management. “That is going to fuel
Euroscepticism,whicheventuallysees
Honduras ‘Whatmatterstomarkets
isthesensethatwearenot
India seeingsolidarity.Instead,
it’severymanforhimself’
Sources: Refinitiv; International Coffee Organization
fearsofabreak-upgettingpricedin.As
Beangrowerswrestlewith hasrisen20percentsincethestartof ordersbutthatisbecauseIdon’thave Brazilian Rabobankhaspencilledinademand an investor, I think that dynamic is
Februaryto$1.20apound,makingit enoughcoffee.” growersare fallof0.4percentin2020compared moreimportantthanthefinerpointsof
uncertaintyoverinventories, oneofthetop-performingcommodities. Producers’ hopes rest with Brazil’s workinghardto witha2.5percentincreasein2019.Such anyeurozonedeal.”
Overthesametimeframe,oilisdownby harvest, which starts in May, and meetincreased adropwouldbesimilartolevelsseen Fearsoverdebtsustainabilityhave
labourandlong-termdemand
morethan40percentwhilecopperhas Colombia’ssecondharvest,itsmitaca, demand,which afterthe2008financialcrisis. intensifiedsinceeurozonefinancemin-
droppedabout8percent. whichstartslaterthismonth. hasmadecoffee The industry is taking heart from isterslastweekfailedtoincludejointly
Sofarthismonth,priceshavemoved Analystsexpectpricestobevolatileas oneofthe reopeningsofcafésinareasfirsthitby issuedso-called“coronabonds”intheir
EMIKOTERAZONO—LONDON
ANDRESSCHIPANI—SÃOPAULO sidewaysbutsupplyrisksarecoming traders try to second-guess whether world’stop- thevirus. crisis-fightingpackage.AnItalianpush
intofocusasinventoriesshrinkaheadof Brazil’scrop,whichisforecasttobenear performing Stephen Hurst, head of Mercanta, for shared debt was squashed by Ger-
Thepandemicsetoffascrambleforcof- theharvestsinkeyarabica-producing recordhighs,canbepicked,processed commodities which specialises in supplying high- manyandtheNetherlands,whichpre-
feebeanslastmonthasroastersworked countriesinLatinAmerica. andtransported. VictorMoriyama/Bloomberg gradecoffeetoartisanalroastersand fer to see relief efforts channelled
flatouttomeetdemandfromstockpil- Persistentlylowpricesin2018and Withmanyworkersinthecountry coffeeshops,saidhehadseenhisAsian throughtheeurozone’sbailoutfund.
ing consumers while shutdowns dis- 2019sawmanygrowersabandontheir unwillingtotravelfar,therecouldbea businessrebound. Italy’sdebtburdenwillrisetomore
ruptedsupply. farms while exports from countries shortageofmigrantlabour,accordingto AlthoughsalesinEuropeandtheUS than 150 per cent of gross domestic
José Marcos Magalhães, head of including Honduras and Colombia fell CarlosMera,analystatRabobank. dried up, activity in the Singapore productthisyear,upfrom134percent
Brazil’ssecond-largestcoffeeco-opera- becauseofloweryields. “Whatwillhappentotheharvestisa office was “pretty much back to lastyear,Rabobankisprojecting.Debt
tive Minasul, watched shipments to Certified arabica stocks at the ICE bigquestionmark,”hesaid,notingthat normal”,hesaid. willclimbto108percentofoutputin
EuropeandNorthAmericasurge. exchange,themarketoflastresortfor thepeakofthepandemicisestimatedto “[Asiancountries]areatadifferent Spainand128percentinPortugalwhile
Minasulhadbeenexpectingtoship buyersofphysicalbeans,havefallen hitthecountryinlateApriltoearlyMay. stageofthecrisisandarecomingoutof Germanywillseeamuchmoremodest
400,000bags(eachcontaining60kgof 11percentsincethestartofFebruaryto In Colombia, travel restrictions theothersideofit,”hesaid. riseto63percent,saysthebank.
beans)forthewholeof2020butits atwo-yearlow. imposed by the national and local Back in Brazil, Mr Magalhães is SomearereluctanttobuyintoItaly’s
ordersrosepastthatlevelinMarch.Mr “Thereisashortageofwashedarabica authoritiesposeachallengetocoffee- hopeful that continued demand will relatively high-yield debt despite the
Magalhãesexpectsinternationalsales coffee,” said Roberto Vélez, chief picking,saidMrVélez. keep prices at current levels, and ECB’sbacking,fearingapoliticalback-
fortheyeartotop800,000bags—more executive of the Colombian Coffee Evenifthecherriesarepicked,he that Minasul can overcome logistical lashtothecrisisthatcouldreawaken
thandoublelastyear’s360,000. Growers Federation, referring to the added,therewillbelogisticalchallenges challenges. questionsabouteurozonemembership
“Wearehavingveryhighdemand, premium-gradebeansprocessedfora ateverystagefromfarmtoport. ‘Iamhaving There are reasons to be cheerful. andweakenthebondsfurther.
mainly from Europe...consumption mildercleanertaste. There is also uncertainty over Roadsandportshaveremainedopen “[The]creditworthinessofmember
tonitpick
hasincreasedalotinsupermarketsin Analysts at Rabobank expect the consumption. Consumer demand for whileshippinggroupssuchasMaersk states is back at the centre of the
theUSA,andtheywanttoreplenish sluggish pace of exports from many packagedcoffeejumpedinMarch,with orders aretryingtoresolvethescarcityofcon- market’sradar,”saidRichardMcGuire,
stocks,”hesaid. countriestocontinuethroughout2020. USweeklysalesupasmuchas73per tainersforexporters. FastFT aratesstrategistatRabobank.“It’snot
butthatis
Havingfallenatthestartofthecrisis EveninBrazil,thelargestproducer centfromthepreviousyear,according Moreover,thebulkoftheco-opera- Ourglobal justanItalyissue,it’srightacrosssouth-
asChina’scafésshuttheirdoors,coffee and exporter, some buyers have toconsumerdatafirmNielsen. becauseI tive’s 8,000 growers on smallholder teamgivesyou ernEurope.Wearemovingbacktoa
priceshavereboundedaslargecoffee not been able to source as much as ButcommoditybrokersMarexSpec- farmsarealreadyina“naturalquaran- market-moving two-speedcontinent,”hesaid.
don’thave
roasterssuchasNestlé,JABandLavazza theywant. tronexpectoveralldemandtodecrease tine”, Mr Magalhães said. “They live newsandviews, YieldsinItalyarestillwellshortofthe
rushedtosecurebeans. “Thestockislowandwewereunable asat-homedrinkingfailstocompensate enough on the farm, isolated, which is 24hoursaday peakofalmost3percenthitamonth
Thefuturesbenchmarkforthehigher tofulfilallrequests,”saidMrMagalhães. foralackofconsumptioninchainssuch anotherthingthatwouldallowcoffee ft.com/fastft agoandfarbelowtheheightsreached
coffee’
qualityarabicabeantradedinNewYork “As a result, I am having to nitpick asStarbucksandinrestaurants. agriculturetocontinuerunning.” duringtheeurozonedebtcrisis.
Fixed income Equities
HNA bond suspended as liquidity European nations extend short-selling
crunch strikes Chinese conglomerate bans despite pressure from hedge funds
CHRISTIANSHEPHERD—BEIJING inwhichitspentbillionsofdollarson chairmanWuXiaohuiwassentencedto PHILIPSTAFFORDAND sanceTechnologies,Citadel,TwoSigma hopingtobuythembacklateratalower
HUDSONLOCKETT—HONGKONG assets including stakes in Deutsche 18yearsinprisonforfraud. LAURENCEFLETCHER InvestmentsandThirdPoint.“Weurge pricebeforereturningthemandpocket-
TradinginabondissuedbyChina’s BankandHiltonWorldwide.Italsocon- ThedirectorofoneShanghai-based Five European countries have othernationstofollowtheevidenceand ingthedifference.
HNAGroupwassuspendedinasignof trolsHainanAirlines,China’sfourth- brokeragesaidinvestorsmayalsohave extendedbansontheshortsellingof avoidanyfurtherrestrictionsonshort- Hedge funds argue that investors
howliquidityproblemsattheheavily largestcarrier. beenusingHNA’sbondstospeculateon shares, despite pressure from hedge selling.” shouldbeabletomakenegativebetson
indebtedconglomeratehaveworsened HNA’sfortunessouredafterBeijing thefateofHainanAirlines. fundstoscraptherestrictionsputin France’smarketsregulator,theAMF, marketmoves,justasotherfundman-
after the coronavirus pandemic began blocking big outbound invest- Likeelsewhereintheworld,thevirus placeafterasharpmarketsell-offlast said it had taken the decision to agers routinely make bets on prices
buffetedcapitalmarkets. mentsfouryearsagoonconcernsover haspiledenormouspressureonChina’s month. lengthenthebanbecauseof“thespread goingup.Criticsarguethatshortselling
capital outflows and the substantial airlines.Thecountry’saviationregula- of the coronavirus epidemic and the canmagnifyperiodsofpanicandcan
TheShanghaistockexchangesaidina debtsbeingaccruedbyitandotherso- torsaidyesterdaythatcarriershadsuf- ThebansinFrance,Spain,Austria,Bel- persistenceofitsconsequencesonthe meanthatfundsprofitwhilepeoplesuf-
statementyesterdaythattradinginthe called“greyrhino”conglomerates. feredarecordlossofRmb33.62bninthe giumandGreecehadbeenscheduledto fereconomichardship.
seven-year,Rmb3bn($425m)bond— Insurer Anbang was placed under firstquarteroftheyear. expireincomingdaysbutregulators ‘Thesedecisionsarebad “Tosuggestthathedgefundsexacer-
issuedbythecompanyin2015—was government control in 2018 and its Thecoronavirushasrattledcapital said late yesterday that they would batedthesell-off[by]shortsellingis
forinvestors,badfor
initiallyhaltedshortlyafterthemarket marketsinChinaandelsewhereover extendthemuntilmid-May. absurd,”saidJackInglis,chiefexecutive
openeddueto“abnormalfluctuations”. thepasttwomonths.Datatomorroware Authoritieshadarguedthatrestric- marketsandbadforthe ofAIMA,aEuropeanhedgefundindus-
Afterabriefresumption,tradingwas expectedtoshowahistoriccontraction tionswerenecessarytostabilisestock trybody,speakingbeforetheAMFand
economyasawhole’
againstoppedafterthebondfellbelow inChineseeconomicgrowth. prices after fears over coronavirus othersextendedtheirbans.
30percentofitsparvalue. “There’s always some hot money knockedabout30percentoffEuropean “Asasmallpartoftheinvestment
ThevolatilitycameafterHNAcalleda that’sgoinginandoutofthesebonds,” sharesinMarch. economyandthefinancialmarketsin fundsindustry,hedgefundscannotand
last-minuteteleconferenceonTuesday thebrokeragedirectorsaid.HNAwould Equities have since recovered as France”. shouldnotbeheldresponsibleformar-
nighttotellitsinvestorsofitsintention probablyreceiveagovernmentbailout muchas15percent,promptinghedge RestrictionsinSpain,AustriaandBel- ketdeclines,”headded.“Thereisclear
todelaybyayearbothprincipaland topreventitscollapseasBeijingdoesn’t funds to claim that extending bans giumwereduetoendafterthecloseof evidencethatmuchlargertraditional
interestpaymentsforaseparatebond want“toseeahigh-profileissueinthis would be damaging, pushing up the business tomorrow while a ban in fundswereheavilysellingstocksand
issuedin2013thathadbeendueon environment”. all-incostsoftrading. Greeceexpiresnextweek.Italy’sban thatshortsaleswerejustasmallpartof
April 15. HNA publicly apologised InFebruary,twoseniorChinesestate “Thesedecisionsarebadforinves- willcontinueuntilmid-June.Otherreg- overallmarketactivity.”
yesterdayforfailingtogiveadvanced executiveswereappointedtomanage- tors,badformarketsandbadforthe ulatorsacrossEurope,notablyintheUK Thisweek,theIMFstruckacautious
warningofthemeeting. mentrolesatHNA,promptingtalkthat economyasawhole,”saidBryanCor- andGermany,didnotimposebans. noteonbans,sayingthatauthorities
HNA, based in southern China’s thecompanycouldbetakenoverbythe bett, chief executive of the Managed Shortsellingisapracticewidelyused shouldconsiderthepotentialnegative
Hainanprovince,isbestknownforits HNA’sfortunessouredafterBeijing Chinesegovernment. Funds Association, which represents byhedgefundsandinvolvesmanagers impactsonliquidityandinvestors’abil-
high-profiledebtspreein2015and2016 blockedbigoutboundinvestments SeeLex hedgefundssuchasDEShaw,Renais- borrowingsharesandthensellingthem, itytoagreeprices.
APRIL 16 2020 Section:Markets Time: 15/4/2020 - 18:44 User: stephen.smith Page Name: MARKETS1, Part,Page,Edition: USA, 8, 1
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
Thursday16April2020 ★ FINANCIAL TIMES 9
COMPANIES & MARKETS
Record Opec cut is
The day in the markets
no match for virus
Whatyouneedtoknow
hit to demand
3WallStreetretreatsafterthereleaseof Oil groups tumble after crude prices slide further
poorretailandindustrialdata
3Weakoilandgasgroupsweighon Indices rebased
Europeanequities Derek Brower
3Coregovernmentdebtanddollar 104
Stoxx Europe 600
indemand
102 Markets Insight
Therecentrallyinglobalstockscameto
anendyesterdayasearningsresultsand 100
economicdataleftinvestorsdigesting
thefinancialdamagebeingwroughtby
98
thepandemic. T heoilmarkethasspentthe with Opec, Moscow has struggled to theircommitmentscanbetakenatface
Stoxx Europe 600 Oil & Gas
WallStreetretreatedafterUSretailand past few days sniffing delivercutsbarelya10thofthatsize. value.Buttheywillmakethesecuts
industrialdatarevealedthescaleofthe 96 aroundanOpecdealthat Russia previously blamed its poor fromrecordcurrentoutput,notfrom
economichittothedomesticeconomy promisedthebiggestcutsto recordofcomplianceonthelonglead thelowervolumestheywereproducing
becauseofCovid-19. 94 productioninhistory—and timeneededtostartadjustingproduc- inthefirstquarter,beforetheprevious
USretailsalesfell8.7percentinMarch, hasdecideditwasundercooked.The tion.Nowitpledgestodeliverrecord- Opecdealdissolvedintoapricewar.
thebiggestone-monthdeclinesince 92 pandemichittodemandisjusttoobig. breakingcuts,lastingjusttwomonths, Alsoincludedinthat20mfigure,say
recordsbeganin1992. Eventhealmost10percentreduction startingintwoweeks’time. officials, are supply reductions that
Meanwhile,USindustrialoutputsank inglobalsupply—farmorethanthecar- Iraq,anotherproducerwithapatchy havealreadyhappened—likethosein
90
bythemostinmorethan70years,a telremovedfromthemarketduringthe record,isbeingcalleduponfor1mb/dof Libya,whichhaslostalmost1mb/dof
reminderthat“whilecoronavirus Wed Tue Wed previousfinancialcrisis—isnotenough thesupplyreduction. productionbecauseoffighting,orin
containmentmeasuresareprimarily tocompensatefora30percentcollapse Saudi Arabia can be relied on to sanctions-hitIranandVenezuela.
slammingthebrakesonservicesector Markets closed for holiday break inconsumptionaseconomiesareshut deliverits2.5mb/dofpledgedcutsin Declinesinsupplyfromoilproducers
Source: Refinitiv
activity,themanufacturingsectorisalso downtostopthevirus’sspread. full.Butitnegotiatedabaselineof11m outsidetheOpec+orbit,liketheUS,
setforasignificantdownturn”,said Nordotradersaccepttheassurances b/dfromwhichtobeginitscuts.Thatis Canada,BrazilandNorway,aresaidto
AndrewHunter,seniorUSeconomistat 15percentorperhaps25percent by9.3mbarrelsadaythisyearversus —fromOpec’sdefactoleaderSaudiAra- accountforalmost4mb/dofthe20m.
CapitalEconomics. unemployment?” 2019eveniflockdownsandtravelbans biaandthepresidentoftheUS,noless— Thenumberinvolves Thisisastretch.
Ontheearningsfront,GoldmanSachs AcrosstheAtlantic,figuresfromFrance werelifted. thatthecutswill,infact,betwicethose First, these are estimates of how
someingeniousbarrel
andBankofAmericayesterdayprepared showedretailsaleshadsank24percent Europe’soilandgasstocksfell6.3per agreedonSundaynight. muchoutputwillfallatagivenprice,not
formorepainamongtheirclientsby inMarchduringthecountry’slockdown. centalongsidea5percentslideinBrent Brent,theinternationalcrudebench- countingandstretchesthe commitmentsbymembersofacartel.
settingasidebillionsofdollarstocover Paris’CAC40sank3.8percent. crude,theinternationalbenchmark. mark,hasfallenbackbelow$30abarrel Second,noonecansaywhenthisfree-
definitionoftheword‘cut’
loanlossesastheyreportedpoorfirst- Elsewhere,Frankfurt’sXetraDaxfell3.9 Havenassetssuchascoregovernment fromahighofalmost$34aftertrading marketoilwilldisappearfromsupply—
quarternumbers. percentwhiletheregion-wideStoxx bondswerebackinfavourasstockssold beganthisweek. orcomeback.These“cuts”dependon
Bymidday,theS&P500wasdown2.3 Europe600indexslid3.3percent, off.Theyieldonthe10-yearUSTreasury Those claims of much bigger than companiesmakingdecisionstochoke
percentwhilethetech-heavyNasdaq draggedlowerbyoilandgascompanies. slipped10basispointsto0.65percent. publishedcutssurfacedonMondayin about1.3mb/dmorethanitwaspro- backsupplybasedonavarietyoffactors
Compositewas1.7percentlower. GroupssuchasBPandShelltumbled TheUSdollar,whichisalsoseenasa private briefings from Abdulaziz bin ducinginthefirstquarteroftheyear. —fiduciarydutiestoshareholders,exec-
Someanalystssaidtheslideinstocks morethan6percentyesterdayafterthe havenintimesofmarketstress,gained. Salman,theSaudienergyminister,and EnergyAspects,aconsultancy,thinks utivecompensationtargets,covenants
wasoverdue,Rabobanknoting:“How priceofcrudeslidfurtherfollowinga TheDollarindex,whichtracksthe thenthroughthemethodusuallyguar- theagreedproductiondealwillbeabout withcreditors,hedgingobligationsand,
muchfurthercanwetakethedichotomy reportbyInternationalEnergyAgency, greenbackagainstabasketofpeers,rose anteedtomoveoilpricesinrecentyears 7mb/dlessthancountries’first-quarter aboveall,movementsinprices.
ofbullmarketsasweheadto10percent, whichsaidglobaloildemandwouldfall asmuchas1.1percent.RayDouglas —aPresidentDonaldTrumptweet. production.InvestmentbankGoldman Acutenforcedbyafallingpriceisjust
“Havingbeeninvolvedinthenegotia- Sachsreckonsitmightbejust4.3mb/d the market rationing supply, not the
. tions,toputitmildly,thenumberthat belowfirst-quarteroutput,oncenon- collectiveactionofacartel.
Markets update OPEC+islookingtocutis20Million complianceisfactoredin. Lastly, the 20m also includes pur-
Barrelsaday,notthe10Millionthatis Thatisalongwayfromthe20mb/d chasesmadebyconsumercountriesfor
generallybeingreported,”hewrote. shortfallproclaimedbyMrTrump. theirstrategiccrudestockpiles.Stock-
Opec’scommuniquéonSundaysaid The US president was probably ingupatlowpricesisagoodmove.It
US Eurozone Japan UK China Brazil thecutswouldbe9.7mb/d,forMayand reflectingthesamenumberthatOpec mayhavehappenedanyway.Buta“cut”
Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa June,andthengetsmalleruntilthey producershavebeenspinningtoascep- tosupplyitisnot.
Level 2768.07 1268.07 19550.09 5597.65 2811.17 79119.34 endedin2022—hencethe10mthatwas ticalmarket.Itinvolvessomeingenious AsAmritaSenofEnergyAspectssaid
% change on day -2.74 -3.17 -0.45 -3.34 -0.57 -1.00 generallyreported.Butastradersand barrelcountingandstretchesthedefini- inanotetoclients,the20mincludes
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $ analysts studied the fine print, they tionoftheword“cut”. much “double counting, creative
Level 99.725 1.091 107.415 1.250 7.063 5.255 havegrownmorebearish. Thebignumberincludesextrasupply accountingandobfuscation”.Themar-
Startwiththe9.7mb/dannouncedin cutsofabout2.7mb/dvolunteeredby ketdidnottakelongtoworkthisout.
% change on day 0.847 -0.547 0.182 -0.794 0.031 1.259
thecommuniqué.Thisincluded2.5m SaudiArabiaanditsGulfneighbours.
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
b/dtobecutbyRussia.Inpastdeals TheseareOpec’scorecountriesand [email protected]
Yield 0.638 -0.467 0.016 0.300 2.536 7.256
Basis point change on day -10.210 -8.400 0.470 -3.600 -1.400 -14.400
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 307.37 27.78 19.69 1741.90 15.51 2391.80
LegalNotices
% change on day -2.41 -7.65 -5.29 3.64 2.21 2.15
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
7680
3840 1920
6400
3200 1600
5120
2560 1280
1920 | | | | | | | | | | | | | | | | | | | | 960 | | | | | | | | | | | | | | | | | | | | 3840 | | | | | | | | | | | | | | | | | | | |
Feb 2020 Apr
Feb 2020 Apr Feb 2020 Apr
Biggest movers
% US Eurozone UK
Netflix 3.77 Orkla 3.84 Ocado 3.91
Unitedhealth 3.12 Carlsberg 2.65 Flutter Entertainment 2.12
ps Centene 2.12 Ses 2.64 United Utilities 1.07
U
Take-two Interactive Software 2.00 Telenor 1.95 Severn Trent 0.97
Abbott Laboratories 1.87 Lindt 1.31 Sainsbury (j) 0.65
%
Noble Energy -16.10 Seadrill -12.46 Melrose Industries -12.29
Pvh -14.01 Thyssenkrupp -12.45 Easyjet -9.94
s
n
w Helmerich & Payne -13.79 Omv -10.29 Royal Bank Of Scotland -9.26
o
D Nordstrom -13.07 Amadeus It -10.01 Int Consolidated Airlines S.a. -8.53
Technipfmc -12.72 Commerzbank -9.67 Jd Sports Fashion -8.41
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
Wall Street Eurozone London
OilstocksheadedtheUSfallers,with DiaSorinofItalyhitarecordhighfora Fearsofreputationdamageweighedon
NobleEnergyleadingthesectorlower secondday,thediagnosticsdeveloper Hiscoxevenaftertheinsurersaidits
afterwithdrawing2020guidanceand havingsaidonTuesdaythatitsCovid-19 exposuretobusinessinterruptionclaims
announcingcost-savingmeasures, bloodserumtestcouldbeauthorisedfor fromCovid-19was“limited”inEuropeand
includingadividendcut. useasearlyasnextweek. “negligible”intheUSretailmarket.
LyondellBaselldroppedafterthefuel Berenbergsaidthehigh-capacitytest Threatsoflegalactionfromcustomers
refineryandchemicalsgroupcut was“ameaningfulnewopportunityfor refusedpayoutshadearlierledthe
earningstargetsandwarnedthattrading thebusinessandapotentialturningpoint FinancialConductAuthorityadvice
hadbeentougherthanexpected. tocombatthevirus”. insurerstosettlevalidclaimsquickly.
Soliddemandforfoodandmedical Demandbothfromgovernmentsand “Ifthecompanyisabletodefendits
packaginghadbeeneclipsedbypressure theprivatesector,inadditionto wording...thenewbusinessfranchiseis
onfuelmarketsandfallingdemandfor generatingsalesinexcessof€100mthis likelytosuffersubstantiallyfrom
polymersfromcarmakers,forcingcost year,willstrengthennegotiationleverage negativesentimentintheUKatleast,”
savingsanddebtmanagementto withkeycustomers,thebrokersaid. saidRBCCapitalMarkets.
improveliquidity,thecompanysaid. AdidasslidaftertheGerman UKaerospaceengineersincluding
JCPenneyfellonreportsthatitwas governmentapprovedthesportswear Meggitt,Senior,Rolls-RoyceandMelrose
consideringfilingforbankruptcy maker’srequestfora€3bncrisisloan, Industriesweretheday’ssharpestfallers
protectiontocopewithupcomingdebt whichrequiredittocanceldividends. afterBoeingsaidithadlost150ordersfor
repayments. Thegroupsaiditwasstillunableto its737Maxjetlastmonth.
Thefearsstokedpressureonbrands giveanyguidanceforthefullyear2020. Retailandleisurestocksincluding Businesses For Sale
reliantondepartment-storesalessuchas HotelgroupAccordroppedafter Hammerson,theshoppingcentreowner,
GapandCalvinKleinownerPVH,andon MorganStanleyturnedcautious. andJDSportsslidawaitingconfirmation
malloperatorsincludingSimonProperty. Thisrecessionislikelytobeworsethan thattheUKwasextendinglockdown
Teslaextendedrecentgains,helpedby previouscyclesforhoteliers,giventhe restrictionsintoMay.
positiveChinesecar-registrationdata. growingpresenceofindustrydisrupters JDWetherspoonfellafterCanaccord
MorganStanleysaid“ascarcityofhigh- andpost-crisisbehaviouralchanges, Genuitysaiditmayhavetoraiseupto
growthnames”hadmadeinvestors“even meaningthatinvestorsshouldnotexpect £250mto“survivetheliquiditycrisis”.
moreattractedtothesimplicityand roomratestorecoverto2019levelsfor Withthepubgroup’snetdebtedging
single-mindednessofTesla’slong-term anothersixyears,MorganStanleysaid. towards£1bn,investorsshouldnotignore FTBUSINESS
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APRIL 16 2020 Section:Markets Time: 15/4/2020 - 18:55 User: stephen.smith Page Name: MARKETS2, Part,Page,Edition: USA, 9, 1
UPLOADED BY "What's News" vk.com/wsnws TELEGRAM: t.me/whatsnws
10 ★ FINANCIAL TIMES Thursday16April2020
MARKET DATA
WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA
Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $
-2.74% -1.98% -2.62% -3.34% -3.17% -0.45% -1.19% -2.41% -0.547% -0.794% -5.07%
0.182% 0.230% 3.64%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Mar 16 - - Index All World Mar 16 - Apr 15 Index All World Mar 16 - Apr 15 Index All World Mar 16 - Apr 15 Index All World Mar 16 - Apr 15 Index All World Mar 16 - Apr 15 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,768.10 13,973.26 5,597.65 10,279.76 19,550.09 1,857.08
2,386.13 12,360.40 5,366.11 9,232.08 17,002.04 1,672.44
Day -2.74% Month 2.11% Year -4.73% Day -2.00% Month 1.77% Year -15.48% Day -3.34% Month 4.34% Year -24.71% Day -3.90% Month -0.51% Year NaN% Day -0.45% Month 12.16% Year -10.61% Day 1.72% Month 4.83% Year -16.85%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
8,346.77 1,268.07 6,839.50
36,636.70 34,169.69 1,167.94 6,629.60 23,263.73 24,145.34 2,495.77 2,605.56
6,904.59
Day -1.98% Month 5.99% Year 4.65% Day -1.66% Month -10.32% Year -23.46% Day -3.17% Month 8.51% Year -16.87% Day -3.79% Month -11.28% Year -27.98% Day -1.19% Month 0.27% Year -19.43% Day -1.10% Month -1.46% Year -22.10%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
20,188.52 23,323.38 74,617.24 79,119.34 4,118.36 4,353.72 15,954.29 16,719.07 2,789.25 2,811.17 35,697.40 30,379.81
Day -2.62% Month 0.64% Year -11.56% Day -1.00% Month -4.45% Year -15.13% Day -3.76% Month 5.71% Year -20.97% Day -4.78% Month 5.39% Year -23.20% Day -0.57% Month -2.64% Year -11.84% Day -1.01% Month -10.92% Year -21.64%
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 31063.20 30781.55 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 18312.13 19179.27 Philippines Manila Comp 5946.05 5780.88 Taiwan Weighted Pr 10447.21 10332.94 Cross-Border DJ Global Titans ($) 328.84 335.63
Australia All Ordinaries 5523.30 5542.50 Czech Republic PX 825.11 849.38 FTSE Italia Mid Cap 29900.15 30761.76 Poland Wig 44685.87 46092.44 Thailand Bangkok SET 1236.10 1256.35 Euro Stoxx 50 (Eur) 2808.20 2917.74
S&P/ASX 200 5466.70 5488.10 Denmark OMXC Copenahgen 20 1102.69 1110.11 FTSE MIB 16719.07 17558.43 Portugal PSI 20 4137.91 4231.02 Turkey BIST 100 95854.92 98549.80 Euronext 100 ID 857.04 888.88
S&P/ASX 200 Res 3939.00 3983.30 Egypt EGX 30 10458.16 10353.72 Japan 2nd Section 5557.46 5561.83 PSI General 2849.27 2886.91 UAE Abu Dhabi General Index 4178.69 4135.45 FTSE 4Good Global ($) 6966.17 7128.53
Austria ATX 2048.04 2201.41 Estonia OMX Tallinn 1084.70 1083.89 Nikkei 225 19550.09 19638.81 Romania BET Index 7964.04 8296.19 UK FT 30 2108.00 2208.50 FTSE All World ($) 307.37 314.95
Belgium BEL 20 2920.82 3057.66 Finland OMX Helsinki General 7908.32 8253.78 S&P Topix 150 1198.86 1195.69 Russia Micex Index 2497.26 2631.83 FTSE 100 5597.65 5791.31 FTSE E300 1268.07 1309.52
BEL Mid 7138.12 7277.00 France CAC 40 4353.72 4523.90 Topix 1434.07 1433.51 RTX 1051.11 1133.23 FTSE 4Good UK 5150.63 5338.13 FTSE Eurotop 100 2459.34 2535.09
Brazil IBovespa 79119.34 79918.36 SBF 120 3424.67 3562.63 Jordan Amman SE 1668.18 1675.47 Saudi-Arabia TADAWUL All Share Index 6874.64 6804.54 FTSE All Share 3087.44 3200.14 FTSE Global 100 ($) 1806.38 1841.53
Canada S&P/TSX 60 847.85 864.47 Germany M-DAX 21722.09 22374.20 Kenya NSE 20 1967.13 1968.19 Singapore FTSE Straits Times 2605.56 2634.57 FTSE techMARK 100 4705.57 4858.46 FTSE Gold Min ($) 2146.20 2066.07
S&P/TSX Comp 13973.26 14258.43 TecDAX 2793.80 2879.94 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 327.80 320.14 USA DJ Composite 7607.80 7830.89 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 361.68 337.02 XETRA Dax 10279.76 10696.56 Latvia OMX Riga 995.96 978.53 Slovenia SBI TOP 873.85 - DJ Industrial 23323.38 23949.76 FTSE Multinationals ($) 1972.01 1918.05
Chile S&P/CLX IGPA Gen 19482.82 19594.81 Greece Athens Gen 607.57 628.19 Lithuania OMX Vilnius 667.12 667.12 South Africa FTSE/JSE All Share 48301.28 49874.51 DJ Transport 7902.46 8177.69 FTSE World ($) 546.21 560.26
China FTSE A200 10009.48 10079.67 FTSE/ASE 20 1472.14 1527.83 Luxembourg LuxX 915.13 938.71 FTSE/JSE Res 20 41858.95 43967.35 DJ Utilities 800.73 825.10 FTSEurofirst 100 (Eur) 3303.46 3423.41
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 24145.34 24435.40 Malaysia FTSE Bursa KLCI 1387.79 1371.66 FTSE/JSE Top 40 44202.90 45580.91 Nasdaq 100 8541.25 8692.16 FTSEurofirst 80 (Eur) 3827.50 3977.84
Shanghai A 2946.18 2963.04 HS China Enterprise 9724.70 9847.47 Mexico IPC 34169.69 34746.39 South Korea Kospi 1857.08 1825.76 Nasdaq Cmp 8346.77 8515.74 MSCI ACWI Fr ($) 477.70 466.37
Shanghai B 215.95 217.94 HSCC Red Chip 3720.12 3793.19 Morocco MASI 9326.70 9300.27 Kospi 200 247.45 243.40 NYSE Comp 10785.39 11172.20 MSCI All World ($) 2006.81 1956.75
Shanghai Comp 2811.17 2827.28 Hungary Bux 32710.55 33849.13 Netherlands AEX 491.13 507.73 Spain IBEX 35 6839.50 7108.60 S&P 500 2768.07 2846.06 MSCI Europe (Eur) 1356.80 1350.95
Shenzhen A 1816.64 1826.38 India BSE Sensex 30379.81 30690.02 AEX All Share 691.55 712.46 Sri Lanka CSE All Share 4571.63 4874.73 Wilshire 5000 27688.77 28477.37 MSCI Pacific ($) 2357.26 2301.53
Shenzhen B 834.39 831.94 Nifty 500 7344.35 7360.35 New Zealand NZX 50 10409.94 10159.02 Sweden OMX Stockholm 30 1478.93 1535.84 Venezuela IBC 249098.83 227597.09 S&P Euro (Eur) 1276.28 1325.18
Colombia COLCAP 1211.06 1193.98 Indonesia Jakarta Comp 4625.91 4706.49 Nigeria SE All Share 20925.19 20669.38 OMX Stockholm AS 564.99 586.92 Vietnam VNI 777.22 767.41 S&P Europe 350 (Eur) 1299.69 1342.51
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 4970.39 5183.34 Norway Oslo All Share 805.47 828.21 Switzerland SMI Index 9320.20 9538.61 S&P Global 1200 ($) 2174.81 2235.05
Israel Tel Aviv 125 1320.74 1333.48 Pakistan KSE 100 31242.19 31222.74 Stoxx 50 (Eur) 2739.81 2818.64
(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 15 %Chg %Chg Apr 15 %Chg %Chg Apr 15 %Chg %Chg Apr 15 %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
Amazon.com 83.3 2291.03 7.71 Barclays 285.5 87.00 -6.55 Bbva 689.4 2.73 -0.20 Softbank . 2865.3 4333.00 -87.00 Just Eat Takeaway.com N.v. 7764.00 17.1 - Elementis 64.00 24.3 -65.3 Costain 91.00 135.1 -44.8 Pharmaceuticals & Biotech. 16926.69 7.0 -5.1
Apple 41.6 282.96 -4.09 Astrazeneca 230.3 7615.00 9.00 Sap Se O.n. 465.3 108.30 -3.70 Fast Retailing Co., 561.4 48440.00 -350.00 Ocado 1542.50 13.8 22.5 Bakkavor 74.90 10.8 -48.6 Funding Circle Holdings 75.90 38.0 -21.4 Food & Drug Retailers 3950.80 4.9 -5.9
Microsoft 32.1 171.64 -2.06 Hsbc Holdings 172.9 408.10 -19.35 Allianz Se Na O.n. 438.0 161.36 -6.34 Sony 451.3 6767.00 151.00 Astrazeneca 7615.00 9.2 -0.6 Capita 36.58 10.7 -78.3 Mears 169.00 32.0 -44.8 Beverages 20485.60 3.3 -
Netflix 27.9 429.13 15.58 Bp 170.9 299.70 -21.40 Asml Holding 400.9 254.85 -8.40 Toyota Motor 354.9 6738.00 -12.00 M&g 146.00 9.0 -40.1 Network Int Holdings 399.00 7.8 -37.2 Aa 21.75 31.8 -62.5 General Retailers 1780.20 2.7 -
Advanced Micro Devices 23.9 54.52 -0.41 Glaxosmithkline 169.9 1570.00 0.00 Royal Dutch Shella 382.9 15.65 -1.25 Tokyo Electron 346.2 22355.00 -300.00 Polymetal Int 1510.50 6.9 26.8 Plus500 Ltd 1175.00 7.5 35.2 Intu Properties 6.02 25.7 -81.6 Gas Water & Multiutilities 4814.83 2.5 -
Boeing 18.9 135.10 -5.90 Royal Dutch Shell 162.4 1315.80 -105.20 Total 342.8 30.69 -1.98 Mitsubishi Ufj Fin,. 330.5 417.00 -10.90 Pennon 1098.50 6.3 7.0 Petropavlovsk 22.35 7.2 76.0 Low & Bonar 8.50 18.1 -32.3 Chemicals 9694.75 1.6 -
Facebook 13.6 174.44 -3.73 British American Tobacco 142.9 2922.00 3.50 Siemens Ag Na O.n. 311.1 78.56 -4.23 Recruit Hldgs Co Ltd 270.1 2800.00 110.50 Fresnillo 695.80 6.0 8.0 Puretech Health 260.50 6.3 -17.8 Clipper Logistics 206.00 16.6 -29.5 Electronic & Electrical Equip. 7508.73 0.4 -
Nvidia 12.5 279.11 -4.84 Reckitt Benckiser 140.6 6320.00 -128.00 Lvmh 254.4 342.00 -10.00 Kddi 253.5 3176.00 28.00 Next 4457.00 5.7 -35.9 National Express 236.80 6.1 -50.0 Porvair 662.00 16.5 -5.2 Personal Goods 34253.79 0.4 -
Jpmorgan Chase & Co 11.7 90.90 -4.60 Royal Dutch Shell 131.1 1346.00 -99.00 Iberdrola 254.1 8.90 -0.18 Fujifilm Holdings 217.5 5383.00 -89.00 United Utilities 888.20 5.6 -6.9 Biffa 185.40 5.9 -31.2 Sdl 448.00 13.7 -22.0 Tobacco 30816.50 0.0 -
Delta Air Lines 11.3 23.47 -1.07 Diageo 128.6 2620.00 -4.00 Santander 250.6 2.00 -0.12 Mizuho Fin,. 204.0 124.00 -3.60 Severn Trent 2299.00 4.7 -8.6 Go-ahead 1187.00 5.6 -46.2 Urban&civic 235.00 10.8 -31.7 Electricity 6869.60 -0.1 -
Glaxosmithkline 1570.00 4.7 -11.7 Playtech 208.60 5.3 -48.6 Norcros 158.00 10.5 -43.2 Real Estate & Investment Servic 2237.44 -0.7 -
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Tesco 232.60 4.4 -9.1 Dunelm 825.50 5.2 -28.8 Connect 21.25 10.4 -40.2 Health Care Equip.& Services 6239.35 -1.0 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Netflix 429.13 15.58 3.77 Hastings Holdings 190.30 7.80 4.27 Orkla 8.38 0.31 3.84 Fujitsu 10805.00 510.00 4.95 Int Consolidated Airlines S.a. 217.80 -12.8 -65.8 Hiscox Ltd 730.00 -23.0 -49.0 Purecircle 86.00 -34.5 - Oil Equipment & Services 3829.44 -14.4 -
Unitedhealth 278.95 8.45 3.12 Ocado 1542.50 58.00 3.91 Carlsberg B A/s 108.96 2.81 2.65 Nec 4335.00 185.00 4.46 Intermediate Capital 938.00 -11.0 -42.8 Aston Martin Lagonda Global Holdings 57.05 -22.2 -67.5 Tullow Oil 16.57 -31.7 -72.2 Oil & Gas Producers 4891.20 -10.2 -
Centene 67.81 1.41 2.12 Watches Of Switzerland 239.50 7.50 3.23 Ses 5.98 0.15 2.64 Recruit Hldgs Co Ltd 2800.00 110.50 4.11 Evraz 232.70 -10.9 -42.7 Senior 56.40 -18.3 -69.7 Pharos Energy 13.88 -24.9 -74.2 Industrial Metals 2345.63 -9.8 -
Take-two Interactive Software 125.24 2.46 2.00 Flutter Entertainment 7600.00 158.00 2.12 Telenor 14.18 0.27 1.95 Toho Co.,ltd 3550.00 120.00 3.50 Barratt Developments 433.30 -10.8 -42.4 Cineworld 49.67 -18.1 -77.4 Premier Oil 22.23 -23.2 -77.7 Nonlife Insurance 2368.32 -7.0 -
Abbott Laboratories 90.81 1.67 1.87 Genus 3502.00 72.00 2.10 Lindt Ps 7712.59 118.73 1.56 Tobu Railway Co., 3710.00 105.00 2.91 Bp 299.70 -10.6 -37.7 Apax Global Alpha 113.00 -15.9 -36.7 Gulf Marine Services 2.60 -20.8 -64.6 Industrial Transportation 1468.75 -6.7 -
Melrose Industries 84.38 -10.6 -65.2 Tui Ag 327.70 -15.9 -66.9 Foxtons 37.70 -18.2 -55.5 Construction & Materials 4899.40 -5.8 -
Downs Downs Downs Downs
Standard Chartered 394.00 -9.9 -45.3 Wood (john) 177.20 -15.8 -54.2 Menzies(john) 95.00 -16.7 -79.8 General Industrials 4314.91 -5.4 -
Noble Energy 6.09 -1.17 -16.10 Cineworld 49.67 -13.33 -21.16 Seadrill 0.54 -0.08 -12.46 Toyo Seikan Kaisha, 1059.00 -82.00 -7.19
Royal Dutch Shell 1346.00 -9.8 -40.4 Wetherspoon ( J.d.) 822.00 -15.2 -51.0 Restaurant 50.85 -15.1 -69.4 Forestry & Paper 14364.57 -5.2 -
Pvh 41.24 -6.72 -14.01 Hyve 21.10 -5.10 -19.47 Thyssenkrupp Ag O.n. 5.33 -0.76 -12.45 Mitsui Eng & Shipbuilding Co., 544.00 -39.00 -6.69
Royal Bank Of Scotland 104.30 -9.5 -57.3 Mitchells & Butlers 174.80 -14.9 -61.7 Enquest 9.50 -15.0 -56.9 Life Insurance 5211.19 -4.9 -
Helmerich & Payne 15.81 -2.53 -13.79 Hammerson 66.66 -14.76 -18.13 Omv Ag 27.54 -3.16 -10.29 Familymart Co., 1757.00 -96.00 -5.18
Meggitt 243.40 -9.3 -62.8 Ninety One 158.00 -14.8 - Hunting 178.50 -14.7 -56.1 Banks 2247.80 -4.3 -40.4
Nordstrom 17.43 -2.62 -13.07 Airtel Africa 37.75 -6.65 -14.98 Amadeus It 45.84 -5.10 -10.01 Suzuki Motor 3039.00 -155.00 -4.85
Royal Dutch Shell 1315.80 -9.3 -41.7 Cairn Energy 94.25 -14.3 -53.8 Georgia Capital 453.00 -14.4 -49.9 Travel & Leisure 5770.28 -4.3 -
Technipfmc 7.38 -1.08 -12.72 Wetherspoon ( J.d.) 822.00 -139.00 -14.46 Commerzbank Ag 3.04 -0.33 -9.67 Citizen Holdings Co., 348.00 -17.00 -4.66
Persimmon 1839.00 -9.2 -32.6 Hammerson 66.66 -14.1 -78.5 Petra Diamonds 2.42 -13.6 -72.6 Index - Technology Hardware & Equipment 1770.68 -4.3 -
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 15 Currency Mid Change Mid Change Mid Change Apr 15 Currency Mid Change Mid Change Mid Change Apr 15 Currency Mid Change Mid Change Mid Change Apr 15 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 65.6170 0.1178 71.5554 -0.2906 82.0049 -0.5106 Indonesia Indonesian Rupiah 15600.0000 -30.0000 17011.8368 -132.734819496.1037 -194.5173 Poland Polish Zloty 4.1632 0.0305 4.5400 0.0068 5.2030 -0.0035 ..Three Month 0.8002 0.0064 0.8724 0.0019 - -
Australia Australian Dollar 1.5794 0.0221 1.7223 0.0142 1.9739 0.0120 Israel Israeli Shekel 3.6073 0.0222 3.9338 0.0012 4.5083 -0.0083 Romania Romanian Leu 4.4326 0.0258 4.8338 -0.0001 5.5396 -0.0120 ..One Year 0.8003 0.0063 0.8718 0.0019 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4112 -0.0024 0.4712 -0.0038 Japan Japanese Yen 107.4150 0.1950 117.1361 -0.4735 134.2419 -0.8333 Russia Russian Ruble 74.8857 2.1056 81.6629 1.8305 93.5883 1.9005 United States United States Dollar - - 1.0905 -0.0064 1.2498 -0.0100
Bolivia Bolivian Boliviano 6.9100 - 7.5354 -0.0442 8.6358 -0.0694 ..One Month 107.4149 0.1948 117.1361 -0.4735 134.2418 -0.8335 Saudi Arabia Saudi Riyal 3.7595 - 4.0997 -0.0241 4.6984 -0.0378 ..One Month - - 1.0904 -0.1693 1.2498 -0.0101
Brazil Brazilian Real 5.2547 0.0653 5.7302 0.0381 6.5670 0.0295 ..Three Month 107.4147 0.1945 117.1361 -0.4735 134.2417 -0.8338 Singapore Singapore Dollar 1.4235 0.0087 1.5523 0.0004 1.7790 -0.0033 ..Three Month - - 1.0903 -0.1693 1.2498 -0.0101
Canada Canadian Dollar 1.4076 0.0187 1.5350 0.0115 1.7591 0.0094 ..One Year 107.4139 0.1928 117.1361 -0.4736 134.2418 -0.8346 South Africa South African Rand 18.6800 0.3920 20.3706 0.3104 23.3453 0.3062 ..One Year - - 1.0894 -0.1692 1.2499 -0.0101
Chile Chilean Peso 859.4350 8.9950 937.2145 4.3667 1074.0790 2.6990 Kenya Kenyan Shilling 105.9000 - 115.4840 -0.6777 132.3485 -1.0637 South Korea South Korean Won 1217.4000 - 1327.5755 -7.7907 1521.4459 -12.2284 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 7.0627 0.0022 7.7019 -0.0428 8.8266 -0.0682 Kuwait Kuwaiti Dinar 0.3118 0.0005 0.3400 -0.0014 0.3897 -0.0025 Sweden Swedish Krona 10.0165 0.0598 10.9230 0.0015 12.5181 -0.0253 Vietnam Vietnamese Dong 23442.5000 -31.5000 25564.0712 -184.570529297.3328 -275.1672
Colombia Colombian Peso 3927.8200 66.8900 4283.2918 48.2360 4908.7946 44.8134 Malaysia Malaysian Ringgit 4.3375 0.0025 4.7300 -0.0250 5.4208 -0.0404 Switzerland Swiss Franc 0.9655 0.0047 1.0528 -0.0010 1.2066 -0.0038 European Union Euro 0.9170 0.0053 - - 1.1460 -0.0025
Costa Rica Costa Rican Colon 566.7100 -3.0000 617.9976 -6.9174 708.2459 -9.4719 Mexico Mexican Peso 24.0430 0.4965 26.2189 0.3907 30.0477 0.3840 Taiwan New Taiwan Dollar 29.9980 -0.0400 32.7128 -0.2358 37.4900 -0.3517 ..One Month 0.9169 0.0054 - - 1.1460 -0.0025
Czech Republic Czech Koruna 24.8116 0.3549 27.0570 0.2305 31.0082 0.1979 New Zealand New Zealand Dollar 1.6639 0.0212 1.8145 0.0126 2.0794 0.0100 Thailand Thai Baht 32.6400 -0.1050 35.5939 -0.3241 40.7918 -0.4601 ..Three Month 0.9168 0.0054 - - 1.1459 -0.0025
Denmark Danish Krone 6.8424 0.0388 7.4616 -0.0012 8.5513 -0.0199 Nigeria Nigerian Naira 387.5000 -1.2500 422.5690 -3.8509 484.2782 -5.4671 Tunisia Tunisian Dinar 2.9018 0.0181 3.1644 0.0013 3.6265 -0.0063 ..One Year 0.9159 0.0054 - - 1.1453 -0.0025
Egypt Egyptian Pound 15.7910 0.0333 17.2201 -0.0645 19.7348 -0.1167 Norway Norwegian Krone 10.4840 0.1628 11.4328 0.1115 13.1023 0.0998 Turkey Turkish Lira 6.8977 0.0897 7.5220 0.0543 8.6205 0.0438
Hong Kong Hong Kong Dollar 7.7506 -0.0013 8.4520 -0.0510 9.6863 -0.0794 Pakistan Pakistani Rupee 166.9500 0.1000 182.0591 -0.9587 208.6458 -1.5510 United Arab Emirates UAE Dirham 3.6732 - 4.0056 -0.0235 4.5905 -0.0369
Hungary Hungarian Forint 322.1871 2.2262 351.3452 0.3801 402.6534 -0.4317 Peru Peruvian Nuevo Sol 3.4223 0.0345 3.7320 0.0160 4.2770 0.0091 United Kingdom Pound Sterling 0.8002 0.0064 0.8726 0.0019 - -
India Indian Rupee 76.4375 0.1625 83.3551 -0.3109 95.5278 -0.5631 Philippines Philippine Peso 50.6130 -0.0270 55.1935 -0.3535 63.2536 -0.5424 ..One Month 0.8002 0.0064 0.8725 0.0019 - -
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 15 Apr 14 Apr 13 Apr 10 Apr 09 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2108.00 2208.50 2247.10 2172.20 2170.00 0.00 3314.70 1337.80 Tobacco -7.38 Construct & Material -21.99 Media -24.53 FTSE 100 PriceChange FTSE 100 PriceChange
Apr 15 chge% Index Apr 14 Apr 09 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 728.00 -18.00 Land Securities Group PLC 621.00 -38.60
FTSE 100 (101) 5597.65 -3.34 5004.54 5791.31 5842.66 7469.92 5.51 1.48 12.27 69.86 5230.11 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 2142 -70.00 Legal & General Group PLC 193.00 -13.60
FTSE 250 (250) 15347.56 -4.57 13721.39 16082.57 16407.92 19923.38 4.18 2.01 11.89 89.04 12006.76 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 1354.6 -84.20 Lloyds Banking Group PLC 29.75 -2.04
FTSE 250 ex Inv Co (187) 15537.09 -5.40 13890.84 16423.93 16777.05 21076.46 4.58 1.48 14.73 77.95 12418.49 FT 30 hourly changes Gas Water & Multi -9.33 Technology -22.40 Telecommunications -26.33 Antofagasta PLC 741.00 -55.60 London Stock Exchange Group PLC 7064-180.00
FTSE 350 (351) 3123.81 -3.55 2792.82 3238.74 3273.60 4149.10 5.29 1.55 12.21 35.54 5824.67 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 1788 -99.50 M&G PLC 146.00 -
FTSE 350 ex Investment Trusts (287) 3063.31 -3.61 2738.73 3178.14 3212.34 4103.46 5.41 1.48 12.47 35.45 2946.98 2208.5 2150.7 2147.6 3120.5 2145.2 2140.7 2124.5 2125.6 2123.2 2208.5 2102.9 Health Care -10.52 FTSE SmallCap Index -22.58 Consumer Services -27.94 Associated British Foods PLC 1884-108.00 Meggitt PLC 243.40 -21.10
FTSE 350 Higher Yield (107) 2553.14 -4.10 2282.62 2662.30 2717.37 3728.60 8.06 1.33 9.36 40.46 5187.60 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 7615 9.00 Melrose Industries PLC 84.38 -11.82
FTSE 350 Lower Yield (244) 3481.82 -3.04 3112.90 3591.07 3596.98 4201.77 2.77 2.14 16.85 25.38 4068.73 Electronic & Elec Eq -12.41 Mining -23.18 Life Insurance -29.56 Auto Trader Group PLC 402.90 -22.10 Mondi PLC 1276 -59.50
FTSE SmallCap (265) 4490.70 -2.72 4014.88 4616.31 4607.06 5598.83 4.99 1.28 15.63 36.65 7007.92 FX: EFFECTIVE INDICES Consumer Goods -13.15 Mobile Telecomms -23.25 Industrial Metals & -29.95 Aveva Group PLC 3498-183.00 Morrison (Wm) Supermarkets PLC 182.10 -0.95
FTSE SmallCap ex Inv Co (146) 3441.85 -3.69 3077.17 3573.57 3566.44 4594.09 6.41 0.64 24.23 19.69 5639.35 Equity Invest Instr -13.59 Basic Materials -23.33 Oil & Gas Producers -31.98 Aviva PLC 243.10 -13.00 National Grid PLC 887.80 -10.00
FFTTSSEE AAllll--SShhaarree (e6x1 I6n)v Co (433) 33000817..3434 --33..6512 22678630..3321 33121030..8184 33124363..7224 44002902..0034 55..4238 11..4574 1122..5279 3344..4707 25983125..8985 Apr 14 Apr 09Mnth Ago Apr 15 Apr 14Mnth Ago HEloeucstreihciotlyd Goods & Ho --1154..2217 SCohfetmwiacraels & Comp Serv --2233..6473 OFiixl e&d GLianse Telecomms --3323..1098 BBaaerc Slayysst ePmLCs PLC 51887..6000 -1-06..2505 NNemxct HPLeCalth PLC 93484.5470-28-3.00
FTSE All-Share ex Multinationals (542) 905.29 -3.92 670.82 942.22 955.86 1196.91 4.70 1.54 13.81 4.49 1778.47 Australia - - - Sweden - - - Beverages -18.44 Forestry & Paper -23.84 Industrial Transport -33.38 Barratt Developments PLC 433.30 -31.00 Ocado Group PLC 1542.5 58.00
FTSE Fledgling (96) 7076.28 -1.13 6326.50 7156.87 7067.07 9279.02 5.07 0.50 39.79 63.85 14299.44 Canada - - - Switzerland - - - Nonlife Insurance -19.21 Industrials -23.90 Banks -35.80 Berkeley Group Holdings (The) PLC 3680-167.00 Pearson PLC 505.80 -33.00
FTSE Fledgling ex Inv Co (42) 7769.52 -1.71 6946.30 7904.93 7735.02 10878.13 9.05 -0.58 -19.18 56.28 15420.67 Denmark - - - UK 78.82 78.19 77.02 Food Producers -19.47 Leisure Goods -24.06 Travel & Leisure -38.34 Bhp Group PLC 1248.2 -64.40 Pennon Group PLC 1098.5 -5.50
FTSE All-Small (361) 3103.06 -2.63 2774.27 3186.93 3178.66 3880.15 5.00 1.24 16.19 25.49 6212.62 Japan - - - USA - - - NON FINANCIALS Index -21.58 Industrial Eng -24.06 Automobiles & Parts -43.58 BP PLC 299.70 -21.40 Persimmon PLC 1839-134.00
FTSE All-Small ex Inv Co (188) 2560.71 -3.62 2289.38 2656.91 2649.90 3422.72 6.50 0.59 26.23 14.77 5314.98 New Zealand - - - Euro - - - Support Services -24.21 Oil Equipment & Serv -45.31 British American Tobacco PLC 2922 3.50 Phoenix Group Holdings PLC 559.40 -30.00
FTSE AIM All-Share (736) 733.94 -2.70 656.17 754.29 745.61 951.05 1.91 1.38 37.95 1.85 837.70 Norway - - - British Land Company PLC 379.10 -20.20 Polymetal International PLC 1510.5 -98.50
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bt Group PLC 118.65 -5.50 Prudential PLC 958.20 -55.80
Oil & Gas (12) 5042.71 -7.10 4508.40 5427.85 5664.19 9608.83 10.48 1.33 7.18 127.00 5453.53 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Bunzl PLC 1636.5 -91.50 Reckitt Benckiser Group PLC 6320-128.00
OOiill E&q uGipams ePnrto Sdeurcveicres s( 8&) Distribution (4)34898066..6735 -1-17..1015 34437846..8815 45327728..2715 45754025..3936 119726886..7629 1140..0443 01..6304 117..9165 1205..0000 35344909..8627 FTSE GLOBAL EQUITY INDEX SERIES BCuarrbneivraryl PGLrCoup PLC 1845040.6.50 --3565..5600 RReelnxt oPkLiCl Initial PLC 39127.2570 --4171..0700
Basic Materials (23) 4619.02 -5.17 4129.61 4870.65 4866.78 6968.11 7.51 2.15 6.19 130.20 5439.69 Centrica PLC 31.52 -1.64 Rightmove PLC 477.40 -26.20
Chemicals (7) 10527.53 -6.06 9412.08 11206.87 10832.60 15590.37 3.32 1.99 15.14 33.37 9964.03 Apr 14 No of US $ Day Mth YTD Total YTD Gr Div Apr 14 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 1900.5 -90.00 Rio Tinto PLC 3668.5-154.50
Forestry & Paper (1) 15674.38 -4.46 14013.59 16405.28 16583.40 21607.55 1.97 5.96 8.50 0.00 18546.21 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1243.5 -9.50 Rolls-Royce Holdings PLC 310.00 -25.50
Industrial Metals & Mining (2) 2526.62 -7.46 2258.91 2730.37 2851.14 6813.96 21.84 1.06 4.34 261.34 3225.81 FTSE Global All Cap 8916 531.49 2.4 5.7 -16.5 807.61 -15.9 2.8 Oil Equipment & Services 36 165.27 1.3 1.3 -38.3 268.33 -37.5 7.2 Crh PLC 2091-149.00 Royal Bank Of Scotland Group PLC 104.30 -10.65
Mining (13) 13237.85 -5.07 11835.22 13944.85 13966.09 19864.79 8.08 2.15 5.76 417.29 8237.04 FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5 Basic Materials 351 410.86 2.3 2.3 -20.1 683.80 -19.2 4.0 Croda International PLC 4447-238.00 Royal Dutch Shell PLC 1315.8-105.20
Industrials (99) 4293.10 -4.62 3838.22 4500.84 4561.69 5439.16 3.39 1.38 21.46 16.24 4718.13 FTSE Global Large Cap 1772 486.14 2.5 6.2 -14.3 760.42 -13.7 2.8 Chemicals 159 600.73 2.2 2.2 -19.9 989.50 -19.4 3.5 Dcc PLC 5258-212.00 Royal Dutch Shell PLC 1346 -99.00
Construction & Materials (14) 5148.48 -5.97 4602.96 5475.18 5762.26 6287.70 3.77 0.56 47.48 95.82 5914.79 FTSE Global Mid Cap 2191 648.95 2.1 4.5 -21.7 928.65 -21.3 2.7 Forestry & Paper 20 217.10 1.1 1.1 -21.9 406.28 -20.7 4.0 Diageo PLC 2620 -4.00 Rsa Insurance Group PLC 359.00 -12.00
Aerospace & Defense (9) 3620.76 -4.16 3237.12 3778.03 3863.62 4986.46 3.42 1.16 25.11 2.61 4107.86 FTSE Global Small Cap 4953 657.89 2.0 3.7 -23.9 906.50 -23.5 2.6 Industrial Metals & Mining 93 258.10 1.8 1.8 -31.7 431.89 -31.1 5.1 Easyjet PLC 603.20 -66.60 Sage Group PLC 612.20 -12.40
General Industrials (7) 3478.42 -6.40 3109.86 3716.31 3821.26 4676.08 4.69 0.93 22.84 0.00 4284.23 FTSE All-World 3963 314.95 2.4 5.9 -15.6 506.34 -15.0 2.8 Mining 79 628.15 2.7 2.7 -13.8 1071.52 -12.3 4.6 Evraz PLC 232.70 -19.90 Sainsbury (J) PLC 201.20 1.30
Electronic & Electrical Equipment (10)8836.80 -3.11 7900.48 9120.15 8961.44 9087.18 1.56 2.15 29.86 0.00 8412.32 FTSE World 2597 560.27 2.5 6.3 -15.7 1209.44 -15.1 2.8 Industrials 747 354.70 1.9 1.9 -21.0 540.06 -20.5 2.5 Experian PLC 2213 -73.00 Schroders PLC 2410-178.00
Industrial Engineering (12) 10556.41 -4.14 9437.89 11012.86 11196.90 14466.85 3.25 1.65 18.70 0.97 13617.01 FTSE Global All Cap ex UNITED KINGDOM In 8613 559.49 2.5 5.5 -15.9 835.13 -15.3 2.6 Construction & Materials 148 430.06 1.0 1.0 -22.4 685.72 -22.0 2.8 Ferguson PLC 5070-118.00 Scottish Mortgage Investment Trust PLC 603.00 -23.50
Industrial Transportation (6) 2387.98 -6.33 2134.96 2549.41 2620.44 3747.46 10.13 0.81 12.21 0.00 2415.76 FTSE Global All Cap ex USA 7132 412.20 1.6 7.0 -20.5 681.29 -19.9 3.6 Aerospace & Defense 37 590.29 0.9 0.9 -34.1 885.44 -33.8 3.1 Flutter Entertainment PLC 7600 158.00 Segro PLC 808.20 -11.80
Support Services (41) 6616.61 -4.24 5915.54 6909.87 6910.29 8170.76 2.98 1.87 18.01 19.92 7287.28 FTSE Global All Cap ex JAPAN 7564 546.82 2.4 5.1 -16.6 838.50 -16.1 2.8 General Industrials 64 177.75 1.5 1.5 -22.0 295.78 -21.3 3.2 Fresnillo PLC 695.80 -53.80 Severn Trent PLC 2299 22.00
Consumer Goods (42) 17064.22 -1.57 15256.16 17335.77 17488.63 19650.54 4.85 1.69 12.18 185.33 14096.18 FTSE Global All Cap ex Eurozone 8266 560.52 2.5 5.3 -15.8 834.57 -15.2 2.6 Electronic & Electrical Equipment 140 415.12 2.4 2.4 -18.5 573.08 -18.1 2.0 Glaxosmithkline PLC 1570 - Smith & Nephew PLC 1491.5 -46.00
Automobiles & Parts (2) 2933.55 -4.18 2622.72 3061.38 3101.69 6356.72 3.22 2.34 13.30 0.00 2999.08 FTSE Developed 2172 514.45 2.5 6.6 -15.1 788.51 -14.5 2.7 Industrial Engineering 146 662.23 1.8 1.8 -20.1 1004.59 -19.4 2.8 Glencore PLC 134.44 -8.70 Smith (Ds) PLC 286.60 -13.40
Beverages (6) 20510.69 -0.49 18337.46 20611.26 20708.44 24851.27 2.76 2.12 17.08 195.72 15500.21 FTSE Developed All Cap 5642 532.20 2.5 6.4 -16.0 804.49 -15.5 2.7 Industrial Transportation 126 612.42 1.9 1.9 -19.2 936.82 -18.7 2.7 Halma PLC 1983 -36.00 Smiths Group PLC 1167.5 -52.50
Food Producers (10) 6307.19 -4.55 5638.90 6607.62 6502.60 7725.43 2.93 2.08 16.40 12.57 5788.12 FTSE Developed Large Cap 884 486.72 2.6 6.9 -13.7 759.01 -13.0 2.7 Support Services 86 429.75 2.6 2.6 -14.8 619.31 -14.4 1.7 Hargreaves Lansdown PLC 1475 -57.00 Smurfit Kappa Group PLC 2162 -98.00
Household Goods & Home Construction (14)12396.25 -3.37 11082.79 12828.75 12907.84 13591.44 4.47 2.04 10.97 21.70 9770.50 FTSE Developed Europe Large Cap 234 303.06 1.2 11.1 -21.1 556.15 -20.4 4.2 Consumer Goods 547 441.15 2.8 2.8 -13.5 700.60 -13.0 2.9 Hikma Pharmaceuticals PLC 2242 -35.00 Spirax-Sarco Engineering PLC 8230-120.00
Leisure Goods (2) 12521.90 -4.99 11195.12 13179.84 12628.93 11289.82 4.06 1.48 16.69 109.33 12983.48 FTSE Developed Europe Mid Cap 355 477.59 0.7 9.1 -24.5 768.73 -24.2 3.6 Automobiles & Parts 132 296.17 2.8 2.8 -22.2 460.74 -21.5 4.0 HSBC Holdings PLC 408.10 -19.35 Sse PLC 1206.5 -16.50
Personal Goods (6) 29602.99 -1.63 26466.37 30092.34 29714.99 32761.02 3.42 2.72 10.73 220.67 21689.34 FTSE Dev Europe Small Cap 694 652.23 1.0 6.7 -27.4 1012.69 -27.1 3.6 Beverages 66 605.29 3.3 3.3 -14.5 969.34 -14.0 2.7 Imperial Brands PLC 1588 -34.00 St. James's Place PLC 790.60 -37.80
Tobacco (2) 30816.56 -0.30 27551.36 30908.45 31939.58 35858.03 8.12 1.12 10.97 710.53 23910.75 FTSE North America Large Cap 254 623.32 3.1 5.5 -10.6 898.62 -10.0 2.2 Food Producers 131 634.28 2.5 2.5 -7.0 1024.14 -6.6 2.4 Informa PLC 416.80 -9.40 Standard Chartered PLC 394.00 -30.20
Health Care (17) 11928.22 -0.24 10664.35 11957.00 11518.28 10721.79 3.59 0.99 28.23 193.60 10203.46 FTSE North America Mid Cap 409 756.89 2.5 2.8 -20.0 1007.10 -19.6 2.2 Household Goods & Home Construction 60 449.90 3.3 3.3 -11.2 709.48 -10.7 2.8 Intercontinental Hotels Group PLC 3260-155.00 Standard Life Aberdeen PLC 205.00 -16.90
Health Care Equipment & Services (8)6295.79 -2.87 5628.71 6481.54 6576.65 7066.22 2.29 1.89 23.09 77.97 5763.55 FTSE North America Small Cap 1310 727.39 2.3 2.3 -23.8 935.80 -23.4 2.1 Leisure Goods 43 223.91 2.5 2.5 -7.6 306.96 -7.0 1.3 Intermediate Capital Group PLC 938.00 -73.00 Taylor Wimpey PLC 125.25 -1.95
Pharmaceuticals & Biotechnology (9)16809.33 0.03 15028.28 16804.29 16098.70 14731.35 3.72 0.93 28.87 279.28 12905.67 FTSE North America 663 402.47 3.0 5.0 -12.3 592.98 -11.8 2.2 Personal Goods 102 772.43 2.7 2.7 -14.3 1137.70 -14.1 2.0 International Consolidated Airlines Group S.A. 217.80 -20.30 Tesco PLC 232.60 -2.50
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Telecommunications (6) 1593.00 -3.86 1424.21 1657.01 1674.56 2328.82 8.32 0.02 527.33 0.00 2105.04 FTSE Asia Pacific Mid Cap ex Japan 852 660.76 1.9 -0.3 -23.7 1076.62 -23.4 3.7 General Retailers 148 897.55 3.9 3.9 -0.8 1203.52 -0.6 1.0
Fixed Line Telecommunications (3) 1493.06 -4.33 1334.86 1560.62 1581.82 2740.97 11.95 1.45 5.76 0.00 1631.90 FTSE Asia Pacific Small Cap ex Japan 1814 435.09 2.5 2.4 -19.9 693.43 -19.5 3.6 Media 88 324.46 2.8 2.8 -15.6 454.45 -15.3 1.7 UK STOCK MARKET TRADING DATA
Mobile Telecommunications (3) 2441.91 -3.68 2183.18 2535.16 2559.01 3225.02 6.88 -0.95 -15.22 0.00 2890.00 FTSE Asia Pacific Ex Japan 1774 473.49 1.6 1.4 -16.7 854.44 -16.2 3.3 Travel & Leisure 150 372.83 1.9 1.9 -28.0 530.48 -27.5 2.6
Utilities (8) 6754.38 -0.91 6038.72 6816.27 6895.77 6686.32 6.35 0.51 31.01 33.74 9024.01 FTSE Emerging All Cap 3274 629.26 1.5 -0.1 -20.4 1014.61 -19.9 3.4 Telecommunication 94 140.35 2.2 2.2 -12.5 297.45 -11.1 4.8 Apr 15 Apr 14 Apr 09 Apr 08 Apr 07 Yr Ago
Electricity (3) 6854.00 -1.61 6127.78 6966.45 7112.07 6904.00 7.63 -0.36 -36.42 129.12 12055.70 FTSE Emerging Large Cap 888 612.75 1.4 0.5 -19.1 994.62 -18.7 3.2 Fixed Line Telecommuniations 41 115.91 2.4 2.4 -14.4 275.39 -12.6 5.6 - - - - - -
Gas Water & Multiutilities (5) 6363.29 -0.71 5689.06 6408.87 6467.12 6270.14 5.99 0.81 20.52 7.47 8407.13 FTSE Emerging Mid Cap 903 701.20 2.2 -3.4 -28.0 1129.04 -27.5 4.3 Mobile Telecommunications 53 150.47 1.9 1.9 -9.8 279.32 -9.0 3.8 Order Book Turnover (m) 200.25 374.78 377.09 377.09 377.09 140.13
Financials (308) 3546.80 -4.18 3171.00 3701.69 3773.93 5044.54 4.76 2.04 10.30 24.09 3640.51 FTSE Emerging Small Cap 1483 585.39 2.1 -2.2 -22.6 903.33 -22.3 3.8 Utilities 190 285.58 2.0 2.0 -10.1 610.58 -9.5 3.7 Order Book Bargains 1367329.00 1456989.00 1456989.00 1456989.00 1456989.00 1454068.00
Banks (10) 2217.75 -5.47 1982.77 2346.04 2398.46 3982.87 5.94 2.24 7.50 0.02 1826.56 FTSE Emerging Europe 75 307.97 1.0 9.2 -30.0 554.97 -29.8 8.0 Electricity 133 321.66 2.1 2.1 -9.7 678.34 -8.9 3.6 Order Book Shares Traded (m) 2715.00 3145.00 3145.00 3145.00 3145.00 2853.00
Nonlife Insurance (8) 2711.00 -4.41 2423.75 2836.09 2995.43 3794.86 5.28 1.63 11.65 6.45 5211.49 FTSE Latin America All Cap 242 562.47 1.4 -10.9 -42.9 945.70 -42.5 4.2 Gas Water & Multiutilities 57 285.14 1.8 1.8 -11.2 628.58 -10.7 4.0 Total Equity Turnover (£m) 7840.09 7972.21 8015.75 8015.75 8015.75 5100.82
Life Insurance/Assurance (7) 5316.51 -5.51 4753.19 5626.58 5785.67 8329.00 6.94 1.74 8.26 68.76 5860.17 FTSE Middle East and Africa All Cap 329 503.15 2.1 2.5 -27.1 858.72 -25.8 4.5 Financials 861 197.45 1.1 1.1 -25.4 351.32 -24.7 4.0 Total Mkt Bargains 1628829.00 1715483.00 1715483.00 1715483.00 1715483.00 1708299.00
Real Estate Investment & Services (18)2151.81 -4.19 1923.81 2245.92 2288.68 2576.75 2.69 2.28 16.32 5.28 6113.71 FTSE Global wi UNITED KINGDOM All Cap In 303 257.95 -0.3 9.0 -27.9 482.38 -27.2 5.2 Banks 280 142.19 -0.2 -0.2 -33.4 276.81 -32.7 5.8 Total Shares Traded (m) 6893.00 7030.00 7030.00 7030.00 7030.00 6539.00
Real Estate Investment Trusts (41) 2198.53 -4.14 1965.58 2293.43 2349.65 2691.30 4.58 -0.25 -88.80 25.00 3074.78 FTSE Global wi USA All Cap 1784 685.35 3.0 4.7 -13.2 954.47 -12.7 2.1 Nonlife Insurance 73 246.83 2.2 2.2 -20.0 381.15 -19.5 2.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (41) 7761.57 -3.75 6939.18 8064.13 8171.44 9268.70 3.78 1.80 14.71 95.13 9799.51 FTSE Europe All Cap 1432 352.62 1.1 10.4 -22.5 622.14 -21.9 4.2 Life Insurance 58 175.17 0.5 0.5 -27.4 305.01 -26.8 4.4 (c) Market closed.
Equity Investment Instruments (183) 9442.37 -2.11 8441.90 9646.02 9716.33 10509.66 2.98 3.63 9.27 77.41 5549.16 FTSE Eurozone All Cap 650 331.98 1.2 10.4 -23.7 583.19 -23.4 4.0 Financial Services 211 303.40 2.0 2.0 -18.1 440.24 -17.6 2.1
Non Financials (308) 3751.62 -3.30 3354.11 3879.46 3907.43 4850.23 5.45 1.39 13.16 47.91 6203.12 FTSE EDHEC-Risk Efficient All-World 3963 350.78 2.3 5.5 -18.9 520.56 -18.4 2.9 Technology 289 343.97 3.8 3.8 -4.3 437.98 -4.1 1.3
Technology (15) 1724.18 -3.12 1541.49 1779.63 1756.28 2155.18 3.92 0.84 30.43 13.03 2382.01 FTSE EDHEC-Risk Efficient Developed Europe 589 266.25 1.4 9.9 -21.2 437.10 -20.9 3.7 Software & Computer Services 149 595.15 3.7 3.7 -2.1 709.45 -2.0 0.7 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 1860.68 -3.22 1663.53 1922.61 1897.32 2401.63 4.12 0.77 31.71 13.43 2718.29 Oil & Gas 150 221.49 -0.5 10.3 -39.1 398.55 -38.4 7.1 Technology Hardware & Equipment 140 258.64 3.9 3.9 -7.0 350.13 -6.5 2.1 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)3961.28 -1.91 3541.55 4038.57 3987.06 3051.22 1.73 2.76 20.92 43.15 4894.44 Oil & Gas Producers 104 212.58 -1.0 12.3 -39.8 390.78 -39.0 7.3 Alternative Energy 10 114.30 3.7 3.7 -9.7 161.21 -9.1 1.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 158 298.35 1.2 1.2 -19.2 536.62 -18.6 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 81 415.51 2.5 2.5 -16.2 893.65 -15.2 4.4 For all queries e-mail [email protected]
FTSE 100 5767.09 5695.14 5677.42 5671.79 5664.77 5656.95 5617.86 5629.50 5623.51 5784.40 5576.94 Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2
FTSE 250 15904.38 15549.86 15450.23 15505.09 15531.49 15513.79 15461.03 15452.61 15408.27 15904.38 15334.51 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 4613.38 4569.93 4541.92 4524.81 4523.41 4517.20 4503.87 4495.20 4481.06 4613.38 4472.55 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 3183.56 3139.15 3127.42 3126.29 3123.98 3119.79 3100.38 3105.10 3100.69 3189.65 3077.61 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:07:11:00 Day's Low15:25:15 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:07:11:00 Day's Low15:25:00 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 Amati AIM VCT Pre 15.516 16.671L 17.340 23.280L 4.25000 4.00000 Jul 24 7.750 7.500 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- BMO Private Equity Trust Pre 29.567 32.031 39.990 43.320 3.92000 3.65000 Apr 30 15.330 14.370 03/23 0.69 SYME Supply@ME Capital PLC 0.40 0.00 1.10 0.25 13102.0
There are currently no rights offers by any companies listed on the LSE. Brave Bison Group Pre 16.813 21.171 2.745L 0.103L 0.450L 0.010L 0.00000 0.00000 - 0.000 0.000 03/06 80.00 AIM FRP FRP Advisory Group PLC 107.00 5.00 110.00 70.00 25412.6
Carr's Group Int 199.957 206.210 10.513 10.334 9.300 8.300 0.00000 1.12500 - 2.486 3.475 03/06 3.00 MMM Mining Minerals & Metals PLC 3.50 0.00 4.00 4.00 111.6
Chesnara Pre 1407.651 13.872L 96.106 27.012 52.770 16.10013.8700013.46000 Jun 2 21.300 20.670
Europa Oil & Gas (Holdings) Int 0.778 0.859 3.509L 0.437L 0.790L 0.130L 0.00000 0.00000 - 0.000 0.000
LMS Capital Pre 4.471L 4.213L 5.500L 5.200L 0.00000 0.00000 - 0.000 0.000
Mercantile Investment Trust (The) Pre 483.820 161.927L 61.010 20.220L 2.55000 2.55000 May 15 3.900 3.800
Schroder Asian Total Return Investment Co Pre 46.945 25.740L 49.200 29.730L 6.50000 6.20000 May 22 6.500 6.200
Sterling Energy Pre 0.000 0.534 1.600L 1.956L 0.007L 0.009L 0.00000 0.00000 - 0.000 0.000
Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
APRIL 16 2020 Section:Stats Time: 15/4/2020 - 18:29 User: peter.bailey Page Name: MARKET DATA 1, Part,Page,Edition: USA, 10, 1