Financial Times Europe - 30 11 2020

2020·7.3 MB·English

WORLD BUSINESS NEWSPAPER
MONDAY 30 NOVEMBER 2020 EUROPE
More than hot air Yellen’s moment Monstrous meetings
The plan to make hydrogen the next Former Fed chair is ideal for Biden’s The Zoom boom is entrenching bad
green super fuel Treasury habits
— BIG READ, PAGE 17 — RANA FOROOHAR, PAGE 19 — PILITA CLARK, PAGE 20
Gathering pace
Briefing
China economy
i EU to set out plans for bad loans
The European Commission is planning measures to
bounces back
make it easier for banks to offload non-performing
loans as it anticipates a pandemic-related wave of
corporate distress.
— PAGE 2
Runners take part in the Shanghai mar-
athon yesterday, with 9,000 people join- i HSBC mulls exit from US retail banking
ing one of the world’s few mass partici- The bank is considering closing its struggling North
pation sporting events this year. America business and allocating resources away
Despite being the original epicentre of from the region in favour of more profitable
the pandemic, China has bounced back. businesses in Asia.
— PAGE 8
The world’s second-largest economy
grew 4.9 per cent in the third quarter, i H2O chief battles to keep investors’ faith
powered by strong industrial growth. The fate of Bruno Crastes’ investment firm hangs in
Chinese consumers are stepping up the balance after a year of losses, renewed scrutiny
too. Retail sales in November were around risk controls and regulatory difficulties
boosted by Single’s Day, the country’s pushed shareholder Natixis to cut ties.
— PAGE 7
biggest online shopping event. It gener-
ated $76bn in orders — a 26 per cent i Niel in race to build organic food group
increase from a year earlier. The French telecoms
Economists expect the trend to power billionaire is part of a trio
the Chinese economy through 2021. planning to create a blank-
New appetite for spending page 4 cheque company catering to
Martin Wolf page 19 STR/AFP the demand for sustainable
consumer goods.
— PAGE 6
i Police arrested over Paris incident
Brussels pitches sweeping reboot
Three police officers who were filmed allegedly
beating a black music producer during a violent
arrest are being held in custody while a formal
investigation is under way.
— PAGE 2
of US relations in post-Trump era i Ethiopia claims capture of rebel capital
The military has ‘completed’ operations in the rebel
region of Tigray after taking control of its capital
Mekelle, so ending a month-long armed conflict,
according to prime minister Abiy Ahmed.
— PAGE 4
i Hong Kong leader stores ‘piles of cash’
3 Tech flashpoints addressed 3 Joint approach to tackling China 3 Unified health reform
Carrie Lam has said she is being forced to receive
her salary in cash as she has no access to banking
services due to US sanctions imposed in June over
Sam Fleming and Jim Brunsden The 11-page set of draft policy propos- and sheer relief in Brussels about the It suggests an EU-US Summit in the first Beijing’s national security law.— PAGE 4
Brussels als, entitled “a new EU-US agenda for prospect of working with the incoming half of 2021 as the moment to launch the
The EU will call on the US to seize a global change”, includes an appeal that US administration, but also concern new transatlantic agenda.
“once in a generation” opportunity to the EU and US bury the hatchet on per- that years of scratchy transatlantic rela- Some of the proposals in the paper
Datawatch
forge a new global alliance, in a detailed sistent sources of transatlantic tension, tions have given the geopolitical initia- would require a clear shift in US policy.
pitch to bury the tensions of the Trump such as Europe’s push for greater taxa- tive to Beijing. The document backs Brussels, for example, urges a joint
era and meet the “strategic challenge” tion of US tech giants. president-elect Joe Biden’s idea for a The European effort to restore the World Trade Organ- Up stream struggle Streaming makes
posed by China. It proposes that the EU and US join summit of democracies, and says that proposal backs ization’s dispute-settlement system to Number of plays required on music up over half of
streaming services to earn US
A draft EU plan for revitalising the forces to shape the digital regulatory the EU and US can spearhead an alliance president-elect full operations, something that would global revenue for
median and minimum
transatlantic partnership, seen by the environment, including by adopting of countries with similar values. Joe Biden’s idea require Washington to stop blocking recorded music.
monthly wage (’000)
Financial Times, proposes new co- common approaches to antitrust The paper says: “As open democratic for a summit of judicial appointments. 2,500 Payouts differ
operation on everything from digital enforcement and data protection, and societies and market economies, the EU democracies The paper also highlights the poten- 2,000 between services
though. Napster
regulation and tackling the Covid-19 co-operating on screening sensitive for- and the US agree on the strategic chal- tial obstacles to closer EU-US co-opera- 1,500
offers the most, at
pandemic to fighting deforestation. eign investments. lenge presented by China’s growing tion posed by disagreements both 1,000 $0.00916 a stream.
The paper, prepared by the European Other parts of the paper call for co- international assertiveness.” between the transatlantic powers and
500 Still, over 400,000
Commission, says that the EU-US part- operation on the development and dis- Produced jointly by the commission within the European bloc. Big tech plays are needed
0
nership needs “maintenance and semination of Covid-19 vaccines and and the EU’s high representative for for- remains a possible flashpoint in EU and Napster Deezer Spotify YouTube before the median
renewal” if the democratic world is to joint work to reform the World Health eign policy, the paper is expected to be US relations and may complicate any Apple Amazon Pandora US monthly wage
assert its interests against “authoritar- Organization. submitted for endorsement by national joint stance against Beijing. Source: Atlas VPN can be earned.
ian powers”. The blueprint reflects the optimism leaders at a meeting on December 10-11. Additional reporting by Michael Peel
Covid vaccinations on track to begin
next month across Europe and America
vaccinating a portion of the individuals The EMA told the FT it could com-
Donato Paolo Mancini — London
Guy Chazan — Berlin in the first priority before the end of plete its assessment of the most
Joe Miller — Frankfurt December.” advanced vaccine candidates towards
German officials said over the week- the end of this year or beginning of next.
The first coronavirus vaccine is on
end that preparations had been made so However, many hurdles remain, leav-
track for international deployment
Perella Weinberg close to that people could start getting inocula- ing the potential for significant delay.
within weeks, with health officials on
merger with Cohen Spac both sides of the Atlantic confident tions next month, once the greenlight is Regulators face the task of balancing
given by European regulators. “As of the public health need with the impera-
that inoculations will begin before the
Report i PAGE 7 end of the year. today we are expecting it [the Pfizer/ tive of ensuring trust in the approval
BioNTech vaccine] to be approved by process, which has become a conten-
The UK is expected to become the first mid-December,” Jens Spahn, Germany’s tious issue in some countries. Public
country to approve a vaccine developed health minister, told Bavarian Radio. hesitancy to receive the vaccine could
Austria €3.90 Malta €3.70
Bahrain Din1.8 Morocco Dh45 jointly by Pfizer and BioNTech, with the The European Medicines Agency, hamper authorities’ attempts to stem
Belgium €3.90 Netherlands €3.90
Bulgaria Lev7.50 Norway NKr40 aim of delivering the first jabs as soon as which licenses medicines across the EU, the spread of the pandemic.
Croatia Kn29 Oman OR1.60 December 7. is set to decide next month whether to Across the world, frontline healthcare
Cyprus €3.70 Pakistan Rupee350
Czech Rep Kc105 Poland Zl 20 US approval could be granted shortly approve the Pfizer/BioNTech vaccine workers and vulnerable patients will be
Denmark DKr38 Portugal €3.70
Egypt E£45 Qatar QR15 after a Food and Drug Administration and a rival candidate developed by first in line for any available shot, with
Finland €4.70 Romania Ron17 advisory meeting on December 10. Moderna, according to confidential doc- vaccine supply expected to meet
France €3.90 Russia €5.00
Germany €3.90 Serbia NewD420 Anthony Fauci, head of the US uments seen by the Financial Times. demand only later next year.
Gibraltar £2.90 Slovak Rep €3.70
Greece €3.70 Slovenia €3.70 National Institute of Allergy and Infec- Approval would pave the way for the Additional reporting by Hannah Kuchler in
Hungary Ft1200 Spain €3.70 tious Diseases, told NBC yesterday: “We bloc’s 27 member states to start admin- New York and Sebastian Payne in London
India Rup220 Sweden SKr39
Italy €3.70 Switzerland SFr6.20 likely, almost certainly, are going to be istering the shot before the year’s end. Vaccine chief and Warp Speed page 3
Latvia €6.99 Tunisia Din7.50
Lithuania €4.30 Turkey TL19
Luxembourg €3.90 UAE Dh20.00
North Macedonia Den220
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NOVEMBER 30 2020 Section:FrontBack Time: 29/11/2020 - 19:03 User: andrea.crisp Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1
2 ★ FINANCIAL TIMES Monday 30 November 2020
INTERNATIONAL
Economic strategy Security law
Europe takes steps to tackle banks’ bad loans Three French
police officers
arrested over
Brussels heeds lessons of lies in the bank capital regime for dis- mulation of NPLs over the medium put forward data templates to help not won traction in Brussels. Bad banks
the past as it anticipates tressed assets. term”. investors analyse NPLs, but these are were used to clean up Spanish and Irish beating of
Europe is braced for a surge in insol- The report has not yet been com- not heavily used, and officials want to banks after the 2008 financial crisis, but
a wave of insolvencies vencies once national business support pleted and is expected to be released in boost uptake and further enhance infor- lawyers have questioned whether they
black man
programmes lapse next year. Brussels the middle of the month. It is being mation available to investors — some- could in some situations trigger more
officials told the Financial Times that spearheaded by new financial services thing the European Central Bank has recent rules requiring bondholders to
Sam Fleming — Brussels
the commission wanted to avoid the long advocated. be wiped out before public money is
Martin Arnold — Frankfurt
mistakes made in the previous financial ‘It is imperative to address Among the ideas in play are making used to rescue a bank.
Brussels is planning to lay out proposals crisis more than a decade ago, when a the templates mandatory or creating a Mr Enria warned in October that “in a Leila Abboud — Paris
a renewed build-up of
that seek to make it easier for EU banks failure to quickly tackle NPLs impaired central data hub for the region. Brussels severe but plausible scenario non­-
Three police officers who were filmed
to offload soured loans as it anticipates banks’ ability to bolster lending once NPLs on banks’ balance also wants to tackle discrepancies in the performing loans at euro area banks
beating a black music producer in Paris
the risk of a pandemic-related wave of the recovery gathered strength. risk weights attached to NPLs in stand- could reach €1.4tn, well above the levels
sheets as early as possible’ during a violent arrest have been put
corporate distress. “Drawing lessons from the last severe ard bank models, which can vary of the 2008 financial and 2011 EU sover-
under formal investigation, ratcheting
A European Commission paper due to economic crisis, it is imperative to depending on whether the assets are eign debt crises”.
up pressure on the government to
be published in December will discuss address a renewed build-up of NPLs on commissioner Mairead McGuinness. being bought and sold. One of the key questions remaining to
backtrack on a draft law that would
ideas including boosting secondary banks’ balance sheets — as early as pos- The focus is on the private market for Although it will float the idea of a net- be resolved is whether banks in
restrict the right to publish images of
markets for buying and selling non­- sible — in order to combat the implica- the sale of bad loans, as officials seek to work of national asset management ­southern Europe are deemed by north-
security forces in action.
performing loans (NPLs) and creating a tions of the pandemic,” the commission ensure banks can offload NPLs and keep companies, a proposal for a Europe- ern capitals to have made sufficient
network of national bad banks across said. “Further structural measures” their books in order. wide bad bank set out by Andrea Enria, progress in paring back risks on their Prosecutor Rémy Heitz said yesterday
the EU. It will also seek to tackle anoma- might be needed to “prevent the accu- The European Banking Authority has chair of the ECB’s supervisory arm, has balance sheets. that the officers would be transferred to
criminal court and held in custody while
the investigation continued into the
alleged assault of Michel Zecler at his
Balkans. Special governance music studio on November 21.
The incident was publicised by online
media outlet Loopsider on Thursday in
Bulgaria risks joining EU’s awkward squad
the same week that the French parlia-
ment was debating a new “general
security” law proposed by President
Emmanuel Macron’s government.
Critics have said the provision on
filming the police, Article 24, goes too
Sofia’s tolerance of political
far to restrict freedom of the press in the
cronyism raises difficult name of protecting officers from intimi-
dation. The draft provision would make
questions for Brussels it a crime punishable by a year in prison
and a €45,000 fine to “publish, by any
means and in any medium, the face or
Valerie Hopkins — Sofia any other identifying feature other than
Michael Peel — Brussels
their official identity number” of a
Hristo Ivanov was broadcasting live on police officer or gendarme “with the
Facebook outside a Black Sea villa in manifest aim of causing them physical
July when three beefy guards pushed or psychological harm”.
him and two other activists into the Demonstrators came out en masse on
water. Saturday in cities from Paris to Lyon,
The Bulgarian opposition politician despite a Covid-19 lockdown, in opposi-
kept on filming when secret service tion to the proposed law. Some carried
agents threatened to sink the boat that signs reading “Your weapons, our
had brought the campaigners to the cameras”, “I am Michel Zecler”, “Let us
property known to be used by Ahmet film, Let us breathe”.
Dogan, one of the country’s leading The minister of the interior estimated
power brokers. Thousands watched in crowds of 133,000 nationally, while
real time as the police questioned the organisers claimed 500,000. In Paris,
group headed by Mr Ivanov. there were 46,000 demonstrators,
The video, since viewed by more than according to officials. About 46 people
1.2m people, sparked weeks of protests were arrested in Paris, according to offi-
across the country against political cro- cials, and 37 police officers were injured.
nyism. Opponents of Boyko Borisov’s The security law is the latest of several
government charge that it is a micro- government edicts and pieces of legisla-
cosm of Bulgaria’s problems with cor- tion introduced by Mr Macron in recent
ruption and the rule of law, almost 14 months to tackle crime and terrorism.
years after the country joined the EU. Interior minister Gérald Darmanin
Mr Borisov’s political difficulties also has been pushing for Article 24 to
raise tough questions for Brussels and Placard protest: jected to special governance monitor- the rule of law in Bulgaria, the European ‘The EU and wads of €500 notes totalling an esti- address police unions’ concerns about
other EU countries. Critics say they have demonstrators ing. Bucharest initially made strong Commission raised concerns about non- mated €1m. Mr Borisov admits owning officers’ identities being revealed
funds
failed to put sufficient pressure on Sofia in Sofia mock progress on fighting corruption but in transparent ownership of the media, a gun but says the photographs were online, or harassment.
to improve governance. Boyko Borisov, 2018 it drew strong criticism from Brus- pressure on journalists and new draft actually manipulated. French media and leftwing politicians
Tensions have risen further recently prime minister, sels for an assault on judicial independ- legislation on foreign funding of NGOs. Mr Djankov said Brussels was realis- argued the amendment’s real purpose
increased
because Bulgaria has blocked the open- in a July march ence mounted by the country’s then The commission also reported that “a ing the danger posed by Bulgarian cor- was to stop the media from examining

ing of talks for North Macedonia to join Nikolay Doychinov/AFP/Getty ruling Social Democrats. solid track record of final convictions in corruption ruption too late. “Brussels needs to be incidents of police brutality.
the EU, raising fears it may join Hungary Bulgaria’s troubles attracted less high-level corruption cases remains to convinced that unless something is Mr Heitz said the officers would be
and state
and Poland in their frequent battles attention, with some diplomats suggest- be established”. It further noted that a done now, Bulgaria and Borisov will join charged with committing intentional
with Brussels and fellow member states. ing Brussels did not want to criticise “lack of results in the fight against cor- capture’ the ranks of [Poland’s Jaroslaw] Kac- violence with weapons, using racist
Bulgaria has received billions of euros both members of the class of 2007 at the ruption is one of the key aspects raised zynski and [Hungary’s Viktor] Orban language, falsifying police records and
from the EU since it joined in 2007. same time. “Bulgaria and Romania were throughout the summer 2020 protests”. and be a concern,” he said. “This realisa- invading and damaging private prop-
Simeon Djankov, a Bulgarian economist for many years kind of given a free pass,” Bulgaria has consistently been the EU tion has been overdue for many years.” erty. A fourth officer who allegedly
and Senior Fellow at the Peterson said Mr Djankov. country with the lowest rating in Trans- Mr Ivanov of the Black Sea boat threw a tear gas grenade into the studio
Institute for International Economics, He said because of the 2008 financial parency International’s corruption per- escapade told the Financial Times that is also being placed under formal inves-
said the money that had flowed to what crisis and the 2015 migration crisis, ceptions index, and it has plummeted in Mr Borisov had managed to prosper at tigation, but will not be held in custody.
was still the EU’s poorest state was part there “has never really been time for the the media freedom ratings since joining European level because he had stayed in “They eventually admitted that the
of the problem. EU to truly think about accession”. the EU. Four-fifths of citizens see graft the conservative mainstream — beating was not justified and they
“The EU funds actually increased The European Commission said a as widespread. his Gerb party belongs to the centre- reacted out of the fear they felt in the
corruption and state capture,” said Mr report last year found that “Bulgaria has Prosecutors in the Spanish region of right grouping in the European Parlia- constrained space of the entry way” of
Djankov, who served as finance minister made sufficient progress to meet its Catalonia are reportedly investigating a ment. He does not employ the kind of the studio, said Mr Heitz, adding the
during Mr Borisov’s first term, from commitments at accession to the EU”. money-laundering case with possible illiberal rhetoric emanating from officers accuse Mr Zecler of resisting.
2009 to 2013. “In particular, these But it noted: “It made equally clear that ties to Mr Borisov, who served as a body- Budapest and Warsaw. Hafida El Ali, Mr Zecler’s lawyer, said
were used to buy, either directly or there is still unfinished business.” guard to former communist dictator But now, Mr Ivanov said, Bulgaria was on BFM Television that her client was
through procured projects, much of the After a change of government in Todor Zhivkov before entering politics. coming to be seen as “part of a larger “relieved by the decision”.
media and thus provide a cover for Bucharest in 2019 — and amid growing The Bulgarian premier has denied the pattern of corruption and populism In an interview with Journal du
politicians.” anxiety about authoritarian drift in cen- allegations against him. Recently, which is making its way all too well Dimanche, Frédéric Veaux, who leads
When Bulgaria joined the EU along tral and eastern Europe — the spotlight photographs surfaced of Mr Borisov’s through the veins of European decision- the national police force, said he was
with Romania, both countries were sub- has shifted to Sofia. In a recent report on bedside table, showing a pistol on top making”. “shocked” by the Zecler video.
US election
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Aime Williams — Washington the November 3 election, filing a string believed there was a path to victory, Mr which he would accept that his avenues
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Sweden: Responsible Publisher - Christer Norlander
Published by: The Financial Times Limited, conservative majority. But the president tion as if we are moving forward,” he the electoral college, but said it would be
BTeral:c +k4e4n H20o u7s8e7,3 1 3F0ri0d0a;y F Satxr:e +e4t,4 L 2o0n d7o4n0 7E C5470M0 9.BT. ©Re Cporopdyuricgthiotn T ohfe t Fhien aconncitaeln Ttsim oef st h2i0s 2n0e.wspaper in any sowed doubts about that strategy said on CNN’s State of the Union a “very hard thing to concede”.
Editor: Roula Khalaf. manner is not permitted without the publisher’s prior yesterday. ­programme. Meanwhile, the Biden team has begun
consent. ‘Financial Times’ and ‘FT’ are registered trade
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Owner, The Financial Times Limited; Rappresentante e Reprints are available of any FT article with your want to argue the case, if it gets there, sin completed its recount of the ballots warned a delayed transition would be
DViiare Gtt.o Prue eRcehsepr,o 2n s2a0b0il3e7 i nP aItdaeliran: oI. MD.uDg.Snraln-Mo a(MrcoI) ,P Itraolvya. si - c(mominpimanuym l oogrdoe orr 1 c0o0n tcaocpti edse)t.ails inserted if required but they said it’s very hard to get a case and reconfirmed that Mr Biden had “particularly difficult” in the area of
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Spain: Bermont Impresion, Avenida de Alemania 12, CTC, [email protected] dented attempt to cling to power since When asked yesterday if he still yesterday as the winner in Wisconsin Rana Foroohar see Opinion
NOVEMBER 30 2020 Section:World Time: 29/11/2020 - 18:42 User: david.owen Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
Monday 30 November 2020 ★ FINANCIAL TIMES 3
INTERNATIONAL
Trump vaccine
‘The easy answer for
experts was to find
reasons why the operation
chief proves the
would never work’
critics wrong evade government ethics requirements.
When he took the job, he quit the board
of Moderna, an Operation Warp Speed
participant, but he did not sell his
on Warp Speed $12.4m stake until after positive early
vaccine data had sent the stock soaring.
He has since pledged the extra capital
gain to cancer research.
Mr Slaoui retains his shares in GSK —
reported to be about $10m — even
though it is also a participant in Opera-
Industry veteran navigated political hurdles tion Warp Speed. He has committed to
giving any gains higher than the average
to boost drugs companies’ fight against virus of the pharmaceutical index to the
National Institutes of Health.
He said he had always upheld the
Hannah Kuchler — New York supplies and sped up responses to usu- highest ethical standards. “That has not
Kiran Stacey — Washington ally laborious regulatory queries. changed upon my assumption of this
Sitting in the shadow of the brutalist Scientists had warned that, with role. [Health department] career ethics
health department building in Washing- much to learn about Covid-19, a vaccine officers have determined my contractor
ton, with only a leather jacket for pro- might take longer to develop, make and status, divestures and resignations have
tection against an autumnal breeze, distribute than Mr Slaoui — and his put me in compliance with the depart-
Moncef Slaoui cuts a defiant figure. boss, the president — might have hoped. ment’s robust ethical standards.”
Six months after the former Glaxo- The big achievement of Operation Critics wish Operation Warp Speed
SmithKline executive left the private Warp Speed had been accelerating had sought more for its money. They
sector to become President Donald investment in manufacturing, said think it could have secured lower vac-
Trump’s coronavirus vaccine tsar, Mr virologist Angela Rasmussen of Colum- France and Spain and Italy, all paid for Coming up roses: cine prices and shared technology to
Slaoui feels his decision has been vindi- bia University School of Public Health. Pharma Johnson & Johnson (US) by the US government.” Donald Trump improve access for developing nations.
cated, and critics of the ability of Opera- “Normally that would be a huge winners $456m investment for Mr Slaoui broke off from his conver- listens as Zain Rizvi, of consumer advocacy
tion Warp Speed to develop a vaccine in investment for a vaccine manufacturer, development, $1bn for sation with the FT to take an urgent call. Moncef Slaoui group Public Citizen, said it was
Companies
record time have been proved wrong. and potentially be a huge loss for them if manufacturing and delivery, “The White House,” he explained. talks about “uncontroversial” that Operation Warp
receiving
“The easy answer for experts was to they developed a vaccine that never including a pre-order for That afternoon he would appear in vaccine Speed played an “indispensable role” in
say it was impossible and find reasons went on to the market,” she said. US funding 100m doses the White House Rose Garden with Mr development in creating vaccines for the virus — but it
why the operation would never work,” Even Pfizer, which did not take direct Moderna (US) Trump to give an update on Operation the Rose Garden could have used the investment to steer
he told the Financial Times. investment from Operation Warp Up to $955m investment for Warp Speed — a sign of how he has navi- at the White the industry in a different direction.
But the vaccine push is now hailed as Speed, benefited from having a $2bn development, $1.5bn for gated the politics of the pandemic. House in May “Warp Speed could have required the
the bright spot in the Trump adminis- pre-order for when its vaccine gets manufacturing and delivery, Despite being a registered Democrat, Drew Angerer/Getty corporations, who are receiving really
tration’s Covid-19 response, as products approved, said Peter Bach, director of including a pre-order for he became one of few scientific experts unprecedented amounts of public
from Pfizer and BioNTech, Moderna, the Center for Health Policy and Out- 100m doses in the administration to retain their money, to commit to setting a reasona-
and AstraZeneca and Oxford university comes at Memorial Sloan Kettering. AstraZeneca and Oxford closeness to the president and their pro- ble price for their products,” he said.
move closer to approval. “Even if J&J or someone else beat university (UK) fessional reputation. Mr Slaoui said he But most experts save their harshest
Operation Warp Speed is a more than them to the punch, they were going to Up to $1.2bn for development and took the job on the condition that there criticism for the name “Warp Speed”.
$10bn investment programme with a get paid,” he said. manufacturing, including a pre- would be no “political interference” and Mr Slaoui did not pick it. While every-
remit to fund vaccines, therapeutics — Stéphane Bancel, chief executive of order for 300m doses he believes that has been fully met. one involved insists it is focused on
such as two recently approved antibody Moderna, the lossmaking biotech that Novavax (US) He spent almost 30 years at GSK, safety as well as speed, outsiders worry
treatments — and diagnostics. took about $2.5bn in government fund- $1.6bn for manufacturing, including where his biggest research triumph was the name might muddy the message.
So far, it has spent the vast majority of ing from different bodies, said the a pre-order for 100m doses developing the first malaria vaccine. Whatever the criticisms, Mr Slaoui
its money on Covid-19 vaccines. As well money was “very helpful”, paying for Pfizer and BioNTech (US/Germany) While he brings expertise from indus- insists the project is a success — and now
as funding some vaccine developers trials and helping to buy raw materials. $2bn pre-order for 100m doses, if try, Mr Slaoui has been criticised for his sees his role coming to a natural end.
directly, it has pre-ordered the products “The entire planet is going to benefit the vaccine is approved financial interests in vaccine makers. “I would feel that I have achieved
others are working on, guaranteeing from it,” he told the FT. “We are going to Sanofi and GSK (France/UK) Elizabeth Warren, the Democratic most of what I was hoping to achieve if
them an income from an approved vac- file [for approval] in the UK based on $2bn for development and senator, has called for an investigation we have two vaccines approved and two
cine when the normal commercial deci- the US data paid for by the US govern- manufacturing, including a into why he was hired as a contractor medicines approved,” he said. “This is a
sion might be to not take the risk. ment. We’re going to file in Europe and pre-order for 100m doses rather than as a government employee transient role, and frankly the operation
It also helped manufacturers secure hopefully have a vaccine available in — a distinction she claims helped him is a transient mission.”
NOVEMBER 30 2020 Section:World Time: 29/11/2020 - 17:12 User: david.owen Page Name: WORLD2 USA, Part,Page,Edition: EUR, 3, 1
4 ★ FINANCIAL TIMES Monday 30 November 2020
INTERNATIONAL
Tigray region Debt negotiations
Ethiopia claims capture of rebel capital Argentina
damps hope of
quick deal to
PM says his troops have and that rebel “criminals” would be Addis Ababa. Mr Abiy’s government has “This only marks the start of another fighting in Tigray as a law enforcement
ended ‘final phase’ of arrested and tried. denied Eritrean involvement, accusing long insurgency in Tigray against Ethio- operation that will come to a swift end. repay $44bn
“I am pleased to share that we have the TPLF of seeking to internationalise pia, which will be fought not for regional Some analysts have speculated
month-long conflict completed and ceased military opera- the dispute and rally Tigrayans against a autonomy, but for complete independ- that the conflict may instead morph
IMF loan
tions in the Tigray region,” Mr Abiy said. fake Eritrean “invasion”. ence,” tweeted Alemayehu Weldemar- into a protracted guerrilla war as fight-
“Our focus now will be on rebuilding the The whereabouts of senior TPLF iam, an analyst on the Horn of Africa. ers retreat to the mountainous terrain
Andres Schipani — Gedaref
region and providing humanitarian leaders was unknown yesterday and The TPLF dominated the national from where the TPLF mounted an
David Pilling — London
assistance while federal police appre- the government made no mention of government for 27 years but was jostled insurgency to overthrow the Marxist
Ethiopia’s military has “completed” hend the TPLF [Tigray People’s Libera- any arrests. Debretsion Gebremichael, aside after Mr Abiy, who comes from the Derg regime in 1991. Benedict Mander — Buenos Aires
operations in the rebel region of Tigray, tion Front] clique.” the TPLF chairman, did not respond to much more populous Oromia region, It is also unclear whether ordinary
Argentina’s economy minister played
according to prime minister Abiy The Ethiopian government has been messages on Saturday evening. Earlier became prime minister in 2018. Tigrayans remain loyal to the TPLF,
down the prospects of an early deal
Ahmed, after his troops took control of engaged in a military offensive against in the day he texted to Reuters: “Their Since then, the government has according to analysts.
with the IMF to repay a controversial
Mekelle, the capital. the northern region, which is led by the brutality can only add [to] our resolve accused the TPLF of sponsoring ethnic- Mr Abiy did not say whether there
$44bn loan, as the country’s year-old
Mr Abiy, who won the Nobel Peace TPLF, for nearly a month. to fight these invaders to the last.” based terrorism around the country in had been casualties in the military take-
leftist government tries to build a
Prize in 2019, said the armed forces On Saturday night, the US state Asked if that meant his forces an effort to knock Mr Abiy’s political over of the capital. Human rights groups
domestic consensus on how to end its
had taken over Mekelle on Saturday, department reported six explosions in would continue fighting, he replied: and economic liberalisation agenda off have expressed concern that an assault
economic crisis.
concluding what he called the “final neighbouring Eritrea, which the TPLF “Certainly. This is about defending course and regain power. on a city of some 500,000 could lead to
phase” of a month-long armed conflict, has accused of being in league with our right to self-determination.” Mr Abiy has sought to portray the heavy civilian casualties. After successfully restructuring $65bn
of foreign debt with private creditors in
August, the government’s attention has
turned to talks with the IMF, which
Domestic wealth. Ecommerce began this month.
Markets hope this will lead to a new
programme that could help to reverse a
China’s consumers regain appetite to spend
crisis of confidence that has stoked fears
of an imminent devaluation of the peso.
“We are fine. We have the instruments
to maintain [exchange rate stability],”
insisted Martín Guzmán, economy min-
ister, in an interview with the Financial
Online shopping surge
Times. He argued there was no need for
helps recovery following Argentina to seek further help from
China, after the central bank renewed a
months of retail caution currency swap deal with the Asian coun-
try for $19bn in August for another three
Thomas Hale — Hong Kong years, to bolster alarmingly low foreign
Ryan McMorrow — Beijing exchange reserves.
For Cai Yuanhao, a Beijing-based cou- “The most important aspect is to get
rier, the world’s busiest shopping event [the new programme] right. We want to
is a slog. This year, despite the pan- move at a solid pace but require com-
demic, it was busier than ever. mon understanding and legitimacy. We
“There were too many packages to fit are not going to rush this,” he added.
in my cart,” he said, pointing to the A deal by March or April “would cer-
three-wheeled vehicle he uses to zip tainly be acceptable”, he said. “That
between Beijing neighbourhoods. From doesn’t mean it won’t come before that,
early November, Mr Cai worked from but there are no guarantees.”
6am to 9pm, delivering hundreds of The negotiations with the IMF come
items daily in the build-up to “Singles’ as Argentina seeks a way out of a three-
Day” on November 11. year recession. That downturn began
The event, which originated as a way after a currency crisis in 2018 that
for single Chinese to console themselves prompted the fund to come to the res-
through shopping, has become an cue with a record-breaking $57bn pro-
annual splurge that reflects the coun- gramme — making Argentina the insti-
try’s rising wealth and its rapid shift to tution’s biggest debtor by far.
online spending. The recession was made worse by the
This year, as China continues to shake coronavirus crisis, which prompted the
off the impact of coronavirus, it also government of President Alberto Fern-
offered a glimpse into the role consump- ández to implement one of the longest
tion has played in the wider economic and strictest lockdowns in the world.
recovery. Some economists maintain Mr Guzmán spoke from his offices
that households will soon be ready for a opposite the presidential palace in Bue-
more sustained rush to spend after nos Aires over the din of tens of thou-
months of caution. Box set: ture investment as the main catalyst for 5.2 per cent at the end of last year. ‘You have a insight into the support a recovering sands of Argentines who had gathered
From the evidence of Singles’ Day a worker loads growth in China next year, with gross Uncertainty, however, persists. Xiaohan China can offer to global corporations. to pay their respects to Diego Maradona,
lot of excess
alone, appetite is already strong at a packages on to domestic product rising 9 per cent. Lin, a 37-year-old bus driver in Fushun, German carmaker BMW this month the legendary footballer who died on
time of rising online activity. Alibaba, a train in “You have a lot of excess saving by a city in north-east China, planned to saving by posted its best sales figures in history, Wednesday. The economy minister
the country’s leading ecommerce Nanchang, Chinese consumers for this year,” said spend Rmb100,000 on a car this year stoked by sales in China that rose almost played down calls from independent
Chinese
platform, extended the event to an eastern China, Robin Xing, chief China economist at but ended up spending 20 per cent less. a third year on year in the third quarter. economists for Argentina to seek fur-
11-day marathon and said shoppers in during this Morgan Stanley. “We expect this excess “I need to prepare for the future consumers A full recovery of spending would ther cheap financing from the fund.
the country placed Rmb498.2bn month’s saving will be partly released in 2021 as under the current economic situation,” support a longer-term strategy in China, “We have to be very careful when bor-
for this
($75.8bn) worth of orders, up 26 per Singles’ Day consumer confidence likely improves.” he said. After his shifts were cut by 15 where the government’s new five-year rowing in foreign currency,” he said,
cent from the same period last year. shopping event Morgan Stanley pointed out that sav- per cent, he took on an additional job at year. We plan aims to emphasise domestic con- warning exports had been weak over
More broadly, growth in retail sales STR/AFP/Getty ings in the first three quarters of this a mine to supplement his income. sumption. Morgan Stanley expects the past seven years, a key factor in the
expect
this year fell behind industrial produc- year reached 37 per cent of disposable Consumer behaviour across sectors is Chinese per capita income to exceed sustainability of Argentina’s debt.
tion, the standout driver of a world- income, notably above previous years. unbalanced, linked in part to the this will $14,000 by 2025, which Mr Xing said But some say the alternatives are
leading recovery from coronavirus. In 2019, the rate was 32 per cent. lingering impact of the virus even as would be “crossing the threshold for worse: unable to borrow on the interna-
be partly
But the most recent data suggest con- Goldman Sachs economists expect cases remain low. high income status”. tional capital markets, Argentina is
sumption is beginning to close the gap. consumption to “take over the baton Jingyang Chen, Greater China econo- released Foreign direct investment in China forced instead to resort to covering the
Official figures released in mid-Novem- and become the main growth driver in mist at HSBC, noted some service sec- has recently increased, particularly in bulk of its expenditure through new
in 2021’
ber showed retail sales rose 4.3 per cent 2021”, estimating household consump- tors, such as tourism, had not fully fields such as ecommerce that target the money printed by the central bank,
in October, compared with a 6.9 per cent tion would increase 13 per cent in 2021, recovered based on the latest data. She Chinese consumer. “We will see contin- which pushed the monthly inflation
rise for industrial growth. Catering compared with a 4 per cent fall in 2020. also noted growth in retail sales was still ued upgrading of consumer demand,” rate up to 3.8 per cent in October.
sales, which are sensitive to coronavirus In addition to a lower household sav- half its level before the pandemic. By said Mr Xing. “China is using the domes- Nevertheless, Mr Guzmán said it
restrictions, also turned positive for the ings rate, they suggested the labour contrast, online retail sales boomed 24 tic market potential as the mainstay to would be “beneficial” to secure more
first time this year, adding 0.8 per cent. market would continue to recover, with per cent year on year in October. Car open to foreign firms, giving them wider funding from other multilateral institu-
In a recent report, Morgan Stanley few signs of a “scarring effect”. sales, nonetheless, paint a picture of access to the local market.” tions such as the World Bank, especially
forecast that private consumption Unemployment in urban areas was improved offline demand, rising 12.5 Additional reporting by Xinning Liu and to finance public infrastructure
would replace exports and infrastruc- 5.3 per cent in October, compared with per cent in October. They also offer an Wang Xueqiao projects.
FT series: Lessons from Japan Banking
Japanese youth search for stability in a world without growth US sanctions force Hong Kong
leader to be paid in cash
Leo Lewis — Tokyo interested in taking a risk, and I don’t According to Mari Miura, a political “They know they will have to work
really know anyone who is.” scientist professor at Sophia University harder to support all this but they also
At the age of 25, Mr Tanigaki is on his
This was echoed by other ronin, stu- in Tokyo, the main problem is this gen- know they won’t even benefit from the
second stint as a ronin — originally
dents and young white-collar workers eration has never known interest rates pension system because it will not be Primrose Riordan and Nicolle Liu salary because I don’t have a bank
meaning a “masterless samurai” but
in Tokyo interviewed by the Financial or what it is like to live in a period of sus- able to sustain them when they reach Hong Kong account.”
long used to describe a student or job-
seeker on a quest for stability. Times. Those who have studied the tained growth, despite residual prosper- retirement age.” Hong Kong’s leader has said she is When the sanctions were announced,
long-term effects of Japan’s economy on ity in the world’s third-biggest economy. In 2019, Japan’s population shrank at being forced to receive her salary in both international and Chinese state-
Seven years ago, the native of Urayasu in its society say it has created a growing Japanese in their 20s “don’t get the the rate of roughly one person a minute, cash because of US sanctions, saying owned banks in Hong Kong feared they
Chiba prefecture was attending a series aversion to risk. idea of growth; their world view is that and the labour market has far more jobs she has no access to banking services could fall foul of a clause in the national
of cramming schools to improve his Masahiro Yamada, a sociologist at the economy doesn’t move at all”, she than applicants. Yet that has not despite the prevalence of mainland security law that bans “colluding” with a
grades in an attempt to enhance his uni- Chuo University, described a society said. This has intensified the need of reduced the ferocity of competition. Chinese institutions in the city. foreign government to impose sanctions
versity prospects. that instinctively hates risk and has young, middle-class people to cling to Temple University anthropologist on Hong Kong.
Now, having completed a degree, he is been pushed even further into that dis- what they have because, although they Sachiko Horiguchi said a decline in the Carrie Lam, on whom the US imposed But given the primacy of the US dollar
seeking a full-time job at a company like by a desire for what earlier genera- are pessimistic about the future, the beliefs that underpinned Japanese soci- sanctions alongside 14 other Chinese in the Swift global cross-border finan-
that will pass a critical test: his mother tions considered a normal life. present does not feel terrible. ety — of meritocracy that would reward and Hong Kong officials over Beijing’s cial transaction system, analysts said
must recognise its name. “The economic and demographic people’s efforts and a government that imposition of a national security law on institutions had been forced to comply
Like many Japanese of his generation, numbers make the future look so grim. offered long-term social protections — the territory in June, said she had “piles with Washington’s sanctions.
Mr Tanigaki — he does not want to give The rise of old age They believe the pie is shrinking, so if had fuelled a dogma of self-reliance. of cash” at home. Ms Lam said it was “an honour” to be
his first name in case it affects his job Share of the population over the age they do get a piece, they have to stick to This has left Japan’s young with the As part of the measures, the US has “unjustifiably sanctioned by the US gov-
chances — reached adulthood in an of 65 (%) it. The priority is stability. Nobody has idea that if you fail, you are on your own. threatened secondary sanctions against ernment”.
economy where interest rates have big dreams any more,” said Prof Miura. “It was easier for our parents’ genera- financial institutions that continue to Ms Lam’s office did not respond to a
Japan
essentially been zero all his life, stagna- 30 A study published this year by Hiroshi tion because basically they knew if they deal with the individuals, a potentially request for comment on whether she
Germany
tion has become the norm and incomes Ishida, a professor at Tokyo University’s worked hard it would kind of be OK,” crippling prospect even for mainland had also been refused accounts by Chi-
US 25
have been frozen at a level at which he China Institute of Social Science, found a said Manabu Ishida, a ronin maths stu- Chinese banks because of their need to nese state-owned banks. Her position
cannot realistically ever expect to feel 20 record 49 per cent of respondents aged dent. “We have to think more carefully deal in dollars. entitles her to an annual salary of
wealthy. He has no mortgage, car loan, 20 to 31 thought life for their children than they did. I want a job that lasts, but “Sitting in front of you is a chief execu- HK$5.2m ($672,000).
15
credit card or student debt. would be worse than for them. I’m sure I will move jobs many times.” tive [of Hong Kong] who has no banking Bernard Chan, one of Ms Lam’s top
“It’s true we don’t have those same 10 These attitudes had contributed to See Editorial Comment services made available to her. I’m using advisers, said in July that an unnamed
burdens as our parents. But I, my the halving of Japan’s marriage rate cash every day, for all the things,” Ms bank had closed one of his accounts
friends, my former university class- 5 from 10 per 1,000 people in the early Lam said in a television interview on before the national security law was
mates, we do all feel a bigger burden 1970s to 4.8 in 2019, Prof Ishida said. Hong Kong International Business introduced because he was a “politically
0 Series online
than that,” said Mr Tanigaki. “We have “Young Japanese think the system is For other articles in the series Channel. exposed person”, and that it was becom-
1950 70 80 902000 10 20
to support a country that has too much geared towards the elderly, and they feel “I have piles of cash at home. The ing harder for Hong Kong officials to
ft.com/japanlessons
debt and too many old people. I’m not Source: UN the sense of burden,” said Prof Ishida. government is paying me cash for my open accounts.
NOVEMBER 30 2020 Section:World Time: 29/11/2020 - 17:25 User: david.owen Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
Monday 30 November 2020 ★ FINANCIAL TIMES 5
NOVEMBER 30 2020 Section:Ad Page Time: 27/11/2020 - 11:17 User: william.baxter Page Name: AD MORGAN STANLEY, Part,Page,Edition: USA, 5, 1
6 ★ † FINANCIAL TIMES Monday 30 November 2020
y
John Flint Governments need to regulate Big Tech in the same way they tackled post-2008 finance
OPINION
Niel teams up
Debt investors
Wall Street reshuffle Vaccine progress sets off
place bets on
rush for cyclical stocks while energy rebounds
in Spac race to
virus-battered
companies
build organic
Joe Rennison
Debt investors are betting that some of
food champion the companies most damaged by
coronavirus will manage to avoid
bankruptcy.
Bonds issued by low-rated companies in
the US have rallied 7 per cent this
month, one index of triple C bonds
shows — the biggest jump in more than
four years.
In Europe, junk bond yields have
3 French trio aim to raise up to €300m
fallen from over 8 per cent in March to
almost 3 per cent as prices have risen
3 Share trading set to start next month
with November providing the bonds’
best performance since April.
The jump in the Ice Data Services
Leila Abboud — Paris Monday with a target of selling 25m indices erases the losses sustained in the
shares for €10 each. The shares are depths of this year’s market tumult to
Three prominent French businessmen, expected to start trading by mid- turn them positive for the year — a
including telecoms billionaire Xavier December. sharp change of heart for investors who
Niel, have joined forces to create a The trio want to capitalise on the once feared a global wave of defaults.
blank cheque company that caters to momentum among consumers and “It tells you investors are looking
the demand for organic food and more investors who are increasingly looking through the spike in Covid now,” said
sustainable consumer goods. for companies built around environ- Andrey Rudakov/Bloomberg John Gregory, head of leveraged finance
They plan to raise €250m-€300m via mental, social and governance themes. at Wells Fargo Securities.
Vaccine breakthroughs prompt shift to cyclical stocks
a “special purpose acquisition com- “Our objective is to do the first acqui- American Airlines, cinema operator
% change
pany” that will be listed on the Euronext sition as quickly as possible in 2021,” AMC Entertainment and cruise com-
-40 -20 0 20 40
exchange in Paris. said Mr Pigasse. The first deal should be pany Viking are among those to have
Mr Niel has teamed up with Center- worth “around €2bn” so as to serve as a Energy benefited most from the rally in bonds
Financials
view Partners banker Matthieu Pigasse, platform for subsequent deals. as investors reassess the potential for
Industrials
although the sectoral expertise and “We have four or five targets in mind companies wounded by coronavirus
Materials
strategic vision comes from their already and want to be quite ambitious restrictions to survive the economic
Communication Month to date
partner, Moez-Alexandre Zouari. The for the first acquisition,” said Mr Niel. IT Year to date downturn.
Spacs are one of the hottest trends on Consumer discretionary When coronavirus took hold globally
‘People want to consume the US equity market because they offer Real estate in March and countries imposed lock-
a faster way to market without the cum- Consumer staples downs to try to contain it, the value of
differently nowadays, not Health care
bersome process of a traditional initial corporate debt plummeted, pushing
Utilities
only for their wellbeing public offering. the average yield across triple C rated
Spacs have raised a record $64bn in Month-to-date move for November companies close to 20 per cent in the US,
but for that of the planet’ Source: FactSet
the US this year, according to Bloom­- from just above 11 per cent at the start of
berg, versus $786m in Europe. the year.
49-year-old French entrepreneur has Mr Pigasse and Mr Niel created Leke Oso Alabi — London are strongly linked to economic Pfizer-BioNTech then matched. Last But yields pulled back again over the
built a small empire in food retail as the France’s first Spac in 2015 with the aim growth. week, Oxford university and Astra- summer and again in early November as
The prospect of three viable Covid-19
franchise partner of supermarket chain of consolidating the television produc- The gains came despite a surge in Zeneca said their vaccine — which the outcome of the US presidential elec-
vaccines has caused a reshuffle this
Casino and also jointly owns frozen- tion industry. Their company, Media- coronavirus infections and fresh lock- they have agreed to sell at cost to tion became clear.
month in Wall Street’s blue-chip
food group Picard. wan, has since bought about 30 busi- downs across the globe that pose a developing nations in perpetuity — Momentum has gathered speed since
S&P 500 stock index, as investors
Their new shell company, or Spac, will nesses to become a leader in scripted threat to the economic recovery had an average efficacy of 70 per cent. November 9, when Pfizer and BioNTech
moved out of technology stocks into
be called 2MX Organic in a nod to its drama in Europe, highlighting how achieved in recent months. Technology stocks, which have announced that they had developed a
sectors that they expect to benefit
founders’ initials and their target mar- Spacs can be used to quickly raise “No one expects the European win- surged this year as the pandemic vaccine that was highly effective at
most from a quicker end to the
ket. Like other Spacs, it plans to raise money for dealmaking. ter to be smooth,” said Sunil reshaped economies around working preventing Covid-19.
health and economic crisis.
cash from investors on the basis that Mr Niel sought to distance the trio’s Krishnan, head of multi-asset funds and consuming from home, have not The scientific advances raise the
managers will either buy a company or long-term approach from the get-rich- Equity investors took the positive at Aviva Investors. “The prospects of a quite kept up with so-called “old possibility that an end to the economic
return the money after a certain date if quick tactics used by some Spac spon- trial results from Pfizer and vaccine rollout offer the hope that it’s economy” sectors during November. stranglehold of coronavirus is in sight
they are unable to do so. sors in the US. At Mediawan, he and Mr BioNTech, followed by Moderna and a temporary headwind rather than But they have still made gains. and the profitability of companies that
“We want to build a European cham- Pigasse have not taken money out and others as a sign that a return to existential threat”. “There will be winners and losers depend on the normal movement of
pion in organic food,” said Mr Zouari. have continued to back its expansion. normal economic activity could be Pfizer and its partner BioNTech out of the vaccine race and market people may return.
“People want to consume differently The three will buy at least €6m worth coming. announced this month that their sentiment is positively focusing on The more optimistic outlook has
nowadays, not only for their health and of shares in a separate share sale Energy stocks, laid low as a result of inoculation had achieved a more than the winners at this moment,” said helped drag borrowing costs for risky
wellbeing but for that of the planet.” reserved for them and will collectively the pandemic hit to oil demand, made 90 per cent efficacy rate in a late-stage Matthias Scheiber, global head of companies below 10 per cent — their
Deutsche Bank and Société Générale own roughly 30 per cent of the company the strongest rebound, followed by trial. Moderna found its vaccine was portfolio management at Wells lowest in more than two years —
will carry out the bookbuilding from after the listing. financial companies, whose fortunes 94.5 per cent effective, a rate that Fargo Asset Management. prompting a wave of fresh fundraising.
Financials. Consolidation
‘Mancos’ join forces as Brexit deadline looms
Siobhan Riding and tor Genstar, acquired FundRock, are aware of the potential of third-party workers in the two fund hubs, is signifi-
Laurence Fletcher Luxembourg’s largest third-party mancos and they want to take advan- cantly driving up costs for mancos.
Hidden behind the high-profile manco which oversees $100bn on tage of a business that is flourishing,” he David Rhydderch, global head of
announcements of City of London fund behalf of clients, for an undisclosed said. “We will see more transactions in financial solutions at Apex, said only
managers’ Brexit relocation plans, a price. Private equity groups Carlyle and future.” large mancos had pockets big enough to
revolution is quietly sweeping through Pacific Equity Partners also in October The manco industry has slowly absorb the added costs. “If you don’t
a little-known but integral part of the tabled two bids to buy Link Group, evolved over the past decade as fund have €25bn of assets, it’s incredibly dif-
investment management industry. whose manco business oversees assets managers have outsourced more of ficult for a manco to make a profit,” he
of £86bn on behalf of asset managers, their operations to cut costs in the face said.
A wave of dealmaking activity has taken including Neil Woodford’s former fund. of falling fees. Yet the sector is still rela- Another factor driving consolidation
Legal Notices hold among third-party management Link rejected the offers, the second of tively immature compared with other is the growing need for mancos to have a
companies, the administrators that which gave it an equity value of $2.9bn, outsourced areas, such as fund custody global presence. This is becoming more
provide governance and compliance but has opened its books to the or administration. Third-party mancos important with Brexit as managers set
services to asset managers. Triggered by consortium in the hope of securing oversee just 7.5 per cent of fund assets in up funds in multiple locations to retain
the UK’s vote to leave the EU in 2016, the better terms. Luxembourg and Ireland, according to access to different clients.
trend is now gathering momentum as Revel Wood, co-founder of One, a investment bank Stephens. But the future of the sector now
the Brexit transition period nears its newly launched manco, said that he was But the picture has begun to shift as a hinges on the shape of post-Brexit
end of year deadline. “constantly being called by private result of Brexit — in 2015, that share regulation. In August, the European
While management companies, or equity groups” who are rubbing their stood at just 4.5 per cent — and it is Securities and Markets Authority called
“mancos”, may seem peripheral, they hands at the prospect of increased out- expected to continue to grow as fund for a toughening of the rules concerning
carry out an important regulatory func- sourcing and consolidation across the groups also focus on their core business delegation — a model which allows an
tion on behalf of fund managers: all EU sector. of managing money. Stephens projects asset manager to domicile a fund in the
investment funds must appoint a More approaches are expected, the proportion could rise to 10 per cent EU and carry out portfolio management
manco, which is tasked with making according to Marco Boldini, a partner at within the next few years. outside the bloc, for instance in the UK.
sure portfolio managers stay within the law firm Orrick. “Private equity groups This is appealing to potential buyers It questioned the extent to which man-
bloc’s investment rules. Crucially, man- who see an opportunity to grab a slice of cos should be able to delegate to non-EU
cos offer fund managers a straightfor- a consolidating market where size fund firms. Requiring fund managers
ward path in gaining a regulatory foot- counts. “As more people are looking to who wish to retain access to the EU to
hold in another country, making the outsource, you need to be a scale beef up their presence in the bloc could
service providers more important than player,” saìd Des Fullam, chief product benefit mancos and drive further merg-
ever in the wake of Brexit. and regulatory officer at Carne, which ers and acquisitions.
While some investment managers provides manco services covering $1tn But some fear a potential tipping
have established their own mancos in in assets. point — for instance if the fund manag-
the EU, many have turned to third- Regulatory changes in the past few ers had to be located in the bloc — would
party providers based in Luxembourg years have benefited larger mancos. deter some UK-based managers from
and Ireland — Europe’s largest fund After the Brexit referendum, fears that selling to EU clients, which could have a
domiciles — in order to access investors UK asset managers would use mancos as devastating impact on mancos.
in the bloc without having to move staff a workaround to avoid setting up a fully Olivier Carré, a partner at PwC Lux-
from London. fledged EU presence pushed regulators embourg, believes M&A activity among
This has made third-party mancos to raise the bar for how many employees third-party mancos will continue bar-
highly prized and explains why buyers, they should have. ring any radical interventions by policy-
often backed by private equity groups, Mancos in Luxembourg and Ireland makers. “We expect further consolida-
are swooping on the sector. now require a minimum of three full- tion and concentration unless there is a
Last month, fund servicing group Life after Brexit is a great unknown time employees. This, combined with change in the regulatory environment.
Apex, which is owned by buyout inves- for management companies increased competition for qualified The regulator is the big unknown.”

NOVEMBER 30 2020 Section:Companies Time: 29/11/2020 - 19:01 User: stephen.smith Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1
Monday 30 November 2020 ★ FINANCIAL TIMES 7
COMPANIES & MARKETS
Crastes battles to keep investors’ faith in H2O
Asset manager’s future hangs in the balance amid controversy over its links to German financier Lars Windhorst
on five separate occasions. revealed the scale of H2O’s exposure to
Robert Smith, Laurence Fletcher
The firm’s 2019 accounts show that its Mr Windhorst. Initially Mr Crastes
and Cynthia O’Murchu — London
discretionary profit shared between appeared unruffled, telling clients that
“There is a very simple rule in invest- H2O’s management team and Natixis the financier was “extremely talented”.
ment,” said Bruno Crastes. “If you are topped £400m, the largest ever annual But one week and €8bn of investor
not able to get poor, you will never get pre-tax payout to its owners. By then Mr withdrawals later, Mr Crastes appeared
richer. When you don’t want to lose, you Crastes had swapped a home in Lon- rattled. In a second video he pledged
will never make money.” don’s Kensington for Monaco. that H2O would “never gate” its invest-
The tanned and silver-haired chief “Bruno was seen as the French Soros,” ment vehicles.
executive of H2O Asset Management said one former investor. The bold promise halted the stam-
articulated his philosophy of risk-taking A trained actuary and mathematics pede. Loyal investors were rewarded for
at an awards ceremony in 2018. graduate of the University of Lyon, Mr sticking with Mr Crastes through
The Frenchman used his acceptance Crastes began his fund management another difficult period: his main fund
speech to assert that his industry had career in 1989 after a stint as a proprie- finished 2019 up by more than a third.
become “corrupted by all this regulation tary bond trader. He made his name in By mid-March of this year, however,
and all this risk management”, which the early 2000s at the asset manage- Mr Crastes’ flagship fund had halved in
made investors “behave like software”. ment arm of Crédit Agricole, France’s value as fears about the pandemic roiled
Two years later, Mr Crastes’ approach largest retail bank. markets. His losses were amplified by
to investing is under strain. The fate of One investor recalled how the French- the high leverage that had previously
his €20bn investment firm hangs in the man’s desk was at the centre of a large boosted returns.
balance. A year of drastic losses, room in Crédit Agricole’s offices near Since then, the Frenchman struck a
renewed scrutiny around risk controls the Bank of England. Trading teams deal with Mr Windhorst where the Ger-
and regulatory difficulties pushed would sit around it, with those in favour man was to buy back his illiquid bonds,
H2O’s majority shareholder Natixis to often parked closest to him. “It was like but progress has been “very partial”.
cut ties. a royal court with the king in the cen- In September, Mr Crastes said invest-
Natixis, the French bank that has tre,” the investor said. ing with Mr Windhorst had “created
backed H2O since its inception a decade It was here that he earned a reputa- more problems than it has created per-
ago, said this month that it was looking tion for an ability to bounce back — even formance”, but pledged to do everything
to sell out of the London-based asset from periods of extreme losses. Chief executive Bruno Crastes will need all of his charisma and self-confidence to retain investors possible to reward clients’ trust.
management subsidiary. In 2007, Mr Crastes dismissed the
It marked a sharp U-turn from a part- brewing US subprime mortgage crisis as
ner that had previously given H2O its “something that shouldn’t damage the
unequivocal backing. That endured state of the real economy”. This disas-
through a bruising 18 months, which trous misjudgement meant several of
began when the FT revealed that H2O his team’s funds at Crédit Agricole were
had poured more than €1bn into hard- sitting on huge losses. But the following
to-sell bonds linked to the controversial year, they staged a stunning comeback.
German financier Lars Windhorst. With a stellar period of performance
Now, cut off from the Natixis fund behind him, Mr Crastes struck out on
marketing machine that helped H2O his own in 2010, setting up shop with his
grow to more than €30bn in assets at its longtime business partner Vincent
peak, Mr Crastes faces the biggest test of Chailley as chief investment officer. The
his more than 30-year career. He will pair convinced Natixis, Crédit Agricole’s
need all of his charisma and self-confi- rival co-operative lender, to snap up a
dence to retain investors, many of 50.01 per cent share in the newly minted
whom once regarded him as the finest H2O Asset Management.
European fund manager of his genera- Natixis operates a multi-boutique
tion. asset management model, where sub-
“He’s super charming, very smart and sidiaries are run at arm’s length but can
very arrogant,” according to an invest- tap into the parent group’s marketing
ment consultant, who said that the might. Mr Crastes became a fixture at
­55-year-old inspired “cult-like” loyalty the French bank’s fundraising road-
in some of his clients. shows, drawing attention with his bold
Even among his most ardent support- and often contrarian macroeconomic
ers, cracks have begun to appear. outlooks. When economists from other
­Several of France’s biggest life insurance investment firms spoke, the H2O chief
firms — once the backbone of H2O’s had no qualms about publicly disagree-
domestic investor base — have halted ing with or dismissing their predictions,
new investments. according to attendees.
If Mr Crastes cannot cure the crisis of “Stop listening to economists; listen to
faith among some of his disciples, it traders!” he implored during one such
would be a stunning downfall for a star presentation.
fund manager once lionised for his mon- H2O’s team “weren’t in any doubt
eymaking bets on the direction of bond about their own brilliance”, said another
and currency markets. He declined to former investor. “They were firmly of
be interviewed for this article. the view that they were the smartest
guys in the room.”
Convinced of ‘their own brilliance’
The talented Mr Windhorst
In his heyday, the UK’s fallen star stock-
picker Neil Woodford was known as the H2O’s present predicament arose after
“man that made Middle England rich”. Mr Crastes strayed far from his usual
Mr Crastes’ Midas touch, in contrast, area of expertise. He invested heavily in
generated outsized returns for a truly the debts of a ragbag assortment of busi-
international group of investors. His fan nesses linked to one man: Lars Wind-
base stretched from retail investors in horst, a financier who had weathered
France and Italy to professional money the collapse of two companies, personal
managers in Switzerland and South bankruptcy and served a suspended
Korea. prison sentence.
That broad appeal was no mystery. In H2O’s investors and members of Mr
the 25 years to the end of 2019, Mr Windhorst’s circle have questioned why
Crastes recorded an astonishing return a firm trading government bonds
of close to 2,500 per cent, according to decided to pour billions of euros into
H2O marketing materials. In its first thinly capitalised businesses such as La
decade, the asset manager recorded Perla, a lossmaking lingerie maker.
annual returns of more than 30 per cent In June 2019 the Financial Times
Banks
Boutique bank PWP close to
merger with tycoon’s Spac
James Fontanella-Khan, Ortenca Acquisition Corporation IV could not
Aliaj and Sujeet Indap — New York immediately be reached.
Boutique investment bank Perella PWP was founded in 2006 by the leg-
Weinberg Partners is in advanced dis- endary mergers and acquisitions
cussions to combine with a blank- banker Joe Perella and Peter Weinberg,
cheque vehicle sponsored by Betsy a longtime Goldman Sachs executive
Cohen, a 79-year-old commercial whose family had been at the top of that
banking tycoon, according to people firm for decades. PWP’s partners will
familiar with the matter. continue to own the majority of the
investment bank and, once listed, the
A deal with FinTech Acquisition Corpo- top partners are likely to have a super
ration IV, the fourth special purpose majority that will allow them to retain
acquisition company (Spac) set up by full control over the business.
Ms Cohen, would see PWP list its deal The New York-based company’s
advisory business at about a $760m mooted valuation is set to be roughly 16
equity valuation, those people said. The times its 2021 forecast net income — in
transaction is expected to be announced line with peers such as PJT, Evercore,
before the end of the year. Moelis & Co and Lazard. But PWP’s
FinTech Acquisition Corp IV raised overall valuation is modest compared
$230m in its September initial public with the roughly $1bn it raised at its
offering. Most of that cash is to be used origin from investors that included
to pay down PWP’s existing debt, most wealthy families such as the Weinbergs
of which comes from its 2016 acquisi- and the Gettys, as well as large institu-
tion of Tudor, Pickering, Holt & Co, a tions in the Middle East.
Texas energy-focused investment bank. The boutique bank sector became
The rest of the proceeds of the increasingly crowded after the financial
Spac deal, which will also include a crisis, forcing PWP’s deals business to
further $200m investment from compete against several upstart firms
institutional investors, will be used to with similar business models.
return cash to PWP founding backers as PWP has been planning to go public
well as pay some of the firm’s retired for several years and hired Goldman
partners. Sachs and JPMorgan Chase to advise
PWP declined to comment. FinTech them on the listing in 2018.
NOVEMBER 30 2020 Section:Companies Time: 29/11/2020 - 17:19 User: stephen.smith Page Name: CONEWS2, Part,Page,Edition: USA, 7, 1
8 ★ FINANCIAL TIMES Monday 30 November 2020
COMPANIES & MARKETS
Financials Industrials
HSBC weighs up US retail banking exit Construction
boss blames
China officials
Lender considers turning the US in favour of more profitable busi- the coronavirus crisis and a prolonged ness, which are less profitable and Following the closure of 80 branches
resources to lucrative Asia nesses in Asia. period of ultra-low interest rates where HSBC struggles to find an edge this year, HSBC has about 150 branches for defaults
Closure of the US retail network required more drastic measures, the against larger Wall Street rivals such as on the east and west coast of America, a
and Middle East regions would mark the end of the lender’s 40- Financial Times reported in May. JPMorgan and Citigroup, will be de- fraction of the branch network of
year long attempt to run a full-service, A full exit from the US is no longer on emphasised. The bank said in the JPMorgan and Bank of America.
universal bank in the country. the table, according to the two people. third quarter it had already eliminated Some insiders argued that the divi-
Laura Noonan — New York
Stephen Morris — London The division made a pre-tax loss of “The US is an important marketplace,” $4bn of risk-weighted assets in its US sion’s lack of scale made it hard to turn Sun Yu — Shanghai
HSBC is weighing up a complete exit $518m in the first three quarters of this one said, particularly for HSBC’s invest- business through “client optimisation”. round, especially in the current eco-
The head of one of China’s largest state-
from retail banking in the US after nar- year, following losses of $279m last year ment bank. It is also seeking to expand nomic environment.
owned manufacturers has said mis-
rowing the options for how to improve and $182m in 2018. its US wealth management division. Against this backdrop, there is a
management by local governments is
performance at its struggling North HSBC’s US division has been under Managers are likely also to recom- The division made a strong case for completely leaving retail
partly to blame for business failures
America business, according to two intense scrutiny for several months as mend trimming HSBC’s investment banking, according to one person famil-
pre-tax loss of $518m in that have prompted a cascade of bond
people familiar with the situation. part of the UK lender’s efforts to make bank client roster to focus on interna- iar with the situation. Another option is
defaults.
Senior management aim to present even deeper savings than it pledged in tional clients, particularly those with the first three quarters to adopt a digital-only model focused on
the plan to the bank’s board in the com- February, when it outlined $4.5bn in Asian and Middle Eastern links, the international clients from the Chinese The comments from Wang Min, presi-
of this year
ing weeks, the people said, as HSBC cost savings and 35,000 job cuts. people said. or Indian diaspora, although that is a dent of XCMG Group, the country’s big-
seeks to allocate resources away from Executives decided that the impact of Those with only domestic US busi- “crowded market”, the person added. gest construction machinery business,
came after China’s multitrillion-dollar
debt markets were rocked by defaults at
government-backed companies, raising
Market Questions. Employment signals fears about the wider financial system.
“The fall of state firms isn’t just a
Resilience of US jobs recovery in spotlight as Covid result of bad management, unclear
strategy and inadequate entrepreneur-
ship,” said Mr Wang, in unusually frank
crisis takes toll on restaurant and leisure sectors remarks from a state-owned Chinese
group, during an interview with the
Financial Times. “It also has to do with
government mismanagement that puts
[unreasonable] performance targets on
these companies.”
A number of Chinese state compa-
David Carnevali, David Sheppard
nies, led by Yongcheng Coal & Electric-
AND Tommy Stubbington
ity Holding Group, have defaulted this
How resilient is the US jobs
month, triggering a wider sell-off in cor-
market?
porate bonds and the cancellation of
Friday’s closely watched non-farm pay- many new issuances in the world’s
rolls report will provide a glimpse of second-biggest fixed-income market.
how much damage the second wave of The defaults have also shattered long-
coronavirus infections is inflicting on standing investor perceptions that local
the US workforce.
A consensus forecast from econo-
mists polled by Reuters points to US ‘State mismanagement
employers adding 500,000 posts in
puts [unreasonable]
November compared with 638,000 in
the previous month’s report, reflecting a performance targets on
slowing pace of job gains.
these companies’
October’s data beat forecasts but fresh
lockdowns across the country since
then have reined in expectations, governments in China will always bail
despite the Covid-19 vaccine break- out these groups.
throughs that have propelled Wall Bo Zhuang, an economist at invest-
Street to record highs. ment firm TS Lombard, said China’s
In the latest sign that the US labour local governments often forced state-
market is buckling under the strain of owned enterprises to make ill-judged
the health crisis and fading fiscal sup- acquisitions. “The fastest way for offi-
port, initial jobless claims rose to cials to get promoted is to boost the size
778,000 last week, the first consecutive of the local economy and an SOE
weekly rises since July. merger, regardless of its business logic,
The correlation between the employ- is a shortcut,” he said, adding this was a
ment trend and infection numbers is big reason Yongcheng Coal ran into
clear, according to Michelle Meyer, head trouble.
of US economics at Bank of America, Mr Wang said struggling SOEs in
who pointed out that first-time applica- China were not worth rescuing because
tions for unemployment benefits were they could not survive without govern-
highest in states most affected by the ment backing. “Let them die and don’t
pandemic. save them,” he said. “Government pro-
Michael Pearce, senior US economist tection won’t create a good company
at Capital Economics, is particularly Work woes: a vaccine development has triggered one tually spur a more robust recovery in the previous month. “However, clearly [but] competition will.”
concerned about jobs growth stalling in drive-in jobs of the largest ever monthly oil rallies, fuel demand, is likely to take time. the ECB are not satisfied with explaining XCMG was 100 per cent owned by the
the restaurant and leisure sectors. Con- fair at Allied taking the global price of a barrel up It is always foolish to rule out sur- away the latest developments and are eastern Chinese city of Xuzhou until it
sumer surveys in November showed Universal’s about 30 per cent. prises with Opec. The cartel could push getting worried about how persistent underwent a partial privatisation in
people were less willing to spend time in Gardena Brent crude started November near ahead with reducing its curbs, or even this current bout of weaker inflation September. Following that process, pri-
restaurants, he said, and high-fre- headquarters, $35 a barrel but is closing out the month decide to cut a little more for a few may prove to be,” he said. vate investors including company man-
quency indicators such as OpenTable Los Angeles, just below $50, its highest level since months to help underpin the price Investors are looking to the ECB to agement now own just under 20 per
diner figures have deteriorated. in May prices collapsed in March as widespread recovery. But for the moment, with the respond to the faltering recovery as cent of the group.
Some “softening” in the jobs data was Chris Carlson/AP lockdowns started to hit oil demand. market trending in the right direction, Europe grapples with a second bout of However, the company is still control-
expected by markets, said Ms Meyer, But while the so-called Opec+ group the safest bet is that Opec will stand pat. Covid-19 infections. The central bank’s led by official interests given state-affili-
although she warned that a more seri- may feel it is in a stronger position than David Sheppard minutes in recent weeks cemented ated funds and local governments,
ous deterioration of the labour sector just four weeks ago, most traders and those expectations, with policymakers including Xuzhou, own the remaining
Will the eurozone break free of its
would be a bigger problem as fiscal aid is analysts still expect the alliance of oil concluding the outlook is “bumpier 80 per cent.
deflationary cycle?
unlikely to be delivered before Joe Biden producers to proceed cautiously. than previously projected”. XCMG has benefited from China’s
is sworn in as president in January. The coalition was due to taper its Eurostat data tomorrow are expected to Analysts at Bank of America predict post-coronavirus economic recovery as
“There is a long window between now production cuts of around 8m barrels a confirm a fourth consecutive month of that the ECB will expand its €1.35tn government-led infrastructure stimu-
and then,” she said. David Carnevali day by about a quarter in January but deflation, piling further pressure on the emergency bond-buying programme by lus boosts demand for construction
those plans are expected to stall as oil European Central Bank to step up its €500bn at its December meeting. machinery. Its sales rose 22.4 per cent
Has the oil rally dug Opec out of a
demand remains curtailed and airlines stimulus next month. The central bank’s asset purchases year-on-year in the first nine months of
hole?
run at a fraction of their usual levels. Part of the weakness in prices is down constitute de facto “yield curve control” 2020, which Mr Wang said was stronger
When Opec sits down with Russia today An oil price of about $50 a barrel to one-off factors such as Germany’s cut — an effort to cap government borrow- than expected.
and tomorrow its members will reflect certainly makes the group more com- to VAT and a falling oil price, says RBC ing costs — and are likely to extend “I expect the sales boom to continue
on a month-long oil rally that may have fortable but that is still about $20 below Europe economist Cathal Kennedy, who beyond the end of 2021, given the out- into the coming year,” said Mr Wang,
dug the group out of a hole. where crude traded in January. And the forecasts a 0.3 per cent decline in the look for inflation, according to BofA. whose company reported Rmb78.3bn
The positive news around Covid-19 rollout of vaccines, which should even- bloc’s prices in November, the same as Tommy Stubbington ($11.9bn) in revenue in 2019.
Oil & gas Financials
US oil comeback at mercy of Opec amid China tech investors pivot to Indonesia
industry wait for supply curbs decision after India applies stringent regulations
Derek Brower — new york bers believe such deep supply reduc- beneath the level of a year ago. US pro- Mercedes Ruehl — Singapore nese venture capitalist added that Indo- Indonesia, the world’s fourth most
tions are still necessary. duction hit a record high near 13m bar- nesia was the only market in south-east populous country, already boasts the
The US oil sector is emerging gingerly Chinese venture capital investors are
Members are also wary of allowing rels a day in the first quarter, before the Asia that warranted serious attention largest number of billion-dollar start-
from this year’s price crash and may shifting their focus to Indonesia after
another surge in shale output that could pandemic hit global demand and a Sau- now that India was shut. ups in south-east Asia, while global tech
even start increasing output again — so India closed its doors to them, helping
overwhelm the market, as happened di-Russian oil price war brought a wave Chinese VC and tech investors pow- companies from Facebook to PayPal to
long as Opec agrees this week to keep to create a 55 per cent surge in tech
after the price crash of 2014-15. of discounted supply into the market. ered a tech boom in India, investing in Google have invested there this year.
propping up crude prices. investment in south-east Asia’s biggest
US operators added another 10 rigs Scott Sheffield, head of Pioneer Natu- many of the country’s leading start-ups, According to an annual report on
economy in the first half of 2020.
West Texas Intermediate, the US crude across the country last week, according ral Resources, told the Financial Times including payments company Paytm, south-east Asia’s digital economy by
benchmark, has risen to $45 a barrel in to services company Baker Hughes, recently that output would grow at best Shunwei Capital, launched by the meal delivery company Zomato and Google, Temasek and Bain & Company,
recent days, buoyed by coronavirus marking the fourth straight month of by 2 per cent a year in the next decade, founders of mobile phone maker Byju’s, an education platform. investments in the country’s tech sector
vaccine news and expectations that rises. But the total remains 60 per cent but could also fall if US president-elect Xiaomi, and BAce Capital, which is in the first half of 2020 totalled $2.8bn, a
Opec and its partners will keep curbs on Joe Biden moved to limit new drilling. backed by the fintech giant Ant Group, Chinese VC and tech 55 per cent increase on the same period
supply deep into 2021. Matt Portillo, analyst at investment both said they were pivoting from India in 2019.
investors powered a tech
The rally has raised hopes that Amer- bank Tudor, Pickering, Holt & Com- to Indonesia. Stephanie Davis, managing director of
ica’s worst oil crash in decades is coming pany, estimates that most producers Tuck Lye Koh, co-founder of Shun- boom in India, investing in Google’s south-east Asia and south Asia
to an end. A modest recovery in drilling could now generate dividends and hold wei, which runs funds worth about business, said south-east Asia was yet to
many leading start-ups
and well completion is under way. “Oil output flat at an oil price of $35-40 a $3bn, said it was planning to seal more follow India in applying more stringent
at $45 takes you out of the ICU,” said Ian barrel, down about $10 in the past year. deals in Indonesia, and that it is “not investment regulations.
Nieboer, head of research at consul- But much depends on Opec, which making new investments in India for But in April New Delhi unveiled “The Chinese remain very important
tancy Enverus. “But there is still a way has the power to bring the oil it is with- now” and would focus instead on man- sweeping rules targeting opportunistic investors . . . particularly in the ecom-
to go before you declare shale healthy holding back to the market. A move to aging its existing portfolio companies. Chinese takeovers, spooking investors merce space,” she said.
again. That’s why Opec is so important.” open the taps, as the cartel did in March, One person familiar with BAce Capi- and cutting off crucial funding for tech The swell of interest from both US and
Opec and partners, including Russia, would send prices lower. “Opec’s spare tal’s plans also confirmed the switch, start-ups. Zomato, for instance, is yet to Chinese investors has catapulted Indo-
agreed record-breaking supply cuts this production capacity means they hold all but added that the firm would be less receive $100m in funding from Ant. nesia ahead of its peers including Viet-
year under pressure from US politicians. US operators added another the cards” said Mr Nieboer. “Shale’s fate active in Indonesia, since the market is Last week, India blacklisted 43 more nam and Thailand in terms of valua-
But at current prices not all cartel mem- 10 rigs across the country last week sits in their hands.” less developed. Another leading Chi- Chinese apps. tions and fundraising levels.
NOVEMBER 30 2020 Section:Companies Time: 29/11/2020 - 18:38 User: stephen.smith Page Name: CONEWS3, Part,Page,Edition: USA, 8, 1
Monday 30 November 2020 ★ † FINANCIAL TIMES 9
COMPANIES & MARKETS
How to Lead. Venki Ramakrishnan, President of the Royal Society
Fighting for the future of UK science research
Venki
The Nobel Prize winner face masks debate early on when quite
Ramakrishnan
reputable scientists were very sceptical
was focused on Brexit’s urged the prime
about the efficacy of face coverings,” he
minister to get
impact on the sector, says. Although there were no rigorous
an agreement on
clinical trial results to show they
and then Covid-19 hit, Britain’s
reduced coronavirus transmission, the
association with
writes Clive Cookson Royal Society found good evidence from
V the Horizon
physical and observational studies to
Europe research
support advice to wear them. After
programme
enki Ramakrishnan appearing on radio and television to
reacted with incredulity to Charlie Bibby/FT advocate wearing masks in public, “I got
the two most momentous a lot of hate mail from crazy people who
phone calls of his working think of masks as somehow an infringe-
life. In October 2009, he ment on their civil liberties.”
refused for several minutes to believe The new PRS is the distinguished stat-
that his caller really was the secretary- istician Adrian Smith, who is chief exec-
general of the Royal Swedish Academy utive of the Alan Turing Institute, the
of Sciences informing him he had won a national centre for data science and arti-
Nobel chemistry prize, rather than a ficial intelligence. Unlike Sir Venki five
prankster putting on an accent. years ago, Sir Adrian is someone at the
Then early in 2015 Sir Venki (who was heart of the UK scientific establishment.
knighted in 2012) had a call from a vice- The selection procedure this time was
president of the Royal Society, the UK less opaque and more systematic than
national academy of sciences, asking when Sir Venki appeared unexpectedly
whether he would consider becoming
its president — the country’s most pres-
tigious scientific position. Leadership
“I initially thought he was contacting More interviews illuminating
me for suggestions of other people,” the personalities of high-profile
recalls Sir Venki. He soon realised he leaders by focusing on the
was being sounded out for the top job issues they faced ft.com/
but still argued against his own appoint- howtolead
ment, for technical and personal rea-
sons, as the caller became increasingly pursue as PRS: “improving interna- Sir Venki grew up in south India in a the possible consequences of something the future of UK science,” he says. out of the mist. “There was a shortlist,
irritated. “I didn’t think I was particu- tional relations, public engagement — middle-class family — both parents happening,” he says. When reports of Covid-19 arrived there was actually an interview proc-
larly suitable for this job,” he says. and I was particularly passionate about were scientists — and moved to the US The campaign has been partially suc- from China in January followed by the ess,” he says. “But the actual election
Eventually Sir Venki — a molecular educational reform”. But two unex- after graduating, working at various cessful, Sir Venki feels, in two respects: first UK cases in February and the onset itself is what I call a North Korean elec-
biologist known for his engaging mod- pected developments got in the way. American universities before becoming guaranteeing the rights of EU citizens to of a full-scale epidemic in March, minis- tion because the council decides on one
esty — came round to the idea and was Brexit, and how to shield research from a group leader at Cambridge’s famous remain in Britain; and persuading the ters were “hugely distracted” by Brexit name and the ballot goes out to all the
appointed PRS, as the presidency is its adverse effects, has been a “total dis- “Nobel Prize factory”, the MRC Labora- government to introduce a visa scheme and its aftermath, Sir Venki says. That fellows with only that name on it.”
known in scientific circles, for a five- traction” for more than four years. And tory of Molecular Biology in 1999. that makes it “relatively straightfor- contributed to the government’s slow While presiding over the Royal Soci-
year term that ends today. Covid-19 has dominated this year. “I’ll One reason he accepted the PRS posi- ward” to recruit researchers not just response and failure to impose a life- ety, Sir Venki has continued to run a lab
The Royal Society is one of the world’s be called the B to C president rather tion, he says, is that “it would be a good from Europe but anywhere in the world. saving early lockdown, he adds. at the LMB investigating the biochemi-
oldest and most influential scientific than A to Z,” he jokes, “because I was symbol for someone coming from out- He continues to fight for his third aim: In early March he attended a meeting cal processes that translate genes into
bodies, housed in a grand building over- only able to get from Brexit to Covid.” side Britain, late in life, to be accepted maintaining UK involvement with the of the Council for Science and Technol- proteins. He can now devote more time
looking St James’s Park in London. It is a Sir Venki’s background as a scientist enough to lead the voice of British sci- main EU research programmes after ogy at 10 Downing Street “with the to this research, while writing a second
self-governing fellowship, spending of the world, rather than a member of ence. I thought that sent a good message Brexit, though this is still up in the air. prime minister actually spending some book to follow the successful Gene
£130m a year on a mission that dates Britain’s great and good scientific estab- about the openness of Britain.” “Three weeks ago I wrote to the prime time with us”, he says. “It was all about Machine: The Race to Decipher the Secrets
back to its foundation in the 1660s: “To lishment, was one reason why he was After the referendum result, Sir Venki minister urging him to get an agreement these moonshots for the future global of the Ribosome, which described the
recognise, promote, and support excel- surprised to be tapped for the PRS role, mobilised the Royal Society and other on British association with Horizon Britain and becoming a science super- work that led to his Nobel Prize.
lence in science and to encourage the but he used it effectively to argue for scientific organisations to fend off Europe because this is so important for power, and there was hardly any men- “I enjoy public engagement and I
development and use of science for the maintaining maximum international potential damage to research from the tion of the pandemic . . . I think Brexit enjoy writing,” he says. “The next book
benefit of humanity.” In addition to 210 contacts for UK science after Brexit. impression Brexit gave of the UK ‘We weighed in on the face and the transition couldn’t have come at will be about ageing and death. It’s an
employees, the Royal Society can mobi- “I came to Britain relatively late in becoming a less welcoming and more a worse time in terms of the pandemic.” interesting biological problem but I am
masks debate early on
lise hundreds of volunteers among its life, in my late 40s,” he says. “I had no xenophobic society. But he had to oper- Under Sir Venki, the Royal Society also motivated by the fact that anti-age-
1,700 fellows and foreign members. network here. I didn’t know a wide ate within the rules set by the Charity when reputable scientists quickly set up a number of expert ing has become a multibillion dollar
Sir Venki, who is 68, started out in range of people. I certainly didn’t know Commission. “Though we cannot take groups to advise on aspects of the Cov- industry and I sense that there is some-
were very sceptical’
2015 with a slate of issues he wanted to anybody outside science.” sides in a political question, we can state id-19 response, such as data analysis. thing not quite right about it.”
Glimmer of shipping asylum seekers to distant among those who supported
islands. Remain. In reality, it was just 5 per
Legrain’s work is anything but: it cent.
hope in a bold
makes a solid rebuttal against the He is also quick to point to
polemics of anti-immigrant talking hypocrisy underlying the arguments
defence of heads with an unabashedly positive presented by many of the most
case for immigration grounded in facts, strident anti-immigrant voices who
and ends with practical advice for are themselves as little as a
immigration
resistance. generation removed from the
Legrain’s approach is to combine a experience (a topic deserving of its
hefty dose of statistics and studies with own book).
stories from and about immigrants and Legrain does not shy away from
their descendants. The focus on the the more emotive and deep-seated
specifics — whether drawing out aspects of the immigration debate,
national comparisons or zooming in on culture and integration, either.
Book review
individuals’ lives — makes for a While recognising that
welcome contrast to years of multiculturalism pushed to its limits
by Sid
propaganda featuring the nebulous risks societal fragmentation, he
Venkataramakrishnan alien “Other”. argues cogently against promoting
After a brief history of immigration, an idea of a singular national
Legrain launches into the economic identity in favour of overlapping
argument for it, providing evidence of categories.
dynamism and diversity which “Nearly all nations are mongrels”,
migrants (both temporary and he remarks — an accurate
permanent) offer host nations. By
contrast to the image of welfare
sponges and job-stealers, he shows that Those who voted to Leave
immigrants drive scientific innovation,
the EU thought the UK’s
support ageing populations and
develop new businesses, while on EU migrant population
Them and Us: How average paying more in taxes than they
was 20%. It was just 5%
Immigrants and Locals take out in benefits.
can Thrive Together The immigrants and their children
by Philippe Legrain that Legrain lists make compelling case
Oneworld Publications £16.99 studies, ranging from Arnold observation that feels almost
320 pages Schwarzenegger to the founders of incendiary in the current political
companies such as DeepMind, an AI climate.
specialist, WhatsApp and Huy Fong The final chapter of the book
Foods (creators of Sriracha sauce). But offers some advice for those in
below the household names, there is favour of immigration in the culture
also an emphasis on the multitude of wars to come. Chief among the
immigrants whose work contributes to pointers is the need to craft
society at a less visible but equally compelling narratives, rather than
important level in our day-to-day simply relying on facts.
interactions. Governments can also help make
Along the way, the book puts paid to the case, he says, with initiatives
several anti-immigration myths, such ranging from reforming labour
as the brain drain. Legrain can turn to markets, changing welfare rules and,
facts showing that those working importantly, ensuring that
The 2019 El Paso shooting, an act of abroad provide cash, professional immigration is seen to benefit
unabashed white nationalist terror networks and the spread of ideas to everyone.
that killed 23 people, marks the their home countries to undermine the For supporters of immigration
opening of Philippe Legrain’sThem argument and the “bogus moral (and progressive beliefs more
and Us. It is followed by a grim veneer” that comes with it. generally) the past five years have
recounting of other victims of far- Early on in the book, Legrain also been bruising.
right violence globally over the past addresses the concerning fact that in But Legrain offers some hope for
decade, and a reminder of the almost every country, the immigrant recovery.
normalisation of anti-immigrant share of the population is significantly “History does not progress in a
rhetoric by world leaders. overstated. straight line,” he notes. “Countries
A full-throated defence of open Those who voted Leave in the Brexit take wrong turns and go down blind
borders and freedom of movement referendum, for example, thought the alleyways.” That does not mean that
could easily feel too late at a time EU migrant population in the UK was the future of immigration is
when Home Office officials looked at 20 per cent, compared with 10 per cent inevitably bleak.
10 ★ FINANCIAL TIMES Monday 30 November 2020
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 $
-0.264% -0.15%
0.24% 0.92% 0.13% 0.07% 0.38% 0.40% 0.28% 0.41% 0.420% 0.150% 0.224% 1.18%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Oct 28 - - Index All World Oct 28 - Nov 27 Index All World Oct 28 - Nov 27 Index All World Oct 28 - Nov 27 Index All World Oct 28 - Nov 27 Index All World Oct 28 - Nov 27 Index All World
S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
13,335.68 26,644.71 2,633.45
3,638.35 17,396.56 6,367.58
3,310.11 15,670.70 5,581.75 11,598.07 23,485.80 2,326.67
Day 0.24% Month 7.30% Year 15.37% Day 0.26% Month 8.59% Year 1.73% Day 0.07% Month 11.26% Year -14.21% Day 0.37% Month 10.55% Year 0.37% Day 0.40% Month 13.41% Year 14.00% Day 0.29% Month 12.35% Year 24.14%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
1,518.10 8,190.70
12,205.85 41,674.30 26,894.68 2,855.82
11,004.87 38,001.31 1,323.92 6,411.80 24,586.60 2,450.68
Day 0.92% Month 6.78% Year 40.21% Day -1.74% Month 9.67% Year -3.16% Day 0.38% Month 11.25% Year -5.26% Day NaN% Month NaN% Year NaN% Day 0.28% Month 8.04% Year 0.04% Day -0.06% Month 13.41% Year -10.79%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
29,910.37 110,575.47 5,598.18 22,352.46 44,149.72
3,408.31
26,519.95 95,368.76 4,569.67 17,872.28 3,272.73 39,749.85
Day 0.13% Month 8.91% Year 6.20% Day 0.32% Month 11.01% Year 2.66% Day 0.56% Month 18.34% Year -5.55% Day 0.68% Month 19.82% Year -4.82% Day 1.14% Month 4.83% Year 17.24% Day -0.25% Month 9.97% Year 8.15%
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 55427.26 54465.67 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24270.63 24121.41 Philippines Manila Comp 6791.46 6927.75 Taiwan Weighted Pr 13867.09 13845.66 Cross-Border DJ Global Titans ($) 421.26 419.80
Australia All Ordinaries 6816.80 6848.80 Czech Republic PX 968.32 965.09 FTSE Italia Mid Cap 37168.43 37069.69 Poland Wig 53302.48 53187.31 Thailand Bangkok SET 1437.78 1433.56 Euro Stoxx 50 (Eur) 3527.79 3510.94
S&P/ASX 200 6601.10 6636.40 Denmark OMXC Copenahgen 20 1401.59 1383.41 FTSE MIB 22352.46 22201.44 Portugal PSI 20 4651.82 4607.25 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1103.08 1095.42
S&P/ASX 200 Res 4777.30 4809.10 Egypt EGX 30 10980.96 11068.44 Japan 2nd Section 6500.22 6428.08 PSI General 3454.87 3420.62 UAE Abu Dhabi General Index 4971.93 4989.12 FTSE 4Good Global ($) 8928.41 8889.59
Austria ATX 2598.96 2578.90 Estonia OMX Tallinn 1256.97 1243.26 Nikkei 225 26644.71 26537.31 Romania BET Index 9286.11 9252.68 UK FT 30 2439.40 2451.70 FTSE All World ($) 411.17 409.51
Belgium BEL 20 3719.36 3691.48 Finland OMX Helsinki General 10833.32 10704.57 S&P Topix 150 1504.58 1498.88 Russia Micex Index 3142.68 3138.62 FTSE 100 6367.58 6362.93 FTSE E300 1518.10 1512.37
BEL Mid 8221.08 8176.35 France CAC 40 5598.18 5566.79 Topix 1786.52 1778.25 RTX 1302.43 1307.14 FTSE 4Good UK 5968.16 5965.67 FTSE Eurotop 100 2859.65 2853.62
Brazil IBovespa 110575.47 110227.09 SBF 120 4428.16 4401.42 Jordan Amman SE 1565.32 1561.09 Saudi-Arabia TADAWUL All Share Index 8693.47 8688.76 FTSE All Share 3593.68 3589.04 FTSE Global 100 ($) 2372.89 2361.30
Canada S&P/TSX 60 1038.07 1035.96 Germany M-DAX 29374.63 29146.11 Kenya NSE 20 1781.09 1790.38 Singapore FTSE Straits Times 2855.82 2857.48 FTSE techMARK 100 5981.83 5905.28 FTSE Gold Min ($) 2266.27 2234.08
S&P/TSX Comp 17396.56 17351.34 TecDAX 3128.52 3085.48 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 341.83 344.40 USA DJ Composite 9997.83 10016.17 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 604.16 597.95 XETRA Dax 13335.68 13286.57 Latvia OMX Riga 1117.66 1119.59 Slovenia SBI TOP - - DJ Industrial 29910.37 29872.47 FTSE Multinationals ($) 2576.90 2575.34
Chile S&P/CLX IGPA Gen 20593.35 20605.57 Greece Athens Gen 736.60 726.92 Lithuania OMX Vilnius 769.63 773.40 South Africa FTSE/JSE All Share 57822.50 57923.69 DJ Transport 12561.43 12621.42 FTSE World ($) 729.49 726.48
China FTSE A200 13228.28 13051.81 FTSE/ASE 20 1753.75 1725.52 Luxembourg LuxX 1255.22 1265.52 FTSE/JSE Res 20 52804.55 52790.93 DJ Utilities 873.18 880.98 FTSEurofirst 100 (Eur) 3895.23 3883.03
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26894.68 26819.45 Malaysia FTSE Bursa KLCI 1607.59 1612.11 FTSE/JSE Top 40 53021.58 53084.13 Nasdaq 100 12258.21 12152.22 FTSEurofirst 80 (Eur) 4832.56 4801.38
Shanghai A 3572.44 3531.91 HS China Enterprise 10790.30 10701.49 Mexico IPC 41674.30 42412.47 South Korea Kospi 2633.45 2625.91 Nasdaq Cmp 12205.85 12094.40 MSCI ACWI Fr ($) 621.32 620.49
Shanghai B 244.68 245.99 HSCC Red Chip 3882.81 3866.33 Morocco MASI 11032.39 11105.48 Kospi 200 352.73 352.12 NYSE Comp 14198.50 14191.58 MSCI All World ($) 2590.15 2589.67
Shanghai Comp 3408.31 3369.73 Hungary Bux 39308.90 39023.56 Netherlands AEX 611.67 607.39 Spain IBEX 35 8190.70 8104.60 S&P 500 3638.35 3629.65 MSCI Europe (Eur) 1587.16 1588.70
Shenzhen A 2357.88 2349.92 India BSE Sensex 44149.72 44259.74 AEX All Share 888.09 882.05 Sri Lanka CSE All Share 6180.86 6148.12 Wilshire 5000 38057.37 37910.78 MSCI Pacific ($) 3012.22 3001.96
Shenzhen B 1025.42 1009.04 Nifty 500 10719.05 10674.05 New Zealand NZX 50 12639.83 12602.02 Sweden OMX Stockholm 30 1937.09 1931.97 Venezuela IBC 891463.60 800859.90 S&P Euro (Eur) 1636.01 1625.07
Colombia COLCAP 1263.04 1263.65 Indonesia Jakarta Comp 5783.34 5759.92 Nigeria SE All Share 34803.00 34769.00 OMX Stockholm AS 762.42 757.97 Vietnam VNI 1010.22 1005.97 S&P Europe 350 (Eur) 1564.98 1561.24
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7224.70 7218.47 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10501.18 10497.79 S&P Global 1200 ($) 2875.20 2865.93
Israel Tel Aviv 125 1538.52 1519.67 Pakistan KSE 100 40807.09 41031.03 Stoxx 50 (Eur) 3090.22 3083.48
(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.
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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 76.4 3195.34 10.27 Unilever 5966.1 4586.00 4.00 Asml Holding 348.7 366.35 8.90 Ntt Docomo,. 2761.1 3873.00 -1.00 Glencore 213.55 9.5 -11.4 Cineworld 58.70 27.4 -73.3 Mccoll's Retail 30.65 43.9 -19.3 Oil & Gas Producers 4662.28 8.1 -
Apple 53.9 116.59 0.56 Astrazeneca 538.8 7770.00 22.00 Repsol 333.5 8.49 0.05 Softbank . 1559.6 7250.00 161.00 Antofagasta 1237.00 9.0 30.9 Carnival 1413.00 21.5 -61.3 Pharos Energy 16.60 21.0 -69.1 Oil Equipment & Services 5473.91 8.0 -
Microsoft 31.2 215.23 1.36 Hsbc Holdings 409.6 404.85 7.00 Sap Se O.n. 303.6 100.14 0.60 Sony 683.3 9812.00 58.00 Royal Dutch Shell 1304.00 9.0 -42.3 Tui Ag 518.00 18.7 -47.7 Kkv Secured Loan Fund 41.90 20.6 -50.9 Travel & Leisure 8024.36 6.1 -
Nvidia 22.1 530.45 1.06 British American Tobacco 338.5 2677.00 4.00 Unilever 300.1 50.96 -0.06 Toyota Motor 540.7 7252.00 -49.00 Rolls-royce Holdings 107.65 8.3 -53.9 Easyjet 838.80 14.5 -41.3 Menzies(john) 191.60 17.7 -59.2 Mining 19770.13 4.9 4.0
Facebook 21.7 277.81 2.22 Diageo 311.5 2933.00 4.50 Lvmh 290.8 496.00 0.25 Mitsubishi Ufj Fin,. 460.5 463.30 -8.00 Royal Dutch Shell 1339.40 7.6 -40.6 Micro Focus Int 368.00 11.9 -66.9 Xaar 169.00 17.0 222.5 Banks 2567.76 4.6 -
Boeing 21.6 216.50 -1.11 Glaxosmithkline 291.7 1383.60 -6.40 Total 283.6 37.70 0.34 Fast Retailing Co., 429.1 84130.00 540.00 Flutter Entertainment 13705.00 7.6 47.5 Ssp 340.00 11.5 -48.6 Kkv Secured Loan Fund 20.50 15.7 -75.1 Industrial Metals 3961.54 4.3 4.8
Advanced Micro Devices 19.8 87.19 0.48 Bp 282.9 262.90 -0.60 Volkswagen Ag Vzo O.n. 254.8 145.92 -2.68 Nippon Telegraph And Telephone [phone] Bp 262.90 7.6 -45.3 Wood (john) 296.60 10.8 -23.4 Tullow Oil 28.98 14.2 -51.4 Food Producers 6664.95 2.1 -
Salesforce.com 18.2 247.63 0.81 Flutter Entertainment 274.9 13705.00 -140.00 Intesa Sanpaolo 238.2 1.94 0.02 M3,. 323.7 9156.00 229.00 Associated British Foods 2126.00 7.4 -17.6 Babcock Int 356.40 10.3 -43.5 Goco 119.40 13.3 14.8 Personal Goods 38650.18 2.0 0.2
Alphabet 15.8 1793.19 21.76 Rio Tinto 261.3 4922.50 21.00 Allianz Se Na O.n. 210.6 198.14 -0.92 Takeda Pharmaceutical 315.2 3732.00 51.00 Schroders 3234.00 7.2 -4.6 Vesuvius 503.50 9.5 -1.4 Superdry 267.20 13.2 -47.3 Mobile Telecommunications 2854.51 1.6 -
Netflix 13.8 491.36 6.36 Royal Dutch Shell 248.6 1304.00 5.20 Basf Se Na O.n. 210.1 60.92 0.85 Tokyo Electron 308.9 35210.00 210.00 Gvc Holdings 1042.50 6.9 13.4 Pershing Square Holdings Ltd 2440.00 8.7 64.6 Elementis 120.00 13.0 -35.0 Electricity 8146.24 1.5 -3.1
Hsbc Holdings 404.85 6.3 -32.0 Udg Healthcare 804.50 8.4 -0.2 Lamprell 40.00 12.7 0.0 Automobiles & Parts 3734.08 1.5 -
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Intercontinental Hotels 4773.00 6.2 -8.6 Drax 343.40 8.1 10.0 Premier Oil 21.70 12.1 -78.2 Construction & Materials 6749.86 1.1 -4.3
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Carnival 21.58 0.93 4.50 Pets At Home 423.80 25.40 6.38 Edf 12.99 1.29 11.03 Tokyo Tatemono Co., 1507.00 94.00 6.65 Aveva 3375.00 -21.1 -10.8 Indivior 99.75 -23.9 152.5 Indivior 99.75 -23.9 152.5 Real Estate & Investment Servic 2521.67 -6.3 -
Illumina 317.03 13.05 4.29 Cineworld 58.70 3.50 6.34 Bbva 3.96 0.19 4.99 Toho Z Co., 2090.00 90.00 4.50 Experian 2585.00 -11.0 1.4 Future 1680.00 -15.8 14.9 Reach 140.00 -15.2 5.6 Electronic & Electrical Equip. 9245.97 -4.9 5.9
Tractor Supply 139.37 5.47 4.09 Carnival 1413.00 76.00 5.68 Alstom 45.19 1.77 4.08 Nippon Light Metal Holdings , 1877.00 75.00 4.16 Jd Sports Fashion 733.20 -11.0 -11.8 Virgin Money Uk 126.90 -12.7 -33.5 Mj Gleeson 644.00 -11.3 -34.6 Support Services 9365.24 -4.4 -1.4
Vertex Pharmaceuticals 226.71 8.61 3.95 Avon Rubber 4490.00 230.00 5.40 Akzo Nobel 89.64 3.34 3.87 Fujitsu 14420.00 555.00 4.00 Intertek 5502.00 -10.4 -5.5 Diploma 2058.00 -10.8 0.8 Ao World 359.50 -10.2 319.0 Tobacco 28079.19 -4.1 -
Synopsys 225.42 8.40 3.87 Renishaw 5590.00 270.00 5.08 Infineon Tech.ag Na O.n. 29.60 1.00 3.50 Credit Saison Co., 1247.00 47.00 3.92 Homeserve 1053.00 -9.8 -17.9 Ao World 359.50 -10.2 319.0 Regional Reit 75.00 -9.0 -33.7 General Retailers 2395.43 -4.1 -4.9
Spirax-sarco Eng 10850.00 -7.7 20.0 Marshalls 705.00 -9.3 -19.5 Mckay Securities 192.00 -8.6 -31.1 Gas Water & Multiutilities 4820.86 -4.1 -
Downs Downs Downs Downs
Halma 2220.00 -6.8 3.1 Brewin Dolphin Holdings 270.00 -8.5 -28.0 Go-ahead 821.00 -7.4 -62.8 Pharmaceuticals & Biotech. 16451.78 -4.0 -7.6
Coty 6.89 -0.37 -5.10 Indivior 99.75 -24.65 -19.82 B. Sabadell 0.35 -0.05 -13.58 Tokyo Gas Co., 2458.50 -66.50 -2.63
Astrazeneca 7770.00 -6.6 1.4 Grainger 280.60 -8.3 -10.6 Chesnara 271.00 -7.2 -13.3 Chemicals 12419.83 -3.9 -6.9
Diamondback Energy 43.52 -1.87 -4.12 Energean 697.00 -32.30 -4.43 Klepierre 19.38 -0.46 -2.29 Fukuoka Fin,. 1960.00 -50.00 -2.49
Smiths 1467.50 -6.5 -15.0 Iwg 326.80 -8.1 -25.7 Pphe Hotel 1255.00 -7.0 -34.6 Household Goods 17199.69 -3.7 -4.4
Zions Ban Na 39.46 -1.49 -3.64 Henderson Smaller Companies Investment Trust 937.00 -38.00 -3.90 Swatch N 41.09 -0.80 -1.90 Osaka Gas Co., 2091.00 -51.00 -2.38
Persimmon 2696.00 -6.5 -1.2 Unite 988.50 -7.9 -21.4 Cmc Markets 374.00 -7.0 153.4 Industrial Engineering 13992.67 -3.4 3.3
Hess 50.77 -1.81 -3.44 Hochschild Mining 212.80 -8.00 -3.62 Volkswagen Ag Vzo O.n. 145.92 -2.68 -1.80 Thb Japan Steel Works, 2663.00 -62.00 -2.28
National Grid 873.80 -6.0 -8.1 Cmc Markets 374.00 -7.0 153.4 Standard Life Investments Property ome Trust Ld 55.20 -6.6 -39.9 Real Estate Investment Trusts 2640.47 -2.6 -
Comerica 51.49 -1.81 -3.40 Cmc Markets 374.00 -13.00 -3.36 Saipem 2.08 -0.04 -1.80 Casio Computer Co., 1978.00 -42.00 -2.08
St. James's Place 1019.50 -6.0 -13.5 Cranswick 3404.00 -6.9 -1.6 Bmo Private Equity Trust 296.00 -6.2 -21.4 Life Insurance 6767.89 -2.5 -16.0
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
Nov 27 Currency Mid Change Mid Change Mid Change Nov 27 Currency Mid Change Mid Change Mid Change Nov 27 Currency Mid Change Mid Change Mid Change Nov 27 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 81.0398 0.1552 96.8298 0.5604 108.1482 0.3337 Indonesia Indonesian Rupiah 14090.0000 -10.0000 16835.3569 53.426418803.2484 8.7289 Poland Polish Zloty 3.7530 -0.0065 4.4842 0.0097 5.0084 -0.0027 ..Three Month 0.7494 -0.0009 0.8952 0.0024 - -
Australia Australian Dollar 1.3517 -0.0067 1.6151 -0.0017 1.8039 -0.0068 Israel Israeli Shekel 3.3155 -0.0068 3.9615 0.0073 4.4246 -0.0039 Romania Romanian Leu 4.0790 -0.0157 4.8737 0.0002 5.4434 -0.0145 ..One Year 0.7496 -0.0009 0.8948 0.0024 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4505 0.0017 0.5032 0.0006 Japan Japanese Yen 104.0050 -0.2750 124.2697 0.1549 138.7955 -0.2038 Russia Russian Ruble 76.0650 0.4163 90.8857 0.8481 101.5093 0.6739 United States United States Dollar - - 1.1948 0.0046 1.3345 0.0016
Bolivia Bolivian Boliviano 6.9100 - 8.2564 0.0320 9.2214 0.0108 ..One Month 104.0049 -0.2751 124.2697 0.1549 138.7954 -0.2038 Saudi Arabia Saudi Riyal 3.7505 - 4.4813 0.0174 5.0051 0.0059 ..One Month - - 1.1947 -0.1381 1.3346 0.0016
Brazil Brazilian Real 5.3278 0.0126 6.3659 0.0396 7.1100 0.0251 ..Three Month 104.0048 -0.2753 124.2698 0.1551 138.7954 -0.2039 Singapore Singapore Dollar 1.3379 -0.0008 1.5985 0.0053 1.7854 0.0011 ..Three Month - - 1.1946 -0.1381 1.3346 0.0016
Canada Canadian Dollar 1.2976 -0.0043 1.5504 0.0010 1.7316 -0.0036 ..One Year 104.0044 -0.2761 124.2700 0.1557 138.7954 -0.2042 South Africa South African Rand 15.2682 0.0575 18.2430 0.1392 20.3755 0.1005 ..One Year - - 1.1938 -0.1381 1.3348 0.0016
Chile Chilean Peso 766.4200 -0.3800 915.7517 3.1009 1022.7935 0.6932 Kenya Kenyan Shilling 110.0500 -0.0100 131.4925 0.4983 146.8626 0.1589 South Korea South Korean Won 1103.3500 -0.9500 1318.3302 3.9846 1472.4292 0.4608 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5825 0.0103 7.8651 0.0428 8.7844 0.0240 Kuwait Kuwaiti Dinar 0.3055 -0.0003 0.3650 0.0011 0.4077 0.0001 Sweden Swedish Krona 8.4967 -0.0374 10.1522 -0.0051 11.3388 -0.0366 Vietnam Vietnamese Dong 23161.5000 -3.5000 27674.3832 103.235930909.2258 31.5908
Colombia Colombian Peso 3611.6700 -5.5300 4315.3801 10.1625 4819.8021 -1.7173 Malaysia Malaysian Ringgit 4.0690 0.0015 4.8618 0.0206 5.4301 0.0084 Switzerland Swiss Franc 0.9048 -0.0023 1.0811 0.0015 1.2075 -0.0016 European Union Euro 0.8369 -0.0033 - - 1.1169 -0.0030
Costa Rica Costa Rican Colon 605.4450 3.6800 723.4118 7.1868 807.9711 5.8529 Mexico Mexican Peso 20.0820 0.0470 23.9948 0.1490 26.7996 0.0941 Taiwan New Taiwan Dollar 28.5005 -0.0050 34.0536 0.1262 38.0341 0.0379 ..One Month 0.8368 -0.0033 - - 1.1168 -0.0030
Czech Republic Czech Koruna 21.9107 -0.0608 26.1798 0.0292 29.2400 -0.0467 New Zealand New Zealand Dollar 1.4213 -0.0071 1.6982 -0.0019 1.8967 -0.0073 Thailand Thai Baht 30.3000 0.0175 36.2037 0.1613 40.4356 0.0708 ..Three Month 0.8366 -0.0033 - - 1.1168 -0.0030
Denmark Danish Krone 6.2277 -0.0257 7.4412 -0.0017 8.3110 -0.0244 Nigeria Nigerian Naira 386.4300 - 461.7232 1.7915 515.6938 0.6049 Tunisia Tunisian Dinar 2.7268 -0.0083 3.2581 0.0028 3.6389 -0.0068 ..One Year 0.8359 -0.0033 - - 1.1163 -0.0030
Egypt Egyptian Pound 15.6393 0.0208 18.6865 0.0973 20.8708 0.0523 Norway Norwegian Krone 8.8250 -0.0521 10.5444 -0.0211 11.7770 -0.0556 Turkey Turkish Lira 7.8265 -0.0685 9.3514 -0.0452 10.4445 -0.0791
Hong Kong Hong Kong Dollar 7.7508 -0.0001 9.2609 0.0359 10.3434 0.0121 Pakistan Pakistani Rupee 159.3500 0.1750 190.3982 0.9470 212.6538 0.4827 United Arab Emirates UAE Dirham 3.6732 - 4.3888 0.0170 4.9018 0.0057
Hungary Hungarian Forint 302.4062 -0.6521 361.3280 0.6258 403.5634 -0.3958 Peru Peruvian Nuevo Sol 3.6055 -0.0015 4.3080 0.0149 4.8116 0.0036 United Kingdom Pound Sterling 0.7493 -0.0009 0.8953 0.0024 - -
India Indian Rupee 74.0563 0.1712 88.4856 0.5472 98.8286 0.3442 Philippines Philippine Peso 48.0800 -0.0150 57.4481 0.2050 64.1631 0.0553 ..One Month 0.7494 -0.0008 0.8953 0.0024 - -
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 Nov 27 Nov 26 Nov 25 Nov 24 Nov 23 Yr Ago High Low Year to date percentage changes ClosingWeek's ClosingWeek's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2439.40 2451.70 2479.90 2500.00 2453.40 0.00 3314.70 1337.80 Leisure Goods 46.40 Forestry & Paper -4.68 FTSE 100 Index -15.58 FTSE 100 PriceChange FTSE 100 PriceChange
Nov 27 chge% Index Nov 26 Nov 25 agoyield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 14.41 Industrials -5.25 Life Insurance -16.18 3I Group PLC 1076 -40.00 Kingfisher PLC 270.90 -12.10
FTSE 100 (100) 6367.58 0.07 5532.14 6362.93 6391.09 7416.43 3.85 1.54 16.87 197.02 6075.26 P/E Ratio net - - - - - 0.00 19.44 14.26 Equity Invest Instr 9.12 General Retailers -5.64 Media -16.24 Admiral Group PLC 2847 -84.00 Land Securities Group PLC 665.10 -11.70
FTSE 250 (250) 19462.71 0.34 16909.14 19396.34 19569.39 21023.55 2.84 1.23 28.53 323.29 15430.60 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Electronic & Elec Eq 7.00 Pharmace & Biotech -7.36 Food Producers -16.24 Anglo American PLC 2265.5 121.50 Legal & General Group PLC 256.30 -3.50
FTSE 250 ex Inv Co (181) 19854.97 0.21 17249.94 19813.61 20049.93 22312.44 3.01 1.29 25.86 288.49 16057.26 FT 30 hourly changes Industrial Metals & 4.84 Consumer Goods -8.88 Financials -16.25 Antofagasta PLC 1237 102.00 Lloyds Banking Group PLC 37.30 1.48
FTSE 350 (350) 3620.72 0.12 3145.67 3616.32 3635.25 4161.67 3.67 1.50 18.22 102.67 6885.12 8 9 10 11 12 13 14 15 16 High Low Mining 4.10 Utilities -8.93 Real Est Invest & Se -16.93 Ashtead Group PLC 3150 -31.00 London Stock Exchange Group PLC 7920-214.00
FTSE 350 ex Investment Trusts (280) 3528.06 0.07 3065.17 3525.42 3545.41 4110.30 3.76 1.41 18.83 101.74 3462.07 2451.7 2426.5 2423.3 2164.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Basic Materials 3.05 Health Care -9.08 Tobacco -18.58 Associated British Foods PLC 2126 146.00 M&G PLC 193.45 -1.25
FTSE 350 Higher Yield (145) 2840.17 0.05 2467.54 2838.66 2863.36 3582.14 5.35 1.37 13.62 113.44 5931.56 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Eng 2.78 Beverages -9.30 Telecommunications -20.83 Astrazeneca PLC 7770-547.00 Melrose Industries PLC 159.30 0.70
FTSE 350 Lower Yield (205) 4192.19 0.19 3642.16 4184.18 4191.17 4413.60 1.95 1.85 27.85 73.69 4958.92 Personal Goods 1.02 Gas Water & Multi -10.68 Real Est Invest & Tr -21.74 Auto Trader Group PLC 548.20 -6.40 Mondi PLC 1689.5 17.50
FTSE SmallCap (257) 5912.50 0.35 5136.76 5892.02 5922.42 5621.21 3.50 -1.24 -23.08 121.59 9383.50 FX: EFFECTIVE INDICES Food & Drug Retailer 0.75 FTSE 250 Index -11.06 Travel & Leisure -22.18 Avast PLC 498.40 24.40 Morrison (Wm) Supermarkets PLC 183.60 -2.85
FTSE SmallCap ex Inv Co (142) 4633.10 -0.21 4025.22 4642.84 4674.87 4541.12 3.80 -1.00 -26.38 68.77 7688.77 Nonlife Insurance 0.25 Industrial Transport -11.28 Health Care Eq & Srv -22.51 Aveva Group PLC 3375-900.00 National Grid PLC 873.80 -56.20
FFTTSSEE AAllll--SShhaarree (e6x0 I7n)v Co (422) 33456963..3698 00..0173 33011212..5198 33456839..9094 33468037..7811 44012054..6514 33..7666 11..3471 1199..4470 19080..9877 36495043..7263 Nov 26 Nov 25Mnth Ago Nov 27 Nov 26Mnth Ago FSTuSpEp oSrmt SaellrCvaicpe Isndex --01..6847 TFiencahnncoialol gSyervices --1122..4911 AAeurtoosmpoabciele &s &D ePfaerntsse --2361..2713 AB&viMva EPuLrCopean Value Retail S.A. 437254..0100 -226..6100 NNaetxwt PeLsCt Group PLC 16605.6158-1444..9050
FTSE All-Share ex Multinationals (538)1141.97 0.12 822.30 1140.61 1147.08 1236.20 3.13 1.22 26.21 21.98 2282.02 Australia - - - Sweden - - - Chemicals -2.93 NON FINANCIALS Index -13.66 Banks -32.19 Bae Systems PLC 504.20 -16.80 Ocado Group PLC 2218 -84.00
FTSE Fledgling (91) 9892.09 0.51 8594.22 9841.86 9818.44 9523.15 2.78 0.0097722.7 199.41 20318.30 Canada - - - Switzerland - - - Electricity -3.10 Consumer Services -13.73 Fixed Line Telecomms -34.60 Barclays PLC 139.50 1.74 Pearson PLC 650.00 15.00
3 Denmark - - - UK 78.62 78.94 77.54 Household Goods & Ho -4.30 Software & Comp Serv -14.33 Oil Equipment & Serv -37.81 Barratt Developments PLC 629.00 -19.80 Pennon Group PLC 963.80 -57.20
FTSE Fledgling ex Inv Co (43) 12025.08 1.42 10447.36 11856.21 11810.78 11250.59 3.08 3.74 8.68 163.45 24131.48 Japan - - - USA - - - Construct & Material -4.34 FTSE All{HY-}Share Index -14.36 Oil & Gas -42.07 Berkeley Group Holdings (The) PLC 4685-102.00 Persimmon PLC 2696-186.00
FTSE All-Small (348) 4098.91 0.36 3561.12 4084.35 4103.76 3899.87 3.46 -1.19 -24.40 84.26 8345.68 New Zealand - - - Euro - - - Mobile Telecomms -14.52 Oil & Gas Producers -42.13 Bhp Group PLC 1737.8 92.20 Phoenix Group Holdings PLC 786.20 5.20
FTSE All-Small ex Inv Co (185) 3465.10 -0.15 3010.47 3470.20 3492.70 3388.33 3.77 -0.85 -31.34 51.23 7284.09 Norway - - - BP PLC 262.90 18.50 Polymetal International PLC 1587 -95.50
FTSE AIM All-Share (713) 1039.01 0.09 902.69 1038.03 1031.76 923.81 0.98 0.29 351.26 6.93 1192.53 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2677-103.00 Prudential PLC 1212 -65.00
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 470.10 -4.50 Reckitt Benckiser Group PLC 6516-190.00
OOiill && G Gaass P (r1o2d)ucers (9) 44863884..9330 --00..0042 44200649..0751 44864805..6197 44878236..5037 88414839..7244 66..3499 11..1199 1132..1919 330083..8862 55444634..6246 FTSE GLOBAL EQUITY INDEX SERIES BBtu nGzrlo PuLpC PLC 12213.3106-11-11..0000 RReelnxt oPkLiCl Initial PLC 49107.4820 --4209..5000
Oil Equipment Services & Distribution (3)5392.18 -1.11 4684.71 5452.49 5539.78 8347.60 0.21 17.16 27.89 11.22 4648.39 Burberry Group PLC 1721.5 84.00 Rightmove PLC 624.00 -15.80
Basic Materials (22) 6541.70 0.43 5683.41 6513.94 6563.34 6163.76 3.83 2.71 9.62 251.00 7858.34 Nov 27 No of US $ Day Mth YTD Total YTD Gr Div Nov 27 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2183 -54.00 Rio Tinto PLC 4922.5 149.50
Chemicals (7) 13775.30 0.59 11967.94 13694.18 13769.19 13706.58 1.69 2.24 26.45 222.25 13242.98 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1418 81.00 Rolls-Royce Holdings PLC 107.65 8.21
Forestry & Paper (1) 20753.82 1.08 18030.85 20532.70 20465.14 20852.09 2.60 3.27 11.77 540.55 25282.00 FTSE Global All Cap 9017 697.98 0.1 8.8 9.7 1074.24 11.8 1.9 Oil Equipment & Services 24 194.50 0.0 0.0 -27.4 328.07 -23.5 5.6 Crh PLC 3043 54.00 Royal Dutch Shell PLC 1304 107.20
Industrial Metals & Mining (2) 4267.21 0.21 3707.34 4258.42 4287.46 3737.12 10.50 1.60 5.95 453.68 5740.70 FTSE Global All Cap 9017 697.98 0.1 8.8 9.7 1074.24 11.8 1.9 Basic Materials 356 570.57 0.4 0.4 11.0 967.44 14.3 2.8 Croda International PLC 5950-330.00 Royal Dutch Shell PLC 1339.4 94.60
Mining (12) 18925.04 0.38 16442.02 18853.64 19011.76 17693.30 4.00 2.77 9.02 759.08 12004.66 FTSE Global Large Cap 1741 626.51 0.2 8.1 10.4 993.13 12.7 2.0 Chemicals 163 838.71 0.4 0.4 11.8 1407.53 14.7 2.4 Dcc PLC 5686 128.00 Rsa Insurance Group PLC 674.40 -3.00
Industrials (101) 5679.48 -0.12 4934.31 5686.56 5745.60 5893.82 2.04 0.69 71.43 80.08 6315.83 FTSE Global Mid Cap 2234 880.18 0.1 10.1 6.1 1274.19 8.0 2.0 Forestry & Paper 21 291.88 1.0 1.0 5.0 554.56 8.2 2.5 Diageo PLC 2933 -19.00 Sage Group PLC 609.80 21.00
Construction & Materials (14) 7065.48 -0.95 6138.47 7133.15 7300.25 7122.62 2.19 0.11 416.69 131.95 8162.78 FTSE Global Small Cap 5042 944.28 0.1 11.7 9.2 1314.54 10.9 1.7 Industrial Metals & Mining 93 417.56 0.8 0.8 10.4 714.75 14.0 3.3 Evraz PLC 392.20 14.30 Sainsbury (J) PLC 216.50 -2.30
Aerospace & Defense (9) 3847.63 -0.31 3342.81 3859.64 3911.99 5258.20 3.10 -1.94 -16.63 99.51 4490.00 FTSE All-World 3975 409.51 0.1 8.5 9.7 667.01 11.9 2.0 Mining 79 803.02 0.2 0.2 10.2 1392.52 14.0 3.2 Experian PLC 2585-321.00 Schroders PLC 3234 216.00
General Industrials (8) 4988.00 0.23 4333.56 4976.48 4988.80 5024.46 2.63 0.63 60.75 71.59 6239.03 FTSE World 2565 726.48 0.1 8.7 9.4 1588.16 11.5 2.0 Industrials 746 509.26 0.1 0.1 13.4 783.77 15.4 1.6 Ferguson PLC 8324 190.00 Scottish Mortgage Investment Trust PLC 1109 49.00
Electronic & Electrical Equipment (10)10947.20 1.83 9510.90 10750.89 10875.46 10203.15 1.07 2.15 43.64 79.53 10498.33 FTSE Global All Cap ex UNITED KINGDOM In 8727 738.34 0.2 8.7 11.0 1115.90 13.1 1.9 Construction & Materials 147 607.38 -0.1 -0.1 9.5 981.61 11.7 1.8 Flutter Entertainment PLC 13705 965.00 Segro PLC 901.40 -8.40
Industrial Engineering (12) 15154.45 -0.07 13166.14 15165.28 15317.76 14360.89 2.10 1.58 30.00 162.54 19793.52 FTSE Global All Cap ex USA 7270 539.68 0.3 10.3 4.0 906.52 6.6 2.5 Aerospace & Defense 36 739.08 -0.4 -0.4 -17.4 1119.80 -16.2 2.0 Fresnillo PLC 1112 -22.00 Severn Trent PLC 2388 -75.00
Industrial Transportation (6) 3490.07 0.06 3032.16 3488.01 3474.94 3828.14 4.24 0.67 35.29 12.73 3545.26 FTSE Global All Cap ex JAPAN 7621 719.61 0.1 8.7 9.8 1117.88 11.9 1.9 General Industrials 70 244.88 -0.2 -0.2 7.4 413.42 10.1 2.3 Glaxosmithkline PLC 1383.6 -10.00 Smith & Nephew PLC 1452.5 -10.50
Support Services (42) 8947.31 -0.25 7773.39 8969.52 9048.64 8959.22 1.51 2.17 30.60 102.58 9944.60 FTSE Global All Cap ex Eurozone 8376 735.12 0.2 8.4 10.4 1108.06 12.6 1.9 Electronic & Electrical Equipment 140 628.97 1.1 1.1 23.6 878.62 25.5 1.4 Glencore PLC 213.55 18.49 Smith (Ds) PLC 337.50 12.40
Consumer Goods (42) 18348.11 -0.11 15940.78 18367.98 18405.11 19718.02 4.45 1.59 14.11 630.15 15538.91 FTSE Developed 2137 665.52 0.0 8.5 9.9 1032.70 12.0 1.9 Industrial Engineering 148 995.92 0.1 0.1 20.1 1524.78 22.3 1.5 Gvc Holdings PLC 1042.5 67.70 Smiths Group PLC 1467.5-101.50
Automobiles & Parts (2) 3753.22 2.28 3260.79 3669.48 3729.35 5269.14 0.59 1.78 94.63 0.00 3840.36 FTSE Developed All Cap 5623 696.23 0.1 8.9 9.8 1065.15 11.9 1.9 Industrial Transportation 122 912.69 0.0 0.0 20.5 1412.67 22.5 1.7 Halma PLC 2220-161.00 Smurfit Kappa Group PLC 3214 38.00
Beverages (6) 23028.41 0.07 20007.01 23012.67 23115.03 25393.50 2.48 1.60 25.29 528.83 17680.88 FTSE Developed Large Cap 834 623.36 0.1 8.2 10.6 984.46 12.8 1.9 Support Services 83 617.98 0.0 0.0 22.5 897.27 24.0 1.1 Hargreaves Lansdown PLC 1433.5 -57.50 Spirax-Sarco Engineering PLC 10850-905.00
Food Producers (10) 6763.03 -0.62 5875.70 6805.36 6857.78 7855.23 2.59 1.87 20.63 94.77 6283.84 FTSE Developed Europe Large Cap 227 376.76 -0.1 10.8 -1.9 703.69 0.7 2.7 Consumer Goods 533 580.19 0.0 0.0 13.7 935.03 16.1 2.1 Hikma Pharmaceuticals PLC 2632 -14.00 Sse PLC 1380 13.50
Household Goods & Home Construction (14)14408.71 -0.59 12518.24 14494.65 14497.41 14467.39 4.05 1.44 17.14 324.68 11611.18 FTSE Developed Europe Mid Cap 344 656.79 -0.1 11.8 3.9 1073.30 5.9 2.3 Automobiles & Parts 128 558.52 -0.5 -0.5 46.7 877.68 49.5 1.6 Homeserve PLC 1053-115.00 St. James's Place PLC 1019.5 -64.50
Leisure Goods (2) 24347.40 2.21 21152.95 23821.87 23429.46 15869.07 2.24 0.99 45.19 303.75 25447.35 FTSE Dev Europe Small Cap 692 892.76 -0.4 13.0 -0.6 1405.32 1.2 2.0 Beverages 67 708.68 0.0 0.0 0.1 1150.08 2.0 2.4 HSBC Holdings PLC 404.85 23.95 Standard Chartered PLC 463.70 21.80
Personal Goods (6) 33466.45 0.10 29075.55 33434.21 33257.64 34241.57 3.12 2.85 11.26 917.13 25067.64 FTSE North America Large Cap 224 800.22 0.0 6.5 14.8 1166.55 16.8 1.6 Food Producers 132 694.54 0.4 0.4 1.8 1142.94 4.2 2.4 Imperial Brands PLC 1413 -84.50 Standard Life Aberdeen PLC 271.00 1.70
Tobacco (2) 28079.24 0.03 24395.16 28069.67 28257.47 32562.40 8.44 1.29 9.18 1936.14 22709.42 FTSE North America Mid Cap 411 1024.32 0.0 9.8 8.3 1376.61 9.9 1.8 Household Goods & Home Construction 62 571.08 0.0 0.0 12.7 916.04 15.3 2.2 Informa PLC 540.20 -29.60 Taylor Wimpey PLC 157.20 -9.80
Health Care (15) 11703.59 0.19 10168.04 11680.85 11682.78 12717.64 3.60 1.12 24.80 419.30 10186.26 FTSE North America Small Cap 1292 1073.47 0.0 12.8 12.5 1392.28 13.9 1.4 Leisure Goods 43 302.32 0.8 0.8 24.8 416.82 26.3 1.1 Intercontinental Hotels Group PLC 4773 279.00 Tesco PLC 227.80 -4.90
Health Care Equipment & Services (6)6549.03 2.03 5689.77 6419.00 6376.67 8398.41 2.06 0.96 50.57 120.44 6034.58 FTSE North America 635 521.89 0.0 7.2 13.7 777.35 15.7 1.6 Personal Goods 88 1013.34 0.2 0.2 12.4 1508.98 14.0 1.4 Intermediate Capital Group PLC 1661 -28.00 Unilever PLC 4586 130.00
Pharmaceuticals & Biotechnology (9)16393.56 0.00 14242.68 16393.20 16407.55 17470.27 3.76 1.13 23.51 617.91 12820.01 FTSE Developed ex North America 1502 280.38 0.1 11.3 3.1 507.31 5.6 2.5 Tobacco 13 870.69 -0.3 -0.3 -12.6 2177.16 -7.7 7.1 International Consolidated Airlines Group S.A. 160.85 3.00 United Utilities Group PLC 899.20 -19.20
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Travel & Leisure (35) 7873.86 0.41 6840.78 7841.78 7816.69 9834.34 2.62 0.37 104.29 82.90 8080.93 FTSE Asia Pacific Mid Cap ex Japan 900 967.53 0.6 9.7 11.7 1604.40 14.2 2.7 General Retailers 145 1268.95 0.2 0.2 40.2 1707.47 41.1 0.6
Telecommunications (6) 1799.77 -0.58 1563.63 1810.18 1808.82 2341.08 7.49 0.58 22.87 44.59 2435.30 FTSE Asia Pacific Small Cap ex Japan 1884 610.87 0.8 7.8 12.5 990.79 15.0 2.5 Media 87 433.23 0.0 0.0 12.8 610.56 13.8 1.1 UK STOCK MARKET TRADING DATA
Fixed Line Telecommunications (3) 1546.04 -0.58 1343.20 1554.99 1593.27 2354.79 11.50 1.04 8.34 5.68 1696.45 FTSE Asia Pacific Ex Japan 1836 653.01 0.7 8.9 14.9 1199.19 17.6 2.2 Travel & Leisure 140 483.45 -0.1 -0.1 -6.7 691.89 -5.5 1.7
Mobile Telecommunications (3) 2850.19 -0.58 2476.23 2866.68 2839.43 3482.82 6.10 0.29 57.43 91.62 3476.32 FTSE Emerging All Cap 3394 853.57 0.9 8.0 8.0 1402.80 10.7 2.3 Telecommunication 96 152.84 0.5 0.5 -4.7 332.16 -0.8 4.6 Nov 27 Nov 26 Nov 25 Nov 24 Nov 23 Yr Ago
Utilities (8) 7032.32 -0.82 6109.66 7090.49 7211.02 7184.54 6.02 0.98 16.94 339.88 9798.81 FTSE Emerging Large Cap 907 827.32 0.8 7.8 9.2 1368.34 11.8 2.2 Fixed Line Telecommuniations 42 117.53 0.2 0.2 -13.2 286.89 -9.0 5.7 - - - - - -
Electricity (3) 8127.74 0.15 7061.36 8115.83 8150.83 7699.33 5.72 1.04 16.83 462.14 14904.45 FTSE Emerging Mid Cap 931 977.94 1.0 9.4 0.5 1606.20 3.2 3.1 Mobile Telecommunications 54 178.96 0.9 0.9 7.3 340.09 10.8 3.3 Order Book Turnover (m) 179.90 89.64 188.50 90.84 123.10 123.10
Gas Water & Multiutilities (5) 6371.26 -1.13 5535.33 6444.22 6580.11 6663.51 6.12 0.96 16.98 290.15 8776.40 FTSE Emerging Small Cap 1556 802.58 0.9 7.7 6.2 1265.33 8.9 2.7 Utilities 191 318.29 -0.1 -0.1 0.1 697.14 3.4 3.3 Order Book Bargains 1145090.00 1256365.00 1469009.00 999945.00 903740.00 903740.00
Financials (305) 4309.44 0.32 3744.03 4295.70 4322.16 4976.94 3.18 1.60 19.72 81.99 4490.72 FTSE Emerging Europe 76 339.96 0.5 17.0 -22.8 642.30 -18.8 5.7 Electricity 131 357.19 0.0 0.0 0.3 771.17 3.6 3.3 Order Book Shares Traded (m) 2379.00 2221.00 2473.00 1901.00 1580.00 1580.00
Banks (11) 2533.36 0.76 2200.97 2514.31 2541.96 3666.24 3.74 2.20 12.18 0.99 2087.59 FTSE Latin America All Cap 239 753.32 0.6 14.8 -23.5 1286.74 -21.7 2.7 Gas Water & Multiutilities 60 320.34 -0.4 -0.4 -0.3 724.36 2.9 3.2 Total Equity Turnover (£m) 4352.07 6478.34 6781.39 5084.39 4170.85 4170.85
Nonlife Insurance (7) 3716.89 0.16 3229.23 3710.84 3737.31 3597.47 2.96 1.86 18.13 107.44 7371.88 FTSE Middle East and Africa All Cap 321 635.51 0.6 8.2 -7.9 1097.49 -5.2 3.3 Financials 867 245.33 -0.1 -0.1 -7.3 444.79 -4.7 2.8 Total Mkt Bargains 1378835.00 1571922.00 1764616.00 1256711.00 1111571.00 1111571.00
Life Insurance/Assurance (7) 6884.50 -0.77 5981.24 6938.27 6962.30 7878.02 3.49 2.15 13.35 230.43 7796.87 FTSE Global wi UNITED KINGDOM All Cap In 290 302.90 -0.9 12.5 -15.3 577.80 -12.8 3.8 Banks 272 179.22 -0.2 -0.2 -16.1 356.68 -13.3 3.6 Total Shares Traded (m) 10788.00 9077.00 9732.00 8199.00 8596.00 8596.00
Real Estate Investment & Services (17)2439.59 -0.04 2119.51 2440.57 2464.33 2723.41 1.83 1.87 29.18 25.63 6993.16 FTSE Global wi USA All Cap 1747 902.18 0.0 7.7 14.3 1269.30 16.1 1.5 Nonlife Insurance 74 294.88 -0.2 -0.2 -4.5 462.71 -2.2 2.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
Real Estate Investment Trusts (39) 2359.73 -0.99 2050.12 2383.42 2415.75 2917.52 3.26 -2.05 -14.95 62.00 3353.81 FTSE Europe All Cap 1414 448.40 -0.1 11.3 -1.4 805.19 1.1 2.6 Life Insurance 54 225.69 0.4 0.4 -6.5 404.57 -2.9 3.3 (c) Market closed.
General Financial (39) 9491.25 0.26 8245.97 9466.28 9526.41 10297.85 3.46 1.10 26.38 294.39 12254.88 FTSE Eurozone All Cap 641 442.37 -0.1 13.0 1.7 791.34 4.0 2.2 Financial Services 209 401.81 0.0 0.0 8.5 590.74 10.5 1.8
Equity Investment Instruments (185)12268.98 0.94 10659.26 12155.11 12143.04 10868.58 2.32 2.32 18.59 264.60 7335.45 FTSE EDHEC-Risk Efficient All-World 3975 453.84 0.1 8.9 4.9 682.62 7.0 2.2 Technology 312 488.50 0.3 0.3 35.8 626.25 37.2 0.9
Non Financials (302) 4301.96 0.06 3737.53 4299.33 4320.39 4893.57 3.84 1.35 19.29 134.68 7264.51 FTSE EDHEC-Risk Efficient Developed Europe 571 352.42 -0.1 10.3 4.3 587.43 6.4 2.3 Software & Computer Services 164 814.25 0.3 0.3 34.0 974.77 34.7 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Technology (14) 1982.38 1.28 1722.29 1957.37 1948.09 2227.43 1.97 0.041404.23 33.33 2766.41 Oil & Gas 128 257.33 -0.3 26.4 -29.3 480.31 -25.7 5.1 Technology Hardware & Equipment 148 385.39 0.4 0.4 38.6 527.01 40.7 1.4 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Software & Computer Services (12) 2122.77 1.22 1844.26 2097.19 2090.19 2455.27 2.02 -0.18-278.28 36.15 3134.20 Oil & Gas Producers 93 242.31 -0.4 28.8 -31.4 462.39 -27.9 5.2 Alternative Energy 11 218.04 0.0 0.0 72.3 309.89 74.8 0.7 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment (2)4977.98 1.91 4324.85 4884.63 4786.63 3842.34 1.40 3.38 21.11 69.78 6179.35 Real Estate Investment & Services 161 352.57 0.0 0.0 -4.5 649.43 -1.5 2.7 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment Trusts 97 450.48 -0.1 -0.1 -9.1 987.16 -6.4 3.7 For all queries e-mail [email protected]
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day FTSE Global Large Cap 1741 626.51 0.2 0.2 10.4 993.13 12.7 2.0
FTSE 100 6335.45 6324.07 6314.22 6333.37 6340.46 6333.39 6334.69 6368.79 6360.50 6375.73 6302.29 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 250 19382.58 19255.82 19198.13 19225.56 19232.28 19231.68 19226.15 19258.86 19215.30 19462.71 19170.42 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 SmallCap 5894.55 5880.74 5870.63 5870.65 5868.56 5867.17 5864.82 5844.54 5824.77 5912.50 5818.04 (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,
FTSE All-Share 3576.37 3566.92 3560.45 3569.89 3573.23 3570.03 3570.38 3586.25 3580.73 3593.68 3555.63 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 100 Day's high:15:09:30 Day's Low08:39:15 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(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
Time of FTSE All-Share Day's high:16:46:16 Day's Low08:46:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) 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 Altus Strategies 3rd 0.256 0.028 0.155L 1.378L 0.240L 3.880L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- Aquila Services Group Int 3.509 3.891 0.202 0.254 0.450 0.550 0.15000 0.30000 Dec 21 0.150 0.900 11/03 20.00 AIM VRCI Verici Dx PLC 47.00 0.00 56.00 29.97 6662.1
There are currently no rights offers by any companies listed on the LSE. Baillie Gifford UK Growth Fund Int 27.953 10.825L 18.570 7.190L 0.00000 3.10000 - 3.083 6.050 10/29 162.00 AIM SBI SourceBio International PLC 177.00 -3.86 193.20 160.00 13130.4
Benchmark Holdings Pre 105.565 124.006 22.571L 58.481L 5.260L 15.030L 0.00000 0.00000 - 0.000 0.000 10/26 4.00 AMOI Anemoi International Ltd 2.50 -0.94 4.80 1.06 75.0
Caffyns Int 85.352 98.978 1.414 0.056 52.300 1.000 0.00000 7.50000 - 0.000 22.500
Carclo Int 49.950 56.115 0.865L 0.157 1.800L 8.300L 0.00000 0.00000 - 0.000 0.000
Morses Club Pre 125.273 115.058 11.451 20.217 7.260 12.480 0.00000 5.20000 - 2.600 7.800
Puma Alpha VCT Int - 0.451 - 8.150 - 0.00000 - - 0.000 -
Puma VCT 11 Int 0.607L 0.133L 1.990L 0.430L 5.00000 0.00000 Jan 7 10.967 5.000
PUMA VCT 13 Int 1.764 0.258L 11.320 1.650L 0.00000 0.00000 - 0.000 0.000
Scholium Group Int 3.118 3.595 0.158L 0.064 1.160L 0.380 0.00000 0.00000 - 0.000 0.000
TR Property Investment Trust Int 168.891 113.398 52.930 35.170 0.00000 5.20000 - 8.752 13.800
Triad Group Int 8.727 9.027 0.001 0.284L 0.310 2.440L 0.00000 1.00000 - 0.000 3.000
Walker Crips Group Int 14.350 15.581 0.451L 0.620 0.860L 1.180 0.15000 0.60000 Dec 23 0.150 0.930
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.
NOVEMBER 30 2020 Section:Stats Time: 29/11/2020 - 14:39 User: gerry.white Page Name: MARKET DATA 1, Part,Page,Edition: USA, 10, 1