financial times europe - 03 04 2020

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Briefing

i Erdogan pressed to intensify curbsTurkey’spresident is facingpressureto imposeafulllockdownashiscountryfightsoneof theworld’sfastest-growingcoronavirusoutbreaks. Itsgrowthrate ishigherthanChina, ItalyandSpain.— PAGE 2

i US hospitals forced to swap suppliesMedicalequipmentshortages intheUSaresoacutethathundredsofhospitalshave joinedanonlinebarteringplatformtoswapsupplieswitheachotherratherthanbuythemontheopenmarket.— PAGE 6

i SoftBank pulls out of WeWork dealSoftBankhaswithdrawnfroma$3bndeal tobuyWeWorkstock,amovethat isexpectedtosparka lawsuitbytheailingpropertygroup’sco-founderandakeySiliconValleyVCgroup.— PAGE 8

i Orban to classify China rail detailsHungary is toclassify for10years informationabouta€2.3bnChinese-backedrail line,amovecriticssaidshowsthatprimeministerViktorOrbanisusingtheviruscrisis topushhisownagenda.— PAGE 3

i Nursing homes hit heavily by outbreakDatafromFrance’sworst-affectedregionandstudiesfromItalysuggest thatCovid-19deathtollsmaybefarhigherthanofficial tallies.Forexample,deaths inold-people’shomesarenotcounted.— PAGE 3

i Democrats push back conventionTheDemocraticpartyhasdelayeditspresidentialconventionfromJulytoAugustbecauseof thepandemic.Thedecisioncameadayafter JoeBidensaidthepartyshouldpushbacktheevent.— PAGE 4

i Anger at pace of company downgradesMarchsawthefastesteverpaceofdowngradesbycredit ratingagencies,whichcriticsaccuseofcausingunduestress in financialmarketsbyactingtoohastilyduringthe2008financialcrisis.— PAGE 10

Datawatch

Philip StephensThe weight we are placing on ourdoctors is too much to bear — PAGE 17

FRIDAY 3 APRIL 2020 WORLD BUSINESS NEWSPAPER EUROPE

World Markets

STOCK MARKETS

Apr 2 prev %chg

S&P 500 2515.65 2470.50 1.83

Nasdaq Composite 7477.43 7360.58 1.59

Dow Jones Ind 21293.40 20943.51 1.67

FTSEurofirst 300 1231.26 1223.50 0.63

Euro Stoxx 50 2681.10 2680.30 0.03

FTSE 100 5480.22 5454.57 0.47

FTSE All-Share 2998.54 2991.12 0.25

CAC 40 4220.96 4207.24 0.33

Xetra Dax 9570.82 9544.75 0.27

Nikkei 17818.72 18065.41 -1.37

Hang Seng 23280.06 23085.79 0.84

MSCI World $ 1781.27 1852.73 -3.86

MSCI EM $ 827.26 848.58 -2.51

MSCI ACWI $ 426.00 442.35 -3.70

CURRENCIES

Apr 2 prev

$ per € 1.086 1.092

$ per £ 1.238 1.243

£ per € 0.878 0.879

¥ per $ 107.975 107.115

¥ per £ 133.662 133.085

SFr per € 1.056 1.058

€ per $ 0.921 0.915

Apr 2 prev

£ per $ 0.808 0.805

€ per £ 1.140 1.137

¥ per € 117.299 117.012

£ index 78.146 77.757

SFr per £ 1.204 1.203

COMMODITIES

Apr 2 prev %chg

Oil WTI $ 25.13 20.31 23.73

Oil Brent $ 30.53 24.74 23.40

Gold $ 1576.55 1608.95 -2.01

INTEREST RATES

price yield chg

US Gov 10 yr 0.60 0.01

UK Gov 10 yr 0.33 0.02

Ger Gov 10 yr 104.75 -0.44 0.03

Jpn Gov 10 yr -0.02 -0.02

US Gov 30 yr 133.92 1.25 0.02

Ger Gov 2 yr 105.33 -0.67 0.01

price prev chg

Fed Funds Eff 1.58 1.55 0.03

US 3m Bills 0.09 0.11 -0.02

Euro Libor 3m -0.25 -0.25 0.00

UK 3m 0.57 0.60 -0.03Prices are latest for edition Data provided by Morningstar

ANJLI RAVAL — LONDONHENRY FOY — MOSCOW

Oil soared nearly 50 per cent yesterdayafter Donald Trump stoked hopes of asupply cut deal involving Saudi Arabiaand Russia designed to counter theprice collapse triggered by the corona-virusoutbreak.

Mr Trump said Crown Prince Moham-med bin Salman of Saudi Arabia andVladimir Putin, Russia’s president, hadbegun talks on how to curb output by asmuch as 15m barrels a day — a large partof the world’s oil demand, which was, onaverage100mb/dlastyear.

“I expect & hope that they will be cut-ting back approximately 10 Million Bar-rels, and maybe substantially morewhich, if it happens, will be GREAT forthe oil & gas industry!” the US presidentwrote on Twitter. “Could be as high as 15

MillionBarrels.Good(GREAT)newsforeveryone!”

Brent crude, the oil benchmark, roseas high as $36.29 a barrel after MrTrump’s tweet, a record intraday jumpamounting to nearly 47 per cent. It laterretreated to $29.40 a barrel — an 18 percentrise.

Almost immediately after the tweet,Saudi Arabia’s state news agency saidthe kingdom was calling for an emer-gencymeetingofOpecandotheroilpro-ducernations, includingRussia.

However, the Kremlin rebuffed MrTrump. “There was no conversation”between Mr Putin and Prince Moham-med, Dmitry Peskov, the Kremlinspokesman said, adding none wasplanned.

“So far, no one has started talkingabout any specific or even abstract dealsin exchange for Opec+,” he said, refer-

ring to the three-year oil alliancebetween Opec and Russia that collapsedlastmonth.

One Opec official said the tweet fromthe US president amounted to “Trumptalkingbeforehisbrainengages”.

People close to Riyadh say the world’sbiggest oil exporter wants a supply dealbut any curbs would need to be sharedbetween the big producers. Saudi Ara-bia, Russia and the US together accountforaboutathirdofglobaloiloutput.

Helima Croft at RBC Capital Marketssaid: “There is a realisation in Washing-ton that the path to a deal runs throughMoscow. Everyone knows that SaudiArabia wants Russia at the table butthere is also a recognition that the USwillhavetoparticipate insomeway.”Additional reporting by Derek Brower andDavid SheppardNatural gas boost page 10

Oil price soars 50% after Trump tweetspurs hope for Saudi-Russia supply cut

© THE FINANCIAL TIMES LTD 2020No: 40,365 ★

Printed in London, Liverpool, Glasgow, Dublin,Frankfurt, Milan, Madrid, New York, Chicago, SanFrancisco, Orlando, Tokyo, Hong Kong, Singapore,Seoul, Dubai, Doha

Analysis i PAGE 9

Shareholders in line of fireas dividends face attack

Austria €3.90 Malta €3.70Bahrain Din1.8 Morocco Dh45Belgium €3.90 Netherlands €3.90Bulgaria Lev7.50 Norway NKr40Croatia Kn29 Oman OR1.60Cyprus €3.70 Pakistan Rupee350Czech Rep Kc105 Poland Zl 20Denmark DKr38 Portugal €3.70Egypt E£45 Qatar QR15Finland €4.70 Romania Ron17France €3.90 Russia €5.00Germany €3.90 Serbia NewD420Gibraltar £2.90 Slovak Rep €3.70Greece €3.70 Slovenia €3.70Hungary Ft1200 Spain €3.70India Rup220 Sweden SKr39Italy €3.70 Switzerland SFr6.20Latvia €6.99 Tunisia Din7.50Lithuania €4.30 Turkey TL19Luxembourg €3.90 UAE Dh20.00North Macedonia Den220

Last month, morethan 3.7m checkswere carried outon prospective USgun buyers. Thatwas a 40 per centrise on theprevious year andhigher than thesurge of checks inDecember 2015,when many peoplefeared that stricterrules were coming.

Covid-19 protectionUS firearm background checks (m)

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2014 16 17 18 19 20

12-month rollingaverage

Fear of strictergun-buying restrictionsbeing imposed

3.7m checksin Mar 2020

Source: FBI

Surveillance stateHow Beijing is using the epidemic toaccumulate data — BIG READ, PAGE 15

Late, lamentedThe cost of US denialism will becounted in lives — EDWARD LUCE, PAGE 4

MAMTA BADKAR — NEW YORKBRENDAN GREELEY — WASHINGTONVICTOR MALLET — PARISDANIEL DOMBEY — MADRID

Global job losses have surged, with mil-lions of Americans and Europeans seek-ing unemployment benefits as lock-downs imposed to slow the spread ofcoronavirus wreak havoc on some of thebiggesteconomies.

A record 6.6m Americans filed forjobless claims last week, the US labourdepartment said yesterday, more thandouble the 3.3m that applied for bene-fits two weeks ago — and far higher thaneconomists’ forecasts.

The new claims indicate that the USsuffered 10m lay-offs in the second halfof March, a mass surge in unemploy-ment intheworld’s largesteconomy.

“It is and continues to be an eye-watering number. It continues to con-firm our worst fears about the speed oflay-offs,” said Torsten Slok, chief econo-mist at Deutsche Bank Securities. Jobclaims “tell you that government pro-grammes are too late, and companieshavealreadyreacted”.

The picture was also bleak in Europe,where governments are using state-funded schemes in an attempt to avoidpermanent job losses. About 4m Frenchworkers, equivalent to a fifth of privatesector employees, applied for temp-orary unemployment benefits duringthe past two weeks, according to datareleasedyesterday.

Spain, which has the third-highestnumber of confirmed coronavirus casesafter the US and Italy, recorded the big-gest jump in unemployment in its his-tory, with more than 800,000 peoplelosing their jobs last month. The coun-try was already grappling with jobless-ness of 14 per cent and almost all the joblosses came from people on temporarycontracts, representing more than aquarterof theworkforce.

In the UK, almost 1m people haveapplied for universal credit, a state ben-efits scheme, while in Ireland about

34,000 companies have signed up to agovernment wage subsidy programmeinless thanaweek.

The surge in job losses comes as gov-ernments across the globe take aggres-sive measures to restrict movement inthe battle to contain the Covid-19 out-break, with the total number of con-firmed cases having passed 1m. Morethan 50,000 people have died from thedisease.

The curbs have forced businesses toclose their doors, throttled interna-tional trade and battered financial mar-kets amid warnings of a global recessionworsethanthe2009crisis.

They have also led to fears of anemerging market debt crisis as com-modity prices have fallen and curren-

cies have tumbled against the dollar.President Donald Trump said last

month the cure should not be worsethan the disease. But in a change of tonethis week he warned that the US deathtoll could reach up to 240,000, even if

Americans followed the strict social dis-tancing guidelines that the White Househas recommended should remain inforceuntil theendofApril.

Mr Trump told the US to be ready fora“painful” twoweeks.

Western governments have launchedmultitrillion-dollar rescue packages tohelp cushion the impact on economies,but businesses are laying off or fur-loughing staff in vast numbers, particu-larly in theretail andhospitalitysectors.

California reported the largestnumber of jobless claims in the US, at878,727, while Pennsylvania reported405,880, say early state-level estimatesthathavenotbeenseasonallyadjusted.Additional reporting by Arthur Beesleyin Dublin

Jobless claims surge in Europeand US as global economy stifles3 American totals double in a fortnight 3 Italy and Spain suffer big increases

The virus e�ect on US employment

Initial claims, weekly (thousands)

0

1,000

2,000

3,000

4,000

5,000

6,000

1967 1980 1990 2000 2010 2020FT graphic Source: Refinitiv

Average weekly claims Jan 1967 to

early Mar 2020 1980s recession peak Global financial crisis

First-time claims filed inthe week to March 21

The following week claims soared to

350,000 695,000 665,000

3.3m 6.6m

3 UK response Pages ?3 Coronavirus reports Pages ?3 Corporate impact Pages 9-123 Markets Pages 13-143 Big Read Page 213 Editorial Comment Page 223 Opinion Page 233 Lex Page 24

Inside

APRIL 3 2020 Section:FrontBack Time: 2/4/2020 - 19:19 User: nick.miller Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1

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CORONAVIRUS

LAURA PITEL — ANKARA

Recep Tayyip Erdogan is facing growingpressure to impose a full nationwidelockdown as Turkey battles one of theworld’s fastest-growingoutbreaks.

Ekrem Imamoglu, the mayor of Istan-bul and one of the country’s leadingopposition politicians, has repeatedlyurged the Turkish president to imposetougher restrictions, warning about thenumber of people still out and about inthecityof15.5mpeople.

“I don’t even want to think, God helpus, about the way that this pandemicmight spread because of those peoplewho are still outside,” he told Turkey’sFoxNewsChannelonMonday.

He doubled down on that call onWednesday night after a regional break-down, published by the government forthe first time, revealed Istanbul as theepicentre of the Turkish outbreak withcloseto60percentof thenationalcases.

Tunc Soyer, the mayor of Izmir, Tur-key’s third-largest city, has also clam-oured for a lockdown, saying: “In orderto avoid a situation like in Italy orSpain . . . we have to limit the pace ofthe spread of the virus.” So, too, has theTurkishMedicalAssociation.

But in a speech to the nation on Mon-day night, Mr Erdogan insisted theeconomy must continue to function. Hesaid: “Turkey is a country where pro-duction must continue and the cogsmust keep turning under every circum-stanceandeverycondition.”

The number of cases in Turkey hasgrown rapidly in the three-and-a-halfweeks since the first was confirmed,

exceeding 15,600 yesterday — a highergrowth rate than in China, Italy andSpain.Some277peoplehavedied.

Turkey was suffering a “very rapidincrease in numbers with quite a fewdeaths very early in the epidemiccurve”, said Paul Hunter, professor ofmedicine at the UK’s University of EastAnglia.

But the pandemic has reversed theusual political dynamic in Turkey,where Mr Erdogan has accrued unprec-edented powers in recent years. Thepresident is often attacked by opposi-tiongroupsforbeingheavy-handed.

Ankara has drawn criticism for inves-tigating more than 300 people for “pro-vocative” social media posts about theillness,withat least64arrests.Butwhenit comes to imposing sweeping meas-ures on the 83m-strong population,Mr Erdogan stands accused of a laissez-faireattitude.

The government has shut downschools and universities and imposedtight restrictions on intercity travel anda ban on leaving home for the over-65s.Yet the president has appeared resistantto imposing a full nationwide lockdown,instead urging everyone to impose theirown“voluntaryquarantine”.

Although the tourism industry andmost of the automotive sector have shutdown, work continues at some factoriesand construction sites. In Istanbul, closeto 800,000 people used public transporton Monday, according to municipalitystatistics.

Turkish media suggest there are ten-sions in the government between thosewho want stricter measures and thoseconcerned about the damage a totalshutdown would inflict on the $750bneconomy, which is still recovering fromthe2018currencycrisis.Additional reporting by Funja Guler

Turkey

Erdogan pressed to toughen curbsFull lockdown demandedby mayors as many peoplesnub voluntary measures

AMY KAZMIN — NEW DELHIEDWARD WHITE — WELLINGTONSTEFANIA PALMA — SINGAPORE

Tucked into the narrow lanes of NewDelhi’s Nizamuddin slum is the globalheadquarters of the Tablighi Jamaat, anIslamicmissionarymovement.

Last month thousands of volunteerpreachers from across India convergedon the site, known as the Markaz, to eat,prayanddiscuss theirwork.

When they returned home, the Mus-lim missionaries were not merely filledwith greater zeal. Indian health officialssaid many were infected with coronavi-rus, which they spread to families andcommunities across India — frommountainous Kashmir to the AndamanIslandstoTamilNadu.

Some 370 of India’s 2,000 confirmedcoronavirus cases have been linked tothatMarchmeeting intheslums.

This week, New Delhi police sealedthe Markaz and ferried hundreds ofTablighi Jamaat loyalists sheltering inthe group’s huge dormitories and resi-dents of the neighbourhood to hospitalsand quarantine facilities. Across India,authorities have raced to trace otherparticipants, some 1,800 of whom arenowinquarantine.

But the discovery that a Muslim gath-ering has fuelled India’s coronavirus cri-sis has prompted outrage among thecountry’s Hindu majority. Communaltensions are once again on the rise justweeks after the deadliest sectarian riotsindecadesclaimedmorethan50lives intheIndiancapital.

“It feels very scary and will add to thedemonisation of Muslims. It is as if theentire responsibility of this will be puton every Muslim,” said Nazia Erum,author of Mothering a Muslim, a bookabout religious prejudice at elite Delhischools.

As India’s economy has slowed inrecent years, Prime Minister NarendraModi’s ruling Bharatiya Janata party hasadopted more strident sectarian rheto-ric, repeatedly depicting India’s Muslim

minority as an insidious internal threat.The fallout from the Tablighi Jamaat

gathering, which was held despite alocal government order banning reli-gious gatherings of more than 200 peo-ple,hasreinforcedthatnarrative.

“It does seem like the fodder that peo-ple were seeking to continue makingMuslims somehow accountable, evenfor something like the coronavirus,”said Ali Khan Mahmudabad, a political-scienceprofessoratAshokaUniversity.

Across Asia, religious groups haveplayed a big role in spreading coronavi-rus, with many spiritual leaders ignor-ingdiktats tocurb largegatherings.

In South Korea, more than half thecountry’s 10,000 cases stem from massgatherings held by a quasi-Christiansect in February. Subsequent Koreanclusters have been traced to gatheringsat smaller churches. Two of the largestcoronavirus outbreaks in Singapore arealso linkedtochurches.

InIndia’snorthernstateofPunjab, thecoronavirus death of a Sikh preacher,who had attended several large religiousfunctions, has led to the quarantining ofthousands of people with whom he —and his 19 infected family members —hadbeenincontact.

But it is the large-scalemeetingsof theTablighi Jamaat, a Sunni organisationthat preaches a simplified, dogmaticversion of Islam, that have emerged as asuper-spreader inseveralcountries.

Malaysian officials said nearly two-thirds of the country’s cases were linkedto a four-day Tablighi Jamaat gatheringof 16,000 people at the Sri Petalingmosque in Kuala Lumpur at the end ofFebruary.

In Indonesia, thousands of peopletravelled to South Sulawesi province fora mass Tablighi Jamaat meeting, whichwas called off only at the last minuteafterpressure fromlocalauthorities.

Tablighi Jamaat preachers, who hadattended a gathering of 150,000 peopleoutside Lahore last month, are believedto have helped spread the virus acrossPakistan.

It is in India that the role played byTablighi Jamaat is causing the most con-cern. Rightwing television channelshave called the meeting “criminal” andthe participants “suspects”. Hashtagssuch as #CoronaJihad and #TablighiVi-rushavetrendedonsocialmedia.

“These are dangerous people: theselockdown cheats — they have compro-mised us all,” television anchor ArnabGoswami fulminated on one of India’smost-watched news channels. “We werejust winning when they did everythingtodefeatus.”

As India heads into its second week ofa three-week lockdown that is causingparticular hardship to the poor, analystswarnedtheBJPcouldstokeanti-Muslimsentiment to deflect public anger fromgovernment’s failings inthecrisis.

“The big fight after the end of the eraof Covid is going to be around who didwhat and how culpable they were,” saidProf Mahmudabad. “Rather than seeingthe pandemic as a moment to be used toseek national unity, there is a continuityof showing Muslims as more culpableandmoretoblame.”Additional reporting by Kang Buseong

Sectarian rhetoric. Missionary movement

India’s Muslims fear Hindu backlashIslamic mass gathering last

month stokes religious tension

just weeks after deadly riots

On their way:Muslims leavean Islamicseminary inNew Delhi onTuesday toboard a busheading for aquarantinefacilityYawar Nazir/Getty

ERIKA SOLOMON — BERLINVALERIE HOPKINS — BUDAPESTKERIN HOPE — ATHENS

Greece has put an asylum-seekers’camp into quarantine after 20 resi-dents tested positive for coronavirus,marking the first confirmed cases atone of the country’s 30 official facilitiesfor migrants, as public health workerswarnofahumanitariandisaster.

After a resident who gave birth at anAthens clinic was found to be infected,63 tests were carried out at Ritsonacamp in central Greece on Wednesday,said an official from EODY, the publichealthorganisation.

About 2,600 refugees and migrantsare living in container homes at thefacility while they wait for asylum appli-cationstobeprocessed.

There are an estimated 60,000 refu-geesandmigrants living incampsontheeastern Aegean Islands and remoteareasofmainlandGreece.

International medical and humanrights organisations have called forovercrowded reception centres on theGreekislandstobeevacuatedtopreventthe spread of Covid-19 among residents

and aid workers. “Our plan is to gradu-ally alleviate the pressure on Lesbos andother islands,” Kyriakos Mitsotakis, theprime minister, said in a televisioninterviewonWednesday.

More than 40,000 migrants arecrammed into facilities designed for15,000onfive islandsclosetoTurkey.

Migrants describe a climate of fear asthey live packed together with littlewater, sanitation or information aboutthe coronavirus crisis that is ragingacrossEurope.

“What hope do we have of defendingourselves from corona?” said Ahmad,on the phone from a camp under lock-down in northern Greece. He shares hissmall living space with five other menand his cooking facilities with dozens ofpeople. His camp recently had no run-ningwater for10days.

Six people have also tested positivefor coronavirus on Lesbos, home to the20,000-strongMoriacampthatactivistssayisparticularly ill-equippedtohandlean outbreak. Residents have beenordered not to leave the camp or even tocollect their monthly stipend in thenearby town as police step up patrols ontheroadsnearby.

“There are areas in the Lesbos camp. . . where there is one water point for1,300 people. There is one toilet for 167people. And there is one shower for 200people,” said Apostolos Veizis, head ofmission in Greece for Médecins SansFrontières or Doctors without Borders.“So when we call for people to stayhome, this is theparadox:whathome?”

Publichealthexpertssaythesituationis not only a humanitarian failure, itrisks undermining the fight against thepandemic in Europe. “Either we includeeveryone in this strategy, or we strategi-cally fail. Not including these popula-

tions is a recipe for failure for our wholesociety,” said Karl Blanchet, a publichealth professor and director of theGeneva-based Centre for Education andResearchinHumanitarianAction.

Human Rights Watch and MSF arecalling for the immediate evacuation ofovercrowdedislandcamps.SeaWatch,asearch and rescue group, has proposedthat decommissioned cruise ships couldhousethosewhohavebeenevacuated.

The European Commission says therisk of a coronavirus outbreak in themigrant camps is “of concern to us andto the Greek authorities” and is seekingto speed up the transfer of people fromGreek islands — which host some41,000incamps—tothemainland.

Athens has also announced measuresto improve screening and limit groupsor visitors, measures that Dr Veizis saidwould do little good given the alreadyunhygienic,overcrowdedconditions.

Despite coronavirus being spread byclose human contact, other countries insouth-east Europe have acceleratedmoves to corral migrants into camps. InSerbia some migrants said they had noaccess todisinfectantsorglovesandthatcampswereundermilitaryguard.

Climate of fear

Greece quarantines migrant camp after residents test positive

Lesbos: activists say the Moria campis ill-equipped to handle an outbreak

‘I don’t evenwant tothink, Godhelp us,about theway thispandemicmightspread’EkremImamoglu,Istanbul mayor

Cases so far

Frontline workers in US to receivemedical goods confiscated by FBI

A US task force investigating hoarding and price raisingduring the outbreak will hand over half a million itemsof personal protective equipment, confiscated by theFBI, to frontlineworkers inNewYorkandNewJersey.

The government will pay the supplies’ owner the“pre-Covid-19 fair market value”. US attorney-generalWilliamBarrwarned:“Ifyouareamassingcriticalmed-ical equipment for the purpose of selling it at exorbitantprices,youcanexpectaknockatyourdoor.”

Italy and Spain appear to turncorner as death tolls stabilise

Rouhani tells Iranians to expect up toa year of disruption in health crisis

Iranians should be prepared for the effects of the coro-navirus pandemic to last up to one year, President Has-san Rouhani said, assuring citizens that plans wereunder way to avoid any shocks to the supply of medi-cineandbasiccommodities.

“In foreign currency allocation, the first priority isthe health sector and medical and pharmaceuticalneeds,” Mr Rouhani said yesterday, “and the second istheprocurementofessentialgoods.”

New deaths per day, star = national lockdown

New deaths are a 7-day rolling averageSource: FT analysis of European Centre for Disease Prevention and Control;Worldometers; FT research. Data updated April 01, 19:00 BST

10 20 30 40 50 60 70Number of days since 3 daily deaths first recorded

1

10

100

5001,0002,000Spain

Italy

S Korea

Spain

China

ItalyUSUS

UK

The numbers of new confirmed cases and deathshave begun to plateau or fall in several Europeancountries, according to Financial Times analysis.

For most of March, Italy and Spain were badlyaffected but there are signs that both have turned acorner. Italy’s new daily cases peaked at 6,557 onMarch 21 but have been trending downwards since.Deaths appear to have peaked on March 27, with919. In Spain, new daily infections peaked at 8,271on March 26, but appeared to have plateaued atabout 8,000 since. The death toll also appears to bestabilising, but reached a new peak of 932 onWednesday, up from 913 two days earlier.

France and Germany are also showing early signsthat exponential increases in cases are coming to anend. Daily death tolls are accelerating, but newinfections are stabilising. The UK and US outbreaks,by contrast, have shown no signs of slowing down.

981,221and 50,230 deaths by 17:27 BST, April 2Source: Johns Hopkins University, CSSE

Read more at ft.com/coronavirus

CORONAVIRUS

ROUND-UP

EU offered chance to rejig supply chainsand cut Asia dependency, says Le Maire

Europe should use the coronavirus crisis as an opportu-nity to rethink its industrial supply chains, cut depend-ence on Asia and promote “European industrial sover-eignty”, according to French finance minister Bruno LeMaire. “Protection isnot thesameasprotectionism,”hetoldanonlinenewsconferenceyesterday.

“With this crisis, the European Union has a historicalopportunity to become an economic and politicalsuperpowerbetweentheUSandChina.”

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World Markets

STOCK MARKETS

Mar 30 prev %chg

S&P 500 2365.93 2361.13 0.20


Dow Jones Ind 20703.38 20659.32 0.21

FTSEuro�rst 300 1500.72 1493.75 0.47

Euro Stoxx 50 3481.67 3475.27 0.18

FTSE 100 7369.52 7373.72 -0.06

FTSE All-Share 4011.01 4011.80 -0.02

CAC 40 5089.64 5069.04 0.41

Xetra Dax 12256.43 12203.00 0.44

Nikkei 19063.22 19217.48 -0.80

Hang Seng 24301.09 24392.05 -0.37

FTSE All World $ 297.99 297.73 0.09

CURRENCIES

Mar 30 prev

$ per € 1.074 1.075

$ per £ 1.249 1.241

£ per € 0.859 0.866

¥ per $ 111.295 111.035

¥ per £ 139.035 137.822

€ index 89.046 89.372

SFr per € 1.069 1.072

Mar 30 prev

€ per $ 0.932 0.930

£ per $ 0.801 0.806

€ per £ 1.164 1.155

¥ per € 119.476 119.363

£ index 76.705 76.951

$ index 104.636 103.930

SFr per £ 1.244 1.238COMMODITIES

Mar 30 prev %chg

Oil WTI $ 50.22 49.51 1.43

Oil Brent $ 52.98 52.54 0.84

Gold $ 1248.80 1251.10 -0.18

INTEREST RATES

price yield chg

US Gov 10 yr 98.87 2.38 0.00

UK Gov 10 yr 100.46 1.21 -0.03

Ger Gov 10 yr 98.68 0.39 -0.01

Jpn Gov 10 yr 100.45 0.06 0.00

US Gov 30 yr 100.14 2.99 0.01

Ger Gov 2 yr 102.58 -0.75 0.00

price prev chg

Fed Funds E� 0.66 0.66 0.00

US 3m Bills 0.78 0.78 0.00

Euro Libor 3m -0.36 -0.36 0.00

UK 3m 0.34 0.34 0.00Prices are latest for edition Data provided by Morningstar

LAURA NOONAN — DUBLINJENNIFER THOMPSON — LONDON

AboastfulWhatsAppmessagehas costa London investment banker his joband a £37,000 fine in the first case ofregulators cracking down on commu-nications over Facebook’s popularchatapp.

The fine by the Financial ConductAuthority highlights the increasingproblem new media pose for companiesthat need to monitor and archive theirstaff’scommunication.

Several large investment banks havebanned employees from sending clientinformation over messaging servicesincluding WhatsApp, which uses anencryption system that cannot beaccessed without permission from theuser. Deutsche Bank last year bannedWhatsApp from work-issued Black-

Berrys after discussions with regulators.Christopher Niehaus, a former Jeffer-

ies banker, passed confidential clientinformation to a “personal acquaint-ance and a friend” using WhatsApp,according to the FCA. The regulator saidMr Niehaus had turned over his devicetohisemployervoluntarily.

The FCA said Mr Niehaus had sharedconfidential informationonthemessag-ing system “on a number of occasions”lastyearto“impress”people.

Several banks have banned the use ofnew media from work-issued devices,but the situation has become trickier asbanks move towards a “bring your owndevice” policy. Goldman Sachs hasclamped down on its staff’s phone billsas iPhone-loving staff spurn their work-issuedBlackBerrys.

Bankers at two institutions said staffare typically trained in how to use new

media at work, but banks are unable toban people from installing apps on theirprivatephones.

Andrew Bodnar, a barrister at MatrixChambers, saidthecaseset“aprecedentin that it shows the FCA sees these mes-saging apps as the same as everythingelse”.

Information shared by Mr Niehausincluded the identity and details of aclient and information about a rival ofJefferies. In one instance the bankerboasted how he might be able to pay offhismortgage ifadealwassuccessful.

Mr Niehaus was suspended from Jef-feries and resigned before the comple-tionofadisciplinaryprocess.

Jefferies declined to comment whileFacebook did not respond to a requestforcomment.Additional reportingbyChloeCornishLombard page 20

Citywatchdog sends a clearmessage asbanker loses joboverWhatsAppboast

Congressional Republicans seeking toavert a US government shutdown afterApril 28 have resisted Donald Trump’sattempt to tack funds to pay for a wallon the US-Mexico border on tostopgap spending plans. They fearthat his planned $33bn increase indefence and border spending couldforce a federal shutdown for the firsttime since 2013, as Democrats refuseto accept the proposals.US budget Q&A andTrump attack over health bill i PAGE 8

Shutdown risk as borderwall bid goes over the top

FRIDAY 31 MARCH 2017

Briefing

iUSbargain-hunters fuel EuropeM&AEurope has become the big target for cross-borderdealmaking, as US companies ride a Trump-fuelledequity market rally to hunt for bargains across theAtlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

iReport outlines longerNHSwaiting timesA report on how the health service can survivemore austerity has said patients will wait longer fornon-urgent operations and for A&E treatment whilesome surgical procedures will be scrapped.— PAGE 4

iEmerging nations in record debt salesDeveloping countries have sold record levels ofgovernment debt in the first quarter of this year,taking advantage of a surge in optimism towardemerging markets as trade booms.— PAGE 15

i London tower plans break recordsA survey has revealed that arecord 455 tall buildings areplanned or under constructionin London. Work began onalmost one tower a weekduring 2016.— PAGE 4

iTillerson fails to ease Turkey tensionsThe US secretary of state has failed to reconciletensions after talks in Ankara with President RecepTayyip Erdogan on issues including Syria and theextradition of cleric Fethullah Gulen.— PAGE 9

iToshiba investors doubt revival planIn a stormy three-hour meeting, investors accusedmanagers o�aving an entrenched secrecy cultureand cast doubt on a revival plan after Westinghousefiled for Chapter 11 bankruptcy protection.— PAGE 16

iHSBCwoos transgender customersThe bank has unveiled a range of gender-neutraltitles such as “Mx”, in addition to Mr, Mrs, Miss orMs, in a move to embrace diversity and cater to theneeds of transgender customers.— PAGE 20

Datawatch

UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00


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Recent attacks —notably the 2011massacre byAnders Breivik inNorway, theattacks in Parisand Nice, and theBrussels suicidebombings — havebucked the trendof generally lowfatalities fromterror incidents inwestern Europe

Sources: Jane’s Terrorism and Insurgency Centre

Terror attacks in western Europe

Highlighted attack Others

NorwayParis Nice

Brussels

A Five Star plan?Italy’s populists are trying to woothe poor — BIG READ, PAGE 11

WORLDBUSINESSNEWSPAPER

Trump vs the ValleyTech titans need to minimisepolitical risk — GILLIAN TETT, PAGE 13

Dear Don...May’s first stab at the break-upletter — ROBERT SHRIMSLEY, PAGE 12

Lloyd’s of London chose Brus-sels over “five or six” othercities in its decision to set up anEU base to help deal with the expected loss of passportingrightsafterBrexit.

John Nelson, chairman of thecenturies-old insurance mar-ket, said he expected other

insurers to follow. Most of thebusiness written in Brusselswill be reinsured back to thesyndicates at its City of Londonheadquarters,picturedabove.

The Belgian capital had notbeen seen as the first choice forLondon’s specialist insurancegroups after the UK leaves the

EU, with Dublin and Luxem-bourg thought to be more likelyhomes for the industry. ButMr Nelson said the city won onits transport links, talent pooland “extremely good regula-toryreputation”.Lex page 14Insurers set to follow page 18

Lloyd’s of Brussels Insurancemarketto tapnew talent poolwithEUbase

AFP

JAMES BLITZ — WHITEHALL EDITOR

A computer system acquired to collectduties and clear imports into the UKmay not be able to handle the hugesurge inworkloadexpectedonceBritainleaves the EU, customs authorities haveadmittedtoMPs.

HM Revenue & Customs told a parlia-mentary inquiry that the new systemneeded urgent action to be ready byMarch 2019, when Brexit is due to becompleted, and the chair of the probesaid confidence it would be operationalintime“hascollapsed”.

Setting up a digital customs systemhas been at the heart of Whitehall’sBrexit planning because of the fivefoldincrease in declarations expected atBritishportswhentheUKleavestheEU.

About 53 per cent of British importscome from the EU, and do not requirechecks because they arrive through thesingle market and customs union. ButTheresa May announced in January thatBrexit would include departure fromboth trading blocs. HMRC handles 60mdeclarations a year but, once outside thecustoms union, the number is expectedtohit300m.

The revelations about the system,called Customs Declaration Service, arelikely to throw a sharper spotlight onwhether Whitehall can implement ahost of regulatory regimes — in areasranging from customs and immigrationto agriculture and fisheries — by thetimeBritain leavestheEU.

Problems with CDS and other projectsessential toBrexit could force London to

adjust its negotiation position with theEU, a Whitehall official said. “If runningour own customs system is provingmuch harder than we anticipated, thatought to have an impact on how wepress forcertainoptions inBrussels.”

In a letter to Andrew Tyrie, chairmanof the Commons treasury select com-mittee, HMRC said the timetable fordelivering CDS was “challenging butachievable”. But, it added, CDS was “acomplex programme” that needed to belinked to dozens of other computer sys-tems to work properly. In November,HMRC assigned a “green traffic light” toCDS, indicating it would be deliveredontime. But last month, it wrote to thecommittee saying the programme hadbeen relegated to “amber/red,” whichmeans there are “major risks or issuesapparent inanumbero£eyareas”.

HMRC said last night: “[CDS] is ontrack to be delivered by January 2019,and it will be able to support frictionlessinternational trade once the UK leavesthe EU . . . Internal ratings are designedto make sure that each project gets thefocus and resource it requires for suc-cessfuldelivery.”

HMRC’s letters to the select commit-tee, which will be published today, pro-vide no explanation for the ratingchange, but some MPs believe it wascaused by Mrs May’s unexpected deci-sionto leavetheEUcustomsunion.Timetable & Great Repeal Bill page 2Scheme to import EU laws page 3Editorial Comment & Notebook page 12Philip Stephens & Chris Giles page 13JPMorgan eye options page 18

HMRCwarnscustoms risksbeing swampedbyBrexit surge3Confidence in IT plans ‘has collapsed’3Fivefold rise in declarations expected

World Markets

STOCK MARKETS

Mar 31 prev %chg

S&P 500 2367.10 2368.06 -0.04


Dow Jones Ind 20689.64 20728.49 -0.19

FTSEuro�rst 300 1503.03 1500.72 0.15

Euro Stoxx 50 3495.59 3481.58 0.40

FTSE 100 7322.92 7369.52 -0.63

FTSE All-Share 3990.00 4011.01 -0.52

CAC 40 5122.51 5089.64 0.65

Xetra Dax 12312.87 12256.43 0.46

Nikkei 18909.26 19063.22 -0.81

Hang Seng 24111.59 24301.09 -0.78

FTSE All World $ 297.38 298.11 -0.24

CURRENCIES

Mar 31 prev

$ per € 1.070 1.074

$ per £ 1.251 1.249

£ per € 0.855 0.859

¥ per $ 111.430 111.295

¥ per £ 139.338 139.035

€ index 88.767 89.046

SFr per € 1.071 1.069

Mar 31 prev

€ per $ 0.935 0.932

£ per $ 0.800 0.801

€ per £ 1.169 1.164

¥ per € 119.180 119.476

£ index 77.226 76.705

$ index 104.536 104.636

SFr per £ 1.252 1.244COMMODITIES

Mar 31 prev %chg

Oil WTI $ 50.46 50.35 0.22

Oil Brent $ 53.35 53.13 0.41

Gold $ 1244.85 1248.80 -0.32

INTEREST RATES

price yield chg

US Gov 10 yr 98.63 2.41 -0.01

UK Gov 10 yr 100.35 1.22 0.02

Ger Gov 10 yr 99.27 0.33 -0.01

Jpn Gov 10 yr 100.36 0.07 0.00

US Gov 30 yr 99.27 3.04 0.01

Ger Gov 2 yr 102.57 -0.75 0.00

price prev chg

Fed Funds E� 0.66 0.66 0.00

US 3m Bills 0.78 0.78 0.00

Euro Libor 3m -0.36 -0.36 0.00

UK 3m 0.34 0.34 0.00Prices are latest for edition Data provided by Morningstar

ALEX BARKER — BRUSSELSGEORGE PARKER — LONDONSTEFAN WAGSTYL — BERLIN

TheEUyesterdaytookatoughopeningstance in Brexit negotiations, rejectingBritain’s plea for early trade talks andexplicitly giving Spain a veto over anyarrangementsthatapplytoGibraltar.

European Council president DonaldTusk’s first draft of the guidelines,which are an important milestone onthe road to Brexit, sought to damp Brit-ain’s expectations by setting out a“phased approach” to the divorce proc-ess that prioritises progress on with-drawal terms.

The decision to add the clause givingSpain the right to veto any EU-UK tradedeals covering Gibraltar could make the300-year territorial dispute betweenMadrid and London an obstacle to

ambitioustradeandairlineaccessdeals.Gibraltar yesterday hit back at the

clause, saying the territory had “shame-fully been singled out for unfavourabletreatment by the council at the behest ofSpain”. Madrid defended the draftclause,pointingoutthat itonlyreflected“thetraditionalSpanishposition”.

Senior EU diplomats noted thatMr Tusk’s text left room for negotiatorsto work with in coming months. Primeminister Theresa May’s allies insistedthat the EU negotiating stance waslargely “constructive”, with one saying itwas “within the parameters of what wewere expecting, perhaps more on theupside”.

British officialsadmittedthat theEU’sinsistence on a continuing role for theEuropean Court of Justice in any transi-tiondealcouldbeproblematic.

Brussels sees little room for compro-

mise. If Britain wants to prolong itsstatus within the single market afterBrexit, the guidelines state it wouldrequire “existing regulatory, budgetary,supervisory and enforcement instru-mentsandstructures toapply”.

Mr Tusk wants talks on future tradeto begin only once “sufficient progress”has been made on Britain’s exit bill andcitizen rights, which Whitehall officialsbelieve means simultaneous talks arepossible if certainconditionsaremet.

Boris Johnson, the foreign secretary,reassured European colleagues at aNato summit in Brussels that Mrs Mayhad not intended to “threaten” the EUwhen she linked security co-operationafterBrexitwithatradedeal.Reports & analysis page 3Jonathan Powell, Tim Harford &Man in the News: David Davis page 11Henry Mance page 12

Brussels takes tough stance onBrexitwith Spainhandedveto overGibraltar

About 2.3m people will benefit fromtoday’s increase in the national livingwage to £7.50 per hour. But the risewill pile pressure on English councils,which will have to pay care workers alot more. Some 43 per cent of caresta� — amounting to 341,000 peopleaged 25 and over — earn less than thenew living wage and the increase isexpected to cost councils’ care services£360m in the coming financial year.Analysis i PAGE 4

Living wage rise to pilepressure on care services

SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80


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Censors and sensitivityWarning: this article may be upsetting — LIFE & ARTS

HOW DRIVERLESS TECHNOLOGY IS CHANGING AN AMERICAN WAY OF LIFE

THE END OF THE ROAD FT WEEKEND MAGAZINE

Escape the taper trapHow high earners can evade a pension headache — FT MONEY

The lure of the exoticRobin Lane Fox on the flair of foreign flora — HOUSE & HOME

How To Spend It

Chic new lodgings in ScotlandMAGAZINE

Art of persuasionMystery deepensover disputed painting of JaneAusten

Austen’s descendants insist the Rice portrait depicts her as a girl — seemagazine Bridgeman Art Library

RALPH ATKINS — ZURICHDUNCAN ROBINSON — BRUSSELS

Credit Suisse has been targeted bysweeping tax investigations in the UK,France and the Netherlands, settingback Switzerland’s attempts to clean upits imageasataxhaven.

The Swiss bank said yesterday it wasco-operating with authorities after itsoffices inLondon,ParisandAmsterdamwere contacted by local officials“concerningclient taxmatters”.

Dutch authorities said their counter-parts in Germany were also involved,while Australia’s revenue departmentsaid itwas investigatingaSwissbank.

The inquiries threaten to undermineefforts by the country’s banking sectorto overhaul business models and ensurecustomers meet international taxrequirements following a US-led clamp-down on evaders, which resulted inbillionsofdollars infines.

The probes risk sparking an interna-tional dispute after the Swiss attorney-general’s office expressed “astonish-ment” that it had been left out of theactions co-ordinated by Eurojust, theEU’s judicial liaisonbody.

Credit Suisse, whose shares fell 1.2 percent yesterday, identified itself as thesubject ofinvestigations in the Nether-lands, France and the UK. The bank said

it followed “a strategy offull client taxcompliance” but was still trying togather informationabouttheprobes.

HM Revenue & Customs said it hadlaunched a criminal investigation intosuspected tax evasion and money laun-dering by “a global financial institutionand certain ofits employees”. The UKtax authority added: “The internationalreach of this investigation sends a clearmessage that there is no hiding place forthoseseekingtoevadetax.”

Dutch prosecutors, who initiated theaction, said they seized jewellery, paint-ings and gold ingots as part of theirprobe; while French officials said theirinvestigation had revealed “severalthousand” bank accounts opened inSwitzerland and not declared to Frenchtaxauthorities.

The Swiss attorney-general’s officesaid it was “astonished at the way thisoperation has been organised with thedeliberate exclusion of Switzerland”. Itdemanded a written explanation fromDutchauthorities.

In 2014, Credit Suisse pleaded guiltyin the US to an “extensive and wide-ranging conspiracy” to help clientsevadetax. Itagreedtofinesof$2.6bn.Additional reportingbyLauraNoonan inDublin, Caroline Binham and VanessaHoulder in London, andMichael StothardinParis

Credit Suisseengulfed infresh taxprobe3UK, France and Netherlands swoop3Blow for bid to clean up Swiss image

FEBR

UARY

4 2017

THE RISE OF ECO-GLAM

390_Cover_PRESS.indd 1 19/01/2017 13:57

APRIL 3 2020 Section:World Time: 2/4/2020 - 18:37 User: john.conlon Page Name: WORLD1 USA-0004, Part,Page,Edition: EUR, 2, 1


Friday 3 April 2020 ★ FINANCIAL TIMES 3

and banning “non-essential” workwhile requiring companies still to paysalaries.

Pablo Casado, leader of the PP,accuses Mr Sánchez of lying or hiding information, since the prime ministeropposed a ban on non-essential worklastweek.

Spain’s biggest employers confedera-tion has inveighed against the govern-ment too, arguing the ban risks the“massive destruction” of jobs and busi-nesses“inadefinitivemanner”.

Nacho Torreblanca of the EuropeanCouncil on Foreign Relations faults MrSánchez for not following up his calls fornational unity with consultation withbusinessandotherpoliticalparties.

“It is clear that, after a certain point,the government had to shut the countrydown,”hesaid.

“But the manner in which Sánchezdid it — making the decision, then get-ting cabinet approval and then writingthe decree — that only increases thepolarisation.”

The government fiercely contestssuch arguments, noting calls in previousdays for a tougher clampdown on eco-nomicactivity fromcentre-right leadersinregionssuchasMadridandMurcia,aswellasCatalonia.

“People would not understand whythePP,whichhasspentweeksasking fora tougher lockdown and a paralysis ofindustrial activity, will not support it atthis time,” said María Jesús Montero,budget minister and governmentspokeswoman.

to come. To impose Spain’s two-and-a-half week old lockdown, Mr Sánchez’sminority coalition assumed sweepingemergency powers, and won the back-ing of opposition parties in parliamenttodoso.

The government says its steps arehaving an impact, reducing the daily

rate of increase in confirmed cases andthe numbers of new entrants to inten-

sive care wards. It adds that it hasauthorised more than €4bn in fundsto fight the disease, much of whichhasgonetoSpain’sregions.

But even as they voted throughtheemergencypowers,andtheir

subsequent prolongation,Spain’s rightwing opposi-tion MPs voiced misgiv-ings about Mr Sánchezand his allies’ manage-mentof thecrisis.

Now those recrimina-tions have taken centrestage as the death countregularly tops 800 a day

and the governmenttakes temporary measures,such as prohibiting busi-nesses hit by the crisisfrom sacking employees

sensus, the politicians are opting for abitter fight,” saidAstridBarrio,apoliticsprofessor at the University of Valencia.“I am not sure citizens are going toappreciate that,whentheobviousprior-ity is thehealthemergency.”

Some blame the tensions on the sig-nificant levels of polarisation in a coun-try where people turned to radical solu-tions in the aftermath of the financialcrisis, and where far-left and Catalannationalist votes helped bring MrSánchez to power, to the enduring dis-gustof theright.

Others fault the alleged mismanage-ment of his new Socialist-led coalition,which has barely been three months inoffice.

While the country has united inapplause for health workers at8pm every day, underlying ten-sions have been exposed at othertimes, such as when differentgroups of Spaniards havebanged pots and pansin protest at the gov-ernment or, on oneoccasion, againsttheroyal family.

Whatever theircause, the fis-sures re-emerg-ing highlight thescale of the chal-lenge if the coun-try is to overcomethe health crisis andthe economic reckon-ing that many fear is

DANIEL DOMBEY — MADRID

In some countries, the worst pandemicfor more than a century may havepushed political rivalries to one side.Not so in Spain, one of the nations worsthit by the coronavirus outbreak, withmorethan100,000confirmedcasesandover9,000dead.

The government’s official slogan is“United, we will stop this virus”. But, asthe death toll mounts and Madrid usesemergency powers to issue economicdiktats, the politics of confrontation hasreturnedwithavengeance.

This week the principal oppositiongrouping, the centre-right People’sparty, labelled Prime Minister PedroSánchez, pictured right, a liar and onePPregional leaderevenaccusedthegov-ernment of issuing orders to hide therealdeathcount.

The far-right Vox, the third-biggestforce in Congress, has called for MrSánchez’s resignation and replacementby a government of national unity.Meanwhile, the pro-independenceadministration of Catalonia upbraidsthe government for its alleged incompe-tence and parsimony on an almost dailybasis.

“Here, instead of closing ranks andlooking for the maximum possible con-

FT REPORTERS

The first set of data about Covid-19deaths in nursing homes released fromFrance’s most affected region has deliv-ered a glimpse of a tragedy that isunfoldingacrossEurope.

On Tuesday night, the health author-ity in the Grand Est region said two-thirds of its 620 old people’s homes hadbeen affected by the coronavirus pan-demic and 570 residents had died.Those 570 are not recorded in France’sofficial coronavirus death toll, whichreached 4,032 on April 1, but whichcountsonlythosewhodied inhospital.

Recent studies in Italy comparingrecorded Covid-19 deaths with overalldeath rates in specific regions also sug-gest the country’s death toll is far higherthan the official total of more than

13,000,alreadytheworld’shighest.In an Italian retirement home in

Mediglia, outside Milan, 52 of the 152elderly staying there had died from Cov-id-19 infectionbylastweek.

In the province of Bergamo, 2,060deaths were attributed to the virus inMarch. However, L’Eco di Bergamo, alocal newspaper, found that a total of5,400deathsoccurred intheprovince inMarch, up from just 900 in the samemonthin2019.

Covid-19’s mortality rate rises sharplyin old age, and one of the first decisionstakenbytheFrenchgovernmenttofightthe pandemic in early March was to stoppeople visiting their relatives in old peo-ple’s homes. But for residents in dozensof such homes, especially in easternFrance and the Paris area, it was alreadytoo late.

“The two main locations of deaths,”said Jérôme Salomon, France’s director-general of health, “are hospitals andEhpads [an acronym for institutions toshelter thedependentelderly].”

Nearly700,000elderlyFrenchpeople

are cared for in 7,000 institutions run byboth the public and private sectors.Eachdaybringsnewsof fatalities.

A similar story is playing out in Spain,where 25 people, just under a sixth ofthe residents, died in one northernMadridcarehome.

Spain has 5,400 public and privatecare homes, looking after 380,000 peo-ple and employing 190,000 staff.Cadena Ser, a Spanish radio network,has estimated that more than a third ofthe people who had died after contract-ing coronavirus had been in care homes.

The official Spanish death toll fromthe virus is more than 10,000, whichincludes those dying in care homes onlyif they have previously been tested posi-tive forCovid-19.

The Spanish army has disinfected1,353 old people’s homes throughout thecountry, and the state has assumed con-troloverprivatelyrunresidences.

Even Germany, which has been ableto do more coronavirus testing thanmost of its European neighbours, faces apossible crisis of the 800,000 elderly liv-ing in care homes. In Wolfsburg, west ofBerlin, 22 people have died in the samenursing home. Forty-eight died inhomes in North Rhine-Westphalia, Ger-many’smostpopulousstate.

Infection and fatalities in German oldpeople’s homes could have a markedeffect on official statistics. Germany’sdeath rate was unusually low at the startof the pandemic, largely because the ini-tial infections were among young, fitGermansreturningfromskiingholidaysor taking part in carnival celebrations.Patient groups have sharply criticisedthegovernment.

French managers, however, havewarned against “catastrophism”, notingthat thousands of France’s 7,000 Ehpadshave yet to record infections, even if 50or so have suffered multiple deaths and500-1,000 have recorded coronaviruscases. “We are in at the beginning of thewave. This week will be decisive,” saidFlorence Arnaiz-Maumé, executivedirector of Synerpa, which representstheprivateoperators.Reporting by Victor Mallet in Paris, MilesJohnson in Rome, Guy Chazan in Berlin andDaniel Dombey in Madrid

TOBIAS BUCK — BERLINOLAF STORBECK — FRANKFURTJUDITH EVANS — LONDON

Germany has lifted its ban on seasonalfarmworkers entering the country,announcing that farms can bring in80,000 people after an outcry from theagricultural lobby and warnings fromthe retail sector about a potential hit tofoodsupplies.

The move, which was announced yes-terday, marks a swift reversal for thegovernment, which imposed a completeban on seasonal workers only last weekas part of Berlin’s response to the coro-navirus pandemic. It highlights growingconcern across Europe that the current

lockdown measures will have a devas-tating impact on the agricultural sectorand could leave vast amounts of pro-ducetorot inthefields.

“This is good news for our farmers.The harvest does not wait and neitherdoes the sowing,” said Julia Klöckner,agricultureminister.

Horst Seehofer, interior minister,said: “We must keep the state and theeconomy going despite the pandemic.Today we managed to find a paththat allows us to secure the harvestwhile also protecting the health of thepopulation.”

Under the new plan, farms will beallowed to bring in a total of 80,000workers during the months of April and

May. Inaddition, thegovernment iscall-ing for another 20,000 workers to berecruited from the ranks of the unem-ployed, students, asylum seekers andfurloughed workers. Berlin estimatesthat farmers need at least 100,000 extrapeople to work in the fields over thecomingmonths.

Seasonal workers from abroad willenter Germany by plane, to avoidlengthy bus trips, and must be kept sep-arate from the domestic workforce forat least two weeks. All new arrivals willhavetosubmit toahealthcheck.

The shift in stance comes as a tacitacknowledgment that the measurestaken by the government to secure thespring harvest so far were insufficient.Among other things, the agricultureministry launched a website last monthto match German volunteers with farm-ers looking for temporary help. About42,000 volunteers have signed up so far— only a fraction of the numbersrequiredbythesector.

The U-turn followed intense politicalpressure fromfarmersandretailers.

Joachim Rukwied of the GermanFarmers’Associationhadurgedthegov-ernment to reopen the country’s bor-ders to eastern European farmworkersas quickly as possible, warning that ref-ugees and unemployed workers were animperfect substitute as they oftenlackedtherelevantexpertise.

Rewe,oneofGermany’s largest super-market chains, had also warned abouttheeffectsof theborderclosure.

“This does not just affect asparagusand strawberries but the total Germanfruit and vegetable production, which isjustabout tostart,” it said.Additional reporting by Leila Abboud inParis

VALERIE HOPKINS — BUDAPEST

Hungary plans to classify informationconcerning its largest ever infrastruc-ture project, a €2.3bn Chinese-backedrail modernisation, a move critics sayshows that Prime Minister ViktorOrban is taking advantage of the coro-naviruscrisis topushhisownagenda.

Details of the 350km Beijing-fundedhigh-speed rail link between Budapestand the Serbian capital Belgrade will beclassified for 10 years, according to draftlegislation submitted to the Hungarianparliament.

The draft legislation seeks to classifyall construction contracts on thegrounds that their publication could“threatenHungary’sability topursue its

foreign policy and trade interests with-outundueexternal influence”.

The proposal was submitted just daysafter Hungary’s parliament gave MrOrban emergency powers to rule bydecree for an indefinite period as thegovernmentbattles thepandemic.

Since the emergency powers weregranted, thegovernmenthasproposedalaw that would make it illegal to changegender identity and another, later with-drawn, that would have removed deci-sion-makingpowers frommayors.

“The [government] is using coronavi-rus practically as a pretext to pushthrough legislation which is servinginterests totally unrelated to the pan-demic,” said Peter Kreko, of the Buda-pest-basedPoliticalCapital think-tank.

Hungary will pay 15 per cent of thecosts for its portion of the railwayupfront and take out a loan from theChinese Eximbank for the rest. A signif-icant contract for the construction workhas gone to a consortium owned by MrOrban’s friend, billionaire Lorinc Mes-zaros, who last year became Hungary’srichestperson,accordingtoForbes.

“There are signs that there is an abuseof the crisis to benefit even more thepro-governmental business interests intheconstructionsector,”saidMrKreko.

The rail project has been under dis-cussion since 2013 as part of China’s ini-tiative to extend its “One Belt, OneRoad” intotheheartofEurope.

Hungary has welcomed China’s foraysinto Europe. In 2011 it announced its

official policy of “opening to the East”,that year hosting the first meeting ofwhat became the “16+1”, a partnershipbetween Beijing and 16 central and east-ern European nations, which expandedlastyearto includeGreece.

The narrative of Sino-Hungarian tiesis useful to the government as it facescriticism from a growing number of EUmember states, said Agnes Szunomar,an expert on central European relationswith Beijing at the Budapest-based Cen-tre forEconomicandRegionalStudies.

The relationship with Beijing “fitswell into the government’s communica-tion strategy that ‘we don't need Brus-selsandtheEU;wearestrongenoughonour own and we have some powerfulfriends likeRussiaandChina’”, shesaid.

MEHUL SRIVASTAVA — TEL AVIV

Israel is battling to control an outbreakof the virus in the ultraorthodox townof Bnei Brak, where as many as 40 percent of the population could beinfected after ignoring governmentadviceonsocialdistancing.

Prime Minister Benjamin Netanyahu,who depends on the support of Israel’sultraorthodox to govern, has struggledto enforce the closure of synagogues andyeshivas in the congested alleyways ofneighbourhoods in Jerusalem and BneiBrak, a suburb of Tel Aviv with some200,000residents.

The Israeli government placedrestrictions on movements in and out of

Bnei Brak on Wednesday night, andcould put the entire suburb underforced quarantine to contain the infec-tion. Ran Sa’ar, the chief executive ofMaccabi Healthcare Services, a privatehealthcare insurer, told a parliamentarycommittee that at least 38 per centof Bnei Brak’s residents — about 75,000people—couldbecarryingthevirus.

The ultraorthodox communitymakes up about 10 per cent of Israel’spopulation and its devout, but impover-ished members live in self-imposed seg-regation that makes it difficult toenforcenationwide laws.

On Wednesday night, Mr Netanyahusaidhehadmadeprogress inconvincingthe community’s rabbis to ask people to

stay indoors and not to congregate forprayer. “There has been a very positivechange among the ultraorthodox pub-lic, they have internalised the danger ofthe spread of the coronavirus and arelistening to the instructions with fullbackingfromtherabbis,”hesaid.

But critics warn that a large cluster ofthe illness has already developed withinthe community. Ultraorthodox patientsmake up a disproportionate number ofthose taken to hospital with the diseasein Israel, which has reported at least 30deathsand6,000casesof infection.

Until Wednesday Israeli officials hadbeen hopeful that early action to shutdown international travel, rapid quar-antining of those exposed to the virus

and other measures could have allowedthecountrytotackle thediseaseearly.

Mr Netanyahu has been forced intoself-isolation twice in the last few weeksafter two of his ultraorthodox col-leaguestestedpositive forCovid-19.

Israel’shealthminister,anultraortho-dox rabbi who was mocked for sayingthat the Messiah would rescue Israelfrom the outbreak, tested positive onWednesday night, putting nearly all ofIsrael’s topofficials intoself-isolation.

With large families living in smallhouses alongside elderly relatives, and areluctance to interact with moderntechnology, Israel’s ultraorthodoxneighbourhoods were always consid-eredtobeathigherriskof infection.

Europe. Divisions

Spain shaken by return of politics ofconfrontation with a vengeance

Prime minister labelled a liar

by centre-right PP with some

claiming a death toll cover-up

CORONAVIRUS

Anger: medics stage a small protest outside a hospital in Vitoria, northern Spain, demanding better protective equipment after a nurse died — Alvaro Barrientos/AP

Infrastructure

Hungary to classify details of Chinese rail project

High infection rate

Israel struggles to convince ultraorthodox on social distancing

Old people’shomes badlyhit by spreadof infectionEurope’s official data do not alwaysinclude deaths in care residences

Agriculture

Germany performs U-turnon seasonal farmworker ban

‘We are in at the beginningof the wave. This weekwill be decisive’Florence Arnaiz-Maumé

The move comesafter farmers andretailers voicedconcerns oversecuring the springharvest

‘Politicians are optingfor a bitter fight. I am notsure citizens are goingto appreciate that’

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House press conference, AnthonyFauci, director of the National Instituteof Allergy and Infectious Diseases, saidhe hoped the eventual death toll wouldbefar lowerthanhismodelsuggested.

“As sobering a number as that is, weshouldbepreparedfor it. Is itgoingtobethat much? I hope not,” he said. “And Ithink the more we push on the mitiga-tion, the less likelihood it would be thatnumber.”

But later in the press conference heappeared to contradict himself, sayingthe White House model did in factassume “full mitigation”, meaning eve-ryone doing everything they can to stopthespreadof thedisease.

Without knowing how much mitiga-tion the White House model assumed,academics say it is impossible to judgewhether it is realistic to hope the deathtollmightbe lower.

But if it mirrors the work done by DrMurray and his colleagues at the Uni-versity of Washington as closely as itappears, thenDrMurrayhasbadnews.

“Our model assumes that states thathave already imposed social distancingwill continue to do so until the end ofMay, and those that have not will do sointhenextweek,”hesaid.

“Unfortunately there is not muchscope for the government to bring thedeathtoll farbelowourestimate.”

— the most certain of all the variables —and use those to predict how differentdemographics and policy approachesmight change them. This is the kind ofresearch being done at the University ofWashington, whose work was cited byDeborah Birx, co-ordinator of the WhiteHouse coronavirus task force, whenunveiling her own estimates. “It is thismodel that we are looking at now thatprovides us the most detail of the timecoursethat ispossible,”DrBirxsaid.

The White House would not saywhether its task force had taken a simi-lar approach in formulating its projec-tions. But its numbers are certainly inline with those calculated by academicsin Seattle, who estimate there will be94,000deaths inthenext fourmonths.

One problem with the University ofWashington model, however, is that itdoes not take into account what hap-pens if a health system gets over-whelmed,ashappenedinItaly.

Chris Murray, director of the univer-sity’s Institute for Health Metrics andEvaluation, which led the research, saidit remained unclear how much hospitalcapacity existed in certain states andwhat difference medical interventionactually made. “There is very little harddata at the patient level to really get to ahandleonthatquestion,”hesaid.

Speaking during Tuesday’s White

ceeded in confusing the public.” MrTrump said a death toll of 100,000 to240,000 reflected the success of hisadministration’smitigationefforts.

He compared that figure with therange of between 1.5m and 2.2m fore-cast by Imperial. The London college’sseparate estimate for the UK of 500,000deaths triggeredBoris Johnson’sgovern-ment to change strategy and imposesocial distancing controls. “Think ofwhat would have happened if we didn’tdoanything,”MrTrumpsaid.

Which of these estimates is the moreplausible clearly depends on the model-ling used. The upper range of the Impe-rial model was based on a scenario inwhich citizens took no mitigatingaction, even as friends and family died.Academics believe, however, that evenwithout government action, peoplewould have curtailed much of theirsocial and economic activity as they sawlovedonesdie.

“The early models did not model peo-ple’s reactions,” said Jason Oke, a statis-tician at Oxford university. “That is whytheyarenowlookingoverdone.”

Given uncertainties over how quicklythe virus spreads and how fatal it is,some academics have taken a differentapproachtoforecasting its impact.

Instead of trying to analyse the dis-ease itself, they start with the death tolls

KIRAN STACEY — WASHINGTON

The grim question of how many peoplethe coronavirus outbreak will kill in theUS has led to predictions that rangefrom less than 100,000 to more than2m, leaving the public to wonder — andworry—aboutwhichoneisright.

Will it kill about 94,000, as academicsat the University of Washington havepredicted? Or will it be nearer the 2.2mworst case set out by Neil Ferguson andhis teamatImperialCollegeLondon?

This week, President Donald Trump’smedical experts shocked many Ameri-cans with their own estimate of a likelydeath toll between 100,000 and240,000. But the White House refusedto say what inputs officials used to cal-culate that, or even what type of model-ling they used, leaving experts unable tosayhowcredible theybelieve it is.

“The White House number was in therange of the best models I have seen, butthey did not say how they came to it,”said Lawrence Gostin, professor of pub-lic health law at Georgetown Univer-sity. “I fear they may have only suc-

E veryone knows the drill about the barn doorclosing after the horse has bolted. From Italy toBritain and the US, governments have prevari-cated lethally insightofcoronavirus.

The puzzle is why the next in line do not learnfromtheirpredecessors’mistakes.OnWednesdayFlorida,Mississippi and Georgia became the latest US states todeclare stay-at-home orders that should have beenimposedweeksago.

Florida’s infection rate is way higher than Australia’s.Georgia overtook Japan 10 days ago. Texas only took theplunge on Tuesday. Even then, the stay-at-home order wasriddled with holes. Greg Abbott, the Texas governor,insisted on including churches in its list of “essential serv-ices”. One thing every pathogen loves is a congregation. AsAmerica’s south goes, so goes Brazil and Mexico, each ofwhich isstubbornly ignoringthe lessons fromelsewhere.

The mystery is why. Partly it is economic dread. Floridadraws much of its revenue from tourism and retirees. RonDeSantis, the governor, kept the beaches open for tens ofthousands of college students to converge on the US south-easternstate for lastmonth’sspringbreak.

Disney World, which is in the centre of Florida, alsostayed open. At its reluctant closing, employees gatheredclosely for a photo, prompting Abigail Disney, a familyheir, to tweet:“Areyouf***ingkiddingme?”

Mr DeSantis may have upheld spending numbers forMarch. But at what expense? One in four of Florida’s resi-dents is over 65, which is 50 per cent higher than thenational figure. Mr DeSantis, too, has deemed churches“essential services”. The cost to Florida of gratuitousdeaths issurelyhigherthanlastmonth’s tourismreceipts.

That same miscalculation applies to the White House ona far larger scale. Donald Trump wasted weeks dismissingthe virus in the vain hope of talking up the stock market.As a result, the US has now been forced to take far moreeconomicallydamagingmeasures tocontain it.

Coronaviraldenialismknowsnopartisanboundaries.Bill de Blasio, the Democratic mayor of New York City,

which has accounted for by far the highest number ofAmerica’s coronavirus deaths, was at least as complacentas Mr Trump. New York’s schools only closed after severalother cities, including San Francisco, had already done so.The time Mr Trump and Mr de Blasio squandered can bemeasuredin lives.

Thetragedywillprobablyroll fromAmerica’scoasts intoits heartlands. Twelve states, including Oklahoma, Ala-bama and South Carolina, have yet to issue shelter-in-place orders. The longer they wait, the worse the toll. Aftereconomic dread, the biggest explanation for hesitation isincompetence.

Few pundits can resist the temptation to draw moralitytales from the global pandemic. In its early stages, westerncommentators blamed China’s authoritarian system forquashing early warning signs about the virus. Now Chinaand Russia are gleefully pointing to deficiencies in liberaldemocraticculture.

Similar morals are glibly drawn within the US. Conserv-atives have accused the worst-hit coastal Democraticstates of overreaction. The US loses many more to carcrashes and ordinary influenza, they say. Those voices willfade as the virus moves from blue state to red state Amer-ica. At that point, liberals are bound to say that America’schurchgoersaretastingthefruitsof their ignorance.

The real division, as Francis Fukuyama has argued inThe Atlantic magazine, is between competent and incom-petent states. Freedom-loving America was as late in wak-inguptothethreatasrepressiveChina.Bycontrast, liberaldemocratic Germany and authoritarian Singapore reactedearly and well. What divides success from failure, arguesFukuyama, is“trust ingovernment”.

Those words sound like a daydream in today’s America.In the next 24 hours, the global number of tested coronavi-rus infections will exceed 1m. America’s share is about aquarter of that — roughly five times where it would be on aper capita basis. In the past few weeks, everyone hasbecome an expert on how to flatten the curve. People poreover charts with the same attention they used to read starsigns. Here is a new one: the greater a society’s trust in itsgovernment, the lower its infection rate. Call it the barndoor chart. The next time Mr Trump, or Mr DeSantis, arewarned about a looming disaster, they should worry abouthangingontothathorse.

[email protected]

GLOBAL INSIGHT

WASHINGTON

EdwardLuce

America shuts thebarn door too lateon pandemic

DEMETRI SEVASTOPULO ANDLAUREN FEDOR — WASHINGTON

The US Democratic party has pushedback its presidential convention fromJuly to August because of the escalatingcoronaviruspandemic.

Joe Solmonese, chief executive of theDemocratic National Convention Com-mittee, said the party would now holdits four-day convention, which drawsthousands from across the US, in Mil-waukee,Wisconsin,onAugust17.

“We believe the smartest approach isto take additional time to monitor howthis situation unfolds so we can best

positionourparty forasafeandsuccess-fulconvention,”MrSolmonesesaid.

The decision came a day after JoeBiden — the former vice-president whohas an almost insurmountable lead overBernie Sanders in the Democratic pri-mary — said the party should push backthe event from July. He has 1,217 of the1,991 delegates needed to win the nomi-nation, compared with 814 for Mr Sand-ers, theVermontsenator.

The number of coronavirus cases inthe US has hit 226,000 — almost doublethat of Italy, which has the second-highestnumberofcases—andthedeathtollhassoaredto5,316.

The top scientists on the White HousecoronavirustaskforcethisweekwarnedAmericans to prepare for the possibilitythat as many as 240,000 people coulddie in the US even if the government

continues “full mitigation” measuresand the population maintains strictsocialdistancing.

TheDemocraticconvention is thebig-gest event on the political calendarbefore the general election. It is whenthe party will formally decide on thenominee who will challenge PresidentDonaldTrumpinNovember.

The Republicans are scheduled tohold their presidential convention inNorth Carolina in August, where MrTrumpfacesnoseriousopposition.

The decision to postpone the Demo-cratic convention throws another ele-ment of confusion into the race. CentristDemocrats were already concerned thatMr Sanders has not bowed out of therace, and that he would continue to runagainst Mr Biden even if it becamemathematically impossible to win

enough delegates. Holding the conven-tion in August means Mr Biden, the pre-sumptive nominee, will have less timeto prepare for the fight against MrTrump, who has the power of incum-bencyandahugewarchest.

More than a dozen states havedelayed their primaries to May or Juneas a result of the coronavirus, and manyare encouraging people to vote by post.Wisconsin is still slated to hold a pri-maryonTuesdaydespiteconcerns fromhealth officials, as well as both Demo-craticcontenders.

Mr Sanders has urged the Midwesternstate to delay the vote, saying “peopleshould not be forced to put their lives onthe line”.

Mr Solmonese said the Democraticpartycouldmodifytheformatof itscon-vention intermsofscheduleandsize.

Political timetable

Democrats push back party conventionDelay until August followsplea by presidentialfrontrunner Biden

‘We believethesmartestapproach isto takeadditionaltime tomonitorhow thissituationunfolds’

Cost in lives. Estimates

Experts confused by White House deaths forecast

JAMIE SMYTH — SYDNEY

Australian authorities are refusing toallow almost a dozen foreign cruiseships to dock or repatriate 11,000 crewmembers in a bitter dispute that tradeunions warn risks creating a “humani-tariandisaster”.

Stateandfederalauthoritiessaidyester-day that bringing crew onshore was toorisky because of health concerns aftercoronavirus was detected on at leastthreeships.

Peter Dutton, Australia’s home affairsminister, alleged yesterday that somecompanies had been dishonest aboutthe infection rates on board ships liningupoffAustralia’scoast.

His comments followed the release ofdata that revealed almost one-tenth ofAustralia’s 5,125 confirmed virus casescould be linked to passengers and crewdisembarkingfromcruiseships.

“It’s clear that some of the companies

have been lying about the situation ofthe health of passengers and crew onboard,”saidMrDutton.

He said Australia would send doctorson to the ships to determine the level ofriskposedbypossible infections.

Cruise ships have been at the centre offears over the spread of Covid-19 eversince 3,700 people were marooned off the coast of Japan on the Diamond Prin-cess,where712peoplewere infected.

Most passengers have already disem-barked from the 11 foreign-registeredships in Australian waters but there areabout 11,000 workers still on board thevessels who are unable to return to theirhome countries, according to the Inter-national Transport Workers’ Federa-tion. The union warned of a potential“humanitarian disaster” if workerswere not allowed to leave ships, giventhat coronavirus had already beendetectedonat leastonevessel.

Some sick crew members have been

evacuated for medical treatmentonshore. However, New South Walesauthorities warned yesterday thatallowing all crew members off theships without knowing whether theyhad the virus risked overloading thehealthsystem.

This week, officials in New SouthWalesaskedeightships to leaveAustral-ian waters and return to the countrieswhere they are registered, typically low-tax jurisdictions in the Caribbean. Butthe operators have refused to leave Aus-tralian waters and are requesting Can-berratohelprepatriatecrew.

Carnival Australia, which owns sev-eral stranded vessels, said: “We believethere is an opportunity to work witheach other to find an orderly processthat is based on compassionate andhumanitarian grounds.” It did not com-ment on Mr Dutton’s claims that opera-torshadmisledauthorities.Lex page 18

Foreign vessels

Australia turns away 11 cruise ships and crews

CORONAVIRUS

Trump administration refuses

to reveal how it arrived at

100,000 to 240,000 figure

2.2mWorst-caseestimate of USdeaths by teamat ImperialCollege London

94,000Forecast of USdeaths by theUniversity ofWashington inSeattle, assumingstates takemitigating actions

Brazil Bolsonaro and Trump discuss co-operationA workerdisinfects a busshelter in Curitibain Brazil.President JairBolsonarodiscussed withDonald Trump, hisUS counterpart,how to co-operatein the fight againstcoronavirus, asBrazil’s healthministerexpressed concernabout infectionrates and lack ofmedical suppliesDaniel Castellano/AFP/Getty

Legal Notices

Businesses For Sale

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PATRICK MCGEE — SAN FRANCISCO

Medical equipment shortages in the UShave become so acute during the coro-navirus outbreak that hundreds of hos-pitals have joined an online barteringplatform to swap supplies directly witheach other rather than buy them on theopenmarket.

Covid-19 has overwhelmed the coun-try’s healthcare systems, leaving manyhospitals with an urgent need for venti-lators and personal protective equip-ment.But inareas thathavenotbeenhithard by the virus, some healthcare pro-viders have an abundance of such prod-uctsbut lackthemeans—or incentive—todistributethem.

A collaboration between StanfordMedicine, Premier, a healthcare pro-curement group, and Resilinc, a supplychain intelligence start-up, aims to solvethis by launching The Exchange, anonline platform on which hospitals caninteract with peers to locate and trademedical items.

“It’s almost like a dating app, wherewe connect one organisation withanother — the haves with the have-nots,” said Amanda Chawla, vice-presi-dent of supply chain at Stanford HealthCare,partofStanfordMedicine.

More than 300 hospitals registered tojoin The Exchange within days of thepartners hosting a March 25 webinarexplaining how it would work. Resilinc,which believes it will have 2,000 signedup by the end of this month, plans tolaunch the US platform in mid-Aprilandroll itoutgloballybyJune.

Chaun Powell, who runs the supplierengagement team at Premier, whichbuys and manages supplies for morethan 4,000 hospitals, said the systemfaced“unprecedentedlevelsofburden”.

In the past week, the number of medi-cal items “on allocation” — meaning dis-tributors have restricted the quantityhospitals can buy — has ballooned from2,600itemsto9,300.

The restrictions are designed to pre-vent hoarding but the amount each hos-pital can buy is based on past purchases.So, if two facilities each order 10 ventila-tors, it does not matter if one faces aCovid-19 outbreak and the other doesnot,MrPowell said.

Hospitals have been relying on gov-ernments to step in. But state governorshave complained that replenishing thesupply of ventilators, masks and othergear has turned into a bidding war asfederal stockpilesnearexhaustion.

US hospitalsjoin onlineplatform toswap supplies

ALISTAIR GRAY AND PETER WELLSNEW YORKNEIL HUME — LONDON

Luckin Coffee has revealed that aninternal investigation found hundredsof millions of dollars of sales last yearwere “fabricated”, wiping almost 75 percent from the value of the companytoutedasChina’srival toStarbucks.

The coffee chain, which listed on WallStreet less than a year ago, put investorson notice that they should no longer relyon previous financial statements thathad appeared to show exceptionallyrapidgrowth.

The company’s chief operating officerhas been suspended after a special

committee was formed to investigate itsaccounts, and the initial findings weredeliveredtotheboard.

Early stages of the investigation indi-cated that “aggregate sales amountassociated with the fabricated transac-tions from the second quarter of 2019 tothe fourth quarter of 2019 amount toaroundRmb2.2bn”($310m).

The disclosure marks a spectacularfall from grace for the company, whosebrand has been promoted by moviestars. Earlier this year it strongly deniedallegations in an anonymous report thatcitedpossible fraudulentbehaviour.

According to the committee’s find-ings,Luckin’schiefoperatingofficerandseveral employees reporting to him“had engaged in certain misconduct,including fabricating certain transac-tions”, beginning in the second quarter

of last year. Some costs and expenseswere “substantially inflated” by fabri-cated transactions in the period, Luckinsaid. Along with the COO, Jian Liu, otheremployeeshavealsobeensuspended.

The disclosure is a blow to investorswho backed Luckin in its stock marketlaunch and rode a surge in itsshares. Among its investors are LouisDreyfus Company, one of the biggesttradersofcoffeeandorange juice.

Luckin has expanded aggressively inChina, undercutting its larger rival Star-bucks on price. By the end of last yearthe Xiamen-based chain had over 4,500outlets, more than doubling the totalwithin a year. This year Luckin sold con-vertible bonds to fund further expan-sion, including intounmannedstores.

Yet the chain has remained unprofita-ble, with margins compressed by rental,delivery and marketing costs, as well asdiscounts to lurecustomers.For the firstnine months of 2019, Luckin recorded anet lossof$247m.

At the end of January, an anonymousreport made public by US short sellerMuddy Waters cited possible fraudulentbehaviour at the group. At the time,Luckin denied the allegations, describ-ingthemas“misleadingandfalse”.

The report alleged that the companyhad inflated the number of items soldper customer order along with othermetrics, including advertising expensesandrevenues from“other”products.

The shares surged late last year andtouched a record $50.02 in the middle ofJanuary. Yesterday’s rush for the exitspushedthemdown74.5percent inearlytrading inNewYork, to less than$7.

The group’s special committee hasretained Kirkland & Ellis as outsidecounsel, which is being assisted by FTIConsultingas forensicaccountants.See Lex

Luckin Coffeeslides afterfinding $300mof sham sales3 Chinese chain’s shares plunge 75%3 Chief operating officer suspended

The Luckin executiveand several staff reportingto him ‘had engaged incertain misconduct’

Jonathan Wheatley Risk of foreign flight from emerging markets is underplayed by official numbers y MARKETS INSIGHT

SAM JONES — ZURICH

Just as the world of elite chess lookedto be facing checkmate as a result ofcoronavirus cancellations, worldchampion Magnus Carlsen came upwith a novel solution to see if anyonecould beat him during the lockdown:a $250,000 tournament to be playedentirelyonline.

The 29-year-old Norwegian prodigy ispreparing to launch the “MagnusCarlsen Invitational”, the world’s firstcomputer-based professional chesscompetition for elite grandmasters,people familiar with the tournamentproposal toldtheFinancialTimes.

The competition will be screenedonline through the Chess24 website,which Mr Carlsen partially owns, andwill pit the grandmaster against topplayers including China’s Ding LirenandRussia’s IanNepomniachtchi.

The pitch is a significant departurefor a cerebral sport which has —

despite a large online fan base, with70m regularly playing on the internet— until now largely resisted profes-sional tournamentsbycomputer.

But it comes as interest in chessonline is soaring even higher as aresult of virus lockdowns. Already inthe past two weeks, Chess24’s usualtraffichas increasedby500percent.

The move is a potentially lucrativegambit for Mr Carlsen, one whichcould disrupt the tightly controlled —and politically byzantine — world oftournaments and their sponsorshiprights presided over by chess’ globalgoverning body, the InternationalChessFederation(Fide).

Chess24 hopes to raise up to$500,000 in sponsorship fees for fur-ther events this year, if the plan is asuccess. “Chess is unique in the sportsworld, as the moves are the samewhether played on a wooden board oracomputerscreen,”saidMrCarlsen.

“This is a historic moment for

chess . . . we have not only the oppor-tunity but the responsibility to play-ersandfansaroundtheworld.”

Lastweek,Fidewas forcedtocancelthe Candidates Tournament in Ekat-erinburg, Russia, as the Kremlin sus-pended flights into the country. Thewinnerwouldhaveearnedtheright tochallenge Mr Carlsen for the worldtitle.

Cracking the business of chess hasprovednotoriouslydifficultuntilnow,despite the number of players — asmany as 650m enjoy it globally, Fideestimates.

Tournament regulations have alsobeen adapted to maximise the games’appeal to online viewers: with rulesforcing competitors to make rapidmovesandplayaggressively.

“Fide is very excited to see this hap-pening,” the governing body said ofthe new tournament. “This varietycan also have its place in the chessecosystem.”

Web gambit World chess champion launcheselite tournament amid coronavirus lockdown

W ill data science save usfromthepandemic?

Big data and machinelearning — the twinengines behind the

recent boom in artificial intelligence —have been touted in the tech world astechnologies capable of delivering hugesocialbenefit.

Watching them being applied to a glo-bal health crisis unfolding in real timeshows both their promise and theirshortcomings.

Machine learning systems employ aform of pattern recognition that is ofbroad use at a time like this, accordingto Fei-Fei Li, co-director of StanfordUniversity’s Institute for Human-Centered AI. She was speaking at a hast-ily arranged online conference thisweek to consider the many ways that AIisbeingbrought tobear.

Speeding the search for new drugs,anticipating where scarce medical sup-plies will be most needed, and under-standingthespread of thevirusandpre-dicting the effectiveness of differentactions to slow it: these are the kind ofproblems today’s deep learning algo-rithmsaremeanttobeable tohandle.

What this crisis has shown is thatmaking use of the technology is, at itsheart, a data problem. The algorithmsneed to be trained on large amounts ofinformation before they can be put to

Health crisis highlights the pitfalls and promise of Big Tech

work. A novel coronavirus, by defini-tion, isnotsomethingthathasbeenseenbefore, which hampers their use. Butthere are also many institutional andtechnical barriers that make it hard tocollect and apply information in thepopulation-wide, real-time way that isneeded.

The UK’s National Health Service, forinstance, has just launched a project tobreak down the barriers between itsvarious data silos so that it can trackthings like how many critical care bedsit has available and the wait times in itsaccident and emergency departments.If a single national system has lackedthis kind of insight into its ownresources, the problem is magnifiedacross a Balkanised, market-basedhealthsystemliketheAmericanone.

It has also been difficult to generate acomplete, real-time picture of thehealth of a popula-tion at large, andthe factors likely toaffect it. The USCenters for DiseaseControl only cameup with a working model like this in the past two weeks,aggregating all the data it is able to col-lect down to the individual county andhospital level. Adding in other sourcesof information such as travel patternsand local demographics helps to high-light where the epidemic might surfaceorhithardest.

A natural institutional resistance,founded on protecting data privacy andsecurity, has slowed initiatives like thisinthepast.

But according to Ryan Tibshirani atCarnegie Mellon University, who moni-tors the incidence of flu-like symptomsacross the US to predict when outbreakswill occur, the crisis has prompted data-

sharing arrangements in the past twoweeks that normally take years to agree.He singled out a Google survey, yielding1m responses in a matter of days, as onesuchbreakthrough.

It is too soon to tell whether these andmany other attempts to break down thebarriers and make existing bodies ofinformation more useful are comingsoon enough to have a marked impacton the fight against the threat fromCovid-19. But they at least point to onesilver liningfromthispandemic.

The new forms of data sharing theyare forcing should provide a templatefor when the next health crisis hits, aswell as better co-ordination inside andbetween healthcare systems to improvethequalityofcareeveninnormal times.

But they also highlight two big issuesthat reach far beyond the technologyitself.

One is how far to push the data shar-ing. Once the peaks of the spreadinginfection have passed, societies aroundthe world will be faced with the problemof spotting and quelling renewed out-breaks.

That will require unprecedentedforms of mass surveillance, as potentialcarriers of the virus are monitored andtheir personal contacts are traced tolimit the spread. In the west, the debatearoundhowtodothishasbarelybegun.

The other issue concerns the uses towhich the insights from data science arebeing put. AI alone is not enough: itseffectiveness depends on how humansrespond to the insights and recommen-dations that are produced by today’sprobabilistic systems. Ultimately, it isdown to today’s political leaders to sum-mon the wisdom and moral determina-tion to act in the best interests of theirwholepopulations.

[email protected]

INSIDE BUSINESS

TECHNOLOGY

RichardWaters

The pandemic hasprompted data-sharingarrangements in the pasttwo weeks that normallytake years to agree

Press to play: rules for Magnus Carlsen’s tournament will encourage fast and aggressive moves — Tolga Akmen/AFP/Getty

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COMPANIES & MARKETS

RYAN MCMORROW AND NIAN LIUBEIJING

China’s largest state-owned mobile car-rier has turned almost entirely tohomegrown telecoms vendors Huaweiand ZTE to build out its next-genera-tion 5G mobile network, which isexpected to facilitate everything frominstant film downloads to self-drivingcars.

In recent months Beijing has repeatedlysaid foreign companies are welcome toparticipate in the buildout of its 5G net-works, while in turn pressing othercountries to allow China’s nationalchampions to build their critical net-workinfrastructures.

But the latest contract from state-owned carrier China Mobile shows that,at home at least, China will rely mostlyon domestic groups. The Rmb37.1bn($5.2bn) contract covers 232,143 5Gbase stations, the majority of the com-pany’s targetedbuildout thisyear.

Huawei was awarded 57.2 per cent ofthe contract by number of base stations,followed by ZTE with 28.7 per cent.Swedish telecoms group Ericsson, theonly foreign company granted a tender,received 11.5 per cent, while a smallerChinese company got the remaining 2.6per cent. Finnish vendor Nokia was notawardedanything.

The outcome “is a reflection of themarket reality as much as it is of thepolitical reality”, said Hosuk Lee-Maki-yama, director of the European Centrefor International Political Economy, aBrussels-based think-tank. He notedthat Huawei’s strong market share athome would help make up for its mini-mal5Gsaleselsewhere.

Huawei is increasingly dependent onits home market for sales of both smart-phones and telecoms infrastructure kit.In the latter it has a particular advan-tage since China has been working togradually remove foreign equipmentfrom its network, according to one ana-

lyst, who asked to remain anonymous.Last year Huawei earned 59 per cent

of its revenue from China, comparedwith just35percent in2010.

The race to 5G has become a focalpoint in the escalating tensions betweenthe US and China; and Washington hasspent much of the past year warning itsallies to ban Chinese telecoms gear overfearsofallegedspying.

UK security officials have identifiedHuawei as a “high-risk vendor” buthave permitted it a “limited” role in its5Gnetwork.

China Mobile began building out its5G network last year and allotted Erics-son and Nokia 6 per cent apiece of thefirst phase of its construction, accordingtoOrientSecurities.

Analysts say China Mobile willaccount for about 50 per cent of thecountry’s 5G spend, with the numbertwo and three state-owned carriers,China Unicom and China Telecom,teaminguptobuildanothernetwork.

Telecoms

China Mobile picks Huawei and ZTE for 5GLEILA ABBOUD — PARIS

Europe’s biggest hotel company Accorhas suspended its dividend, furloughedthree-quarters of its 310,000 workersand clamped down on spending as itseeks to cope with the fallout fromcoronavirus.

Chief executive Sébastien Bazin said the“drastic actions” were painful but nec-essary given that more than half ofAccor’s 5,000 hotels worldwide werealready closed because of the diseaseand that figure would rise to “over two-thirds” inthecomingweeks.

“We have hotels in 110 countries, and90 of them are under travel bans orquarantines,” said Mr Bazin in an inter-view.

“These actions are indispensable toprotect the company, limit the impacton earnings and cash, and ensure itsability to rebound,” he said of the stepsannouncedyesterday.

The measures are similar to those

takenbyAccor’sUSrivalssuchasMarri-ott International and InterContinentalHotels Group in March. All havestoppedprovidingfinancialguidance.

The travel and tourism sector hasbeen hit hard by the coronavirus pan-demic, which began in China in Januaryand spread to Europe and the US, killingmore than 50,000 people. Travel bansand country lockdowns have pusheddemandtorecord lows.

Accor’s shares are down 45 per centthis year, worse than the 30 per centdecline for France’s blue-chip CAC 40index, but better than Marriott’s 56 percent fall or Hilton’s 63 per cent drop.Those two groups carry heavier debtburdensthanAccor.

To adjust to the new reality of muchlower revenue, Accor said it would cutannual general and administrative costsby €60m for 2020, and reduce capitalexpenditures such as hotel renovationsbyafurther€60m.

Cutting the dividend will save €280m,

but Accor sought to reassure investorsthat it had a “strong balance sheet” withmore than €2.5bn in cash on hand andan undrawn revolving credit facility of€1.2bn.

Given that solid position, Mr Bazinsaid he was putting a quarter of the cashsaved from cutting the dividend into afund that would help employees whoexperience difficulties from the fur-loughsandlay-offs.

“In the past 10 days, we’ve had to put75 per cent of our 310,000 workers onreduced hours or furloughed, and Iknow we are putting some in a difficultsituationpersonally,”saidMrBazin.

Accor said it would pay hospital billsfor employees who contract Covid-19and do not have proper health insur-ance, and also provide other financialassistanceonacase-by-casebasis.

“I don’t want to leave anyone behind,”said Mr Bazin. He will forgo 25 per centof his fixed salary, worth €950,000 in2018,duringthecrisis

Travel & leisure

Accor cancels dividend and furloughs workers

ERIC PLATT — NEW YORKMILES KRUPPA — SAN FRANCISCOKANA INAGAKI — TOKYO

SoftBank has pulled out of a planned$3bn purchase of WeWork stock, amove that is expected to spark litigationby the lossmaking property group’s co-founder and one of Silicon Valley’s mostprestigious venture capital groups,accordingtopeoplebriefedonthe issue.

The $3bn share tender was agreed last

year as part of a multibillion-dollar res-cue package that SoftBank put in placeas WeWork was on the brink of insol-vency. The tender offer was set to pro-vide a lucrative payout to early backersof the company including BenchmarkCapital and Adam Neumann, WeWork’sformerchiefexecutive.

Benchmark, Mr Neumann and otherinvestors were expected to sue over thecollapse of the deal, according to peoplebriefedonthematter.

SoftBank said yesterday it decided topull out after WeWork failed to meet aset of conditions behind the deal. “Givenour fiduciary duty to our shareholders,

it would be irresponsible of SoftBank toignore the fact that the conditions werenot satisfied and to nevertheless con-summate the tender offer,” said RobTownsend, SoftBank’s chief legal officer.

SoftBank added that it remained“fully committed” to the US group’s suc-cessandthat itsdecisionwouldnothaveanyimpactonWeWork’soperations.

Lawyers for Mr Neumann, who hadthe option to sell nearly $1bn of stock inthe deal, were informed of the decisiononWednesday,oneof thepeoplesaid.

SoftBank’s withdrawal marks the lat-est reversal for WeWork, which at onepoint was the most highly valued pri-

vately held group in the US. It burntthrough billions of dollars of cash as itexpanded around the world under MrNeumann, opening locations in morethan 100 cities. Its attempt to go publiclast year failed as investors balked at itshuge losses and a series of deals thatbenefitedMrNeumannpersonally.

The decision to walk away from the$3bn share purchases will also takeaway a much-needed source ofcash from WeWork. SoftBank hadagreed to provide $1.1bn of debt to thecompany as part of the transaction, butonly if it completedthetenderoffer.

SoftBank told WeWork shareholders

last month it could walk away from thetender, citing regulatory investigationsinto the company, pending litigationandWeWork’s inability to finalisea jointventure inChinaaskeyconditions.

Yesterday, the Japanese group, whichhas committed more than $14.3bn toWeWork to so far, also cited restrictionson the company due to measures bygovernments todealwithcoronavirus.

WeWork and Benchmark declined tocomment on the news, which was ear-lier reported by Bloomberg. Mr Neu-mann could not immediately bereachedforcomment.Lex page 18

Property

SoftBank pulls out of WeWork share dealLegal action expectedafter group cancels$3bn stock purchase

JOE MILLER, OLAF STORBECKAND GUY CHAZAN

European manufacturers includingVolkswagen, BMW and Daimler standaccused of displaying the “ugly face ofcapitalism” for planning to hand€7.5bn to investors while relying onpublic funds to pay more than 200,000workers.

Angela Merkel’s junior coalition part-ner, the SPD, has attacked Germany’sthree biggest carmakers and auto sup-plier Continental for preparing to paydividends for profits made before thecoronaviruscrisishit.

The German companies have put tensof thousands of their workers on thecountry’s Kurzarbeit scheme, in whichthe Federal Employment Agency footsthe bill for up to 67 per cent of fur-loughedworkers’wages.

Sportswear group Adidas also hasmore than 1,000 employees in theprogramme.

The companies will make the divi-dend payments once they are approvedat shareholder meetings, some of whichhave been delayed due to the Covid-19outbreak.

“The short-time work allowance isstate aid,” Carsten Schneider, the chiefwhip of the Social Democrats in the Ger-man parliament told the FinancialTimes.

“Those who rely on state aid cannotsimultaneously distribute profits toshareholders,” he said, urging all com-

panies that receive the subsidy to stoppayingdividends immediately.

“This is the ugly face of capitalism,”headded.

Dietmar Bartsch, the head of theopposition Die Linke faction in the Ger-man parliament, also called on the gov-ernment to “protect taxpayers from the‘ingenuity’ofcorporateexecutives”.

“If listed companies want to takeadvantage of forms of state aid,” he said,“dividend payments must be stoppedand bonus payments to board membersmustbecancelled immediately.

“Taxpayers are not there to act ascomprehensive insurance for the richesofshareholdersandboardmembers.”

VW and Daimler declined to com-ment, although VW chief financialofficer Frank Witter said last week thatthe company, which had pledged to paya substantially increased dividend of€6.50 per share for 2019, would “moni-tor the situation as developments areprogressing.”

BMW said it was “laying the founda-tion stone” to be able to get back ontrackafter thecrisis.

“This includes a balanced strategythat takes the interests of all stakehold-ers into account. Reliability towards ourinvestors creates trust and maintainsthe attractiveness of BMW AG as aninvestment.”

Auto supplier Continental said a deci-sion on dividends would be taken by itssupervisory board, on which employ-ees’ representativessit.

Adidas said that the only decision ithad taken so far was to postpone itsannual meeting, adding that it was look-ing at many different measures to safe-guardthecompany.

Automobiles

Germancarmakersfeel heat over‘ugly face ofcapitalism’

‘Dividend payments mustbe stopped and bonuspayments must becancelled immediately’

ROBERT ARMSTRONG — NEW YORK

Kabbage, the online small businesslender, has stopped making loans,made big reductions to customer creditlines, and temporarily dismissed staffafter many of its borrowers have beenshuttered by the coronavirus out-break.

The lender, which counts SoftBank as akeybacker, said ithadlittlechoicebut totake action to conserve cash if it was tocontinuetooperate intonextyear.

Only the US government had theresources to support small businessesthrough the “natural disaster” of Cov-id-19, Kathryn Petralia, Kabbage’s co-founder and president, told the Finan-cial Times. “It’s the government’s turn,”shesaid.

Thecompanyis facingnot just the lossof loanoriginationrevenuebut lossesonthe performance of existing loans. Kab-bage packages the majority of its loansinto asset-backed securities but, thecompany said, if the loans in the securi-ties fall delinquent it absorbs some ofthe losses.

“We securitise our receivables and weare on the hook for loan performance,which is suffering because of delinquen-cies, because our customers have norevenue, because they are closed,” MsPetralia said, noting Kabbage’s core cus-tomers were businesses with less than20 employees, “and they get hit first andhardest”.

Kabbage’s loans totalled $2.8bn lastyear and it has lent more than $8bnsince its founding in 2008. SoftBankinvested $250m in the lender in mid-2017.

Ms Petralia said the company wasshifting its business model to focus onhelping small businesses access govern-ment fundsquickly.

“Every resource we have as a com-pany is now working on automatingPaycheckProtectionProgramloans” forKabbage customers and other smallbusinesses, she said, referring to the$350bn federal relief programme forcompanies with less than 500 employ-ees.

Guidance on which non-bank lenderswill be allowed to participate in the pro-grammeisstill forthcoming.

“If you add up all the lending by thefintech industry to small business lastyear, it was maybe $10bn — the govern-ment is sizing up the [coronavirus]problem at $350bn in just a fewmonths,” Kabbage spokesman Paul Ber-nardini said.

Financial services

Online lenderstops makingloans to smallUS businesses

FT REPORTERS

Handling of postal services and treat-ment of workers have differed widelyacross Europe as millions are trappedathomeunderquarantine.

As closures threaten to leave peoplestranded when they need the servicemost, France and Spain have sharplycut operations to protect workers, whilein the UK, Germany and Italy, deliveriesarerunning largelyasnormal.

Only about 10 per cent of post officesare open in France, and deliveries havebeen cut back to three days from six. Itposes a problem for the estimated 1.5molder people and the poor, who rely onpost offices to collect welfare. Unionshave pushed the state-owned postalservice to put workers’ safety first, call-ing for closures despite the status of theposts as an essential service. “Our postalworkers are working without masks orgloves, threatening their health withevery delivery,” Valérie Mannevy, a repfor the CGT union at La Poste, said. “Wewant to fulfil our public service missionbut can only do so if the health protec-tionmeasuresarecorrect.”

In Spain, postal staffing levels have

been temporarily cut to 13,000 workersa day, a quarter of normal levels. Twounions have accused the state-ownedpost office of turning the fortnight-oldlockdown into a “business opportu-nity”, maintaining too high a level ofactivity and “obliging staff to work with-out protective equipment”. They saymore than 600 postal workers havetested positive for the virus. The Span-ish post office says such figures are con-fidential and staff on duty are suppliedwith masks, sanitiser gel, and gloves. Itsays demand has fallen along with staff-ing levels, and it is still assuring serv-icesasrequiredbylaw.

Postal staff in Italy are still working.Deliveries are being made as normalsix days a week, though some of itssmaller offices have closed. Amazonrelies on the Italian posts for itsdeliveries, and is Poste Italiane’s biggestclient by postal volume. Italy’s postofficesremainopentoservethe8mpen-sioners who collect their state pensionsinperson.

In Germany, Deutsche Post, whichis publicly traded and only partlyowned by KfW, a state-backed develop-ment bank, says letter and package

deliveries are continuing as normaland full services are available inpost offices. Steps have been taken toprotect workers, such as equippingtrucks with canisters of water forhandwashing.

Royal Mail in the UK is still running adaily service. The CommunicationWorkers Union is delaying plannedstrikes under a long-running labour dis-pute. But it said an appeal to reduce

deliveries to three times a week and foremployees to work on alternate days forthe duration of the outbreak wasrejected. “More than ever, people arerelyingonus,”saidthecompany.

The patchwork of approaches con-trasts with those of companies such asUPS and DHL, which continue to deliverpackages to European businesses andresidentsrelativelysmoothly.

UPS says that it still runs a regular

service, except for in roughly 1 percent of European postcodes wheregovernments have suspended pick-upsanddeliveries.

Since Europe entered lockdown threeweeks ago, demand has risen not onlyfor online groceries but for exerciseequipment, office supplies, toys, andbooks, according to market researchersNPDandKantar.

But with postal services being cutback, consumers risk longer delays, andbusinesses could miss out on a lifeline tokeepactivitygoing.

For example, newspaper and maga-zine publishers in France havecriticised La Poste’s position as anexistential threat to their advertisingandsubscriptions.

“La Poste is radically cutting back onpackage deliveries just as our salesare exploding,” said one executive ata national online retailer in France,who declined to be named. “Things arequite tense with fewer delivery workersthannormal.”Reporting by Leila Abboud in Paris, DanielDombey in Madrid and Miles Johnson inRome. Additional reporting by DomitilleAlain, Michael Pooler and Guy Chazan

Support services

Responses by Europe’s mail services differ widely

Postcode lottery: Italian deliveries are running normally but French ones are down to three days while staff numbers in Spain have been slashed — Cesare Abbate/epa

‘La Poste is radicallycutting back on packagedeliveries just as oursales are exploding’

APRIL 3 2020 Section:Companies Time: 2/4/2020 - 18:30 User: cathy.pryor Page Name: CONEWS1, Part,Page,Edition: EUR, 7, 1



COMPANIES & MARKETS

ATTRACTA MOONEYINVESTMENT CORRESPONDENT

If bankers’ pay was the lightning rod forpolitical anger during the financial cri-sis, company dividends are rapidlyassuming a similar role in the coronavi-rusoutbreak.

Those governments hurriedly assem-bling economic rescue packages havemade clear that any company wantingto use them must stop payouts to share-holders. European and UK regulatorsthis week extended the message tobanks, telling lenders that their finan-cial firepower should be used to supporteconomies.

The mushrooming concern over howcompanies use their cash partly reflectsthe sudden and devastating damagethatefforts tocontaintheoutbreakhaveinflicted on workers. In the US alone,the number of people claiming unem-ployment benefits has soared to arecord6.6m.

Sue Noffke, head of UK equities atSchroders, one of Britain’s largest listedasset managers, said there was increas-ing public pressure for companies toscrapdividendpayments.

“For investors and company manage-ment, dividends have a very dear placein the investment rationale and thebusiness cases for companies,” said MsNoffke. “But these are extraordinarycircumstances.”

Indeed, the first major pandemicsince the Spanish flu of 1918 has alreadyprompted plenty of companies to taketheir own steps to strengthen their bal-ancesheets.

Miner Glencore, aeroplane manufac-turer Boeing and carmaker Ford areamong the 39 per cent of 307 EuropeanandNorthAmericanbusinesses trackedby SquareWell Partners, a shareholderadvisory firm, that have cut, postponedorcancelledtheirdividends.

For Thomas Schuessler, co-head ofequities at €767bn asset manager DWS

and portfolio manager of DWS Top Divi-dende, axing those payments is a “logi-cal consequence” for companies facing a“severeearningscollapse”.

“In times like these, where the coronaoutbreak has paralysed the economy, itis not surprising that several companiesmight not be able to pay dividends,” headded.

A survey by Boston Consulting Groupof 150 US investment companies thattogether manage $7tn in assets foundthat 59 per cent were comfortable withcompanies not maintaining dividendsinthenear-term.

If someassetmanagersarestoicaboutlosing the income stream that dividends

provide, a famine in payments will havea painful effect for many parts of theinvestmentuniverse.

So-called income funds, which targetstocks offering rich and reliable divi-dends, have been battered in recentweeks.

The casualties include large fundssuch as Invesco High Income, run byNeil Woodford’s former protégé MarkBarnett, which has lost 36 per cent thisyear. Artemis Income, one of the UK’sbiggest equity funds, is down 27.5 percent.

At the same time, the freeze on divi-dends also hurts pension funds, chari-ties and other savers, who rely on the

steady income from their investments.“There are charities and foundations

and pensions that need that income tokeep operating,” said SébastienThevoux-Chabuel, a portfolio manageratComgest, theFrenchassetmanager.

Shareholders in HSBC, a companypopular with retail investors in the UKand Hong Kong, reacted with fury onWednesdayafter thebankwas forcedbythe Bank of England to cancel its divi-dend.

“The equity investor is the fall guy inanycrisis: theownersof thebusinessarethe last in the queue to be paid; and evenif therearesurplusprofits, thenauthori-ties may now prohibit their distribu-

tion,” said Barry Norris, founder of Arg-onautCapital, theassetmanager.

Eliminating dividends piled “furthermisery on investors relying on incomefrom dividends to fund their retire-ment”,headded.

It helps explain why some sharehold-ers believe now is the time for compa-nies to be defending their dividend,according to research by SquareWell,which spoke to 20 big investors with$7.2tn inassets.

Andsomeare.UKoilproducerBPthisweek announced plans to cut capitalspending by a quarter as it seeks to safe-guard its payout. Rival Royal DutchShell is pulling other levers, including

fixing a new $12bn credit facility withbanks.

Although the survey from BGC founda majority of asset managers wereaccepting of cuts, just over 40 per centsaid that healthy companies shouldmaintain their dividend even if it was atthe expense of other uses of cash, suchasbuybacksandcapitalexpenditure.

It is a view echoed in part by MirzaBaig, global head of governance at AvivaInvestors, the £356bn UK asset man-ager. Companies that do want to main-tain payouts, he argues, will need to beable to demonstrate that their balancesheet is “robust enough” to sustainthem.

“We want companies to make respon-sible capital allocation decisions basedon a prudent view of cash flows for anextendedperiodof time,”headded.

But with swaths of the world’s biggesteconomies in lockdown and no cer-tainty over when the virus will betamed, decisions over whether to main-tain dividends — even for currentlyrobust companies — become morefraught.

According to research from brokerPeel Hunt, there are 40 dividend pay-

ments that have recently happened orare due in coming weeks from FTSE 350and Aim 100 companies. The utilities,and oil and gas sectors account for thelargestchunk.

What few dispute is that the wave ofcuts, cancellations and suspensions willgrow. The dividend futures market,which is used to bet on the size of futurepayouts, is anticipating cuts acrossEurope of 60 per cent, almost doublethose during the financial crisis, accord-ing to Citigroup research cited by Argo-nautCapital.

In the US, expectations for cuts fromthe biggest companies have leapt by athird in thepastmonth,according to theS&P500DividendFuturesmarket.

Even if shareholders’ pessimism overthe prospect for dividends is deepening,Mr Thevoux-Chabuel of Comgestbelieves some companies have reduceddividends not because they need to, butbecause they believe it would be a “riskto their image” at a time of economicturmoil.

European low-cost carrier easyJetdrew criticism for proceeding with a£175m payout last month to sharehold-ersdespitegrounding itsentire fleet.

“We really want companies to bereally clear about the reasons for cuttingor maintaining the dividend,” said MrThevoux-Chabuel.

It is an increasingly hard task for com-paniesaroundtheworld.

Dividends turn into battleground for businessPayouts pressure mounts from opposing sides, with authorities urging halts and investors demanding crucial income

What big European and North American companies have saidon their dividend plans

0 20 40 60 80 100 120 140 160 2020

3.0

As of Feb 29

As of Mar 31

2.0

2.5

1.5

1.0

Data as of Mar 31, 2020

21 22 23 24 25 26 27 28 29 30

Decrease

Cancellation

Maintain

Postpone

No announcement yet

Source: SquareWell

Expected income from stocks plummets Futures-implied S&P 500 dividend yield (%)

Source: S&P Global

Markets are pricing in a roughly one-third reduction in payouts versus the expectations of one month ago

Closing door:carmaker Fordis among the39 per cent ofEuropean andNorth Americanbusinesses thathave cut,postponed orcancelled theirdividendsCarlos Osorio/AP

MURAD AHMED — SPORTS EDITOR

English football players are resistingcalls to accept sweeping pay cuts asclubs seek to address a deepening cashcrunch in the national game caused bythecoronaviruspandemic.

This week the top tier Premier Leagueand the English Football League, whichruns the three professional divisionsbelow, have been locked in crisis talkswith the Professional Footballers’ Asso-ciation, thetradebodyforplayers.

At stake is how losses incurred whilefixtures are suspended during the Cov-id-19 lockdown are shared over thecomingmonths.

The leagues and clubs want players toaccept temporary salary cuts with allgames postponed until May at the earli-est. But the PFA has so far rejected thatand instead sought a deferral of wages,wanting all playing contracts to be fullyrealisedafter theshutdownhaspassed.

The two sides are under increasingpressure to find a resolution, with politi-cians attacking the actions of some Pre-mier League teams, including Totten-ham Hotspur, Newcastle United andNorwich City. They have declared theywill use the UK government’s furloughscheme to fund the wages of non-play-ing staff, without having first agreedcutswithhigh-earningfootballers.

“It sticks in the throat,” said JulianKnight, chair of the Digital, Culture,Media and Sport committee of MPs.“This exposes the crazy economics inEnglish football and the moral vacuumat itscentre.”

Yesterday,MrKnightcalledontheUK

chancellor Rishi Sunak to imposea “windfall tax” on clubs that cannotagree player pay cuts “to reimbursethosehithardest inthepocket”.

Leading clubs in Europe, such asSpain’s FC Barcelona, Italy’s Juventusand Germany’s Bayern Munich, haveagreed temporary pay cuts with play-ers. Barcelona players have acceptedcuts of 70 per cent, Bayern Munich 20per cent, while at Juventus players havewaivedsalaries for fourmonths.

The Premier League estimates that its20 member clubs face a potential short-fall of £750m in television, match-day

and sponsorship income after allmatchesweresuspendedlastmonth.

Football industry executives in thelower divisions have warned of cata-strophic losses, saying some smallerclubs are at risk of going bust. “There isno income,” said Andrea Radrizzani,owner of Leeds United, one of the fewEnglish teams to have agreed voluntarypaycutswithplayersandcoaches.

The PFA, led by chief executive Gor-don Taylor, is particularly concernedabout the strain pay cuts would causeless well-paid players in lower divisions,according to people familiar with thetalks. The Premier League wants a reso-lution by today, when it is due to hold ameetingof itsmemberclubs.

Travel & leisure

English footballers resist callsfor pay cuts during crisis

JAMIE SMYTH — SYDNEY

Regulators are probing Qantas for sus-pending a health and safety rep whoraised concerns about alleged failure toprovide adequate safety equipment toprotectstaff fromcoronavirus.

It comes as 11 Qantas baggage handlersat Adelaide airport and two familymembers testedpositiveonWednesday,forcing 100 airport staff to self-isolateand cancellation of several flights,includingonethat turnedbacktobase.

Michael Kaine, national secretary ofthe Transport Workers’ Union, saidQantas had failed to protect employeesand had repeatedly played down therisk of exposing cleaners, baggage han-dlers and cabin crews. “In Adelaide aninfection cluster has been allowed tooccur. In Sydney a worker remainsstood down for raising legitimate con-cernsaboutthespreadof thevirus.”

Legal experts said it should be a warn-ing about the need strictly to follow gov-ernment guidelines to avoid compensa-tion claims, regulatory action, and repu-tationaldamageoverthevirus.

Alice De Boos of Kingston Reid said:“Companies need to comply with thegovernment guidelines in the countrywhere they are based, which are typi-cally around social distancing and sani-tation. Authorities are likely to view anyfailuretodosoasaseriousmatter.”

Qantas denied that it had failed tocomply with government health andsafety guidelines, saying it had broughtin enhanced safety measures and con-ductedextracleaningofaircraft.

It said it was concerned by union

claims that a Qantas employee hadcometoworkwhile feelingunwell forupto 10 days, putting their workmatesat risk. It said: “We can provide thesafestworkplace intheworld,but ifpeo-ple come to work when they know theyare sick, they can still spread their infec-tionaround.”

However, the FT has learnt that Safe-Work New South Wales, the regulator,has begun a probe into the decision tosuspend an aircraft cleaner — an electedhealth and safety representative — whowarned fellow employees they riskedbeingexposedtothevirus.

A warning letter from Qantas to thesuspended worker stated that the risk ofcontractingthevirus“wasnegligible”.

SafeWork confirmed it was conduct-ing an investigation into allegations ofdiscriminatory conduct against a healthandsafetyrepresentativeatQantas.

Last month a separate probe by Safe-Work criticised Qantas for potentiallyexposing workers and passengers. Itsreport said investigators observedworkers who were “required to handlewet and used tissues, used face masks,soiled nappies; and the workers advisedthey occasionally have to clean vomitand blood off surfaces. [Personal pro-tective gear] was not mandated for themajorityof thesetasks”.

Qantas said the union delegate wasstood down pending a probe after incor-rectly telling employees it was not safeto work on aircraft arriving from Chinain early February. “This was against theadvice of health authorities and despiteadditional safety equipment being pro-videdtoemployees.”

Airlines

Qantas suspension of cleanerwho raised virus fears probed

DAVE LEE

Amazon has said it is urgently investi-gating claims of “subhuman” condi-tions at a Philippines call centre, whereworkers say coronavirus travel restric-tions have left them sleeping in closequartersonmakeshiftbeds.

Video footage and stills, taken at theweekend and provided to the FinancialTimes, appear to show several employ-ees sleeping on the floor at a facility inCebu City. One employee appears tohavesetupabedonatreadmill.

The Amazon-contracted workers atthe site, which is managed by Frenchoutsourcing group Teleperformance,provide support to customers who havebought the US tech heavyweight’s inter-net-connectedRingcamerasystems.

While it is typical for some Filipinocall centre workers to sleep on-site toavoid long commutes, workers saidlockdown restrictions meant the facilityhadbeenoverwhelmed.Employeessaidthey could only leave the site to buy gro-ceriesoruseshowersatanearbyhotel.

As a result of the Covid-19 outbreak,Cebu City has been put in a state of“enhanced community quarantine”,with police-enforced movement restric-tions and public transport shutdown. Unable to take a daily commute,workers at the facility have been facedwith a choice of remaining at the siteroundtheclockor forgoingtheirwork.

UNI Global Union said the Amazoncontract stipulated that all work bedone on-site. Ring declined to go intospecifics regarding the terms of its con-tract.

In a letter to their bosses, the workerssaid promises of adequate sleepingarrangements had not materialised,which has led to “hundreds” of workerssleeping in the facility, including on thecall centre floor itself and in a smallgym.

“We are urgently investigating theseallegations and addressing them withTeleperformance at the most seniorlevel,” Ring said. “Ring does not tolerateviolations of our vendor Code of Con-duct, and we expect our vendors to fol-low government orders and recommen-dations regarding the Covid-19 pan-

demic, including our strict guidelinesforsocialdistancing.”

Executives at Teleperformancedeclined to offer an immediate com-mentontheconditions.

Netflix also contracts Teleperform-ance employees out of Cebu, though itsaid its workers had been encouraged toworkathome—andmostweredoingso.

Amazon said its understanding of thesleeping arrangements was that theywere voluntary. But the UNI GlobalUnionsaidthatsincetheoutbreakof thevirus, those on the Amazon contractwere offered incentives — the equiva-lent of three months’ pay — if the adher-ence to a normal work schedule wasmaintainedtoat least95percent.

Technology

Amazon focus on ‘subhuman’conditions at Philippines site

‘Dividends have a very dearplace in the investmentrationale and the businesscases for companies’

‘This exposes the crazyeconomics in Englishfootball and the moralvacuum at its centre’

‘The equity investor is thefall guy in any crisis: theowners of the business arelast in the queue to be paid’

60%Anticipated cuts topayouts in Europe,according to thedividend futuresmarket

£175mEasyJet’s payout toshareholders lastmonth, despitegrounding its fleet

Video footage and stillsappear to show severalemployees sleeping onthe floor at a facility

APRIL 3 2020 Section:Companies Time: 2/4/2020 - 18:22 User: cathy.pryor Page Name: CONEWS2, Part,Page,Edition: EUR, 8, 1


Friday 3 April 2020 ★ † FINANCIAL TIMES 9

FastFTOur globalteam gives youmarket-movingnews and views,24 hours a dayft.com/fastft

SAMUEL AGINI AND PHILIP STAFFORD

Huge amounts of share trading nor-mally done through banks or anony-mous marketplaces shifted back on toexchanges in March, as traders optednot to wait for end-of-day auctions todumppositions.

Monthly data showed that activity onexchanges and other public venuessurged during a ferociously volatilemonth when the US benchmark S&P500 made its quickest ever descent intoa bear market while the FTSE 100recordeditsworstquartersince1987.

Average daily trading volumesacross European exchanges hit €69bnlast month, a 60 per cent year-on-yearrise, according to data from CboeEurope.

Germany’s Xetra traded €259.6bn forthe month, the highest level since Janu-ary2008,accordingtoDeutscheBörse.

TheLondonStockExchangetradedinexcess of £10bn of deals several times inMarch, more than double its daily aver-ageof£4.6bnlastyear.

Those gains have largely been madebecause fund managers have used theformer monopolies to trade shares,

instead of using banks or high-fre-quencytraders.

The market share for exchanges andother marketplaces known as multilat-eral trading facilities had slipped as lowas 45 per cent in December but rose to54 per cent in March, according to datafrom Big XYT, a data provider, as inves-tors used them to get in and out of posi-tionsrapidly.

Peter Sleep, senior portfolio managerat Seven IM, said that in more normalmarkets large asset holders would be

happy to trade anonymously, and waitfor the best price and lowest cost. Typi-cally, they would use off-exchange ven-ues such as dark pools, where prices aredisclosed only after a deal has been exe-cuted. “When a crisis hits, they really goto the most transparent and widely usedplace, and the cost of trading isn’t reallysuch an issue when you want liquidity,”said Mr Sleep. “It’s almost muscle mem-orykicking induringthecrisis.”

Niki Beattie, founder of Market Struc-ture Partners, a UK consultancy, saidvolatile markets drew in institutions,market makers and retail investorsalike to meet on public exchanges. “Itjust becomes a circular effect. All thesepeoplewant tomeetsomewhereandthe[exchange] is thebestplace,”shesaid.

The shift comes amid a regulatorydebate in Europe over the practice oftrading large blocks of shares away fromexchanges’centralorderbooks.

The steady rise in that activity hasdrawnscrutinyfromEUregulators,whoare worried that it makes trading moreopaque and disadvantages ordinaryinvestors. Before the coronavirus out-break, authorities had planned to lookat therulesagainoverthespring.

Equities

Trading volumes surge at Europeanexchanges in shift from dark pools

GREGORY MEYER — NEW YORK

While rock-bottom oil prices wreakhavoc across the US energy sector,there are some drillers for whom thehistoric bust has proven a share priceboon—specialists innaturalgas.

Some gas futures prices are up almost10 per cent since the end of Februaryover the same period that US crude oilhasmorethanhalved.

The reason is that billions of dollarsof capital spending cuts announced byUS shale oil companies are likely tolead to lower output of so-called associ-ated gas, natural gas produced as abyproduct of wells drilled mainly fortheiroil.

By some forecasts, US gas productioncould be down more than 10 per cent bythe end of next year, with consequencesfor companies involved in transportingandexportingthecommodity.

The prospect of higher prices has pro-vided a modest boost to exploration andproduction companies that drill mainlyforgas.

Shares of EQT, the largest US gasproducer, were up 20 per cent in themonth to Wednesday. Cabot Oil & Gas

was up 14 per cent and SouthwesternEnergywasup12percent.

A broader S&P index of explorationandproductioncompanieswasdown49percentoverthesameperiod.

The US is the world’s largest naturalgas supplier. Output is about 92bn cubicfeet per day, half of which is associatedgas, according to S&P Global Platts. Oil-rich regions such as the Permian Basin

of Texas and New Mexico produce largevolumesofassociatedgas.

If oil producers cut spending aggres-sively, total US gas production coulddecline to as little as 82bn cu ft/d by theendof2021, saidFranciscoBlanch,headof commodities research at Bank ofAmerica. “That is a big chunk of gasdisappearingfromthesystem,”hesaid.

Associated gas output could slip by1.5bn cu ft/d by the end of 2020 andanother 2bn cu ft/d in 2021 if oil prices

remain low, said Anne Robba, head ofAmericas gas and power analytics atS&PGlobalPlatts.

Spot prices for oil and gas are very lowwith front-month West Texas Interme-diatecrudeat$20.31abarrelandbench-mark Henry Hub natural gas falling to$1.587 per million British thermal unitsonWednesday, the lowestsince1995.

Yet May 2021 gas futures ended0.8percenthigherat$2.348,continuingtheir modest rise over the course of thepast month. The average full-yearprice of US gas futures for delivery in2021 has risen 9.4 per cent since the endofFebruary.

While the economic damage fromcoronavirus is likely to hit commercialand industrial demand for natural gas,demand for the fuel for heat and elec-tricity generation is relatively steady. Inthe deep recession of 2008-09, US gasconsumptionfell2percent.

The pain caused to oil drillers by thecollapse in crude prices will be familiarto investors in natural gas companies,which have struggled with low prices formuch longer. Despite the modest uptickrecently, EQT suspended its dividendlastweektopaydowndebt.

Commodities

Lower output brings share price boostfor natural gas drillers during oil slump

‘That is a big chunkof gas disappearingfrom the system’Francisco Blanch, Bank of America

The LSE traded more than £10bnof deals several times in March

PATRICK TEMPLE-WEST — TAMPA

Credit rating agencies are scrambling toadjust to the coronavirus pandemic,slashing assessments of vulnerablecompanies under the scrutiny of criticswho say their hasty downgrades in thelast financial crisis caused undue stressin financialmarkets.

The agencies — led by the big three ofS&P Global, Moody’s and Fitch — havepushed through large amounts of ratingdowngrades as the Covid-19 outbreakhasaccelerated.

March saw the fastest ever pace ofdowngrades, on records going back to atleast 2002, according to a report lastweekfromBankofAmerica.

The bank added that more issuerscould expect to see their ratings dockedintheweeksahead.

To critics, this is a re-run of the 2008financial crisis, when ratings that wereset too high came tumbling downrapidly, magnifying a sense of alarm,particularly in markets for securitisedproducts that were packed withmortgage-backedbonds.

“Here we are, déjà vu all over again,”said Dennis Kelleher, head of BetterMarkets, a consumer advocacy group.Ratings are being cut “after whatappears to be . . . significant ratingsinflation, also just like last time”, hesaid.

Agencies say they are simply reactingto changed circumstances, reflectingsudden strains that have emerged as aresultof thecoronavirusoutbreak.

“We are really just trying to call it aswe see it, being balanced, but alsoacknowledging that this is a very big

stress that the economy is facing,” saidCraig Parmelee, global head of practicesatS&P.

Approximately 80 per cent of S&P’sratings actions since early February —about 213 downgrades out of 4,000rated non-financial companies — havebeen on issuers already in “junk”territory before the coronavirus crisis,thecompanynoted.

“We are taking a considered approachto downgrades across geographies andasset classes,” said Anne Van Praagh,head of Moody’s credit strategy andresearch. “Our job is not to move allratings down; that does not serve any-body,” she said. “Our job is to identifytheoutliers.”

Concerns that ratings were set toohigh before the coronavirus outbreakstem from the business models of theagencies, which are paid by the compa-nies and the governments whose credit-worthiness theyassess.

A rating from a top agency can makethe sale of a bond or a loan much easier,providing investors with notionallyindependent views of the borrower’sprospects.

Such views are also hard-wired intothe mandates under which many fund

managers operate, forcing them to sellbonds if ratings drop below certainthresholds.

But issuers generally pay to be rated— a structure that can cause conflicts,leading to accusations that agenciescompete to win business by offeringhighratings.

In 2015, S&P agreed to pay the US andstates about $1.4bn to settle allegationsthat it boosted ratings on mortgage-backed securities in the run-up to thecrisis, admitting that it held off ondowngrades for fear of losing marketshare. Moody’s paid $864m in 2017 tosettlesimilarcharges.

Today, the pair accounts for 81 percent of outstanding credit ratings,according to a January 2020 report fromthe Securities and Exchange Commis-sion. Fitch comprises another 13.5 percentof themarket.

Before the outbreak intensified, regu-latorswereaskingquestionsof theagen-cies’ business practices. In November,SEC chair Jay Clayton said the activitiesof the agencies should be “continually”monitored while asking whether therewere“alternativepaymentmodels”thatwould better align the interests of ratingagencieswith investors.

Egan-Jones, a smaller rating agencythat is paid by investors ratherthan issuers, said in a January letterto the SEC that “no amount of disclo-sure or internal separation of ratingsand marketing staff is sufficient to over-come the taint created by such con-flicts”.

In their response letters to the SEC,Moody’s and S&P said potential con-flicts are inherent in all rating agencybusinessmodels.

Analysts noted that the “issuer pays”model also causes some recipients ofdowngrades to behave as if they areaggrieved customers of the agencies,rather than subjects of unbiased assess-ments.

Last month, SoftBank, the debt-ladenJapanese group, complained about adowngrade from Moody’s, saying theagency had made “excessively pessimis-tic”assumptionsaboutthemarketenvi-ronment.

Investors often make decisions inde-pendently of the assessments of ratingagencies.

This week, cruise operator Carnivalpaid handsomely for a new bond issuedespite its “investment grade” ratings,as fund managers judged the companytobe inperilafter theviraloutbreak.

Still, the debate over rating agencies’business models is unlikely to fade asthis time the scope of cuts is muchbroader than the realm of structuredproducts.

Already, downgrades of big compa-nies, such as Ford and Marks and Spen-cer, from the lowest rung of investmentgraderatings into junkhaveappearedtocauseructions increditmarkets.

The old flaws in business models arebecoming obvious once more, saidRiddha Basu, an assistant professor atGeorgeWashingtonUniversity.

“It is still the same after 10 years,” hesaid.“Nothingmuchhaschanged.”

S&P, Moody’s and Fitch tread

a fraught path in adjusting to

the severe effects of pandemic

‘Our jobis not tomove allratingsdown; thatdoes notserveanybody’

Fitch’s creditratings accountfor 13.5 per centof the marketRobert Evans/Alamy

Fixed income. Corporate debt

Deluge of downgrades putsrating agencies in spotlight

RICHARD HENDERSON — MELBOURNE

Two initial public offerings this weekare testing the deep freeze in the US list-ings caused by the sharp drop in stockprices since the coronavirus outbreakroiledmarkets.

Zentalis Pharmaceuticals, a US bio-tech group focused on cancer treat-ment, aims to raise as much as $138m ina listing today, according to two peoplefamiliarwiththedeal.

This follows the Wednesday IPO ofWiMi Hologram Cloud, a Chinese tech-nology group specialising in augmentedreality for advertising. It raised $26mand ended the day flat amid a 4.4 percent fall inUSstocks.

The deals, on the Nasdaq exchange,offer the first glimpse of investor appe-tite for IPOs since US stocks entered abear market in early March, promptingat least 20 companies to postpone flota-tions,accordingtoRenaissanceCapital.

Only four companies listed in the USlast month, the lowest tally since Augustlast year, ending a spurt that brought21 IPOs in the first two months of thisyear. The $1.5bn raised in the March flo-tations was the lowest sum sinceNovember. Follow-on deals, wherelisted companies raise more money byreleasing new shares, fell to $2.3bn, theworstmonthsinceAugust2011.

“We’re in unprecedented times,” said

Jeff Thomas, head of western US listingfor Nasdaq. “The next IPO window willbe late June or early July. Everyone whowas close to launching is now on holdandthey’re takingthingsweektoweek.”

The two deals this week are small.Zentalis has a market capitalisation of$559m, based on the midpoint of its list-ing price range, while WiMi has a mar-ket cap of $326m. Despite this, investorsare closely watching the two IPOs togauge the health of new listings duringone of the most volatile periods of trad-ing for the stock market, said MichaelUnderhill, chief investment officer forCapital Innovations, an active investorinnewlistings.

Zentalis would attract investors whobelieved the biotech and medical tech-nology sectors would fare better thanareas such as travel, which were taking amore direct hit from the slowing econ-omy, he said. “Investors are looking forthe next growth story — med-tech andpharmaoffer that.”

Morgan Stanley is lead underwriterfor theZentalis IPOandTheBenchmarkCompanyledtheWiMi listing.

The dearth of US flotations reflects achallenging moment for corporatefinance in which businesses around theworld are raising record sums in thebondmarket toweatherthedownturn.

“The 2020 IPO market began withoptimism and ended with the worstcrash since the global financial cri-sis,” said Bill Smith, chief executive ofRenaissanceCapital.

Equities

Pharma andtech floats testappetite forUS listings

‘Investors are lookingfor the next growthstory — med-tech andpharma offer that’

Covid-19 crisis sparks record US company downgradesInvestment grade ratings change ($bn)

Source: BofA Global Research

NowCommodity crisisUS fiscal crisis/downgradeFinancial crisis

-2,000

-1,500

-1,000

-500

0

500

-28 0 28 56 84 112 140 168 196 224 252 280 308 336 364Days since crises began

COMPANIES & MARKETS

APRIL 3 2020 Section:Markets Time: 2/4/2020 - 19:17 User: gerry.white Page Name: MARKETS1, Part,Page,Edition: EUR, 9, 1



Jonathan WheatleyMarkets Insight

Walgreens Boots was the sharpest falleramong retailers after guiding lowercurrent-quarter expectations.

Interim results from the pharmacyoperator beat forecasts but showed gainsfrom stockpiling dropping off after March21. Management cautioned that the neteffect would soon be negative.

Sector peer CVS Health and Perrigo,the over-the-counter drugmaker,followed Walgreens lower.

Carnival hit a record low after scalingdown its equity fundraising from $1.25bnto $500m. The cruise line operator alsoincreased by $1bn to $4bn a debt offerwith a 11.5 per cent interest rate.

Luckin Coffee dropped more than80 per cent after saying it had suspendedits chief operating officer and severalother employees for financial misconduct.

The Chinese café operator, which wastargeted earlier this year by short-sellerMuddy Waters, also said recent earningsreleases should not be relied upon.

Dynatronics tumbled after the medicalequipment maker withdrew 2020guidance, blaming the government-enforced pause on elective procedures.

Applied Therapeutics rose afterapplying to the US regulator to startclinical trials of a coronavirus treatment,while Biomerica gained on news of twolicensing deals to increase manufacturingof its Covid-19 serological test. Bryce Elder

Wall Street LondonEurozone

French lender Natixis fell for a fifthstraight day in the wake of this week’ssector-wide dividend cancellations.

JPMorgan Cazenove cut forecasts forthe European banks to reflect “a U-shaped recovery” where buybacks anddividends “are taken out of the equationfor the next two years”. Bank investorswere still some distance from pricing in along-term recession with comparisons tothe credit crunch suggesting furtherdownside risk of 15 to 20 per cent, it said.

Lundin Energy, the highly indebtedNorwegian explorer, and engineerTechnipFMC were the best performersamong oil stocks as hopes of a trucebetween Saudi Arabia and Russia helpedlift crude prices.

Carlsberg drifted lower after thebrewer suspended 2020 guidance and setout cost-cutting measures.

Amadeus, the travel booking databaseoperator, weakened ahead of news afterthe close that it was raising €750m with aconvertible bond to bolster liquidity.

Dia, the Spanish discount supermarketoperator, surged. Grocery industry datathis week showed weekly sales inPortugal, one of its key markets, rose 65per cent year on year.

Ray-Ban maker EssilorLuxottica roseon talk that it may seek to renegotiate its€7.3bn purchase of Dutch opticianGrandVision. Bryce Elder

Rolls-Royce hit an 11-year low after Bankof America downgraded to“underperform” with a 240p target price.

Materially negative free cash flow thisyear raises the risks that Rolls will lose itsinvestment grade credit rating, BofA said.

Alphavalue also recommended sellingthe stock, saying Rolls had the poorestrisk-reward in the aerospace sectorbecause of its outsized exposure to wide-body jets and its policy to issue C sharesfor dividends, which most investors willnow probably want in cash form.

After the close of trade, AKO Capital,the London-based hedge fund, declared a5.2 per cent stake in Rolls.

Centrica, the British Gas owner, slippedto a record low after voiding its 2019dividend, withdrawing earnings guidanceand warning of heightened bad debts.

Supermarket foodmaker Bakkavor wasthe FTSE 250’s biggest faller aftersuspending dividends and targets.

Hikma Pharmaceuticals rose on theback of upgrades from JPMorganCazenove and Peel Hunt.

A US court ruling allowing Hikma toclone blockbuster heart drug Vascepa wasnot yet reflected in the stock, JPMorgansaid, while Peel Hunt highlighted it as adefensive against Covid-19 headwinds.

Renewed hopes of a global crudeproduction cut meant Royal Dutch Shellled oil stocks higher. Bryce Elder

3 Oil price soars after Trump suggests aRussia-Saudi pact to cut crude output3 Rallying energy companies boostEuropean bourses3 Wall Street climbs despite another setof record-breaking jobless claims

Global stocks climbed yesterday as ahuge oil rally appeared to overshadowrecord-breaking unemployment figuresbeing registered in several economies.

Muriel Pénicaud, the French labourminister, spoke of a “massive uptake” inprivate sector employees seekingtemporary unemployment benefit.

Up to 4m residents were set to applyfor a government scheme aimed at savingjobs and struggling businesses during thecoronavirus pandemic.

Paris’s CAC 40 index rose 0.3 per centand the region-wide Stoxx Europe 600index firmed 0.4 per cent, with energy theoutstanding sector off the back ofsoaring oil prices.

Donald Trump, US president, said hehad been trying this week to end theprice war between Saudi Arabia andRussia.

In a tweet yesterday, he said: “I expect& hope that they will be cutting backapproximately 10m barrels, and maybesubstantially more which, if it happens,will be great for the oil & gas industry!”

London’s FTSE 350 oil and gas sectorrose almost 8 per cent, while Brent crudegained as much as 47 per cent followingMr Trump’s tweet. It hit $36.29 a barrelbefore settling at $30.56, a 23 per centgain for the session. WTI, the US marker,soared 24 per cent to $25.15 a barrel.

Wall Street stocks gained despite a

second consecutive week of record-breaking jobless claims in the US.

The number of Americans filing forfirst-time unemployment benefits jumpedto 6.65m in the week ending March 28,eclipsing forecasts of a 3.7m rise. This wasmore than double the previous week’srecord high total of 3.31m claims.

“The doubling of jobless claims will fillinvestors with a sense of unease aboutthe outlook,” said Seema Shah, chiefstrategist at Principal Global Investors.

“Rising jobless numbers suggest thatproductive capacity is being eroded, sowhen self-isolation measures are

eventually lifted, economic activity willtake that much longer to get back on itsfeet,” she added. “The chances of a V-shape economic recovery are fading.”

Nevertheless, the S&P 500 was upalmost 2 per cent by midday with energyagain the leading sector.

US government bonds were notsignificantly moved by the jobs data. Theyield on the 10-year Treasury remained 3basis points lower at 0.59 per cent shortlyafter the release of the figures, beforesettling at 0.62 per cent in later trading.

Gold rose 1.2 per cent to climb abovethe $1,600 an ounce mark. Ray Douglas

What you need to know

Energy groups rally on hopes of price war truceIndices rebased

Source: Refinitiv

FTSE 350 Oil & Gas

FTSE 350

-60

-40

-20

0

20

Mar 2020 Apr

The day in the markets

Markets update

US Eurozone Japan UK China BrazilStocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp BovespaLevel 2515.65 1231.26 17818.72 5480.22 2780.64 72991.54% change on day 1.83 0.63 -1.37 0.47 1.69 2.85Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $Level 99.711 1.086 107.975 1.238 7.098 5.262% change on day 0.038 -0.549 0.803 -0.402 -0.110 0.546Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bondYield 0.602 -0.439 -0.016 0.328 2.657 7.702Basis point change on day 1.070 2.500 -1.810 1.700 3.200 -24.700World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)Level 283.88 30.53 25.13 1576.55 14.02 2278.00% change on day 0.96 19.03 17.98 -2.01 0.61 -2.45Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.

Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index

| | | | | | | | | | | | | | | | | | | |

Feb 2020 Apr1920

2560

3200

3840

| | | | | | | | | | | | | | | | | | | |

Feb 2020 Apr960

1280

1600

1920

| | | | | | | | | | | | | | | | | | | |

Feb 2020 Apr3840

5120

6400

7680

Biggest movers% US Eurozone UK

Ups

Occidental Petroleum 19.74Apache 19.65Diamondback Energy 19.52Technipfmc 18.74Halliburton 15.46

Ageas 12.79Royal Dutch Shell 9.00Saipem 8.87Omv 7.47Gecina 7.39

Royal Dutch Shell 9.41M&g 8.99Royal Dutch Shell 8.47Glencore 6.48Bp 5.89

%

Dow

ns

Perrigo -7.89Carnival -7.27Walgreens Boots Alliance -7.10Live Nation Entertainment -6.22Constellation Brands -5.97

Prices taken at 17:00 GMT

Natixis -11.74Kerry Grp -6.72Vopak -6.19Dassault Systemes -5.10Schindler -4.67Based on the constituents of the FTSE Eurofirst 300 Eurozone

Carnival -22.34Rolls-royce Holdings -8.75Centrica -8.60Informa -8.31Standard Life Aberdeen -8.00

All data provided by Morningstar unless otherwise noted.

F or emerging economies, coro-navirus struck first throughthe financial markets. Longbefore the numbers of casesand deaths in these countries

began to spread alarm, many emergingmarkets experienced a sudden halt inforeign investment inflows.

Overseas investors have taken $95bnout of EM stocks and bonds since lateJanuary, said the Institute of Interna-tional Finance, dwarfing the withdraw-als that followed the onset of the globalfinancialcrisis inSeptember2008.

As Covid-19 infections rise and fragilehealth systems struggle to cope, foreigninvestors may be low on the list ofconcerns forEMgovernments.

But these outflows will have a bigimpact on the fiscal measures policy-makerscanbringtobearonthecrisis.

Emerging markets’ overseas liabili-ties, moreover, may be bigger than pre-viously imagined. A paper published byMatteo Maggiori at Stanford and col-leagues at Harvard, Chicago Booth andColumbia Business School suggests thetrueownershipofEMbondsbyoverseasinvestors is much greater than shown instandarddata.

The paper also suggests that foreignholdings of shares issued by Chinesegroups may be many times greater thanthe $160bn that shows up in US nationalaccounts. Should US-China relationssour in the aftermath of the coronaviruscrisis, these giant holdings couldbecomeasourceofsignificantrisk.

Mr Maggiori and his colleagues ques-tion the normal practice of allocatingsecurities in national accounts on thebasis of the residency rather than thenationalityof their issuer.

It may make sense, for example, for abond issued by a Brazilian subsidiary of

Banco Santander to be added to the debtstatistics of Brazil (the residency of itsissuer) rather than Spain (the national-ity of the issuer’s ultimate owner)because the bond’s proceeds are likelytobeputtouse inBrazil.

But it makes much less sense for abond issued by Petrobras InternationalFinance Company, a Cayman Islandsubsidiary of the Brazilian oil group, tobe added to the debt statistics of theCaymanIslands.

Yet that is what happens in standard,residency-based financial statistics suchas the US’s Treasury International Capi-tal data (TIC) and the IMF’s co-ordi-

nated Portfolio Investment Survey(CPIS).MrMaggiori says thisresults inavast understatement of the investmentsby US, European and other interna-tional investors inemergingeconomies.

So the academics developed an algo-rithm to reallocate the securities loggedin the TIC and CPIS data according tonationalityratherthanresidency.

The results are startling. TIC datashow that US ownership of Brazilianbonds at the end of 2017 amounted to$8bn, based on the residency of issuers.But restated by nationality, the totalrises to $68bn. For Chinese bonds, thetotal rises from$3bnto$55bn.

Mr Maggiori says the results sound awarningas thecoronaviruscrisis threat-ens to tip emerging markets into a debtcrisis. “If we are going to see a wave of

corporate defaults, it’s a risk worththinking about that a lot of issuance hastaken place offshore.[Our work] showsthatexposuresarequite large.”

What is also striking is the role playedby tax havens such as the CaymanIslands. IntheTICdata,ofBrazil’s$59bnin reallocated bonds, $42bn were issuedin tax havens. Of China’s $52bn, $44bnwere issuedintaxhavens.

The results also shine a light on therole of so-called variable interest equitystructures in US investments in Chinesecompanies. VIEs allow US investors tohold shares in Chinese groups, circum-venting China’s restrictions on foreignownership of some operating compa-nies. But in these transactions, whatinvestors actually buy are shares inlisted companies, generally resident inthe Caymans, that give them a claim onprofitsofChineseoperatingcompanies.

By reallocating such investments onthe basis of nationality rather than resi-dence, the paper shows that US “owner-ship” of Chinese companies at the end of2017 was not $160bn, as shown in USnationalstatistics,but$700bn.Thisputsit closer to the amount of Chinese own-ershipofUSTreasuries,ofabout$1.1tn.

This is significant because Chineseregulators are certainly aware of thesmoke-and-mirrors act being carriedout by VIEs. They could, should theywish,bringthepractice toanend.

Mr Maggiori is not suggesting theywill. But he thinks the risk is worth not-ing. “You read a lot about the possibilityof China dumping its US Treasuries butvery little about the possibility of Chinaimposing its own regulations. If we’retalking about one, we should certainlybetalkingabouttheother,”hesaid.

[email protected]

EM risk of foreignflight underplayedby official numbers

‘If we are going to see awave of corporate defaults,it’s a risk a lot of issuancehas taken place offshore’

COMPANIES & MARKETS

APRIL 3 2020 Section:Markets Time: 2/4/2020 - 18:54 User: stephen.smith Page Name: MARKETS2, Part,Page,Edition: EUR, 10, 1



MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)S&P 500

1.83%

Nasdaq Composite

1.59%

Dow Jones Ind

1.67%

FTSE 100

0.47%

FTSE Eurofirst 300

0.63%

Nikkei

-1.37%

Hang Seng

0.84%

FTSE All World $

0.96%

$ per €

-0.549%

$ per £

-0.402%

¥ per $

0.803%

£ per €

-0.114%

Oil Brent $ Sep

6.24%

Gold $

-2.01%

Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparisonAMERICAS EUROPE ASIAMar 03 - - Index All World Mar 03 - Apr 02 Index All World Mar 03 - Apr 02 Index All World Mar 03 - Apr 02 Index All World Mar 03 - Apr 02 Index All World Mar 03 - Apr 02 Index All World

S&P 500 New York3,130.12

2,515.65

Day 1.83% Month -18.50% Year -12.16%

Nasdaq Composite New York

9,018.09

7,477.43

Day 1.59% Month -16.40% Year -4.65%

Dow Jones Industrial New York27,090.86

21,293.40

Day 1.67% Month -20.13% Year -18.53%

S&P/TSX COMP Toronto

16,779.53

13,117.81

Day 1.88% Month -20.72% Year -19.31%

IPC Mexico City

42,472.25

34,236.69

Day 1.62% Month -18.81% Year -20.98%

Bovespa São Paulo107,224.22

72,991.54

Day 2.85% Month -31.51% Year -23.45%

FTSE 100 London6,815.59

5,480.22

Day 0.47% Month -17.76% Year -25.95%

FTSE Eurofirst 300 Europe

1,509.46

1,231.26

Day 0.63% Month -16.40% Year -18.91%

CAC 40 Paris5,464.89

4,220.96

Day 0.33% Month -20.86% Year -22.17%

Xetra Dax Frankfurt

12,127.69

9,570.82

Day 0.27% Month -19.29% Year -18.58%

Ibex 35 Madrid8,910.00

6,574.10

Day -0.08% Month -24.79% Year -29.79%

FTSE MIB Milan21,946.03

16,834.03

Day 1.75% Month -22.59% Year -22.12%

Nikkei 225 Tokyo21,082.73

17,818.72

Day -1.37% Month -15.72% Year -17.16%

Hang Seng Hong Kong

26,222.0723,280.06

Day 0.84% Month -11.12% Year -21.44%

Shanghai Composite Shanghai

3,011.672,780.64

Day 1.69% Month -3.46% Year -12.29%

Kospi Seoul

2,059.33

1,724.86

Day 2.34% Month -13.19% Year -20.45%

FTSE Straits Times Singapore

3,025.03

2,453.03

Day 0.52% Month -18.60% Year -24.60%

BSE Sensex Mumbai

38,144.02

28,265.31

Day -4.08% Month -26.20% Year -26.91%

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 25508.68 25324.28Australia All Ordinaries 5188.70 5290.70

S&P/ASX 200 5154.30 5258.60S&P/ASX 200 Res 3602.20 3617.70

Austria ATX 1981.68 1946.19Belgium BEL 20 2895.40 2839.42

BEL Mid 7020.98 7074.70Brazil IBovespa 72991.54 70966.70Canada S&P/TSX 60 801.41 787.95

S&P/TSX Comp 13117.81 12876.37S&P/TSX Div Met & Min 296.21 313.24

Chile S&P/CLX IGPA Gen 17890.27 16651.41China FTSE A200 9873.89 9720.60

FTSE B35 9000.71 8988.96Shanghai A 2914.09 2865.69Shanghai B 216.88 215.58Shanghai Comp 2780.64 2734.52Shenzhen A 1776.28 1737.00Shenzhen B 814.60 811.89

Colombia COLCAP 1063.03 1123.85Croatia CROBEX 2013.05 2011.29

Cyprus CSE M&P Gen 68.46 68.68Czech Republic PX 780.85 770.67Denmark OMXC Copenahgen 20 1064.83 1074.05Egypt EGX 30 9424.89 9593.94Estonia OMX Tallinn 998.14 1015.92Finland OMX Helsinki General 7673.69 7614.65France CAC 40 4220.96 4207.24

SBF 120 3317.69 3303.22Germany M-DAX 20488.22 20432.30

TecDAX 2563.43 2537.61XETRA Dax 9570.82 9544.75

Greece Athens Gen 541.44 536.45FTSE/ASE 20 1315.40 1300.75

Hong Kong Hang Seng 23280.06 23085.79HS China Enterprise 9526.56 9404.98HSCC Red Chip 3591.16 3514.79

Hungary Bux 32591.95 32361.34India BSE Sensex 28265.31 29468.49

Nifty 500 6761.95 6996.75Indonesia Jakarta Comp 4531.69 4466.04Ireland ISEQ Overall 4880.11 4990.97Israel Tel Aviv 125 1276.88 1243.69

Italy FTSE Italia All-Share 18368.40 18064.77FTSE Italia Mid Cap 29346.79 28954.90FTSE MIB 16834.03 16544.97

Japan 2nd Section 5090.43 5113.74Nikkei 225 17818.72 18065.41S&P Topix 150 1106.88 1121.64Topix 1329.87 1351.08

Jordan Amman SE 1668.18 1675.47Kenya NSE 20 1966.12 1930.75Kuwait KSX Market Index 6633.44 6603.51Latvia OMX Riga 916.71 907.09Lithuania OMX Vilnius 601.24 601.51Luxembourg LuxX 898.83 880.62Malaysia FTSE Bursa KLCI 1330.90 1322.66Mexico IPC 34236.69 33691.88Morocco MASI 9704.85 9725.94Netherlands AEX 478.28 471.29

AEX All Share 672.34 665.56New Zealand NZX 50 9870.56 9926.08Nigeria SE All Share 21300.47 21330.79Norway Oslo All Share 788.71 791.31Pakistan KSE 100 30782.67 29505.57

Philippines Manila Comp 5342.31 5408.52Poland Wig 41219.51 41028.82Portugal PSI 20 3993.57 3992.68

PSI General 2800.80 2795.12Romania BET Index 7548.64 7425.44Russia Micex Index 2545.95 2473.61

RTX 1034.06 987.75Saudi-Arabia TADAWUL All Share Index 6569.39 6505.35Singapore FTSE Straits Times 2453.03 2440.27Slovakia SAX 326.02 324.76Slovenia SBI TOP 873.85 -South Africa FTSE/JSE All Share 45060.69 43732.44

FTSE/JSE Res 20 37371.62 35528.53FTSE/JSE Top 40 41245.26 40027.41

South Korea Kospi 1724.86 1685.46Kospi 200 231.84 226.35

Spain IBEX 35 6574.10 6579.40Sri Lanka CSE All Share 4571.63 4874.73Sweden OMX Stockholm 30 1427.19 1425.99

OMX Stockholm AS 536.48 536.67Switzerland SMI Index 9270.96 9168.98

Taiwan Weighted Pr 9663.63 9708.06Thailand Bangkok SET 1138.27 1105.51Turkey BIST 100 89510.88 89085.13UAE Abu Dhabi General Index 3745.10 3734.68UK FT 30 2016.30 2025.00

FTSE 100 5480.22 5454.57FTSE 4Good UK 4989.59 4994.02FTSE All Share 2998.54 2991.12FTSE techMARK 100 4435.42 4496.79

USA DJ Composite 6973.16 6866.08DJ Industrial 21293.40 20943.51DJ Transport 7405.77 7352.58DJ Utilities 723.78 708.04Nasdaq 100 7611.68 7486.29Nasdaq Cmp 7477.43 7360.58NYSE Comp 10044.12 9844.85S&P 500 2515.65 2470.50Wilshire 5000 25139.50 24711.15

Venezuela IBC 117920.12 105615.79Vietnam VNI 680.23 662.53

Cross-Border DJ Global Titans ($) 302.32 296.97Euro Stoxx 50 (Eur) 2688.49 2680.30Euronext 100 ID 832.84 827.86FTSE 4Good Global ($) 6437.71 6349.04FTSE All World ($) 283.88 281.18FTSE E300 1231.26 1223.50FTSE Eurotop 100 2402.55 2381.19FTSE Global 100 ($) 1651.58 1626.86FTSE Gold Min ($) 1639.90 1603.89FTSE Latibex Top (Eur) 4440.00 4432.20FTSE Multinationals ($) 1746.63 1813.91FTSE World ($) 503.18 498.53FTSEurofirst 100 (Eur) 3206.27 3178.95FTSEurofirst 80 (Eur) 3673.53 3657.78MSCI ACWI Fr ($) 426.00 442.35MSCI All World ($) 1781.27 1852.73MSCI Europe (Eur) 1269.96 1309.79MSCI Pacific ($) 2202.40 2238.17S&P Euro (Eur) 1227.34 1221.86S&P Europe 350 (Eur) 1260.57 1252.56S&P Global 1200 ($) 2009.94 1989.62Stoxx 50 (Eur) 2686.81 2663.94

(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERSAMERICA LONDON EURO MARKETS TOKYOACTIVE STOCKS stock close Day's

traded m's price changeApple 41.8 242.70 1.79Amazon.com 34.1 1920.02 12.32Microsoft 31.9 154.86 2.75Boeing 25.2 128.67 -2.04Nvidia 18.8 253.38 10.31Advanced Micro Devices 18.7 45.13 1.47Exxon Mobil 13.7 40.39 2.86Alphabet 13.5 1115.29 13.19Carnival 13.3 8.16 -0.64Facebook 10.5 160.18 0.58

BIGGEST MOVERS Close Day's Day'sprice change chng%

UpsOccidental Petroleum 12.86 2.12 19.74Apache 4.81 0.79 19.65Diamondback Energy 29.96 4.89 19.52Technipfmc 7.79 1.23 18.74Halliburton 7.62 1.02 15.46

DownsPerrigo 41.55 -3.56 -7.89Carnival 8.16 -0.64 -7.27Walgreens Boots Alliance 39.97 -3.06 -7.10Live Nation Entertainment 36.46 -2.42 -6.22Constellation Brands 128.71 -8.18 -5.97

ACTIVE STOCKS stock close Day'straded m's price change

Bp 372.5 353.35 19.65Royal Dutch Shell 305.2 1479.60 127.20Hsbc Holdings 265.4 397.75 -13.25Royal Dutch Shell 252.8 1541.60 120.40Astrazeneca 214.5 6980.00 -122.00British American Tobacco 180.9 2946.00 89.50Glaxosmithkline 150.2 1493.20 -6.20Rio Tinto 147.3 3721.50 114.50Lloyds Banking 130.3 28.91 0.64Diageo 129.5 2468.50 5.50


UpsWood (john) 171.40 22.85 15.38Cairn Energy 88.00 11.45 14.96Petrofac 214.40 22.50 11.72Energean Oil & Gas 632.00 61.00 10.68Royal Dutch Shell 1479.60 127.20 9.41

DownsCarnival 605.00 -174.00 -22.34Bakkavor 79.60 -19.00 -19.27Pagegroup 298.60 -60.40 -16.82Aston Martin Lagonda Global Holdings 90.35 -14.55 -13.87Hays 94.80 -14.60 -13.35


Royal Dutch Shella 1036.3 17.83 1.47Bbva 765.1 2.67 -0.05Total 689.8 36.28 1.08Eni 452.4 9.84 0.64Sap Se O.n. 402.7 97.23 -0.87Allianz Se Na O.n. 402.7 151.46 -2.18Siemens Ag Na O.n. 384.2 76.40 2.38Asml Holding 326.1 229.55 -4.95Intesa Sanpaolo 287.0 1.44 0.00Enel 254.9 6.15 0.08


UpsAgeas 37.39 4.24 12.79Royal Dutch Shella 17.83 1.47 9.00Saipem 2.42 0.20 8.87Omv Ag 27.04 1.88 7.47Gecina Nom. 125.00 8.60 7.39

DownsNatixis 2.27 -0.30 -11.74Kerry 95.15 -6.85 -6.72Hennes & Mauritz Ab, H & M Ser. B 10.50 -0.72 -6.46Vopak 45.32 -2.99 -6.19Dassault Systemes 125.70 -6.75 -5.10


Softbank . 823.6 3853.00 85.00Toyota Motor 252.2 6576.00 289.00Fujifilm Holdings 232.9 5600.00 175.00Sony 228.0 6365.00 43.00Fast Retailing Co., 178.7 43860.00 2920.00Recruit Hldgs Co Ltd 153.6 2643.00 211.50Mitsubishi Ufj Fin,. 149.8 408.00 16.50Tokyo Electron 120.9 20290.00 860.00Ntt Docomo,. 103.2 3252.00 93.00Sumitomo Mitsui Fin,. 101.5 2628.00 69.50


UpsSeiko Epson 1141.00 139.00 13.87Ntn 190.00 21.00 12.43Toyo Seikan Kaisha, 1254.00 138.00 12.37Nissan Motor Co., 361.30 37.90 11.72Ricoh , 791.00 81.00 11.41

DownsYamato Holdings Co., 1706.00 -28.00 -1.61Inpex 606.50 -9.50 -1.54Jgc 876.00 1.00 0.11Sony 6365.00 43.00 0.68Suzuki Motor 2597.00 18.00 0.70

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

Apr 02 %Chg %ChgFTSE 100 price(p) week ytdWinnersImperial Brands 1569.50 16.8 -16.3Hikma Pharmaceuticals 2178.00 16.6 9.7Royal Dutch Shell 1541.60 9.0 -31.7British American Tobacco 2946.00 7.8 -9.8Royal Dutch Shell 1479.60 7.7 -34.5Ocado 1335.00 7.3 6.0Polymetal Int 1371.00 5.0 15.1Bp 353.35 4.9 -26.5Reckitt Benckiser 6194.00 3.8 -0.1Astrazeneca 6980.00 1.4 -8.9Pearson 525.00 1.4 -19.2Unilever 4043.00 0.5 -7.0

LosersCarnival 605.00 -51.0 -83.4Meggitt 226.90 -32.8 -65.3Melrose Industries 74.36 -32.0 -69.3Rolls-royce Holdings 278.30 -31.3 -59.1Standard Life Aberdeen 192.75 -25.3 -42.6Barclays 81.62 -24.4 -55.9Easyjet 497.20 -23.8 -65.2Lloyds Banking 28.91 -23.0 -54.6Informa 374.90 -22.0 -56.8Centrica 33.92 -21.2 -62.4Royal Bank Of Scotland 104.45 -21.2 -57.2Intercontinental Hotels 3000.00 -21.0 -42.6

Apr 02 %Chg %ChgFTSE 250 price(p) week ytdWinnersBmo Commercial Property Trust 68.90 19.8 -40.6Cls Holdings 209.50 16.5 -32.2Bbgi Sicav S.a. 163.20 12.2 -4.0Gcp Infrastructure Investments 112.80 9.5 -14.5C&c 194.00 8.9 -52.7Pantheon Int 1868.00 7.6 -28.7Fdm (holdings) 740.00 6.5 -32.7Syncona 208.00 6.3 -6.3Gcp Student Living 134.80 6.3 -32.0Fisher (james) & Sons 1378.00 6.2 -32.8Londonmetric Property 175.40 6.1 -26.2Weir 789.60 6.0 -47.9

LosersAston Martin Lagonda Global Holdings 90.35 -66.5 -83.5Cineworld 38.67 -32.7 -82.4Provident Fin 171.90 -32.1 -63.0Capita 25.93 -30.9 -84.6Onesavings Bank 190.00 -28.1 -57.2Frasers 184.20 -27.8 -59.9Ti Fluid Systems 137.00 -27.4 -48.2Hammerson 72.00 -27.1 -76.7Airtel Africa 39.00 -25.9 -50.5Bakkavor 79.60 -25.9 -45.4Greencore 145.80 -22.3 -45.3Royal Mail 126.80 -21.7 -45.3

Apr 02 %Chg %ChgFTSE SmallCap price(p) week ytdWinnersBmo Private Equity Trust 320.00 39.1 -15.0Dp Eurasia N.v. 43.00 33.3 -17.8Gulf Marine Services 3.37 32.0 -54.2Impact Healthcare Reit 95.00 31.9 -12.8Robert Walters 335.00 25.9 -39.7Capital & Regional 90.60 22.3 -65.0Alfa Fin Software Holdings 78.10 21.3 -34.7Stv 324.00 18.9 -21.9Schroder Eur Real Estate Investment Trust 77.00 17.4 -29.7Goco 65.10 15.6 -37.4Aberdeen Diversified ome And Growth Trust 89.00 15.6 -18.7Treatt 410.00 15.5 -11.8

LosersSig 19.23 -38.0 -84.6Superdry 88.95 -31.6 -82.5Low & Bonar 5.79 -30.2 -53.9Int Personal Finance 56.40 -29.5 -65.1Brown (n) 12.64 -29.4 -92.1Halfords 62.70 -29.0 -63.2Electra Private Equity 160.50 -28.3 -57.8Indivior 43.00 -27.1 8.9Restaurant 35.20 -25.1 -78.8Amigo Holdings 14.50 -24.2 -79.5Arrow Global 101.20 -23.9 -62.0Lamprell 11.30 -23.6 -71.8

Apr 02 %Chg %ChgIndustry Sectors price(p) week ytdWinnersTobacco 30956.45 9.4 -Oil & Gas Producers 5624.26 7.2 -Index - Technology Hardware & Equipment 1703.64 4.7 -Pharmaceuticals & Biotech. 15779.89 0.7 -Personal Goods 33130.01 -1.0 -13.3Equity Investment Instruments 8729.82 -2.3 -Mining 13642.34 -2.6 -Household Goods 14127.20 -3.4 -Food & Drug Retailers 3691.86 -3.6 -Oil Equipment & Services 3915.52 -3.7 -Electronic & Electrical Equip. 7147.50 -4.6 -Real Estate & Investment Servic 2147.94 -4.7 -

LosersBanks 2185.13 -21.2 -Electricity 6494.33 -16.2 -Automobiles & Parts 2997.56 -15.0 -Aerospace & Defense 3262.43 -14.0 -Travel & Leisure 5080.55 -14.0 -Life Insurance 5087.24 -13.4 -Industrial Transportation 1388.69 -13.3 -General Industrials 4148.25 -12.7 -General Retailers 1550.54 -12.2 -General Financial 8635.30 -11.3 -33.0Support Services 6502.73 -11.2 -Mobile Telecommunications 2497.41 -11.1 -

Based on last week's performance. †Price at suspension.

CURRENCIES

DOLLAR EURO POUNDClosing Day's Closing Day's Closing Day's

Apr 2 Currency Mid Change Mid Change Mid Change






Apr 2 Currency Mid Change Mid Change Mid ChangeArgentina Argentine Peso 64.6912 0.1664 70.2776 -0.2090 80.0812 -0.0878Australia Australian Dollar 1.6543 0.0209 1.7971 0.0129 2.0478 0.0185Bahrain Bahrainin Dinar 0.3771 - 0.4096 -0.0023 0.4668 -0.0017Bolivia Bolivian Boliviano 6.9100 - 7.5067 -0.0417 8.5539 -0.0315Brazil Brazilian Real 5.2622 0.0286 5.7166 -0.0005 6.5141 0.0116Canada Canadian Dollar 1.4122 -0.0087 1.5341 -0.0180 1.7482 -0.0172Chile Chilean Peso 860.1150 -6.5550 934.3897 -12.3562 1064.7361 -12.0600China Chinese Yuan 7.0980 -0.0078 7.7109 -0.0514 8.7866 -0.0420Colombia Colombian Peso 4040.1400 -42.7400 4389.0238 -71.0945 5001.2878 -71.4965Costa Rica Costa Rican Colon 576.6350 -3.7700 626.4299 -7.6014 713.8162 -7.3092Czech Republic Czech Koruna 25.3694 0.2366 27.5601 0.1052 31.4047 0.1785Denmark Danish Krone 6.8729 0.0411 7.4664 0.0033 8.5079 0.0197Egypt Egyptian Pound 15.7559 0.0384 17.1165 -0.0532 19.5042 -0.0240Hong Kong Hong Kong Dollar 7.7512 -0.0023 8.4206 -0.0493 9.5953 -0.0381Hungary Hungarian Forint 334.1143 1.7680 362.9665 -0.0868 413.5999 0.6756India Indian Rupee 75.6513 - 82.1841 -0.4570 93.6486 -0.3444

Indonesia Indonesian Rupiah 16515.0000 65.0000 17941.1459 -28.7581 20443.9193 5.5573Israel Israeli Shekel 3.6460 0.0434 3.9608 0.0254 4.5134 0.0374Japan Japanese Yen 107.9750 0.8600 117.2991 0.2872 133.6622 0.5769..One Month 107.9749 0.8597 117.2991 0.2872 133.6621 0.5768..Three Month 107.9747 0.8593 117.2991 0.2872 133.6619 0.5764..One Year 107.9739 0.8577 117.2991 0.2872 133.6621 0.5756Kenya Kenyan Shilling 105.7000 0.5000 114.8277 -0.0923 130.8460 0.1400Kuwait Kuwaiti Dinar 0.3122 -0.0008 0.3392 -0.0028 0.3865 -0.0024Malaysia Malaysian Ringgit 4.3515 -0.0060 4.7273 -0.0328 5.3867 -0.0273Mexico Mexican Peso 24.0100 -0.3270 26.0834 -0.5022 29.7220 -0.5156New Zealand New Zealand Dollar 1.6938 0.0106 1.8400 0.0013 2.0967 0.0054Nigeria Nigerian Naira 381.5000 - 414.4442 -2.3044 472.2587 -1.7368Norway Norwegian Krone 10.4030 0.0217 11.3013 -0.0391 12.8778 -0.0204Pakistan Pakistani Rupee 166.6000 0.2500 180.9866 -0.7332 206.2341 -0.4478Peru Peruvian Nuevo Sol 3.4539 -0.0027 3.7521 -0.0238 4.2755 -0.0191Philippines Philippine Peso 50.8500 -0.0300 55.2411 -0.3399 62.9472 -0.2688

Poland Polish Zloty 4.2069 0.0136 4.5702 -0.0105 5.2077 -0.0022Romania Romanian Leu 4.4492 0.0269 4.8334 0.0025 5.5076 0.0131Russia Russian Ruble 77.7900 -0.9450 84.5075 -1.5022 96.2962 -1.5283Saudi Arabia Saudi Riyal 3.7550 - 4.0793 -0.0227 4.6483 -0.0171Singapore Singapore Dollar 1.4301 -0.0033 1.5536 -0.0122 1.7703 -0.0106South Africa South African Rand 18.4805 0.5065 20.0764 0.4417 22.8770 0.5452South Korea South Korean Won 1228.5500 -1.9000 1334.6407 -9.4964 1520.8216 -7.9536Sweden Swedish Krona 10.0951 0.0718 10.9668 0.0175 12.4967 0.0432Switzerland Swiss Franc 0.9724 0.0039 1.0564 -0.0017 1.2037 0.0004Taiwan New Taiwan Dollar 30.2845 - 32.8997 -0.1829 37.4892 -0.1379Thailand Thai Baht 32.9775 0.0350 35.8252 -0.1610 40.8228 -0.1066Tunisia Tunisian Dinar 2.8933 0.0145 3.1431 -0.0016 3.5816 0.0048Turkey Turkish Lira 6.6165 -0.0702 7.1879 -0.1167 8.1906 -0.1174United Arab Emirates UAE Dirham 3.6731 0.0000 3.9903 -0.0222 4.5469 -0.0168United Kingdom Pound Sterling 0.8078 0.0030 0.8776 -0.0016 - -..One Month 0.8079 0.0029 0.8775 -0.0016 - -

..Three Month 0.8079 0.0029 0.8774 -0.0016 - -

..One Year 0.8080 0.0029 0.8768 -0.0016 - -United States United States Dollar - - 1.0864 -0.0060 1.2379 -0.0046..One Month - - 1.0863 -0.1561 1.2379 -0.0046..Three Month - - 1.0861 -0.1561 1.2380 -0.0046..One Year - - 1.0853 -0.1560 1.2381 -0.0046Venezuela Venezuelan Bolivar Fuerte - - - - - -Vietnam Vietnamese Dong 23595.0000 - 25632.5472 -142.5087 29208.2519 -107.4607European Union Euro 0.9205 0.0051 - - 1.1395 0.0021..One Month 0.9204 0.0051 - - 1.1394 0.0021..Three Month 0.9202 0.0051 - - 1.1393 0.0021..One Year 0.9194 0.0052 - - 1.1388 0.0022

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 SERIESwww.ft.com/equities

Produced in conjunction with the Institute and Faculty of Actuaries£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D TotalApr 02 chge% Index Apr 01 Mar 31 ago yield% Cover ratio adj Return

FTSE 100 (101) 5480.22 0.47 4869.93 5454.57 5671.96 7418.28 5.64 1.48 11.96 71.77 5122.10FTSE 250 (250) 14436.80 -0.76 12829.08 14547.20 15101.13 19563.44 4.46 1.80 12.44 97.87 11301.24FTSE 250 ex Inv Co (187) 14627.01 -0.96 12998.12 14768.49 15391.12 20666.40 4.89 1.46 13.97 92.72 11702.80FTSE 350 (351) 3038.48 0.27 2700.11 3030.24 3150.14 4112.91 5.45 1.52 12.03 36.72 5667.70FTSE 350 ex Investment Trusts (287) 2985.35 0.30 2652.89 2976.54 3096.02 4068.10 5.58 1.48 12.11 36.75 2873.18FTSE 350 Higher Yield (107) 2573.73 1.73 2287.12 2530.02 2622.71 3710.21 8.00 1.32 9.46 41.16 5230.85FTSE 350 Lower Yield (244) 3274.75 -1.11 2910.06 3311.40 3451.61 4146.81 2.98 2.05 16.38 27.04 3828.57FTSE SmallCap (265) 4167.19 -0.48 3703.13 4187.24 4262.48 5548.66 5.38 1.19 15.63 34.39 6499.83FTSE SmallCap ex Inv Co (146) 3194.24 -0.75 2838.53 3218.29 3289.60 4564.54 6.91 0.59 24.58 19.95 5234.08FTSE All-Share (616) 2998.54 0.25 2664.61 2991.12 3107.42 4056.31 5.45 1.51 12.12 35.85 5650.44FTSE All-Share ex Inv Co (433) 2922.58 0.28 2597.12 2914.46 3030.59 3985.57 5.60 1.46 12.21 35.65 2857.10FTSE All-Share ex Multinationals (542) 853.46 -0.84 628.59 860.68 899.81 1180.51 5.03 1.45 13.69 5.01 1677.62FTSE Fledgling (97) 6467.33 -0.41 5747.11 6494.05 6581.90 9275.21 5.52 0.49 36.76 61.82 13065.08FTSE Fledgling ex Inv Co (43) 7138.26 -0.42 6343.33 7168.60 7216.01 11021.56 9.62 -0.58 -17.91 48.24 14152.92FTSE All-Small (362) 2877.04 -0.48 2556.65 2890.77 2941.98 3846.99 5.39 1.15 16.16 23.97 5757.31FTSE All-Small ex Inv Co (189) 2375.69 -0.74 2111.13 2393.30 2445.06 3402.84 7.00 0.53 26.76 14.87 4931.17FTSE AIM All-Share (736) 664.97 -0.17 590.92 666.11 682.29 921.19 2.11 1.38 34.45 1.80 758.93

FTSE Sector IndicesOil & Gas (12) 5784.74 7.86 5140.54 5363.31 5434.82 9479.77 9.13 1.33 8.26 127.00 6256.01Oil & Gas Producers (8) 5635.90 7.80 5008.27 5227.89 5296.19 9160.34 9.08 1.34 8.24 125.00 6316.92Oil Equipment Services & Distribution (4) 3973.28 13.28 3530.80 3507.42 3650.59 11723.68 13.73 0.60 12.23 0.00 3415.30Basic Materials (23) 4526.44 2.26 4022.37 4426.20 4601.68 6947.01 7.85 2.10 6.07 138.64 5339.90Chemicals (7) 9661.80 -1.07 8585.84 9766.29 10088.53 15219.12 3.61 1.99 13.89 33.37 9144.64Forestry & Paper (1) 15520.83 -5.18 13792.40 16368.43 16964.20 22019.07 5.87 2.02 8.42 601.80 19030.97Industrial Metals & Mining (2) 2449.31 2.18 2176.55 2397.11 2467.13 6576.48 22.53 1.06 4.21 261.34 3127.11Mining (13) 13058.50 3.08 11604.28 12668.07 13183.87 19850.82 8.19 2.15 5.68 417.29 8125.44Industrials (99) 4075.57 -0.75 3621.71 4106.19 4312.95 5294.39 3.57 1.35 20.75 16.69 4479.56Construction & Materials (14) 5096.51 -0.04 4528.96 5098.39 5244.11 6191.74 3.80 0.49 53.71 95.82 5855.10Aerospace & Defense (9) 3443.32 -1.31 3059.86 3489.00 3751.00 4965.47 3.60 1.11 25.13 2.61 3906.55General Industrials (7) 3344.34 -0.38 2971.91 3357.18 3608.49 4635.44 4.88 0.89 23.07 0.00 4119.09Electronic & Electrical Equipment (10) 8378.57 -0.97 7445.51 8460.81 8744.36 8778.08 1.68 2.10 28.31 3.43 7979.38Industrial Engineering (12) 9998.81 2.03 8885.32 9799.71 10109.73 13699.28 3.43 1.65 17.72 0.97 12897.75Industrial Transportation (6) 2243.51 0.44 1993.67 2233.57 2277.95 3687.33 10.78 0.81 11.48 0.00 2269.61Support Services (41) 6195.52 -1.33 5505.58 6279.07 6591.25 7864.82 3.18 1.86 16.88 21.05 6824.75Consumer Goods (42) 16471.07 1.17 14636.81 16281.04 16529.81 19737.02 5.03 1.69 11.76 185.33 13606.19Automobiles & Parts (2) 3012.92 -8.57 2677.40 3295.19 2723.16 6538.32 3.13 2.23 14.31 0.00 3080.23Beverages (6) 19259.18 0.17 17114.43 19225.69 20174.02 24697.10 2.94 2.12 16.03 195.72 14554.42Food Producers (10) 5829.63 -2.33 5180.43 5968.91 6243.70 7513.21 3.17 2.07 15.28 12.57 5349.87Household Goods & Home Construction (14)11803.38 0.61 10488.93 11732.29 12062.19 14082.36 4.70 2.04 10.45 21.70 9303.21Leisure Goods (2) 11068.51 1.80 9835.90 10873.22 11244.79 9153.89 4.60 1.48 14.75 109.33 11476.52Personal Goods (6) 28617.81 1.15 25430.87 28291.77 29013.29 32799.75 3.54 2.72 10.37 220.67 20967.53Tobacco (2) 30956.51 3.03 27509.12 30045.39 29088.11 35848.26 8.08 1.12 11.02 710.53 24019.34Health Care (17) 11113.41 -1.12 9875.79 11239.57 11400.80 10961.22 3.86 0.99 26.07 193.60 9506.47Health Care Equipment & Services (8) 5837.63 -3.06 5187.54 6021.95 6194.44 7158.28 2.47 1.89 21.40 77.97 5344.13Pharmaceuticals & Biotechnology (9) 15668.60 -0.93 13923.71 15814.92 16018.75 15077.70 4.00 0.94 26.65 279.28 12029.86Consumer Services (86) 3546.91 -2.52 3151.91 3638.55 3821.08 5141.39 4.31 1.64 14.18 23.55 3590.31Food & Drug Retailers (5) 3835.11 -1.78 3408.03 3904.47 3901.88 4239.02 2.83 1.35 26.15 0.00 4732.36General Retailers (27) 1442.12 -0.94 1281.52 1455.81 1516.25 2254.89 4.04 1.70 14.55 2.90 1797.20Media (18) 6310.61 -1.52 5607.85 6407.76 6800.38 8208.49 4.22 1.59 14.86 18.76 4187.46Travel & Leisure (36) 4997.73 -5.02 4441.17 5261.82 5661.27 8969.44 5.56 1.74 10.33 88.30 5134.93Telecommunications (6) 1605.13 0.66 1426.38 1594.53 1644.09 2325.32 8.25 0.02 531.35 0.00 2121.07Fixed Line Telecommunications (3) 1452.96 0.52 1291.16 1445.50 1483.71 2694.82 12.28 1.45 5.60 0.00 1588.07Mobile Telecommunications (3) 2493.63 0.72 2215.93 2475.79 2557.05 3246.04 6.74 -0.95 -15.54 0.00 2951.20Utilities (8) 6547.07 -3.95 5817.97 6816.18 7113.65 6840.55 6.55 0.51 30.22 33.74 8747.03Electricity (3) 6479.58 -5.11 5758.00 6828.50 7305.64 7076.00 8.07 -0.37 -33.48 129.12 11397.13Gas Water & Multiutilities (5) 6210.02 -3.63 5518.46 6444.11 6679.44 6411.47 6.14 0.81 20.03 7.47 8204.63Financials (308) 3401.28 -1.16 3022.51 3441.29 3668.60 4939.58 4.98 1.92 10.47 26.11 3493.18Banks (10) 2155.68 -2.39 1915.62 2208.45 2447.15 3896.29 6.11 2.24 7.29 0.58 1775.90Nonlife Insurance (8) 2906.52 -0.54 2582.84 2922.17 3034.20 3721.92 5.02 1.60 12.47 30.72 5633.80Life Insurance/Assurance (7) 5187.61 0.81 4609.91 5145.77 5635.70 8014.99 7.12 1.74 8.09 68.76 5718.10Real Estate Investment & Services (18) 2064.60 0.70 1834.68 2050.34 2130.64 2568.50 2.80 2.28 15.67 5.92 5867.75Real Estate Investment Trusts (41) 2079.82 0.07 1848.21 2078.45 2157.38 2696.21 4.85 -0.25 -83.11 29.05 2914.42General Financial (41) 7303.20 -2.71 6489.90 7506.91 7892.82 8989.74 4.08 1.77 13.85 99.64 9226.45Equity Investment Instruments (183) 8808.88 -0.23 7827.90 8829.46 9039.87 10386.56 3.19 2.88 10.88 71.46 5173.64Non Financials (308) 3659.13 0.73 3251.64 3632.74 3740.52 4828.86 5.61 1.39 12.79 48.94 6051.83Technology (15) 1608.41 -2.01 1429.29 1641.45 1679.88 2195.38 4.20 0.83 28.50 13.03 2222.07Software & Computer Services (13) 1729.57 -2.34 1536.96 1771.03 1818.46 2449.22 4.43 0.76 29.60 13.43 2526.74Technology Hardware & Equipment (2) 3844.15 1.69 3416.06 3780.23 3725.21 3033.26 1.78 2.76 20.30 43.15 4749.73

Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/dayFTSE 100 5498.83 5483.29 5485.75 5459.80 5509.97 5491.25 5456.95 5437.64 5526.46 5552.15 5400.06FTSE 250 14614.70 14507.10 14540.52 14443.36 14457.93 14483.62 14490.97 14435.99 14474.84 14614.70 14379.03FTSE SmallCap 4182.48 4174.97 4174.78 4165.07 4161.55 4154.82 4157.91 4164.86 4182.18 4184.47 4147.06FTSE All-Share 3012.89 3002.34 3004.51 2989.61 3012.34 3004.67 2989.71 2979.61 3020.69 3032.63 2963.47Time of FTSE 100 Day's high:14:40:30 Day's Low13:15:00 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020)Time of FTSE All-Share Day's high:14:40:00 Day's Low13:15:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020)Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of theLondon 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.

FT 30 INDEX

Apr 02 Apr 01 Mar 31 Mar 30 Mar 27 Yr Ago High LowFT 30 2016.30 2025.00 2122.80 2104.10 2135.40 0.00 3314.70 1337.80FT 30 Div Yield - - - - - 0.00 3.93 2.74P/E Ratio net - - - - - 0.00 19.44 14.26FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35FT 30 hourly changes

8 9 10 11 12 13 14 15 16 High Low2025 2021.1 2036.6 3120.5 2032.8 2026.4 2015.3 2009.8 2035.8 2048.9 1996.3

FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30

FX: EFFECTIVE INDICES

Apr 01 Mar 31 Mnth Ago Apr 02 Apr 01 Mnth Ago

Australia - - -Canada - - -Denmark - - -Japan - - -New Zealand - - -Norway - - -

Sweden - - -Switzerland - - -UK 78.15 77.76 79.42USA - - -Euro - - -

Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100.Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk

FTSE SECTORS: LEADERS & LAGGARDS

Year to date percentage changesGas Water & Multi -7.13Utilities -9.07Food & Drug Retailer -9.45Pharmace & Biotech -14.10Personal Goods -15.11Electricity -15.48Health Care -15.59Electronic & Elec Eq -17.28Nonlife Insurance -18.26Tech Hardware & Eq -19.36Household Goods & Ho -20.80Consumer Goods -21.01Mobile Telecomms -21.19Tobacco -21.73Equity Invest Instr -22.57Beverages -23.02Food Producers -25.04

Forestry & Paper -25.13Telecommunications -25.99FTSE 100 Index -26.94Health Care Eq & Srv -27.25Technology -27.37Aerospace & Defense -27.56NON FINANCIALS Index -27.76Software & Comp Serv -27.96FTSE All{HY-}Share Index -27.99Media -28.50Support Services -28.59Financials -28.61Financial Services -28.65Industrials -28.98Real Est Invest & Se -29.55Real Est Invest & Tr -29.78Life Insurance -30.16Basic Materials -30.24

Chemicals -30.31Mining -30.41FTSE SmallCap Index -30.53Banks -32.07FTSE 250 Index -32.51Construct & Material -32.56Industrial Eng -32.83Consumer Services -34.01Leisure Goods -35.36Fixed Line Telecomms -36.50General Retailers -37.19Industrial Metals & -38.17Industrial Transport -39.07Oil & Gas Producers -41.18Oil & Gas -41.41Automobiles & Parts -43.33Travel & Leisure -46.35Oil Equipment & Serv -55.86

FTSE GLOBAL EQUITY INDEX SERIES

Apr 1 No of US $ Day Mth YTD Total YTD Gr DivRegions & countries stocks indices % % % retn % Yield

Apr 1 No of US $ Day Mth YTD Total YTD Gr DivSectors stocks indices % % % retn % Yield

FTSE Global All Cap 8920 474.01 -3.7 -17.7 -25.5 719.83 -25.1 3.1FTSE Global All Cap 7079 462.39 0.3 7.3 -0.3 624.68 0.2 2.5FTSE Global Large Cap 1772 434.70 -3.6 -15.8 -23.4 679.51 -22.9 3.1FTSE Global Mid Cap 2192 574.71 -4.0 -22.2 -30.7 822.02 -30.3 3.1FTSE Global Small Cap 4956 581.06 -4.5 -24.4 -32.8 800.25 -32.5 2.9FTSE All-World 3964 281.18 -3.7 -16.9 -24.7 451.77 -24.2 3.1FTSE World 2598 498.53 -3.8 -17.1 -25.0 1075.46 -24.5 3.1FTSE Global All Cap ex UNITED KINGDOM In 8617 498.17 -3.7 -17.5 -25.1 743.01 -24.7 3.0FTSE Global All Cap ex USA 7134 381.16 -2.6 -17.6 -26.5 629.74 -25.9 3.9FTSE Global All Cap ex JAPAN 7567 485.42 -3.8 -18.3 -26.0 743.85 -25.5 3.1FTSE Global All Cap ex Eurozone 8269 498.60 -3.7 -17.4 -25.1 741.92 -24.6 3.0FTSE Developed 2173 457.34 -3.8 -16.7 -24.5 700.52 -24.0 3.1FTSE Developed All Cap 5646 472.65 -3.9 -17.6 -25.4 714.03 -25.0 3.0FTSE Developed Large Cap 884 433.22 -3.8 -15.6 -23.2 675.14 -22.7 3.1FTSE Developed Europe Large Cap 234 282.74 -3.2 -16.5 -26.4 518.81 -25.7 4.6FTSE Developed Europe Mid Cap 355 433.80 -3.5 -22.2 -31.4 697.69 -31.2 4.0FTSE Dev Europe Small Cap 695 591.99 -2.8 -24.6 -34.1 917.91 -33.9 4.0FTSE North America Large Cap 253 541.64 -4.4 -15.7 -22.3 780.11 -21.9 2.5FTSE North America Mid Cap 410 653.72 -4.7 -23.5 -30.9 869.48 -30.6 2.5FTSE North America Small Cap 1312 629.12 -5.7 -26.4 -34.1 809.10 -33.8 2.4FTSE North America 663 349.38 -4.4 -17.1 -23.9 514.29 -23.5 2.5FTSE Developed ex North America 1510 202.42 -2.8 -16.1 -25.6 360.68 -24.9 4.1FTSE Japan Large Cap 182 319.72 -2.8 -10.5 -19.4 443.78 -18.4 2.9FTSE Japan Mid Cap 327 485.30 -3.1 -9.5 -22.8 640.11 -21.8 2.7FTSE Global wi JAPAN Small Cap 844 528.70 -3.7 -8.2 -24.0 722.30 -23.0 2.7FTSE Japan 509 133.58 -2.9 -10.3 -20.1 207.63 -19.1 2.9FTSE Asia Pacific Large Cap ex Japan 922 567.04 -1.5 -15.4 -22.0 962.95 -21.6 3.4FTSE Asia Pacific Mid Cap ex Japan 852 607.55 -0.8 -21.1 -29.8 989.59 -29.6 4.1FTSE Asia Pacific Small Cap ex Japan 1814 396.43 -0.7 -19.4 -27.0 631.59 -26.7 3.9FTSE Asia Pacific Ex Japan 1774 439.39 -1.4 -15.9 -22.7 792.61 -22.3 3.5FTSE Emerging All Cap 3274 581.84 -2.0 -18.8 -26.4 937.59 -26.0 3.6FTSE Emerging Large Cap 888 567.95 -2.1 -17.5 -25.0 921.39 -24.7 3.4FTSE Emerging Mid Cap 903 640.39 -1.8 -25.2 -34.2 1030.22 -33.8 4.7FTSE Emerging Small Cap 1483 536.36 -1.0 -23.0 -29.1 827.07 -28.8 4.1FTSE Emerging Europe 75 270.36 -2.4 -25.6 -38.6 487.02 -38.4 8.6FTSE Latin America All Cap 242 500.43 -4.4 -38.6 -49.2 840.61 -48.9 4.6FTSE Middle East and Africa All Cap 329 459.57 -1.6 -23.0 -33.4 783.46 -32.3 4.9FTSE Global wi UNITED KINGDOM All Cap In 303 238.33 -3.7 -20.8 -33.3 446.93 -32.6 5.9FTSE Global wi USA All Cap 1786 594.17 -4.6 -17.8 -24.7 826.83 -24.4 2.4FTSE Europe All Cap 1433 326.26 -3.2 -18.5 -28.3 575.45 -27.8 4.6FTSE Eurozone All Cap 651 304.56 -3.8 -20.9 -30.0 534.65 -29.7 4.4FTSE EDHEC-Risk Efficient All-World 3964 311.65 -3.7 -19.7 -28.0 462.24 -27.6 3.3FTSE EDHEC-Risk Efficient Developed Europe 589 245.03 -3.0 -18.9 -27.5 401.95 -27.2 4.1Oil & Gas 150 197.51 -3.0 -30.7 -45.7 355.34 -45.0 7.9Oil & Gas Producers 104 191.34 -2.4 -29.3 -45.8 351.72 -45.1 8.0

Oil Equipment & Services 36 140.40 -6.0 -6.0 -47.6 227.95 -46.9 8.4Basic Materials 352 358.74 -2.7 -2.7 -30.2 597.04 -29.5 4.6Chemicals 159 527.87 -4.0 -4.0 -29.6 869.48 -29.2 3.9Forestry & Paper 20 201.46 -4.1 -4.1 -27.6 376.91 -26.4 4.7Industrial Metals & Mining 94 230.74 -2.5 -2.5 -39.0 386.10 -38.4 5.5Mining 79 531.31 0.0 0.0 -27.1 906.32 -25.8 5.3Industrials 745 320.96 -4.2 -4.2 -28.5 488.54 -28.1 2.8Construction & Materials 147 392.67 -3.8 -3.8 -29.2 625.27 -28.8 3.2Aerospace & Defense 37 523.64 -6.2 -6.2 -41.5 785.03 -41.3 3.1General Industrials 64 163.52 -4.2 -4.2 -28.3 272.03 -27.6 3.5Electronic & Electrical Equipment 140 376.17 -3.6 -3.6 -26.1 519.27 -25.8 2.2Industrial Engineering 145 604.30 -4.0 -4.0 -27.1 916.61 -26.5 3.2Industrial Transportation 126 558.87 -2.8 -2.8 -26.2 854.82 -25.9 3.0Support Services 86 382.54 -4.9 -4.9 -24.2 551.28 -23.8 1.9Consumer Goods 547 399.91 -2.7 -2.7 -21.6 634.91 -21.2 3.2Automobiles & Parts 132 257.43 -4.8 -4.8 -32.4 400.39 -31.8 4.6Beverages 66 536.25 -3.1 -3.1 -24.3 858.65 -23.9 3.0Food Producers 131 594.17 -1.3 -1.3 -12.9 958.76 -12.6 2.5Household Goods & Home Construction 60 404.62 -2.0 -2.0 -20.1 638.06 -19.7 3.0Leisure Goods 43 207.44 -1.9 -1.9 -14.4 284.13 -13.9 1.4Personal Goods 102 705.06 -3.7 -3.7 -21.8 1038.48 -21.5 2.2Tobacco 13 802.17 -0.8 -0.8 -19.5 1934.14 -18.0 7.5Health Care 282 521.68 -3.0 -3.0 -14.6 794.52 -14.0 2.2Health Care Equipment & Services 96 924.06 -4.7 -4.7 -21.2 1107.40 -21.0 1.1Pharmaceuticals & Biotechnology 186 364.51 -2.1 -2.1 -11.2 588.22 -10.3 2.7Consumer Services 452 439.35 -3.1 -3.1 -21.2 611.59 -20.9 1.7Food & Drug Retailers 66 242.05 -1.6 -1.6 -17.9 359.65 -17.5 2.9General Retailers 148 780.08 -2.7 -2.7 -13.8 1045.97 -13.6 1.1Media 88 286.47 -3.5 -3.5 -25.4 401.23 -25.2 1.9Travel & Leisure 150 328.87 -5.0 -5.0 -36.5 468.01 -36.1 2.9Telecommunication 95 129.34 -2.3 -2.3 -19.4 272.33 -18.6 5.2Fixed Line Telecommuniations 41 106.49 -2.3 -2.3 -21.4 250.32 -20.6 6.0Mobile Telecommunications 54 139.25 -2.3 -2.3 -16.5 258.26 -15.9 4.1Utilities 190 254.69 -4.8 -4.8 -19.9 544.51 -19.3 4.2Electricity 133 285.21 -5.0 -5.0 -19.9 601.43 -19.2 4.0Gas Water & Multiutilities 57 257.52 -4.2 -4.2 -19.8 567.68 -19.3 4.4Financials 861 177.07 -4.4 -4.4 -33.1 314.76 -32.5 4.6Banks 280 130.36 -4.5 -4.5 -39.0 253.60 -38.4 6.4Nonlife Insurance 73 221.31 -4.3 -4.3 -28.3 340.80 -28.0 3.0Life Insurance 58 161.36 -3.9 -3.9 -33.1 280.82 -32.6 4.7Financial Services 211 265.84 -4.5 -4.5 -28.2 385.47 -27.9 2.3Technology 290 301.99 -4.2 -4.2 -16.0 384.40 -15.8 1.5Software & Computer Services 149 526.72 -4.0 -4.0 -13.3 627.77 -13.3 0.8Technology Hardware & Equipment 141 224.73 -4.5 -4.5 -19.2 304.04 -18.8 2.4Alternative Energy 10 105.52 -2.2 -2.2 -16.6 147.79 -16.6 1.5Real Estate Investment & Services 158 278.10 -1.9 -1.9 -24.7 499.92 -24.2 3.9Real Estate Investment Trusts 81 350.40 -5.4 -5.4 -29.3 753.15 -28.6 5.2Real Estate Investment & Services 152 258.63 2.8 2.8 -30.0 463.40 -29.7 4.2

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/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(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,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 seewww.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 ExchangeGroup companies and is used by FTSE International Limited under licence.

FTSE 100 SUMMARY

Closing Day'sFTSE 100 Price Change

Closing Day'sFTSE 100 Price Change

3I Group PLC 714.40 0.80Admiral Group PLC 2255 8.00Anglo American PLC 1298 -17.00Antofagasta PLC 758.60 14.80Ashtead Group PLC 1596.5 -53.50Associated British Foods PLC 1726 -27.50Astrazeneca PLC 6980 -122.00Auto Trader Group PLC 385.00 -5.60Aveva Group PLC 3244 -153.00Aviva PLC 249.70 8.20Bae Systems PLC 498.10 10.50Barclays PLC 81.62 -1.24Barratt Developments PLC 417.40 5.80Berkeley Group Holdings (The) PLC 3400 -69.00Bhp Group PLC 1259 48.20BP PLC 353.35 19.65British American Tobacco PLC 2946 89.50British Land Company PLC 322.90 9.10Bt Group PLC 115.00 0.20Bunzl PLC 1505 -60.00Burberry Group PLC 1248 13.00Carnival PLC 605.00 -174.00Centrica PLC 33.92 -3.19Coca-Cola Hbc AG 1672 -15.00Compass Group PLC 1100 -61.00Crh PLC 2143 -4.00Croda International PLC 4142 -9.00Dcc PLC 4970 208.00Diageo PLC 2468.5 5.50Easyjet PLC 497.20 -28.40Evraz PLC 231.10 4.90Experian PLC 2190 -16.00Ferguson PLC 4564 -186.00Flutter Entertainment PLC 6834 -340.00Fresnillo PLC 677.80 22.80Glaxosmithkline PLC 1493.2 -6.20Glencore PLC 126.88 7.72Halma PLC 1842 -21.00Hargreaves Lansdown PLC 1325 -Hikma Pharmaceuticals PLC 2178 120.00HSBC Holdings PLC 397.75 -13.25Imperial Brands PLC 1569.5 39.50Informa PLC 374.90 -34.00Intercontinental Hotels Group PLC 3000 -152.00Intermediate Capital Group PLC 817.50 -47.50International Consolidated Airlines Group S.A. 200.00 -2.40Intertek Group PLC 4370 -47.00Itv PLC 59.26 -1.18Jd Sports Fashion PLC 409.60 -13.30Johnson Matthey PLC 1693.5 -42.00Just Eat Takeaway.Com N.V. 6140 20.00

Land Securities Group PLC 537.60 10.80Legal & General Group PLC 177.55 6.00Lloyds Banking Group PLC 28.91 0.64London Stock Exchange Group PLC 6736 -334.00M&G PLC 118.80 9.80Meggitt PLC 226.90 -18.70Melrose Industries PLC 74.36 -3.64Mondi PLC 1263.5 -69.00Morrison (Wm) Supermarkets PLC 179.00 -1.50National Grid PLC 871.00 -40.60Next PLC 3610 -92.00Nmc Health PLC 938.40 -Ocado Group PLC 1335 5.50Pearson PLC 525.00 -4.40Pennon Group PLC 1040 -14.00Persimmon PLC 1676.5 -31.50Phoenix Group Holdings PLC 576.00 -21.40Polymetal International PLC 1371 48.00Prudential PLC 942.60 -5.80Reckitt Benckiser Group PLC 6194 74.00Relx PLC 1638 -24.00Rentokil Initial PLC 375.40 10.00Rightmove PLC 447.00 -10.70Rio Tinto PLC 3721.5 114.50Rolls-Royce Holdings PLC 278.30 -26.70Royal Bank Of Scotland Group PLC 104.45 -2.55Royal Dutch Shell PLC 1479.6 127.20Royal Dutch Shell PLC 1541.6 120.40Rsa Insurance Group PLC 395.30 -Sage Group PLC 553.20 -23.20Sainsbury (J) PLC 204.80 -8.30Schroders PLC 2331 -14.00Scottish Mortgage Investment Trust PLC 546.50 -4.50Segro PLC 747.80 7.80Severn Trent PLC 2173 -39.00Smith & Nephew PLC 1344.5 -50.00Smith (Ds) PLC 261.50 -3.30Smiths Group PLC 1138 12.50Smurfit Kappa Group PLC 2278 52.00Spirax-Sarco Engineering PLC 7880 38.00Sse PLC 1145 -68.00St. James's Place PLC 738.40 3.00Standard Chartered PLC 398.40 -15.00Standard Life Aberdeen PLC 192.75 -16.75Taylor Wimpey PLC 109.30 -0.70Tesco PLC 218.80 -4.60Unilever PLC 4043 49.00United Utilities Group PLC 860.80 -7.00Vodafone Group PLC 110.30 0.70Whitbread PLC 2708 -21.00Wpp PLC 516.00 22.70

UK STOCK MARKET TRADING DATA

Apr 02 Apr 01 Mar 31 Mar 30 Mar 27 Yr Ago- - - - - -

Order Book Turnover (m) 260.27 64.55 68.65 80.97 80.97 80.97Order Book Bargains 1639146.00 1487354.00 1360649.00 1456772.00 1456772.00 1456772.00Order Book Shares Traded (m) 2591.00 2730.00 1925.00 2574.00 2574.00 2574.00Total Equity Turnover (£m) 7531.45 5402.68 4492.76 7874.40 7874.40 7874.40Total Mkt Bargains 1872076.00 1758156.00 1562596.00 1721431.00 1721431.00 1721431.00Total Shares Traded (m) 6119.00 6931.00 4765.00 5442.00 5442.00 5442.00† Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.(c) Market closed.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believedaccurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant norguarantee that the information is reliable or complete. The FT does not accept responsibility and will not beliable for any loss arising from the reliance on or use of the listed information.For all queries e-mail [email protected]

Data provided by Morningstar | www.morningstar.co.uk

UK RIGHTS OFFERS

Amount LatestIssue paid renun. closingprice up date High Low Stock Price p +or-There are currently no rights offers by any companies listed on the LSE.

UK COMPANY RESULTS

Company Turnover Pre-tax EPS(p) Div(p) Pay day TotalDigitalbox Pre 2.240 0.000 0.460L 0.250L 0.571L 0.262L 0.00000 0.00000 - 0.000 0.000Journeo Pre 11.402 12.601 0.948L 0.139 1.080L 0.150 0.00000 0.00000 - 0.000 0.000Tracsis Int 26.365 18.750 2.419 2.121 6.760 5.970 0.00000 0.80000 - 1.000 1.700

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier.For more information on dividend payments visit www.ft.com/marketsdata

UK RECENT EQUITY ISSUES

Issue Issue Stock Close Mktdate price(p) Sector code Stock price(p) +/- High Low Cap (£m)03/23 0.69 SYME Supply@ME Capital PLC 0.30 -0.10 1.10 0.25 9826.503/06 80.00 AIM FRP FRP Advisory Group PLC 76.50 -0.65 83.17 70.00 18168.803/06 3.00 MMM Mining Minerals & Metals PLC 3.50 - 0.00 0.00 111.602/27 195.00 AIM SPEC Inspecs Group PLC 152.50 -5.00 199.00 150.00 10788.7

§Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/irFor a full explanation of all the other symbols please refer to London Share Service notes.

APRIL 3 2020 Section:Stats Time: 2/4/2020 - 18:26 User: gerry.white Page Name: MARKET DATA 1, Part,Page,Edition: EUR, 11, 1



MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES52 Week

Stock Price Day Chg High Low Yld P/E MCap m52 Week





Stock Price Day Chg High Low Yld P/E MCap m

Australia (A$)ANZ 16.15 -0.90 29.30 14.10 11.10 6.75 27688.66BHPBilltn 29.85 -0.38 42.33 24.05 6.86 10.38 53155.89CmwBkAu 61.24 -2.43 91.05 53.44 7.65 12.39 65533.51CSL 308.27 1.27 342.75 189.14 0.94 44.86 84611.6NatAusBk 16.00 -0.95 30.00 13.20 12.75 8.18 28862.69Telstra 3.16 -0.04 4.01 2.87 3.44 16.81 22718.82Wesfarmers 35.89 0.21 47.42 29.75 6.92 18.55 24599.23Westpc 15.98 -0.72 30.05 13.47 13.19 7.52 34888.55Woolworths 35.77 -0.24 43.96 30.09 3.00 27.89 27271.29Belgium (€)AnBshInBv 40.18 0.38 92.71 29.03 - - -KBC Grp 44.16 2.38 73.56 33.44 - - -Brazil (R$)Ambev 12.10 0.41 20.77 10.36 3.36 13.66 36178.1Bradesco 18.48 0.49 35.89 15.46 2.24 7.12 14159.44Cielo 4.29 0.01 9.84 3.97 14.64 6.03 2214.88ItauHldFin 20.96 0.20 32.79 19.46 7.46 6.43 19749.47Petrobras 16.25 2.04 33.65 10.50 3.65 6.03 22982.74Vale 43.72 0.35 57.36 32.45 - 11.65 43905.05Canada (C$)BCE♦ 55.75 0.42 65.45 46.03 6.02 15.72 35694BkMontrl 68.62 1.49 106.51 55.76 6.08 7.71 31080.1BkNvaS 55.13 0.75 76.75 46.38 6.51 8.03 47309.3Brookfield 41.13 1.73 60.48 39.04 2.17 7.79 30522.87CanadPcR♦ 300.99 2.68 365.69 252.00 1.05 16.99 29146.02CanImp 79.39 1.31 115.96 67.52 7.25 6.90 25024.57CanNatRs 19.47 0.99 42.57 9.80 8.03 5.33 16365.95CanNatRy 107.10 0.65 127.96 92.01 2.04 18.05 54153.92Enbridge 40.38 1.75 57.32 33.06 7.44 15.09 57896.88GtWesLif 22.45 0.04 35.60 18.88 7.49 8.85 14726.14ImpOil 17.48 1.77 40.59 10.27 5.03 4.56 9128.76Manulife 16.67 -0.14 27.78 12.58 6.10 5.91 22924.09Nutrien 46.04 1.08 73.32 34.80 5.36 14.49 18668.65RylBkC 84.33 1.28 109.68 72.00 4.96 9.38 85029.75Suncor En 24.22 2.03 46.00 14.02 7.17 7.11 26276.42ThmReut 92.31 -0.58 109.99 75.91 2.25 190.57 32358.26TntoDom 57.47 0.67 77.96 49.01 5.17 8.95 73787.26TrnCan 60.07 2.21 76.58 47.05 5.24 13.07 39916.2ValeantPh 30.80 -1.06 36.02 14.01 - -12.48 8158.48China (HK$)AgricBkCh 3.07 -0.02 3.77 2.69 6.19 4.77 12174.73Bk China 2.95 0.01 3.84 2.71 6.86 4.43 31824.97BkofComm 4.65 -0.01 6.73 4.20 7.05 4.31 21003.62BOE Tech 0.65 0.04 1.06 0.47 - 25.95 16.68Ch Coms Cons 5.25 -0.01 8.46 4.73 4.93 4.11 2998.79Ch Evrbrght 2.93 -0.03 3.93 2.65 6.00 4.40 4792.56Ch Rail Cons 8.70 0.18 10.44 7.30 2.63 6.00 2330.43Ch Rail Gp 4.27 0.05 6.97 3.45 3.28 5.09 2317.77ChConstBk 6.22 0.01 7.21 5.55 5.39 5.48 192922.88China Vanke 25.85 0.45 35.60 21.65 4.43 6.92 5262.37ChinaCitic 3.73 0.03 5.20 3.37 6.73 3.76 7161.45ChinaLife 15.10 0.10 22.90 11.64 1.16 12.07 14495.93ChinaMBank 33.70 -0.25 42.75 29.80 3.05 8.78 19959.81ChinaMob 59.10 2.05 80.05 45.20 5.23 10.20 156116.96ChinaPcIns 23.40 0.05 34.75 17.90 4.67 6.88 8378.27ChMinsheng 5.60 0.01 6.15 4.91 6.75 4.24 6011.08ChMrchSecs 17.86 0.49 19.75 14.74 1.48 22.35 14390.17Chna Utd Coms 5.25 0.05 7.48 5.00 1.01 33.45 15677.85ChShenEgy 14.58 0.36 18.26 11.96 6.79 5.82 6392.7ChShpbldng 4.20 0.04 7.10 4.05 0.21 221.30 10818.95ChStConEng 5.28 0.07 6.72 4.93 3.18 5.75 30687.12ChUncHK 4.57 0.13 10.50 3.84 3.27 11.54 18040.04CNNC Intl 4.41 0.04 6.49 4.32 2.72 15.33 9670.81CSR 3.93 -0.04 7.47 3.60 4.18 8.58 2216.17Daqin 6.80 0.07 8.85 6.69 7.05 7.09 14242.68Gree Elec Apl 0.08 0.00 0.37 0.01 - -0.02 3.52GuosenSec 11.05 0.12 14.33 10.38 1.08 18.14 12765.6HaitongSecs 7.00 0.05 11.30 6.50 2.34 8.23 3079.11Hngzh HikVDT 30.45 1.47 40.09 23.55 1.97 23.63 34706.78Hunng Pwr 2.66 0.05 5.22 2.24 4.25 20.19 1613.03IM Baotou Stl 1.15 0.01 1.95 1.10 0.61 23.71 5132.34In&CmBkCh 5.19 0.01 6.11 4.81 5.27 5.53 58114.69IndstrlBk 16.07 0.11 20.66 14.93 4.29 5.26 43134.87Kweichow 1145 42.00 1241.61 834.21 1.27 35.20 202641.13Midea 0.68 -0.03 1.53 0.58 7.10 -2.47 18.87New Ch Life Ins 24.40 0.35 46.95 20.45 3.45 5.28 3255.24PetroChina 3.06 0.27 5.32 2.20 4.76 12.30 8329.42PingAnIns 75.45 0.15 101.00 69.00 2.74 7.83 72494.04PngAnBnk 12.97 0.08 17.60 11.60 1.06 9.39 35459.74Pwr Cons Corp 3.84 -0.01 6.25 3.64 2.54 8.18 6029.12SaicMtr 19.45 -0.27 30.30 17.46 6.47 7.81 32015.14ShenwanHong 0.04 0.00 0.13 0.04 - -2.20 46.33ShgPdgBk 10.20 0.11 13.33 9.82 3.43 5.03 40385.67Sinopec Corp 4.06 0.33 6.40 3.20 10.44 9.57 13363.68Sinopec Oil 2.12 0.09 3.35 1.90 - 96.51 3596.9Denmark (kr)DanskeBk 73.34 -0.68 130.80 68.04 - - -MollerMrsk 5806 -202.00 10555 4976 - - -NovoB 408.35 -6.55 447.70 310.15 - - -

Finland (€)Nokia 2.78 0.03 5.29 2.08 - - -SampoA 27.33 1.66 43.04 21.34 - - -France (€)Airbus Grpe 50.27 -1.93 139.40 48.12 3.31 10.28 42769.89AirLiquide 113.30 -0.70 140.70 94.86 2.17 24.59 58251.82AXA 14.63 -0.10 25.62 11.84 9.34 22.87 38440.68BNP Parib 26.05 0.18 54.22 25.10 11.69 4.36 35361.93ChristianDior 305.80 -9.00 498.20 252.40 1.96 19.47 59965.89Cred Agr 6.26 -0.09 13.80 5.70 11.12 4.98 19605.01Danone 56.80 0.24 82.38 50.26 3.48 16.68 42337.03EDF 7.09 0.24 13.61 5.98 4.22 4.45 23918.37Engie SA 8.89 -0.08 16.80 8.68 8.60 26.43 23529.82EssilorLuxottica 96.34 2.56 145.00 86.76 2.16 29.34 45797.02Hermes Intl 598.60 6.60 725.60 516.00 0.78 42.42 68650.91LOreal 238.00 4.70 278.50 196.00 1.65 33.30 144306.16LVMH 325.35 0.70 439.05 278.70 1.88 24.30 178499.57Orange 11.05 0.18 15.38 8.84 6.46 15.26 31931.9PernodRic 127.90 -0.70 179.50 112.25 1.08 22.89 36878.93Renault 16.31 - 64.20 12.77 22.19 1.88 5240.38Safran 68.60 1.64 152.30 51.10 2.71 13.46 31839.29Sanofi 79.48 0.54 95.06 67.65 3.94 27.25 108261.39Sant Gbn 21.80 0.22 39.57 16.41 6.22-106.90 12899.48Schneider 73.60 0.06 105.50 61.72 3.26 17.63 46539.69SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81SocGen 13.94 0.05 32.23 13.01 15.91 4.45 12919.56Total 36.28 1.08 51.44 21.12 7.39 10.93 102547.76UnibailR 190.00 0.35 236.45 177.35 5.80 17.44 22215.04Vinci 65.10 -1.96 107.35 54.76 4.02 11.58 42872.38Vivendi 19.82 -0.12 26.69 16.60 2.57 51.13 25507.43Germany (€)Allianz 151.46 -2.18 232.60 117.10 5.99 8.20 68641.3BASF 41.58 0.59 74.61 37.36 7.76 15.22 41488.24Bayer 52.85 0.51 78.34 44.86 5.34 -35.91 56404.72BMW 44.87 0.48 78.30 36.60 7.86 5.92 29340.82Continental 60.18 -0.32 157.40 51.45 7.96 -55.79 13075.75Daimler♦ 25.18 -0.35 60.00 21.02 13.01 6.61 29258.95Deut Bank 5.50 -0.09 10.37 4.45 2.01 -2.49 12357.84Deut Tlkm 11.65 0.13 16.75 10.41 6.06 19.59 60261.16DeutsPost 24.18 0.35 35.00 19.11 4.79 11.64 32480.62E.ON 8.94 -0.14 11.56 7.60 4.85 32.84 25652.51Fresenius Med 59.42 -0.60 81.10 53.50 1.98 14.03 19651.76Fresenius SE 34.10 0.30 52.82 24.25 2.37 10.04 16747.57HenkelKgaA 65.70 0.05 90.30 54.65 2.81 12.91 18542.54Linde 151.85 -0.55 208.60 130.45 2.10 14.87 87918.58MuenchRkv 176.80 1.65 284.20 141.10 5.27 9.15 27718.76SAP 97.23 -0.87 129.60 82.13 1.56 33.96 129762.27Siemens 76.40 2.38 119.90 58.77 4.80 12.38 70547.85Volkswgn 116.20 1.80 185.00 99.16 4.16 4.33 37250.48Hong Kong (HK$)AIA 69.80 0.10 88.50 60.05 1.16 19.31 108860.49BOC Hold 22.20 0.50 35.90 20.30 6.38 7.67 30280.97Ch OSLnd&Inv 24.30 0.35 31.20 21.80 3.57 5.91 34347.47ChngKng 43.15 0.50 72.50 33.40 4.25 5.41 20560.57Citic Ltd 7.68 0.01 12.20 7.40 5.15 4.35 28822.92Citic Secs 14.24 0.24 19.72 12.60 2.69 12.55 4185.56CK Hutchison 52.45 0.40 86.45 45.05 5.83 5.33 26093.83CNOOC 8.63 0.60 15.12 6.24 7.80 6.09 49709.14HangSeng 131.00 3.70 212.60 124.40 5.60 10.57 32311.1HK Exc&Clr 235.00 4.00 286.20 206.00 2.87 32.10 38236.7MTR 39.95 0.40 55.75 38.00 2.90 17.54 31739.14SandsCh 27.80 0.20 45.45 25.15 6.88 15.19 29010.64SHK Props 102.70 0.30 142.00 89.90 4.42 6.87 38394.08Tencent 379.80 5.40 420.00 312.20 0.25 38.80 468080.01India (Rs)Bhartiartl 421.35 -19.55 568.85 305.37 - -7.85 30385.49HDFC Bk 829.65 -32.25 1305.5 738.75 0.90 17.55 60133.94Hind Unilevr 2179.65 -118.85 2324.9 1650 1.09 69.79 62373.1HsngDevFin 1583.5 -49.60 2499.9 1473.45 1.43 12.13 36254.58ICICI Bk 311.15 -12.60 552.20 268.30 0.32 21.66 26619.74Infosys 602.80 -38.70 847.00 509.25 3.12 15.50 33935.4ITC 166.40 -5.30 310.00 134.60 3.43 13.74 27037.62L&T 774.35 -34.15 1607 661.00 2.31 11.36 14367.37OilNatGas 65.75 -2.55 178.90 50.00 10.58 3.89 10933.77RelianceIn 1080.45 -33.30 1617.55 875.65 0.60 15.28 90537.29SBI NewA 186.55 -10.30 373.80 173.55 - 12.59 22007.38SunPhrmInds 343.55 -8.75 483.90 312.00 0.80 20.73 10895.93Tata Cons 1708.75 -117.35 2296.2 1506.05 1.86 19.90 84755.86Indonesia (Rp)Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26Israel (ILS)TevaPha 32.58 3.22 57.93 21.75 - -2.35 10065.84Italy (€)Enel 6.15 0.08 8.61 5.15 4.59 24.38 67869.2ENI 9.84 0.64 16.06 6.26 8.61 14.14 38840.54Generali 12.33 0.24 19.63 10.20 7.44 8.58 21026.72IntSPaolo 1.44 0.00 2.63 1.31 13.81 5.71 27349.5Unicred 6.78 -0.08 14.44 6.42 4.02 3.12 16447.48

Japan (¥)AstellasPh 1665.5 75.50 1987 1375 2.17 15.29 28717.82Bridgestne 3300 183.00 4734 2861.5 4.87 8.71 21812.49Canon 2348.5 188.50 3338 2035 6.84 15.34 29009.9CntJpRwy 17210 765.00 25450 14340 0.81 8.06 32834.08Denso 3465 185.00 5225 3021 3.75 14.57 25285.75EastJpRwy 7894 314.00 10830 7060 1.85 11.74 27630.46Fanuc 14315 385.00 22060 12020 2.27 36.26 27049.93FastRetail 43860 2920 70230 39910 1.03 29.70 43087.66Fuji Hvy Ind 2065.5 197.00 3184 1876 6.47 12.06 14713.9Hitachi 3213 255.50 4693 2524 2.60 16.65 28783.26HondaMtr 2412 189.50 3259 2120 4.31 9.66 40464.59JapanTob 2013.5 85.50 2734 1862 7.58 9.68 37295.68KDDI 3171 131.00 3451 2372.5 3.22 12.39 69172.4Keyence 34950 1140 40520 28905 0.27 44.71 78722.93MitsbCp 2247.5 114.00 3178 2148.5 5.25 7.25 33097.45MitsubEst 1592.5 50.50 2283 1291 1.87 18.98 20518.12MitsubishiEle 1318.5 78.50 1658 1096.5 2.82 13.39 26219.82MitsuiFud 1888 69.50 3035 1538 2.26 11.82 17122.71MitUFJFin 408.00 16.50 603.00 380.00 5.78 6.75 51321.61Mizuho Fin 123.80 6.80 177.50 108.40 5.63 43.16 29114.02Murata Mfg 5358 188.00 6920 4304 3.24 77.99 33534.5NipponTT 2550 92.50 2908 2153 3.46 12.17 92123.29Nissan Mt 361.30 37.90 966.00 340.00 9.89 36.47 14123.1Nomura 447.30 36.50 586.40 330.70 4.04 -4.92 14472.54Nppn Stl 947.40 69.70 2081 857.00 5.30 4.93 8338.36NTTDCMo 3252 93.00 3475 2257.5 3.28 19.14 100450.76Panasonic 827.00 41.30 1264 691.70 3.37 7.20 18790.47Seven & I 3566 50.00 4485 3113 2.75 14.38 29275.77ShnEtsuCh 10665 595.00 13945 8751 1.83 15.28 41154.98Softbank 3853 85.00 6045 2609.5 0.80 -7.69 74573.33Sony 6365 43.00 8113 4647 0.58 13.21 74334.49SumitomoF 2628 69.50 4167 2507.5 6.54 7.38 33421.58Takeda Ph 3295 153.00 4577 2894.5 5.07 -51.39 48105.13TokioMarine 4928 98.00 6317 4167 3.77 10.37 32039.41Toyota 6576 289.00 8026 5771 3.11 8.19 198726.3Mexico (Mex$)AmerMvl 13.87 0.03 16.82 12.69 1.59 12.36 25919.31FEMSA UBD 142.22 -0.60 192.50 127.25 2.15 11.60 12801.46WalMrtMex 56.26 0.16 60.13 47.76 2.04 20.93 40915.38Netherlands (€)Altice 3.29 -0.05 6.86 2.26 - - -ASML Hld 229.55 -4.95 294.40 165.04 - - -Heineken 72.62 -0.80 105.00 68.82 - - -ING 4.81 0.03 12.14 4.23 - - -Unilever 44.51 0.73 57.77 38.42 - - -Norway (Kr)DNB 110.65 -4.75 178.10 94.26 - - -Equinor 139.25 4.15 203.90 95.20 - - -Telenor 153.50 -2.50 190.80 130.75 - - -Qatar (QR)QatarNtBk 16.80 -0.45 21.25 15.71 3.34 12.38 42617.99Russia (RUB)Gzprm neft 187.04 6.98 272.68 155.30 10.70 2.32 56921.07Lukoil 5050 375.50 6810 3663 5.96 4.29 44979.72MmcNrlskNckl 18998 46.00 23656 13352 13.61 10.11 38646.97Novatek 953.00 62.00 1382.2 682.80 3.29 2.76 37197.57Rosneft 340.50 19.50 489.90 229.80 9.16 4.55 46390.03Sberbank 186.95 2.17 270.80 172.15 10.31 3.84 51879.26Surgutneftegas 35.67 0.67 54.89 24.06 2.19 2.84 16381.8Saudi Arabia (SR)AlRajhiBnk 53.90 0.10 76.90 51.00 7.02 12.13 35885.48Natnlcombnk 34.65 -0.05 64.40 30.50 6.41 9.03 27683.1SaudiBasic 70.50 0.50 128.00 61.90 6.10 14.60 56324.91SaudiTelec 90.00 2.50 117.40 72.30 4.49 15.59 47936.08Singapore (S$)DBS 18.41 0.26 28.64 16.65 6.77 7.17 32951.21JardnMt US$ 48.14 -0.61 66.69 42.59 3.43 11.10 35270.43JardnStr US$ 22.23 0.22 40.00 17.81 1.48 8.02 24633.83OCBC 8.63 0.14 12.19 7.80 5.78 7.93 26554.94SingTel 2.62 0.10 3.56 2.19 6.64 33.84 29914.79UOB 19.37 0.28 27.97 17.28 5.63 7.37 22749.29South Africa (R)Firstrand 39.04 -0.29 71.79 31.13 9.27 5.69 11850.04MTN Grp 49.00 5.48 114.43 26.25 13.01 7.99 4996.03Naspers N 2550.52 59.03 3750.01 1843.8 0.34 18.92 60105.5South Korea (KRW)HyundMobis 167000 500.00 268500 126000 3.09 7.22 12921.03KoreaElePwr 19100 100.00 30350 15550 - -6.57 9980.47SK Hynix 80000 1600 106000 62400 1.93 9.57 47405.63SmsungEl 46800 1000.00 62800 40850 3.12 12.52 227411.05Spain (€)BBVA 2.67 -0.05 5.68 2.56 9.80 3.58 19369.61BcoSantdr 2.15 0.01 4.68 1.93 7.73 6.69 38841.35CaixaBnk 1.64 -0.04 3.00 1.56 10.48 6.31 10624.17Iberdrola 8.79 0.02 11.35 7.60 4.03 17.23 61611.67Inditex 21.88 -0.63 32.28 18.51 2.96 18.61 74081.04Repsol 8.59 0.49 15.67 5.92 10.75 7.87 14610.58Telefonica 4.07 0.05 7.65 3.53 9.91 12.23 22951.2

Sweden (SKr)AtlasCpcoB 277.00 3.30 350.40 223.20 - - -Ericsson 79.20 0.32 96.74 59.54 - - -H & M 115.10 -7.95 214.35 98.13 - - -Investor 439.40 -2.40 568.60 370.10 - - -Nordea Bk♦ 54.03 -0.43 86.73 48.00 - - -SEB 64.64 0.10 104.90 59.80 - - -SvnskaHn 78.86 -1.74 113.80 71.80 - - -Swedbank 109.68 0.84 162.70 106.05 - - -Telia Co 37.27 1.11 44.90 30.29 - - -Volvo 114.95 2.10 175.10 95.00 - - -Switzerland (SFr)ABB 16.47 0.20 24.69 14.11 4.65 37.46 36711.8CredSuisse 7.71 0.15 14.14 6.18 3.33 7.22 20276.71Nestle 101.08 1.24 113.20 83.37 2.27 25.05 309352.19Novartis 80.78 1.88 96.38 65.09 3.20 28.86 209956.13Richemont 50.82 0.42 87.44 44.64 3.86 19.30 27280.99Roche 322.70 3.90 351.60 255.95 2.53 22.02 233151.98Swiss Re 71.50 1.92 117.05 52.68 7.26 57.27 24073.87Swisscom 530.20 7.40 577.80 446.70 3.89 17.50 28244.95Syngent 453.40 0.90 471.20 402.50 - 39.22 43035.76UBS 8.79 0.16 13.81 7.00 7.63 8.65 34875.94Zurich Fin 333.20 3.10 439.90 248.70 5.20 13.24 51264.29Taiwan (NT$)Chunghwa Telecom 107.00 -0.50 123.50 103.00 4.12 23.84 27408.3Formosa PetChem 78.00 -2.50 119.00 66.10 6.06 29.49 24534.78HonHaiPrc 70.00 -0.50 101.50 65.70 5.62 8.04 32043.06MediaTek 334.00 2.00 464.00 273.00 2.65 25.75 17536.07TaiwanSem 271.50 -5.00 366.00 227.00 3.49 21.52 232465.35Thailand (THB)PTT Explor 33.75 3.50 50.25 23.60 6.42 9.50 29232.23United Arab Emirates (Dhs)Emirtestele 14.28 0.26 17.80 11.04 5.65 13.62 33810.11United Kingdom (p)AscBrFd 1726 -27.50 2730 1554 2.63 15.54 16915.03AstraZen 6980 -122.00 8227.88 5626 3.29 53.43 109428Aviva 249.70 8.20 439.40 3.87 12.01 4.31 12405.09Barclays♦ 81.62 -1.24 192.99 73.04 8.58 7.59 17240.71BP 353.35 19.65 583.40 4.69 9.39 18.62 87179.08BrAmTob 2946 89.50 3507 34.85 6.76 10.97 67993.75BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72BT 115.00 0.20 231.50 102.90 13.39 5.28 14124.62Compass 1100 -61.00 2150 20.62 3.50 15.74 22394.2Diageo♦ 2468.5 5.50 3633.5 2050.6 2.78 19.24 76926.96GlaxoSmh♦ 1493.2 -6.20 1857 1328.19 5.36 16.35 90903.22Glencore 126.88 7.72 2334.5 1.41 12.38 23.07 22656.22HSBC 397.75 -13.25 687.70 387.65 9.67 17.56 98721.84Imperial Brands 1569.5 39.50 2646.5 1258.2 12.33 14.83 18529.99LlydsBkg 28.91 0.64 73.66 27.83 11.28 9.64 25787.44Natl Grid 871.00 -40.60 1073.8 8.90 5.44 20.40 36190.85Prudential 942.60 -5.80 1532.78 682.80 5.24 9.26 30189.57RBS 104.45 -2.55 266.10 2.23 5.27 4.03 15471.91ReckittB 6194 74.00 8191.3 5130 2.76 19.30 53995.26RELX 1638 -24.00 2109 1382.86 2.57 21.25 39176.93RioTinto 3721.5 114.50 5039 2954 6.48 6.01 61787.77RollsRoyce 278.30 -26.70 945.60 262.50 4.20 -2.22 6407.28RylDShlA 1541.6 120.40 2637.5 3.04 9.89 7.57 87729.26Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13StandCh 398.40 -15.00 742.60 391.70 4.14 32.09 16259.04Tesco 218.80 -4.60 332.67 203.70 2.64 16.34 22176.6Vodafone 110.30 0.70 195.65 92.76 7.22 -16.69 36420.41WPP 516.00 22.70 1085.5 450.00 11.63 9.26 8087.36United States of America ($)21stC Fox A 23.01 0.67 39.74 19.81 2.01 9.54 7934.053M 135.15 2.01 219.75 114.04 3.98 18.52 77718.1AbbottLb 78.76 2.19 92.45 61.61 1.58 42.61 138888Abbvie 73.79 0.37 97.86 62.55 5.68 32.36 108963.69Accenture 159.51 4.83 216.39 137.15 1.36 22.25 105567.7Adobe 305.45 4.24 386.75 255.13 - 53.19 147166.07AEP 76.52 1.95 104.97 65.14 3.52 17.67 37864.6Aetna - - - - - - -Aflac 31.88 -0.02 57.18 23.07 3.37 7.82 23033.67AirProd♦ 195.97 6.69 257.01 167.43 2.21 24.64 43245.94Alexion 89.69 -0.24 141.86 72.67 - 8.97 19920.15Allergan 175.96 1.06 202.22 114.27 1.68 -6.30 57891.19Allstate 86.23 -0.17 125.92 64.13 2.28 11.45 27327.46Alphabet 1115.29 13.19 1530.74 1008.87 - 24.28 334470.1Altria 35.94 -1.67 57.88 30.95 9.06 38.47 66789.7Amazon 1920.02 12.32 2185.95 1626.03 - 89.30 955803.52AmerAir 10.27 -0.43 35.24 10.01 3.91 2.89 4373.49AmerExpr 77.95 0.54 138.13 67.00 1.97 10.44 62986.77AmerIntGrp 21.78 0.17 58.66 16.07 5.90 10.63 19023.13AmerTower 217.85 10.88 258.62 174.32 1.66 60.24 96488.34Amgen 205.65 7.84 244.99 166.30 2.64 17.09 121290.82Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54Anthem 209.57 -4.73 312.48 171.03 1.51 12.69 52840.4Aon Cp 157.62 3.94 238.19 143.93 1.02 26.48 36501.97Apple 242.70 1.79 327.85 170.27 1.17 20.45 1061929ArcherDan 34.60 0.73 47.20 28.92 4.02 16.40 19279.39

AT&T 28.49 0.44 39.70 26.08 7.19 12.72 204646.68AutomData 129.96 0.24 182.32 103.11 2.36 24.57 56110.78Avago Tech 232.50 8.87 331.58 155.67 4.36 37.62 92951.49BakerHu 22.08 0.09 31.26 20.09 3.16 99.04 11412.93BankAm 20.52 0.75 35.72 17.95 3.08 7.54 178988.68Baxter 80.45 1.79 95.00 69.10 0.96 27.66 40809.37BB & T 54.24 0.75 55.66 40.68 3.26 12.85 41564.3BectonDick 230.69 5.29 286.72 197.75 1.26 89.45 62555.58BerkshHat 267606.01 6356.01 347400 239440 - 16.14 187089.52Biogen 300.48 7.21 374.99 215.78 - 10.23 52302.75BkNYMeln 33.67 0.97 53.61 26.40 3.43 8.71 29799.68BlackRock 428.34 18.80 576.81 323.98 3.06 16.45 66318.05Boeing 128.67 -2.04 398.66 89.00 5.97-122.94 72457.98BrisMySq 54.60 0.23 68.34 42.48 3.02 15.71 123251.51CapOne 45.41 0.73 107.59 38.00 3.54 4.01 20771.5CardinalHlth♦ 46.26 -1.45 60.69 39.05 3.88 -3.45 13497.91Carnival 8.16 -0.64 56.04 7.90 23.46 1.97 4305.7Caterpillar 116.33 4.98 150.55 87.50 3.12 10.97 63991.11Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98CharlesSch 33.96 1.00 51.65 28.00 1.89 12.47 43679.89Charter Comms 432.10 8.07 546.54 343.15 - 62.07 90730.61Chevron Corp 76.11 7.55 127.34 51.60 6.19 10.87 143027.51Chubb 105.54 1.37 167.74 87.35 2.82 13.28 47830.97Cigna 169.50 -3.57 224.64 118.50 0.02 15.03 63040.36Cisco♦ 39.21 0.88 58.26 32.40 3.35 16.25 166284.91Citigroup 39.02 0.51 83.11 32.00 4.79 5.15 81861.57CME Grp 167.80 1.60 225.36 131.80 1.77 29.36 60152.35Coca-Cola 43.02 0.90 60.13 36.27 3.71 22.78 184586.55Cognizant 44.79 2.28 74.85 40.01 1.67 14.57 24574.66ColgtPlm 67.32 1.77 77.41 58.49 2.54 24.82 57558.89Comcast♦ 33.92 1.50 47.74 31.71 2.31 12.82 154095.86ConocPhil 33.91 4.29 68.22 20.84 3.61 4.61 36661.2Corning 19.19 0.08 35.34 17.44 4.08 14.25 14630.87Costco 287.01 0.23 325.26 233.05 0.84 35.58 126737.86CrownCstl 140.97 3.38 168.75 114.18 3.21 70.87 58746.65CSX 55.38 0.53 80.73 46.81 1.62 14.21 42850.59CVS 55.72 -2.62 77.03 51.72 3.35 11.74 72667.78Danaher 133.11 4.41 169.19 119.60 0.51 39.20 92763.72Deere 136.46 2.79 181.99 106.14 2.13 14.05 42796.59Delphi 7.33 0.30 26.82 5.39 - 41.29 630.91Delta 23.45 -0.43 63.44 19.10 6.00 3.44 15007Devon Energy 7.71 0.92 35.39 4.70 4.43 3.07 2960.8DiscFinServ 31.26 -0.27 92.98 23.25 5.27 3.52 9638.63Disney 96.36 1.44 153.41 79.07 1.71 18.48 173972.07DominRes 72.09 2.16 90.89 57.79 5.00 52.77 60411.44DowDupont 30.52 -0.65 48.38 30.06 6.73 -37.30 68559.76DukeEner 78.70 1.13 103.79 62.13 4.76 16.35 57764.38Eaton 73.49 0.35 105.78 56.42 3.81 13.02 30236.95eBay 29.16 0.38 42.00 26.02 1.79 14.86 23213.72Ecolab 149.64 2.94 211.24 124.60 1.24 28.59 43119.79Emerson 47.35 1.65 78.38 37.75 4.16 12.70 28967.61EOG Res 39.49 4.89 107.89 27.00 2.41 7.63 22982.44EquityResTP 55.77 -1.93 89.55 49.62 4.04 26.06 20745.24Exelon 34.75 1.27 51.18 29.28 3.90 12.35 33844.06ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19ExxonMb 40.39 2.86 83.49 30.11 8.41 11.69 170939.03Facebook 160.18 0.58 224.20 137.10 - 26.66 385352.35Fedex 115.45 1.97 199.32 88.69 2.16 344.68 30161.29FordMtr 4.41 0.01 10.56 3.96 13.67 10.97 17163.93Franklin♦ 16.54 0.68 35.82 15.29 5.93 7.05 8218.69GenDyn 127.12 -0.28 193.76 100.55 2.93 11.36 36891.86GenElectric 7.16 0.12 13.26 5.90 0.56 356.38 62587.83GenMills 53.66 0.54 60.00 46.59 3.50 16.11 32522.38GenMotors 19.05 -0.22 41.90 14.33 8.02 3.09 27215.34GileadSci 75.07 2.56 85.97 60.89 3.29 35.25 94514.27GoldmSchs 149.31 4.02 250.46 130.85 2.49 6.64 51343.79Halliburton 7.62 1.02 32.30 4.25 8.83 -6.32 6705.01HCA Hold 85.15 1.42 151.97 58.38 1.83 8.48 28820.62Hew-Pack 15.57 0.73 23.93 12.54 3.94 7.86 22260.14HiltonWwde 62.49 -0.55 115.48 44.30 0.90 22.00 17337.71HomeDep 181.63 3.00 247.36 140.63 2.69 18.87 195202.31Honywell 129.99 0.28 184.06 101.08 2.42 16.54 92630.85HumanaInc 298.47 -0.28 385.00 208.25 0.72 15.79 39435.01IBM 109.43 4.29 158.75 90.56 5.86 12.65 97218.49IllinoisTool♦ 139.51 2.24 190.85 115.94 2.77 19.29 44296.87Illumina 268.69 12.23 380.76 196.78 - 42.66 39497.43Intcntl Exch 79.60 0.29 101.93 63.51 1.29 24.91 43711.35Intel 54.08 2.20 69.29 42.86 2.18 12.29 231278.78Intuit 224.03 5.91 306.89 187.68 0.83 39.16 58357.45John&John 129.14 0.33 154.50 109.16 2.88 24.49 340458.53JohnsonCn 26.13 0.97 44.65 22.78 3.72 20.71 19964.55JPMrgnCh 86.83 2.47 141.10 76.91 3.82 8.52 266910.62Kimb-Clark 126.74 1.08 149.23 110.66 3.04 21.74 43276.68KinderM 13.54 0.81 22.58 9.42 6.56 15.09 30657.63Kraft Heinz 24.52 0.84 33.78 19.99 6.10 16.60 29942.61Kroger 30.67 0.17 36.84 20.70 1.81 16.27 24554.01L Brands 9.85 -0.38 28.06 8.00 14.57 7.86 2723.85LasVegasSd 41.02 0.72 74.29 33.30 7.02 12.54 31326.36LibertyGbl 16.64 0.59 28.62 15.24 - -25.88 3021.3Lilly (E) 140.01 3.59 147.87 101.36 1.79 30.97 133994.95Lockheed 344.26 5.74 442.53 266.11 2.44 16.78 96982.51

Lowes 81.86 1.44 126.73 60.00 2.41 22.46 62743.76Lyondell 47.63 2.60 98.91 33.71 8.65 4.95 15887.22Marathon Ptl 22.11 1.24 69.65 15.26 9.31 4.74 14360.66Marsh&M 83.20 1.18 119.88 74.34 2.05 28.17 41924.3MasterCard 236.26 7.65 347.25 199.99 0.52 31.84 234908.9McDonald's 159.45 1.28 221.93 124.23 2.92 20.83 118861.47McKesson 126.60 -6.46 172.18 111.71 1.25 -38.78 22399.39Medtronic 85.62 1.51 122.15 72.13 2.32 25.94 114745.02Merck♦ 75.28 1.48 92.64 65.25 2.94 20.93 190930.31Metlife 28.28 0.38 53.28 22.85 6.11 3.78 25899.62Microsoft 154.86 2.75 190.70 118.38 1.14 28.871177872.44Mnstr Bvrg 54.85 1.75 70.52 50.06 - 27.44 29448.75MondelezInt 49.89 1.21 59.96 41.19 2.04 20.15 71482.36Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29MorganStly 33.46 1.84 57.57 27.20 3.75 7.10 53511.79MylanNV 14.24 -0.02 28.51 12.75 - 157.52 7350.36Netflix 367.21 3.13 393.52 252.28 - 95.15 161134.19NextEraE 223.23 5.00 283.35 174.80 2.09 30.79 109151.86Nike 80.30 1.07 105.62 60.00 1.08 29.34 99761.15NorfolkS 142.77 2.76 219.88 112.62 2.36 14.91 39606.63Northrop 311.25 4.26 385.01 263.31 1.55 25.20 52177.06NXP 78.90 4.17 139.59 58.41 1.43 53.07 22072.33Occid Pet 12.86 2.12 68.83 9.00 24.45 9.08 11512.59Oracle 49.25 0.54 60.50 39.71 1.77 16.55 155318.74Pepsico 121.64 3.52 147.20 101.42 2.91 25.03 169024.21Perrigo 41.55 -3.56 63.86 40.01 1.93 22.98 5656.06Pfizer 32.43 0.68 44.56 27.88 4.40 11.29 179909.93Phillips66 52.74 3.23 119.92 40.04 6.48 5.30 23176.37PhilMorris 73.04 1.92 90.17 56.01 5.91 16.96 113729.44PNCFin 90.63 3.28 161.79 79.41 4.43 8.08 38853.36PPG Inds 81.22 1.33 134.36 69.77 2.41 15.98 19159.47Praxair 164.50 -0.99 169.75 140.00 2.21 14.16 47306.22Priceline 1905.64 -1.38 2067.99 1612.41 - 17.15 92937.2ProctGmbl 112.35 3.02 128.09 94.34 2.46 68.32 277450.19Prudntl 47.61 0.61 106.40 38.62 7.85 5.04 18855.65PublStor 186.34 -10.29 266.76 155.37 4.31 21.93 32540.97Qualcomm 67.27 1.37 96.17 55.79 3.44 20.45 76892.49Raytheon 123.20 0.77 233.48 103.00 2.86 11.06 34303.93Regen Pharm 494.64 -2.01 518.00 271.37 - 28.68 53505.62S&P Global 239.15 4.82 312.94 186.06 0.89 29.76 57561.05Salesforce 133.96 -0.10 195.72 115.29 - 153.88 119896.62Schlmbrg 14.23 1.64 48.88 11.87 13.14 -2.08 19694.73Sempra Energy 103.73 0.02 161.87 88.00 3.68 12.26 30329.88Shrwin-Will 419.69 -5.29 599.95 325.43 1.02 28.04 38529.21SimonProp 45.44 -1.60 186.40 43.52 18.13 6.07 13943.76SouthCpr 27.36 0.82 44.82 23.43 5.87 14.26 21151.66Starbucks 64.43 1.81 99.72 50.02 2.16 22.61 75621.49StateSt 52.00 1.60 85.89 42.10 3.73 10.23 18425.81Stryker♦ 149.37 4.70 226.30 124.54 1.34 29.17 55988.09Sychrony Fin 14.57 0.06 38.18 12.15 5.52 2.80 8935.29T-MobileUS 87.17 2.04 101.35 63.50 - 23.20 74694.55Target 94.61 -0.67 130.24 70.03 2.61 15.87 47393.51TE Connect 59.56 0.44 101.00 48.62 2.86 13.62 19875.35Tesla Mtrs 480.06 -1.50 968.99 176.99 - -104.42 87055.66TexasInstr 100.45 3.56 135.70 93.09 3.08 18.55 93817.85TheTrvelers 96.78 1.58 155.09 76.99 3.12 10.44 24680.62ThrmoFshr 281.53 6.33 342.26 250.21 0.26 31.52 112282.16TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69TJX Cos 44.79 0.17 64.95 32.72 1.82 18.43 53890.6UnionPac 139.50 3.01 188.96 105.08 2.48 17.81 96288.16UPS B 91.69 1.30 125.31 82.00 4.15 15.87 64392.46USBancorp 32.59 0.66 61.11 28.59 4.72 7.46 49577.91UtdHlthcre 235.16 -2.16 306.72 187.72 1.65 17.56 223066.51UtdTech 90.11 -1.26 158.44 69.02 3.05 15.04 78050.12ValeroEngy 43.06 2.06 101.99 31.00 8.17 7.77 17591.98Verizon 54.91 1.99 62.22 48.84 4.43 14.05 227100.28VertexPharm 233.92 8.44 249.85 163.68 - 28.19 60647.41VF Cp 49.80 1.12 100.25 45.07 3.62 16.10 19657.07ViacomCBS 13.08 0.30 53.71 10.10 5.53 1.69 7344.05Visa Inc 157.30 4.19 214.17 133.93 0.62 30.72 268357.64Walgreen 39.97 -3.06 64.50 39.41 4.30 10.24 35411.79WalMartSto 114.97 0.83 128.08 96.79 1.76 24.09 325638.24WellsFargo 27.15 0.58 54.75 25.11 6.81 5.82 111006.71Williams Cos 14.39 1.06 29.55 8.41 10.33-477.59 17456.85Yum!Brnds 66.87 -0.79 119.72 54.95 2.43 18.39 20114.48Venezuela (VEF)Bco de Vnzla 2800 300.00 2800 250.00 604.18 - 122.62Bco Provncl 186001 31001 210000 12200 - 10.43 240.85Mrcntl Srvcs 179000 29000 210000 21500 0.02 3.40 130.87

Closing prices and highs & lows are in traded currency (with variations for thatcountry indicated by stock), market capitalisation is in USD. Highs & lows arebased on intraday trading over a rolling 52 week period.♦ ex-dividend■ ex-capital redistribution# price at time of suspension

FT 500: TOP 20

Close Prev Day Week Monthprice price change change % change change % change %

Suncor En 24.22 22.19 2.03 9.15 6.25 34.8 -34.02CanNatRs 19.47 18.48 0.99 5.36 4.82 32.9 -42.68MTN Grp 49.00 43.52 5.48 12.59 9.65 24.5 -34.81ImpOil 17.48 15.71 1.77 11.27 3.04 21.1 -41.95Ch Rail Gp 4.27 4.22 0.05 1.18 0.62 17.0 -2.95Imperial Brands 1569.50 1530.00 39.50 2.58 225.30 16.8 -99.01PetroChina 3.06 2.79 0.27 9.68 0.43 16.3 1.32ENI 9.84 9.20 0.64 6.93 1.13 12.9 -11.51ITC 166.40 171.70 -5.30 -3.09 19.05 12.9 -15.77CNOOC 8.63 8.03 0.60 7.47 0.98 12.8 -19.19Equinor 139.25 135.10 4.15 3.07 15.60 12.6 -3.67Repsol 8.59 8.10 0.49 6.02 0.94 12.3 -15.93BOE Tech 0.65 0.61 0.04 6.56 0.07 12.1 -2.86Petrobras 16.25 14.21 2.04 14.36 1.65 11.3 -41.96Sinopec Corp 4.06 3.73 0.33 8.85 0.41 11.2 1.24Ch Rail Cons 8.70 8.52 0.18 2.11 0.85 10.8 -2.47ChngKng 43.15 42.65 0.50 1.17 4.20 10.8 -11.40Surgutneftegas 35.67 35.00 0.67 1.91 3.42 10.6 -8.10Total 36.28 35.20 1.08 3.07 3.28 9.9 -7.21Regen Pharm 494.64 496.65 -2.01 -0.40 42.34 9.4 6.89Based on the FT Global 500 companies in local currency

FT 500: BOTTOM 20

Close Prev Day Week Monthprice price change change % change change % change %

Carnival 8.16 8.80 -0.64 -7.27 -9.66 -54.2 -75.30AmerAir 10.27 10.69 -0.43 -3.98 -5.40 -34.5 -45.33Brookfield 41.13 39.40 1.73 4.39 -20.55 -33.3 -50.15RollsRoyce 278.30 305.00 -26.70 -8.75 -126.90 -31.3 -99.53Delphi 7.33 7.03 0.30 4.27 -3.31 -31.1 -48.78Airbus Grpe 50.27 52.20 -1.93 -3.70 -22.02 -30.5 -53.29Boeing 128.67 130.70 -2.04 -1.56 -51.89 -28.7 -55.45SimonProp 45.44 47.04 -1.60 -3.40 -16.66 -26.8 -64.15Delta 23.45 23.87 -0.43 -1.78 -8.26 -26.0 -50.18Safran 68.60 66.96 1.64 2.45 -23.32 -25.4 -44.36DiscFinServ 31.26 31.53 -0.27 -0.86 -10.45 -25.1 -54.15L Brands 9.85 10.23 -0.38 -3.71 -3.29 -25.0 -55.37Barclays 81.62 82.86 -1.24 -1.50 -26.36 -24.4 -43.04Sychrony Fin 14.57 14.51 0.06 0.38 -4.47 -23.5 -52.16LlydsBkg 28.91 28.27 0.64 2.25 -8.66 -23.0 -99.42CapOne 45.41 44.68 0.73 1.63 -12.46 -21.5 -50.32RBS 104.45 107.00 -2.55 -2.38 -28.05 -21.2 -99.39SocGen 13.94 13.89 0.05 0.36 -3.74 -21.2 -44.30AmerIntGrp 21.78 21.61 0.17 0.79 -5.73 -20.8 -49.03Raytheon 123.20 122.43 0.77 0.63 -32.00 -20.6 -35.85Based on the FT Global 500 companies in local currency

BONDS: HIGH YIELD & EMERGING MARKET

Day's Mth's SpreadRed Ratings Bid Bid chge chge vs

Apr 02 date Coupon S* M* F* price yield yield yield USHigh Yield US$HCA Inc. 06/25 7.69 BB- Ba2 BB 105.00 6.54 -0.45 3.03 6.06

High Yield EuroAldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98

Emerging US$Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34Brazil 01/22 12.50 BB- Ba2 BB- 109.17 6.85 0.00 1.74 6.58Mexico 01/25 3.60 BBB+ A3 BBB 106.70 2.16 -0.02 -0.30 0.88Colombia 01/26 4.50 BBB- Baa2 BBB 100.50 4.40 0.15 1.94 3.92Brazil 04/26 6.00 BB- Ba2 BB- 111.25 3.88 0.39 1.28 3.40Poland 04/26 3.25 A- A2 A- 107.41 1.94 0.02 0.10 1.46Turkey 04/26 4.25 - B1 BB- 81.50 8.20 0.42 2.25 7.72Russia 05/26 4.75 - - BBB 106.00 3.65 0.02 1.06 -Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80

Emerging EuroBrazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19Mexico 02/22 1.88 BBB+ A3 BBB 99.62 2.08 0.06 1.94 1.81Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; allother London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

BONDS: GLOBAL INVESTMENT GRADE

Day's Mth's SpreadRed Ratings Bid Bid chge chge vs

Apr 02 date Coupon S* M* F* price yield yield yield USUS$Citigroup Inc. 01/28 3.89 BBB+ A3 A 101.62 3.62 0.20 1.44 -Truist Financial Corporation 01/28 6.00 BBB+ A3 A+ 115.09 3.75 -0.12 1.17 -Barclays plc 01/28 4.34 BBB Baa2 A 102.56 3.90 -0.15 1.17 -The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 106.46 4.04 0.13 1.62 -NationsBank Corp. 03/28 6.80 BBB+ Baa1 A 116.44 4.33 0.06 1.40 -Barclays Bank plc 01/29 4.50 A A1 A+ 96.23 5.03 -0.06 2.25 -EuroElectricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -Finland 04/31 0.75 AA+ Aa1 AA+ 108.06 0.02 0.03 0.30 -YenMexico 06/26 1.09 BBB+ A3 BBB 98.92 1.27 -0.01 0.56 -£ Sterlinginnogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other Londonclose. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL

Apr 02 Rate Current Since Last Mnth Ago Year AgoUS Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50US Prime 4.75 30-10-2019 5.25 5.25 4.25US Discount 2.65 30-09-2019 2.75 2.75 1.75Euro Repo 0.00 16-03-2016 0.00 0.00 0.00UK Repo 0.10 19-03-2020 0.25 0.75 0.25Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25

INTEREST RATES: MARKET

Over Change One Three Six OneApr 02 (Libor: Apr 01) night Day Week Month month month month yearUS$ Libor 0.10875 -0.010 -0.069 0.023 1.01625 1.43650 1.19525 1.00238Euro Libor -0.56529 0.001 -0.002 -0.012 -0.39986 -0.24729 -0.18543 -0.17100£ Libor 0.06338 0.008 -0.003 -0.010 0.23450 0.57450 0.71988 0.83363Swiss Fr Libor 0.030 -0.75040 -0.61760 -0.55400 -0.42240Yen Libor 0.034 -0.07833 -0.04133 -0.00317 0.11033Euro Euribor -0.045 -0.46800 -0.34300 -0.27600 -0.16800Sterling CDs 0.000 0.75000 0.83000 0.89500US$ CDs 0.000 2.45000 2.56000 2.65000Euro CDs - - - -

Short 7 Days One Three Six OneApr 02 term notice month month month yearEuro -0.74 -0.44 -0.64 -0.34 -0.59 -0.29 -0.57 -0.27 -0.52 -0.22 -0.46 -0.16Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04Swiss Franc - - - - - - - - - - - -Canadian Dollar - - - - - - - - - - - -US Dollar 0.08 0.38 0.13 0.43 0.68 0.98 0.99 1.29 0.80 1.10 0.71 1.01Japanese Yen -0.30 0.20 -0.30 0.20 -0.75 0.25 -0.50 0.50 -0.30 0.70 -0.25 0.75Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs:Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA.

BOND INDICES

Day's Month's Year Return ReturnIndex change change change 1 month 1 year

Markit IBoxxABF Pan-Asia unhedged 200.71 -0.43 -0.43 -3.31 -3.73 1.78Corporates( £) 358.21 0.85 0.85 -4.82 -6.74 0.93Corporates($) 300.67 0.45 -6.78 -3.50 -6.78 -3.50Corporates(€) 222.91 -0.03 -0.03 -6.21 -6.95 -3.41Eurozone Sov(€) 251.57 -0.11 -0.11 0.26 -2.63 4.68Gilts( £) 375.68 0.79 0.79 7.82 2.39 11.98Global Inflation-Lkd 273.87 -1.33 -4.57 -2.04 -4.57 2.05Markit iBoxx £ Non-Gilts 356.42 0.69 0.69 -2.71 -5.02 2.31Overall ($) 271.84 0.03 -0.74 3.75 -0.74 3.75Overall( £) 366.09 0.76 0.76 4.44 0.05 8.91Overall(€) 241.18 -0.05 -0.05 -1.17 -3.44 2.40Treasuries ($) 263.88 -0.23 3.32 8.95 3.32 8.95

FTSESterling Corporate (£) - - - - - -Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73Euro Emerging Mkts (€) 468.64 1.94 - - -14.73 10.10Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64

CREDIT INDICES Day's Week's Month's Series SeriesIndex change change change high low

Markit iTraxxCrossover 5Y 612.51 9.06 98.51 - 743.22 513.99Europe 5Y 108.25 4.88 23.31 - 131.25 84.94Japan 5Y 128.93 0.23 3.43 - 188.33 115.25Senior Financials 5Y 125.11 2.04 27.39 - 150.83 97.65

Markit CDXEmerging Markets 5Y 386.17 34.66 85.27 - 421.25 293.13Nth Amer High Yld 5Y 736.74 78.89 - - 736.74 615.95Nth Amer Inv Grade 5Y 126.05 12.84 21.18 - 150.81 96.72Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.

COMMODITIES www.ft.com/commodities

Energy Price* ChangeCrude Oil† Apr 22.48 1.32Brent Crude Oil‡ 30.53 4.88RBOB Gasoline† Apr 0.62 0.04Heating Oil† - -Natural Gas† Apr 1.59 0.00Ethanol♦ - -Uranium† Apr 27.25 0.20Carbon Emissions‡ - -Diesel† - -Base Metals (♠ LME 3 Months)Aluminium 1497.00 2.00Aluminium Alloy 1190.00 0.00Copper 4837.00 32.50Lead 1698.00 -1.50Nickel 11210.00 -50.00Tin 14425.00 5.00Zinc 1873.50 15.00Precious Metals (PM London Fix)Gold 1576.55 -32.40Silver (US cents) 1401.50 8.50Platinum 714.00 -13.00Palladium 2236.00 -71.00Bulk CommoditiesIron Ore 83.50 1.50GlobalCOAL RB Index 70.00 -15.00Baltic Dry Index 624.00 0.00

Agricultural & Cattle Futures Price* ChangeCorn♦ May 336.75 1.75Wheat♦ May 543.25 -8.00Soybeans♦ May 861.00 -2.25Soybeans Meal♦ May 314.50 -0.20Cocoa (ICE Liffe)X May 1772.00 26.00Cocoa (ICE US)♥ May 2239.00 -1.00Coffee(Robusta)X May 1202.00 28.00Coffee (Arabica)♥ May 119.15 3.20White SugarX 341.80 1.30Sugar 11♥ 10.14 0.12Cotton♥ May 49.86 1.10Orange Juice♥ May 119.20 0.15Palm Oil♣ - -Live Cattle♣ Apr 97.33 0.00Feeder Cattle♣ Apr 117.43 -3.63Lean Hogs♣ Apr 49.20 0.00

% Chg % ChgApr 01 Month Year

S&P GSCI Spt 266.24 -27.73 -39.79DJ UBS Spot 61.78 -14.65 -24.43TR/CC CRB TR 133.15 -23.16 -31.39M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05UBS Bberg CMCI TR 10.91 -17.95 -27.19LEBA EUA Carbon 23.51 -4.62 5.43LEBA CER Carbon 0.24 26.32 0.00LEBA UK Power 3376.00 81.02 23.98

Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $unless otherwise stated.

BONDS: INDEX-LINKED

Price Yield Month Value No ofApr 01 Apr 01 Prev return stock Market stocks

Can 4.25%' 21 105.72 0.774 0.657 -0.17 5.18 83327.11 8Fr 0.10%' 21 100.48 -0.420 -0.595 -0.16 7.57 233193.46 15Swe 0.25%' 22 110.27 -1.166 -1.183 -0.03 31.92 187216.42 7UK 1.875%' 22 111.84 -2.444 -2.427 0.05 15.74 729924.07 28UK 2.5%' 24 359.65 -2.391 -2.429 0.08 6.82 729924.07 28UK 2%' 35 295.11 -2.382 -2.343 0.77 9.08 729924.07 28US 0.625%' 21 99.26 1.205 1.367 0.22 35.84 1491523.65 42US 3.625%' 28 129.65 -0.056 0.054 0.79 16.78 1491523.65 42Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total marketvalue. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to paramount.

BONDS: TEN YEAR GOVT SPREADS

Spread SpreadBid vs vs

Yield Bund T-Bonds

Spread SpreadBid vs vs

Yield Bund T-Bonds

Australia - - -Austria -0.24 - -Belgium 0.74 - -Canada 0.68 1.17 -Denmark - - -Finland -0.02 0.48 -France 0.73 - -Germany -0.49 0.00 -Greece 2.14 - -

Italy 1.35 1.84 -Japan - - -Netherlands -0.48 - -Norway 0.53 - -Portugal 0.53 - -Spain 0.67 1.17 -Switzerland -0.38 0.11 -United Kingdom - - -United States - - -

Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.

VOLATILITY INDICES

Apr 02 Day Chng Prev 52 wk high 52 wk lowVIX 52.83 -4.23 57.06 85.42 11.03VXD 53.29 -2.51 55.80 71.05 2.47VXN 50.01 -4.28 54.29 84.67 13.58VDAX 50.67 -1.36 52.02 93.30 -† CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility.‡ Deutsche Borse. VDAX: DAX Index Options Volatility.

BONDS: BENCHMARK GOVERNMENT

Red Bid Bid Day chg Wk chg Month YearDate Coupon Price Yield yield yield chg yld chg yld

Australia - - - - - - -12/21 2.00 103.04 0.22 -0.01 -0.07 -0.32 -1.21

Austria 10/25 1.20 108.07 -0.24 0.04 -0.26 0.33 -0.1102/47 1.50 125.61 0.48 -0.04 -0.17 0.32 -0.61

Belgium 09/22 1.00 103.41 -0.40 0.03 -0.03 0.24 0.0006/47 1.60 121.07 0.74 -0.02 -0.11 0.35 -0.70

Canada 09/22 1.00 101.31 0.45 -0.03 -0.21 -0.68 -1.1606/30 1.25 105.56 0.68 -0.11 -0.24 -0.42 -

Denmark - - - - - - -11/21 3.00 105.55 -0.41 0.04 0.00 0.38 0.20

Finland 09/22 1.63 105.25 -0.50 0.05 -0.20 0.19 -0.0609/29 0.50 104.89 -0.02 0.03 -0.21 0.34 -

France 10/22 2.25 107.21 -0.54 0.02 -0.12 0.15 -0.1405/25 0.50 104.29 -0.33 0.02 -0.19 0.25 -0.2205/48 2.00 132.06 0.73 -0.02 -0.12 0.35 -0.63

Germany 09/22 1.50 105.33 -0.68 0.03 -0.08 0.12 -0.1102/26 0.50 106.75 -0.63 0.01 -0.17 0.14 -0.3208/29 0.00 104.75 -0.49 -0.01 -0.19 0.14 -08/50 0.00 100.56 -0.02 -0.05 -0.15 0.13 -

Greece 02/26 3.65 111.25 2.14 0.08 -0.38 0.74 -1.6202/26 3.65 111.25 2.14 0.08 -0.38 0.74 -1.62

Ireland 10/22 0.00 100.76 -0.30 0.05 -0.13 0.26 -0.0505/30 2.40 121.90 0.21 0.08 -0.19 0.31 -0.48

Italy 08/22 0.90 100.86 0.53 0.04 -0.03 0.43 -0.5702/25 0.35 97.24 0.94 0.02 -0.10 0.40 -05/30 0.40 91.05 1.35 0.08 -0.13 0.78 -03/48 3.45 120.01 2.46 0.04 0.01 0.39 -1.00

Japan - - - - - - -09/22 0.10 100.63 -0.16 -0.01 0.05 0.11 0.0403/26 0.10 101.39 -0.13 -0.02 -0.03 0.14 0.0609/47 0.80 110.16 0.41 -0.01 0.00 0.14 -0.11

Netherlands 07/22 2.25 106.62 -0.62 0.05 -0.12 0.11 -0.1007/25 0.25 103.92 -0.48 0.03 -0.19 0.18 -0.26

New Zealand - - - - - - -05/21 6.00 105.76 0.81 0.01 -0.03 -0.28 -1.02

Norway 05/21 3.75 103.96 0.26 -0.04 -0.02 -0.93 -1.0302/26 1.50 105.63 0.53 -0.11 -0.25 -0.54 -0.95

Portugal 10/22 2.20 105.58 0.00 0.01 -0.08 0.35 0.1402/26 3.30 116.01 0.53 0.05 -0.11 0.48 -0.21

Spain 10/22 0.45 101.17 -0.01 0.05 -0.02 0.36 0.0810/29 0.60 99.32 0.67 0.03 -0.15 0.42 -

Sweden - - - - - - -06/22 3.50 108.54 -0.42 0.00 -0.05 0.08 -0.06

Switzerland 05/22 2.00 105.67 -0.62 0.00 0.11 0.25 0.1206/29 0.00 103.62 -0.38 -0.03 -0.12 0.49 -0.05

United Kingdom - - - - - - -07/22 0.50 100.91 0.11 -0.03 0.02 -0.20 -0.5609/25 2.00 110.23 0.11 -0.02 -0.02 -0.15 -0.6907/47 1.50 118.24 0.76 -0.06 -0.10 -0.17 -0.83

United States - - - - - - -10/22 2.00 104.45 0.27 0.01 -0.11 -0.61 -2.0302/26 1.63 106.61 0.48 -0.02 -0.21 -0.52 -1.9311/47 2.75 133.92 1.29 -0.04 -0.13 -0.38 -1.60

Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.

GILTS: UK CASH MARKET

Red Change in Yield 52 Week AmntApr 02 Price £ Yield Day Week Month Year High Low £m

- - - - - - - - -- - - - - - - - -- - - - - - - - -

Tr 2pc '20 100.58 0.10 11.11 42.86 -97.89 -85.51 103.68 100.00 32.53Tr 1.5pc '21 101.12 0.10 0.00 11.11 -76.74 -83.87 101.58 100.78 32.84Tr 4pc '22 107.49 0.11 0.00 0.00 -60.71 -81.97 109.62 107.11 38.39Tr 5pc '25 123.68 0.17 6.25 -5.56 -37.04 -77.33 126.04 121.74 35.49Tr 1.25pc '27 107.86 0.17 13.33 -5.56 -39.29 -81.11 108.63 100.93 23.73Tr 4.25pc '32 144.66 0.47 4.44 -7.84 -11.32 -61.48 148.26 133.58 35.86Tr 4.25pc '36 154.89 0.62 3.33 -6.06 -12.68 -55.71 160.46 139.13 30.11Tr 4.5pc '42 177.46 0.77 4.05 -2.53 -12.50 -49.34 186.37 154.03 26.95Tr 3.75pc '52 186.61 0.73 4.29 1.39 -17.05 -50.68 198.36 152.65 23.87Tr 4pc '60 216.74 0.66 4.76 3.13 -20.48 -53.85 231.12 170.06 23.89Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.

GILTS: UK FTSE ACTUARIES INDICES

Price Indices Day's Total Return ReturnFixed Coupon Apr 02 chg % Return 1 month 1 year Yield1 Up to 5 Years 90.34 0.00 2478.20 0.31 1.52 0.132 5 - 10 Years 187.65 -0.10 3782.86 0.63 5.13 0.203 10 - 15 Years 227.73 -0.23 4854.50 0.74 8.76 0.464 5 - 15 Years 196.67 -0.15 4043.77 0.62 6.11 0.335 Over 15 Years 403.61 -0.57 6543.72 3.08 18.25 0.717 All stocks 195.22 -0.31 4121.53 1.69 10.31 0.62

Day's Month Year's Total Return ReturnIndex Linked Apr 02 chg % chg % chg % Return 1 month 1 year1 Up to 5 Years 305.62 0.18 -0.40 -1.54 2492.45 -0.39 -0.162 Over 5 years 786.07 0.55 -2.64 3.24 5928.00 -2.60 3.673 5-15 years 509.37 0.35 -0.53 2.82 4037.15 -0.48 3.664 Over 15 years 1019.74 0.63 -3.44 3.30 7494.51 -3.40 3.585 All stocks 703.39 0.51 -2.37 2.72 5396.75 -2.34 3.27

Yield Indices Apr 02 Apr 01 Yr ago Apr 02 Apr 01 Yr ago5 Yrs 0.04 0.04 0.62 20 Yrs 0.80 0.77 1.5410 Yrs 0.36 0.34 1.05 45 Yrs 0.62 0.60 1.4315 Yrs 0.67 0.64 1.40

inflation 0% inflation 5%Real yield Apr 02 Dur yrs Previous Yr ago Apr 02 Dur yrs Previous Yr agoUp to 5 yrs -2.22 2.64 -2.15 -2.39 -2.79 2.66 -2.72 -2.76Over 5 yrs -2.00 24.50 -1.98 -1.87 -2.02 24.56 -2.00 -1.895-15 yrs -2.49 10.18 -2.45 -2.16 -2.58 10.18 -2.55 -2.26Over 15 yrs -1.94 29.62 -1.91 -1.84 -1.95 29.63 -1.93 -1.85All stocks -2.00 21.83 -1.98 -1.88 -2.03 21.93 -2.01 -1.91See FTSE website for more details www.ftse.com/products/indices/gilts©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSEGilt Closing Prices information contained herein is proprietary toTradeweb; may not be copied or re-distributed; is not warranted to beaccurate, complete or timely; and does not constitute investment advice.Tradeweb is not responsible for any loss or damage that might result from the use of this information.

All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurateat the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, norMorningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT norMorningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on theuse of the listed information. For all queries e-mail [email protected]

Data provided by Morningstar | www.morningstar.co.uk

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APRIL 3 2020 Section:Stats Time: 2/4/2020 - 18:26 User: gerry.white Page Name: MARKET DATA 2, Part,Page,Edition: EUR, 12, 1



MANAGED FUNDS SERVICE

Fund Bid Offer D+/- Yield

Aberdeen Standard Capital (JER)PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130FCA Recognised

Aberdeen Standard Capital Offshore Strategy Fund LimitedBridge Fund £ 1.7692 - -0.0327 2.26Global Equity Fund £ 2.3410 - -0.0696 1.42Global Fixed Interest Fund £ 0.8536 - -0.0045 5.18Income Fund £ 0.5268 - -0.0049 3.16Sterling Fixed Interest Fund £ 0.8402 - 0.0015 3.20UK Equity Fund £ 1.5327 - 0.0046 4.96

Algebris Investments (IRL)RegulatedAlgebris Core Italy I EUR Acc € 84.98 - 0.82 -Algebris Allocation Fund - Class I EUR € 83.91 - -1.10 0.00Algebris Core Italy Fund - Class R EUR € 79.82 - 0.77 0.00Algebris Financial Credit Fund - Class I EUR € 153.75 - 2.10 0.00Algebris Financial Credit Fund - Class R EUR € 134.35 - 1.84 0.00Algebris Financial Credit Fund - Class Rd EUR € 94.01 - 1.28 5.62Algebris Financial Income Fund - Class I EUR € 112.03 - 0.64 0.00Algebris Financial Income Fund - Class R EUR € 104.43 - 0.59 0.00Algebris Financial Income Fund - Class Rd EUR € 71.24 - 0.40 6.21Algebris Financial Equity Fund - Class B EUR € 75.13 - -1.67 0.00Algebris Macro Credit Fund - Class I EUR € 105.69 - 1.10 0.00Algebris Macro Credit Fund - Class R EUR € 104.02 - 1.07 0.00Algebris Macro Credit Fund - Class Rd EUR € 104.02 - 1.07 0.00Algebris IG Financial Credit R EUR Acc € 93.14 - -0.13 -Algebris IG Financial Credit B EUR Acc € 93.43 - -0.14 -

The Antares European Fund LimitedOther InternationalAEF Ltd Usd (Est) $ 565.97 - 11.91 -AEF Ltd Eur (Est) € 530.75 - 11.26 0.00

Arisaig PartnersOther International FundsArisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 81.98 - 2.72 -Arisaig Asia Consumer Fund Limited $ 80.05 - 2.67 0.00Arisaig Global Emerging Markets Consumer Fund $ 9.75 - 0.25 0.00Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 0.00Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 0.00Arisaig Latin America Consumer Fund $ 17.18 - -0.80 0.00

Artemis Fund Managers Ltd (1200)F (UK)57 St. James's Street, London SW1A 1LD 0800 092 2051Authorised Inv FundsArtemis Corporate Bond I Acc £ 0.96 - 0.00 -Artemis Target Return Bond I Acc £ 0.99 - 0.01 -

Ashmore Investment Management Limited (LUX)2 rue Albert Borschette L-1246 LuxembourgFCA RecognisedAshmore SICAV Emerging Market Debt Fund $ 71.75 - -1.61 7.91Ashmore SICAV Emerging Market Frontier Equity Fund $ 122.05 - -1.74 1.90Ashmore SICAV Emerging Market Total Return Fund $ 64.42 - -1.33 6.63Ashmore SICAV Global Small Cap Equity Fund $ 103.13 - -4.14 0.04EM Active Equity Fund Acc USD $ 101.61 - -3.95 0.00EM Equity Fund Acc USD $ 81.56 - -3.25 0.00EM Mkts Corp.Debt USD F $ 73.07 - -0.85 8.30EM Mkts Loc.Ccy Bd USD F $ 65.66 - -1.19 6.13EM Short Duration Fund Acc USD $ 90.23 - -0.48 0.00

Atlantas Sicav (LUX)RegulatedAmerican Dynamic $ 4351.13 4351.13 640.39 0.00American One $ 4258.23 4258.23 614.16 0.00Bond Global € 1470.22 1470.22 3.45 0.00Eurocroissance € 959.41 959.41 94.46 0.00Far East $ 816.63 - 59.13 0.00

Barclays Investment Funds (CI) Ltd (JER)39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800FCA Recognised

Bond FundsSterling Bond F £ 0.48 - 0.00 1.84

CCLA Investment Management Ltd (UK)Senator House 85 Queen Victoria Street London EC4V 4ETAuthorised Inv FundsDiversified Income 1 Units GBP Inc £ 1.40 1.40 -0.01 1.07Diversified Income 2 Units GBP Inc £ 1.35 1.35 -0.01 1.09Diversified Income 3 Units GBP Inc £ 1.36 1.36 0.00 1.08


CG Asset Management Limited (IRL)25 Moorgate, London, EC2R 6AYDealing: Tel. +353 1434 5098 Fax. +353 1542 2859FCA Recognised

CG Portfolio Fund PlcAbsolute Return Cls M Inc £ 119.19 119.19 -1.18 1.49Capital Gearing Portfolio GBP P £ 32424.18 32424.18 -190.94 1.49Capital Gearing Portfolio GBP V £ 157.68 157.68 -0.93 0.60Dollar Fund Cls D Inc £ 172.65 172.65 0.74 1.84Dollar Hedged GBP Inc £ 100.45 100.45 0.61 1.86Real Return Cls A Inc £ 207.34 207.34 0.43 2.13

Chartered Asset Management Pte LtdOther International FundsCAM-GTF Limited $ 251541.69 251541.69 4690.19 0.00CAM GTi Limited $ 697.51 - -26.30 0.00Raffles-Asia Investment Company $ 1.38 1.38 -0.02 2.17

Cheyne Capital Management (UK) LLPOther International FundsCheyne European Event Driven Fund (M) € 144.16 - -0.70 -

price updated (D) daily, (W) weekly, (M) monthly

Dodge & Cox Worldwide Funds (IRL)6 Duke Street,St.James,London SW1Y 6BNwww.dodgeandcox.worldwide.com 020 3713 7664FCA Recognised

Dodge & Cox Worldwide Funds plc - Global Bond FundEUR Accumulating Class € 13.70 - 0.00 0.00EUR Accumulating Class (H) € 9.70 - -0.07 0.00EUR Distributing Class € 10.95 - 0.00 4.28EUR Distributing Class (H) € 7.72 - -0.06 4.62GBP Distributing Class £ 11.78 - -0.07 4.05GBP Distributing Class (H) £ 8.10 - -0.07 4.86USD Accumulating Class $ 10.82 - -0.08 0.00

Dodge & Cox Worldwide Funds plc-Global Stock FundUSD Accumulating Share Class $ 15.48 - -0.82 0.00GBP Accumulating Share Class £ 20.54 - -1.04 0.00GBP Distributing Share class £ 14.23 - -0.72 1.76EUR Accumulating Share Class € 21.23 - -0.96 0.00GBP Distributing Class (H) £ 7.64 - -0.41 1.56

Dodge & Cox Worldwide Funds plc-U.S. Stock FundUSD Accumulating Share Class $ 19.49 - -1.06 0.00GBP Accumulating Share Class £ 24.46 - -1.28 0.00GBP Distributing Share Class £ 15.00 - -0.78 0.97EUR Accumulating Share Class € 23.09 - -1.07 0.00GBP Distributing Class (H) £ 8.20 - -0.45 1.13

Dragon Capital Group1501 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, VietnamFund information, dealing and administration: [email protected]

Other International FundsVietnam Equity (UCITS) Fund A USD $ 14.76 - 0.47 0.00

Ennismore Smaller Cos Plc (IRL)5 Kensington Church St, London W8 4LD 020 7368 4220FCA RecognisedEnnismore European Smlr Cos NAV £ 127.07 - 0.89 0.00Ennismore European Smlr Cos NAV € 143.59 - 1.59 0.00

Ennismore European Smlr Cos Hedge FdOther International FundsNAV € 500.14 - -30.32 0.00

Equinox Fund Mgmt (Guernsey) Limited (GSY)RegulatedEquinox Russian Opportunities Fund Limited $ 143.53 - -35.69 0.00

Euronova Asset Management UK LLP (CYM)RegulatedSmaller Cos Cls One Shares € 39.94 - -0.33 0.00Smaller Cos Cls Two Shares € 26.69 - -0.22 0.00Smaller Cos Cls Three Shares € 13.34 - -0.11 0.00Smaller Cos Cls Four Shares € 17.29 - -0.15 0.00

FIL Investment Services (UK) Limited (1200)F (UK)130, Tonbridge Rd, Tonbridge TN11 9DZCallfree: Private Clients 0800 414161Broker Dealings: 0800 414 181

OEIC FundsFidelity American Fund W-ACC-GBP £ 41.03 - 0.40 0.39Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.55FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 1.51 - 0.01 6.12Fidelity Global Enhanced Income Fund W-ACC-GBP £ 1.69 - 0.00 -Fidelity Global Focus Fund W-ACC-GBP £ 21.73 - -0.02 0.29Fidelity Global High Yield Fund Y-ACC-GBP £ 12.60 - -0.06 4.45Fidelity Japan Fund W-ACC-GBP £ 3.66 - -0.07 0.74Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 2.95 - -0.07 0.48Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 0.97 - 0.00 0.78Fidelity Special Situations Fund W-ACC-GBP £ 25.18 - 0.24 4.37Short Dated Corporate Bond Fund Y ACC GBP £ 10.44 - 0.00 3.69Fidelity Sustainable Water & Waste W Acc £ 0.80 - -0.01 -Fidelity Sustainable Water & Waste W Inc £ 0.80 - -0.01 -Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14


Fidelity UK Select Fund W-ACC-GBP £ 2.44 - -0.01 2.88

Institutional OEIC FundsEurope (ex-UK) Fund ACC-GBP £ 5.09 - 0.00 1.07

Findlay Park Funds Plc (IRL)30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900FCA RecognisedAmerican Fund USD Class $ 110.37 - -3.94 0.00American Fund GBP Hedged £ 56.11 - -2.00 0.00American Fund GBP Unhedged £ 88.82 - -3.36 0.00

Foord Asset ManagementWebsite: www.foord.com - Email: [email protected]

FCA Recognised - Luxembourg UCITSFoord International Fund | R $ 38.47 - -0.60 -Foord Global Equity Fund (Lux) | R $ 11.18 - -0.27 -

RegulatedFoord Global Equity Fund (Sing) | B $ 13.71 - -0.33 0.00Foord International Trust (Gsy) $ 38.20 - -0.60 0.00

Franklin Templeton International Services Sarl (IRL)JPMorgan House - International Financial Services Centre,Dublin 1, IrelandOther International Funds

Franklin Emerging Market Debt Opportunities Fund PlcFranklin Emg Mkts Debt Opp CHFSFr 13.42 - -2.47 11.63Franklin Emg Mkts Debt Opp GBP £ 8.65 - -1.75 8.40Franklin Emg Mkts Debt Opp SGD S$ 18.99 - -3.39 6.11Franklin Emg Mkts Debt Opp USD $ 14.77 - -2.71 8.28

[email protected], www.funds.gam.comRegulatedLAPIS GBL TOP 50 DIV.YLD-Na-D £ 87.74 - -2.93 2.94LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 81.34 - -1.92 -

Genesis Investment Management LLPOther International FundsEmerging Mkts NAV £ 7.21 - -0.16 0.00

HPB Assurance LtdAnglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490

International InsurancesHoliday Property Bond Ser 1 £ 0.51 - -0.01 0.00Holiday Property Bond Ser 2 £ 0.64 - 0.00 0.00

Intrinsic Value Investors (IVI) LLP (IRL)1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210FCA RecognisedIVI European Fund EUR € 17.98 - -0.55 0.00IVI European Fund GBP £ 21.06 - -0.70 0.43

Janus Henderson Investors (UK)PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832www.janushenderson.comAuthorised Inv FundsJanus Henderson Instl UK Idx Opps A Acc £ 0.76 - -0.01 -

Kames Capital ICVC (UK)Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA0800 358 3009 www.kamescapital.comAuthorised FundsKames Global Equity GBP B Acc £ 1.93 - -0.05 0.26

Kames Capital VCIC (IRL)1 North Wall Quay, Dublin 1, Ireland +35 3162 24493FCA RecognisedAbsolute Return Bond B GBP Acc 1093.87 - -1.08 1.98High Yield Global Bond A GBP Inc 418.25 - -1.10 3.64High Yield Global Bond B GBP Inc 890.66 - -2.34 4.39Kames Global Equity Income B GBP Acc 1550.11 - -37.42 0.00Kames Global Equity Income B GBP Inc 1455.44 - -8.32 3.19Kames Global Equity Market Neutral Fund - B Acc GBP £ 10.11 - -0.12 0.00Kames Inv Grd Gbl Bond A Inc GBH 568.31 - -1.65 1.73Global Sustainable Equity B Acc GBP £ 15.49 - -0.50 0.00Global Sustainable Equity C Acc GBP £ 15.68 - -0.50 0.00Short Dated High Yld Bd B Acc GBP £ 9.45 - -0.03 0.00Short Dated High Yld Bd C Acc GBP (Hdg) £ 9.52 - -0.04 0.00Strategic Global Bond A GBP Inc 1089.85 - -3.09 1.01Strategic Global Bond B GBP Inc 618.77 - -1.74 1.76

Lloyds Investment Fund Managers Limited (1000)F (JER)PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555Other International Funds

Lloyds Investment Funds LimitedEuro High Income € 1.4430xd - -0.0050 2.96High Income £ 0.8224xd - 0.0007 4.04Sterling Bond £ 1.4770xd - 0.0030 2.43

Lloyds Multi Strategy Fund LimitedConservative Strategy £ 1.1530 - -0.0140 0.00Growth Strategy £ 1.5300 - -0.0450 0.00Aggressive Strategy £ 2.0060 - -0.0730 0.00


Global USD Growth Strategy $ 1.3930 - -0.0420 0.00Dealing Daily

M & G Securities (1200)F (UK)PO Box 9038, Chelmsford, CM99 2XFwww.mandg.co.uk/charities Enq./Dealing: 0800 917 4472Authorised Inv FundsM&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.23 - 0.00 -M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 41.47 - 0.04 -M&G Charity Multi Asset Fund Inc £ 0.68 - 0.00 -M&G Charity Multi Asset Fund Acc £ 72.79 - -0.09 -

MMIP Investment Management Limited (GSY)Regulated

Multi-Manager Investment Programmes PCC LimitedUK Equity Fd Cl A Series 01 £ 2678.37 2710.53 -291.52 0.00Diversified Absolute Rtn Fd USD Cl AF2 $ 1622.95 - -30.27 0.00Diversified Absolute Return Stlg Cell AF2 £ 1546.87 - -30.93 0.00Global Equity Fund A Lead Series £ 1491.22 1496.14 -84.52 0.00

Marwyn Asset Management Limited (CYM)RegulatedMarwyn Value Investors £ 340.40 - -14.66 0.00

Milltrust International Managed Investments ICAV (IRL)[email protected], +44(0)20 8123 8369 www.milltrust.comRegulatedBritish Innovation Fund £ 100.02 - 3.18 0.00MAI - Buy & Lease (Australia) A$ 102.52 - 2.25 0.00MAI - Buy & Lease (New Zealand)NZ$ 97.29 - 0.06 0.00Milltrust Global Emerging Markets Fund - Class A $ 74.57 - 1.82 0.00The Climate Impact Asia Fund (Class A) $ 91.15 - -4.27 -

Morgens Waterfall Vintiadis.co IncOther International FundsPhaeton Intl (BVI) Ltd (Est) $ 545.41 - 31.50 0.00

New Capital UCITS Fund PLC (IRL)Leconfield House, Curzon Street, London, W1J 5JBwww.newcapitalfunds.comFCA Recognised

New Capital UCITS FundsNew Capital China Equity Fund $ 162.73 - -1.61 0.00New Capital Dynamic European Equity Fund € 103.87 - -3.36 -New Capital Dynamic UK Equity Fund £ 93.54 - -3.34 0.00New Capital Global Alpha Fund £ 97.97 - -1.31 0.00New Capital Global Equity Conviction Fund $ 123.02 - -4.88 0.00New Capital Global Value Credit Fund $ 142.10 - -0.55 0.00New Capital Japan Equity Fund ¥ 1032.61 - -37.66 0.00New Capital US Growth Fund $ 256.24 - -11.28 0.00New Capital US Small Cap Growth Fund $ 110.02 - -7.00 -New Capital Wealthy Nations Bond Fund $ 134.21 - -0.63 0.00

Northwest Investment Management (HK) Ltd11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9331 9220Other International FundsNorthwest China Opps Class T $ $ 2953.12 - 122.47 0.00Northwest Feilong Class T $ $ 2079.06 - 73.88 0.00Northwest Fund Class T $ $ 2726.11 - 110.69 0.00Northwest Warrant Class A $ $ 1330.60 - 12.11 0.00

Oasis Crescent Management Company LtdOther International FundsOasis Crescent Equity Fund R 10.12 - 0.15 1.12

Oasis Global Mgmt Co (Ireland) Ltd (IRL)Regulated

Oasis Crescent Global Investment Fund (Ireland) plcOasis Crescent Global Short Term Income Fund I - Class A Dist $ 0.98 - 0.00 2.47Oasis Crescent Global Equity Fund $ 26.35 - -0.89 0.47Oasis Crescent Variable Balanced Fund £ 8.08 - -0.20 0.12OasisCresGl Income Class A $ 10.37 - -0.03 2.98OasisCresGl LowBal D ($) Dist $ 10.78 - -0.21 1.10OasisCresGl Med Eq Bal A ($) Dist $ 11.43 - -0.23 0.45Oasis Crescent Gbl Property Eqty $ 6.41 - -0.30 1.95


Omnia Fund LtdOther International FundsEstimated NAV $ 646.42 - -55.04 0.00

Oryx International Growth Fund LtdOther International FundsNAV (Fully Diluted) £ 9.10 - -0.52 0.00

Orbis Investments (U.K.) Limited (GBR)28 Dorset Square, London, NW1 6QGwww.orbis.com 0800 358 2030RegulatedOrbis OEIC Global Cautious Standard £ 9.17 - -0.04 0.03Orbis OEIC Global Balanced Standard £ 12.11 - -0.14 0.00Orbis OEIC Global Equity Standard £ 13.62 - -0.35 0.00Orbis OEIC UK Equity Standard £ 5.56 - -0.06 0.00

Pictet Asset Management (Europe) SA (LUX)15, Avenue J.F. Kennedy L-1855 LuxembourgTel: 0041 58 323 3000FCA RecognisedPictet-Absl Rtn Fix Inc-HI EUR € 107.89 - 0.03 0.00Pictet-Asian Equities Ex Japan-I USD F $ 261.59 - -6.38 0.00Pictet-Asian Local Currency Debt-I USD F $ 167.10 - -0.56 0.00Pictet-Biotech-I USD F $ 799.19 - -17.19 0.00Pictet-CHF Bonds I CHF SFr 487.86 - 0.98 0.00Pictet-China Index I USD $ 141.42 - -2.88 0.00Pictet-Clean Energy-I USD F $ 86.86 - -2.29 0.00Pictet-Digital-I USD F $ 377.70 - -12.56 0.00Pictet-Em Lcl Ccy Dbt-I USD F $ 157.65 - -2.02 0.00Pictet-Emerging Europe-I EUR F € 317.58 - 0.68 0.00Pictet-Emerging Markets-I USD F $ 523.44 - 0.95 0.00Pictet-Emerging Markets Index-I USD F $ 234.41 - -5.96 0.00Pictet-Emerging Corporate Bonds I USD $ 116.83 - -0.13 0.00Pictet-Emerging Markets High Dividend I USD $ 102.92 - 0.00 0.00Pictet-Emerging Markets Sust Eq I USD $ 82.00 - -2.25 0.00Pictet-EUR Bonds-I F € 616.80 - 0.28 0.00Pictet-EUR Corporate Bonds-I F € 204.59 - 0.07 0.00Pictet-EUR Government Bonds I EUR € 174.86 - -0.04 0.00Pictet-EUR High Yield-I F € 248.66 - -0.24 0.00Pictet-EUR Short Mid-Term Bonds-I F € 134.96 - -0.01 0.00Pictet-EUR Short Term HY I EUR € 112.74 - -0.12 0.00Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 100.33 - -0.01 0.00Pictet-Euroland Index IS EUR € 123.85 - -4.54 0.00Pictet-Europe Index-I EUR F € 162.66 - -4.90 0.00Pictet-European Equity Selection-I EUR F € 498.98 - -8.57 0.00Pictet-European Sust Eq-I EUR F € 243.23 - -1.55 0.00Pictet-Global Bds Fundamental I USD $ 126.04 - -0.22 0.00Pictet-Global Bonds-I EUR € 195.57 - 0.93 0.00Pictet-Global Defensive Equities I USD $ 159.28 - -5.39 0.00Pictet-Global Emerging Debt-I USD F $ 388.94 - -0.18 0.00Pictet-Global Env.Opport-I EUR € 205.72 - -1.69 0.00Pictet-Global Megatrend Selection-I USD F $ 259.72 - -3.61 0.00Pictet-Global Sust.Credit HI EUR € 147.93 - -0.33 0.00Pictet-Greater China-I USD F $ 625.69 - -11.36 0.00Pictet-Health-I USD $ 281.36 - -3.28 0.00Pictet-SmartCity-I EUR € 169.10 - -1.31 0.00Pictet-India Index I USD $ 86.59 - -3.20 0.00Pictet-Indian Equities-I USD F $ 416.51 - -16.80 0.00Pictet-Japan Index-I JPY F ¥ 15172.19 - -210.31 0.00Pictet-Japanese Equities Opp-I JPY F ¥ 9278.26 - -83.61 0.00Pictet-Japanese Equity Selection-I JPY F ¥ 13520.08 - -271.42 0.00Pictet-LATAM Lc Ccy Dbt-I USD F $ 115.23 - -2.76 0.00Pictet-Multi Asset Global Opportunities-I EUR € 121.41 - 0.09 0.00Pictet-Nutrition-I EUR € 203.30 - -1.31 0.00Pictet-Pacific Ex Japan Index-I USD F $ 345.85 - 4.89 0.00Pictet-Premium Brands-I EUR F € 163.69 - -1.04 0.00Pictet-Russia Index I USD $ 68.19 - -1.31 0.00Pictet-Russian Equities-I USD F $ 63.42 - -0.35 0.00Pictet-Security-I USD F $ 243.22 - -4.24 0.00Pictet-Small Cap Europe-I EUR F € 1077.40 - -7.12 0.00Pictet-ST Emerg Local Currency Debt-I USD F $ 93.86 - -1.14 0.00Pictet-ST.MoneyMkt-I € 138.05 - 0.00 0.00Pictet-ST.MoneyMkt JPY I USD ¥ 100706.54 - -3.73 0.00Pictet-ST.MoneyMkt-ICHF SFr 119.82 - -0.02 0.00Pictet-ST.MoneyMkt-IUSD $ 145.53 - 0.02 0.00Pictet-Timber-I USD F $ 133.05 - -0.68 0.00Pictet-US High Yield-I USD F $ 153.19 - -2.25 0.00Pictet-USA Index-I USD F $ 229.73 - -10.63 0.00Pictet-USD Government Bonds-I F $ 769.08 - 2.94 0.00Pictet-USD Short Mid-Term Bonds-I F $ 141.36 - -0.06 0.00Pictet-USD Sov.ST.Mon.Mkt-I $ 109.54 - 0.02 0.00Pictet-Water-I EUR F € 337.41 - -0.85 0.00

Platinum Capital Management LtdOther International FundsPlatinum All Star Fund - A $ 129.11 - - -Platinum Global Growth UCITS Fund $ 9.53 - -0.11 0.00Platinum Essential Resources UCITS Fund SICAV USD Class E $ 6.30 - 0.01 0.00Platinum Global Dividend UCITS Fund $ 46.44 - -1.39 0.00


Polar Capital Funds Plc (IRL)RegulatedAutomation & Artificial Intelligence CL I USD Acc $ 10.76 10.76 -0.06 0.00Asian Financials I USD $ 300.19 300.19 -3.87 0.00Biotechnology I USD $ 23.39 23.39 -0.82 0.00Emerging Market Stars I USD Acc $ 8.61 - -0.18 0.00European Ex UK Inc EUR Acc € 9.46 9.46 -0.25 0.00Financial Opps I USD $ 8.84 - -0.43 3.42GEM Income I USD $ 9.05 - -0.26 0.00Global Convertible I USD $ 12.03 12.03 -0.02 0.00Global Insurance I GBP £ 5.75 - -0.30 0.00Global Technology I USD $ 51.09 - -0.56 0.00Healthcare Blue Chip Fund I USD Acc $ 12.11 12.11 -0.33 0.00Healthcare Opps I USD $ 44.06 - 0.37 0.00Income Opportunities B2 I GBP Acc £ 1.78 1.78 0.02 0.00Japan Value I JPY ¥ 91.01 91.01 -2.95 -North American I USD $ 19.36 19.36 -0.96 0.00UK Absolute Equity I GBP £ 14.87 14.87 0.08 0.00UK Val Opp I GBP Acc £ 8.48 8.48 -0.31 0.00

Polar Capital LLP (CYM)RegulatedEuropean Forager A EUR € 196.48 - -12.25 0.00

Private Fund Mgrs (Guernsey) Ltd (GSY)RegulatedMonument Growth 31/03/2020 £ 424.96 429.10 33.10 1.80

Prusik Investment Management LLP (IRL)Enquiries - 0207 493 1331RegulatedPrusik Asian Equity Income B Dist $ 139.03 - 0.07 6.05Prusik Asia Emerging Opportunities Fund A Acc $ 104.02 - -0.27 0.00Prusik Asia Fund U Dist. £ 148.01 - 0.32 0.00

Purisima Investment Fds (CI) Ltd (JER)RegulatedPCG B 193.09 - -5.87 0.00PCG C 188.92 - -5.75 0.00

Ram Active Investments SAwww.ram-ai.comOther International FundsRAM Systematic Emerg Markets Eq $ 135.67 - -2.57 -RAM Systematic European Eq € 339.49 - -8.81 -RAM Systematic Funds Global Sustainable Income Eq $ 92.84 - -4.26 -RAM Systematic Long/Short Emerg Markets Eq $ 107.27 - -0.04 -RAM Systematic Long/Short European Eq € 135.87 - -0.01 -RAM Systematic North American Eq $ 250.64 - -8.50 -RAM Tactical Global Bond Total Return € 145.06 - -0.33 -RAM Tactical II Asia Bond Total Return $ 144.72 - 0.18 -

Ruffer LLP (1000)F (UK)65 Gresham Street, London, EC2V 7NQOrder Desk and Enquiries: 0345 601 9610Authorised Inv Funds

Authorised Corporate Director - Link Fund SolutionsLF Ruffer European C Acc 503.76 - -11.84 0.81LF Ruffer European C Inc 92.02 - -2.16 0.73LF Ruffer European O Acc 492.31 - -11.57 0.42LF Ruffer Equity & General C Acc 415.52 - 3.36 0.55LF Ruffer Equity & General C Inc 380.77 - 3.08 0.55LF Ruffer Equity & General O Acc 406.11 - 3.28 0.21LF Ruffer Equity & General O Inc 375.99 - 3.04 0.23LF Ruffer Gold C Acc 184.30 - -3.39 0.00LF Ruffer Gold C Inc 111.54 - -2.06 0.00LF Ruffer Gold O Acc 180.06 - -3.31 0.00LF Ruffer Japanese C Inc 118.95 - -3.31 0.55LF Ruffer Japanese C Acc 255.43 - -7.11 0.35LF Ruffer Pacific & Emerging Markets C Acc 305.76 - -4.81 1.51LF Ruffer Pacific & Emerging Markets C Inc 84.04 - -1.32 1.38LF Ruffer Pacific & Emerging Markets O Acc 298.55 - -4.70 1.19LF Ruffer Total Return C Acc 443.46 - -5.49 1.53LF Ruffer Total Return C Inc 287.94 - -3.56 1.55LF Ruffer Total Return O Acc 433.37 - -5.37 1.53LF Ruffer Total Return O Inc 281.23 - -3.49 1.55

RobecoSAM (LUX)Tel. +41 44 653 10 10 http://www.robecosam.com/RegulatedRobecoSAM Sm.Energy/A £ 15.97 - -0.86 1.78RobecoSAM Sm.Energy/N € 15.10 - -0.71 0.00RobecoSAM Sm.Materials/A £ 142.42 - -7.56 2.05RobecoSAM Sm.Materials/N € 152.69 - -7.08 0.00RobecoSAM Sm.Materials/Na € 99.57 - -4.62 1.65RobecoSAM S.HealthyLiv/B € 198.45 - -4.37 0.00RobecoSAM S.HealthyLiv/N € 190.98 - -4.19 0.00RobecoSAM S.HealthyLiv/Na £ 138.92 - -3.97 1.55


RobecoSAM S.Water/A £ 214.00 - -10.66 1.89RobecoSAM S.Water/N € 192.07 - -8.27 0.00

Rubrics Global UCITS Funds Plc (IRL)www.rubricsam.comRegulatedRubrics Emerging Markets Fixed Income UCITS Fund $ 132.62 - -0.22 0.00Rubrics Global Credit UCITS Fund $ 16.30 - -0.05 0.00Rubrics Global Fixed Income UCITS Fund $ 181.30 - 0.16 0.00Q Rubrics India Fixed Income UCITS Fund $ 10.85 - -0.13 0.00Rubrics India Fixed Income UCITS Fund $ 94.49 - -1.23 0.00

SlaterInvestments

Slater Investments Ltd (UK)www.slaterinvestments.com; Tel: 0207 220 9460FCA RecognisedSlater Growth 449.24 449.24 -3.55 0.00Slater Income A Inc 105.73 105.73 0.34 0.00Slater Recovery 219.51 219.51 -1.37 0.00Slater Artorius 181.99 181.99 6.96 0.57

Stonehage Fleming Investment Management Ltd (IRL)www.stonehagefleming.com/[email protected] Global Best Ideas Eq B USD ACC $ 162.58 - -6.29 0.00SF Global Best Ideas Eq D GBP INC £ 198.52 - -8.10 0.12

Toscafund Asset Management LLP (UK)www.toscafund.comAuthorised FundsAptus Global Financials B Acc £ 2.30 - -0.13 8.31Aptus Global Financials B Inc £ 1.64 - -0.09 11.67

Toscafund Asset Management LLPwww.toscafund.comTosca A USD $ 340.91 - -2.27 -Tosca Mid Cap GBP £ 267.95 - -46.53 -Tosca Opportunity B USD $ 408.63 - -67.52 -Pegasus Fund Ltd A-1 GBP £ 64.40 - -11.09 0.00

Troy Asset Mgt (1200) (UK)65 Gresham Street, London, EC2V 7NQOrder Desk and Enquiries: 0345 608 0950Authorised Inv Funds

Authorised Corporate Director - Link Fund Solutions

Trojan Investment Funds

Trojan Ethical O Acc 104.87 - -0.61 0.00Trojan Ethical O Inc 104.74 - -0.60 0.00

WA Fixed Income Fund Plc (IRL)RegulatedEuropean Multi-Sector € 110.27 - -0.33 0.00

Yuki - Co, LLC (IRL)Tel +18015545191 www.yukifunds.comRegulated

Yuki Mizuho Umbrella FundYuki Mizuho Japan Dynamic Growth ¥ 5054.00 - -41.00 0.00Yuki Japan Low Price ¥ 26471.00 - -837.00 0.00

Yuki Asia Umbrella FundYuki Japan Rebounding Growth Fund JPY Class ¥ 21858.00 - -170.00 0.00Yuki Japan Rebounding Growth Fund USD Hedged Class $ 895.93 - -6.95 0.00

Zadig Gestion (Memnon Fund) (LUX)FCA RecognisedMemnon European Fund - Class U2 GBP £ 146.36 - -5.69 0.00


Data Provided by

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Guide to Data

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APRIL 3 2020 Section:Stats Time: 2/4/2020 - 18:49 User: gerry.white Page Name: MANAGED FUNDS 4, Part,Page,Edition: EUR, 13, 1



ARTS

Conviction:DovGlickmanas ShulemShtisel andNeta Riskinas GitiWeiss in‘Shtisel’

I have never been to Jerusalem. Likemost Jewish people around the world,I’ve ritualistically ended each annualPassoverSederwiththetoast“Nextyearin Jerusalem!” without ever deliveringon the promise. This year, sincerely, wasmeanttobedifferent.

Yet Passover is now only days awayand will again be spent not in Israel, butin a crumbling flatshare in north-westLondon, cloistered away from some fit-tinglyExodus levelsofpestilence. In lieuof actually going to Jerusalem, I’vedecided the best thing to do is to stockup on matzah and gefilte fish (reconsti-tuted carp with the texture of bread)and re-immerse myself in the hit Israeliseries Shtisel. It is located in the holycity’s ultra-Orthodox enclave of Geula,andit isavailable tostreamonNetflix.

I’ll concede that a slow-burningdrama set in a community fettered bytwo millennia of religious traditiondoesn’t sound particularly bingeworthy.And if you like your TV strictly post-watershed, I might as well tell you nowthat there’s not much in the way of sex,drugs and rock’n’roll here — morearranged marriage and a glut of pickles,though there is some rabbinical rockingoutatonepoint.

Nevertheless, Shtisel, which followsthe everyday lives of four generationsof the eponymous family, makes forunexpectedly compulsive viewing. Thefairly glacial pilot episode — it beginswith a snowy dream sequence set in agelid kosher deli — may just pique yourinterest, but by the third instalment Iguarantee you’ll be deeply invested inthe dovetailing familial plot lines, and well-versed enough in Yiddish to knowyourklaftes fromyour klutzes.

In an era of television in which somany shows trade on their timeliness,or the acuity of their sociopoliticalobservations, it’s refreshing to watch a

series that’s so contentedly atemporaland invested in microcosmic relation-ships.Aswebeginnowtoadjust to life ina state of enforced hikikomori (that’sJapanese, not Yiddish), Shtisel alsoprovides a welcome reassurance thatcaptivating stories do blossom in themost secluded coteries, and that thegamut of human experience can befound in even the most regimented andostensiblyprosaic, insular lives.

Despite the centrality of piety in thelives Shtisel clan, and the attention paidbyco-creatorYehonatanIndursky(whohimself grew up Orthodox) to religiousrites, the series is far more interested inthe quotidian than the transcendent. Itcompels not so much because it gives usan insight into lives governed by faith,but because it reveals that these devoutpeople, whose existence we mightassume is irreconcilable with our secu-larity, are not quite so alien, and any-thingbutblandlyascetic.

Taketwenty-somethingAkiva.Awin-some and sensitive budding artist — anunmistakable counterpart to ChaimPotok’s transgressive young Orthodoxpainter, Asher Lev — he tries to turn hisfurtive hobby into a career. He grudg-ingly negotiates the Haredi matchmak-ing scene (no need to remind thesedaters to keep a two-metre distance)despite being besotted with a woman hecan’thave.

Things aren’t much better for his sib-lings Zvi Arie, a perennial kvetcher

trapped in an affectionless marriage,and Gitti, who must deal with anunwanted pregnancy, and the fact thather absent husband is flirting with apos-tasy,not tomention shiksas.

At theheartof theshow, though, is theursine, majestically bearded, chain-smoking paterfamilias, Shulem (whomI may have begun to resemble by thetime I get to the quietly heartbreakinglast episode). Played with stunning con-viction by Dov Glickman, he is both sageand petulant, compassionate and vin-dictive, as he laments his wife’s deathand his diminishing influence over hischildren. And there’s just a little some-thing — maybe the doleful eyes thatmake us forgive his every mis-step —that recalls that paragon of small-screenpatriarchs,TonySoprano.

But Shtisel isn’t like other shows; itserves as a much-needed antidote, bothto the current crisis and the overwhelm-ingly cynical view of the world profferedby so many other feted contemporarydramas. Here the storytelling is unhur-ried and unhistrionic; it allows wit,warmth and levity to punctuate narra-tives thatdeliverseriousemotionalheft.It’s the TV equivalent of a comfortingbowl of grandma’s hot kneidel soup —which, incidentally, I’ll have to trymaking myself this Passover. Oh well.Nextyear inJerusalem.

Dan Einav

Available on Netflix

Family drama filled with warmth and pickles

James Cordenin ‘One Man,Two Guvnors’,available viaNationalTheatre AtHome — Johan Persson

the next nimbly beating himself up witha dustbin lid. It showcased too the virtu-oso talents of physical comedy directorCal McCrystal, culminating in a deliri-ously silly dinner scene that reducedaudiences totears.

“We thought that kicking off withcomedy would set the mood,” says LisaBurger, NT executive director and jointchief executive, and surely this daftshow will prove a tonic. It’s to be fol-lowed by a rolling programme of clas-sics, comedy, new work and plays forfamilies. (Announced so far are TreasureIsland, Jane Eyre and Twelfth Night, withTamsinGreigasMalvolia.)

Burger explains that the idea of theweekly 7pm launch is to enable audi-ences to watch at the same time, if theycan, capturing a little of the communalquality of live theatre: “Our immediatethinking was how we can get theatreinto people’s homes,” she says. “Wereally hope people will be sharing withfriends, families, colleagues.”

For those of us who love theatre, it’slosing that shared experience that hurtsmost: that chance to laugh yourself sillyor hold your breath along with hun-dreds of other people. Many companiesarenowlookingtoreplicatethecommu-nal element of theatre in some way. TheRoyal Shakespeare Company is also

encouraging viewers to join a “watch-along” screening of Christopher Lus-combe’s Victorian-set Twelfth Night (onApril 11 at 7.15pm, UK time, via Mar-quee TV), and to tweet their opinions —an activity usually frowned on duringperformance (the RSC has 18 produc-tions in total, available free for 30 dayson Marquee TV). Likewise, audiencesfor the Original Theatre Company’sonline production of Alan Bennett’s TheHabit of Art (originally due to openonstage on March 18, available online

M arch 27 was supposed tobe World Theatre Day: acelebration of the joy ofshared live drama. Thisyear, sadly, there was no

work on stage to celebrate, and the thea-tre industry was reeling from the massshutdowninthefaceof thepandemic.

But the show must go on — even whenthe show can’t go on. Within days of theshutdown, theatre practitioners werebuzzing online, seeking out new plat-forms to showcase work, innovativeways of collaborating and means ofmutual support. Starved theatre audi-encescanfindaraftofnewinitiatives.

Toronto-based actor Nick Green hasestablished a new Social Distancing Fes-tival website, carrying links to streamsof dance, opera and theatre and clips ofworks in progress. He launched it onMarch 14 after a musical he had beenworking on was cancelled. The idea, ini-tially floated on Facebook, has taken offand Green’s website had more than100,000 visitors within two days. He isnow curating the huge outpouring ofonline work around the world to sup-porthis fellowartists.

“It’s a very tough thing,” he tells me,from Toronto. “One can completelyunderstand and support the need for[cancellation], but it is certainly dis-appointing. While in some cases theresponse has been a delay or disruption,for others this means that their workmay not see any sort of life. As a creator,this has the potential to push you into apretty dark place, lose motivation, andfind yourself feeling very alone. But thearts community . . . are always ready tosupportoneanother.”

Theatres too have been swift to findways of sharing work online. The UK’sNational Theatre has just launchedNational Theatre at Home: a schemeallowing audiences around the world tostream NTLive productions (alreadyexisting films of live performances) freeviaYouTube.Eachplaywillbe launchedonaThursdayat7pmUKtime,andthenbe accessible on demand for a week, to

be replaced the following Thursday bythenextone.

First up is One Man, Two Guvnors (nowavailable via National Theatre AtHome), Richard Bean’s hugely success-ful comedy (based on a Goldoni origi-nal), starring James Corden. Cordenplays Francis Henshall, a haplessnumpty who somehow gets himselfemployed by two bosses, bothembroiled in a crime, but on oppositesides. While serving both, increasinglyineptly, he must keep them apart. Thejoy, as with all good farce, is the contrastbetween the deadly earnestness of thecharacters and the escalating absurdityof theplot.

Directed by Nicholas Hytner, and firstshown onstage in 2011, this showcemented Corden’s talent for slapstick,one minute chatting to the audienceabout the rules of commedia dell’arte and

The show must go online

via Original Theatre’s website untilJune 2) are encouraged to create theirown “in-house theatre experience”,sharingphotosofdrinksandoutfits.

London’s Royal Court Theatre has aone-month streaming on its website ofthe filmed version of David Ireland’sCyprus Avenue, starring Stephen Rea (toApril 26). Shakespeare’s Globe will bemaking six filmed productions free towatchonitswebsite fromApril6.

But theatres are also beginning toexperiment with new forms of drama.Theatre Uncut, which specialises ininteractive festivals of rapid-responsepolitical work, has just released Bubble,by Kieran Hurley, a play about freedomof speech, set entirely on Facebook.Described as “an online theatre per-formance”, the narrative unfoldsthrough characters’ video posts andaimstoreplicate theonlineexperience.

Characterspopuponscreen,pile inoneach other’s posts, discuss privacy set-tings, block one another and augmenttheir statements with emojis. Mean-while the original offender, a universityprofessor, blunders about online, shar-ing things inadvertently. As the debateabout free speech and offensiveremarks escalates, the show uses themedium to discuss the medium. It’savailable to watch as a 45-minutefilm on Theatre Uncut’s website toApril 23 and also as a play-text whichyou can download and perform freeuntil thisdate.

The piece was created by six universi-ties — three in the UK and three in therest of Europe — with actors rehearsingover Skype. As the current crisis contin-ues, this could be a forerunner of howcreative work is produced. Alreadythere are multiple examples of artistscollaborating online. The NationalTheatre of Scotland, Headlong theatrecompany and HOME in Manchesterare among the larger companies work-ing on major new projects with leadingartists working together remotely tocreate new work that can be streamedbyaudiences.

We’ll be reporting on and reviewingsome of these schemes as they comeinto being. And let’s hope that by nextyear’s World Theatre Day, live theatrewill have bounced back with a wholenewtrunkof techniquestodrawon.

Theatre-makers haveresponded to the crisis bymaking plays available tostream for free and bycreating innovative new formsof drama. By Sarah Hemming

BingeWatch

LIVE CHILDREN’STHEATRE Q&AAndrew Dickson chooses his top 10productions for families to watch fromhome — join Andrew and our theatre criticSarah Hemming for a live discussion onFriday April 3 at 12 and 5pm UK time

ft.com/arts

Rapid: Theatre Uncut’s ‘Bubble’

Dinita Gohil in ‘Twelfth Night’

APRIL 3 2020 Section:Features Time: 2/4/2020 - 18:14 User: david.cheal Page Name: ARTS LON, Part,Page,Edition: EUR, 14, 1



FT BIG READ. CHINA

For all its monitoring powers, China’s efforts to track coronavirus cases have often been haphazard. Privatecompanies have been reluctant to hand over data but are facing heavy government pressure to comply.

By Yuan Yang, Nian Liu, Sue-Lin Wong and Qianer Liu

been detained in camps in recent years,officials collect DNA from residentsthroughahealthcheck-upprogramme.

Privacy violations have occurred in amore rudimentary way too: Lisheng Yu,a freelance writer from eastern Jiangsuprovince who has been to Wuhan,accused authorities in Jiangsu of leakinghis personal information in an Excelspreadsheet of Wuhan returnees sent tovarious WeChat groups. Victims ofsimilar leaks have said on social mediathat they were harassed on the phoneafter theirdatawasreleased.

“The difficult situation we find our-selves in now highlights the importancefor China of creating an effective nation-wide mechanism for protecting per-sonal information”, says Wu Shenkuo atBeijingNormalUniversity.

Under pressure from local officials tocontrol infection rates, building manag-ers have installed cameras to track resi-dents who are meant to be in quaran-tine. At one Beijing complex, magneticsensors have been installed on resi-dents’ doors. In another case, a residentwas asked to install a webcam inside herliving room: she refused. She had a cam-era installedoutsideherdoor instead.

Some buildings and train stationshave installed infrared surveillancecameras to screen visitors for fevers.Several facial recognition companiesclaim they have expanded their offer-ings torecognisemaskedpeople.

Hong Yanqing, a law professor atPeking University who helped draft thedataprivacystandards, said inanarticlewritten with other government affili-ated scholars that data collected foranti-pandemic efforts should only beused for that purpose and “deleted afterthe pandemic is over in accordance withregulations”.

Throughout the public health emer-gency, the authorities have used recordsof private WeChat messages and otherinformation shared on social media toidentify and punish people. At least 452people have been punished for “spread-ing rumours” about the outbreak,according to Chinese Human RightsDefenders,aHongKong-basedgroup.

Tencenthaspreviouslydeniedstoringusermessages,butactivistsandjournal-ists have reported that their WeChatmessages were monitored by the police—insomecasesyears later.

“We can see from how coronavirushas been handled that the police getmost of the information because theyare the ones who run this mass surveil-lance infrastructure,” says Ms Wang.“But part of the surveillance project isfor the Chinese government to push forintegrating data across different depart-mentsandsystems.Whether thiswillbesuccessful isanopenquestion.”

T hree days after the Chinesegovernment locked downHubei, the province at thecentre of the coronavirusoutbreak, a local govern-

ment official more than 1,000km awayreceived data from telecoms carriersalerting her to a list of people who hadleftHubeiandenteredhertown.

The data included traces of theestimated locations of users’ mobilephones, showing that many had drivenback along the highways from Hubei toGuangdong province in southern China,where the official works in a small town.The location data helped the official’steam “more or less” pin down everyonewhocamebackfromHubei, shesaid.

But for another Guangdong town, theinformation it was able to get hold ofwasmuchlesscomprehensive.

“We did identify one man from Hubeion the list who was high-risk. Wesearched everywhere for him but justcouldn’t track him down,” a secondofficial told the Financial Times, speak-ingonconditionofanonymity.

Officials went door to door searchingfor the man. Finally, they found him —in a neighbouring municipality, wherehe had not been included on its list ofhigh-riskpeople.

To the outside world, China can oftenseem like a monolith, with edicts fromBeijing ruthlessly implemented by therest of the system. US officials regularlyaccuse the Chinese government of hav-ing access to all data held by companiesin the country. When dissidents areinvolved, the surveillance is often swiftand decisive — partly because the policeand other security services have thegreatest power to marshal differentsources of data. Extensive coronavirus-relatedcensorship—andpunishmentofwhistleblowers — contributed to thespread of the virus and the public’sinability toprotect themselves.

The coronavirus pandemic has alsodemonstrated a much messier reality.Although China has tools that manyother governments would not be able tousually deploy to track potentiallyinfected people, such as location datafrom individual phones and facial rec-ognition technology, the state’s ability toaccesspersonaldata isat times limited.

Co-ordination between differentareas of the public sector is often spo-radicandsometimesmarredbybureau-cratic rivalries — as the experience ofthe two Guangdong towns shows. Waryof alienating middle-class customers,whose lives now revolve around a seriesof apps on their smartphones, manyprivate sector companies are reluctanttobeseenhandingoverdata.

And before the coronavirus crisisgripped the country, there was a grow-ing debate about the need for increasedprotection of personal data — a shift inbothlawsandattitudesthatwasencour-agedbycyberspaceregulators.

However, Chinese authorities are nowputting considerable pressure on pri-vate companies to hand over sensitivedata for anti-epidemic purposes andsome privacy advocates fear the meas-ures implemented during the pandemiccouldbecomepermanent.

“There is no single government repos-itory of all data. Some governmentdepartments have a history of not shar-ing data with each other,” says SammSacks, a cyber security fellow at the NewAmerica think-tank. “This is not sur-prising given the tremendous politicalpower that certain kinds of data canyield in the Chinese system, and thediffering objectives of different govern-mentagencies.”

Old-school playbook

For all the talk about China as a sciencesuperpower, the technology that hasmade a difference in the outbreak hasbeen the most simple: online question-naires to relay medical informationfromcitizenstoauthorities.

The printed QR codes that now hangover many residential compoundentrances in China are an example ofsuch information-gathering channels.Put up by building managers, residentsare encouraged — but not forced — toscan the codes with their phones. Fromthere, they are directed to links to appsor websites for residents to report theirhealth status and recent travels to theirbuildingmanageror localauthority.

“What is interesting is how old schoolthe party’s playbook has been. Thishasn’t been a tech health triumph, thishas been a triumph for the party andtheir old school methods,” says RyanManuel, managing director of researchfirmOfficialChina.

standards. The cyber space Administra-tion of China, a central government reg-ulator which can shut down tech com-panies overnight, has named andshamed giants from ByteDance to Baiduforpooruserprivacypractices.TheCACrecently issuedanoticewarninggovern-ment agencies not to share data for pan-demic-prevention purposes that is outof linewithdataprotectionstandards.

Handing over data is often against thecommercial interests of companies suchas Alibaba and Tencent which areexpanding overseas and do not want tobe perceived as being too close to theCommunistparty, saysMrManuel.

“We spend a lot of effort resisting Chi-nese authorities’ attempts to convinceus to give over our data,” says an execu-tiveataChinesetechnologycompany.

On top of this, companies understandthe risk of data leaks once they share itwith any part of the Chinese

government. “Tencent and Alibabadon’t want to hand over user databecause theysee theriskthatsomemid-dle-manager could sell that data on theblack market,” says Philip Beck, chair-manofventurecapital firmDubeta.

Mr Beck is a veteran of China’s mar-keting industry, where state-owned tel-ecoms operators in the mid-2010s onceset a precedent for unauthorised sellingof user data. Such transactions are rarerafter a series of police crackdowns, buttheblackmarket fordatastill exists.

“Hong Kong and NY-listed tech com-panies are sensitive to any accusationthat they are lax with data security,” MrBeckadds.

At times, it has been complicated forthe tech companies to manage the dif-ferent demands. The local governmentof Hangzhou, where Alibaba and itspayments affiliate Ant Financial arebased, was the first to launch a “healthcode” webpage that gives users a red,yellow or green status based on a self-reported health questionnaire, as wellas tracking user locations. The page wasembedded in Ant Financial’s Alipayapp, and users could voluntarily fill inthe questionnaire to gain access to high-ways and public transport. Beijing’smunicipal government followed suit,putting a similar health code app onTencent’sWeChatmessagingservice.

Both Alibaba and Tencent firmlydeny they provide any of their own

users’ data — China’s biggest gold mineof user behaviour — to the government’s“health code” apps. The companiespoint out that the government health-code apps hosted on their platforms askforuserconsent toshare location.

Pandemic-tracking apps are prolifer-ating as local governments have startedtrying to gain access to phone GPSlocation data through the apps, whichare more accurate than carrier locationdata. The test version of the nationalgovernment’s online services platformlinks to at least 12 provincial- or majorcity-level governments’ own healthcode apps, as well as providing anational-levelapp.

The health apps often have overlap-ping coverage. On arriving back inBeijing from a trip out of the city, one FTreporter was told by their districtauthority to ignore the Beijing munici-pal government’s app and register onanother health app used by the district.“One person, six codes”, ran the head-line of a local media feature lamentingthe multiplication of district- andmunicipal-levelapps.

Citizens can be barred from work-places and highways in Hangzhou basedon the colour of their health code, yetthe algorithm behind it is opaque. Usershave complained that their codes flickerfrom green to red, or vice versa, withoutanyexplanation.

For all the professed reticence of thecompanies, the government has usedthecoronaviruscrisis topushforgreatersharing of data from private and publicsources. Indeed, some in China fear thatsome of the gains for consumer privacyinthepast twoyearscouldbe lost.

“We have faced challenges combininggovernment and business data duringthe pandemic since we haven’t done itbefore,” says one executive at a Chinesetech company who spoke on conditionof anonymity. “Data from companies isbeing used to complement [the govern-ment’s response].” One example wasinformation about online purchases inWuhaninFebruary.

Opportunity to extend Big Brother

Some privacy advocates are concernedthat China’s push to increase surveil-lance and data-sharing could lastbeyond the pandemic. Events includingthe Beijing Olympics, the Tibetanprotests in 2008 and the Urumqi riots in2009 were used to ramp up the develop-ment of China’s surveillance state, saysMaya Wang, senior China researcher atHumanRightsWatch.

There is ample precedent for the stateexpanding its surveillance under theguise of medical care: in some parts ofXinjiang, where some 1.8m members ofChina’s Uighur Muslim minority have

While telecoms data has helped somelocal governments pin down potentialcoronavirus cases, there have beenmany problems with the information.Carriers track phone locations throughthe transmission towers to which usersconnect. The location data is not alwaysaccurate: depending on cell tower cov-erage, the estimated locations can beoutbyasmuchas2km.

“We give location data from cell tow-ers, but compared to the GPS data fromAlipay, WeChat, Meituan, it’s not thataccurate,” says an employee of ChinaMobile, one of the country’s three tele-coms operators, referring to the mostdownloaded apps for payments, mes-sagingandfooddeliveryrespectively.

In other words, state-owned telecomscompanies no longer have the lion’sshareofaccurateuserdata inChina.Thebest data is in the hands of private com-paniessuchasAlibabaandTencent.

Taken together, the apps used by theaverage Chinese city dweller over thecourse of a day could plot not only theirGPS location but every store they hadshopped at, meal they had ordered, ridethey had hailed, friend they had mes-saged for meet-up plans and even therental-bikehandles theyhadtouched.

But local governments face obstaclesto accessing data from private compa-nies, which have proven even morereluctant than state-owned telecomsgroups to hand data over to middle-levelofficials.

Conflicting demands

One reason for the difficulty is the com-plexity of China’s governance system,where different levels have differentincentives and tools. Another reason isthat privacy concerns have become asurprisingly important issue for parts ofthe government, as well as for privateinvestorsandcustomers.

Since the implementation of China’sCyber Security Law in 2017, Beijing hasgradually rolled out consumer privacy

‘[Tech companies] spenda lot of effort resistingChinese authorities’attempts to convince usto give over our data’

‘This hasn’t been a techhealth triumph, this hasbeen a triumph for theparty and their oldschool methods’

Seizing the momentfor surveillance

Above: a workerin protectivegear checks thehealth code of aman outside ashopping centrein Wuhan, thecentre of thecoronavirusoutbreak, onMarch 31.Below:President XiJinping, secondright, visits apark during aninspection inHangzhou, ineastern Zhejiangprovince, on thesame day — RomanPilipey/EPA-EFE/Shutterstock

2kmRange at whichlocation data fromChinese transmissiontowers could beinaccurate. GPS datataken fromconsumers’ apps isregarded as morevaluable

>452People punished for‘spreading rumours’about the outbreak,according to ChineseHuman RightsDefenders

APRIL 3 2020 Section:Features Time: 2/4/2020 - 18:37 User: alistair.hayes Page Name: BIGPAGE, Part,Page,Edition: USA, 15, 1



World has shown itself tohave no moral compassMartin Wolf is, as usual, incisive indeclaring that both the US and Chinahave failed the tests of competence anddecency in their responses to thepandemic (April 1). He laments theabsence of leadership in fashioning aglobal response to a global crisis. Alas,his is a cry in the wilderness.

The much delayed and typicallyharsh response of China, the glaringdisarray on display in the US and therather predictable breakdown ofEuropean solidarity reflect a worldadrift from even a semblance of moralleadership. The failure of the G7 toagree on a statement is consistent withits continuing slide into irrelevance.The anodyne statement of G20 leaderspoints more to form than to substance.The increasing protectionism aroundthe world regarding cross-border flowsof Covid-19 medical supplies betterreflects the market realities of a worldbereft of a moral compass. One canonly despair.Ujal Singh BhatiaGeneva, Switzerland

EU may weather the stormif members stand togetherThe whole of Europe is trying to“flatten” the Covid-19 curve, but weshould absolutely avoid “flattening”our economic curve. In 2008, we savedthe banks from bankruptcy. It wouldbe an inconceivable perversity if we didnot do the same for the real economy.

The European Central Bank hasalready made the right move byproposing a Pandemic EmergencyPurchase Programme of €750bn andthe announcement that there will be“no limits” to keep “the spread” withGermany under control. But we shouldnot let the ECB fight this by itself. Wewill need much more than the €250bnthe Eurogroup wants to mobilisethrough the European StabilityMechanism. Most economists estimatethe total damage done by Covid-19 at 8per cent of the European grossdomestic product, the equivalent of€1tn.

Therefore, we urgently need tolaunch a solid European stability andrecovery programme of the magnitudeof €1tn. The “stability” part of theprogramme (mainly loans for themember states in trouble) can becovered by the ESM, but by explicitlyscrapping the conditionality foreseenin the actual mechanism. For the“recovery” part (bridge andinvestment credits to the realeconomy), a new euro safe asset orrecovery bond must be launched with a“pan-European guarantee” based onthe European budget, funded by newown resources. This safe asset or bond

will be actively supported by the ECBthrough the emergency purchaseprogramme and will in nocircumstances affect the debt positionof any of the member states. On thecontrary, it will provide a low-riskopportunity to institutional investors(such as pension funds) worldwidewho will pump money into Europe’sreal economy towards recovery.

The criticism in some eurozonecountries towards such a new euro safeasset or recovery bond is withreference to the “moral hazard”problem. This is ludicrous. After all,and contrary to the sovereign debtcrisis of 2012, it’s difficult to see theculprit here. There are no “lazy” or“industrious” member states. Thereare only affected people. Just likeAlexander Hamilton strengthened theyoung American federation in 1790 byconsolidating the crippling debt of theindividual states and creating federalbonds, Europe today needs toovercome this economic stormtogether as one union, and not dividedas 27 individual nation-states.Guy VerhofstadtBrussels, Belgium

Intriguing possibilitiesfor the future of air travelJohn Thornhill’s column “Thepandemic is accelerating a shift fromtransport to teleport” (March 31)reflects the “C3” convergence concept(compute, communicate, connect) thatpredicts an ultimate technicalsynthesis of voice, data and humanrepresentation. This is reinforced notjust by current global disruptions, butalso by fundamental environmentalpressures concerning carbonemissions. Data being collected undermass quarantine show significantreductions in “carbon blooms” fromhuman fossil fuel-based activities,including airline traffic.

This raises at least two intriguingquestions concerning air travel. First,

whether it should be streamlined into amore carefully tailored public-privatetransportation network that reduces oreven eliminates competitiveduplication and related environmentalwaste (potential local alternatives suchas promising urban electric “flying car”technology notwithstanding). Second,given “social distancing” psychology,whether first-class spacing, comfortand security will become the new “safeclass”, finally eliminating cramped andcrowded steerage and coach underhuman health standards.

The current global macroeconomicdisturbance lays bare the inherentnature of passenger airline service asmore an essential public utility than acommercial business that mustcompromise a number of basicwellbeing standards due to cost andprofit pressure. That should provoke afundamental question as to whatconsumer sovereignty really means,and whether it is captured merely byprice, or through competitivediscounting, or is something rathermore sophisticated socially,technologically and even financially.Matt AnderssonPresident,Indigo Aerospace,Chicago, IL, US

Climate change responselacks necessary urgency“The world is facing an unprecedentedglobal challenge,” says Alok Sharma,president of COP26, referring tocoronavirus and justifying thepostponement of the Glasgow climatetalks scheduled for November.

Climate change, global warming andenvironmental degradation are facetsof a highly complex and much greaterglobal challenge but the globalresponse lacks urgency. Our world iseconomically richer, better educatedand endowed with more technologythan ever before. But it is bereft ofleadership and institutions to address,with urgency, the “tragedy of thecommons” that is climate change.Conor McCooleChairman,Asia Biogas,Singapore

On most days, two of France’s high-speed trains preparing to leave Paristo travel across the country would notbe worthy of any particular note.

But on Wednesday morning, withFrance in its third week of lockdown,the two trains leaving Gared’Austerlitz in the south-east of thecapital were the centre of attention as36 patients critically ill with thecoronavirus were loaded onboard.

Hooked up to ventilators, carried onstretchers and placed four per coach,they were being transferred fromParis, one of the areas hardest hit bythe virus, to Rennes, Saint-Brieuc andBrest in the west of the country, wherethe hospitals have more capacity.

It was the latest stage of the firstoperation of its kind in Europe and acritical part of France’s battle againstthe coronavirus, which has now killed4,032 people in French hospitalswhere another 6,017 remain in criticalcondition. “We have had an extremelydifficult night, we are at the limit ofthe capacity of our hospitals,”Aurélien Rousseau, who runs the Parisarea health agency, told radio stationFranceInfo on Wednesday. “In Île-de-France [the Parisian administrativeregion] there are 1,200 intensive carebeds. As I speak, we have 2,700patients in intensive care,” he added.

As Paris and other areas hit hard bythe virus are running out of criticalcare beds, patients are being movedby any means available. AlthoughFrance is ramping up the number ofintensive care beds with ventilators atits disposal — from 5,000 at the start

of the crisis to more than 14,000 in thecoming weeks — the number of casesand deaths keep climbing and thecountry is fighting to make sure itshospitals are not overrun.

While critics of the governmentlambast a lack of medical equipment,the hope is that France’s ability to usethe whole country’s resources,strengthened by its highly centralisedform of government, will help it tosave lives as the epidemic headstowards its peak. “Two hundred andeighty eight seriously ill patients havebeen transferred to less stressedregions and this number is expectedto increase in the days and weeks tocome,” said Jérôme Salomon, director-general of the French healthdepartment, earlier this week.

Alongside the Trains à GrandeVitesse, army helicopters and planeshave been used, while Germany,Switzerland, Austria and Luxembourghave also taken some French patientsinto their hospitals.

The first of the five TGVs that havenow sped across the country left lastThursday evening carrying 24coronavirus patients and 40 medicalpersonnel. It took some 200 workersfrom state-owned rail company SNCFto get the train prepared and running.

“We got the call two daysbeforehand saying that we would needto have a train ready for Thursdayevening,” said Pierre Meyer, who runsthe crisis response unit for SNCF.“Moving 24 people by train might notsound like a lot, but for intensive carepatients it’s the equivalent of the

capacity of a town with 150,000people,” he said. The first operationwas a bit “makeshift”, but now “it hasbecome part of what we do every day”.

Importantly for SNCF, the idea ofusing trains to transport critical-carepatients had already been consideredand trialled. In 2015, after deadlyterrorist attacks that killed 131 peopleand injured many more shook France,the rail group was asked byauthorities to prepare a plan toevacuate victims from cities wherehospitals might be overwhelmed tocities that could better care for them.

That plan was tested in Paris in Maylast year, in an exercise calledOperation Chardon, or OperationThistle. A train of doctors, nurses and100 “victims” in full make-up tosimulate a real disaster and make sureeach was properly examined, wasmoved between Paris and Metz in thenorth-east of the country.

Apart from being a reminder of howmuch trauma France has withstood inrecent years, that exercise meant thatSNCF was at least somewhat preparedfor this crisis and Mr Meyer is noworganising two more rail services forpatient transfers this coming weekend.“We did this kind of operation duringfirst world war and it’s true whatPresident [Emmanuel] Macron said:we are now at war with the virus,” hesaid. “We don’t know how many moretrains we’ll need, but we are sure we’renot finished . . . every single one is asmall victory.”

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France’s TGVspeeds patientsto where thehospital beds are

ParisNotebook

by David Keohane

Martin Wolf, in “The tragedy of twofailing superpowers” (April 1), focuseson an inherent and often overlookedweakness of all political systems: theneed for governments to governcompetently. Over time since theVietnam war (1965-75), the USgovernment has increasingly failed toprovide its citizenry with competentgovernance. Donald Trump’s ascent tothe White House is the most vividproof of this failure.

This failure applies globally. Not only

has the Trump administration beendismissive of the need for Americanglobal leadership, under his secretaryof state Mike Pompeo theadministration has willinglyabandoned much of that role.

Will China fill this vacuum? First, itis unclear whether China has indeeddefeated Covid-19. It may not have. If ithas, and the US continues without acomprehensive and co-ordinated planfor the Covid-19 response that assignsspecific responsibilities to individuals

and offices for its execution, especiallywho is in charge and of what, theoutcome will not be a happy one.

Whether or not Oswald Spengler wasright in his assessment of the decline ofnations, Covid-19 is testing the US andwestern democracies perhaps as muchas Hitler’s Nazi Germany did 80 yearsago.Dr Harlan UllmanSenior Advisor,Atlantic Council,Washington, DC, US

Virus is testing US and western democracies

Letters

FRIDAY 3 APRIL 2020

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OPINION ON FT.COMMartin SandbuGlobalisation and national resilience cancoexist despite Covid-19www.ft.com/opinion

More than a third of the world’s popu-lation has been urged to stay at home.Stock markets have collapsed andauthorities have thrown vast sums ofmoney at the global economy to stop itfrom plunging into depression. Yet themost chilling aspect of the coronaviruscrisis gripping governments is uncer-tainty.

The world is being brought to astandstill by Covid-19, a disease causedby a virus that the best scientific mindshave known about for less than fourmonths. Their advice cannot be defini-tive. As Mark Rutte, Dutch prime min-ister, has put it, in a crisis like this, lead-ers have to make 100 per cent of thedecisions with 50 per cent of the data.Among their most important decisionsis how and when the lockdowns willend,giventhatdrugtreatmentsarestillunproven and a safe, effective vaccinecould be 12-18 months away. Onemeasure will be critical: systematic,rapidandwidespreadtesting.

We cannot easily free people fromtheir homes until we know whetherdoing so will unleash a new wave ofinfection. But it will be difficult toascertain this without vastly more test-ing than most countries have done sofar. Even a rich G7 country such as theUK has been struggling to carry out10,000 tests a day, a target it has beenaiming at for at least three weeks.Along with the US and other westernnations, its lamentably slow testingrollout has shown exactly what not todo. The tests these countries have beentrying to deliver detect the presence ofthe virus itself, by checking a nose orthroat swab in a laboratory. They arevital for trackingthecourseof infectionand staying one step ahead of it. Theyalso let frontline health workers andother essential staff know if it is safe togo to work. But they will not be enoughalonetorestarteconomies.

Who will feel safe working beside

someone who is virus-free one weekand contagious the next, especiallywhen scientists think more than 30 percentofcasescanbeasymptomatic.Oneanswer lies in a new type of test, onblood, that researchers are rushing todevelop. It can detect whether peoplehave already been infected and havesome immunity to the virus. Expertssay that such an antibody test shouldbe cheaper and easier than the first andcouldpotentiallybedoneathome.

But hurdles remain. This is a newertype of test, unlike the one to detect thepresence of the virus, and its reliabilitymust first be guaranteed. Assumingthat happens soon, it is still unclearhow long immunity to the new viruslasts and how strong it will prove to be.Finally, there are significant logisticalconsiderations. Tests would have to becollected and the data collated cen-trally so authorities knew what portionof the population had been infected.So-called “herd immunity” occursonce a certain percentage of a popula-tion is immune to an infection, soknowing that percentage is key toworking itout.

Also, there are questions about certi-fyingpeoplewhohaveantibodies tothevirus, a move that could create a worldin which “immunity certificates” areneeded to get a job or board a plane.The reality is we will probably needboth types of tests before normal eco-nomic life can be restored, along with astanding army of laboratories, suppliesand trained staff that can be activatedwhen needed. South Korea and othernations that invested in mass screeningafter the wake-up calls of past out-breaks offer lessons in what can bedone. Following South Korea’s lead willtake time and money. But the sums willbe negligible compared with those ofcontinued lockdowns or milder formsof social distancing. Countries must dowhatever it takestotest,now.

Widespread screening will be complex and costly but crucial

Why testing offers a wayto end the lockdowns

It is a truism that coronavirus recog-nises no borders. Yet when it comes tohelping the world’s most vulnerablecountries that fact appears to haveeluded what remains of the global gov-ernance structure. Many low-incomecountries are only now being hit by apandemic that struck first in China,then Europe and the US. In the past fewweeks, cases in Africa have risen fromalmost nothing to more than 5,000. Ifcoronavirus starts tearing throughteeming cities, slums or refugee camps,thehumancostcouldbedevastating.

For poor countries, the economicwhiplash could be even worse than thedisease itself. Nations that rely on com-modity exports, tourism, remittancesor portfolio inflows have seen theirsources of income evaporate. Ecuadorand Zambia are on the brink of default.South Africa’s sovereign bonds havebeen downgraded to junk for the firsttimein25years.

This calamity goes beyond low-in-come countries as classified by theWorld Bank. India and Nigeria, whichare technically lower-middle-income,are home to many of the world’s poor-est people. Scenes in India, where amishandled lockdown triggered anexodus of migrants from cities, showthe human cost. No wonder Tito Mbo-weni, South Africa’s finance minister,admitted to “trembling in his boots” atwhatmightbecomingdownthetrack.

Yet faced with an emergency of suchproportions—whichforpoorcountrieseclipses the 2008 financial crisis — theworld’s response has been piecemeal atbest. With rich nations battling thevirus themselves and Washington andBeijing at odds, global leadership ismissing in action. It must be restored —and in a matter of days before the IMF-World Bank spring meetings start onApril 17. A co-ordinated response frommajor agencies, both in terms of finan-cialandhealthassistance, iscrucial.

Some initiatives are welcome. TheIMF is making $50bn available in rap-id-release facilities, with $10bn of thatat no interest for the poorest countries.Another $1tn stands ready for longer-termcommitments, thoughthatwillbedifficult to access quickly. Many poorcountries are used to fighting infec-tious diseases. They can use moneywell, as west Africa showed when itbeat the devastating Ebola outbreak in2014. They urgently need to buy test-ing kits, ventilators and protectiveclothingforhealthcareworkers.

The IMF has rightly told low-incomecountries to skip debt-service pay-ments and use the cash to fight thevirus instead. African countries arealso asking for immediate debt relieffrom bilateral and private creditors.China, which has lent heavily to devel-oping countries, should also renegoti-ate payment schedules. This is a start,but it will not be enough. Comparethese billions with the trillions wealthycountries have marshalled to prop uptheir own locked-down economies.Kristalina Georgieva, IMF managingdirector, estimates thatemergingecon-omies will need at least $2.5tn to seethemthroughthecrisis.

There are many other ways to helplow-income countries, including anexpansion and pooling of the specialdrawing rights the IMF uses for liquid-ity support. The International Bank forReconstruction and Developmentcould raise cheap money and lend it onto countries not normally eligible forfunds. The World Bank must also dropits usual conditions for loans. This is notime for the fiscal restraint it routinelyinsistsupon.

The global response must beimaginative and bold. Above all, itmust be fast. Ghana’s finance ministerhas called this a “break the glass”moment. Now, if ever, is the time totakeurgentaction.

Coronavirus pandemic threatens a human and economic catastrophe

Urgent action is neededto help world’s poorest

Insurers cannot pay outin cases where customershave not paid for coverKate Burgess’s Lombard column“Insurance groups turn a deaf ear toreputation risk at their peril” (April 1)presents a one-sided picture of theinsurance industry’s response toCovid-19.

Covid-19 is likely to result in claimswell in excess of £1bn in the UK. Travelinsurers alone expect to pay a record£275m in cancellation and repatriationcover, while Lloyd’s of London has saidthat it expects claims to be triggered onmore than a dozen policy types,including cover for businesses. This ison top of the £7.8bn in claims incurredevery year from businesses for thetypes of day-to-day risks such as fire,flood and employee accidents thatinsurers protect against.

What insurers cannot do is pay outfor claims where customers have notpaid for the cover; this is a shortcut toinsolvency. We do, however, have tobuild a better future solution to ensuremore widespread business insurancecover for pandemics. The state willhave to be front and centre of such aneffort, but the insurance industry isready to talk about how it can be aneffective partner in building morewidespread protection againstpandemics than we have seen withCovid-19.Huw EvansDirector-general,Association of British Insurers

In the end, it’s a questionof the cost of a human lifeGlobal responses to the Covid-19pandemic implicitly raise theunpalatable question: what is a humanlife worth?

This is an ethical question thatconstantly vexes governments, but therising daily death counts, alongsidetales of economic carnage, bring it intoever greater focus. Those with a heartwill argue a life is priceless.Policymakers, however, face practical,policy and cost challenges.

Adam Smith noted centuries ago thateconomies must address the trade-offbetween “the ease or hardship, thecleanliness or dirtiness, thehonourableness or dishonourablenessof the employment”. It seems thatgovernments around the world havechosen temporary, potentiallypermanent, unemployment formillions over extensive loss of life fromCovid-19.

Hundreds of studies have addressedsimilar quandaries. In the US, theOffice of Management and Budget putsthe value of a human life in theapproximate range of $0.7m to $9.0m.Only history will be able to address thetotal costs of Covid-19, but I believethat what millions are enduring nowsuggests that better preparations needto be made for the future.

Countries pay for armies to offset thethreat of potential war. Disease isseemingly a worse threat. The UKgovernment war-gamed thesechallenges only a few years ago, and theshortcomings revealed then were notremedied, giving rise now to excess lossof life and cost to the economy, asignificant portion of which wereavoidable.Chico Khan-GandapurManaging Partner,Diversitas Consulting,London WC2, UK

APRIL 3 2020 Section:Features Time: 2/4/2020 - 18:55 User: alistair.hayes Page Name: LEADER USA, Part,Page,Edition: USA, 16, 1



Opinion

tilator for patient C — or, more likely,being shuffled into a palliative careward from the moment of admission tothehospital.

You will not hear many people, how-ever, saying this out loud. No one wantsto see the trade-off made explicit. TheNew York governor Andrew Cuomospoke for political leaders everywherewhen he was asked this week how hisstate would choose if there were morepatients requiring ventilators than thenumbers available. It was a question,Mr Cuomo said, he did not want to havetoask.

The politicians know that, if andwhen the pandemic confronts the fami-lies of the seriously sick with life-and-death choices, cold utilitarian logic maywell dissolve as it competes with humanemotion. Better to keep things vagueand, if need be, shuffle off the decision.Most of us are probably content fordoctors to play God — as long, that is,they do not expect us to share theresponsibility.Thatreally isnot fair.

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the terminally ill. In nations withoutextensive public health systems, moneyandthemarketplacedotherationing.

Doctors’ organisations, hospitals andhealth authorities in many nations haveethical protocols about the allocation ofresources between patients. My ownexperience is that doctors in the NHSare usually conscious of the resource, aswell as the human cost of the “overtreat-ment” of patients deemed to havereachedtheendof theirnatural lives.

Beyond the west, of course, such phil-osophical debates are usually superflu-ous. For the largest segment of theworld’s population, these choices sim-ply do not exist. How many ventilatorswill there be to share out in nationswhere billions have access, at best, onlyto the most basic healthcare? Covid-19promises to reveal itself in its full horroras it travelssouth.

Back in the rich world, existing proto-cols that might now be repurposed forapplicationduringthepandemictendtobe grounded in the utilitarian goal ofmaximisingoutcomesthatpreserve life.That means patient B giving up the ven-

Some Italian doctors have spoken ofcircumstances so dire and pressures sointense they were obliged to apply astraightforward cut-off age of 65. Othershave cited thresholds of 70 or above,often applied in combination with cal-culations of the impact of underlyingconditions on life expectancy. Broadlyspeaking, though, the ventilators werereserved for the young and relatively fitovertheelderly,andoften, infirm.

There is nothing new about rationingcare. Health authorities do it all thetime in their choices of drugs and treat-ments. In Britain, the government-sponsored National Institute for Healthand Care Excellence has a mathematicalformula that sets financial cost againstadded “life-years” when evaluatingtreatments that prolong the lives of

the ventilator so it can be made avail-able for patient C. Saying yes wouldentirely remove your mother or father’ssmall, but real, chance of survival —and perhaps, though you would neverknow, deny them another 20 years orsoof life.

My wholly unscientific polling sug-gests that many, even most, mindschange at this point. Broad ethical judg-ments are one thing. Life-and-deathchoices touching those we hold dearestare another. Parents, it is oftenobserved, will sacrifice just about every-thing, including their own lives, to pro-tect their children; doctors tell me thatchildren often press them to do justabout anything to prolong the lives of gravely ill, elderlyparents.

The rapid advance of Covid-19 meansthe ventilator dilemma may soon beplayed out at hospitals across theadvanced nations, as the pace ofthe pandemic outstrips the numberof machines available to treat the mostseriously infected. A big question willhang in the air. Who do we want toplayGod?

In the Lombardy region of northernItaly, the speed with which the virusoverwhelmed even the most modern,well-equipped medical centres appearsto have left no time for a lengthy debate.Media reports from the region suggestit was left to hospitals and physiciansto make rough-and-ready rationingdecisions. As far as one can tell frombroadcast interviews, they all took ageas a starting point, although manyaddedassessmentsofotherconditions.

S o who decides between lifeand death? As the Covid-19outbreak threatens to over-whelm healthcare systems, italso presents a harrowing

human dilemma. We have caught aglimpse of this in Italy. Distilled to itsessentials, it can be expressed more orlessas follows.

Doctor A has one ventilator and twopatients in the grip of the coronavirus.Arriving first at the hospital, patient B, a65-year-old retiree thought to have onlya slim, albeit still measurable, chance ofsurvival, is being kept alive on the venti-lator. Patient C, a 35-year-old teacherwho arrived later, is deteriorating fast,but is judged to have a high chance ofrecovery if transferredtotheventilator.

Considering this quandary in theabstract, my sense is that most peopletake a broadly utilitarian view: the doc-tor would be right, perhaps should evenbe compelled, to switch around the twopatients. Physicians swear a sacred oathto uphold life. Transferring patient C tothe ventilator would be the route mostlikelytodoso.

Now reframe the choice. Patient B isoneofyourparents.Thedoctorasksyoufor the family’s permission to turn off

Doctors arebeing askedto play God

Coronavirus presentshospitals with a

terrible choice aboutwhose life to save

SOCIETY

PhilipStephens

T he numbers just keep get-ting more shocking. Lastweek, theUSsetarecordfornew jobless claims with3.4m; on Thursday the

Department of Labor said that another6.6mhadlost theiremployment.

Can the new $2tn Coronavirus Aid,Relief and Economic Security Act stemthis shocking tide? A first test comestoday when part of the act swings intoaction. Under the Paycheck ProtectionPlan, businesses with less than 500 staffcan apply for $350bn in loans, and 75per cent of the total will be forgiven forcompanies thatretaintheirstaff.

A cynic might argue that this wave ofcash — and acronyms — is too little, toolate. In 2019, only half of America’ssmall businesses had cash on hand to

cover more than two weeks of costs, andthose in poor neighbourhoods had less.Many have already folded or fired staffasaresultof thepandemic.

But late or not, PPP has three merits.One is the focus on swift aid to workers.“I very much want people to sign up forthis quickly,” the Treasury secretarySteven Mnuchin said on Wednesday,predicting the funds could “cover about50 per cent of the payroll of the privateenterprises” intheUS.

Second, Mr Mnuchin is willing todouble down on this effort — if it works.“I have heard this will be so popular wewill run out [of money]. If that is thecasewewillgobackformore,”hesaid.

Third, the design is relatively sensi-ble, given the time constraints. Techni-cally, it is being run by the Small Busi-ness Administration. But this lent just$28bninthe2019fiscalyear.

So, Mr Mnuchin’s team is askingprivate sector banks to dispense thecash instead, for substantial fees. Theywill use an admirably clear, two-pageform that even a politician could under-stand. This promises to give applicantscash to cover 2.5 times monthly payroll

costs, up to $10m, as long as they are UStaxpayers. If 75 per cent is spent on sala-ries, the“loan”becomesafreegrant.

This is not without risks. The Treas-ury is not asking the banks to conductcredit surveillance, so some fraud islikely. And since the funds will comefrom the government, the Treasurymust create swift credit lines and legalprotection for the lending banks or they

will not participate. The US alreadysuffers from a lamentably inefficientpayments system. Mike Corbat, head ofCiti, says bankers “are working roundthe clock” to prepare, there are alarm-ingreportsofa lackofreadiness.

Even with the caveats, PPP deserves acheer. It is probably no more costly topay workers via companies thanthrough unemployment insurance. And

keeping them in place should make iteasier to restart economic activity whenCovid-19ebbs.

The really big worry, however, isaround the rescue package for biggercompanies. Some $500bn has been ear-marked for companies with more than500 staff that have been devastated bythe pandemic, including airlines andcargo groups. The bailouts will be partlyimplemented by boutique investmentbanks.Details remainscant.

To have any chance of success, thestructure should include three things.First, “the overwhelming priority [mustbe] the protection of employees and notshareholders or bondholders,” as LarrySummers, former Treasury secretary,saidonWednesday.

Second, taxpayersmustenjoysomeofthe economic upside after a recovery.Rescue funds should be offered as anequity-like instrument, warrant or evensuper-senior debt. “If Boeing was toreceive support without the govern-ment taking an equity claim it would beinappropriate,”arguesMrSummers.

Third, there must be simplicity,consistency and clarity. The Tarp

programmecreatedto injectcapital intothe big banks during the 2008 crisisdelivered this, after a false start. HenryPaulson, Treasury secretary at the time,“basically said to the banks here is yourcontract and sign it”, recalls Gary Cohn,who was at Goldman Sachs in 2008.While Mr Cohn “hated” this heavy-handed approach, he says that “in hind-sight it was the right thing to do — themore uniformity and less negotiation,theeasier it is toget themoneyout”.

It is alarmingly unclear whether MrMnuchin will heed those principles.Powerful corporate executives withclose ties to President Donald Trumpare begging for individual dollops of aid(including, outrageously, deep-pock-eted private equity groups). The Treas-ury secretary must find the courage toresistpiecemealorsweetheartdeals.

PPP has a chance of success because itis consistent, clear, speedy and worker-focused. To counter the spiralling joblosses, aid to big business must displaythe same principles — despite theunseemly lobbyingunderway.

[email protected]

Taxpayers deserve toenjoy some of the

economic upside whenthere is a recovery

US rescue programme must be transparent and fair

FINANCE

GillianTett

I n Hong Kong last week, a pro-democracy politician was arrestedunder a colonial-era law for havingasked that a police officer whoblinded a journalist be brought to

justice. Employing this law, unused for60 years and repeatedly criticised bythe UN, sets a dangerous precedent.Normally, it would cause an inter-national outcry. Instead, amid the pan-demic, it sparked barely a murmur. Yetsuchincidentsmustnotgounnoticed.

Social distancing under coronavirushad forced a hiatus in the politicalunrest. Hong Kong’s governmentshould have used this breathing space toinitiate reforms and reconciliation.Choosing instead to dig up antiquatedlaws and pursue political vendettas onlymakes protests more likely. Recent pollsshow more than two-thirds of the popu-lationsupportdemocraticreforms.

District councillor Cheng Lai-kingwas arrested at home on March 26, twodays after sharing a message on Face-book that revealed the identity of apolice officer allegedly responsible forfiring a projectile at Indonesian reporterVeby Mega Indah last autumn. MsCheng called on the officer to turn him-self in. Instead, she was charged with“sedition” and faces a fine of up toHK$5,000 ($640) and two years in jail.The police officer in question remainsonactiveduty.

The case reveals how Hong Kong pol-itics have spiralled downwards sinceprotests began a year ago. A journalistdoing her job was blinded in one eye bya police officer firing indiscriminately.Yet Hong Kong’s police, who say they

have identified theofficer, refuse toholdhimaccountable.

The victim, Ms Veby, meanwhile fileda December lawsuit seeking inform-ation from the police. But her Marchdeadline to pursue a private prosecu-tionpassed.

With no justice in sight, Ms Chengbroke a court injunction against doxingpolice officers. In turn, the governmentresponded with absurd charges lastusedin1952.

Thecasehighlights threewider issues:the impunity of Hong Kong’s police; thecollapse of trust in government and therise of vigilante justice; and the misuseof archaic laws to settle political scores.During the protests the Hong KongPolice Force has behaved with oftenshocking brutality. Yes, some of the pro-testers have been violent. Undoubtedly,policing protests is challenging, andmany individual officers have only beentryingtodotheir job.

But remember: the demonstrationsbegan peacefully; the vast majority ofprotesters remain peaceful; and it wasthe police who unleashed violence firstlast June. Furthermore, more than7,000protestershavebeenarrested.

There are also allegations of rape indetention and abundant video footageofpoliceviolence.Yetnotasingleofficerhas been prosecuted. Half the publicnow score their trust in the police atzero, a recent poll in Mingpao news-paper showed. Ms Veby has become asymbolofpolicecriminality.

Since the Umbrella Movement of2014, the government has used an arrayof vague colonial-era laws to pursueconvictionsofpoliticalopponents.

Legal scholar Benny Tai has beencharged with “incitement to incite pub-lic nuisance”. Pro-democracy legislatorsand the proprietor of Hong Kong’smajor pro-democracy newspaper,JimmyLai,havebeenarrested.

This use of poorly defined legislationto pursue vendettas is underminingHong Kong’s reputation for the rule oflaw. As a recent report by Hong KongWatch concluded, this matters verymuch. Without it, Hong Kong cannotfunctionasatrustedfinancialcentre.

The way forward is not to arrest dis-trict councillors. It is to restore trust inthe justice system by calling those inauthority who have done wrong toaccount,ensuring justice isdone,andbylistening to representatives from thedistrict council who won an overwhelm-ingmandate inNovember’selections.

The writer is co-founder and chair of HongKong Watch

Hong Konglegislator’s arrest

further erodesrule of law

BenedictRogers

The way forward is torestore trust in the justice

system by calling thosein authority to account

E ven if we are able to fight thecoronavirus pandemic intosubmission, its effects arelikely to spark nothing lessthan a rethink of how the

worlddoesbusiness.This outbreak has come at a time

when globalisation was already underserious threat from the trade warbetween the US and China and growinguncertainty over the future of free tradein general. In the past, shocks to globalsupply chains, such as the 2011 earth-quake and tsunami in Japan, were seenas one-off events. These temporarydisturbances were not expected to seri-ously disrupt a successful and stablebusinessmodel,builtontheassumptionthatglobalisationwasheretostay.

This time is different. The shocks thatglobal supply chains are experiencingare likely to reverberate. The US-China

conflict has not been resolved and couldreignite at any moment. Companies canno longer take it for granted that tariffcommitments enshrined by WorldTrade Organization rules will preventsudden surges in protectionism. TheWTO dispute mechanism has stoppedworking.

At the same time, Covid-19 hasexposed what many may consider anexcessive reliance on suppliers locatedin China. The province of Hubei, wherethe outbreak began, is a high-tech man-ufacturing hub, home to local and for-eign firms that are highly integrated inthe automotive, electronics and phar-maceuticals industries. The provinceaccounts for 4.5 per cent of Chinesegross domestic product; 300 of theworld’s top 500 companies have facili-ties in Wuhan, Hubei’s capital. Theoutbreak of coronavirus there causeddisruptions to supply chains on all con-tinentsbefore itbecameapandemic.

The quest to find the most cost-effec-tive suppliers has left many companieswithout a plan B. More than half of firmssurveyed by the Shanghai JapaneseCommerce and Industry Club reported

their supply chains were affected by theoutbreak. Less than a quarter said theyhad alternative production or procure-ment plans in case of a prolongeddisruption. The knock-on effects maybe greater as companies often do notknow where suppliers of their suppliersare located.

Many countries are now discoveringhow dependent they are on supplies

from China. For instance, almost three-quarters of blood thinners imported byItaly come from China. The same is truefor 60 per cent of antibiotics importedby Japan and 40 per cent imported byGermany, Italy and France. Politicaltensions increase as leaders stresswhere the virus originated, especiallythose who have not done enough toprepare their countries for a robust

response. This will add another layer ofuncertaintyovertradepolicies.

Businesses will be forced to rethinktheir global value chains. These chainswere shaped to maximise efficiency andprofits. And while just-in-time manu-facturing may be the optimal way ofproducing a highly complex item suchas a car, the disadvantages of a systemthat requires all of its elements to worklikeclockworkhavenowbeenexposed.

Even as the pandemic has pushed cli-mate change out of the headlines, thethreat to the planet has not gone away.In theabsenceofagloballyco-ordinatedresponse we can expect more shocks inthe form of extreme weather events orfurther infectious outbreaks. Compa-nies that fail to take action may sharethefateof thegradually-boiling frog.

Resilience will become the new buz-zword. Firms will think harder aboutdiversifying their supplier base to hedgeagainst disruptions to a particular pro-ducer, geographic region or changes intrade policy. This means building inredundancy and perhaps even movingaway from the practice of holding near-zero inventories.Costswill certainlyrise

but, in the post-Covid world, concernsabout supply chain fragility will comeright after those over cost. Firms will beexpectedtoassessresilienceof theirsec-ondandthird-tiersuppliers, too.

We may see some reshoring as auto-mation reduces labour costs. Newer EUmember states and Spain may see agrowth in manufacturing employment.Opportunities may be created for coun-tries that have not been top of investors’lists before. In a post-pandemic world,boardrooms will echo with mentions ofcountries such as Belarus, Ukraine orMongolia, while executives willexchange tips on their favourite hauntsin Tirana and Chisinau. In Brussels thecorridors will buzz with the latestdiscussions on deeper trade integrationfurther intotheglobaleastandsouth.

Coronavirus will not end globalisa-tion, but it will change it. Companieswill have to adapt to succeed. That’swhat viruses force us to do, includingeconomically.

The writer is chief economist at theEuropean Bank for Reconstruction andDevelopment

Companies will be forcedto rethink their value

chains, shaped to maximiseefficiency and profits

The pandemic will change the way the world does business

BeataJavorcik

APRIL 3 2020 Section:Features Time: 2/4/2020 - 17:51 User: alistair.hayes Page Name: COMMENT USA, Part,Page,Edition: USA, 17, 1



A global lockdown should be Instacart’sshining moment. The San Franciscostart-up is perfectly placed to capitaliseon a surge in demand for onlinegrocery deliveries — so long as it cankeep workers on its side.

The past few weeks have been thebusiest in Instacart’s history, claimschief executive Apoorva Mehta. Withorder volumes up 150 per cent, thecompany plans to more than doubleits workforce by hiring 300,000 more“shoppers”. They collect the items offthe shelves for customers.

But first Instacart needs to fix itsfractious relationship with deliverycouriers. A strike this week to protestabout working conditions forindependent contractors damagesthe company’s distribution plans andits image. Worker requests lookreasonable: activists want handsanitiser and improved benefits. Moregenerous pay and rapid delivery ofhealth and safety supplies should bethe company’s priority.

This is a delicate time for businessesthat rely onlow-paidworkers. Investorshave cooled as increasing protectionsthreaten to raise costs. In California anew law has already made it harderfor companies to classify workers ascontractors. Unhappy shoppers anda bad press will not help Instacartpersuade detractors its workers shouldnot be considered employees.

Last valued at $8bn, Instacart relieson more than 250,000 contractors and12,000 part-time employees to fulfilorders. It will need more as the marketgrows. Grocery spending onlinedoubled between 2016 and 2018 in theUS and is expected to keep rising.

But Instacart is going to have to fightto keep its market share. Walmart,Target and Amazon all offer competingservices and are better known. UberEats is also trying to muscle in.

Long term, Instacart’s reliance on gigworkers could be a bigger problem.Dedicated distribution centres used by

Instacart strike:hey, gig spender

Amazon have large upfront costs. Butover time they will be more efficientthan Instacart’s network of shoppers.

Escaping to a desert island soundsappealing amid coronavirus doom andgloom. Many would agree. AnimalCrossing: New Horizons recorded thehighest opening-week sales for a gameon Nintendo’s Switch console in Japanand the UK. Flying on Dodo Airlines(not yet in administration) to createyour paradise is the perfect antidotefor these times — and the profitabilityof the Japanese gaming group.

The timing was fortuitous. Light-

Nintendo: AnimalCrossing’s balm farm

hearted escapism is needed more thanever with people trapped indoors. In-game weddings and birthday partiesfoster a sense of community — not tomention, brand loyalty. One Japanesecompany even trialled a work-from-home business meeting on the island.

Nintendo’s gentle, family-friendlygame is balm to frayed nerves. Lexreaders should direct their children tothe Sow Jones Stalk Market, a turniptrading exchange. Wily deals therewill help pay back their loans fromcapitalist raccoon-dog Tom Nook. Justthe light relief the doctor ordered.

That applies to Nintendo too, whichdeveloped the game. Those game salescome with juicy gross margins of80 per cent. Costs to develop it arecovered already. Its share price hasjumped by a quarter since mid-March.

The game’s popularity will alsounlock new audiences for its Switchconsole. Units were stockpiled tobundle with the release. Even so, it issold out on Amazon in many countries.Ironic, indeed, that lockdowns haveboosted sales of a console designed tobridge handheld and home gaming.Higher demand for hardware shouldcontinue. The game is likely to helpSwitch sales in China, where the launchunderwhelmed. The sweetener forNintendo is newcomers tend to splashout on the back catalogue of games.

Coronavirus has demonstrated thatinternet infrastructure is not yet readyfor streaming games. Traditionalvideo gaming has some life left in it.Animal Crossing’s meditative fun issorely needed. That is timely relieffor Nintendo shareholders too.

As new jobs go, Andrew Bailey haslanded a doozy. In his first week asBank of England governor he had toslash rates and launch an emergencycommercial paper scheme meant tohelp big businesses weather the virus.

The BoE has bought just £1.9bn ofthis short-term debt so far. That is notimpressive, given the scale and speedof UK economic collapse. It wouldbe more if the scheme were betterdesigned. The Covid CorporateFinancing Facility enables businessesto issue bonds with maturities of upto one year and sell them to the BoE.The BoE can also make purchases insecondary markets.

For companies struggling with fallingrevenue and limited access to credit, itshould be popular. Borrowing costs arelow. Companies with the best creditrating pay 20 basis points over thesterling overnight index swap.

Judged against the UK’s £3bnsecondary market for commercialpaper, the BoE’s purchases looksizeable enough. Yet for an unlimitedscheme expected to make up most ofthe UK’s £330bn business bailoutpackage, the running total is low.

This reflects a lack of clarity on whogets the money. The facility is limitedto companies that make a “materialcontribution to the UK economy”. Thatis defined by size, not importance —ventilator or mask makers would notautomatically qualify. The BoE sayseligibility depends on several factors,including if a company is a“significant” employer”.

Such terms are too vague. Alreadyone of the few precise requirementshas unravelled. Initially — and risibly —only investment grade companiescould apply. They are few, and canmostly get commercial funding. Nowcompanies only have to persuade thebank they had been financially sound.

A new plan is being formulatedalready to add midsize businesses. Thiswill only add to the muddle. Misfiringloan schemes contribute to a growingimpression the government hasbungled its response to cornavirus.

UK bailout loans:papering over the cracks

It will take more than a pandemic toshut down the lawyers. As the worldeconomy grinds to a halt after a largelytranquil decade, boomtime excessesand over-reach will slowly be revealed.Late on Wednesday, SoftBank said itwould not complete a $3bn tender offerfor shares in WeCompany, the parent ofUS flexible offices group WeWork.Those tendering included WeWork co-founder, Adam Neumann, BenchmarkCapital and company employees.

The Japanese tech investor citedcontractual conditions that it said hadnot been met. But the suspicion wasSoftBank, after already ploughing$14bn into the co-working space, wasunenthusiastic about dumping moremoney into a concept floundering evenbefore Covid-19 ended co-working.

WeWork, unsurprisingly, said it wasconsidering litigation to enforce what itthought was a done deal. The business,once valued at an absurd $47bn,remains private but its latest valuation,pre virus, has shrunk below $10bn. Itsbonds have now dropped to 35 cents onthe dollar, signalling that the companymay have no equity value whatsoever.

On Wednesday morning, LuckinCoffee, which had been billed as theStarbucks of China, announced it wascommencing an internal investigationinto allegations that an executive hadbeen “fabricating certain transactions”.

Luckin listed its shares in the US lastyear to a great fanfare, eventuallyreaching an equity value of over $12bn.But short-selling analysts raisedquestions about the veracity of its eye-popping growth. It was hard to see howa coffee delivery company could makemoney. In its latest quarter, Luckinreported that year-on-year salesgrowth nearly doubled. Shareholderclass-action lawsuits about securitiesfraud are sure to follow.

It is not surprising that in benignconditions, scrutiny becomes lax.Money flows slickly. Markets are rising,rewarding enterprises that are rosilypromising growth, whether it be inshort-term office rentals or coffeeconsumption in Shanghai.

Entrepreneurial over-reach is alwayswith us. So is the tendency of bankers,lawyers, accountants, PR professionals— and even some business journalists— to go with the flow, permitting or

WeWork/Luckin Coffee:when the tide goes out

hyping up bad business propositions.The difference is that these guardiansof capitalism rarely suffer personalconsequences when it all goes wrong.As the next set of scandals emerge, it istime that changed.

CROSSWORDNo. 16,442 Set by WANDERER

JOTTER PAD

ACROSS 1 Unfashionable London suburb’s

flanked by the main town in Essex (8-2-3)

9 A Johnson, perhaps, that’s advanced through backing bullshit (7)

10 Initially Cupid annoyed Rudolph, in being one uppity reindeer (7)

11 One young chap making comeback after catching last appearance of George Best (5)

12 Without preparation, built amid disorder? (2,7)

13 Group sense I’m able when wanting leaders (8)

15 Foil for food container? (6)18 Change your mind about period

of abstinence (6)19 With German setter on beach

briefly, somewhere in Kent (8)22 Bronzed swimming nudes

include model girl? (9)24 Native American large basket (5)25 Once again insert some green

terminology (2-5)26 New Tinder user primarily, so not

yet experienced (7)27 Ecclesiastical council spelt out

why nobody’s fit (5,2,6)DOWN 1, 18 What might lead to disease

where you might get crabs? (7,6) 2 How 8 20 is rated, commonly

third out of four (9) 3 Accommodation in the middle of

Southport (5) 4 As a rule, even choice of enemy

has friend’s support (8)

5 Working phone available if required (2,4)

6 Four bards surprised what’s for hire in Newquay (9)

7 Article on books: 39 books for Protestant religious leader (5)

8, 20 Film showing body of water in France during broadcast ad break (6,7)

14 Male bowler, for one brief time on an island (9)

16 What shows costs involved in Cecil’s leaderless trip? (5,4)

17 Jacob’s son died, with collar showing one sign of dermatitis (8)

18 See 120 See 821 Made annoying noise when out

in sun, mostly now showing one’s been out in it too long? (6)

23 Things required if hooligans take Ecstasy (5)

24 Round collar (5)

Solution 16,441

Lex on the webFor notes on today’s breakingstories go to www.ft.com/lex

Twitter: @FTLex

When a ship runs aground, everyonescrambles to the top deck. OnWednesday, Carnival Corporationraised more than $6bn, most of it inhigh-yield senior debt. That is meantto tide the cruise holiday group over.

Lockdowns have curtailed holidaybookings and cruise liners now havea grim reputation for becomingquarantine ships.

The centrepiece of the financing isa $4bn offering of five-year seniorsecured bonds priced at just underpar with an annual coupon of11.5 per cent. That juicy impliedreturn attracted enough investors forCarnival to increase the offering froma mooted $3bn.

Carnival’s physical assets — its fleet— are valued on its balance sheet at

nearly $40bn. There should be morethan enough collateral to cover thebonds. And even if, in a year, thesebonds fall a tenth in value, 12 monthsworth of coupons will allow buyers tobreak even on their investment.

Carnival business has ceased to existshort term. It looks questionable longerterm. The lesson? At the right price,even the most troubled groups havelifelines available. Still, Carnival hadadvantages. Because it had been aninvestment-grade company, its existing$12bn pile of loans and bonds did nothave much in the way of covenantspreventing it from adding senior debt.

It had collateral, too. Many othertroubled companies have alreadyplayed those cards. Their chancesof a cash infusion are far lower.

Down in steerage, Carnival got arougher reception. It sold $500mworth of common shares on Tuesdayat an approximate 85 per centdiscount to where the stock tradedin mid-January. On Wednesday,Carnival’s market worth was about$6bn, with $20bn of debt above thatcommon equity.

Carnival also sold $1.75bn ofconvertible bonds at such a modestpremium that its shares hadexceeded the exercise price just twodays ago. Those bondholders areentitled to a remarkable 5.75 per centannual coupon.

With rescue financings floated onsuch needy terms, the mere hint of aturnround will be enough to turnthem into lucrative trades.

FT graphic Source: S&P; company

More debt, less equity$bn

2019 ebitda

2020 ebitda (est)

Shares sold

Convertible bonds

Senior bonds

Market capitalisation

Prior net debt

0 2 4 6 8 10 12

Idle tonnageCarnival’s largest ships (passenger capacity)

PanoramaHorizon

VistaMagic

BreezeDream

SunshineSunrise4 shipsLiberty

2,500 3,000 3,500 4,000

$1.25bn original plan

$3bn original plan

A cross to bear

0200400600800

1,0001,200

0102030405060

Jan 2020 Feb Mar Apr

5-year CDS Share price ($)

Carnival/rescue financing: any port in a stormThe scale of the $6bn rescue refinacing of cruise holiday company Carnival shows big deals can be doneduring a pandemic. But the business, whose shares have crashed even as the cost of default insurance hasrocketed, was forced to cut its equity offering and raise more debt at steep prices.

APRIL 3 2020 Section:FrontBack Time: 2/4/2020 - 19:00 User: andy.puttnam Page Name: 1BACK, Part,Page,Edition: EUR, 18, 1


financial times europe - 03 04 2020

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