Europe edition

WORLD BUSINESS NEWSPAPER SATURDAY 20 MARCH / SUNDAY 21 MARCH 2021

Spring food &

drink special
LIFE & ARTS

The EU’s
vaccine
blunders A new economy for all
Mark Carney
Delays, confusion LIFE & ARTS

and rattled leaders

losing their nerve
THE BIG READ, PAGE 5

The Stripe founders

FT montage; Neil Hall/EPA-EFE/Shutterstock
Ireland’s billionaire brothers

Scramble to produce Covid jabs

PEOPLE IN
THE NEWS

derails supply of other US drugs

3 Pfizer warns of disruptions 3 Pharma groups lack ingredients 3 Shortfall of glass vials
HANNAH KUCHLER — NEW YORK Covid-19 vaccine that Pfizer has co- capacity they need, but one industry affecting almost every type of injectable Myanmar artist Htein Lin has
The unprecedented effort to manufac-
developed with BioNTech of Germany.
In a letter to hospitals sent last month,
executive estimated that the use of
Korean war-era powers had left a third
drug in the US, including chemother-
apy, insulin and other medicines that
Lunch with the FT
ture Covid-19 vaccines is disrupting sup- Pfizer warned of “short-term supply of pharma groups scrambling for ingre- could be found “in crash carts in emer- LIFE & ARTS
plies of other critical medicines in the interruptions” to medicines “due to dients, equipment or space on produc- gency rooms or in [intensive care units]
US, including treatments for infectious increased vaccine production”. It said tion lines. Pfizer said that “a small por- or surgical suites in hospitals”.
diseases and injectable drugs that pre- hospitals should “anticipate some dis- tion” of its portfolio had been “tempo- Catalent, a contract manufacturer
vent blindness. ruptions” in the second half of the year. rarily impacted” by its prioritisation of Pfizer said that working for the vaccine makers Mod-
Pfizer has told US hospitals to expect The company said that it aimed to vaccine manufacturing. it aimed to erna and Johnson & Johnson, is also pri-
interruptions to supplies of four of its deliver “approximately 2bn doses” of its Other groups involved in medicine deliver about oritising large orders of jabs over other
products — an antibiotic, a steroid and vaccine globally by the end of 2021. production and distribution are also 2m doses of its treatments, meaning thousands of
two types of testosterone — according to The drugmaker’s warning comes as struggling. Schott, one of the world’s vaccine by the patients have had to do without
a letter seen by the Financial Times. the US tries to boost vaccine supplies in largest glassmakers, warned that there end of the year Tepezza, a treatment for thyroid eye
The drugs are “biologic” medicines, order to fully reopen its economy. Presi- was a wait of 12- 18 months for new disease made by Horizon Therapeutics,
administered by injection or infusion. dent Joe Biden has invoked the Defense orders of glass vials. Christopher Cas- since December.
They require some of the same ingredi- Production Act to ensure that vaccine sidy, vice-president at Schott North News & analysis page 2
ents and manufacturing capacity as the makers get the drugs and production America, warned that the shortage was FT View page 6

US and China cross swords at ‘reset’

meeting with top officials in Alaska
DEMETRI SEVASTOPULO — WASHINGTON which might makes right and winners said that US allies had expressed “deep
TOM MITCHELL — SINGAPORE take all,” he added. “That would be a far satisfaction that the US is back” and
more violent and unstable world.” “deep concern” about China’s actions.
Top foreign policy officials from the US Yang fired back by accusing the US of Zhao Lijian, a spokesperson for
and China broke diplomatic traditions having a “cold war mentality”, and said China’s foreign ministry, later said.
Broadway theatres need by trading barbs at the start of a high- that Washington had used its military “When Chinese delegates arrived in
stakes meeting in Alaska, in an unusu-
magic in the air for revival ally public sign of the widening rift
and financial clout to “suppress” other Anchorage, not only did they feel the
nations and to “incite some countries to cold weather of Alaska, but also the
Star flickers i PAGE 3 between Washington and Beijing. attack China”. Many Americans no [cold] way the US treated their guests.”
Addressing Yang Jiechi at the start of the longer had confidence in their democ- A US official accused Yang of violating
first high-level Sino-American meeting racy due to the treatment of minorities a protocol agreement that limited each
Austria €5.00 Morocco Dh55 since Joe Biden took office, Antony and incidents of racism, he added. speaker to two minutes, saying he was
Bahrain Din2.20 Netherlands €5.00
Belgium €5.00 N Macedonia Den240 Blinken, US secretary of state, accused “We do not believe in invading, “grandstanding, focused on public the-
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr49
OR2.20
China of undermining global stability through the use of force or to topple atrics and dramatics over substance”.
Cyprus €4.50 Pakistan Rupee450 with its approach to Hong Kong, Xin- other regimes . . . or to massacre the Yang and Wang Yi, China’s foreign
Czech Rep Kc140 Poland Zl 25
Denmark DKr50 Portugal €4.50 jiang and its stance on Taiwan. people of other countries,” Yang said in minister, came to Alaska for the talks
Egypt
Finland
E£72
€5.90
Qatar
Romania
QR20
Ron19
“Each of these actions threaten the comments that lasted more than 15 with Blinken and Jake Sullivan, the US
France €5.00 Russia €5.00 rules-based order that maintains global minutes. Media were set to leave the national security adviser, in hopes of a
Germany €5.00 Serbia RSD520
Gibraltar £4.00 Slovak Rep €4.50 stability,” Blinken said in his opening room after both sides gave short open- reset. But the heated exchange suggests
Greece
Hungary
€4.50
Ft1590
Slovenia
South Africa
€4.50
R130
remarks, sitting across the table from ing remarks but after Yang’s tirade, relations could deteriorate further.
India Rup260 Spain €4.50 his Chinese counterpart. “The alterna- Blinken asked reporters to stay so that Additional reporting by Xinning Liu in Beijing
Italy €4.50 Sweden SKr55
Lithuania €5.00 Switzerland SFr7.50 tive to a rules-based order is a world in they could hear his reply, in which he Richard McGregor page 7
Luxembourg €5.00 Tunisia Din9.00
Malta €4.50 Turkey TL25
UAE Dh25.00
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2 ★ FTWeekend 20 March/21 March 2021

INTERNATIONAL

Inoculation

WORLD|
Oxford jab still on hold in Scandinavia
WEEK IN REVIEW| France rules out use for and older because there was a “potential to the hospital admission of five of its
under-55s as programme
additional risk” of such clots for Breach probe Norwegian police have launched an citizens after taking the AstraZeneca jab
younger adults, and it wanted more Norway’s PM investigation into the country’s to be included as a possible side-effect of

US denies linking Mexico shots

restarts across Europe time to evaluate additional data. French
admits prime minister after she admitted the vaccine, the Norwegian Medicines
prime minister Jean Castex, 55, received breaking coronavirus rules by Agency told the Financial Times.
shipment to demand on migrants RICHARD MILNE — OSLO the AstraZeneca jab yesterday, as did his breaking hosting a birthday dinner for 14 Oslo University Hospital, where three
DONATO PAOLO MANCINI — ROME UK counterpart, Boris Johnson, 56. lockdown people in a ski resort last month. health workers were taken to hospital
The various recommendations risk rules Erna Solberg, the centre-right with such symptoms and where one
The White House denied that the release of 2.5m vac- Norway, Denmark and Sweden contin- further complicating the sluggish vacci- prime minister since 2013, died on Sunday, found the AstraZeneca
cines to Mexico was tied to a demand for Andrés ued to pause using the Oxford/Astra- nation in Europe, which has been held confirmed she and her family vaccine had caused an unexpectedly
Manuel López Obrador’s government to act to stop Zeneca Covid-19 vaccine, while France back by scant supplies, logistical chal- breached lockdown regulations strong immune response and that there
an influx of migrants at the US’s southern border. recommended it not be used on people lenges and public scepticism. while celebrating her 60th birthday was no other likely explanation for the
It came as Mexico restricted travel on its border under 55, as other European nations They come as Ireland yesterday at a ski resort in February. blood clots, haematologist Pal André
with Guatemala. Thousands of children and teenag- slowly resumed the rollout of the jab became the latest EU country to Oyvind Aas, local head of police, Holme said on Thursday. Steinar Mad-
ers are being held in detention facilities and shelters. amid questions over its side-effects. announce the resumption of the rollout told the Financial Times yesterday: sen, medical director at the Norwegian
Along with a shipment of 1.5m doses to Canada, it The countries said they wanted to fur- of the AstraZeneca jab after Germany, “There are the same laws for Medicines Agency, told the FT Norway
is the first time the US has accepted requests to send ther analyse the vaccine’s possible role France, Italy and Spain. Ronan Glynn, everyone in Norway.” He added was keeping “all options open”.
unused vaccines across its borders. Jen Psaki, White in several unusual deaths involving Ireland’s deputy chief medical officer, that police were trying to conclude Authorities in Denmark said they
House press secretary, said: “There have been expec- blood clots, despite an assessment from said he had decided to “recommence” their investigation as quickly as would assess the EMA’s decision in the
tations set, unrelated to any vaccine doses or the European Medicines Agency on use of the vaccine on the advice of Ire- possible because of the attention coming days, while Swedish authorities
requests for them, that [Mexico] would be partners Thursday that the AstraZeneca vaccine land’s National Immunisation Advisory the case has received. promised a decision next week.
in dealing with the crisis on the border.” was “effective and safe”. Committee and the EMA. The news will be particularly AstraZeneca declined to comment.
The Norwegian Institute of Public Ireland has administered 117,000 embarrassing for Solberg in an Ann Taylor, its chief medical officer, on
Health said it would take a decision on AstraZeneca doses. “I would urge any- election year. Her centre-right Thursday welcomed the EMA’s assess-
whether to restart the vaccine next one now who is offered the vaccine to bloc is lagging in the polls after an ment and said the company trusted
Scientists announce creation of week as it needed a “fuller picture of the take it, we know that it’s an extremely unprecedented seven years in “vaccinations [could] once again
human embryo reproductions situation”. Haute Autorité de Santé, a effective vaccine,” Glynn said. power for a conservative leader in resume across Europe”. The EMA did
panel of experts advising the French Norway wants the unusual combina- Norway. not respond to a request for comment.
government, said yesterday the jab tion of severe blood clots, bleeding and Richard Milne, Oslo Additional reporting by Laura Noonan in
Scientists made a breakthrough by growing living should be given only to people aged 55 low level of blood platelets that has led Dublin
reproductions of human embryos in the lab. The
research is intended to help understand the cause of
miscarriages and birth defects.
Monash University in Australia and the University Developing countries
of Texas in the US said their creations, called blast-

Europe’s vaccine hesitancy endangers wider rollout

oids, were not perfect replicas of real embryos and
were not suitable for implantation into a womb.
Blastoids are cellular assemblies resembling blast-
ocysts, the stage of embryonic development five to
10 days after an egg has been fertilised.
There is an internationally accepted 14-day limit DAVID PILLING — LONDON
ANDRES SCHIPANI — ADDIS ABABA
on growing human embryos for research. Scientists
working on living models such as blastoids have The pause in the Oxford/AstraZeneca
observed the same limit. vaccine rollout in Europe this week
threatens to undermine immunisation
campaigns in developing countries that
Tanzania president dies from rely almost exclusively on the jab, say
‘heart illness’ after virus denials health experts and policymakers.
Calling the decision by a number of
European governments to halt its use
“irresponsible”, Dr Ayoade Alakija, co-
chair of the Africa Vaccine Delivery Alli-
ance, said many poorer countries did
not have the luxury of choice but were
relying on the relatively cheap and easy-
to-store AstraZeneca jab.
“They hit on the one thing that could
derail the entire global vaccination cam-
paign for low and middle-income coun-
tries,” said Alakija, adding that the
resulting vaccine hesitancy in Africa
and other developing regions could
A mysterious two-week illness has claimed the life of compound what was already a highly
Tanzanian president John Magufuli. Having denied unequal distribution.
that Covid-19 was a risk, he disappeared from public “It is not as though we can shop
view. Vice-president Samia Suluhu Hassa announced around. The linchpin of our campaign is
on television Magufuli had died from “heart illness”. AstraZeneca. But vaccine confidence is
She will now serve out the rest of his term as president. destroyed and conspiracy theories are
running amok,” she added. Perception expensive, require an ultra-cold supply “If we don’t make a concerted and well. I don’t need more proof than that.”
Cameroon and the Democratic issues: a medical chain, or have not yet been cleared for rapid effort to engage and explain and Alakija said the danger was that some
Republic of Congo have suspended the worker in use by the WHO, a Covax requirement. build confidence, we’re going to lose sig- countries risked being mostly unvacci-
UAE loosens ties with Israel after AstraZeneca vaccine rollout after the Sudan’s capital Africa Centres for Disease Control and nificant parts of the public that really nated after others were back to normal.
spat over plans for Netanyahu visit decision by Germany, Italy, Spain and Khartoum Prevention, the African Union’s public need this vaccine,” Larson added. “What are you going to do? Put us all on
others to halt use of the jab over con- receives a dose health agency, this week held an emer- The AstraZeneca vaccine has already the ‘red list’ and shut off trade, travel
cerns of links to blood clots. Indonesia of the Oxford/ gency meeting to discuss potential risks received a setback in Africa after a small and interactions between us and the rest
The United Arab Emirates reduced contact with and Thailand also paused its use. AstraZeneca of the AstraZeneca vaccine. It is study found it was ineffective in pre- of the world because we are not taking a
Israel in protest at Benjamin Netanyahu’s attempts But on Thursday, Italy and France vaccine — Ebrahim expected to recommend its continued venting mild and moderate disease vaccine that first you rationed, and then
to involve Abu Dhabi in his campaign to win next became the first EU countries to commit Hamid/AFP/Getty
use, according to someone at the meet- caused by the 501.V2 variant that you told us wasn’t safe?” she said.
week’s election. to resuming the rollout of the Astra- ing. Authorities in Kenya and Ethiopia emerged in South Africa, which sus- A person close to the Serum Institute
Since last August’s so-called Abraham accords, the Zeneca jab after the European Medi- said they would continue the rollout. pended rollout of the jab in February. of India, a drugmaker which is supply-
UAE has embraced bringing ties with Israel into the cines Agency, the EU drugs regulator, “The WHO has said that, as far as now At an art gallery in Addis Ababa on ing most AstraZeneca doses to the
open. But the Emiratis were piqued when plans for said it was “safe and effective”. The EMA is concerned, the benefits of getting the Wednesday, two sisters had differing developing world, said they were “not
the first visit by an Israeli leader to the UAE were reiterated its view that the benefits of vaccine far outweigh the risks,” said views of the AstraZeneca vaccine, the bothered” by European politics. The
leaked. It had been sold to them as a discreet discus- the vaccine outweigh any possible risks. Patrick Amoth, director-general for only one available in the east African vaccine was safe and effective, they said.
sion. The trip was cancelled at the last minute. A spat African countries, which began to health in Kenya’s health ministry. nation of 110m people. “The chances of A 15-country study for Africa CDC
with Jordan about flyover rights for Netanyahu’s receive a trickle of vaccines last month, Heidi Larson, director of the Vaccine getting blood clots are minimum,” said found trust in vaccines highest in Ethiopia
plane, his team’s insistence on upgrading the trip to are relying heavily on the AstraZeneca Confidence Project at the London 48-year-old Selamawit Alene. “If I get and Niger and lowest in DRC and Senegal.
something close to a state visit and bringing his wife jab, which has become the mainstay of School of Hygiene & Tropical Medicine, the chance to be safe, I’ll take it.” Additional reporting by Stephanie Findlay
along all irritated the Emiratis. Covax, the World Health Organization- said it was hard to reverse negative pub- Her sister, Saba, a year older, disa- in New Delhi
backed facility to distribute vaccines to lic sentiment towards a vaccine once its greed. “If many Europeans are refusing See FT Big Read
poorer countries. Alternatives are more safety had been questioned. to take that vaccine, I would refuse as See FT View

MAKE A SMART INVESTMENT Digital desert App exposes Germany’s ‘pen-and-paper economy’
Subscribe to the FT today at FT.com/subscription
ERIKA SOLOMON — BERLIN linked to the country’s deteriorating ers are investigating, allowing them to after Luca’s most famous co-founder,
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
management of the pandemic. isolate even as they await an official call. the German rap artist Smudo, made
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
Dear Don...
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Enikö Ban, public health officer in the Hailed last year as one of the world’s “We want Luca to be the positive tool rounds of television shows to promote
HMRC warns Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80
Briefing
SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
German city of Jena, has a long list of best coronavirus crisis managers, Ger- that helps in getting rid of the virus or at the app. Since then, even Chancellor
customs risks THE END
i US bargain-hunters fuel Europe M&A

contact-tracing horror stories. Once, many has floundered during the second least living with the virus,” said Patrick Angela Merkel has pointed to Luca as a
Europe has become the big target for cross-border
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped i Report outlines longer NHS waiting times

A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
AMERICAN WAY OF LIFE

she resorted to advertisements in the wave of the pandemic, which the Robert Hennig, one of the company’s founders. useful tool for handling the pandemic.
non-urgent operations and for A&E treatment while

by Brexit surge
some surgical procedures will be scrapped.— PAGE 4 Censors and sensitivity
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

Credit Suisse
3 Confidence in IT plans ‘has collapsed’ Art of persuasion Mystery deepens

local newspaper, begging visitors of a Koch Institute, the country’s main Jena officials will test that theory. Now Rivals are both frustrated and grate-
i London tower plans break records
3 Fivefold rise in declarations expected
A survey has revealed that a
record 455 tall buildings are
planned or under construction over disputed painting of Jane Austen How To Spend It

engulfed in
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the in London. Work began on
EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions

fresh tax probe

restaurant to contact her office. She also health agency, said was swelling into a armed with Luca’s speedy contact trac- ful at the interest Smudo generated. “He
surge in workload expectedonce Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile
leaves the EU, customs authorities have
admitted toMPs.
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the Chic new lodgings

sent police hunting for names of people third. Infection rates are rising while the ing, the city hopes to experiment with brought awareness to the problem . . . I
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20 March/21 March 2021 ★ FTWeekend 3

INTERNATIONAL

Broadway’s star
flickers as cast of
thousands sets
stage for return
New York’s theatreland contends with
painful logistics of a year-long closure
JOSHUA CHAFFIN — NEW YORK year, the stoppage in New York’s
theatreland has stood out for being a
It took years and millions of dollars to total freeze.
bring the musical Six to Broadway. It There is a shared faith that the show
took one order from the New York gov- will eventually go on, hastened by an
ernor to shut it down on opening night. accelerating US vaccination campaign
It was March 12 2020 and New York- and the pent-up demand of theatre-
ers were just awakening to the realisa- lovers. But there are profound questions Show business: the age of 12, said the closure of the about $2m a year to help struggling art- ‘I don’t We can’t just flip our lights on and start
tion the coronavirus pandemic had about just how it will happen, and the neon lights shows was “like missing the punchline ists. This year, it has given $20m while serving customers,” said producer Ken
overrun their city. It fell to Kevin McCol- whether the past year has inflicted last- are dim but of the city”. helping many to find other jobs. know that Davenport.
lum, the show’s producer, to deliver the ing damage. there is talk of Among the artists is Brian Stokes Before the pandemic, Broadway was people are There has been feverish speculation
news to his cast: Broadway was closing. “They’re all talking about reopening shows reopening Mitchell, a Broadway star who was, him- enjoying another banner year. Reve- about when shows might restart. Most
“That was profoundly emotional for in the fall, I just don’t know how,” one in autumn. self, stricken by Covid in April. After nues for the 2018-19 season topped going to be of the talk focuses on the autumn, which
all of us,” said McCollum, who recalled producer said. “I don’t know that people Below: Brian recovering, he took to serenading $1.8bn on record attendance of 14.7m ready to go would allow shows to capture the vital
opening the stage door that afternoon to are going to be ready to go diving into a Stokes Mitchell healthcare workers from his apartment theatregoers. Almost a fifth of those holiday season. Some see smaller pro-
find piles of flowers and gifts left to hon- room of 1,500 people, sitting shoulder to sings from his window each evening with his Tony were international tourists. diving into ductions that require less money going
our the cast and crew for making it to shoulder.” balcony award-winning baritone. If nothing else, the shutdown has a room of first while others believe it will be jug-
Broadway. “Even in the best of times it’s There is also the question of whether Justin Lane/EPA-EFE
“It’s been a time of great panic,” said revealed an appreciation among elected gernauts, such as the musical Hamilton,
a very handmade business which makes investors will be willing to put up the Stokes Mitchell, who is also president of officials that Broadway is not just a cul- 1,500 that can guarantee an audience even
it wonderful and beautiful and messy millions of dollars needed to finance a the Actors Fund charity. “A lot of people tural ornament for the city but a vital people’ without foreign tourists.
and so special.” production — a gamble in the best of have lost their homes, have moved back economic engine. It accounts for 97,000 One of the first new shows to receive a
Broadway has withstood plenty over times — while worrying about new to their [parents’] homes. Some people local jobs, according to the Broadway Producer commitment from a theatre during the
the years. Its theatres played during the Covid variants or vaccination missteps. have given up the business.” League, from costume makers to union shutdown is Thoughts of a Colored Man,
1918 Spanish influenza pandemic and McCollum foresees Broadway under- His organisation typically doles out hands who load equipment, as well as by black playwright Keenan Scott II. No
through the world wars. They have going an extended recovery from the the surrounding restaurants and hotels. ‘A lot of date has yet been confirmed. It is, many
endured hurricanes, blizzards, the Aids pandemic, not a rapid cure. “We’re “If Broadway is not running, those jobs hope, a sign that a more inclusive Broad-
crisis and labour strife. After the Sep- going to come back but it’s not in a year, don’t exist,” said Charlotte St Martin, people have way will emerge.
tember 11 2001 terror attacks, Broad- it’s not in a year-and-a-half,” he said. the league’s president. lost their But questions loom over health and
way closed on a Tuesday and reopened “It’s truly a rehabilitation.” The Biden stimulus package is set to safety and the willingness of audiences
on Thursday. In the meantime, there is a sense of give Broadway and hundreds of regional homes . . . to return. Broadway executives talk
In an era of on-demand video, it had loss and disorientation. One theatre theatres roughly $1.5bn of support. The Some have about having theatregoers stagger their
managed to persuade people to pay for owner is battling insurers for payment it hope is that those funds will allow them arrivals, pre-order intermission cock-
expensive tickets, make the effort to says it is due for business interruption. to make it to the other side of the pan- given up the tails and other tweaks to limit conges-
arrive at a certain time and place, and Dancers have struggled to keep limber demic. It is a journey that no one business’ tion. By and large, though, they do not
then surrender to a shared experience. and actors have made do with perform- expects to be straightforward. believe social distancing is viable for
But in March last year, Broadway ing monologues for friends over Zoom. Shows may have to be recast because Brian Stokes more than a short period. “If you’re run-
halted in a way it never has before. David Rockwell, an architect and the- talent has left. Marketing campaigns to Mitchell, head ning at 50 per cent capacity on Broad-
While flickering lockdowns have atre designer who recalls his first Broad- create the buzz to fill seats will need of Actors Fund way, you’re closed,” said Davenport.
become the global norm over the past way visit to watch Fiddler on the Roof at to be fired up. “We’re not a restaurant. charity “The economics just don’t support it.”

Hate crime. Racial injustice

Asian Americans fear backlash

American studies at San Francisco State powerful chief executives came forward
Atlanta murders shine light on University, told MSNBC news channel on Wednesday to denounce rising vio-
escalating violence against that Trump’s language had “racialised lence against Asian Americans.
the virus . . . with deadly consequences”. Discrimination against Asians in
community during pandemic Jeung helped found the Stop AAPI America was legislated as far back as the
Hate project in March last year as a way Chinese Exclusion Act of 1882, which
JOSHUA CHAFFIN to catalogue the rise in hate crimes and prohibited immigration by Chinese
xenophobia experienced by Asian workers. Yet many Asian Americans
There was the time an Asian-American Americans and Pacific Islanders. complain they are overlooked in the dis-
man was dining at an outdoor restaurant Among the more than 3,800 incidents it cussion of America’s racial injustices.
in Mountainside, California, and a white has documented since then, women and “In the popular imagination, Asian
woman approached, spat on him and the elderly were more than twice as Americans inhabit a vague purgatorial
told him to “go back where you came likely to be victimised as men. status: not white enough, nor black
from”. And there was the coffee shop in The Center for the Study of Hate and enough; distrusted by African Ameri-
Naples, Florida, where patrons cleared Extremism at California State Univer- cans, ignored by whites, unless we’re
out after an Asian customer sat down. being used by whites to keep the black
Now, to add to the catalogue of more man down,” writes poet Cathy Park
than 3,800 hateful, and sometimes vio- Taking a stand: Hong in her recent book, Minor Feelings.
an Asian-American
lent, acts committed against Asians in student at a rally in Asian Americans are often regarded
America in the past year, there is the Washington this as a “model minority” for the economic
murder of eight people, including six week to protest at success achieved by some of their mem-
Asian women, at spas and massage par- the Atlanta killings bers. It is a label that Hong and others
lours in Georgia on Tuesday night. argue is deployed as a means to play
Police said the white suspect, Robert sity in San Bernardino found that hate down their suffering. It certainly does
Aaron Long, 21, told them his crimes crimes reported to police in 16 major US not fit the circumstances of the women
were sexually, not racially, motivated. cities fell by 7 per cent last year. Yet murdered in Georgia, four of whom
Two non-Asian women also died. those against Asian Americans were of Korean descent. Massage par-
While his claims bear further investi- increased by 149 per cent. lours often rely on undocumented
gation, they offer little comfort to an Some cases have been captured on labourers with few rights or protections.
Asian-American community that has video. One in January showed an 84- Elizabeth OuYang, a law professor at
suffered a surge of hate attacks. It is a year-old Asian man being attacked in New York University, saw similarities
side-effect, many believe, of former broad daylight in San Francisco by a 19- between the post-pandemic plight of
president Donald Trump’s anti-immi- year-old man. He later died. Asian Americans and the abuse suffered
grant demagogy as well as his attempt to Addressing the nation last week, a by Muslim Americans after the Septem-
portray the coronavirus pandemic as a year into the pandemic, President Joe ber 11 terror attacks.
Chinese affliction visited upon the west. Biden acknowledged the attacks. “It’s “Whenever there are US tensions with
As the pandemic spread from Wuhan, wrong. It’s un-American. And it must an Asian country, Asian Americans
China, to Europe and then the US, Trump stop,” he declared. He and Kamala Har- often experience a backlash, whether it
repeatedly referred to it as the “Wuhan ris, the vice-president, met Asian- be the Vietnam war or the Korean war.
virus”, “China plague” and “kung flu”. American leaders in Atlanta yesterday. “It’s going to get worse before it gets
Russell Jeung, a professor of Asian- A host of America’s politicians and better,” she said.

Schools

US amends social-distance rules for pupils

KIRAN STACEY — WASHINGTON to have the majority of schools open by updated recommendations provide the
the end of his first 100 days in office fol- evidence-based road map to help
The Biden administration is dropping
lowing a turbulent year in which class- schools reopen safely, and remain open,
its guideline that children should stay
rooms across much of the country have for in-person instruction.”
6ft apart from each other in class, rec-
remained fully closed throughout the Children will be able to come within
ommending instead they can come
pandemic. But that promise has proved 3ft of each other in classrooms as long as
within 3ft, in a move designed to help
difficult to fulfil, with teachers’ unions they wear masks. The only exception is
schools reopen at fuller capacity.
calling for better vaccine coverage and for middle and high-school children in
The US Centers for Disease Control and building improvements before their communities where transmission is
Prevention said yesterday it was updat- members return to in-person work. high and the school is unable to keep
ing its guidance for schools to allow chil- Rochelle Walensky, the CDC director, classes from mixing. In that circum-
dren to sit closer together after com- said: “Safe, in-person instruction gives stance, the CDC said, pupils should con-
plaints from schools and teachers that our kids access to critical social and tinue to maintain a 6ft distance from
they would not have space to fully reopen mental health services that prepare each other in class.
under the previous recommendations. them for the future, in addition to the Teachers are also recommended to
Joe Biden, the US president, promised education they need to succeed. These maintain a 6ft distance.
4 ★ FTWeekend 20 March/21 March 2021

INTERNATIONAL

Rebound

Russia raises rates for first time in two years

Central bank governor per cent and opened the door for The central bank expects inflation to neutral policy stance, thus justifying key foodstuffs late last year after prices Many Russian sectors have already
further rises in the coming months. peak this month after hitting 5.8 per expectations that more rate hikes will rapidly shot up, compounding a lengthy recovered or exceeded pre-crisis levels,
acts as inflation increases Central bank governor Elvira cent — its highest level in more than four ensue in the months to come.” downturn in living standards that the while the hardest-hit sector, services,
faster than forecast Nabiullina said Russia was returning to years — earlier this week. Russia’s con- pandemic exacerbated. has seen “a significant improvement in
a “neutral” rate of 5 to 6 per cent, but sumer price index is now forecast by the The central bank expects gross business activity”, Nabiullina added, as
warned “uncertainties” could stop the central bank to return to its 4 per cent
‘The economy is growing domestic product to grow between 3 restaurants, bars, and hotels all do a
MAX SEDDON — MOSCOW
target being reached this year. target by mid-2022, rather than the end faster than we expected, and 4 per cent this year after falling 3.1 brisk trade in the absence of a lock-
Russia’s central bank unexpectedly The rouble climbed slightly against of this year. per cent in 2020. down.
lifted interest rates yesterday for the the dollar after the decision, with yields “The decision was justified by point-
and this growth is “The economy is growing faster than Russia is prepared to react if the US
first time in more than two years, citing on 10-year government bonds hitting ing to still robust inflation pressures and becoming more stable’ we expected, and this growth is becom- toughens sanctions on its state debt in
risks from rising inflation and geopoliti- their highest level in a year. elevated inflation expectations against ing more stable. the coming weeks, the central bank gov-
cal threats. Russia’s relatively quick economic the background of green shoots of eco- Brazil and Turkey, two big emerging “This is happening thanks to the ernor said.
The move — predicted by only three rebound after declining to impose a sec- nomic recovery,” Ivan Tchakarov, chief markets, made similar decisions recovery of both internal and external “There might be some short-term
of 41 analysts surveyed by Bloomberg — ond coronavirus lockdown last autumn Russia and CIS economist at Citibank, this week, increasing their main rates demand” for consumer goods as well as liquidity fluctuations, but our level of
brought the country’s main lending rate meant inflation was rising more than said in a note. “This would indeed be as they seek to tamp down inflation. exports of metals, chemicals, and food, state debt is very small by international
from a record low of 4.25 per cent to 4.5 expected, Nabiullina said. consistent with a speedier return to a Russia placed price caps on several Nabiullina said. standards,” she said.

Stimulus
Huawei fallout Jim Nickel, deputy head of mission of
the Canadian embassy in Beijing, in
Bank of Japan
Canadians on
Dandong yesterday — Noel Celis/AFP

outlines more
trial in China ‘sustainable’
China has begun the trials of two
monetary
Canadians who have been held for
more than two years in retaliation for
the detention of Huawei executive
policy plans
Meng Wanzhou.
Michael Spavor, a businessman ROBIN HARDING — TOKYO
who organised cultural exchanges in
The Bank of Japan has scrapped its
North Korea, appeared in court in
pledge to buy equities worth an average
Dandong yesterday over espionage
of ¥6tn a year as the central bank edged
charges. Michael Kovrig, a former
away from aggressive monetary stimu-
Canadian diplomat who worked for
lus and towards a more “sustainable”
the International Crisis Group, a non-
policy.
government organisation, also
accused of espionage, is set to stand
trial on Monday. Publishing the results of a long-awaited
China has made no secret that it is review yesterday, the BoJ said it would
holding the two men in retaliation for allow more fluctuation in 10-year bond
the arrest of Meng, Huawei’s chief yields and launched a scheme to subsi-
financial officer and daughter of Ren dise bank profits so they did not suffer
Zhengfei, the technology group’s from negative interest rates.
chief executive. Meng was held in Although the changes are largely cos-
Vancouver in 2018 after the US metic, they suggest Japan’s central bank
requested her extradition for has lost faith in the massive monetary
allegedly violating US sanctions stimulus it launched eight years ago and
against Iran. Meng has denied the is now focused on mitigating its side-
allegations. Christian Shepherd effects rather than pushing to reach a
2 per cent inflation target.
The BoJ will continue to buy equities
up to a maximum of ¥12tn ($110bn) a
year. But under the new policy, the cen-
Pandemic. Civil liberties tral bank will intervene when the mar-
ket falls, rather than steadily increasing

Expats face reality of Hong Kong quarantine boredom

its holdings, as a way to spur investment
and stimulate economic activity.
“It is important to strike an appropri-
ate balance between maintaining mar-
ket functioning and controlling interest
a good set-up for babies,” said Davies- cial services, which account for about 20 community has not always received a “If you took away the stress of worry- rates by allowing interest rates to fluctu-
Outbreak nets families that Worley’s husband, Nick, an executive at per cent of the city’s gross domestic sympathetic hearing. More than 42,000 ing about the children, it is a good sys- ate to a certain degree,” the BoJ said.
had been largely unaffected by consulting group Bain, from a quaran- product, according to government data. people have been sent to quarantine tem,” said an investment banker who is “The effects of [equity] purchases
tine camp near Hong Kong’s Disneyland. The international chambers of com- centres since the start of the pandemic. in hospital and whose wife and two chil- tend to be greater the higher the insta-
strict containment measures “Our son keeps hitting the door saying merce and global banks have used that “Expats tested positive not wanting to dren are in a quarantine centre. bility in financial markets,” it said. “This
‘out, out’,” his wife added. clout to raise concerns about the quar- follow rules set by the HK gov can just He, too, requested anonymity. “Hong suggests that large-scale purchases dur-
About 860 people were quarantined antine measures and their potential move back to the countries they came Kong deals with it brutally but effec- ing times of heightened market instabil-
TABBY KINDER, PRIMROSE RIORDAN AND
NICOLLE LIU — HONG KONG last week following an outbreak at Ursus impact on businesses in the city. from,” wrote one individual on Twitter. tively.” ity are effective.”
Fitness, a gym popular with expats. It “It’s getting harder to convince our top “Basically expats [immigrants] in HK Worries voiced by parents to the The central bank kept overnight
An unknown number flashed up on the has grown into the second-largest clus- talent to be here if their spouse is freak- want special treatment because they’re Financial Times included no access to interest rates on hold at -0.1 per cent. It
phone of Kylie Davies-Worley, a retail ter of cases in Hong Kong since the start ing out about getting a call in the night in banking, let them leave and see how fridges, cots or fresh food, and children will continue to peg 10-year bond yields
consultant who has lived in Hong Kong of the pandemic, spreading through the saying ‘pack your bags’,” said an execu- their fam survive in UK lockdown or US as young as 11 months locked inside. at “around zero” but they will be
for almost 20 years, at 8.30am on Satur- city’s expat and financial community. tive at a US investment bank who did crazy outbreak,” wrote another. After days of public pressure, health allowed to fluctuate by plus or minus
day morning. At playgroups and international not want to be named. “It’s Orwellian.” Hong Kong’s measures for controlling authorities said this week that parents 0.25 per cent, instead of the previous 0.2
Her 18-month-old son had been schools, dozens of children were taken Frustration expressed by the expat the pandemic are among the strictest in and children were allowed to stay in the per cent.
exposed to coronavirus at a playgroup, to quarantine, while thousands of resi- the world. Anyone entering Hong Kong same hospital room, “subject to the The BoJ’s policy board voted for the
the caller said. A bus would arrive in the dents of mostly expat buildings were must quarantine in a hotel for 21 days. agreement of [health authorities] and decision by a majority of 8-1. Board
next 24 hours to take them to a govern- ordered out of their homes by authori- Anyone who has been in close contact the availability of isolation capacities”. member Goushi Kataoka dissented, and
ment quarantine camp where they ties late at night for mass testing. with a positive case of Covid-19 is A WhatsApp group has been set up by was in favour of more stimulus.
would be detained for 14 nights. Banks and other businesses that required to stay in a government centre families and friends of those in quaran- To persuade markets that it still has
Their experience was mirrored by employ large numbers of expats have for two weeks. tine camps. Volunteers have offered to the means to respond to an economic
hundreds of families across Hong Kong closed offices. Everyone who tests positive is put in take mini-fridges and Wi-Fi dongles to downturn, the BoJ tried to make the
last week, sparking a debate among The government last week reversed a hospital isolation wards. This has cre- the camps and walk dogs left behind at option of future interest rate cuts more
expats over the trade-off between civil decision to quarantine a class of eight- ated a problem for families because a home. credible by launching a scheme to pay
liberties and controlling Covid-19. and nine-year olds at Kellett, a top British parent or child who tests negative may be Many expats are generally supportive banks bonus interest on their reserve
For many, it marked the first time international school with annual fees of separated from their family. of the policies. One described quarantine balances.
they had been confronted with the real- £20,000, after pressure from parents. The measures have prevented the as: “It’s clean, it’s safe, it’s boring as hell.” For example, if it cut interest rates to
ity of the battle against coronavirus in But the decision led to an outcry by some need for any territory-wide lockdown or David Hui, the government’s adviser minus 0.2 per cent, the BoJ might give
Hong Kong, where cases have been far pro-Beijing media outlets in the city that mass closure of businesses during the on coronavirus containment proce- banks a rebate equivalent to positive
lower than in their home countries. claimed wealthy foreign residents may pandemic. The city of 7.5m people has dures, told the FT: “You can’t really con- 0.2 per cent interest on part of the bal-
“We get that it is necessary, but the be given preferential treatment. The quarantine facilities have been had fewer than 11,500 cases and only sider too much about humanity when it ances they hold at the central bank.
three of us locked in this tiny room is not Many Hong Kong expats work in finan- described as clean, safe and boring 203 deaths since January last year. comes to fighting the epidemic.” “Market participants who are not
expecting short and long-term interest
rate cuts as an option for additional eas-
ing tend to point to the impact on the
Contracts & Tenders
European Court of Justice functioning of financial intermedia-
tion,” said the BoJ. It said the new

Brussels sues Britain over Gibraltar tax breaks scheme would let it offset that impact
and cut rates “nimbly”.
The review marks the latest iteration
of the massive stimulus programme
JIM BRUNSDEN — BRUSSELS state aid, which took the form of a “cor- disputes related to the correct applica- launched in April 2013 after then prime
DANIEL DOMBEY — MADRID
porate tax exemption for passive inter- tion of EU rules. minister Shinzo Abe appointed
Brussels is suing the UK at the Euro- est and royalties” gave an “unfair The commission can bring cases Haruhiko Kuroda as governor of the
pean Court of Justice over tax breaks in advantage” to some multinational com- before the ECJ for another four years, so central bank.
Gibraltar, in a sign of the EU’s determi- panies. long as the complaints concern alleged Initially, the BoJ pledged to buy ¥50tn
nation to persist with pursuing dis- The UK government said: “The UK British breaches of EU law, or failures to of government bonds every year, a fig-
putes dating back to Britain’s member- and the government of Gibraltar are comply with Brussels’ “administrative” ure it increased to ¥80tn the following
ship of the bloc. working closely together and with the decisions on issues such as state-aid dis- year.
commission on the case. The govern- putes that occurred before the Brexit In 2016, it switched from purchasing a
The European Commission announced ment of Gibraltar has already recovered transition ended. set amount of bonds and instead prom-
yesterday that Britain had failed to fully some of the aid, and continues to work Separately to the wrangle over tax in ised to buy as much as needed to keep
recover €100m of illegal state aid relat- to recover the outstanding aid in com- Gibraltar, the commission still has 94 10-year bond yields “around zero”.
ing to tax breaks given to companies in pliance with the commission decision, pre-Brexit infringement proceedings Despite the unprecedented scale of
Gibraltar. and to bring this case to a satisfactory pending against the UK for failure to the monetary stimulus, Japan struggled
The case dates back to a Spanish com- conclusion as soon as possible.” comply with specific EU laws covering to reignite inflation, especially after the
plaint in 2012, but Brussels said yester- The case is the first time the commis- an array of issues, including some relat- government raised consumption tax in
day the saga was still not over, claiming sion has hauled the UK before the ECJ ing to energy supplies. 2014 and 2019.
Gibraltarian authorities had failed to since Britain’s post-Brexit transition In the Gibraltar state aid case, the ter- Following the Covid-19 shock, Japan
claw back all the money more than two period ended on January 1. Despite the ritory’s officials said they were fully co- has dipped back into deflation, with
years after an EU order to do so. UK having now completed its departure operating with Brussels but pointed out headline prices down by 0.4 per cent in
Margrethe Vestager, the EU’s compe- from the bloc, its divorce deal allows that some of their efforts to retrieve the January compared with a year ago.
tition commissioner, said the illegal Brussels to continue pursuing old funds had been tied up in the courts. See FT View
20 March/21 March 2021 ★ FTWeekend 5

FT BIG READ. CORONAVIRUS PANDEMIC

The EU’s immunisation campaign was faltering even before this week’s delays and confusion. With Covid
cases rising, it has created a picture of rattled leaders losing their nerve and could stall the bloc’s recovery.
By Ben Hall, Michael Peel, Sam Fleming, Leila Abboud and Guy Chazan

O
n Monday morning, a — like the national restrictions on the
crowd turned up at the use of AstraZeneca for older people or

Europe’s vaccine disarray

football stadium in Mar- the attempts to limit public liability for
seille, which has been vaccine side-effects which delayed
largely shut to the public procurement deals.
for a year. They were not hoping to see a “The precautionary principle is there
match but to receive a long-awaited to protect the decision makers,” says
vaccine against Covid-19. The Velo- Christian Hervé, a professor of medical
drome had been inaugurated that ethics at the Foch Hospital in Paris.
morning as a mass vaccination centre. “That’s where we are now.”
By late afternoon, officials were turn- “[The Paul Ehrlich Institute] went by
ing people away after the French what it says in the book rather than
government, following safety fears over possibly considering the wider conse-
blood clots in Germany, halted use of quences, particularly for public confi-
the Oxford/AstraZeneca vaccine. dence,” says Prof Kampmann.
The EU’s faltering vaccination cam- Kampmann faults Spahn for not over-
paign has been hamstrung by a botched ruling his regulators after weighing the
central procurement process, supply very small chance of fatal blood clots
shortfalls, logistical hurdles and exces- against the much higher chance of dying
sive risk aversion from some national from Covid-19 and the risk of under-
medical regulators. The suspension of mining public confidence in the vaccine.
the jab, albeit only for three days in most Spahn is under huge pressure. Ger-
EU nations, was another hammer blow, many’s successful handling of the first
with experts warning it would under- wave of coronavirus last year made it
mine public confidence and feed con- the envy of Europe and revived the
spiracy theories about vaccine risks. popularity of the governing Christian
“If you had allowed the AstraZeneca Democrats. But the prospect of an
vaccinations to continue, those 5-10 per extended lockdown as the country
cent of the population who are anti- struggles to get the virus under control
vaxxers would have gone up the wall,” has become a political liability six
says Professor Beate Kampmann, direc- months before parliamentary elections.
tor of the Vaccine Centre at the London A rout for the CDU in regional elections
School of Hygiene and Tropical Medi- last Sunday has only raised the stakes.
cine. “But the position would have been
clearer for the wider population.” She Hardline intervention
adds: “By having a message of doubt Von der Leyen, another Christian Dem-
rather than a message of reassurance, ocrat, has been excoriated in the Ger-
that now plays into the hands of the anti- man media for the commission’s vac-
vaxxers. They are very well organised.” cine procurement problems. Some were
Just a few months ago, much of
Europe was watching in bewilderment
as the British and US governments
mishandled the pandemic. The tables
have rapidly turned. While the UK has
now administered 40.5 vaccine doses
per 100 people and the US 34.1, the EU
has only managed 12.
Europe’s vaccination efforts were
thrown into disarray this week at the
worst possible moment. Many countries
are in, or on the cusp of, a third wave of
infections as the more transmissible
B.1.1.7 variant — known in Europe as the Empty seats at a says. “It just seems that nobody’s really company over its failure to meet agreed “We had agreed to wait for the opinion ‘It feels like baffled she chose to talk tough on
“British mutation” — becomes domi- vaccination in control — and there’s not sufficient deliveries hardly helped. from the EMA but Berlin moved first exports when she also had good news to
nant. Intensive care wards are filling up. centre in trust.” Worries about the vaccine intensified under internal pressure,” a French everyone’s announce: the EU is now expecting at
Poland, Italy and swaths of France, Cologne,
Berlin concern
earlier this month when Austria and minister told Le Monde. “The worry was scrambling least 360m vaccine doses from April to
including the Paris region, have gone Germany on Italy reported severe reactions and there, and the about-face in Germany June — even with the reduced deliveries
back into lockdown while Germany’s Thursday. Right: The vaccine made by the Anglo-Swed- withdrew certain batches. Denmark meant we could not wait.” and from AstraZeneca.
plans for escaping confinement are Ursula von der ish company is one of only four and other member states followed suit On Thursday, the European regulator, hoarding, That is more than four times as many
likely to be reversed. The economic Leyen has been approved for use in the EU by the Euro- as did Norway, despite the EMA insist- after reviewing evidence, said the vac- as so far delivered and enough to enable
recovery is on hold while fears of criticised in the pean Medicines Agency. The bloc is ing that the benefits of continued use cine was “safe and effective”. It could not
hiding and the bloc to hit its target of inoculating 70
another lost summer, crippling the German media expecting 460m doses in the first half of outweighed the risks. Last weekend find a causal link, but could not rule one blaming. It per cent of adults by September.
more vulnerable tourist economies of
southern Europe, are rising.
for the European
Commission’s
the year, 100m of them from Astra-
Zeneca in a target revised substantially
France, Italy and Germany were still
vouching for its safety.
out definitively either. France, Ger-
many, Italy and Spain reversed course
seems that The commission president on
Wednesday called for “reciprocity” on
This week’s events — whipsawing procurement downward. But its vaccine has been the However, the following day, the Paul and said AstraZeneca jabs would soon nobody’s vaccines from countries such as the UK,
government positions, competing problems. object of suspicion from the outset. Ehrlich Institute, Germany’s vaccines resume but Norway, Sweden and really in which has received around 10m doses of
messages from regulators, excessive Below: a patient Its clinical trial data was incomplete. agency, informed ministers that six Denmark maintained the suspension. EU-made vaccine in the past month and
caution by scientific advisers and receives the jab Several countries limited its use in older young to middle-aged women had German health minister Jens Spahn control — a half, while exporting none in return.
renewed threats from Brussels over sup- in Paris. Only people, despite the EMA seal of suffered a particular type of severe said the EMA’s reassessment of the vac- and there But Jacob Kirkegaard, senior fellow at
plies — have created a picture of rattled 20 per cent of approval. Anecdotal reports of side- haemorrhage in a vessel that drains cine’s safety “confirmed our approach” the Peterson Institute for International
leaders losing their nerve as the pan- respondents to a effects fed scepticism. Emmanuel blood from the brain. One patient in and that it would have been “irresponsi- isn’t Economics, says the timing of von der
demic takes another turn for the worse. French poll had Macron, the French president, called it Munich was reported to have blood clots ble” to continue jabs. But his political sufficient Leyen’s intervention on vaccine exports
Ursula von der Leyen, the European confidence in “quasi-ineffective” in the elderly, before “from head to toe”. rivals and medical experts said even a was “extremely odd” because she had a
Commission president, chose that very the AstraZeneca recanting. Chancellor Angela Merkel The institute said the AstraZeneca jab short suspension will have cost far more trust’ positive message to deliver on supply.
moment — when the AstraZeneca vac- vaccine admitted it had an “acceptance prob- should be withdrawn pending further lives — from delayed inoculations and “It’s driven by domestic politics.”
cine was still suspended across most of Thilo Schmuelgen/Reuters lem” in Germany. A bitter row between analysis. Berlin changed position and lower vaccine take-up — than caused by EU governments will now try to get
the EU and with up to 45 per cent of the European Commission and the halted its use, leaving its allies little a rare form of blood clotting. their vaccination programmes back on
doses delivered stuck in cold storage — choice but to follow suit — or face being Katrin Göring-Eckardt, leader of the track, with a rapid acceleration this
to turn up the heat on the UK and US by seen as playing down the risks. “If we Greens in the German parliament, says spring. Jean Castex, the French premier,
threatening to seize vaccine exports and swept it all under the rug, and reports of it was “unfathomable” how Spahn had volunteered himself for an AstraZeneca
productions facilities. Her sabre- blood clots after vaccination started to reached his decision to suspend use of injection on Friday. But it will take a lot
rattling divided EU capitals, as some leak out, then this would damage trust the vaccine. “It has led to confusion and more than that to restore confidence in
warned in a private meeting of ambas- even more than this temporary suspen- uncertainty,” she says. a country where there is strong vaccine
sadors that threats of vaccine protec- sion might do,” says a French official. Adds Karl Lauterbach, the Social scepticism. A snap opinion poll for BFM
tionism could backfire on the bloc. Italian prime minister Mario Draghi Democratic party’s health expert: “The TV on Tuesday found that only 20 per
The week has been “hugely damag- consulted with Merkel and Macron. The damage incurred by suspending vacci- cent of respondents had confidence in
ing” for the EU and has thrown up three leaders and Pedro Sánchez, their nations, even if only for a short time, is the Anglo-Swedish vaccine.
“strong contradictions” that the bloc Spanish counterpart, co-ordinated their greater than the damage that would France, like several other countries,
“normally tries to navigate better than announcement, creating the impression arise if this rare complication occurs.” initially limited the AstraZeneca vac-
it’s doing now”, says Rosa Balfour, direc- they were not acting on their own scien- Some see Germany’s knee-jerk cine to the under-65s. On Friday, it reau-
tor of the Carnegie Europe think-tank. tific assessment but at Berlin’s behest — response as a further example of thorised its use but this time only for the
“It feels like everyone’s scrambling or to cover themselves if a problem with Europe’s excessively cautious approach over-55s — another dizzying change that
and hoarding, hiding and blaming,” she the vaccine was identified. to vaccine science during the pandemic could confuse the public.

Obituary It was not a given that the heirs of Shaka,

the 19th-century king of the Zulu king-
But for many South Africans, Zwel-
ithini’s early years navigating apartheid
As apartheid began to crumble, the
king backed Buthelezi as his Inkatha
Jacob Zuma, the self-proclaimed “100
per cent Zulu” president, often played

Monarch who
dom, would survive the long arc of colo- oppression cannot be ignored, nor can a party pushed Zulu interests on the up his association with the king. But
nial rule, apartheid and the turmoil of scandal over the Ingonyama Trust, national stage. It broke with the African Zwelithini was outraged by political kill-
South Africa’s democratic transition to which faces claims of unlawfully National Congress and other move- ings that engulfed KwaZulu-Natal as the

ruled through endure as one of seven officially

recognised monarchies in the modern
extracting rent, dispossessing women in
particular. After the king’s death, one
ments in a rift that became a bloody civil
war in the 1980s and 1990s. The king
ANC decayed into disputes over patron-
age. He called them criminal rather

transition from
republic. editor struck a nerve when he wrote that was an important voice for peace but his than political. Yet the killing goes
That King Goodwill Zwelithini ka- Zwelithini had been “a useful idiot in the position was also a point of contention on today.
Bhekuzulu reigned for half a century, hands of the apartheid government”. in the transition talks. It led to the 1996 So too do the alleged abuses of the Ing-

apartheid longest of any of the eight kings

descended from the great Zulu mon-
arch, reflects a political balancing act
The royal household dismissed this as
“vulgar language”, but the shadows of
South Africa’s past hang heavy over the
constitution incorporating traditional
leaders, and the Ingonyama Trust.
With the advent of democracy, the
onyama Trust, currently subject to a
lawsuit and calls for its repeal. It denies
any wrongdoing. Zwelithini equated
that gave a role to traditional chiefs king’s legacy. king, often clad in the traditional leop- criticism of the trust with attacks on his
inside the world’s most progressive con- Born in July 1948, just after fateful ard skin of royalty, turned to the cul- royal person. “The king’s enemies have
King Goodwill Zwelithini stitution. elections that handed power to the tural revival of his people in a bid to rec- shown themselves very clearly by say-
The king, who died at the age of 72 last architects of apartheid in the National oncile tradition with modernity in the ing we must be stripped of our blanket,
kaBhekuzulu week, counted nearly a fifth of South party, Zwelithini was prepared for the new South Africa. He restored the which is the land of our ancestors,” he
Head of the Zulu nation Africans as his subjects, his household kingship from an early age. He suc- annual reed dance of Zulu maidens at said in 2019.
1948-2021 drew upon state stipends that in 2020-21 ceeded his father, King Cyprian Bheku- his palace and revived the “first fruits” King Zwelithini often wore the The king had six wives and 28 chil-
were worth R71m ($4.8m) and he was zulu kaSolomon, in 1968 and, when festival when warriors kill a bull with traditional leopard skin of royalty dren. Misuzulu Zulu, his oldest surviv-
sole trustee of the Ingonyama Trust, crowned in 1971, it was as a figurehead their bare hands. ing son, is considered his likeliest suc-
which manages about a third of all land for the Kwazulu “Traditional Author- But what the king said at these gather- cessor. With legal battles over the trust
in the province of KwaZulu-Natal.
“History will recall that after many
ity”, part of the white minority rule sys-
tem of black “homeland” states. His
ings often exposed darker undercur-
rents of post-apartheid democracy. In
The king turned to the and disaffection over rural poverty in
the former homelands, the bonds Zwel-
years of conflict and turmoil, it was in authority was circumscribed, and he 2015 he appeared to tell foreign nation- revival of his people in a ithini forged between traditional lead-
the course of his reign that the Zulu ruled with the Machiavellian Mango- als to “pack their bags and go home” as ers and a young democracy will be
kingdom achieved the stability and har- suthu Buthelezi, his prime minister, rel- South Africa exploded into xenophobic bid to reconcile tradition tested like never before. The leopard
mony that had so long eluded it,” Presi-
dent Cyril Ramaphosa said this week in
ative and real power in the state. At the
age of 92, Buthelezi led the king’s
riots. The king blamed mistranslation;
spokespeople said that he had been
with modernity in the skin will not lie easy on the ninth
successor to Shaka.
a eulogy for the king. mourners. referring to illegal immigrants. new South Africa Joseph Cotterill
6 ★ FTWeekend 20 March/21 March 2021

Letters
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SATURDAY 20 MARCH 2021

Central banks’ contest

with the markets
Investors are betting that loose monetary policy cannot last
The Federal Reserve’s press conference markets front-running the economy is
this week should have been a time for sharpening. Other banks are facing it
chair Jay Powell to bask in the newly too. In the eurozone, rising market rates
upgraded forecasts for US economic look more premature than across the
growth. The Fed now thinks the econ- Atlantic. In response, the European
omy will expand at 6.5 per cent this Central Bank plans to accelerate bond
year. It expects to overshoot the 2 per purchases amid strong hints it wants
cent inflation target and gradually con- broad financial conditions, which
verge to it from above. include long-term market yields, to be
But that left Powell in the awkward as loose as they were in December.
position of explaining why, given how The Bank of Japan and the Reserve
much better things look than just a few Bank of Australia’s policy of “yield
months ago, the Fed is not tightening curve control” means they manage
its signalled path for monetary policy. longer-term benchmark rates outright.
There are perfectly respectable
answers, which Powell gave. Policy-
makers learnt from the last crisis that it
But even they have had to buttress
their defences. The RBA faced a specu-
lative attack by short-sellers doubting
Divestment campaigns alter the way fossil fuel groups behave
is damaging to withdraw stimulus too its willingness to defend its 3-year yield
soon; inflation is less sensitive to target in a world of falling bond prices, Merryn Somerset Webb’s article “Want previously a divestment sceptic, has Fossil fuel companies are currently The oil and gas industry has
demand pressure than once feared; the prompting its governor to commit to a greener world? Don’t dump oil now pledged to divest his holdings in grossly overvalued, with most of their consistently demonstrated that it is
Fed has changed its strategy to being buying more bonds as necessary. stocks” (Opinion, FT.com, FT oil and gas companies. reserves carrying the risk of being unwilling and incapable of making
more tolerant of growth until full The BoJ’s monetary policy review, Weekend, March 13) states that Divestment has a tangible financial unexploitable and turning into substantive progress towards a Paris-
employment is reached and average published yesterday, addresses the holding fossil fuel and mining stocks is impact. In 2019, Royal Dutch Shell stranded assets. aligned world.
inflation has caught up with past same challenge: how to maintain credi- the right thing to do by the planet. listed the success of divestment Far from “flouncing off in a huff”, Staying invested in fossil fuels so as
shortfalls. bility in the face of uncertainty that is This is at odds with the decision campaigns as having “a material divestment is a final escalation tactic to “engage” them better is simply
Yet market participants do not quite rising, albeit for welcome reasons. Its made by thousands of sustainable adverse effect on the price of our targeting companies that have been delaying the only action that can
believe him, and are clearly minded to review slightly widens its tolerance investors, including the UK’s largest securities and our ability to access asked nicely for years to stop wrecking change the sector, which is by
test the Fed’s resolve to keep monetary band for long-term bond yields around private pension fund (Nest), the Royal capital markets”. the planet. The article does show that governments, local and national.
policy loose. Bond yields keep rising. In its target and lessens its commitment to College of GPs, the University of Meanwhile, coal companies are those with vested interests in the fossil Rianna Gargiulo
past stand-offs where markets disa- buying equities. These moves may seem Cambridge and even New York City: to already struggling to raise financing fuel industry fear the power of the Divestment Campaigner
greed with the Fed’s expectation of rate to accommodate market pressures for divest from fossil fuels. Even Bill Gates, for their global plans. divestment movement. Friends of the Earth, London SW9, UK
rises, it ended with the central bank higher rates. But the BoJ also boosted its
backing down. This time speculators reserve tiering system for banks, com-
are taking the inverse bet: that the Fed municating explicitly that concerns for Bitcoin owes much to targeted ads so terrible?”, FT.com, FT Connoisseur who told the Proust was hiding his
cannot stay loose as long as it wants. bank profitability and stability would Weekend, March 13), my first online
At some point, the Fed may have to not stop it from cutting the already- ‘hawala’ money exchange inquiry, in 2009, was to google French to ‘put a cork in it’ own undoubted oddities
adjust policy to discourage market negative policy rate further if needed. I was intrigued by the correlation of rai “Stonehenge” for a grandchild’s Jancis Robinson delivered a memorable Arline Gaujal Kempler cannot be right
movements it does not like. For now What is common to all these cases is limestones from early Micronesia and project. The info came up flanked by tribute to the wine impresario and (Letters, FT Weekend, March 13) that
Powell is asking markets to believe that that markets anticipate rate rises, blockchain technology (“Bitcoin 1.0 two adverts — one for a funeral parlour expert Steven Spurrier (Obituary, Marcel Proust “was furious when the
the Fed will be patient. He can afford to thereby bringing them about before was the ancient stone money of Yap”, near Pewsey and the other for a FT Weekend, March 13). He truly was a literary critic Charles Sainte-Beuve
treat their bets with benign neglect; the policymakers think it is right. Years of Notebook, FT Weekend, March 6). I landscaping firm outside Chippenham. man for all seasons in his knowledge, implied that he himself was the
rise in yields is not excessive in light of acute crisis, like 2008 or 2020, might would add the centuries-old “hawala” When I stopped laughing, I realised promotion and life-long love of wine. narrator in In Search of Lost Time”.
the rapid improvement in economic reasonably be considered the worst system as another trust-based method that this had taught me more about As a correspondent for The The first volume of that work was
prospects. The Bank of England, too, time to be a central banker. In fact, the to transfer value. algorithms than I had learned in 18 Baltimore Sun at the time, my wife and published in 1913 when Sainte-Beuve
stayed its course this week. Sensibly most challenging moment can be as Bitcoin and other cryptocurrency years at an IT consultancy. With I and friends had the great fortune of had already been dead for over 40
enough, it saw a modest rise in rates as a recovery begins. This week’s stand-off transactions are inherently transparent increasing powers given to face taking a course in wine tasting at his years. What Proust objected to was the
natural reaction to good news, in partic- between markets and policymakers due to the decentralised nature of recognition and faceless agencies, it is shop in Paris, Les Caves de la idea that one needed to know about the
ular the UK’s successful vaccine rollout. certainly suggests that the hours before public blockchain ledgers. It is no worrying how algorithms can get it so Madeleine, in 1976. This was just weeks lives of writers to understand their
Even so, the policy dilemma of dawn are the darkest. doubt easier to catch the bad guys brilliantly wrong. By the way, before he traipsed off to California and works. Proust satirised this idea in his
exploiting cryptocurrency than those Facebook, on absolutely no evidence at returned with little-known wines that novel in the character of Madame de
smuggling cash. Two US senators all, now believes I live in Penarth. “swept the board” and turned French Villeparisis. Perhaps Proust was also
recently formed a bipartisan financial Bridget Rees dominance of the industry upside warning readers against those who
innovation caucus to educate fellow Maidenhead, Berkshire, UK down for a good while. wanted to judge his own work of genius
lawmakers about cryptocurrency and What Robinson failed to mention by the undoubted oddities of his own

Scarcity reminds us of blockchain issues, an important step in

implementing clear, informed
regulations in this growing space.
Taking the wind out
of one singer’s sails
was the delightful 2008 film Bottle
Shock, in which the great Alan Rickman
portrayed Spurrier and his pursuit of
personality.
Professor Julian Jackson
London NW1, UK

what we take for granted Andrew Q Eck

Former Deputy Assistant Secretary,
US Treasury, Alexandria, VA, US
Jason Derulo cites pollution, global
warming and taking care of the earth
as the greatest challenges of our time
the new California vintages with his
characteristic élan. Focusing on a still
leading vineyard, Chateau Montelena, Correction
(FT.com, FT Weekend, March 13). the director Randall Miller produced a
Covid disruption has led to shortages of basic goods in rich countries How a Stonehenge search Since his most desired possession, in very entertaining movie about c FibreTrace, an Australian-based
the same breath, is a “crazy yacht, to be Spurrier’s discovery and the Judgment company working on tracking fashion
For many rich economies the pan- ioural economists, the experience of ends up at the undertaker able to travel at any point”, let’s hope of Paris wine competition that shook industry supply chains, launched its
demic has provided a crash course in scarcity, whether of goods or time, can With reference to the article on the wind conditions stay fair for him. the wine world. first pilot with local label Nobody
an unfamiliar experience: shortages of tax our minds and prevent us from misinterpreted collected online data Jessica J Cassey Fred Hill Denim, not Outland as wrongly stated in
basic goods. Globalisation has made making decisions that are in our long- (“If Big Tech has our data, why are London W10, UK Arrowsic, ME, US a Life & Arts article on March 13.
rich-country consumers used to cheap term interests.
and abundant goods often produced by There is a difference, however,
those in poorer countries. The corona- between bottlenecks and depletion.
virus led to sudden changes in con-
sumption patterns and stopped goods
Most of the problems facing rich coun-
tries are temporary. Eventually, new What is a fair Last week, as sunny weather and
improving Covid-19 news warmed the
policy questions confronting many
western governments. As Covid-19
profound tragedy for many drivers,
leading to some suicides.

deal for
from flowing so easily around the drugs factories will come online and spirits of New Yorkers, I went walking shut down large parts of the economy Hence the industry’s demands for
world. Scarcity was the result. produce more vaccines; Texan refiner- in a park near the residence of Mayor worldwide, many places (rightly) debt relief, which are backed by New
Initially, governments rushed to ies will reopen, easing the components Bill de Blasio. There I saw something to provided aid to support vulnerable York state attorney-general, Letitia
secure personal protective equipment
and retool manufacturers to produce
ventilators. Many consumer essentials,
shortage; and shipping containers will
find their way back to the right ports.
The problem is not how to produce
New York’s puncture the spring optimism: dozens
of taxi drivers had parked their iconic
cabs, the colour of daffodils, on the
people and ailing industries.
But now that a recovery is in sight,
the challenge is determining who still
James, who launched an investigation
into allegedly predatory medallion
lending practices in 2019 and even
and supermarket delivery slots,
quickly disappeared as consumers
enough per se, but producing enough to
satisfy all demand right now. cabbies? street and were noisily protesting.
The drivers want de Blasio to use
deserves assistance. Should
governments prop up industries that
threatened to sue the city to provide
debt relief (but ultimately did not).
switched from restaurants to home A bigger concern is that the pan- the funds that New York is receiving cannot thrive in a digitised, post- On a human level, it is hard to avoid
cooking. More recently the growth of demic is a test run for how our societies from America’s $1.9tn stimulus plan pandemic world? How much creative feeling sad about these tragedies or to
online shopping has led to a UK card- will respond to a changing climate and to support debt relief for them. destruction should take place if it disagree that the taxi drivers deserve
board shortage; prices for a tonne have a damaged environment. Depleting the According to New York state senator causes more human pain? support, not least because some seem
increased tenfold. world’s natural resources creates a Jessica Ramos, the drivers have an There are no easy answers. A few to have been ill-equipped to realise the
Worldwide, the disruption led to scarcity that time will not alleviate: average of $500,000 debt as a result of decades ago, driving a taxi in New predatory nature of the loans. But New
clogged ports and delays in shipping once a rainforest or endangered species borrowing to buy a medallion, the York seemed like a reliable way to get York has a budgetary crisis of its own,
after an initial decline in international is gone, it is gone for good. taxi-driving permit the city issues. a foothold on the American dream. which is likely to get worse this year
trade was sharply reversed, partly This could include shortages of com- The drivers want lenders to reduce The overwhelming majority of drivers since some wealthy taxpayers have fled
thanks to demand for electronic dis- modities we mostly never think about. loan burdens to $125,000 and then for are immigrants, and many took out to places such as Florida. Many New
tractions from all those bored in lock- The UN is warning the world is running de Blasio to “backstop” those debts, large loans for their medallions. Yorkers consider it unfair to bail out
downs. Containers, however, were out of the sand that is vital for construc- but the city has a different idea: last Since the city carefully controls the one hard-working impoverished group
marooned in the wrong part of the tion. Urbanisation in Africa and Asia is week de Blasio unveiled a $65m supply of medallions, their price used without helping others.
world and shipping costs rose. depleting the reserves in quarries, package for drivers which offered a to be steady in secondary markets, Then there are the bigger questions
Rising demand for electronics also
contributed to a semiconductor short-
coastlines and riverbeds faster than
they can be placed. Abundant desert Notebook $20,000 interest-free loan to help
them pay off some of their debts.
trading at around $250,000 between
1995 and 2002. However, after the
any free-market economist might ask:
does it make sense to rescue the
age that, in turn, forced car factories to sand, eroded by the wind, is too small The New York Taxi Workers 2008 financial crisis, lenders that were yellow cab industry in a world where
suspend production. Extreme cold in and round to use in construction.
by Gillian Tett Alliance, which represents 21,000 looking for new business niches started digital disruption is likely to only
Texas exacerbated the problem in the Only water is used more in the global drivers, says the plan bails out the to offer medallion credit to drivers, intensify? Is this medallion system
US: the output of its oil refineries is economy than sand. Here, too, short- hedge funds that made the loans to sparking price inflation, as I examined even fit for the 21st century? Is it time
used to make plastic components for ages have already made themselves drivers, rather than the drivers at the time. Medallion prices rose to to overhaul the entire taxi and ride-
carmakers, among others. felt, from European trade interrup- themselves. The union has called the more than $1m in 2014. But since ride- sharing system, to provide more
Scarcity can lead to behaviours that, tions caused by the low level of the medallion-debt situation an hailing apps such as Uber entered the protection to drivers of every sort?
with hindsight, we may recognise as Rhine in 2018 to this year’s drought in “economic crisis on the verge of market, they have plunged back to My answer to the last question is a
irrational. At the start of lockdowns, Taiwan, the country’s worst for dec- becoming a humanitarian crisis”. around $200,000 today. While yellow definite “yes”. But this will take a long
toilet rolls and dried pasta flew off the ades, which forced its semiconductor Is this simply a New York fight? After cab drivers have seen their income time. Economic stress will not simply
shelves thanks to misplaced panic buy- factories to reduce consumption. Of all all, those bright yellow cabs are a collapse, their medallion-linked debt melt away, nor will the fights about
ing. More recently, initial optimism the lessons taught by the pandemic, symbol of the city and its taxi services has not declined. Worse still, this debt what is “fair” policy in a post-
over the discovery of vaccines has perhaps the most important is how have long been run in an idiosyncratic was often extended on predatory pandemic world.
turned to bitter disputes about who much we take for granted. There are manner, using rules first devised in the terms, echoing the subprime mortgage
should get deliveries of these rare com- plenty of other things we will miss if 1930s. Yet this local tussle touches on scandals. The result has been a gillian.tett@ft.com
modities. According to some behav- they disappear.
20 March/21 March 2021 ★ FTWeekend 7

Opinion
Australia can teach the UK a lesson on Chinese wrath
Australian exports, are punishment for Chinese state media. Just as Australia is abound: the banning of China’s Huawei the inept diplomacy and ensuing The world may be dividing into two
Richard political disagreements. Canberra’s depicted as an oversized kangaroo from new telecommunications net- Chinese sanctions turned out to be a geopolitical camps aligned with the US
McGregor complaints are dismissed as “playing gormlessly hopping after the US, an works, condemnation of Beijing’s teachable moment for Australia — and and China. But it does not operate in two
the victim”. Does the same fate await image of the UK as a puffed-out lion dismantling of democracy in Hong Kong for its friends and allies overseas. separate commercial realms.
“Global Britain” just when it is looking yearning hopelessly for imperial glories and the Uyghur re-education camps in Beijing has imposed trade sanctions The next, harder step is economic co-
for new markets after Brexit? China has will fill Chinese minds. Beijing will Xinjiang. on many countries over the years, ban- operation among democracies such as

E
warned relations are headed in that remind the UK that it will be on the Australia’s relations comprehensively ning salmon from Norway and tropical the US, the UK and Australia to help
ven before Boris Johnson direction, and the UK’s national security wrong side of history if it sticks with its collapsed after Canberra called for an fruit from the Philippines, slowing the nations singled out by Beijing for
announced the results of his experts appear to agree. democratic partners. As the catch- independent inquiry into the coronavi- export of rare earths to Japan and punishment. Kurt Campbell, who heads
country’s national security Britain’s defence review was remarka- phrase of the popular press and polit- punishing South Korea in 2016-17 for Indo-Pacific policy in the US National
review this week, China’s bly blunt, calling China “a systemic buro members in Beijing has it: “The installing a US anti-missile shield. Security Council, said this month that
communist party tabloid, the
Global Times, was asking: “Will the UK
challenge” to British values and pros-
perity and “the biggest state-based
east is rising, and the west is declining.”
Despite the UK’s hardening line
The sanctions on Canberra But the scale of the Australia sanc-
tions are unprecedented — about 13 sec-
Washington had told Beijing there
would no improvement in ties while an
be the next Australia?” threat” to the country’s economic secu- towards China, Johnson declared him- are unprecedented, equal tors in all, equal to more than 10 per ally is under “economic coercion”.
As prime minister, Johnson has pro-
moted “Australian-style” trade deals
rity. But the UK may be about to find out
what Australia already knows, that it is
self last month to be “fervently
Sinophile” and committed to good ties
to more than 10 per cent cent of Australia’s exports. More wait in
the wings, once the tourism and educa-
Beijing rails at such co-ordination. A
party paper lashed out at the Five Eyes
and immigration reforms for the UK. It no easy thing to change China policy, whatever the odd political difficulty. He of the country’s exports tion sectors reopen after the pandemic. intelligence partnership, calling it an
is doubtful that he aspired to mimic and, given Beijing’s sensitivities, there is can be forgiven for his incoherence. If Countering these measures, or allevi- “axis of white supremacy”. But China’s
Australia in another area — its relation- a steep price to be paid in doing so. Australia is any guide, it is a stage politi- rus outbreak in Wuhan. Given that the ating their impact as a political weapon, behaviour is pushing friends and allies
ship with China. Beijing is sharply at The UK will have to get used to regular cal leaders go through until they realise virus has killed millions and cratered is difficult, especially when commercial together, as the US made clear in a
odds with the US, India, Canada and threats, to its education market and that, however much they want it both much of the global economy, the case for interests in friendly countries benefit diplomatic confrontation in Alaska on
Japan, among other nations. But none indeed any export which China can ways, Beijing won’t allow it. an inquiry was unassailable. Canberra, from them. US farmers and Canadian Friday. Australia values their support.
has felt its ire like Australia, which has source elsewhere. A bilateral trade deal As in Britain’s case, Australia’s however, handled the issue poorly. miners have stepped in to fill the gap left So too, soon, might the UK.
seen once strong political and trade ties will be delayed, a real cost when the relations with China fell apart in the way By springing it on China and pushing by Australian crops and coal. French,
with China unravel dramatically. Chinese economy accounts for about a that Ernest Hemingway described going for an inquiry on its own, Australia was Chilean and South African winemakers The author is a senior fellow at the Lowy
Beijing barely bothers to hide that its third of global growth. into bankruptcy — gradually, then left exposed. Hardliners in Beijing have rushed to make up the market in Institute and a former Financial Times
sanctions, targeting up to $19bn in There will be much ritual abuse in the suddenly. Many of the same issues started doling out the punishment. Still, Shiraz and Chardonnay. bureau chief in Beijing

Bottled water should be a

luxury, not a necessity
Thirty-something people, but not very healthy for the
planet. They are still some way from
founders of a $95bn making these brands ecologically
start-up keep their feet on responsible by using recycled plastic for
bottles, and curbing transport emis-
the ground but ambitions sions, although Evian was certified as
sky-high. By Tim Bradshaw carbon neutral last year.
The good news is that luxury water is

E
pricey. A bottle of S. Pellegrino costs

I
mmanuel Faber’s ousting this about four times as much a litre at a
n 2010, two young Irish brothers week as chief executive of British supermarket as a pallet of
pitched to Peter Thiel, an early Danone, the French maker of Costco’s private label Kirkland Signa-
Facebook backer and one of Silicon Activia yoghurt and Alpro ture “bottled at source in Chase Spring,
Valley’s most prominent venture soya milk, was a victory for Lichfield”. The profit can pay for envi-
capitalists, on why their online pay- activist investors who disliked his style. ronmental offsets such as replenishing
ments system was better than PayPal. He might have lasted longer but for the water tables.
Their start-up, now called Stripe, would pandemic’s heavy toll on one of This is the special stuff. Most bottled
vastly simplify online payments and Danone’s biggest products — bottled water does not flow from a French spa: it
thus “increase the GDP of the internet”, water. is from humbler aquifers, or is just puri-
they claimed, somewhat grandiosely. Bottles of Evian from Évian-les-Bains fied municipal water, such as Coca-
The first problem was that Stripe and of Volvic from the Auvergne sold Cola’s Dasani. Much is sold in countries
barely existed: Patrick and John Colli- well across Europe until Covid-19. As where the public water supply is con-
son, then just 21 and 19, had hacked many restaurants and offices closed, taminated or scarce — 70 per cent of
together a prototype while on holiday people spent less on mineral water and Danone’s bottled water sales by volume
and had no experience of merchant drank more of their own water at home. fall into this category, such as its Aqua
gateways or other financial arcana. Danone’s like-for-like sales of bottled brand in Indonesia.
The second problem was that Thiel water fell 17 per cent in 2020. That is a more pressing worry than
had founded the very company they It feels like a lesson in the bare neces- whether Evian bottles are ferried across
wanted to usurp. “I remember being sities of life: most of us have perfectly Europe by train or truck from Évian-les-
very critical of PayPal,” Patrick recalled good water, literally on tap, and do not Bains. Access to drinking water should
two years later. “Halfway through the need to drink spring water from plastic be a human right, but even bottled
meeting I was like ‘hmmm, maybe that’s or glass bottles. As Richard Wilk, an water in Nigeria can be contaminated
not the best strategy’.” anthropology professor, once wrote of with bacteria, and half a billion people
Yet Thiel was so impressed by their bottled water, “getting people to pay for in the world face severe shortage all year
vision that he quickly agreed to invest. things that they already have in abun- round, according to one study.
So did PayPal co-founder Elon Musk dance” is a perverse feat. The US is not immune — supplies
and Sequoia Capital’s Michael Moritz, a This is not the only objection to prod- were contaminated in Flint, Michigan,
renowned tech investor and early ucts such as Evian, or Nestlé's Perrier in 2014 after the city pumped water
Google backer. “It was obvious they and S. Pellegrino. Transporting water from the Flint River, forcing citizens to
were unusual,” says Moritz of the broth- long distances in bottles that can end up
ers, who grew-up in the small village of in landfill sites or oceans, rather than
Dromineer, 30 miles outside Limerick.
“It was a first on all counts.”
piping it in bulk, hurts the environment
in ways that companies have been slow
Hundreds of millions of
A decade later, backing the Collison to address. people drink it because the
brothers has proved to be one of the tech
industry’s smartest bets. Stripe is now
But fancy mineral water drunk by
people who already have potable water
public alternative is not
valued at $95bn, after raising $600m Person in the News | Patrick and John Collison on tap is a luxury that can pay for its safe or there is none at all
this week. That makes it the most valua- environmental remedies. The greater

The billionaire tech bros

ble start-up in the US, surpassing Musk’s problem is that billions of people drink drink from bottles instead. Nestlé,
rocket company SpaceX, and has left bottled water out of necessity, either which used spring water elsewhere in
the Collison brothers, now aged 32 and because the public alternative is not Michigan for bottling, faced a backlash
30, with personal fortunes of more than safe, or because there is none at all. and last month sold its North American
$10bn each, according to a person close Adam Smith, the 18th-century econo- brands including Poland Spring, Deer

earning their stripes

to the company. mist, identified the paradox that water, Park and Arrowhead.
“I often wonder if it’s desirable to which is essential to life, was priced Companies such as Danone are not
grow up somewhere boring because lower than diamonds, a luxury. The primarily to blame for the failures of
you’re forced to find your own inter- answer was that someone who has cities and countries to distribute clean
ests,” John told the FT in 2014. Still, even plenty of water does not value another water: I am grateful for bottles when
if it was boring growing up in a village glass of it highly — its marginal utility is visiting China or India. But private
best known for its half-ruined 13th-cen- low. Natural diamonds are scarce, so water should not displace public sup-
tury castle, that is only half the story. each additional one is valuable. plies. Nongfu Spring, China’s largest
Because scientific smarts, personal Mineral water’s rise in popularity is a bottled water group, is valued at about
drive and a talent for business also run story of companies such as Nestlé per- $65bn thanks to its extraction rights to
in the brothers’ blood. suading consumers that the liquid that 10 water sources,
Their father trained as an electrical inquisitive about this huge range of and his fiancée had “hit our engagement And although Stripe suspended the fun- comes in bottles is healthier and more Climate change and water scarcity
engineer, working for PC maker Dell’s subjects . . . and very funny as well.” metrics”, a groan-worthy geek joke. draising system behind Donald Trump’s tasty than that from pipes. By branding add to the challenge in many countries,
Irish operations, before buying a lake- Patrick and John left Ireland after “They are careful, disciplined and judi- campaign in January after the US Capi- it and controlling supplies, they turned and tempt them to hand over responsi-
side hotel. Their mother Lily, who school to go to university in the US — but cious and aren’t inclined towards frivo- tol riot, the Collisons have so far kept the it into a scarce consumer good with a bility to the private sector. That is one
trained as a microbiologist, founded a only after selling their first start-up, lous expenditures,” says Moritz. While company away from much of the regu- high price. Voila! reason why Morgan Stanley places bot-
corporate training company three which made software for eBay sellers, some billionaires buy islands, the Col- latory drama and popular backlash that It is not wholly an illusion; Badoit and tled water at the top of its “Magnificent
weeks after giving birth to Patrick. for $5m in 2008. They soon dropped out lisons are “more likely to go to a remote has engulfed other upper echelon tech Perrier do have a distinctive taste and Seven” group of consumer staples with
“I have always felt that the greatest of their courses at MIT and Harvard to spot with a tent and read”. groups, such as Uber and Facebook. fizz. But if you have a water filter and a global growth prospects.
gift you can give any child is the gift of focus on Stripe (so leaving their younger The result is an extraordinarily suc- SodaStream machine at home, as I do, But bottled water should be a luxury,
self-confidence,” Lily wrote in a book brother Tommy, who now works at a cessful company, and two brothers who you can save a lot of money, effort and not a necessity. When the pandemic
published last year about spastic diple-
gia after her youngest son Tommy was
start-up that teaches coding online, with
the accolade of being the only Collison
‘They’re very level, very enjoy a pleasingly down-to-earth repu-
tation. As Waterford Whispers News, an
waste while drinking carbonated water
that is just as satisfying as most super-
ends, restaurants will serve more Evian
and Perrier again, but the prime task is
diagnosed with bilateral cerebral palsy. brother to graduate from university). inquisitive about this huge Onion-style Irish satire site, headlined market “spring water”. to make ordinary water flow safely.
“With effort, so much is possible.”
So it has proved. At Castletroy College
Yet Stripe was only one of several
projects Patrick and John were then
range of subjects . . . and in an item about them this week: “Hard
To Begrudge The Collison Brothers’
It took too long for companies to rec-
ognise that bottled water was good for john.gapper@ft.com
in Limerick, the two elder brothers were developing, including an offline version very funny as well’ Success, But We’ll Give It A Go”.
self-confessed “nerds”. Patrick won Ire- of Wikipedia, the web-based encyclope- The one exception to being such
land’s Young Scientist of the Year award dia. “They're definitely hyperlink guys,” This low-key style is true of the com- apparently nice and well-adjusted
at 16 for creating a new programming adds Carney. “If you get into a subject pany too, which has achieved rapid human beings appears to be a family Top reads at FT.com/opinion
language. Younger John broke his with them, it rises to a level of detail and growth even as it operates in a highly obsession with flying light aircraft. In
brother’s record for top grades in Ire- sophistication fairly quickly.” regulated payments sector. Working 2017, John tweeted that he had flown a
land’s school leaving exams. Now living in the San Francisco Bay within the rules rather than breaking Diamond DA42 across the Atlantic, tick- 3 British police forces must learn to listen 3 By targeting house prices, New Zealand
“They're extremely intelligent,” says Area, Patrick and John appear to have them, Stripe keeps behind the scenes, ing off one item from his “bucket list”. to women shows the way
Mark Carney, the former Bank of Eng- few of the usual tech billionaire hobbies, despite processing billions of dollars of “Didn't even get wet,” he joked. Harassment and violence should not be Novel attack on rising asset costs follows its
part of daily life, writes Iseult FitzGerald lead on inflation, writes Ruchir Sharma
land governor who joined Stripe’s even living together until a couple of payments every year for the likes of
board in February. “Very level, very years ago, when Patrick announced he Zoom, Deliveroo, Lyft and Instagram. tim.bradshaw@ft.com
8 ★ FTWeekend 20 March/21 March 2021

A life’s worth Lawyer who hands out cash Artful dodgers Hammer to fall on money
and compassion when tragedy strikes — PAGE 9 laundering at the auction room — JOHN DIZARD, PAGE 12

US cold snap pushes Toyota EY faces questions over

KPMG’s Wirecard audit
to brink of factory shutdowns OLAF STORBECK — BERLIN

EY denied yesterday that it had ever

suggested a forensic audit into Wire-
decade. Christian Orth, a senior EY
partner who led an internal investiga-
tion into the firm’s work for Wirecard,

3 Carmakers hit by supply chain delays 3 Chemical and chip shortages blamed card’s Asian operations by rival KPMG
should be terminated, as German MPs
flatly rejected the idea that aborting the
KPMG audit had ever been suggested.
grilled the Big Four firm over its role in Describing it as a misunderstanding,
the accounting scandal. Orth told the inquiry that “what we
pointed out to Wirecard is that we need
Wirecard’s former chair, Thomas the report about the KPMG investiga-
Eichelmann, on Thursday told MPs who tion for our own audit”.
are holding an inquiry into the collapse Gärtner and Dahmen declined to
of the payments group, that EY’s audit comment. In testimony on Thursday,
partner Martin Dahmen floated the idea Eichelmann dismissed the idea he could
of scrapping the KPMG audit on a tele-
phone conference in early June 2020.
Eichelmann added that Christine Wirecard’s former
chair, Thomas
Gärtner, a Clifford Chance partner then Eichelmann, claims
advising Wirecard’s supervisory board EY’s audit partner
and also on the call, believed that Dah- suggested ending
men had made the same suggestion. the KPMG audit
“We both thought that the idea was
extraordinary and were totally flabber- have misinterpreted the suggestion.
gasted,” Eichelmann said. Following the call in June, Gärtner had
Wirecard’s supervisory board in late written to EY seeking clarification. In an
2019 commissioned an audit from emailed response, Orth said that a ter-
KPMG into the group’s outsourced Asian mination of the KPMG audit “was nei-
operations in a bid to reassure investors. ther demanded nor suggested by us”.
While KPMG had submitted its audit in Eichelmann also told MPs that
late April, the probe was still ongoing in Markus Braun, Wirecard’s former chief
June as KPMG evaluated additional executive, had toyed with the idea of
transaction data from late 2019. terminating or suspending the KPMG
The marathon inquiry by MPs this investigation. “I listened to this and told
week focused on Wirecard’s internal him [Braun] that this would not be in
controls and the conduct of EY, which the interest of the company,” he said.
provided the once high-flying payments Braun, who is in police custody,
group with unqualified audits for a denies any wrongdoing.

Travel & leisure

Kodak recoups millions after

executive share award error
A Toyota production line in Onnaing, France resumes operations, but carmakers are warning of shortages — Laurel Chor/Bloomberg

ANDREW EDGECLIFFE-JOHNSON ration, known as the DFC, this week’s fil-

AND ERIC PLATT — NEW YORK
KANA INAGAKI — TOKYO chemicals used in components. The lat- materials that are used in Toray’s nylon the United States”. VW is already ing with the Securities and Exchange
PETER CAMPBELL — LONDON
est disruption means carmakers face fibres. expected to produce 100,000 fewer cars Eastman Kodak has recouped almost Commission confirmed.
Toyota came within hours of shutting shortages of parts such as seats, airbags The extensive blackouts triggered by for the first quarter because of chip- all of the $3.9m that five former execu- But the lossmaking imaging company
down its UK plants this week because of and dashboards because of bottlenecks the winter storm last month shut down related stoppages, and was unlikely to tives collected last year, by exercising is still dealing with the fallout from the
supply shortages as the US cold snap further down their supply chains. chemical plants in Texas and many are recover the sales even if the bottlenecks share options they were supposed to volatile trading it witnessed in that
threatened global car production, The impact is set to be felt for months, taking longer than expected to restart. unblocked by the summer, he warned. have forfeited, in an embarrassing epi- period, which drew intense scrutiny
according to three people with knowl- with many chemical facilities in Texas Noting the rarity of force majeure dec- “For the entire year, it’s not possible to sode that forced the film-era pioneer to from politicians, regulators and share-
edge of the situation. still offline. In the past week, Honda, larations by Japanese chemical makers, say what the situation will be.” overhaul its internal controls. holders. Its filing confirmed it has not
The Japanese carmaker was in a “daily Toyota, Nissan and Ford have warned Goldman Sachs analyst Atsushi Ikeda Speaking at a JPMorgan conference yet resolved investigations from the
battle to avoid a shutdown” across its production at plants in the US, Canada said Toray’s move underscored the this week, Edward Breen, chief execu- Kodak has clawed back $3.6m of the SEC, the New York attorney-general and
European network as the knock-on and Mexico will be temporarily halted. tive of US chemical company DuPont, proceeds and expects to collect $2m of several congressional committees.
effect from its North American supply They blamed several factors, from a said most of the supply disruptions the $3m of withholding taxes associated Although a review commissioned by
chain spread, one person said. shortage of petrochemicals caused by
‘Auto production might be would probably be resolved by the end with the ex-employees’ trades, accord- independent board members found no
The group briefed managers and sup- the extreme weather in the US to con- down about 1m units of the second quarter. “Auto production ing to a securities filing that said it had evidence of insider trading, the com-
pliers that it was preparing to halt UK gestion at US ports and a global chip might be down about 1m units during imposed new measures to resolve the pany still faces lawsuits alleging viola-
lines, before reversing its decision hours shortage that is affecting both cars and
during this period’ this period of time here,” he said. “deficiencies in controls”. tions of securities laws or breaches of
later, another said. consumer electronics. Edward Breen, DuPont The shortage of raw materials compli- The former executives capitalised on fiduciary duties.
The company yesterday confirmed it Japanese chemicals maker Toray yes- cates a global supply crunch caused by a steep rise in Kodak’s stock last July Kodak’s comments came weeks after
will close its factory in the Czech Repub- terday revealed it had issued a force severity of the situation. “We believe we the Covid-19 pandemic as the largest after it signed a letter of intent about a it clinched a refinancing that will bring
lic for two weeks from Monday, citing majeure declaration to clients for the need to watch the impact not only on carmakers and consumer electronics possible $765m US government loan to in at least $210m to the company and
parts shortages caused by the weather. first time early this month seeking a Toray’s earnings, but also on the overall manufacturers jostle for semiconductor manufacture generic drug ingredients. push back maturities on its debt in a
The winter blast that caused mass special exemption from responsibility supply chain for airbags and automo- parts to address a rebound in car The shares crashed soon after the way that the company said would elimi-
blackouts in Texas has deepened supply to supply nylon materials, which are biles,” he said in a client note. demand as well as a lockdown boom in executives sold their stock, and Kodak nate the “substantial doubt” about its
chain disruptions at the world’s largest widely used in airbags. Volkswagen chief executive Herbert tablets, gaming devices and laptops. said last September that the loan was ability to continue as a going concern.
carmakers, as the pandemic-triggered Texas is the heartland of US petro- Diess said this week the production out- The Texas power cuts also forced “on hold”. It has since given up hope of “We have fixed the balance sheet,”
scarcity in chips is compounded by a chemicals production and supplies an look for the entire year “is a little bit some chipmakers offline, including receiving the money from the US Inter- David Bullwinkle, Kodak’s chief finan-
fresh shortage in raw materials for estimated 70 per cent of raw chemical unclear due to the weather conditions in Samsung Electronics’ plant in Austin. national Development Finance Corpo- cial officer, told the Financial Times.

Food & beverage. Alternative proteins

Plant-based burger pioneers seek ‘griddle parity’ with meat prices
“When you hit a certain price thresh- Impossible’s patty price cut to $11 a In the long term, the scaling up of the Bahige El Rayes, a partner at the firm in Professor Mark Post who created the
US-based Impossible Foods old, all kinds of [retail] channels are pound compares with the average US sector will bring cost efficiencies that London. He added that companies also first lab-grown burger.
is among start-ups making available to you,” said Zak Weston at the beef patty price of $5 calculated by the help both plant and cellular meat. needed to develop more flexible formu- In Rehovot, Israel’s biotech hub south
Good Food Institute, an alternative pro- US Department of Agriculture. The Consultancy AT Kearney believes lations for their product, giving manag- of Tel Aviv, Future Meat chief Rom
progress on mass adoption tein research and lobby group. average retail price for Beyond Meat’s plant-based meat will eventually have a ers ability to adjust ingredients depend- Kshuk said the company had found
“A lower price is something that ena- burgers has fallen to about $9 a pound, 30-40 per cent cheaper shelf price than ing on available supply and costs. ways to make cheaper feed and had cre-
bles you to be compared and gets you in down from roughly $12 at the time of the real meat, although it says that achiev- More than 50 companies are working ated a bioreactor that removes impuri-
EMIKO TERAZONO — LONDON
front of consumers. If you can’t hit a cer- company’s 2019 stock market debut, ing this will require consolidation that on producing meat made from animal ties. The fall in output costs is “the first
Alternative protein start-ups seeking to tain price point, that means you can’t according to Bank of America. The rise will help drive further investment. cells grown in cultivators, according to step in a long way to getting to cost par-
bite a chunk out of the meat market even be in most stores.” in US beef prices over the past year has Brands’ desire “to be top of mind has Mellon, but at present such meat is only ity with conventional meat”, he said.
have surged into the public conscious- Jim Mellon, an agri and food tech also helped reduce the price premium resulted in complete fragmentation and commercially available in Singapore. The start-up counts food companies
ness with claims their products can investor, said “it won’t be until you get to over real meat patties. lack of scale in the value chain”, said Food authorities in the south-east such as Tyson Foods and Muller among
compete on taste. Now they are eating ‘griddle parity’ that you’ll get mass con- Asian city state last year approved a its investors and wants to market its
into the prices they charge as they set sumer adoption”, referring to a self- chicken product from US-based Eat chicken breast, a blend of plant-based
their sights on the mainstream. coined play on the term “grid parity” Just. A dish of nuggets served alongside meat and cultivated cells taken from
US plant-based burger company used to describe the point at which the a waffle and in a bao bun made from 70 chickens and replicated in bioreactors,
Impossible Foods last month said it cost of renewable energy falls to the per cent cultured chicken mixed with within 18 months.
would cut the suggested US retail price market price of electricity. plant protein, made its restaurant debut Investors in the sector expect produc-
of its burger patties by 20 per cent. Executives and analysts predict the in December priced at $23. tion costs to drop in the next few years.
Israeli start-up Future Meat Technol- retail price of plant-based meat to fall to The key to reducing the cost of pro- “It’s going to surprise people how
ogies said it had managed to make a parity with real meat in two to three duction for cultured meat is to cut the steeply costs are being driven down,”
chicken breast from real chicken cells years. “Premiums have been coming price of the “feed” that provides the said Alastair Cooper at VC ADM Capital.
cultured in a bioreactor for $7.50 — a down steadily,” said Donald McLee, ana- basic nutrients that allow the cells to But while price, along with the health
fraction of the $300,000 price tag when lyst at Berenberg in New York. proliferate. The industry started using credentials of the product, is an impor-
lab grown meat was introduced in 2013. Beyond Meat is targeting price parity expensive foetal bovine serum used in tant factor behind customer accept-
Plant-based meat substitute sales are with real meat in at least one of its prod- the biotech and pharmaceutical indus- ance, the fundamental barrier is
equal to about 1 per cent of the total uct categories by 2024. Chief executive tries, but is now focused on producing whether consumers like the product,
meat market, according to analysts, and Ethan Brown said last month that the its own cheaper plant-based versions. said Robert Lawson, managing partner
price, alongside taste and health creden- company was aiming to develop fully “It’s not as if this is deep science, but it at consultants Food Strategy Associates.
tials, is a key factor in the companies’ integrated production facilities to takes a lot of time,” said Peter Verstrate “Ultimately, what will drive penetra-
efforts to widen the consumer base. reduce labour and logistics costs. The cost of alternative burgers is coming down — Robyn Beck/AFP/Getty Images at Mosa Meat, a Dutch start up led by tion is taste.”
20 March/21 March 2021 ★ FTWeekend 9

COMPANIES. WEEK IN REVIEW

Greensill’s demise Despite his name, Roland Hartley-

Urquhart is not another Old Etonian
with little relevant experience who
supplier. Upon maturity of the
financing, the buyer settles with the
financial institution by remitting the
morphed far beyond that original
blueprint. Instead of providing short-
term credit to high-quality companies
Instead of
providing
“advanced receivables” could only be
treated as an unsecured loan.
Credit Suisse, whose funds invested

leaves someone rocked up at Greensill Capital in the

hope of making a fast buck.
A 62-year-old American, Hartley-
gross proceeds.”
Yet in the chaotic final months of
Greensill, Hartley-Urquhart was left
on the basis of actual invoices, it was
issuing rolling credit on the basis of
“future” invoices.
short-term
credit on
in most of the Greensill loans, has
finally acknowledged this too. As it
winds down $10bn of Greensill funds,

‘holding the bag’ Urquhart was vice-chair of Greensill

until he jumped from the sinking ship a
few weeks ago. He had previously been
reassuring one of his biggest
customers, the US mining group
Bluestone, that it would not be left
In the case of Bluestone, the mining
group had borrowed $70m using
supply chain finance, according to its
the basis
of actual
Credit Suisse has managed to repay
$3.1bn to investors, the bank said on
Thursday. But there is “considerable
a banker at Citigroup, Morgan Stanley “holding the bag”, according to a lawsuit. But it had also borrowed invoices, it uncertainty” over the rest.
and Chase Manhattan, where he lawsuit filed this week. Hartley- $780m against “receivables that have A large portion of the remainder of
literally claimed to have invented Urquhart declined to comment. not yet been generated by Bluestone” was issuing the loans was to Sanjeev Gupta’s GFG
modern supply chain finance. For a man who wrote papers on from “prospective buyers” which rolling Alliance, which has already defaulted.
In 1998, he filed for a patent that supply chain finance, this was a shift in included “entities that were not and Another large part was credit extended
describes the business Greensill was tone. Those papers and that patent might not ever become customers”. credit on to Bluestone, where the recovery
supposedly engaged in three decades application did not mention any “bag”. We are getting closer to the central ‘future’ ones prospects do not look too rosy either.
later: “The supplier sends an invoice to If supply chain finance works there mystery of Greensill, the reason why With the GFG exposure stretching
the buyer which stores the invoice data should be no significant risk of any somebody must be left holding the bag. into the billions and Bluestone
The Top Line in a database. The financing institution
electronically accesses the database to
losses for anyone. Greensill pays the
supplier invoice for the large corporate
German regulators had already
identified this problem when they
approaching $1bn, the size of the hole
is becoming clearer. The “bag” is

Tom retrieve the daily invoices. The

financial institution then calculates the
customer, with a small discount for
prompt settlement, and receives the
seized Greensill Bank earlier this
month. Auditors at KPMG, who had
coming into focus. Still fuzzy: who is
left holding it?

Braithwaite financing applicable to the shipped

good and forwards a payment to the
full balance from the customer later.
But by 2020 Greensill’s business had
been unable to verify the existence of
certain invoices, also ruled that the tom.braithwaite@ft.com

BEST OF
Compassionate ‘genius’ must ease 737 Max families’ pain BUSINESS
Kenneth Feinberg says ‘money is a
Corporate
person in
the news
very poor substitute for loss’ and he
avoids using words such as Spacs beat record
‘fairness’ or ‘justice’ — Getty Images

Kenneth Feinberg 3 Blank cheque groups have surpassed last year’s

Attorney and mediator sweets, said Bob Clifford, a longtime fundraising record in the first quarter of 2021,
friend of the mediator and the lead reflecting insatiable appetite for special purpose
attorney for families of the second acquisition companies. So far this year, 264 Spacs
Kenneth Feinberg has appeared at Max crash who are suing Boeing. He have been launched, overtaking last year’s record
nearly every scene of tragedy and would talk from the stage, eating 256, raising $79.4bn
disaster in the US in the past two Twizzlers, and eventually catch to eclipse the 2020
decades. In the aftermaths of the BP someone’s eye and offer a handful. total of $79.3bn,
oil spill, the Sandy Hook elementary “The next thing you know, the lady according to data pro-
school massacre, the Boston next to the widow or dad or son had vider Refinitiv.
marathon bombing, the Penn State one, and then the next and next, until
sexual abuse scandal and the Orlando the entire place was chewing on 3 Danone’s board
nightclub shooting, the mediator has Twizzlers,” Clifford recalled. “Pretty decided to replace
been an enduring presence. soon things had calmed down a bit, Emmanuel Faber as
This week, Feinberg and his and he went on to do what he could chief executive and
business partner Camille Biros were to discuss and heal their pain. The chair, bowing to pres-
selected to administer the $500m man is a genius. sure from activists
fund for families of the 346 people “He’s a terrific listener, and he’s after a months-long conflict at the French consumer
who died in the two crashes of the highly organised. He seemingly has an goods group and blowing up a two-week-old compro-
Boeing 737 Max airliners. endless capacity to listen and to absorb mise designed to have him remain as chair.
Politicians and companies have ‘He and the US Department of Justice to tyre salesman. He earned degrees in and to be compassionate.”
turned to Feinberg and Biros to settle a criminal charge against the history and law, then went to work for Feinberg and Biros worked on that 3 Stripe became the most valuable private company
design and administer compensation seemingly company. Boeing has already had the Senator Ted Kennedy in 1975, job pro bono for nearly three years. Silicon Valley has produced after investors struck a
plans for victims of mass disaster has an compensation experts distribute eventually becoming his chief of staff. Ultimately, 97 per cent of eligible $600m financing deal valuing at $95bn the online
since he was selected to oversee the $100m it voluntarily agreed to. He met Biros when he hired her as his families enrolled in the fund. payments processor founded in 2010 by Irish broth-
September 11 Victims Compensation endless “The two of us brainstorm and administrative assistant in 1979. The law firm is paid a flat fee to ers Patrick and John Collison.
Fund 20 years ago. The 75-year-old capacity to design the criteria eligibility The pair left Kennedy’s office in design the compensation programme,
attorney has written two books about qualifications, the process and, with 1980 when Feinberg joined private law and another to administer it. That fee 3 Lex Greensill and his family sold about $200m of
his work valuing human life in dollars. listen and to agreement with the parties, we firm Kaye Scholer, and stayed together structure, rather than a scale that ties shares in Greensill Capital in 2019, cashing out
One was adapted into a film. Worth, absorb’ implement,” said Biros, who these 13 years later when Feinberg set up his the firm’s compensation to the number during a $1.5bn round led by SoftBank’s Vision Fund
starring Michael Keaton as Feinberg, days is busy processing sexual abuse own law office. He gained experience of claims or how quickly they are two years before the supply chain finance company
screened at the Sundance film claims against 24 US Catholic winning compensation in the 1980s processed, is critical to gaining the collapsed. See The Top Line
festival last year and was acquired by dioceses. “These programmes, they when he dealt with cases involving trust of surviving loved ones.
Barack and Michelle Obama’s sound like they’re simple to Vietnam war veterans made ill by the Feinberg says he has no plans to 3 Berkshire Hathaway urged shareholders to vote
production company. It will play on implement, but they’re really not.” defoliant Agent Orange. retire. Companies and government down two proposals that would force the nearly-
Netflix this autumn to mark the 20th The Boeing case has involved Following the 9/11 attacks, former officials continue to ask the firm to $600bn industrials-to-insurance conglomerate to
anniversary of the deadliest terrorist identifying appropriate family President George W Bush tapped take on cases “because the last time we
attack on US soil. representatives and adhering to Feinberg to distribute public funds to were asked, it worked”.
“Money is a very poor substitute relevant local law in countries around the families of the 3,000 victims. The But the measure of a successful
for loss,” Feinberg said. In cases the world. The two-person firm has fund needed 80 per cent participation programme is never in thanks. The
involving death or debilitating injury, had legal documents translated into to succeed, but accepting compensation losses he sees cannot be righted with Uber’s decision to fall partly in
“I try never to use words like Chinese, Italian, French, German, meant forgoing a lawsuit against the compensation, no matter how generous.
‘fairness’ or ‘justice’ because I think Spanish and Indonesian. airlines. Meetings with surviving A law degree is little use in his work, line with a UK court ruling is set
those words have no applicability”. Feinberg, who lives in Washington, families boiled with grief and anger. Feinberg says. One in psychology or to open up further disputes over
The 737 Max fund was set up as DC, was born in Brockton, Feinberg would attend these divinity might have prepared him
part of a $2.5bn deal between Boeing Massachusetts, to a book-keeper and a meetings with a huge tub of Twizzler better. Claire Bushey in Chicago what ‘working time’ means

Under the hood Debt-laden airline sector struggles to gain altitude disclose its efforts to tackle climate change and diver-
sity and inclusion in the workforce.
Attention turns to how fast balance sheets can be healed as heavy bills loom from rescue finance and state loans
3 Facebook unveiled its vision for a wristband that
will control its forthcoming augmented-reality
The biggest airlines have built up a Largest airlines labour under $320bn debt load Asian carriers lead recovery in sector stocks glasses, marking the latest step in the social media
net debt mountain of $320bn, a sign Net debt for 50 biggest listed carriers, Share price change (%), company’s efforts to take on Apple in the next gener-
that the pandemic will hamper 2019 vs latest ($bn) Jan 2020 to Mar 18 2021 ation of computing.
recovery for years as carriers face −50 −25 0 25 50 75 100 125
large bills from rescue financing and 0 50 100 150 China Express 3 Volkswagen said it planned to sell 1m electric or
state support. Volaris hybrid cars this year — a near tenfold rise since 2019
With hopes of a limited summer China Airlines — as it sets its sights on a recovery in profits.
2019 146.4 Allegiant
restart to travel, attention is turning Korean Air Lines
to how fast airlines can heal balance Asia and Spring Airlines 3 National Grid tightened focus on electricity by buy-
sheets. “Liquidity is and has been of rest of world Wizz Air The rapid return of domestic ing the biggest UK local electricity network group,
great importance,” said easyJet Air Transport Serv flying, particularly in China, Western Power Distribution, from US utility PPL
Latest InterGlobe Aviation
chief executive Johan Lundgren. 162.3 Ryanair has lifted Asian carriers. Corp for an enterprise value of £14.2bn and putting a
Although groups are sitting on China Southern Doubts remain over Europe’s majority stake in its UK gas network up for sale.
cash and short-term investments of Eva legacy airlines, which rely on
China China Air Turkish Southwest business and long-haul travel
$140bn, up from $90bn at the start Southern Eastern China Airlines JetBlue 3 Uber is to classify its 70,000 UK drivers as workers,
of the year, their net debt has risen Alaska Air providing access to holiday pay and a workplace pen-
$60bn over the same time to Juneyao
Turkish Airlines
$320bn, according to FT analysis. Pegasus
United, American, Delta and Spirit Airlines Americas
Southwest have led in raising cash,
2019 86.9
Hawaiian
China Eastern
Europe & UK $200m 1m
bolstered by more than $60bn of Asia and Value of stock Number of
Vietnam Airlines
government aid. Air France-KLM Vietjet rest of world offloaded by electric or hybrid
and Lufthansa have been shored up Americas SkyWest Lex Greensill cars VW plans
Air China and his family to sell this year
by billions of euros in state support. Singapore Airlines
IAG tapped investors for €2.7bn, Latest 106.8 American
received a £2bn state-backed UK Delta
loan, and raised €1.2bn in a bond Jet2
American United Delta Copa
issue this week. Airlines raised Aeroflot sion scheme. But the decision to fall partly in line
$42.6bn in the debt markets in Air Arabia with a court ruling is set to open up further disputes
2020, the most on record, according Japan Airlines over what “working time” means in the gig economy.
PAL
to data provider Dealogic. 2019 27.7 Cathay Pacific
The International Air Transport Qantas 3 Arnold Donald, head of Carnival, the largest cruise
ANA company, said cutting 19 ships from its 107-strong
Association has said carriers could Europe Lufthansa
burn through $95bn of cash in 2021, and UK easyJet fleet would slow its full recovery until 2023.
and warned its forecast that the Azul
industry could turn cash-positive by Latest 51.3 United 3 Tesla announced that chief executive Elon Musk
Finnair
year-end might prove optimistic. GOL had changed his title to “technoking”, while chief
Daniel Roeska, an analyst at Air France-KLM IAG Air New Zealand financial officer Zach Kirkhorn was to be known as
Bernstein, said airlines with the Hainan Airlines “master of coin”. See Lex
Lufthansa Air Canada
highest debt would have to reduce Air France-KLM
their balance sheet “scars” before 0 50 100 150 IAG 3 UK watchdog the Financial Conduct Authority
they became attractive again for SAS said that it had begun criminal proceedings against
investors. Philip Georgiadis and FactSet calculates net debt as gross debt less cash and cash equivalents −50 −25 0 25 50 75 100 125 lender NatWest over alleged money-laundering
Sources: FactSet
Patrick Mathurin. offences — its first criminal prosecution of a bank
under a 2007 law. See Lex
10 ★ FTWeekend 20 March/21 March 2021

COMPANIES & MARKETS

Gupta lived large on back of rickety financing

Mansion is latest lavish purchase by ‘saviour of steel’ whose empire received taxpayer loans through now-failed Greensill
ROBERT SMITH, OLIVER BARNES AND name and fortune: M-ETAL and
GEORGE HAMMOND — LONDON
JAMIE SMYTH — SYDNEY
M-INES. But that summer he had his
MICHAEL POOLER — SAO PAULO eyes set on something bigger: a Boeing
737. “It was so big, we used to joke
Sanjeev Gupta was under immense there’d be a disco room onboard,” said
strain. As the coronavirus pandemic one former employee.
swept the world in the first half of 2020, In trying to bag himself an over 100ft-
the British industrialist’s steel empire — long jet for the knockdown price of
which stretches from Wales to Australia $30m, Gupta employed a tactic that had
and employs 35,000 people — fell served him well in business: approach
deeper and deeper into the red. someone with good reason to sell. The
Demand for his core product slumped owner was South African entrepreneur
after car production collapsed and con- Christo Wiese, who had seen much of
struction activity ground to a halt his wealth evaporate due to the stock
because of lockdown measures, heaping market collapse of the scandal-plagued
pressure on the man once hailed as the retail conglomerate Steinhoff, where
“saviour of steel” for his rescues of Wiese had been chair.
unloved smokestack industrial plants. However, the deal fell apart after
Then, the cavalry arrived. In July, Gupta was unable to raise financing in
Gupta received a vital liquidity injection time, leaving the two parties squabbling
from his main lender, Greensill Capital, in court over a $2.5m deposit.
which began advancing hundreds of It might not be the only time a plane
millions of pounds of taxpayer-backed purchase has fallen through. Later in
Covid loans to his loose collection of 2018, Gupta incorporated a company
linked companies. called Wyestream — a portmanteau of
With the crisis averted, Gupta his Wyelands estate and the luxury pri-
splashed out on a new extravagance the vate jet manufacturer Gulfstream. Peo-
following month: a £42m house in Bel- ple familiar with the matter said that
gravia, one of central London’s priciest while Gupta set up the company to buy a
districts. new plane, the entity was dissolved
“You are talking about a very rarefied before any purchase concluded.
market,” said Lucian Cook, head of UK Gupta shares a love of private jets with
residential research at real estate firm
Savills, adding that there would have
been only a “handful” of sales around
He had his eyes set on a
the £40m mark in the UK last year. Boeing 737. ‘It was so big,
The purchase highlights that while
Gupta has built a global industrial
we used to joke there’d be
empire on financial alchemy and gener- a disco room onboard’
ous government subsidies, he has also
amassed a collection of mansions, pri-
vate aircraft and other trophy assets. Mogul’s London neighbours Some of his properties his main financial backer, Lex Greensill,
But the recent collapse of Greensill, in the charismatic Australian financier
a global financial scandal that has SCOTLAND whose empire has now collapsed, in
BELGRAVE SQUARE
engulfed Swiss banks and Japanese Private owners Jahama Highland Estates, part due to the billions of dollars of loans
WALES
insurers, has also put Gupta’s business include … Wyelands
Fort William it extended to the metals magnate’s
empire on the brink. Having borrowed 114,000 acr
acres,
s, fifth lar
largestt
large businesses.
Sanjeev Gupta Estate,
$5bn from the now defunct lender, his Syrian private
priva
privat
priva e landowner in the UK Greensill amassed a fleet of four cor-
House bought for Chepsttow
Chepstowow
embassy Bought:
ought: Dec 2016
GFG Alliance businesses have already (closed £42m in Aug 2020 Bought: £3.1m porate planes, allowing the Australian
defaulted on some of this debt, poten- since Oleg Deripaska Nov 2015 farmer’s son to travel the world in
2013)
ENGLAND
tially putting the UK taxpayer on the Russian oligarch Belgrave
Belgr
elgrave
ve Square,
Squar style. One of Greensill’s jets had a
hook for £1bn or more. Gennadiy Norwegian London
ondon matching paint job to Gupta’s, in the
Gupta’s GFG Alliance and Greensill Bogolyubov embassy Bought:
B ought: £42m blue and silver colours of the industrial-
Aug
A ug 2020 UAE
Capital declined to comment. Ukrainian oligarch ist’s main Liberty House business. A
Palm
alm Jumeirah,
Jumeir
Bought under his wife Nicola’s name, German Dubai person close to Greensill described it as
embassy
the six-storey townhouse was once Bought:
B ought: £1m-£2m a “coincidence”.
home to English aristocracy. It was put 21-23 2009-10 Greensill purchased the jets — which
on the market last year by Lady Mary AUSTRALIA included a $43m Gulfstream 650 —
Spanish
Haughey, the widow of pharmaceuticals embassy Potts Point, Sydney through Greensill Bank, a subsidiary in
tycoon Lord Ballyedmond, who spent Image: Google Bought: £19.5m Germany, which is now under criminal
handsomely on renovations of the Source: FT research Source: FT research Oct 2019 investigation for alleged balance sheet
Grade I-listed building in the run-up to manipulation. The bank has denied
the sale. Sanjeev Gupta’s operated on the fringes of the commodi- expands into new territories. “Sanjeev 31-metre yacht, 300-strong cocktail ‘Sanjeev wrongdoing.
When the Financial Times visited the purchases ties trading industry out of offices in plants flagpoles in the ground by buying parties attended by former Australian Gupta’s own bank has also come
address this week, work on the house’s include a Mayfair, London. But in the mid-2000s a home wherever he sets up a new busi- prime minister Malcolm Turnbull and plants under regulatory scrutiny for funding
interior — now under the direction of sprawling Welsh he suddenly decamped to the oil-rich ness,” he told the FT. an extensive Scotch collection. flagpoles in his wider business empire. The FT
Gupta’s wife — was ongoing. Decorators country estate, a Emirate, according to two of his employ- This urge has seen Gupta take owner- Gupta’s Welsh country estate — whose revealed in 2019 that Wyelands Bank
said they had not met the owner, who colonial Sydney ees at the time, largely winding down his ship of a sprawling Welsh countryside name, Wyelands, is shared with the the ground had bought his company’s new corpo-
they confirmed was “not in the country mansion, a UK operations. estate, a colonial Sydney mansion, the bank he acquired in 2016 — was bought by buying rate offices in Mayfair, a £64m building
at the moment”. £42m Belgravia In 2017, a BBC Wales documentary Belgravia townhouse and 114,000 acres in 2015. Gupta got the keys for the with five of its six floors leased to the
Instead of steering his company from townhouse and crew followed Gupta around Dubai dur- in the Scottish Highlands, including the estate’s classical Regency villa just a a home GFG Alliance.
his new London base, Gupta swapped 114,000 acres in ing the heady Grand Prix race weekend foothills of Ben Nevis, the highest fortnight before the furnaces at his New- wherever Following an FT investigation that
the UK capital for Dubai before Christ- the Scottish as the businessman flitted between net- mountain in the British Isles — all in the port steel mill churned back into action revealed Wyelands was lending to
mas to evade the severity of England’s Highlands, working lunches, a trade show and a space of the past six years. after two years dormant. he sets up Gupta’s businesses through a network of
third lockdown and the watchful eye of including the yacht party. In 2016, the Scottish government In July 2018, Gupta’s general manager a new shell companies, the Bank of England
the British press, according to a Dubai- foothills of Ben “It’s a very long way from Port Talbot granted him special access to Edinburgh at GFG was doing all she could to stop his earlier this month forced Wyelands to
based family friend. Nevis — FT montage/ [where Gupta tried to buy a steelworks], Castle to celebrate his acquisition of next big acquisition falling through, business’ return millions of pounds in retail
He is currently splitting his time Bloomberg/AirTeamImages
it’s an entirely different planet,” noted Scotland’s last two major steel mills, sending frantic WhatsApp messages to deposits, compelling Gupta to inject
between a four-bedroom villa on presenter Brian Meechan as he sur- bankrolled by a £7m loan from the tax- the seller. Rather than another ageing £75m of cash to cover savers’ money.
Dubai’s man-made Palm Jumeirah veyed Gupta’s beachfront garden, add- payer. The FT reported last week that metalworks, however, the steel baron Gupta has since moved his main UK
island, which he bought for a bargain ing with an air of incredulity: “Why production at some of Liberty’s steel- was lining up an aviation deal. operations to a new headquarters in
price not long after the 2008 Emirati would you give this up in order to move works has been paused and several sup- “We (Sanjeev) really wants this Mayfair. The striking white stone and
property crash, and a high-rise office in to south Wales?” pliers have not been paid. plane,” she wrote. glass fronted building is still sometimes
the city’s financial district. A Dubai-based family friend believes In Sydney, where Gupta relocated his The industrialist has amassed an air- referred to by the name of one of its
A retreat to Dubai has happened Gupta’s ballooning property portfolio family after buying a South Australia craft collection that includes a private most notorious previous tenants: Enron
before. Decades before he forged his reflects his desire “to show he’s part of steelworks in 2017, friends recall boat jet and a helicopter with matching van- House.
reputation as the “Man of Steel”, Gupta the community” as his business trips around the Sydney Harbour on his ity tail signs that nod at how he made his See Lex

Technology. Mobile ads

China developers work to undermine Apple privacy push
On Thursday, Apple fired pre- will choose to broadly or narrowly A marketing industry veteran who opment kits from five of China’s merly a senior software engineer at
Cat-and-mouse game as apps emptive warnings to at least two Chi- enforce these policies within the wished to remain anonymous said: biggest tech companies, including Google and now a member at the cam-
test ways of tracking iPhones nese apps, telling them to cease and context of a foreign government’s “Apple’s new policy will hurt the adver- Baidu, ByteDance, and Tencent, that paign group Tech Inquiry.
desist after naming a dozen parameters whims and desires — and how Apple will tising industry’s ability to verify their show they are testing or implementing Singh noted that CAA’s privacy terms,
without prompting for consent such as “setDeviceName” that could be choose to respond to such challenges traffic. CAID as a way of identifying users in the which are publicly available, suggest
used “to create a unique identifier for from other nations.” “In China, big and small firms future. that a CAID can initially be created on
the user’s device”. Apple’s move is an attempt to nip in were all testing out the CAID, but ByteDance’s guide recommends that servers hosted by app developers rather
YUAN YANG — SHANGHAI
PATRICK MCGEE — SAN FRANCISCO “We found that your app collects user the bud any resistance to its policy, Apple’s recent actions will put a stop to developers use its SDK, “Ocean Engine,” than on the device itself.
and device information to create a which has been unpopular with devel- these tests.” to “issue” two new identifiers, CAID1 This could indicate that developers
A cat-and-mouse game has begun unique identifier for the user’s device,” opers, many of whom offer free apps The Financial Times has obtained and CAID2, one based on a user’s IP might try to get their apps approved by
between Apple and Chinese tech com- reads a screenshot of a warning to a that make money from ads. information about the software devel- address and the type of browser and Apple by making changes at the server
panies, as the iPhone maker tries to developer who was using a way of iden- phone, another on a phone's IMEI — a level that are harder to detect.
enforce its privacy policies in China. tifying users called CAID, developed by unique number that identifies a device “If the app is written in such a way
Apple is expected to roll out changes the China Advertising Association. on a mobile network. that the actual CAID code exists
to iPhones in the spring that give users Its guidelines suggest an update must Both new IDs violate Apple’s rules, remotely and the parameters are sent
more privacy from mobile advertising, be “compliant with the App Store which state that developers must obtain off to a server, this could make detection
a market that hit $240bn last year, Review Guidelines within 14 days” or permission to use “other IDs with a more difficult.”
according to App Annie. “your app will be removed from sale”. third-party advertising network”. The efforts to undermine Apple’s new
The changes will force apps to ask for Jackie Singh, former senior cyber As a “fallback,” ByteDance recom- privacy push will put the $2tn tech
permission before collecting tracking security staffer to the Biden campaign, mends developers use “fingerprinting group in a bind.
data on users, a move that has been bit- said the warnings demonstrated Apple’s and probabilistic matching” methods to “Either [Apple] upsets Chinese com-
terly fought by Facebook since most sophisticated ability to use automated identify users, another violation. panies . . . potentially arresting its
users are expected to say no. tools to detect violations of its privacy Tech experts say that the fact that meteoric growth in China over the past
Even before introducing the changes, guidelines. Chinese tech groups are creating multi- decade and disrupting a core part of its
Apple is facing problems in China, “Apple clearly has the technical capa- ple identification systems suggests supply chain, or it gives Chinese devel-
where groups are testing ways of beating bility to deny the existence of apps in China apps will tweak submissions in opers special privilege and opens up
the system and of continuing to track their ecosystem which perform activi- numerous ways to get past Apple’s that can of worms”, said Alasdair Press-
users without prompting for consent. ties intended to uniquely identify peo- enforcement. ney, director of product strategy at
Apple previously said that it would ple and track their behaviour outside of “The SDKs suggest that [China devel- AdColony, a mobile in-app an network
reject from its App Store any apps Apple’s walled garden,” she said. opers] are prepared to play that cat-and- and marketplace.
“found to disregard the user’s choice”. “The real question is whether they Apple has told at least two apps to cease and desist — Johannes Eisele/AFP/Getty mouse game,” said Irene Knapp, for- Apple declined to comment.
20 March/21 March 2021 ★ FTWeekend 11

COMPANIES & MARKETS

Fixed income. Policy showdown Fixed income

Fed will allow

Wall St tests Powell’s mettle looser capital
as long-term bonds tumble rules to expire
for US banks
JAMES POLITI — WASHINGTON
COLBY SMITH — NEW YORK

The US Federal Reserve has announced

that it will let looser capital rules for
banks introduced at the start of the
pandemic expire at the end of March.
The US central bank’s decision could
disappoint banks, which had been push-
ing for an extension of the capital relief.
Capital rules were eased last year in a
temporary change to the supplemen-
tary leverage ratio (SLR), and have been
the focus of an intense political battle in
recent weeks.
While Democrats in Congress had
argued that the relief from capital rules
should be terminated at the end of this
month, many Republicans sided with
the banks to argue for an extension.
The Fed said on Friday that the
change to the SLR would expire as
scheduled on March 31. However, the
central bank said it would explore a
more permanent overhaul to the rules.
“The board will shortly seek com-
ment on measures to adjust the SLR,”
the Fed said on Friday. “The board will
take appropriate actions to assure that
any changes to the SLR do not erode
the overall strength of bank capital
requirements”, it added.
Fed’s stance on low interest Long-term US government bonds in historic retreat Boxed in: But the central bank’s endorsement of The SLR requires large banks to have
markets may higher inflation — with its recent capital equal to at least 3 per cent of
rates increases investor fears Bloomberg Barclays Long Treasuries index (quarterly total returns, %)
push Fed chair commitment to let inflation run hot
to make up for past periods of under-
that inflation will run too hot 30 Jay Powell to
make a change shooting its 2 per cent target — coupled
‘The board temporarily
COLBY SMITH — NEW YORK
20 in policy if the with the enormity of the fiscal stimulus modified the SLR last year.
package recently signed into law have
The US Federal Reserve is locked in a
10
bond sell-off
accelerates, investors on edge.
Since then, the Treasury
high-stakes showdown with markets. 0 warn analysts “Markets have become incredibly market has stabilised’
This week, central bank chair Jay Daniel Acker/Bloomberg
concerned that the Fed will make a pol-
Powell won plaudits for acknowledging -10 icy error in terms of higher inflation,” their assets or 5 per cent for the largest
a rapidly brightening economic outlook -20 said Saira Malik, head of global equities systemically important institutions.
and the chance of a push higher 1974 80 90 2000 10 21
at Nuveen. Under the April 2020 rule change,
in inflation, while simultaneously “The market can handle an increase lenders were allowed to temporarily
Measures Treasuries with maturities of 10 years or greater
emphasising his commitment to keep- in yields but it needs to be orderly exclude holdings of US Treasuries and
Source: Bloomberg
ing interest rates at rock-bottom levels and driven by stronger growth and not cash kept in reserve at the central bank
for the foreseeable future. going higher because the economy is from their assets when calculating the
But this relaxed attitude to inflation is growth forecasts, and a suspicion that To drive home the point, he suggested overheating,” she added. ratio.
biting in to the price of long-term US the Fed will eventually be forced to there was no intention to adjust the Brian Rose, chief economist at UBS Investors had focused intently on the
government bonds, sending ripples bring forward its first rise in interest Fed’s $120bn monthly bond-buying Global Wealth Management, said he fate of these regulatory concessions in
across global markets. rates. programme. was watching longer term inflation recent weeks, especially as volatility in
Despite Powell’s hands-off approach The European Central Bank has “The market might push them to expectations closely for any sign that the $21tn market for US government
to the rise in yields — in contrast to his pushed back against the rise in yields on make a change in their behaviour but, inflationary pressures could become bonds picked up and Treasury yields
peers in the eurozone — investors are its turf, fearing a harmful rise in borrow- for now, [Fed policymakers] have destabilising. shot higher.
continuing to question how long the Fed ing costs for companies and individuals clearly indicated they do not want to Five-year break-even rates, which Without more lenient rules for large
can allow this to run. at a delicate economic juncture. directly participate in having an impact are derived from US inflation-protected US banks, Wall Street strategists cau-
“It is not the level of yields that In contrast, the Fed chair has brushed on the yield curve,” said Rish Bhandari, government securities, now hover at tioned that the choppy trading condi-
matters but how it interacts with risky off any unease, despite the ferocity of a senior portfolio manager at hedge around 2.6 per cent, just shy of the tions that have at times this year
assets,” said Gene Tannuzzo, global the move at times, in sharp contrast to fund Capstone. highest level since 2008. The 10-year engulfed the world’s largest government
head of fixed income at Columbia the March 2020 episode when policy- Mike Collins, senior portfolio man- rate is slightly lower, at 2.3 per cent. “If bond market could be amplified, even
Threadneedle Investments. “If yields makers were in constant contact with ager at PGIM Fixed Income, warned that they are too successful and inflation as the deficit swells.
are moving up at a pace that is causing banks and other market participants another sharp rise in Treasury yields expectations threaten to become de-an- But the Fed said yesterday that the
the stock market to fall and credit about the chaotic market moves. could test their stance, however. chored, then it becomes an issue and Treasury market remained on firm-
spreads to widen, then [Powell] will be a The swiftness of the sell-off, which “Financial conditions do remain would make it a lot harder for the Fed to enough footing for these concessions to
lot more concerned.” has begun to spill over into equity and pretty loose but, if rates go up another maintain very loose policy,” he said. end.
In just the past week, the yield on the credit markets, has rattled investors. [0.5 to 1 percentage point], that could On Wednesday, the so-called dot plot “To ease strains in the Treasury mar-
benchmark 10-year note jumped as In February, yields breached even really slow things down,” he said. of policymakers’ interest rate projec- ket resulting from the Covid-19 pan-
high as 1.75 per cent, having traded some of the toppiest forecasts for the The blowback in equity and credit ‘It is not tions implied that the central bank demic and to promote lending to house-
around 1.6 per cent just days earlier. year after a poorly received Treasury markets could also be severe enough to would keep interest rates close to zero holds and businesses, the board tempo-
Since the start of the year, long-dated auction kicked off choppy trading. prompt verbal intervention from the the level of until at least 2024, despite the sharp rarily modified the SLR last year to
Treasuries, which mature in 10 years or Powell again dismissed the recent Fed, or even a shift towards the Fed yields that upgrade in its growth forecasts. exclude US Treasury securities and cen-
more, have dropped almost 15 per cent gyrations in the $21tn market for US buying more longer term debt. “There is nothing for now that tells us tral bank reserves, the central bank
on a total return basis, according to a government debt on Wednesday, How the economic picture evolves as matters we are entering a new inflation regime Our global said. “Since that time, the Treasury
Bloomberg Barclays index. reiterating that financial conditions summer approaches could make the but how it that will . . . force the Fed to tighten,” team gives you market has stabilised.”
If those losses are sustained, the first across a variety of metrics remain situation even thornier for the Fed. said Diana Amoa, a fixed income market-moving US government bonds sold off after
quarter of this year will mark the worst “highly accommodative” and that the Economists have pencilled in a interacts portfolio manager at JPMorgan Asset news and views, the decision was announced, sending
since at least the early 1970s. central bank would be concerned only pick-up in consumer price increases with risky Management. “That said, there is a lot 24 hours a day yields higher. The benchmark 10-year
The decline reflects a large upgrade about “disorderly” moves that threaten later this year as the economy reopens — more uncertainty around that.” ft.com/markets note rose 3 basis points to 1.74 per cent,
among economists of inflation and to undermine the economic recovery. a rise Fed officials say will be temporary. assets’ See Editorial Comment before retreating slightly.

Media Commodities

American football league signs 11-year Oil set for biggest weekly slide since
broadcasting rights deal worth $110bn October on fears over flagging demand
SARA GERMANO AND ANNA NICOLAOU exceeds analyst expectations of the crowd in a fragmented television MYLES MCCORMICK — NEW YORK demand for crude in China and the US,” and lay off thousands of employees.
NEW YORK DAVID SHEPPARD — LONDON
DAVE LEE — SAN FRANCISCO
renewals worth $8bn. universe”. said Christopher Page, senior oil market Some analysts said the weakness in oil
Football remains the most popular When asked this month about the Oil prices are on course for their biggest analyst at Rystad Energy. markets was unlikely to last, arguing
The National Football League has programming on US television, at a time risks of signing an expensive decade- weekly fall since October as signs of In Beijing, authorities were reported that demand was still likely to rebound
signed a wide-ranging media rights when audiences are shifting away from long deal for the NFL at a time when flagging demand in key markets to be cracking down on imports of heavy strongly later this year as vaccine pro-
package reportedly worth as much as traditional television and towards television is in long-term decline, abruptly halted a vigorous rally. emissions fuels, triggering concerns grammes accelerated, boosting travel
$110bn over 11 years, including the online streaming. Lachlan Murdoch, Fox chief executive, over the future of some Asian imports. and the wider economy.
first exclusive broadcasting rights for CBS and Fox would each pay about said he was “pretty comfortable”, International benchmark Brent crude US oil inventories, meanwhile, have Part of the sell-off was probably
Amazon. $2bn a year for their deals, said people adding: “Historically, [prices] have gone suffered its biggest one-day fall since increased as petrochemical plants take linked to rising US treasury yields that
familiar with the matter, roughly double up, not down. A longer term deal makes June on Thursday, leaving it down longer than expected to come back have damped investor risk appetite,
The agreement re-establishes American their previous agreements. sense.” almost 7 per cent since the end of last analysts noted.
football as the most expensive US George Cheeks, chief executive of CBS The new package features expanded week to trade near $64 a barrel. Michael Tran, commodity strategist
media property amid a wider shift to Entertainment, said the NFL was options for each of the networks to West Texas Intermediate, the US
‘Markets rarely move in at RBC Capital Markets, advised
streaming services. “must-have content that stands above present games on their streaming plat- benchmark, is down a similar margin straight lines. [There] will investors to “wait for the flush-out to
The rights package announced late on forms, and the agreement with Amazon for the week to trade near $61 a barrel. run its course”, adding: “Markets rarely
Thursday renews existing agreements is the first exclusive contract between This week’s slide has put the brakes
be a strong summer for move in straight lines and the current
with longtime NFL media partners the league and a digital streaming on an almost unbroken rally this year. global oil demand’ soft patch should not detract from what
ViacomCBS, Comcast’s NBC, News provider. Amazon has simulcast Thurs- Brent and WTI have soared more than we believe will be a strong summer for
Corp’s Fox, and Disney’s ESPN and ABC. day night games since 2017 but will take 60 per cent since early November as the online after the Texas freeze. The global oil demand.”
Amazon will become the sole broad- over exclusive rights to those games world has begun to reopen in the wake Energy Information Administration on Brent crude rebounded by 2 per cent
caster for weekly Thursday night games beginning in 2023. of pandemic-induced lockdowns. Wednesday reported a 2.4m-barrel yesterday to move back towards $65 a
when the rights take effect in 2023. The mix of viewers watching football But analysts said the rally had got increase in stocks. barrel, boosted in part by a drone attack
The total package is worth $110bn on linear television continues to erode. ahead of itself after Brent pierced the Oil prices crashed last March when a on an oil refinery in Riyadh, the capital
through to 2033, or $10bn annually, February’s Super Bowl, still expected to $70-a-barrel level last week with traders glut of Saudi supply hit the market just of Saudi Arabia.
according to Sports Business Journal. be the most-watched US programme of refocusing on renewed lockdown as economies were shut down by The Saudi Arabian energy ministry
That includes roughly $1bn per year the year with more than 91m viewers, measures in parts of Europe and signs coronavirus lockdowns. WTI plunged said supply was unaffected but it
for the Amazon rights, said a person was the lowest rated football champion- that physical demand in China and the into negative territory for the first time followed other recent attacks targeting
familiar with the matter. It more than ship game since 1969, according to US remained fragile. ever in April. the kingdom’s oil facilities, responsibil-
doubles the value of the NFL’s existing The NFL is described as ‘must-have Sports Media Watch. “I think the market is catching up That sent production tumbling as oil ity for which has been claimed by Irani-
rights, worth $5bn per year, and far content that stands above the crowd’ See Lex with itself in terms of the actual physical companies were forced to close wells an-backed Houthi rebels in Yemen.
12 ★ FTWeekend 20 March/21 March 2021

COMPANIES & MARKETS

Fed is in no rush to The day in the markets

rescue corporate What you need to know
bond investors 3 Stocks on Wall Street stabilise after
US Treasury rout pauses after another week of selling
choppy week of trading
3 Yield on the 10-year US Treasury 10-year government yields (%)

Joe Rennison hovers near 14-month high

3 Topix rises after BoJ says its ETF
purchases will track equities benchmark
1.8

On Wall Street Stocks on Wall Street rose yesterday, led

by the technology sector, as this week’s 1.6
sell-off in US Treasuries took a breather.

O
The S&P 500 was up 0.3 per cent in the
ne year ago, financial mar- However, on Wednesday, the Fed Fed’s support for the market creating afternoon in New York, leaving the blue-
kets were in meltdown as offered them little comfort. While confidence in companies’ ability to chip benchmark on track to end the week 1.4
coronavirus spread across acknowledging improvements in the US repay vast debts built up last year. down about 0.4 per cent.
the globe. economy and sharply revising its This leaves investors little cushion to The tech-leaning Nasdaq Composite
The Federal Reserve had growth projections higher, the central absorb the rise in interest rates associ- bounced back almost 1 per cent, having
slashed interest rates to support a cra- bank resolved to keep emergency policy ated with a recovery. Rising Treasury fallen 3 per cent the day before when the 1.2
tering US economy. The 10-year Treas- measures in place until “substantial” yields transfer directly to rising corpo- yield on the US 10-year note briefly
ury bond yield — the linchpin metric for further progress has been made. rate borrowing costs, and falling corpo- topped 1.75 per cent — its highest level
markets — had fallen below 1 per cent “The Fed needs to recalibrate the rate bond prices. Investment-grade cor- since January 2020.
for the first time earlier in the month, as emergency policy settings they put in porate bond yields have risen from 1.78 “A tumultuous week is ending on a 1.0
investors flocked to the haven asset. place last year,” says Bob Miller, head of per cent to 2.31 per cent this year, even more sanguine note,” said Candice
And higher-quality corporate bonds Americas fundamental fixed income at though spreads have barely changed. Bangsund, portfolio manager at Fiera Feb 2021 Mar
considered investment grade hit a nadir BlackRock. “If the Fed remains stub- The effect is further exemplified by Capital. Source: Refinitiv
on March 20 as concerns over compa- born about recalibration, then I think it the comparable outperformance of low- Across the Atlantic, the region-wide
nies’ vulnerabilities mounted. could lead to more volatility.” er-quality, higher-yielding bonds. In Stoxx Europe 600 index slid 0.8 per cent,
One year on, with the rollout of coro- Part of the problem for credit inves- fact, it’s the very lowest-rated debt that while Frankfurt’s Xetra Dax and London’s ING, pointing to falls in the price of oil The moves in Japan came as the central
navirus vaccines giving hope to an eco- has performed best so far this year FTSE 100 both lost 1.1 per cent. and gold. The precious metal is down bank scrapped its pledge to buy an
nomic recovery bolstered by fiscal stim- because it carried the highest spread Declines across stock markets in more than 8 per cent since the start of average of ¥6tn ($55.2bn) a year in
ulus, corporate bond investors are still Inflation pressure is seen above Treasury yields that has com- Europe and Asia yesterday were spurred this year at about $1,750 an ounce, a long equities following its biggest policy
unhappy. Investment-grade corporate as transitory as it focuses pressed as the outlook for the riskiest by this week’s rise in Treasury yields, way off the $2,000-plus level reached in review since 2016.
bonds have suffered total losses of 4.8 borrowers has improved. to which borrowing costs in many August last year. The divergence between the two
per cent for the year to Wednesday, on bolstering support for However, there are signs that even financial markets are benchmarked. In Asia, China’s CSI 300 index of indices followed the Bank of Japan’s
when the Federal Reserve board of gov- the nascent recovery this cushion is wearing thin. Rising yields, which reflect falling Shanghai and Shenzhen-listed stocks announcement that it would concentrate
ernors met to announce revisions to its Investors had hoped for acknowledg- demand for bonds, have forced investors retreated 2.6 per cent while Hong Kong’s its exchange traded fund purchases
monetary policy framework. That ment by the Fed of the risks posed by to reprice the value of high-growth Hang Seng dropped 1.4 per cent and solely on those that track the Topix.
marked the worst start to the year going tors lies in just how unusually rapid the rising Treasury yields when the central shares to reflect changes in interest rate South Korea’s Kospi index lost almost 1 The Nikkei 225 was led lower by Fast
back to the early 1980s, according to an recovery has been. bank met this week. expectations. per cent. Retailing, the parent of clothing chain
index run by Ice Data Services. Expectations of growth and inflation Sadly for bond investors, Treasury This sell-off in sovereign debt was also In Tokyo, the Nikkei 225 Average fell 1.4 Uniqlo, which has a large weighting in
At the same point last year, the mar- as the US economy reopens are rising, yields are not the Fed’s only concern. It “spilling into wider markets”, said Robert per cent while the Topix, the other main that index. Hudson Lockett, Leke Oso
ket was down 4.5 per cent for the year, pushing government bond yields remains dismissive of what it sees as Carnell, head of Asia-Pacific research at equities benchmark, gained 0.2 per cent. Alabi and Leo Lewis
with the coronavirus induced sell-off higher. That’s further supported by transitory inflation pressure, focusing
gaining speed. Still, it’s an oddly similar fresh fiscal stimulus from the US gov- instead on bolstering support for the
outcome given the economy is now in ernment, and the Fed’s continued easy nascent economic recovery. Markets update
resurgence, not turmoil. monetary policy stance. The US unemployment rate remains
Having cheered the Fed’s swift and Benchmark 10-year US Treasury at 6.8 per cent, yet year on year core
comprehensive response a year ago that yields marched upward last week fol- inflation was 1.4 per cent last month,
rescued corporate debt markets and lowing the Fed meeting, hitting their still below the Fed’s target of 2 per cent. US Eurozone Japan UK China Brazil
helped erase their losses, investors are highest level since January last year. After the Friday March 20 nadir for Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
now lamenting those same policy meas- Typically, this would be accompanied corporate bonds last year, the Federal Level 3920.78 1631.03 29792.05 6708.71 3404.66 115459.94
ures eating into their returns this year. by a reduction in credit spreads, or the Reserve announced sweeping measures % change on day 0.14 -0.76 -1.41 -1.05 -1.69 0.54
Fearing that rising inflation is cutting premium above government bond to prop up markets on the following Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
into the returns from fixed-income yields demanded by investors to lend to Monday. One year on, the Fed is so far Level 91.934 1.191 108.855 1.387 6.504 5.473
debt, investors are calling for details on companies, as confidence in corporate less willing to come to investors’ aid. % change on day 0.078 -0.168 -0.110 -0.502 0.031 -1.186
when crisis measures like the Fed’s America returned. But spreads are Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
bond-buying programme will be pared. already very low, dragged down by the joe.rennison@ft.com Yield 1.713 -0.294 0.111 0.835 3.237 8.352
Basis point change on day -2.260 -2.900 0.920 -3.800 -5.400 3.000
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 444.09 64.34 61.27 1725.90 26.13 3855.10

Taxman exhibits fresh desire to crack % change on day -0.13 2.29 2.73 -0.22
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
1.08 -0.18

down on dark arts of money laundering Main equity markets

S&P 500 index Eurofirst 300 index FTSE 100 index
4000 1680 6880
it will continue to enforce the EU’s The official guidelines are over 100
Fifth Money Laundering Directive. pages long.” 1640 6720
The AMPs will have to do customer Harry Sandick of Patterson Belknap,
due diligence (CDD) on the ultimate a New York law firm, and a former 3840 1600
beneficial owners (UBOs), of the art prosecutor, said: “I think the art world 6560
they help buy or sell. is not the soft spot that regulators 1560
So even as they grovel and smile think. Still, they want the art industry
| | | | | | | | |
before the oligarchs, they must ask to file the same suspicious activity | | | | | | | | | | | | 6400 | | | | | | | | | | |

T
3680 | | | | | | | | | | | | | |
1520 | | | | | | | | | | | | | |

pointed questions about the source of reports and have the same staff Jan 2021 Mar Jan 2021 Mar Jan 2021 Mar
he art market’s high rollers their money. training as the banks.” Biggest movers
have created a serious The US authorities have not entirely I am inclined to believe that globally
% US Eurozone UK
image problem for made up their minds about how to traded commodities, in particular gold,
Fedex 6.90 Gecina 3.29 Ocado 2.12
themselves. Over the past bring the art world under a bank are better suited for money laundering
Occidental Petroleum 5.67 Enel 3.00 Sainsbury (j) 1.58
30 years, and particularly regulation-like AML regime. than art objects.
Ups

at the beginning of this century, they After this past January, the Indeed, the current NatWest Best Buy 4.68 Snam 2.62 National Grid 1.57
sold the story of mystery international antiquities market is covered by the criminal case centres on cash deposits Facebook 4.43 Edp 2.34 Dcc 1.53
billionaire buyers and their glamorous due diligence requirements originally by a now-defunct British gold dealer. It Western Digital 3.99 Red Ele. 2.28 Morrison (wm) Supermarkets 1.44
hangers-on at flashy evening auctions. written for banks, partly in reaction to is much easier, after all, to identify and %
Answering slight nods in packed sale Isis looting of ancient sites. trace a particular painting than a Visa -4.73 Volkswagen -14.24 Rolls-royce Holdings -6.06
rooms, mellifluous auctioneers would Congress asked the Treasury to particular gramme of pure gold. Mastercard -4.30 Telecom Italia -7.37 Int Consolidated Airlines S.a. -4.22
Downs

post gasp-inducing record prices for report by next January on how to Having said that, there are some Chubb -4.12 B. Sabadell -5.09 Bt -3.93
works by artists most middle-class highly entertaining parts of a US Senate Nike -3.72 Bay.motoren Werke -4.22 Burberry -3.74
people only ever see in museums. staff report from last July on how the Travelers Companies (the) -3.09 Amadeus It -3.94 Anglo American -3.38
Some of those middle-class people
So even as they grovel and art industry may undermine Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone

smile before the oligarchs,

All data provided by Morningstar unless otherwise noted.
have day jobs as tax and bank international sanctions.
inspectors, or as parliamentary or Sotheby’s and Christie’s
congressional staff. And over time, the
they must ask pointed representatives dealing with an agent
air of secrecy and enormous wealth questions about the money for Arkady and Boris Rutenberg, two
around the art market has attracted
their closer attention. oversee the enforcement of money
internationally sanctioned Russian
oligarchs, seemed more interested in
Wall Street Europe London
Now the auction houses, art dealers laundering rules and US sanctions in keeping the business than avoiding
and private advisers face the prospect the art market. questionable transactions. Biotech group Sarepta Therapeutics German software group TeamViewer London Stock Exchange Group sank after
of emerging from Covid-19 lockdowns Unfortunately for the art people, the Roland Foord, a senior partner of climbed following positive results of its dived after announcing a five-year a JPMorgan Securities filing revealed that
only to be enlisted as enforcers of anti- AML and CDD checks will cost money Stephenson Harwood, a London law gene therapy to treat a form of muscular agreement to become the new principal Thomson Reuters and certain members
money laundering (AML) regulations at a time when sales are down. firm, advises the harried art people to dystrophy. shirt partner of Manchester United, the of the Refinitiv management had sold
as strict as those in the banking According to Clare McAndrew, of Art “keep records of your searches on The outcome from the first look at data Premier League football club. 10.4m LSE shares at £71.50 a share — a
industry. They are not entirely ready Economics, a Dublin consultancy, (prospective customers) and of your from biopsies taken two years after a Owing to the “resulting significant 2.8 per cent discount on Thursday’s
for this. They signed up to be courtiers, global sales of art and antiques conclusions. If you do not have the single dose of its drug SRP-9003 were increase in marketing expenditure”, the closing price.
not investigators. declined to $50.1bn in 2020, down 22 original source material for your CDD, “tremendously positive and support Göppingen group said it was trimming its Gross proceeds from the sale would
By June, the UK tax authority, will per cent from 2019. make sure that you have the continued advancement of this adjusted margin guidance for earnings raise around £745m. LSE Group shares
require what it calls “Art Market The peak sales year for the industry contractual right to get it”. investigational treatment for patients”, before interest, tax, depreciation and have yet to recover since tumbling almost
Participants” (AMPs) to register before was back in 2014 when global value So while there are plenty of art world said Louise Rodino-Klapac, executive amortisation. 20 per cent over two days this month
they continue to carry on their reached $68.2bn. consultants ready to help with due vice-president and chief scientific officer. Flughafen Wien, the Austrian group after the group forecast it would spend
business, defined as “a transaction of “I think the whole money laundering diligence for a few thousand a year, the Clovis, another drug company, soared that operates Vienna International £1bn this year to bed in its $27bn
€10,000 or more, or a series of linked issue has been slightly over-egged,” art people are still on the hook with the on news of a promising phase 3 study for Airport, fell after RBC Europe reiterated acquisition of data provider Refinitiv.
transactions of €10,000 or more”. McAndrew said. “This is slightly less of tax people and regulators for its cancer treatment. its “underperform” rating and €21.5 price Encouraging full-year results lifted
In other words, every auction house, an issue for the auction houses, since explaining where their clients’ money The data demonstrated that, compared target, saying it expected the company’s Sanne Group with the asset manager
professional art dealer, art financier or they have been collecting this type of comes from. with standard chemotherapy, its Rubraca earnings to take longer than its peers to reporting underlying operating profits of
adviser better sign up. information for a while. But this is drug significantly improved the hit 2019 levels. £48m for 2020, up 8.4 per cent on a
Even though the UK has left the EU, quite arduous for the smaller firms. john.dizard@ft.com progression-free survival among patients Vienna Airport was not a hub airport, constant currency basis, while its
with advanced or relapsed ovarian cancer. added the broker, while its traffic volumes underlying operating profit margin was

Businesses For Sale

Tesla slid following reports that the would lag behind rivals, given its high 28.3 per cent for the full year.
Chinese military had banned its vehicles exposure to business passengers. The results prompted RBC Europe to
from entering housing complexes Sweden’s Assa Abloy, which raise its price target for the group to
because of security concerns linked to manufactures locks, climbed after Citi “reflect more confidence in the organic
the cameras on its cars. initiated coverage with a “buy” revenue outlook [and] more confidence in
AFC Gamma, a real estate finance recommendation. margin progression towards the upper
company that provides loans to operators “We see Assa Abloy as a high-quality half of the 28-30 per cent range”.
Business for Sale, Business Opportunities, Business Services,
in the cannabis industry, surged on its company that can benefit from the Marlowe, which provides services to
Business Wanted, Franchises initial public offering on the Nasdaq stock reopening trade,” said the broker. “Once a aid safety and regulatory compliance,
Runs Daily exchange. sector darling, it has been a laggard over climbed after raising £100m from a share
..................................................................................................................................................................................................................................................................................................................................................................................................................... The Florida group issued 6.25m shares the past year thanks to its non-residential placing with the funds earmarked for
Classified Business Advertising
at $19 a share but, by the afternoon, its construction exposure. We think this bear acquisitions, said the London group.
UK: +44 20 7873 4000 | Email: acs.emea@ft.com
stock had hit more than $22. Ray Douglas thesis has played out.” Ray Douglas Ray Douglas
20 March/21 March 2021 ★ FTWeekend 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ pe r £ ¥ per $ £ pe r € Oil Brent $ Sep Gold $

-0.37% -1.05% -0.76% -1.41% -1.41% -0.13% -0.168% -0.502% -0.110% -0.22%
0.14% 0.74% 0.350% 0.67%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Feb 20 - - Index All World Feb 20 - Mar 19 Index All World Feb 20 - Mar 19 Index All World Feb 20 - Mar 19 Index All World Feb 20 - Mar 19 Index All World Feb 20 - Mar 19 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
18,867.64 14,621.00 30,292.19 3,086.66
3,913.97 3,920.78 6,708.71 29,792.05
6,617.15 3,039.53
18,274.07 13,886.93

Day 0.14% Month 0.36% Year 62.73% Day 0.17% Month 2.61% Year 55.00% Day -1.05% Month 1.45% Year 30.45% Day -1.05% Month 0.82% Year NaN% Day -1.41% Month -1.47% Year 78.11% Day -0.86% Month -3.01% Year 91.02%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
13,865.36 47,617.76 30,595.27 3,134.54
1,631.03 8,493.00
13,213.86 45,061.95 1,590.61
8,058.10 28,990.94 2,908.85
Day 0.74% Month -4.76% Year 84.80% Day 0.10% Month 6.05% Year 35.49% Day -0.76% Month 2.18% Year 44.16% Day -1.53% Month 4.19% Year 32.79% Day -1.41% Month -5.40% Year 29.84% Day -0.10% Month 7.76% Year 29.23%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
32,741.44 119,198.97 5,997.96 3,675.36 51,703.83
24,199.42
115,459.94
31,493.34 5,728.33 22,921.83 49,858.24
3,404.66

Day -0.37% Month 3.97% Year 63.01% Day 0.54% Month -2.55% Year 68.90% Day -1.07% Month 3.89% Year 55.57% Day -0.66% Month 4.61% Year 56.48% Day -1.69% Month -7.37% Year 24.77% Day 1.30% Month -2.86% Year 72.70%

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 49088.52 48599.26 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 26345.90 26476.45 Philippines Manila Comp 6436.10 6630.85 Taiwan Weighted Pr 16070.24 16287.84 Cross-Border DJ Global Titans ($) 448.27 448.64
Australia All Ordinaries 6959.60 7003.60 Czech Republic
PX 1080.07 1095.79 FTSE Italia Mid Cap 42366.44 42551.06 Poland Wig 57881.35 58405.96 Thailand Bangkok SET 1563.96 1568.82 Euro Stoxx 50 (Eur) 3842.45 3867.54
S&P/ASX 200 6708.20 6745.90 Denmark OMXC Copenahgen 20 1440.32 1440.06 FTSE MIB 24199.42 24360.49 Portugal PSI 20 4848.22 4789.47 Turkey BIST 100 1528.99 1550.93 Euronext 100 ID 1176.57 1184.47
S&P/ASX 200 Res 5099.60 5181.60 Egypt EGX 30 10918.40 11068.37 Japan 2nd Section 7598.92 7574.85 PSI General 3574.26 3530.54 UAE Abu Dhabi General Index 5735.69 5746.17 FTSE 4Good Global ($) 9532.00 9548.79
Austria ATX 3125.35 3165.02 Estonia OMX Tallinn 1477.32 1481.19 Nikkei 225 29792.05 30216.75 Romania BET Index 10874.42 10846.64 UK FT 30 2681.80 2709.10 FTSE All World ($) 444.09 444.68
Belgium BEL 20 3872.81 3921.95 Finland OMX Helsinki General 11406.39 11409.53 S&P Topix 150 1691.34 1693.55 Russia Micex Index 3475.26 3504.85 FTSE 100 6708.71 6779.68 FTSE E300 1631.03 1643.55
BEL Mid 8833.90 8849.20 France CAC 40 5997.96 6062.79 Topix 2012.21 2008.51 RTX 1474.05 1488.72 FTSE 4Good UK 6304.70 6372.64 FTSE Eurotop 100 3072.16 3097.63
Brazil IBovespa 115459.94 114835.43 SBF 120 4728.50 4775.18 Jordan Amman SE 1752.60 1733.76 Saudi-Arabia TADAWUL All Share Index 9485.96 9602.26 FTSE All Share 3824.92 3862.12 FTSE Global 100 ($) 2525.56 2524.70
Canada S&P/TSX 60 1125.17 1124.56 Germany M-DAX 31622.55 31972.96 Kenya NSE 20 1930.06 1922.70 Singapore FTSE Straits Times 3134.54 3137.66 FTSE techMARK 100 6437.58 6509.68 FTSE Gold Min ($) 2180.71 2179.05
S&P/TSX Comp 18867.64 18836.47 TecDAX 3372.76 3400.06 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 369.45 371.48 USA DJ Composite 10856.59 10867.96 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 802.33 803.51 XETRA Dax 14621.00 14775.52 Latvia OMX Riga 1121.08 1121.56 Slovenia SBI TOP - - DJ Industrial 32741.44 32862.30 FTSE Multinationals ($) 2797.45 2829.61
Chile S&P/CLX IGPA Gen 24369.59 24572.01 Greece Athens Gen 833.07 844.56 Lithuania OMX Vilnius 853.75 854.74 South Africa FTSE/JSE All Share 65911.27 66739.74 DJ Transport 14199.52 14148.04 FTSE World ($) 788.82 789.60
China FTSE A200 13404.59 13781.49 FTSE/ASE 20 2004.43 2033.06 Luxembourg LuxX 1469.81 1461.47 FTSE/JSE Res 20 66192.75 67808.65 DJ Utilities 846.53 846.03 FTSEurofirst 100 (Eur) 4239.97 4281.59
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 28990.94 29405.72 Malaysia FTSE Bursa KLCI 1626.19 1627.99 FTSE/JSE Top 40 60313.40 61050.33 Nasdaq 100 12865.08 12789.14 FTSEurofirst 80 (Eur) 5243.02 5286.00
Shanghai A 3568.68 3629.94 HS China Enterprise 11283.92 11470.43 Mexico IPC 47617.76 47572.39 South Korea Kospi 3039.53 3066.01 Nasdaq Cmp 13213.86 13116.17 MSCI ACWI Fr ($) 673.38 678.19
Shanghai B 242.37 244.52 HSCC Red Chip 4155.43 4218.69 Morocco MASI 11497.07 11560.84 Kospi 200 412.91 417.06 NYSE Comp 15602.63 15775.50 MSCI All World ($) 2802.27 2826.79
Shanghai Comp 3404.66 3463.07 Hungary Bux 44042.12 44465.75 Netherlands AEX 681.70 682.39 Spain IBEX 35 8493.00 8624.60 S&P 500 3920.78 3915.46 MSCI Europe (Eur) 1716.24 1709.36
Shenzhen A 2296.57 2341.18 India BSE Sensex 49858.24 49216.52 AEX All Share 975.83 977.32 Sri Lanka CSE All Share 6854.32 6930.76 Wilshire 5000 41525.07 41373.34 MSCI Pacific ($) 3257.79 3219.70
Shenzhen B 1109.40 1118.66 Nifty 500 12314.50 12174.45 New Zealand NZX 50 12515.22 12496.14 Sweden OMX Stockholm 30 2169.18 2179.99 Venezuela IBC 2694698.25 2702129.50 S&P Euro (Eur) 1772.08 1784.81
Colombia COLCAP 1325.59 1343.56 Indonesia Jakarta Comp 6356.16 6347.83 Nigeria SE All Share 38914.84 38706.13 OMX Stockholm AS 862.86 865.76 Vietnam VNI 1194.05 1200.94 S&P Europe 350 (Eur) 1688.34 1700.98
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7998.72 8096.64 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10967.37 10973.76 S&P Global 1200 ($) 3105.61 3110.93
Israel Tel Aviv 125 1649.77 1647.90 Pakistan KSE 100 44901.31 44724.09 Stoxx 50 (Eur) 3278.65 3296.68
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Mar 19 %Chg %Chg Mar 19 %Chg %Chg Mar 19 %Chg %Chg Mar 19 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 71.4 120.47 -0.06 Flutter Entertainment 638.5 16890.00 60.00 Infineon Tech.ag Na O.n. 1507.9 33.65 -0.29 Softbank . 2065.1 9969.00 -251.00 Flutter Entertainment 16890.00 6.9 - Cineworld 122.00 16.9 - Kin And Carta 181.00 20.7 - Fixed Line Telecommunication 1732.58 6.1 8.6
Amazon.com 53.4 3040.39 12.40 London Stock Exchange 447.2 7218.00 -140.00 Asml Holding 862.1 464.65 3.65 Fast Retailing Co., 1404.3 91020.00 -5910.00 Entain 1556.50 6.1 - Sanne 630.00 13.1 - Photo-me Int 61.10 18.0 - Tobacco 29233.92 5.4 1.5
Facebook 51.4 290.96 12.34 Unilever 364.9 3952.00 -52.00 Total 788.1 40.23 -0.21 Mitsubishi Ufj Fin,. 1278.2 659.40 12.40 Bt 145.35 5.9 - Avon Rubber 3310.00 13.0 - Menzies(john) 319.50 16.4 - Electricity 8453.83 3.1 -4.4
Microsoft 35.3 231.44 0.72 Hsbc Holdings 352.7 430.85 -10.70 Basf Se Na O.n. 758.6 69.97 -2.63 Toyota Motor 856.2 8644.00 -6.00 Avast 476.00 5.8 - 888 Holdings 352.50 11.0 - Pendragon 18.42 14.4 - Industrial Transportation 3592.80 2.7 25.9
Visa 24.6 210.22 -10.44 Rio Tinto 327.3 5471.00 -87.00 Volkswagen Ag Vzo O.n. 752.9 221.45 -1.60 Sumitomo Mitsui Fin,. 744.8 4343.00 83.00 British American Tobacco 2792.50 5.6 - Airtel Africa 87.60 10.5 - Bakkavor 107.80 11.0 - Media 8348.12 2.5 4.8
Boeing 22.5 257.15 1.09 Bp 307.8 306.70 -5.25 Siemens Ag Na O.n. 700.1 137.76 -3.22 Sony 570.2 11555.00 -75.00 Dcc 6246.00 4.6 - Serco 139.60 10.2 - Dignity 628.00 10.0 - Pharmaceuticals & Biotech. 15316.34 2.4 -2.9
Jpmorgan Chase & Co 22.0 153.41 -4.24 Astrazeneca 256.0 7110.00 -18.00 Daimler Ag Na O.n. 688.1 73.78 -0.55 Tokyo Electron 530.6 42130.00 -1120.00 Rentokil Initial 488.00 4.4 - Ferrexpo 390.00 9.9 - Medica 150.00 9.5 32.2 Household Goods 17956.56 1.7 2.2
Fedex 19.2 281.70 18.19 Royal Dutch Shell 255.1 1424.00 -14.80 Sap Se O.n. 632.9 103.60 0.84 Mizuho Fin,. 460.4 1713.00 23.50 Imperial Brands 1458.00 4.4 - Drax 411.00 9.6 - Sthree 381.00 9.5 - Mobile Telecommunications 3057.94 1.0 10.6
Bank Of America 18.2 38.58 -0.36 Glaxosmithkline 255.0 1296.20 -2.00 Lvmh 580.4 557.40 -8.90 Takeda Pharmaceutical 413.9 4274.00 15.00 Kingfisher 312.70 4.0 - Cmc Markets 467.50 8.8 17.3 Treatt 1050.00 9.1 - Aerospace & Defense 3670.52 0.9 2.3
Alphabet 15.7 2030.00 8.66 Royal Dutch Shell 251.5 1496.40 -13.40 Allianz Se Na O.n. 575.4 214.75 -1.40 Honda Motor Co., 332.5 3471.00 148.00 Wpp 935.60 3.8 - Liontrust Asset Management 1415.00 7.6 - Dfs Furniture 263.00 9.1 - Industrial Metals 5966.50 0.8 20.9
Relx 1784.50 3.6 - Plus500 Ltd 1398.00 6.4 - Empiric Student Property 78.20 8.0 - Software & Computer Services 1949.21 0.7 1.7
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Sainsbury (j) 244.80 3.6 - Vietnam Enterprise Investments 615.00 6.2 - Bmo Private Equity Trust 317.00 7.5 - Food & Drug Retailers 4209.17 0.5 -2.2
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Fedex 281.70 18.19 6.90 Sanne 630.00 56.00 9.76 Gecina 122.40 3.90 3.29 Fukuoka Fin,. 2407.00 144.00 6.36 M&g 200.00 -11.3 - Petrofac 95.46 -29.0 - Amigo Holdings 10.42 -25.6 - Oil Equipment & Services 4928.34 -13.0 -11.0
Occidental Petroleum 28.13 1.51 5.67 Provident Fin 196.50 12.50 6.79 Enel 8.31 0.24 3.00 Japan Post Holdings Co Ltd 1095.00 47.00 4.48 Compass 1479.00 -7.1 - Provident Fin 196.50 -24.9 - On The Beach 410.50 -16.7 - Oil & Gas Producers 5252.07 -5.2 16.5
Best Buy 118.69 5.31 4.68 Liontrust Asset Management 1415.00 80.00 5.99 Snam 4.63 0.12 2.62 Honda Motor Co., 3471.00 148.00 4.45 Anglo American 2804.50 -7.1 - 4imprint 2255.00 -16.6 - Premier Oil 26.69 -14.3 - Construction & Materials 7243.09 -4.6 6.1
Facebook 290.96 12.34 4.43 Watches Of Switzerland 704.00 33.00 4.92 Edp 4.89 0.11 2.34 Thb Chiba Bank, 810.00 33.00 4.25 Just Eat Takeaway.com N.v. 6864.00 -6.3 - Ti Fluid Systems 256.55 -12.0 - Costain 58.40 -14.1 - Mining 23368.34 -4.4 7.9
Western Digital 71.93 2.76 3.99 Fdm (holdings) 1050.00 40.00 3.96 Red Ele. 14.59 0.33 2.28 Nippon Yusen Kabushiki Kaisha 3935.00 160.00 4.24 Royal Dutch Shell 1424.00 -6.2 - Wood (john) 283.50 -11.4 - Foxtons 59.40 -12.6 - Industrial Engineering 14905.57 -3.8 -0.1
Crh 3253.00 -6.1 - Wizz Air Holdings 4912.00 -10.7 - Hostelworld 80.00 -10.6 1.7 Index - Technology Hardware & Equipment 1920.18 -2.5 -8.4
Downs Downs Downs Downs
Johnson Matthey 2964.00 -5.7 - Hg Capital Trust 308.50 -10.4 - Pharos Energy 22.65 -10.1 - Chemicals 13935.45 -2.1 2.8
Visa 210.22 -10.44 -4.73 Investec 209.70 -21.40 -9.26 Volkswagen Ag St O.n. 280.60 -46.60 -14.24 Fast Retailing Co., 91020.00 -5910.00 -6.10
Royal Dutch Shell 1496.40 -5.5 - Apax Global Alpha 194.00 -10.4 - Enquest 21.00 -9.5 - General Financial 11651.32 -1.7 -3.7
Mastercard 351.22 -15.78 -4.30 Oxford Biomedica 940.00 -82.00 -8.02 Telecom Italia R 0.46 -0.05 -9.18 Kikkoman 7000.00 -290.00 -3.98
Bhp 2060.50 -5.5 - Investec 209.70 -10.1 - Sig 40.02 -8.8 24.1 Automobiles & Parts 4695.63 -1.5 1.7
Chubb 161.20 -6.93 -4.12 Apax Global Alpha 194.00 -15.50 -7.40 Telecom Italia 0.43 -0.03 -7.37 Konami 6850.00 -260.00 -3.66
Bp 306.70 -5.2 - Oxford Biomedica 940.00 -8.9 -6.9 Metro Bank 115.00 -7.3 - Travel & Leisure 9296.23 -1.4 14.6
Nike 137.85 -5.32 -3.72 Petrofac 95.46 -6.69 -6.55 B. Sabadell 0.47 -0.03 -5.09 Z Holdings 581.10 -20.40 -3.39
London Stock Exchange 7218.00 -5.1 - Tui Ag 397.60 -7.9 - Barr (a.g.) 469.50 -6.8 - Health Care Equip.& Services 6068.40 -1.1 -6.6
Travelers Companies (the) 151.99 -4.84 -3.09 Just 90.85 -5.95 -6.15 Bay.motoren Werke Ag St 82.49 -3.63 -4.22 Seiko Epson 1866.00 -65.00 -3.37
Evraz 545.60 -4.8 - Tullow Oil 56.26 -7.5 - Keller 784.00 -6.3 - General Industrials 6598.70 -1.0 -0.4
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Mar 19 Currency Mid Change Mid Change Mid Change Mar 19 Currency Mid Change Mid Change Mid Change Mar 19 Currency Mid Change Mid Change Mid Change Mar 19 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 91.3458 0.0706 108.7877 -0.0585 126.7108 -0.4949 Indonesia Indonesian Rupiah 14405.0000 -5.0000 17155.5719 -28.4484 19981.9763 -100.5630 Poland Polish Zloty 3.8762 0.0030 4.6163 -0.0025 5.3769 -0.0210 ..Three Month 0.7209 0.0034 0.8584 0.0029 - -
Australia Australian Dollar 1.2911 0.0081 1.5376 0.0077 1.7909 0.0029 Israel Israeli Shekel 3.3012 0.0090 3.9316 0.0056 4.5793 -0.0089 Romania Romanian Leu 4.1011 0.0041 4.8842 -0.0015 5.6889 -0.0209 ..One Year 0.7211 0.0034 0.8579 0.0029 - -
Bahrain Bahrainin Dinar 0.3771 - 0.4490 -0.0006 0.5230 -0.0024 Japan Japanese Yen 108.8550 -0.1200 129.6402 -0.3132 150.9988 -0.8743 Russia Russian Ruble 74.2513 0.0762 88.4291 -0.0251 102.9980 -0.3760 United States United States Dollar - - 1.1909 -0.0016 1.3872 -0.0065
Bolivia Bolivian Boliviano 6.9100 - 8.2294 -0.0108 9.5852 -0.0449 ..One Month 108.8550 -0.1201 129.6403 -0.3131 150.9987 -0.8744 Saudi Arabia Saudi Riyal 3.7506 -0.0001 4.4668 -0.0059 5.2027 -0.0244 ..One Month - - 1.1909 -0.2027 1.3872 -0.0065
Brazil Brazilian Real 5.4734 -0.0657 6.5185 -0.0869 7.5924 -0.1271 ..Three Month 108.8549 -0.1202 129.6404 -0.3129 150.9987 -0.8745 Singapore Singapore Dollar 1.3430 - 1.5994 -0.0021 1.8629 -0.0087 ..Three Month - - 1.1907 -0.2027 1.3872 -0.0065
Canada Canadian Dollar 1.2512 0.0075 1.4901 0.0070 1.7356 0.0023 ..One Year 108.8545 -0.1210 129.6407 -0.3122 150.9987 -0.8749 South Africa South African Rand 14.7413 -0.0313 17.5560 -0.0603 20.4484 -0.1393 ..One Year - - 1.1899 -0.2027 1.3873 -0.0065
Chile Chilean Peso 716.1700 -3.2250 852.9185 -4.9646 993.4388 -9.1464 Kenya Kenyan Shilling 109.8500 - 130.8252 -0.1716 152.3790 -0.7135 South Korea South Korean Won 1130.7000 6.9500 1346.6006 6.5215 1568.4562 2.3414 Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5040 0.0020 7.7459 -0.0078 9.0221 -0.0395 Kuwait Kuwaiti Dinar 0.3021 - 0.3598 -0.0005 0.4191 -0.0020 Sweden Swedish Krona 8.5419 0.0254 10.1729 0.0169 11.8489 -0.0202 Vietnam Vietnamese Dong 23075.0000 8.0000 27481.0587 -26.5334 32008.6039 -138.8113
Colombia Colombian Peso 3554.9700 -17.9100 4233.7720 -26.9102 4931.2947 -48.0534 Malaysia Malaysian Ringgit 4.1075 -0.0040 4.8918 -0.0112 5.6977 -0.0323 Switzerland Swiss Franc 0.9301 0.0018 1.1076 0.0007 1.2901 -0.0035 European Union Euro 0.8397 0.0011 - - 1.1648 -0.0039
Costa Rica Costa Rican Colon 610.3650 -0.1400 726.9106 -1.1205 846.6709 -4.1598 Mexico Mexican Peso 20.5025 0.0585 24.4173 0.0377 28.4401 -0.0516 Taiwan New Taiwan Dollar 28.4585 0.1575 33.8925 0.1434 39.4763 0.0346 ..One Month 0.8396 0.0011 - - 1.1647 -0.0039
Czech Republic Czech Koruna 21.8918 -0.0244 26.0718 -0.0633 30.3672 -0.1762 New Zealand New Zealand Dollar 1.3955 0.0051 1.6619 0.0038 1.9357 -0.0020 Thailand Thai Baht 30.8425 0.0150 36.7317 -0.0303 42.7833 -0.1794 ..Three Month 0.8394 0.0011 - - 1.1646 -0.0039
Denmark Danish Krone 6.2436 0.0079 7.4358 -0.0003 8.6608 -0.0295 Nigeria Nigerian Naira 410.5500 -1.2000 488.9421 -2.0724 569.4965 -4.3392 Tunisia Tunisian Dinar 2.7653 0.0078 3.2933 0.0050 3.8358 -0.0071 ..One Year 0.8387 0.0011 - - 1.1641 -0.0039
Egypt Egyptian Pound 15.6847 0.0360 18.6796 0.0184 21.7571 -0.0517 Norway Norwegian Krone 8.5444 0.0896 10.1758 0.0935 11.8523 0.0694 Turkey Turkish Lira 7.2123 -0.0956 8.5894 -0.1253 10.0045 -0.1802
Hong Kong Hong Kong Dollar 7.7647 0.0001 9.2473 -0.0120 10.7708 -0.0503 Pakistan Pakistani Rupee 155.9500 0.3000 185.7277 0.1141 216.3268 -0.5949 United Arab Emirates UAE Dirham 3.6732 - 4.3745 -0.0057 5.0952 -0.0239
Hungary Hungarian Forint 308.7578 -0.1898 367.7132 -0.7087 428.2949 -2.2701 Peru Peruvian Nuevo Sol 3.7134 0.0077 4.4224 0.0033 5.1510 -0.0135 United Kingdom Pound Sterling 0.7209 0.0034 0.8586 0.0029 - -
India Indian Rupee 72.5225 -0.0100 86.3702 -0.1252 100.5999 -0.4850 Philippines Philippine Peso 48.6200 -0.0650 57.9037 -0.1535 67.4435 -0.4064 ..One Month 0.7209 0.0034 0.8585 0.0029 - -
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
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2681.80 2709.10 2708.90 2720.20 2688.70 0.00 3314.70 1337.80 Industrial Transport 25.84 Media 4.93 Equity Invest Instr -0.51 FTSE 100 Price Change FTSE 100 Price Change
Mar 19 chge% Index Mar 18 Mar 17 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 20.46 Financials 4.69 Consumer Goods -1.00 3I Group PLC 1154 -27.50 Land Securities Group PLC 688.30 0.80
FTSE 100 (100) 6708.71 -1.05 6095.06 6779.68 6762.67 5190.78 3.13 1.35 23.72 60.46 6470.16 P/E Ratio net - - - - - 0.00 19.44 14.26 Oil & Gas Producers 16.33 FTSE 250 Index 4.55 Gas Water & Multi -1.04 Admiral Group PLC 2975 -12.00 Legal & General Group PLC 277.90 -9.10
FTSE 250 (250) 21420.31 -0.69 19461.01 21568.56 21558.55 13592.64 1.90 1.67 31.50 55.64 17047.80 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Oil & Gas 15.90 FTSE All{HY-}Share Index 4.12 Electronic & Elec Eq -1.93 Anglo American PLC 2804.5 -98.00 Lloyds Banking Group PLC 41.03 -0.58
FTSE 250 ex Inv Co (183) 22244.20 -0.73 20209.53 22407.78 22382.47 13881.68 1.78 1.05 53.75 46.40 18048.30 FT 30 hourly changes Travel & Leisure 15.10 NON FINANCIALS Index 3.92 Utilities -1.98 Antofagasta PLC 1724.5 -40.50 London Stock Exchange Group PLC 7218 -140.00
FTSE 350 (350) 3844.51 -0.98 3492.86 3882.61 3874.32 2875.26 2.90 1.39 24.84 30.14 7380.62 8 9 10 11 12 13 14 15 16 High Low Banks 14.83 FTSE 100 Index 3.84 Food & Drug Retailer -2.42 Ashtead Group PLC 4286 3.00 M&G PLC 200.00 -5.10
FTSE 350 ex Investment Trusts (281) 3750.80 -0.98 3407.72 3788.07 3779.57 2828.33 2.95 1.19 28.53 30.29 3716.87 2709.1 2692.9 2697.2 2666.2 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Life Insurance 12.23 Beverages 3.60 Real Est Invest & Se -2.65 Associated British Foods PLC 2414 -2.00 Melrose Industries PLC 174.95 -3.50
FTSE 350 Higher Yield (145) 3121.23 -1.10 2835.73 3155.81 3139.66 2365.93 4.01 1.10 22.56 33.62 6609.36 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mobile Telecomms 10.59 Support Services 3.24 Pharmace & Biotech -2.91 Astrazeneca PLC 7110 -18.00 Mondi PLC 1846.5 -5.50
FTSE 350 Lower Yield (205) 4302.53 -0.86 3908.98 4340.03 4344.00 3185.05 1.77 2.04 27.71 20.86 5115.96 Telecommunications 9.73 Software & Comp Serv 3.20 Health Care -3.30 Auto Trader Group PLC 573.40 -1.00 Morrison (Wm) Supermarkets PLC 180.25 2.55
FTSE SmallCap (249) 6738.84 -0.44 6122.44 6768.65 6775.40 3924.70 2.20 -0.64 -71.08 29.50 10764.89
FTSE SmallCap ex Inv Co (134) 5595.31 -0.87 5083.51 5644.30 5649.16 3003.87 1.54 -1.86 -34.81 14.97 9328.41 FX: EFFECTIVE INDICES FTSE SmallCap Index
Consumer Services
8.42
7.91
Chemicals
Industrials
3.16
2.87
Nonlife Insurance
Financial Services
-3.30
-3.61
Avast PLC 476.00 6.60 National Grid PLC 842.00 13.00
Aveva Group PLC 3449 39.00 Natwest Group PLC 191.40 0.90
FTSE All-Share (599) 3824.92 -0.96 3475.05 3862.12 3854.27 2837.05 2.88 1.33 26.03 29.53 7416.95 Mining 7.72 Technology 2.43 Tech Hardware & Eq -4.14
Mar 18 Mar 17 Mnth Ago Mar 19 Mar 18 Mnth Ago Aviva PLC 393.20 -5.30 Next PLC 7940 -114.00
FTSE All-Share ex Inv Co (415) 3694.03 -0.98 3356.13 3730.64 3722.49 2768.54 2.93 1.16 29.54 29.44 3717.50 Basic Materials 7.69 Household Goods & Ho 2.19 Electricity -4.57 B&M European Value Retail S.A. 542.20 4.80 Ocado Group PLC 2022 42.00
FTSE All-Share ex Multinationals (530) 1246.74 -0.75 938.80 1256.13 1253.20 828.78 2.23 1.58 28.37 3.61 2506.01 Australia - - - Sweden - - - Fixed Line Telecomms 7.66 Aerospace & Defense 1.93 Health Care Eq & Srv -6.72 Bae Systems PLC 489.50 -7.60 Pearson PLC 796.20 -8.60
FTSE Fledgling (86) 11663.92 -0.37 10597.02 11707.62 11681.70 6254.38 2.04 2.55 19.20 35.92 24093.76 Canada - - - Switzerland - - - Food Producers 6.94 Automobiles & Parts 1.85 Oil Equipment & Serv -8.20 Barclays PLC 182.60 -1.20 Pennon Group PLC 975.00 11.80
FTSE Fledgling ex Inv Co (40) 15136.08 -0.43 13751.59 15201.21 15203.85 6755.96 1.62 7.11 8.70 32.15 30501.61 Denmark - - - UK 81.96 81.82 80.74 Construct & Material 6.15 Real Est Invest & Tr 1.80 Personal Goods -8.21 Barratt Developments PLC 770.00 3.20 Pershing Square Holdings LTD 2585 -25.00
FTSE All-Small (335) 4680.53 -0.44 4252.41 4701.07 4704.93 2713.74 2.19 -0.48 -95.91 20.15 9591.78 Japan - - - USA - - - General Retailers 5.60 Tobacco 1.57 Leisure Goods -13.45 Berkeley Group Holdings (The) PLC 4399 9.00 Persimmon PLC 2952 -1.00
FTSE All-Small ex Inv Co (174) 4191.79 -0.85 3808.37 4227.74 4231.27 2234.59 1.55 -1.49 -43.49 11.11 8852.14 New Zealand - - - Euro - - - Industrial Eng -0.14 Oil & Gas Producers -40.36 Bhp Group PLC 2060.5 -42.50 Phoenix Group Holdings PLC 716.40 -5.00
FTSE AIM All-Share (715) 1197.72 -0.11 1088.17 1199.08 1201.28 623.58 0.72 0.13 1056.77 1.72 1377.50 Norway - - -
BP PLC 306.70 -5.25 Polymetal International PLC 1509.5 2.00
FTSE 100 (100) 6708.71 -1.05 6095.06 6779.68 6762.67 5190.78 3.13 1.35 23.72 60.46 6470.16 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2792.5 31.00 Prudential PLC 1530 -31.00
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 518.00 - Reckitt Benckiser Group PLC 6314 -12.00
Oil & Gas (12) 5450.03 -1.17 4951.52 5514.28 5563.83 4064.92 4.25 -2.01 -11.70 49.13 6189.87 Bt Group PLC 145.35 -5.95 Relx PLC 1784.5 6.50
Oil & Gas Producers (9) 5289.20 -1.18 4805.40 5352.36 5399.59 3949.84 4.31 -2.00 -11.63 48.35 6229.96 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2250 -12.00 Rentokil Initial PLC 488.00 3.40
Oil Equipment Services & Distribution (3) 5148.64 -0.09 4677.70 5153.14 5259.27 3507.82 0.22 -23.91 -19.11 0.00 4438.44 Burberry Group PLC 2035 -79.00 Rightmove PLC 567.80 -
Mar 18 No of US $ Day Mth YTD Total
YTD Gr Div Mar 18 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2278 -18.00 Rio Tinto PLC 5471 -87.00
Basic Materials (23) 7723.15 -1.92 7016.72 7874.45 7763.95 4075.78 3.80 2.54 10.36 173.35 9473.82
Chemicals (8) 15534.63 -1.33 14113.68 15744.62 15666.71 10309.16 1.62 1.86 33.25 31.52 14964.12 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1479 -27.50 Rolls-Royce Holdings PLC 117.00 -7.55
Industrial Metals & Mining (4) 6426.87 -1.54 5839.01 6527.12 6349.55 2448.17 3.95 2.74 9.23 113.45 8804.23 FTSE Global All Cap 8928 763.25 -0.7 -0.4 4.9
5.2 1.8 Oil Equipment & Services
1180.30 26 216.70 -2.2 -2.2 14.5 371.50 15.7 5.2 Crh PLC 3253 -75.00 Royal Dutch Shell PLC 1424 -14.80
Mining (11) 22373.02 -2.00 20326.57 22829.79 22499.65 11445.09 4.03 2.56 9.69 556.19 14521.52 FTSE Global All Cap 8952 740.29 0.0 2.8 1.7
1.8 1.8 Basic Materials
1141.62 352 653.33 0.8 0.8 7.1 1119.33 8.0 2.7 Croda International PLC 6226 -22.00 Royal Dutch Shell PLC 1496.4 -13.40
FTSE Global Large Cap 1725 675.41 -0.6 -1.1 3.7
4.1 1.8 Chemicals
1076.01 163 915.15 0.5 0.5 5.2 1542.64 5.4 2.2 Dcc PLC 6246 94.00 Rsa Insurance Group PLC 680.40 -
Industrials (96) 6155.84 -1.21 5592.76 6231.34 6247.07 3961.49 1.55 1.30 49.58 16.14 6866.52
Construction & Materials (16) 7688.24 -1.97 6985.00 7842.50 7892.34 4490.99 2.01 -0.04-1333.81 114.92 9013.50 FTSE Global Mid Cap 2226 986.30 -0.6 1.9 7.6
7.9 1.7 Forestry & Paper
1434.43 20 348.07 2.0 2.0 10.1 663.68 10.3 2.4 Diageo PLC 2996 -37.00 Sage Group PLC 586.60 7.00
Aerospace & Defense (9) 3890.01 -2.63 3534.19 3995.24 4025.79 3454.89 2.55 0.55 71.46 1.94 4541.78 FTSE Global Small Cap 4977 1092.88 -1.5 1.1 8.6
8.8 1.4 Industrial Metals & Mining
1526.90 92 526.77 0.5 0.5 12.4 915.43 13.8 2.9 Entain PLC 1556.5 3.50 Sainsbury (J) PLC 244.80 3.80
General Industrials (9) 5309.30 -1.07 4823.66 5366.64 5331.78 3393.48 1.99 1.07 46.74 0.00 6650.74 FTSE All-World 3951 444.68 -0.6 -0.6 4.4
4.8 1.8 Mining
727.87 77 943.01 1.2 1.2 7.1 1665.97 9.0 3.5 Evraz PLC 545.60 -11.20 Schroders PLC 3495 -39.00
Electronic & Electrical Equipment (8) 11546.66 -1.17 10490.49 11683.82 11646.32 8327.53 0.88 2.10 54.04 4.63 11097.59 FTSE World 2563 789.60 -0.7 0.0 4.4
4.8 1.8 Industrials
1735.14 737 558.28 0.1 0.1 6.6 862.36 6.8 1.5 Experian PLC 2425 -14.00 Scottish Mortgage Investment Trust PLC 1115 -36.00
Industrial Engineering (9) 16199.17 -2.04 14717.44 16536.02 16664.57 9813.65 1.19 2.51 33.34 0.00 21179.52 FTSE Global All Cap ex UNITED KINGDOM In 8641 806.42 -0.8 -0.5 4.8
5.1 1224.35
1.7 Construction & Materials 142 657.41 0.6 0.6 6.7 1065.45 6.9 1.7 Ferguson PLC 8564 -156.00 Segro PLC 907.60 4.60
Industrial Transportation (7) 5464.57 -0.53 4964.73 5493.52 5463.08 2329.29 0.30 1.63 201.51 1.73 5553.11 FTSE Global All Cap ex USA 7189 593.30 0.6 -0.3 5.2
5.6 1001.60
2.2 Aerospace & Defense 36 795.27 -0.6 -0.6 8.4 1209.98 8.7 1.9 Flutter Entertainment PLC 16890 60.00 Severn Trent PLC 2240 18.00
Support Services (38) 9781.81 -0.54 8887.07 9834.75 9872.08 6001.88 1.23 2.21 36.80 16.08 10891.59 FTSE Global All Cap ex JAPAN 7537 787.53 -0.9 -0.4 4.8
5.2 1229.51
1.8 General Industrials 71 276.82 0.7 0.7 9.4 470.73 10.1 2.0 Fresnillo PLC 964.20 9.80 Smith & Nephew PLC 1354 -34.50
FTSE Global All Cap ex Eurozone 8292 803.31 -0.8 -0.7 4.8
5.2 1216.85
1.8 Electronic & Electrical Equipment 139 701.30 0.8 0.8 4.8 981.06 4.9 1.2 Glaxosmithkline PLC 1296.2 -2.00 Smith (Ds) PLC 398.00 -7.90
Consumer Goods (41) 18162.99 -0.52 16501.63 18257.22 18284.15 15641.92 3.87 1.41 18.40 123.53 15544.68
FTSE Developed 2132 722.17 -0.7 0.1 4.3
4.7 1126.37
1.8 Industrial Engineering 145 1146.50 0.5 0.5 11.9 1761.99 12.1 1.3 Glencore PLC 282.00 -5.50 Smiths Group PLC 1483 -17.00
Automobiles & Parts (2) 4719.69 -2.08 4287.98 4820.01 4775.47 2533.24 0.76 -14.18 -9.32 35.65 4864.23
FTSE Developed All Cap 5592 761.14 -0.8 0.3 4.8
5.2 1170.23
1.7 Industrial Transportation 122 963.50 0.7 0.7 5.1 1498.72 5.4 1.5 Halma PLC 2244 -32.00 Smurfit Kappa Group PLC 3386 -32.00
Beverages (6) 23611.58 -1.22 21451.84 23902.73 24034.27 18926.18 2.41 0.74 55.83 199.86 18299.61
FTSE Developed Large Cap 831 671.20 -0.7 -0.3 3.5
3.9 1065.57
1.8 Support Services 82 658.34 -1.4 -1.4 2.4 958.19 2.5 1.1 Hargreaves Lansdown PLC 1555 -11.00 Spirax-Sarco Engineering PLC 11080 -165.00
Food Producers (10) 7619.13 -0.11 6922.21 7627.89 7711.68 5636.55 1.25 3.54 22.56 0.00 7086.74
FTSE Developed Europe Large Cap 225 409.13 0.6 2.1 4.2
4.7 2.3 Consumer Goods
769.22 532 618.67 -0.4 -0.4 1.2 1001.87 1.5 2.0 Hikma Pharmaceuticals PLC 2212 5.00 Sse PLC 1412 6.50
Household Goods & Home Construction (13)15080.74 -0.23 13701.31 15114.88 15082.97 11601.19 2.73 1.80 20.41 78.71 12216.89
FTSE Developed Europe Mid Cap 343 735.30 0.6 2.5 5.3
5.5 1204.66
1.8 Automobiles & Parts 130 650.69 -1.4 -1.4 6.2 1024.28 6.3 1.2 HSBC Holdings PLC 430.85 -10.70 St. James's Place PLC 1250 -18.50
Leisure Goods (2) 24335.36 -0.32 22109.41 24412.39 24152.12 10472.09 1.85 1.60 33.92 0.00 25578.31
FTSE Dev Europe Small Cap 684 1025.89 0.4 2.9 6.4
6.6 1618.69
1.5 Beverages 67 706.88 -0.4 -0.4 -4.4 1158.31 -3.9 2.4 Imperial Brands PLC 1458 18.50 Standard Chartered PLC 490.60 -12.60
Personal Goods (6) 29591.18 -1.41 26884.49 30015.59 30142.51 29042.28 3.41 1.39 21.07 256.58 22365.68
FTSE North America Large Cap 224 856.36 -1.5 -0.9 3.1
3.5 1254.47
1.6 Food Producers 132 712.87 0.1 0.1 -0.7 1176.67 -0.5 2.3 Informa PLC 590.20 -8.40 Standard Life Aberdeen PLC 286.70 -1.80
Tobacco (2) 29233.97 1.15 26559.95 28901.21 28781.59 26544.60 7.87 1.43 8.86 170.67 24149.76
FTSE North America Mid Cap 410 1149.81 -1.4 1.9 8.4
8.8 1553.45
1.6 Household Goods & Home Construction 61 578.73 -0.2 -0.2 0.5 932.74 0.9 2.4 Intercontinental Hotels Group PLC 4993 -109.00 Taylor Wimpey PLC 180.00 -4.80
Health Care (15) 10915.18 -0.45 9916.78 10964.52 10942.60 10846.92 3.77 1.00 26.45 174.20 9653.02
FTSE North America Small Cap 1283 1257.84 -2.5 1.0 9.9
10.2 1637.32
1.2 Leisure Goods 44 332.16 -0.4 -0.4 0.6 458.73 0.7 1.0 Intermediate Capital Group PLC 1861 -46.00 Tesco PLC 228.70 2.60
Health Care Equipment & Services (6) 6209.14 -1.96 5641.19 6333.02 6335.27 5719.67 1.95 1.99 25.77 7.73 5727.64
FTSE North America 634 563.96 -1.5 -0.3 4.2
4.5 844.19
1.6 Personal Goods 84 1045.40 0.0 0.0 -0.8 1563.03 -0.6 1.4 International Consolidated Airlines Group S.A. 206.70 -9.10 Unilever PLC 3952 -52.00
Pharmaceuticals & Biotechnology (9) 15262.14 -0.28 13866.12 15305.36 15270.76 15287.01 3.97 0.95 26.53 268.13 12148.39
FTSE Developed ex North America 1498 306.72 0.9 1.1 4.7
5.1 558.01
2.2 Tobacco 14 988.73 1.2 1.2 8.9 2519.98 9.1 6.2 Intertek Group PLC 5414 -86.00 United Utilities Group PLC 888.00 4.60
Consumer Services (78) 5450.85 -0.57 4952.27 5481.89 5480.15 3442.08 1.13 0.95 93.15 0.33 5577.47 FTSE Japan Large Cap 178 473.36 1.6 -0.8 4.4
4.4 1.9 Health Care
665.14 309 677.88 -0.1 -0.1 -1.2 1050.33 -0.7 1.8
Food & Drug Retailers (5) 4372.50 1.33 3972.55 4315.19 4375.69 3841.08 3.38 1.25 23.68 0.00 5565.09 Jd Sports Fashion PLC 845.00 -15.00 Vodafone Group PLC 133.94 -2.18
FTSE Japan Mid Cap 335 706.45 1.3 3.3 9.6
9.7 941.61
1.8 Health Care Equipment & Services 113 1374.73 0.3 0.3 -1.2 1659.62 -1.1 0.8 Johnson Matthey PLC 2964 -81.00 Whitbread PLC 3312 -111.00
General Retailers (25) 2519.58 -0.45 2289.11 2530.93 2532.22 1442.01 0.36 5.77 48.49 0.67 3153.41
FTSE Global wi JAPAN Small Cap 878 753.17 1.1 3.9 5.6
5.7 1040.27
1.9 Pharmaceuticals & Biotechnology 196 439.23 -0.3 -0.3 -1.2 725.24 -0.4 2.4 Just Eat Takeaway.Com N.V. 6864 -12.00 Wpp PLC 935.60 -8.60
Media (13) 8552.44 -0.29 7770.15 8577.53 8462.14 5959.31 1.50 2.61 25.55 0.18 5764.22
FTSE Japan 513 197.15 1.5 0.0 5.4
5.4 310.12
1.9 Consumer Services 441 707.13 -1.2 -1.2 2.5 992.53 2.7 0.9 Kingfisher PLC 312.70 0.20
Travel & Leisure (35) 9169.48 -1.40 8330.75 9299.40 9328.48 4803.58 0.56 -4.07 -43.70 0.00 9410.62
FTSE Asia Pacific Large Cap ex Japan 922 919.40 0.4 -5.5 5.1
5.4 1596.97
2.0 Food & Drug Retailers 70 311.07 -0.1 -0.1 4.1 474.65 4.7 2.5
Telecommunications (5) 1969.04 -2.13 1788.94 2011.97 2024.22 1659.58 4.38 0.91 25.06 0.00 2723.56 FTSE Asia Pacific Mid Cap ex Japan 893 1089.42 0.5 -0.4 6.1
6.4 1817.32
2.4 General Retailers 148 1250.03 -1.1 -1.1 -1.3 1685.92 -1.1 0.6
Fixed Line Telecommunications (2) 1796.14 -3.80 1631.85 1867.17 1882.71 1561.37 0.27 39.71 9.40 0.00 1970.88
Mobile Telecommunications (3) 3053.31 -1.53 2774.02 3100.63 3116.99 2540.17 5.84 0.28 61.42 0.00 3838.30
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1837
1815
687.60
718.74
0.4
0.4
-1.1
-5.0
5.8
6.1
5.2
5.5
1120.95
2.1 Media
1326.29
2.0 Travel & Leisure
84 501.81
139 546.73
-1.6
-1.2
-1.6
-1.2
6.9 708.40
9.8 784.60
7.1
9.9
0.7
1.4
UK STOCK MARKET TRADING DATA
Utilities (8) 6980.26 0.88 6341.78 6919.49 6921.84 6605.91 5.14 1.53 12.70 30.41 9796.71 FTSE Emerging All Cap 3336 935.21 0.2 -5.3 5.1
5.3 1542.08
2.1 Telecommunication 89 161.54 0.0 0.0 4.9 354.27 5.5 4.0 Mar 19 Mar 18 Mar 17 Mar 16 Mar 15 Yr Ago
Electricity (3) 8434.63 0.29 7663.12 8410.19 8307.40 6475.76 5.54 0.91 19.87 128.41 15690.18 FTSE Emerging Large Cap 894 899.30 0.2 -6.4 4.8
5.1 1492.44
2.0 Fixed Line Telecommuniations 38 120.50 0.3 0.3 3.6 297.88 4.7 5.1 - - - - - -
Gas Water & Multiutilities (5) 6230.18 1.08 5660.30 6163.39 6192.52 6281.73 5.00 1.77 11.29 3.68 8621.05 FTSE Emerging Mid Cap 925 1104.20 0.3 0.2 5.5
5.7 1820.05
2.5 Mobile Telecommunications 51 196.03 -0.4 -0.4 6.5 374.31 6.6 2.8 Order Book Turnover (m) 305.21 458.34 134.06 73.63 48.56 48.56
Financials (305) 4657.70 -1.22 4231.66 4715.19 4681.35 3454.06 2.39 2.70 15.48 33.83 4896.98 FTSE Emerging Small Cap 1517 914.14 0.1 -1.3 7.3
7.4 1444.58
2.2 Utilities 190 311.72 -0.2 -0.2 -2.8 689.12 -2.1 3.4 Order Book Bargains 1308195.00 1052966.00 1092051.00 991426.00 876680.00 876680.00
Banks (11) 2834.19 -1.86 2574.94 2887.89 2839.52 2579.13 1.59 5.11 12.30 40.68 2369.80 FTSE Emerging Europe 76 394.53 0.4 3.6 6.5
6.7 749.40
4.6 Electricity 130 351.61 -0.4 -0.4 -2.6 767.22 -1.8 3.4 Order Book Shares Traded (m) 3279.00 1630.00 1719.00 1399.00 1565.00 1565.00
Nonlife Insurance (7) 3622.09 -0.19 3290.77 3629.08 3631.85 2767.83 3.04 1.73 19.09 0.00 7183.84 FTSE Latin America All Cap 244 779.85 0.6 -2.0 -5.1
-4.5 1345.44
2.5 Gas Water & Multiutilities 60 310.30 0.1 0.1 -3.2 706.20 -2.8 3.2 Total Equity Turnover (£m) 9096.83 6524.96 5820.58 5644.35 4666.50 4666.50
Life Insurance/Assurance (6) 8222.11 -2.10 7470.04 8398.19 8258.25 4647.94 3.27 2.15 14.20 0.00 9347.10 FTSE Middle East and Africa All Cap 321 707.61 0.2 1.8 8.3
9.0 2.9 Financials
1230.62 866 279.33 0.5 0.5 10.7 509.62 11.1 2.5 Total Mkt Bargains 1595660.00 1355879.00 1399976.00 1291608.00 1151736.00 1151736.00
Real Estate Investment & Services (17) 2431.54 -0.11 2209.12 2434.12 2429.44 1926.76 1.10 2.74 33.10 2.92 7014.31 FTSE Global wi UNITED KINGDOM All Cap In 287 340.52 0.6 2.8 7.4
8.3 2.9 Banks
655.99 271 216.91 1.3 1.3 17.6 434.88 18.3 2.7 Total Shares Traded (m) 12129.00 15782.00 15065.00 13766.00 12826.00 12826.00
Real Estate Investment Trusts (40) 2501.22 0.07 2272.43 2499.49 2521.31 1990.58 2.66 -2.50 -15.03 22.69 3592.40 FTSE Global wi USA All Cap 1739 982.49 -1.7 -0.4 4.6
4.9 1.5 Nonlife Insurance
1388.65 74 320.64 0.7 0.7 7.2 505.63 7.5 2.6 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 9920.34 -1.25 9012.93 10045.58 9997.88 6921.36 3.28 1.58 19.30 63.80 12925.42 FTSE Europe All Cap 1403 492.93 0.6 2.3 4.6
5.1 2.2 Life Insurance
890.00 53 257.87 0.9 0.9 10.9 464.33 11.3 3.0 (c) Market closed.
Equity Investment Instruments (184) 12838.17 -0.71 11663.87 12929.51 12931.12 8176.39 2.21 4.62 9.78 54.70 7718.58 FTSE Eurozone All Cap 636 487.35 0.6 2.9 5.2
5.4 1.9 Financial Services
874.13 209 448.86 -0.4 -0.4 6.9 662.81 7.2 1.5
Non Financials (294) 4554.03 -0.87 4137.47 4594.07 4593.19 3377.60 3.05 0.95 34.38 35.90 7764.56 FTSE EDHEC-Risk Efficient All-World 3951 501.50 -0.4 1.8 6.2
6.6 2.0 Technology
758.46 308 532.36 -2.1 -2.1 2.3 683.99 2.5 0.8
Technology (16) 2089.53 0.46 1898.40 2079.97 2070.60 1532.60 2.00 0.89 56.00 16.63 2939.56 FTSE EDHEC-Risk Efficient Developed Europe 568 390.41 0.7 2.6 4.5
4.8 1.9 Software & Computer Services
652.73 166 868.15 -2.0 -2.0 3.3 1040.47 3.4 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (13) 2255.49 0.55 2049.18 2243.21 2236.48 1658.90 2.08 0.76 63.33 18.17 3357.65 Oil & Gas 127 300.51 -2.5 5.2 16.5
17.5 566.88
4.1 Technology Hardware & Equipment 142 431.32 -2.2 -2.2 1.1 591.88 1.4 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 4865.73 -0.34 4420.66 4882.35 4793.34 3401.90 1.25 2.96 27.08 34.37 6083.64 Oil & Gas Producers 90 287.67 -2.6 6.4 19.1
20.1 4.1 Alternative Energy
554.48 11 222.30 0.1 0.1 -17.3 315.95 -17.3 0.7 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 370.56 -0.6 -0.6 3.3 684.67 3.5 2.6 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 474.16 -0.6 -0.6 4.3 1050.99 4.8 3.5 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6705.06 6737.33 6750.60 6738.13 6713.17 6715.45 6684.60 6723.37 6724.79 6754.19 6665.19 FTSE Global Large Cap 1725 659.57 0.0 0.0 1.3 1047.63 1.3 1.9
FTSE 250 21428.33 21452.31 21447.21 21485.33 21438.52 21494.24 21413.61 21470.61 21490.62 21498.77 21370.76 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 https://research.ftserussell.com/Products/indices/Home/indexfiltergeis?indexName=GEISAC&currency=USD&rtn=CAP&segment=global-developed–emerging. The trade names Fundamental Index®
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6745.65 6748.58 6744.65 6747.72 6738.92 6747.58 6728.21 6731.73 6732.29 6750.20 6721.99
FTSE All-Share 3823.66 3839.00 3844.74 3840.38 3827.50 3830.45 3813.65 3832.97 3834.25 3846.78 3804.02 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.
Time of FTSE 100 Day's high:10:01:45 Day's Low13:50:00 FTSE 100 2010/11 High: 6873.26(08/01/2021) Low: 6407.46(29/01/2021) 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
Time of FTSE All-Share Day's high:10:10:00 Day's Low13:50:00 FTSE 100 2010/11 High: 3880.43(08/01/2021) Low: 3641.93(29/01/2021) of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE,
please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Ceres Power Holdings Pre 31.682 15.300 17.309L 7.372L 9.120L 3.430L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- ContourGlobal Pre 1410.700 1330.200 72.300 59.400 0.020 0.040 3.97100 3.92500 Apr 19 7.800 7.800 03/12 175.00 AIM AMTE Amte Power PLC 314.00 4.00 337.03 175.00 10885.1
There are currently no rights offers by any companies listed on the LSE. CQS Natural Resources Growth and Income Int 30.350 1.739 45.260 2.630 1.26000 1.26000 Feb 26 3.070 3.080 03/08 88.00 AIM TEAM Team PLC 90.00 0.00 91.90 84.00 1490.3
Johnson Service Group Pre 229.800 350.600 32.300L 38.100 6.600L 8.400 0.00000 0.00000 - 0.000 1.150 03/02 197.00 AIM VINO Virgin Wines UK PLC 227.50 -1.40 236.65 200.00 12703.0
SDX Energy Pre 46.068 34.822 1.428 15.541L 0.010L 0.089L 0.00000 0.00000 - 0.000 0.000 02/26 5.00 CBX Cellular Goods PLC 10.70 -0.14 30.00 8.55 5400.8
Wetherspoon (J D) Int 431.072 933.021 68.004L 35.677 49.100L 25.500 0.00000 0.00000 - 0.000 8.000 02/23 600.00 ATG Auction Technology Group PLC 810.00 -13.50 839.00 734.63 81000.0
02/17 118.00 AIM 4BB 4basebio UK Societas 350.00 -5.00 744.00 175.00 4311.1
02/16 100.00 CORD Cordiant Digital Infrastructure Ltd 98.80 -1.00 101.00 97.40 36556.0
02/16 7.00 AIM CUSN Cornish Metals Inc 8.50 -0.63 13.00 7.70 2270.7
02/09 1.48 MXC MGC Pharmaceuticals Ltd 4.00 -0.28 9.30 2.00 9068.0

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
14 ★ FTWeekend 20 March/21 March 2021

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 29.89 -0.12 33.24 26.08 7.47 18.45 213168.41 Lowes 178.78 3.91 180.67 60.00 1.35 23.47 130996.19
ANZ 28.23 0.09 29.55 14.10 3.69 23.45 62219.42 Nokia 3.43 0.06 4.95 2.41 - 24.51 23183.92 AstellasPh 1804.5 0.50 1982 0.00 2.43 22.57 30863.03 AtlasCpcoB 419.20 -4.30 438.00 223.20 1.62 33.42 19150.28 AutomData♦ 185.02 -1.04 190.50 104.89 2.01 31.60 79177.5 Lyondell 107.15 -0.95 112.73 39.22 4.21 28.13 35802.3
BHPBilltn 44.90 -0.79 50.93 25.69 4.56 19.73 102448.93 SampoA 36.70 -0.10 40.37 22.44 4.32 16.01 24220.68 Bridgestne 4444 -39.00 4498 3045 3.24 36.01 29136.69 Ericsson 114.00 -1.25 117.65 70.04 1.35 25.65 41004.13 Avago Tech 462.49 -1.67 495.14 165.00 3.02 68.10 188833.7 Marathon Ptl 54.12 1.27 59.93 15.26 4.50 -3.29 35246.99
CmwBkAu♦ 84.71 -1.04 89.20 53.44 3.56 23.41 116402.44 France (€) Canon♦ 2404.5 31.50 2517.5 0.00 5.52 36.80 29461.53 H&M 213.80 -4.40 229.50 105.30 2.33 116.41 36559.98 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 117.78 -1.54 120.97 74.34 1.59 29.46 59854.26
CSL 253.95 -2.14 332.68 242.00 1.15 37.84 89520.83 Airbus Grpe 97.34 -3.76 103.98 48.21 - -11.53 90903.67 CntJpRwy 17690 135.00 19165 0.00 0.85 -31.91 33477.01 Investor 673.20 -4.40 686.20 376.70 1.98 6.38 35897.4 BankAm♦ 38.58 -0.36 39.97 17.95 2.00 17.80 332839.4 MasterCard 351.22 -15.78 389.50 199.99 0.59 54.33 346003.3
NatAusBk 25.93 -0.08 27.10 13.20 4.33 23.66 66249.52 AirLiquide 135.75 -0.95 144.45 98.50 2.11 26.88 76582.91 Denso 7732 -18.00 7765 0.00 1.94-224.50 55967.94 Nordea Bk 83.58 -0.30 84.03 50.08 - 13.89 39627.61 Baxter♦ 80.26 0.40 95.19 69.69 1.21 37.13 40539.64 McDonald's 224.17 1.27 231.91 128.21 2.39 31.90 167134.91
Telstra♦■ 3.21 0.02 3.54 2.66 3.15 21.31 29570.43 AXA 22.84 0.08 23.01 11.84 3.38 18.63 65787.27 EastJpRwy 8442 2.00 8881 0.00 1.68 -8.57 29309.68 SEB 106.30 -0.05 107.35 61.24 - 13.73 27004.89 BectonDick♦ 240.32 1.12 284.97 197.75 1.35 45.63 69827.38 McKesson♦ 189.83 1.84 189.94 113.71 0.89 -7.01 30214.75
Wesfarmers♦ 50.61 -0.08 56.40 29.75 3.04 30.06 44446.58 BNP Parib 51.15 -1.74 53.66 24.51 - 8.76 76133.72 Fanuc 26715 -805.00 29700 0.00 0.77 66.35 49555.36 SvnskaHn 99.76 0.04 99.98 71.70 - 12.36 22712.86 BerkshHat 380377.51-3147.49 407750 239440 - 16.08 243345.37 Medtronic 118.11 -0.72 120.53 72.16 2.03 42.18 159220.88
Westpc 24.52 0.08 25.30 13.47 3.24 38.77 69673.9 ChristianDior 510.50 -6.00 519.00 252.40 1.00 47.74 109744.41 FastRetail 91020-5910.00 110500 0.00 0.57 95.55 88694.36 Swedbank 159.68 -0.60 165.90 99.14 - 13.63 21161.41 Biogen 266.77 4.50 363.92 223.25 - 10.60 40637.99 Merck♦ 76.64 -0.63 87.80 65.25 3.42 15.77 193923.39
Woolworths 38.90 0.15 42.05 33.82 2.64 42.28 38125.45 Cred Agr 12.12 -0.32 12.65 6.00 - 8.40 42082.83 Fuji Hvy Ind 2269.5 63.50 2683.5 1671.5 2.64 14.13 16036.42 Telia Co 36.56 0.03 39.16 30.75 5.83 47.60 17503.95 BkNYMeln 46.51 -0.19 47.76 26.93 2.86 9.55 40787.01 Metlife 61.76 - 62.66 22.85 2.99 10.71 54620.5
Belgium (€) Danone 59.02 0.14 65.68 46.03 - 19.16 48262.87 Hitachi 5431 36.00 5475 0.00 1.97 14.37 48289.79 Volvo 234.50 -4.30 240.80 95.00 - 27.76 43607.96 BlackRock♦ 725.59 1.86 788.00 326.28 2.10 22.47 110749.6 Microsoft 231.44 0.72 245.92 132.52 0.92 33.991745570.42
AnBshInBv 53.60 0.32 59.51 29.03 2.43 -38.30 108087.44 EDF 11.12 0.12 13.58 5.98 1.43 19.81 41034.74 HondaMtr 3471 148.00 3475 0.00 2.59 13.45 57760.02 Boeing 257.15 1.09 278.57 90.35 0.81 -12.14 149917.64 Mnstr Bvrg 87.98 0.06 95.11 50.06 - 36.93 46462.86
Switzerland (SFr)
KBC Grp 63.20 -1.76 65.66 38.83 1.67 16.01 31363.62 Engie SA 12.20 0.06 13.87 8.63 - -25.60 35369.01 JapanTob 2125.5 41.00 2234 0.00 8.02 11.75 39051.94 Booking Holdings 2304.47 -42.48 2469.58 1107.29 - 64.69 94395.23 MondelezInt 58.16 0.25 60.00 41.19 2.09 23.20 82128.58
ABB 29.20 0.25 29.20 14.68 2.85 127.22 68071.53
EssilorLuxottica 131.55 -2.10 142.80 92.04 - -4141.64 68780.39 KDDI 3500 -30.00 3584 2604 3.67 11.43 74085.96 BrisMySq 61.69 -0.64 67.16 45.76 3.03 -15.24 138214.91 Monsanto 9.80 0.03 9.83 9.57 - - 245.00
Brazil (R$) CredSuisse 12.17 -0.17 13.50 6.58 1.24 7.32 32029.56
Hermes Intl 947.20 -30.20 1018 526.60 0.51 84.72 119088.86 Keyence 52900 1440 59310 30540 0.40 65.64 118191.05 CapOne 127.52 -0.79 134.70 39.78 1.09 57.69 58561.87 MorganStly 83.20 -0.74 86.64 27.76 1.81 13.10 150745.59
Ambev 15.44 0.14 16.91 10.36 3.31 27.07 44387.82 Nestle 102.80 1.18 112.62 91.98 2.80 22.44 318441.8
LOreal 320.40 -1.60 326.40 213.90 1.25 48.47 213635.08 MitsbCp 3211 -4.00 3239 0.00 4.50 13.55 43825.81 CardinalHlth 58.74 0.46 59.46 39.05 3.35 12.45 17250.03 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco 23.00 -0.15 25.15 14.05 1.13 7.13 18637.12 Novartis 79.89 0.34 89.34 69.92 3.60 24.05 211917.1
LVMH 557.40 -8.90 570.80 282.15 0.86 57.36 335074.18 MitsubEst 1969 24.00 1976.5 0.00 1.63 16.45 25166.74 Carnival 28.27 - 30.12 7.80 1.84 -2.06 26361.37 Netflix 508.20 3.41 593.29 316.82 - 82.37 225077.16
Cielo 3.64 0.10 5.93 3.15 1.91 18.88 1806.79 Richemont 89.32 -2.82 92.14 48.43 1.21 193.73 50131.76
Orange 10.46 -0.02 11.88 8.63 5.06 10.08 33137.04 MitsubishiEle 1775.5 5.00 1785.5 0.00 2.17 20.95 35022.34 Caterpillar 227.15 -3.53 237.78 90.64 1.84 41.00 123865.77 NextEraE 71.04 -0.09 87.69 43.70 2.00 47.30 139229.89
ItauHldFin 24.93 -0.14 29.38 19.46 3.49 12.66 22584.02 Roche♦ 308.20 1.75 357.85 277.25 3.12 17.47 232815.25
PernodRic 160.20 -1.30 166.45 116.75 1.73 146.00 49963.23 MitsuiFud 2671.5 64.50 2675 1538 1.76 13.42 23689.77 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike♦ 137.85 -5.32 147.95 60.58 0.76 74.96 175273.35
Petrobras 23.36 0.39 32.34 10.50 2.36 -6.22 31764.02 Swiss Re 91.46 -0.48 92.58 52.68 6.91 -18.84 31222.3
Renault 38.81 -1.27 41.42 14.72 - -1.18 13668.44 MitUFJFin 659.40 12.40 659.40 380.00 4.20 16.45 82274.29 CharlesSch 66.09 0.02 68.21 28.01 1.15 28.52 119163.57 NorfolkS 261.12 -1.95 264.86 112.62 1.46 32.82 71085.33
Vale 94.21 -1.95 104.00 33.37 4.85 32.08 90958.97 Swisscom 486.50 -1.00 548.00 456.30 4.83 15.42 27097.09
Safran 119.25 -4.30 127.45 51.10 - 72.20 56891.1 Mizuho Fin 1713 23.50 1732.5 1162 2.58 40.33 39958.98 Charter Comms 629.00 -0.39 681.71 364.67 - 40.25 121856.79 Northrop 311.09 -3.85 357.12 263.31 1.85 16.11 51864.77
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 83.70 1.43 95.82 69.99 3.98 8.93 125496.85 Murata Mfg 9179 -6.00 10835 0.00 1.22 35.76 56984.83 Chevron Corp 104.61 0.49 112.70 51.60 5.19 -15.88 201518.27 NXP 199.62 1.03 209.59 63.05 0.81-357.77 55296.38
BCE♦ 56.78 -0.07 60.14 46.03 5.82 22.42 41049.28 UBS 14.85 -0.25 15.15 7.73 2.43 9.79 61617.07
Sant Gbn 48.58 -0.69 49.79 16.41 2.70 19.08 30819 NipponTT 2936 8.50 2955.5 2127 3.55 11.38 105210.75 Chubb 161.20 -6.93 179.01 92.04 2.04 29.81 72576.25 Occid Pet♦ 28.13 1.51 32.52 8.52 6.10 -1.65 26204.63
BkMontrl 111.20 -0.63 112.69 55.76 3.84 14.63 57507.24 Zurich Fin 394.90 -2.40 399.80 262.70 4.98 16.37 63885.51
Schneider 126.05 -1.60 130.70 61.72 2.14 30.14 85127.48 Nissan Mt 624.10 19.00 664.50 311.20 - -2.12 24198.67 Cigna♦ 243.91 0.09 248.39 126.00 0.02 15.93 85818.66 Oracle 66.63 -0.12 73.62 43.89 1.50 19.49 192115.52
BkNvaS 78.63 -0.50 80.16 46.38 4.61 14.74 76210.22 Nomura 698.30 8.80 704.80 402.50 3.96 8.34 20743.17 Taiwan (NT$) Cisco 48.91 0.11 49.74 33.74 2.97 20.26 206487.53 Pepsico♦ 133.33 0.80 148.77 101.42 3.06 25.66 183943.22
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 56.65 0.23 56.96 31.35 1.11-1150.91 71373.31 Nppn Stl 1890.5 61.50 1896 0.00 - -8.22 16504.36 Chunghwa Telecom 110.00 -0.50 117.00 104.50 4.05 24.49 29984.7 Citigroup 73.19 -0.65 76.13 34.20 2.99 13.32 152724.59 Perrigo 42.05 0.25 58.83 38.20 2.26-783.71 5596.69
SocGen 22.17 -0.64 23.01 10.77 - -25.59 22531.76
CanadPcR 473.35 -7.45 482.74 255.69 0.75 26.43 50429.23 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 95.80 -1.10 104.00 68.40 3.19 202.40 32067.33 CME Grp♦ 202.77 -3.01 216.75 131.80 1.75 31.50 72795.13 Pfizer 35.63 -0.14 43.08 26.41 4.52 21.43 198745.44
Total 40.23 -0.21 42.19 21.12 6.78 -19.85 126000.03
CanImp 126.20 -0.50 127.00 67.52 4.64 15.25 45200.48 Panasonic 1427 33.00 1520 691.70 1.87 17.52 32164.2 HonHaiPrc 123.50 -3.50 131.50 67.00 3.59 15.81 60160.53 Coca-Cola♦ 50.64 0.07 54.93 36.27 3.45 24.45 218202 Phillips66 82.96 1.59 90.59 41.41 4.66 -12.49 36247.39
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 37.86 0.83 41.05 10.50 4.38 -76.88 35874.09 Seven & I 4500 82.00 4500 2937.5 2.37 20.44 36644.98 MediaTek 885.00 -10.00 1010 287.00 1.25 40.91 49453.48 Cognizant 77.11 0.71 82.73 40.01 1.16 29.57 40915.67 PhilMorris 89.73 0.37 91.25 56.01 5.36 17.14 139750.16
Vinci 88.70 -2.34 92.38 55.30 2.44 29.29 62486.27
CanNatRy♦ 146.66 -1.23 149.11 97.68 1.56 29.43 83322.25 ShnEtsuCh 18640 -165.00 19710 8820 1.26 25.83 71348.07 TaiwanSem 591.00 -2.00 679.00 252.00 1.78 29.07 538498.3 ColgtPlm 75.39 -0.68 86.41 58.49 2.36 23.66 63973.14 PNCFin 177.52 -2.34 184.33 79.41 2.78 22.45 75272.71
Vivendi 28.05 -0.08 32.35 17.42 2.26 17.45 39626.41
Enbridge 45.45 0.60 46.75 33.07 7.10 30.81 73578.17 Softbank 9969 -251.00 10695 2652 0.47 23.07 191386.32 Thailand (THB) Comcast 55.81 -0.06 58.59 31.71 1.67 24.12 255119.33 PPG Inds 148.33 -1.48 153.81 69.77 1.44 32.92 35145.07
GtWesLif♦ 33.08 -0.04 33.85 18.88 5.28 10.46 24543.47 Germany (€)
Sony 11555 -75.00 12545 0.00 0.46 12.51 133861.87 PTT Explor♦ 40.50 - 45.00 26.50 3.30 29.37 37506.64 ConocPhil 53.80 0.42 61.14 21.00 3.19 -21.12 72884.73 Praxair♦ 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil♦ 29.88 0.24 32.67 11.20 2.96 -49.55 17530.54 Allianz 214.75 -1.40 217.90 117.10 4.73 12.66 105446.13
SumitomoF 4343 83.00 4354 2507.5 4.80 162.49 54820.23 United Arab Emirates (Dhs) Corning♦ 41.51 0.11 42.55 17.44 2.15 75.75 31894.95 ProctGmbl 128.89 0.19 146.92 94.34 2.45 24.01 317388.54
Manulife 27.27 -0.08 27.68 12.77 4.09 9.34 42309.87 BASF 69.97 -2.63 72.84 38.50 4.98 -30.80 76537.16
Takeda Ph 4274 15.00 4322 2953 4.51 34.80 61894.1 Emirtestele 20.90 -0.24 21.14 12.40 4.13 18.82 49484.01 Costco 325.38 2.40 393.15 278.42 0.88 32.15 143991.64 Prudntl 93.04 -0.07 95.49 38.62 4.80 -91.68 36936.88
Nutrien 71.88 -0.22 74.34 35.13 3.36 314.94 32742.84 Bayer 53.40 -0.37 73.63 39.91 5.54 -3.11 62478.64
TokioMarine 5674 38.00 5746 4368 3.68 25.37 36591.32 United Kingdom (p) CrownCstl♦ 167.78 2.59 180.00 114.18 3.07 97.73 72365.5 PublStor 238.56 -3.45 246.52 155.37 3.60 34.26 41697.84
RylBkC 116.63 -0.41 117.52 72.00 3.70 14.81 132770.75 BMW 82.49 -3.63 88.78 36.60 3.20 14.74 59140.6
Toyota 8644 -6.00 8712 0.00 2.82 14.21 259109.38 CSX 90.62 -1.89 97.54 46.81 1.16 24.81 69098.21 Qualcomm♦ 132.11 2.36 167.94 59.04 1.97 22.29 150076.96
Suncor En♦ 27.68 0.50 29.55 14.28 4.74 -6.56 33740.54 Continental 119.65 -2.80 130.85 51.45 2.65 -15.43 28500.14 AscBrFd 2414 -2.00 2796.19 1554 1.42 41.91 26509.94
Mexico (Mex$) CVS 73.95 -0.53 77.23 52.04 2.74 13.32 96974.7 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 109.99 -0.20 115.66 75.91 1.83 21.85 43536.7 Daimler 73.78 -0.55 74.33 21.02 1.292327.97 94004.32 AstraZen♦ 7110 -18.00 10120 6482 2.89 39.83 124905.69
AmerMvl 14.24 0.06 15.93 12.33 2.52 13.38 31635.1 Danaher 219.15 3.20 248.86 119.60 0.35 47.72 156079.55 Regen Pharm 478.55 3.87 664.64 424.01 - 15.45 50382.62
TntoDom 82.40 -0.62 83.65 49.01 3.80 12.73 119758.3 Deut Bank 10.60 -0.42 11.25 5.14 - -13.56 26086.05 Aviva 393.20 -5.30 399.40 205.70 2.42 7.16 21889.38
FEMSA UBD 155.50 3.06 162.97 112.72 1.92 303.42 16391.32 Deere 378.48 -1.93 392.42 106.25 0.86 40.60 118630.36 S&P Global 348.73 0.27 379.87 186.74 0.78 35.57 83939.31
TrnCan 57.32 0.35 67.89 47.25 5.63 12.13 44805.03 Deut Tlkm 16.47 -0.29 16.94 10.82 3.85 23.62 93395.3 Barclays♦ 182.60 -1.20 210.45 73.04 - 13.54 43221.49
WalMrtMex 63.96 0.28 68.25 49.45 0.86 35.07 54472.94 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 212.00 2.52 284.50 128.86 - 51.86 195247.4
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 44.81 -1.27 46.30 19.11 2.71 21.10 65987.67 BP 306.70 -5.25 376.54 188.52 9.17 -3.70 84792.98
Delta 48.87 -0.31 52.28 17.51 0.84 -2.47 31186.23 Schlmbrg♦ 27.41 0.16 30.41 11.87 3.24 -3.57 38319.44
E.ON 8.82 0.12 10.81 7.60 5.51 18.15 27744.76 Netherlands (€) BrAmTob 2792.5 31.00 3308.5 2362.5 5.52 10.08 72221.91
China (HK$) Devon Energy♦ 22.70 0.34 26.13 5.26 1.88 -3.30 15276 Sempra Energy 129.87 0.26 137.47 88.00 3.39 18.65 39297.54
Fresenius Med 61.58 0.04 79.96 53.50 2.06 12.98 21479.08 Altice 5.34 0.00 6.86 2.26 - -4.03 9137.97 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.15 -0.10 3.30 2.38 7.07 4.86 12470.13 DiscFinServ 95.52 -0.16 104.49 23.25 1.87 26.15 29262.07 Shrwin-Will 709.99 -0.14 758.00 388.10 0.77 31.69 63616.43
Fresenius SE 36.17 -0.30 46.51 24.25 2.45 10.53 19481.42 ASML Hld 464.65 3.65 502.60 177.52 0.57 52.56 232138.23 BT 145.35 -5.95 155.35 94.68 3.18 9.56 20004.83
Bk China 2.88 -0.05 3.19 2.33 8.13 4.28 31016.34 Disney 192.15 -0.14 203.02 81.09 - -69.61 348793.88 SimonProp 117.92 1.10 121.92 42.25 5.00 24.98 38735.94
HenkelKgaA 81.35 -0.80 86.10 54.65 2.38 18.88 25169.88 Heineken 90.02 -0.12 94.48 68.90 1.98 52.81 61752.54 Compass 1479 -27.50 1721.63 922.40 1.82 184.88 33740.44
BkofComm 4.57 -0.04 5.09 3.66 8.45 4.25 20606.58 DominRes♦ 73.71 0.21 87.34 57.79 5.44 25.73 59384.32 SouthCpr 72.47 -0.47 83.15 23.43 2.07 40.69 56024.62
Linde 224.80 -1.40 228.10 136.30 1.51 59.69 139975.97 ING 10.33 -0.28 10.71 4.23 - 21.73 47997.06 Diageo♦ 2996 -37.00 3125.1 2050.6 2.33 61.77 104622.92
BOE Tech 0.75 - 1.10 0.47 - -4.83 19.22 DowDupont 30.52 -0.65 48.38 30.06 3.63 -8.38 68559.76 Starbucks 106.91 -0.71 112.34 53.55 1.59 184.83 125865.14
MuenchRkv 261.60 -1.90 267.10 141.10 3.96 28.40 43647.96 Unilever 45.98 -0.79 53.66 41.01 - 22.48 167678.58 GlaxoSmh♦ 1296.2 -2.00 1772.51 1190.8 6.17 10.25 88424.52
Ch Coms Cons 3.88 -0.01 5.49 3.21 7.35 3.34 2207.91 DukeEner 93.03 0.70 98.88 62.13 4.38 31.64 71508.77 StateSt 84.12 -1.13 87.89 42.53 2.51 13.12 29592.27
SAP 103.60 0.84 143.32 84.02 1.61 23.98 151575.06 Norway (Kr) Glencore 282.00 -5.50 329.26 2.44 2.83 -13.94 56426.41
Ch Evrbrght 3.42 -0.09 3.97 2.40 7.63 4.82 5584.35 Eaton 136.21 -0.75 141.37 56.42 2.28 37.34 54225.2 Stryker 231.18 0.32 250.02 124.54 1.03 54.24 86970.13
Siemens 137.76 -3.22 141.32 53.02 2.95 25.56 139454.78 DNB 187.50 -0.40 188.20 99.38 - 15.49 34021.72 HSBC 430.85 -10.70 523.00 281.50 1.81 -50.63 119830.82
Ch Rail Cons 5.03 -0.04 8.95 4.07 5.06 3.14 1345.02 eBay 59.40 0.50 64.85 26.02 1.09 16.54 40418.48 Sychrony Fin 41.39 0.13 43.61 12.25 2.16 17.97 24165.41
Volkswgn 280.60 -46.60 357.40 99.16 1.81 32.87 98612.79 Equinor 167.90 -2.15 176.80 102.20 4.81 -18.13 63796.68 Imperial Brands♦ 1458 18.50 1758 1142 12.74 9.22 19289.06
Ch Rail Gp 4.14 -0.03 4.85 3.33 4.95 3.30 2243.3 Ecolab 207.35 -2.20 231.36 124.60 0.97 47.14 59270.99 T-MobileUS 123.96 -0.95 135.54 70.83 - 43.60 154057.99
Hong Kong (HK$) Telenor 148.00 -2.25 163.80 138.25 5.56 19.39 24240.56 LlydsBkg 41.03 -0.58 59.94 23.59 - 24.13 41013.71
ChConstBk 6.46 -0.14 6.74 4.93 6.06 5.44 200020 Emerson 88.64 -0.82 93.38 37.75 2.30 25.32 53186.63 Target 184.51 4.90 199.96 90.17 1.55 22.81 91997.33
AIA 97.70 -0.55 109.30 60.85 1.45 24.87 152185.72 Natl Grid 842.00 13.00 998.80 789.13 5.77 19.86 39204.18
China Vanke 32.20 -0.85 35.00 22.95 3.84 7.35 7852.44 Qatar (QR) EOG Res 70.22 1.32 77.15 29.76 2.02-123.48 40977.83 TE Connect 130.60 -1.28 136.01 48.62 1.48 459.61 43212.48
BOC Hold 28.30 -0.35 29.00 20.05 6.11 8.83 38534.61 Natwest Group 191.40 0.90 194.85 90.54 - -30.87 31769.82
ChinaCitic 3.83 -0.07 4.05 2.93 7.69 3.87 7340.78 QatarNtBk 17.40 0.08 19.20 16.35 3.52 14.34 44130.92 EquityResTP 72.32 -1.18 76.13 45.43 3.38 29.09 26951 Tesla Mtrs 648.70 -4.46 900.40 71.69 - 998.83 622660.62
Ch OSLnd&Inv 20.60 -0.35 28.50 14.92 5.57 4.49 29036.92 Prudential 1530 -31.00 1581 682.80 2.42 37.66 54911.14
ChinaLife 16.28 -0.10 21.90 12.90 5.54 7.34 15601.69 Russia (RUB) Exelon 42.84 0.14 46.02 29.28 3.78 16.43 41844.4 TexasInstr 176.68 2.32 181.80 94.92 2.14 29.16 162587.86
ChngKng 50.45 3.40 50.55 35.10 4.68 8.14 23997.32 ReckittB 6314 -12.00 8020 5542 2.77 -16.33 61677.76
ChinaMBank 60.65 -2.90 69.45 31.15 2.42 13.81 35859.48 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers♦ 151.99 -4.84 161.19 77.52 2.25 14.24 38334.06
Citic Ltd 6.68 -0.09 8.68 5.20 7.83 3.64 25026.35 RELX 1784.5 6.50 2000 1427 2.56 28.24 47836.53
ChinaMob 52.95 -0.65 63.75 39.00 6.93 8.33 139628.87 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 57.14 0.33 62.55 30.11 6.53 68.27 241903.49 ThrmoFshr 448.32 2.57 532.57 250.21 0.20 34.25 176545.44
Citic Secs 15.58 -0.08 21.45 13.06 3.93 11.27 4571.51 RioTinto♦■ 5471 -87.00 6561 2954 5.59 15.34 101786.66
ChinaPcIns 32.05 -1.20 42.75 18.30 4.62 9.89 11455.47 MmcNrlskNckl 20150 -66.00 23656 13352 5.44 13.99 42774.79 Facebook 290.96 12.34 304.67 142.25 - 28.42 699889.27 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 60.35 -2.55 64.05 45.80 5.91 6.00 29972.05 RollsRoyce 117.00 -7.55 159.43 0.90 1.35 -1.13 3018.47
ChMinsheng 4.84 -0.09 6.06 3.85 9.36 4.08 5186.29 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex♦ 281.70 18.19 305.66 97.37 0.72 29.50 74670.39 TJX Cos 66.82 0.30 71.06 32.72 0.74 102.11 80226.18
CNOOC 8.36 -0.41 10.60 6.50 10.53 7.37 48070.58 RylDShlA♦ 1496.4 -13.40 1718.36 878.10 6.44 -9.00 95424.55
ChMrchSecs 19.21 -0.41 28.18 13.45 - 16.97 21921.41 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 12.87 0.38 13.62 3.96 1.18 -39.62 50274.4 Truist Financial Corp 58.92 -0.41 61.26 25.51 3.28 19.00 79215.17
HangSeng 151.30 - 156.30 110.00 5.87 12.90 37253.44 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.37 -0.12 5.72 4.01 1.42 24.23 20517.68 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 30.07 0.58 30.55 14.91 3.68 18.99 15197.49 UnionPac♦ 211.69 -3.67 221.28 109.61 1.86 26.47 141796.18
HK Exc&Clr 467.00 -3.00 587.00 208.80 1.62 55.66 76252.76 StandCh 490.60 -12.60 519.80 334.25 - 24.49 22435.85
ChShenEgy 14.62 -0.28 16.32 11.94 10.63 5.99 6359.39 Surgutneftegas 35.13 -0.76 54.89 24.06 1.70 1.55 16833.73 GenDyn 177.44 -1.80 180.35 100.55 2.47 15.90 50794.8 UPS B 162.68 2.48 178.01 88.35 2.63 28.77 117049.33
MTR 44.90 -0.25 49.00 36.20 3.08 40.32 35742.79 Tesco 228.70 2.60 329.33 217.10 5.07 17.07 25974.88
ChShpbldng 4.09 0.01 5.44 3.94 - -104.94 11497.65 GenElectric♦ 13.25 - 14.42 5.48 0.31 22.13 116175.23 USBancorp 55.85 -0.42 57.02 28.36 3.23 17.24 83918.76
SandsCh 39.50 -0.70 40.55 26.15 2.81 146.63 41160.86 Saudi Arabia (SR) Vodafone 133.94 -2.18 157.52 100.00 6.10 17.27 49558.86
ChStConEng 5.05 -0.11 5.70 4.68 3.75 4.88 31558.49 GenMills 60.05 0.15 66.14 46.88 3.43 14.82 36716.77 UtdHlthcre 365.28 3.23 367.95 187.72 1.37 19.55 345306.27
SHK Props 115.90 -1.80 126.00 87.60 4.80 12.69 43253.8 AlRajhiBnk 91.80 -3.50 99.90 51.10 1.67 21.24 61189.4 WPP 935.60 -8.60 947.00 455.94 2.43 -5.03 16431.87
ChUncHK 4.51 -0.10 6.70 3.95 4.05 9.15 17772.31 GenMotors 59.97 0.70 62.24 15.00 0.64 13.65 86404.34 UtdTech♦ 86.01 -5.36 158.44 69.02 2.27 -41.47 74498.84
Tencent 628.00 -12.50 775.50 340.20 0.22 47.54 775994.07 Natnlcombnk 50.20 -1.30 52.80 31.00 2.44 13.42 40153.05 United States of America ($)
CNNC Intl 5.49 0.01 5.77 4.02 2.28 15.95 13138.81 GileadSci♦ 64.40 0.32 85.97 56.56 4.45 61.24 80924.6 ValeroEngy 74.67 0.97 84.39 31.89 5.52-1159.84 30506.49
SaudiBasic 109.40 -0.60 112.00 63.50 3.65-111.53 87504.84 21stC Fox A 43.18 0.30 44.80 19.81 1.08 16.69 14437.29
CSR 3.49 -0.05 4.22 2.53 5.26 8.39 1964.66 India (Rs) GoldmSchs♦ 344.17 -3.83 356.85 130.85 1.56 18.48 119012.05 Verizon 56.28 -0.03 61.95 48.84 4.71 11.87 232895
SaudiTelec 114.60 -1.40 120.00 80.60 3.76 19.83 61109.4 3M 190.14 -0.86 192.09 114.04 3.14 20.26 110110.07
Daqin 6.83 -0.03 7.30 6.32 7.20 9.39 15611.92 Bhartiartl 529.95 2.75 623.00 394.00 0.38 -9.68 39865.89 Halliburton 22.26 0.09 24.74 4.50 1.44 -6.57 19780.97 VertexPharm 214.12 0.76 306.08 199.52 - 20.51 55662.65
Gree Elec Apl 0.13 0.00 0.21 0.07 - -0.04 6.69 HDFC Bk 1497.5 6.50 1641 738.75 - 27.90 113791.58 Singapore (S$) AbbottLb 118.73 0.62 128.54 61.61 1.23 46.99 210333.68 HCA Hold♦ 191.93 3.90 194.01 66.79 0.23 17.30 65240.37 VF Cp♦ 80.05 0.75 89.68 45.07 2.45-171.48 31362.92
GuosenSec 11.60 -0.10 16.14 10.39 1.77 15.30 15743.34 Hind Unilevr 2312.05 96.85 2614.3 1850 1.63 72.28 74904.91 DBS 28.51 0.13 29.02 16.65 4.22 13.44 53948.75 Abbvie 103.57 -0.20 113.41 62.55 4.62 37.52 182892.54 Hew-Pack♦ 30.17 -0.14 31.11 12.54 2.51 14.06 37609.87 ViacomCBS♦ 97.87 1.11 101.97 10.81 1.05 42.42 55542.28
HaitongSecs 7.06 -0.10 9.42 5.79 - 6.27 3100.12 HsngDevFin 2531.65 17.05 2896 1473.45 0.84 25.34 62958.18 JardnMt US$ 67.20 -0.20 68.88 37.37 2.87-115.11 48373.8 Accenture 265.41 -1.48 271.51 137.15 1.28 31.46 175471.87 HiltonWwde 124.96 -0.69 128.92 51.04 0.12 -47.73 34688.48 Visa Inc 210.22 -10.44 228.23 133.93 0.59 42.71 356557
Hngzh HikVDT 53.50 -0.96 70.48 27.00 1.34 37.51 67139.79 ICICI Bk 586.65 8.05 679.40 268.30 - 26.72 55933.91 JardnStr US$ 33.87 0.57 37.47 18.52 1.18 -38.19 37541.79 Adobe 444.01 4.83 536.88 281.10 - 39.46 212997.63 HomeDep 287.08 3.92 292.95 142.00 2.19 23.13 309065.17 Walgreen 53.43 0.73 56.12 33.36 3.60 -65.09 46165.74
Hunng Pwr 2.64 0.07 4.12 2.27 6.43 19.48 1598.13 Infosys 1344.45 7.35 1406 515.90 1.57 30.96 78971.42 OCBC 11.62 0.02 11.82 7.80 3.99 13.15 38703.67 AEP 83.07 0.47 94.21 65.14 3.62 20.06 41257.7 Honywell 214.53 -0.49 219.00 101.08 1.72 31.46 149205.86 WalMartSto 131.13 1.12 153.66 106.85 1.76 17.64 370990.12
IM Baotou Stl 1.71 -0.05 2.24 1.04 - -160.63 8328.57 ITC 222.95 5.30 239.20 139.00 4.59 20.51 37837.1 SingTel 2.39 -0.01 2.86 2.00 5.41 22.22 29059.37 Aetna - - - - - - - HumanaInc 412.04 4.29 474.70 208.25 0.62 16.04 53158.27 WellsFargo 39.96 -0.85 41.54 20.76 4.38 95.49 165200.41
In&CmBkCh 5.40 -0.11 5.75 3.96 5.96 5.59 60361.79 L&T 1411.25 -16.85 1593 661.00 1.28 65.81 27327.62 UOB 25.57 -0.04 25.99 17.28 4.65 11.04 31849.49 Aflac 51.29 -0.48 52.78 24.19 2.32 7.50 35317.63 IBM 130.17 0.11 135.88 90.56 5.36 13.74 116319.14 Williams Cos♦ 23.09 0.33 24.69 8.41 7.34 113.23 28020.35
IndstrlBk 23.22 -0.64 28.07 14.96 3.36 7.81 70028.6 OilNatGas 110.50 0.30 122.35 59.65 4.77 40.61 19168.19 South Africa (R) AirProd 271.40 2.37 327.89 173.91 2.00 31.35 60054.55 IllinoisTool 221.46 -0.29 224.69 115.94 2.03 32.92 70128.02 Yum!Brnds 108.11 -0.20 111.68 54.95 1.82 29.38 32438.98
Kweichow 2010 -59.70 2627.88 991.52 0.87 55.27 388216.17 RelianceIn 2082 72.90 2369.35 867.40 0.31 32.07 194127.7 Firstrand 51.88 -0.76 59.82 31.13 5.47 17.95 19741.92 Alexion 151.64 0.37 162.60 77.23 - 54.94 33337.74 Illumina 415.54 6.35 555.77 199.00 - 92.02 60627.29 Venezuela (VEF)
Midea 0.61 - 0.85 0.52 - -1.70 23.65 SBI NewA 371.15 4.05 427.70 149.45 - 14.18 45673.66 MTN Grp 87.64 0.46 92.56 26.25 5.98 10.09 11202.4 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 111.36 -0.29 119.02 63.51 1.09 29.11 62548.84 Bco de Vnzla 116000 -850.00 125990 2100 354.03 - 234.73
New Ch Life Ins 29.30 -0.65 37.30 20.50 5.83 5.90 3902.19 SunPhrmInds 578.30 3.75 654.40 312.00 0.70 57.13 19132.49 Naspers N 3453.56 57.42 3888 2028.13 - 32.11 102030.94 Allstate 114.75 -1.29 117.80 68.87 1.98 7.54 34754.73 Intel 64.68 0.95 66.29 43.61 2.07 12.90 262774.53 Bco Provncl 3300000 - 3300000 127000 - -17.68 197.44
PetroChina 2.85 -0.17 3.19 2.16 5.53 23.07 7744.35 Tata Cons 3050.2 13.70 3339.8 1617.75 1.32 36.38 155577.18 Alphabet 2030 8.66 2145.14 1008.87 - 34.13 610496.27 Intuit 382.37 8.40 423.74 187.68 0.61 47.84 104708.15
South Korea (KRW) Mrcntl Srvcs 3950000 - 4000000 120000 0.02 -3.84 133.44
PingAnIns 94.85 -1.10 103.60 69.00 2.67 9.79 90976.17 Altria 51.08 0.51 51.15 30.95 7.10 122.07 94941.87 John&John 161.30 0.83 173.65 109.16 2.61 23.64 424655.57
Indonesia (Rp) HyundMobis♦ 300000 1500 405000 126500 1.04 17.36 25150.73
PngAnBnk 20.47 -1.26 25.31 11.93 - 14.49 61075.54 Amazon 3040.39 12.40 3552.25 1812 - 71.631531033.21 JohnsonCn 59.95 -1.30 62.40 22.78 1.76 54.70 43138.51
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 24150 50.00 30050 16100 - 161.67 13711.36 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.92 -0.06 4.88 3.40 1.04 8.30 6716.84 AmerAir 24.36 -0.35 26.09 8.25 0.42 -1.31 15579.3 JPMrgnCh 153.41 -4.24 161.69 76.91 2.52 18.67 468131.6
Israel (ILS) SK Hynix 138000-4000.00 150500 68000 0.75 31.71 88851.44 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 20.04 -0.38 28.80 16.90 4.50 10.65 35998.85 AmerExpr 141.44 -1.14 151.46 68.12 1.23 36.97 113942.51 Kimb-Clark♦ 131.87 -0.53 160.16 110.66 3.29 18.92 44572.95
TevaPha 38.73 2.04 46.23 24.30 - -3.17 12899.35 SmsungEl 81900-1000.00 96800 42400 1.79 21.56 432409.32 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 0.00 0.10 0.03 - -0.24 82.33 AmerIntGrp♦ 47.45 -0.37 49.00 17.52 2.89 -7.60 41034.32 KinderM 16.02 0.26 17.97 9.42 6.57 315.71 36276.49
Italy (€) Spain (€) AmerTower 224.37 1.86 272.20 174.32 2.07 49.43 99706.54 ♦ ex-dividend
ShgPdgBk 10.65 -0.38 12.69 9.22 5.77 6.38 48062.66 Kraft Heinz♦ 39.33 0.39 39.71 20.67 4.13 133.65 48107.5 ■ ex-capital redistribution
Enel 8.31 0.24 9.05 5.62 4.17 18.72 100568.59 BBVA 4.68 -0.19 4.90 2.13 5.87 -49.20 37148.4 Amgen 243.97 -0.45 276.69 177.05 2.66 19.53 140908.87
Sinopec Corp 4.08 -0.24 4.69 2.95 5.74 10.52 13406.04 Kroger 35.42 0.73 42.99 27.33 2.00 8.80 26966.91 # price at time of suspension
ENI 10.17 -0.16 10.53 5.73 5.71 -3.54 43687.77 BcoSantdr 2.89 -0.10 3.07 1.44 3.50 -6.98 57216.5 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 2.00 -0.05 2.37 1.67 - 88.67 4172.58 L Brands 61.15 0.99 62.08 8.51 1.05 -75.00 17006.34
Generali 16.73 -0.13 17.27 10.20 3.16 13.62 31402.03 CaixaBnk 2.57 -0.08 2.68 1.50 2.87 14.35 18328.92 Anthem♦ 356.12 2.80 356.33 171.03 1.08 19.52 87215.81
Denmark (kr) Iberdrola 10.90 0.23 12.57 8.25 3.88 18.66 83277.76 LasVegasSd 64.69 -0.08 66.77 33.86 1.24 -28.84 49413
IntSPaolo 2.31 -0.04 2.35 1.32 - 6.36 53547.25 Aon Cp 224.26 -0.28 235.88 143.93 0.84 26.93 50679.25 LibertyGbl 26.75 0.38 26.83 15.31 - -9.76 4851.25
DanskeBk 120.95 -1.55 124.95 68.04 - 21.60 16702.1 Inditex 27.86 -0.79 30.79 20.10 1.32 52.16 103409.58
Unicred 9.18 -0.33 9.69 6.01 - -7.69 24470.34 Apple 120.47 -0.06 145.09 53.15 0.68 32.002022461.93 Lilly (E) 185.67 1.74 218.00 117.06 1.62 26.95 177950.9
MollerMrsk 15005 -25.00 15400 4976 0.94 16.33 22668.87 Repsol 10.67 -0.05 11.14 5.04 7.62 -4.80 19923.77 ArcherDan 56.95 -0.66 59.12 28.92 2.57 17.82 31801.68 Lockheed♦ 351.65 -6.80 417.62 266.11 2.83 14.14 98499.07
NovoB 440.70 -3.95 467.90 341.95 2.03 23.49 127938.52 Telefonica 4.04 -0.09 5.01 2.71 10.29 76.41 26563.62

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Volkswgn 280.60 327.20 -46.60 -14.24 49.80 21.6 21.58 ChinaPcIns 32.05 33.25 -1.20 -3.61 -4.95 -13.4 -15.50 Mar 19 date Coupon S* M* F* price yield yield yield US Mar 19 date Coupon S* M* F* price yield yield yield US
ViacomCBS 97.87 96.76 1.11 1.14 11.59 13.4 56.05 CNOOC 8.36 8.77 -0.41 -4.68 -0.94 -10.1 -17.19 High Yield US$ US$
MitUFJFin 659.40 647.00 12.40 1.92 66.10 11.1 18.90 ConocPhil 53.80 53.38 0.42 0.79 -6.03 -10.1 10.95 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Keyence 52900.00 51460.00 1440.00 2.80 5110.00 10.7 -10.82 Lilly (E) 185.67 183.93 1.74 0.95 -19.54 -9.5 -7.65 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
AmerAir 24.36 24.70 -0.35 -1.40 2.21 10.0 30.31 ValeroEngy 74.67 73.70 0.97 1.31 -7.81 -9.5 4.43 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
L Brands 61.15 60.16 0.99 1.65 5.30 9.5 21.69 Occid Pet 28.13 26.62 1.51 5.67 -2.85 -9.2 10.48 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
SumitomoF 4343.00 4260.00 83.00 1.95 358.00 9.0 16.58 MasterCard 351.22 367.00 -15.78 -4.30 -33.16 -8.6 5.66 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Denso 7732.00 7750.00 -18.00 -0.23 633.00 8.9 14.86 IM Baotou Stl 1.71 1.76 -0.05 -2.84 -0.15 -8.1 42.50 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
HondaMtr 3471.00 3323.00 148.00 4.45 279.00 8.7 13.56 MTR 44.90 45.15 -0.25 -0.55 -3.85 -7.9 -0.13 Colombia 01/26 4.50 - Baa2 BBB- 109.50 2.33 0.16 0.52 1.28
Brazil 04/26 6.00 - Ba2 BB- 115.15 2.78 -0.01 0.65 1.73 Euro
ChngKng 50.45 47.05 3.40 7.23 3.75 8.0 21.82 Devon Energy 22.70 22.36 0.34 1.50 -1.95 -7.9 8.91 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
GenElectric 13.25 13.25 0.00 0.00 0.98 8.0 10.42 Tencent 628.00 640.50 -12.50 -1.95 -52.50 -7.7 -15.72 Poland 04/26 3.25 - A2 A- 111.22 0.98 0.03 0.16 -0.07
Mexico 05/26 11.50 - Baa1 BBB- 149.00 1.61 0.00 -0.12 0.56 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
ITC 222.95 217.65 5.30 2.44 16.45 8.0 1.87 SunPhrmInds 578.30 574.55 3.75 0.65 -47.70 -7.6 -6.13 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
CrownCstl 167.78 165.19 2.59 1.57 12.04 7.7 1.18 L&T 1411.25 1428.10 -16.85 -1.18 -112.95 -7.4 -7.43 Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07
Turkey 03/27 6.00 - B2 BB- 102.88 5.43 0.14 0.83 4.38 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Panasonic 1427.00 1394.00 33.00 2.37 96.50 7.3 -2.50 SouthCpr 72.47 72.94 -0.47 -0.64 -5.74 -7.3 -8.65
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Mizuho Fin 1713.00 1689.50 23.50 1.39 115.00 7.2 9.55 ImpOil 29.88 29.64 0.24 0.81 -2.36 -7.3 11.87
Russia 06/28 12.75 - Baa3 BBB 168.12 2.48 0.07 0.05 - Mexico 06/26 1.09 - Baa1 BBB- 98.73 1.34 -0.02 -0.14 0.27
Altria 51.08 50.57 0.51 1.01 3.28 6.9 16.60 Inditex 27.86 28.65 -0.79 -2.76 -2.20 -7.3 7.57
Toyota 8644.00 8650.00 -6.00 -0.07 553.00 6.8 6.85 Tesla Mtrs 648.70 653.16 -4.46 -0.68 -50.90 -7.3 -16.74 Brazil 02/47 5.63 - Ba2 BB- 101.48 5.52 0.08 0.80 - £ Sterling
HomeDep 287.08 283.16 3.92 1.38 18.23 6.8 2.69 Compass 1479.00 1506.50 -27.50 -1.83 -113.00 -7.1 -98.98 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Takeda Ph 4274.00 4259.00 15.00 0.35 270.00 6.7 14.52 Visa Inc 210.22 220.66 -10.44 -4.73 -15.93 -7.0 2.91 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
BMW 82.49 86.12 -3.63 -4.22 5.01 6.5 6.47 Formosa PetChem 95.80 96.90 -1.10 -1.14 -7.20 -7.0 -0.83 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.48 -0.26 - - -0.36 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Mar 19 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Mar 19 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 20.59 -0.99 21.58 84.26 18.95 Mar 19 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 19.30 -0.53 19.83 67.36 7.84 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 217.34 -0.10 -2.05 -4.41 -3.40 6.51 VXN 29.58 -1.03 30.61 79.84 24.96 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 390.49 -0.47 -0.31 -4.49 -2.32 11.20 VDAX 20.19 1.16 19.03 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 326.86 0.00 -1.33 -4.30 -1.33 -4.30 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 242.19 -0.19 0.12 -0.81 -0.47 6.70 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 8pc '21 101.71 -0.07 0.00 0.00 0.00 -143.75 102.75 100.21 24.59
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 257.03 -0.49 0.01 -2.46 -0.84 3.79 Tr 4pc '22 103.88 -0.04 0.00 33.33 33.33 -118.18 107.70 103.88 38.77
Gilts( £) 351.70 -0.54 0.11 -7.26 -2.60 -3.03 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 118.76 0.24 -7.69 0.00 41.18 -54.72 124.02 118.70 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 306.69 0.15 1.06 -2.49 -0.53 13.56 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.46 0.53 -5.36 1.92 32.50 -17.19 109.23 104.30 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 378.37 -0.44 -0.24 -4.19 -2.05 7.77 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 134.75 0.97 -3.96 2.11 19.75 2.11 147.41 134.33 38.71
Mar 19 (Libor: Mar 18) night Day Week Month month month month year Overall ($) 272.99 -0.01 -0.97 -4.10 -0.97 -4.10 Australia 11/22 2.25 103.61 0.08 0.00 0.00 -0.01 -0.42 Tr 4.25pc '36 142.35 1.16 -2.52 1.75 14.85 3.57 158.29 141.77 30.41
US$ Libor 0.07875 0.001 0.002 0.001 0.11088 0.18663 0.20388 0.27588 Overall( £) 355.16 -0.51 0.01 -6.43 -2.45 -0.12 05/32 1.25 93.58 1.89 0.07 0.14 0.43 0.56 Tr 4.5pc '42 159.78 1.32 -2.94 1.54 10.92 2.33 184.05 158.98 27.21
Euro Libor -0.58014 -0.001 0.005 0.001 -0.57700 -0.54586 -0.52129 -0.48743 Overall(€) 248.92 -0.39 0.01 -1.99 -0.71 3.55 Austria - - - - - - - Tr 3.75pc '52 161.61 1.34 -2.19 0.75 8.94 6.35 196.84 160.38 24.10
£ Libor 0.04275 0.002 0.003 -0.003 0.04913 0.08100 0.10438 0.15950 Treasuries ($) 251.27 -0.05 -0.85 -4.23 -0.85 -4.23 02/47 1.50 124.40 0.49 0.03 0.11 0.11 -0.12 Tr 4pc '60 183.39 1.27 -3.05 -0.78 6.72 9.48 230.92 180.90 24.12
Swiss Fr Libor 0.004 -0.79880 -0.75280 -0.70960 -0.59460 FTSE Belgium 09/22 1.00 102.31 -0.58 0.00 0.01 0.01 -0.19 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.004 -0.06733 -0.07983 -0.05300 0.04333 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 102.99 0.18 0.03 0.01 0.05 -0.62
Euro Euribor
Sterling CDs
-0.002
-
-0.55500
-
-0.54000
-
-0.51900
-
-0.48700 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 97.44 1.55 0.02 0.19 0.50 0.47 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 673.65 -0.52 - - -5.03 51.40 Denmark 11/22 0.25 101.17 -0.46 0.00 0.01 0.07 0.22
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 117.36 -1.55 0.02 -0.04 -0.20 -0.07 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Mar 19 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 104.48 -0.65 0.01 0.02 0.00 -0.32
04/31 0.75 108.36 -0.08 0.03 0.07 0.08 -0.40 1 Up to 5 Years 88.14 0.05 2473.35 -0.15 0.40 0.19
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 179.71 0.23 3681.59 -1.00 0.33 0.69
Mar 19 term notice month month month year Markit iTraxx France 05/23 1.75 105.30 -0.66 -0.01 -0.02 -0.03 -0.31
3 10 - 15 Years 210.08 0.40 4613.88 -1.62 -0.16 1.08
Euro -0.74 -0.44 -0.70 -0.40 -0.70 -0.40 -0.64 -0.34 -0.67 -0.37 -0.66 -0.36 Crossover 5Y 245.61 4.06 2.74 -0.91 277.03 236.32 11/26 0.25 103.85 -0.42 0.01 0.03 0.00 -0.51
4 5 - 15 Years 186.24 0.29 3909.23 -1.20 0.38 0.87
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.45 0.40 0.19 -0.44 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 353.08 0.78 5837.27 -2.15 -0.70 1.30
Swiss Franc - - - - - - - - - - - - Japan 5Y 45.31 0.03 -1.24 -2.10 70.43 45.14 08/23 2.00 106.57 -0.70 0.01 0.01 0.00 -0.04
7 All stocks 180.01 0.42 3880.20 -1.30 0.15 1.15
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 57.16 1.16 1.06 -0.72 86.20 54.75 02/27 0.25 104.97 -0.58 0.01 0.02 0.03 -0.13
US Dollar 0.11 0.31 0.02 0.22 0.05 0.25 0.12 0.32 0.14 0.34 0.20 0.40 08/50 0.00 91.55 0.30 0.04 0.12 0.14 0.21 Day's Month Year's Total Return Return
Markit CDX Greece 02/27 4.30 120.19 0.80 -0.02 0.08 0.05 -4.18
Japanese Yen -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.05 -0.15 0.15 -0.15 0.15 Index Linked Mar 19 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 189.31 7.76 7.49 23.68 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 100.93 -0.59 -0.01 -0.02 -0.02 -0.36 1 Up to 5 Years 302.72 0.00 0.18 0.26 2510.44 0.19 1.95
Nth Amer High Yld 5Y 307.00 13.19 11.80 14.51 421.26 283.37
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 122.64 -0.07 0.02 0.07 0.05 -0.63 2 Over 5 years 789.09 0.25 2.12 17.82 5972.09 2.16 18.25
Nth Amer Inv Grade 5Y 52.50 1.69 0.04 1.50 65.62 49.59
05/30 2.40 122.64 -0.07 0.02 0.07 0.05 -0.63 3 5-15 years 498.83 0.18 -0.01 5.05 3982.82 0.04 5.83
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 101.76 -0.39 -0.01 0.02 -0.05 -1.96 4 Over 15 years 1032.90 0.28 2.98 23.37 7607.42 3.02 23.63
11/25 2.50 111.66 -0.01 -0.02 0.05 -0.02 -1.94 5 All stocks 704.45 0.23 1.94 15.28 5431.19 1.98 15.84
05/30 0.40 108.17 -0.47 0.00 0.07 -0.15 -2.65
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 140.31 1.60 0.01 0.15 0.12 -1.20 Yield Indices Mar 19 Mar 18 Yr ago Mar 19 Mar 18 Yr ago
Japan 04/23 0.05 99.97 0.06 0.00 -0.02 -0.02 - 5 Yrs 0.37 0.40 0.41 20 Yrs 1.35 1.39 1.31
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.91 0.07 0.00 -0.01 -0.01 - 10 Yrs 0.92 0.95 0.85 45 Yrs 1.23 1.27 1.13
Crude Oil† Mar 59.70 0.40 Corn♦ May 548.00 1.75 Mar 18 Mar 18 Prev return stock Market stocks
03/34 1.50 116.05 0.25 0.01 0.00 0.00 -0.01 15 Yrs 1.23 1.26 1.17
Brent Crude Oil‡ 64.34 1.44 Wheat♦ May 629.75 0.75 Can 4.25%' 26 130.39 -0.930 -1.005 0.40 5.00 74182.52 7
12/49 0.40 93.26 0.66 0.00 0.00 -0.01 0.24
RBOB Gasoline† Mar 1.92 0.01 Soybeans♦ May 1398.00 6.50 Fr 1.10%' 22 104.86 -2.393 -2.397 0.29 19.85 254564.26 16
Netherlands 07/23 1.75 105.71 -0.69 0.00 -0.01 -0.02 -0.22 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ May 399.90 1.40 Swe 0.25%' 22 110.59 -1.121 -1.144 -0.51 28.26 211064.45 7
07/26 0.50 105.65 -0.54 0.01 0.01 -0.01 -0.36 Real yield Mar 19 Dur yrs Previous Yr ago Mar 19 Dur yrs Previous Yr ago
Natural Gas† Mar 2.50 0.01 Cocoa (ICE Liffe)X May 1730.00 -26.00 UK 1.875%' 22 109.32 -3.474 -3.472 0.03 15.74 766085.64 30
Ethanol♦ - - Cocoa (ICE US)♥ May 2487.00 -52.00 New Zealand 04/25 2.75 107.72 0.82 -0.04 0.01 0.18 -0.26 Up to 5 yrs -3.03 2.59 -3.02 -1.92 -3.38 2.59 -3.39 -2.40
UK 2.50%' 24 356.24 -3.111 -3.117 0.22 6.82 766085.64 30
Uranium† - - Coffee(Robusta)X May 1380.00 -6.00 05/31 1.50 97.27 1.80 0.02 0.06 0.30 0.07 Over 5 yrs -2.08 23.47 -2.06 -1.35 -2.09 23.50 -2.08 -1.37
UK 2.00%' 35 286.95 -2.349 -2.397 0.24 9.08 766085.64 30
Carbon Emissions‡ - - Coffee (Arabica)♥ May 129.70 -0.05 05/31 1.50 97.27 1.80 0.02 0.06 0.30 0.07 5-15 yrs -2.51 9.23 -2.49 -1.84 -2.59 9.23 -2.57 -1.91
US 0.625%' 23 106.48 -2.402 -2.470 0.62 47.03 1615728.61 44
White SugarX 453.60 -1.10 Norway 08/30 1.38 99.26 1.46 0.03 0.04 0.16 0.42 Over 15 yrs -2.02 28.73 -2.01 -1.28 -2.03 28.73 -2.02 -1.29
Diesel† - - US 3.625%' 28 134.55 -1.064 -1.145 0.15 16.78 1615728.61 44
Sugar 11♥ 15.72 -0.10 08/30 1.38 99.26 1.46 0.03 0.04 0.16 0.42 All stocks -2.09 21.64 -2.08 -1.36 -2.10 21.69 -2.09 -1.39
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 2269.50 54.50 Cotton♥ May 84.20 -1.30 Portugal 10/22 2.20 104.58 -0.69 0.00 -0.01 -0.08 -1.00 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 2222.50 0.00 Orange Juice♥ May 117.05 0.30 02/26 3.30 117.56 -0.24 -0.01 0.02 -0.03 -1.28 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 9062.00 64.00 Palm Oil♣ - - Spain 10/22 0.45 101.58 -0.53 0.00 0.00 -0.04 -0.81 Gilt Closing Prices information contained herein is proprietary to
Lead 1970.00 43.00 Live Cattle♣ Apr 118.65 -0.75 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.37 -0.99 0.01 0.02 -0.14 -1.73 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16250.00 235.00 Feeder Cattle♣ Apr 134.88 - Sweden 06/22 0.25 110.59 -1.16 0.00 0.18 0.21 -0.04 accurate, complete or timely; and does not constitute investment advice.
Tin 25650.00 -325.00 Lean Hogs♣ Apr 94.03 0.30 Spread Spread Spread Spread 06/26 0.13 118.16 -1.62 0.02 0.10 0.12 -0.37 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2848.00 72.00 Bid vs vs Bid vs vs 06/30 0.13 116.51 -1.47 0.04 0.08 0.14 -0.27
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.29 -0.77 0.00 0.00 0.00 0.08 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1725.90 -3.75 Mar 18 Month Year 05/30 0.50 107.32 -0.29 0.03 0.09 0.04 0.03 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.89 - - Netherlands -0.54 - -
Silver (US cents) 2613.00 28.00 S&P GSCI Spt 471.62 0.29 74.91 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.80 - -
Platinum 1216.00 22.00 DJ UBS Spot 84.09 -1.47 36.82 Canada 1.55 - - Norway 1.46 - - 07/23 0.75 101.49 0.11 0.00 0.03 0.10 -0.37 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2678.00 190.00 TR/CC CRB TR 199.31 -0.63 47.01 Denmark -1.55 - - Portugal -0.24 - - 07/26 1.50 105.61 0.44 0.02 0.10 0.21 -0.15 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.08 - - Spain -0.99 - - 07/47 1.50 102.21 1.40 0.05 0.14 0.21 0.07
Iron Ore 160.20 -5.80 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.47 - - United States 03/22 0.38 100.29 0.09 -0.01 0.01 0.00 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 101.00 1.00 LEBA EUA Carbon 42.85 13.42 49.77 Ireland -0.07 - - Switzerland -0.29 - - 03/27 0.63 96.87 1.16 0.08 0.13 0.38 -
Baltic Dry Index 2281.00 66.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.47 - - United Kingdom - - - 04/32 3.38 145.13 - - - - -
LEBA UK Power 174.00 -73.80 -86.08 Japan 0.25 - - United States - - - 02/50 0.25 101.08 0.21 0.04 0.15 - -0.63
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
20 March/21 March 2021 ★ FTWeekend 15

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 34.65 -0.65 39.60 22.20 4.57 -29.55 12.7 TaylorWm 180.00 -4.80 213.92 98.12 2.13 14.75 27793.1 MEDIA Hibernia € 1.13 -0.02 1.29 0.78 4.43 1068.00 1767.1 G4S 244.30 -0.10 270.90 69.92 1.47 222.09 7225.8
Avon Rubber 3310 55.00 4650 2035 0.69 636.54 99.8 Hargr Lans 1555 -11.00 1923 1148.5 2.41 22.63 1297.7 TedBaker 123.40 -5.30 158.00 59.57 5.15 -0.84 605.6 Reach PLC 215.00 - 246.00 47.95 1.11 15.05 1610.9 LandSecs♦ 688.30 0.80 732.80 474.75 1.69 -3.35 3847.9 Hays 156.10 -2.70 162.70 85.25 - -219.86 4478.3
BAE Sys 489.50 -7.60 587.33 395.90 1.92 12.95 16745.3 Indvardn SKr 305.30 -5.50 314.40 170.00 - 11.36 216.6 Vistry Grou 1071 25.00 1073 503.50 1.86 19.80 3020.6 LondonMtrc 209.20 0.40 245.20 132.90 4.02 20.67 5732.2 Homesve 1176 6.00 1371 759.53 2.01 41.26 1641.8
Chemring 270.00 -3.00 319.50 145.80 1.37 22.50 1193.2 ICG 1861 -46.00 1972 452.00 2.73 34.34 1488.9 Media McKaySec 212.00 - 225.00 147.28 3.40 -11.67 72.9 HowdenJny 735.40 -3.60 747.60 394.00 0.53 32.25 2012.6
Investec 209.70 -21.40 235.40 122.55 5.25 23.14 8735.6
Industrial Engineering RELX PLCX 1784.5 6.50 2000 1427 2.56 28.24 7265.0 Palace Cap 230.00 2.50 240.80 158.37 4.24 -6.99 47.6 Intertek 5414 -86.00 6492 3786 1.95 33.19 510.8
Meggitt 488.00 -16.80 524.75 196.15 1.14 -21.03 2799.5
Jupiter 270.00 -5.60 310.80 161.65 6.33 14.67 5982.3 Bodycote 822.00 -14.50 847.00 378.40 0.73 35.43 840.5 Rightmove P 567.80 - 690.00 373.10 0.49 36.87 3301.9 PrimyHth 146.00 2.00 167.60 114.70 4.95 19.73 16513.7 Kin and Car 181.00 - 187.00 46.00 0.72 -9.36 545.0
RollsRoyceX 117.00 -7.55 159.43 0.90 1.35 -1.13 83580.7
Liontrust 1415 80.00 1495 678.45 2.33 77.07 173.3 Castings 370.00 5.00 408.92 274.00 4.02 44.74 2.7 STV Grp 337.00 -2.50 352.00 207.84 1.85 27.24 24.4 RDI REIT 121.40 -0.20 125.20 41.55 4.94 -5.30 1550.3 MearsGp 183.00 -2.00 198.00 74.25 1.99 166.36 132.1
Automobiles & Parts LSE Gp 8620 -50.00 9358 5300 0.81 76.69 706.7 Goodwin 3000 -70.00 3650 1800 2.72 33.72 0.5 ThmReut C$X 109.99 -0.20 115.66 75.91 1.83 21.85 834.3 SEGRO♦ 907.60 4.60 998.20 655.60 2.28 14.78 4866.1 MenziesJ 319.50 -2.50 329.50 66.90 1.88 -3.63 906.5
FordMtr $X 12.87 0.38 13.62 3.96 1.18 -39.62 39098.4 M&G Plc 200.00 -5.10 231.70 89.55 5.96 4.75 17940.5 Hill&Sm 1394 -28.00 1486 844.00 0.76 29.79 283.0 WPPX 935.60 -8.60 947.00 455.94 2.43 -5.03 8915.4 Shaftbry 645.00 -6.00 691.53 407.00 1.37 -2.90 3565.3 Mitie 57.00 -1.90 66.30 26.60 1.20 14.55 2384.9
Paragon 444.20 -6.80 504.50 217.00 3.20 12.48 742.6 IMI 1299 -20.00 1381.11 619.80 1.15 22.99 1043.5 Town Ctr 137.50 -1.50 154.00 80.50 8.55 -3.02 31.7 Renewi 47.20 -0.30 54.90 17.66 1.01 -10.84 1144.8
Banks MelroseInd 174.95 -3.50 205.28 72.00 0.97 -22.43 21340.5 Mining
Providnt 196.50 12.50 330.40 126.87 4.58 13.74 3023.7 TritaxBBOX 178.00 -0.20 188.90 80.20 3.76 17.26 10977.3 Rentokil 488.00 3.40 578.60 289.20 0.31 37.45 9635.5
ANZ A$X 28.23 0.09 29.55 14.10 3.69 23.45 12893.2 Renold 23.40 -1.00 25.88 4.00 - 16.71 1203.5 AngloAmer 2804.5 -98.00 3044 1018.2 3.15 20.63 6717.1
RathbnBr 1686 -14.00 1777 1194 4.15 28.87 287.4 Wkspace 800.50 -4.50 851.50 420.88 4.52 -10.53 632.6 Ricardo 452.00 -30.00 562.00 307.07 4.76 -37.05 265.5
BcoSant 248.00 -10.00 264.35 132.06 3.51 -6.98 1763.8 RHIM 3912 -66.00 4288 1422 1.16 28.50 126.6 AngloPacif 138.00 1.40 166.86 97.10 6.61 -19.86 669.0
Record 63.00 -1.00 69.00 25.13 3.65 20.52 16.1 Real Estate Inv & Services RbrtWlts 588.00 6.00 594.00 214.00 0.77 20.49 44.4
BnkGeorgia 1140 -10.00 1292 690.00 - 7.00 55.3 Rotork 354.80 -12.40 381.40 177.05 0.65 33.47 3484.3 AnGoldA R 324.00 0.84 637.35 240.00 0.47 13.32 2962.0
S&U 2190 20.00 2400 1420 5.48 13.27 0.3 Cap&Count 177.30 -4.30 197.20 97.05 0.85 -3.08 2839.1 RPS 89.50 2.40 100.40 29.86 2.70 -4.68 4035.0
BankIre Grp € 4.10 -0.08 4.18 1.28 - -7.34 263.2 Severfd 76.00 -1.00 79.00 51.20 3.82 12.52 317.7 Antofagasta 1724.5 -40.50 1909.05 590.00 0.83 62.86 2665.2
Schroder 3495 -39.00 3654 2159 3.26 21.52 982.5 CLS 234.00 2.00 246.15 153.00 3.16 10.78 4040.9 SIG 40.02 -2.86 44.90 14.38 3.01 -0.97 4736.5
BkNvaS C$X 78.63 -0.50 80.16 46.38 4.61 14.74 7972.5 Trifast 133.00 -1.00 155.00 89.24 0.90 -36.64 211.6 BHP Group 2060.5 -42.50 2408.5 1021 4.26 20.48 9335.0
..N/V 2540 40.00 2558.64 1424 4.49 15.64 35.4 Grainger 269.40 -0.60 323.80 189.76 1.96 18.97 2841.3 Vp 840.00 -20.00 888.00 499.00 1.01 -46.08 4.5
BarclaysX♦ 182.60 -1.20 210.45 73.04 - 13.54 123178.0 Vitec 1135 -5.00 1170 485.98 1.08 -378.33 10.9 BisichMg 80.00 - 87.50 40.00 1.25 -2.90 136.0
Shires Inco 242.50 -1.00 269.60 157.85 5.44 -8.16 25.1 Harworth Gr 131.00 2.00 131.00 83.66 0.23 81.88 949.8
CanImp C$X 126.20 -0.50 127.00 67.52 4.64 15.25 4468.1
Strd Life A 286.70 -1.80 333.40 170.30 7.53 -7.15 41819.9 Weir 1751.5 -53.50 2130 608.60 0.94 -11.79 6561.4 EVRAZ 545.60 -11.20 615.60 200.60 11.05 18.73 10046.8 Tech - Hardware
HSBCX 430.85 -10.70 523.00 281.50 1.81 -50.63 76902.5 Fresnillo 964.20 9.80 1379.5 537.00 1.22 44.12 3757.4 Helical 403.50 -0.50 445.50 200.43 2.16 36.03 145.8 SpirentCM 238.00 -1.50 311.09 146.81 1.79 19.39 2583.3
TP ICAP 251.75 -5.25 377.40 160.25 5.97 28.82 6673.3 Industrial General HK Land $ 4.95 -0.11 5.45 3.46 4.99 -5.04 4117.1
LlydsBkgX 41.03 -0.58 59.94 23.59 - 24.13 379805.7 GlencoreX 282.00 -5.50 329.26 2.44 2.83 -13.94 72560.6
WlkrCrip 25.50 - 30.00 18.00 2.35 -72.86 0.5 Coats Group 60.00 -0.60 74.70 35.90 0.74 28.30 4380.0 Lon&Assc 12.00 0.25 18.00 5.60 1.50 -1.69 5.4 Tech - Software & Services
NWGX 191.40 0.90 194.85 90.54 - -30.87 33024.7 Harmony R 65.56 -0.14 126.76 33.43 - -41.47 7800.5
PermTSB € 1.08 -0.01 1.17 0.40 - -8.29 63.6 Food & Beverages JardnMt $X 67.20 -0.20 68.88 37.37 2.87 -115.11 735.5 KAZ Mineral 838.40 -18.20 870.00 259.70 1.13 9.42 3977.8 MacauPrp 68.50 -1.25 75.16 51.00 - -3.73 20.1 Computcnt 2170 -2.00 2594 900.00 0.47 21.46 271.3
RylBkC C$X 116.63 -0.41 117.52 72.00 3.70 14.81 8849.9 AngloEst 612.00 5.00 710.00 353.00 0.06 10.70 3.5 Jard Str $X 33.87 0.57 37.47 18.52 1.18 -38.19 5166.7 Petropvlsk 26.05 0.40 41.60 15.04 - -228.51 16530.4 Mntview♦ 11100 -400.00 12600 8600 3.60 17.21 0.4 MicroFoc♦ 477.90 -11.10 541.40 205.80 9.43 -2.05 11203.5
Secure Trus 1072.5 12.50 1105 524.93 1.86 9.85 3.8 AscBrFdX 2414 -2.00 2796.19 1554 1.42 41.91 2059.6 Macfrlne 106.00 2.00 110.00 61.00 0.65 17.70 126.8 PolymtIntl 1509.5 2.00 2085 990.20 3.36 12.62 3290.0 Raven Prope 28.80 0.30 38.16 23.15 - -9.66 280.7 NCC Grp 270.00 -8.00 297.50 125.40 1.72 60.00 2568.0
StandChX 490.60 -12.60 519.80 334.25 - 24.49 12355.1 Barr(AG) 469.50 -19.50 541.00 369.00 0.85 25.19 140.9 Smith DS 398.00 -7.90 435.90 244.80 - 27.45 5818.0 Rio TintoX♦■ 5471 -87.00 6561 2954 5.59 15.34 5982.4 RavenR CNV 85.50 - 110.00 63.00 - - 1.6 RM♦ 230.00 17.00 274.00 110.00 0.87 13.86 32.2
..7.375%Pf 124.75 -3.75 128.20 93.50 5.91 - 40.0 Britvic 814.50 -6.00 889.00 545.50 2.66 23.01 1784.3 Smiths 1483 -17.00 1738.57 796.80 2.14 90.98 1879.6 Troy Res A$ 0.07 0.00 0.20 0.06 - -1.03 484.1 RavenR Prf 113.00 - 127.00 75.00 - 126.54 193.2 Sage 586.60 7.00 774.40 515.60 2.91 20.84 6092.9
..8.25%Pf 139.05 -4.70 141.50 105.00 5.93 - 5.0 CarrsGroup 130.00 3.00 160.00 91.00 3.65 12.75 29.3 SmurfKap 3386 -32.00 3784 1831 0.75 21.09 553.8 Safestre♦ 783.00 6.50 861.50 501.00 2.29 9.32 613.6 TriadGp 141.50 -3.50 180.87 22.60 0.71 -70.40 29.7
TntoDom C$X 82.40 -0.62 83.65 49.01 3.80 12.73 12098.6 Vesuvius 529.50 -10.50 562.39 284.00 1.17 28.47 971.3 Oil & Gas Savills 1123 -2.00 1193 620.00 0.44 22.42 497.0
Coca-Cola H 2278 -18.00 2473 1477.5 2.47 21.98 890.6 Telecommunications
Westpc A$X 24.52 0.08 25.30 13.47 3.24 38.77 17722.3 BPX 306.70 -5.25 376.54 188.52 9.17 -3.70 100358.2 SiriusRE 96.00 1.00 98.90 44.35 3.36 13.18 5164.4
Cranswk 3488 76.00 4126 34.62 1.73 20.87 481.0 Industrial Transportation BTX 145.35 -5.95 155.35 94.68 3.18 9.56 66654.5
CairnEng 183.60 2.80 283.64 69.61 - -4.68 2316.9 Smart(J) 122.50 - 125.00 107.50 2.60 14.48 20.9
Devro 195.00 0.60 201.39 116.76 1.38 -7.89 167.4 Braemar 213.00 3.00 258.00 92.00 2.35 8.39 46.0 TalkTalk 96.90 - 103.60 67.20 2.58 7.57 5626.7
Basic Resource (Ex Mining) ExxonMb $X 57.14 0.33 62.55 30.11 6.53 68.27 18010.5 StModwen♦ 392.50 -7.50 424.00 294.46 0.92 -8.13 450.7
DiageoX♦ 2996 -37.00 3125.1 2050.6 2.33 61.77 6636.4 Eurotunnl € 13.15 0.04 14.82 8.62 - 248.40 734.5 TelePlus 1162 -18.00 1540 1080 4.91 24.67 187.1
Ferrexpo 390.00 4.20 397.80 106.00 3.42 7.41 9001.2 Gazprom PJS $ 6.00 -0.09 8.00 2.55 6.98 -76.37 13863.7 U+I 91.00 -1.00 115.00 50.97 2.64 -1.37 259.5
Grncore 156.00 -0.10 193.70 87.25 2.40 -60.00 6743.3 Fisher J 1180 -26.00 1522 735.00 0.96 24.08 55.7 Vodafone GpX 133.94 -2.18 157.52 100.00 6.10 17.27 176875.1
Mondi 1846.5 -5.50 1902.5 1156.5 1.34 14.13 2294.9 GeoPark $ 15.72 0.10 18.50 5.44 0.56 -7.74 79.9 Unite Gp 1020 22.50 1129 577.00 1.00 -9.70 1413.3
HiltonFd 1030 -30.00 1352 760.00 2.08 22.89 1844.3 OceanWil 865.00 - 900.00 509.90 2.84 381.73 7.9 HellenPet € 5.30 -0.26 6.60 4.07 9.97 -3.98 364.3 Tobacco
Chemicals Kerry € 103.70 0.60 124.00 91.05 0.80 32.13 42.8 RoyalMail 520.20 -5.80 530.80 121.92 1.44 236.45 4595.1 Retailers
Hunting 269.00 0.80 297.00 120.10 2.41 -2.78 752.5
Carclo 31.65 1.85 35.40 3.05 - -8.12 292.7 PremFds 98.50 0.20 114.31 17.86 - 10.94 6267.9 Signature A 401.80 4.40 445.14 129.40 1.06 -120.37 10116.0 AA 34.95 - 40.05 13.32 1.72 3.01 556.0 BrAmTobX 2792.5 31.00 3308.5 2362.5 5.52 10.08 7537.4
ImpOil C$X♦ 29.88 0.24 32.67 11.20 2.96 -49.55 1212.2
Croda 6226 -22.00 6884 4054 1.45 38.65 529.1 REA 58.00 -0.50 104.00 25.00 - -5.23 20.7 AO World 310.50 10.50 444.50 49.65 - 64.69 1279.0 Imperial BrX♦ 1458 18.50 1758 1142 12.74 9.22 5121.3
Insurance Pharos Ener 22.65 -0.80 25.90 10.00 - -0.39 869.4
Elemntis 122.10 -1.80 134.80 25.00 1.80 -19.59 2105.3 StckSpirit 274.50 -3.00 306.65 131.60 3.00 31.10 2089.3 Caffyns 350.00 5.00 469.00 200.00 2.14 8.35 4.6
Tate&Lyl 746.80 -7.80 774.60 493.83 3.96 14.17 3448.4 Admiral 2975 -12.00 3249 1941 3.30 17.72 1064.5
PJSC Lukoil $ 82.47 -0.88 87.71 48.64 3.22 37.78 23.4 Travel & Leisure
Johnsn Mtth 2964 -81.00 3300 1614 1.88 56.14 1338.4 PremOil 26.69 -1.52 55.14 10.77 - -0.45 45760.6 Dairy Fm $ 4.44 0.07 5.17 3.48 5.31 20.50 1428.8
Unilever 3952 -52.00 4944 3721 3.74 19.32 9233.2 AvivaX 393.20 -5.30 399.40 205.70 2.42 7.16 21226.1 888 Hldg 352.50 4.00 362.00 70.04 1.38 24.06 2450.8
Victrex 2056 -56.00 2498 1798 2.24 32.90 285.2 RylDShlAX♦ 1496.4 -13.40 1718.36 878.10 6.44 -9.00 16807.0 Dignity 628.00 -42.00 759.00 210.50 - -13.71 268.2
..NV € 53.40 -0.20 55.40 45.30 3.12 23.46 7.9 Beazley 348.20 -3.40 538.50 242.20 2.21 -59.50 2097.0 Carnival 1683 -51.00 1800 581.00 2.23 -1.70 1441.3
..B♦ 1424 -14.80 1743.2 845.10 6.77 -8.56 17916.7 Dunelm♦ 1331 3.00 1601.48 596.50 - 24.74 466.0 CompassX 1479 -27.50 1721.63 922.40 1.82 184.88 10788.8
Construction & Materials Chesnar 271.00 -3.50 350.50 200.00 7.86 22.66 282.3 Halfords 327.50 -9.00 357.65 49.42 1.89 16.38 1225.4
Alumasc♦ 174.00 3.00 180.00 56.54 1.15 12.89 36.8 Health Care Equip & Services Direct Line 307.50 -0.80 345.70 225.40 2.34 11.02 13606.0
Seplat 77.60 -0.40 106.06 40.00 12.62 -33.43 204.5 Dalata Hote 375.00 -7.50 392.00 147.37 0.85 -42.98 152.8
ConvaTec 193.40 -3.90 224.80 146.35 2.32 159.70 8341.6 TrnCan C$X 57.32 0.35 67.89 47.25 5.63 12.13 4824.8 Inchcape 761.00 1.50 770.50 383.85 1.17 304.40 2069.1 easyJet 995.20 -32.80 1063.5 410.00 4.41 -3.76 5025.7
Boot(H) 287.00 7.00 290.00 180.00 1.74 15.86 37.6 Eccles prf 154.00 - 164.00 111.00 5.60 - 98.2 JDSportsF 845.00 -15.00 997.94 274.70 0.03 43.40 4216.7
CRH 3253 -75.00 3560 1536.5 2.28 19.33 2288.0 GNStre kr 473.70 -6.60 560.80 237.60 0.32 47.23 334.5 Tullow Oil 56.26 0.66 65.82 0.29 3.31 -0.31 20964.5 FirstGrp 92.40 -0.40 95.95 26.98 - -4.40 4993.8
Hansard 49.50 1.00 55.97 26.18 8.99 15.47 26.5 Kingfisher 312.70 0.20 326.20 101.00 1.06 42.84 16710.4
GalfrdT 126.24 -1.04 167.06 70.00 27.72 -4.29 205.8 Mediclinic 303.20 -3.00 343.00 232.40 1.06 -5.40 821.2 Wood Group 283.50 2.10 367.20 124.40 3.26 55.60 2745.0 Flutter Ent 16890 60.00 19680.8 5311.02 0.39 166.90 3552.7
Hiscox 851.20 9.80 1120 305.80 1.31 -12.49 2265.2 Marks&Sp 155.15 -0.50 188.66 82.62 2.51 -17.83 10540.8
KierGp 89.30 -0.70 111.13 42.06 - -0.84 768.6 Smith & Nep 1354 -34.50 1742.5 1109 2.22 37.51 6385.7 Lancashire 639.00 -7.00 852.50 481.00 1.88 30.37 1023.0 Fuller A 858.00 -32.00 910.00 486.00 0.91 -14.83 9.2
Pharmaceuticals & Biotech Morrison (W 180.25 2.55 210.00 161.30 3.76 16.57 62651.9
Kingsp € 68.05 -0.65 107.30 37.30 0.20 34.04 41.2 UDGHlthC 770.00 0.50 849.50 462.80 1.69 27.01 1103.8 Leg&Gen 277.90 -9.10 293.50 138.00 6.32 13.57 30974.3 Go-Ahead 1298 6.00 1448 458.20 5.54 -19.52 73.3
AstraZenecaX♦ 7110 -18.00 10120 6482 2.89 39.83 3600.9 Next 7940 -114.00 8180 3311 0.72 30.96 619.7
MorgSdl 1704 -46.00 1880 990.01 1.23 14.72 136.1 Old Mut 59.64 -2.68 73.52 42.76 10.01 -26.40 1666.1 IntCon Htel 4993 -109.00 5568 2161 0.63 -85.09 1146.9
House, Leisure & Pers Goods Dechra 3452 -38.00 3840 2232 0.99 83.38 318.6 Ocado 2022 42.00 2914 20.88 - -115.21 3472.2
Intl Cons A 206.70 -9.10 246.34 0.94 6.36 -0.79 42156.5
Norcros 262.00 - 275.00 119.00 1.18 65.50 148.4 PhoenixGrp 716.40 -5.00 824.40 459.05 6.53 9.76 3681.1 Genus 4946 -18.00 5515 2556 0.57 79.90 212.1 Saga 369.00 -5.80 2400 118.50 4.81 -0.73 663.5
BarrttDev 770.00 3.20 889.55 349.40 - 19.49 6044.3 MandarO $ 1.77 -0.03 1.99 1.06 0.95 -11.85 361.8
Tyman 370.50 -9.50 387.00 133.00 1.04 32.61 3441.5 PrudntlX 1530 -31.00 1581 682.80 2.42 37.66 10526.9 GlaxoSmhX♦ 1296.2 -2.00 1772.51 1190.8 6.17 10.25 19672.7 Sainsbury ( 244.80 3.80 263.40 178.55 1.35 -816.00 16217.4
Bellway 3428 15.00 3452 1735.5 2.92 21.96 745.9 Marstons 92.80 -4.05 104.20 22.02 5.17 -1.68 3979.0
Berkeley 4399 9.00 5709.54 3055 4.69 15.21 904.1 RSA Ins 680.40 - 681.60 321.20 1.10 22.16 8384.5 HikmaPhm 2212 5.00 2768 1613.5 1.72 12.95 696.0 Studio Reta 262.00 -3.00 304.00 140.00 - 15.14 2.3
Electronic & Electrical Equip Natl Exp 313.40 2.40 413.50 92.50 1.65 -108.07 3433.5
Burberry Gp 2035 -79.00 2185 1017 0.56 376.85 1991.2 SagicFin 117.50 - 135.00 87.00 1.72 241.77 0.0 Oxfd Bio 940.00 -82.00 1090.13 419.94 - -58.90 425.7 TescoX 228.70 2.60 329.33 217.10 5.07 17.07 40603.9
Dialight 260.00 8.00 340.00 162.50 - -5.28 0.5 PPHE Htl 1640 15.00 1655 755.00 1.04 -205.00 15.1
Cairn Homes 88.90 0.60 96.52 0.61 2.56 22.79 185.8 StJmsPl 1250 -18.50 1279.5 652.00 3.08 24.04 2220.6 RichterG $ 28.60 0.20 30.40 16.50 0.78 22.43 0.0
Discoverie 674.00 -2.00 772.00 330.29 0.44 51.06 177.4 Support Services Restaurt 111.60 0.60 134.10 20.03 1.88 -3.60 3963.9
Halma 2244 -32.00 2637 1660 0.74 48.12 1708.6 CtrySide 509.50 -15.00 545.00 248.80 2.02 -636.88 2119.6 LEISURE VecturGp 115.20 -3.60 131.60 60.09 - -104.73 2815.7
Aggreko 882.50 -2.00 905.00 285.90 1.06 -39.43 1160.1 Ryanair Hol 280.00 -1.80 343.40 206.80 2.25 52.83 493.1
Morgan Ad 314.00 -2.50 334.00 168.80 1.27 112.14 686.9 Crest Nicho 375.40 10.60 399.80 159.85 - -89.38 851.2 PhotoMe Int 61.10 -2.20 68.00 32.50 13.81 6.88 160.6 TUI 397.60 -20.00 628.89 4.91 12.16 -1.09 15598.2
Real Estate AshtdGp 4286 3.00 4941.81 1010 0.95 30.99 2016.1
OxfordIn♦ 1730 -52.00 2175 925.00 - 30.40 217.7 GamesWk 9550 -15.00 12159.5 3564 1.31 32.13 104.4 Whitbrd 3312 -111.00 3949.01 1551.15 0.85 -9.68 1563.5
Renishaw♦ 5995 40.00 7025 2234.51 - 96.23 786.4 Gleeson♦ 802.00 -18.00 850.00 2.84 - 46.49 92.6 Media REITs Bunzl 2250 -12.00 2710 1242 0.69 19.79 1277.0
Capita 47.38 0.57 52.72 22.28 - -9.18 9914.2 Willim H 271.80 -0.20 313.00 28.63 0.98 15.89 6930.7
Spectris 3223 -20.00 3304 2131 0.68 17.32 752.9 Headlam 450.00 -4.00 469.00 235.00 1.68 -40.54 24.4 4imprint 2255 -15.00 2900 1067.31 0.90 28.62 107.9 Assura 72.00 1.00 88.00 46.80 3.91 20.57 21262.4
McBride 86.60 -0.40 98.80 54.12 - 23.41 311.2 Auto Trader 573.40 -1.00 623.20 308.60 0.42 34.65 4936.3 BigYellw 1084 -6.00 1193 630.00 3.12 33.35 491.2 DCC 6246 94.00 7204 4178 2.33 21.49 829.0 Utilities
TT Elect 209.00 -3.00 285.00 140.00 1.00 83.60 265.2 DeLaRue 193.40 1.40 202.04 36.86 - 4.72 1067.6
XP Power 4770 -200.00 5800 2124.85 0.80 51.07 310.9 Persimn 2952 -1.00 3113 1367.5 - 13.94 1577.6 DlyMailA 866.00 -22.00 997.00 581.00 2.78 37.82 2554.4 BritLand 518.00 - 533.60 309.40 1.54 -3.55 5141.0 Centrica 52.74 -1.10 56.74 29.10 2.84 -4.59 29579.9
Philips € 47.85 0.59 48.19 29.81 - 36.29 1813.4 Hyve Group 124.30 1.20 171.40 33.58 12.87 -0.72 813.6 Cap&Reg 84.20 -4.80 135.00 32.30 24.94 -0.43 30.3 Diploma 2470 - 2618 1191 0.83 56.78 342.7 Drax 411.00 -3.00 425.80 118.90 3.87 -27.58 7907.8
Financial General PZCusns♦ 258.00 -5.50 278.50 158.20 2.25 53.20 1053.0 Informa 590.20 -8.40 659.00 326.70 1.28 -11.05 7141.7 Civitas SH 109.20 -0.20 115.40 74.20 4.88 17.99 3323.3 DWF Group P 82.00 -2.00 106.00 45.00 3.96 -58.57 115.1 Natl GridX 842.00 13.00 998.80 789.13 5.77 19.86 18633.9
3i 1154 -27.50 1216.6 588.81 3.03 15.64 5757.8 ReckittBX 6314 -12.00 8020 5542 2.77 -16.33 2483.0 ITV 124.05 -0.90 127.10 50.06 2.10 16.54 14543.1 DrwntLdn 3244 20.00 3670 2334 2.23 25.58 490.8 Elctrcmp 979.50 -12.00 1031 416.10 0.60 33.89 2103.5 Pennon♦ 975.00 11.80 1195.5 854.20 4.49 51.32 9972.3
BrewDlph 300.00 -7.50 321.50 130.00 5.47 18.87 1060.0 Redrow♦ 622.00 7.00 630.00 293.00 - 16.95 1218.6 Pearson 796.20 -8.60 909.00 412.08 2.45 23.28 3539.1 Great Portl 692.20 4.20 754.75 518.60 1.82 -11.96 1006.2 Essentra PL 280.00 -1.80 343.40 206.80 2.25 52.83 493.1 Severn Tren 2240 18.00 2593 1994.5 4.47 47.36 1459.0
CtyLonInv 512.00 12.00 556.00 275.00 5.47 17.36 37.7 Superdry Pl 259.00 2.00 298.68 68.20 0.77 -1.39 606.7 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 Experian 2425 -14.00 3192 1823.5 1.49 43.42 3594.5 SSE 1412 6.50 1621.5 1057.5 5.67 13.84 8518.9
CloseBrs 1609 -24.00 1702 849.00 2.73 22.19 672.0 Hammersn 35.01 -2.23 289.70 14.05 14.48 -0.44 60726.3 Ferguson 8564 -156.00 9516 3700 1.29 26.74 913.7 UtdUtils 888.00 4.60 980.20 625.00 4.80 55.16 4603.4

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Zytronic 170.00 - 185.00 80.00 8.94 -94.44 18.6 Tristel 604.00 -3.00 680.00 271.00 0.97 55.51 45.3 Mining Sareum 1.53 -0.08 3.09 0.22 - -50.83 8764.2 Restore 350.00 -10.00 535.00 280.00 0.69 233.33 143.2
Cohort 630.00 9.00 690.93 416.85 1.60 28.01 4.6 AMC 1.47 - 3.50 0.85 - -6.03 7653.1 Smart Meter 770.00 -13.00 864.56 504.37 0.89 4.41 136.9
Financial General House, Leisure & Pers Goods Real Estate
Velocity Co 20.00 - 25.00 12.00 - -2.50 3.5 Arkle Resou 0.90 - 2.20 0.40 - -4.13 741.1 Tech - Hardware
Appreciate ♦ 38.50 - 46.26 24.00 - 47.53 265.0 Airea 32.50 0.50 37.00 18.11 2.46 20.31 11.0 InlandHms 57.00 -1.00 73.50 33.01 - 74.03 352.7
BotswanaD 0.85 0.03 1.05 0.40 - -14.17 1049.5
Banks Arbuthnot 985.00 - 1050 600.00 1.62 38.63 1.1 Churchll 1467.5 - 1550 605.00 0.70 30.64 5.4 Lok'nStor 620.00 - 700.00 335.00 1.99 61.51 7.5 AminoTech 165.50 -1.50 170.00 105.00 - 55.52 38.9
CentAsiaM 255.50 -5.00 279.00 100.20 2.53 13.36 136.4
Caribbean I 37.00 - 64.45 24.00 14.78 -23.92 0.3 BP Marsh 273.00 - 281.70 133.00 0.81 7.30 4.5 Frontier De 2665 -85.00 3470 1060 - 59.49 52.4 PnthrSec 205.00 - 327.00 145.00 5.85 -2.83 7.0 IQE 72.65 -0.65 91.94 18.86 - -19.17 1466.0
Burford Cap 610.50 -2.00 800.79 274.21 0.55 11.60 326.1 Portmern 582.50 7.50 614.75 229.59 1.37 18.45 16.2 Oil & Gas SIR 339.50 1.00 420.00 180.00 4.95 -30.04 427.7 Telit Commu 211.50 3.50 220.00 74.70 - 34.38 516.6
Basic Resource (Ex Mining) Gresham Hou 802.50 - 850.00 450.00 0.56 -95.02 23.2 Sanderson D 126.00 - 130.00 22.00 0.41 300.00 55.5 BorSthnPet 1.55 0.08 2.90 0.10 - -7.38 1197.1
CropperJ 1100 - 1470 580.00 0.23 32.93 1.3 Leeds 27.00 - 29.50 7.50 - -12.27 2.1
Retailers Tech - Software & Services
Industrial Engineering ClontarfEn 0.42 -0.01 1.19 0.28 - -10.50 5485.8
MattioliWds♦ 690.00 - 800.00 520.00 2.90 18.77 7.3 ASOS 5692 94.00 5844 1022 - 45.32 164.5 BoBlue Pris 1385 31.00 1900 795.00 - -15.13 1156.8
Chemicals Egdon Res 2.05 - 3.20 1.13 - -1.34 96.9
Numis 375.50 -0.50 390.00 170.20 3.20 14.06 12.2 600 Grp 9.00 - 11.10 6.75 2.82 -8.68 3.5 Boohoo Grou 335.50 8.90 433.50 147.75 - 51.30 5861.4 Eckoh 65.50 - 72.00 40.00 - 55.04 160.9
Directa Plu 112.50 0.50 160.00 46.25 - -15.47 29.6 Hurricane E 3.55 - 16.75 2.15 - -0.35 8592.1
PolarCap 686.00 -2.00 770.00 290.00 4.81 15.66 49.6 MS Intl 171.50 - 180.00 95.00 2.04 -8.93 1.0 CVS Group P 1805 -13.00 1987 713.50 0.30 222.84 373.4 Ingenta 77.50 - 89.00 40.00 - -18.96 2.6
Scapa 214.00 - 230.00 82.50 - -6.79 583.2 PetrelRes 2.90 - 7.90 2.36 - -2.06 9.1
Premier Mit 138.00 -3.50 165.69 65.00 5.72 34.50 13.1 Pres Tech 95.50 - 120.00 50.10 - -9.95 6.5 Iomart 320.00 2.00 397.50 133.00 2.04 31.37 61.5
Versarien P 37.90 1.90 80.00 21.20 - -9.67 802.0 Phoenix Glo 5.75 -0.45 12.50 4.50 - -1.42 38.4 Support Services Oxford Metr 95.00 - 109.25 70.00 1.89 75.40 195.9
STM Group 31.00 0.50 42.00 18.50 4.84 19.12 65.9 IT Rockhop 11.73 -0.27 12.50 4.00 - -0.29 2626.0 Begbies 114.50 - 117.00 57.33 2.45 -163.57 150.8 WANdisco 465.00 -35.00 834.00 395.00 - -10.64 28.2
Construction & Materials Food & Beverages Keywords St 2374 26.00 2958 1219.98 0.02 135.04 122.3 Sound Energ 1.35 0.05 4.72 0.74 - -2.76 1756.8 Christie 110.50 - 113.83 54.00 1.13 -17.40 8.0
Abbey 1525 -75.00 1700 1060 - 11.74 0.3
Camellia 6850 25.00 8550 6350 0.61 -33.19 0.3 Learning Te 161.40 0.70 190.00 106.20 0.15 125.70 2450.2 UnJackOil 37.00 -0.50 64.00 15.02 - -1850.00 586.3 Empres 49.50 - 51.70 28.00 - -8.53 0.4 Travel & Leisure
AccsysTch 168.00 1.50 168.00 61.20 - 46.31 123.5 United O&G 4.90 -0.15 6.34 1.00 - -85.96 4736.9 Gattaca 154.00 2.00 159.00 29.40 - 85.56 56.4 Celtic 115.00 - 125.00 85.00 - -4.36 3.7
Fevertree D 2140 -85.00 2587 888.40 0.70 52.26 1244.5 LEISURE
Aukett 1.60 - 2.25 0.75 - 3.48 62.9 Impellam 257.00 - 320.00 210.00 - -4.56 1.1 ..6%CvPf 121.00 - 135.00 116.00 - - 0.5
FinsbryFd 79.50 -0.50 85.00 50.00 - -56.79 116.6 Codemasters 602.00 - 670.00 204.50 - 43.31 6609.1 Pharmaceuticals & Biotech
Nichols 1250 70.00 1450 870.00 0.99 26.18 12.5 JhnsnSrv 153.20 -3.40 171.56 76.50 0.75 191.50 1221.2 ..Cv Pf 220.00 - 269.50 210.00 - - 0.8
Electronic & Electrical Equip Sumo Group 318.00 1.00 387.85 132.00 - 48.11 196.7 Abcam 1495 -16.00 1740 1033 0.81 249.17 339.1
LonSec 2300 - 2400 1800 2.61 19.52 0.5 gamingrealm 35.60 -0.40 38.60 4.67 - -35.25 496.2
CeresPow 1130 -62.00 1626 238.00 - -245.65 2406.1 Health Care Equip & Services AllcePharm 84.60 -1.90 91.00 52.17 0.63 40.48 743.8
Media NWF♦ 217.00 - 225.00 115.00 3.18 12.47 41.8 Jet2 1387 -40.00 1524 182.50 0.22 -8.28 879.1
Checkit 50.00 - 59.25 24.75 - -4.42 27.8 Clinigen Gr 755.50 2.50 940.00 350.40 0.91 74.07 237.7
AVO 41.50 -0.50 50.00 22.00 - -5.06 24.8 Mission Gro 78.00 1.50 90.00 33.25 2.78 24.30 86.8 Petards 15.00 - 20.00 3.75 - -11.81 5.0 MinoanGp 1.45 0.15 1.75 0.68 - -3.63 974.4
LPA 76.50 - 99.00 56.00 - 16.45 2.3 e-Thera 24.00 - 26.80 6.70 - -25.26 25.2
CareTech 546.00 -2.00 554.00 288.50 2.14 24.78 30.8 YouGov 975.00 - 1160 393.00 0.41 114.71 47.9 Renew 536.00 - 633.00 333.25 1.43 15.90 64.0
ThorpeFW 328.00 - 358.00 228.96 1.70 28.77 3.7 Reneuron 123.50 15.00 174.29 69.13 - -2.76 663.3

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT 91.50 - 93.00 56.00 4.28 99.4 -7.9 IPST UK Eq 164.00 - 170.00 104.00 4.02
175.8 -6.7 PolarFins 156.50 -5.50 163.90 85.80 2.81 158.1 -1.0 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm BMO UK HIT 361.00 - 370.00 224.00 - 398.3 -9.4 IP UKSmall 522.00 -8.00 556.00 285.17 3.56
611.7 -14.7 PolarTech 2170 -5.00 2553 1212 - 2363.3 -8.2 Price +/-Chg High Low Yld NAV or Pm
3i Infra 293.00 3.00 320.00 184.96 3.14 254.5 15.1 Brunner♦ 898.00 8.00 905.00 550.00 2.23 1032.6 -13.0 JPM Amer 595.00 -7.00 612.58 328.50 1.09
640.6 -7.1 RIT Cap 2365 - 2407.63 1252 1.46 2316.0 2.1 Direct Property For queries about the London Share Service pages e-mail
AbnAsianIn 224.00 -2.00 243.00 140.59 4.13 250.3 -10.5 Caledonia I 2670 5.00 3130 1920 2.29 3488.7 -23.5 JPM Asia 504.00 -1.00 550.00 272.00 3.10
497.1 1.4 Ruffer Inv 288.00 1.50 290.00 206.84 0.64 282.6 1.9
AEW UK REIT 81.80 0.20 86.60 53.00 9.78 93.9 -12.9 ft.reader.enquiries@morningstar.com.
Abrdn Div I 93.20 -0.40 103.00 66.20 5.82 113.1 -17.6 CanGen C$ 37.00 0.10 39.25 16.22 2.29 52.5 -29.5 JPM China 630.00 -30.00 875.98 290.00 1.57
652.8 -3.5 Schroder To 502.00 -2.00 551.00 244.00 1.29 502.1 0.0
BMO ComPrp 70.90 -4.50 86.00 43.50 5.64 116.5 -39.1 All data is as of close of the previous business day. Company classifications
AbnEmgMkts♦ 692.50 -2.50 775.00 420.05 3.07 809.9 -14.5 City Merch 187.00 1.25 203.00 118.00 5.35 194.5 -3.9 JPMElct MC 102.50 - 105.00 99.00 0.39
103.2 -0.7 SchdrAsiaP 631.00 -1.00 686.32 345.00 1.54 681.0 -7.3
BMORealE 73.00 2.80 81.50 38.72 5.99 97.3 -25.0 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 742.50 2.50 1169 470.00 2.02 816.3 -9.0 City Lon 373.50 -2.50 385.50 269.00 5.09 365.2 2.3 ..MG 962.50 -2.50 973.19 565.20 1.74
1003.4 -4.1 SchdrEurReE 96.40 -0.90 104.60 56.60 4.39 133.5 -27.8
CustdnREIT 88.50 -3.20 103.54 76.00 6.71 95.2 -7.0 100 constituent stocks are shown in bold.
AbnLatAmIn 55.30 0.10 64.60 38.00 6.33 61.8 -10.5 CQSNatRs 144.00 -2.00 146.93 49.00 3.89 158.4 -9.1 ..MI 96.00 -0.50 98.50 64.00 4.90
100.6 -4.6 Schdr Inc 296.00 2.50 301.35 171.17 4.29 292.3 1.3
GCP Student 154.00 1.00 161.80 90.00 4.08 171.1 -10.0
AbnNewDn 321.00 -1.00 369.00 179.59 1.34 359.9 -10.8 Dun Inc 292.00 -1.50 315.00 180.12 4.35 302.6 -3.5 JPM Emrg 132.00 -0.40 152.90 72.68 1.08
- - SchdrJap 210.00 2.50 217.00 126.09 2.24 237.9 -11.7 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 87.00 -0.25 91.00 64.19 6.90 98.3 -11.5
AbnNewIndia 538.00 8.00 571.72 296.00 0.19 608.8 -11.6 EcofinGloba 177.00 -0.50 209.00 102.63 3.70 179.8 -1.6 JPM EurGth♦ 323.00 -1.00 330.00 170.89 1.63
361.7 -10.7 SchdrOrient 275.00 -4.50 283.00 151.50 3.75 287.0 -4.2 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 62.10 0.10 85.00 43.51 7.67 81.3 -23.6
AbnNewThai 450.00 1.00 488.00 322.00 4.22 518.6 -13.2 Edin Inv 586.00 - 594.00 335.50 4.89 634.0 -7.6 JPM EurInc♦ 146.50 5.50 146.50 78.80 4.57
157.6 -7.0 SchdrRealEs 40.00 -0.75 45.15 27.65 4.52 58.2 -31.3 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop 386.00 -6.00 490.50 217.51 3.63 420.2 -8.1
AbnSmlInCo 307.00 - 322.48 175.00 2.76 362.4 -15.3 Edin WWd 351.50 -1.50 425.12 124.60 - 344.9 1.9 JPM EuSm 466.00 -6.00 494.00 209.00 1.44
535.1 -12.9 SchdrUKMd 636.00 -2.00 694.00 271.93 2.91 683.8 -7.0 with interim figures. PER is calculated using the company’s diluted earnings
Tritax Euro € 1.24 -0.02 18.59 1.20 3.69 1.3 -4.6
AbnStdAsia 1255 5.00 1265 696.00 1.12 1387.7 -9.6 EP Global 294.00 9.00 294.00 214.00 2.04 310.7 -5.4 JPM Clavr 672.00 -1.00 686.00 446.00 4.35
693.1 -3.0 SchdrUKPubP 36.20 1.50 39.95 19.00 - 43.8 -17.4 from continuing operations. Yields are based on closing price and on dividends
Tritax Euro 106.00 -1.00 1636.32 103.00 - - -
AStd Eqt In 330.00 - 382.42 194.36 6.48 358.1 -7.8 EuroAsset 121.00 0.50 126.50 62.40 5.64 132.6 -8.7 JPMGblCoreR 95.80 0.40 112.50 72.20 0.78
90.4 6.0 ScotAmer♦ 464.00 - 483.00 243.80 2.58 443.5 4.6 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 73.30 1.10 78.70 48.21 4.39 86.2 -15.0
Abf Sml 1470 -18.00 1498 608.25 2.20 1516.6 -3.1 F&C Inv Tru 779.00 - 822.67 466.50 1.12 857.7 -9.2 JPM GEI 148.00 -2.00 162.00 82.00 3.45
156.6 -5.5 Scottish In 759.00 4.00 790.85 551.00 3.16 857.9 -11.5 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 72.00 1.50 73.60 35.83 5.86 82.8 -13.0 FidAsian 459.00 2.00 466.00 243.00 1.92 469.9 -2.3 JPM Gl Gr&I♦ 408.00 -2.00 417.22 218.00 3.20
401.7 1.6 ScottMort 1115 -36.00 1418.57 451.80 0.29 1184.6 -5.9 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 923.00 -6.00 935.00 536.00 1.52 990.0 -6.8 FidChiSpS 425.00 -1.00 503.08 180.20 1.00 443.3 -4.1 JPM Ind 727.00 7.00 770.00 398.00 -825.3 -11.9 ScottOrtll 1000.00 -5.00 1065 600.00 1.15 1145.5 -12.7 Price +/-Chg High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 2675 -60.00 3860 1176 - 2829.4 -5.5 Fid Euro 276.00 -1.00 291.58 182.49 2.34 296.8 -7.0 JPM JpCapSm 516.00 8.00 616.00 275.00 3.55
559.8 -7.8 Seneca I&G 178.00 - 185.00 107.50 3.78 181.3 -1.8 ArtemisVCT 15.00 - 51.79 14.25 26.67 - - Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 402.00 -4.00 428.00 205.00 1.29 451.0 -10.9 Fid Jap 230.00 6.00 241.16 104.25 - 244.1 -5.8 JPM Jap 637.00 -13.00 744.04 334.50 0.78
674.2 -5.5 Smithson 1626 -6.00 1778 890.54 - 1589.1 2.3 Baronsmead 77.00 - 97.00 40.00 8.44 80.5 -4.3 1,000 shares.
Asia Dragon 530.00 - 604.00 302.50 0.90 585.0 -9.4 Fid Spec 268.00 1.00 277.50 128.16 2.15 265.2 1.1 JPM Mid 1145 -10.00 1230 598.00 2.58
1304.1 -12.2 StrategicEq 265.00 6.00 271.00 112.28 0.57 315.4 -16.0 BSC VCT 68.50 -1.50 72.50 46.00 5.84 73.6 -6.9 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 217.00 1.50 225.00 130.00 2.07 225.6 -3.8 FinsG&I 862.00 - 901.39 595.00 0.93 865.5 -0.4 JPM Mlti-As 93.00 -0.20 95.20 63.00 4.30
105.7 -12.0 Temp Bar 1150 -12.00 1171.96 563.00 4.47 1175.0 -2.1 ..VCT2 50.80 - 68.00 40.00 6.89 53.5 -5.0 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global 932.00 -6.00 961.90 493.00 2.20 1024.3 -9.0 FstPacfic H HK$ 2.29 -0.09 2.88 1.17 6.59 - - JPMRussian 654.00 - 688.00 404.00 5.35
741.2 -11.8 TempEmerg 1010 - 1080 570.00 1.88 1102.2 -8.4 Inc&GthVCT 79.50 3.50 82.50 52.00 17.61 79.2 0.4 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 111.50 2.75 114.50 74.20 - 109.8 1.5 GenEmer 888.00 -6.00 950.00 540.00 1.74 977.4 -9.1 JPM Smlr 353.00 -6.50 376.00 126.00 1.56
371.0 -4.9 Tetragon $ 9.89 -0.18 10.60 6.78 7.46 26.4 -62.5 Nthn 2 VCT 61.00 - 62.50 42.00 5.74 64.1 -4.8 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 89.50 0.50 93.50 68.00 6.70 99.0 -9.6 GRIT# 2.75 - 5.50 0.65 - 1.4 96.4 JPM US Sml 442.00 3.50 443.00 194.06 0.57
431.3 2.5 TRIG♦ 125.20 1.60 139.87 95.29 5.38 113.6 10.2 Nthn 3 VCT 91.00 - 92.40 54.50 4.40 95.5 -4.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 137.00 0.40 152.00 60.71 1.57 - - GoldenPros 50.00 - 75.00 22.40 - 57.2 -12.6 KeystoneInv 290.00 -9.00 358.00 161.00 3.86
295.3 -1.8 TREurGth 1325 -15.00 1370 530.00 1.68 1532.9 -13.6 NthnVent 66.50 - 68.90 46.00 5.26 72.9 -8.8 in pence.
BG Japan 1100 -10.00 1136 525.50 0.32 1071.1 2.7 Gulf Invest $ 1.40 -0.02 1.95 0.85 2.41 1.6 -12.5 Law Deb 713.00 -7.00 771.00 366.00 4.56
711.5 0.2 TroyInc&G 72.80 1.70 77.00 58.69 3.82 72.1 1.0 ProVenGI 57.00 3.00 56.50 44.00 5.70 57.2 -0.3
BG Shin 240.00 -3.00 274.50 106.18 - 236.6 1.4 HAN 199.00 -9.00 222.00 123.77 2.01 309.2 -35.6 LinTrain £ 1325 -10.00 1718.45 740.00 3.12
1171.9 13.1 Utilico Eme♦ 200.00 2.25 206.76 135.00 3.85 228.2 -12.4 ProVenVCT 70.00 3.50 69.52 55.00 5.71 71.5 -2.1 X FT Global 500 company
Baillie Gif 231.00 -1.00 243.92 111.00 1.34 227.7 1.4 HANA 199.00 -1.00 220.00 125.00 2.01 309.2 -35.6 Lowland 1240 -2.50 1275 696.00 4.84
1327.8 -6.6 UIL Inv♦ 239.00 4.00 262.00 109.75 3.35 338.0 -29.3 UnicornAIM 198.00 - 200.00 104.00 3.28 234.5 -15.6 ♦ trading ex-dividend
Bankers 108.20 -1.30 1106 68.90 19.84 - - Hen Div Inc 84.00 0.60 93.40 55.47 5.24 90.2 -6.9 Majedie 240.00 2.00 246.00 134.00 4.75
291.1 -17.6 VEIL 615.00 -5.00 625.00 309.00 - 680.7 -9.7 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthca 189.00 -5.00 196.60 98.68 2.57 190.0 -0.5 HenEuroF 1445 -5.00 1488 864.94 2.17 1603.8 -9.9 Man&Lon 572.00 -16.00 704.00 435.75 2.62
625.0 -8.5 Witan♦ 225.00 -2.50 238.00 130.00 2.45 245.6 -8.4 # price at time of suspension from trading
HenEuro 1415 -17.50 1520 810.60 2.19 1578.0 -10.3 Marwyn Val 104.00 - 119.75 71.00 -158.5 -34.4 Price +/-Chg High Low SP WO TAV 0%
BH Global 1870 -37.50 2040 1500 - 1986.0 -5.8 WwideHlth 3680 20.00 3965 2159.52 0.68 3614.6 1.8
HenFarEs 321.00 -3.00 346.00 229.00 7.13 316.1 1.6 MercantIT 254.00 -1.00 262.38 116.68 2.60
264.7 -4.0 Abf Spl Inc 111.00 - 113.00 97.50 -32.2 -66.5 127.3
..USD $ 20.05 -0.35 21.39 17.00 - 20.4 -1.7 Conventional - Private Equity 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
HenHigh 158.00 -1.75 164.00 100.03 6.27 165.6 -4.6 MrchTst 495.00 -3.00 503.26 293.00 5.49
496.4 -0.3 UIL ZDP 202 114.00 - 116.00 80.00 -19.7 -22.6 151.5
BH Macro 3320 -10.00 3730 2722.4 - 3421.0 -3.0 Price +/-Chg High Low Yld NAV or Pm No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 160.00 4.25 162.00 99.30 3.75 168.3 -4.9 Mid Wynd 714.00 -4.00 764.00 440.00 0.96
699.3 2.1 UIL Limited 115.50 - 116.80 73.00 -28.1 -32.8 138.4
..USD $ 35.60 -0.10 42.17 25.40 - 35.7 -0.3 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1362.5 -5.00 1460 499.93 2.35 1496.7 -9.0 Miton Globa 316.50 - 320.00 180.00 -326.5 -3.1 BGUSGROWTH 317.00 4.00 403.00 111.00 - 305.4 3.8 UIL Finance 137.00 1.50 137.00 92.00 -46.3 -58.8 147.0
BiotechGth 1472 -18.00 1750 696.00 - 1491.0 -1.3 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1120 -28.00 1158 470.00 2.10 1179.3 -5.0 Monks 1354 -10.00 1490 618.00 0.18
1329.4 1.9 BMO PvtEq 317.00 2.00 415.36 219.00 4.97 380.7 -16.7
BlckRCom
BlckRFrnt
93.70
124.00
-1.90 97.00 36.20
0.50 125.91 78.00
4.27
4.63
95.0
125.4
-1.4
-1.1 Herald 2130 - 2450 877.00 - 2407.7 -11.5 MontanSm 1630 - 1730 645.00 0.57
1596.4 2.1 Electra 375.00 22.00 375.00 121.81 - 353.4 6.1 Investment Companies - AIM or use of the information.

HICL Infra♦ 166.80 -1.00 180.60 133.80 4.95 149.9 11.3 Mur Inc 818.00 -28.00 870.00 552.00 4.71
868.4 -5.8 HVPE 2005 -15.00 2035 857.00 - 2324.0 -13.7 The London Share Service is a paid-for-print listing service and may not be
BlckRGtEur 542.00 2.00 566.00 272.00 1.08 528.6 2.5 52 Week Dis(-)
Highbridge 243.00 -2.00 245.00 154.00 - - - Mur Int 1178 -8.00 1200 760.08 4.54
1170.8 0.6 HgCapital 308.50 -10.00 354.00 148.40 1.56 305.2 1.1 fully representative of all LSE-listed companies. This service is available to all
BlckR I&G 181.00 -4.00 194.00 117.00 3.98 191.6 -5.5 Price +/-Chg High Low Yld NAV or Pm
Impax Env. 437.00 -3.00 500.28 226.00 0.69 423.8 3.1 NewCityHY 47.60 0.10 53.80 22.90 9.35
50.5 -5.7 ICG Ent Tr 1015 -10.00 1100 460.00 2.27 1233.0 -17.7 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRckLat 377.00 6.50 427.79 250.00 6.65 408.8 -7.8 BB Biotech SFr 80.50 -1.50 86.90 45.05 4.5 - -
Ind IT♦ 544.00 12.00 562.00 264.00 2.39 599.3 -9.2 New Star IT 125.00 - 128.00 88.00 1.12
170.5 -26.7 Pantheon In 2655 15.00 2660 1268.53 - 3139.2 -15.4 please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRckNrAm 186.00 0.25 191.29 106.53 4.30 193.5 -3.9 CrysAmber 109.00 -0.50 110.55 50.87 4.6 132.5 -17.7
IGC 96.10 -0.10 99.00 32.20 - 107.6 -10.7 NorthAmer 248.00 - 257.00 187.50 3.87
285.7 -13.2 PrincssPE € 11.80 - 12.15 6.64 3.90 13.4 -11.9
BlckRSmlr 1744 -18.00 1788 770.00 1.86 1838.1 -5.1 Gresham Hou 1400 - 1430 830.00 1.6 1549.8 -9.7
IntBiotech 764.00 -12.00 862.00 451.00 3.25 765.8 -0.2 NthAtSml 3990 100.00 4054.49 2190 0.75
5381.8 -25.9 StdLfPv 422.00 -13.00 452.00 186.00 3.10 504.2 -16.3
BlckRThrmt♦ 774.00 -16.00 826.00 315.60 1.32 775.2 -0.2
BlckRWld 578.00 -12.00 614.40 208.50 3.81 581.9 -0.7 Intl PP 166.60 0.60 176.80 122.80 4.31 145.5 14.5 Oryx Int 1490 - 1520 558.00 -
1586.0 -6.1 Discretionary Unit Fund Mngrs 52 Week Dis(-)
Infra India 1.63 - 2.80 0.60 - 15.3 -89.3
Data provided by Morningstar
BMO Cp&I♦ 305.00 0.50 310.00 181.50 3.77 308.4 -1.1 Inv AsiaTr 398.00 4.00 425.00 198.00 2.59 424.5 -6.2 PacAsset 319.00 -1.50 357.00 198.09 0.94
345.9 -7.8 (1000)F
BMOGblSmlr 152.00 -0.80 154.60 76.65 1.12 168.2 -9.6 Inv IncGro 276.00 3.50 281.00 180.59 4.26 295.3 -6.5 PacHorzn 784.00 -8.00 918.00 232.50 -723.5 8.4 Price +/-Chg High Low Yld NAV or Pm
BMOMgdT 271.00 -2.00 282.00 150.05 - 268.0 1.1 IP EnInc 74.00 -0.10 75.20 38.50 6.76 75.8 -2.4 PerpInc&Gr 244.50 1.50 342.00 157.20 6.11
- - Right &ISS♦ 2295 - 2340 1251 1.41 2513.7 -8.7
BMOMgdT 136.00 -0.50 140.00 85.00 4.49 134.4 1.2 IPST BalR 157.00 - 159.82 124.00 - 164.3 -4.4 PerAsset♦ 44900 - 47000 38050 1.25
44377. 1.2
BMO UK HIT 91.50 - 93.00 57.00 5.69 99.7 -8.2 IPST Gbl Eq 208.00 - 213.92 141.00 3.39 223.0 -6.7 9 Guide to FT Share Service
IPST Mngd 101.50 - 102.75 100.50 0.79 105.5 -3.8 PolarHealth 241.00 -2.00 259.00 163.00 0.87 273.9 -12.0
www.morningstar.co.uk
16 ★ FTWeekend 20 March/21 March 2021

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - EAA Fund Europe Large-Cap Blend Equity Losers - EAA Fund Europe Large-Cap Blend Equity Morningstar Star Ratings Global Broad Category Group - Convertibles

1yr Return 3yr Return 5yr Return 3yr 3yr 1yr Return 3yr Return 5yr Return 3yr 3yr Morningstar Morningstar Morningstar Total Ret 1Yr Total Ret 3Yr Total Ret 5Yr
Fund Name Fund Name Fund Name Base Currency Morningstar Category Base Currency
GBP GBP GBP Sharpe Ratio Std Dev GBP GBP GBP Sharpe Ratio Std Dev Rating 3 Yr Rating 5 Yr Rating 10 Yr GBP GBP GBP

UBS (Lux) Equity SICAV - European Opportunity Unconstrained (EUR) 48.19 10.46 5.56 0.88 13.35 VM Aktien Europa 35.40 -2.17 - -0.03 23.25 Multi Asset Open Defen W-ACC-GBP Pound Sterling QQQQQ QQQQ - Convertible Bond - Global US Dollar 39.92 10.61 6.31
DWS ESG European Equities 59.28 10.11 8.07 0.67 17.32 Raiffeisen-Nachhaltigkeit-Europa-Aktien 42.03 -1.83 2.67 -0.04 20.99 Candriam Bds Euro High Yield Cap Euro QQQQQ QQQQ QQQQQ Convertible Bond - Global US Dollar 47.08 9.21 8.72
Industria 71.41 10.11 6.88 0.54 22.32 Jyske Invest Europæiske Aktier KL 6.33 0.19 0.27 0.10 18.09 Multi Asset Open Strategic Fund W-ACC-GBP Pound Sterling QQQQ QQQQ QQQQ Convertible Bond - Global, USD Hedged US Dollar 36.61 7.51 7.06
DWS-Merkur-Fonds 1 61.25 10.08 9.54 0.58 19.53 Aktie-Ansvar Europa 3.01 0.19 0.52 0.13 17.14 Candriam Eqts L Australia Cap Australian Dollar QQQ QQQQ QQQ Convertible Bond - Global, GBP Hedged Pound Sterling 37.64 7.22 6.63
Aberdeen Standard SICAV I - European Equity Fund 38.00 9.55 8.45 0.83 14.64 Barings International Umbrella Fund - Barings Europa Fund 59.43 0.22 4.55 0.10 21.34 Multi Asset Open Advent W-ACC-GBP Pound Sterling QQQ QQQ - World Convertible Bond Yen 38.08 6.35 7.23

Advertising Feature Performance Weightings - As of 30/11/2020 Top 10 Holdings - As of 30/11/2020

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 6.30% 10.24%
Mar 2018 - Mar 2021 Joint Stock Commercial Bank for Foreign Trade of Vietnam Financial Services 8.03%
Vietnam Equity (UCITS) Fund A USD Communication Services - 0.03%
Consumer Cyclical 5.37% 6.87%
FPT Corp Technology 8.01%
Consumer Defensive 8.96% 16.16%
Energy 8.57% 2.96%
Military Commercial Joint Stock Bank Financial Services 7.89%
Financial Services 33.57% 17.62%
Healthcare - 1.79%
Mobile World Investment Corp Technology 7.71%
Industrials 2.41% 9.85%
Real Estate 16.60% 17.38%
Hoa Phat Group JSC Basic Materials 5.84%
Technology 16.97% 9.10%
Utilities - 2.88%
Vinhomes JSC Real Estate 4.70%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 1.24% 5.11%
Firm Name Corporate - 0.00%
Phu Nhuan Jewelry JSC Consumer Cyclical 4.64%
Dragon Capital Management (HK) Limited Derivative - -
Fund Name Government - -
Viet Nam Joint Stock Commercial Bank For Industry And Trade Financial Services 4.61%
Vietnam Equity (UCITS) Fund A USD Municipal - -
Morningstar Category Securitized - -
PetroVietnam Gas JSC Energy 4.54%
Vietnam Equity
Max Annual Charge
BaoViet Holdings Financial Services 4.40%
- Risk Measures - As of 28/02/2021
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQQ Alpha 2.43 0.82 3.33 -2.18 1.12 -0.74
Morningstar Sustainability Rating Beta 1.09 0.86 1.02 0.81 0.97 0.80
- Fund Category Information Ratio 0.65 0.50 0.42 -0.14 0.06 -0.25
Bid Price - KIID Ongoing Charge 2.20 R Squared 97.53% 85.46% 93.70% 80.83% 88.30% 79.23%
Offer Price - Day-End One Year Return 38.82 Day 1.47% Month 2.08% Year 69.50% Sharpe Ratio 0.97 0.26 0.23 -0.03 0.70 0.43
+/- 0.42 Total Ret 3Yr 3.99 Std Dev 44.34 31.57 28.06 22.60 23.24 20.07
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

Artemis US Extended Alpha I Acc £ 2.91 - -0.03 - Latin American Fund USD B $ 9.74 - 0.04 0.57 Amity UK Cls B Inc 245.40 - -0.70 - Fidelity UK Select Fund W-ACC-GBP £ 3.30 - -0.01 -

Artemis US Select I Acc £ 2.81 - -0.03 - US Sustainable Growth Fund USD C $ 23.43 - -0.53 0.00 Higher Income Cls A Inc 127.40 - -0.20 - Global Dividend Fund W-ACC-GBP £ 2.63 - 0.01 -

Artemis US Smlr Cos I Acc £ 3.44 - -0.03 - US Mid-Cap Growth Fund USD C $ 20.39 - -0.54 0.00 Higher Income Cls B Inc 134.80 - -0.20 - Global Property Fund W-ACC-GBP £ 1.92 - 0.01 -

UK Equity Growth Cls A Inc 311.10 - -1.00 - Global Special Sits W-ACC-GBP £ 52.10 - -0.27 -

UK Equity Growth Cls B Inc 317.70 - -1.00 - Index Emerging Markets P-Acc £ 1.91 - -0.01 -

Aberdeen Standard Capital (JER) Amity Balanced For Charities A Inc 110.60 - 0.40 - Index Europe ex UK P-Acc £ 1.71 - -0.01 -
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised Amity European Fund Cls A Inc 290.40 - 0.20 - Index Japan P-Acc £ 1.99 - 0.01 -
Aberdeen Standard Capital Offshore Strategy Fund Limited
Amity European Fund Cls B Inc 293.30 - 0.20 - Index Pacific ex Japan P-Acc £ 1.79 - -0.01 -
Bridge Fund £ 2.2030 - -0.0141 1.45
Amity Global Equity Inc for Charities A Inc 152.30 - -0.10 - Index UK P-Acc £ 1.37 - -0.01 -
Global Equity Fund £ 3.1458 - -0.0303 0.90
Amity International Cls A Inc 333.40 - -2.70 - Index US P-Acc £ 2.87 - -0.01 -
Global Fixed Interest Fund £ 0.9599 - -0.0005 4.27
Amity International Cls B Inc 336.30 - -2.80 - Index World P-Acc £ 2.34 - -0.01 -
Income Fund £ 0.6423 - -0.0031 -
Amity Sterling Bond Fund A Inc 105.30 - 0.30 3.68 MoneyBuilder Balanced Y-ACC-GBP £ 0.57 - 0.00 -
Sterling Fixed Interest Fund £ 0.8849 - 0.0041 2.95
Algebris Investments (IRL) Candriam Investors Group (LUX) DWS (LUX) Amity Sterling Bond Fund B Inc 117.50 - 0.20 - MoneyBuilder Dividend Y-INC-GBP £ 1.12 - 0.00 -
UK Equity Fund £ 2.0481 - -0.0130 2.12
Regulated FCA Recognised Tel: +44 (0) 20 7541 8999 www.dws.com
FCA Recognised MoneyBuilder Income Fund Y-ACC-GBP £ 14.43 - 0.06 -
Algebris Financial Credit I EUR € 190.21 - -0.06 0.00 Candriam Eqts L Australia Cap A$ 1613.32 - -16.47 0.00
DWS Invest Top Dividend £ 134.03 134.03 0.05 3.07 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 2.01 - -0.01 -
Algebris Financial Credit R EUR € 165.29 - -0.06 0.00 Candriam Qt-Eqts Europe Cap € 2953.24 - 21.72 -
DWS Invest Top Euroland £ 156.50 156.50 0.12 1.39 Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.41 - 0.00 -
Ashmore Investment Management Limited (LUX) CCLA Investment Management Ltd (UK)
Algebris Financial Credit Rd EUR € 110.06 - -0.04 4.76 Candriam Qt-Eqts USA Cap $ 4170.45 - -55.10 0.00
2 rue Albert Borschette L-1246 Luxembourg Senator House 85 Queen Victoria Street London EC4V 4ET
DWS Invest Multi Opportunities £ 108.18 108.18 0.05 - Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.82 - -0.01 -
FCA Recognised Authorised Inv Funds
Algebris Financial Income I EUR € 172.85 - 1.52 -
Ashmore SICAV Emerging Market Debt Fund $ 87.69 - -0.05 4.44 Diversified Income 1 Units GBP Inc £ 1.53 1.53 0.00 - DWS Invest Global Bonds £ 103.36 103.36 0.07 0.00 Multi Asset Income Fund W-INC-GBP £ 1.06 - 0.00 -
Algebris Financial Income R EUR € 159.74 - 1.40 -
Ashmore SICAV Emerging Market Frontier Equity Fund $ 174.18 - -0.16 0.49 Diversified Income 2 Units GBP Inc £ 1.48 1.48 0.00 - Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.64 - 0.00 -
Ennismore Smaller Cos Plc (IRL)
Algebris Financial Income Rd EUR € 104.70 - 0.92 -
5 Kensington Church St, London W8 4LD 020 7368 4220
Ashmore SICAV Emerging Market Total Return Fund $ 78.11 - 0.12 3.86 Diversified Income 3 Units GBP Inc £ 1.49 1.49 0.00 - Multi Asset Open Advent W-ACC-GBP £ 1.65 - -0.01 -
FCA Recognised
Algebris Financial Equity B EUR € 134.96 - 2.07 0.00
The Public Sector Deposit Fund
Ashmore SICAV Global Small Cap Equity Fund $ 236.68 - -1.67 0.00 Ennismore European Smlr Cos NAV £ 134.76 - 0.33 0.00 Multi Asset Open Defen W-ACC-GBP £ 1.38 - -0.01 -
Algebris IG Financial Credit B EUR € 109.88 - 0.22 0.00 The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.11
EM Active Equity Fund Acc USD $ 170.21 - -1.49 - Ennismore European Smlr Cos NAV € 157.49 - 0.48 0.00 Multi Asset Open Growth Fund W-ACC-GBP £ 1.58 - 0.00 -
Algebris IG Financial Credit R EUR € 108.91 - 0.22 0.00 The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.04 Candriam Investors Group
EM Equity Fund Acc USD $ 157.66 - -1.57 - Other International Funds Multi Asset Open Strategic Fund W-ACC-GBP £ 1.50 - 0.00 -
Algebris Global Credit Opportunities I EUR € 132.33 - -0.08 0.00
EM Mkts Corp.Debt USD F $ 91.20 - 0.05 4.98 Candriam Eqts L Emerging Mkts Cap € 1152.90 - -15.89 -
Open World Fund W-ACC-GBP £ 2.06 - -0.01 -
Algebris Global Credit Opportunities R EUR € 130.23 - -0.08 0.00
EM Mkts Loc.Ccy Bd USD F $ 74.67 - 0.22 - Candriam Bonds Credit Opportunities € 202.49 - -0.12 -
Strategic Bond Fund Y-ACC-GBP £ 1.37 - 0.01 -
Algebris Global Credit Opportunities Rd EUR € 130.23 - -0.08 0.00
EM Short Duration Fund Acc USD $ 120.59 - 0.01 0.00 Candriam Bds Euro High Yield Cap € 1260.36 - -1.69 -
UK Opportunities Fund W-ACC-GBP 282.90 - -2.70 1.26
Aegon Asset Management UK ICVC (UK) Algebris Core Italy I EUR € 139.73 - 0.08 0.00
Candriam Bds Euro Sh.Term Cap € 2077.28 - 0.45 0.00
3 Lochside Crescent, Edinburgh, EH12 9SA UK Smaller Companies W-ACC-GBP £ 3.24 - 0.02 1.72
Algebris Core Italy R EUR € 129.74 - 0.07 0.00
0800 358 3009 www.aegonam.com Institutional OEIC Funds
Authorised Funds Ennismore European Smlr Cos Hedge Fd
Algebris Allocation I EUR € 109.56 - -0.01 0.00 CCLA Investment Management Ltd (UK) Other International Funds America £ 7.73 - -0.03 -
Diversified Monthly Inc B Acc 153.85 - -0.04 4.83
Senator House 85 Queen Victoria Street London EC4V 4ET
NAV € 554.26 - 7.28 0.00
Property & Other UK Unit Trusts Emerging Markets £ 6.58 - -0.08 -
Diversified Monthly Inc B Inc 108.21 - -0.03 4.97
CBF Church of England Funds
Europe (ex-UK) Fund ACC-GBP £ 6.98 - -0.03 -
Diversified Growth B Acc £ 1.85 - -0.01 2.58 Investment Inc 2045.02 2053.01 40.16 - Dodge & Cox Worldwide Funds (IRL)
48-49 Pall Mall, London SW1Y 5JG. Fidelity Pre-Retirement Bond Fund £ 158.10 - 1.60 1.81
Ethical Cautious Managed B Acc £ 1.49 - 0.01 1.59 Atlantas Sicav (LUX) Investment Acc 4962.83 4982.22 97.46 - www.dodgeandcox.worldwide.com 020 3713 7664
Regulated FCA Recognised Global Focus £ 6.36 - -0.05 -
Ethical Cautious Managed B Inc £ 1.28 - 0.00 1.60 Global Equity Inc 263.69 264.15 6.73 2.81 Chartered Asset Management Pte Ltd
American Dynamic $ 7269.45 7269.45 359.73 - Dodge & Cox Worldwide Funds plc - Global Bond Fund
Other International Funds Index Linked Bond Gross £ 4.47 - 0.07 0.12
Ethical Corporate Bond B Acc £ 2.13 - 0.01 2.69 Global Equity Acc 467.35 468.16 11.94 0.00 EUR Accumulating Class € 15.02 - -0.05 -
American One $ 6742.85 6742.85 274.17 0.00 CAM-GTF Limited $ 340220.12 340220.12 2628.62 -
The Antares European Fund Limited Japan £ 4.07 - 0.01 -
Ethical Corporate Bond B Inc £ 1.07 - 0.00 2.69 Other International UK Equity Inc 191.56 192.03 2.04 3.30 EUR Accumulating Class (H) € 11.45 - -0.03 0.00
Bond Global € 1515.25 1515.25 -3.52 - CAM GTi VCC $ 780.49 - -32.39 -
Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 1.13 - 0.02 1.58
Ethical Equity B Acc £ 2.55 - 0.00 1.53 AEF Ltd Usd $ 552.67 - 7.59 0.00 UK Equity Acc 343.28 344.12 3.66 0.00 EUR Distributing Class € 11.69 - -0.04 - Regulated
Eurocroissance € 1288.52 1288.52 22.69 - RAIC VCC $ 1.64 1.64 0.03 2.06
Smaller Cos Cls One Shares € 56.88 - 2.11 0.00 Pacific (Ex Japan) £ 5.45 - -0.03 -
Global Equity GBP B Acc £ 3.15 - -0.05 - AEF Ltd Eur € 515.71 - 6.85 0.00 Fixed Interest Inc 161.93 162.85 -0.60 3.22 EUR Distributing Class (H) € 8.86 - -0.03 3.46
Far East $ 1321.18 - 60.83 -
Smaller Cos Cls Two Shares € 36.97 - 1.23 0.00 Select Emerging Markets Equities £ 2.48 - -0.02 -
High Yield Bond B Acc £ 3.22 - 0.00 5.06 Fixed Interest Acc 601.35 604.78 -2.26 0.00 GBP Distributing Class £ 12.21 - -0.06 -

Smaller Cos Cls Three Shares € 18.63 - 0.69 0.00 Select Global Equities £ 5.04 - 0.07 0.78
High Yield Bond B Inc £ 0.99 - 0.00 5.06 Property Fund Inc 129.97 134.33 0.10 4.65 GBP Distributing Class (H) £ 9.36 - -0.02 3.47

Smaller Cos Cls Four Shares € 23.99 - 0.82 0.00 South East Asia £ 7.29 - -0.05 -
Investment Grade Bond B Acc 197.62 - 0.80 1.51 USD Accumulating Class $ 12.91 - -0.03 -

Dodge & Cox Worldwide Funds plc-Global Stock Fund Sterling Core Plus Bond Gr Accum £ 2.93 - 0.05 -
Investment Grade Bond B Inc £ 1.30 - 0.01 2.26
USD Accumulating Share Class $ 28.13 - -0.09 - UK £ 4.48 - -0.01 -
Sterling Corporate Bond B Acc £ 0.94 - 0.01 2.74
Consistent Unit Tst Mgt Co Ltd (1200)F (UK) GBP Accumulating Share Class £ 33.22 - -0.18 - UK Aggreg Bond Gr Accum £ 2.35 - 0.02 1.78
Sterling Corporate Bond B Inc £ 0.35 - 0.01 2.74 Arisaig Partners Stuart House, St John's Street, Peterborough, PE1 5DD
Other International Funds Dealing & Client Services 0345 850 8818 GBP Distributing Share class £ 22.88 - -0.12 - Sterling Corporate Bond - Gross £ 2.98 - 0.02 -
Strategic Bond B Acc £ 1.55 - 0.01 3.54 Authorised Inv Funds
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 125.17 - 0.19 0.00
Consistent UT Inc 64.67xd 66.66 -0.25 0.00 EUR Accumulating Share Class € 35.45 - -0.15 - UK Gilt Gross £ 2.51 - 0.03 1.23
Strategic Bond B Inc £ 1.43 - 0.00 3.54 CCLA Fund Managers Ltd (UK)
Arisaig Asia Consumer Fund Limited $ 124.16 - 0.21 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET Consistent UT Acc 172.40xd 177.70 -0.60 0.00 GBP Distributing Class (H) £ 13.64 - -0.04 0.44 Sterling Long Corp Bond - Gross £ 3.55 - 0.04 -
UK Equity B Acc £ 3.34 - 0.00 2.34 Property & Other UK Unit Trusts
Arisaig Global Emerging Markets Consumer Fund $ 16.56 - -0.17 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
COIF Charity Funds (UK) Practical Investment Inc 239.90 258.20 -1.30 3.33
UK Equity Absolute Return B Acc £ 1.25 - 0.00 0.00 USD Accumulating Share Class $ 35.95 - -0.08 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 - Investment Inc 1793.83 1800.84 18.10 -
Practical Investment Acc 1418.00 1527.00 -8.00 3.33
UK Equity Income B Acc £ 2.63 - -0.01 4.34 GBP Accumulating Share Class £ 40.16 - -0.17 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 - Investment Acc 20576.44 20656.84 207.62 -
UK Equity Income B Inc £ 1.62 - 0.00 4.47 GBP Distributing Share Class £ 24.40 - -0.10 -
Arisaig Latin America Consumer Fund $ 27.11 - -0.02 0.00 Ethical Invest Inc 273.58 274.65 2.77 -
UK Opportunities B Acc £ 2.46 - -0.01 1.11 EUR Accumulating Share Class € 39.14 - -0.11 0.00
Brooks Macdonald International Fund Managers Limited (JER) Ethical Invest Acc 422.00 423.64 4.28 -
UK Smaller Companies B Acc £ 4.63 - -0.01 0.87 5 Anley Street, St Helier, Jersey, JE2 3QE GBP Distributing Class (H) £ 14.82 - -0.03 0.87
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Global Equity Inc 246.76 247.19 2.87 2.78
Findlay Park Funds Plc (IRL)
Brooks Macdonald International Investment Funds Limited 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
Global Equity Acc 442.01 442.78 5.14 0.00
Euro High Income € 1.5304 - 0.0013 2.50 FIL Investment Services (UK) Limited (1200)F (UK) FCA Recognised
Fixed Interest Inc 135.30 136.07 -1.30 3.27 Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, KT20 6RP American EUR Unhedged Class € 136.32 - -1.98 -
High Income £ 0.8440 - 0.0015 3.77 Callfree: Private Clients 0800 414161
Fixed Interest Acc 926.97 932.25 -8.89 0.00 Broker Dealings: 0800 414 181 American Fund USD Class $ 162.55 - -2.08 0.00
Sterling Bond £ 1.5605 - 0.0032 2.06 OEIC Funds
Property Inc 111.12 114.85 0.05 4.68 American Fund GBP Hedged £ 81.79 - -1.05 0.00
Brooks Macdonald International Multi Strategy Fund Limited Allocator World Fund Y-ACC-GBP £ 2.41 - -0.02 -
Local Authorities Property Fd (LAMIT) (UK)
Cautious Balanced Strategy £ 1.3501 - -0.0053 0.00 American Fund GBP Unhedged £ 116.62 - -1.92 0.00
American Special Sits W-ACC-GBP £ 17.91 - 0.06 -
Aegon Asset Management UK Investment Portfolios ICVC (UK) Property 287.15 311.36 3.43 4.81
Growth Strategy £ 2.0035 - -0.0086 0.00
3 Lochside Crescent, Edinburgh, EH12 9SA Asia Pacific Ops W-Acc £ 2.98 - -0.03 -
0800 358 3009 www.aegonam.com
High Growth Strategy £ 2.7898 - -0.0125 0.00
Authorised Funds Asian Dividend Fund W-ACC-GBP £ 2.19 - -0.02 2.88
Property Income B Acc 113.03 113.03 -0.02 3.62 US$ Growth Strategy $ 2.0000 - -0.0044 0.00
China Consumer Fund W-ACC-GBP £ 4.15 - -0.07 -
Dealing Daily. Initial charge up to 2%
Property Income B Inc 83.24 83.24 -0.01 3.69
CP Global Asset Management Pte. Ltd. Emerging Asia Fund W-ACC-GBP £ 2.17 - -0.02 -
www.cpglobal.com.sg, Tel: +65 6466 6990
International Mutual Funds Enhanced Income Fund W-INC-GBP £ 0.78 - 0.00 -
Artemis Fund Managers Ltd (1200)F (UK)
CP Multi-Strategy Fund $ 246.45 - 3.33 - European Fund W-ACC-GBP £ 19.84 - -0.01 - First State Investments (UK) (1200)F (UK)
57 St. James's Street, London SW1A 1LD 0800 092 2051 CG Asset Management Limited (IRL) 23 St Andrew Square, Edinburgh, EH2 1BB
Authorised Inv Funds 25 Moorgate, London, EC2R 6AY Extra Income Fund Y-ACC-GBP £ 1.43 - 0.01 - enquiries@firststate.co.uk
Artemis SmartGARP UK Eq I Acc £ 18.86 - -0.11 - Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859 Dragon Capital Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
FCA Recognised www.dragoncapital.com FID INST - Emerging Markets Fund W-ACC-GBP £ 2.18 - -0.03 - Authorised Funds
Artemis Corporate Bond I Acc £ 1.10 - -0.01 2.14 CG Portfolio Fund Plc Fund information:info@dragoncapital.com
Asia-All Cap Acc GBP £ 1.88 - -0.01 -
Other International Funds Fidelity American Fund W-ACC-GBP £ 52.84 - -0.91 -
Artemis SmartGARP Eur Eq I Acc £ 3.83 - -0.02 - Absolute Return Cls M Inc £ 130.84 130.84 -0.67 1.36
Aegon Asset Management Investment Company (Ireland) (IRL) Vietnam Equity (UCITS) Fund A USD $ 28.90 - -0.05 0.00
Fidelity Asia Fund W-ACC-GBP £ 19.36 - -0.24 -
Asia Focus Acc GBP £ 2.37 - -0.01 -
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Artemis European Opps I Acc £ 1.18 - 0.00 - Capital Gearing Portfolio GBP P £ 36023.57 36023.57 -186.10 0.85
FCA Recognised Diversified Growth B Acc £ 1.16 - 0.00 -
Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66
Artemis SmartGARP GloEmr Eq I Acc £ 1.61 - -0.01 - Capital Gearing Portfolio GBP V £ 175.19 175.19 -0.91 0.85
Absolute Return Bond B GBP Acc 1162.98 - -0.71 1.61 Emerging Markets Bond A Accumulation £ 1.38 - 0.00 4.54
CP Capital Asset Management Limited FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.61 - -0.02 3.75
Artemis SmartGARP Glo Eq I Acc £ 3.52 - -0.03 - Dollar Fund Cls D Inc £ 158.05 158.05 -1.64 1.53
High Yield Global Bond A GBP Inc 513.07 - -0.88 4.49 www.cpgbl.com, email: fundservices@cpgbl.com
Emerging Markets Bond A Income £ 0.92 - 0.00 4.70
International Mutual Funds Fidelity European Opportunities W Acc £ 5.10 - -0.02 -
Artemis Global Income I Inc £ 1.01 - -0.01 - Dollar Hedged GBP Inc £ 103.14 103.14 -0.75 1.34
High Yield Global Bond B GBP Inc 1100.50 - -1.86 5.23 Global Listed Infrastructure Acc 277.11 - -1.20 -
CPS Master Private Fund $ 338.59 - 3.69 -
Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.05 - 0.01 -
Artemis Global Select I Acc £ 1.54 - -0.01 - Real Return Cls A Inc £ 194.50 194.50 -1.73 1.71
Global Equity Income B GBP Acc 2150.61 - -16.19 0.00 Global Listed Infrastructure Inc 183.79 - -0.80 -
CP Global Alpha Fund $ 278.03 - 2.86 -
Fidelity Global Focus Fund W-ACC-GBP £ 34.51 - -0.48 -
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Artemis High Income I Q Inc £ 0.80 - 0.00 -
Global Property Securities A Accumulation 236.44 - 0.02 -
Fidelity Global High Yield Fund Y-ACC-GBP £ 15.70 - -0.02 3.57
Artemis Income I Inc £ 2.40 - -0.01 - Brown Advisory Funds plc (IRL)
lobal Equity Market Neutral Fund - B Acc GBP £ 12.31 - -0.04 0.00 Global Property Securities A Income 162.51 - 0.01 2.20
http://www.brownadvisory.com Tel: 020 3301 8130
Fidelity Japan Fund W-ACC-GBP £ 5.52 - 0.03 -
Artemis Monthly Dist I Inc £ 0.72 - -0.01 - FCA Recognised
Global Sustainable Equity B Acc GBP £ 27.80 - -0.49 - Greater China Growth A Shares 1233.06 - -16.20 -
Global Leaders Sustainable Fund USD C $ 12.96 - -0.23 - Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.22 - 0.03 0.36
Global Sustainable Equity C Acc GBP £ 28.22 - -0.50 - Artemis Strategic Assets I Acc £ 0.87 - 0.00 -
Japan Focus Acc GBP £ 2.65 - -0.01 0.00
US Equity Growth Fund USD B $ 53.34 - -1.23 0.00 Fidelity Multi Asset Income Fund W Acc £ 1.10 - 0.00 -
Inv Grd Gbl Bond A Inc GBH 603.61 - 1.76 1.81 Artemis Strategic Bond I Q Acc £ 1.11 - 0.00 -
American Fund USD B $ 30.22 - -0.64 - Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.16 - 0.00 -
Short Dated High Yld Bd B Acc GBP £ 11.15 - -0.01 0.00 Artemis Target Return Bond I Acc £ 1.07 - 0.00 1.97
US Smaller Companies Fund USD B $ 39.82 - -0.95 0.00 Fidelity Special Situations Fund W-ACC-GBP £ 37.42 - -0.09 -
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.26 - -0.01 0.00 Artemis UK Select Fund Class I Acc £ 7.27 - -0.03 -
US Small Cap Blend Fund USD B $ 23.23 - -0.43 0.00 Short Dated Corporate Bond Fund Y ACC GBP £ 11.09 - 0.01 3.85
Strategic Global Bond A GBP Inc 1313.47 - 0.31 2.70 Artemis UK Smaller Cos I Acc £ 19.20 - -0.03 0.29
US Flexible Equity Fund USD B $ 23.82 - -0.26 0.00 EdenTree Investment Management Ltd (UK) Fidelity Sustainable Water & Waste W Acc £ 1.12 - 0.01 -
Strategic Global Bond B GBP Inc 745.47 - 0.20 3.45 Artemis UK Special Sits I Acc £ 7.57 - -0.05 - PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Global Leaders Fund USD C $ 21.26 - -0.35 - Authorised Inv Funds Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 -
Artemis US Abs Return I Hdg Acc £ 1.14 - -0.01 0.38
Amity UK Cls A Inc 246.10 - -0.70 0.38
20 March/21 March 2021 ★ FTWeekend 17

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

Janus Henderson UK & Irish Smaller Companies Fund A Acc 742.50 - -1.70 0.00 MFM Hathaway Inc 160.05 160.05 0.71 0.71 Data Provided by
Janus Henderson UK Absolute Return Fund A Acc 164.50 - 0.10 0.00 MFM Techinvest Special Situations Acc 210.31 210.31 3.98 0.00

Janus Henderson UK Alpha Fund A Acc 155.60 - -0.20 - MFM Techinvest Technology Acc 1045.87 1045.87 -21.39 0.00

Janus Henderson UK Equity Income & Growth Fund A Inc 501.30 - -1.20 - MFM UK Primary Opportunities A Inc 461.64 461.64 -3.04 0.59

Janus Henderson UK Property PAIF A Acc £ 2.32 2.44 0.00 -

Janus Henderson UK Property PAIF A Inc £ 0.95 1.00 0.00 - OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) Prusik Investment Management LLP (IRL)
www.morningstar.co.uk
Regulated Enquiries - 0207 493 1331 Data as shown is for information purposes only. No
Janus Henderson US Growth Fund A Acc 1654.00 - -34.00 - Regulated
OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.74 offer is made by Morningstar or this publication.
Prusik Asian Equity Income B Dist $ 192.87 - -1.10 4.15
OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 37.19 - -0.14 0.25
Prusik Asia Emerging Opportunities Fund A Acc $ 196.89 - -1.31 -
OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 9.83 - -0.02 0.01
Prusik Asia Fund U Dist. £ 233.12 - -2.54 0.00
Marwyn Asset Management Limited (CYM)
OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.06 - 0.00 2.48
Regulated

Marwyn Value Investors £ 340.40 - -14.66 0.00 OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 13.01 - -0.01 0.68 Guide to Data
OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 14.37 - -0.02 0.18
The fund prices quoted on these pages are supplied by
Foord Asset Management Kleinwort Hambros Bank Limited (UK) Rubrics Global UCITS Funds Plc (IRL) Toscafund Asset Management LLP (UK) the operator of the relevant fund. Details of funds
OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.59 - -0.05 1.19
Website: www.foord.com - Email: info@foord.com 5TH Floor, 8 St James's Square, London, SW1Y 4JU www.rubricsam.com www.toscafund.com published on these pages, including prices, are for the
FCA Recognised - Luxembourg UCITS Dealing and enquiries: 033 0024 0785 Regulated Authorised Funds purpose of information only and should only be used
Authorised Inv Funds as a guide. The Financial Times Limited makes no
Foord International Fund | R $ 47.43 - -0.04 - Rubrics Emerging Markets Fixed Income UCITS Fund $ 139.78 - -0.20 - Aptus Global Financials B Acc £ 4.30 - -0.01 3.86 representation as to their accuracy or completeness
Unit Trust Manager/ACD - Host Capital
and they should not be relied upon when making an
Foord Global Equity Fund (Lux) | R $ 18.79 - -0.14 - HC Kleinwort Hambros Growth A Acc 238.90 - -0.67 1.36 Purisima Investment Fds (UK) (1200)F (UK) Rubrics Global Credit UCITS Fund $ 17.70 - -0.04 0.00 Aptus Global Financials B Inc £ 2.96 - 0.00 5.03 investment decision.
65 Gresham Street, London, EC2V 7NQ
Regulated The sale of interests in the funds listed on these pages
HC Kleinwort Hambros Growth A Inc 216.75 - -0.60 1.38 Order Desk and Enquiries: 0345 922 0044 Rubrics Global Fixed Income UCITS Fund $ 179.82 - -0.20 0.00
may, in certain jurisdictions, be restricted by law and
Foord Global Equity Fund (Sing) | B $ 23.04 - -0.16 - McInroy & Wood Portfolios Limited (UK) Authorised Inv Funds the funds will not necessarily be available to persons
HC Kleinwort Hambros Equity Income A Inc 96.36 - -0.27 3.06 Easter Alderston, Haddington, EH41 3SF 01620 825867 Authorised Corporate Director - Link Fund Solutions in all jurisdictions in which the publication circulates.
Foord International Trust (Gsy) $ 47.25 - -0.03 0.00 Authorised Inv Funds Persons in any doubt should take appropriate
HC Kleinwort Hambros Equity Income A Acc 178.93 - -0.50 4.50 Global Total Fd PCG A 349.74 - -5.86 0.01
professional advice. Data collated by Morningstar. For
Balanced Fund Personal Class Units 5478.30xd - 0.10 1.22
Omnia Fund Ltd other queries contact reader.enquiries@ft.com +44
HC Kleinwort Hambros Multi Asset Balanced A Acc 176.06 - -0.09 0.81 Other International Funds Global Total Fd PCG B 346.16 - -5.80 0.00 (0)207 873 4211.
Income Fund Personal Class Units 2709.70xd - -0.10 2.20
HC Kleinwort Hambros Multi Asset Balanced A Inc 166.41 - -0.08 0.81 Estimated NAV $ 631.95 - -5.25 0.00 Global Total Fd PCG INT 341.23 - -5.72 0.00 The fund prices published in this edition along with
Emerging Markets Fund Personal Class Units 2265.80xd - 1.30 1.41 additional information are also available on the
HC Kleinwort Hambros Fixed Income A Acc 137.16 - -0.16 3.44 Financial Times website, www.ft.com/funds. The
Toscafund Asset Management LLP funds published on these pages are grouped together
Smaller Companies Fund Personal Class Units 7093.00xd - -42.60 0.86
www.toscafund.com by fund management company.
HC Kleinwort Hambros Fixed Income A Inc 108.12 - -0.12 3.44 Scottish Friendly Asset Managers Ltd (UK)
Tosca A USD $ 377.23 - 34.90 0.00
Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Prices are in pence unless otherwise indicated. The
Authorised Inv Funds change, if shown, is the change on the previously
Tosca Mid Cap GBP £ 244.37 - 36.89 0.00
Franklin Templeton International Services Sarl (IRL) quoted figure (not all funds update prices daily). Those
Managed Growth ♦ 318.70 - -1.40 - designated $ with no prefix refer to US dollars. Yield
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Tosca Opportunity B USD $ 372.43 - 56.30 0.00 percentage figures (in Tuesday to Saturday papers)
Other International Funds
UK Growth ♦ 386.30 - -1.70 - allow for buying expenses. Prices of certain older
Franklin Emerging Market Debt Opportunities Fund Plc Pegasus Fund Ltd A-1 GBP £ 57.89 - 8.63 0.00 insurance linked plans might be subject to capital
gains tax on sales.
Franklin Emg Mkts Debt Opp CHFSFr 14.79 - 0.16 9.01 Purisima Investment Fds (CI) Ltd (JER)
Regulated
Guide to pricing of Authorised Investment Funds:
Franklin Emg Mkts Debt Opp GBP £ 9.48 - 0.09 6.04
PCG B X 306.50 - -0.38 0.00 (compiled with the assistance of the IMA. The
Milltrust International Managed Investments ICAV (IRL) Investment Management Association, 65 Kingsway,
Franklin Emg Mkts Debt Opp SGD S$ 20.82 - 0.03 4.33 mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Oryx International Growth Fund Ltd London WC2B 6TD.
Regulated Other International Funds PCG C X 299.28 - -0.37 0.00
Tel: +44 (0)20 7831 0898.)
Franklin Emg Mkts Debt Opp USD $ 16.76 - 0.17 6.17 NAV (Fully Diluted) £ 9.10 - -0.52 0.00
British Innovation Fund £ 121.92 - 2.89 0.00
OEIC: Open-Ended Investment Company. Similar to a

MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00

Slater unit trust but using a company rather than a trust
structure.

MAI - Buy & Lease (New Zealand)NZ$ 97.26

Milltrust Global Emerging Markets Fund - Class A $ 121.50

-

-
-0.02 0.00

1.00 0.00
Investments Different share classes are issued to reflect a different
currency, charging structure or type of holder.

Selling price: Also called bid price. The price at which

units in a unit trust are sold by investors.
The Climate Impact Asia Fund (Class A) $ 141.00 - 2.59 0.00
Buying price: Also called offer price. The price at
which units in a unit trust are bought by investors.
Includes manager’s initial charge.
Lazard Fund Managers Ltd (1200)F (UK)
P.O. Box 364, Darlington, DL1 9RD Single price: Based on a mid-market valuation of the
Dealing: 0870 6066408, Info: 0870 6066459 underlying investments. The buying and selling price
Authorised Inv Funds for shares of an OEIC and units of a single priced unit
Lazard Investment Funds (OEIC) B Share Class trust are the same.

Developing Markets Acc 151.57 - -1.50 0.00 Slater Investments Ltd (UK) Treatment of manager’s periodic capital charge:
www.slaterinvestments.com; Tel: 0207 220 9460 The letter C denotes that the trust deducts all or part
Developing Markets Inc 149.28 - -1.47 0.00 FCA Recognised of the manager’s/operator’s periodic charge from
Milltrust International Managed Investments SPC capital, contact the manager/operator for full details
Emerging Markets Acc 355.00 - -2.79 1.45 em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com Slater Growth 726.65 726.65 -1.93 0.00 of the effect of this course of action.
Regulated Troy Asset Mgt (1200) (UK)
Slater Income A Inc 137.90 137.90 -0.44 5.22 65 Gresham Street, London, EC2V 7NQ
Exit Charges: The letter E denotes that an exit charge
Emg Mkts Inc 288.70 - -2.27 1.47 Milltrust Alaska Brazil SP A $ 71.54 - -1.46 0.00 may be made when you sell units, contact the
Ram Active Investments SA Order Desk and Enquiries: 0345 608 0950
manager/operator for full details.
www.ram-ai.com Slater Recovery 344.42 344.42 -1.07 0.00 Authorised Inv Funds
Fundsmith LLP (1200)F (UK) European Alpha Acc 971.24 - -1.18 - Milltrust Laurium Africa SP A $ 108.84 - -0.47 0.00 Orbis Investments (U.K.) Limited (GBR)
Other International Funds Authorised Corporate Director - Link Fund Solutions
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Time: Some funds give information about the timing of
28 Dorset Square, London, NW1 6QG Slater Artorius 316.51 316.51 8.24 -
www.fundsmith.co.uk, enquiries@fundsmith.co.uk European Alpha Inc 848.59 - -1.03 - Milltrust Marcellus India Fund $ 120.10 - -0.85 - Trojan Investment Funds price quotes. The time shown alongside the fund
www.orbis.com 0800 358 2030 RAM Systematic Emerg Markets Eq $ 234.48 234.48 1.65 -
manager’s/operator’s name is the valuation point for
Authorised Inv Funds Regulated
European Smaller Cos Acc 738.78 - -2.91 0.00 Spectrum Fund O Acc 257.94 - -0.44 0.46 their unit trusts/OEICs, unless another time is
Milltrust Singular ASEAN SP Founders $ 171.17 - 0.31 0.00 RAM Systematic European Eq € 513.94 513.94 4.37 -
Fundsmith Equity T Acc 543.97 - -7.26 0.33 indicated by the symbol alongside the individual unit
Orbis OEIC Global Cautious Standard £ 10.57 - -0.01 -
Spectrum Fund O Inc 243.87 - -0.42 0.47 trust/OEIC name.
Global Equity Income Acc 205.88 - 1.19 2.93 Milltrust SPARX Korea Equity SP A $ 165.51 - -0.37 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 144.66 144.66 0.07 0.00
Fundsmith Equity T Inc 497.25 - -6.64 0.33 Orbis OEIC Global Balanced Standard £ 16.35 - -0.02 -
Trojan Ethical O Acc 117.53 - -0.28 0.07 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Global Equity Income Inc 110.18 - 0.64 2.99 Milltrust VTB Russia Fund SP $ 129.25 - -1.33 - 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
RAM Systematic Global Eq Sustainable Alpha $ 107.45 107.45 0.42 -
Orbis OEIC Global Equity Standard £ 20.62 - -0.01 - midnight. Daily dealing prices are set on the basis of
Managed Bal Inc 188.38 - -0.42 1.20 Trojan Ethical O Inc 117.30 - -0.28 0.06 the valuation point, a short period of time may elapse
Milltrust Xingtai China SP A $ 154.00 - 0.14 - RAM Systematic Long/Short European Eq € 135.50 135.50 1.11 -
Orbis OEIC UK Equity Standard £ 9.30 - 0.00 2.82 before prices become available. Historic pricing: The
UK Income Acc 1446.73 - -6.68 3.14 Trojan Ethical Income O Acc 133.02 - 0.15 - letter H denotes that the managers/operators will
RAM Systematic US Sustainable Eq $ 367.71 367.71 -3.55 -
normally deal on the price set at the most recent
UK Income Inc 566.77 - -2.62 3.22 Trojan Ethical Income O Inc 115.39 - 0.13 2.21 valuation. The prices shown are the latest available
RAM Tactical Global Bond Total Return € 154.25 154.25 0.05 - before publication and may not be the current dealing
Trojan Fund O Acc 349.93 - -0.33 0.25 levels because of an intervening portfolio revaluation
UK Omega Acc 255.03 - -1.46 -
RAM Tactical II Asia Bond Total Return $ 155.68 155.68 0.06 - or a switch to a forward pricing basis. The
managers/operators must deal at a forward price on
UK Omega Inc 218.97 - -1.26 - Trojan Fund O Inc 283.24 - -0.27 0.25
request, and may move to forward pricing at any time.
GAM Forward pricing: The letter F denotes that that
funds@gam.com, www.funds.gam.com UK Smaller Cos Inc 2385.35 - -7.43 0.05 Trojan Global Equity O Acc 438.66 - -5.11 0.15 managers/operators deal at the price to be set at the
Regulated next valuation.
Trojan Global Equity O Inc 361.95 - -4.22 0.15
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 104.45 - -0.83 3.25 Ministry of Justice Common Investment Funds (UK) Investors can be given no definite price in advance of
Property & Other UK Unit Trusts Trojan Global Income O Acc 132.49 - 0.32 - the purchase or sale being carried out. The prices
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 104.21 - -0.30 0.71 appearing in the newspaper are the most recent
The Equity Idx Tracker Fd Inc 1821.00 - -5.00 -
Trojan Global Income O Inc 116.60 - 0.28 - provided by the managers/operators. Scheme
Distribution Units particulars, prospectus, key features and reports: The
most recent particulars and documents may be
Stewart Investors (UK) Trojan Income O Acc 324.23 - 0.34 2.79
obtained free of charge from fund
RLUM Ltd (UK) 23 St Andrew Square, Edinburgh, EH2 1BB managers/operators. * Indicates funds which do not
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 enquiries@stewartinvestors.com Trojan Income O Inc 166.43 - 0.17 2.86 price on Fridays.
Authorised Inv Funds Client Services: 0800 587 4141
Dealing Line: 0800 587 3388 Charges for this advertising service are based on the
Lothbury Property Trust (UK) Royal London Sustainable Diversified A Inc £ 2.38 - 0.00 0.53
Authorised Funds number of lines published and the classification of the
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900
fund. Please contact data@ft.com or
Property & Other UK Unit Trusts Royal London Sustainable World A Inc 329.80 - -1.80 - SI Asia Pacific A Acc 1496.99 - -1.78 - call +44 (0)20 7873 3132 for further information.
Lothbury Property Trust GBP £ 1853.43 1996.73 2.95 1.54
Royal London Corporate Bond Mth Income 92.63 - 0.42 - SI Asia Pacific A Inc £ 2.66 - 0.00 -
Genesis Investment Management LLP
Other International Funds
Platinum Capital Management Ltd
Other International Funds Royal London European Growth Trust 184.70 - -0.30 - SI Asia Pacific Leaders A Acc 848.99 - 0.78 -
Emerging Mkts NAV £ 7.21 - -0.16 1.34
Platinum All Star Fund - A $ 142.07 - - - Royal London Sustainable Leaders A Inc 694.60 - -1.30 - SI Asia Pacific Leaders A Inc £ 2.89 - 0.01 -
Platinum Global Growth UCITS Fund $ 13.82 - 0.00 - Royal London UK Growth Trust 582.20 - -2.00 0.80 Unicorn Asset Management Ltd (UK)
SI Asia Sustainability A Acc 680.40 - -1.35 -
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.84 - 0.09 0.00 Royal London UK Income With Growth Trust 207.00 - -0.20 - Authorised Inv Funds
SI Global Emerging Mkts A Acc 757.21 - 0.98 -
UK Growth A Inc 697.58 - -1.25 -
Platinum Global Dividend UCITS Fund $ 55.99 - 0.04 0.00 Royal London US Growth Trust 306.30 - -3.90 - SI Global Emerging Mkts Leaders A Acc 534.19 - 1.68 -
Additional Funds Available Mastertrust A Inc X F 614.19 - -4.46 -
M & G Securities (1200)F (UK)
Please see www.royallondon.com for details SI Global Emerging Mkts Sus A Acc 381.85 - -0.55 -
PO Box 9038, Chelmsford, CM99 2XF
UK Growth B Inc 703.84 - -1.24 0.27
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
SI Indian Sub-Cont A Acc 603.80 - 3.21 -
Authorised Inv Funds
HPB Assurance Ltd Mastertrust B Inc X F 552.18 - -3.98 -
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Charifund Inc 1455.60 - -4.50 4.42 Mirabaud Asset Management (LUX) SI Latin America A Acc £ 2.28 - -0.02 -
International Insurances www.mirabaud.com, marketing@mirabaud-am.com Outstanding British Cos A Acc X F 304.28 - -0.78 0.15
Charifund Acc 26051.52 - -80.62 4.19 Conviction based investment vehicles details available here www.mirabaud-am.com SI Worldwide Equity A Acc £ 2.36 - 0.05 -
Holiday Property Bond Ser 1 £ 0.49 - 0.01 0.00 Regulated Outstanding British Cos B Acc X F 330.44 - -0.84 -
M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.24 - 0.01 2.27 SI Worldwide Equity A Inc £ 2.39 - 0.05 -
Holiday Property Bond Ser 2 £ 0.63 - 0.01 0.00 Mir. - Glb Strat. Bd I USD $ 121.78 - -0.13 0.00
UK Smaller Cos A Inc X F 671.46 - -2.57 0.10
M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.54 - 0.04 - SI Worldwide Leaders A Acc 523.10 - -1.88 -
Mir. - DiscEur D Cap GBP £ 192.16 - 0.59 -
UK Smaller Cos B Inc X F 656.92 - -2.49 0.77
M&G Charity Multi Asset Fund Inc £ 0.85 - 0.00 - SI Worldwide Sus A Acc £ 2.57 - -0.01 -
Mirabaud - UK Equity High Alpha £ 156.31 - 0.20 -
UK Income A Acc X F 316.34 - -1.68 -
M&G Charity Multi Asset Fund Acc £ 94.97 - -0.26 - SI Worldwide Sus A Inc £ 2.48 - -0.01 -
UK Income A Inc X F 229.34 - -1.22 -

UK Income B Acc X F 349.58 - -1.85 -

UK Income B Inc X F 253.59 - -1.34 -

Hermes Property Unit Trust (UK)

Property & Other UK Unit Trusts

Property £ 6.37 6.85 0.02 2.85 Polar Capital Funds Plc (IRL)
Regulated

MMIP Investment Management Limited (GSY) Automation & Artificial Intelligence CL I USD Acc $ 17.76 17.76 -0.21 0.00 Ruffer LLP (1000)F (UK)
Regulated 65 Gresham Street, London, EC2V 7NQ
Multi-Manager Investment Programmes PCC Limited Asian Financials I USD $ 488.25 488.25 0.08 0.00 Order Desk and Enquiries: 0345 601 9610
Authorised Inv Funds
UK Equity Fd Cl A Series 01 £ 2829.27 2863.47 166.38 0.00 Biotechnology I USD $ 39.95 39.95 -0.49 0.00 Authorised Corporate Director - Link Fund Solutions

Diversified Absolute Rtn Fd USD Cl AF2 $ 1759.19 - 88.33 0.00 LF Ruffer European C Acc 900.53 - 13.25 0.05
Emerging Market Stars I USD Acc $ 15.64 - -0.02 0.00

Diversified Absolute Return Stlg Cell AF2 £ 1646.89 - 80.30 0.00 LF Ruffer European C Inc 164.33 - 2.41 -
European Ex UK Inc EUR Acc € 12.24 12.24 0.00 0.00
WA Fixed Income Fund Plc (IRL)
Janus Henderson Investors (UK) Global Equity Fund A Lead Series £ 1665.84 1670.94 49.44 0.00 LF Ruffer European O Acc 877.56 - 12.87 0.00 Regulated
Financial Opps I USD $ 15.78 - 0.10 1.55
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832
www.janushenderson.com LF Ruffer Equity & General C Acc 526.29 - 5.12 0.17 European Multi-Sector € 119.40 - -0.97 3.23
GEM Income I USD $ 14.22 - 0.01 -
Authorised Inv Funds New Capital UCITS Fund PLC (IRL)
Leconfield House, Curzon Street, London, W1J 5JB LF Ruffer Equity & General C Inc 481.32 - 4.69 0.17
Janus Henderson Asia Pacific Capital Growth Fund A Acc 1459.00 - -14.00 -
www.newcapitalfunds.com
Global Convertible I USD $ 17.12 17.12 -0.16 0.00 Stonehage Fleming Investment Management Ltd (IRL)
www.stonehagefleming.com/gbi
FCA Recognised LF Ruffer Equity & General O Acc 512.90 - 4.96 0.00
Janus Henderson Asian Dividend Income Unit Trust Inc 93.42 - -0.92 8.79 Global Insurance I GBP £ 7.39 - -0.07 0.00 enquiries@stonehagefleming.com
New Capital UCITS Funds
LF Ruffer Equity & General O Inc 474.86 - 4.60 0.00 Regulated
Janus Henderson Cautious Managed Fund A Acc 282.60 - 0.20 - New Capital China Equity Fund $ 300.02 - 4.92 - Global Technology I USD $ 85.91 - -2.32 0.00
SF Global Best Ideas Eq B USD ACC $ 244.60 - -3.22 0.00
LF Ruffer Gold C Acc 271.67 - 6.65 0.00
Janus Henderson Cautious Managed Fund A Inc 147.50 - 0.10 - New Capital Dynamic European Equity Fund € 134.62 - -0.65 - Healthcare Blue Chip Fund I USD Acc $ 16.38 16.38 -0.10 0.00
SF Global Best Ideas Eq D GBP INC £ 266.27 - -4.36 0.00
LF Ruffer Gold C Inc 164.42 - 4.02 -
Janus Henderson China Opportunities Fund A Acc 1834.00 - -26.00 - Marlborough Fd Managers Ltd (1200)F (UK) New Capital Dynamic UK Equity Fund £ 118.30 - -1.34 - Healthcare Opps I USD $ 64.03 - -0.82 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500
Janus Henderson Emerging Markets Opportunities Fund A Acc 244.10 - -2.60 - www.marlboroughfunds.com Income Opportunities B2 I GBP Acc £ 2.53 2.53 0.00 0.00
LF Ruffer Gold O Acc 264.65 - 6.45 0.00 Zadig Gestion (Memnon Fund) (LUX)
New Capital Global Alpha Fund £ 117.55 - -0.23 0.00
FCA Recognised
Authorised Inv Funds
LF Ruffer Japanese C Inc 176.40 - 6.77 -
Janus Henderson European Growth Fund A Acc 263.40 - 0.30 - New Capital Global Equity Conviction Fund $ 213.42 - -1.78 - Japan Value I JPY ¥ 131.86 131.86 1.63 0.00 Memnon European Fund - Class U2 GBP £ 204.36 - -0.24 -
Balanced 224.94 224.94 -0.48 0.18
LF Ruffer Japanese C Acc 379.06 - 14.56 0.08
Janus Henderson European Selected Opportunities Fund A Acc 2023.00 - -5.00 - New Capital Global Value Credit Fund $ 160.48 - -0.24 - North American I USD $ 34.11 34.11 -0.34 0.00
Bond Income 51.06 51.06 0.18 3.16
LF Ruffer Japanese O Acc X 368.93 - 14.15 0.00
Janus Henderson Fixed Interest Monthly Income Fund Inc 22.38 - -0.07 - New Capital Japan Equity Fund ¥ 1792.80 - 27.51 - UK Val Opp I GBP Acc £ 12.81 12.81 -0.04 0.00
Cautious Inc 89.15 89.15 -0.14 2.10
LF Ruffer Pacific & Emerging Markets C Acc 395.33 - 3.47 0.79
Janus Henderson Global Equity Fund Acc 4128.00 - -48.00 - New Capital US Growth Fund $ 441.06 - -11.22 0.00
Emerging Markets 353.15 353.15 -1.98 0.24
Thesis Unit Trust Management Limited (UK)
LF Ruffer Pacific & Emerging Markets C Inc 107.67 - 0.88 -
Janus Henderson Global Equity Income Fund A Inc 61.60 - -0.17 - New Capital US Small Cap Growth Fund $ 246.47 - -8.81 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
ETF Commodity A 73.07 73.07 0.00 0.00
Authorised Funds
LF Ruffer Pacific & Emerging Markets O Acc 384.90 - 3.36 0.50
Janus Henderson Global Sustainable Equity Fund A Inc 448.00 - -6.80 - New Capital Wealthy Nations Bond Fund $ 151.53 - -0.58 0.00
European Multi-Cap 669.80 669.80 1.63 0.00 TM New Court Fund A 2011 Inc £ 19.05 - -0.09 0.00
LF Ruffer Total Return C Acc 542.76 - 8.31 0.78
Janus Henderson Global Technology Fund A Acc 2991.00 - -72.00 -
Extra Income 87.35 87.35 -0.22 2.95 TM New Court Fund - A 2014 Acc £ 19.22 - -0.08 -
LF Ruffer Total Return C Inc 350.16 - 4.30 0.78
Janus Henderson Instl UK Idx Opps A Acc £ 1.00 - 0.00 -
Far East Growth A Inc 269.34 269.34 -1.68 0.75 TM New Court Equity Growth Fund - Inc £ 20.92 - -0.10 0.00
LF Ruffer Total Return O Acc 528.90 - 8.07 0.78
Janus Henderson Multi-Asset Absolute Return Fund A Acc 149.30 - -0.20 - Polar Capital LLP (CYM)
Global 300.56 300.56 -1.81 0.12
Regulated LF Ruffer Total Return O Inc 341.03 - 4.17 0.79
Janus Henderson Multi-Manager Active Fund A Acc 253.70 - -0.80 -
Global Bond Inc 151.40 151.40 1.15 2.30 European Forager A EUR € 190.85 - 0.26 0.00
Janus Henderson Multi-Manager Distribution Fund A Inc 134.80 - -0.10 -
High Yield Fixed Interest 72.61 72.61 -0.49 3.76

Janus Henderson Multi-Manager Diversified Fund A Acc 92.29 - 0.02 -

Multi Cap Income A Inc 137.57 137.57 0.07 3.68

Janus Henderson Multi-Manager Global Select Fund Acc 291.70 - -0.60 -

Nano-Cap Growth A Acc 262.80 262.80 -0.69 0.00

Janus Henderson Multi-Manager Income & Growth Fund A Acc 192.00 - -0.10 -
Special Situations A Acc 2184.86 2184.86 5.86 0.00

Janus Henderson Multi-Manager Income & Growth Fund A Inc 156.40 - -0.10 -
UK Multi-Cap Growth A Inc 393.81 393.81 -2.57 0.00

Janus Henderson Multi-Manager Managed Fund A Acc 311.20 - -0.90 -

UK Micro Cap Growth A 1005.38 1005.38 -21.14 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY)
Janus Henderson Multi-Manager Managed Fund A Inc 301.20 - -0.90 - Regulated
US Multi-Cap Income 635.27 635.27 -2.73 1.31
Monument Growth 16/03/2021 £ 515.43 520.98 7.37 -
Janus Henderson Sterling Bond Unit Trust Acc 246.40 - 1.10 - MFM - Third Party Funds

Junior Oils 35.61 35.61 0.21 0.00

Janus Henderson Sterling Bond Unit Trust Inc 69.13 - 0.30 -
Oasis Crescent Management Company Ltd
Junior Gold C Acc 52.83 52.83 -0.66 0.00 Other International Funds
Janus Henderson Strategic Bond Fund A Inc 128.70 - -0.30 -
Oasis Crescent Equity Fund R 11.83 - -0.08 0.20
MFM Bowland 330.18 330.18 10.06 0.61
18 ★ 20 March/21 March 2021

Twitter: @FTLex

Global investors
keep the faith in
Greensill Capital:
US outperformance
Tech executives/Tesla: titles for the entitled
curiouser and curiouser Share price performance one year before and after title change (%)

Michael Mackenzie
The Greensill pitch seemed simple Before After
enough: it helped companies get paid
quickly by turning invoices into bond- Tesla:
668

The Long View

like investments. But the SoftBank- ‘Technoking’
backed finance company’s business 2021
model, now described as “extremely

O
risky” by Australian regulators, was
more convoluted than it appeared. Amazon: ‘Chief evangelist’ 4 ne distinct financial trend record and global shares rallied, sup- growth and corporate earnings by
That will make it harder to claw back 2012 74 has stood out clearly for ported by a shift into economically sen- reducing financing costs. Rising local
funds for those left out of pocket. AOL: ‘Digital prophet’ -1 more than a decade: US sitive sectors that include energy, bank- currencies bolster returns for global
Greensill did not just provide credit 2011 60 equities have been the best ing, materials and industrials. investors holding non-US equities, par-
on the basis of actual invoices, Microsoft: ‘Galactic viceroy of -1.4 place to park your money. Technology sector shares were ticularly in emerging markets.
according to a lawsuit filed by US research excellence’ 2010 11 The dominance of dazzling technol- weaker with their lofty valuations mak- This week, Citi’s global asset alloca-
mining group Bluestone, one of its Google: ‘In-house 7 ogy companies and US multinationals ing them look less appealing when a glo- tion team wrote that they had increased
biggest clients. It also issued credit on philosopher’ 2011 9 has seen Wall Street comprehensively bal economic recovery is gathering their recommended portfolio weight-
the basis of “future” invoices. Even outperform the rest of the world. But pace. A rising 10-year interest rate ings towards the US and Japan, and
FT graphic Sources: Refinitiv; FT research
stranger, these were from potential, as that allure faded in recent months as reduces the expected value of future away from Europe and EMs.
well as existing, customers. investors focused on a robust global eco- cash flows, especially the more specula- The bank cited a “materially higher
Questions about the quality of the Elon Musk this week crowned himself engineering. Musk’s job will not nomic recovery that benefits a broader tive prospects that are full of promise US growth outlook” from stimulus and
loans’ collateral arise from Greensill’s “technoking of Tesla”. He handed his change. The titles signal entitlement. range of companies and equity markets. but with actual profits some way off. added that dollar strength “is usually
exposure to Sanjeev Gupta’s business CFO the title “master of coin”. Is this They show that bosses feel they have The FTSE All World index, excluding Given Wall Street’s hefty weighting of quite negative for emerging markets,
empire. This week it emerged that Tesla’s way of signalling it is a tech the full backing of investors. Musk’s the S&P 500, has risen by a quarter since tech compared with the rest of the across all asset classes”.
Greensill provided finance based on group rather than a car company? new job name comes after Tesla share November, pipping a gain of one-fifth world, a combination of strong growth A firmer dollar tends to boost Japa-
invoices from companies that were Unlikely. More plausible is that Musk price grew 660 per cent in a year. for the US benchmark. and an orderly rise in bond market rates nese corporate earnings by increasing
ostensibly independent but had links is amusing himself and his retail fans Executives under pressure do not “Investors are very confident about the value of export sales when trans-
to the steel magnate. at the expense of the stiffs at the SEC. have time to mess with the global reflation over the coming 12 lated back to yen.
Adding to the confusion are Weird job titles abound in tech but description of what they do. They are months, including further improve-
Stimulus and vaccinations Chris Watling, founder of Longview
questions over the validity of the until Musk the practice appeared to clinging on to posts such as CEO or ments in business confidence and are well ahead of Europe Economics, said worries of a stronger
insurance policies at the heart of be dwindling. AOL appointed David CFO whose currency is universal. corporate earnings,” said David Bowers, dollar undermining the case for shifting
Greensill’s business model. Insurer Shing “digital prophet” in 2011. Jokey names are a bad look when you managing director at Absolute Strategy
while another factor is the into global equities are misplaced.
Tokio Marine may go to court to Tumblr hired a “fashion evangelist” are losing investors money. Research, after the release of the firm’s resiliency of the dollar “US share market underperformance
protect its interests. Investors in the in 2012, the year Jeff Barr became A boss emboldened to embrace a latest quarterly survey of global asset looks well established” and this reflects
Credit Suisse funds that invested in “chief evangelist” of AWS. daft job description or hand them out allocators. might be expected to extend the current a shift towards an extended period of
Greensill loans have also threatened It can be empty PR. Think of Apple may make increasingly risky bets. Upgrades about the scale of the equity market rotation. dollar weakness. “When the US con-
litigation. The task now falls to dubbing in-store workers “geniuses” Musk’s title follows Tesla’s decision to unfolding economic recovery keep com- However, global investors appear to sumer gets going, their demand for
Australian administrators to sift or Automattic calling customer invest $1.5bn in bitcoin. Shing’s ing. The latest fiscal package from be keeping the faith in their home mar- imports benefits global exporters in
through more than $4bn of claims support “happiness engineers”. The appointment followed AOL’s vast Washington compelled the OECD to ket. Bowers said a surprise finding from Asia, parts of Europe and among com-
submitted by creditors. titles do not tend to correspond to purchase of The Huffington Post. raise its global economy growth forecast their survey was the “reluctance among modity producers,” he added.
Complex corporate structures are unusual jobs. Evangelists usually A month later, losses triggered a 30 to 5.6 per cent for 2021 from 4.2 per cent investors to underweight US equities But what might keep investors point-
not always a problem. But the risks are work in marketing, Ninjas in software per cent share price drop. late last year. within a global portfolio”. ing towards Wall Street is a strong cycle
greater when a company’s operations Even stronger growth is expected in He added that expectations of Wall of earnings growth, including those of
are convoluted. After the failed rescue the US. This week, Federal Reserve offi- Street beating the rest of the world over large tech names this year, that vindi-
of Birmingham-based carmaker MG UKGI decides to sell, not the other way For media conglomerates such as cials upped their US median growth the next 12 months were not far from cates high valuations.
Rover, it took government-appointed round. It also means NatWest paying ViacomCBS, Comcast, Fox and Disney, forecast for 2021 to 6.5 per cent from a being a “coin toss” at 46 per cent. “Valuations are higher and on average
inspectors four years to complete a into its pension scheme, which shelling out billions for sports prior estimate of 4.2 per cent. Bowers said investors are mindful the fundamentals of large US companies
report laying bare the structure used to received an extra £134m this year. broadcasting rights at a time of Jay Powell, the US central bank chair, that US stimulus and the rollout of vac- are better than what you find else-
extract value. Financial engineering Dividends and buybacks are the declining TV viewership looks maintained that the Fed would allow the cinations are running well ahead of where,” said Tony Despirito, chief
can shift money to unexpected places other avenue. Expect about £800m in foolhardy. But they have little choice. economy to run hot and not look at Europe at the moment. investment officer of US fundamental
— and make skimpily capitalised payouts annually, rising steadily on a Sports, specifically American tightening policy until officials are con- Another factor is the resiliency of the equities at BlackRock. One quarter of
businesses appear stronger than they 4 per cent yield. But here’s the football, is one of the few events that vinced that inflation was holding above US dollar in the past month, boosted by his equity dividend fund is investments
really are. Each new revelation adds to uncomfortable (back) rub. NatWest’s can consistently draw large, live 2 per cent and that the jobs market was higher long-term interest rates. in global large companies. “The US has
the uncertainties around Greensill. cheap buyback reduces tangible equity, audiences at a time when more very tight. This makes it more attractive, of led global stimulus efforts and it does
That opacity is ominous for creditors. thereby improving returns. But these households are cancelling their cable The equity market fallout from the course, to hold dollar assets. In contrast, suggest a much stronger recovery for
incremental reductions in UKGI’s TV subscriptions and shifting towards comments followed the recent trend of a Wall Street typically lags behind when the economy,” added Despirito.
holding do little for the stock overhang. online streaming. Over 6m US rotation of investor positioning. The US the reserve currency broadly weakens.
Its 61.7 per cent shareholding will fall households cancelled paid TV benchmark S&P 500 initially set a fresh A weaker US currency boosts global michael.mackenzie@ft.com
NatWest: by less than 2 percentage points.
NatWest has jettisoned some serious
subscription last year, according to
eMarketer, taking the total above 31m.
state trooper baggage, running down its toxic assets Seven of the top 10 most-watched US
and reaching outline settlement on US primetime shows last year were
In 2008, the government had Royal mortgage-backed securities claims. But football games. Viewership of NFL
Bank of Scotland’s back, via a big it will keep its biggest and most games averaged about 15.4m viewers,
bailout. These days, minority investors irksome legacy — hefty state ownership with the Super Bowl attracting over
just want the government off the back — for many years. The only alternative 102m. The sport generated close to
of the lender, renamed NatWest. scenarios would be for the state to cut $5bn in advertising in 2019, according
UK Government Investments has its losses or bank stocks to stage an to ad-tracking firm Kantar.
taken a small £1.1bn step towards implausibly strong recovery. Interest from Big Tech probably
separation by selling some of its helped drive up the bidding. Amazon is
holding back to NatWest, most of paying roughly $1bn to become the sole
which it will cancel. The purchase broadcaster for weekly Thursday night
might look cheap at 190p per share —
0.7 times tangible book value. In truth,
NFL/broadcast rights: games from 2023. Under their new
deal, each network will have the right
HM Treasury has transferred about touchdown to present games on their own
£1.1bn to itself via the bank it controls, streaming services. But growing
crystallising a loss. American football may lack platforms while making sure viewers
NatWest has to balance the needs of widespread appeal on the international maintain cable subscriptions will not
independent shareholders and stage but in the US it is the king of be easy, especially if networks plan to
taxpayers. The former want a return to sports — and ratings. The National recoup some of the costs from the NFL
full private ownership and the chance Football League this week cemented its deal by charging affiliates more. A
to pocket excess capital. The bank has status as the most valuable property on decade is a long time. TV executives
perhaps £8bn of this. UKGI needs to television after it announced a slew of will struggle to balance the two.
get the share price back up towards its new media rights deals reportedly
purchase price of 502p even as it sells worth as much as $110bn over 11 years.
out. NatWest has two main options for For the NFL, the deal is an emphatic
Lex on the web
distributing surplus cash. It can win. The new package doubles the For notes on today’s stories
purchase up to 4.99 per cent of value of the league’s existing rights, go to www.ft.com/lex
outstanding shares directly from UKGI worth $5bn per year, and far exceeds
annually. But that happens only when analyst expectations of $8bn.

Air pollution in Beijing soars after worst dust storm in a decade

Dust aerosol optical depth analysis at 550nm* at 12pm, March 14
Beijing reports sharp rise in pollution
Less dust More dust from Gobi desert dust cloud
Fine particulate matter, PM2.5 (rolling
7-day average, micrograms/cubic metre)
150
MONGOLIA Worst dust storm in
a decade hits Beijing

100
Beijing
A vast dust storm from the
Gobi desert is carried south-east
on strong winds towards Beijing 50

C H I N A WHO safe level**

0
500 km Jan 20 Apr Jul Oct Mar 2021
*The degree to which aerosols prevent the transmission of light by absorption or scattering of light For the FT’s latest
** Based on annual mean exposure of 10 micrograms per cubic metre climate change stories
Source: CopernicusECMWF Cartography: Steven Bernard ft.com/climate
Saturday 20 March / Sunday 21 March 2021

Oscars 2021 Meet Hollywood’s next generation of stars — PAGE 11

Follow us on Instagram @ft_weekend

been woefully inadequate. In the past England and FSB plan for macro-finan-
few decades, the freer movement of cial risks domestically and internation-
goods, capital and ideas has lifted more ally, we need a similar architecture for
than 1bn people out of poverty, made non-financial risks, from climate
the sum of human knowledge available change to Covid.
to 4bn more and raised global life We have to plan for failure. Stress
expectancy by almost a decade. For tests and war games are valuable not
many, however, such aggregate meas- because they predict future calamities
ures of progress ring false. In too many but because they build current capacity.
places, globalisation and breakthrough The BoE’s preparations for Brexit built
technologies mean low wages, insecure buffers, reserves and contingency plans
employment and widening inequality. across the financial system that were
The 10 years after the financial crisis quickly repurposed when the pandemic
marked the first lost decade for real struck. Building resilience means build-
incomes in the UK since the middle of ing buffers. Banks now carry much
the 19th century. If you substitute digital more capital and liquidity. Pandemic
platforms for textile mills, machine preparedness requires PPE stockpiles,
learning for the steam engine, current the capacity to test and trace and the
dynamics echo those of that era. Then,
Karl Marx was scribbling The Communist
Manifesto. Today, radical blogs and viral
tweets voice similar outrage.
Now, along with Covid, new forces
are intensifying these concerns. The
climate transition will require enor-
mous and rapid structural change. If
it’s similar to previous periods of tech-
nological upheaval, our Fourth Indus-
trial Revolution will lead to a long
period of difficult adjustment and ris-
ing inequality before increases in pro-
ductivity, wages and jobs. The Covid
crisis is already accelerating this trans-
formation — even while it deepens
existing inequalities.
The traumatic events of this past year
have generated arguments to national-
ise medical supply chains, restrict the With many children
sale of key technologies and form car-
bon clubs of like-minded countries. struggling to learn during
Whatever their merits, these policies Covid, it should be clear
spring from the same root: citizens
resist the pooling of sovereignty that that universal, affordable
openness requires because they no internet access is a right
longer believe it is in their best interest.
If we want to preserve the important
gains of the past decades of growth and ability to produce vaccines. Digital resil-
realise the promise of new technologies, ience means putting in place cyber
structural change will need to be man- defences, and contingency plans if those
aged for all and welcomed by all. We defences fail. No buffers can insure
need to fashion a renewed global econ- against climate risks, however; the only
omy founded on new dispersed net- protection is immediate action.
works of trade, capital and ideas that The most important buffer is fiscal
harness the creativity of billions of peo- capacity. Budget choices are often
ple, who will share fully in its rewards. talked about in terms of the sustainabil-
There are four pillars of this new ity of debts or the amorphous dictates
order: resilience, solidarity, connectiv- of the markets. They are really about
ity and sustainability. the sustainability of people’s liveli-
hoods. Over the past year, people have
Resilience needed extraordinary support. As we
For economies to remain open, they
must be resilient. Just as the Bank of Continued on page 2

A new dawn for

As we walked out, Mario Draghi
recounted to me how he had met
Mikhail Gorbachev in the early 1990s,
when the Soviet Union was asking the
G7 for advice on economic reform.

globalisation
Draghi, then director-general of the Ital-
ian Treasury, looked at the General Sec-
retary of the Supreme Soviet and
thought: “What’s a guy like that doing
meeting a guy like me? These Russians
must be in more trouble than I thought.”
He continued: “Mark, you know what?
Right now, I’m thinking exactly the
same thing about the Americans.”
The world had moved from boom to
bust, G1 to G0. Could the system survive
As we seek to recover from the pandemic, writes Mark Carney, we have a without a hegemon? Only if it could
rediscover its values.

golden opportunity to reimagine the world. Here he opens our special What inspiration can we draw for the
post-Covid world from those dramatic
moments — the last great inflection
renewal-themed edition with four principles for a fairer global economy point for the global economy? The crisis
and its aftermath marked the end of the
market fundamentalism in finance that

O
began with the Reagan-Thatcher revolu-
n a crisp October day in The images to the only thing that mattered: saving tion and which grew to the point where
2008, I sat in the gilded accompanying what was left of the system to prevent a the answer to any market failure was to
Cash Room of the US this piece were depression. A consensus was forged build more markets and/or to deregu-
Treasury with the other G7 photographed that governments and central banks late. As chairs of the Financial Stability
central bank governors for the FT by would unequivocally backstop their Board, Mario Draghi and I were at the
and finance ministers. With the finan- Harry Mitchell banking systems. We had a plan, based forefront of efforts to reform the global
cial system in freefall, we’d only made in London’s on overwhelming force, and it was to be financial system. Our aim was a system
it to the weekend because of a co-ordi- financial clearly communicated. Finally, all the that once again valued the future,
nated emergency interest rate cut, and districts lessons of crisis management were financed innovation and was prepared
there still wasn’t a plan. All we had being applied. to take action in the event of failure.
was a long, garbled communiqué writ- We then headed into a hastily con- The new approach balanced market
ten in toothless G7-speak. I had once vened meeting of the G20. With the dynamism with innovative forms of reg-
slaved over such documents as a deputy. economies of the emerging world being ulation that took into account the needs
They had their place, but this was hit by the implosion of the financial sys- of the system across regions and over
definitely not it. tems in developed economies, we had to time. As its performance during the
Suggestions that markets would right forge a new consensus for the global Covid-19 crisis has demonstrated,
themselves were shot down. Peer Stein- economy. President George W Bush although far from perfect, the financial
brück, the German finance minister, spoke well, admitting the mistakes the system is now safer, simpler and fairer.
recounted that he had met a woman US had made, vowing to fix things, and Moreover, the process of developing
that week in the former East Germany then asking for our help. “We will be these reforms points to a new form of
who told him “she’d seen the fall of com- stronger together,” he emphasised. international co-operation.
munism, and now she was witnessing Humility. Responsibility. Resilience. And yet the broader response to what
the fall of capitalism”. The focus turned Solidarity. He won the room. has been a crisis of globalisation has
2 ★ FTWeekend 20 March/21 March 2021

Life THE RENEWAL EDITION

“resentful that their needs aren’t being

Note from the met and acting out their unhappiness”,

according to Gallup.

FTW editor
The year’s break will have come as a
relief to many furloughed waiters,
receptionists and also those doing what
the anthropologist David Graeber
called “bullshit jobs” that contribute
nothing meaningful to society:
Back in the bleak days of January, “flunkies” whose task is to
make others feel important, or
when we came up with the idea “goons” who aggressively sell
of a late March edition lightly people useless products, often
Last Saturday, I got coffee from call centres.
themed “renewal”, there were outside with a friend whom I’d They have been freed from living to
rightly doubters arguing that we barely seen all pandemic. somebody else’s schedule. So have the
might be going too soon. But even Straight after bumping victims of an underrated source of
elbows, he proudly took out mass misery: the commute. “Holding
with fresh delays to vaccine rollout his phone to show me his all else equal, commuters have lower
across much of Europe, the timing latest medical tests: his bad life satisfaction, a lower sense that
cholesterol had plummeted their daily activities are worthwhile,
still seems about right for our because he had stopped eating lower levels of happiness and higher
floral graphics and a gaze into the out. He was happy not socialising. anxiety on average than non-
Invited to two illegal dinner commuters,” reported Britain’s Office
future. Some will quibble over parties the previous night, he for National Statistics in a survey of
Mark Carney’s vision for a had told each host that he 60,000 people in 2014. “Route talk”
couldn’t come because he was (“The feeder road was closed, so I . . .”)
renewal of globalisation, but surely going to the other gathering. He isn’t always the mark of a banal mind.
few will dispute that this should then sat at home and watched Netflix. Harry Haysom Sometimes it’s a cry of pain. Those who

Truth is, many of us have

We enjoyed seeing each other, but in continue to commute during the
be a time for bold thinking. less than an hour we were both done, pandemic are enjoying emptier roads
There has been a blizzard of that made our excuses and each retreated and trains.
at our digital FT Weekend Festival home to blessed solitude. Most people in developed countries
The focus during the pandemic has are also richer than before because

had a good pandemic

this week. I am writing this from rightly been on people who have they have cut down on meals out
the basement video studio at the suffered: the dead, the bereaved, the and holidays. The personal savings
lonely, the depressed, the newly rate in the US hit a record 32.2 per
FT. Among the many resonant unemployed, the impoverished, cent last April, and thereafter
speakers in the first two days were women beaten by partners, parents remained considerably higher
stuck in endless home school and the than pre-pandemic.
Lucy Kellaway, our former young watching their youth tick away Above all, those of us who aren’t
columnist, on “tiger-helicopter unused. But there’s a guilty truth that minority, about one person in five, home schooling or working in intensive
rarely dares speak its name: many of reporting “increased levels of care have received the gift of time. This
parents”; author Leila Slimani: us became happier during the happiness, optimism and meaning in year, I’ve occasionally experienced an
“We belong to the gender of fear”; pandemic. Now, as vaccines promise an life”. The pandemic had simplified unfamiliar sensation: I had nothing
eventual return to normal life, we many “busy, complicated” lives, urgent to do.
and Yuval Noah Harari, who aren’t sure we want it. Bartels told Horizon, the EU research Life in society is unnatural,
urged us to have a month’s detox Ipsos’s annual Global Happiness and innovation magazine: “Some Those who aren’t complicated and overstimulating. For
each year if we wanted to be survey, which polled 20,000 adults in people realised they probably didn’t the first time, an almost fully virtual
27 countries last July and August, came live the life they liked, [and then] spent home schooling or alternative is on offer: virtual work,
happy. That is a renewal vision up with an intriguing finding: 63 per more time at home with their families working in socialising, entertainment, shopping,
I imagine many of us can endorse. cent said they were happy, just one — so there was some stress relief.” The
intensive care
food deliveries and sex. Some people
percentage point down on 2019. This happy contingent may be even bigger will never want to go back.
You can listen to them via our was around the usual yearly decline: than these figures suggest, given that have received the The other evening, I had to cross
catch-up service and we have a full the percentage claiming to be happy admitting to contentment during a
gift of time
Paris after curfew for a work event.
fell 14 points globally between 2011 and pandemic is socially inappropriate. Resentful at having my soothing
programme today (Saturday), 2020, with particularly steep drops in It’s easy to dismiss the happy as evening routine disrupted, I realised I’d
including the FT’s editor Roula Mexico, Turkey, South Africa, “privileged” (in contemporary leftwing become a creature of habit. Forced to
Argentina, Spain and India. Last year’s language) or “elites” (the rightwing share space with strangers on the
Khalaf debating generational loss of the public sphere didn’t seem translation). However, that’s a dubious metro again, I self-diagnosed mild
inequities with editorial writers, crucial, because the most-cited sources argument. Think of all the humble agoraphobia and what psychologists
of happiness were private ones: “my workers liberated from hated jobs and are calling “re-entry anxiety”.
and sessions on spies, climbing health/physical wellbeing”, “my bosses and — especially in Europe — I’d like to retain some of my
Everest, the Arab Spring, Prince relationship with my partner/spouse” now paid to sit at home. pandemic habits, such as spending one
Harry and much, much more. and “my children”. In Gallup’s State of the Global day each weekend entirely at home.
Thank you for reading us as ever
Similarly, Meike Bartels, professor
of genetics and wellbeing at VU
Simon Kuper Workplace survey in 2017, only 15 per
cent of employees in 155 countries
But I suspect I’ll fall back into the
unwanted pre-Covid whirl.
— and this week for listening too. Amsterdam, compared survey data of reported feeling engaged in their jobs.

Alec Russell
5,000 people pre-pandemic with about
18,000 afterwards and found a sizeable
Opening shot Two-thirds weren’t engaged, and 18 per
cent were actively disengaged,
Follow Simon on Twitter @KuperSimon
and email him at simon.kuper@ft.com

A new dawn ices trade currently up to three times

higher than that of goods. Bringing these
barriers into line could halve global cur-
rent account imbalances. And doing so
can help make growth more inclusive as
Crucially, a co-operative approach to
services trade could be an effective way
to leverage the explosion of digital serv-
ice provision during the pandemic. Freer
trade in services can spread opportunity
forms, such as Shopify, Tmall, Etsy,
Amazon, that are at the heart of the new
economy. These platforms give smaller
businesses direct stakes in local and glo-
bal markets, allowing them to bypass big
Finally, the world needs to rapidly
expand blended finance, which com-
bines public and private capital, to max-
imise impact. With proper structuring,
billions of dollars of risk capacity at
Continued from page 1 education — and integrate it with the services account for a 10 percentage globally, provided comparable stand- corporates in a form of artisanal globali- multilateral development banks, such
social welfare system. point larger share of women’s employ- ards achieve broadly similar results. sation that can drive inclusive growth. as the World Bank and African Develop-
exit these measures, the best support After the tragedy of education under ment than men’s. Second, after decades of “multina- To spread opportunity, the priority ment Bank, can support trillions of dol-
will be policies that drive broad-based Covid, where poor broadband access Liberalising services is not straight- tional” trade deals, the time has come should be to eliminate tariffs for SMEs lars of private investment in emerging
growth. That means tapering emer- meant that many children struggled, it forward, as barriers are typically not for free trade for small and medium and focus on broadly comparable out- and developing economies. With
gency Covid schemes, focusing on should be clear now that universal, tariffs but “behind the border” differ- enterprises. They are the engine rooms comes, such as for product quality, momentum growing for the core of the
regenerating the most affected indus- affordable and fast internet access is a ences in regulatory standards and trad- of most economies, yet they account for rather than obsessing over exact dupli- private financial sector to commit to net
tries, balancing current spending over right. We should explore all options, ing conditions. That is why the experi- only a fraction of exports. A large part of cation of standards. These efficiencies zero carbon emissions, now is the time
the medium term, and concentrating including ambitious low Earth orbit sat- ence with financial services is so rele- this underrepresentation reflects the can be reinforced by using the rich data for the G20 to ensure that all develop-
investment on physical, digital and in ellite systems that leapfrog existing vant. FSB reforms have helped maintain much higher costs of doing business of the platform economy to improve ment finance institutions are fully Paris
particular climate initiatives that are technologies, not least because, in a financial market openness by giving across borders — from regulation to the SMEs’ access to finance and reduce the Agreement-aligned.
job heavy and capital intensive. world where remote working is increas- national authorities the confidence to costs of transferring money. Like- carbon footprint of fulfilment. In paral- COP26, the UN Climate Change Con-
To be clear, this does not herald the ingly possible, the potential of the revo- rely on each other. minded countries can leverage plat- lel, new central bank digital currencies ference, this November in Glasgow can
return of the Big State. It is about build- lution in information and communica- can transform financial inclusion, dra- be the watershed in a new, more inclu-
ing the supporting infrastructure for the tions technology to “level up” can finally matically lower the costs of domestic sive and sustainable global economic
two great re-wirings of our economies: be realised. and cross-border payments and, by system. A financial system that has the
the digital revolution and the sustaina-
Globalisation lifted millions out of poverty, integrating with smart contracts, track information, tools and markets so that
ble transformation. This requires credi- Connectivity and raised life expectancy … carbon across value chains. every decision takes climate change into
ble, predictable regulatory policies, Greater global connectivity can drive an Cumulative change since 1991 in global Life expectancy at birth (years) This points to a third set of networks account. A system that turns billions of
such as future paths for carbon taxes, explosion in access to opportunity by population in extreme poverty* Japan that can turn the existential threat of cli- dollars of public money into trillions of
mandates for hydrogen fuels and mora- bringing billions of people on to new (millions) 80
High income mate change into the greatest commer- private investment in climate solutions.
Projections US
toria on internal combustion vehicles. platforms of global commerce. But that cial opportunity of our time. The invest- A global economic system where
0 China
And it must include a series of measures will require a new international archi- ment required is enormous, reaching national commitments and interna-
to empower people to participate fully tecture that can draw on what went World $100tn over the next three decades, tional co-operation harness the power
-200 70
in the economy — solidarity through right after the financial crisis. India with the majority of it needed in the of new technologies, from renewable
regeneration, not by redistribution. This century’s crises have strained -400 emerging and developing world. This energy to AI, to accelerate the transition
Low income
the old, rules-based international archi- -600 can only be achieved by the rapid to net zero.
Solidarity 60
tecture to breaking point. It has become growth of private finance. When I was a student and took the bus
An extension of the long period of wage increasingly difficult to reconcile demo- -800 from Oxford to London, I would always
stagnation for swaths of people is nei- cratic accountability with binding rules Sustainability look out for a landmark — a terraced
-1000 50
ther morally justified nor politically sus- to govern the global flow of trade, capi- Companies are increasingly addressing house just outside the university town
tainable. Our test should be that every- tal and ideas. The experience of finan- -1200 sustainability across their operations, where a man had installed a sculpture of
one’s real earnings and prospects grow cial reform suggests that multilateral- including their suppliers, distributors a shark attacking his roof. Triggered by
-1400 40
over their lifetimes. To pass it, we need ism can still be powerful and effective. and consumers. This focus will spur the Chernobyl disaster, the display
to focus on how technologies can In response to the charge of G20 lead- 1991 2000 2010 2020 1980 90 2000 10 18 substantial green investment in devel- expressed feelings of “impotence and
* below $1.90 per day at 2011 purchasing power parity
increase the skills of existing jobs, and ers, hundreds of reforms were devel- oping countries. Free trade for SMEs anger and desperation” at how chal-
how workers can build their skills for oped at the FSB and then implemented … but for many it meant stagnant wages and rising inequality and faster digital payments can all rein- lenges from abroad could quickly
the jobs of the future. in national jurisdictions through a force these incentives and further boost become local.
UK real earnings, average annual Share of income (%) by groups at
As a society, we need to choose to be sense of common ownership and capital flows. Over the years, I have often thought of
growth over previous 10 years (%) top and bottom of the distribution
“digital by design” — leveraging new mutual reliance. In parallel, company net zero plans that shark because, of course, it isn’t just
technologies to create new jobs and bet- The FSB has succeeded, when others 4 1980 2019 are driving demand for carbon offsets as nuclear fallout that spreads across bor-
ter communities — rather than “digital from trade to peacekeeping have strug- Top 10% Bottom 50%
a complement to their primary focus on ders. We cannot just withdraw from the
by default”, letting technology drive our gled, because it has a clear mission with absolute emissions reductions. The cur- world and hope sharks won’t attack.
choices. We can start by valuing the out- political backing and brings the leaders 3 40 rent carbon offset market is tiny, opaque Covid will not be over anywhere until it
comes that we want technology to help of the right agencies around the table. and of uneven quality. Now a large group is over everywhere. We cannot self-iso-
achieve, such as reducing carbon and Country buy-in of FSB standards is cre- of stakeholders — under the Institute of late from climate change. Rather than
raising labour income. Remarkably, ated because they helped to develop 2 30 International Finance’s Taskforce on confuse independence with sovereignty,
most tax systems favour investment in those standards, not because they are Scaling Voluntary Carbon Markets, we must design a new form of interna-
machines and software over people. forced on them by treaty obligations. chaired by Bill Winters — is developing a tional co-operation to serve the needs of
1 20
Regulation, public investment and tax Standards are tailored to national cir- large-scale, high-integrity carbon offset the many, not the few. With such a
policy should incentivise technology to cumstances, but common outcomes on market. When proper governance, renewed globalisation founded on the
support labour rather than supplant it. financial stability are relied on to sup- 10 increased transparency and robust mar- pillars of resilience, solidarity, connec-
0
Most fundamentally, there needs to port openness. By pursuing such co-op- ket infrastructure are combined with a tivity and sustainability, all can thrive.
be a radical rethink of life-long learning. erative internationalism, there are sev- relentless focus on the integrity of the
During the first three industrial revolu- eral ways nations can build new net- 0 supply and demand of carbon offsets, Mark Carney is the UN’s special envoy
-1
tions, the skills of workers were trans- works for a more inclusive, resilient and US France US France investment flows could reach $100bn a on climate action and finance, was the
formed by the advent of primary, sec- sustainable globalisation. 1980 1990 2000 2010 2020 UK Germany UK Germany year. Demand will overwhelmingly be governor of the Bank of England from
ondary and tertiary education, respec- First, free trade in services. The play- Sources: Lakner, Yonzan et al, World Bank Data Blog 2021; World Bank; from companies in advanced economies 2013 to 2020, and is the author of
ONS; Bank of England; World Inequality Database
tively. Now, we need to institutionalise ing field between trade in goods and for investments in projects in the emerg- ‘Value(s): Building a Better World for
retraining in mid-career — quaternary services is uneven, with barriers to serv- ing and developing world. All’, published by William Collins
20 March/21 March 2021 ★ FTWeekend 3

Life
sands of paintings and monoprints on a religion as a political tool,” he says.

Lunch with the FT Htein Lin range of cultural and allegorical themes,
as well as depicting prison life: inmates
in cells, returning from labour camps, or
While Aung San Suu Kyi’s NLD govern-
ment “did lots of good things”, he criti-
cises her decision to travel to The Hague
showing hands they had maimed to in 2019, when she defended Myanmar in
avoid the camps. “Whatever I saw inside the International Court of Justice’s geno-

‘We thought revolution

prison, I painted,” he says. cide case. “She should not have gone,”
On his release he returned to Yangon, he says. “It damaged our image.”
and in 2005 mounted a clandestine On the day of the coup, Htein Lin got
exhibition of his prison paintings. early word of what was happening from
Vicky Bowman, then Britain’s ambassa- a journalist. After the regime cut off
dor, was captivated by them, but wor- internet and phones, “I thought, ‘this is

was like a Hollywood

ried they would be found and really happening’”. He was “so angry”.
destroyed. She helped to ship them out “It’s like trying to go back to 20 years
of the country. The two became friends, ago,” he says.
then fell in love. From anger, he has been spurred to
On a trip to London, Htein Lin visited action. In the seven weeks since the
the National Gallery, his first ever art coup, Myanmar’s people have risen up,

movie’
museum, and saw Van Gogh’s “Sunflow- led by young people in their teens and
ers”, which his teacher had told him early 20s.
about in the camp. “All the memories The military have responded by
came back to my mind,” he says. bringing to the cities the battlefield tac-
He proposed to Bowman by doing a tics familiar to people in its ethnic
performance art sand drawing on a minority states, spraying gunfire into
beach in Cornwall. The two wed in 2006 flats, conducting mass arrests, and
and moved to London when Bowman’s inflicting enough fatal head wounds to
post ended. make clear they were shooting to kill.
Two years after Aung San Suu Kyi was In recent days, some formerly peace-
The artist has been a voice of freed in 2010, beginning Myanmar’s fit- ful protesters have begun arming them-
protest against Myanmar’s ful democratic transition, Htein Lin and selves with firebombs, Yangon’s Chinese
Bowman returned to Yangon. He began garment factories have been set on fire
military for decades. Over bumping into his former fellow prison- amid anger at Beijing’s diplomatic
yellowfin tuna in Yangon, he ers, now free men, some of whom would equivocation over the coup, and the cri-
later become National League for sis has taken on the ominous feel of a
tells John Reed of his years as a Democracy MPs or ministers. war — albeit one where the sides are
political prisoner, the revolt “It was like a big reunion on the tragically mismatched.
street,” he says. He began work on “A
against the latest coup — and Show of Hands”, one of his best-known ‘I am no longer a student
how Van Gogh inspired him works, casting ex-prisoners’ hands in
like the protesters,
plaster and collecting their stories.
While the piece, with its grasping, mute they can run faster than

W
limbs, strikes me as unbearably bleak,
hen the Myanmar artist in his telling it is uplifting, restorative. me from gunfire’
Htein Lin was in jail in “Political prisoners are like that,” he
Mandalay in 2000, he says. “The country and history are bro-
and fellow inmates read ken piece by piece.” But, he adds, return- One of the compensations of entering
news in a smuggled ing political prisoners helped to rebuild one’s 50s is having seen enough history
magazine of a solar eclipse. They knew Myanmar, just as plaster heals a limb. to draw wisdom from it, while stepping
they had no chance of seeing it, and Htein Lin explored a range of contem- back and letting younger people take a
rarely saw the sun anyway from their porary issues in his art. In “Skirting the leading role. Htein Lin has joined Gener-
cell. But, using the wheel of a cigarette Issue”, he took on a superstition accord- ation Z protests, following by bike
lighter, toothpicks and medicine bottle ing to which men cannot wash their rather than on foot. “I am no longer a
caps, Htein Lin was moved to produce clothes with women’s sarongs nor walk student like them, they can run faster
one of his prison paintings, “Eclipse”. under them, or risk losing their mascu- than me from gunfire,” he says.
The canvas was cloth from a white line power. He voices admiration for the protest-
prison uniform. While he faced a backlash from con- ers’ “energy, bravery and creativity”. The
“It struck me that our lives as political servatives, the work proved prescient, kind of political art he once produced
prisoners were like an eclipse,” he would as young female protesters this month painstakingly by hand is now generated
later write. One minute he had a suc- weaponised the taboo, stringing their and traded at speed and electronically.
cessful acting and artistic career, “the skirts over Yangon’s streets to taunt Before our interview, I see a photo of
next minute the darkness of a cell”. troops. Htein Lin says he is pleased to Htein Lin raising his hand in the three-
The 54-year-old, who as a student see it become “a peaceful protest tactic finger salute, taken from the teen warri-
joined the 1988 uprising against the mil- to mess with the minds of superstitious ors of The Hunger Games, popularised by
itary dictatorship, and later endured soldiers”. youth democracy protesters in Thailand

T
torture and imprisonment, has lived last year and adopted in Myanmar now.
through enough of Myanmar’s history he time has come for me to Htein Lin tells me he is gathering
to see the sun of political and artistic ask about Aung San Suu images of the gesture and hopes to cre-
freedom come out, only for darkness to Kyi. It is a sensitive topic to ate a video installation from them. He
draw in again. raise given she is under has also been producing new artworks
When I connect with him on the mes- arrest, and her mandate has — from, notably, pots and pans, which
saging app Signal, after struggling with been robbed by the regime. After being protesters have been banging to protest
dropped calls and frozen screens, he has idolised for long years in the west, she against the junta.
something urgent to say. “We are in a was widely condemned overseas for fail- “This story is not the end,” he tells me.
revolution again,” he tells me, empha- ing to confront the horrific military “As an artist I survived, even in prison,
sising the word a new generation of action against the Rohingya Muslim even in solitary confinement, and now
youth rebels are using in their uprising minority in 2011, which killed thou- even in this stupid dictatorship.”
against last month’s military coup by sands and sent about 740,000 fleeing. I ask him whether he thinks the revo-
General Min Aung Hlaing. Htein Lin fled with other students Htein Lin reached the ABSDF camp in But the 75-year-old is still adored by lution can succeed despite forbidding
After a democratic interlude that JOI TA M OI BY C H E F across the Indian border. “We were hop- Pajau at the Chinese border in 1991, in most Burmese. odds. “One way or another we have to,”
lasted less than a decade, Myanmar is ORNG ing to get help from the Indian govern- time for the culmination of a horrific Htein Lin describes the Rohingya cri- he says. “We can’t go backwards.”
confronting a new junta — and a new 86B Shin Saw Pu, Yangon ment,” he says. “We thought this big, internecine power struggle in the group. sis as “a really sad affair”, and says the
rebellion, led by young people demand- democratic society would help us, but it A rival faction accused his group of Buddhist extremists who cheered it on John Reed is the FT’s south-east Asia
Lunch set menu
ing the restoration of their stolen democ- Mini Caesar salad did not happen.” being spies. They tortured them with “are not really Buddhists”. “They use correspondent
racy and the release of Aung San Suu Kyi The frustration mirrors that of today’s electric shocks, beatings and burns
Yoghurt beetroot velouté
and others arrested since February 1. protesters. Expressions of solidarity from knives heated in the fire.
with walnut crouton
On the day we have lunch in early have poured in from around the world, “I have had many experiences of tor-
March, security forces kill 38 people in Tartare of Myanmar but have not been matched by concrete ture, but that one was the worst of my
yellowfin tuna
one of Myanmar’s bloodiest days since help. Many in Myanmar want the UN to life,” Htein Lin says. He and others man-
the coup. A few kilometres from where Chicken and foie gras ravioli invoke its Responsibility to Protect aged to escape to China but the Chinese
Htein Lin is sitting in Yangon, troops Braised Australian beef principle, which the Security Council turned them over to the Burmese army,
open fire, killing at least six, with police brisket with potato purée used to justify the 2011 intervention who spared them as their tale of torture
caught on CCTV bludgeoning medics Chocolate and strawberry against Muammer Gaddafi’s Libyan was a useful propaganda tool.
with gun butts and clubs. In Mandalay, regime — though few believe it will. What did he take away from it all, I
Tax 5% (not charged in
19-year-old Kyal Sin dies of a gunshot support of the civil In a camp for Burmese refugees just ask. “An understanding of how people
wound to the head, wearing a T-shirt disobedience movement) over the border, Htein Lin met Sitt get bad with power,” he says. “It was
reading “Everything will be OK”. Pic- Nyein Aye, an artist who gave him an quite an important experience.”

F
Total 45,000 kyat ($32)
tures of her and other casualties are apprenticeship in modern art, a forbid-
later strung over the road in Sanchaung, den topic under Burma’s socialist or a man who has endured so
the Yangon neighbourhood where the MANDALAY FOOD HOUSE regime. Htein Lin had always had an much, Htein Lin has a healthy
Phetchaburi Road,
artist lives and is having lunch. Ratchathewi, Bangkok
artistic bent, performing comedy as a appetite and an endearing
Htein Lin, who has shaggy black hair, student in a traditional performing arts belly laugh, which he deploys
glasses and the questing mien of a uni- Garlic pear leaf troupe. Now, he found himself enrap- when I remark on the feast he
versity lecturer, is eating in Joitamoi, a salad 80 baht tured by his mentor’s stories about Van is having in Yangon. My tea leaf salad is
fine dining restaurant run by an activist Shan tofu 70 baht Gogh’s use of the colour yellow and good — fermented leaves punctuated
he met in exile in the UK. Like Thailand, transformation of bitter life experience with crunchy seeds and garlic — but my
Tea leaf salad 70 baht
where I live, Myanmar has been shut to into immortal art. tofu noodles are in a stodgy sauce, so I
most international visitors during the Fried fish fillets 120 baht “He had never seen an actual Picasso order some fried fish.
Covid-19 pandemic. Water x 2 30 baht or Van Gogh painting, but he had seen After seeing friends die in the jungle,
I am dining on simpler fare at Hot tea 30 baht photographs,” he says. Learning about Htein Lin says, he realised “you can die
Mandalay Food House, a workmen’s art without having seen it, Htein Lin any time because life is so fragile”. He
Tax 7% 28 baht
joint in a Bangkok back alley, whose says, “was like trying to understand recalled the story of Van Gogh, who
window is plastered with a huge print of Tip 100 baht democratic society without being in it”. ended his own life but achieved immor-

A
Aung San Suu Kyi. The place is buzzing, Total 528 baht ($17.20) tality nonetheless. “Even though he
filled with Burmese migrants — some of s he talks, he is tucking into died, his name stayed.”
the at least 1.6m who live in Thailand the second of six courses in Back in Yangon, Htein Lin resumed
anxiously following events at home. Yangon. In Bangkok, I have his law studies, but was now set on
Htein Lin was studying law at Ran- ordered tea leaf salad, my becoming an artist. He began to experi-
goon Arts and Sciences University favourite Burmese dish, ment with abstract expressionism, a
(today the University of Yangon) during and Shan tofu noodles. safe choice to avoid the regime’s censors.
the student uprising of 1988 — or, as he Htein Lin began doing illustrations He also dabbled in street satire and per-
puts it, “the first time in my life revolu- for a political magazine distributed in formance art, covering his mouth with
tion came to me”. the camp and beyond, but wanted to do tape or carrying a paintbrush planted in
“We grew up under a socialist govern- more. As India became less welcoming a flowerpot — Htein Lin raises his knife
ment,” he says. “We were demanding of the student exiles, he headed to to illustrate this — and wrapping it in
democracy without knowing what northern Kachin state to join the All barbed wire.
democracy was.” Burma Students’ Democratic Front. In 1998 he was arrested when authori-
The threadbare, corrupt Burma of This group had guns, but limited ammu- ties intercepted a letter naming him as a
General Ne Win, who ruled from his nition. “Only about 40 bullets, then you potential participant in an event
1962 coup until he was forced out, was had to run,” Htein Lin recalls. planned to mark the 10th anniversary
ripe for revolt. The uprising began in It must have been terrifying, I say. of the 1988 uprising (in fact, he says, he
1988 with broad support and high “Yes,” Htein Lin agrees. “But we had no plans to take part). Sentenced to
hopes, and coincided with Aung San Suu thought revolution was like a Holly- seven years in jail, he began drawing,
Kyi’s return to her homeland after long wood movie.” The students were enrap- first on walls, floors or bits of paper.
years in exile. But it was crushed after tured with the film Rambo, and stories Some of the guards recognised him
the coup that toppled Ne Win, when they read about Che Guevara and Fidel from amateur films he had performed
troops began shooting at crowds, open- Castro. In reality, they struggled with in, and he was able to wangle white cot-
ing a period of repression that was to last malaria and hunger. At one point, they ton uniforms, soap and other materials
more than two decades. spent an entire rainy season in flight. to make art. He would produce thou-
4 ★ FTWeekend 20 March/21 March 2021

Style THE RENEWAL EDITION

washed in the local launderette, then
unstitched, recut and resewn; and I
want to pay the people who work at my

The future is
[UK] factories a proper wage.”
Foster decided to start her label after
learning about the enormous levels of
overproduction and water usage in the
denim industry. “The damage has
already been done,” she says. “By upcy-
cling it, we’re at least preventing it from
degrading or being burnt or further
damaging the environment.”

old clothes
While her business is profitable, most
designers I spoke to said they have diffi-
culty making money on garments made
from charity shop finds or other compa-
nies’ waste — even when the resulting
pieces are priced in the thousands of
euros. “Everything is handpicked and
hand-sewn; we haven’t managed to
commercialise them,” Molloy says of
Colville’s upcycled T-shirts and puffers.
Designers are crafting collections from “When you’re using scraps and old
materials to create these one-off-pieces,
it does make it hard to have efficiencies
discarded garments, a shift that looks of scale from a cost perspective,” says
Brown of Closed Loop Partners.
Where Brown sees an opportunity to
set to stay, writes Lauren Indvik scale is in what she calls “recapture”,
whereby brands buy back unwanted
garments from customers, repair it, and

F
sell it on again. That takes out all of the
or her debut Chloé show this work of redesigning each piece.
month, designer Gabriela Jeff Denby, Amsterdam-based co-
Hearst acquired 50 second- founder of The Renewal Workshop,
hand versions of the brand’s which is backed by Closed Loop Part-
once-popular Edith bag from ners, is on a mission to help fashion
eBay and, using scraps of yarn, leather companies transition from a linear to a
and wool left over from previous Chloé circular business model — and to do it
collections, reworked them by hand profitably. His company powers all of
into original, one-of-a-kind creations. the back-end operations that enable
With prices at €2,500 to €3,100 per brands including Tommy Hilfiger and
bag, the customer response was wild, The North Face to collect, repair and
Hearst says in an interview back home resell goods that might otherwise have
in New York 10 days later. Whereas well- gone to landfill. “We work with product
heeled buyers might once have turned
up their noses at the idea of carrying
someone else’s old handbag, some of the
The market for used cars
most in-demand items at luxury houses is bigger than for new cars
today are unique items crafted from
worn or leftover materials. Often patch-
— and it could one day be
worked and made opulent through lay- the same for fashion
ers of printing or embroidery, these
“upcycled” pieces have an artisanal feel European suppliers shut down by the
lacking in many luxury goods. Buyers pandemic, designers have been forced that has already been made, stuff that
can also feel good about putting their to hunt down unused buttons, yarns and has gone back because it was defective,
money towards items that might have fabrics from their own storage facilities. or it was returned to an ecommerce
otherwise ended up in landfill. It is no longer rare to see last season’s website. We collect, sort, clean, refur-
“This is the first time I can remember print on this season’s runways. bish and bring it back to a like-new con-
in my life that upcycling is actually a The shift is not limited to high fashion. dition so it can be sold again. Anything
desirable trend,” says Caroline Brown, a In recent years high street brands such we don’t renew, we manage out to textile
former chief executive of Donna Karan as H&M-owned Cos and Arket have recyclers.”
and DKNY who is now managing direc- introduced capsule collections with Denby identifies a major problem in
tor of sustainability-focused investment materials sourced from ecommerce that “the business model of the fashion
group Closed Loop Partners. “There are returns and worn garments gathered industry is to make and sell more things
now consumers oozing to buy from customers via in-store recy- that you sold last year”. He adds:
second-hand over new.” cling bins. Outdoor clothing “Brands are making some extremely
The Edith bags were not a purveyors Patagonia and public targets on the amount of carbon
one-off for Hearst, who The North Face both sell they are going to reduce, and most of
has been using recycled refurbished garments that carbon comes from the making of
and deadstock fabrics and bags that have been new things. Brands are going to have to
and reworking previ- traded in by custom- decouple revenue from resource if they
ous seasons’ unsold ers. These pieces are are going to hit those targets, and the
stock into her col- often available at a way they can do that is through circular
lections for years. fraction of the price, business models”. He points out, for
She has pledged to and look much instance, that the market for used cars is
make 80 per cent cooler. A new 1996 far greater than for new cars; fashion
of her products Retro Nuptse could one day be the same.
from non-virgin puffer jacket from and Molly Molloy trawl through local temporary housing for women and Clockwise from main: Hearst doesn’t believe that virgin
materials by the end of 2022. “It’s really The North Face costs $280 online; a charity shops for old puffers and ’80s ski children in the east London borough of Bethany Williams’ materials will ever entirely disappear
exciting that this is now exciting,” she “Remade” version in red, with a nifty flo- suits needed to make their quilted coats Newham. “Virgin [materials] would be upcycled coats made from the fashion industry. But she
says. “From my very first show in 2017 ral-print panel on the front, costs $186. and colourful patchwork bags. cheaper,” she acknowledges. from wool blankets for thinks most will. “We need to rapidly
we used upcycled materials, and it was Even though the raw materials are To make her recent capsule collec- Anna Foster, founder of four-year-old Selfridges; Arket’s move to circularity if we are going to
controversial. It was not a thing that was often inexpensive, creating one-of-a- tion of upcycled wool blanket coats for label ELV Denim, specialises in upcyc- upcycled patchwork survive. We are going to be more than
considered luxury.” kind pieces can be labour-intensive and Selfridges, Bethany Williams scoured led jeans starting at around £250 per denim for spring 2021; 8bn people [soon], we have [a limited]
Once associated with fashion students costly. For her autumn/winter 2021 vintage markets for months. The coats pair. She and executive creative lead Chloé’s upcycled Edith amount of space to plant and grow
and cash-poor teenagers with charity show, Paris-based designer Marine Serre were washed, recut and pieced Hannah Busby seek out discarded pairs bag; Anna Foster, founder food,” she says. “We as a culture have to
shop habits and home sewing machines, ran video footage showing the unglam- together by hand, while the buttons at vintage warehouses and textile asso- of ELV Denim; Colville decide what is important to have new
repurposed garments and materials orous reality of making her patchwork were carved from fallen trees in an ciations, focusing on the larger sizes that quilted coat, autumn/ and what is important to not have new.
have become almost ubiquitous in lux- dresses, jackets and jeans, which require electricity-free workshop in east Lon- are the least in-demand from other winter 2021; The North This buying and discarding [of clothing]
ury collections over the past year. Often sifting through piles of discarded denim, don. Priced starting at £1,380, 20 per upcyclers. “Hannah and I literally wade Face remade women’s 1996 seems obsolete.”
this was driven by necessity: with sea- tablecloths, silk scarves and towels. cent of proceeds are going to the Mag- through dumps of fabric,” says Foster. retro Nupste jacket, $186
sonal collections to produce and many Colville designers Lucinda Chambers pie Project, a charity that provides “It takes time and effort; everything is Lauren Indvik is the FT’s fashion editor

K Bottega Veneta, K House K Reformation,

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A
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net-a-porter.com enough to lounge at home
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M Ganni,
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B Vintage If wearing a strappy style, think: what
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gan, hoodie and trainers. Or add
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20 March/21 March 2021 ★ FTWeekend 5

THE RENEWAL EDITION Travel

E
ike Schmidt shudders when against its own backdrop. In July, he’ll

Working the crowds

he remembers how bad the move a newly restored fresco of Dante
crowds were in Florence by Andrea del Castagno to Castagno
before the pandemic. “To d’Andrea, the village birthplace of the
cross over the Ponte Vecchio, 15th-century artist.
which was something I had to do Schmidt hopes being part of the
regularly, you couldn’t do it in less than project will give a boost to Castagno —
five to 10 minutes, just because there prime hiking territory but little known
were so many people,” says the director to foreigners. His vision is for tourists to
of the Uffizi Galleries. stay near the smaller venues, taking
“There were people eating on the daytrips to Florence. “Then they’ll
street, leaving their garbage; the clean- return to where they’re staying, and
ers couldn’t empty the bins fast they’ll be able to do so much more —
enough,” says the German, who has sports, hiking, culinary offerings.
been in the post since 2015. “So we There’s a great quantity of that already
reached the limit — and we even stepped in the countryside; it just needs to be
a little bit beyond that in 2019. We defi- combined with the art.”
nitely don’t want to go back.” The pandemic might help: bookings
Schmidt’s plan to spare Florence — for this year in the Italian countryside
and to provide a model to other great are up, while cities are struggling. “It
honeypot cities — is the Uffizi Diffusi would have been far harder if we’d tried
project, the name inspired by Italy’s to do it two years ago,” he says. “But once
alberghi diffusi, hotels in which the
rooms are scattered among various ‘Once this is all over, the
houses, typically in a historic rural vil-
lage. It will see artworks from the pressure [on Florence] will
museum’s vast collection scattered to be even greater. We have to
smaller venues around Tuscany, turn-
ing the region into one giant gallery. prepare for that now’
Kicking off this summer with a hand-
ful of locations, the project is due to
expand to as many as 100 venues by side regenerating areas that have seen this is all over, the interest and pressure
2024, the intention being to draw tour-
ists away from Florence and to the
Italy | The Uffizi hopes its new project will ease overcrowding in Florence better days. Take Montecatini Terme, a
town whose thermal waters made it the
[on Florence] will be even greater. We
have to prepare for that now — we can’t
numerous overlooked towns and cities height of fashion when its graceful Art waste time.”
elsewhere in the region. and provide a healthier model for post-pandemic tourism. By Julia Buckley Nouveau buildings went up, but which Schmidt thinks visitor numbers will
Those involved have their work cut has plummeted from favour in recent be back to pre-pandemic levels in 2024
out. In 2019, almost 4.9m visitors stayed decades. “There’s already an infrastruc- but by then, he should have 100 venues,
in Florence’s hotels; nearly half of those ture — thousands of hotel beds which including strategic locations near cruise
visited the Uffizi. Some booked tickets Medici villas, built for the family that haven’t been used for a while,” he says. terminals and airports.
months in advance; others queued for dominated Tuscany from the 15th to the “Once we have a venue, I think there’ll The initial line-up of venues will be
hours for their chance to glimpse show- early 18th centuries. A vast pseudo-cas- be a strong impulse for local investors to announced next month — rumour has it
stoppers such as Botticelli’s The Birth of tle, its has original frescoes and renais- restore them and create a new sort of the island of Elba will be among the first
Venus, Da Vinci’s The Annunciation and sance gardens but until four years ago tourism that combines the beauty of the to open, to mark the 200th anniversary
Titian’s Venus of Urbino. was being used as an psychiatric hospi- landscape, the spa and the art.” of Napoleon’s death on May 5. Schmidt
Then the pandemic hit, the museums tal; the stables were a high-security In Livorno, they plan to tackle urban also mentions Poppi, where a medieval
closed — and there was time to think. prison. Restoration will take time, but decay by demolishing a flyover and ren- castle crowns a hilltop village, and a
Although Schmidt had tested the con- Schmidt audibly brightens as he talks ovating a derelict turn-of-century spa former monastery in Montespertoli,
cept with successful Uffizi-led exhibi- about the “truly amazing” potential. complex. “It’ll recreate the original between Florence and San Gimignano.
tions in small Tuscan towns, lockdown “We have hundreds of works in stor- piazza between the spa and the train sta- In every place, he says, the “artistic
was the catalyst for something bigger. age that originally belonged to the villa, tion — old photos really show how beau- narration” is key. Works will be
“The pandemic exacerbated the eco- so we’ll bring them back to their original tiful that was,” he says. returned to their place of origin; venues
nomic situation so people were open to location,” he says. Trumpeting social Each venue will get appropriate art — will be linked with the art inside them.
thinking along new lines,” he says. media as the way to lure young people Schmidt wants the buildings to “tell And while there may not be a
Alongside regional president Eugenio towards culture, he’s already ear- stories”. The spas will host contempo- Michelangelo in every hilltop town, he
Giani and a team of experts, Schmidt funded by local and regional authorities Clockwise from main: visitors at the marked the 16th-century grotto as an rary works, and he lets slip that the says these aren’t third-rate paintings.
has spent much of lockdown driving as part of the scheme. Uffizi in 2018; a fresco of Dante by Instagram spot. An existing bike trail Medici villa at Careggi, where Lorenzo “We just don’t have the space to show
around Tuscany, scoping out sites. Montelupo Fiorentino, on the Arno Andrea del Castagno is restored will be extended to link the site to other de’ Medici died, will get some Botticellis. them in the gallery. To share them with
There are few internationally known 20km west of Florence, will be the hub of ahead of being returned to the Medici villas and venues-to-be. Bus The idea is to “narrate the history of other towns, and through that, with the
names on the resulting list, rather his the operation — something Schmidt artist’s home village; Uffizi director routes will be changed to make a car- Tuscan art . . . to learn chapter by chap- world, is the right thing to do.
vision is to regenerate the places that calls a “game-changer” for the town. The Eike Schmidt on a deserted Ponte free Uffizi Diffusi tour possible. ter”, partly by taking works back to their “Wine shouldn’t stay in the cellar;
need it most. And many of the venues building selected is the riverside Villa Vecchio last year — New York Times/Redux/eyevine; Bringing new life to old buildings is roots. Last year, he took a landscape by it needs to be drunk, and art was made
themselves require renovation, to be L’Ambrogiana, one of the region’s many Laura Lezza/Getty Images
one of the project’s cornerstones, along- Leonardo to Vinci, to show the work to be seen.”
6 ★ FTWeekend 20 March/21 March 2021

Travel

Wish I were there | Novelist

Catriona Ward was raised in
the tropics but returned each
The ghosts and
summer to be inspired — and
haunted — by the ‘alien and
glories of Dartmoor
exotic’ moors of Devon

W
riters return, again and
again, to the place
where their dreams are
set; to the landscape of
their subconscious. Cre-
ativity has been a strange visitor during
the past year — delivered in frantic
bursts and long absences, perhaps
because during lockdown I’ve been
exiled from my native writing habitat,
away from the landscape that forms the
backdrop to my dreams.
I was raised in the tropics. My father is
a water economist and while I was grow-
ing up we moved every three years as he
worked on projects, mostly in develop-
ing countries — from the US to Kenya,
Madagascar, Yemen and Morocco. But
every summer we returned to Dart-
moor, to a cottage in the deep valley fold
below Hamel Down. It was the one fixed
point in an itinerant life.
To me, accustomed to heat, red earth
and sun, everything about this part of
the world seemed alien and exotic. The
wide sweeping skies, purple and golden
hillsides topped with granite, mist that
touches the cheek with light, chilly fin-
gers, the sight of wild ponies silhouetted
dark on the brow of a hill at dusk. Hav- From Grimspound, you can scale the 10 km ise from nowhere, grab the steering
ing never lived in the UK I had gleaned fierce incline onto the whale-like back Okehampton wheel and drive the car off the road. Jay’s
Exeter
knowledge of my supposed home coun- of Hamel Down and follow the old high Scorhill Chagford Grave lies at the junction of a cart track
try largely from books such as The Wind funeral route through the Iron Age hill- Stone Circle and the road to Hound Tor. Legend has it
in the Willows and Watership Down, which top barrows, eyes watering with wind Grimspound that in the 18th century a young woman
Dartmoor
seemed to bear little resemblance to and sun. On a clear day, in the golden National Park Haytor Quarry named Kitty Jay found work on a farm.
reality. On Dartmoor I found a connec- light with skylarks bursting from the When the farmer’s son got her pregnant
tion to an older, wilder Britain. It was the undergrowth, it’s easy to see why they Princetown she killed herself and was buried, as was
first place I ever felt at home. buried the dead here. It feels hallowed, a the rule for suicides at the time, at a
Human and natural history are writ- god-like vantage. crossroads. At night a cloaked figure can
ten into the land here — Dartmoor is a Hamel Down is the highest point for
UK be seen kneeling by the grave, weeping.
visible geological record. The remains of miles around; Dartmoor rolls out below Plymouth There are always flowers — in 30 years I
the dense woodland that sprang up fol- in every direction. Grimspound and have never seen the grave bare of at least
lowing the last Ice Age are preserved in Hookney Tor to the north, to the east a posy of foxgloves — though no one is
the form of peat, which covers most of Hound Tor, with the saddle of Honey- ©Mapcreator.io/©HERE seen to put them there.
the high moor — the famous, treacher- bag, Chinkwell and Bell Tor in the dis- I don’t believe in ghosts, but I believe
ous Dartmoor bogs. The granite of the tance. Down in the west lies the old road, eight feet in height, Scorhill is the largest in the experience of seeing them. Dart-
area’s characteristic tors is molten rock, still known as Woden’s Way, and circle on Dartmoor. On fine days I’ve moor taught me fear, too. I can’t remem-
cooled 280m years ago. The Ice Age beyond, the Warren House Inn on the seen people playing rounders in the ber exactly how old I was when it
broke these great rocks into clitter, lonely Postbridge road. On day-long smooth green centre. started, but during those Dartmoor
which are still strewn across the hills. rides as children, my sister and I teth- Five minutes’ stroll to the west the summers, as I grew out of childhood, my
Later, houses were built of the granite, ered the ponies there for a lunch break. Wallabrook dashes to meet the Teign, nights became troubled. The cottage
echoing the shape of the land, with its Beyond that are the low, steep-sided narrow and black in its deep channel. was old, with granite walls six feet thick.
clusters of grey stone. hills of the army training area. Dart- Close to, the tiny stream roars loud as a Thick enough for safety, I had thought in
Dartmoor has been swallowed by the moor has been used by the military for river. It’s crossed via two of Dartmoor’s the past. Now I began to feel they were
sea and risen again, more than once, has hundreds of years. The remains of 1891 famous clapper bridges — great single thick enough to smother. Each night I
been racked by earthquakes and volca- artillery trenches, dug for training dur- slabs of granite toppled to span the woke with a hand in the small of my
noes, and inhabited by dinosaurs. Peo- ing the Boer war, are still visible on the banks. The stream is deep enough to back, pushing me out of bed. I felt a
northern flank of Rowtor. swim, but in places only wide enough for mind and an intent, there in the dark.
At last when the path begins to single file, ducking rowan branches and For some years I ended the night on the
Armchair adventures descend once more, it’s possible to turn nodding bracken from the enclosing floor of my sister’s room. It was years
As the pandemic continues to
disrupt travel, we have been
east down a steep unpaved lane, to the banks. I have never felt water as cold as before I learned about hypnagogic hal-
asking writers to travel in village of Widecombe in the Moor, to the Wallabrook. Downstream, the Tol- lucinations, which visit you on the edge
their imaginations to distant emerge, dazzled and blinking, by the men stone leans out over the water, in of sleep. I still experience these things in
places they long to revisit. pub. It can take time to adjust to being the shade of a twisted rowan tree. In the night, but I have made my peace
Read more from the series at: among the living again. local legend the stone promotes fertility with the dark now. I put it into my
ft.com/wishiwere My second novel, Little Eve, opens and healing. The deep round hole in the books, instead.
with the discovery of a murder in a stone heart of the boulder is large enough for The great, slablike rock of Haytor
ple arrived here relatively late, 12,000 Grimspound, you are thrilled by its From top: circle. The book is set on an island off several people to stand in, perilously, may be Dartmoor’s most photographed
years ago, when it was a forest of oak, bleak beauty. But one wonders what ponies at dusk, Scotland, but in my mind’s eye I saw over the rushing water. landmark. Crowds flock here in sum-
ash and beech. The outlines of ancient drew people to live here, on this inhospi- with Haytor Scorhill Stone Circle on Batworthy Com- mer, when the green-grey slopes are
settlements, field boundaries and burial table hillside, 1,400 feet above sea level. behind; a stream mon, near the tiny village of Gidleigh. Dartmoor is full of ghosts of every covered with the bright dots of anoraks.
mounds can still be seen on what is now Nevertheless, people were drawn here below Hamel This part of the moor can only be kind. Even Dartmoor’s most famous To the southeast lies a lesser-known
rolling moorland. The distinctive small, and have been ever since. The hillsides Down; Scorhill reached via a riddle of ancient, narrow song, “Widecombe Fair,” features a site, hidden from view. There are two
dark Dartmoor ponies came even later around Grimspound are marked by the Stone Circle, lanes, overhung with woodland. If you ghostly grey mare. After dark, drivers entrances, both difficult to spot. I’ve
— a 3,500 year old fossilised hoof print is past, both near and distant. The Viking which was built meet a car coming the other direction, on the Princetown road may fall victim been coming here for 20 years — I still
the earliest sign of them. burial site, King’s Barrow, can be seen in the Bronze be prepared to reverse for some miles. to a pair of hairy hands which material- lose the way.
I was familiar with safaris, long drives on a hill to the southeast. A memorial Age. The only sign of having reached the foot- The surest route is to follow the tram-
though deserts and rainforests, the commemorating second world war Photographs by path to Scorhill is the fact that the lane way, built in the 19th century to trans-
American hike, but I learned about the pilots, including four who crashed on Nicholas J R ends. A gate leads onto the open moor. port granite from the various quarries
British walk — which takes place regard- the hillside in 1941, rises lonely on the White In summer the flowering cottongrass across the moor. The tram tracks are
less of weather, with chocolate or sand- slopes towards Manaton. ripples in waves across a great plain made of stone, giving an odd impression
wiches in your pocket — on Dartmoor. A 14th-century track once used by tin Right: Catriona where deer and vast shaggy cattle wan- of the industrial and the prehistoric
For more than 30 years I have walked miners leads straight through the Grim- Ward kite flying der, with Dartmoor’s north plateaus ris- mingled, as the granite tramway wan-
here with family, friends and partners in spound. The path runs over the remains at Grimspound ing gently in the distance. The stones ders through the great spoil heaps, like
snow, rain, wind and sun. These land- of the boundary wall, taking the most as a child stand at the edge of this rolling meadow. building blocks thrown down by giants.
scapes were the setting for my first direct route through the ruins. Maybe From a distance they are almost invisi- From here a narrow path leads
novel, Rawblood, and they continue to the miners didn’t care for antiquity. Or ble, weathered to the colour of the land. between high banks, then opens up into
haunt me. maybe they liked walking through this It has an otherworldly appearance. I a sandy hollow surrounded by steep
memory of those who came before, on understand why people erected monu- cliffs. At first glance the valley resem-
Scale the flanks of Hamel Down to the their way back to the dark mines. ments here. bles a crater, left by an old bomb blast.
remote high moors, and the Bronze Age The name Grimspound was first Though only 25 stones remain stand- Gorse, Dartmoor rowan, bilberries, fox-
settlement of Grimspound can be recorded in the 18th century by the Rev- ing out of the original 70, the circle has gloves, bracken and vivid moss grow
glimpsed below, mist coiling in ribbons erend Polwhele in his History of Devon- been fortunate to escape the attentions from the living walls. A still lake lies at
through the ruined huts. There are no shire. It’s unlikely that it was the settle- of 19th-century restorers, with their the centre, covered in water lilies. Newts
signs of modern life here, no ticket office ment’s original name. Whatever that reorganising hands. At 89 feet in diame- and tadpoles swim here, and dragonflies
or pamphlets — you come upon the vil- was, it is now lost. ter, with some stones reaching over hover over the still surface. It seems a
lage suddenly, much as travellers would pagan place, except for the rusted
have done thousands of years ago. Grim- machinery that rises ominously from
spound was once ringed by a wall, now a the centre of the lake. This is Haytor
great snaking trail of tumbled stone. It’s Cosy beds on the wild moors Quarry; the granite mined here built the
unusually high and thick for a boundary British Museum and London Bridge in
wall, suggesting danger, dark nights and the 1830s. In 1968 the bridge was sold
hard life. But enclosed as it is on three Gidleigh Park Only a mile and a half Sanders Just to the north of Hamel to see, it is an ideal retreat from moor, are three luxurious treehouses. and its granite blocks shipped to the US.
sides by hills, Grimspound would have from Scorhill Stone Circle, but in very Down is the hamlet of Lettaford, modernity. Sleeps five, four nights They come with wood-burning Dartmoor stone now bridges the river in
been too vulnerable for defence. The different surroundings, Gidleigh Park where the Landmark Trust rents out from £390; landmarktrust.org.uk stoves, fully equipped kitchens and Lake Havasu City, Arizona.
wall seems to have been built for cere- is Dartmoor’s smartest hotel. A this perfectly preserved Dartmoor outdoor Jacuzzis amid the canopy. If you don’t mind the company of
mony, not from fear. Tudor-style country house with 24 longhouse, built around 1500. With Bovey Castle This Jacobean-style Treehouses sleeping up to four from newts, the quarry is good for swimming.
The 24 Grimspound huts are small, bedrooms, it is set in 100 acres of walls of enormous granite blocks and pile has a mile-long private drive, its £1,000 for four nights; Lying on your back among the waterlil-
tumbled stone circles, walls still stand- wooded grounds beside the river ancient rafters and flagstones clear own golf course, spa, pool and tennis wolfwoodtreehouses.co.uk ies on a summer day, blue sky reflected
ing at a height of two feet or so. Heather Teign, with croquet lawns, a grass courts. Less conventionally it also in the dark water, red kites circling over-
springs from old hearths, and the lintels tennis court and putting greens. has its own ferrets and chickens head, it’s almost impossible to believe
and doorways are still discernible. Some There’s also a celebrated restaurant which children can meet as part of a this place has been touched, let alone
huts have stone sleeping platforms with a 13,000-bottle cellar. Doubles wide programme of family activities. made, by human hand. People leave
which were, one hopes, made comforta- from about £300; gidleigh.co.uk. From £249; boveycastle.com their mark here, but Dartmoor always
ble with hides and straw. The houses (Travel restrictions remain in place in returns to the wild.
would have been 10- or 11-feet wide, England; self-catering cottages are Wolf Wood Treehouses Set in 13
dark and smoke-filled. Up here the wind due to re-open from April 12, hotels acres of deciduous woodland, just Catriona Ward’s latest novel, ‘The Last
batters your ears and blows rain hori- from May 17) Sanders, built around 1500 beyond the northern edge of the A treehouse at Wolf Wood House on Needless Street’, is published
zontally into your eyes. Passing through this week by Viper
20 March/21 March 2021 ★ FTWeekend 7

Life

A
year ago, if Covid hadn’t This long view of music history
happened, I would have teaches us that, in some ways, we
been listening to haven’t changed that much. Neverthe-
Beethoven’s Ninth at one of less, there is one huge contrast between
the Royal Liverpool Phil- music then and now, and one not
harmonic Orchestra’s Sunday afternoon favourable to us. Forty millennia ago,
concerts. I’m lucky to live in a Unesco music was participatory. Everyone was
City of Music, a place where music is at musical, and everyone joined in, with no
the heart of everyday life. When I get my meaningful difference between makers,
hair cut it’s at the barbers on Penny performers and listeners. We can make
Lane, with tourists taking snaps as I sit educated inferences from hunter-gath-
beneath photos of The Beatles. erer cultures today. The commonalities
And then, last March, live music between cultures as geographically
stopped. No more gigs, concerts or festi- diverse as the Inuit, the Bayaka of Cam-
vals. The heartbeat of the city was sud- eroon, the Australian Aboriginal peo-
denly silenced. ples, and the Native American Choctaw
But there are longer silences than the suggest the survival of an ancient histor-
one we’ve just endured. The deep record ical core. They share a predominance of
of world history has little to tell us about group singing and dancing, percussive
our musical lives. The apparent reason instruments, shamanistic spirit-travel,
is that, with the exception of instrumen- and the entanglement of human music
tal relics, music lacks material evidence with animals and landscape.
comparable with the pigment on the On the other hand, music in the west
walls of caves. There are no sound today is largely a passive culture,
recordings before Edison’s phonograph because we are mostly listeners, not per-
in 1877, and the earliest decipherable formers, apart from occasional stints at
music notation is about 500BC. Our sit- church, karaoke bars and football stadi-
uation gets more desperate once we con- ums. Our music is a division of labour
sider how much, or how little, musical between composers, performers and
scores tell us. Let’s follow western classi- audiences, and it is a peculiarly western
cal music back in time, watching the evi- tragedy. Where did we go wrong?
dence melt away until nothing is left. A thousand years ago, the west
invented staff notation, whereas most of
300 years ago Bill Butcher the world transmits its music through

The musical ape

Bach completes book one of The Well- oral tradition, from parent to child,
Tempered Clavier in 1722. The score from guru to disciple or, as in the Venda
shows us melody, harmony and rhythm. people of Limpopo, South Africa,
But we don’t know how loudly or how between children who have their own
fast the music was played. The C major song genres. Yet writing music on paper
prelude that begins the set is nowadays led us in the west to think of music as an
performed softly — piano — or more con- object, rather than as something we do
fidently — forte — and at all manner of socially. And the mystique of scores
speeds. The signs of tempo and dynam- blinded us to the reality that music is a
ics have fallen off the map. universal birthright, rather than the
500 years ago tual reason, 40,000 years ago, these ear-
During his sojourn in Ferrara in 1504, Music has been integral to Homo sapiens’ identity for millennia. What can we lier sounds would have resembled
the great Flemish composer Josquin des music more than language.
Prez writes a mass in honour of the The miracle of such musical gestures
duchy’s ruler, Duke Ercole I d’Este, his learn from our ancestors about this most social of creations? By Michael Spitzer is that they can express thoughts and
Missa Hercules dux Ferrariae. Not only are feelings, even a theory of mind, without
there no indications of loudness or language. And music, being abstract
speed, Josquin doesn’t notate legato or and unmoored from reference, was a
staccato expression — how smoothly or laboratory for imagining the invisible,
sharply notes are to be sung. Expression Of Sophocles’ Theban plays? Of the the faraway or the new — in due course,
has fallen off the map. “Venus de Milo”? The rest simply can- religion and science.
not be silence. One might even infer that human
music’s most distinctive trait, rhythmic
It is unthinkable that the ancient movement, originates 4.4m years ago,
world really lacked music. And there is when Ardi the australopithecine got up
actually plenty of evidence if we know on her feet and walked upright. This
where to look: the archaeology of musi- isn’t as much of a leap as it seems. Foot-
cal instruments; images of music and steps make sounds, forging crucial links
dance in prehistoric rock art and ceram- in the hominin’s brain between sound,
ics; the living fossils of contemporary motion and muscular exertion. The
hunter-gatherer and sedentary (farm- two-beat regularity of footfalls (left- preserve of the talented few.
ing) music cultures; and the psychology right, left-right) would go on to under- The surprise is that participatory
of the modern musical brain, because pin the rhythms of all human music. music is making a comeback, thanks
our cognitive abilities really haven’t And walking would have taught Ardi a largely to the internet. It’s back due to
changed that much since the Palaeo- sense of pattern predictability and an the spaces of online media, whose dig-
900 years ago lithic era. Let’s begin with bone flutes. emerging feeling for time. ital stages are open to both amateurs
In 1151, Hildegard of Bingen, abbess of a In 2008, a team of archaeologists By contrast, ape consciousness is and professionals. TikTok allows users
nunnery at Rupertsberg, theologian, exploring the Hohle Fels cave in the Clockwise from above: a It is not a metaphor to claim that life locked into the present moment, with- to create lip-synced music videos. A
composer, poet and botanist, writes Swabian Alps discovered a voluptuously bird-bone flute unearthed was rhythmic. The “rhythms of life” out the faculty that primatologists call more sophisticated digital space is Rea-
both the words and the music of her proportioned figurine of a woman, in Hohle Fels cave in were played as Homo ergaster (1.5m mental time travel. Chimps might be son, a software studio that enables
liturgical drama, the Ordo Virtutum. 40,000 years old. The so-called “Venus southern Germany; Indian years ago) moved backwards and for- very good at short-term memory games, musicians anywhere in the world to
Hildegard’s chants have no harmony, no of Hohle Fels” is the oldest undisputed painting of a musical scene wards through his environment along but they can't recall and think about upload ideas or drafts of songs. Other
rhythm, no tempo, no dynamics, no representation of a human. In the same from the ‘Bhagavata paths and tracks, greeting acquaint- mental representations at will away musicians take these unfinished songs
expression, just pitches. Nearly every- cave, the team also found a flute, made Purana Gujarat’; two ances or fleeing strangers, foraging for from the time and place of their original and add, edit, mix and re-post them in
thing has fallen off the map. from the radius bone of a vulture, and minstrels from the codex plants, killing and carrying animals, occurrence. For all these many reasons, an example of musical crowdsourcing.
dated to a similar age. of the ‘Cantigas de Santa finding appropriate stones, conveying music was there at every stage of our Now, you can cavil that so-called
1700 years ago The archaeologist Wulf Hein recon- Maria’, c1280; ‘The them, carving them. In this world of evolution, driving us on. YouTube “creators” (influencers who
Saint Augustine completes his Confes- structed a similar flute, found at an ear- Allegory of Hearing’, from routines, the rhythms of life were most curate playlists) aren’t “creative” by
sions in 400AD. A champion of music, lier expedition at a cave at nearby Geis- the studio of Jan Bruegel concentrated in the chain of technical Mozart’s standard. But these are baby
Augustine writes: “Do not seek for senklösterle. It has five finger holes, with the Younger, mid-17th gestures it took to make a stone tool, Flutes dated 10,000 to steps in the new musical revolution.
words, as though you could explain a V-shaped notch for the mouthpiece. century; an aulos player such as a flint axe. From this encom- What’s more, crises such as the one we
what God delights in. Sing in jubilation.” You can hear Hein playing pentatonic from the Altar of passing sense of rhythm crystallised the 15,000 years apart suggest are living through tend to accelerate cul-
We have no idea what music Augustine melodies (based on five-note scales) on Aphrodite, c430BC; co-ordinated tapping of rocks and the a vastly long continuity tural change. At the beginning of lock-
heard, and need to wait until the ninth this flute on YouTube, including “The English children making ritual dances that celebrated kills. down, technology was swiftly mobilised
century AD for the earliest chant nota- Star-Spangled Banner” — a delicate ren- music. The boy is holding A similar story can be told about the of musical tradition by pop artists live-streaming discos
tion. Written as wavy lines above the dition that sounds not at all archaic. a Josquin des Prez part origin of song. Once from their kitchens, violinists perform-
text, this “neumatic” notation indicates The point is not simply that we can book, c1565 — AP; Getty Images hominins’ larynxes ing Bach partitas in their living rooms,
the contour of a note, not the exact play these flutes (or reconstructions of descended and families singing parodies on YouTube.
pitch. It is a descendant of the Masoretic them). It is what they signify. These ear- their hyoid bone Musicians from the Shanghai Sym-
accents (ta’amim) of Jewish biblical can- liest examples of music technology had evolved, phony Orchestra took to Chinese social
tillation in the reciting of the Torah. It is coincided with the earliest evidence of anchoring their media hub WeChat to share videos of
really a mnemonic, jogging the memory Homo sapiens’ capacity for figural rep- tongues, Homo hei- them practising or teaching from home.
of readers who would already have resentation and, by implication, lan- delbergensis Music comforts, it helps, and it heals.
known the melody. Pitch, the last guage and conceptual reason. That is, (700,000 years And it takes many forms. At the
parameter left on music’s map, is gone. instrumental music, together with sym- ago) would have beginning of the Covid crisis, people in
Also dead is the idea of individual bolism, language and thought, was an been able to create a the UK took to their doorsteps every
authorship. We are used to crediting expression of humankind’s cognitive much greater vari- Thursday at 8pm. They clapped or
music to human beings with a name. revolution 40,000 years ago. When ety of sounds than banged on a pan for the NHS. This
But this music is an orphan. humans, essentially, became modern. non-human pri- weekly ritual was participatory music-
Bone flutes represent an astonishing mates. Assuming making in the raw, and variants of it
2000 years ago achievement, beyond the reach of our that syntax were seen across the world. For many, it
We are not finished yet, for music has a Neanderthal cousins. While Neander- emerged at the was a way of self-medicating. Making
ghostly proto-life. The ancient Greeks thals could produce sophisticated tools, same time as sym- sound together really makes us feel bet-
devised an elaborate theory of music, such as the finely hafted spears exca- bolism and concep- ter, partly because sound is a natural
and invented types of musical scale we vated at Schöningen in the 1990s, dated means of sharing emotion and assuag-
still use today, such as the Dorian, Aeo- to 400,000 years ago, they didn’t evolve ing loneliness. The physical activity of
lian and Lydian modes. We can be sure symbolic artefacts. To imagine a flute clapping engages the upper, dorsal, part
that their world was full of music. Yet required the mental flexibility to make of the striatum responsible for action
very little survives in a notation that can connections between brain modules and prediction, flooding our brains with
be deciphered. The contrast with the responsible for tools and for music. For dopamine. And, in evolutionary terms,
temples, statues and tragic drama of what is a flute other than a tool for mak- clapping echoes the social roots of music
the ancient world is stark. ing music? in the synchronous chorusing of hom-
Where are the musical The flutes we have found evidence an inins in the Miocene period; and, even
equivalents of the ability to standardise finger-holes and, earlier, the pulse-based chorusing of
Parthenon? by association, the types of scales and insects, frogs and fiddler crabs.
melodies they played. And similarities The weekly clap also showed that
of instrument design between flutes technology wasn’t necessary, as did the
dated 10,000 to 15,000 years apart sug- opera singing from balconies in Spain
gest a continuity of musical tradition and Italy. But, most importantly, it
vastly longer than the time separating refuted the fallacy that music was a lux-
us from Bach. We should never forget ury rather than a necessity; the slur that
that 90 per cent of Homo sapiens’ his- music — in the words of evolutionary
tory was Palaeolithic. We are a footnote. linguist Steven Pinker — was no more
Despite all this evidence, there is a than “auditory cheesecake”, delicious to
reason for the dearth of evolutionary be sure, but conferring no evolutionary
“big histories” of music. We just haven’t advantage. Music allowed us a trium-
taken music that seriously. Yet, outland- phal gesture of survival against the virus
ish as this might seem, I would contend — and reminds us of our place in the
that music is perhaps the most impor- great dance of life.
tant thing we ever did, if primarily for
the simple reason that music evolved ‘The Musical Human: A History of Life
before language — in fact, a million on Earth’ by Michael Spitzer is published
years earlier. by Bloomsbury on April 1
8 ★ FTWeekend 20 March/21 March 2021

THE RENEWAL EDITION

hybrid events that offer greater interac- three gigs a week all over the country.
Books proved to be a great source of comfort and distraction over the past year. Now, as we look tivity. However, innovation in our sector I’ve just put out my third collection —
has to be inclusive; extending reach can- The Feel-Good Movie of the Year — and I’m
not be done at the expense of those that desperate to get back on stages and per-
ahead to post-pandemic life, figures from across the literary world speculate on what happens next need us the most. form these new poems for people.
The Bradford Literature Festival Poetry has been popular during the
brings people together from all over the pandemic, but I think this is part of gen-

New stories to tell

UK and the world to talk about books. eral trend during the past 20 years. Once
This includes welcoming huge numbers people have discovered contemporary
of attendees from our local communi- poetry, perhaps after being put off it at
ties, where poverty — including digital school, they continue to read and listen
and data poverty — is high. to it. So I don’t think we’ll suddenly drop
Books have proved to be a key source it now we find ourselves getting back to
of support for many people over the past normal.
year, and this has prompted wider
reflection on those who have access to Anuj Bahri Malhotra
literature and culture, and those who owner of Bahrisons
Elif Shafak novelist Above: people scan the issues that had been bubbling under for bookshops, spaces and communities are living without. booksellers in New Delhi
At first glance it might shelves of a library in years came to the fore. Penguin Random with hybrid forms of online and “IRL” India is a young nation,
seem as if the world of litera- Shaoyang, in China’s House owner Bertelsmann bought activities. My hope is that liberal minds Andrew Franklin with about 65 per cent of its population
ture has not been much central Hunan province Simon & Schuster, continuing the inevi- keep their promises to ensure those publisher, Profile Books aged 35 or under. The isolation associ-
affected by the pandemic compared to Xinhua News Agency/eyevine
table path of consolidation among pub- spaces are inclusive and open to a vari- Beyond the pandemic, ated with the pandemic meant this rest-
other creative fields. Writers, after all, lishers; Amazon became the unex- ety of voices, because the present — and there are two major trends to less group of people had extra time on
are solitary creatures, used to working pected saviour of publishing by taking the future — requires it. look out for, one thoroughly positive, their hands and it inspired in them a
long hours from home. Yet I believe the on the distribution of almost the entire the other very bad. The change for the new hunger for knowledge.
art of storytelling is undergoing a pro- industry; the drastic cuts in expenses Andy Hunter chief executive good is the impact that #BlackLives- Bookshops welcomed a surge of new
found transformation and that we will brought welcome profits to the bigger and founder, Bookshop.org Matter has had on publishing. All pub- customers, offering a place where
see the results of this more clearly in the publishers. I cannot wait to walk, lishers, from children’s imprints to the younger people could turn to older peo-
coming years. Hand in hand with this shift to online unmasked, into a bookstore most scholarly presses, are actively ple for guidance through the world of
Two things have changed. More and selling came an awareness that publish- and just breathe. Just inhale the smell of diversifying their lists. This trend is glo- words, and booksellers once again felt
more writers are speaking up and ing was too far behind in reflecting our books and run my fingers across bal and isn’t going to go away. It expands valued.
speaking out, addressing social issues society and that recruitment and prod- embossed covers, feel the tautness of an all our horizons, the variety and choice We always had a core group of loyal
and responding to the most urgent ques- uct ranges needed to diversify. It is the uncracked spine, make small talk with of books on offer, and is a real reason for customers — well, after lockdown, this
tions of our times, from climate change agent’s job to push against these bound- the bookseller and discover with all of celebration. has expanded, and they are now all
to women’s rights. The truth is, many aries and open new doors. I doubt we my senses all the richness of the world of One damaging effect of the pandemic, friends.
minority authors and non-western will be ready to read about 2020 for a books. We’ve all missed it so much. My in the UK at least, is that it has greatly
authors have been feeling this way for a while. Renewal in the book industry will hope is that no one ever takes it for accelerated the pressures on local Eva Gedin publisher,
long time. If you happen to be a story- be slower than people will like, but the granted again, and that we go out of our authority budgets, and they are closing Norstedts, Stockholm
teller from a minority background or a changes of the past 12 months will prove way to visit and support our local book- more and more libraries. This follows The pandemic brought
storyteller from a wounded democracy, seismic in the long term. shops now that we have keenly felt what the 800 libraries — almost 20 per cent of two important insights.
you do not have the luxury of being apo- we have to lose. I think bookshops will the total — that were closed between We successfully adapted to a big leap
litical. You cannot ignore the world out- Sharmaine Lovegrove spring back. Bookshops were forced to 2010 and 2019 as a result of austerity in digitalisation, which for example
side your window as you write fiction at publisher, Dialogue Books compete with Amazon for online cus- measures. School libraries have also enabled us to attract authors from far
your desk. This “need to engage” is now During the past year we’ve tomers, and they did wonderfully in the been cut. away to participate in virtual events
more acute and shared by a wider adapted to a wealth of crunch — in the US, online indie sales Many writers have recorded how fun- in front of bigger audiences spread
number of writers. change in the wake of the pandemic. I’m are up 700 per cent. The key now is to damental libraries were to their creative across Sweden.
Then there are the stories we tell — or writing this from my study in Berlin and build on those gains, even as customers development. But they are much more We also saw the resilience and
the stories we have not been able to tell. I can’t imagine it would have been so return to in-store shopping. I think it is than that: for many people, they are the strength of books in an increasingly
In a world of post-truth politics and soci- easy to continue my London-based job possible. People shop in person when only available access to reading. With- competitive media market.
eties divided into epistemological had my family and I had made the move they can, and buy online when they out access to free libraries, many chil- So what next? We will not go back. We
tribes, fiction can be a good way to think pre-pandemic. But, despite all this need to — and those online purchases dren will never develop the reading will take on the lessons we’ve learnt
independently and seek out truth. Doris change, I feel there is a political and can and should be from local book- habit and will be deprived of this essen- together and go forward with a greater
Lessing rightly called literature “analy- social urge for things to go backwards. shops, which provide us so much tial human right. Publishing may be sense of self-confidence: books, regard-
sis after the event”. From now on, it will It’s challenging to write about renewal enlightenment, community and joy. doing very well now, but reading is in less of channel or format, are highly
also have to become “analysis during when Britain is in the midst of rehashing danger of being only an elite activity if prized. Last, but not least, physical
the event”. old arguments about freedom of speech, Syima Aslam director, literature isn’t available to all. meetings will be valued more than ever.
civil rights and movement. Bradford Literary Festival Readers will still enjoy (and be willing
Jonny Geller chief executive, From a publishing perspective, I I’m hugely excited by the Luke Wright to pay for!) that unique experience of
Curtis Brown literary agents think we’ll see more discourse on “who opportunity to connect read- performance poet seeing and hearing an author sharing
It was as if 2020 became gets to tell what story” but also a ers and patrons to artists, writers and Before the pandemic their stories in real life. And that is
2030 overnight. All the renewed celebration of independent audiences around the world through struck, I was doing two to something to look forward to.

Nature’s call
FT Weekend Digital Festival

Kazuo Ishiguro on what it

means to be human; Elif Shafak
on the Arab Uprising; Nilanjana
Roy on the legacy of empire.
View at : ftweekendfestival.com
A fresh and joyful account of Birdsong in a The book acknowledges how human- reedy song is a jingle for a diet of lice and
Time of Silence ity’s millennia-long exposure to bird- spiders.
birdsong during spring 2020 by Steven Lovatt song has influenced us; how we’ve As the pandemic progresses, Lovatt
is also a reminder of what has Particular Books grown up with it, both individually and explores bird mimicry, ant weddings —
£12.99, 160 pages as a species. It is, as Lovatt says, some- and whether the information relayed in
been lost. By Nicola Chester thing we recognise as home. Birdsong’s birdsong is more akin to art or to an
“subtle power to ameliorate the anxiety email. He considers the listener, too —

A
and trauma of the pandemic” takes us not just other male birds and ourselves,
fter disruptive storms back to the comfort and carefree days of but female birds, and how they might
throughout February 2020, our youth, when we noticed such things. interpret song, an area of study that has
the UK witnessed the most There are vivid, richly enjoyable historically been overlooked.
glorious spring in living images: how corvids and their calls dif- He informs us that more than a quar-
memory just as a pandemic Lovatt lives in a seaside town in south ferentiate in the way “pencils of differ- ter of our songbirds are migrants, and
stopped the human world in its tracks. Wales, where his lockdown exercise ent hardness are kindred graphite” or a spend more than half the year in other
“The crust of the planet ceased to took him through narrow gorges of jack- description of a jackdaw stepping “as if countries.
judder with the noise dinning since the daw-haunted concrete, into parks and its shoelaces have come undone.” And Lovatt’s approach is fresh, joyful and
Industrial Revolution,” and a wave of empty university campuses and occa- delightful passages on how birds sound uncomplicated. Birdsong in a Time of
silence passed over the Earth. It was the sionally onto the beach. Here, he redis- like adverts for Silence recalls a spring we will never for-
sort of silence, according to this lyrical covered a youthful passion for birds, what they eat: get but also reminds us that the pan-
little book, “on which the attention can forgotten since his early adulthood and blackbird song is demic grew out of our disregard for
feed and rediscover things it thought it the start of his busy working life. “fruity as spoiling nature, and could presage ecological dis-
didn’t know”. In this, Lovatt’s first book (he has pre- apples”, sparrow aster. In Britain alone, we have lost 50m
Spring came like a second chance: a viously worked as a librarian, cleaner, chirps are the songbirds since American conserva-
breathing space among the confine- life-model and teacher), he considers husk, chaff, tionist Rachel Carson wrote Silent
ment, sadness and fear. Blossom and what birdsong means to us now, and chip of Spring, her landmark 1962 book,
birdsong like never before. It seemed “shunted” as we are “on to one of time’s the seed which alerted the public to the envi-
almost apocalyptic — and still does, of branchlines”. It is as if, like in Edward eater, and ronmental impact of widely used pesti-
course. But as Steven Lovatt notes: “It Thomas’s 1917 poem “Adlestrop”, the the superfi- cides on insects and birds.
felt less like a catastrophe than an after- train has pulled up to a quiet, rural sta- cially simi- Let the remarkable spring of 2020 not
math; as if nine-tenths of the population tion where “no one left and no one lar dun- become the swansong before nature
had disappeared overnight.” came” and only a blackbird sang. nock’s thin, itself fades into silence.
20 March/21 March 2021 ★ FTWeekend 9

Books
Bring Back Our Girls is particularly illu-
minating when it turns its focus to the Rabbit holes
for connoisseurs
rich cast of players in the complex art of
conflict mediation. However,
the most remarkable and humanising
part of the book is not the story of
the men who took these girls or those
who sat in secret meetings trying
of pleasure
and often failing to rescue them, or
even of the protesters whose voices took
their plight to the world through the Nilanjana Roy
internet. It is the story of the girls that
they themselves documented at great
personal risk. Reading the world
These brave secret diarists are the
true heroes of this interrogation of why

O
it took so long and so many attempts to
get any results despite all the resources ne of the greatest joys of a collection of Japanese netsuke. Letters to
invested in the rescue efforts. The reader’s life is when one’s Camondo continues the story through a
authors delicately record how these curiosity is led, like Alice series of fictional letters to Count Moïse
young women chronicled their own in Wonderland, down a de Camondo, who was a neighbour of
abduction, their captivity and trauma, series of thrilling rabbit de Waal’s family in Paris in the late
the Bible verses that gave them strength holes, without consulting anything as 19th century. Like The Nimatnama,
and kept their hearts defiant, the phone formal or stuffy as a reading plan. Letters to Camondo immerses you in
numbers of family members, love let- That’s how an idle search for medieval another age — one as sharply torn
ters to their crushes back home. They samosa recipes a few months ago with rifts and bigotry, political
introduced me to The Nimatnama, or uncertainty and changing fortunes
These brave secret diarists The Book of Delights. This spectacular as our own — but also a time of grace
15th-century illustrated manuscript, and the deliberate cultivation of
are the true heroes of this compiled for Sultan Ghiyas-ud-din pleasure.
interrogation of why it took Khalji (reign: 1469-1500), of the Through descriptions of Chester cake
princely kingdom of Malwa in central and porcelain, the arrangement of light
so long . . . to get any results India, is stuffed with recipes, pictures and furniture, or the formal parks
and guides to the enrichment of life. where Marcel Proust played as a boy,

Stolen childhoods
I’ve always found the brisk de Waal creates a dazzling picture of
were the primary witnesses to this event cheerfulness of modern self-help books what it means to live graciously.
that shook the world; witnesses to acts unconvincing; tidying up, practising “Everything is multiple, mirrored,
of rebellion and acts of torture. It is thus yoga, thinking positive might be useful paired, reflected, repeated. This great
significant that this book puts these habits to cultivate but few of these slow cadenced repetition
young women centre-stage in a space books are truly life-enhancing. Yet of candelabra, vases, firedogs, pier
that has made them victims, currency there are plenty of historical guides glasses, tables, chairs and
for trade and a claim to fame for bounty that offer sound advice on leading a the guéridons — it all comes alive as you
and glory hunters. joyful and fulfilling life in tumultuous move through the space.”
A gripping narrative about the Nigerian schoolgirls kidnapped by Boko There are a few historical inaccura-
cies early on in the book relating to the
times. Take The Pillow Book, for
example, a magnificent collection of
If both The Nimatnama and Letters to
Camondo are monuments to
arrival of Islam in northern Nigeria. But lists, gossip and life hacks written in aristocratic grandeur, there are plenty
Haram, which focuses on their bravery and resilience. By Elnathan John these are mostly oversimplifications around 1,000AD by Sei Shonagon, a of books that make a case for pleasure
rather than outright errors and do not lady of the Japanese court. Or Chinese and delight as a humble but still
stand in the way of what ultimately writer Lin Yutang’s wry 1937 guide, The satisfying quest. Reading across

M
becomes a gripping narrative. Else- Importance of Living, whose chapters journals, notebooks and essay
any people can recall napping, they write, is “not just a story where important background informa- include “The scamp as ideal” and “On collections on this theme, from the
where we were in April about a remote tragedy-stricken town in tion appears to have been sacrificed on tea and friendship”. I’m drawn to texts beloved Indian author Ruskin Bond’s
2014 when the news Nigeria, but a parable and perhaps a the altar of narrative. that traverse the wide landscape of guide to mountain life, A Book of Simple
broke that almost 300 cautionary tale about the flawed inter- In introducing new Boko Haram pleasure and humour over those that Living, to the Japanese writer Junichiro
schoolgirls from the connected workings of our butter- leader Abubakar Shekau’s fundamen- offer bristling plans of action. Tanizaki’s timeless meditation on
remote town of Chibok in Borno state, fly’s-wings world”. talist origins, little is mentioned of his Sultan Ghiyas-ud-din Khalji was a beauty, In Praise of Shadows, I noticed
north-east Nigeria, had been kid- The story also shone a light on a pro- actual ideological roots or those of his connoisseur of pleasure — his court how my attention was being gently
napped. As well as sparking immediate tracted regional cross-border jihadist predecessor, Mohammed Yusuf. It is included a vast harem of women — and directed to the value of recording deep
national outrage, the story also quickly militancy that has swelled its ranks with important to understand the theological among The Nimatnama’s and abiding pleasures and of savouring
became a subject of global concern as young men enlisted against their will roots of the violent engagement with the recommendations are rice cooked in fleeting emotions and encounters.
the fate of the girls was relayed around and used girls as bargaining chips for its secular Nigerian state. gold leaf, aphrodisiacs to uplift flagging More than any of the prescribed
the world at the lightning speed of social Bring Back Our Girls: war against secular authority in and While words such as “radical” and spirits and sensuous perfumes. I came reading lists that popped up
media. Soon, everyone from America’s The Astonishing Untold around the Lake Chad region. “fundamentalist” see a lot of service, it away with two recipes for delicately throughout 2020, this dive into books
first lady to A-list celebrities was sharing Story of the Survival The authors, journalists with the Wall might have been useful to examine spiced samosa stuffings that turned out of delight was proving to be a sturdy
photos and videos and the hashtag and Rescue of Nigeria’s Street Journal, are careful to properly more of Yusuf’s and Shekau’s Salafist brilliantly. But there is humour too: the lifeline.
#BringBackOurGirls. Missing Schoolgirls situate the events of April 2014 in the jihadist ideology that seeks salvation compendium begins with a delightful It’s perhaps no surprise, then, that
Nigerian security forces were joined by Joe Parkinson and broader context that was lost in the ini- through purist Islamic governance. This invocation to the King of Cockroaches, The Book of Delights by the American
by western intelligence agents and Drew Hinshaw tial celebrityhashtag-fuelled news blitz. world view has inspired many a funda- to deter them from devouring the poet Ross Gay has been a recent
international mediators who all Swift Press £18.99/Harper $28.99 Education and the young were a partic- mentalist and is not simply the creation manuscript’s pages. Throughout, the bestseller. A couple of years ago, Gay
descended on the forest controlled by 432 pages ular target for Boko Haram. Their jihad- of two deranged hotheads with an axe to Sultan looks on benignly from the set himself a light-hearted challenge:
the Boko Haram militant group in a con- ist campaign has seen the torching of grind with the Nigerian state. illustrated plates, his face less careworn he would write “a delight a day” for a
certed effort to free the kidnapped dozens of schools as well as the slaugh- Almost seven years after the Chibok than other medieval rulers. year, and he would write them swiftly
young women. Yet, as Joe Parkinson and ter of teachers accused of “polluting kidnapping, many of the girls have been On the face of it, Edmund de Waal’s and by hand. Subjects range from
Drew Hinshaw recount in painstaking children with godless knowledge”. freed. Yet, with Boko Haram still waging Letters to Camondo, which is published flowers stuck in a pavement crack to
detail in Bring Back Our Girls, the rescue Then there is the group’s established its campaign of attacks and kidnap- next month, might have little in the pleasure of using air quotes
effort faced myriad hurdles from the practice of kidnappings — of boys as well pings, understanding the movement’s common with The Nimatnama. A writer recklessly, but also touch on the
difficult terrain to the shadowy nature Above: A vigil held in as young women — which in the 2014 underlying dynamic is as urgent now as and ceramicist, de Waal is perhaps best challenges of racial tension and other
of the kidnappers. Nigeria’s capital Abuja to case was made more complicated by the it was back in 2014. known for his 2010 memoir The Hare anxieties: noting, for instance, the
Its significance also reached way mark one month after the sudden rise in the “value” of this group with Amber Eyes, which told the sense of reassurance and belonging
beyond an impoverished region in west Chibok girls were of girls who had become subject of a glo- Elnathan John is the author of turbulent history of his European that can be conveyed in a flash of eye
Africa’s regional powerhouse. The kid- kidnapped, May 2014 — AP bal campaign. ‘Born on a Tuesday’ Jewish family through their prized contact between two people.

Scotland’s bloodlines of division Outsider’s inside story

Hella Pick escaped the Invisible she was told: “Hiding from you.”
As calls for independence Culloden: and dirks (long-bladed daggers). nage. The Highlanders’ line was
Anschluss to become a
Walls: A Pick only briefly pauses to
Battle & The crown forces at first crum- askew. Many became bogged Journalist think about her position as one of
mount, an account of the Aftermath bled in the face of this terrifying down in the wet ground, unable formidable journalist. in Search the very few women on the beat.
1745 uprising recalls old by Paul horde. The battle of Prestonpans, to mount their habitual blood-
By Tessa Szyszkowitz
of Her Life It was long before #MeToo, but
O’Keeffe outside Edinburgh, was over in curdling charge. by Hella Pick she does not think she ever
splits. By Hugh Carnegy Bodley Head just 10 minutes. At Falkirk, the They were cut down by wither- encountered “deliberate discrim-

I
Weidenfeld &
£25, 432 pages bulk of the fighting was done in ing grape shot and musketry. Nicolson, £20, ination”: “Perhaps I wasn’t look-

O
half an hour. But the loyalist Those who reached enemy lines t is perhaps unsurprising that 320 pages ing?” she concedes.
n the eve of the bat- forces were by then stiffening and found themselves confronting Hella Pick has never stopped Like other journalists’ mem-
tle of Culloden in the story was to be very different, Cumberland’s secret weapon: feeling insecure about her oirs, the book suffers slightly
April 1746, the man though not much more pro- bayonets. Cumberland also identity. The distinguished from the fact that the urgency of
who would lead the longed, at Culloden. launched a merciless pursuit of diplomatic correspondent Africa magazine during the original reporting can be lost on a
destruction of Bon- tion to the devolved Scottish Par- By then, Cumberland had taken the defeated rebels and followed lost her home aged 11 when she decolonisation of the 1950s and reader half a century later. Yet her
nie Prince Charlie’s rebel army liament in Edinburgh. command, reinforcing discipline up with a ruthless “pacification” was sent with a Kindertransport 1960s. She then moved to New personal story compensates for
and the subsequent brutal repres- “The ’45” was the last of a series and organisation. O’Keeffe details of the Highlands. Charles dis- from Vienna to London in March York to cover the UN for The any fading newsprint.
sion of the Scottish clans, cele- of Jacobite rebellions that sought the weakening state and tactical banded his forces and, after a leg- 1939. When she arrived at Liver- Guardian, the paper where she For all the globe-trotting, Pick
brated his 25th birthday. The to unseat the (Protestant) Hano- mistakes of the Jacobites. Their endary escapade through Scot- pool Street Station, this little Jew- would make her name. Soon she never forgot her heritage. “Grad-
portly figure of William Augustus, vers and restore the (Catholic) numbers had shrunk, not least land’s western Highlands and ish girl had left behind her was mingling with the Washing- ually I concluded that Austria had
Duke of Cumberland, third son of Stuart line to the British monar- because many men went home Islands, fled back to France. mother and grandmother, her ton elite, later adding Europe, an acceptable place in the jungle
King George II, is lodged in Scot- chy. The charismatic Prince for the sowing season. They had O’Keeffe goes into considerable homeland, her language and eve- particularly the eastern bloc, to of my identities.” That’s not to say
tish mythology as the “Butcher Charles Edward Stuart, also just not been paid for a month and on detail on the relief and celebra- rything else that made her feel her portfolio. For 35 years, Pick’s she forgave its faults. Austria long
Cumberland”, or as “Stinking 25, was the grandson and heir of the day of the battle had eaten just tions that greeted Cumberland’s safe. She became “child number keen grasp of international affairs claimed to be “Hitler’s first vic-
Willie”, one of those characters James II. “one single biskit a man”. victory (special pieces composed 4672”. between Washington and Warsaw tim”. Pick knew just how willingly
whose deeds fed a sense of resent- Charles had rallied mainly Charles and his generals by Handel among them) — and A resulting need to prove her- gave readers orientation in a rap- many Austrians had embraced
ment over “English” repression Catholic Highland clans in the planned a night attack on Cum- the grim fate of those brought to self persisted long after Pick had idly changing world, while her the Third Reich.
that retains more than an echo in summer of 1745 after landing berland’s camp at Nairn — but trial and executed. But what Cul- established herself as a foreign interviews with foreign leaders Journalism enabled Pick to
today’s push for Scottish inde- from France. Joined by lowland they failed to reach it in time and loden illustrates is how divided affairs specialist in a career put a human face on geopolitics. escape her “invisible walls”. Now
pendence. Episcopalians, who hated the had to march their men back to Scotland was by the rebellion. stretching over seven decades. “I In what was still very much a she mourns that Brexit has
Yet on Cumberland’s birthday Hanoverian-supporting Presby- Culloden, where they arrived Cumberland’s army itself had been caged within invisible male domain, Pick stood out as an erected another wall, one that
on the eve of that fateful day, terians, his army swiftly took exhausted. Some were still asleep included five Highland compa- walls,” she writes in her memoirs independent woman with a sharp runs between her two homelands.
there were “demonstrations of joy Edinburgh and famously when the battle began at 1pm. nies and the Scots Fusiliers. Many of the same title. Only later did intellect, ambition and disarming The Anglo-Austrian doyenne of
and gladness” in Edinburgh. In marched as far south as Derby, in Within the hour, there was car- families were split. Lord George she recognise that breaking charm. The result was insightful international journalism who
Glasgow, bells were rung and the English Midlands, before Murray, one of Charles’s top gen- through these walls became a pro- coverage as well as some memo- found a home in Britain finds it
toasts drunk to the duke. When stretched supply lines and dwin- erals, was the younger brother of ductive escapism, helping her rable encounters in pursuit of the increasingly difficult to identify
he visited Edinburgh the follow- dling numbers forced a tactical the Duke of Atholl, who was loyal become first a model of a high- story. She received a leopard skin with a nation so “out of step with
ing January, the duke received a retreat. The uprising was to end in to King George. achieving immigrant and then as a gift from the first prime min- 21st-century reality”.
hero’s welcome. the last land battle fought on Brit- It is probably a stretch to look one of Fleet Street’s first female ister of independent Nigeria, Sir “I had no pretensions to see
These details from Paul ish mainland soil on a boggy, for too much of a direct read foreign correspondents. Abubakar Tafawa Balewa; she myself as a pioneer, let alone a
O’Keeffe’s book Culloden occurred windswept moor between Inver- across to Scottish politics today. Invisible Walls is thus both an stumbled — briefly! — into the role model,”, she concludes. In
barely 40 years after the 1707 ness and Nairn. The ’45 was not primarily about eyewitness account of many of arms of JFK; became a close this aspect, the celebrated diplo-
Acts of Union that had joined O’Keeffe’s accounts of the key reclaiming independence. But as the defining moments and figures friend of Willy Brandt; was regu- matic correspondent, foreign pol-
Scotland and England politically. battles are detailed, vivid — and the Union faces its greatest chal- of the post-1945 age as well as a larly confused with the wife of icy expert and roving world
There was little sign back then of not for the faint-hearted. The lenge from today’s separatist poignant reminder of the searing Henry Kissinger; and drank cof- reporter most certainly failed.
popular dissent in Scotland’s Highlanders’ tactics were simple: movement, the country seems no personal story of a generation of fee with Mikhail Gorbachev.
“central belt” that would result, they fired a mass volley of musket less split. immigrant children who, having One day, walking into an Tessa Szyszkowitz is a London-
275 years later, in a push for a shot at enemy ranks, discarded fled Nazism, grew up to make a empty lounge at the UN and based Austrian journalist and
mandate for a fresh independ- their guns and charged “like wild- The 1746 battle of Culloden, in Hugh Carnegy is a senior remarkable impact on Britain. asking a French diplomat where author of ‘Echte Engländer —
ence referendum in May’s elec- cats”, wielding broadswords, axes an engraving from c1780 — Getty editor at the FT Pick’s career began at West all his British colleagues were, Britain and Brexit’
10 ★ FTWeekend 20 March/21 March 2021

Books

W ‘Like most writers,

hen a predatory ven-
ture capitalist is given
the name Hunter Ster-

I am magpie-like’
ling it should act as a
clear signal to readers
that they’re not in strictly realist terri-
tory. Edward St Aubyn’s 10th novel is
certainly less about verisimilitude than
it is about — well, it’s hard to sum up
exactly what Double Blind is about. Mick Herron’s spooks are a far cry from 007 — yet intriguing
There are a lot of big ideas in the mix,
from neuroscience to rewilding, to enough to deserve a new TV adaptation, he tells Adam LeBor
empiricism; there are those St Aubyn

T
standards, psychoanalysis and recrea-
tional drug use; and there’s page upon here is quite a distance The Slow Horses series seems a very
page of research and exposition stuffed between the Cannery Row of British creation, in the vein of 1970s TV
rather carelessly into the mouths and John Steinbeck’s 1945 novel programmes such as Rising Damp and
minds of a large cast of characters. All to Slough House, London HQ Porridge. But beyond the gallons of tea
this is leavened with the odd comic set- of Mick Herron’s floundering and worn office furniture is a deeper
piece, sparkling passage of dialogue or intelligence officers. But that literary story with universal resonance — one of
shaft of empathetic insight to remind journey has brought Herron soaring people deemed to be failures who refuse
you that St Aubyn is a writer who can — sales and growing acclaim as one of to accept such a fate. “The whole point
and should — do so much more with this Britain’s best-regarded spy novelists. of Slough House is to demoralise [them]
set of ideas. The seventh instalment of his Slow and make them leave the service,” says
Francis is an ecologist based at a rewil- Horses series — a novel titled Slough Herron. “But they stay because they are
ding project in West Sussex, clearly House — is now out, and an adaptation committed to the ambitions they had
based on the well-known Knepp estate. for Apple TV is in the making. when they were younger.”
He’s newly in love with a biologist called Even so, Herron remains alert to his In the Apple TV series, currently in
Olivia, whose parents — a psychothera- early influences. “Steinbeck, and his production, Gary Oldman (who played
pist and psychoanalyst — live and prac- books like Cannery Row, had a big effect George Smiley in the 2011 film of Tinker
tise in genteel Belsize Park; Olivia on the way I write,” he says. “He wrote Tailor Soldier Spy) stars as Lamb.
is co-writing a paper with her father on great dialogue. The way he handled a Oldman is joined by Kristin Scott
large cast of characters and had them Thomas in the role of Diana Taverner,
There are a lot of big interact with each other has always a high-ranking MI5 officer, and Jack
struck me as one of the finest examples
ideas in the mix, from of how to do this.”
neuroscience to rewilding, Like the previous volumes, Slough
House has won praise for its take on the
to empiricism espionage genre; the series is populated
by an ensemble cast of has-beens — the
Alamy

Life on the wing

“Slow Horses” — that instead of being
the causes and treatment of schizophre- fired by MI5, are put out to pasture.
nia, and one of his more disordered First among losers is Jackson Lamb,
patients, Sebastian, is eventually shambling, obese and flatulent, who
revealed to be closer to the family than appears in each of the books. Though
initially thought. neither a James Bond-style action hero,
Meanwhile, Olivia’s best friend from nor a cerebral George Smiley type,
their days at Oxford, Lucy, is returning Lamb is decent, courageous and
from New York to London having intensely loyal. He can accelerate from
recently been employed by Hunter to Big concepts, leavened by sparkling dialogue and empathetic insights, a canter to a gallop when necessary.
help expand his vast business empire.
With his Californian ranch named
Lamb, says Herron, “is not a spy hero
in the usual mould. He has turned his
‘Spy novels and films are
Apocalypse Now, smart London apart- entice but fail to compel in Edward St Aubyn’s novel. By Melissa Harrison back on that. He is full of self-loathing part of our culture. Anyone
ment and Cap d’Antibes property, Le
Plein Soleil, Hunter is an Elon Musk-
for the way he has lived and things he
has done. That is the key driver of his
can make it up if they have
type character who St Aubyn initially character — but what triggers him is that kind of background’
has a lot of fun with, before losing inter- one to Shakespeare’s Twelfth Night — that deploying it is a rather genteel exer- when his Slow Horses are in danger.”
est the second his creation falls in love that are never actually made good. Frag- cise. It’s not like that: to imagine prop- Slough House draws on real-life events
with Lucy and dials back on the class As. ments of memoir seep in, one suspects, erly you have to imagine strenuously. It — France’s gilets jaunes protests, the Lowden as River Cartwright, one of the
A brain tumour, an unplanned preg- as Hunter recalls his schooldays at has to come from the depths.” After con- tsunami of dirty money sloshing sharpest of the Slow Horses. Herron has
nancy, a naive Franciscan abbot, a Rich- Westminster in a late set of passages necting so richly with the depths in his through London, a poisoning by the visited the set and sat in the writers’
ard Dawkins stand-in named Sir Wil- that add nothing to the development of semi-autobiographical Patrick Melrose Russian secret service. It also features room, but otherwise is not creatively
liam Moorhead (author of a book titled the plot. novels, it’s as though St Aubyn no longer an ambitious politician — described in involved. “The TV version is taking
Why the Sublime is Ridiculous) and Kraft- Yet the dialogue between Lucy and wishes to use them to imagine strenu- a previous volume as “a loose cannon place at one remove. I work best on the
werk are thrown into the pot along with Olivia — the jokes they share and the ously. Unfortunately, thinking quite with a floppy haircut and a bicycle” — page, that’s where my energies go.”
a host of other promising but ultimately way they use them to navigate difficult hard is never going to produce the called Peter Judd, or PJ. Sound familiar? Unlike many of his predecessors and
unresolved plot points. After a lot of subjects — feels absolutely true, as does same effect. Herron studied English at Oxford at the contemporaries, Herron has never
glamorous but rather pointless Double Blind much of the psychological nuance of Double Blind doesn’t take itself seri- same time as Boris Johnson, but moved worked for the intelligence services;
manoeuvring over the course of a year by Edward St Aubyn Olivia’s father’s consulting room; had St ously enough to be a novel of ideas, but in very different circles. Meanwhile the until 2017 he worked as a sub-editor,
or so, Francis, Olivia, Olivia’s father Harvill Secker £18.99/Farrar, Straus Aubyn been more interested in creating it’s nowhere near limber enough to be a Slow Horses themselves are under writing 350 words each evening after
Martin, Hunter, Lucy and Sebastian and Giroux $26, 256 pages believable characters with real depth, literary farce. Instead, it feels like a attack, victims of kidnap and killing as work. His stories, he says, do not need to
converge, with various more minor he clearly could have. When Hunter sprawling first draft, following which their records are removed from the be authentic, but must be plausible.
characters, on the sumptuous Palm falls in love with Lucy, she discovers that the writer would normally go back and intelligence services’ database. “Spy novels and films are part of our
Room at Spencer House in central Lon- “his professional audacity turned out to remove all the plot strands that are sur- Herron’s distinctive voice, marked by culture. Anyone can make it up if they
don, where it seems certain that St be an extension of his emotional cour- plus to requirements, integrate or ban- a dry wit and mordant sense of humour, have that kind of background. Like
Aubyn has planned some kind of spec- age, rather than a substitute for it” — a ish any swaths of regurgitated research, runs through the series, and his latest most writers I know, I am magpie-like.”
tacular denouement to pull all the potentially fascinating insight that con- decide on a central argument, even up work is no exception. Here is Louise He is working on the eighth volume of
strands of this chaotic novel together. trasts with Hunter’s previously cartoon- the tone so that, in this case, the reader Guy, another of the Slow Horses, her the series, as well as a collection of short
But, instead, it all just . . . stops. ish personality, but also a glimpse that, knows whether they’re in a satire, an Iris attention distracted on a London stories featuring Lamb. “I will not shut
Reading Double Blind is a frustrating like so much in this novel, would have Murdoch tribute or a roman-à-clef, and Underground train while commuting to the door on Slough House. I find it a very
experience. It contains some genuinely been better shown rather than told. give it an ending. Why this hasn’t hap- Slough House: “Looking for donor useful vehicle for writing about
important ideas that St Aubyn might In conversation in 2015 with the pened is a mystery — and a great shame. sperm? read the ad above her head. contemporary issues,” he says. “And I
have gone to town on, had they been actress Harriet Walter and the play- Definitely not, although on the Central have not killed all the characters yet.”
thinned out and focused on, instead of wright Timberlake Wertenbaker, ‘All Among the Barley’ by Melissa line at rush hour, you could not rule it
merely gestured towards. There are also Hilary Mantel said: “People suppose Harrison was the UK winner of the out. But for the moment [she] hoped Adam LeBor is the author of ‘Kossuth
some promising allusions — such as the that imagination is an airy quality, and EU Prize for Literature herself impregnable.” Square’, a Budapest noir crime thriller

A cyborg finds her voice Complex fracture

E Family tensions are laid
very five years or so, For those keen on exploring irresistibly. George has spent her Unsettled sons has been revoked for seem-
Nobel laureate and Ishiguro’s backlist, I’ve been life grappling with a complex con- Ground ingly no reason: the event that
Booker Prize winner enjoying The Unconsoled (Faber dition that sees her nervous sys- bare in this tale of life in by Claire Fuller precipitated it shadows the
Kazuo Ishiguro pub- & Faber, read by Simon Vance), tem thrown into uproar by simple the margins of society. Fig Tree £14.99 novel’s first third through reflec-
lishes a new novel. It is the long, dreamlike narrative that things: walking, eating, changes 304 pages tions of a long-buried trauma,
always an event, not least because takes us through three days of a in temperature. Now 36, her daily By Zoë Apostolides with “all of them orbiting an inci-
it is impossible to know where his concert pianist’s life in a peculiar, life is one of confinement, in dent so horrific they were unable

I
imagination will take him next. unknown town. Because it’s not which she must temper her activ- to shift themselves closer”. The
Postwar Japan, an English coun- entirely supposed to make sense ities with rest and in which her n the five years since Claire tragedy that upended their lives
try house, a boarding school dedi- — bizarre characters crop up with mobility is severely compro- Fuller won the Desmond also tethered them to Inkbourne,
cated to cloning — Ishiguro’s pre- GENRE ROUND-UP no explanation, roads lead to mised. But, as she explains to us, Elliot prize for debut fiction the cottage and each other.
vious books have seen them all — nowhere, conversations are baf- her life is one of richness, not with Our Endless Numbered Unsettled Ground is a riposte to
and Klara and the Sun (Faber & AUDIOBOOKS fling, as in a lurid dream — its epi- impoverishment; a life of building Days, she has written almost compassion, and the shame just the notion that, with a little hard
Faber) is another journey into sodic structure translates well on tiny moments of pleasure and a book a year. Having come to waiting to be felt in such a small graft, lives can be turned around
new territory. into an immersive listen. enlightenment, of learning the writing relatively late, it’s perhaps community, where visits to a food and fortunes changed. Julius’
The Klara of the title is an “arti- By Alex Clark Elsewhere in new fiction, Niven value of simply noticing and no wonder that the majority of bank could never go unnoticed. attempts at improving their situa-
ficial friend”, a creation some- Govinden’s Diary of a Film (WF observing. To hear her speak of it her protagonists are older, more Broken and decrepit though the tion — building an oven in the gar-
where between companion, serv- Howes) has a certain kinship with directly is immensely soothing, seasoned, often with more to lose. cottage may be, it’s where the den for a cake-delivery business,
ant and toy that has been a whole, human life. The audio- The Unconsoled: a film-maker and it stands as a profound redefi- Unsettled Ground shares with twins were born and where Dot or renting out a yurt on their land
invented for lonely adolescents. book’s narrator, Sura Siu, conse- arrives in a city and surrenders nition of the idea of vitality. Fuller’s previous works themes of dies, unexpectedly, one morning via Airbnb — could never have
And she is also the novel’s narra- quently has much work to do, and himself to the hectic business of Finally, Nikesh Shukla’s Brown closely guarded family secrets of a stroke. “The worries of sev- succeeded: “he needed a compu-
tor, which is a fascinatingly two- she does it ably and affectingly. introducing his new work to the Baby (Bluebird) is a moving and homes built upon shaky enty years — the money, the infi- ter, the internet, a website.”
fold task: not only does Klara tell There’s no hint of the robotic in world, complete with complica- account of the loss of the author’s foundations. delity, the small deceits — are cut There are nuanced comments
the story of her transition from her delivery, no sense that any AI tions and derailments. Steve John adored mother, a resonant explo- In this case, home is a ram- away” in an instant, and the twins too on the theme of leaving
robot showroom to life with her creation will inevitably sound like Shepherd’s voice will be familiar ration of becoming a parent to shackle old cottage in the fictional are left to fend for themselves. home, something Julius, through
new owner, Josie, but she also a version of Siri or Alexa. to many (he played Jo in TV two daughters and an unflinching English village of Inkbourne, It’s an intriguing premise, made a blossoming relationship with a
describes everything she encoun- Here, instead, is a natural- drama This Life) and he brings a examination of the realities of where 51-year-old twins Julius more so by the paucity of novels local woman, begins to consider.
ters from a non-human perspec- sounding, uninflected American steely edge to this tale of artistic race in Britain. Shukla conceived and Jeanie live with their mother featuring vulnerable older adults. “It wasn’t much of a life, was it?”
tive. As Klara navigates Josie and accent — and yet, Siu manages to endeavour and of shifting per- and edited the groundbreaking Dot on land belonging to the Raw- Now they must sign documents he asks his sister, as they bury
her mother’s anxieties about the incorporate a subtle hesitancy as sonal dynamics. Because this is a anthology The Good Immigrant, sons, their wealthy neighbours. and death certificates, and think their mother.
teenager’s failing health, she is she relays Klara’s wonder and novel of introspection — the nar- whose impact on the publishing While “the ground and the perim- about coffins and cakes for a These divergences of ambition
also piecing together more clues confusion at human life, her mis- rator ponders his relationship to of writers of colour cannot be eter are continually threatened wake they don’t want. And then are some of the book’s most
as to how the world works, con- understandings and, crucially, his lead actors, themselves underestimated; and this book with collapse”, the small family they’re informed that the rent important junctures, but the pace
stantly processing information to her conception of duty and emo- embarking on a relationship with contains excerpts from his pod- grow vegetables, play their due to the Rawsons is, somehow, slackens before a climactic final
make her, essentially, more capa- tion. We are aware, as we listen, one another, and his life’s work — cast, with guests including Nadiya instruments and keep largely to long overdue. Jeanie cannot read third which feels unnecessary in
ble of passing as a human. that Klara’s ability to respond to its tone is one of intimacy and Hussein and Kit de Waal. Nar- themselves. or write; Julius’ sporadic work on its drama. The novel’s successes
This is the novel’s striking the complex dynamics of Josie’s shared confidences that draws rated by Himesh Patel (the star of Meanwhile over at the Raw- neighbouring farms can only lie in its quieter moments. Fuller
premise, and it requires us to sus- life are at once genuine and fun- the listener ever further inwards. the 2019 film Yesterday), it is an sons’ house, clipped commands — bring in so much. displays a tenderness for her
pend disbelief and entrust our- damentally mediated. This is a In non-fiction, two memoirs inevitably angry book but also “Alexa, kitchen lights off” — This is the unsettled ground on characters — with all the mistakes
selves to a storyteller who is story that proceeds by gradual have stood out. Josie George’s A one of great tenderness and feel- reveal the starkness of their dif- which the story plays out, the they make or lies they tell — as
extraordinarily perceptive but revelation, and Siu’s talent at Still Life (Bloomsbury), which she ing. Like George’s, it is also a book ferences. shifting sands that spell home- well as highlighting the precari-
denied much of the intuitive allowing us space to register what narrates herself, has an appar- founded on hope — an increas- Fuller is frank in her depictions lessness. A longstanding agree- ousness of even the most fer-
knowledge that comes with living isn’t said is impressive. ently narrow focus that broadens ingly precious commodity. of poverty, both of economy and ment between Dot and the Raw- vently believed truths.
20 March/21 March 2021 ★ FTWeekend 11

THE RENEWAL EDITION

daughter might see in the future and

In pursuit
would represent what was very personal
to me. I wanted to try to make a new film
[that portrayed] the journey of a father
who really wants to show he loves his
family. And I thought, since it’s personal
and since I didn’t know if it would get

of a ‘crazy
made, I’m just going to write it in the
way that I want.”
I ask whether that sense of freedom
ever wavered under the pressure of hav-
ing to meet expectations — his own, and
that of his backers — once the project

dream’
began in earnest, especially after having
become so discouraged in his career.
“There was an important moment in
April 2019 when I thought that the
financing had fallen through. For me it
was almost like that barn burning,” he
says, referring to a heart-sinking scene
in the film in which the fruits (or rather
vegetables) of the father’s labour are
incinerated. “But then there was this
very moving, liberating moment when I
felt grateful for everything I had with
my wife and daughter and I thought ‘I
don’t actually need this’. And that hon-
estly anchored me the entire time. I felt
that I moved away from that survivalist
instinct of trying to make films to
succeed and prove myself.”
Chung suddenly interrupts himself.
“I feel like I’m talking to you as a thera-
pist!” he exclaims with a self-deprecat-
ing laugh that recurs frequently
throughout our call. Adopting the role
I’ve now been assigned, I move the
conversation on to his father. I ask how

‘I wanted to escape
the discourse of today
and think about what
it is that lasts’

last few years, maybe what’s resonating Clockwise from the latter has responded to seeing an
Film | Lee Isaac Chung almost quit directing before making is that feeling of wanting to connect. above: Alan at-times-unflattering version of himself
Maybe we’re starting to see beyond very Kim, Steven dissected in the media.
strict ideologies and starting to come Yeun, Noel Cho “My dad was slightly offended [by
‘Minari’ — now it is nominated for six Oscars. By Dan Einav back to the essence of what it means to and Yeri Han some reviews]. I often worry with this
be alive within relationships.” in ‘Minari’; film that people will think my dad is just
I wonder, given Chung’s view of Minari a scene with like Jacob [the father], and I kind of feel

F
as a “family story”, what he makes of the Alan Kim and bad for him because he’s a great man,”
or writer-director Lee Isaac as a work of fiction, it does borrow sig- numerous opinion articles that have Youn Yuh-jung; Chung says. “I’ve actually put a lot of
Chung, the most important nificantly from episodes in his own fam- sought to promote it as a tale of national ‘Munyurangabo’ myself into this character . . . All his
review of Minari, his acclaimed ily’s story, such as their integration into scope, and as a sobering meditation on was the angst and how individual he wants to be
portrait of a migrating Korean- a small town in the Ozarks, his grand- American dreams and immigration, director’s first is stuff I was wrestling with when I was
American family, is yet to mother’s arrival from South Korea, and some of them triggered by the largely feature in 2007; pursuing my own crazy dream of film-
come. Despite picking up six Oscar his father’s tireless efforts to cultivate Korean-language Minari being labelled a Lee Isaac Chung making. But in doing that, I felt like I was
nominations this week, including for both land and personal independence. “foreign” film. A24; Alamy; New York Times/
Redux/eyevine
able to better understand my dad and
Best Picture and Best Director, there is Like all the best autobiography, “I didn’t set out to make a film that what was driving him.”
one piece of recognition that he contin- Minari succeeds in mining the life of its tries to express my identity or represent Although he’s perhaps more able to
ues to wait for patiently. It is the verdict author to reveal universal experiences. Asian-Americans, [or one] that makes a relate to his father today, Chung
of his seven-year-old daughter. “I made An American-born boy (Bafta nominee political stand in the traditional blue being a “sucker for old-fashioned acknowledges, both in conversation
this film for [her to watch] many years Alan Kim) struggles to find common state versus red state sense,” he says. “I stories” (he cites Willa Cather and and in Minari itself, the strain engen-
from now,” he says. ground with an outlandish grand- wanted to excavate that human story Flannery O’Connor as influences) that dered by the cultural gap between
Minari may be a kind of filmic time mother (the effervescent, Oscar-nomi- behind what I went through, and all the engage with the timeless, existential immigrants and their US-born children
capsule, but its contents reveal little nated Youn Yuh-jung), while the father thoughts about America, the environ- question of what it means to be human and grandchildren, who often shun
about the time in which it was made. (Steven Yeun, also Oscar-nominated) ment, ecology, religion were just tex- and to love others. But it was also driven elements of their heritage in an attempt
Instead, it is an intimate and beautifully goes through hell trying to develop a tural elements within the story. I by a realisation that Minari could be his to assimilate.
told version of Chung’s early life, and his 50-acre “Garden of Eden” for his wife wanted to escape the discourse of today last chance to make a personal film. I ask whether he thinks these tensions
reflections on growing up on an Arkan- and children. and think about what it is that lasts.” His 2007 debut feature, Munyurang- will continue to reverberate through to
sas farm in the 1980s. And while he These intersecting plot lines might Chung’s desire to produce a work that abo, about the fallout of the Rwandan his daughter’s generation.
stresses that his film should be regarded stem from Chung’s specific, individual could endure was partly informed by his genocide, was heralded at Cannes as a “My sister’s kids are constantly asking
recollections, but they are also illustra- “masterpiece”, but this early acclaim about [the past]. They don’t feel the
tive of broadly recognisable family did not blossom into sustained success. same burdens that we felt, and a lot of
dynamics and concerns. And at a time Chung made three more films over the that is because our parents and the gen-
when most people are either locked next 10 years but none made a big eration before did a lot of the hard work
indoors with their families or cast adrift impact and he spent much of this period to help us have a place in this country,”
from them, it is perhaps no surprise fruitlessly and anxiously “trying to talk Chung says. “I wonder what things will
that a film that focuses on domestic about grand ideas”. Three years ago be like for my daughter; she seems so
issues has elicited more attention than he was on the verge of retiring from comfortable growing up with an inter-
one might expect from a small, low- film-making and becoming a full-time national identity.”
budget drama. lecturer (he has a degree from Yale). One thing can be said for sure about
“I had this feeling of wanting to draw So what spurred him to give it one her not-too-distant future — there’s a
closer to my family that was driving me last shot? wonderful film waiting for her.
with this project,” Chung tells me over “When I was thinking of giving up, I
Zoom. “And with this pandemic and was very dissatisfied with the idea that Available on demand in the UK from April 2
with the way society has polarised in the the films that I’ve made are the ones my and in cinemas as they reopen

And the winner is . . . a less predictable Oscars night

Film | This year’s diverse Director is more unexpected. Promising Zeller, already a celebrated playwright immediately assert itself in the awards push by the Academy to promote diver- areas of toxicity, specifically his perni-
Young Woman is her feature debut and and author, is exactly the kind of debut conversation. That it quietly grew into a sity and inclusion following the shame cious influence on the Oscars. Weinstein
list of nominees signals the it’s a bracingly divisive picture: prickly director the Academy would congratu- serious contender is particularly heart- of April Reign’s #OscarsSoWhite cam- approached awards season like a WWF
end of the era when movie and provocative, with a barbed wire and late itself for discovering in the past: Sam ening, suggesting a rise powered more paign in 2015. wrestler — all muscle, bluster, noise and
bubblegum aesthetic. It’s unlikely to Mendes, for example, came from a simi- by quality than by buzz. It’s also worth A membership drive has doubled the big, showy gestures.
moguls could muscle their win, but it’s exactly the kind of invigor- lar background to win Best Director and noting that Ahmed, a deserving con- number of active women Academy The move to include more female
way to glory. By Wendy Ide ating presence that the stultifyingly con- Best Picture for his first feature, Ameri- tender for Best Actor, is the first Muslim members and tripled its active mem- voices might not be a direct attempt by
servative Academy Awards needs in can Beauty. But Marder’s film is a more nominee in that category. bers from “under-represented ethnic/ the Academy to distance itself from the

O
order to stay relevant (and, crucially, interesting inclusion. When Sound Of This year’s Oscars selection, racial communities” between 2015 and worst excesses of the Weinstein era but,
ne of the main problems commercially viable). Metal, which stars Riz Ahmed as a heavy described as the “most diverse” to date, 2020. They still, however, only account then again, it’s unlikely to be entirely a
with the Oscars has always Perhaps the real surprise should be metal drummer who suddenly loses his builds on the momentum of last year’s for 33 per cent and 19 per cent of the coincidence.
been the grinding predicta- that it has taken the entire 93-year his- hearing, premiered in Toronto in 2019, triumph for Bong Joon Ho’s Parasite, the membership respectively. The typical awards film in those years
bility of the annual awards tory of the awards for two women to be this bold, abrasive exploration of disa- first foreign language film to win Best It’s a laudable initiative, but it is not was a glossy, moneyed prizefighter of a
race, but this season has nominated for Best Director in the same bility was widely praised but didn’t Picture. All of this may be the result of a without a degree of self interest. picture that wore its box office returns
brought a refreshing change. In an ordi- year. But, given that there have been The Academy Awards are entertain- ostentatiously. But one interesting
nary year, there tends to be an accepted only five in total previously (Lina Wert- ment, after all, and like everything else aspect of the Oscars in the era of
narrative that trundles along, gathering müller, Jane Campion, Sofia Coppola, in the increasingly overcrowded enter- Covid-19 is the fact that it has more or
momentum as it goes and dictating Kathryn Bigelow and Greta Gerwig), tainment ecosystem, they have to adapt less taken the box office out of the equa-
which films are award-worthy. With it, and only one female winner (Bigelow in to survive. And any show that has tion. In many cases, it has taken the
the possibility of genuine surprises falls 2009 for The Hurt Locker), the painfully haemorrhaged viewers as emphatically entire audience out of the equation. UK
away. But it hardly needs stating that slow inch towards gender parity is not as the Oscars (2020 was a record low audiences will have to wait until April
this has been no ordinary year and, as a quite as shocking as it might be. of 23.6m, a full 20m fewer than the 30 to see Nomadland (on Disney Plus),
result, the usual awards narrative has But a look at the list of Best Picture figure for 2014) needs to stem the and even later for Another Round, from
been derailed to some degree. nominees gives other reasons to feel tide urgently. Best Director contender Thomas
The most obvious beneficiaries have cautiously positive. With Nomadland The reasons may be complex, but Vinterberg, and The Father. And with-
been female directors. Chloé Zhao’s and Promising Young Woman, two there is no doubt there has been a subtle out the handy, if distracting, barometer
nomination for Best Director hardly female-directed films make the list shift in the idea of what an awards film of box office figures, the voters will
comes as a surprise, given that Nomad- (joining only 10 others in this category looks like, particularly compared with make their choices based on merit, and
land, her gorgeous, elegiac, portrait of to date). But Fennell is not the only first- the bad old days of Miramax’s notori- merit alone.
life off the grid and on the periphery of time feature director to score a Best Pic- ously aggressive awards campaigns. The May the best film win. And this year,
US society, has been a deserved front- ture nod: Florian Zeller with The Father sheer criminal awfulness of Harvey like last, it actually might.
runner since it won the Golden Lion at and Darius Marder with Sound of Metal Weinstein when it came to his dealings
the Venice Film Festival last year. But also make the cut, suggesting a revitalis- with women has been so well docu- The Academy Awards take place on
Emerald Fennell’s nomination for Best ing infusion of new blood. The makers and cast of Korean winner ‘Parasite’ celebrate last year — Getty Images mented that one tends to forget other April 25, oscars.org
12 ★ FTWeekend 20 March/21 March 2021

Arts

B
angladesh, Bangladesh / Such last time he had played in New York, in
a great disaster, I don’t under- 1966, he had been booed.”
stand / But it sure looks like a In fact, Harrison wasn’t sure Dylan
mess,” chanted George Harri- would show until the moment he shuf-
son on a languid summer fled on stage, head bowed and guitar in
evening in 1971. The occasion was his hand. Accompanied by Russell on bass,
Concert for Bangladesh, the first Harrison on guitar and Starr on tam-
rock’n’roll benefit concert, held to raise bourine, Dylan launched straight into
funds for the victims of a bloody civil his four-song set. Opening with “A Hard
war that began 50 years ago. Rain’s A-Gonna Fall” and closing with
As the conflict unfolded, Harrison’s “Just Like a Woman”, it provided pause
friend, sitar master Ravi Shankar, for reflection amid the clamorous
expressed concern. Bangladesh (then ecstasy of the other acts.
East Pakistan) had been subject to years The concert ended with Harrison’s
of discriminatory policy under the cen- stirring call to action, “Bangla Desh”,
tral government (located in West Paki- now acknowledged as the first charity
stan), which was pushing the Urdu lan- single. By the time the war had ended in
guage and a strong Islamic identity, to December 1971, Bangladesh was an
unify the country. East Pakistan’s Ben- independent nation. At least partly
gali-speaking population had long been thanks to Harrison, most people in the
unhappy with their position, and calls west knew its name.
for autonomy were at an all-time high Some 40,000 people attended the two
when “Operation Searchlight” was concerts and roughly $250,000 was
launched on May 26 1971. The military raised on the day, 10 times the amount
was drafted in an attempt to suppress
Bengali nationalist sentiment, and thus ‘George assumed that the
began a brutal nine-month war.
Estimates for the number of Bengalis record labels, the IRS would
killed in the conflict range between waive their fees too, and
300,000 and 3m. Upwards of 200,000
women were subject to a vicious cam- that wasn’t the case’
paign of genocidal rape. Roughly 30m

Birth of the
people, members of Shankar’s family
among them, were displaced. Add to insisted that Shankar open the concert. joined by a 15-piece band and horn Shankar was originally aiming for. The
this the effects of the Bhola cyclone, “George did a very bold thing, which section, plus six backing vocalists. He concert album went on to win a
which had devastated the region was to say, this is going to start with an performed three songs from his Phil Grammy for Album of the Year in 1973.
months before, and Harrison’s use of the Indian classical piece, to an audience Spector-produced album All Things But proceeds from this, and the concert

rock benefit
word “mess” seems an understatement. which was clearly just waiting for the Must Pass. First up was the jubilant documentary, were tied up in disputes
Shankar asked for help organising a rock’n’roll to start,” says Taplin. “Wah Wah”, followed by his number one with the Internal Revenue Service in the
small concert to raise money and aware- Shankar knew as much. When he single “My Sweet Lord” and finally US, the British Treasury and record
ness. With Harrison’s star power, he took to the stage, he asked for the audi- “Awaiting on You All”. This, the executives, all of whom were eager to
said, they might raise $25,000. In ence’s patience, and that they refrain applause made clear, was what the audi- take their cut. “The musicians waived

concert
response, the ex-Beatle set about organ- from smoking. He was joined by the ence had come for. their fees, everybody was glad to help,”
ising two sold-out shows, held at Madi- sarod virtuoso Ali Akbar Khan, the Keyboard player Billy Preston took says Harrison’s second wife, Olivia Har-
son Square Garden in New York on tabla player Alla Rakha and Kamala the audience to church with a high- rison, who looks after the concert’s leg-
August 1 1971. Chakravarty — the concert’s only female energy rendition of his 1969 gospel track acy. “George assumed that the record
Harrison called in favours from Eric performer, bar backing singers — who “That’s the Way God Planned It” — labels, the IRS, everybody would waive
Clapton, Bob Dylan and his former played the tamboura. Shankar regarded as one of the show’s highlights. their fees too, and that wasn’t the case.”
bandmate Ringo Starr, among others. reminded the audience why they were But there were many more besides this. Beatles manager Allen Klein had
From main: The two remaining Beatles, however, there before easing into the transcend- For “While My Guitar Gently Weeps”, failed to set up a 501(3)(c) tax-exempt
George Harrison were no-shows. Paul McCartney was ent “Bangla Dhun”, an instrumental Clapton, still in the throes of heroin organisation. As a result, early proceeds
and Bob Dylan embroiled in a dispute with the others piece inspired by Bengali folk music. It addiction, picked up the wrong guitar. from the album and film didn’t reach
performing
during the
over management, and John Lennon
refused to perform without Yoko Ono.
Music | Fifty years ago, the conflict in was all the more poignant as, at the
time, Pakistan was cracking down on
“He managed to just grit it through,
which shows what a great player he
Bangladesh until years after the war had
ended. The funds were used to develop
‘Concert for “From George’s point of view, that was Bengali music, labelling it as “subver- was,” says Taplin. And Leon Russell’s an oral rehydration solution that, when
Bangladesh’ at fine,” says Jonathan Taplin, who worked Bangladesh led George Harrison and sive” and banning radio stations in the “Jumpin’ Jack Flash” plunged the audi- given to children, increases their absorp-
Madison Square as production manager at the two con- process. “Bangla Dhun” gave way to a ence into a rapturous ocean of noise. tive capabilities, meaning they are less
Garden in 1971; certs. “He didn't want it to be about The pacy gat in teental (16 beats comprising But it was Dylan, inevitably, who stole likely to die from dehydration. These are
Ravi Shankar, Beatles, he wanted it to be about Bangla- Ravi Shankar to stage a new kind of four sections of four beats each), the the show. “Bob was very nervous, up still used today. And to this day the IRS
Alla Rakha and desh.” In press conferences, Harrison tempo lifting musicians and spectators until the last minute,” says Taplin. “The still taxes the charity’s income.
Ali Akbar Khan diverted journalists away from rumours to an almost med- Nonetheless, Harrison’s efforts pro-
on stage of a Beatles reunion and towards the
charity show. By Alice Kemp-Habib itative state. The vided a template for benefit concerts to
Getty Images; Bridgeman
escalating conflict. On top of this, he 35-minute set come — from Rock Against Racism gigs
imbued the con- to One Love Manchester — and organis-
cert with a sense ers learnt from his mistakes. “When Bob
of the spiritual. Geldof started working [on Live Aid], he
Next up was and George had many conversations,”
Harrison himself, says Olivia Harrison.
who raised the Since then, the concert and its various
mood from devo- tributaries have raised almost $20m, all
tional to posi- of which goes to the George Harrison
tively Pentecos- Fund for Unicef, benefiting causes
tal. Dressed in a beyond Bangladesh. “George always
white suit with said: ‘A pebble in the ocean will cause a
the “Om” symbol stir. You have to throw that pebble and
embroidered on hope it’s for the good,’” says Harrison.
the lapels, he was “Those ripples are still going on now.”

dawn to dusk”. Yet Alan Spenner’s bass little traction in the charts. Despite
THE LIFE keeps a razor-tight grip on the shifting this, it has had an arguably more
OF A SONG time signatures; guitarists Henry
McCullough and Neil Hubbard, taking
vibrant life off-stage than other singles
from the album. During the 1970s, two
turns to solo, add a febrile, starkly different cover versions
HEAVEN ON countercultural urgency. emerged: one by blues singer Sam
THEIR MINDS With relative unknown Murray Head
singing Judas (“like he was tearing his
Taylor Jr and another by jazz royalty
Buddy Rich. The latter was later
throat out with knives”, according to adapted for a recording by the US

T
comedian and musician Tim Minchin), Army Band, featuring a stratospheric
ell me how much I mess the recording set the standard for all trumpet solo from Dave Stahl.
this up!” says Nile Rodgers, subsequent interpretations: Ben Several heavy metal covers have
before executing an Vereen’s Tony-nominated performance also surfaced (for a particularly
irresistible guitar riff. It is in the first Broadway production; Carl grisly take, see Seattle-based
the first lockdown of 2020. Anderson’s devastating portrayal in the headbangers Queensrÿche) as well as a
Andrew Lloyd Webber has challenged 1973 film adaptation; Minchin’s own delicate-spun, infinitely earnest
the Twittersphere to upload covers of effort in the 2012 arena tour. interpretation from Italian jazz pianist
his showtunes and Rodgers, former “Heaven on their Minds” was first Stefano Bollani.
Chic guitarist, has taken the bait. After released as a single in 1970, but gained The song also caught the attention of
a few repetitions, he sings: “My mind is Iranian composer Manouchehr
clearer now. At last, all too well, I can Cheshmazar, who lifted the opening —
see where we all soon will be.” note for note — for his 1975 theme tune
The song is “Heaven on their Minds” to the TV show Talagh. This became a
from the musical Jesus Christ Superstar, hit for Iranian pop icon Googoosh and
the second collaboration between was sampled 40 years later on Kanye
Lloyd Webber and lyricist Tim Rice. West’s “Feedback”. Though it’s
A heady mix of driving rock and been flipped and fed through a
symphonic sweep, Superstar charts filter, you can still hear a hint of
the last days of Jesus’s life. Though Lloyd Webber among the
events closely match those crackling snares.
depicted in the gospels, it caused But Kanye wasn’t the first to
considerable fuss on its release as a rap over “Heaven on their
concept album in 1970: for the open Minds”. In 1991 an underground,
questioning of Jesus’s divinity, or Detroit-based hip-hop group called
because it was felt rock music was the Soul Intent sampled the song for
wrong medium for a Passion play. their thumping track “One-Handed
The first song after the overture, Juggler”, and then again in 1995 for
“Heaven on their Minds” embodies “Biterphobia”. The MC on both was up-
these controversies. A terrified Judas and-coming rapper M&M (he now goes
begs his friend to stand down or risk by Eminem). Polish hip-hop
incurring the wrath of their Roman outfit Zipera, Chilean group La
occupiers. “Listen Jesus, do you care Pozze Latina and Italian
for your race?” he sings. “Don’t you rapper Noyz Narcos have all
see we must keep in our place?” since done the same.
Immediately we are hit with the February 20 marked half a
questions that underpin Superstar’s century since Superstar topped
drama: is Jesus really the son of the Billboard album charts. To
God? Has the man become more date, the concept album has
important than the message? Might sold over 7m copies worldwide,
his betrayal be justified? a number set to grow when it is
Judas’s pleas are fortified by a re-released later this year. As
relentless, guitar-driven demonstrated by Nile Rodgers,
accompaniment, played on the “Heaven on their Minds”
original recording by Joe Cocker’s remains one of its most evocative
backing group The Grease Band. and perennially fresh songs.
According to Rice’s Timmy Fisher
autobiography, the band operated “in a Carl Anderson in the More in the series at ft.com/
permanent haze of marijuana from 1973 film of ‘Jesus Christ Superstar’ life-of-a-song
20 March/21 March 2021 ★ FTWeekend 13

THE RENEWAL EDITION Arts

thing that many creative people echo:
Renewal | The arts sector first, that live traditional arts can
embrace high tech, and make some-
thing wonderful out of the collision;
is surviving on technology. second, that there’s no going back.
Business manuals tell us that digital
advances, once made, are never
Jan Dalley asks whether it reversed. Although the longing for the
emotional impact of live performance
and the face-to-face experience of art is
can also harness it to thrive undeniable and powerful, digital arts
experiences are surely with us to stay.
Digital accessibility also goes some

A
way towards answering the urgent
s the first weeks of the pan- ecological questions that haunt the
demic turned into months, arts world: a range of cultural activi-
all the talk in the battered ties, from music festivals to art fairs,
arts world was of a return to have a heavy carbon footprint. In the
“normal”. With theatres eco-unfriendly commercial art world
closed and their signs still hanging gal- — where digital activity has been furi-
lantly above silent West End pavements, ous, and quasi-revolutionised some
galleries and museums abruptly shut practices in just a year — a blended
while their treasures sat unregarded on model of digital and physical experi-
the walls, dancers stilled and musicians ences will certainly be the future
silenced; the only thing we could hope norm. Leading gallerist Iwan Wirth
for was a day when a magic wand would says, “‘Phygital’ is the future of com-
reverse these terrible events. The busy mercial art galleries. It needs bricks
world of the arts would spring back to and mortar. Artists respond to a phys-
life, just as it had been.
However, the mood has changed, as Although the emotional
has the talk. It’s rare to hear arts profes-
sionals speak of a simple, flick-of-a- impact of live performance
switch return to what was before. This is is powerful, digital arts are
partly because the lasting damage is
undoubtedly stacking up, particularly surely with us to stay

The future is phygital

in human terms. Conductor Simon Rat-
tle tells of musicians leaving the profes-
sion, almost certainly for ever; a senior ical context. But it’s digitally accessi-
lecturer at London’s leading art school ble to everyone everywhere.”
speaks of young artists, never particu- As long ago as 2013, the brilliant
larly secure, turning their backs on former FT columnist Lucy Kellaway
careers in the field they trained for. awarded the term “phygital” her Cre-
Almost all are people who work free- ovation Award (an annual satire on
lance, their livelihoods precarious at the bluff and nonsense in corporate-
best of times. Last year, one of Britain’s come into play as never before. Some art The Royal offerings in so many fields — that almost As necessity has bred invention, art speak), but even Lucy might admit
most successful actors, Simon Russell forms have thrived — as well as Shakespeare makes up for the lack of real-life cul- forms have proved creatively elastic. that 2020 has taught us what the term
Beale, revealed he had been on the point streamed or recorded music, film and Company’s tural experience. And many profession- Take, for instance, the Royal Shake- might actually mean. Or that we
of applying for social security payments. television mean more to us than ever, ‘Dream’ als are relishing the opportunities dig- speare Company’s new Dream, a version might come to love it. A quick online
Theatre producer Caro Newling points podcasts and all forms of audio are harnesses ital reach has brought, in terms of wid- of the Bard’s comedy that harnesses skim reveals that the word now has its
out how damaging the term “freelance” enjoying a boom. But for other areas of gaming and ening the audience, not just in number gaming and motion-capture technology own theoretical framework: with
can be, as it implies an easily replaceable the arts the shift has been far more radi- motion capture but in finding entirely new enthusiasts. for a live performance in a virtual forest business manuals’ love of bullet
work force. Instead, she says, the crea- cal. And as the arts have changed — usu- technology There’s a welcome and fresh feeling of that allows an audience at home to enter points, they claim phygital working
tive arts are at risk of being deskilled in a ally through an enforced flight towards Stuart Martin/Royal
Shakespeare Company
democratisation — ironically, a sort of and influence the action, as well as hav- can boast three i’s: immediacy,
way that will take a long time to heal. the digital realm — so have consumers opening-up during a lockdown. ing an interactive symphonic score that immersion and interaction. Three ele-
Yet through these voices of despair, and their expectations. London’s Wigmore Hall is a good responds to the actors’ movements. ments the arts can use creatively;
there is talk of renewal. Perhaps because It’s impossible to count the number of example: with only 552 seats but a It’s not only a cutting-edge piece of three elements sure to appeal to new
the sense of a future — an altered future arts institutions, organisations and indi- world-class reputation for chamber theatre work, but a fascinating augury generations of arts lovers.
— isn’t entirely bleak. Winston Church- viduals who have remade their experi- music, it could be regarded as exclusive. for the future. The RSC imagines a But we might also add intimacy,
ill is reputed to have said “never let a ences for digital platforms. Everything But director John Gilhooly’s superb live- time when audiences both at a venue intensity and even intellectual satisfac-
good crisis go to waste”, and that spirit from museums to awards ceremonies, streaming programme during lockdown and online could simultaneously tion: a dual model, born of necessity but
has started initiatives across the arts. concerts and plays . . . the list goes on. has reached, he says, an audience a experience this kind of show, and both growing up so nicely, can please tradi-
A year is a long time for creative peo- On the receiving end, we’ve enjoyed a thousand times bigger — and his mem- relish a satisfying night at the theatre. tionalists and radicals alike. So, don’t
ple; ingenuity and lateral thinking have sort of bonanza — brilliant, usually free, bership coffers have filled too. In this, they are emphasising some- look back — the future is phygital.
14 ★ FTWeekend 20 March/21 March 2021

Arts

Archetype of a
modern artist
Sophie Taeuber-Arp | Jackie Wullschläger on an
overdue retrospective in Basel, London and New
York for an artist whose work flowed between genre Voltaire in ungainly mask and elongated
paper limbs “full of spikes and fish
bones”, she hobbles, lurches — the sym-

G
bol of a broken world. The masks and
rasse, November 1942: costumes, said Dada impresario Hugo
hungry and lacking paint or Ball, “represent not human characters
canvas, Sophie Taeuber- and passions but characters and pas-
Arp and her husband Jean sions that are larger than life. The horror
Arp are sitting out the war of our time, the paralysing background
when news arrives of the Nazi invasion events, is made visible . . . The war is
of France’s free zone. Taeuber-Arp founded on a glaring mistake — men
packs up her work: small, easily trans- have been confused with machines”.
portable, abstract drawings in coloured This is the context for Taeuber-Arp’s
pencil. Their fluid whirling lines and extraordinary polychrome wooden
impenetrable criss-cross meshes speak “King Stag” puppets (1918) for the Swiss
equally of yearning for freedom and Marionette Theatre: a golden-horned
barriers — of borders and barbed wire. white deer, feathered Truffaldino the
The couple are fortunate; they suc- Bird Catcher, Smeraldina with artificial
cessfully flee to cramped conditions in flowers, glass-beaded Brighella, stripy
Zurich — Taeuber-Arp stays with her Dr Complex and Freudanalyticus the
sister, Arp with designer Max Bill. The Magician. They are figures of pathos,
Arps and Bill are creating a print portfo- manipulated into dramas beyond their
lio and one evening in January 1943 Tae- own making, but so joyful — expression-
uber-Arp misses the last tram home. Bill ist beauty enfolded into protest and
suggests Arp give up his bed to his wife; mockery. So too the hat-stand parodic
Arp refuses and Taeuber-Arp, not trasts”, said her friend Kandinsky, flows between hybrid genres, she Taeuber-Arp connected portraits “Dada Heads” (1920): Arp a
uncheerfully, wades through the snow “are loud voice, low voice. never acknowledged aesthetic painted oval with widow’s peak, Taeu-
to Bill’s summer house, lights the stove, Against the thunder of kettle hierarchies, she fused abstraction to the everyday ber-Arp with dangling beads as curls.
forgets to uncover the flue, and dies of drums and trumpets in a domesticity with avant- rather than to utopian They are measured, meticulous, playful.
carbon monoxide poisoning. Arp’s Wagner overture is set garde subversion. Early “My wife brandishes compass and
career surges: his optimistic biomorphic a quiet monotonous pieces include upside idealism. She feels real ruler day and night” Arp reported. In
sculptures meet the mood of postwar fugue by Bach”. down “Dada bowls” Meudon outside Paris she was architect
recovery. Taeuber-Arp is forgotten for It is all there, the and decorative insin- for the couple’s house, a narrow ochre
This page, 50 years. shouts and the whis- uations such as cro- provincial Swiss school when her life millstone cube crossing modernism
clockwise from Taeuber-Arp had never had a solo pers, in Sophie Taeu- cheted bead bags — collided with Zurich Dada in 1915, she with Alpine farmhouse. In Strasbourg
main: Sophie exhibition but Arp, as well as friends ber-Arp: Living their opaque/glossy remained true to local roots during a she designed a café, an immersive envi-
Taeuber-Arp and collectors, preserved every scrap of Abstraction, launch- abstract designs Paris career in the orbit of Kandinsky’s ronment of dots and rectangles, with
with one of her her eclectic output: textiles, jewellery, ing Saturday at Basel’s become moveable and Mondrian’s glamorous cosmo-poli- Mondrian’s colleague Theo von Does-
‘Dada Head’ puppets, wooden reliefs studded with Kunstmuseum, then in sculptures simply by tanism. Perhaps most importantly for burg. Repetitions of spheres for head,
pieces (1920); pegs like children’s puzzles, photo- July at Tate Modern. being carried, glass contemporary audiences, she con- cylinders for torsos, angular corner
‘Equilibrium’ graphs as a Dada dancer clothed in card- As the first UK retro- catching the light as nected abstraction to the personal and shapes for arms leaning on tables, are
(1932); ‘Flight’ board. These coexisted with, and fed, spective, it is an important their owners swing down everyday rather than to utopian ideal- syncopated forms evoking an animated
(1937); ‘Colored her major formal achievement: rhyth- re-positioning — and one of the street. ism. She feels real. interior in the painting “Cafe”: construc-
Gradation’ mic paintings of circles, semicircles the year’s most keenly awaited Taeuber-Arp made the fringes Her art, as Living Abstraction implies, tivism with a human dimension. An
(1939) and rectangles, orchestrated in bright shows. Taeuber-Arp could have been central: born in then obscure Davos began as performance — yet is refresh- exacting precision learnt through cross-
Stiftung Arp e.V., Berlin; and muted colours. Their “greatest con- invented as a model for today. Her work in 1889, a teacher of applied arts in a ingly ego-free. Dancing Dada at the Café stitch embroidery, the woven grid,

Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
8
Since May 2012 Guildford’s include Andrey Esipenko, three. The champion won The excellent British 9 865 Dealer: East E/W Game to ruff. West then returned a
team has clocked up 81 wins the 18-year-old who 7 elegantly against France’s software, RealBridge, allows J 43 club, which East won and
K North East South West
and two draws in the Four defeated world champion 6 No1, but more tests lie ahead. you to see and converse with K 875 3 — 1NT 2S 3D led another heart for a
Nations Chess League, but Magnus Carlsen at Wijk. Games can be watched every your partner and opponents. N 3S NB 4S second ruff. Two down.
the Surrey club missed out Guildford will field Michael
5
afternoon until Sunday It is as close to playing live 10 2 K 3 and, without that lead, Declarer should reflect
Q 9 85 2
on European competition Adams, David Howell, Luke 4
March 21 (4pm GMT start). bridge as is currently Q 10 6 5 4 2
W E
A J9 7 finessing through the opener, that the lead has given her
because its star players had McShane and Gawain Jones, 3 2411 possible online. Duplicate, Q9 62 A J 10 you might have lost a trick the contract. Without a heart
S
other commitments. effectively the England 2
Wesley So v Magnus Teams and informal hands AQ J 7 4 to that singleton queen. loser, she can play A♠ and
Now the pandemic has national team. The pandemic Carlsen, Paris 2016. Black to can be played, with a chance A K 10 7 6 South is pretty certain another, losing to East’s K♠,
created an opportunity in has greatly reduced playing 1
move. White threatens an to review every bid made 8 3 that East holds K♠, but trying but ensuring there can be no
A B C D E F G H 4
the online 58-team opportunities for those immediate end by Qxe8 and card played. to reach dummy to finesse it heart ruff. East can then cash
European Cup on the outside the world top 20, Meanwhile Carlsen is mate. What was the world After East’s Weak 1NT, make it. Declarer can see J♥ is fraught with danger, and her two red aces, but that is
weekend of March 27-28, who are eligible for Carlsen’s playing the fourth leg of the champion’s move which many N/S pairs struggled to in dummy, so West’s Q♥ lead this manifested itself pretty it for the defence. South can
when Guildford are seeded Tour, so this will be seen as a $200,000 Meltwater defeated the threat and won reach game. Where they is obviously a singleton. The quickly. Playing a diamond trump her second diamond
third behind Czech and chance to put English chess Champions Tour after quickly for Black? reached 4S, perhaps seeking good news is that declarer allowed East to win with A♦ in dummy later and her
Russian teams. The Russians back on the map. failing to win any of the first Solution, back page overtricks, they failed to no longer has a heart loser — and return a heart for West excellent game is secured.

POLYMATH 1,118 SET BY FALCON CROSSWORD 16,739 SET BY ARTEXLEN

Jotter pad

Crossword competitions suspended

Dear readers — we have suspended the Crossword and
Polymath competitions while our editors work from home.
We hope you continue to enjoy completing them until
normal newsroom services resume.
20 March/21 March 2021 ★ FTWeekend 15

Arts | Collecting
makeshift assemblage of fabrics —
creative activities encouraged in
childhood by a widowed, thrifty
mother, then by studying textiles —
thus carried over into very refined
London galleries get together
painting. You note the steady hand at The Art Market Monet’s Christie’s art historical categories — film stars Greta Garbo and Catherine would close by the end of 2021 after
the edge of her geometric shapes, the Impressionist, Modern, Post-War Deneuve, and the event boasted a a demanding year.
regularity of composition that allows ‘Waterloo Bridge’ at $35m; and Contemporary, etc — are to be legendary gala dinner for all its Rohatyn describes her new
flights of irregularity: tilting white on no more Paris Biennale; dropped in favour of “20th-century exhibitors and big-name supporters. building as “radical and beautiful,
grey undulations, swaying as in a art” and “21st-century art”. The But the mixed-category fair had an extension of what I have done all
storm, in “Off Centre Gradation”; on the NFT bandwagon. boundaries were already blurred — already begun to lose its focus, faced along”. But she concedes: “There is
leaping spheres on poles in “Animated Melanie Gerlis reports and yet the new categories are still with increasing competition, and a requirement at some point to
Circles” and “Animated Circle Picture”, simplified misnomers. The 20th then in 2016 it suffered a blow on grow with the artists.”
gouache spiralling, melting, down the century, according to Christie’s, the back of a faking scandal She had committed to the new
page in “Blue Form (Vase)”. London will have a new Gallery begins with Claude Monet (who was involving furniture and decorative building before the pandemic, but
In her last years, limpid shell and Weekend in early June, with nearly active from the late 19th century), arts. The Biennale’s organisers, the says it has convinced her even more
leaf forms evolve into suggestions of 90 contemporary art dealers while the 21st century starts with Syndicat National des Antiquaires of the importance of a destination
tangled strings, cross shapes become already signed up to participate. Jean-Michel Basquiat (whose golden (SNA), tried to rejuvenate their fair, gallery. A café and shop will follow
jagged and unaligned: in “Crossing The initiative comes after more period was in the early 1980s). including making it an annual as she awaits planning permissions.
of Straight Lines, Planes, Green than a year of limited opportunities Alex Rotter, Christie’s chairman of rendezvous, but it seems the Renovations of the space, including
Cross and Fragment of Blue Cross” soundscape in “Lines of Spring” and to galvanise attention on the 20th- and 21st-century art, says it’s pandemic proved too much. In the installation of a new lift, have
(1941) they twist like faces in pain. “Lines of Summer” (1942): open and capital’s art trade. “We are lots of about art that “shares a vocabulary”, a statement, the SNA says it is cost nearly $30m, she confirms.
A new asceticism enters the Grasse closed forms, arcs and angles, hints of little businesses but are a real as well as responding to the market. “turning the page” and will instead The new building opens on March
work: orange and olive Mediterranean flowers, a wiry butterfly shape community,” says Jeremy Epstein, “The buyers of [young artists] co-organise a new arts and crafts 20 with three solo-artist shows:
hues over-doodled with looping black blocking and splitting a green co-founder of Edel Assanti gallery Amoako Boafo and Dana Schutz are event in November 2021. Niki de Saint Phalle (who has a
curves in the series “Geometric and spade. Taeuber-Arp was 53; the and initiator of the new event. not necessarily the same as for coinciding exhibition at MoMA PS1),
Undulating Lines”. balance of obscurity and transparency, “And when we come together, we Warhol and Picasso,” he adds. The New York gallerist Jeanne the Brooklyn-based painter Derrick
A memoir by the artist’s great-niece flatness and depth, is masterly, yet are quite a force.” The rebranding rolls out on May Greenberg Rohatyn, founder of Adams and the Japanese ceramicist
Silvia Boadella, Sophie Taeuber-Arp: A lightness of touch, something like A range of galleries, from the tiny 11, marked by an evening auction Salon 94, this week opens a 17,500 Takuro Kuwata.
Life through Art (published by Skira in innocence, remains. to the mega, is on board; each will of 20th-century work led by Claude sq ft headquarters in a five-storey
March), though sentimental, is “When the struggle of existence has pay between £300 and £3,000, Monet’s “Waterloo Bridge, effet de Beaux Arts building on Manhattan’s The rest of the art world is,
illuminating on childhood associations become so difficult”, Taeuber-Arp depending on their size. All will co- brouillard” (1899-1903), the view “Museum Mile” (3, East 89th unsurprisingly, rushing to announce
in these late works. The figure of eight asked, “why conceive ornaments and ordinate shows to open on Friday 4 from his Savoy Hotel window, Street). “It’s a stone’s throw from their Non-Fungible Token (NFT)
swirls connect to youthful drawings colour combinations when there are so June and, because of the sprawling estimated at $35m. This painting the Guggenheim,” she says with an projects after Beeple’s “Everydays:
she made after skating. The many more practical and especially nature of London’s galleries, each last sold in 1999 — then as an excitement that belies her 19 years The First 5000 Days” (2021) sold
equilibrium between lilting melody necessary things to do?” Her answer day will have a different geographic Impressionist work — for $9.4m. at the helm. for $69.3m (with fees) to
and austerity recalls her love of resonates with what has occupied focus. Central London takes June 4, Christie’s evening auction of 21st- The move uptown from the Metakovan, an anonymous crypto
hearing Bach cantatas in (Swiss, many of us in lockdown homes south London June 5, and east century work will be on May 13. Lower East Side has the sense of fund investor based in Singapore.
unadorned) churches. and gardens: “a deep and primeval London June 6. Most spaces will also a seismic shift, especially after the Beeple’s sale, paid for in the
Miserable in Grasse, Taeuber-Arp urge to make the things we own be open late: “It will have an all-day, It’s adieu to the Paris Biennale art Covid-19 pandemic has cryptocurrency Ether through
wrote positively of their pink house more beautiful”. all-night vibe,” Epstein says. fair, which opened in the Grand dramatically changed how galleries Christie’s last week, turned the
among the fruit trees; Arp said they London’s galleries have been Palais in 1962 and ran until Covid-19 do business. Earlier this month, relatively unknown graphic designer
“lived between a well, a graveyard, Kunstmuseum, Basel, March 20-June 20; in their third lockdown since cancelled its 32nd edition in 2020. another New York City gallery, into the third-priciest living artist
an echo and a bell”. Taeuber-Arp Tate Modern, July 15-October 17; MoMA, December, but are due to reopen Over the years visitors have included Metro Pictures, announced that it at auction, after Jeff Koons and
preserves lyricism amid that menacing New York, November 21-March 12 2022 from April 12. The aim is for this David Hockney.
year’s London Gallery Weekend to Rival auction house Sotheby’s
Above: ‘Blue widen the local audience and then New York’s says it is working on its “first
Form’ (Vase) to attract global visitors from 2022, Salon 94 is venture” in the field with the digital
(1935); left: Epstein says. relocating to artist known as Pak. What exactly
‘Composition As participating south London a new building this means remains a mystery,
with Circles and gallerist Sid Motion puts it: “It is on Manhattan’s though chief executive Charles
Semicircles’ so important for young galleries, ‘Museum Mile’ Stewart told CNBC that a sale would
Jason Schmidt
(1938) emerging artists and new voices to come next month and consist of
Stiftung Arp e.V., Berlin; Arp
Museum Bahnhof Rolandseck
be shown alongside internationally unique and editioned NFTs. Nor
established names from the very do we know much about the
beginning.” Central London anonymous Pak, other than being
exhibitor Niru Ratnam, who opened the first such artist to sell $1m-
a new space mid-pandemic last year, worth of art, back in the old days of
says: “It’s an excellent initiative to December 2020. But then we don’t
get that sense of community back know much about any of this
and get people doing that thing they apparently democratic and open
used to do, visiting a round of alternative world, other than that it
galleries over the weekend.” doesn’t seem to be going away fast.
16 ★ FTWeekend 20 March/21 March 2021

Cracking little things . . .

the slippery slope to scrambling. The
Eggs are both the simplest of basics are this: good eggs should be bro-
ken up in a pan with a little butter and
carefully managed heat. They should be
comfort foods and ingredients of seasoned with pepper and salt. As they
curdle to the ideal point, more butter is
beaten in to stop further cooking and
great sophistication, says Tim then the whole can be ladled over toast.
In real life, of course, the variations
are pleasingly endless. Some pour eggs
Hayward. Now lockdown has given into a non-stick frying pan, leave them
to set, then break them up by vigorous
him the chance to devise a perfect stirring. Others lovingly pour the sieved
eggs into a double boiler, stir obsessively
for up to half an hour like a French sauce
dish with butter, salt and bread and serve them like a lumpy custard.
For me, scrambled eggs approach the
ideal, partly because getting the eggs
and toast to the table au point requires

L
two people. There is a quasi-erotic buzz
ockdown has got us all bored. in preparing something that personal to
Events we might ordinarily share with someone else, and in the act
look forward to — meals out itself — the attentiveness, the delicacy,
or holidays — are either for- the collaborative effort and the possibil-
bidden or seem to move ever ity of humiliating failure.
further into the future and instead we We could keep this up all day. There
are forced to focus on the quotidian are fried eggs on toast, eggy bread, pain
delights of our own cooking. For me, perdu, the fried-egg bap with brown
lockdown has also meant time to eat sauce, Yea, even unto the princely eggs
and appreciate a decent breakfast Benedict, which, apart from a single
. . . which in turn has made me danger- slice of ham, is surely nothing but titi-
ously contemplative. vated eggs on disciplined bread. After
I began with the middle-class staple of years of obsessive research, though, I
yoghurt and fruit. It’s healthy enough in
principle, though it only seems to work I’m not ashamed to admit I
with the kind of fruits that need ship-
ping halfway around the world, and you have an app on my phone
have to eat an awful lot of them to feel that allows me to select the
satiated. Then, one morning, staring at
a bucket of creamy Greek yoghurt and a level of ‘doneness’ I desire
mound of blueberries and raspberries
that had definitely flown further than
me in the past six months, I had a sud- have found my own egg-and-bread soul-
den urge for eggs, the most elemental mate. I will not call it an omelette sand-
and unfussy of comfort foods. wich, though many would. For me, the
I started with the very simplest — the omelette means Elizabeth David dron-
boiled-egg-and-soldiers of childhood. ing on about La Mère Poulard on Mont
It’s something we adults don’t do Saint-Michel or a gastronomic peeing
enough (pace Prince Charles, appar- contest between TV chefs. Breakfast is
ently). I love food that needs you to too important and thus requires a more
interact with it, from artichoke leaves honest fried egg.
dipped in hollandaise to a full-height Cut two slices of fresh, white, crusty
plateau de fruits de mer. Boiled egg and bread, preferably sourdough. You
soldiers requires as much knowledge should ideally have this still with traces
and dexterity as getting the good stuff of warmth from the oven, so I suggest
out of a lobster, yet it’s one of the first you do as I did and buy a bakery. Butter
foods we wean our children on. thickly with salted butter and place on a
The key is getting the egg consistency plate. Melt a lump of the butter in a fry-
right. The yolk must be as liquid as pos- ing pan and, as soon as it foams up,
sible without any of the white remaining crack in three large eggs, add big
“snotty”. It’s a fine art. In recent years, pinches of salt and pepper, then use a sil-
cooks have expended huge effort creat- icone spatula to roughly scramble the
ing the perfect Japanese onsen egg, Eggs are the Few cultures are as invested in the this country, where we just use the shell. boiled in the shell, the variation eggs into moist homogeneity. Let them
steamed or boiled so it splits appealingly most elemental idea of the egg in the shell as the Brits. Nobody seems to know why we call between yolk and white is pronounced. spread back to cover the base of the pan
on top of an Instagrammable bowl of and unfussy of Many cook their eggs hard and “peel” toast, buttered and cut into strips, “sol- Poaching reduces the difference. When and then allow the underside to set firm.
ramen. There are thousands of web comfort foods. them. Wilhelm Wagenfeld, the diers” but it’s good that we do. The world you crack the egg into hot water you can You should be able to lift up the edge
pages dedicated to the process and yet Photographs Bauhaus-trained German industrial is full of writers making them “healthy” watch and control every second of its and see the underside with the merest
astonishingly few for getting your egg taken for the designer who went on to work at the by replacing them with vegetable coagulation. If your egg is stale you’ll hint of a tan. Fold the whole thing in
suitable for dipping shards of toast. I’m FT by Rick Jenaer glassworks, created a perfect, batons, or “indulgent” by using brioche. have a sort of wet-lace mess, but with a half, lift it directly on to the buttered
not ashamed to admit I have an app on Pushinsky egg-sized receptacle in heat-conducting But these are soldiers. They’re not hav- fresh one and a suitably monastic focus, bread and top with the second slice.
my phone that allows me to select the glass, into which the insides of an egg ing any of that nonsense. A nice bit of you’ll be delivered of a perfectly set, Now turn your back on it, cross your
level of “doneness” I desire, helps me can be sealed before boiling. It’s the sourdough and a smear of salty butter unseasoned egg, ready to ladle on toast. arms and ignore it pointedly.
measure the diameter of my egg, asks only bit of breakfast kit that’s found its are standard issue and any attempt to But there’s a lot more to the suppos- After 45 seconds, relent, rotate to face
for the ambient temperature of the way into the design museums of the mess with it is prejudicial to discipline. edly artless combination of eggs and the sandwich and lift the lid. It should be
kitchen and then sets an alarm for the world, though it’s roundly shunned in Once your mind drifts down the rab- bread. Even as infants we understand concupiscently anointed with melted
very second it should be lifted from the bit hole, it’s amazing how many ways the importance of salty butter on our butter on to which you should drizzle a
boiling water and plunged into cold to we’ve found to combine eggs and bread. soldiers and, should you experiment, little balsamic vinegar, creating a kind of
stop it cooking. In Japanese cuisine or high-end Nordic you’ll find that any combination of egg bastard vinaigrette. Draw the lid back
I’d used this for several years before I restaurants you might expect to see and bread that isn’t leavened with lots of over the sandwich like a veil, bisect it,
finally realised that, for my favourite dishes that focus on the perfection of a butterfat and salt turns to ashes in the then take it somewhere quiet where you
eggs, the time always turned out to be a single ingredient. Handcrafted udon in mouth. The very austerity of the can eat it with your eyes closed lest, like
few seconds either side of seven minutes a simple dashi. A mushroom, lightly fer- poached egg throws the focus on its jux- Tiresias gazing upon Athena, you are
and now, endowed with this knowledge, mented. Poached egg on toast taposition with the bread and the essen- struck blind by its effulgent beauty.
I just use the regular kitchen clock. approaches this degree of gastronomic tial addition of butter, salt and a heavy
It should take a matter of seconds to monomania. grind of black pepper. Colour grading by James Midwinter. Egg
get your egg into its receptacle — I use Egg yolk, a pointy-headed chef will Of course, the voluptuary could not cups and spoons courtesy of David Mellor.
napkin rings, I’ve got bugger all else to tell you, sets at 64C, while the white survive long on the austere pleasures of Eggs courtesy of Pennbury Farm,
do with them — and neatly decapitated. begins to gel at about 80C. In an egg the poached egg and soon slides down Leicestershire

Green shoots: why spring onions fully deserve their name

No longer limited to Her spring salad was one of those for-
gotten flavours: the freshest of spring
no other vegetable tastes quite so much
like green shoots of hope. Whether you
Photographs by Jack Davison
and CW Smallbones
green herbs, or to season a very green
Greek herb pie made with filo pastry.
spring, there’s nothing onions and lettuce, washed and dressed eat them in April or December, they add But what exactly is a spring onion? For
with sugar, vinegar and salt, but no oil. something springlike to a plate. They years, I had been confused about the dif-
like this vegetable Lewis recalled she and her siblings loved are also good for impatient cooks ference between green onions, spring
to add a bit of bounce to this dish so much they would save it to because they soften more quickly than onions and scallions. The confusing part
eat last “so that we could spoon lots of regular onions in stews or risottos. is, first, there is no difference and, sec-
the plate. By Bee Wilson dressing on our plates”. While the young Spring onions might be the most ond, that a “spring onion” can refer to a
onions were available, they ate them underrated of all vegetables, at least in whole family of green onions, all in the

E
every day until late April or early May the west. Most of the time, we hardly allium family. According to Alan David-
dna Lewis recalled that the when they became “too tough to use”. even consider them in their own right, son in The Oxford Companion to Food:
first salad of spring during Spring onions — or scallions, to give rather than as a mere garnish. Yet for “Most of the spring onions grown in the
her Virginia childhood “con- them their American name — really the price, no other vegetable can delight West are simply immature plants
sisted of scallions or young were a spring vegetable once. These in so many ways. Served chopped and which, if left in the ground . . . would
onion plants, before they had days, it can seem like a misnomer. There raw, spring onions are like an onion in develop into full-sized onions.” The
reached the bulb stage, and Simpson, a isn’t a month of the year when spring soft focus, with the pungent edges majority sold in Britain are — like the
tender kind of lettuce”. Lewis — author onions are not in the shops. Whatever blurred away. But if you keep them ones Edna Lewis relished as a child —
of The Taste of Country Cooking, one of the the season, they are always nestling whole and cook them, their character just white onions that haven’t yet turned
great American cookbooks — was born unobtrusively in the salad aisle, near the transforms. They go as silky and sugary- into bulbs. But “spring onion” also
in 1916, the grandchild of an emanci- radishes and celery. Sometimes, they sweet as leeks. Mark Diacono — the sometimes refers to the long green
pated slave, in a small farming settle- are boringly labelled “salad onions”, as if author of Herb: A Cook’s Companion — bunching onions of Asia — allium fistulo-
ment called Freetown where everything there were no other use for them. Unlike tells me he enjoys the fresh, bright fla- sum — which grow in clusters and never
her family ate was freshly made and asparagus, which gains prestige through vour of spring onions because they are form a bulb, no matter how long in the
linked to the seasons. She later said that the shortness of its season, no one her- “less harsh than a regular onion” but ground. Sometimes these are called
her life’s mission was “to try to recap- alds the spring onion. But to me, they have “more oomph than a chive”. He
ture those good flavours of the past”. are still deserving of their name because likes to add them to chopped eggs with Continued on page 17
20 March/21 March 2021 ★ FTWeekend 17

Spectrum| Food & drink

The team of cooks at Plaistow’s New World restaurant

Back to the
old school
up driving out to Plaistow for a Chinese With its dark soy-sauce sheen and sliced
On the trail of an old London-Chinese dish, the legacy of takeaway. It was a nondescript-looking
place, but as soon as I entered it was
bamboo shoot, the dish looked Chinese-
ish, if not Chinese. It had a definite chilli
clear it was special. The menu was a kick. Tang and Xue told me its Chinese
18th-century dockworkers, Fuchsia Dunlop discovers a throwback to the 1970s (with Jar Jow as a name, which didn’t help me deduce its
bonus), the place was filled with entic- origins. Xue admitted he didn’t eat
ing smells, the customers all clearly Jar Jow himself. According to Tang, how-
takeaway that is the perfect balance of Anglo-Canto fare loved it, and then there was the amiable ever, the dish still has a loyal following in
Julie Tang, with whom I quickly fell into east London: “Lots of people order it,
conversation. young and old, we have several orders

I
Tang is a born-and-bred Londoner, every night.” Outside east London, no
n the New World Chinese takeaway any case, the idea took off with the the daughter of Hong Kong immigrants one’s heard of it.
in Plaistow, east London, Julie Tang arrival of a wave of immigrants from who ran a Chinese takeaway during her Later, I drove home with my own
was gossiping with her customers in Hong Kong’s New Territories. Most teenage years. She married into another stack of foil containers, brimming with
a broad Cockney accent. A woman takeaways were Chinese outposts in way dishes, have encroached on the old Chinese takeaway family, and she and delicious smells. It was my first Anglo-
leant on the counter, discussing her largely white communities, offering takeaway market. Anyway, why eat her husband took over this business, Chinese takeaway in decades, and I was
various marriages. An elderly man mildly exotic food to Brits more accus- chop suey, an ersatz dish invented for then known as Lam’s House, in 1996. filled with nostalgic glee. Here were the
came in, beaming, for some food and a tomed to shepherd’s pie, and many Americans, when you can enjoy biang The menu has barely changed since. sweet-and-sour pork balls of my child-
chat. The telephone rang constantly and appeared when Chinese families took biang noodles made by a native of Xi’an “We’ve added a few dishes, like crispy hood, piping hot and quite irresistible,
a stream of people popped in to pick up over former fish-and-chip shops, which or real Sichuanese mapo tofu? duck,” she says, “But the main items on each golden globe stuffed with a nugget
orders in hot foil containers stacked in may be why chips — often with curry After my childhood delight in sweet- the menu remain the same, because it of tender meat and eaten with a trickle
brown paper bags. A few Chinese lan- sauce — became a fixture on menus. and-sour pork balls, I largely forgot works.” The repertoire is a roll-call of of clear, mandarin-coloured sauce. The
terns hung from the ceiling of the other- According to Gregor Benton and about the old-school Chinese takeaway. classic Anglo-Canto fare: chop sueys, pancake rolls were just as I remembered
wise spartan room. Everyone seemed to Edmund Terence Gomez in their book I went to live in China and became chow meins, fried rices, curries, sweet- them: great floppy things packed with
be on first-name terms with Tang, who The Chinese in Britain, 1800-Present, at accustomed to eating real Chinese food. and-sours, prawn crackers and “English juicy beansprouts, shot through with
filled the space with the warm glow of the start of the 1950s, there were just 36 Only once, for journalistic reasons, did I dishes” that include roast chicken and morsels of char siu pork. And then there
kindness and welcome, like the beloved Chinese restaurants in the UK but, in order a meal from a random north Lon- various omelettes with chips. were chips with their home-made curry
landlady of a neighbourhood pub. competition with the new fast-food don takeaway and I must have picked sauce, which Tang insisted I try, and
If 2020 was the year of the pandemic, chains, Chinese takeaways sprang up all badly because it was so poor it destroyed By 1971, Chinese takeaways special chop suey — as stubbornly
it was also the year of takeaway food, over the country in the 1970s and 1980s. all my childhood memories: rancid oil, unfashionable as you’d expect: neither
and 2021 may be the same. With restau- By 1971, they were opening at the rate of From top: the leathery meat. It wasn’t an experience I were opening at the rate of western nor Chinese, but a mixture of
rants either closed or constrained by the three a week; by the late 1990s, they New World wanted to repeat. But that was until I three a week. By the late chopped pork, chicken, shrimps,
rules of social distancing, home cooking numbered about 5,000 nationally. In restaurant’s stumbled across Julie Tang’s New World onions, beansprouts and peas in a
and meal deliveries came into their just two decades, the Chinese takeaway unassuming on the Barking Road. 1990s there were 5,000 sloppy tomato sauce, with a small ome-
own. Takeaways no longer just meant had become a British institution. premises; a I was on the trail of an old London Chi- lette on top.
pizza or cheap food in plastic boxes, but The food on offer was far removed selection of the nese dish, Jar Jow, a speciality of the My visit to the New World brought me
anything you could imagine, from from what Chinese people ate them- restaurant’s city’s original Chinatown near the Lime- “Probably 60 per cent of our custom- no closer to understanding the roots of
Malaysian laksa to English pies, from selves: there were no broths, bones or dishes; owner house Docks. I remembered it from my ers are white British and among the rest Jar Jow, but it did offer me a joyful reun-
meals to meal kits, from the affordable shells, few vegetables and far too much Julie Tang; woks early days as a restaurant reviewer in there are now a lot of eastern Europe- ion with my childhood recollections.
to the astronomical, delivered to every deep-frying. With no access to fresh Chi- in the kitchen. the 1990s, when a couple of faded res- ans,” says Tang. “The white British love Banished were all thoughts of rancid oil
sofa in the land. Hunkered down in Dal- nese produce, takeaways relied on Photographs taurants in Limehouse still served it: a their chicken chow mein, special fried and leathery meat. This was the easy,
ston, I enjoyed everything from Turkish tinned bamboo shoots and water chest- taken for the FT mixture of chopped pork and vegeta- rice, sweet and sour chicken balls, chips lovely, robustly inauthentic Chinese
kebabs to a white-truffle tasting menu nuts, as well as beansprouts grown from by Benjamin bles in a dark, sweet sauce. Rumour had in curry sauce and chicken curry. We do food I had adored as a child, deftly
that arrived in a multitude of boxes with mung beans. Fresh peppers and onions McMahon it that it was the legacy of Cantonese or have a few Chinese customers, but they cooked and served with a generosity of
two pages of instructions. offered the requisite crunch; flavours Shanghainese dockworkers who had order what, for me, are more traditional spirit. It was a reminder that British Chi-
Amid this wild kaleidoscope of culi- were childishly appealing. The formula, settled in Limehouse in the late 18th and dishes, like boiled rice, Hong Kong-style nese food, like London itself and all its
nary choices, it’s easy to forget that the loosely based on Cantonese cooking but early 19th centuries. I was curious about sweet-and-sour pork and Singapore polyglot cuisines, tells tales of people on
takeaway was once almost synonymous simplified for western tastes and mod- the dish and hoped that, if I could dis- noodles; they never order chop suey.” the move, past and present.
with Chinese food. In the 1970s, when I est budgets, had been pioneered by Chi- cover its Chinese name, I could work out Many of her customers have been com- The almost total disappearance of the
was growing up in Oxford, the only take- nese immigrants in America. It was the its origins in Chinese regional cuisine. ing here not only for years, but for gen- Chinese and their old Jar Jow from Lime-
aways available, aside from fish and only Chinese food most British people But Limehouse is no longer a Chinese erations. “I’ve known kids who have house is also a reminder that the history
chips, were Chinese and Indian. On rare ever ate. Despite its almost total lack of neighbourhood. During the second now got kids of their own and they still of immigration is an evolving palimps-
occasions, to the delight of my sister and authenticity, it was a wild success. By world war, the district was devastated come. And even people who moved out est of tastes and stories, layered one on
me, our parents would pick up a Chinese 2001, according to a report by Market by German bombing; afterwards, Hong to Essex 15 years ago still come back, top of another, each one erasing the one
meal: spring rolls, sweet-and-sour pork Intelligence, Chinese was the British Kong immigrants started laying the once or twice a week,” she says. before it, reminding us all of our ephem-
balls with a polystyrene cupful of bright people’s favourite foreign food. foundations of a new Chinatown in In the back kitchen, the Fujianese erality. People and dishes come and go.
red sauce and a stack of foil boxes filled Half a century after it first conquered Soho. By the late 1990s, all that head chef, Xue Jingong, who has been Immigration, gentrification, white
with fried rice and chop suey. We would British palates, the “traditional” British remained of Chinese Limehouse was a working for the business for 28 years, flight, hipsterfication, urban decay, war
grapple with the unfamiliar chopsticks Chinese takeaway has been drowned commemorative dragon sculpture and a showed me how to make Jar Jow. In a and urban renewal all redraw the maps
and eagerly devour the food. out by the clamour of other cuisines and couple of Chinese restaurants. Now small wok, he stir-fried slices of char siu of cities. It’s a process that is fraught
According to accounts cited by author a new wave of more authentic Chinese even those establishments have been pork and a few pork scratchings in oil, with emotion but usually futile to resist.
Barclay Price, the Chinese takeaway was specialities. Most of the elder generation swept away by a tide of artisan pizzerias, then tipped in sliced bamboo shoot, Our claims on land, space and palates
born in the postwar years, when cus- of Cantonese chefs have retired, their trendy coffee shops and craft breweries. onion and green pepper. A brief sizzle, are fragile and fleeting.
tomers asked to take food home from locally born children leaving behind the Internet digging suggested that the then he added water, chilli powder,
the popular Lotus House in Bayswater; rattle of ladles in woks and the hiss of only place in London where Jar Jow was tomato paste, seasonings. Finally, he Fuchsia Dunlop is the author of ‘The Food
others believe that it was invented at a steam. Supermarket Chinese ready still available was the New World, a few thickened the sauce with starch and of Sichuan’” and winner of the Fortnum &
Limehouse restaurant, Local Friends. In meals, often featuring favourite takea- miles from Limehouse. And so I ended turned everything into a foil container. Mason 2020 cookbook award

Continued from page 16 romesco sauce. Pre-pandemic, Catalans onions with their slippery layers lend Spring onions are considered so spe- told this by Georgine Leung, a nutrition- enhanced with flecks of green onions
would meet for sociable calçotadas in themselves to being cut lengthwise into cial in China that there was once a tradi- ist who grew up in Hong Kong. Leung and lots of butter? Except for the root
Welsh onions — it has nothing to do with early spring — parties revolving around julienne strips and dropped into cold tion of sending a child for their first day explains that in mainland China, they and the tips of the green, which may be
Wales and comes from the Anglo-Saxon cooking calçots over an open fire. water, where they will not only lose of school with a bunch of them to bring are associated with intelligence, partly tough, the whole thing is good to use.
word “welise”, meaning “foreign”. But you can still have an onion party some pungency but curl up delightfully good luck (a bit like the American tradi- because the word for spring onion — Even trimmings can enhance a stock.
Whichever kind you buy, spring by yourself. A single bunch is the perfect — Spring onion curls are an excellent tion of an apple for the teacher). I was transliterated as “cong” or “ts’ung” — My very favourite spring onion recipe
onions will have hollow tubular green portion for one. Heat a griddle pan over thing to add at the last minute to a salad sounds like a Chinese word for “clever”. is also one of the simplest I have come
leaves and a white bulb (unless you find a high heat on the hob and cook the or any number of stir-fry dishes. As well as being a food, they have also across. Like the spring salad, it comes
a bunch of red scallions with a purple onions for about 10 minutes, turning Without spring onions — ginger’s long been seen as a medicine. Leung from Edna Lewis, who calls it “Skillet
root, in which case, lucky you). You can essential companion — Chinese cuisine notes that in ancient Chinese medical Scallions” and recommends serving it
tell whether your spring onion is an It’s a revelation to see how is unimaginable. Food writer Ching-He texts, they were touted as a treatment with veal kidneys or steak. For four peo-
immature bulb onion (allium cepa) or a Huang tells me that they give not just a for a range of conditions, from fevers to ple, you take four bunches of spring
mature bunching one (allium fistulosum) quickly their flavour evolves “sweet oniony bite” but the crucial ele- digestive issues. Interestingly, Leung onions, trim the roots and tops to fit a
by looking closely at the leaves. Cut a from strong to sweet ment of balance to a dish. She asks me to says that the different parts of the onion medium-sized frying pan and wash
leaf open in cross section. If the layers imagine Peking duck without the sliced are seen in Chinese medicine to have them, leaving any clinging water as it
look circular, then it is a bunching cucumbers and spring onions cutting different properties — the root being helps them to steam. You heat three
onion. If the layers look flattened inside, with tongs until evenly charred. When through the delicious fattiness. Huang “spicy” and “moderate” and the green tablespoons of butter in the pan and, as
it is a young version of a regular onion. they are soft, wrap them in newspaper points out that spring onions have been parts “warm”. Huang confirms this, say- soon as it foams, add the onions in a sin-
To see these little spring onions in a for 10 minutes before devouring with used in China since the Han dynasty of ing that the white part is considered gle layer. Cover with a lid for three min-
new light, try barbecuing them whole or toast and romesco (there’s a good recipe 202BC-220AD. Back then, they were more potent and “yang” and this carries utes before turning them. After a
charring them in a hot cast-iron skillet. from Jenny Chandler on the Borough used to prepare meaty stews or geng. over into the way that the different parts minute or so more, they will be done.
It is a revelation to see how quickly their Market website, boroughmarket.org. They are still used, Huang says, as a kind are used in cooking. “We tend to use Lewis comments “the white part should
flavour evolves from strong to sweet. In uk). This charring technique works best of culinary disinfectant to dispel xing white in cooking, then green in garnish.” be a bit crisp, the tops tender, shiny, and
Catalonia, a kind of spring onion called with spring onions that are not too big. wei, meaning “the raw-meaty flavours in One of the saddest instructions you green”. She insists that no salt is needed.
calçots are barbecued with a heady The vegetable varies hugely in size, meat, fish and seafood”. will ever see in a cookbook is the advice I was sceptical on this last point but she
romesco sauce made from hazelnuts, which reflects not just the variety but Huang’s latest book, Asian Green: Eve- to discard all the green part of a spring is right, as usual. They are like an oniony
almonds, smoky dried peppers and the stage at which they are harvested. ryday plant-based recipes inspired by the onion and use only the white. This is bouquet of spring and nothing you
tomatoes. When eating these calçots, The long bouquets of green onions sold East, is teeming with spring onions in completely missing the point. To bor- could add would improve them.
you slip off the charred outer layer “like in Chinese and Korean food shops tend one form or another: she makes savoury row from Booker T and the MGs, these
pulling off an evening glove”, as res- to be larger and more bulbous than the pancakes studded with them and sautés are green onions. If you throw away the Bee Wilson is a food writer and author of
taurateur Gabrielle Hamilton memora- little finger-width ones in British super- them sweetly with carrots and spinach top parts, how can you make an Irish ‘The Way We Eat Now’. Photographs by
bly observed, and dip each one in the markets. These fatter, juicier spring to serve with noodles. champ, in which mashed potatoes are Jack Davison and CW Smallbones
18 ★ FTWeekend 20 March/21 March 2021

Spectrum | Food & drink

What have we
W
e are now The question was how much I suspect — but cannot prove — that
about a year to trust ordinary citizens a lighter touch would have prevented

learnt from a
into the to make sensible decisions. more Covid with less collateral
ohmygosh- Our answer: not much. damage. Pure voluntarism might not
this-is-for- Read the newspaper have been enough, but you can get a

year of Covid? real stage of the pandemic.

A time, perhaps, for taking
headlines and you’d
conclude that we were all If you show us
long way with altruism, social pressure
and clear guidance.
stock of the big decisions —
and whether they were wise.
panicky, selfish fools: too
scared of a virus in a faraway
images of selfish Japan’s advice — to avoid the “Three
Cs” of closed spaces, crowded places
To my mind, there were country (those “don’t covidiots, we are and close contact — is far more
two big calls to be made. The
first: was this virus a deadly
overreact” articles from
early 2020 have not aged
more likely to be memorable than whatever strange
combination of households, settings
enough threat to merit well); hoarding all the face selfish. Show us and exemptions the UK authorities are
extraordinary changes to life
as we know it? The second: Illustration by Claire Merchlinsky
masks and loo paper; and
performing acts of
noble altruists currently allowing. (Let’s not even start
on the excuses made for ex-Downing
should those changes be outrageous selfishness such and we aspire to Street adviser Dominic Cummings.)
voluntary or a matter for parliament,
the courts and the police?
researchers got the big picture right:
Covid-19 was highly infectious, killed
as going to the beach or the park.
This narrative was unhelpful in
be like them Nowhere was this clearer than in
the British government’s catastrophic
The UK wavered over the first about 1 per cent of the people infected several ways. First, people are handling of Christmas. It issued an
decision — long enough to ensure that in the UK and thus could kill a huge influenced by each other — an idea incomprehensible tangle of rules
it suffered one of the deadliest first- number of people if not stopped. Most sometimes termed “social proof”. If allowing a three-household “Christmas
wave outbreaks in the world. But in the of those who died would be elderly. you show us images of selfish covidiots, bubble”, basked in headlines such as
end, the decision was made: this wasn’t The UK has not, thank goodness, we are more likely to be selfish; show “Boris Johnson battles experts to save
just like a bad flu that Britons should suffered 500,000 deaths. But it might us noble altruists and we aspire to Christmas” — and then backpedalled
take on the chin. It was simply too well reach 150,000. Most of those be like them. Second, because the at the last moment. The result was that
dangerous to keep calm and carry on. deaths were caused by two terrifyingly shaming focused on publicly visible many families made risky plans to
I’ve always suspected this realisation rapid waves of infection. Had we Brits behaviour, people were blamed for spend Christmas with elderly relatives
was sparked by the terrifying footage shrugged our collective shoulders and doing something quite safe like going on the assumption that they must be
from overwhelmed Italian hospitals — done nothing but make more coffins, outside. Third, if we believe people are safe because they were legal, then felt
but modelling also played a part. An 500,000 deaths would surely have foolish and selfish, we have to rely on resentment at the change. Much of the
infamous working paper, “Report 9”, been the result. writing and then enforcing strict rules damage was already done; most days in
published just over a year ago by the The Imperial report also correctly about what is and is not allowed. January had more than 1,000 deaths.
Covid-19 Response Team at London’s suggested that lockdowns might have Such rules are inevitably blunt. They There is every reason to believe that
Imperial College, predicted: “In the to be repeated almost indefinitely until endorse much that they should not vaccination is making short work of the
(unlikely) absence of any control a vaccine became available. I didn’t (such as sitting 2.1 metres apart in a pandemic in the UK, but it is always
measures or spontaneous changes in want to believe it at the time, but it poorly ventilated office or pub), while worth learning lessons. I’ll remember
individual behaviour . . . 81% of the GB gave us a glimpse of the future: rolling banning all sorts of things that should to trust the competence of the
and US populations would be infected.” lockdowns for more than a year. be permitted. Last spring, I saw the government a little less, to trust
If so, more than 500,000 people would The report’s mention of “control police admonishing a lady sitting alone mathematical models a little more and
Tim Harford die in the UK alone.
I have read several explanations of
measures or spontaneous changes in in the middle of a meadow. Had she
individual behaviour” raises the second been doing sit-ups, her behaviour
to have some respect for the common
sense of ordinary people.
why this report was so badly mistaken. big choice we collectively made — with would have been allowable as daily
Undercover economist That is odd — I re-read it just this week
and it doesn’t seem mistaken at all. The
the media, politicians, public health
officials and police all playing a role.
exercise — but she was reading a book
and was thus a lawbreaker. Absurd.
Tim Harford’s new book is
‘How to Make the World Add Up’

N Party like it’s 2021

Illustrations by Natsko Seki
ot long ago, I received an
invitation to a party at a Cocktails
friend’s cottage in the Cots-
wolds. “Summer Evening
Garden Party, 7th August Ruby bronx
2021,” it announced, optimistically. By Nick Strangeway,
“Dress code: Silk Road.” bartender and co-
For a moment I stared at the invita- founder of Hepple Gin
tion, unable to compute. Summer. anyone has been anywhere or seen any- — I love the Bronx. This
Evening. Garden. Party. Each rose-gold Get-togethers may be different to what went before — but Alice Lascelles looks one. But there won’t be any lack of springtime twist uses the
syllable seemed almost impossibly things to talk about. People will tread more intense flavours of
exotic — like a dream. Did we really used more lightly with news of personal tri- blood orange juice in place
to do such things, I wondered, scrab- forward to the post-pandemic party with recipes from top chefs and mixologists umphs — dream houses, promotions of orange juice.
bling around in the attic of my mind. and holidays. Instead, parties will hum Ingredients
And then, gradually, like sunbeams with the question: how was it for you? 50ml gin, 10ml Campari, 10ml fino sherry
piercing the gloom, the memories There will be laughter, a bit too much 40ml freshly squeezed blood orange juice
started to return: strings of lights, peo- drinking and probably a few tears. It will (fine-strained through a tea strainer)
ple laughing, music. The smell of night- have a renaissance: devils on horseback, Cross-contamination will be a con- Thanks to Zoom, everyone will have be overwhelming to see so many people. Garnish Small wedge of blood orange
scented stock and cigarette smoke on a blinis and the mushroom vol-au-vent. cern, of course, and hosts will live in ter- seen inside your home, so there will be But, my God, I’ll be happy to see them — Method Stir with ice, strain into a chilled
warm evening. A cork popping, the Snacks that boast biodegradable ror of the wineglass mix-up. As a conse- no point in tidying up. And intrusions — even the ones I never liked that much. coupe and garnish.
clink of ice. The feel of grass under bare packaging will also be in hot demand. quence, sales of the glass marker will by flatmates, pets or feral children — I don’t know if my friend’s Silk Road
feet. I sat at my desk, looking at the invi- Expect to see quails’ eggs all over Insta- surge in a manner not seen since the will be tolerated readily. Everyone will party will happen. I’m no longer holding Bermuda Daisy
tation, and felt a little stab in my heart. gram in 2021. Maybe it will become de 1920s. No party look will be complete have forgotten how to get dressed from out for that VE Day jamboree. But that’s By Mia Johansson, bartender
In the early days of the pandemic, I rigueur to provide guests with packets without a little gem dangling from one’s the waist down, so expect funny outfits. OK, because the more I think about it, and co-owner, Bar Swift —
said “When this is all over . . . ” an awful of nuts — a good way of repurposing all coupe. Glass-clinking will be a no-no — Most of us will look fatter, hairier, older. the parties that lie ahead might actually Fresh, light and a little bit
lot. It would just be a matter of weeks, or those airline snacks going to waste. so we’ll all have to get good at The Toast. But a handful will emerge, like butter- be rather nice. exotic, this Rum Daisy is
maybe months, I thought, before we The quality of drinks will improve “May the roof above us never fall in, and flies, appearing suspiciously youthful — easy to make. If you can’t
could all celebrate with a great big jam- enormously as people compete to show may the friends gathered below it never could that be a lockdown nose job? Alice Lascelles is an FT contributing get Galia melon, it’s great
boree. I had visions of VE Day-style off newfound mixology skills. Everyone fall out” is one I resorted to many times. By the old standards, precious few will editor and drinks columnist for How To with watermelon juice.
street parties with bunting and sausage will be able to jump behind the bar. It seems more pertinent now than ever. have interesting stories to tell — hardly Spend It. @alicelascelles Ingredients
rolls and cake. We’d sing Dame Vera 25ml white rum
Lynn songs and hug all those neighbours Food 50ml Galia melon juice
we’d glimpsed in the weekly NHS clap. 15ml elderflower cordial
It didn’t quite pan out like that, of Scrumpy Fried Oysters if it browns after a minute or so, it’s ready. Method 250g puff or flaky pastry, 1 egg yolk 15ml lemon juice
course. One year in, Covid-19 is still 2. Dip the oysters into the dusting flour 1. Pre-pitted dates can be dry, so choose Method Chilled sparkling water
clinging on like the guest who doesn’t By Mark Hix, The Fox Inn, and shake off the excess before dipping ones with the stones still in. It’s important 1. Grate all the cheeses together and mix Garnish Ribbon of cucumber
know when it’s time to go home. And I Corscombe — These into the batter. that the pancetta is very thinly sliced, or with a pinch of cayenne pepper. Roll out Method Mix the first four ingredients in
still haven’t learnt the name of my deep-fried beauties will 3. Cook six at a time for a minute it will unfurl when you fry it. the pastry on a clean, well-floured surface an ice-filled highball, top up with the
neighbour across the street. entice even those who or so until they are crisp and light 2. Pit your dates, then put a couple of until 3mm thick. Sprinkle half of the sparkling water, stir gently and garnish.
Yet life goes on and it must be cele- think they don’t like golden. Remove from the oil with almonds in the centre of each and close it. cheese on the middle third of your pastry
brated. If there’s one thing we’ve learnt, oysters. Small to a slotted spoon and place them on Wrap a couple of slices of pancetta sheet. Fold up the bottom third and cover Almond & Rosemary Margarita
it’s how to eke a celebration out of medium rock oysters are a plate with kitchen paper on it. around each date and secure with a with remaining cheese. Now fold down By Deano Moncrieffe, agave spirits
almost nothing — a muddy walk, a door- perfect. Serves 4 Lightly season with salt. toothpick. Heat some oil in a pan and the final third and press gently with the consultant and owner, Hacha bar — The
step coffee, a socially distanced “cheers” 4. In a small bowl, whisk the chilli sauce shallow-fry the wrapped dates until the rolling pin. Cover and slightly peppery, lemon-pine notes of the
over the garden fence. Ingredients and mayonnaise together. To serve, pancetta is golden and crispy. refrigerate 30 minutes. rosemary balance the sweet, almondy
So what will parties look like, as 120g gluten-free self-raising flour (it spoon a little sauce into each half-shell Remove, drain on kitchen 2. Remove from the fridge and roll nuttiness of the orgeat.
restrictions ease? A bit awkward to gives a lighter batter), extra for dusting and place an oyster on top. paper, serve. into a 3mm-thick sheet again. Ingredients
begin with, I imagine. But maybe not all 200ml cold cider, Oil for deep frying 3. Using a small sharp knife, 50ml blanco tequila or
bad. The days when everyone crowded 12 rock oysters, shucked, plus their half- Medjool Date, Almond and Cheese Straws slice into long strips 2.5cm joven mezcal
into the kitchen may be behind us. But shells, Salt and black pepper Smoked Pancetta Bonbon By Skye Gyngell, Spring thick. Twist each strip and lay on 25ml Grand Marnier or
on the upside, we are now all masters of For the mayonnaise By Nieves Barragán Mohacho, Sabor These flaky, brittle pastry a baking tray lined with parchment. Cointreau
the al fresco party. Even the most miser- ½-1 tbs chilli sauce, 1 tbs mayonnaise (from her book ‘Sabor: Flavours from a straws are simple to make and very Rest in the fridge for a final 30 minutes. 15ml lime juice
able British summer will hold no fear for Method Spanish Kitchen’) — These are a wow in addictive. We serve them with drinks as a 4. While your pastry is resting, preheat 15ml orgeat syrup
hosts armed with patio heaters, ther- 1. To make the batter, put the flour in a one bite: sweetness, texture, saltiness. light snack. We make the oven to 200C. Gently brush the Garnish Sprig of rosemary
moses and 3-tog puffer jackets. The gar- bowl and slowly whisk in the cider until Perfect with vermouth. Makes 12 the pastry but you can substitute a good- cheese straws with egg wash and bake Method Muddle the
den will become the new epicentre of smooth, then season. Heat vegetable oil ingredients quality shop-bought pastry. for 20 minutes. Remove from the oven rosemary sprig in the
socialising. Sharing plates will be passé, to 160C-180C in a deep-fat fryer or 12 whole Medjool dates Ingredients and allow them to cool before serving. bottom of a shaker. Add all
along with dips, fondues, bowls of nuts heavy-based saucepan (no more than 24 Marcona almonds, Toothpicks 50g Lincolnshire Poacher They are best eaten on the day of baking the other ingredients, shake
and anything requiring a good rootle. In half full). Dry oysters on kitchen paper. 24 rashers smoked pancetta, thinly sliced 50g Red Leicester, 50g Parmesan but will keep well in an airtight container with ice and strain into a
their place, the bite-sized canapé will Test the oil by dropping in a little batter: Rapeseed/sunflower oil for shallow frying Cayenne pepper, for a couple more days. chilled coupe.
20 March/21 March 2021 ★ FTWeekend 19

Food & drink

Spring
awakening

Jancis Robinson
Wine

T
he annual cycle of immigrant David Baverstock of back in 1965. There’s a first release
vineyards has always Esporão. Just 15 per cent was aged at five years old, followed by this
seemed miraculous. in big oak barrels to produce a dry second release when they judge the
Throughout the winter, white with a satin texture and wine, can eloquently demonstrate
their savage, dark layers of citrus. £19 Pull the Cork the ageing ability of Riesling.
stumps look especially unyielding. £26.49 Noel Young
And yet every spring, tender green Rafael Palacios, Louro Godello
shoots emerge, heralding foliage so 2019 Valdeorras 14% Blend of Mullineux & Leeu Family
luxuriant that it often has to be cut Godello grapes grown around Wines, Old Vines White 2019
back to allow the grapes to stand a O Bolo in several of Galicia’s tiny Swartland 14% Andrea Mullineux’s
chance of ripening. At this time of plots at elevations above 600 old-vine blend of seven varieties
year — and especially this year, metres. Intense, dry, concentrated, has never disappointed. Grab the
marooned in a London flat — I envy sophisticated. A sensibly priced concentrated 2019 vintage now as
the vine growers I am in touch with. alternative to fine white burgundy. the harvest was shrunk by drought.
Much has been said about the About £19 from various independents Intense honey and beeswax on the
consolations nature can offer to the nose. Satin texture and waves of
locked down. Even a mere potted Dom Bachelet-Monnot 2017 flavour, including green leaves and
plant, is blissfully unaware of the Bourgogne Blanc 12.5% Rather Cape gooseberries.
pandemic. But we can all enjoy the ripe and gorgeous on the nose with £25.99 Noel Young, £26.99 The Wine
miracle of spring and the renewal of a very light, smoky reductive note. Reserve, £30.50 Philglas & Swiggot
vine growth in liquid form through Lovely white burgundy for drinking
wines — as well as enjoying the first now and much better value than ROSÉ
fruits of the 2020 vintage, already many New World Chardonnays. Waterkloof, Circumstance
a year old in the case of some A light lemon-sherbet character, Coral Mourvedre Rosé 2020

Let us eat cake

southern hemisphere wines. but not for the long term. Stellenbosch 13% Spring in a
£19.18 Justerini & Brooks bottle? But with more flavour than
WHITES most very pale rosés, it’s made
Dog Point Sauvignon Blanc 2020 from the same grape as the famous
Marlborough 13% This comes from Domaine Tempier Bandol rosé.
one of my favourite producers of Smart silver screwcap. Rather soft
one of the world’s favourite wines. fruit but a very gentle, caressing
The NZ estate is run by members impact on the palate; beautifully
Patricia Niven
of the original Cloudy Bay set-up made, with light smokiness.
before its Sauvignon Blanc became £11.39-£13.99 various independents
waiting for it to settle but we’ll have a ubiquitous. Fans of Coche Dury
Honey & Co | Sarit Packer and Itamar Srulovich on a slice of cake while we wait, thank you. white burgundies might like to seek REDS
And what a cake. It is pure, whole- out the 2019, which has more of the Bononia, Gomotartzi Gamza
some tenderness, a cake that gives Coche struck-match character. 2019 Bulgaria 12.7% Gamza is a
comfort cake that saw them through the pandemic much and wants nothing in return. It £14.95 The Wine Society Bulgarian grape that makes fruity,
quivers but does not collapse. It needs fairly soft wines that drink well
very little to enhance its clean beauty, Herbert Zillinger, Horizont young and without food. This one,

F
Illustration: Leon Edler
though it might be grateful for some Grüner Veltliner 2019 Lower grown close to the Danube, is a
or us, this week represents lins, at satanic landlords and curfew- cold cream and a scatter of fruit. Austria 12.5% Low in nothing Daniel Chotard 2019 lovely springlike red with a note of
Covid-19’s first — and hope- breakers, at the person standing too What’s it for exactly? Not for a virus, but alcohol from a biodynamic Sancerre 13.5% An interesting tamarind. £10.50 The Old Cellar
fully last — birthday. close in the queue at the market and the but for the new us. For better or worse, producer. Chock full of extract with Sancerre from a ripe vintage. Far
It crashed into our home one barking at us for standing too close. we are different now. While we’re still cinnamon and ginger notes and a less austere and aromatic than Dom de la Grosse Pierre 2019
like grief — and 12 months Then we baked it as a bargaining chip not sure what the new us will grow into, dry, chalky, persistent finish. many previous examples but with Chiroubles 13% Pauline Passot
later we can trace how we baked our — if we bake for key workers and clap on we have come through a year of plague £16 The Real Wine Company a richness and density reminiscent makes translucent Beaujolais that
way through all five stages of it. Thursdays, if we bake to raise money for (knock on wood) and we are excited by of some of the Cotat Sancerres. is seriously underpriced. Fragrant,
We first baked this cake this time last Beirut and Captain Tom, if we bake for what the future might hold. So, we mark BOB Short for Kate Sauvignon £19.95 Berry Bros & Rudd delicate, mouth-filling and refined.
year, when we thought it would all be our neighbours, customers, anyone who this milestone with a little celebration Blanc 2020 Marlborough 13% £11.68 from Howard Ripley soon
over soon and that, while we had missed needs sweet comfort, then maybe we’ll and a very good cake. Maybe this From winemaker Ben Glover’s label Isabel Chardonnay 2016
Mother’s Day, we would still be with our be spared, maybe it will be over soon . . . is acceptance. in memory of his late sister Kate, Marlborough 13.5 % By NZ Dom Jean-Marc Burgaud, Les
families for Passover and would need a And needless to say, we baked it in a more complex Marlborough standards this is an antique! Charmes 2019 Morgon 13% This
flourless cake. That would be denial. periods of sadness and depression. Honey & Co’s new book “Chasing Smoke: Sauvignon than most, with notes of Marlborough’s characteristic has the flirtatious — even peppery
We baked it again to assuage anger — They say the last stage is acceptance. Cooking over Fire Around the Levant” is greenery. £16.49 Bancroft Wines acidity is fading and this is a fully — side that many wine lovers seek
at the government, at bats and pango- We get that in glimmers. We are still published by Pavilion, May 13 mature, very agreeable alternative in a cru Beaujolais. Lovely, racy
Rolly Gassmann, Réserve to a well-made Côte de Beaune fruit and a juicy drink-me quality.
Millésime Sylvaner 2019 white burgundy. Fresh and bright- £22.99 The Old Bridge Wine Shop
Coronaversary flourless, dairy-free delicious chocolate cake Alsace 12% Very deep gold for such fruited. £21.49 Bancroft Wines
a young wine. Rich, pungent, open, Dog Point Pinot Noir 2018
Ingredients fluffy consistency without one), whip until ribbon-like mark in the mix, which slowly broad nose. Lots of fun here, and Dominio do Bibei, Lapola 2018 Marlborough 13% Very gentle,
60g coconut oil they puff up, lighten in colour and disappears. It should take about five more evidence that Alsace Sylvaner Ribeira Sacra 13.5% Another delicate and nuanced but not quite
100g 70 per cent dark chocolate become very foamy. (This is known as the minutes on a high speed.) can be seriously interesting. To be Galician dry white based on the as compelling as the 2017 is now,
70g almond butter (or you can use ribbon stage, meaning that when you 4. Fold the chocolate mix by hand into enjoyed now, with or without food. Godello grape. Fresh, marine, racy, which augurs well for the future of
peanut butter or tahini) remove the whisk it should leave a the egg mix. Sprinkle in the cocoa, £18.99 The Old Bridge Wine Shop citrusy and distinctive. Hugely this 2018. It is savoury and dry —
3 eggs (at room temperature) coconut and ground almonds. Continue digestible and refreshing now, but there’s no distracting sweetness,
100g caster sugar folding until the mix is homogenous. Lismore, Barrel Fermented don’t hang on to it. £22.50 Vin Neuf no beetroot quality, no obvious
2 tbs cocoa powder Transfer to a lightly buttered 7in baking Sauvignon Blanc 2017 South and other independents oakiness. You could enjoy it today
1 tbs desiccated coconut tin (ideally a loose bottom one for ease of Africa 13.5% From one of the but I suspect it might be even better
2 tbs ground almonds removing later). coolest vineyards on the south coast Benjamin Leroux 2018 Bourgogne next year. £25 The Wine Society
5. Place in the centre of the oven for 10 — 30 per cent fermented in a Blanc 13% A blend of wines from
For serving (optional) minutes. Rotate the cake for an even bake concrete egg, the rest in 500-litre the Hautes-Côtes de Beaune and Kusuda Pinot Noir 2017
80g crème fraîche and add another eight minutes to your oak barrels. Samantha O’Keefe has vineyards around Meursault put Martinborough 12.9% Very rich
1 punnet of raspberries timer. Remove from the oven and leave produced a serious, substantial together with great skill by this nose suggests a wine with more
the cake to cool down in the tin for at wine with a lot more life than many new-generation negociant. Creamy alcohol than 13%. Made by a
Method least two hours somewhere chilly, but not a Pessac-Léognan. Bone-dry finish. texture with a slice of lemon. It’s Japanese master of subtle red wines
1. Heat your oven to 160C (fan assist). the fridge. Probably best with food. £18.99 also at its peak at the moment. Not in the North Island’s Pinot Noir
2. Melt the coconut oil in a small pan and 6. Remove the cake carefully from the tin. Strictly Wine and other independents for the cellar. £25 Berry Bros & Rudd capital. Wonderful persistence with
add the chocolate and the nut butter. Serve at room temperature for the best a fan of flavour that builds on the
Melt and mix to combine everything, then result. (If you have kept it in the fridge, Howard’s Folly, Sonhador Branco Pewsey Vale, The Contours finish, like a fine burgundy. Real
set aside. make sure to bring it up to room 2018 Alentejo 13.3% First vintage Museum Release Riesling 2013 reverberation and depth. A wine
3. Place the eggs and the sugar in a bowl temperature before serving.) Top with of a field blend of ancient vines of Eden Valley 12.5% A label of the that sings! £100 Woodwinters
or beaker. Using an electric whisk (it crème fraîche and raspberries just before various Portuguese varieties grown Hill-Smith family of Yalumba.
would be very hard to achieve the correct serving, if you like. on granite and made by Australian Some of these vines were planted For stockists, see wine-searcher.com

Fantasy dinner party

Among Monet’s water lilies, family history. I warn Nignon off the bles something. Jennifer Paterson, pening?” enquires jazz pianist Thelon- Freud. The notebook emerges again: thought he’d given up the cocaine years
pork in deference to these two. cook, author and one of TV’s Two Fat ius Monk, as he seats himself at the “And you say one ball and three sticks?” ago. Sam is singing “Danny Boy” and
FT food writer Rowley Leigh They are the first to arrive. Siggy is in Ladies, is the next to arrive, with a loud table between Freud and Paterson. Benjamin and Monk talk animatedly only Benjamin maintains any reserve.
tucks into snipe on toast a frightful bate. Some upstart at the cooee, wearing a crash helmet and a “Something is taking its course,” replies and at cross purposes about 12-tone We discuss my grandfather. “He was
door has just snatched the cigar out of white plastic parka, removing them to Beckett. We stare at the lilies. music and 12-bar blues. Beckett has such a silly boy: wouldn’t talk to us for 15
with Thelonius Monk his mouth. I explain that even in my reveal an elegant scarlet cashmere tunic Nignon pulls out all the stops with the another beer. years, just because he married out, as
and Sigmund Freud wildest dreams it isn’t possible to smoke (“Telly, my dear — couldn’t afford it turbotin soufflé nantaise. The fillets of Nignon produces the bécassines à l’eau though we cared.”
in the presence of the artwork. He looks otherwise”), her immaculately coiffed turbot are coated with a soufflé mixture de vie promptly. Two snipe arrive, each Paterson cradles Monk in her arms,

W
around contemptuously and mutters hair and her usual array of rings and on toast spread with foie gras. “Now I’m calming him with her inimitable rendi-
e are dining in the base- something about “wish-fulfilment”. pendants. She also declines the Nignon hasn’t lifted a really in heaven,” gasps Jennifer. We tion of “The Skye Boat Song”. We all take
ment of the Musée de Beckett arrives. He stares through his Riesling and demands whisky. make no comment. Sidney serves the up the chorus, even Siggy. She coaxes
l’Orangerie, sur- pebble lenses at the pictures, walking up “Grouse would do.” saucepan in earnest since 1990 Jamet Côte-Rôtie. Monk over to the piano and starts growl-
rounded on all sides by very close and then stepping back in Nignon is impatient, so we sit down 1928, but he once cooked As Jennifer’s highly varnished finger- ing out “Alexander’s Ragtime Band”, as
Monet’s water lilies. It confusion. I offer him a glass of the von and set about the blinis à la russe with nails dismember the carcases, the oth- he runs little arpeggios and harmonies
has to be in Paris, as Samuel Beckett Schubert Kabinett Riesling but he turns ice-cold shots of vodka. Benjamin is for Tsar Nicholas II ers follow suit. Even Beckett is inhaling in and out of the vocals. Sam taps his feet
refuses to travel. Paris also suits the it down and demands a glass of beer. My very happy, as is Jennifer, who tried to the gloriously Burgundian Rhône wine enthusiastically. Even Nignon emerges
chef, Edouard Nignon, who hasn’t lifted son Sidney, acting as wine waiter, pro- eat caviar on her deathbed but didn’t with reverence. The lilies are beginning from the kitchen and I hear his light
a saucepan in earnest since he sold Res- duces a bottle of Duvel and Sam nods manage it. Sam orders another Duvel. and garnished with pommes dauphines — to make sense. tenor in the choruses.
taurant Larue in 1928. He cooked for approvingly. A pregnant pause ensues The consommé Francillon (duck con- stuffed with diced lobster — and a sauce After a pause and a little “comfort We decamp to some chaises longues
Tsar Nicholas II and Franz Joseph of before Benjamin asks to look at Freud’s sommé with beetroot) arrives. It has, as normande with poached oysters. Rave- break”, la rêve d’Edouard Nignon arrives. in the Jardin des Tuileries. I offer Siggy a
Austria, and I thought that might come pocket watch: he assays it with a profes- Edouard promised, “la nuance d’un rubis neau’s Chablis Forêt 2002 has sufficient But this glorious concoction of Ramón Allones Prominente cigar but he
in handy with two of my guests, Sig- sional air. He explains that he is a pawn- foncé et d’une merveilleuse saveur”. Ben- freshness and puissance to cope with meringue, wild strawberries and declines, saying his filthy rum-soaked
mund Freud and my great-grandfather broker. Freud looks puzzled. “You jamin, born in what is now Belarus, sips this exquisite creation. almonds goes almost unnoticed. Monk, Don Pedros are good for his throat. We
Benjamin Love, both born in 1856. Ben- know, Siggy, a pawnbroker, the man each spoonful in ecstasy. After an initial, reverential silence, who had accompanied Freud to the loo, drink ice-cold daiquiris and puff away
jamin was sent to England when he was with the three balls,” explains Sam. The last guest arrives in a state of Beckett finds himself explaining seems extremely agitated, and even contentedly to the sound of the lapping
12 and I want to mine him for a bit of Siggy whips out a notebook and scrib- some confusion. “Hey man, what’s hap- cricket’s leg-before-wicket rule to Siggy has become more animated. I waters of the Seine.
20 ★ 20 March/21 March 2021

Why the young should shun

government for business
Janan Ganesh
Citizen of nowhere

T
he phrase “give back” has tellingly reactive role for the state. the state. The writer had too good a
made it through the fine- From diviner of the subatomic to nose for the world’s mutable fields
mesh sieve of the FT style tidier-up of other people’s creations — I of conflict.
guide, I see. In an item write “Leviathan” with a smirk now. The advice in this column is not
about the worldwide spurt Even the pandemic, in so many ways quite universal. In China, where the
in public sector job applications, the hour of government, fits the state pervades business like an
graduates cite a wish to make a social pattern. The breakthroughs in ambient noise, the choice is different.
difference as the animating factor. vaccination and remote labour are of Nor does it hold as much for middling
You need not believe them (I can private coinage. performers as for the excellent. A
suggest another reason why private If world-changing work is their thing, journeyman civil servant will be
employment has lost some sheen over graduates and school-leavers should around (if not do) interesting
the past year) to see that idealists not be deceived by careers advisers things. The 38th most important
should indeed favour one sector over even one generation older. Business has person at Amazon will flounder for
the other. The wonder is that this displaced government as history’s memoir material.
cohort could have so badly smithy in way that would be more These codicils aside, the old public-
misidentified it. recognisable to a Victorian than to private trade-off — power or money? —
In the last century, a young person someone from the 1990s. A candid has plainly broken down in my
If there is one thing that unites the blissfully unaffected by the presence with an itch to change the world had to lifetime. The pay gap widened. Each
SNAPSHOT portraits in Magnum Dogs, it is
authenticity. Drawing on eight
of the camera. Whether shamelessly
interrupting a meeting or beaming
join some arm or other of the
government. The central invention, the
Business has displaced great city has its Hampstead: a
neighbourhood of public sector gentry
decades of images from the archives from a convertible, they appear in nuclear bomb, that scourge and government as history’s that became unreachably super-prime.
‘New York City, of the photographic agency, this
exhaustive canine collection
scenes where no other creature could
replace them.
guarantor of the peace, was the fruit of
state research. Even a lower-stakes
smithy in way more And the consolation, a certain
centrality to events, has waned.
1959, Grey Group spans continents, generations and It is all too easy to think of dogs as grand projet might throw up an Apollo recognisable to a Victorian Government’s remaining edge is —
perspectives — yet in none of the pets, but this collection rightly has 11 or a Concorde. As for the conflict of what? — a sort of ineffable interesting-
Advertising’ by portraits can the subjects be accused
of posing.
them as protagonists.
Chris Allnutt
the day, it pitted spy against spy and
diplomat against diplomat, if politician would give the inverse of
ness. Because it trafficks in things,
rather than ideas or symbols, the
Dennis Stock On the street, beside their celebrity mercifully not general against general. John F Kennedy’s inaugural speech: a private sector is still ox-tranquilisingly
companions and even under the ‘Magnum Dogs’ is published by Industrialists served the west against call to private not public endeavour. dull to many, not excluding those
spotlights of dog shows, they are Thames & Hudson the Soviets, but as a source of Even if the dream is exposure to within it. A friend invites you to
underlying prosperity, not as frontline events, not the making of them, dinner with a diplomat, a businessman
combatants. The state drove History. business is the coming force. In the and an artist. Knowing nothing else
Business dealt in well-fed anonymity. “second cold war”, such as it is, a about them, who do you least savour
It is hard to say with precision when robotics firm or social media app is talking to?

Women will always

the reversal took place. It is much plumb on the faultline. Twice now, I have seen a room
harder to ignore that one has. Elon One reason to feel cheated by John le containing a billionaire switch its
Musk creeps ever closer to the grail of Carré’s death is that we will never focus to an unelected, modestly paid

walk alone space rockets that are as reusable as

aeroplanes. The people at Zoom can
claim to have had more direct effect on
know who he was going to conjure as
his George Smiley of the Pacific age. A
Bay Area chief technology officer, is my
young apparatchik in the time it
takes to read this sentence. The
spectacle is as brutal as it is cheeringly
life as it is lived than almost all heads of guess, or some Belt-and-Road democratic. It is also, I fear, a lagging
government. Parliaments and courts contractor with that English lust for indicator.

Jo Ellison
are striving to house-train Uber. They hard places. But not an out-and-out
do so potently, at times, but what a government drone. Not a creature of janan.ganesh@ft.com

Trending

P
erhaps most disturbing some schools have decided to take The statistics aren’t much better in
about the abuses detailed — action. On Tuesday, Latymer Upper other countries. And while we blab on
in the thousands — on the School, a coeducational school in about the shocking numbers, women
website Everyone’s Invited Hammersmith, west London, that is (and, yes, men) keep on getting
are not the specific details of named more times on the site than any murdered. And women (and, yes,
each episode of sexual harassment, other, announced that it had reported men) still get raped.
rape or social humiliation, but the fact the allegations to the Metropolitan There’s a strange syncopation in how
that each incident is recalled with the Police and Hammersmith and Fulham this latest social reckoning in Britain
same sad, defeated tone. Even aged 13 council. The headteacher, David has ignited just as Covid rates are
or 14, as so many of the students were Goodhew, told reporters he was falling and people are looking to re-
when they were molested at a party, or “troubled” by the allegations, which enter “normal life” again. Last
slut-shamed by a group of older male the school says it takes “extremely summer’s Black Lives Matter protests,
students, or raped when they were seriously”, and had reached out to which were sparked by the killing of
blind drunk and incapable of moving, students and alumni to offer support. George Floyd in Minneapolis and then
the girls seem resigned to the fact It only took the murder of a woman galvanised and internationalised on
their trauma would go unnoticed. walking home at 9pm, the bungled social media, also took off at a moment
Invariably their stories were brushed management of a public vigil, and the when we stood on a post-lockdown
away by others and they were left efforts of a 22-year-old living with her threshold. But has the pandemic
alone to negotiate the gruesome grandmother to reiterate the message spurred really new introspection and
aftermath of shame. that while #notallmen are awful, some awareness? Or just allowed long-held
Everyone’s Invited has flashed into of them are very bad indeed. But, who frustrations to ferment?
the headlines following the murder of When schools reopened across the
Sarah Everard, the 33-year-old media Reclaim the Night started UK last week, my teenager’s elation at
executive kidnapped while walking being reunited with her school friends
home and killed. Since the site was in 1977 — and in the was tempered only by her anxieties
founded by student Soma Sara in June intervening 40 years, about being harassed en route to
2020, this collation of peer-sourced school. “Is it sexual harassment when a
testimonies has become part of the nothing much has changed boy walks right up to you and starts
wider public discourse about gender shouting in your face?” she asked,
discrimination and harassment and following one of several petty but daily
caused an international outcry. doesn’t know this, really? Reclaim the abuses. To be honest, anxiety slightly
Its nearly 5,000 entries about rape Night, the first attempt in the UK to exaggerates the feelings she associates
culture among students make for raise awareness about gender rights and with fending off the lechers. Mostly she
deeply unpleasant reading. Many of public spaces, started in 1977, while just feigns a weary resignation, shows a
them refer to incidents that have police failed to apprehend the willingness to take last-minute detours,
allegedly taken place at extremely Yorkshire Ripper. And, quite frankly, in and is always prepared to run.
high-profile, fee-paying London the more than 40 years intervening, And, yes, women (and men) do want
schools, most of which are nothing much has changed. more protection. It would be
coeducational, exclusive and A survey published by YouGov wonderful if the offenders could all be
encourage a liberal education. But the last week found that 97 per cent of prosecuted, and if misogyny were
stories essay a litany of failings by the women aged 18-24 said they had been made a crime. And, no doubt come the
teaching staff and those people in sexually harassed — a statistic next public opportunity, we’ll be
positions of responsibility: there seems described by Claire Barnett of UN tramping along the asphalt hoping that
to have been virtually no intervention, Women UK as a “human rights crisis” — these crummy statistics can be eroded,
little was done to stem the tide of with only 4 per cent of victims actually that we can eradicate misogyny via
social-media harassment, and victims making a report to the authorities. education, and that with better
were offered almost no support. In one Meanwhile rape prosecutions are reinforcement, better government and
of the more outrageous stories, a 12- falling. Crown Prosecution Service by being better humans, things will not
year-old girl recalls being punished figures show that in the year to the end remain the same. And when that
with detention when a nude photo of of March 2020, 58,856 cases of rape doesn’t happen, we’ll likely feign a
her was found to have been circulated were recorded by police forces in weary resignation, and resume the
among her peers. England and Wales. But of these, there lonely walk back home.
This week, and following much were only 2,102 prosecutions,
unwelcome exposure in the media, compared with 3,043 the previous year. jo.ellison@ft.com

FT Globetrotter — it’s time to start making plans again

Meet us this week in Tokyo, as we tell us: which restaurant are you dreaming
reveal the best places to enjoy the beautiful of returning to when possible? Whether it’s
blossoming of sakura season, come for Michelin-starred, a neighbourhood caff or
a tour of London’s most powerful and anything in between, let us know!
playful public art pieces, and, for a chance For all this, and more, visit ft.com/
to be published in an upcoming piece, globetrotter

Chess solution 2411 1...Qxd1+! 2 Bxd1 Re1+ 3 Kg2 Bf1+! and if 4 Kg1 Bh3 mate or 4 Kf3 Ne5+! and 5...Nxd7 wins a rook and the game.
Saturday 20 March / Sunday 21 March 2021

Data dilemma Which property price index should you believe? — VALENTINA ROMEI PAGE 8
Follow us on Instagram @ft_houseandhome

‘Your grandma but, like, hip’

C Young people indulging in
ottagecore is the escapist so this is my problem. But its runaway Flowers, might never be homeowners.” While the
Cottagecore, an online design style of the pandemic. It is
an online phenomenon, the this fantasy live in a reality
success as an escapist online fantasy
popular with Gen Z teens and women,
Cotswolds
cottages,
“cottage” might be the antithesis of the
lockdown suburban bedroom, the
response to lockdown, a of student debt, overpriced non-binary people and the LGBTQ+ picnics, rattan, “core” comes from a lineage stretching
fantasy of chintz, tea sets and floaty soft-focus vision of the pas- community does make it a phenome- crafts and back to hardcore music, the fast, noisy
toral life with women in floaty dresses housing and insecure jobs non worth examining. What, exactly, baking are punk of the late 1970s — and is now a
wafting through meadows of wildflow- does cottagecore mean? part of the suffix added to every trend from
dresses, has flourished during the ers and pausing occasionally to pick According to Deborah Sugg Ryan, pro- cottagecore Normcore to Mumblecore and Slobcore.
mushrooms or pet a doe-eyed, er, doe. through scrolled images. Or you might fessor of design history at the University ethos — but The focus on crafts and baking is per-
Cottagecore is cuddling chickens and be dry-retching at the ghastly, reaction- of Portsmouth, it began to emerge four what does haps a way of filling furloughed time or
pandemic, inspiring decor from swinging baskets of fresh eggs with ary whimsy of the whole thing and won- or five years ago, so is more a happy coin- it all mean? all that space that should have been
fwuffy bunny wabbits; it’s lying on a dering what’s wrong with the usual teen- cidence than a result of the pandemic. “I Main picture: occupied by socialising.
teen bedrooms to Downing Street. gingham blanket in a straw hat reading a age rebellions of drugs, dancing, loud became aware of it more through fash- Rebecca Stice, But cottagecore is also very much part
novel; it’s picnics and bouquets, freshly music and drunken sex. ion, the popularity of vintage Laura Ash- a devotee of the of a recurring pattern: an inevitable
baked sponge with tea in flowery porce- Me, though, I cannot see it without ley dresses,” she says. “It’s ironic that the trend with a return to the pastoral idyll in times of
But this pastoral idyll has a dark lain cups; country gardens, daisy chains thinking of a) the kind of pastorally brand went under just as it was coming big Instagram crisis. It’s hard to patronise young peo-
and autumn wreaths. It is exteriors and eroticised 1970s chocolate bar or air- back into fashion.” (In fact, after being following — Alamy ple for indulging in a rural fantasy when
interiors to go with all that baking; ivy- freshener ads that used to pollute bought by Gordon Brothers, Laura Ash- Stock Photo; Getty Images
the reality they live in is of looming stu-
side, writes Edwin Heathcote clad cottages, just-picked veg, embroi- primetime TV in my childhood or b) ley has relaunched this year with new
;Getty Images/iStockphoto;
Narratives/Polly Eltes dent debt, overpriced rental housing
dered cushions and chintzy oven gloves. waiting nervously for something terri- interiors collections.) and insecure jobs. But it is also part of a
It is becoming a design culture, a fantasy ble to happen, a split skull, perhaps, an “Perhaps we’ve been thinking more continuum that dates at least to Marie
expressed through social media images. occult Scandinavian sacrifice, finding a about our grandparents [during the Antoinette building herself a faux-rural
Its Subreddit description is pretty per- decomposing animal corpse in the pandemic], worrying a bit about them,” hamlet with dovecote, dairy and bou-
fect: “Your grandma but, like, hip.” bushes, a wicker man or some sinister she adds. “Those memories of granny’s doir on the grounds of the otherwise
You might be thinking this is a natural dancing around a Maypole culminating home, nostalgia and the idea of how we impeccably formal Palace of Versailles.
response to a year of lockdown, of in incest and ritual mutilation. Of might make a home [have come to the
youthful lives experienced vicariously course, cottagecore is not aimed at me, fore] — especially for a generation that Continued on page 2
2 ★ FTWeekend 20 March/21 March 2021

House Home
Add some I notice you often
write about antiques or
Collection aims to
support local
Gallacher runs a London showroom-
cum-gallery space on Lant Street,

modernity to
vintage pieces in your communities with which is handily also home to a wine
column. If I were looking its production, and the bar.) Miranda Keyes’s daffodil yellow
for some contemporary furniture and objects it and emerald green jesmonite and glass

your Meissen design inspiration, where

would you recommend?
sells are made to order,
meaning waste is avoided.
These are items that are
Miranda Keyes’s
bowl has caught my eye, as have artist
Ben Burgis’s chain tables, made for an
exhibition at Gallacher’s called Smoke
I often recommend buying intended to stand the test daffodil yellow and and Mirrors.
antique and vintage pieces of time and be passed on to emerald green I would want to temper the thrill
and I’ve given many reasons for this in future generations. of the modern with old things: that
the past: they can be remarkably good The roster of designers is astounding, jesmonite and glass transparent pink side table with a
value, it’s the sustainable choice and, Yes, I love a tassel, a Meissen with names including Pierre bowl has caught chunky Edwardian wingback armchair,
aesthetically speaking, I usually prefer shepherd, a pair of chintz curtains, but Yovanovitch, Studio KO and Joseph say. But that’s just me. I read a
the patina of old age, the quirks and this doesn’t mean that I’m stuck in the Dirand offering their wares. Some of my eye fascinating book about the New
handsome scars that come as standard past or that I dislike contemporary my favourite pieces include Le Berre Romantics recently (Sweet Dreams by
with old bits of furniture. Plus, there’s design. My taste steers me towards Vevaud’s Giulia coffee table, which has Dylan Jones) and it struck me that this
that palpable air of romance that hangs filling my life with lovely old things, black and grey lacquered wooden balls eccentric pop culture movement of the
around antiques: the notion of past but I enjoy a mix. I wouldn’t want to and a glass top, and Etel’s Ar Swivel late 1970s and early 1980s appeals to
lives and countless unknowable stories. live in a house exclusively given armchair, with its blocky shape and me in such a huge way because it was
This philosophy, if you like, applies not over to antiques. I favour the odd chic rattan sides. all about historically inspired fashion
only to my interiors. contemporary table here or lamp Look to websites such as Amara and cultural references mixed with
I bought a car last December after there, an 85/15 split, if you will. for interesting selections, too. thoroughly futuristic, sometimes even
three months of searching. I couldn’t Of course, one wouldn’t call this look Amara stocks HAY, the Danish design rather alien music.
work out what I wanted, but I knew “cutting edge”, because antiques will company that can do no wrong, Those hard, juddering, shiny
that almost every model of car made in always feature prominently, but I find in my opinion. Last week songs made by bands like
the past 10 years made my heart sink. this approach much more exciting I mentioned its new timeless Ultravox in the 1980s sound
In the end I went for a forest green 1996 and innovative than a completely Arbour sofa, which comes in better in rooms stuffed with old
Jeep Cherokee XJ. I don’t believe the contemporary interior. It takes skill various colour and material things, cushions and clutter, I’ve
design of this car can be beaten: its and an eye to mix decades and periods combinations including always thought. It’s the thrill of
squared-off shape and clean lines are well. The ideal result should be a truly lacquered red wood and cream the contrast. Contrast is king!
utterly perfect, particularly compared stylish and individual look. Think of fabric. Kartell’s Jolly side
with the equivalent cars made these David Hicks — his 1960s interiors still table, designed by Paolo If you have a question for Luke about
days, which seem to resemble ugly shriek modernity, I believe. Rizzatto, is another favourite — design and stylish living, email him
sneakers with unattractive and So, where to look for contemporary inexpensive, fun and available at lukeedward.hall@ft.com.
unnecessary components such as furniture design? I’m a fan of The in transparent pink Follow him on Instagram
quilted leather dashboards. Invisible Collection, an online polycarbonate. What more @lukeedwardhall
I realise that my petrol Jeep is not showcase of furniture designed by could you ask for?
Luke Edward Hall entirely environmentally friendly, but artists and interior designers. The Last, look to Jermaine Luke Edward Hall will discuss the
I plan to trade it in for something service is rather genius, actually, as it Gallacher. I’m really enjoying this dos and don’ts of interior design
electric when electric cars become allows the public to gain access to the designer and dealer’s offbeat today at the FT Weekend Digital
Questions of taste more affordable — and the four-wheel world of an interior designer without offering, which can be viewed
David Hicks mixes styles
and periods — © Fritz von der Festival. Tickets at
drive is a must, as we live down a track. committing to a full look. The Invisible online. (In normal times, Schulenburg/Interior Archive x Trunk Archive ftweekendfestival.com

Inside ‘Grandma And just as these invariably expose a

dark underside of emerging sexuality,
desire, jealousy and murder, so cot-

but, like, hip’ tagecore has darker intimations. It’s

easy to think that the movie Midsommar
(2019) had something to do with accel-
erating cottagecore. The Scandi folk-
horror is from a lineage that includes
Continued from page 1 The Wicker Man (1973), Ben Wheatley’s
unsettling rural-chiller output, and my
“I don’t think cottagecore is really any- own fave: the underrated The Changes
thing new,” says Rebecca Stice, a North- (1975) — which absolutely terrified the
ern Ireland-based devotee of the trend seven-year-old me. It exposes the dark
(@aclotheshorse). “[It’s] just a new side of the pastoral fantasy: the incest,
name for a sentiment that has been human sacrifice and the rest. And, at its
Bubble in the ’burbs going on for ages and gets popularity or heart, as in The Changes, are the conse-
Toronto’s condo craze has moved momentum every now and again.” quences of the rapid collapse of technol-
from the centre to the fringes The pastoral thread carries through ogy. The green men, the maypoles and
Pages 3 & 4 from the work of US naturalist Henry other subtly phallic symbols are all in
David Thoreau, who created a rural fan- cottagecore’s aestheticised background.
tasy of sylvan isolation at Walden Pond
in Massachusetts (his mum brought him Those innocent tropes also
sandwiches), to the Arts and Crafts
movement at the end of the 19th cen- recall the far-right fantasies
tury, and then the hippies in the 1960s of the ‘tradwives’ or even
and 1970s, with their flower power and
communes. It is also constantly return- the Nazi ‘homeland’
ing in commodified versions from 1970s
high-fashion “bohemianism” to Taylor
Swift’s wistful portrait on her latest She goes on to explain its appeal ally decayed. There is also an accusation (Clockwise from It’s inevitable then that amid the pro-
album Folklore, a rural reaction, presum- beyond the heteronormative. “Cot- that it chimes with homesteading and above) Scandi liferation of spin-offs — bloomcore, hon-
As luck Wood have it ably, to her own commodification by her tagecore also actually has origins in its myriad erasures of the indigenous folk-horror film eycore, farmcore, cabincore, grandma-
St John’s Wood, a London enclave record label via a bout of forest-bathing. queer communities,” she says, “as a way people forced from their homelands. ‘Midsommar’ core — there is also the quite brilliant
where residents stay for life Yet the latest version looks a little to reclaim traditional lifestyles and But deep in the history of cottagecore reveals a dark cottagegore. You might define this as its
Page 6 different. I tried in vain to search for aesthetics that they would have been is a surprising diversity. You can see it in side to the teenaged goth older sister, and its feeds
designers who identify as cottagecore, excluded from.” an annoyingly floaty Marc Jacobs per- rural fantasy; are full of parodies and horror tropes:
but it’s less about design, more about Cottagecore manifests itself in natural fume ad, with models Adut Akech, Kaia Walden Pond, drowned Ophelias, mossy skeletons in
House price palaver fashion and styling. And although things and older things. Here it butts Gerber and Meghan Roche frolicking in Massachusetts, the woods, pumpkin-headed family
Valentina Romei on how to make there are pros on the scene, the big fol- into something called “grandparent- Daisy (the fragrance’s name) garlands. where naturalist snapshots, graveyard toadstools and so
sense of conflicting data lowings are with amateurs who’ve hit core”, a gentle fetishisation of an old Noemie Sérieux, pastry chef, “cot- writer Henry on, all washed with vintage filters posi-
Opinion, page 8 the sweet spot for sweetness. In mani- lady’s interior of tea sets, doilies, anti- tagecore New Yorker” and creator of David Thoreau tioning them somewhere between Don’t
festing itself more as a hashtag than a macassars and vitrines full of pin cush- @cottagecoreblackfolks, explains: lived ‘in sylvan Look Now and Deliverance.
style available to consume, it has so far ions. These are things from thrift stores “There is a misconception that any isolation’; a It’s a look that’s beginning to leech
resisted commodification. It is, in an or inherited items, sentimental knick- space painted with whiteness is exclu- rattan chair into reality. The makeover of the
odd way, a rebellion against the con- knacks that are overtly anti-minimal, sive to whiteness. Which is of course the by Soane apartment at 11 Downing Street by
temporary interior, the Airbnb-mid- anti-design and, in their own uncom- goal of whitewashing. The message in ©A24 / Supplied by LMK;
Getty Images/iStockphoto
Carrie Symonds, Boris Johnson’s fian-
century nexus of bleak grey sofas and modifiable way, anti-capitalist. never seeing someone who looks like cée, was reportedly inspired by Lulu
1950s sideboards. It exists in the ether, On the other hand, those same tropes you in a certain space is ‘You don’t Lytle, a designer who is big on rattan
in the imaginations and feeds of, that seem so innocent also recall the far- belong here’, but that simply isn’t true. and pattern and is on the upmarket
mostly, young women. right fantasies of the “tradwives” (sub- “Pastoral imagery and prairie dresses edge of cottagecore. Even Ikea and the
I asked Stice, whose poetic, autumn- missive women, mostly US, usually appeal to women of colour,” she contin- big retailers are going chintzy.
filtered and slightly gothic Instagram Christian, who long for a simpler time of ues, “because we are multi-faceted My daughters’ generation refers to
account has a big following, about the wearing aprons and tending to their human beings who deserve a seat at the cottagecore as an “aesthetic”, a self-
Hot properties femaleness of cottagecore. “I think husbands’ sexual desires rather than table as much as anyone else.” created vision communicated
Homes in the Mediterranean there’s a lot of female gaze in working) or, more pertinently, the So much of cottagecore seems to look through a platform. It’s an example of
available to buy now how cottagecore is con- Nazis. Nazis loved exactly that to fairy tales for aesthetic inspiration. the evolution of design beyond the
Page 10 structed — what women same vision of wild flower interior to encompass a lifestyle
find beautiful and appre- meadows and cottages, with that is patently unreal, a hyper-
ciate and celebrating cer- girls in floral crowns waft- augmented reality. Maybe cottagecore
tain traditionally female ing about gathering eggs. is the first pandemic-era style, maybe
characteristics like gentle- The devotion to the it’s a revival or maybe its adherents
ness and softness without rural was a pivotal part are too smart to let their escapist
judgment or pressure,” she of the promotion of Hei- interest become commodified. Or
says. “I don’t think it’s a coinci- mat, the homeland that perhaps design has found a new space
dence that so many women in vin- you would die to protect. in which to evolve autonomously. I
tage communities have to out- Or, at least, you would look wouldn’t really know, it isn’t aimed at
right say ‘vintage fashion, not after the garden and the me. And why on earth should it be?
vintage values’ because so often children while your hus-
Swedish sweet spot it is assumed that because band died to protect it. It Edward Heathcote is the FT’s architecture
Interior designer Beata Heuman someone likes dresses from the 1950s was a rejection of the and design critic. He will discuss restoring
on what has influenced her style they want to be a housewife and go back metropolis, which was country houses today at the FT Weekend
Pages 12 & 13 in time . . . which isn’t the case.” seen as impure, racially mixed and mor- Digital Festival; ftweekendfestival.com

The home in 50 Objects #35: Finmar-imported Nordic furniture

This teak wall unit — with two a Danish daily paper — seeking tuberculosis to the award-winning Britain before the second world war. in contrast to what influential
cupboards with sliding doors, each another way to make a living. Savoy vase, still a glassware feature in The war ruined Finland’s economy contemporary designers viewed as
with a circular indented handle — is Stemann moved to London and, many homes today. and led to Stemann buying Finmar. It the dowdy, elaborate nature of much
characteristic of the Scandinavian with no furniture trade experience, One of Finmar’s founders was Philip did well from UK imports of Danish- interwar furniture.
furniture that became popular in the bought Finmar in 1949. He imported Morton Shand (late grandfather of made Windsor chairs under the British Having led the field, Finmar only
Monet meets Pop Art UK in the 1950s and 1960s. Sold by products made mainly in Denmark. Camilla, Duchess of Cornwall), government’s Utility furniture scheme, lasted until 1964. Many other
Robin Lane Fox on Roy retailers such as Liberty and Heal’s, it But Finmar’s furniture origins, and a supporter of the which ran for a decade importers were rivals from the mid-
Lichtenstein’s reinterpretation was the type of fresh, clean-lined item the UK’s interest in what it had to British design reform from the early 1940s. 1950s and Finmar, a wholesaler, never
Page 14 that broke with the drabness of the offer, were more deeply rooted. They movement. Marketed The popularity of did gain the high public profile of
post-second world war years. were also Nordic, rather than, strictly as the “furniture of Scandinavian furniture some of the large retailers it supplied.
House & Home Unlocked Finmar Ltd was the wholesale speaking, Scandinavian. the future for the grew on the back of the Its name remains a presence in
importer of much of the furniture Finmar was set up in the 1930s to homes of today”, simplicity dictated by today’s revival of enthusiasm for
FT subscribers can sign up for our weekly
brought into the UK from Scandinavia. import furniture from Finland. These Aalto’s work was one the Utility programme. mid-century furniture, much of it
email newsletter containing guides to the
global property market, distinctive It was owned by Paul Ernst Stemann, were plywood items by Alvar Aalto, of the Nordic region’s The latter’s designs originally from Scandinavia.
architecture, interior design and gardens. a Dane and former journalist — a the Finnish designer of everything leading exports of emphasised the Peter Chapman
Go to ft.com/newsletters wartime Berlin correspondent for from hospitals for the treatment of “good design” to straightforwardly modern, museumofthehome.org.uk
20 March/21 March 2021 ★ FTWeekend 3

House Home

Canada property
Homeworking has moved
Toronto’s ‘condo craze’
from its centre to its fringes
— and prices are growing
rapidly. By Zoe Dare Hall

C
entral Toronto’s bars, res-
taurants and theatres may
be temporarily closed, but
the city is far from asleep.
“It’s bustling with walkers
and park-goers. There are more people
outside than I ever remember in my life,
skating, tobogganing, hiking,” observes
local resident Richard Joy.
Joy, who heads the Urban Land Insti-
tute Toronto, part of a global research
body, lives near The Annex, a compact
downtown neighbourhood featuring a
grid of streets lined with Victorian
houses “and well-used porches”.
There are mature trees, subway sta-
tions, nice shops, schools and parks. In

For the suburbs to thrive,

they need to embrace the
‘15-minute city’ concept of
amenities being nearby

Toronto’s ripple effect

essence, it’s the kind of village-like, New condos in Toronto’s suburbs have
community-minded neighbourhood helped attract younger buyers, espe-
where young couples and families have cially in suburbs with good transport
always clamoured to live in Canada’s links to the city, such as Oakville and
most populous city. Markham, says Kottick. But cheaper
But with central Toronto — like so detached homes are part of the draw
many cities around the world — not feel- too. In Vaughan, about 16km north of
ing much like its normal self in the past As buyers look The other factor is the new work- osophy Realty, described the bubble in the city, there were 227 detached house
year due to lockdown, there has been an beyond central from-home lifestyle imposed by the the ’burbs as a textbook example of sales in February 2021 (median price
escape to the city’s fringes. Toronto (above) pandemic, leading to what is being “irrational exuberance” in the market, C$1.525m, according to TRREB), com-
High house prices are an important they can find called Toronto’s suburban “condo and likened it to the situation in 2016-17. pared with 129 condo apartment sales
factor. In February, the average prop- cheaper, more craze”. In 2020, there were more new The average property price rose by 24 (median price C$570,000).
erty price surpassed C$1m (£576,000) spacious homes condo sales in Toronto’s suburbs than per cent in the year to April 2017, Kottick says sales have also risen in
for the first time. Even before the pan- in suburbs such downtown, according to market analyst according to TRREB — then fell by 20 many of the smaller towns and cities
demic struck last March, “the Toronto as Vaughan Urbanation, as buyers looked for per cent over the next eight months. around Lake Ontario, including Guelph,
market was on track for the hottest (left), 16km to cheaper, roomier homes. Pasalis calculates that in January Kitchener-Waterloo and Whitby.
spring ever, with sales up by 45 per cent the north The key drivers behind this trend are 2021, average sale prices in the Durham, In Whitby, Natalka Falcomer, vice-
year-on-year [in February 2020],” says Getty Images/iStockphoto millennials, “the current engine of the Halton and York regions had grown by president at Chestnut Park brokerage,
Romana King, content director for the North American housing market”, says more than 30 per cent year on year. points to a four-bedroom, detached
Canadian property portal Zolo. King at Zolo. “Demand for suburban real estate is house for sale for C$999,000. A year ago,
After a brief blip during the first Covid Price growth has been so extreme in one of the big stories of the pandemic it would not have sold for more than
lockdown, sales figures recovered the past year that the “B” word (bubble) era, especially since a key barrier to sub- C$900,000. “It’s had 72 viewings and
strongly from June, with home sales up is never far from experts’ lips — only this urban living — commute time — has will likely sell for well over a million,”
by 53 per cent in February 2021, com- time, it seems, the concerns are focused been significantly reduced, given the she says. “Toronto has priced these
pared with the same month in 2020, more on the suburbs than the city cen- trend of working from home,” says Don
according to the Toronto Regional Real tre. In a recent blog post, property data Kottick, president and chief executive of
Estate Board (TRREB). analyst John Pasalis, president of Real- Sotheby’s International Realty Canada. Continued on page 4
4 ★ FTWeekend 20 March/21 March 2021

House Home

i / BUYING GUIDE PROPERTIES

Buyers in the Greater Golden Horseshoe FOR SALE
(GGH) region, including Toronto, pay a 15
per cent buyers’ tax if they are not citizens
or permanent residents of Canada. CITY OF
Since January 1, detached homes have TORONTO
made up 43 per cent of all sales in the
Greater Toronto Area (GTA); condo
apartments have made up 31 per cent.
The GTA’s average selling price for all
home types rose 14.9 per cent in the 12
months to February to C$1,045,488, with
the median price at C$912,000.

B Family home, Moore Park, C$4.95m

O N TA R I O
YORK REGION A six-bedroom family home with five
Whitby bathrooms and 3,980 sq ft of living
space. The property has front and
Vaughan Ajax rear gardens and a wine cellar.
The home is tenanted until June 2022,
CANADA and is available through Sotheby’s
The International Realty.
ROSEDALE
Annex
Toronto
HALTON
REGION MIMICO
Lake US
Oakville Ontario
©Mapcreator.io/©HERE 10 km

Continued from page 3 Foster + Partners’ The One in Yorkville,

Toronto’s average property set to be Canada’s tallest building, with B Penthouse, downtown, C$2.795m
people out of the market and a family- price tops C$1m for first time flats priced from C$2.67m.
A three-bedroom, three-bathroom
focused area like this brings them value Average selling price (C$m) There is also the Sky Tower at Pinnacle
penthouse apartment in the Fashion
they won’t find in the city core.” 1.1 One Yonge, due for completion in 2024, District. The property, which has more
Prices have been rising so quickly in where units start at about C$800,000. than 3,000 sq ft of interior living space,
some suburbs that it is making parts of 1.0 “No doubt some of this relates to the has a roof terrace with views of the
“Toronto proper” seem like good value 0.9 confidence of the return of immigration Toronto skyline. Available through
in comparison, she says. She cites Mim- post-pandemic, which has always Christie’s International Real Estate.
0.8
ico, a lively waterfront neighbourhood fuelled the Toronto market,” says Joy.
popular with families and young profes- 0.7 Research by economists Benjamin Tal
sionals that is seen as a well-located and 0.6 and Royce Mendes of Canadian Imperial
well-priced alternative to the suburbs. 2016 18 19 20 21 Bank of Commerce forecasts that the
So far this year, the median sale price vibrancy of cities — and demand for
Source: Toronto Regional Real Estate Board
of a home in Mimico’s W06 area has housing in them — will return with the
been C$698,725, according to TRREB, end of the pandemic and of large-scale
compared with C$920,000 in Ajax and working from home. Rocketing prices in
$935,000 in Whitby. In the affluent “old the suburbs changes, these ‘flippers’ are the suburbs, they say, risk reaching
money” area of Rosedale, in central overleveraged, and there isn’t the “resistance level”, where people decide
Toronto, the median sale price so far demand for them to sell or rent their it’s not worth moving there. B Family home, Armour Heights, C$15m
this year has been C$1.4m, but detached properties,” she says. (From top) Toronto’s ings have fallen by 12 per cent in the past For Toronto’s suburbs to thrive, they
A large family home with five bedrooms,
mansions can cost upwards of C$10m. Certainly, the pandemic-led drop in Liberty Village; year to an average of C$2,000 a month. need to embrace the “15-minute city”
six bathrooms and 12,365 sq ft of living
Falcomer is concerned, however, that the number of students, visitors and downtown Toronto, But rental demand may yet bounce concept, says Falcomer, where shops, space. The property, which sits on a 1.72-
growing numbers of investors in the migrants has caused concern for condo- where average back. Amazon has committed to open- offices and amenities are close to hand. acre plot, has a gym, tennis court and
suburbs are looking to “flip” homes for a owners in the city, where a third of con- property prices have ing two large new offices in early 2022, “We need to make mini Torontos in the outdoor pool, and is located about 10km
profit. “I’m worried that these specula- dos are owned by investors rather than surpassed C$1m for the creating 500 jobs in the city, while con- suburbs . . . Then we can stave off the from central Toronto. The house is for
tors are pricing out other buyers — and owner-occupiers, according to Urban- first time struction work forges ahead on a raft of whiplash of people leaving the city, then sale with Sotheby’s International Realty.
once interest rates rise or demand for ation. As a result, rents in condo build- Bloomberg; NurPhoto/Getty Images new 80-plus-storey towers, including coming back again.”
20 March/21 March 2021 ★ FTWeekend 5
6 ★ FTWeekend 20 March/21 March 2021

House Home

St John’s Wood i / BUYING GUIDE

The average sale price in St John’s Wood
in the year to February was £1,263 per sq

has deep roots

ft, according to LonRes.
The average house sale in St John’s Wood
was £5.1m last year, according to LonRes.
St John’s Wood Underground station
connects with Green Park in 8 minutes
and Canary Wharf in 24 minutes.
What you can buy for . . .
£425,000 A one-bedroom flat above a
UK property House sales shot up 45 per cent last year shop on Boundary Road, through Dexters.
in this affluent, quiet and spacious London enclave — £3.4m A four-bedroom, Grade II-listed
property on Queen’s Grove. The house
and locals were the main buyers, writes Hugo Cox measures 2,038 sq ft and has a front and
a rear garden. Available through Savills.

I
£25m An eight-bedroom, detached house
n the past 30 years, the best value sales of flats in the area dropped sharply, on Avenue Road, with 5,585 sq ft of living
Michelle and Bob Shemtob got down 15 per cent. space. Through Glentree Estates.
from their garden was during the Local estate agents say St John’s
UK’s first lockdown last spring. Wood’s quiet, village feel, its proximity
“We sat in the garden virtually all to central London and its parks — there’s
the time. I remember feeling lockdown Primrose Hill to the east, and Regent’s John’s Wood Underground station,
wasn’t so bad because we had the Park — mean many residents have been makes the area popular with US buyers.
garden,” says Michelle. in place for years. Many locals work in finance, with the
It proved an important selling point For first-time buyers, a one-bedroom Jubilee line running directly to Green
when they put their house, a few streets flat in Oslo Court next to Regent’s Park Park and Canary Wharf. Agents also
outside St John’s Wood’s western bound- costs around £500,000, with more point to foreign buyers seeking a pied-à-
ary, on the market in May — a house that expensive options in blocks nearby such terre, especially those from the Middle
the couple bought two years after they as North Gate on Prince Albert Road. East and Asia. Buyers might consider
married and raised three daughters in. Stephen Lindsay, who runs Savills’ St One St John’s Wood, where the Shem-
There was a steady procession of view- John’s Wood office, says a popular step tobs have bought two apartments (plus
ers and, after two prospective buyers got up might be a small house on Middle- parking space) for £4.93m, to be built as
in “a nice little bidding war”, the Shem- field or The Marlowes for about £2m, a single home when the building
tobs sold the home for £4.325m. In 1991, before a move to St John’s Wood Terrace, is constructed.
they had bought it for £375,000. which has a good supply of homes for With London locked down and gyms
Houses like theirs have proved hot between £2m and £4m. A final move — closed, Lewis has been exercising in
property for affluent buyers seeking a but only for the very wealthy — might be Regent’s Park. Tom Jarvis, a director of
larger space for homeworking, home to one of the area’s largest detached (Above) St entrepreneur and author, lives on St taurant. At night, I can get back home The Royal Parks charity, says the park
schooling and protection for future homes along Queen’s Grove, Norfolk John’s Wood’s John’s Wood Terrace, in a four-bedroom in a black cab in 12 minutes,” he says. has always been popular with locals,
lockdowns. In the year to February, Road or Acacia Road, which typically village feel, house with a garden. “You don’t feel like you’re right on the among whom young people have made
sales of houses in St John’s Wood sell for £5m or above. proximity to Why has he stayed? He points to the edge of central London. Come 6pm up an increasing share since the pan-
increased by 45 per cent, faster than any Lindsay says that the majority of his central London location, which is well-connected for when those working here go home, the demic hit. “With all the pubs and clubs
other central London area monitored by sales since the start of the pandemic and parks mean life pre- and post-pandemic. “It’s so high street gets very quiet.” [closed], a whole generation uses the
LonRes, which tracks London’s luxury have been to those living in the area or many residents convenient if you want to get to the The American School in London, an park to socialise.”
property market. Over the same period, nearby already. The market above stay for decades; West End to see a show or go to a res- independent school located opposite St The pandemic has changed how locals
£15m, traditionally domi- (left) a four- use their gardens. Claire Belderbos, of
nated by buyers from bedroom period 500 m garden designers Belderbos Landscapes,
House prices in St John’s Wood Abbey St John’s
abroad, has collapsed home in Queen’s Road Wood Park says that her clients in St John’s Wood
thanks to the travel restric- Grove in the Average purchase price per sq ft (£) Norfolk Road Prince have shifted their focus from spaces safe
tions, he says. heart of St John’s Acacia Road Albert for young children to those offering a
Gordon Lewis, 67, is Wood, £3.4m 18,00 Queen’s Primrose Road resource for all ages. “People are looking
another St John’s Wood Getty Images;/ iStockphoto
Grove Hill for a space that everyone can occupy,
1,600 ST JOHN’S
“lifer”. Aged 23, working in Prime central London particularly teenagers.”
WOOD St John’s
TV, he bought a house in 1,400
Wood Terrace
The Shemtobs will miss their garden
Ryder’s Terrace, for 1,200 St John’s Wood but the lock-up-and-leave convenience
Ryder’s Regent’s
£80,000, the equivalent of St John’s Wood Terrace Lord’s Park of their new home better suits their
£510,000 today. A two- 1,000 Cricket stage of life. Both retired, Michelle, 54,
bedroom mews house on 800 Ground and Bob, 62, will soon be able to enjoy a
the same street now might The American view of a patch of grass from their front
2010 14 16 18 20 School in London
be marketed for more than Source: LonRes
window: their new home overlooks
£1m. Today, Lewis, an ©Mapcreator.io/©HERE Lord’s Cricket Ground.
20 March/21 March 2021 ★ FTWeekend 7
8 ★ FTWeekend 20 March/21 March 2021

House Home
backlog means that the “first ONS
House price growth varies across the UK UK house prices are diverging House prices are higher in house price index for any given month
Annual change in average purchase price, Annual % change England is based on a small sample of sales. We
Dec 2020 (%) Official – completed transaction Halifax – mortgage lending Average (‘000) could therefore see some significant
Nationwide – mortgage lending Rightmove – asking price
England Wales revisions to the index,” says Hudson.
>10 8 Scotland Northern Ireland Revisions could be particularly large
>8 to <10 for regions or smaller regional areas,
>6 to <8 250
6 including London.
>4 to <6 Lockdowns are also changing the
<4 4 balance of sellers and buyers faster
Scotland 200
than usual, introducing additional
volatility across most indices. Tom Bill,
2
head of UK residential research at
150 Knight Frank, says that while it is
0

The house
relatively straightforward to register as
a buyer, sellers have been held back by
-2 100 home schooling and fear of contagion.

price index
Northern 2018 2019 2020 2021 2005 2010 2015 2020
Ireland* North Watch for rapid changes in demand
East In London, official house price Since the pandemic, fewer Most indices are calculated in a way
growth figures have been cheaper properties have been
demystified
that avoids being distorted by changes
North Yorkshire and subject to large revisions selling in England
West in the type of properties being sold.
The Humber However, experts warn that their
11.2 Annual % change Share of property transactions,
East Midlands Dec 2020-Dec 2019 (% points) methodologies might struggle, in
First Latest 10 different ways, to keep pace with
estimate revision the sudden and large shift in buyers’
Wales East of 8 < £325,000
preferences towards bigger properties
West England observed since the pandemic, as many
6 £325,000 to
Midlands £625,000 work from home and need more space.
London 4 “A spike in sales of higher-value
3.5 £625,000 to
South 2 £925,000 homes has impacted the levels of price
West South growth recorded by the indices,” says
East 0 >£925,000 Richard Donnell, insight director at
Feb Apr Jul Oct Dec Zoopla. Moreover, an estimated
*Q4 2020 2020 -3 -2 -1 0 1
Sources: Land Registry; Refinitiv; ONS FT graphic
839,000 leasehold flats have been
made virtually unsellable by
potentially unsafe cladding, reducing
Is the value of your home going up or figures when calculated on an annual Know what the index is measuring prices agreed when the scheme had the number of cheaper properties sold.
Perspective down? It’s difficult to know — and
increasingly, it depends on which index
basis — for example, the average house
price dropped by £6,500 between April
Each index is based on a “different stage
of the buying process”, says Andrew
just been launched in July.
Indices that track house prices on
Changes in composition might also
widen the price growth difference
you look at. Delays in registrations and and June last year, according to Wishart, property economist at Capital mortgage offers, such as Nationwide across properties of different types and
Valentina Romei different methodologies mean that
some indices are showing UK house
Nationwide, which will flatter the
annual difference this spring.
Economics. Indices based on asking
prices, such as those of Rightmove,
and Halifax, capture prices settled in
the middle of the process, but are less
locations, making national averages
less of a guideline for buyers.
price growth accelerating rapidly, while And then there are revisions. Official reflect sellers’ sentiment almost in real comprehensive as they omit cash “Our research indicated an increased
others show it tailing off. statistics showed house prices in time. But they don’t show us what transactions and buy-to-let purchases. demand for less densely populated
A guide to navigating the Last month, building society London rising at an annual rate of buyers are willing to pay. Also, they only cover their customers, locations and different property types.
Nationwide reported that the average nearly 10 per cent in November, the which may not be representative of the This helps to explain why detached
often contradictory data on house price had grown 0.7 per cent fastest of all English regions. But in Indices based on asking population at large. “I suspect the properties have seen greater price
the health of the property month on month in February, resulting December, London became the region slowdown in the Rightmove index gains in recent quarters, while flats
in annual growth of 6.9 per cent, among with the lowest house price growth prices reflect sellers’ indicates a slowdown is coming in the have underperformed,” says a
market, which has been the fastest rates seen in the past five rate, and the November figure was sentiment but not what Nationwide and Halifax figures, when spokesperson at Nationwide.
further complicated by the years. At the same time, Halifax bank heavily revised down to 7 per cent. mortgages are secured on those listed Despite all the differences, house
found that the average UK house price Beyond the noise, Chris Hare, buyers are willing to pay properties and then in the transactions- price indices are broadly comparable
coronavirus pandemic decreased in February compared with economist at HSBC Bank, says the based indices,” says Wishart. over the medium term, suggesting they
the previous month, leaving annual “housing outlook is for broadly flat could still be a useful barometer of
growth at 5.2 per cent. The property prices this year”. This would be the This means that the February Beware revisions in official data consumer confidence across the
portal Rightmove says that price result of the petering out of the initial indices based on asking prices reflect The surge in housing transactions and country even at times of high volatility.
growth in February had slowed to half bounce from the first lockdown and an the perception of the market at a problems in registering them due to But if you are keen to gauge the
the pace reported in December, with a ongoing drag from a soft labour market. time near the planned end of the Covid-19 restrictions resulted in an house price trend in your local area,
further slowdown reported for March. To gauge the health of the market, stamp duty holiday that removed unusually large lag in registration in the price of a similar property sold
Experts warn that divergences could Neal Hudson, an analyst at Built Place, purchase tax on the first £500,000, the official statistics, warns Hudson. recently in your street “is probably the
widen further in the months ahead. advises people to “look at all the a measure now extended to the Official house prices are initially best guide you will get”, says Bill.
The effective closure of the housing indices” with their weaknesses and end of June. calculated on a limited proportion of
market in the spring of last year could strengths. Here is a quick guide to help In contrast, sales-based indices, transactions and they are later revised Valentina Romei is an FT economics
also push some of the indices to high you navigate property-price indices. such as the official data, are based on as more purchases are registered. The reporter
20 March/21 March 2021 ★ FTWeekend 9
10 ★ FTWeekend 20 March/21 March 2021

House Home

Hot property K Villa, Corfu, Greece, €990,000 kitchen. A staff and laundry area,

Mediterranean
playroom, two-car garage
Where On Corfu, the most northern and room for storage are on the
of the Ionian islands, off the Greek lower level.
west coast. The property is near Why The property has sea and
the fishing village and tourist area mountain views, an expansive
of Kontokali and 15km from Corfu garden and an infinity pool with
town and the international airport. teak decks. Several beaches are
By Peter Chapman What A four-bedroom, nearby and Gouvia yachting
four-bathroom villa, with a drawing marina is about 5km away.
room on two of the property’s Who Christie’s International
three levels, a dining room and Real Estate

I Villa, Paros, Greece, €4.5m

Where Located in the south-

central Aegean, the island of Paros
is a 40-minute flight from Athens
or a three to four-hour journey by
ferry. Its neighbour Naxos is a ferry
trip of an hour and a quarter away.
What A villa with eight bedrooms
and bathrooms, a spacious kitchen
and large indoor and outdoor living
and dining areas. Those outside
are shaded by white wooden
pergolas. There are extensive
gardens and an infinity pool.
Why The villa enjoys first-class sea
and island views. Quiet during
winter, Paros is lively in summer,
its action centred on the cobbled
streets of the Naousa area’s bars,
B Manor house, Mallorca, 11 bedrooms and five bathrooms.
clubs, restaurants and cafés.
Spain, €6m Features include stables, a bodega,
Who Sotheby’s International Realty
a chapel, a swimming pool, patio
Where On a hill near the small and mountain views.
town of Montuiri, in the centre of Why Surrounded by windmills,
Mallorca. The property is about the house is far from Mallorca’s
half an hour’s drive from Palma, touristified side. Montuiri has its
the island’s capital, and its own medieval charms and the
international airport. beaches are only 30 minutes’
What Dating from the early drive away.
15th century, the property has Who Engel & Völkers
about two dozen rooms, including

K Apartment, Antibes, K Villa, Capri, Italy, €5.5m

France, €1.59m
Where On the south-western
Where In Antibes on the French Italian island of Capri, a ferry ride
Riviera between Cannes and Nice from Naples of anywhere from 45
and 18km from Nice airport. to 90 minutes. Naples airport is
Antibes’ centre, harbour and beach 40 minutes by hydrofoil.
are within walking distance. What A two-storey villa with five
What A two-bedroom, two- bedrooms, six bathrooms, vaulted
bathroom property, with a private ceilings and terracotta floors.
garden and terrace, on the ground There is a pool and a sizeable lawn.
floor of an Art Deco building. Why Large terraces allow for good
Why The building’s six apartments views of the Bay of Naples.
share a sundeck, heated outdoor Residents can seclude themselves
pool, 24-hour security and or join the hubbub of Capri
underground parking. The bars, brought daily, notably in summer,
restaurants and boutiques of Juan- by the many visitors to the island.
les-Pins are 3km from Antibes. Evenings are far quieter.
Who Knight Frank Who Sotheby’s International Realty
20 March/21 March 2021 ★ FTWeekend 11

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12 ★ FTWeekend 20 March/21 March 2021

House Home

School for
Scandi
Interiors | Beata Heuman draws on Swedish history
and folklore to achieve an eccentric, joyful aesthetic enchants Heuman. “His
motifs and subject matter
that is far from minimalist. By Aimee Farrell were very classical. He’d take
inspiration from antiquities
and mythology, but his work

T
was innovative,” she says.
he popular view of Scandi- Known as the master of
navian design is that it’s this fountains, he created Milles-
very pared-back, modern gården villa and sculpture
style that’s all one look. But park from 1906 on the island
there’s so much more to it of Lidingö, inhabited by
than that,” says the Swedish interior light-footed naiads and god-
designer Beata Heuman. Since launch- desses cast in bronze.
ing her west London studio in 2013, “I find his work mesmeris-
Heuman has risen to international ing,” says Heuman. “Visiting
acclaim thanks to her imaginative aes- his home is about as close to time travel-
thetic, which blends playful flourishes Grace, which combined Mod- ling as you can get. All his sculptures tell
with a precise finish. Heuman has ernism with Neoclassicism, it’s a a story that to me is innately Swedish.
designed three of London’s Farm building that sums up the Swedish I’ve never seen anything like it any-
Girl cafés; and she is cur- sensibility for Heuman. “It has this where else.” Inspired by her childhood
rently working on a home very simple facade, but when you visits to Millesgården, this magical qual-
for the fashion model stop to look you see a series of fig- ity infuses Heuman’s own, at times, sur-
Adwoa Aboah. with the designer, ures of goddesses perched at the realistic vision. Her Dodo Egg light, for
“People say that who used to imagine top of the building that were instance, blends functionality with a
I’m not at all Scan- that the public sculp- sculpted by [Grace period artists] flight of fancy.
dinavian in my style,” tures dotted around the Sandberg brothers.”
she says. “But I’m the city came to life Such quiet elegance is, she says, Children’s storytelling room at the
very influenced by my each night to wreak typical of the capital. “The city is Stockholm Public Library
home country.” While effect is felt on every page of mischief. This idea of full of all these beautiful details. Designed by Gunnar Asplund, the
Heuman recognises her new book Every Room creating objects that It’s not in your face, but Stockholm Public Library has been one
the lure of the modern Should Sing (Rizzoli). pulse with life still it’s inspiring. It makes of the city’s most celebrated architec-
“Scandi” look — simple reverberates in Heu- you realise that if you tural landmarks since opening in 1928.
lines, natural materials and a neutral Nils Ferlin sculpture man’s work. Her fur- take the time to open “It’s such a masterpiece in contrast,”
palette informed by mid-century design Though raised in Sweden’s rural south, niture designs, such your eyes you will be says Heuman. “The space is enormous
— for her there are other historic influ- as a child Heuman often spent time at as the paw-footed rewarded.” Being exposed and very grand, but it’s these very fine
ences which run far deeper. the family apartment in Stockholm. On Cub Chair, frequently to such subtle architec- details — from cupboards to water foun-
Beyond the Swedish-style minimal- walks around the city, one spot stood feature vivid, animalistic details. (Clockwise from main) Beata tural embellishments tains — that makes it feel so intimate.”
ism that has dominated the media’s out: a bronze figure situated close to the Heuman; building by Cyrillus has, she says, honed her It is the children’s storytelling room,
portrayal since the 1950s lies a more Klara Church that portrays the Swedish Cyrillus Johansson apartments Johansson; Heuman’s Wave eye for poetic details in a circular room decorated with a vivid
eccentric and maximalist spirit; one poet Nils Ferlin standing and smoking. Close to the water on Stockholm’s Norr Longue day bed; her Dodo Egg her designs. mural, that really speaks to Heuman.
that’s as informed by Nordic folklore “My father told us a story about people Mälarstrand stands a terracotta-col- light; Millesgården sculpture Painted by Nils Dardel, it portrays
and Josef Frank’s joyous fantasy prints stealing his cigarette and replacing it oured apartment block designed by the park; Heuman’s Cub Chair; Millesgården John Blund (“The Sandman”), a
as it is by functionalism and flat packs. with a real one,” she says. “He looked so Swedish architect Cyrillus Johansson. sculpture of Swedish poet The Swedish Grace aes- moon-dwelling figure in Nordic
Here, Heuman offers a whistle-stop lifelike and yet not; I found it completely An example of the early 19th-century Nils Ferlin, Stockholm — Simon thetic of sculptor Carl mythology who sprinkles sand into
tour of homegrown inspirations, whose fascinating.” It’s an image that stayed design movement known as Swedish Upton; Alamy; Simon Brown; © Lars Ekdahl; © Stefan
Holm/123RF.COM; © DACS 2021
Milles (1875-1955) similarly the eyes of children who cannot sleep.
20 March/21 March 2021 ★ FTWeekend 13

House Home

the honesty of the Swedish

aesthetic. Much of the paint
was homemade, and there’s
an emphasis on charming
checked textiles, born out of
a ban on importing silk in the
mid-1700s. “It’s not about
having lots of money, but
executing things in a
thoughtful way,” says Heu-
man, who has created her
Jumbo Gingham print in a
nod to the Gustavian mode.

Carl Larsson’s
Lilla Hyttnäs
“Though he was criticised in
his day for portraying a life
that was too picture-perfect,
for me there’s nothing not to
love about Carl Larsson,”
says Heuman. It’s Lilla Hyt-
tnäs, the family home and
“The fact that Asplund created has never totally left me.” In aesthetic imaginative botanical motif Mirakel garden he created with his wife Karin,
this magical room is so sweet and terms, this sense of strangeness creeps (Miracle). When Heuman received a that really resonates with the designer.
endearing,” she says. For Heuman, into Heuman’s work through an offbeat swath of the fabric as a wedding gift, it Like the Bloomsbury group’s Charles-
that it’s still being used in the way palette and ethereal art. It’s there too in inspired the design of the Wave Longue ton, it’s a record of their lives as artists,
that it was intended speaks volumes her prints, particularly Asteria’s Folly, day bed, created for her own west Lon- played out in murals, textiles, craft fur-
about Sweden’s attitude to childhood. named after the dreamlike Titan god- don sitting room. “It taps into this other nishings and Larsson’s watercolours.
“They allow children to be children, dess, which features a coterie of fantasti- world,” says Heuman. “It’s so dynamic “The interiors are all painted in burnt
whilst taking them just as seriously as cal leaping creatures. and uplifting. I’ve known it my whole red, blue and ochre,” says Heuman.
they would an adult,” she says. “In the life, but I’m not remotely tired of it.” “What I love is that they didn’t care
end it’s about valuing the way children Josef Frank prints about whether things were done cor-
think.” This ethos extends to Heuman’s “What’s incredible is that [Swedish inte- Svindersvik manor house rectly from a design perspective —
own decorative schemes: children’s the nymphs who lived in the forest,” she rior design company] Svenskt Tenn still To step inside Svindersvik, the manor there are stoves that don't even fit the
rooms are treated with the same care as says. “Unlike fairies, these dark crea- has Josef Frank prints in their archive built by Carl Harleman, the architect of wall — just whether they liked
any other (her daughter’s bedroom fea- tures, called Älvor, were not altogether that haven’t yet been seen,” says Heu- Stockholm’s Royal Palace, is to enter the them.” Larsson’s canvases are filled with
tures a mural inspired by illustrator good.” A water spirit named Näcken man. “Colourful, with very simple clean ultimate 18th-century home. A hymn to vignettes of the house, selling his folksy
Ludwig Bemelmans) and entire homes (“The Neck”), who lures children into lines, beautiful materials and very bold the Gustavian style — essentially Rococo lifestyle of simple materials and bright
are treated with a childlike spirit. the rivers, is one example. The Swedish (Clockwise from main) Heuman’s patterns, he sums up Scandinavian through a Nordic lens — these refined colours to the Swedish people.
artist John Bauer captured the spirit of daughter’s bedroom decorated by design for me.” interiors have had a profound impact on “He had a huge influence on our
John Bauer illustrations these “twisted stories, which are cute her; Svindersvik manor; Heuman’s Her first memory of encountering his Swedish design. homes,” she says. “Larsson believed we
Growing up on a farm in a tiny hamlet in but with a definite darkness, [and] are new Jumbo Gingham design; prints (which, ironically, were largely “There’s just so much to be learnt should be proud of our Swedish heritage
Skåne, Heuman was deeply immersed ingrained in the Swedish soul,” explains a watercolour by John Bauer; designed while Frank was living in Man- about restraint and beauty from walk- and rejoice in our simplicity. It’s not par-
in the country’s traditional folk tales. Heuman. “This notion of another mys- Asteria’s Folly cushion by Heuman hattan in the 1940s) is a little tea tray in ing around these rooms,” says Heuman, ticularly cool, but it’s very relatable —
“We had nothing else to think about but terious world that’s present all around Simon Brown; Peter Segemark © Nordiska museet; Alamy her parents’ home bearing the early, who sees Svindersvik as a testament to and I love it.”
14 ★ FTWeekend 20 March/21 March 2021

House Home

Whaam! Lichtenstein tried to break with

traditional barriers, not by taking
psychedelic drugs, I think, but by
trying to abstract and reorder what

Pow! Monet!
we see with everyday eyes.
He went one step back behind
Monet’s Impressionism.
In the 1960s he visited Giverny, but
waited until 1992 to realise his prints
of water lilies: he needed to find the
right team of screen printers.
Eventually, he used Saff Tech in
Oxford, Maryland. Since the mid-
Roy Lichtenstein, the master of Pop Art, 1960s, he had moved away from
images based only on strip cartoons
produced prints of the Impressionist’s water lilies and fictional chick-lit. In 1969, the
year of the haystack prints, he
abstracted what, to his eye, was the
at Giverny, now reimagined at a garden in Florida essence of Monet’s fine paintings of
Rouen cathedral. He also produced a
“Leda and the Swan” for the playboy

T
Gunter Sachs’s bedroom suite in
he daffodils and primroses show. As before, it links art and artists St Moritz’s Palace Hotel. He became
are appearing in Monet’s with their relation to flowers and increasingly interested in dialogue
garden at Giverny, a landscapes. She has pulled off loans of with the art of Picasso and Mondrian.
magnet for artists and the Lichtenstein prints of the haystacks In 1992, the year of his water lilies, he
garden watchers. The and water lilies, and they are on view in produced a fine print of Van Gogh’s
grand alley and its nasturtiums, the the garden’s Payne Mansion. “Bedroom in Arles”. In 1995, two years
Japanese bridge and its wisteria, Rominiecki came to Sarasota from before his death, he created some
the water lilies in the pond are among the New York Botanical Garden, the remarkable responses to landscape
the world’s best loved images of a leader in art and garden exhibits on a (Above) An imitation of the white bacopa, an excellent paintings of the Chinese Song dynasty.
garden. Until June 27 they can be seen grand scale. In 2012 the NYBG staged Japanese bridge and water lilies at osteospermum called Voltage Yellow He had also made a series of 20 female
through a very different lens, the eye a superb show around Monet’s garden, Giverny, Monet’s garden in France, and some fine cleomes compensate nudes, sometimes of women sharing a
and art of Roy Lichtenstein. including a glorious display of water on show in Sarasota, Florida; under an array of rapid climbers. It room. They round off his work by
In Sarasota, Florida, the Marie Selby lilies floating in the garden’s outdoor (below right) Roy Lichtenstein even has wisteria to echo Monet’s returning to his earlier cartoonish style.
Botanical Gardens are bringing garden ponds. Direct imitation would have at work on his ‘Water Lilies with famous wisterias on his pond’s “Nudes”, he remarked, “are a good
watchers up with a bump. Lichtenstein been impossible in the Selby garden’s Japanese Bridge’ (1992) Japanese bridge. excuse to contrast undulating and
and Monet? It seems implausible, to smaller and more intimate setting. Courtesy of Marie Selby Botanical Gardens © Cliff Roles
Photography; © Laurie Lambrecht
Real wisteria would soon fade in the volumetric form with rigid geometry.”
those who know only those cartoon-like Here was an answer: in Sarasota, heat of Florida, so the wisteria on show How high minded, but he never
screen prints by the master of Pop Art. Monet’s garden could go Pop. has gone Pop. In that ghastly global hit, painted live naked models. As with the
Brad and those blonde blue-eyed girls, Socially distanced viewers are Bridgerton, superb wisteria streams Monet prints, he worked from photos.
speaking in bubbles, feeling hopeful, pouring in and loving it. The Selby down the facade of the big Georgian The Selby show makes us think
feeling hopeless, drowning: what have garden has a big koi pond with a house in the opening scene, as much of more about mirror-like images, ever-
they to do with the flowers and garden waterfall and lush planting, but water it as I can bear to watch. “Even the finished his big print of a blue-eyed present in gardens’ light and shade.
of Monet, the Impressionist master? lilies have been added and an imitation wisteria is fabulous in Bridgerton,” a blonde, entitled “Nurse”. It sold for Monet’s images of his lily pond led to
“I was googling Lichtenstein,” the of the Japanese bridge, painted in lecturer recently told the FT, but her $1.7m in 1995. It resold for $95m in Lichtenstein’s images of Monet’s
garden’s president and chief executive Monet’s celebrated shade of green. view is the polar opposite to mine. The 2015. In 2017 his cartoon-style images of water lilies. His big screen
Jennifer Rominiecki, told me, “because On the garden’s bay frontage, sinuous Bridgerton wisteria is simulated by CGI. “Masterpiece” justified the words in its prints on metal were meant to be seen
I had begun my working life as an flowerbeds echo Monet’s famous The wisteria in the Selby show is female speaker’s bubble and sold for from a distance. So were Monet’s big
intern in a Manhattan gallery which paintbox beds, the strips of flowery frank about its artificiality. It has been a stunning $165m at auction. canvases of water lilies, assembled in
represented him.” To her delight, she colour that he treated like tubes of machine-cut from plywood and painted “It probably takes me 10 times as Paris near the end of his life. Both
found that he had made major prints of paint. Verbenas, bright new varieties with pink dots from a flatbed printer. long to do one of the cathedral or artists, the Selby show’s curator Carol
Monet’s water lilies and also of the of impatiens, gerberas and a salvia A black edging was painted on by hand haystack paintings as it took Monet to Ockman observes, industrialised an
haystacks that Monet painted in a called Mystic Spires Blue have been and the result has been sprayed with do his,” Lichtenstein replied to critics. image in their own way. A show of an
nearby field. In 1969 Lichtenstein did raised above ground. Monet liked to clear polyurethane. It relates neatly to Pop Art was not slapdash art. The artist’s response to another artist’s
the haystacks, using yellow for them in build up the height of flat flowerbeds Lichtenstein’s own use of reflecting maestro was ever thoughtful about it, response to that artist’s garden is new
midday light and, separately, red for a and make tall plants, including dahlias, metal for his prints and his artful despite an initial barrage of jeers. He territory, but the protagonists had
print of them at evening. In 1992 he did seem even taller. combinations of purple-pink dots and came to recognise, according to one more in common than we have
the water lilies with clouds and again The Selby garden’s enclosed Butterfly black diagonal and framing lines. biographer, “how easily the unreal is realised before.
with willows. Garden has a been given a grand alley Robin Lane Fox I really admire Lichtenstein and his validated as the real because viewers
While he had found a source to with a metal pergola, also painted versatility. He has certainly have accepted so many visual “Roy Lichtenstein: Monet’s Garden Goes
which he returned across more than green. The iconic nasturtiums that outperformed my investments. In conceptions that they don’t analyse Pop!”, to June 27, selby.org. Robin Lane
20 years, Rominiecki had found the sprawl flat under Monet’s alley would On gardens 1964, Life magazine asked, “Is he the what they see”. Look afresh at the Fox will appear today at the FT Weekend
theme for her garden’s annual big struggle in Florida’s spring heat, but worst artist in the US?” In that year he garden with those wise words in mind. Digital Festival, ftweekendfestival.com