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UK bets on space race against Musk FT campaign
Join the drive for
3 State in $500m tie-up with Mittal on OneWeb 3 MPs criticise rescue of failed start-up financial literacy
FT WEEKEND
MAGAZINE
Peggy Hollinger a further $1.25bn through debt or equity navigation satellite service after the EU OneWeb plans to orbit by 2022. Neil Masterson, former The extra mile
to achieve its goal of launching a global barred British access to secure elements launch a global co-chief operating officer of Thomson How lockdown revolutionised
The UK has bet half a billion dollars of commercial internet service focusing on of its Galileo initiative. This project has commercial Reuters, will become chief executive. exercise
taxpayer money in the race to become a remote areas by 2022. been shelved due to the high cost of internet service,
global satellite internet provider — com- developing an independent navigation focusing on Alok Sharma, business secretary, LIFE & ARTS
peting with the likes of Elon Musk — The UK government, which will have a service from scratch. remote parts of defended the deal, saying the UK would
after taking control of failed start-up golden share in OneWeb, and Mr Mittal’s the planet “build on our strong advanced manu-
OneWeb with Indian billionaire Sunil Bharti Global are each paying $500m for OneWeb’s initial focus will be deliver- facturing and services base in the UK,
Bharti Mittal. 84.4 per cent of the company. The bal- ing a commercial internet service to the creating jobs and technical expertise”.
ance will be owned by creditors includ- UK and Arctic region by next autumn. It
The deal, opposed by top civil serv- ing SoftBank and Airbus. was one of the earliest to propose a Chris McLaughlin, who was a special
ants and criticised by MPs, pits the gov- mega-constellation to deliver internet to adviser to OneWeb, said the UK govern-
ernment against well-funded rivals, The decision to invest in OneWeb has remote areas but SpaceX’s Starlink con- ment had acquired a foothold in an
including ventures led by Mr Musk’s been controversial, prompting criticism stellation now has about 800 satellites in industry that would provide “options
SpaceX and Amazon. from MPs about the use of taxpayer low-earth orbit against OneWeb’s 74. for decades to come”.
money to rescue a failed company. It
The low-earth orbit satellite operator also drew opposition from the UK Space OneWeb aims to launch 36 more sat- The UK government and Bharti Glo-
emerged from Chapter 11 bankruptcy Agency, which had been committed ellites next month and wants to com- bal will each have three representatives
protection yesterday and will now seek to developing a standalone global plete its target of having 650 satellites in on the board and there will be three
independent directors.
Beating Covid Heritage heap
First vaccine The dream – and
with regulator the reality
Graffiti paying tribute to health workers HOUSE & HOME
by street artist MrDheo in Vila Nova de
Gaia, Portugal, yesterday. Jose Coelho/EPA-EFE/Shutterstock
As the second wave of coronavirus
continues to surge, the world awaits
approval of the first vaccine to be sub-
mitted to regulators.
Pfizer and BioNTech said yesterday
they had gathered enough safety data to
satisfy the US Food and Drug Adminis-
tration, with doses ready to be shipped
within hours of authorisation, which is
expected by mid-December.
Reports page 4
Christmas blues page 6
Editorial Comment page 10
Person in the news page 11
Court ruling on final salary pensions
set to benefit hundreds of thousands
PM’s adviser resigns after Jane Croft and Josephine Cumbo to have their benefits checked as a different rates, reflecting the fact that
Patel ethics report snub result, according to pensions experts. male and female state pension ages were
Hundreds of thousands of former not equal at the time.
Boris Johnson’s ethics adviser has members of final salary pension “This is a far-reaching ruling which
resigned from his post after the prime schemes are now in line for a financial will probably affect hundreds of thou- Trustees said that many schemes may
minister rejected the central finding of boost following a landmark High Court sands of people with guaranteed mini- struggle to comply with yesterday’s rul-
his report that home secretary Priti ruling on historical gender discrimina- mum pensions, and add expense for ing, which only applies to GMPs accrued
Patel, above, broke the ministerial code tion. businesses,” said Tom Yorath, partner between 1990 and 1997, given it
of conduct by bullying civil servants. with Aon, an actuarial firm. “One in four required tracking down former mem-
Mr Johnson concluded that Ms Patel In 2018, the High Court outlawed differ- who transferred may be due a top-up to ber records.
had not breached guidelines — the ent “guaranteed minimum pensions” their pension as a result.”
first time a prime minister has rejected payments to men and women. As a “They will now need to go hunting for
the findings of the independent result, trustees were ordered to equalise Towers Watson, the actuarial firm, data to recalculate transfers out of
adviser on ministerial standards. GMP benefits, leaving businesses with a said any compensation would be paid as schemes as far back as 1990,” said
Report i PAGE 2 bill of around £10bn. a pension top-up, and could range from Adrian Kennett, a professional trustee
a few thousand pounds to as much as at Dalriada Trustees.
Yesterday the High Court extended £30,000 in some cases.
that ruling to include former scheme “It is yet another painful day in the
members who had transferred their GMP is a minimum pension that subject of GMP equalisation — adminis-
GMP benefits to other pension plans employers were required to provide for tration systems and processes are going
after 1990, meaning they too will now be members of their final salary schemes to be really put to the test.”
entitled to have their payments recalcu- who contracted out of the state second
lated. Up to a million people may need pension from 1978 until 1997. Lawyers said it was difficult to esti-
mate the cost of the new ruling for
Historically, GMPs for men and employers already grappling with the
women were allowed to rise each year at financial blow of the 2018 judgment.
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2 ★ FTWeekend 21 November/22 November 2020
NATIONAL
Spending review Christmas strategy
Public sector pay hit as deficit nears record Festive hopes
buoyed by
Unions voice fury at of October, larger than the estimated announces his spending review. Pay end of the period, yielding a modest past decade. It has also said it will not flattening
decision to freeze salaries size of the UK economy. In the same deals for next year at inflation or below contribution to deficit reduction. raise the main tax rates, meaning deficit of virus rate
after years of austerity period of 2019-20 the government bor- will be given to most of the 5.5m state reduction will be difficult if the econ-
rowed £33.4bn. workers whose salaries are determined Union leaders expressed anger at the omy fails to recover quickly from the Jasmine Cameron-Chileshe
Chris Giles and Jim Pickard by the government’s pay review bodies idea of further curbs for public sector Covid-19 crisis. and Anna Gross
Economists do not expect big — including teachers, police and civil workers, who have already endured
The government deficit is on course to improvements in the outlook for the servants. The exception will be NHS real-terms pay cuts for most of the past The sharp contraction in economic New data suggest a levelling-off in the
hit a peacetime record in 2020-21 as its public finances in 2020-21 because eco- frontline staff, who will be singled out decade. Mike Clancy, general secretary output in 2020 is on course to be the rate at which coronavirus is spreading
climb prompts Chancellor Rishi Sunak nomic progress has been stalled by the for higher awards because of their work of the Prospect union, said another pay worst in more than 300 years. Forecasts in the UK, buoying hopes that families
to impose an immediate freeze on pub- second wave of coronavirus and Mr during the Covid-19 pandemic. freeze would be “economically illiter- next week are set to show a lasting hang- might be able to mix at Christmas as
lic sector pay awards outside the NHS. Sunak has extended his support pack- ate” when the economy needed an injec- over until the middle of the decade even the government prepares to outline its
ages through the winter. The Treasury has pointed to Mr tion of consumer demand. after a bounceback next year. strategy for England after the lock-
The government needed to borrow Sunak’s comments in July regarding the down ends on December 2.
£260.8bn to cover the gap between its Although the size of the full-year defi- need for “restraint” in future public sec- “After a decade of pay austerity in the The ONS revised its estimates of bor-
spending and revenues from April to cit is likely to be lower than the £400bn tor pay awards. public sector which has seen pay rowing earlier in the pandemic by The government will next week con-
October, according to the Office for feared this autumn, it will be close to increases lag behind inflation and the £15.7bn on the basis of new information. tinue discussions with the devolved
National Statistics yesterday, the high- double the level of borrowing at its peak Although the spending review is now private sector, a further pay freeze administrations to find a unified
est figure since comparable records after the 2008-09 global financial crisis limited to one year, the chancellor could across the public sector will be seen as Samuel Tombs, UK economist at Pan- approach to the Christmas period,
began. and the largest on record in peacetime. decide to extend public sector pay curbs an insult and have a devastating theon Macroeconomics, said he although Matt Hancock, health secre-
beyond 2021-22. A report by the Centre impact,” he said. expected the deficit for the full year to tary, warned the public should not
The extra borrowing lifted total pub- The Treasury wants to show it takes for Policy Studies think-tank calculated “come in close to the £372bn” forecast expect a “normal” festive season.
lic sector net debt to £2,076bn at the end the state of public finances seriously and that a three-year pay freeze excluding The government continues to rule out by the Office for Budget Responsibility
plans to cut public pay and the overseas health could save £7.7bn annually by the controlling public expenditure as tightly in August. That would be about 18 per Mr Hancock also said he had formally
aid budget next week, when Mr Sunak as it did under austerity policies over the cent of national income. asked the Medicines and Healthcare
products Regulatory Agency to assess
Bullying claims Facing facts Artwork highlights children at risk from Covid the suitability of the Pfizer-BioNTech
coronavirus vaccine for use throughout
PM’s ethics the UK.
adviser quits
after Patel At yesterday’s Downing Street brief-
report snub ing, the health secretary said that
depending on the speed of the manufac-
Sebastian Payne A 110-metre-wide image of a child’s face adorns the hillside above Hebden Bridge, West Yorkshire, yesterday. The artwork, entitled ‘6,000 Children’, was created turers and findings of the regulator,
over three days using 6,000 life-size paintings of children playing. It was unveiled on World Children’s Day by local artists Sand In Your Eye to raise awareness vaccines could be administered from
An adviser to Boris Johnson resigned that up to 6,000 children are at risk of dying daily worldwide as an indirect cause of the coronavirus pandemic — Christopher Furlong/Getty next month, with the bulk of the rollout
yesterday after the prime minister in the new year.
rejected his finding that home secre- Transition deadline
tary Priti Patel had breached the minis- The announcement followed news
terial code of conduct by bullying civil Von der Leyen signals progress in Brexit talks that the number of new infections is
servants. increasing by between 0 and 2 per cent
Jim Brunsden — Brussels negotiations” while cautioning that two sides had been exploring ideas of the deal contain a review clause cover- each day, from 1 to 3 per cent the week
Alex Allan stepped down as Mr John- Peter Foster — Brighton “gaps are only slowly shrinking” on the transitional arrangements for fishing ing broader economic ties and trading before at the end of last week.
son’s ethics adviser after the prime min- core sticking points of EU fishing rights rights as part of a possible deal, but sig- arrangements. Diplomats said this
ister concluded Ms Patel had not Ursula von der Leyen, European Com- in British waters, fair competition con- nificant obstacles remained. would be a way to ensure the EU still had The R value — the average number of
breached the official guidelines and that mission president, said Brexit talks ditions for business and how to enforce leverage over the UK in future talks. new cases generated by an infected indi-
he would retain her in the cabinet. made “better progress” on key issues any deal that is reached. Britain in this week’s talks proposed a vidual — has remained relatively stable
this week despite disruption when a temporary agreement that would not be The UK rejects the EU’s demand that at 1-1.1, according to the report by the
It is the first time that a prime minis- negotiator tested positive for Covid-19. The sides are racing to conclude a deal as generous to the EU fleet as current tariff-free access to the EU single mar- Government Office for Science. This
ter has rejected the findings of the inde- that would allow sufficient time for the fishing quotas, but would acknowledge ket should be linked to continued Euro- means that 10 people infected with
pendent adviser on ministerial stand- “After difficult weeks with very, very European Parliament to ratify the that the UK sector needed time to build pean access to British fishing grounds. Covid-19 in the UK will on average pass
ards. Labour said Mr Johnson should slow progress, now we have seen in the agreement before Britain’s Brexit transi- up fishing capacity, allowing the EU to it on to 10 to 11 people.
have sacked Ms Patel. last days better progress, more move- tion period expires on December 31. retain significant rights in the mean- There is growing concern in Brussels
ment on important files,” Ms von der about the limited time left to ratify any The R number provides a snapshot of
A summary report of a nine-month Leyen said, although she also stressed Five days of intensive negotiations in time. But diplomats said the plan deal that might be reached, given the how the disease is spreading at a given
investigation conducted by Sir Alex into that a deal was not yet certain. Brussels this week were brought to was vague, with one question need for any text to be checked and time, whereas the growth rate reflects
alleged bullying of civil servants by Ms an abrupt end on Thursday when a being what would happen translated before it is formally sent for how quickly the number of infections is
Patel in several Whitehall departments She specifically cited headway made high-level EU negotiator tested after temporary arrange- endorsement by the European Parlia- changing day by day. Decisions about
found evidence of “forceful expression, by the EU and UK teams in settling rules positive for coronavirus, causing ments ended. ment. Officials said that the situation the extent to which the population will
including some occasions of shouting on state subsidies for companies, one of Michel Barnier, the chief negotia- The EU side has also said would become more complex if a deal be able to mix at Christmas will hinge
and swearing”. the main open issues in the talks. tor, and members of his senior team that, if arrangements for fish- was not reached by the end of next upon the R number being brought com-
to go into self-isolation. ing were to be temporary, week. The “hope is nevertheless that fortably below 1 and the growth rate
“The home secretary has not consist- “There are still quite some metres to then it would insist negotiations can be finalised quickly if remaining low, experts say.
ently met the high standards required the finish line,” Ms von der Leyen said. Talks will continue in a and once the necessary political deci-
by the ministerial code of treating her “Time pressure is high without any virtual format before relo- Ursula von der sions are taken in London”, the EU dip- Separate data published by the Office
civil servants with consideration and question.” cating to London when that Leyen says a deal lomat added. for National Statistics estimated there
respect,” said Sir Alex. “Her approach becomes possible. is not certain were roughly 38,900 new cases per day
on occasions has amounted to behav- An EU diplomat confirmed “tangible FT Big Read page 8 in England in the week to November 14,
iour that can be described as bullying in progress on a number of areas in the EU diplomats said the from 47,700 the week before. Mr Han-
terms of the impact felt by individuals. cock said the statistics showed “early”
To that extent her behaviour has been in but “encouraging signs that the infec-
breach of the ministerial code, even if tion rate was starting to flatten”.
unintentionally.”
Steve Powis, the national medical
But as prime minister, Mr Johnson is director of NHS England, said that while
the ultimate arbiter of the ministerial the number of Covid hospital inpatients
code. He said he was reassured that Ms in England appeared to be levelling at
Patel was “sorry for inadvertently 14,479 as of November 17, caution was
upsetting those with whom she was still needed. “That is just a few days’
working” and that “relationships, prac- data and it’s important not to read too
tices and culture in the Home Office are much into it yet,” he said.
much improved”. Having considered Sir
Alex’s advice, Mr Johnson’s judgment The health secretary confirmed the
was that the ministerial code was not government was working with the
breached, his spokesperson said. devolved nations to introduce a UK-
wide approach on how people might be
Sir Alex’s investigation was prompted able to meet over Christmas, with the
by the resignation of Philip Rutnam as latest data indicating that positivity
the Home Office’s top civil servant in rates peaked in mid-October in Wales
February. He said in a resignation state- and Northern Ireland, while cases con-
ment it was ultimately for Mr Johnson to tinue to rise across most of England, bar
judge if there was a breach of the code. the north-west.
Editorial Comment page 10 Downing Street said it remained the
prime minister’s intention for families
to spend Christmas together. Full plans
for measures in England after Decem-
ber 2 would be unveiled next week.
Editorial Comment page 10
Henry Mance page 12
MAKE A SMART INVESTMENT House of Lords Capital projects
Subscribe to the FT today at FT.com/subscription Former Tory chairman faces Sunak to unveil infrastructure
conflict of interest complaint bank in ‘levelling up’ push
WORLD BUSINESS NEWSPAPER
FRIDAY 31 MARCH 2017 UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12
HMRC warns Lloyd’s of Brussels Insurance market BrUiKef£i3n.8g0; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
customs risks to tap new talent pool with EU base
T H E E N Di US bargain-hunters fuel Europe M&A
being swamped HOW DRIVERLESS Censors and sensitivity Jim Pickard, Gill Plimmer because Tulchan had not signed up to Jim Pickard and Gill Plimmer officials said. The Conservatives won
by Brexit surge Europe has become the big target for cross-border TECHNOLOGY IS Warning: this article may be and Tabby Kinder the industry’s public affairs code. December’s election promising a spend-
dealmaking, as US companies ride a Trump-fuelled CHANGING AN upsetting — LIFE & ARTS FEBRUARY 4 2017 Chancellor Rishi Sunak will set out ing spree in “left-behind areas” such as
AMERICAN WAY OF LIFE The former chairman of the Conserva- “It is entirely unacceptable for lobby- plans next week for a new National the Midlands and northern England.
O F T H Eequity market rally to hunt for bargains across the tive party is the subject of a complaint ists to use influence and relationships Infrastructure Bank to channel billions
FT WEEKEND MAGAZINE to the House of Lords authorities over gained through public-serving roles for of pounds into capital projects as part Boris Johnson, prime minister, this
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17 claims of a “conflict of interest” relat- commercial gain. The conflict of inter- of the government’s “levelling-up” week committed the government to a
ing to his time working as an adviser to est is undeniable,” said Liam Herbert, agenda, according to officials new 10-point plan to try to cut carbon
i Report outlines longer NHS waiting times Boris Johnson’s government. chair of the PRCA Public Affairs board emissions to “net zero” by 2050. The
A report on how the health service can survive in a public statement. The Treasury believes that the new Conservative government previously
Andrew Feldman, managing partner of institution, to be based in northern Eng- set up a Green Investment Bank in 2012
R O A Dmore austerity has said patients will wait longer for public relations and lobbying firm Tulchan resigned from the PRCA two land, can play a crucial role in helping to only to sell it off five years later to an
Tulchan, spent two months in the years ago. It said Lord Feldman applied kickstart Britain’s economic recovery in Australian private equity group.
non-urgent operations and for A&E treatment while spring as an unpaid adviser to James for and was granted leave of absence the wake of the pandemic.
some surgical procedures will be scrapped.— PAGE 4 Bethell, a health minister — from March from the House of Lords in June 2020, The Treasury will in weeks announce
24 to May 15. On April 21 the govern- after ending his role advising Lord The new lender, to be operational by the location of a new “economic cam-
i Emerging nations in record debt sales ment awarded a £28m contract to Bethell, raising a question over whether spring, will have a remit to help deliver pus” in northern England in drive to
Developing countries have sold record levels of Oxford Nanopore, a testing company. it will be a matter for the House of Lords the UK’s commitment to reach “net zero relocate 22,000 civil servants out of
government debt in the first quarter of this year, Lord Feldman subsequently received a authorities to investigate. carbon” by 2050 and provide funding London and the South East by 2030.
taking advantage of a surge in optimism toward contract from the company to provide for projects nationwide. It will co-invest
emerging markets as trade booms.— PAGE 15 public relations advice on June 15. “There cannot have been any conflict alongside private investors through a Mr Sunak will also confirm the launch
of interest between his work as manag- mix of loans and guarantees as well as of a new “UK shared prosperity fund” to
3 Confidence in IT plans ‘has collapsed’ Credit SuisseiLondontowerplansbreakrecords Art of persuasion Mystery deepens How To Spend It Yesterday Britain’s main public rela- ing partner of Tulchan and his role in taking equity stakes in projects. replace up to £2.4bn a year formerly
3 Fivefold rise in declarations expected over disputed painting of Jane Austen tions trade body submitted a complaint the House of Lords as he had, by that provided through EU structural funds.
A survey has revealed that a against Lord Feldman to the House of time, suspended his role as a working Mr Sunak would also announce An initial £220m will be allocated next
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the record 455 tall buildings are Lords’ commissioner for standards. The peer,” it said. changes to the Treasury’s “green book”, year for local areas. He is expected to set
planned or under construction Public Relations and Communications which decides the allocation of money out tens of billions of pounds of infra-
EU, a Whitehall official said. “If running Association (PRCA) said it had submit- The company said that the peer for projects, to prioritise levelling up structure investment during the spend-
engulfed ininLondon.Workbeganon ted the complaint to the commissioner “utterly refutes” any suggestion that he more deprived regions and meeting ing review, including £1.6bn for local
A computer system acquired to collect our own customs system is proving had failed to uphold ethical standards or ministers’ climate goals, government roads in the next financial year.
almost one tower a week was subject to a conflict of interest.
duties and clear imports into the UK much harder than we anticipated, that during 2016.— PAGE 4
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
surge in workload expected once Britain press for certain options in Brussels.” fresh tax probeTheUSsecretaryofstatehasfailedtoreconcile
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep Chic new lodgings
Tayyip Erdogan on issues including Syria and the in Scotland
admitted to MPs. of the Commons treasury select com- extradition of cleric Fethullah Gulen.— PAGE 9
MAGAZINE
HM Revenue & Customs told a parlia- mittee, HMRC said the timetable for i Toshiba investors doubt revival plan
In a stormy three-hour meeting, investors accused
mentary inquiry that the new system delivering CDS was “challenging but
3 UK, France and Netherlands swoopmanagers o aving an entrenched secrecy culture
needed urgent action to be ready by achievable”. But, it added, CDS was “a
and cast doubt on a revival plan after Westinghouse
March 2019, when Brexit is due to be complex programme” that needed to be
3 Blow for bid to clean upfiled for Chapter 11 bankruptcy protection.— PAGE 16 Swiss image
completed, and the chair of the probe linked to dozens of other computer sys-
said confidence it would be operational tems to work properly. In November,
in time “has collapsed”. HMRC assigned a “green traffic light” to
Setting up a digital customs system CDS, indicating it would be delivered on i HSBC woos transgender customers
has been at the heart of Whitehall’s time. But last month, it wrote to the TheRAbaLnPkH hAaTsKuINnSv—eilZeUdRaICrHange of gender-neutriatlfollowed “a strategy offull client tax
Brexit planning because of the fivefold committee saying the programme had titleDsUsNuCcAhNasRO“MBIxN”S,OinN a—ddBiRtUioSnSEtoLSMr, Mrs, Misscormpliance” but was still trying to
increase in declarations expected at been relegated to “amber/red,” which Ms, in a move to embrace diversity and cater togaththeer information about the probes.
means there are “major risks or issues
apparent in a number o ey areas”.
HMRC said last night: “[CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
FINANCIAL TIMESBritishportswhentheUKleavestheEU. neeCdrseodfittraSnusigsesnedheracsubsteoemnetras.r—gePtAeGdE 2b0y HM Revenue & Customs said it had
About 53 per cent of British imports sweeping tax investigations in the UK, launched a criminal investigation into
come from the EU, and do not require
checks because they arrive through the France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But
Theresa May announced in January that dering by “a global financial institution
Brexit would include departure from and certain ofits employees”. The UK
both trading blocs. HMRC handles 60m ReproductionDbiatastciamkwSawgaeittazcseahrltaanxdh’savatetne.mpts to clean up of the contents ofThe lure of the exotic this newspaper in
The Swiss bank said yesterday it was tax authority added: “The international Robin Lane Fox on the flair
Tercro-roaptetaractkisnginwwitehstaeurnthEourritoipese aftReerceinttsattacrkesa—ch of this investigation sends a clear
offices in London, Paris and Amstenrodtaabmly the m20e11ssage that there is no hiding place for
declarations a year but, once outside the focus and resource it requires for suc- Hwigehrelighctoendtaatctatcekd byOthloecrsal offimcaisaslascre bythose seeking to evade tax.”
customs union, the number is expected cessful delivery.” “concerning client tax matters”. Anders BreivikDinutch prosecutors, who initiated the of foreign flora — HOUSE & HOME
to hit 300m. HMRC’s letters to the select commit- AFP Dutch authorities said their couNnortwera-y, theaction, said they seized jewellery, paint- permitted without
parts in Germany wereBarulsssoelisnvoaltvtaecdks, in Pairnisgs and gold ingots as part of their
The revelations about the system, tee, which will be published today, pro-
Bracken House, 1 Friday Street, London EC4M 9BT.calledCustomsDeclarationService,are any manner isSourNrwcsetcoeeaffuohsqiTor:sodiwJuvhtlraieoainetetryesmrweA’ishbnmTaueayqesrsuerurtitsnlonhrirbtraivessmiPumleeficassasoearoit’ninltesisuldghoetnrIarsnwettessiriuviannmnryegtgtg’eensoenanaudrbcySeNnUetawColinaSscdeitneuk-aseiltnisrenpoendbddangaercaenstraBowbtfbllnmaeeamnfkuoretrscumdmcgasr.tuesiktotelaNnbisoeneprrnteixridieerneit-cenlnsregstcaEh,ssifladueulr—ynoreitcSptistomdnlrniahoahpwedrttwxasvTeniooehdivdieebatuhnezsuieseetta;tirhwSwngloawadahnrts”iiiidslto“esibaeanFassna.ntrtdhoetkaonnndroicasnhtchercdoeeyoeffidv-ucgelanceaatintralsteeelhdsdroeastplao“w’esisFdnaeoryevteffidhetnhrecciaiinehrsl
likely to throw a sharper spotlight on down on evaders, which resulted in operation has been organised with the
whether Whitehall can implement a
host of regulatory regimes — in areas
vide no explanation for the rating Lloyd’s of London chose Brus- insurers to follow. Most of the EU, with Dublin and Luxem- not the publisher’s
change, but some MPs believe it was sels over “five or six” other business written in Brussels bourg thought to be more likely
caused by Mrs May’s unexpected deci- cities in its decision to set up an will be reinsured back to the homes for the industry. But
sion to leave the EU customs union. EU base to help deal with the syndicates at its City of London Mr Nelson said the city won on
ranging from customs and immigration Timetable & Great Repeal Bill page 2
to agriculture and fisheries — by the Scheme to import EU laws page 3 expected loss of passporting headquarters, pictured above. its transport links, talent pool
Editorial Comment & Notebook page 12 rights after Brexit. The Belgian capital had not and “extremely good regula-
time Britain leaves the EU. John Nelson, chairman of the been seen as the first choice for tory reputation”.
Problems with CDS and other projects Philip Stephens & Chris Giles page 13 centuries-old insurance mar- London’s specialist insurance Lex page 14
essential to Brexit could force London to JPMorgan eye options page 18 ket, said he expected other groups after the UK leaves the Insurers set to follow page 18 prior consent.tionaldisputeaftertheSwissattorney- Dutchauthorities.
billions of dollars in fines. deliberate exclusion of Switzerland”. It
The probes risk sparking an interna- demanded a written explanation from
Published by: The Financial Times Limited,City watchdog sends a clear message as general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty ETscHapEe RtheIStaEpeOr tFraEpCO-GLAM
ment” that it had been left out of the in the US to an “extensive and wide- How high earners can evade
banker loses job over WhatsApp boast actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa a pension headache — FT MONEY
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard
lands, France and the UK. The bank said in Paris Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
Bracken House, 1 Friday Street,Shutdownriskasborder JENNIFER THOMPSON — LONDON Christopher Niehaus, a former Jeffer- ban people from installing apps on their
private phones. ‘Financial Times’ and ‘FT’ are registered trade marksBrusselstakestoughstanceonBrexit
A boastful WhatsApp message has cost ies banker, passed confidential client
a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix with Spain handed veto over Gibraltar 390_Cover_PRESS.indd 1
and a £37,000 fine in the first case of ance and a friend” using WhatsApp, Chambers, said the case set “a precedent 19/01/2017 13:57
regulators cracking down on commu- according to the FCA. The regulator said in that it shows the FCA sees these mes-
wall bid goes over the top nications over Facebook’s popular Mr Niehaus had turned over his device saging apps as the same as everything
chat app. to his employer voluntarily. else”.
London EC4M 9BT. Congressional Republicans seeking to of TheALEX BARKER — BRUSSELS Financial Timesambitioustradeandairlineaccessdeals. mise. If Britain wants to prolong its Limited.
avert a US government shutdown after The fine by the Financial Conduct The FCA said Mr Niehaus had shared Information shared by Mr Niehaus GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
April 28 have resisted Donald Trump’s Authority highlights the increasing confidential information on the messag- included the identity and details of a STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
attempt to tack funds to pay for a wall problem new media pose for companies ing system “on a number of occasions” client and information about a rival of
last year to “impress” people. Jefferies. In one instance the banker
on the US-Mexico border on to that need to monitor and archive their boasted how he might be able to pay off
Several banks have banned the use of his mortgage if a deal was successful.
stopgap spending plans. They fear staff’s communication. new media from work-issued devices, The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
but the situation has become trickier as Mr Niehaus was suspended from Jef- stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
Tel: 020 7873 3000 that his planned $33bn increase in Several large investment banks have banks move towards a “bring your own feries and resigned before the comple- Living wage rise to pile Britain’s plea for early trade talks and Spain”. Madrid defended the draft ments and structures to apply”.
defence and border spending could banned employees from sending client device” policy. Goldman Sachs has tion of a disciplinary process. pressure on care services explicitly giving Spain a veto over any clause, pointing out that it only reflected
force a federal shutdown for the first information over messaging services clamped down on its staff’s phone bills arrangements that apply to Gibraltar. “the traditional Spanish position”. Mr Tusk wants talks on future trade
time since 2013, as Democrats refuse including WhatsApp, which uses an as iPhone-loving staff spurn their work- Jefferies declined to comment while to begin only once “sufficient progress”
to accept the proposals. encryption system that cannot be issued BlackBerrys. Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and
for comment.
US budget Q&A and accessed without permission from the Bankers at two institutions said staff About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
are typically trained in how to use new Additional reporting by Chloe Cornish
Trump attack over health bill i PAGE 8 user. Deutsche Bank last year banned Lombard page 20 today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
World Markets
Editor: Roula Khalaf WhatsApp from work-issued Black- wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met. and its are to
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21 November/22 November 2020 ★ FTWeekend 3
national
Brexit stokes fires of Scottish independence
Pandemic boosts Sturgeon’s popularity but the severing of UK ties with Brussels proves big factor in persuading unionists to switch sides
Henry Mance — Kirkcaldy The UK government argues that if
Scotland were to rejoin the EU, it would
“You see these quiz programmes on TV Tempted by town, birthplace of economist Adam ‘They [the The pandemic has also led to huge Scotland would be able to rejoin the EU. face a hard border with England, its
— all these English people, they don’t self-rule: Smith and former Labour leader Gor- English] government borrowing. Andrew Wil- Brexit disillusioned many who voted No largest export market. The messiness of
know basic things about Scotland” Kirkcaldy don Brown, was a pioneer of linoleum think we’ve son, an economist who chaired the in 2014. “The reason we’re here is the Brexit divorce process also raises
fish shop flooring. But big stores have closed and all got SNP’s 2018 economic blueprint for inde- Brexit. It’s not Boris,” said Mr Wilson. questions about the logistics of inde-
Mike Paszowski started voting for the manager Stuart locals speak disparagingly of the ginger hair pendence, said this “kills the argument” pendence. “Every single time the SNP
Scottish National party 30 years ago, McAuslan. number of charity shops and pawnbro- and eat that Scotland would face an unsustaina- While independence supporters have argues against Brexit they set out the
after the coal mine where he worked Below, several of kers in the town. Westminster feels a haggis ble budget deficit. “If Croatia can bor- spent the period since 2014 building a argument against independence,” said
was closed by Margaret Thatcher. the town’s big long way away and not much help. every day’ row at [rates of] less than 1 per cent, are plan for independence, unionists are Christine Jardine, Liberal Democrat MP.
stores are closed we really saying Scotland couldn’t?” only just beginning to regroup. Some on
But his wife Cath remained loyal to or are closing “I don’t think they live in the real Cath the centre-left want a new federal Perhaps the strongest case against
the Labour party. In the 2014 referen- world in London because of the amount Paszowski, His Sustainable Growth Commission arrangement, which would increase independence remains Scotland’s
dum on independence the couple — who Jeremy Sutton-Hibbert of money they earn,” said Hunter retired recommended Scotland keep using the Scotland’s influence in Westminster. finances. The country’s implied budget
live in Kirkcaldy, north of Edinburgh — Mackie, a mechanic. “That bloody HS2 pound while setting up its own central deficit was nearly 9 per cent before the
found themselves on different sides. — a waste of money,” he adds referring ‘Not until bank and currency. It said oil royalties Some hope the prospect of a centre- pandemic hit, 6 percentage points
to the high-speed railway project there’s an should be treated as windfalls, and pro- left UK government, led by Labour’s higher than the rest of the UK.
Now she is on the brink of supporting between London and northern England. answer to posed making an annual payment to Keir Starmer, could help persuade Scot-
independence. “I’ve always been ‘better the Covid cover part of the UK’s national debt. tish voters that they belong in the union. Pointing this out can, however, repel
the devil you know’. But countries the Against an indifferent economic situation’ “He’s got a gravitas about him that Jer- Scottish voters. One independence sup-
same size as us manage,” said the retired backdrop, the prospect of self-rule has The only real golden ticket offered by emy Corbyn didn’t,” said Mrs Pas- porter in Dundee, who declined to be
72-year-old. become more tempting. “I’m not fer- Dean Penman, independence supporters now is that zowski, the longtime Labour supporter. named for fear of antagonising her cus-
vent or a nationalist or anything, but I café owner, on tomers, likened Westminster to a domi-
England and Scotland have been kinda feel if you can have self-govern- timing of a neering husband. “You’re repeatedly
legally bound to each other since the ance, why not?” said Stuart McAuslan, referendum told you don’t make enough money,
1707 Act of Union. But like her husband, manager of a fish shop. you’re not strong enough, you’re not
Mrs Paszowski feels estranged from good enough to make it on your own.”
those south of the border. A hardcore of independence support-
ers wants a referendum as soon as possi- In Dundee, the most pro-independ-
“You hear them talking about Eng- ble. Moderates are less sure. “Definitely ence city in Scotland, a new £80m V&A
land this and England that, even when not now. Not until there’s an answer to Museum opened in 2018, part of a dock-
they’re talking about the United King- the Covid situation,” said Dean Penman, side redevelopment. To an outsider it
dom. We’re second-class citizens. They a café owner. seems a monument to the union, but to
think we’ve all got ginger hair and eat residents it does not make the case
haggis every day.” Shortly before the 2014 referendum, a against separation.
YouGov poll gave Yes a 51:49 lead,
The question of independence was prompting furious last-minute prom- “Scotland will succeed whichever
supposed to have been settled for a gen- ises by unionist politicians. This time path it chooses. The question is, can
eration by the 2014 referendum. Yet it the gap in the polls is wider, but the path someone make an argument that it’s
was reawakened by Brexit, which to independence is fuzzier. going to be quicker, faster this way?”
almost two-thirds of Scots opposed. said Chris van der Kuyl, one of Scot-
Then there was another UK election vic- The next step is the Scottish parlia- land’s most successful computer games
tory for the Conservative party, which ment election in May. Ms Sturgeon’s entrepreneurs, based in Dundee.
only a quarter of Scots voted for. And SNP and the pro-independence Greens
then came the pandemic response. are expected to win a majority of seats, “I’d love to see the unionist argument
which would allow her to request that being bolstered, and the UK govern-
Scotland and England have been simi- the UK government grant another refer- ment saying we recognise the differ-
larly hit, but Nicola Sturgeon’s SNP gov- endum as soon as next year or 2022. Mr ences and here are some ideas.”
ernment is widely seen as having com- Johnson has insisted it is too soon, but
municated more effectively than its UK holding out indefinitely would probably Yet unionists still struggle to articu-
counterpart, led by Boris Johnson, inflame nationalist sentiment. late why England and Scotland’s 313-
prime minister. year marriage should resonate emotion-
Any vote would be different to 2014. ally today to voters in places like Kirk-
Because Scotland manages its own Arguments made then have aged badly. caldy and Dundee.
health system, the pandemic has given The No side can no longer say independ-
Ms Sturgeon a new platform. Her tele- ence would kick Scotland out of the EU “I can’t remember who said it but
vised daily briefings became a fixture (it has already left). The Yes side can no Scotland is a European country whereas
for many households. “She has proven longer say that oil royalties, now falling, England is an American-leaning coun-
herself as a really true leader,” said Mrs would bankroll independence. try,” said James Donaldson, a pro-inde-
Paszowski. Mr Johnson, in contrast, pendence bookseller in Kirkcaldy.
“looks like a buffoon”. His persona has
exacerbated the distance between Scot- Opinion page 12
tish voters and the British government.
This week, during a phone call with
Tory MPs, he sabotaged his govern-
ment’s strategy of portraying devolu-
tion as a stable arrangement by calling
the transfer of powers “a disaster”.
The No campaign won the 2014 inde-
pendence referendum by a 55:45 mar-
gin. Opinion now seems to have flipped
— since September independence has
recorded between 51 and 58 per cent in
polls, excluding undecideds; the No side
has not led a poll since March. Support
for independence has risen sharply
among those who still want to remain in
the EU, and fallen among leavers.
Kirkcaldy is in Fife, which voted in
line with the national trend in 2014. The
Interview. Douglas Stuart
Booker winner bemoans divided nation
Author believes ‘Shuggie Bain’, book is unsettlingly current. “The most writing was dismissed by his teachers
startling thing is that it is not a historical who recommended he explore the more
his novel set in 1980s Glasgow, novel. We’re still a nation that is very practical option of textile design.
divided between the people who have Twelve years ago, having moved to
is unsettlingly current and the people who don’t,” he said by New York, Mr Stuart sat down to write
Zoom call from his home in New York. Shuggie Bain.
Frederick Studemann
Not that his home town has not While the novel draws heavily on his
Douglas Stuart says the social decay, moved on at all. Glasgow, which in his own story — “the queer son of a mother
sectarianism and merciless poverty he novel is described as a place that has lost who lost her battle with addiction” — it
portrays in Shuggie Bain, winner of this its sense of purpose, has undergone “an is not a memoir. “That was never an
year’s Booker Prize for fiction, is a tale amazing renaissance”. The city had option,” he said. Only fiction allowed
for today as much as it is a tale of Glas- him to realise his ambition of capturing
gow in the 1980s. Douglas Stuart: a multi-faceted working-class world
‘Scottish people with scores of characters.
“Shuggie has arrived at the right didn’t always
time,” he said, citing recent pandemic- let the world It is a world that Mr Stuart says has
related rows around free school meals know how hard long been ignored by the literary estab-
and the scandal over exam results that times had been’ lishment. “I had to become a man before
highlight what he calls the inequality I could find stories that were representa-
that still pervades Britain. always been a place that produces tive of myself,” he said. The books he
“stunning” literature and art, he said. encountered in his youth came with “a
When he set out to write the story of very middle-class, English voice”. His
the love between a son and his mother, “Scottish people are markedly stoic,” own book struggled to get noticed: 32
he thought he was writing a historical said Mr Stuart, who regularly returns to publishers rejected it before it was
novel. Shuggie Bain tells of a boy trying Scotland. “They didn’t always let the finally picked up.
to make sense of an adult world in tur- world know how hard times had been.”
moil and an adored mother locked in an Mr Stuart said he was proud — “but
ultimately fatal battle with addiction. That was something that he set out to also sad” — to be the second Scottish
address with Shuggie Bain which, as well winner of the Booker in its 52-year his-
Yet as much as it offers an unflinching as being an intimate family story, is also tory. When fellow Glaswegian James
perspective of how the postwar and a celebration of a place where loss and Kelman won in 1994 with How Late It
Thatcher years played out in the tene- pain is countered by love and humour. Was, How Late it caused a scandal. Critics
ments and housing schemes on the dismissed the stream-of-consciousness
fringes of Glasgow, Mr Stuart feels the It has been a long journey. A child- story as “literary vandalism”.
hood enthusiasm for literature and
4 ★ FTWeekend 21 November/22 November 2020
WORLD| INTERNATIONAL
WEEK IN REVIEW|
Coronavirus
Far-right activists harangue German
MPs in Bundestag over lockdowns Covid vaccines take shot at US approval
MPs of the populist party Alternative for Germany Pfizer-BioNTech doses to market in history, and the first to use the efficacy and safety profile of our vac- ‘We now that it had provided regular data to the
smuggled far-right activists into the Bundestag to could be authorised as mRNA technology, which sends genetic cine, giving us confidence in its poten- have a more EMA using its “rolling review process”.
protest at a law imposing lockdowns. early as mid-December instructions to cells to provoke an tial,” he added. complete
immune response rather than using a picture of The companies have also started to
Videos on social media showed MPs being Joe Miller — Frankfurt weakened form of the virus. The submission to the US FDA will the efficacy feed some data to regulators in Aus-
harangued and insulted. Apologising, Alexander Hannah Kuchler — New York also include safety data from about 100 and safety tralia, Canada, Japan and the UK.
Gauland, head of the AfD parliamentary group, On Monday, data from the companies’ children aged 12 to 15. The Pfizer-BioN- profile of
admitted the activists had proceeded to “harass and Pfizer and BioNTech said they would phase 3 trial, involving more than Tech shot is one of the only Covid-19 our vaccine, BioNTech shares rose 5.6 per cent to
accost” lawmakers. “The situation got out of hand.” submit their Covid-19 shot for emer- 43,000 people, showed the vaccine had vaccines to have been tested on chil- giving us $100.52, while Pfizer added 1.7 per cent
gency authorisation in the US yesterday, an efficacy rate of 95 per cent, far above dren. But experts have cautioned there confidence to $36.81 yesterday.
The anti-pandemic law stipulates which lockdown becoming the first pharmaceutical com- the threshold required by the US Food needs to be more research before giving in its
measures authorities can impose, such as shutting panies to apply for regulatory approval and Drug Administration and higher the shot to youngsters. potential’ Pfizer and BioNTech have the capac-
down restaurants and schools, banning religious of a coronavirus vaccine. than many common jabs, such as those ity to produce 1.35bn doses of their vac-
services and obliging people to wear masks. for flu or rabies. The study also found A full submission to the European Albert Bourla, cine by the end of 2021, including 50m
In a joint statement, the companies that the vaccine, which requires a Medicines Agency, which was also Pfizer chief doses by the end of the year.
Protests in Berlin at the law prompted police to use said they had gathered enough safety booster shot, caused no serious side- expected this week, has been postponed
water cannon after demonstrators refused to don data to satisfy the US regulator and that effects and was almost as effective in because the EU regulator has asked for Most of those doses have been
masks and comply with social-distancing rules. doses of the vaccine would be ready to people aged over 65. more trial data than its US counterpart, reserved by the US, EU, UK and Japan.
be shipped within hours of authorisa- according to people familiar with the
tion, which could happen by the middle Pfizer chief Albert Bourla said the process. Pfizer and BioNTech’s submission to
of December. submission to the FDA marked a “criti- the FDA is likely to be quickly followed
cal milestone” in efforts to deliver a Ugur Sahin, Mainz-based BioNTech’s by a filing from US biotech Moderna.
If approved, the shot will be the fastest Covid-19 vaccine to the world. “We now chief executive, said interactions with
have a more complete picture of both the EMA were of “particular impor- Moderna’s mRNA vaccine was found
tance” to the German company, and to be almost 95 per cent effective in
phase 3 trials. The company said it
would apply for regulatory approval in
the US “in the coming weeks”.
Global debt to pass $277tn in 2020 Biomedicine. Genetic code
as pandemic provisions increase
Breakthrough crafted from tiny particles
Global debt is on track to exceed $277tn in 2020.
The Institute of International Finance said govern- Both Pfizer and Moderna Nerve centre:
ments and companies had built a “debt tsunami” to technicians at
cope with the pandemic, and risk “significant shots use same technology an Australian
adverse implications for economic activity”. Total lab that will
debt is set to reach 365 per cent of global gross but with key differences manufacture the
domestic product by the end of the year. AstraZeneca-
Clive Cookson — London Oxford vaccine.
Debt burdens in emerging markets have risen by High vaccine
26 percentage points this year to approach 250 per Two breakthrough vaccines that use the efficacy rates
cent of GDP. Zambia added to the list of developing same revolutionary technology have have raised
countries defaulting or restructuring debts in 2020. been shown to be highly effective in pre- hopes for an end
venting Covid-19, but differences in the to the pandemic
The G20 group of the world’s largest economies, way the shots are designed affect how
which meets this weekend, has allowed 46 poor quickly production can be increased Darrian Traynor/Getty
countries to delay $5bn of debt repayments this year and how they are distributed.
and is looking to unlock further IMF funds. Remdesivir The World Health Organization has altered slightly from the “wild type” while Moderna’s vaccine is stable
The vaccines — one produced by US WHO panel advised against prescribing RNA naturally present in the virus, to enough to survive storage for six
Thai protesters gather in their company Moderna and the other advises remdesivir to Covid-19 patients in make it more stable and more easily months at -20C, the temperature of a
thousands after police clashes through a partnership between Pfizer against use hospital, casting further doubt on read by human cells, he said. standard domestic or medical freezer,
and Germany’s BioNTech — recorded of antiviral the effectiveness of the only the Pfizer-BioNTech vaccine needs to be
Thai democracy activists carried toy ducks, the latest efficacy rates higher than 94 per cent in medicine antiviral drug approved to treat the In both the Moderna and Pfizer- stored and transported at -70C.
emblem of youth protests for constitutional reform, at clinical trials, raising global hopes they disease. BioNTech vaccines, the RNA is encapsu-
a gathering of 10,000 in Bangkok. It followed clashes can provide a route out of the pandemic. lated in “lipid nanoparticles”. These As a result, once approved by the reg-
with police and royalist vigilantes, as protesters tried Writing in the British Medical microscopic droplets of oily liquid — ulatory authorities, Moderna’s vaccine
to breach barricades near parliament. At the heart of both shots is a strand of Journal yesterday, an expert WHO about 0.1 micron in diameter — enclose could be distributed “more easily and at
messenger ribonucleic acid or mRNA — panel said the drug, produced by and protect the fragile genetic instruc- lower cost”, said Imperial’s Dr Kis. Pfizer
Egypt arrests three members of a sequence of about 2,000 biochemical Gilead Sciences of the US, was “not tions as they are manufactured, trans- and BioNTech have designed special
leading human rights group letters of genetic code that carry suggested for patients admitted to ported and finally injected into people. “thermal shippers” that can maintain
instructions to the recipient’s immune hospital with Covid-19, regardless The composition of the lipid nanoparti- the product for up to 15 days at that tem-
Egypt arrested three members of one of the country’s system to recognise and fight coronavi- of how severely ill they are, because cles differs slightly in the two vaccines, perature when refilled with dry ice.
most prominent human rights organisations. rus infection. The technology has never there is currently no evidence that say scientists, with several implications.
been used in a vaccine before. it improves survival or the need for Each package has a thermometer
Gasser Abdel-Razek, executive director of the ventilation”. “These nanoparticles can give a magic linked to GPS, which tracks its tempera-
Egyptian Initiative for Personal Rights, was accused Zoltan Kis, a researcher at Imperial kick to the formulation,” said Prof ture and location across Pfizer’s distri-
of joining a terrorist organisation and “disseminating College London’s Future Vaccine Manu- The WHO last month released Edwards. “You might have a list of ingre- bution network. Even so, the tempera-
false statements to undermine public security”, the facturing Hub, said Moderna’s vaccine the largest amount of evidence on dients but you don’t know how they are ture requirement will make it harder to
group said. The US-based Human Rights Watch used 100 micrograms of RNA per dose, remdesivir to date, which showed it combined to produce particles with the distribute the vaccine in countries with-
described his arrest as a “full-fledged attack” against while Pfizer-BioNTech’s shot used only had no effect on mortality, hospital best size and shape. There are strong out enough cold chain storage capacity.
“the human rights community in Egypt”. 30 micrograms, making it easier to pro- stays or the need for ventilation. parallels with food production — you
duce and less expensive. Gilead said the study was flawed. may know the ingredients for Heinz In contrast, adenovirus vaccines
EIPR discussed human rights issues with 13 Ketchup but you can’t make it.” under development such as the one pro-
ambassadors and diplomats from European coun- That should enable Pfizer-BioNTech Remdesivir was last month duced by Oxford university and Astra-
tries this month. to increase production of their vaccine approved for use by the US and it Pfizer and BioNTech obtain their nan- Zeneca can be stored for many months
more quickly than their US competitor. was one of the cocktail of drugs oparticles from Acuitas, a specialist without freezing. Sarah Gilbert, a leader
Egypt has arrested many secular activists, aca- Immunologists said it was not clear why given to President Donald Trump Canadian company, while Moderna has of the Oxford team, said its vaccine was
demics, bloggers, journalists and businessmen. Moderna’s shot needed more RNA. when he contracted Covid-19. developed its own lipid technology. stable at ordinary fridge temperatures
Donato Paolo Mancini of between 2C and 8C.
“It is notoriously difficult for outsid- In both cases, cold storage is needed to
ers to find out exactly what’s inside a keep the nanoparticles in good shape See Editorial Comment
vaccine,” said Alexander Edwards, asso- and to stop the mRNA degrading. But
ciate professor of biomedical technol- Dolly Parton see Person in the News
ogy at Reading university. “But how it is
put together can have a big effect on how
it works.” Although the RNA in each is
essentially the same, there may be tiny
differences in the genetic sequence that
make Pfizer-BioNTech more effective at
smaller doses.
“The RNA for mRNA vaccines is pro-
duced by a chemical process rather than
the biological processes used to produce
other vaccines, which involve growing
cell cultures,” said Prof Edwards. It was
Thanksgiving Holiday migration risks becoming virus superspreader
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Trump vs the Valley A Five Star plan? Dear Don...
Tech titans need to minimise Italy’s populists are trying to woo May’s first stab at the break-up
political risk — GILLIAN TETT, PAGE 13 the poor — BIG READ, PAGE 11 letter — ROBERT SHRIMSLEY, PAGE 12
HMRC warns Lloyd’s of Brussels Insurance market UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
customs risks to tap new talent pool with EU base
T H E E N DBriefing HOW DRIVERLESS Censors and sensitivity Kiran Stacey — Washington has been carried out a day over the past are simply not relevant,” he said. Sauber-Schatz, who leads the CDC’s
being swamped TECHNOLOGY IS Warning: this article may be week and more than 1.8m on Thursday, Public health officials worry the surge community intervention work. “For
by Brexit surge i US bargain-hunters fuel Europe M&A CHANGING AN upsetting — LIFE & ARTS More than 100,000 students in the State analysis of Covid Tracking Project data college students coming home for the
AMERICAN WAY OF LIFE University of New York system will next shows. The American Clinical Labora- in demand for tests suggests millions holidays or military members . . . you
O F T H EEurope has become the big target for cross-border How To Spend It week be tested for coronavirus. The tory Association says its members are plan to travel next week even though definitely need to take extra care.”
FT WEEKEND MAGAZINE process will be repeated across the US as carrying out a record 500,000 a day. the US Centers for Disease Control and
dealmaking, as US companies ride a Trump-fuelled Chic new lodgings universities rush to secure tests ahead of Prevention recommended people CDC officials said people should hold
equity market rally to hunt for bargains across the Art of persuasion Mystery deepens in Scotland Thanksgiving. Quest, one of the largest diagnostic remain in place during the break. Thanksgiving meals outside if possible,
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17 over disputed painting of Jane Austen test suppliers, said orders had risen or open windows and wear masks if
MAGAZINE The national migration is expected to 50 per cent since the last week of Sep- They are worried cold weather across indoors — even around family. Dr Sau-
R O A Di Report outlines longer NHS waiting times Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library strain testing capacity and threaten to tember. This month, Quest has proc- the country will encourage indoor mix- ber-Schatz recommended asking over-
The lure of the exotic become a mass superspreader event, essed 25m tests, more than in any ing. Of particular concern are millions of night guests to use a separate bathroom
A report on how the health service can survive Robin Lane Fox on the flair say public health experts, as Americans month since the pandemic began. Lab- students keen to go home after a term from the rest of the household.
more austerity has said patients will wait longer for of foreign flora — HOUSE & HOME hope to secure an “all clear” before gath- Corp, its main rival, said it was also when many were confined to their halls
non-urgent operations and for A&E treatment while ering with family and friends. experiencing a surge in demand. while studying online. But experts worry the CDC’s strength-
some surgical procedures will be scrapped.— PAGE 4 Escape the taper trap ened guidance has come too late. “Plans
How high earners can evade But the experts caution that those The US reported a record 182,832 new “Whoever has not lived in your have already been made,” said Barry
3 Confidence in IT plans ‘has collapsed’ i Emerging nations in record debt sales a pension headache — FT MONEY who test negative before setting out cases on Thursday, said the tracking household for the 14 days before the cel- Bloom, professor of public health at
3 Fivefold rise in declarations expected Developing countries have sold record levels of could pick up the virus in transit, espe- project, taking the total past 11.5m. Hos- ebration should not be considered a Harvard University.
government debt in the first quarter of this year, cially at hubs such as airports, and pital admissions reached a record member of your household,” said Erin
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the transmit it to others on their return. 80,698. National holidays have already been
EU, a Whitehall official said. “If running Credit Suissetakingadvantageofasurgeinoptimismtoward On the move: Thanksgiving travel is blamed for fuelling the spread of the
A computer system acquired to collect our own customs system is proving “People are using testing as the pri- Laboratories had pooled samples to expected to strain testing capacity virus. The second wave of cases peaked
duties and clear imports into the UK much harder than we anticipated, that emerging markets as trade booms.— PAGE 15 mary wall between them being infected, ease strain on capacity by facilitating in late July, almost exactly two weeks
may not be able to handle the huge ought to have an impact on how we but that is not going to work,” said individual testing only on the smaller after Independence day celebrations. A
surge in workload expected once Britain press for certain options in Brussels.” i London tower plans break records Michael Osterholm, director of the portion of positive samples. But the smaller rise was recorded two weeks
leaves the EU, customs authorities have A survey has revealed that a Center for Infectious Disease Research surge in positive results has forced them after Memorial day in May.
admitted to MPs. In a letter to Andrew Tyrie, chairman and Policy at the University of Minne- to test every sample individually.
of the Commons treasury select com- engulfed inrecord455tallbuildingsare sota. “What does work is changing your Prof Bloom warned: “We may just
HM Revenue & Customs told a parlia- mittee, HMRC said the timetable for behaviour.” Mara Aspinall, a professor of biomed- begin to see the impact of what happens
mentary inquiry that the new system delivering CDS was “challenging but planned or under construction ical diagnostics at Arizona State Univer- over Thanksgiving in mid-December,
needed urgent action to be ready by achievable”. But, it added, CDS was “a in London. Work began on Test makers have warned in recent sity, said the increased demand for tests just as people begin travelling all over
March 2019, when Brexit is due to be complex programme” that needed to be almost one tower a week weeks their capacity to meet demand is meant results could be delayed. “The again for the Christmas break.”
completed, and the chair of the probe linked to dozens of other computer sys- during 2016.— PAGE 4 under strain as coronavirus cases con- problem is that if it is taking seven to 10 Additional reporting by Peter Wells in New
said confidence it would be operational tems to work properly. In November, tinue to rise. An average of 1.3m tests days, by the time they come back they York
in time “has collapsed”. HMRC assigned a “green traffic light” to fresh tax probeiTillersonfailstoeaseTurkeytensions
CDS, indicating it would be delivered on
Setting up a digital customs system time. But last month, it wrote to the The US secretary of state has failed to reconcile
has been at the heart of Whitehall’s committee saying the programme had tensions after talks in Ankara with President Recep
Brexit planning because of the fivefold been relegated to “amber/red,” which Tayyip Erdogan on issues including Syria and the
increase in declarations expected at means there are “major risks or issues extradition of cleric Fethullah Gulen.— PAGE 9
British ports when the UK leaves the EU. apparent in a number o ey areas”.
3 UK, France and Netherlands swoopi Toshiba investors doubt revival plan FEBRUARY 4 2017
About 53 per cent of British imports HMRC said last night: “[CDS] is on
come from the EU, and do not require track to be delivered by January 2019, In a stormy three-hour meeting, investors accused
checks because they arrive through the and it will be able to support frictionless 3 Blow for bid to clean up Swiss imagemanagers o aving an entrenched secrecy culture
single market and customs union. But international trade once the UK leaves
Theresa May announced in January that the EU . . . Internal ratings are designed and cast doubt on a revival plan after Westinghouse
Brexit would include departure from to make sure that each project gets the filed for Chapter 11 bankruptcy protection.— PAGE 16
both trading blocs. HMRC handles 60m focus and resource it requires for suc- it followed “a strategy offull client tax
declarations a year but, once outside the cessful delivery.” RALPH ATKINS — ZURICH
customs union, the number is expected i HDUSNBCCANwRoOoBsINtSrOaNn—sgBeRnUSdSeErLScustomerscompliance” but was still trying to
to hit 300m. HMRC’s letters to the select commit- The bank has unveiled a range of gender-neutgratlher information about the probes.
tee, which will be published today, pro- titClersesduicthSausi“sMsex”h, ains abdedeitniotnatrogMetre,dMbrsy, Miss oHrM Revenue & Customs said it had
The revelations about the system, vide no explanation for the rating Mss,wineeapminogvteatxoienmvebsrtaigceatdioivnesrsinitythaendUKca,ter tloauthneched a criminal investigation into
called Customs Declaration Service, are change, but some MPs believe it was neFerdasnocfetraannsdgetnhdeeNr ceuthsteormlaenrds.s—, sPeAtGtEin20g suspected tax evasion and money laun-
likely to throw a sharper spotlight on caused by Mrs May’s unexpected deci-
whether Whitehall can implement a sion to leave the EU customs union. back Switzerland’s attempts to clean up dering by “a global financial institution
host of regulatory regimes — in areas Timetable & Great Repeal Bill page 2
ranging from customs and immigration its image as a tax haven. and certain ofits employees”. The UK
to agriculture and fisheries — by the Scheme to import EU laws page 3
time Britain leaves the EU. DcoaT-tohapeweSrwaatitisncsghbwanitkhsaauidthyoersitteiredsaayftietrwiatss tax authority added: “The international
Editorial Comment & Notebook page 12 reach of this investigation sends a clear
Problems with CDS and other projects
essential to Brexit could force London to Philip Stephens & Chris Giles page 13 offices in London, Paris and Amsterdam message that there is no hiding place for
JPMorgan eye options page 18 TewrreorreatctaocnktsaicntewdesbteyrnloEcuarol poefficRieaclesnt attatchkoss—e seeking to evade tax.”
“concerning client tax matters”. notably the 20D11utch prosecutors, who initiated the
HDiguhtlicghhtaeudthatotraictkies saOidthtehresir coumntaessra-cre bayction, said they seized jewellery, paint-
parts in Germany were also involAvnedder,s Breiinvigksinand gold ingots as part of their
Lloyd’s of London chose Brus- insurers to follow. Most of the AFP while Australia’s revenue departmNoernwtay, thpe robe; while French officials said their
sels over “five or six” other business written in Brussels said it was investigating aBSrwusissselbsanakt.tacks in Pianrvisestigation had revealed “several
cities in its decision to set up an will be reinsured back to the EU, with Dublin and Luxem- etoNffTooorvhrweteasryihbnayquutlhibreiuePcssaoinrtuihsenrstesramyt’esondbetaNolnsicukaeninnddgeesrnembBascnoruuidtmnosrNbseereiinclseg,ssau—Sttniahcwdixhdotiaehatuvzeueseatrhnloadnr”idtibeaasn.ndknoatccdoeuclnatrsedotpoeFnreedncinh
EU base to help deal with the syndicates at its City of London bourg thought to be more likely SoubdcrrecuioelqTlswsiu:htoJnoiaenrnmesepom’sorneTofreedbesrnroevotrlssamilsadfrmoreiessalerlkniotsdnws,Inpfiiwisnannurhrtgegekiseacrn.inchnUygaSCrta-eeilnneostrduneinlcattlleeaobtwfadermfuettrncgasraikpotaelnixeernt--rdieiennrstcaEhiflduelrysdodoretaompneelropTeitlmewdsenihrbdiaanieetntriwSdaowteanedsihse“asaxascwsaltbturotiesotneitroinesnnnheooeyerfdgx-gaSpaenwltnaiitsnethezradeeatrilwwo’lsanaintoyhfdffirt”toh.hcmiIeest
expected loss of passporting headquarters, pictured above. homes for the industry. But
rights after Brexit. Mr Nelson said the city won on tional dispute after the Swiss attorney- Dutch authorities.
The Belgian capital had not its transport links, talent pool
John Nelson, chairman of the been seen as the first choice for and “extremely good regula-
centuries-old insurance mar- London’s specialist insurance tory reputation”.
ket, said he expected other groups after the UK leaves the Lex page 14
Insurers set to follow page 18
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
City watchdog sends a clear message as actions co-ordinated by Eurojust, the ranging conspiracy” to help clients
banker loses job over WhatsApp boast
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.
Credit Suisse, whose shares fell 1.2 per Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether- Houlder in London, and Michael Stothard
lands, France and the UK. The bank said in Paris
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to Brussels takes tough stance on Brexit
JENNIFER THOMPSON — LONDON Christopher Niehaus, a former Jeffer- ban people from installing apps on their with Spain handed veto over Gibraltar
Shutdown risk as border A boastful WhatsApp message has cost ies banker, passed confidential client private phones. ambitious trade and airline access deals. mise. If Britain wants to prolong its
wall bid goes over the top a London investment banker his job information to a “personal acquaint- Andrew Bodnar, a barrister at Matrix Gibraltar yesterday hit back at the status within the single market after
Congressional Republicans seeking to and a £37,000 fine in the first case of ance and a friend” using WhatsApp,
regulators cracking down on commu- according to the FCA. The regulator said Chambers, said the case set “a precedent
nications over Facebook’s popular Mr Niehaus had turned over his device in that it shows the FCA sees these mes-
chat app. to his employer voluntarily. saging apps as the same as everything
else”.
The FCA said Mr Niehaus had shared ALEX BARKER — BRUSSELS
Information shared by Mr Niehaus GEORGE PARKER — LONDON
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
April 28 have resisted Donald Trump’s Authority highlights the increasing ing system “on a number of occasions” client and information about a rival of THE RISE OF ECO-GLAMfully been singled out for unfavourable require “existing regulatory, budgetary,
attempt to tack funds to pay for a wall problem new media pose for companies last year to “impress” people. Jefferies. In one instance the banker The EU yesterday took a tough opening treatment by the council at the behest of supervisory and enforcement instru-
stance in Brexit negotiations, rejecting
on the US-Mexico border on to that need to monitor and archive their Several banks have banned the use of boasted how he might be able to pay off Britain’s plea for early trade talks and Spain”. Madrid defended the draft ments and structures to apply”.
explicitly giving Spain a veto over any
stopgap spending plans. They fear staff’s communication. new media from work-issued devices, his mortgage if a deal was successful. Living wage rise to pile arrangements that apply to Gibraltar. clause, pointing out that it only reflected Mr Tusk wants talks on future trade
that his planned $33bn increase in pressure on care services
defence and border spending could Several large investment banks have but the situation has become trickier as Mr Niehaus was suspended from Jef- “the traditional Spanish position”. to begin only once “sufficient progress”
banned employees from sending client banks move towards a “bring your own feries and resigned before the comple- Senior EU diplomats noted that has been made on Britain’s exit bill and
force a federal shutdown for the first information over messaging services device” policy. Goldman Sachs has tion of a disciplinary process. About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
including WhatsApp, which uses an clamped down on its staff’s phone bills Jefferies declined to comment while today’s increase in the national living
time since 2013, as Democrats refuse encryption system that cannot be as iPhone-loving staff spurn their work- wage to £7.50 per hour. But the rise Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
accessed without permission from the issued BlackBerrys. Facebook did not respond to a request will pile pressure on English councils,
to accept the proposals. user. Deutsche Bank last year banned for comment. which will have to pay care workers a which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
US budget Q&A and WhatsApp from work-issued Black- Bankers at two institutions said staff lot more. Some 43 per cent of care
Trump attack over health bill i PAGE 8 are typically trained in how to use new Additional reporting by Chloe Cornish the road to Brexit, sought to damp Brit- that the EU negotiating stance was Boris Johnson, the foreign secretary,
Lombard page 20
ain’s expectations by setting out a largely “constructive”, with one saying it reassured European colleagues at a
“phased approach” to the divorce proc- was “within the parameters of what we Nato summit in Brussels that Mrs May
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For the latest news go to expected to cost councils’ care services Reports & analysis page 3
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Analysis i PAGE 4 deals covering Gibraltar could make the Man in the News: David Davis page 11
© THE FINANCIAL TIMES LTD 2017 300-year territorial dispute between insistence on a continuing role for the Henry Mance page 12
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21 November/22 November 2020 ★ FTWeekend 5
6 ★ FTWeekend 21 November/22 November 2020
INTERNATIONAL
US economy Fossil fuels
Mnuchin riles Fed over crisis lending cut China’s
recovery
Treasury secretary at worried that the surge in coronavirus them away’,” he said. “Well, the medical The Fed immediately fired back by Mr Trump’s “burn the house down” jeopardises
odds with central bank cases and fading fiscal support had emergency may not be over but . . . saying it would prefer the “full suite” of approach, and Treasury officials should climate vow,
over ending of measures weakened the recovery. financial conditions are in great shape,” its tools to “continue to serve their consider resigning. claims report
he added, citing the strong performance important role as a backstop for our
James Politi — Washington The Treasury secretary’s decision also recently of corporate and municipal still-strained and vulnerable economy”. “We cannot predict when or if a pan- Christian Shepherd — Beijing
Eric Platt — New York fuelled criticism that Donald Trump, debt as well as equities. icky cascade will happen in credit mar- Thomas Hale — Hong Kong
president, was seeking to constrain the The statement marked a rare public kets,” Mr Summers wrote in a tweet.
Steven Mnuchin, US Treasury secretary, incoming Biden administration’s capac- Mr Mnuchin said he would cut some split between Mr Powell and Mr “Aftershocks after financial crises (and China’s reliance on coal-powered
was yesterday battling accusations that ity to tackle the economic fallout from of the crisis facilities that have helped Mnuchin, who have generally had good earthquakes) are not uncommon. industry to propel its economic recov-
he had made the US more vulnerable to the pandemic, as part of a broader effort prop up financial markets since the start relations throughout the crisis. Removing a capacity to respond as Ste- ery threatens to undermine President
a financial crisis, after breaking with the to delegitimise and damage the future of the pandemic, in a letter to Jay Powell, ven Mnuchin has sought to is wrong.” Xi Jinping’s goal of reaching net zero
Federal Reserve and refusing to renew Democratic presidency. Fed chair, on Thursday. Charles Evans, president of the Chi- carbon dioxide emissions by 2060, new
some emergency lending facilities. cago Fed, yesterday added to the criti- Mr Mnuchin said fears that markets research showed.
Mr Mnuchin defended the step to While he supported the renewal of cism of the Treasury department from were being left without a backstop were
The move by Mr Mnuchin, in defiance wind down the facilities at the end of the schemes to help short-term debt mar- the central bank, calling Mr Mnuchin’s overblown because the Fed’s short-term Lockdowns to stem the spread of coro-
of the central bank’s wishes for a full year, saying it was “not a political issue” kets, he called for the termination of remarks “disappointing”. funding facilities would remain in place navirus have cut CO2 emissions glo-
extension of its emergency credit pro- and there was “a lot of firepower left” to facilities to buy corporate and munici- and others could be reactivated from bally, but environmentalists warn that
grammes, unsettled investors already respond to financial trouble. pal debt, extend loans to medium-sized Mr Mnuchin was also criticised by existing Treasury resources without governments must pursue climate-
businesses and support asset-backed Lawrence Summers, one of his prede- congressional approval. “I consider that friendly stimulus measures to kickstart
“We said ‘these are emergency tools, securities. cessors at the helm of the Treasury. Mr to be a pretty good bazooka,” he said. growth or risk a post-pandemic rise in
and when the emergency is over let’s put Summers said he had allied himself with greenhouse gases.
Washington. Last-minute policymaking China’s recovery has been led by the
state-dominated industrial sector. Con-
US security agencies braced for Trump clash struction demand has spurred a rise in
steel, aluminium and cement produc-
Career officials fight rearguard tion of 13, 11 and 10 per cent, respec-
tively, in October compared with the
action against decisions that same period last year.
they perceive as damaging That puts China on course to account
for nearly 60 per cent of global output in
Katrina Manson — Washington the three sectors, a rise of almost 10 per
cent on last year. At the same time,
When Christopher Miller, the recently exports have plummeted over the past
installed acting defence secretary, five months, meaning the vast majority
appealed to his new employees to follow of the products being used domesti-
orders, he turned not to the constitution cally.
for inspiration but to Donald Trump’s
favourite football coach. “Do your job,” The surging domestic demand makes
he wrote, quoting Bill Belichick, the it near impossible for China to phase out
New England Patriots leader and an fossil fuels, said Yang Muyi, an analyst at
effusive Trump supporter. Ember, a climate think-tank in the UK.
The missive was contained in Mr Research led by Mr Yang found that a
Miller’s second official letter to the
defence department, sent after he was 53% 12%
hastily installed by Mr Trump. His ele-
vation came as the president appointed China’s forecast Expected fall in
a number of loyalists to other senior 2020 contribution coal use for the
Pentagon roles, to the consternation of to global coal- rest of the world
many in the department. generated power this year
Critics say the solicitous reference left; and if you’re not fired, you’re Mr Trump is also forcing through a Flagging role: McConnell, the Republican Senate 5.8 per cent year-on-year rise in electric-
reveals the pernicious shadow that Mr pushed over into a corner,” said Paul series of foreign policy moves unpopu- US marines and leader, who this week publicly opposed ity demand from May to October was
Trump is casting over the nation’s Gebhard, a former special assistant to lar with some in his own party, from Afghan soldiers Mr Trump’s troop reductions. “simply too fast for new wind, solar,
national security institutions as he the secretary of defence who worked on mass troop withdrawals in Iraq and take part in an hydro and nuclear investment to keep
refuses to concede defeat in the presi- the transition to the George W Bush Afghanistan, to considering sanctions exercise in Mr McConnell has refused to recog- pace”.
dential race. Rather than paving the way administration in 2000. He said the on Houthis in Yemen, which could exac- Helmand in nise Mr Biden’s victory but nonetheless
for a smooth transfer of power to Joe sackings at the Pentagon meant it was erbate a humanitarian crisis and endan- 2017. Donald promised an “orderly transfer” As a result, China is continuing to
Biden, the president is instead counte- left to the uniformed military, led by ger the peace process. Trump’s order of power. Last week, he met Ms Haspel burn coal, a primary obstacle to its cli-
nancing last-minute foreign policy General Mark Milley, chairman of the for mass troop as speculation swirled that she might mate ambitions. The country will
moves that some fear are a threat to joint chiefs of staff and Mr Trump’s top He also briefly flirted with bombing withdrawals has be ousted, in what one former account for 53 per cent of global coal-
national security. military adviser, to “mind the store”. nuclear facilities in Iran last week, upset some in official interpreted as a signal of generated power this year; use of the
according to US media reports, while his party. Inset, support. fossil fuel in the rest of the world is
“Right now their hair is on fire and Republican aides and former officials some officials feared he might counte- Christopher expected to fall 12 per cent.
they’re trying to work out how to stop argue that while it would be an nance deploying troops on to the streets Miller Dov Zakheim, the former under-sec-
[Mr Trump],” said a former senior Pen- extremely radical move to sack Gen Mil- in the event of post-election protests. retary for defence during the George W To prop up economic growth, China
tagon official of the mood among ley — he is only 16 months into a four- Kori Schake, an expert in civil-military Wakil Kohsar/AFP/Getty Bush administration, said Mr McCon- has built roads, railways, airports and
national security career officials. year term — he, along with CIA director relations at the conservative American nell was “walking through a minefield”. industrial parks in a more limited ver-
Enterprise Institute, argued that the ‘Right now sion of the carbon-intensive playbook it
The Pentagon and US intelligence Gina Haspel and FBI director military was probably safe from such their hair is But others insist any opposition from used to recover from the global financial
agencies have experienced nearly four Christopher Wray, could still interference. on fire and the likes of Mr McConnell should be crisis. “If we continue to rely on this
years of upheaval that started on Mr face the chopping block. they’re seen in a narrow context. “The push- model, it will be very difficult to reduce
Trump’s first day in office, when he vis- “He has a post-election firing “If the president wanted a military trying to back you’re seeing [from Republicans] emissions,” Mr Yang said. “That’s why
ited CIA headquarters. The 2017 visit list that was drawn up months leader to consent to break their oath to work out is very specific to Afghanistan,” argued we need the next five-year plan to
was ostensibly a peace offering from the ago,” said a senior Republican the constitution to try to keep him in how to stop the Republican aide. change to a more sustainable level of
new president to the agency, which he congressional aide. power, he would probably have to fire [Trump]’ commodity consumption.”
had earlier accused of behaving like Another former official the top thousand of them before he Others point out the military has
“Nazi Germany”. He ended up deliver- said Mr Trump demanded could find one willing to do that,” she become adept at “slow-rolling” Mr The renewed importance of polluting
ing a partisan diatribe. “1,000 per cent” loyalty. said. Ms Schake noted that civilian con- Trump and that any troop withdrawals industries for growth has raised a chal-
On Tuesday, the president trol of the military also resided with will probably be done in a way that is lenge for Chinese policymakers drawing
National security insiders and offi- fired the top election security Congress. reversible once Mr Biden takes office. up the Communist party’s agenda-
cials say Mr Trump’s post-election official after he announced setting economic plan, which is set to be
sackings and policy changes have the election had been secure. The most notable criticism from Con- “The military is basically very good at released in March.
prompted career officials to fight gress thus far has come from Mitch stalling when they want to stall,” said Mr
one final 60-day rearguard Zakheim. Analysts said the document would be
action to protect the country’s crucial if CO2 emissions were to peak
vital defence and intelligence See Opinion before 2030 and reach net zero by 2060,
infrastructure from a flurry targets Mr Xi announced in September.
of final directives. But now
they have little of the out- Boris Kan, an analyst at Moody’s,
side support of Republicans noted that coal power had lost market
in the foreign policy establishment share to renewables this year in terms of
that they historically relied upon. China’s power generation.
“People are being fired right and “We are still seeing an increase in
renewable power generation, so I think
the long-term trend is not going to
change,” he said.
Christmas blues Europe’s retailers fret over threat to peak shopping season as lockdowns bite
Martin Arnold — Frankfurt Across Europe, retailers are pleading close as part of France’s lockdown. “It’s sate for the lack of footfall. “Buying a zon France, said earlier this week that rants and other customer-facing busi-
Leila Abboud — Paris for governments to lift lockdowns to just horribly unfair,” she said. stuffed animal for a child online makes its sales had risen 40-50 per cent since nesses to keep struggling on for better
Silvia Sciorilli Borrelli — Milan save the crucial shopping period no sense. People want to touch it,” she the French lockdown started at the end times ahead.
between the Black Friday promotions The shop would usually make 15 per said. of October — in line with other internet
At this time of year, Jens Begeschke on November 27 and Christmas. These cent of its annual sales in November and retailers. “It’s a really grim outlook,” said Ana-
would normally be preparing to sell his four weeks generate 20-50 per cent of a further quarter in December, Ms Pel- French high street shops like La Fée toli Annenkov, economist at French
range of handmade paper lanterns to annual sales for many non-food retail- lissard-Yadan said. Qui Cloche were given some relief yes- Retail sales in the eurozone fell bank Société Générale. “But with the
Glühwein-drinking customers at doz- ers, according to EuroCommerce, the terday when Amazon said it would bow by a record 21 per cent in the two vaccine on its way, there will probably
ens of Christmas markets in Germany. EU retail trade association. Banned from admitting customers, to political and business pressure by months after the pandemic hit in be enough investment to keep most of
she has instead cobbled together a click- delaying the start of Black Friday pro- March, before rebounding quickly back these businesses going.”
But the second wave of coronavirus The latest lockdowns, which have and-collect system for them to call or motions in France by a week to Decem- above last year’s levels once the initial
infections and lockdowns has led to the closed non-essential shops in a host of text their orders and pick up. But she ber 4. Frédéric Duval, the head of Ama- lockdowns were lifted. The biggest Mohaba, which makes Glühwein
cancellation of almost all of Germany’s European countries and restricted has no illusions that this would compen- year-on-year growth has been in mail mugs for Christmas markets across
3,000 festive markets, wrecking Mr movement and social interactions, Retailers rebound but critical order and internet sales as consumers Germany and around the world, is
Begeschke’s plans and throwing the fate would make this year “particularly Paris: non-essential stores have been Christmas period looms shift spending online. counting on a coronavirus treatment
of thousands of businesses such as his challenging”, said Christian Ver- forced to shut in France’s lockdown after sales plunged three-quarters this
into doubt. schueren, EuroCommerce director- Volume of retail trade However, eurozone retail sales started year, forcing it to postpone a €3m
general. falling again in September as the investment in a new production facility.
“We ordered the products from our (rebased, ) second surge in the virus gathered pace.
suppliers in India in February: we could Smaller retailers “will struggle to Most economists expect the autumn In Italy, retailers remain closed in
not have anticipated the impact of the survive any extended period of lock- EU lockdowns to cause a much bigger drop most regions until at least early Decem-
virus then,” said the 48-year-old, who down”, he warned. “Some of our mem- Eurozone in sales after a survey of purchasing ber, while average household Christmas
has run Sterne vom Himmel — Stars bers are predicting up to 30 per cent of managers in October pointed to expenditure is set to fall 15 per cent this
from Heaven — for the past decade. clothing shops, who depend particularly Source: Eurostat reduced activity at many services busi- year, according to the Codacons con-
on the Christmas period, will never nesses. The EU consumer confidence sumer association.
Although he has also been selling via open again.” indicator for November, published yes-
his website for several years, Mr Beges- terday, fell to minus 17.6, its lowest level With many people continuing to work
chke doubts online orders will make up La Fée Qui Cloche, a toy store just since May. from home, restricted in their ability to
for the loss of the majority of his busi- north of Montmartre in Paris, is another travel or socialise, a surge in online sales
ness that usually comes at this time of business confronting huge challenges. Some believe vaccine breakthroughs is predicted alongside higher demand
year. “We’re totally reliant on the Christ- Miya Pellissard-Yadan, its owner, said announced this month by BioNTech/ for computing equipment, fitness track-
mas markets. I worry our suppliers she was angry that hers and other non- Pfizer and Moderna will provide suffi- ers and gadgets.
might go bankrupt if we don’t order essential retailers had been forced to cient hope to allow many shops, restau- Additional reporting by Alexander Vladkov
anything next year,” he said. in Frankfurt
21 November/22 November 2020 ★ FT Weekend 7
INTERNATIONAL ‘The G20
summit is
G20 shines light critical for
on pace of them to
Saudis’ human promote
rights reforms their
reform
Activists welcome changes but say agenda
hype obscures continued crackdown [but] real
reformers
AHMED AL OMRAN — JEDDAH activists, bloggers, businessmen, aca- are behind
demics and journalists. Waves of crack- bars’
When Saudi Arabia announced last year downs have continued. Hundreds of
it would become the first Arab nation to activists remain in prison, according to Summit ahead:
assume the presidency of the G20, Riy- human rights groups. One veteran activ- the G20 logo is
adh said it reflected the kingdom’s “role ist died in custody this year and another projected on to
and influence on the global stage”. writer died shortly after he was released. the historic site
of al-Tarif, on
With Crown Prince Mohammed bin While the decision to end the execu- the outskirts of
Salman reeling from the diplomatic cri- tion of minors was welcomed, Amnesty Riyadh,
sis triggered by the grisly murder of vet- International said Saudi authorities put yesterday ahead
eran journalist Jamal Khashoggi by 184 people to death last year, the highest of the group’s
Saudi agents, the G20 presidency was a number the group has recorded in a sin- virtual
chance to showcase the young royal’s gle year in the country. gathering this
radical plans to revamp the kingdom weekend, hosted
and to rehabilitate his image. “No one should believe the hype on by Saudi Arabia
Saudi Arabia. Everyone needs to under-
But the authorities were aware that its stand they’ve been cracking down on Fayez Nureldine/AFP/Getty
hosting of this weekend’s summit would human rights under the crown prince’s
bring scrutiny on the heir apparent’s authoritarian rule,” said Kate Allen,
leadership, human rights record and an Amnesty International UK’s director.
archaic judicial system. Since it took
over the G20 presidency late last year, A US-based Saudi activist also ques-
there have been a string of changes, tioned the effectiveness of the reforms.
which have been welcomed even as “If we see reforms going while existing
activists say deeper reforms are needed. issues remain untouched, it means they
are not effective,” the activist said. “We
“For Saudi authorities the G20 sum- still hear about people being arrested
mit is critical: it is a moment for them to and dying in prison.”
promote their reform agenda to the
This month Helena Kennedy, a mem-
‘If we see reforms going ber of the UK House of Lords, presented
while existing issues are a report urging leaders to boycott the
untouched, it means G20 summit “because of the continued
they are not effective’ unlawful detention and torture of
women’s rights activists”.
world and show their country is open for
business. Meanwhile Saudi Arabia’s real Leading NGOs boycotted meetings
reformers are behind bars,” said Lynn with Riyadh in the run-up to the G20,
Maalouf, Amnesty International’s dep- because participating would lend legiti-
uty regional director for the Middle East macy to a country “trying to whitewash
and north Africa. its dire human rights record”.
The G20 presidency “helped” create The mayors of London, Paris, New
impetus for human rights reform, a sen- York and Los Angeles also boycotted a
ior Saudi official said, stressing that they G20 meeting chaired by the kingdom
were alreadypartofPrinceMohammed’s after pressure from human rights cam-
plans to overhaul the kingdom. “No paigners. And the European parliament
question, hosting the G20 has enabled voted to downgrade its attendance at the
us to . . . push things through,” he said. summit, urging the EU to do the same.
Riyadh this year abolished the death Activists have focused on the deten-
sentence for minors or people convicted tion of prominent female activists,
while minors, and public floggings were including Loujain al-Hathloul and Nas-
banned. Courts have issued landmark sima Al-Sadah, who have been detained
rulings asserting women’s rights to live for more than two years after campaign-
independently and marry without the ing for an end to a ban on women driv-
approval of their male guardians. ing. Underscoring the paradox of Prince
Mohammed’s rule, just weeks after the
In recent weeks the government said activists’ arrest he announced women
it would end its kafala system, which has would be allowed to drive as part of
prevented foreign workers from switch- social reforms that have transformed
ing jobs or leaving the kingdom without the lives of many young Saudis.
their employers’ permission. Rights
groups have criticised this system as Relatives of the detainees and human
being akin to indentured labour. rights groups dismiss allegations they
worked with foreign entities to “under-
“Saudi Arabia’s human rights reforms mine the kingdom’s security” and have
are making history,” Awwad al-Awwad, accused the authorities of torture,
president of the state’s Human Rights which the government denies.
Commission, said on Twitter last month.
“Continuously growing and evolving at a People briefed on the government’s
pace previously unheard of.” plans say more change is afoot. The
kingdom is considering ending the use
But activists have used the summit — of the death penalty for drug-related
which is being held virtually because of offences, they say. But human rights
the coronavirus pandemic — to intensify advocates remain sceptical. “Criminal
attention on Prince Mohammed’s auto- justice reform is important, but Saudi
cratic rule and the detention of scores of Arabia also needs to begin the hard
work of reforming the entire justice sys-
tem,” said Michael Page, deputy Middle
East director at Human Rights Watch.
Budget crisis
Orban holds out hope of end
to impasse over EU funding
SAM FLEMING AND MEHREEN KHAN Mateusz Morawiecki, on Monday said
BRUSSELS they would veto the EU’s seven-year
VALERIE HOPKINS — BERLIN budget package, including its €750bn
JAMES SHOTTER — WARSAW recovery fund, because of their objec-
tions to the legislation.
Viktor Orban, Hungary’s prime minis-
ter, insisted yesterday that with “politi- Mr Orban yesterday said there was
cal will” a compromise could yet be still room for compromise, adding that
found in the EU’s budgetary stand-off. budget debates could “go to extremes”
and that there were “many possible
But a day after an inconclusive video solutions; it’s only a question of political
conference of EU leaders, it was far from will”. But in the absence of a deal, the EU
clear how soon the bloc would be able to would be forced into adopting an emer-
find a resolution to the impasse over a gency austerity budget from January 1
so-called rule-of-law mechanism next year, which would result in billions
opposed by Budapest and Warsaw. of euros in lost payments to member
states, including Hungary and Poland,
The EU’s senior leaders, including that are enduring the worst economic
German chancellor Angela Merkel, are downturn since the second world war.
scrambling to defuse the budget crisis in
time for a key summit on December Daniel Freund, a Green MEP, urged
10-11 and so avoid delays to the bloc’s the EU and the German government,
landmark €1.8tn response to the coro- which is in charge of the bloc’s rotating
navirus pandemic. presidency, to stick to its guns over the
rule of law. “It will send the strongest
The dispute between Brussels and the signal to Hungary and Poland that their
illiberal governments of Poland and fight is futile,” he said.
Hungary centres on a mechanism that
makes the disbursement of billions in The parties are now preparing for
EU taxpayer money conditional on gov- detailed talks. Officials describe the
ernments’ respect for fundamental coming weeks as a high-risk game of
principles including the independence chicken, with both sides trying to call
of the judiciary. Diplomats representing each other’s bluff.
Mr Orban and his Polish counterpart,
8 ★ FTWeekend 21 November/22 November 2020
FT BIG READ. BREXIT
As trade talks enter a decisive week, the chaotic recent events in Downing Street have added to a sense of
bewilderment in EU capitals. Even senior officials say they do not know the prime minister’s intentions.
By George Parker, Peter Foster and Jim Brunsden
A t 9pm on Wednesday Johnson reaches Brexit endgame
November 11, a grey-faced
Boris Johnson scurried past A trade deal happen regardless of whether there is a toms rules as part of the divorce deal Mr that it was “very unlikely” that the talks As talks with the Europe — instead they will have to seek
staffers in 10 Downing ‘will allow trade deal. Johnson struck with the EU last year. Mr with Brussels would not succeed. EU team led by permission to work from authorities in
Street and into the office of for us to Johnson has threatened to renege on Michel Barnier, individual EU countries.
David Frost, the man he has entrusted continue to A deal would provide for tariff-free those commitments over fears about “He needs a victory,” admits one left, enter a
with trying to secure a trade deal with talk. We are trade on goods that qualify as EU or UK the impact of a trade border in the Irish Brexiter close to the prime minister. critical stage, UK nationals will no longer have the
the EU. “The PM knew that David was not going to made, helping cushion the blow for sen- Sea. But US president-elect Joe Biden Boris Johnson, same freedom of movement rights
unhappy — he thought he might resign,” be able to do sitive sectors including automotive and twice warned Mr Johnson in a phone call On the ground centre, is still within the EU — relying instead on a
says one of Mr Johnson’s aides. everything agriculture. It would also include other this month not to let Brexit imperil the keeping Brussels visa-waiver programme that will allow
in this deal’ measures to help trade flow — recogni- peace process in the region. With less than six weeks to go until Brit- guessing as to them to spend up to 90 days in any 180-
The Vote Leave group was breaking tion of truckers’ permits for example. ain’s transition period ends, some busi- his intentions day period in the union’s border-free
up. The Brexit hardliners who cam- Most trade experts agree it would be Gordon Brown, former prime minis- ness leaders and hauliers have given up for a trade deal. Schengen zone. Household animals will
paigned to take Britain out of the EU in better than nothing. ter, wondered this month if Mr Johnson waiting for Mr Johnson to make up his His chief Europe also lose the pet passport — their equiva-
2016 and now sustained the prime min- really wanted to be “at war” with the EU mind and are preparing for major dis- adviser David lent of EU citizenship.
ister in office had fallen out of favour. Ivan Rogers, Britain’s former ambas- and the US at the start of 2021, just when ruption. Frost told
Dominic Cummings, the iconoclastic sador to the EU, has long argued that “Global Britain” takes over as head of colleagues he Luisa Santos, chair of the EU-UK task-
chief adviser, was among those ousted. “the delta” between leaving with a thin the G7 and hosts the COP26 UN climate In Whitehall, preparations have never intended force at employers’ organisation Busi-
A few minutes later, a relieved Mr John- goods-only deal and leaving without a change conference. Trampling over included reconstituting the food indus- to quit at such a nessEurope, says disruption was inevi-
son returned to tell staff that Lord Frost, deal was so modest that Mr Johnson international treaties and antagonising try resilience forum, which includes log- key moment in table but that no company could fully
his pro-Brexit chief Europe adviser might find it politically easier to make a allies would be sharply at odds with the isticians, port operators, hauliers and talks — FT montage prepare for a no-deal outcome, with the
since July 2019, would not be walking clean break with the EU, blaming supermarket chains, with twice weekly potential jump in tariffs from zero to as
out in sympathy. intransigent Europeans for the chaos Hauliers are said to calls to ensure food supplies are main- Failing to much as 40 per cent for trade in goods.
that looms in any event on January 1. be ‘resigned’ to the tained if the ports become clogged. agree a trade In addition to mitigating the blow of
Lord Frost, ennobled by Mr Johnson fact that there will Fears that perishable food could run deal would Brexit, a deal would allow for the rela-
in June in recognition of his loyalty and The most recent UK government esti- be disruptions to short have resurfaced. be seen as a tionship to deepen over time. “It will
tenacious negotiating style, tells col- mates reckoned the UK would miss out operations on further blow allow for us to continue to talk,” she
leagues he never intended to quit at on 4.9 per cent of future income over 15 January 1 Richard Burnett, head of the Road to Johnson’s says. “We are not going to be able to do
such a key moment in trade talks and years if it left the bloc with the kind of Haulage Association, says hauliers are chaotic everything in this deal.”
that the tactics have not changed. But basic trade deal under discussion. new Biden-led era. now “resigned” to the fact that there premiership
the chaotic events of recent days in Under a no-deal scenario, that hit would Then there is the future unity of the would be disruptions on January 1 and Given the economic and political self-
Downing Street have compounded a increase to 7.7 per cent over the same would just have to manage as best they harm that a “no deal” would inflict on
sense of bewilderment in European cap- period, compared with staying in the UK. Successive opinion polls show that can. Marc Payne, managing director of Britain, it is perhaps a tribute to Lord
itals, as diplomats try to work out what EU. That difference is significant Scotland — which voted 62-38 to remain Plymouth-based Armoric Freight Inter- Frost’s negotiating skills — and a reflec-
it all means for trade talks that are although perhaps not a clinching argu- in the EU — now favours independence, national, says that in the event of a ‘no tion of Mr Johnson’s unpredictable style
entering the endgame. ment for Mr Johnson. with Brexit fuelling the grievance deal’, where the EU and UK failed to rec- — that the EU27 has been left guessing
towards Mr Johnson and the govern- ognise each other’s trucking permits, it until the last minute about the prime
Are Mr Johnson and Lord Frost now But other factors will weigh heavily on ment in Westminster. Michael Gove, Mr is unclear whether he would get suffi- minister’s real intentions.
ready to make compromises in the next the prime minister. If he does not secure Johnson’s cabinet colleague, has been cient permits to drive into the EU.
few days to secure a trade deal with the a deal — and Britain leaves on what he urging him to agree a deal if possible. There is genuine nervousness on both
EU — without having Mr Cummings’ euphemistically calls “Australian” or The imposition of customs and veteri- sides of the negotiating table about what
favourite refrain “fuck ’em” ringing in World Trade Organization terms — it Finally there is the issue of compe- nary checks on goods crossing the Chan- happens next, although both sides still
their ears? Or will they double down to will not be the end of the story. Even tence. Mr Johnson has at times been nel will soon become a fact of life, com- hope to reach an agreement next week.
prove to Eurosceptics they are willing to Australia on the other side of the globe is overwhelmed during the Covid-19 crisis; plete with the need for documentation,
embrace the hardest of all hard Brexits negotiating a trade deal with Brussels; failing to agree a trade deal, which Euro- new arrangements for paying VAT, Manfred Weber, head of the Euro-
in the name of national sovereignty? Britain at some point will want one too. sceptics have claimed would be “the eas- export authorisation numbers and, pean Parliament’s large centre-right
Rather than turning a page on Brexit, iest in the world”, in the midst of a global inevitably, truck queues. grouping, warned on Thursday that the
One senior official says: “To tell you the issue would dog his premiership. pandemic would be seen as a further talks were running “out of time” given
the truth, we don’t know — and frankly, I blow to his chaotic premiership. The As new barriers appear, old freedoms the need for any agreement to be rati-
don’t think the PM knows either.” Failure to secure a trade deal would prime minister himself said in February will be lost. UK architects, doctors and fied by the end of the year.
create new tensions in Northern Ireland other experts from regulated profes-
Talks are bogged down on questions — which will remain covered by EU cus- sions will no longer have automatic rec- Businesses around the continent are
of access to British fishing grounds, ognition of their qualifications across holding their breath.
rules to maintain fair competition
between the two sides and an enforce-
ment mechanism for the deal. All
impact on Mr Johnson’s quest to regain
unfettered national sovereignty. With
the transition period ending on Decem-
ber 31, British ministers are confident
Mr Johnson will opt for a deal. But EU
negotiators have come away from talks
over the past few days doubting whether
that decision has really yet been taken.
“It’s obvious there should be an agree-
ment,” says one senior EU diplomat,
before noting quickly that Mr Johnson
does not always do what is obvious.
Johnson’s calculation
Regardless of the eventual outcome, one
thing is clear: the prime minister has
already opted for what amounts to a
hard Brexit. In his determination to
break free of Brussels’ rules, Mr Johnson
set out from the beginning to negotiate a
standard free trade agreement, accept-
ing that this would mean new frictions
for trade in goods, and lost opportuni-
ties for providers of services.
Some Brexiters initially claimed the
UK could remain in the EU single mar-
ket, but they abandoned that idea when
it became clear the goverment would
have to abide by Brussels’ rules. Theresa
May split the difference in her July 2018
Chequers plan, an attempt to maintain
access to the single market with mini-
mal border friction under a “common
rule book”; it was rejected by Euroscep-
tics as a capitulation and EU leaders who
saw it as “cherry picking”. When Mr
Johnson became prime minister in July
2019 he opted for a much cleaner break.
Business is already facing a mass of
red tape on January 1 by virtue of Mr
Johnson’s decision to leave the single
market and customs union; that will still
Obituary Flight Lieutenant Jerry John Rawlings The son of a Ghanaian mother from committees, championed grass roots gutters and appearing on his motorbike
A showman leaves a trail of contradictions that will the coastal town of Keta, who died this democracy, and aligned himself with to admonish policemen who extorted
president divide African opinion for years to year at the age of 101, and a Scottish the likes of Fidel Castro, Muammer money.
of varied come. Ghana’s longest serving head of pharmacist who never recognised him, Gaddafi and Daniel Ortega of Nicaragua.
ideologies state, he shaped the country’s fortunes, Rawlings went to Ghana’s premier But price controls emptied the shelves, Meanwhile, Ghana developed. At the
first as head of a military junta and then school, Achimota, where he met his shortages became chronic, and captains dawn of this century, more Ghanaians
Jerry Rawlings as an elected president who sealed the future wife Nana Konadu, with whom of industry fled. By 1983, the country had access to electricity than any other
country’s transition to democracy and he would have four children. was at rock bottom. African pupil of the World Bank. The
Ghana’s former head of state greater prosperity. foundations for the country’s middle
1947-2020 On graduation, he joined the air force, None of his revolutionary friends income status had been laid.
En route, and with characteristic becoming a star pilot before being came forward with material help. So
flamboyance during his two decades in sprung to power, aged 32, by junior Rawlings went to the IMF and World Rawlings eschewed ostentatious Nor had Rawlings become the tyrant
power, Rawlings straddled ideologies — officers who were similarly revolted by Bank instead. In came the development wealth and died in a state hospital that his volatile nature suggested he
leaping from populist revolutionary to Ghana’s decline at the hands of its ruling programmes and a tough structural might. In 2001, he stood down as presi-
market realist — as well as styles, dis- generals. adjustment. This moulded the country’s It was said that Rawlings dent and handed over power to an
carding his air force boiler suit for tradi- evolution and previewed the economic controlled a country elected member of the opposition. This
tional gonja smocks. “His humility, his air of sincerity and austerity that would come for other trundling down the strengthened a democratic transition
his consistent declarations on behalf of indebted African countries. runway that never favourably tested in a 2008 presidential
Yet Rawlings, who has died aged 73 the poor and oppressed, provide an quite took off vote decided peacefully by fewer than
reportedly of Covid-19, may be best embarrassing contrast to the arrogant A currency devaluation hit the poor. 42,000 votes. Having eschewed ostenta-
remembered for how he came to promi- pomp and circumstance of conventional Redundant civil servants emigrated, tious wealth, Rawlings died humbly in a
nence in a bloody 1979 coup. The execu- elitist politics in Ghana,” wrote Barbara draining Ghana of brains. The economy state hospital.
tion of three former heads of state by fir- Harrell-Bond, an American anthropolo- stabilised and began to grow, but
ing squad was out of character for gist, after interviewing him at the time. remained hampered by its dependence A wistful friend commenting this
Ghana. These characteristics contributed to on gold and cocoa for export earnings. week on his death suggested that Rawl-
Rawlings’ enduring appeal among the In the words of Joe Abbey, once his ings’ pragmatism had served Ghana
Yet, for some, that “Rawlings urban poor. finance minister, Rawlings controlled a well. But he blamed the former fighter
moment” was a necessary corrective country trundling down the runway pilot for never showing remorse to his
that resonates still among west Africans Rawlings always maintained the exe- that never quite took off. victims and for falling short of his fore-
frustrated by corrupt and self-serving cutions were necessary to appease pub- most goal. “He certainly loved his coun-
elites. To sympathisers of the victims — lic anger. Only weeks later, he handed As a mercurial showman, Rawlings try and in his own way did his best. But if
and several hundred disappeared in power to an elected government, but may have been uncomfortable with this, his legacy was supposed to be ridding
ensuing years — it was a terrifying time returned by force in 1981, in a second but he retained his populist touch. He society of corruption, he failed.”
and its scars are yet to heal. coup. He set up popular defence honed the art of the stunt — clearing William Wallis
21 November/22 November 2020 ★ FTWeekend 9
10 ★ FTWeekend 21 November/22 November 2020
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SATURDAY 21 NOVEMBER 2020
Johnson’s response on
bullying puts reset at risk
PM is setting a bad example by not deploring Patel’s behaviour
Just over a year ago, Boris Johnson situation could have expected, at the Living above the shop would restore soul to neighbourhoods
wrote the foreword to the ministerial very least, to be sent for extensive
code, which sets out the standards of retraining, or, more likely, to have been John Gapper suggests that “shopping until suburbanisation displaced Roman times. However, in the 20th retail and offices would give us truly
conduct expected of Britain’s minis- asked to leave. Regulators, too, have malls need to travel back to the future” residents to car-dominated suburbs. century this was sacrificed in the name mixed-use suburbs. These could
ters. He said there must be “no bullying become more alert to the need to act on and learn from the high streets they Attracting libraries and doctors’ of progress and modernity. reduce the need to commute and bring
and no harassment”. Yesterday, an all forms of bullying behaviour. One replaced (Opinion, FT Weekend, surgeries to malls is all very well but new life to our faded malls while
inquiry found that his home secretary, recent high-profile example was the November 14). However, he neglected adding residents to the mix would give Led by the Swiss-born modernist lowering our carbon footprint. What’s
Priti Patel, had at times behaved in fining in 2018 of Jes Staley, the chief to mention new homes as potential vibrancy and footfall to reimagined architect Le Corbusier and his belief in not to like?
ways that amounted to bullying. Her executive of Barclays, for trying to elements of their new mixed-use suburbs. mono-functional zoning, this gave us Ciaran Cuffe
behaviour had, according to the sum- uncover the identity of an anonymous future. Living over the shop was a some decent buildings but produced Member of the European Parliament
mary report, fallen short of the code’s whistleblower. distinguishing feature of town centres The mixed-use model of urban soulless neighbourhoods. Dublin, Ireland
standards. Yet Mr Johnson overruled development has served us well since
the advice from that inquiry and con- Not for the first time this govern- Adding new homes to the mix of
cluded that the ministerial code had ment has landed itself in hot water with
not in fact been breached. The decision an inappropriate, some say bullying, Colonialism’s ‘dirty work’ Future of the rag trade is Scotland’s first minister is
prompted the abrupt resignation of the approach to management. Earlier this must be accounted for to sell less, at higher prices not universally applauded
government’s adviser on standards and month it reached a financial settlement
head of the inquiry, Alex Allan. with Sonia Khan, a former ministerial Your Books Essay (Life & Arts, FT Lauren Indvik concludes that there is Natalie Whittle’s article “Lockdown
aide, who was marched out of Downing Weekend, October 31) and the article no such thing as sustainable fashion tales from the Amazon wars’ frontline”
The prime minister’s refusal to Street by police after being sacked by “Belgium’s reckoning with the past” (Life & Arts, FT Weekend, November (Life & Arts, FT Weekend, November
accept Ms Patel had breached the code Mr Cummings. (Magazine, FT Weekend, November 14). The Merriam-Webster dictionary 14) suggests Nicola Sturgeon is
deepens questions over the culture of 14) make one pause and wonder: no says fashion is “the prevailing style handling the pandemic with a firmness
his administration. It also reinforces Mr Johnson was unlikely ever to fire one can argue against the flourishing of during a particular time”, and is thus that draws respect for her here as a
the widely held perception that for this Ms Patel but he could have chosen to ideas in Europe, when at the same time established on planned and even public servant first, and politician
government there are two sets of rules: accept the findings of the report, repri- it was practising raw cruelty abroad. necessary obsolescence. On this basis second.
one for its ministers, advisers and manded Ms Patel and publicly told her Was the Enlightenment, just like the sustainable fashion is not just an
friends, and one for everyone else. to change her ways. Instead, by doing civilising mission and the white man’s illusion, it’s an oxymoron. Not everyone in Scotland holds Ms
none of those things, he has shown con- burden, a convenient front behind Sturgeon in such high regard. Yes, she
The inquiry found no evidence that tempt for the rules. which to hide and carry on with the Not only is the fashion industry is an eloquent speaker, more so than
Ms Patel was aware of the impact of her dirty work of colonialism? destroying the planet, but as brands Boris Johnson at times (for the record, I
behaviour and that she may have By all accounts, Mr Johnson had squeeze their suppliers it is creating am not a fan of Mr Johnson). However,
breached the code “unintentionally”. hoped to use this week to signal a fresh Somewhere I have read: hypocrisy untold misery for textile workers Ms Sturgeon’s daily briefings are to
Nevertheless, the conclusion of the start for his government after weeks of was not invented by the white man, but across Asia, and even in Leicester, here some a daily political broadcast at
investigation was clear: she breached infighting, and the departures of Mr it was certainly perfected by him. in the UK. which she does not get challenged on
the code. As such, Mr Johnson’s deci- Cummings and Lee Cain, his communi- Maybe in there lies the answer. A quote her decisions, particularly by the
sion to disregard the findings smacks of cations chief. Mr Johnson’s attempt at a from Susan Sontag, an American The only way forward is for Scottish media, unlike Mr Johnson,
the same hypocrisy that was evident in genuine reset now looks that much public intellectual, very biting and yet consumers to buy less and accept to who gets questioned on almost every
the spring, when he stuck by Dominic harder. very revealing, went one step further: pay more for an item of apparel, made decision he makes.
Cummings, after his now former chief “The truth is that Mozart, Pascal, from quality materials, in properly
adviser flouted the government’s lock- The prime minister should also bear Boolean Algebra, Shakespeare, regulated production facilities that Scotland’s five-tier system ranges
down rules. in mind that while he may see this as a parliamentary government, baroque make clothes that last years, and not from 0 to 4, which is confusing, as to
brief incident from which he can rap- churches, Newton, the emancipation of months or weeks. most people level 0 means normal, but
A government’s job is to make rules idly move on, the electorate has a long women, Kant, Marx and Ballanchine no, in Scotland it means “almost”
for the good of its citizens; if it does not memory. The steady build-up of black ballets don’t redeem what the western Dividing the initial outlay by the normal. Ms Sturgeon commented that
abide by those rules itself it weakens marks — Mr Cummings’ defiance of the civilisation has wrought upon the number of times the garment is worn, her decisions are not political, and
them. The decision sends the wrong lockdown rules, the shambolic test and world. The white race is the cancer of such purchases are surprisingly good decisions should be agreed UK-wide.
message to bullying managers every- trace system, the repeated U-turns human history.” value. Yet both she and the Welsh first
where and stands in stark contrast with over pandemic policy, and now the Michael Modiano minister have deviated constantly from
nationwide efforts to clamp down on excusing of Ms Patel — may yet come While the black book of colonialism G Modiano, Wool Merchants those of the UK government. Decisions
abusive behaviour, both in the work- back to haunt him. In the meantime, he is yet to be written and the west has yet London EC2, UK are signposted days, sometimes weeks,
place and elsewhere. A senior execu- is doing a bad job of setting the tone to provide a full accounting of what it in advance but with little if any time to
tive in the private sector in a similar from the top for the business world and did during 500 years of colonialism, What climate and arms debate them in the Scottish
the rest of the country. much less to get into acknowledgment, control have in common parliament.
apology and possibly reparations, it is
Now we need to very heartening to note that some first Writer Susan Sontag saw the white Simon Kuper quotes French President So please remember for those of us in
vaccinate the world steps are now being taken. race as ‘the cancer of human history’ Emmanuel Macron’s remark that Scotland who are about to go into tier
Ram Mukhija problems like climate change and 4, signposted for a week, Ms Sturgeon
Ensuring equitable distribution is essential to defeating coronavirus Branchburg, NJ, US Rebut anti-vaxxers and nuclear proliferation can be solved is not held in such reverence.
cheer Covid’s real heroes only by international co-operation Margaret Hales
As further positive vaccine news from emerging markets. It is here that Belgian reparations must (“Sorry, kids, but the worst is yet to Hamilton, South Lanarkshire, UK
arrived this week from Moderna, one the greatest challenge lies: paying for not end in DRC’s coffers In her discussion of the resistance of come”, Magazine, FT Weekend,
UK health official rejoiced with a foot- and ensuring equitable distribution of some Americans to the Covid vaccine, November 14). He then comments that Why an Israeli start-up
balling metaphor: a second penalty, he effective products worldwide. Reparations are all very well, but the Gillian Tett makes no mention of the “that suggests they won’t be solved”. pulled plug on its EV plans
said, had hit the back of the net. Prom- last thing Belgium should do is hand toxic influence of the anti-vaxxer But this is too cynical. Non-
ising results from Pfizer-BioNTech and Countries that helped to fund vac- over money to the Democratic movement here, the true anti-science proliferation is imperfect but it has I wanted to let your reader David
now Moderna have buoyed public spir- cine research and testing inevitably Republic of Congo government disciples (Magazine, FT Weekend, made fitful progress: Brazil, Argentina Boorer know that the future he
its, and raised hopes that more will fol- demand some priority access. But forc- (Magazine, FT Weekend, November November 14). They are responsible and South Africa, among others, have envisages of drive-in battery
low. But creating working vaccines is ing poorer nations to the back of the 14). As the FT’s former Africa for last year’s resurgence of measles, given up weapons programmes. replacement service stations, while
only the start. They must then be man- queue — condemning them to greater correspondent Michela Wrong writes which should have been entirely seductive, is doomed to failure (“New
ufactured at unprecedented scale and deaths and economic harm — is not just in her book In the Footsteps of Mr Kurtz, controllable, but to keep at bay, It was international co-operation age of motoring will resemble the
speed, and funded and distributed morally wrong; it would prolong the before “Zaireanisation”, corruption required the percentage vaccinated to that persuaded Iran to limit its nuclear prewar era”, Letters, FT Weekend,
across the globe, from inner-city Man- pandemic by risking waves of reinfec- seemed on a par with other emerging be as high as 93 per cent and so relied activities. President Donald Trump November 14).
chester and Mumbai to the villages of tion. Drug companies that have risked African states. “But in the generalised on parental co-operation. wrecked this; now there is a chance to
Malawi. The virus will not be beaten capital and achieved stunning break- climate of impunity created by [that] try again. Twelve years ago I worked on a
until all parts of this are achieved. throughs deserve a fair return, though botched economic experiment, sleaze, These “resisters” continue to insist strategy project for Better Place, an
not to reap excessive profits from a whether . . . by the lowly bread-seller there is a link between vaccines and Mr Kuper lives in the EU. His other Israeli start-up whose chief executive
While justifiable euphoria has sur- global crisis. Executives say traditional or the Mercedes-driving grosse légume, autism even in the light of exhaustive writings show he understands the bloc was Shai Agassi. He had raised
rounded the first two vaccines, more are pricing scales have been ditched to was about to become the most striking studies by the Centers for Disease is an example of international millions, got Renault cars with
needed. Pfizer-BioNTech’s product ensure affordability. But the industry characteristic of Zairean society . . . a Control and Prevention that reveal no co-operation at work: on the one hand, replaceable batteries and was about to
must be stored and transported at should be ready to supply vaccines new system of rule . . . kleptomania, such connection. a big mess; on the other a success that build the first battery swap stations to
minus 70C, complicating distribution. at transparent, cost-based prices to leading swiftly to a kleptocracy”. few could have dreamt of. reduce “range anxiety” among
Moderna’s can be kept in a fridge for 30 lower-income countries. The World Health Organization Robert Cooper prospective electric car drivers. It
days — a potential boon. Different vac- Mobutu Sese Seko was overthrown in publishes on its website an article London W11, UK looked and sounded amazing.
cines may have different advantages, Pooling orders internationally can 1997, but Laurent Kabila, promising called Ten Common Misconceptions However, Better Place filed for
such as being single-dose (like a candi- help to bring costs down. The Covax reform, delivered little, and his son About Vaccines that rebuts many of the A tycoon’s threat ignores bankruptcy in 2013.
date from Johnson & Johnson), offering initiative aims to provide 2bn doses by Joseph soon reverted to old ways. More anti-vaxxers’ false claims. China’s war record Simon Myers
longer protection, fewer side effects, or the end of 2021 — enough to cover all recently a general election was Director, Something More Near
better performance among particular high-risk and vulnerable people, plus manipulated to ensure Mr Kabila’s man I will take the first dose of a Covid-19 In the Lunch with the FT featuring London SE1, UK
groups. Some may protect not just from frontline health workers, in particip- was elected, though, in the view of vaccine that is available to me and I Jimmy Lai (“‘At least we fought, we
developing Covid-19 but from transmit- ating countries. Richer economies are most observers, he lost badly. will be forever grateful to the heroes of showed our dignity’”, Life & Arts, FT Well that’s a novel way to
ting the virus — the best outcome of all. asked to donate towards vaccine pur- the pharmaceutical industry who have Weekend, November 14) the tycoon chair a board meeting!
It is unclear if Pfizer-BioNTech and chases for lower-income countries and Belgium must make it a condition worked day and night to release us and political rebel remarks that “the
Moderna’s inoculations do both. commit to pool some of their national that money paid out goes directly to from our pandemic prison. We are all only way to avoid war with China is to Janan Ganesh’s amusing contemplation
procurement with that of the initiative. the populace at large. How that is done in their debt. threaten war”. This is a rather on Zoom and the lost art of
Pharmaceutical companies have Covax has raised only $2bn, however, will be for Belgium to work out, not Margaret McGirr dangerous remark considering China interruption (Life & Arts, FT Weekend,
already started manufacturing mil- and needs $5bn more in 2021. just with the central government, but Greenwich CT, US fought the US in the Korean peninsula November 14) reminded me of a
lions of doses even before receiving with local authorities, the multilateral in 1950, and the Soviet Union on the former senior colleague who chaired
trial results; work is under way to Covax has been hampered, too, by agencies and civil society, to ensure a Indie brands show how Sino-Soviet border (Zhenbao Island) in meetings efficiently with “Don’t talk
secure the vials and syringes needed the failure of big economies such as the degree of fairness and rectitude. fashion can be sustainable 1969. Both were nuclear powers and while I’m interrupting . . . ”.
and set up cold distribution chains. Yet US and Russia to sign up. The greatest ADH Leishman China was not at that time. Sarah Papineau
while some doses can start being boost would be for incoming president Cape Town, South Africa It is simply wrong to say sustainable Tony SK Li New York, NY, US
shipped as soon as regulators give Joe Biden to join Covax and commit to a fashion doesn’t exist (Life & Arts, Mid Levels, Hong Kong
approval, ramping up availability will lead role in vaccine provision. But even November 14). Yes, most global fashion
take time, and advance orders for the Covax’s $7bn target is a fraction of the brands are quick to magnify their
first two vaccines have gone mostly to more than $35bn estimated cost of cov- efforts in sustainability and it’s possible
richer countries. Vaccines from Oxford ering all the world’s population. The that these claims are motivated in part
university/AstraZeneca — which also World Bank last month approved by the needs of their marketing
reported encouraging data this week — $12bn vaccine funding. Quickly finding departments and brand stewards. But,
and Novavax, plus those from China the rest seems the single best invest- like us, thousands of indie brands all
and Russia, have the largest orders ment wealthier countries could make over the world are working to revive
in defeating the pandemic scourge. “slow fashion”: fashion that doesn’t
have programmed obsolescence, that
provides decent working conditions to
vulnerable people, and that only works
with natural and quality fabrics to
make their products.
Heleen Devos
Co-Founder, The Extra Smile
Santiago, Chile
21 November/22 November 2020 ★ FTWeekend 11
Opinion
Trump’s big flaw is terrible hiring
Christopher right about the corruption of technocra- appointments”, who should form a qual- tect him from politically motivated both the competence and the integrity The difference between Mr Trump’s
Caldwell cies. Political theorists since Max Weber ified, effective and, above all, loyal core. probes. Oil executive Rex Tillerson, Mr of US civil servants during the 2016 failure and UK prime minister Boris
have understood that. But even an anti- For instance, president-elect Joe Biden Trump’s first secretary of state, had campaign, Mr Trump seemed to expect Johnson’s success (at least on pushing
A mericans are patient with technocratic movement, once in power, recently named his White House chief dreams of reorganising the state depart- them to be both professional and neu- Brexit forward) is that Mr Johnson
their political parties. needs enough technocratic knowhow to of staff: Ron Klain, who served as his ment as he had Exxon. That made it tral when he came for their authority. found adequate senior staff and Mr
When they vote out a presi- run the government and locate the vice-presidential chief of staff. Previ- harder to staff the foreign service: who He expected the swamp to collaborate Trump did not. Dominic Cummings
dent after one term, it is abuses it has been complaining about. ously chief of staff to Al Gore, Mr Klain wants a position that might not exist in a in its own draining. designed the successful Brexit cam-
usually at the tail-end of a fought in the trenches in the highly par- few months? paign of 2016, and joined Mr Johnson in
long tenure in the White House for his Staffing a democratic government is tisan battle over the 2000 election It did not. Mr Trump was impeached 10 Downing Street in 2019 to help rescue
party. Donald Trump’s defeat marks hard for someone who comes from out- results. Mr Biden has promised to reach Delay was a big part of the Trump last December, though not convicted. Brexit from a legalistic and procedural
only the second time since the 19th cen- side the usual systems of elite-forma- out to his political adversaries, but that The Democratic-led probe built on a thicket. The departure of Mr Cummings
tury that Americans have voted to send tion, but not impossible. American gen- work will probably be done by someone For a populist, it’s series of investigations that smothered is less likely to make Mr Johnson’s gov-
a political party packing after a single eral Dwight Eisenhower, Italian mogul other than Mr Klain. hard to find good help his presidency. It is wrong to use the ernment more “moderate” than to
four-year term. (The other was Jimmy Silvio Berlusconi and Istanbul mayor term “deep state” to describe those in make it more Trumpian, and not in the
Carter’s Democrats in the late 1970s.) Recep Tayyip Erdogan all managed the Mr Trump made one bad decision these days. But it the intelligence agencies who joined in best sense.
Among the reasons: Mr Trump’s transition to head of government better after another. He chose as his first chief remains vital this rearguard action. They wore their
unprecedented failures as a manager. than Mr Trump. of staff an ally of the party leaders he resistance on their sleeves. For a populist, it’s hard to find good
overthrew. Reince Priebus had written a administration’s problem. Of those help these days. But it remains vital. The
Populist movements face a Catch-22. Although his reality-TV show The policy manifesto calling for Republicans 4,000 political appointees, 2,800 do not Seen in this light, the suspicion that problem is not just institutional, it is
They take power arguing that a govern- Apprentice centred on Mr Trump as a to follow Democrats’ lead: more gay require Senate approval, and can be Mr Trump was a budding autocrat was temperamental. An effective populist
ing class or even a “deep state”, insu- picker of staff, hiring and firing was rights, more immigrant outreach. filled immediately. But this too proved always off-base. An autocrat is not just a adviser turns out to be a rare personality
lated from the democratic will of the never his strength. One struggles to hard. There was a shortage of qualified solipsistic ruler. An autocrat makes the type: someone who loves bureaucracy
people, has grown snobby, opaque and name a single executive of distinction The president also appointed his son- specialists loyal to Mr Trump. As is nor- government’s instruments of force — enough to master its details, but hates it
self-serving. Populists are sometimes who emerged from any of the busi- in-law Jared Kushner as a “senior mal, many of Barack Obama’s political police, soldiers, spies — resonate to his enough to join in pulling it apart.
nesses he has run over the past half-cen- adviser”; an ill-defined post that appointees had become unfireable will. Mr Trump never even figured what
tury: hotels, casinos, an airline, an allowed the life-long Democrat to over- career employees. And, having insulted his agents did or which ones he could The writer is a contributing editor at
American football team. That pattern rule much of the cabinet. Mr Trump trust. There were many reasons to the Claremont Review of Books and author
continued in the White House. named an attorney-general, Jeff Ses- worry about Mr Trump. Autocracy was of ‘The Age of Entitlement’
sions, whom he faulted for failing to pro- not one of them.
A president controls 4,000 “political
The hit machine has
to learn from history
Warm-hearted chanteuse easier to invest in known assets rather
has bolstered her universal
appeal by donating to the than making a bet on untested acts.
Covid vaccine effort,
writes Elaine Moore Hipgnosis Songs Fund, an investment
W hen Dolly Parton was vehicle listed on the London Stock
born on a cold day in
January 1946, her fam- Exchange, says it made an average of
ily had no way to pay
the doctor except with a £4,868 per song in 2019, compared with
bag of cornmeal. Nonetheless, an older
relative laid her hands on the young less than £150 at major labels; it helps to
child’s head and declared that she was
“anointed”, which Ms Parton’s mother know what you are buying.
took to mean she would do good things
in her life. The same thing is occurring in pub-
The wisecracking country chanteuse F Scott Fitzgerald’s The Great lishing, albeit in a more stately manner.
has lived up to the prophecy. This week Gatsby, published in 1925 by Simon & Schuster publishes 2,500
it emerged that a $1m donation Ms Par- the distinguished New York books a year but a growing proportion of
ton made to Vanderbilt University Med- imprint Charles Scribner’s publishers’ sales come from what they
ical Center in Nashville at the start of the Sons, ends with a reflection on already own, rather than the debut
coronavirus pandemic helped to fund
an early-stage trial of one of the most Gatsby’s doomed attempt to recover the authors to whom they pay advances in
promising Covid-19 vaccines. Tests
show that the Moderna mRNA vaccine love of his youth. “So we beat on, boats the hope of a bestseller.
is 94.5 per cent effective.
against the current, drawn back cease- Sales of print backlist books rose to
“Dolly’s funds helped us develop the
test needed to measure if the partici- lessly into the past.” 63 per cent of a total £1.7bn in the UK
pants enrolled in the first phase of the
Moderna vaccine trial mounted the Taylor Swift is also anguished about consumer market last year, according
desired immune response to the vac-
cine,” says Andrea Pruijssers, a her past: “it pains me very deeply to to The Bookseller, with £611m of that
researcher at VUMC’s Denison Lab.
remain separated from the music I from books published before 2017. A
The idea that Ms Parton might have a
hand in ending the global pandemic was spent over a decade creating”, the singer third of sales of books by Lee Child,
met with paroxysms of joy online.
Comedian Steve Martin joked that he warned Shamrock Capital, the fund that author of the Jack Reacher series of
imagined Ms Parton manipulating RNA
while writing a hit song. One Twitter has bought the masters of her first six thrillers, were “deep backlist” — equiva-
user suggested that “dollypartoning”
should become shorthand for finding albums for $300m. She hopes to recap- lent to Swift’s masters.
out that someone you already like is an
even better person than you thought. ture it by recording the songs again. Not every title can last: celebrity
Amid the rising coronavirus death toll That deal and news that publishers memoirs do well on bestseller lists but
and the aftermath of an ugly presiden-
tial election, Ms Parton is one of the few are lining up to buy Simon & Schuster, fade away. Books for children have the
subjects that Americans can still agree
on. Red state or blue, country or rock, the parent company of Scribner, from greatest staying power, with JK Rowl-
believer or agnostic, her fan base crosses
the most divisive lines. Now 74, with ViacomCBS for $1.7bn reflect starkly on ing’s Harry Potter series the outstanding
more than a half a century of recording
behind her, her star is as high as ever. publishing and music’s obsession with example. The Tiger Who Came to Tea by
Her latest album debuted at the top of
the Billboard country charts, and a Netf- new hits. The reliability of Simon & the late Judith Kerr, first published in
lix musical based on her songs is about
to be released. Her producing partner Schuster’s backlist and Swift’s songs is 1968, sold 115,000 copies to last year.
Sam Haskell says that her music never
loses its poignancy: “It appeals to young what makes them so valuable. Technology also boosts the backlist.
and old alike because the themes she
writes about are timeless.” Editors in publishing houses and Book shops can only stock a fraction of
These themes — family, faith and love executives at music labels spend their available works, and publishers used to
— often centre around ideas of kindness
and resilience that trace back to her careers trying to sign debut authors and let many titles go out of print, making
childhood in the foothills of Tennessee's
Great Smoky Mountains. Ms Parton new bands. But they may now be it hard to buy them. But they can now
grew up one of 12 children in a small
shack without electricity or running focused on the wrong thing, given that
water. In summer, the children would
bathe in the river using handmade soap. the value of familiar songs and books is
In winter, snow would blow in through
cracks in the walls. growing as investors are drawn back Value of familiar books
increasingly into the past. and tunes is growing as
She sang as soon as she could talk. As a
toddler, Ms Parton says, she made up The two activities — launching new
songs for her corn dollies. By 10 she was
getting radio gigs thanks to her uncle, Person in the News | Dolly Parton acts and exploiting rights to the ones on investors are drawn back
who was also a performer. At 13 she the books — used to fit together well at increasingly into the past
secured a slot at a country music institu- publishers and recorded music labels.
tion, the Grand Ole Opry, introduced on The “artists and repertoire” executives
stage by Johnny Cash. Decades of hit
songs and movies followed. In 1986, she who toured clubs in search of the next sit in ebook stores indefinitely or be
bought a local theme park in a bid to cre-
ate more jobs in east Tennessee, renam- A country singer helps Rolling Stones or Taylor Swift lived ordered online with little effort.
ing it Dollywood. more lavishly than book editors, but As with music, when publishers elimi-
their task was similar.
Her broad popularity is in part down nate the marketing costs and risks of
to the contradictions she inhabits. She The balance is threatened in music launching new writers, and simply sell
because streaming makes the back cata- their established ones, it is more profit-
to cure the world’s ills logue more potent. Swift is not the only able — sales margins on backlists can be
star to wish she had not signed away so twice as high. Simon & Schuster has
many rights when she was younger and 1,400 employees, including many edi-
a chance of fame came knocking: Kanye tors, but would be worth far less without
West wants his own masters back and its accumulated history.
has denounced music labels as “modern The question that some investors are
day slave ships”. starting to pose is why labels and book
As live performance — which has publishers persist in pouring money
become a big slice of musicians’ income into unknowns when their catalogues
— is halted by the pandemic, stars have are more rewarding? This sounds
looked more closely at what their absurd to anyone who has been brought
twins outlandishly big hair and an gencies has always been the same way.” telling Billboard Magazine: “Do we recordings are worth. They have real- up in these businesses — who will find
artificially pneumatic figure with This philanthropy is resolutely non- think our little white asses are the only ised that being paid a small amount per the future Fitzgeralds and Swifts if they
shrewdly self-deprecating quips: “It political, another factor that may ones that matter? No!” stream on Spotify, rather than a larger do not look? — but it will get louder.
costs a lot of money to look this cheap.” explain her broad appeal. When Hillary Every few years, a new fan group one-off fee for an album sale, favours If it ceases to be worth hunting for tal-
When she left home to seek her fortune Clinton used “9 to 5, the hymn of wage discovers her music. In the 1990s, Whit- evergreens over passing hits. ent, the way the hit machine for music
after graduating high school, she says, slaves everywhere, in her 2016 US presi- ney Houston turned Ms Parton’s “I Will The effect grows as more middle-aged and books has always operated will not
she wasn’t scared about being poor dential campaign against Donald Always Love You”, into a blockbuster people subscribe to streaming services: endure much longer. Newcomers will
because it would have been impossible Trump, Ms Parton was asked whether power ballad. In 2000, garage band The if you want to be reintroduced to Joni have to build their brands themselves
to have less money than her family did. White Stripes made “Jolene” a popular Mitchell’s 1974 album Court and Spark, on social media rather than being
Her heartaches have been used to live song. A social media regular, she as I did this week, it is simple. Nostalgia snapped up early by an imprint or music
inform her art and, later, her charity She is always ready with a posts nuggets of wisdom she calls Dolly- is reinforced by being at home more: label. It may be more profitable for
work. When a woman flirted with her shrewdly self-deprecating isms. “Yeah, I flirt,” she says, winking, streams of the top 200 songs on Spotify investors and superstars, but it will not
husband Carl Dean, whom she married on Instagram. “I’m not blind and I’m fell in spring amid lockdown, while cata- work for everyone.
in 1966, she wrote the song “Jolene”, quip: ‘It costs a lot of not dead.” logue listening rose.
which became one of her biggest hits. money to look this cheap’
Her father’s illiteracy, something he was She has accepted the praise for her Technology, meanwhile, makes it [email protected]
coronavirus research donation with
ashamed of, inspired her to start the good humoured humility. “I’m a very
Imagination Library, which distributes she supported Mrs Clinton becoming proud girl today to know I had anything
more than 1m free books each month to the first female president. Ms Parton at all to do with something that’s going Top reads at FT.com/opinion
children under the age of five. side-stepped the question, joking that to help us through this crazy pandemic,”
Kirsty Hill, regional director of Dolly- America was going to be “plagued with she told the BBC. She was, she said, look-
wood Foundation UK, says Ms Parton’s PMS either way — Presidential Mood ing forward to normality being restored. 3 Levelling up is easier in a world of 3 The US is not massed on opposite sides
contribution to the vaccine makes com- Swings”. But she has been an outspoken “When life is good again I’m going to be remote work of a political divide
plete sense. “I see a lot of the work she proponent of gay rights and voiced her running just everywhere.” We have a rare chance to rebalance the Biden’s nation is Trump’s nation and
does that doesn’t necessarily get talked support for Black Lives Matter this sum- economy, writes Sarah O’Connor Obama’s nation too, writes Oren Cass
about,” she says. “Her response to emer- mer in a typically idiosyncratic way, [email protected]
12 ★† FT Weekend 21 November/22 November 2020
Opinion
Green jobs must materialise if the UK Why didn’t I
is to take the lead in wind power make millions
selling PPE for
coronavirus?
The government needs to be ruthless about onshoring manufacturing as it weans the economy off carbon society
politics Henry
Mance
Camilla
Cavendish
L ast month, off the breezy I have friends who think they’ve
coast of Fife, Scotland, a six- achieved something during lock-
legged robot crawled slowly down. They’ve put up shelves and
on suctioned feet up the read Dickens. They’ve fact-checked
vertical blade of a giant wind The Crown and found out about
their wife’s job.
If only they knew what they’d missed:
turbine. This was a coup for British the money-making scheme of a lifetime.
innovation. It suggests that robots could While we were making banana bread,
soon cut the costs of maintaining wind some people were making serious
turbines across the world. But it is also a dough selling pandemic goods and serv-
sign that the green industrial revolution ices to the British government.
will bring jobs for data scientists, engi- In July, the Treasury forecast its
neers, meteorologists and mathemat- annual bill for personal protective
icians, but not necessarily for legions of equipment would hit £15bn. £15bn!
welders. That is as much as the UK military
Politicians hope that the road to net spends on weapons in a decade.
zero is paved with jobs, because the next This money had to go somewhere, and
phase of curbing climate change will £109m was agreed with PestFix, a pest
mean an upheaval on the scale of the control company with assets of £18,000.
first industrial revolution. Boris John- A modest £21m went to a Spanish busi-
son’s 10-point plan to wean the econ- nessman who acted as a “go-between”
omy off carbon could be a turning point with Chinese factories. Another £155m
in the race against climate change. But it went to a family office called Ayanda
will also bring profound shocks to some Capital, which supplied 50m masks
livelihoods and lives. deemed unsuitable for NHS use.
Mr Johnson’s plan is light on detail as The PPE revelations, some exposed
to where his promised 250,000 green by the Financial Times, some pursued
jobs may come from. It lists 60,000 new by campaign group the Good Law
jobs for the wind industry and 10,000 Project, should make us all think. Were
constructing nuclear plants. Trade we really all that busy with local Whats-
unions are cautious, pointing out that App groups and childcare? Personally, I
promises to create hundreds of thou- thought that the UK government didn’t
sands of new roles a decade ago did not need me to liaise with Chinese factories.
materialise. Ministers must be realistic But it did need Asia Pacific Distributors,
an Australian former drinks trader that
has rebranded itself as “Your trusted
The 10-point energy plan PPE supplier for 25 years”.
will bring profound I should have got in on the action. I
could have dialled my old Beijing youth
shocks to some hostel. I could have dug deep into the
livelihoods and lives cupboard where I keep used Sainsbury’s
plastic bags and declared I had secured a
month’s supply of hairnets.
about which jobs will be lost and which components, but small UK companies sents gas workers, opposes replacing gas Johnson has made electric vehicles It’s unclear whether my products
will be gained in the transition. They find it hard to compete with multi- boilers with heat pumps, which it says central to his plan, but a no-deal Brexit would have been defective. We seem to
must be ruthless about onshoring as nationals which have scale in project could raise fuel bills exponentially. The would make them even more expensive, have bought more PPE than we can use:
much as possible. management and engineering. union is worried about how workers will raising costs to business and consumers.
The prime minister’s ambition to “Some of these job numbers are just migrate to heat pump installation and Decarbonising economies will bring
make the UK “the Saudi Arabia of wind” not going to materialise without a real servicing, which has its own set of skills tremendous benefits. With the world In 2009, we were outraged
is right for an island nation with vast by MPs’ expenses claims.
experience in maritime engineering. change of tack,” says Sue Ferns, senior and qualifications. This should surely be heading into calamitous climate
deputy general secretary of Prospect, a a priority for government training. change, rapid action is undoubtedly
Great strides have been made in the trade union that represents energy pro- The challenge of net zero is to mobi- needed. But in seeking to avert much Now we’re numb to the
past two decades: 2,200 turbines have fessionals. She points to data suggesting lise both public sentiment and private bigger costs in the future by acting now, spending on equipment
been installed and costs have come that Denmark produces about five investment. While polls show that tack- we should not underestimate how pain-
down. But much of the fabrication and times as many jobs as the UK for every ling climate change is increasingly pop- ful the transition could be for some of
construction of these majestic struc- gigawatt of offshore wind installed. To ular, the gilets jaunes protests in France those who have already been hit hard by 30 per cent of the port of Felixstowe’s
tures is done abroad. match that will require “a real industrial are a reminder that green taxes hurt, the pandemic. inbound container space is taken up
Foundation piles have been built in the strategy”, with proper labour standards and that environmentalism cannot be a More than 100,000 oil and gas jobs with the stuff. Some equipment will pass
Middle East for wind turbines which lie and a clear pipeline of contracts for bourgeois preoccupation foisted upon were lost in the US between March and its use-by date before it’s required.
43km off the coast of East Anglia. Some firms to bid on. the poor. It will be hard enough to per- August, according to Deloitte, and some The National Audit Office concluded
Scottish yards have likely lost out to For the young and educated, the suade grumpy homeowners to change researchers have suggested that men this week that £17.3bn in pandemic con-
south-east Asia on contracts to build off- future looks bright. Renewable energy their boiler and rip out cavity walls, let in those industries are at higher risk of tracts were awarded without competi-
shore platforms and are now teetering on networks are complex and digital, and alone if whole groups find themselves suicide. In the UK, some communities tive tender, and the associated risks,
the verge of bankruptcy. Britain has only will provide high-skill roles. Environ- left behind. still recall the agonies caused by the end including conflicts of interest, were not
two plants making turbine blades, on mental consultancy is a strong British There are an awful lot of moving parts of coal mining. always managed. Acquaintances of
Humberside and the Isle of Wight. export. But the older and less skilled and not a lot of resources. Mr Johnson’s Hope is the currency of Mr Johnson’s ministers and officials were placed in a
Part of the problem is that Britain may need help. £12bn includes only £3bn of new plan. But the rhetoric of green jobs must “high-priority lane”, according to the
joined the race late. Experts tell me A fundamental part of Mr Johnson’s money, and only about a quarter of the become detailed policy, and the alluring watchdog. PestFix was added to the lane
that the UK’s subsidy regime has strategy is to decarbonise the way that £2bn that Rolls-Royce and its partners future he paints must be as inclusive as “in error without a referral”, the NAO
encouraged recipients to minimise we heat our homes. This will mean rip- wanted to build small nuclear reactors. possible if he is to achieve his vision. found; it eventually received contracts
labour costs, driving manufacturing off- ping out gas boilers and installing insu- Tensions are simmering between the totalling £350m. Why didn’t I beg Tory
shore. The government has a target to lation. It is not yet clear how it will be energy regulator and companies over The writer, a former head of the Downing grandees to make that error for me?
increase the proportion of UK-made paid for. The GMB union, which repre- investment in the electricity grid. Mr Street policy unit, is a Harvard senior fellow “This time next year we’ll be million-
aires,” Del Boy, the king of English street
traders, said in the sitcom Only Fools and
Horses. I have bad news: if we didn’t
Johnson is the wrong kind of Englishman to fight for the union make a quick million this year, we’ve
missed our chance.
Will anyone be held accountable? In
2009, we were outraged by MPs’
expenses claims, partly because the
amounts were so small. Now we’re
numb to the PPE spending, partly
Chris “biggest mistake”. Most Scots disagree. The causes of this shift in sentiment thinnest possible agreement. The Scot- first decade of independence, while pre- because the numbers are so large. A
It’s not new for a Tory prime minister are varied, but Brexit has played an tish government repeatedly claims that paring a separate currency. It is also misspent pound is an outrage; a mis-
Deerin to be unpopular in Scotland: for decades important role. Downing Street has ignored its repre- unpopular with a section of the party. spent million is a statistic.
it voted strongly for Labour, and now for Scots voted by a large majority to sentations. There are issues around what would Ayanda’s chief executive Tim Horlick
Ms Sturgeon’s Scottish National party. remain in the EU, but are being taken A particular grievance is the internal happen to savings, personal debt and, says it’s not his fault his masks were
But the dislike for Mr Johnson seems out due to a relatively narrow English market bill that will regulate goods and especially, fiscal policy given current UK unusable: the health department belat-
acute, and the timing could hardly majority in favour of leaving. This has standards across the UK in the post- budget support. If the intention is to edly ruled head-straps, not ear-loops,
B oris Johnson and Scotland do be worse. illustrated the imbalance at the heart of Brexit era. The SNP insists this is a rejoin the EU, and England is by far Scot- were required. If Ayanda specialised in
not get along. To the merito- It is not an exaggeration to say, as the union: England’s population of 56m “power grab” that will hoard competen- land’s largest export market, how also PPE, it might have realised that the con-
cratic, straight-talking Scots, is 10 times Scotland’s. When democracy cies at Westminster, when they should would a trading border be managed? tract was not in line with the govern-
Britain’s prime minister is a Gordon Brown, Mr Blair’s successor in be passed to Holyrood. ment’s published specifications. Sadly,
Wodehousian throwback Downing Street, did this week, that Yet Brexit shows that identity can Ayanda “specialise[s] in currency trad-
Scotland “already has one foot out the Amid all this, Ms Sturgeon has gained trump economics. Significantly, Mr
who represents the worst aspects of the door of its 300-year-old union with Eng- Support for plaudits for her manner of handling Brown this week also called for a recon- ing, offshore property, private equity
English toff: entitled, faithless, capri- land”. Mr Brown, a passionate Unionist, independence is Covid-19. While Mr Johnson has been an struction of the UK constitution, with and trade financing”. How could it have
cious and fundamentally unserious. concedes that “in 10 years’ time the UK occasional public presence and become the House of Lords replaced by a Senate known? It wasn’t Ayanda’s fault that the
Think Prince Andrew, with a parlia- [could] follow the British empire into now the majority tangled in controversies about his advis- of the Nations and Regions, and formal project was facilitated by its senior
position in Scotland ers and private-sector PPE contracts, work arrangements between Westmin- adviser, who was also an adviser to the
mentary majority. the history books as an anachronism”. Ms Sturgeon has conducted daily news ster and devolved administrations. He government’s Board of Trade.
As a consequence, Mr Johnson’s poll Support for independence is now the
ratings in Scotland trundle along the majority position in Scotland. For conferences with seriousness and pointed out it is not just Scotland that Let’s assume Ayanda has done noth-
bottom of the North Sea. His erratic months, polls have put backing for sepa- pits one numerically against the other, empathy. is unhappy with the status quo, so too ing legally wrong. Making money from
handling of Covid-19 has been particu- ration above 50 per cent, and as high there can be only one winner. Ultimately, there is unlikely to be are the Welsh, the Northern Irish and the taxpayer should be about doing
larly unimpressive: a poll found only 19 as 58 per cent. This difference of opinion has been much difference in Covid-19 statistics the mayors of English cities such as something right. Maybe one day Mr
per cent of Scots believed he was manag- Ms Sturgeon will go into next May’s exacerbated by the behaviour of the either side of the border. But Scots have Manchester and Liverpool. Horlick will tell his grandkids how he
ing the pandemic well, versus 74 per elections to the Holyrood parliament Conservative administration. Ms Stur- had a sense of how independence might If there is a second independence ref- spent the pandemic selling unusable
cent for Nicola Sturgeon, first minister seeking a fourth consecutive SNP term geon accepted the referendum’s result feel, and many like it. erendum it will be every bit as brutal equipment to his own country. Or
in Edinburgh’s devolved government. in power and a mandate to call a second but argued that a soft Brexit would more Still, the battle for the union is far and divisive as the first. Few see Mr maybe he’ll do the honourable thing
That survey was taken even before it referendum, her party having lost the fairly represent the spread of UK views. from over, and the unresolved questions Johnson as up to the task. and return all profits from the deal
emerged this week that Mr Johnson had first in 2014. It is possible she will get her Instead, Mr Johnson adopted a robust — especially economic — are legion. before Christmas.
described devolution as “a disaster” and wish, despite the Johnson government’s approach to EU negotiations, and Brit- Economists have criticised the SNP’s The writer is director of Reform Scotland,
former prime minister Tony Blair’s firm opposition to a second vote. ain may yet leave with no deal or the intention to retain the pound for the a think-tank [email protected]
21 November/22 November 2020 ★ FTWeekend 13
14 ★ FTWeekend 21 November/22 November 2020
Hot chocolate Price premiums see Hershey Post-pandemic workplace Next argument
buy beans on futures exchange — MARKETS, PAGE 19 is about the new normal — THE TOP LINE, PAGE 16
Roblox lays out its game plan Perella Weinberg poised
for blockbuster $1bn listing to go public via a Spac
3 Site boasts 31m daily active users 3 Platform has benefited from lockdowns James Fontanella-Khan, as the type of due diligence being per-
Ortenca Aliaj and Sujeet Indap formed on companies that emerge with
New York a public listing without having to go
through the traditional regulatory and
Boutique investment bank Perella investor scrutiny of an IPO.
Weinberg Partners is in talks to take its
advisory business public via a special PWP has been planning to go public
purpose acquisition vehicle in a deal for several years. In 2018 it hired Gold-
valuing the division at $1bn, said peo- man Sachs and JPMorgan Chase to lead
ple briefed about the matter. an offering, and made key leadership
changes in preparation for the listing.
If the deal goes through, PWP will join a
long list of companies that have Mr Weinberg became the chief execu-
shunned the traditional initial public tive last year, while Bob Steel, the
offering route in favour of a Spac. The former Treasury Department official
identity of the blank-cheque company
PWP is merging with could not be Joseph Perella is
learned. famed for turning
mergers and
The firm’s asset management busi- acquisitions into a
ness, which has about $10bn in assets, moneymaking
would remain independent, sources business
familiar with the deal said.
who joined PWP in 2014 as chief execu-
PWP, which was launched in 2006 by tive, took over the chairmanship. Mr
veteran rainmakers Joseph Perella and Perella, famed on Wall Street for trans-
Peter Weinberg, is hoping to list as early forming mergers and acquisition into a
as the first quarter of 2021, said two peo- glamorous, moneymaking business in
ple with direct knowledge of the matter. the 1980s, remains a founding partner.
Spacs have become one of the hottest PWP would be following other bou-
products on Wall Street this year, with a tiques including Evercore, Greenhill,
record $55bn raised, according to data Lazard and, most recently, Moelis & Co
provider Refinitiv. The vehicles use in going public. Since the start of Octo-
money raised on the stock market to ber, $612bn of deals have been agreed,
hunt for private groups to take public. according to data from Refinitiv, up
from $461bn during the same period in
The Spac structure has come under 2019 and $491bn in 2018.
criticism for the incentives offered to
the sponsors behind the vehicle as well
Media
Jump for Joyy after contesting
short-seller’s fraud claim
Making a break for it: the platform allows developers to earn revenue by selling in-game items for Robux, a virtual currency that is bought with real money
Siddharth Venkataramakrishnan drawn concern from parent groups man Sachs, Morgan Stanley and JPMor- young users can build homes, earn live- Mercedes Ruehl — Singapore Thursday’s share price rise recovers
London about its potentially addictive nature gan acting as lead underwriters. lihoods and socialise. some of the fall of up to 26 per cent. The
Miles Kruppa — San Francisco and offensive content on the platform. Shares in Joyy jumped by the most in research was published just days after
Its valuation at IPO was not clear, but While a subset of most popular games three years, after a record plunge from Baidu, the Chinese technology group,
Roblox, the video game platform loved The company listed its ability to “pro- the start-up was most recently valued at capture the bulk of players on the plat- a day earlier following the release of a announced a $3.6bn deal to buy YY Live.
by preteens, earned close to $1.2bn from vide a safe online environment for chil- $4bn when it raised $150m in a funding form, there is still potential for new short-seller report that labelled a unit
selling virtual currency to its users in dren” as a risk factor in the prospectus. round led by venture capital group games to go viral, said Mr Warneford. of the US-listed Chinese technology YY, like the short video app TikTok,
the first nine months of the year as gam- Andreessen Horowitz in February. Survival horror game Piggy was created company “a fraud”. features influencers who sing and inter-
ing surged under Covid-19 lockdowns. In the first nine months of this year, in January but has been played more act with the platform’s users, with view-
the company boasted 31.1m daily active Roblox’s success has been rooted in its than 6.5bn times. The Nasdaq-listed stock rose 17 per cent ers sending virtual gifts that turn into
The figure was included in a share users spending 22.2bn hours on its plat- model as the “YouTube of the gaming on Thursday, the biggest daily increase cash for the streamers.
prospectus, where the company laid out form. This year it overtook Minecraft, world”, said Matthew Warneford, a Developers can earn money by selling since November 2017, after the com-
its case for investors ahead of an initial the video game acquired by Microsoft in founder of consultancy Dubit. Rather in-game items such as pets or weapons pany laid out its objections to a year- Muddy Waters alleged paying fans
public offering. 2014, in active monthly users. than creating games, Roblox offers in exchange for Robux, which is pur- long investigation by Muddy Waters were largely bots from YY’s internal
developers tools to build their own chased with real money. Almost one- Research. platform.
What Roblox labels “bookings” — Yet losses have expanded along with game worlds. “That allows for innova- half of the earnings are split evenly
sales activity that is not yet fully revenues. The Roblox prospectus, pub- tion in a way that can’t exist [in tradi- between the company and developers, The live streaming company said in a The short-seller responded to ques-
recorded as revenue — was almost lished on Thursday evening, reported tional gaming] because of the cost it while the remainder goes to platform statement it was “open to cash verifica- tions about its investigation by releasing
entirely composed of virtual currency net losses of $203m in the nine months takes to compete,” he said. “All the big costs such as hosting and app store and tion and diligence to be conducted by a seven-page explanation of the allega-
purchases. The $1.2bn figure repre- to 30 September on revenues of $589m, studios are . . . investing tens of millions payment processing fees. competent third-party advisers”. It also tions and providing instructions for how
sented a 171 per cent increase from the compared with losses of $46m on reve- into a game, hopefully having a big suc- pointed to a $300m dividend to recreate its work. “If you’re inter-
same period in 2019. nues of $350m in the same period last cess . . . [whereas] it costs Roblox noth- Roblox said developers have earned announced in August — of which it said ested, hurry — just like $GSX, YY will
year. Roblox said it had increased ing to bring a new game on board.” $209.2m up to the end of September this $25m had already been paid — as evi- likely try to plug these holes ASAP!”
Roblox recognises revenue from sales spending on infrastructure, trust and year, compared with $72.2m during the dence of its confidence in its ability to Muddy Waters said in a tweet with a link
of the digital currencies, known as safety and research and development, The 18m “experiences” available on same period in 2019. generate cash. to the document. The short-seller was
Robux, over the average lifetime of a and was paying more app store fees the platform stretch across genres, rang- referring to GSX Techedu, a Chinese
playing user, which it currently esti- because more of its players were on ing from unofficial versions of other Data from pocket money app Roost- YY Live, Joyy’s live streaming plat- education company that is being probed
mates at 23 months. mobile phones. titles, recreated with Roblox’s signature erMoney showed that Robux is one of form in mainland China that was the by the US securities regulator.
blocky characters, to digital pet adop- the top products for which children are subject of the Muddy Waters report, had
Enforced time indoors has lifted the Roblox said it would raise as much as tion simulators and virtual cities where saving this Christmas. criticised the research as “full of igno- YY Live joins a number of mainland
entire gaming sector, but Roblox has $1bn in its public offering, with Gold- rance” and “unclear logic” in local Chinese groups listed in the US to face
enjoyed conspicuous success. It has also Wish IPO pitch page 19 media. concerns over accounting practices,
fabricated sales and inflated revenues.
Media. Magazines
Condé Nast accelerates digital transition to remain in vogue
Group behind top fashion planned to get done by the end of 2021, The arrival of Covid-19 brought fresh demic. The next year or so would be a banker and a physicist by training, Mr Last year, the group announced it
we finished by the summer”. urgency. The group’s magazine sales period of investment, he said, as he Lynch founded Sling TV, a slimmed- would put the rest of its titles, including
title and The New Yorker aims actually held up this year: total global looked to beef up operations in sub- down TV service aimed at people ditch- Vogue, behind online paywalls but Mr
Condé Nast is in the middle of a print circulation for Vogue stands at scriptions and ecommerce with a goal of ing their cable subscriptions, before tak- Lynch has halted that plan. Instead, he
to be less reliant on advertisers restructuring, two years after ousting its about 3m, according to the company, reaching profitability in 2022. The com- ing the top job at music streaming group is looking for specific opportunities. For
chief executive, merging its US and while in the US print subscribers actu- pany is hiring for about 300 engineering Pandora Media. example, Condé Nast is preparing a sub-
Anna Nicolaou — New York international businesses and bringing in ally grew to 1.09m by June 30, up from and product roles in the next year. scription product for Bon Appétit,
the first outsider — Mr Lynch — to steer 1.06m a year ago, according to the Alli- The 58-year-old wants to make Condé according to people familiar with the
When coronavirus hit the streets of the century-old publisher through a ance for Audited Media (AAM). Mr Lynch has hired top executives Nast more reliant on its readers and less matter, to rival the NYT cooking app
Milan, Paris and New York this spring, tumultuous time for media. from Disney and Google to help Condé so on advertisers. As part of the plan he which charges $5 a month for access.
Roger Lynch had already been mapping But advertising, which still makes up Nast adapt to a world in which landing a has laid out, revenue from consumers —
out a plan to turn round Condé Nast’s After dominating the pre-internet age about 70 per cent of Condé Nast’s busi- show on Netflix has become an arbiter which ranges from subscriptions to Bon Appétit has been in turmoil this
magazines business. with zeitgeist-shaping magazines that ness, fell. Ad sales for print magazines of cultural influence in the same way as Wired to $50“gift boxes” of fancy deo- year over allegations of racial discrimi-
made celebrities out of editors such as have been pummelled by the pandemic a Vogue or Vanity Fair cover. dorant and toiletries to GQ fans — will nation and pay inequity, resulting in the
Several months on, the media group’s Anna Wintour, Condé Nast has been and are set to fall about a third in the UK make up 23 per cent of Condé Nast’s departure of editor Adam Rapoport.
chief executive, a tech pioneer with no reckoning with shakier prospects as this year, according to Enders Analysis. A former Morgan Stanley investment business this year, up from 17 per cent in This summer, management released a
prior experience in publishing, said he activity has drifted online, for free. 2019, sped up by the disruption from diversity and inclusion report and
was “totally validated” by the pan- Condé Nast has laid off or furloughed Vogue editor Anna Wintour is among coronavirus. By 2024, Mr Lynch antici- pledged to hire more people from
demic. In July, Mr Lynch presented his turn- hundreds of staff and reduced pay for staff who took a pay cut this year pated it would be 30 per cent. diverse backgrounds.
round plan to the board, including cous- those earning more than $100,000 —
As global lockdowns put the world on ins Steven Newhouse and Jonathan nearly half the workforce — by between The New Yorker reached about Douglas McCabe, senior analyst at
pause, print advertising slid and fashion Newhouse, scions of the billionaire fam- 10 and 20 per cent. Even Anna Wintour 240,000 paying online readers in the Enders Analysis, said Mr Lynch’s plans
houses were shuttered, hopes that ily that controls Condé Nast. took a 20 per cent pay cut, while Mr first half of this year according to the would probably be less profitable than
Condé Nast, the group behind Vogue Lynch slashed his pay in half. AAM. The majority of subscriptions are the margins Condé Nast’s magazines
and The New Yorker, would turn a profit Faced with a rapidly declining climate for a bundle of print and digital access commanded in their 1990s heyday.
after years of losses were dashed. Yet for magazines, the Newhouses last year The US division lost about $100m last although that is starting to shift as more
people stuck at home were watching the hired Mr Lynch because they wanted year on $900m in revenue, according to people sign up only for the website. “The big challenge for a number of
group’s Bon Appétit cooking videos and someone to shake up their company. a New York Times report. Condé Nast, publishers is that they are having to
reading The New Yorker and Wired’s which does not disclose results for the According to AAM data, Wired had think about a world in which the
websites more than ever. With their support, Mr Lynch is now group as a whole, said that was “not 142,000 digital subscribers and 722,000 amount of revenue that can be gener-
moving forward with an overhaul, accurate” but declined to give details. print subscribers in the US in the first ated from being an important media
“The only way [the plan] changed was investing about 10 per cent of revenues half of 2020, while Vanity Fair had brand . . . is probably just fundamen-
it accelerated,” Mr Lynch said in an into technology and content to boost Mr Lynch said 2020 would also be 96,000 paying readers online and 1m for tally worth less than it used to be,” Mr
interview. “Some of the things we had online subscriptions and ecommerce, lossmaking for the company globally, its print magazine. McCabe added.
while pushing into nascent lines such as which he blamed mainly on the pan-
movie and TV licensing for its writing.
21 November/22 November 2020 ★ FTWeekend 15
16 ★ FTWeekend 21 November/22 November 2020
COMPANIES. WEEK IN REVIEW
Office oracles This year Covid deniers have battled six months, on 2,280 investor living in and those sorts of things.” For all the “And I think as soon as the other ones
clash over work life lockdown zealots, with most of us conference calls, according to data This cutesy nightmare is called “pet confident see [Citigroup] or Goldman or a couple
after the virus trapped in between. The next from S&P Global, executives have predictions of the others who are bringing people
argument is over what the world will peered into the future and uttered the humanisation” in the jargon of the of a changed back, starting to pull away, that will be
The Top Line look like after the pandemic. leaden phrase “the new normal”. trade. It is even better for Mr Lawton’s world, there some impetus to get them back in the
Tom bottom line than the record 11m is a different office.”
Braithwaite The Microsoft founder Bill Gates, Like many of them, Hal Lawton, chickens he sold in the past two view: the
who has committed time and money to chief executive of US retailer Tractor quarters, a result of a surge in demand new normal Victor Coleman of Hudson Pacific
map a way out of the crisis, is Supply, is in the Gates camp. His 1,900 for backyard poultry keeping. might look Properties reckoned people would
convinced that business will be stores sell every product you could just like the willingly return but work more flexible
conducted differently on the other side. desire in this pandemic year, from Yet for all the confident predictions old one hours, lured by facilities such as gyms
He predicted this week that more than patio heaters to gun safes. of a changed world, there is a different and food. “I think the office space will
50 per cent of pre-Covid business view: the new normal might look just convert to a 24-hour 7[-day] office
travel and more than 30 per cent of “While many of us may return to the like the old one. Unsurprisingly, the space that’s going to be much more
days in the office would not return. office, there’s going to be a hybrid work loudest proponents are commercial amenitised,” he said.
environment for the foreseeable future, landlords, some of whom debated the
“It will be a very high threshold for perhaps forever,” he told investors this future at a conference this week. The early signs from cities that have
actually doing that business trip and week. “And so people are going to be been able to reopen, such as Shanghai,
there will be ways that you can work around their animals more frequently. “I think the first investment bank is that the second camp is right: the
from home a lot of the time,” he told And they’re going to be continuing that gets everybody back in the office is pull of the office is strong. And unlike
the DealBook conference, arguing that to buy food for those animals, and going to win a lot of business because the never-ending debate over
people were no longer impressed by they’re going to be continuing to buy they are getting back to having these lockdowns, we will hopefully soon see
long-distance visits: “‘Yes, you flew all sundries and toys and snacks for face-to-face meetings and meeting with which side prevails.
the way here to sit in front of me.’” those animals, and upgrade their their clients,” predicted Brian
beds and the crates that they’re Kingston, head of real estate at [email protected]
His is not a minority view. In the past Canadian property giant Brookfield.
Goldman’s Valley expert decamps to friend and client Dell BEST OF
BUSINESS
Corporate Gregg Lemkau has been lured by
person in an offer from Michael Dell to run Hedge funds probed
the news investment firm MSD Partners
3Global policymakers revealed that they are exam-
Christopher Goodney/Bloomberg ining the role hedge funds played in the mayhem
that enveloped the $20tn US Treasury market in
Gregg Lemkau ‘I knew that colleagues only found out about his Goldman, David Solomon, but that leverage all of the contacts and March. A report from the Financial Stability Board, a
Gregg was departure on Monday in a memo from really cut off the oxygen for Greg going industry knowledge that he has rulemaking body composed of central bank and
Goldman Sachs investment bank boss restless. It Goldman chief executive David to the top.” developed.” finance ministry officials, explored the role that
was clearly Solomon. “non-bank financial institutions” played in the crisis
For a man who has worked with some time for Mr Lemkau’s departure comes as Mr Lemkau, who was named to and highlighted several areas that needed further
of the most demanding characters in him to leave’ John Waldron, Goldman’s chief Goldman undergoes a transition. Last Goldman’s lucrative partnership in study, and possible policy action.
the tech industry, Gregg Lemkau operating officer, was one of many to week it broadened the make-up of the 2002, spent his career between New
maintains a Zen-like demeanour. express surprise, though he partnership to reflect the bank’s York, London and San Francisco, 3 Musician Taylor Swift said she would re-record
This partly explains how the recognised the appeal. diversification into areas such as specialising in sectors that included songs from her back catalogue sold by music man-
Goldman Sachs executive has, over digital banking. Investment bankers healthcare and technology. Along the ager Scooter Braun to
the past three decades, built a “I understand it is a great like Mr Lemkau are no longer the way, Mr Lemkau also earned a private equity group
reputation as the adviser who can opportunity for him, and sometimes it undisputed masters of the Goldman reputation for the best hair on Wall Shamrock Capital, a
deal with Silicon Valley. is unnatural to spend your whole universe. Street. Los Angeles-based
career in one place,” Mr Waldron said. business, for more
When Tesla’s Elon Musk was facing However, Twitter’s chief financial While spending lockdown this spring than $300m.
a backlash for his “funding secured” A goalkeeper on the soccer team at officer Ned Segal, himself a former at his holiday home in Hawaii — close
tweet, he turned to Mr Lemkau to Dartmouth College, Mr Lemkau Goldman banker, said that Mr Lemkau to the sprawling estate owned by Mr 3 PNC agreed to buy
help untangle a potentially career- briefly worked as a paralegal at had not demanded the limelight. Dell — Mr Lemkau posted a the US operations of
ending mess. Uber’s board also Skadden Arps before joining Goldman photograph of his improvised office, Spanish bank BBVA
sought the investment banker’s in 1992 as an analyst. After three “Gregg never made it the Gregg complete with a view of a sun-kissed for $11.6bn in an all-
advice when the transport company decades he was not actively looking show,” he said. “It was always the Hawaiian dune. In response, his sister cash deal that will
had to negotiate the exit of co- for an out, but friends said he had Goldman show.” Holly offered to send candles and create the fifth-largest US bank by assets. The deal
founder and former chief executive been getting itchy feet. launched the hashtag comes six months after Pittsburgh-based PNC sold
Travis Kalanick after a series of Gregg Maffei, chief executive of #helpBrotherGregg. Her brother took its stake in BlackRock, the world’s largest asset man-
scandals. “I knew that Gregg was restless. It Liberty Media, said that shifting to a the Twitter jabs on the chin. ager, for $17bn as it sought to lift its balance sheet.
was clearly time for him to leave,” said smaller, more private equity-oriented
For almost 30 years the Boston- Marc Benioff, chief executive of cloud business had a lot of perks. Mr Lemkau helped Mr Dell take his 3 Ericsson chief executive Borje Ekholm criticised
born banker, whose childhood dream software company Salesforce. “He had eponymous computer firm from the decision of his home country Sweden to ban Hua-
was to become a baseball player for exhausted all of his possibilities. “He’ll have much more control of his public to private in 2013 and float it wei from its 5G telecoms networks, arguing such a
the Red Sox, has navigated big There is a phenomenal new CEO at life . . . He’ll probably have more again five years later in a complex move restricts free competition and trade and will
corporate deals and dramas. His financial upside, and he’ll be able to $22bn stock deal that involved private lead to a delay in rolling out the new technology.
involvement has played out largely equity firm Silver Lake.
behind the scenes, as a consigliere to 3Amazon launched an online delivery service offer-
corporate leaders. Egon Durban, chief executive of ing discounts of up to 80 per cent for prescription
Silver Lake, suggested that the work at medicine in the US, as pharmacies become the latest
Now Mr Lemkau plans to step out Goldman might have become too dry
of the shadows of the chief executives for Mr Lemkau. Bitcoin surged close to a
he has advised and become one record peak, trading as high as
himself. “At some point, when you think $18,492 after jumping more
about being in a big bank, the job can than 50 per cent in 30 days
This week Goldman announced be more like being an HR director,” Mr
that the 51-year-old, who co-heads its Durban said. “You are like a soccer or
investment banking unit and had American football coach. You get
been seen as a potential chief everybody excited and fired up, and
executive, had resigned. He was lured try to make sure you have the right
by an offer from his long-term client people in the right spots on the field,
and friend Michael Dell to run MSD and then sit and assess strategic plans.
Partners, an investment firm set up That’s an incredibly intense, difficult
by the Texan computing figure. job, but it’s less entrepreneurial and
creative.” James Fontanella-Khan and
Although the decision was made Ortenca Aliaj
over the summer, many of his
Under the hood Ecommerce buoys outlook for US holiday season spending sector to be disrupted by the retail giant. Amazon
Pharmacy will become a direct challenger to retail-
Despite the economic impact of coronavirus, retail sales in the lead-up to Christmas are set to rise with online shoppers contributing 20% ers such as Walgreens and CVS Health.
A raging pandemic and precarious Thanksgiving online spending set for record Discretionary store pain 3 General Motors plans to launch 30 all-electric
economy hardly seem the most models worldwide by 2025, raising its investment in
promising backdrop for consumer US online consumer spend, Nov to Dec ( bn) Footfall to retail stores, indices rebased to Jan, electric vehicles to $27bn by 2025. “We are pivoting
spending. Yet Americans are rolling -day average to a growth strategy,” said Mary Barra, chief execu-
forecast to open their wallets this Black Friday Cyber Monday tive. “We are committed to fighting for EV market
holiday shopping season. Staple share in North America until we are number one.”
Over the 75-day period leading Spending on Black Friday 3Thyssenkrupp, the ailing German steel and mate-
up to Christmas, total US retail sales and Cyber Monday expected rials group, plunged to a full-year loss of €5.5bn and
are predicted to rise 2.4 per cent to exceed bn; bn more said it would cut 5,000 more jobs, as the pandemic
year on year, says Mastercard than in increased pressure on the former conglomerate to
SpendingPulse, helped by an speed up the sale of underperforming businesses.
expected one-third jump in Discretionary
ecommerce revenues. 3 Airbnb revealed the financial hit to its business
from the coronavirus pandemic as it published the
The season usually gets into full prospectus for its stock market listing as activity
swing on Black Friday, the shopping rebounds. The San Francisco-based accommodation
day after Thanksgiving, although
the event has been fading in Jan Apr Jul Oct
importance and this year, more than
usual, retailers are extending their Count of daily visitors to locations across the 80% 30
promotions throughout the season.
US corresponding to discretionary and staple stores Amazon’s Electric car
About a third of shoppers will discount on some models that GM
have completed holiday shopping Source: Huq Industries US prescription plans to launch
before Black Friday, predicts Adobe. medicines by 2025
Bricks and mortar woe
The season is being elongated Dip in spending
partly because of health concerns: a Year-on-year change in footfall at US retailers,
rush to stores on particular days by type, ( )
risks increasing coronavirus
transmission. Online, retailers fear around the US
delivery networks will be unable to election Veterans Day
cope with increased demand unless booking service recorded losses of nearly $700m on
it is stretched over a longer period. Days before Black Friday Days after Black Friday Apparel revenues of $2.5bn in the first nine months this year.
Footwear
Even more spending is expected forecast after Nov Source: Adobe Analytics Home 3 Bitcoin surged close to a record peak, trading as
to shift online as some regions Jewellery high as $18,492 after jumping more than 50 per cent
restrict non-essential business due in 30 days. The virtual currency peaked in December
to rising coronavirus case numbers. Apr May Jun Jul Aug Sep Oct Nov 2017 at $19,458 before suffering a spectacular crash.
Adobe forecasts online holiday Includes stores in the US that were open both 3 Cineworld, the world’s second largest cinema
spend will jump 33 per cent year on this year and last year Source: RetailNext chain, is considering slashing rents and permanently
year to $189bn, driven by a 55 per closing UK cinemas as part of an insolvency process
cent rise in orders from after the pandemic caused business to collapse.
smartphones. E-commerce’s share of
overall retail sales during the season 3The most eagerly anticipated UK console launch in
is set to rise from 14 per cent in 2019 years descended into chaos and acrimony on Thurs-
to more than 20 per cent this year, day as retailers sold out of Sony’s PlayStation 5 con-
says Mastercard. Alistair Gray soles almost immediately, leaving gamers fuming on
social media or paying inflated prices on eBay.
21 November/22 November 2020 ★ FTWeekend 17
COMPANIES & MARKETS
Race is on to monetise vast Trump audience
Idol of conservative media in play as investors see chance to capitalise on Americans who see Fox News as too moderate
Anna Nicolaou and billionaire Tom Hicks and could be
James Fontanella-Khan — New York involved in the future.
Alex Barker — London
The Wall Street Journal first reported
In the aftermath of the US election, Don- Hicks’ interest in Newsmax.
ald Trump has fallen out with an old
friend: Fox News. Mr Trump has recently told associ-
ates that he wants to create a digital-
His rants against the dominant cable only platform for Trump TV, according
network have buffeted Fox Corp’s stock to people who have spoken to him. This
price, as investors question whether a would pit Mr Trump against Fox Nation,
rumoured Trump television network the $6-a-month streaming service that
could slice into the conservative media offers on-demand programming from
business that the Murdochs have com- presenters such as Tucker Carlson.
manded for decades.
Lachlan Murdoch, Fox’s chief execu-
Even as viewership of traditional TV tive, has called the service “a success”,
has cratered, Fox News has drawn ever but the company has not disclosed sub-
higher ratings to become the most- scriber numbers two years after its
watched basic cable channel in the US. launch.
The network has persevered A streaming service, which is less
through Republican and Democratic expensive to start, would be a way to
presidencies, the rise of the Tea Party, quickly monetise the outgoing presi-
and the influx of online insurgents like dent’s vast audience online, where Face-
Breitbart — and has emerged mostly book, Twitter and newer social media
unscathed. sites such as Parler have been hotbeds
for Trump supporters.
But the threat of competition from
conservative media’s biggest star, the Still, Mr Trump would need to invest
president himself, who has the nominal in marketing and technology. And rival
support of 71m Americans who voted digital services have struggled to live up
for him, is new territory for Fox. to expectations.
Any post-presidency media plans for Glenn Beck, the former Fox News
Mr Trump remain to be determined, host, launched The Blaze digital service
but there are options available to him. a decade ago with much fanfare. Mr
Beck also tried to secure distribution
Investors see an opportunity to capi- deals with cable providers, but persuad-
talise on the growing group of Ameri- ing the biggest distributors to take the
cans who now view Fox News as too channel proved difficult.
moderate, according to interviews with
bankers, executives and advisers in the ‘How do you price that
industry. risk? Think of the
regulatory issues. Will he
The most expensive move would be run again in four years?’
starting a traditional TV channel, a
strategy most dismiss as too arduous. It Giant and Lilliputians March of US broadcasters The company last year abandoned its
costs hundreds of millions to get initial cable channel after bulking up through
distribution agreements with major Revenue ( bn) Share prices rebased a merger with rival CRTV in a market
cable operators, requiring a significant Fox News Channel (US) crowded with online competitors such
amount of capital upfront. And with One America News Network Newsmax TV as Breitbart, The Daily Caller and the
cable TV in decline, existing operators Other Daily Wire.
are loath to take on extra channels. A iliate mm Viacom
Net Discovery The easiest option for Mr Trump
As Mr Trump publicly turned on Fox, advertising Fox might be no Trump TV at all.
so did his supporters, sending ratings
surging at smaller niche competitors Jan Nov Instead of starting his own venture,
such as Newsmax and One America Mr Trump could instead host shows on
News Network. However, OANN and Sources: S&P Global Market Intelligence; Refinitiv Fox or other existing conservative
Newsmax are examples of how difficult media outlets. That could be lucrative
it is to grow a conservative network — or Thanks to its strong ratings, Fox has and author of Messengers of the Right: Ruddy, who is close to Mr Trump, said Fox Corp’s stock for the former president and give him a
any cable channel. been able to command high affiliate fees Conservative Media and the Transforma- this month that he had “never closed has been large, influential platform.
— payments from cable operators to tion of American Politics. “That is the big the door” on teaming up with the outgo- buffeted as
Ratings are surging at carry the channel. Kagan expects that test right now: are there enough Trump ing president but declined to say investors ask if “He could easily make $40m a year,”
niche competitors OANN Fox News will make $1.6bn from those supporters . . . who can turn something whether they were in active discussions. a rumoured said one former senior Fox executive.
and Newsmax, but these fees this year and $1.2bn in advertising like Newsmax into something as profit- Donald Trump “Fox, possibly to their detriment,
networks remain minnows sales. Cable companies do not pay able as Fox News?” Hicks, a Texas private equity group, TV network really has very little control over these
Newsmax anything to carry its channel, has been trying to buy Newsmax and could slice into [show hosts]. He could say whatever
Newsmax benefited from Mr Mur- and pay OANN only $33m. An easier route would be partnering OANN in recent months, according to the conservative he wants. And he wouldn’t have to
doch’s pioneering efforts, which proved with or even acquiring an existing net- people familiar with the efforts. The media business spend all the money finding his own
the commercial value of conservative “Until just the last month, [Newsmax work, and using its distribution network investment group, which has ties to commanded by distribution.”
news. But founder Chris Ruddy and his and OANN] have remained pretty to broadcast Mr Trump’s message. powerful Republican families such as Rupert and
investors still had to pump in more than small,” said Nicole Hemmer, a historian the Bushes and the Ricketts, sees an Lachlan Mr Trump could turn to talk radio,
$100m to secure distribution. Six years For mainstream media groups such as opportunity to capitalise on a hard-right Murdoch, left where personalities such as Rush Lim-
on, the company is just on the cusp of ViacomCBS, whose controlling share- audience. baugh and Howard Stern have struck
breaking even, according to people holder Shari Redstone is friendly with Oliver Contreras/Sipa/ plum contracts for decades. Mr Stern is
familiar with its finances. Mr Trump, “there is a conversation to “Fox is trapped in the middle of trying nearing a contract renewal with Sirius
be had” with the president because of to be both Trump TV and CNN,” said Bloomberg; Drew Angerer/ XM to pay him $120m a year, according
Charles Herring, president of OANN, the huge audience he could bring, said one person familiar with Hicks’ think- to Bloomberg. Mr Limbaugh, who com-
said the company was “profitable and one media banker. “But there are so ing. Hicks declined to comment. Getty Images mands about 15m listeners per week,
debt-free”. OANN’s viewer comments many question marks. How do you earlier this year renewed his contract
forum had been “flooded with former price that risk? Think of the regulatory Hicks had recently held talks with with iHeartMedia.
Fox News viewers telling us why they issues. Will he run again in four years? Todd Ricketts, finance chair of the
deserted Fox News for OANN”. How involved will he be? It’s just too Republican National Committee, about Even the relatively small podcasting
complicated.” working together on an acquisition of industry is offering big paydays for
These networks remain minnows Newsmax or OANN, according to people stars, with Spotify giving Joe Rogan, a
compared with Fox, which commanded ViacomCBS had no plans to launch a close to the discussions. popular comedian, $100m to make his
13.7m viewers on election night, beating conservative news channel, a person podcast exclusive to its app.
rivals CNN and MSNBC as well as tradi- close to the company said. The most Mr Trump had not been a part of
tional broadcasters. Newsmax’s audi- likely partner would be Newsmax. Mr these conversations, these people said, Ms Hemmer believes Fox is the most
ence peaked at around 600,000 viewers although he was a friend of Texas likely destination for Mr Trump, despite
that night. Fox News is on course to the current rift.
make $2.9bn in revenue this year, com-
pared with $26m for Newsmax and “In addition to his ongoing addiction
$48m for OANN, according to estimates to Fox News, he likes to be associated
by Kagan, the media research unit of with the highest-rated and most prestig-
S&P Global. ious things,” she said. “And in the
world of conservative media, Fox News
is prestige.”
18 ★ FTWeekend 21 November/22 November 2020
COMPANIES & markets
Financials Regulation
Ex-Citi bankers drawn into trading appeal Covid rule
allowing
Former UBS officer and Mr Choucair, who would trade himself. that Citigroup was a common denomi- accepted that insider information had Yesterday John McGuinness QC, act- fast-track
day trader are seeking In his defence, Mr Choucair denied he nator,” he told the court. He said Ms come from illegal sources although he ing for the FCA, argued that the duo’s share issues
to overturn convictions Abdel-Malek was appealing against her did not realise that at the time. convictions were safe and additional scrapped
had received inside information from conviction on grounds that the FCA’s material the defence lawyers claimed
Jane Croft Ms Abdel-Malek and testified that he probe had been limited and some mate- Mr Wormald claimed there were links should have been disclosed by the regu- Matthew Vincent
had swapped market colour and trading rial had not been placed before the jury, between the three men; also, Mr John- lator was “peripheral”. He said that dur- and Daniel Thomas
Two former Citigroup bankers have ideas with an informal network of trad- which could have reached different con- son lived in a “vast house” in London ing the trial the defence teams had
been dragged into an appeal brought by ers, including Alshair Fiyaz, owner of St clusions, so the convictions were unsafe. linked to Mr Fiyaz. He pointed to Mr added agreed facts about the Citigroup Listed companies will no longer be able
a former UBS compliance officer and a Tropez polo club. Basra’s “seniority and intimate knowl- connection but “the jury were still sure” to exclude existing shareholders from
day trader who are seeking to overturn Richard Wormald QC, barrister for edge of M&A in the City” and added that enough to convict the pair. large fundraisings due to the coronavi-
their criminal convictions. The trial heard claims that the Finan- Mr Choucair, told the appeal that two Mr Basra and Mr Johnson had gone on rus pandemic, after an emergency
cial Conduct Authority had received former Citigroup bankers, David John- skiing holidays in Verbier together. A statement issued on behalf of Mr measured introduced in the spring was
Fabiana Abdel-Malek, who worked at information that a Citigroup employee son, who specialised in M&A between Johnson said he had “never been scrapped.
UBS, and Walid Choucair were both con- had spoken to an intermediary of Mr 2006 and 2013, and David Basra, a The panel of three judges hearing the involved in any insider trading of any
victed of insider trading last year at Fiyaz. Mr Fiyaz denies any wrongdoing former head of debt financing in Europe case raised questions about the rele- nature and he was not the alleged inter- Yesterday, the body that produces
Southwark Crown Court in a case that and has never been questioned by regu- and the Middle East, had been named vance of these connections to the mediary. Further, he has never been guidelines on share issuance said that
detailed confidential tips being passed lators or convicted of any offence. by the FCA as the possible intermediary appeal. Mr Justice Davis told Mr Wor- contacted by the FCA (in respect of any flexibility granted during the first Cov-
on untraceable burner phones and and source linked to Mr Fiyaz. mald the connections were “very dra- matter).” id-19 lockdown to speed up emergency
meetings at members’ clubs. On Thursday Julian Christopher QC, matic prose pages but we are in the fundraisings for companies would
barrister for Ms Abdel-Malek, told the Mr Johnson also traded in two of the Court of Appeal. Where’s the logical Mr Basra could not be reached for expire on November 30.
The jury heard that Ms Abdel-Malek Criminal Court of Appeal that UBS was stocks that Mr Choucair was convicted connection?” He also told Mr Wormald: comment. He has not been accused of
gave tips on deals UBS was working on to not the only bank involved in five share of trading in, the court heard. The “You are in no position to say Mr Fiyaz wrongdoing by the FCA. As the pandemic gathered pace in
transactions that were at the heart of the judges were told that Mr Choucair probably was an insider trader.” March, it had told UK-listed companies
prosecution case. “It became apparent The appeal continues. that they could issue up to 20 per cent of
their share capital to raise new funds
Travel & leisure. Eating out without giving existing investors first
refusal — bypassing so-called “pre-emp-
Drive-throughs grab prize for hottest retail spots tion rights”. Previously, the maximum
fundraising without granting pre-emp-
Big brands battle for prime tion rights had been 5 per cent of share
locations as nation’s diners capital, plus an extra 5 per cent if it was
turn away from high streets for an acquisition or investment.
Alice Hancock But, in its latest update, the Pre-Emp-
tion Group — which is comprised of
Drive-through restaurants have become business and investor representatives —
one of the most hotly contested parts of stated: “Companies have had eight
the UK property market as food-to-go months to assess their situation and
businesses from Greggs to Starbucks respond accordingly . . . from 1 Decem-
battle it out for sites away from deserted ber this year we will revert to the
high streets. requirement for full pre-emption.”
Alasdair Murdoch, chief executive of According to PEG, the March emer-
Burger King UK, said the chain was gency measures had been “well received
fighting off fierce competition for prop- in the market”, and “investors were
erties. clearly in favour of companies having
access to the capital they needed
“We are going hard at it and we are quickly to maintain their solvency dur-
putting a lot of resource behind that,” he ing this unprecedented economic down-
said, adding that the company was hir- turn”.
ing more people “to be able to open
more drive-throughs for 2021 and Companies used the exemption in a
beyond”. third of the 664 equity fundraisings
between March and October, according
Starbucks, Greggs and Costa have also to data from the investment platform
indicated plans to expand their drive- Interactive Investor.
‘Any new sites we City executives had been pushing for
look at will now come an extension of the measure, given fears
with a minimum of that further lockdown restrictions could
one drive through’ mean another round of emergency fun-
draisings. Many other government busi-
through portfolios, with Starbucks say- 80% Baldwin Park, California, in 1948 — have by 2022 — an ambition its chief com- Greggs describes But Dominic Rodbourne, head of ness support schemes — such as Covid
ing 80 per cent of its new openings next benefited from being in out of town mercial officer, Kevin Hydes, said drive-throughs out of town retail at Savills, warned that business loans and policies around com-
year would have a drive-through lane. Starbucks launches locations, where the number of shop- amounted to “hundreds” of new sites, as the ‘most with so many operators piling into mercial rents — have been extended to
that are due to have pers has held up better than on high up from the seven it has today. heavily the market, rents, which typically provide continued help to companies.
Roger Whiteside, Greggs’ chief execu- a drive-through streets. competed range from £25 to more than £50 per
tive, described drive-through as the lane next year “In our last quarter . . . to beginning property market square foot for high-demand locations, One senior broker said: “I am sur-
“most heavily competed property mar- Data from the retail tracker Spring- of October, we saw sales growth of 37 per there is’ — Mark Pinder could climb. prised. It’s ironic they are tightening the
ket there is”. 2,000 board forecasts that over the Black Fri- cent on a like-for-like basis and the rules again at a time of a hard lockdown.
day weekend, footfall will be 30 per cent drive-through performance was a big “Rents are rising in the most sought- The market was operating well.”
With dine-in restaurants closed until Jobs that coffee below last year’s levels at retail parks part of that,” he added. after locations, generally those with
December 2 and consumers feeling chain Tim Horton compared with a drop of 67 per cent on dense populations, and significant However, small shareholders had
safer picking up food from their cars, wants to create high streets. In total, the UK has 1,527 drive offers are being made by operators opposed the relaxation of the rules,
queues have stretched up to 90 minutes using drive-through through sites, according to figures from in a bid to secure the most desirable which prevented them from taking part
at some drive-through sites — a stark venues by 2022 “Drive-throughs were already per- the Local Data Company. Since the end sites.” in often heavily discounted new share
contrast to empty high street takeaway forming well but they have been super of the first lockdown, 59 new sites have issues. Estate agent Foxtons and The
stores. charged,” said John Diviney, UK manag- opened, accounting for almost a fifth of Mr Hydes said this did not worry him. Restaurant Group were among the com-
ing director of the service station opera- openings in the food service sector and 3 “It’s a very attractive market [and that] panies criticised for shutting retail
Taco Bell said it had to employ three tor Applegreen. “Any new sites we look per cent ahead of the same period last means we have to be very focused on investors out of fundraisings.
marshals to monitor streams of about at will now come with a minimum of one year. where we land those locations.”
20 cars joining the drive-through lane at drive through.” In June, a poll of users of the Interac-
its recently opened Milton Keynes site, With fewer staff needed and typically He highlighted an extra rationale for tive Investor platform found 96 per cent
while Starbucks said that with lock- The Canadian coffee chain, Tim Hor- lower rents than in town stores, they are the popularity of drive-throughs during thought private shareholders should
downs in place, a quarter of all pur- tons, said it wanted to create 2,000 jobs an attractive prospect for businesses. lockdown: “People are sitting in their have the same rights as institutions in
chases were drive-through sales. with drive-through restaurants in They are also fairly easy and fast for cars and eating in a car park because it’s equity fundraisings.
“every major city and town” in the UK landlords to build. a change from the four walls.”
Drive-throughs — a concept pio- Richard Wilson, the platform’s chief
neered at the In-N-Out burger shack at executive, said the decision to reinstate
them would be welcomed. “The FRC is
finally giving individual investors . . . a
seat back at the table,” he said.
PEG said pre-emption rights would
continue to be respected “to protect all
shareholders”.
News round-up
Nationwide doubles provision Sage shares tumble as it lifts BuzzFeed buys HuffPost in
and posts decline in benefits spending on cloud platform content tie-up with Verizon
Oliver Ralph Nationwide Building Society’s model is a Harriet Clarfelt price has dipped 21 per cent since the Anna Nicolaou and James Jonah Peretti, chief executive and
lower-risk model that would deliver start of 2020. Fontanella-Khan — New York founder of BuzzFeed, sounded the
Nationwide doubled the amount it lower profits than others during the Shares in Sage fell more than 13 per alarm two years ago when he predicted
has set aside for bad loans and reported good times and prove more resilient in cent yesterday as the FTSE 100 Sage has been shifting away from BuzzFeed has acquired HuffPost from publications would need to band
a drop in benefits for its members as tougher times, and I think these results accounting software group said it licensing fees and towards a subscrip- the telecoms group Verizon, the latest together to achieve the scale needed
it deals with the fallout from the really show that to be true.” would ramp up spending next year to tion model, and said recurring sales now consolidation in the ailing digital to compete with big technology
pandemic. capture small businesses as they made up nine-tenths of its revenues as media sector. companies.
Overall mortgage lending volumes shifted to cloud computing. customers moved to its Business Cloud
The UK’s largest building society said fell to £12.7bn from £16.3bn in the first platform. “I am confident that our addi- Under the terms of the deal, Verizon’s He said the agreement with Verizon,
low interest rates had forced it to cut the half of last year, with Nationwide blam- Sage said its full-year revenue fell 1.7 per tional investment in Sage Business media arm will emerge with a minority announced late on Thursday, would
amount it pays to savers as it published ing disruption caused by the pandemic. cent to £1.9bn, slightly ahead of consen- Cloud, and in particular cloud native stake in BuzzFeed, and the groups give his media company “more users,
it first-half earnings yesterday. sus estimates, while operating profit will syndicate content across each spending significantly more time with
“We focused on lending into areas rose 5.8 per cent to £404m. After strip- Sage is betting the ‘pace of other’s sites and partner on advertising our content than any of our peers”.
“After protecting savers with average that are really core to our purpose such ping out businesses that Sage has agreed digital transformation’ initiatives.
deposit rates that were higher than the as first-time buyers. We’ve been quite to sell in Poland, Switzerland, Asia and among smaller businesses Mr Peretti was one of the original
market average for some years, we targeted on our lending,” Mr Garner Australia, full-year operating profit fell is accelerating BuzzFeed is not spending any cash for co-founders of The Huffington Post in
knew this would not be sustainable said. 3.7 per cent to £391m. HuffPost. For its part, Verizon will inject 2005, along with Arianna Huffington.
when the bank base rate fell to its lowest solutions, will deliver stronger growth cash along with the business in return In 2011 AOL bought the company
ever rates,” said Chris Rhodes, chief At the end of September Nationwide Sage said it was betting that the “pace and drive the future success of the for the minority stake in BuzzFeed. The for $315m. It became part of Verizon
financial officer. had a common equity tier one ratio — a of digital transformation” among group,” said chief executive Steve Hare. size of the stake and cash involved were in 2015 when the telecoms group
measure of capital strength — of 34.5 per smaller businesses was accelerating and not immediately known. acquired AOL.
Nationwide said it had set aside cent, up from 31.9 per cent in April. so it planned to increase investment in George O’Connor, analyst at Stifel,
£139m for loans that may not be repaid its Sage Business Cloud software offer- said “the results were fine — broadly in Digital media companies, which once The FT reported last year that Verizon
— more than double its £57m provision While many banks have pushed ing, stepping up spending on sales, mar- line” but “the big disappointment was attracted billions of dollars from ven- was sounding out buyers for HuffPost.
in the same period last year. It said that, ahead with extensive branch closure keting and research and development. on guidance and outlook”. The market ture capitalists, are struggling to stay
while the number of borrowers falling plans, Nationwide has committed to is “tussling between growth and value,” afloat as already shrinking online adver- The digital media industry has
into arrears had “stayed about the keeping a physical presence in every As a result, it warned that its operat- he said. “You have Sage trying to back tising revenues have taken a further hit endured a number of casualties and
same”, that could change when job sup- town or city where it operates until at ing margin would be knocked by up to 3 both horses . . . and not doing either of from the coronavirus pandemic. deals in the past two years. Vox bought
port schemes were withdrawn. least 2023. percentage points in 2021, and that it them particularly well.” New York Media, the company behind
hoped margins would “trend upwards” While publishers such as The New the flagship magazine and sites includ-
Pre-tax profits, excluding one-off “This year has been another huge after next year “as the investment See Lex York Times and the Financial Times ing Vulture, Group Nine acquired Pop-
costs and benefits, were flat at £305m. blow to the high street and the commu- drives recurring revenue growth and rely on subscription revenue to cushion Sugar and Vice bought Refinery 29.
nities that depend on them. They need operating efficiencies”. Sage’s share the blow, digital media groups rely more Other sites, such as Mic and Tavi Gevin-
Chief executive Joe Garner said: “For our support more than ever,” said Mr on advertising. son’s Rookie, have shut down.
many years we have described how Garner.
21 November/22 November 2020 ★ FTWeekend 19
COMPANIES & MARKETS
Fixed income. Upbeat mood Equities
Covid jab cheer clears path Shopping app
for riskier bond issues Wish pursues
IPO despite
growing losses
Groups at the bottom of the Investors rush into lowest-rated debt on vaccine optimism Cruise line percentage points on the day Pfizer Miles Kruppa — San Francisco
Carnival made its announcement to 10 per cent, David Carnevali — New York
ratings pile tap into investors’ Yield on ICE BofA CCC & Lower US High Yield index ( ) returned to the the biggest one-day fall since May, as
debt market this investors rushed into the debt. Wish, the ecommerce platform that
appetite for higher returns Pfizer and BioNTech week with its sells cheap Asian-made goods to the
reveal vaccine trial results first unsecured Cruise line operator Carnival, whose masses, has revealed surging revenue
Nikou Asgari, Joe Rennison, Tommy deal — Dean Lewins/EPA- earnings have been battered by the pan- but widening losses, as it begins pitching
Stubbington — London Jan 2020 Nov demic, has regularly tapped the bond a planned New York stock market
David Carnevali — New York EFE/Shutterstock markets this year. This week it returned listing to investors.
Source: Refinitiv with its first unsecured deal, a riskier
Lowly rated companies have seized on ‘The offering as the bonds are not backed by Wish is one of a group of consumer-
Covid-19 vaccine breakthroughs to bor- cine was nearly 95 per cent effective. It Dominic Ashcroft, co-head of Emea vaccine its ships or other collateral. Our global facing tech companies aiming for a
row in an ebullient market, as investors followed last week's announcement by leveraged finance at Goldman Sachs, news has team gives you public listing in the US before the end of
look towards the prospect of an effective Pfizer and BioNTech of a vaccine with said that prior to the vaccine announce- been a “The vaccine news has been a game market-moving the year, joining Airbnb, meal delivery
jab boosting the financial outlook of high efficacy, progress that boosted ments, deals for companies including game changer in the US,” said Ben Burton, news and views, service DoorDash and the video game
riskier borrowers. demand for junk bonds issued by UK Boparan “would have been more chal- changer in head of US leveraged finance syndicate 24 hours a day platform Roblox.
exercise chain PureGym — whose sites lenging to get done or wouldn’t get to the the US’ at Barclays, adding that there had been a ft.com/markets
Companies at the bottom of the rat- were forced to shut again because of pricing levels that we’ve seen . . . This “dramatic” increase in risk appetite. The app is aiming for a valuation of
ings ladder and those whose earnings England’s second nationwide lockdown. week they got a better level than they between $25bn and $30bn, according to
have been decimated by the pandemic Its banks had been holding the debt would have got two weeks ago.” In the loan market, Inspire Brands, people briefed on the process. Some of
have tapped into the buoyant mood to since January and the vaccine news gave which owns restaurant chains Buffalo the company’s bankers had initially
push deals over the line while offering PureGym’s bankers just the boost they Boparan’s £475m worth of five-year Wild Wings and Arby’s, raised $2.6bn pitched a valuation as high as $40bn,
juicy returns to investors with increased needed to dodge steep losses. debt, £50m of which was bought by Mr this week to buy coffee chain Dunkin one of the people said. It raised money
appetites for risk. Boparan and his wife, gave investors an Brands. Bankers pulled the completion at a valuation of $11.2bn last year.
“The bond market is definitely quite interest rate of roughly 7.6 per cent, date for the deal forward by two days
The success of such deals reflects the hot now and has taken the vaccine head- according to a pricing document seen by and lowered the company’s borrowing The San Francisco-based digital mar-
hopes resting on a vaccine-induced eco- lines from Pfizer and Moderna very pos- the Financial Times. cost to 3.25 percentage points over the ketplace said yesterday that it had gen-
nomic rebound next year. Historic cen- itively at least in thinking about credit benchmark rate, known as Libor, in a erated sales of $1.7bn in the first nine
tral bank actions and low interest rates risk,” said James Durance, European Boparan declined to comment on this sign of demand for the deal. months of the year, up a third from the
offered by high-grade borrowers have high yield portfolio manager at Fidelity week’s deal or its potential refinancing same period in 2019. But Wish, which is
also encouraged investors to hunt for International, adding it was now easier over the summer. Falling borrowing costs and strong registered by the name ContextLogic,
returns in riskier corners of the market. for low-rated issuers to come to market. investor demand to either purchase said net losses had grown much faster,
Helen Rodriguez, senior analyst at bonds or make loans has made debt rising to $176m in the first nine months
Boparan, the UK’s largest chicken For Boparan, the double vaccine research firm CreditSights, said the markets an appealing alternative to from $5m a year earlier.
producer which is run by so-called breakthroughs were similarly helpful. hopeful outlook combined with the raising money by selling stock, said
“chicken king” Ranjit Singh Boparan, Over the summer the company had record low interest rate environment Sarang Gadkari, co-head of global capi- The company, which grew out of a
issued high-yield bonds this week. sought to refinance its bonds that had encouraged investors to buy “more tal markets at Bank of America. machine learning algorithm developed
Before the financing, the supplier of mature in 2021, but plans were put on complicated stories”. by its chief executive Peter Szulczewski,
chicken to retailers including Aldi and ice after investors sought excessively The vaccine news has also sparked a a Google alumnus, has become a popu-
Tesco had a triple C credit rating, in the high borrowing costs, according to two US companies at the bottom of the flurry of deals from riskier emerging lar platform for purchasing discounted
lowest reaches of junk. It has been people familiar with the matter. ratings scale have also benefited from market borrowers as investors bet the items from China, targeting low- to
weighed down by high levels of borrow- the post-vaccine euphoria. The yield in a sector will be among the biggest winners middle-income consumers with a per-
ing, embarking on a turnround plan US index of triple-C rated bonds fell 0.72 from a faster economic rebound. sonalised feed of products.
that involved the sale of assets including
Fox’s Biscuits for £246m last month. “Before the second wave of Covid, The company’s prospectus, published
markets were open for EM borrowers, yesterday, featured a sampling of items
Just hours after Boparan’s £475m but not en masse,” said Sergey Goncha- on the site, ranging from $3 beauty
bond issue was launched on Monday, US rov, a fund manager at Vontobel Asset products to a $16 tool kit and a $104
biotech firm Moderna delighted mar- Management. The vaccine news had video camera. Its mobile app has been
kets by announcing its coronavirus vac- made investors “way more comfortable the most downloaded global shopping
buying into these riskier names”. app for the past three years, according
to the data provider Sensor Tower.
But it has also faced backlash for
the quality and safety of products
sold on its site — a concern it flagged up
in the prospectus.
Wish said: “We may be subject to
unfavourable publicity that would cre-
ate a public perception that non-
authentic, counterfeit, dangerous, ille-
gal, or defective goods are sold on our
platform, or that our policies and prac-
tices are insufficient to deter or respond
to such conduct.”
Wish noted that PayPal temporarily
stopped processing payments on the
site in 2014 “as a result of concerns
related to products”.
It also said the coronavirus pandemic
had affected business, disrupting supply
chains from China and causing a tempo-
rary decline in the number of mer-
chants on the site.
On the other hand, the company said
it had benefited from customers avoid-
ing physical retail stores during the pan-
demic.
Wish warned that economic tensions
between the US and China could also
have an impact, citing US threats to
impose tariffs on $500bn of imports
from China.
Mr Szulczewski will retain majority
voting power over Wish through a dual-
class share structure, according to the
prospectus.
Commodities Commodities
‘Insatiable’ China demand puts iron ore Hershey turns to futures exchange for
on track to average $100 a tonne in 2020 bean supply as chocolate premiums bite
Neil Hume huge profits for Anglo, BHP and Vale as ter, but they have continued to advance Emiko Terazono demand for discretionary food products try premiums to reflect lower demand.
Natural Resources Editor well as other big producers, including and yesterday were within a whisker of such as chocolate. “It’s a complete mess at the moment. I
Rio Tinto and Fortescue Metals Group, a new high for the year at $129.50 a Hershey has resorted to the unusual
Iron ore, the steelmaking ingredient which can dig the material out of the tonne, according to a price assessment tactic of buying cocoa on the futures At the same time, for buyers on the wish Ghana and Ivory Coast would talk
that is the biggest generator of profits ground for less than $15 a tonne. from S&P Global Platts. market as tensions build between physical markets, the Ivory Coast and and listen,” said one large cocoa trader.
for leading miners, is on course to chocolate companies and west African Ghana, which account for more than 60
average $100 a tonne over the year for Two major factors have propelled Erik Hedborg, lead iron ore analyst at producers over the premiums they per cent of production, have imposed a Procuring beans through the
the first time since 2013. iron ore higher: booming demand in consultancy CRU, said iron ore was ben- need to pay for the beans. premium of $400 a tonne to support exchange, where there is no living
China — where around 80 per cent of the efiting from a more optimistic outlook farmers. Physical market buyers also income differential premium, offers a
The resilience of the material has world’s seaborne supply is consumed — for the global economy after two suc- Buyers for the key chocolate ingredient have to pay a “country premium” for discount of about $200 a tonne for top
helped the mining industry sidestep the and supply disruptions in Brazil, one of cessful trials for Covid-19 vaccines, a normally purchase the commodity grade beans for Ivory Coast compared
worst damage from the coronavirus the countries most affected by Covid-19. stronger renminbi — which fuels Chi- from traders. However, a premium Most have said they were with the physical markets, according to
pandemic, which has hammered other nese demand — and recent data that on the beans on the physical cocoa happy to pay the $400 brokers. Buyers of beans on the
sectors such as oil and gas by cutting There had been fears that prices underscored China’s remarkable recov- market from the world’s two top pro- ‘living income differential’ exchange, however, do not have control
away demand for energy. would start to crack in the fourth quar- ery from the pandemic. ducers Ivory Coast and Ghana has premium for farmers over the quality of their purchases.
driven some buyers to look for cheaper
Iron ore is the best performing major Miners can dig the ore out of the “Production exceeded demand at prices elsewhere. cocoa from Ghana and Ivory Coast The company said it had “long sup-
commodity of 2020, up almost 38 per ground for less than $15 a tonne the start of the year when China had its because of the beans’ higher quality. ported initiatives that improve the
cent, according to data from S&P Global Covid-19 lockdown and inventories New York cocoa prices have soared on incomes and livelihoods of farmers”,
Platts. In contrast gold, which benefited were built up, but now we’re seeing that the move, with the ICE December con- “It’s been hell of a rally,” said Jack and that it had bought cocoa on the
from investors looking for safe places to reverse and we see inventory levels tract up by a fifth from the start of this Scoville at commodities brokers Price physical markets, paying for the Ivorian
park cash, is about 24 per cent higher. dropping,” said Mr Hedborg. week to $2,915 a tonne. Futures Group in Chicago, who added and Ghanaian living income differential
that it was the Ivory Coast and Ghana premiums.
“The spectacular and relentless rise in Figures released this week showed The futures market for cocoa is policies that was on traders’ minds. “It is
price of iron ore this year, almost totally China’s industrial production increased largely used by buyers for hedging not a fundamental strength,” he added. “While we do not discuss details of our
driven by China’s seemingly insatiable 6.9 per cent year-on-year in October, as well as trading by speculators such specific buying and hedging activities,
appetite . . . has been a blessing for big while investment in infrastructure rose as hedge funds. While most chocolate companies and we buy cocoa from a variety of suppliers
producers that saw demand in the rest 7.5 per cent, according to official data. cocoa traders have said they were happy and sources to meet our ongoing busi-
of the world fall off a cliff,” said Andrew As a result of the extra demand, profits In the New York market, it is rare to to pay the $400 “living income differen- ness needs,” it said.
Glass, chief executive of Avatar Com- from the production of steel reinforce- see physical buyers taking delivery of tial” premium for farmers, they have
modities and former head of ferrous ment bars hit almost Rmb400 ($61) a the commodity from the futures requested more flexibility on the coun- Cocoa authorities in Ghana and the
trading at miner Anglo American. tonne this week, from Rmb94 a month exchange, according to traders. Ivory Coast did not respond to requests
ago, according to Metals Market Index. for comment.
The run-up in prices has generated The move by Pennsylvania-based Additional reporting by Neil Munshi
Hershey comes as the pandemic has hit in Lagos
20 ★ FTWeekend 21 November/22 November 2020
COMPANIES & MARKETS
Brexit crunch The day in the markets
time? Traders say
maybe later What you need to know
3 Europe and London benchmarks on FTSE on track for strongest monthly rally on record
track for best-ever monthly rallies
3 Concern grows over spat between Index
Treasury and Federal Reserve
Eva Szalay 3 Outlook darkens as coronavirus deaths
continue to climb sharply
Inside London
nowhere near as pronounced as in pre- scrambled for dollars, sterling is trading Equities were mixed yesterday as hopes Nov
F or foreign exchange investors, vious instances. very close to levels where it started the for a vaccine were weighed against a
the supposed crunch time in year, above $1.32. Against the euro, the worsening pandemic and tension Source: Refinitiv
Brexit talks next week is look- “I don’t think I can exaggerate how pound has lost more than 5 per cent between the US Fed and Treasury.
ing decidedly soggy. much fatigue there is with Brexit in FX since January to trade around €1.1172, quarrel”, said Oxford Economics in a note. was “becoming increasingly urgent”.
Key figures in the talks markets at this point,” said Edward Al- but it is far from previous instances of US equities were struggling to find a Prices of US government bonds ticked The US has had a tough week of
between the UK and the EU have sug- Hussainy, a senior currencies and rates extreme weakness. direction at midday in New York. The S&P
gested that the two sides could find com- analyst Columbia Threadneedle. 500 was down 0.5 per cent and the tech- up slightly following Mr Mnuchin’s pandemic news, after coronavirus deaths
mon ground on the last outstanding Such pricing suggests an agreement heavy Nasdaq advanced 0.2 per cent. announcement, taking the yield on the rose the most in more than six months.
issues next week, raising hopes that a After failing to predict when a break- would trigger a muted reaction, because 10-year US Treasury down to 0.83 per
trade deal can be agreed before the end through might happen, traders and sterling is trading near levels where ana- In Europe, the Stoxx 600 and London’s cent. “The fear is that the safety provided Armin Peter, head of debt capital
of the year. investors have started to price in what lysts and investors expected it in the FTSE 100 remained on track for their by the [Fed] measures is withdrawn at markets at UBS, said the stocks rise had
But after the many tunnels, landing has always been their central assump- outcome of a deal, at least against the strongest monthly rallies on record, both the time the economy is entering another been more muted this week since “asset
zones and hard deadlines that were tion: some form of a trade deal. Paul dollar. Analysts see more possibility of a up about 14 per cent in November. The tough patch,” said Antoine Bouvet, senior classes are focused on the reflationary
postponed over the years, traders and Robson, head of currency strategy at sterling upswing against the euro, with Stoxx 600 closed the session with a gain rates strategist at ING. possibilities of a vaccine rollout”.
investors in currency markets are find- NatWest Markets, said anecdotal evi- many pencilling in €1.1428 as the target of 0.5 per cent, while the FTSE 100
ing it hard to get as excited about the dence from the market suggested inves- on positive developments. The potential climbed 0.3 per cent. Other European Mike Bell, global market strategist at Trading in Asia was mixed. Japan’s
next crunch time as they used to. tors had become confident that the two for disappointment is bigger. “In a sce- bourses rose by similar margins. JPMorgan Asset Management, said the Topix closed down 0.4 per cent, while
“We think a deal will be done but is nario of no trade deal, the pound could Treasury’s stance was less significant China’s CSI 300 rose 0.4 per cent and
next week really a crunch time? We’ve ‘I don’t think I can reach parity against the euro, at least Investors have looked past the rising than the continued absence of a fiscal Australia’s S&P/ASX 200 dropped 0.1 per
been down this road before,” said Ian exaggerate how much initially,” Ms Dall’Angelo said. number of virus cases to send risky support package from Congress, which cent. Camilla Hodgson and David
Tew, head of G10 FX spot trading at Bar- fatigue there is with assets higher this month after positive Carnevali
clays. Even as chancellor Rishi Sunak Brexit in FX markets’ Positive news about coronavirus vac- vaccine trials from Moderna, Pfizer and
prepares to unveil next week the largest cine trials and building optimism about AstraZeneca. Optimism that these
downgrade in economic performance sides will agree on future trade terms moving beyond Brexit are setting up breakthroughs might pave the way to
and the public finances since the second before the end of the year and they have sterling for potential gains next year, normality has boosted stocks, particularly
world war, nervousness about talks has been steadily reducing their probabili- according to Kamakshya Trivedi, Co- in unloved sectors such as travel and
subsided for now. ties of the alternative. Head of Global FX, Rates & EM Strategy more economically sensitive industries.
The promise of a possible deal would at Goldman Sachs. Mr Trivedi said the
have triggered violent moves in sterling Many, such as Barclays’ Mr Tew, UK economy could “uncoil” faster than But the news on Thursday from the US
a year ago, while strategists pronounced expect talks to go on to the eleventh others as the vaccine allows normal life Treasury could prove troubling, said
the pound “impossible” to trade due to hour and to continue into December. to return, while moving past uncer- analysts. Steven Mnuchin, the Treasury
the prevailing uncertainty this time in Silvia Dall’Angelo, senior economist at tainty about Brexit will allow the Bank secretary, decided not to extend several
2018, in the run-up to another key asset manager Federated Hermes, said of England to backtrack on considering emergency lending facilities set up by the
Brexit deadline. investors would probably get a lot more negative interest rates. Fed, which prompted the central bank to
Two years ago, a measure that indi- nervous if the EU Council meeting on warn that the slowing economic recovery
cates nervousness about large exchange December 10 and 11 passed without any Understanding why global fund man- remained “strained and vulnerable”.
rate swings was more than 50 per cent sign of an agreement. Until then, the agers are wary of UK assets will be key
higher for the euro’s price against ster- longer talks continue the more markets for sterling, NatWest’s Mr Robson said, This is a “rare and poorly timed public
ling than the average for leading curren- believe that a deal will happen. noting that right now it’s impossible to
cies. This time, three-month implied tell if it’s the uncertainty of Brexit or Markets update
volatility is just 12 per cent higher today, Price action in sterling bears this out. concerns about the UK’s long-term out-
indicating that while traders see a small Despite the coronavirus-triggered wob- look keeping investors away. “If it’s the US Eurozone Japan UK China Brazil
chance of violent swings in the pound’s ble in March when the currency prior, we could see a rebound in UK Bovespa
exchange rate, this likelihood is plunged to historic lows as investors assets next year,” he added. Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp 106108.72
[email protected] Level 3572.26 1504.36 25527.37 6351.45 3377.73 -0.53
Real per $
% change on day -0.27 0.49 -0.42 0.27 0.44
5.372
Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $
1.132
Level 92.392 1.185 103.815 1.329 6.571 10-year bond
% change on day 0.106 0.084 -0.077 0.530 -0.213 7.576
Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 6.100
Metals (LMEX)
Yield 0.840 -0.584 0.012 0.301 3.320
3231.50
Basis point change on day -1.390 -1.200 0.290 -2.100 -0.600
0.07
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver
Level 402.62 44.47 42.00 1857.35 23.98
% change on day 0.12 0.50 0.07 -1.00 -1.38
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
3680 1520 6720
6400
3520 1440
6080
3360 1360 5760
3200 | | || | | | | | | | | | | | | | | | | 1280 | | || | | | | | | | | | | | | | | | | 5440 | | || | | | | | | | | | | | | | | | |
Sep 2020 Nov Sep 2020 Nov Sep 2020 Nov
Biggest movers
% US Eurozone UK
Microchip Technology 4.78 Thyssenkrupp
4.33 Antofagasta 3.46
Downs Ups Take-two Interactive Software 3.62 A.p. Moller - Maersk B 3.91 Avast 3.18
Laboratory 3.07 Red Ele. 3.24 Jd Sports Fashion 2.77
Agilent 2.25 Bayer 3.23 Bae Systems 2.60
Vertex Pharmaceuticals 2.20 Rwe 2.76 Smiths 2.52
%
Pvh -3.82 Pernod Ricard -3.64 Sage -13.39
Ww Grainger -3.36 Carrefour -2.23 Bt -4.45
Carnival -3.35 Seadrill -2.18 Johnson Matthey -3.86
Alaska Air -3.13 Casino Guichard -2.13 Kingfisher -2.85
Firstenergy -3.12 Informa -2.20
Alstom -2.02
Prices taken at 17:00 GMT
Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
Wall Street Eurozone London
Cyber security group FireEye rose after it AP Moller Maersk rose after a group of Sage stock tumbled after it reported a
said it would receive $400m of investment banks raised their target 3.7 per cent slide in full-year organic
investment, led by Blackstone Tactical prices for its shares, following positive operating profit to £391m compared with
Opportunities. It plans to use the news from the Danish shipping and £406m in 2019. The accounting software
proceeds to develop its cloud platform logistics group. Maersk launched a $1.6bn group forecast organic recurring revenue
and managed services portfolio. The tie- share buyback on Wednesday and raised growth of 3 per cent to 5 per cent next
up created opportunities for further M&A its profit forecast for the third time during year, after warning of an “uncertain
opportunities and shored up FireEye’s the coronavirus pandemic, citing stronger economic backdrop”.
internal operational power to become demand for its freight services.
“software as a service-first”, said Fatima “While Sage has delivered a resilient
Boolani, an analyst at UBS. Italy’s Banco BPM gained on top-line performance for FY20, the
speculation of consolidation in the outlook is on the light side, especially
Gilead Sciences fell after the World European banking sector. Yesterday it around margins,” said analysts at Shore
Health Organization recommended welcomed the possibility of a merger with Capital, who maintained a “hold” rating
against prescribing its remdesivir drug to Bper Banca after Bper’s biggest and a target price of £6.80.
Covid patients. In the BMJ, a WHO panel shareholder described the idea as
said Gilead’s remdesivir was “not “fascinating”. This came after Spanish An upgrade by Citi analyst Mubasher
suggested for patients admitted to financial groups BBVA and Sabadell Chaudhry helped Croda International
hospital with Covid-19, regardless of how announced merger talks. Bper also rose. climb. The speciality chemicals group,
severely ill, because there is currently no which this week agreed to purchase
evidence it improves survival or the need Shares in Thyssenkrupp rallied, having Spanish fragrance manufacturer
for ventilation”. The WHO news sunk on Thursday after the German steel Iberchem for €820m, was lifted to “buy”
represented “another setback for and materials group revealed a €5.5bn with a target price of £74.00.
remdesivir, which has been a primary full-year loss and announced 5,000 more
driver of sentiment, driving Gilead’s job cuts, as investors deemed the stock to This deal, said the bank, provided
shares up” this year, said analysts at Bank have become oversold. Its shares have Croda with access to the fastest-growing
of America Securities. The group’s shares been volatile in recent weeks as investors regions within the fragrance space, and
are now down about 8 per cent this year. digest its challenges from cheap Asian the ability to realise significant revenue
steel imports against the prospects of it synergies through cross-selling.
Moderna, another group working on a selling off underperforming businesses.
virus treatment, climbed after revealing Johnson Matthey slid after reporting
this week that its vaccine was almost 95 Thyssenkrupp received an approach an 88 per cent fall in profit before tax in
per cent effective. Rival Pfizer, which is for its lossmaking steel unit from Liberty the six months ending September 30. The
developing a vaccine with Germany’s House in October, although details of the world’s biggest supplier of catalytic
BioNTech, also advanced. Ray Douglas potential deal were not made public. converters for cars said the path to
Naomi Rovnick recovery remained “uncertain”.
Ray Douglas
21 November/22 November 2020 ★ FTWeekend 21
MARKET DATA
WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA
Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $
-0.27% 0.05% -0.44% 0.27% 0.49% -0.42% 0.36% 0.12% 0.084% 0.530% -0.077% -0.335% 0.10% -1.00%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS Index All World Oct 21 - Nov 20 Index All World EUROPE Index All World Oct 21 - Nov 20 Index All World ASIA Index All World Oct 21 - Nov 20 Index All World
Xetra Dax Kospi
Oct 21 - - New York S&P/TSX COMP Toronto Oct 21 - Nov 20 London Frankfurt Oct 21 - Nov 20 Tokyo Seoul
S&P 500 FTSE 100 6,351.45 13,137.25 Nikkei 225 25,527.37 2,553.50
3,572.26 16,986.23 Year -12.61% Year NaN% Year 9.59% Year 18.59%
3,453.49 16,279.36 5,785.65 12,543.06 23,639.46 2,355.05
Day -0.42% Day 0.24%
Day -0.27% Month 3.74% Year 14.91% Day 0.45% Month 4.36% Year -0.13% Day 0.27% Month 7.77% Day 0.39% Month 0.46% Month 7.84% Month 8.81%
Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
11,910.96 41,937.88 1,504.36 7,977.90 26,451.54 2,813.01
38,201.81 Year -13.52%
11,506.01 Month 3.42% Year 39.68% Day 0.16% Month 9.80% Year -3.80% 1,393.27 Month 6.31% Year -4.87% 6,796.60 Month 15.17% 24,786.13 Month 7.67% Year -2.47% 2,528.41 Month 10.54% Year -13.19%
Day 0.05% Day 0.49% Day 0.60% Day 0.36% Day 1.30%
Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
29,352.13 100,552.44 106,108.72 5,495.89 19,076.95 21,706.96 3,312.50 3,377.73 43,882.25
28,363.66 Year 0.21% 4,851.38 Year 15.12% 40,558.49 Year 8.43%
Day 0.39% Day 0.65%
Day -0.44% Month 3.67% Year 5.49% Day -0.53% Month 5.52% Month 11.49% Year -6.75% Day 0.79% Month 11.34% Year -7.11% Day 0.44% Month 1.96% Month 8.53%
Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
23408.17 Philippines Manila Comp 7169.79 6997.62 Taiwan Weighted Pr 13716.44 13722.43 Cross-Border DJ Global Titans ($) 412.50 413.37
Argentina Merval 51140.40 50950.21 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 23603.76 36198.22 Poland Wig 52353.64 51651.40 Thailand Bangkok SET 1389.34 1369.42 Euro Stoxx 50 (Eur) 3467.60 3451.97
Australia All Ordinaries 6739.90 6742.70 Czech Republic PX 942.15 938.51 FTSE Italia Mid Cap 36660.90 21536.24 Portugal PSI 20 4424.15 4367.51 Turkey BIST 100 1323.95 1313.02 Euronext 100 ID 1083.87 1077.55
S&P/ASX 200 6539.20 6547.20 Denmark OMXC Copenahgen 20 1409.55 1388.14 FTSE MIB 21706.96 6388.48 Romania PSI General 3353.37 3311.27 UAE Abu Dhabi General Index 4913.71 4952.36 FTSE 4Good Global ($) 8791.37 8797.49
S&P/ASX 200 Res 4580.30 4608.50 Egypt EGX 30 10898.67 10989.72 Japan 2nd Section 6420.32 25634.34 Russia BET Index 9069.28 8986.26 UK FT 30 2452.40 2476.40 FTSE All World ($) 402.62 402.12
Austria ATX 2502.67 2502.97 Estonia OMX Tallinn 1211.59 1211.80 Nikkei 225 25527.37 1452.56 Saudi-Arabia Micex Index 3051.04 3046.49 USA FTSE 100 6351.45 6334.35 FTSE E300 1504.36 1497.07
Belgium BEL 20 3585.66 3572.69 Finland OMX Helsinki General 10544.72 10485.52 S&P Topix 150 1451.13 1726.41 Singapore RTX 1262.69 1258.91 FTSE 4Good UK 5964.44 5954.51 FTSE Eurotop 100 2829.37 2817.21
BEL Mid 8063.64 8012.25 France CAC 40 5495.89 5474.66 Topix 1727.39 1558.25 Slovakia TADAWUL All Share Index 8578.42 8621.19 Venezuela FTSE All Share 3586.51 3578.38 FTSE Global 100 ($) 2329.15 2328.56
Brazil IBovespa 106108.72 106669.90 SBF 120 4344.64 4330.67 Jordan Amman SE 1555.49 1788.54 Slovenia FTSE Straits Times 2813.01 2777.00 Vietnam FTSE techMARK 100 5935.81 5966.75 FTSE Gold Min ($) 2363.83 2399.08
Canada S&P/TSX 60 1015.03 1010.61 Germany M-DAX 28998.47 28745.50 Kenya NSE 20 1784.40 6603.51 South Africa SAX 335.90 338.72 DJ Composite 9831.28 9868.93 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Comp 16986.23 16909.81 TecDAX 3066.35 3033.31 Kuwait KSX Market Index 6633.44 1117.83 SBI TOP - DJ Industrial 29352.13 29483.23 FTSE Multinationals ($) 2535.35 2532.79
S&P/TSX Div Met & Min 572.55 580.52 XETRA Dax 13137.25 13086.16 Latvia OMX Riga 1118.18 773.24 South Korea FTSE/JSE All Share - 56753.49 DJ Transport 12260.02 12350.75 FTSE World ($) 713.84 713.51
Chile S&P/CLX IGPA Gen 20301.89 20140.53 Greece Athens Gen 699.45 699.20 Lithuania OMX Vilnius 772.17 1227.67 Spain FTSE/JSE Res 20 56615.28 51450.56 DJ Utilities 872.94 FTSEurofirst 100 (Eur) 3843.53 3823.70
China FTSE A200 13082.20 13043.91 FTSE/ASE 20 1656.52 1656.60 Luxembourg LuxX 1232.65 1583.68 Sri Lanka FTSE/JSE Top 40 51438.56 51977.91 Nasdaq 100 877.30 11985.43 FTSEurofirst 80 (Eur) 4745.21 4724.60
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26451.54 26356.97 Malaysia FTSE Bursa KLCI 1593.75 41868.82 Sweden Kospi 51915.40 2547.42 Nasdaq Cmp 11978.93 11904.71 MSCI ACWI Fr ($) 610.27 610.11
Shanghai A 3540.14 3524.79 HS China Enterprise 10553.35 10555.36 Mexico IPC 41937.88 10722.04 Switzerland Kospi 200 2553.50 340.16 NYSE Comp 11910.96 13949.10 MSCI All World ($) 2546.31 2543.36
Shanghai B 252.73 252.08 HSCC Red Chip 3856.15 3890.16 Morocco MASI 10760.56 596.01 IBEX 35 7930.20 S&P 500 13841.49 3581.87 MSCI Europe (Eur) 1571.60 1582.26
Shanghai Comp 3377.73 3363.09 Hungary Bux 38204.67 38163.61 Netherlands AEX 601.62 861.79 CSE All Share 340.62 6060.89 Wilshire 5000 3572.26 37219.05 MSCI Pacific ($) 2937.10 2938.43
Shenzhen A 2396.17 2381.88 India BSE Sensex 43882.25 43599.96 AEX All Share 871.67 12557.13 OMX Stockholm 30 7977.90 1915.40 IBC 37156.69 628845.38 S&P Euro (Eur) 1605.07 1597.39
Shenzhen B 984.39 974.80 Nifty 500 10560.55 10477.50 New Zealand NZX 50 12441.81 34818.01 OMX Stockholm AS 6085.00 754.09 VNI 638019.44 983.26 S&P Europe 350 (Eur) 1550.34 1542.80
Colombia COLCAP 1230.81 1234.56 Indonesia Jakarta Comp 5571.66 5594.06 Nigeria SE All Share 34643.65 973.39 SMI Index 1926.47 10490.77 S&P Global 1200 ($) 2818.00 2820.54
Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 7125.99 7087.95 Norway Oslo All Share 979.09 40540.70 758.04 990.00 Stoxx 50 (Eur) 3067.32 3053.68
10495.65
Israel Tel Aviv 125 1476.35 1486.12 Pakistan KSE 100 40187.18
(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 FTSE 100 Nov 20 %Chg %Chg FTSE 250 Nov 20 %Chg %Chg FTSE SmallCap Nov 20 %Chg %Chg Industry Sectors Nov 20 %Chg %Chg
ACTIVE STOCKS Winners price(p) week ytd Winners price(p) week ytd Winners price(p) week ytd Winners price(p) week ytd
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's stock close Day's ACTIVE STOCKS stock close Day's Taylor Wimpey Micro Focus Int 328.90 33.2 Saga 276.80 49.5 Aerospace & Defense 3616.90 -
traded m's price change traded m's price change Asml Holding traded m's price change traded m's price change Bae Systems Just 24.2 -70.4 Renewi 33.6 -62.4 Oil & Gas Producers 4321.55 7.9 -
3119.45 8317.00 192.00 Sap Se O.n. 361.15 6749.00 172.00 Imperial Brands 167.00 12.3 -15.2 Babcock Int 60.00 16.9 -27.7 Metro Bank 32.00 31.9 -10.2 Automobiles & Parts 3592.18 5.5 -
Amazon.com 45.5 117.98 2.43 Astrazeneca 163.9 4456.00 Lvmh 397.4 98.80 5.70 Softbank . 853.9 81130.00 -2120.00 Intermediate Capital 521.00 10.6 -9.2 Rank 323.10 14.8 -48.8 Gem Diamonds 114.25 24.3 -45.4 Industrial Transportation 2248.90 5.0 -7.8
Apple 39.4 271.08 -0.66 Unilever 155.5 1393.60 -7.00 Total 386.2 492.55 -0.62 Fast Retailing Co., 699.0 3876.00 Int Consolidated Airlines S.a. 1497.50 10.4 -20.2 Network Int Holdings 147.40 14.0 -47.4 Just 45.60 24.2 -12.5 Life Insurance 6962.11 3.8 -
Facebook 21.7 528.86 -1.86 Glaxosmithkline 107.4 4773.00 -1.40 Allianz Se Na O.n. 336.9 34.50 3.90 Ntt Docomo,. 573.1 9235.00 10.00 Whitbread 1689.00 10.2 3.0 Cmc Markets 273.00 13.9 -57.0 Ted Baker 60.00 21.2 -27.7 Food & Drug Retailers 4327.41 3.3 3.0
Nvidia 20.4 201.96 -8.75 Rio Tinto 107.0 244.40 57.00 Sanofi 311.7 195.40 0.39 Sony 421.8 464.10 -14.00 Legal & General 157.85 9.2 -38.4 C&c 402.00 12.9 172.4 Kkv Secured Loan Fund 132.00 21.2 -62.5 Banks 2458.64 3.3
Boeing 19.2 212.00 -3.71 Bp 96.7 380.90 0.65 Intesa Sanpaolo 273.6 85.85 0.56 Mitsubishi Ufj Fin,. 329.9 7352.00 Pearson 3002.00 7.9 -28.6 Aston Martin Lagonda Global Holdings 212.00 12.5 -48.4 Rps 17.73 20.8 -78.4 Nonlife Insurance 3304.30 3.1 -35.0
Microsoft 17.5 84.87 -0.42 Hsbc Holdings 89.6 268.20 -2.95 Unilever 247.4 1.87 0.21 Toyota Motor 299.6 1279.00 3.00 Morrison (wm) Supermarkets 259.80 7.7 -16.5 Tui Ag 73.30 11.8 -58.3 Senior 69.00 20.6 -60.3 Mobile Telecommunications 2816.72 2.6 1.9
Advanced Micro Devices 15.5 36.64 -0.67 William Hill 87.7 2952.00 0.10 Linde Eo 0,001 232.0 49.66 0.02 Softbank 289.3 2491.50 51.00 Royal Dutch Shell 635.00 7.4 -2.3 Vectura 436.40 11.2 -56.0 Premier Oil 69.85 17.3 -62.4 Real Estate & Investment Servic 2646.89 2.4
Pfizer 12.4 193.01 0.45 Diageo 85.4 2780.00 -27.50 Schneider Electric 232.0 213.60 0.11 Nippon Telegraph And Telephone 280.9 3042.00 -10.50 Royal Dutch Shell 186.45 7.3 -7.9 Tbc Bank 116.80 11.0 27.7 Int Personal Finance 19.35 16.9 -80.6 Beverages 23145.63 2.2 -15.8
Paypal Holdings 10.2 1761.30 2.11 British American Tobacco 84.9 1196.80 0.00 231.8 120.55 2.00 Kddi 265.8 23215.00 5.00 Melrose Industries 1196.80 7.3 -47.0 Aggreko 1254.00 10.9 -3.4 Mitie 90.00 16.9 -44.3 Industrial Engineering 14375.89 1.7 -
Alphabet 8.2 -2.62 Royal Dutch Shell 84.4 14.60 225.7 1.80 Daikin Industries, 257.5 -50.00 1244.80 6.8 -44.8 580.50 -14.1 -31.6 39.15 -47.6 1.7
Day's Day's -630.00 158.60 6.7 -34.5 Losers 156.00 Losers 86.10 -9.8 126.3 -5.3 -8.7
BIGGEST MOVERS Close Day's chng% BIGGEST MOVERS Close Day's chng% BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's Helios Towers 86.10 -9.8 4.5 Premier Foods 157.00 -7.5 -9.7 -3.4 6.7
Ups price change Ups price change Ups price change chng% Ups price change chng% Losers Premier Foods 528.00 -8.7 126.3 Devro 1882.00 -7.3 21.7 Losers 37465.98 -2.5 -1.8
Microchip Technology 133.61 4.78 Energean 717.20 5.69 Thyssenkrupp Ag O.n. 4.94 Isuzu Motors 1003.00 Sage 588.80 -12.9 -21.2 Shaftesbury 254.50 -8.5 -42.2 Oxford Instruments 235.50 -6.5 79.8 Personal Goods 17167.80 -1.9 -3.9
Take-two Interactive Software 171.57 6.10 3.62 Dunelm 1250.00 38.60 5.40 A.p. M__ller - M__rsk B A/s 1588.43 0.21 4.33 Rakuten . 1128.00 47.00 4.92 Johnson Matthey 2315.00 -7.0 -23.6 Syncona 85.70 -7.9 14.6 Luceco 26.80 -6.4 -27.4 Pharmaceuticals & Biotech. 4985.38 -1.8
Laboratory 204.88 5.99 3.07 Aston Martin Lagonda Global Holdings 73.30 64.00 5.16 A.p. M__ller - M__rsk A A/s 1466.24 59.75 3.91 Fujikura 409.00 39.00 3.58 Unilever 4456.00 -6.2 2.5 Vivo Energy 304.80 -7.6 -31.4 Schroder Uk Public Private Trust 261.00 -5.8 -39.4 Oil Equipment & Services 5056.40 -1.6 -
Agilent 111.13 6.11 2.25 Just 60.00 3.60 4.99 Alfa Laval Ab 20.77 53.71 3.80 Sky Perfect Jsat Holdings . 490.00 13.00 3.28 Dcc 5558.00 -5.8 -15.9 Ssp 1882.00 -7.3 -54.0 Riverstone Energy 90.50 -5.7 -18.8 Gas Water & Multiutilities 18822.54 -1.5 -6.3
Vertex Pharmaceuticals 216.63 2.45 2.20 Cineworld 46.09 2.85 4.28 Red Ele. 17.06 0.71 3.52 Taiyo Yuden Co., 4310.00 15.00 3.16 Hargreaves Lansdown 1491.00 -5.5 -24.0 Oxford Instruments 146.00 -6.3 21.7 Macfarlane 626.00 -5.3 12.6 Forestry & Paper 6414.07 -1.4 -5.9
4.66 1.89 0.54 3.24 130.00 3.11 Flutter Entertainment 12740.00 -5.4 37.1 Petrofac 489.50 -6.2 -61.9 Manchester & London Investment Trust 58.84 -5.1 -32.0 Health Care Equip.& Services 1854.71 -1.3
-3.82 -13.39 Polypipe 4100.00 -5.7 -10.3 Sme Credit Realisation Fund 708.00 -5.1 -26.3 Software & Computer Services 6496.08 -1.0 -
Downs -3.36 Downs -11.06 Downs Downs -4.38 Experian 2906.00 -5.3 14.0 Genus 113.30 -5.6 27.2 Fuller, Smith & Turner 207.00 -5.0 -14.1 Food Producers 2701.60 -0.9 -
Pvh 75.77 -3.01 -3.35 Sage 588.80 -91.00 -7.07 Pernod Ricard 155.05 -5.85 -3.64 Ms&ad Insurance Holdings,. 3169.00 -145.00 -4.22 Greencore 674.50 -5.2 -57.5 Tt Electronics 387.00 -5.0 -15.9 Real Estate Investment Trusts 12904.05 -0.4 -
Ww Grainger 408.65 -14.21 -3.13 Helios Towers 156.00 -19.40 -5.95 Carrefour 13.82 -0.31 -2.23 Terumo 4064.00 -179.00 -3.55 Rentokil Initial 519.80 -4.2 14.1 Workspace -43.7 Helical Chemicals 9753.24 -
-0.61 -3.12 -5.23 -3.45 Just Eat Takeaway.com N.v. 8070.00 -4.1 - Support Services 6684.71 -3.0
Carnival 17.58 -1.52 Petrofac 146.00 -11.10 Seadrill 0.20 0.00 -2.18 T&d Holdings, . 1223.00 -45.00 -3.15 Reckitt Benckiser 6706.00 -3.9 8.2 Construction & Materials 3.1
Alaska Air 46.97 -0.91 Micro Focus Int 328.90 -20.80 Casino Guichard 23.88 -0.52 -2.13 Sompo Holdings, . 4007.00 -143.00 -5.3
Firstenergy 28.14 Itv 91.00 -5.02 Alstom 42.62 -0.88 -2.02 Chugai Pharmaceutical Co., 4431.00 -144.00 Kingfisher 283.00 -3.8 27.9
Astrazeneca 8317.00 -3.7 8.6
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
Nov 20 Currency Closing Day's Closing Day's Closing Day's Currency Closing Day's Closing Day's Closing Day's Currency Closing Day's Closing Day's Closing Day's Currency Closing Day's Closing Day's Closing Day's
Mid Change Mid Change Mid Change Nov 20 Mid Change Mid Change Mid Change Nov 20 Mid Change Mid Change Mid Change Nov 20 United States Dollar Mid Change Mid Change Mid Change
Venezuelan Bolivar Fuerte
Argentina Argentine Peso 80.3595 0.0790 95.2578 0.2051 106.7730 0.6183 Indonesia Indonesian Rupiah 14170.0000 7.5000 16797.0679 28.5605 18827.5696 100.5219 Poland Polish Zloty 3.7657 -0.0114 4.4638 -0.0083 5.0034 0.0090 ..Three Month Vietnamese Dong 0.7527 -0.0036 0.8920 -0.0033 - -
Australia Australian Dollar 1.3679 -0.0075 1.6215 -0.0070 1.8175 -0.0012 Israel Israeli Shekel 3.3397 -0.0096 3.9589 -0.0067 4.4374 0.0087 Romania Romanian Leu 4.1112 -0.0045 4.8734 0.0004 5.4625 0.0203 ..One Year 0.7529 -0.0036 0.8916 -0.0033 - -
Bahrain Bahrainin Dinar 0.3771 0.4470 0.0005 0.5010 0.0024 Japan Japanese Yen -0.0800 0.0495 137.9381 0.5581 Russia Russian Ruble 76.1213 -0.2157 90.2338 -0.1496 101.1417 0.2017 United States Euro 1.1854 0.0014 1.3287 0.0064
Bolivia Bolivian Boliviano 6.9100 - 8.1911 0.0096 9.1813 0.0442 ..One Month 103.8150 -0.0801 123.0619 0.0496 137.9381 0.5581 Saudi Arabia 3.7504 0.0000 4.4456 0.0052 4.9831 0.0239 ..One Month - - 1.1853 -0.1369 1.3287 0.0064
Brazil 5.3723 - 6.3683 0.0787 7.1381 0.1139 ..Three Month 103.8150 -0.0803 123.0619 0.0497 137.9380 0.5579 Singapore Saudi Riyal 1.3435 -0.0020 1.5926 -0.0005 1.7851 0.0059 ..Three Month - - 1.1851 -0.1369 1.3288 0.0064
Brazilian Real 0.0601 103.8148 123.0620 137.9381 0.5577 South Africa Singapore Dollar 15.3263 -0.1756 18.1677 -0.1342 ..One Year - - 1.1844 0.0064
Canada Canadian Dollar 1.3067 -0.0021 1.5489 -0.0006 1.7361 0.0056 ..One Year 103.8145 -0.0811 123.0623 0.0503 145.4917 0.8325 South Korea South African Rand 1114.3500 -1.3000 1320.9460 -0.1867 20.3639 5.4076 Venezuela - - -0.1369 1.3290 -
Chile Chilean Peso 762.3150 3.5300 903.6451 5.2387 1012.8817 9.5429 Kenya Kenyan Shilling 109.5000 0.1000 129.8009 0.2705 0.0014 Sweden South Korean Won 8.6110 -0.0258 10.2074 0.0091 1480.6278 0.0209 Vietnam - - - -- 147.5152
China Chinese Yuan -0.0140 -0.0074 8.7310 0.0235 Kuwait Kuwaiti Dinar -0.0004 0.0000 0.4058 0.0176 Switzerland 0.9115 -0.0006 1.0805 -0.0186 11.4414 0.0050 European Union 23177.0000 -0.5000 27473.9616 31.5905 30795.0987 0.0041
Colombia 6.5711 16.2600 7.7894 24.3402 4865.8178 44.9213 Malaysia 0.3054 -0.0065 0.3620 -0.0020 5.4370 0.0384 Taiwan Swedish Krona 28.5165 0.0110 33.8033 0.0006 1.2111 0.1969 ..One Month 0.8436 -0.0010 - 1.1209 0.0041
Costa Rica Colombian Peso 3662.1100 -3.0450 4341.0503 -2.7667 801.9253 -0.1666 Mexico Malaysian Ringgit 4.0920 -0.0683 4.8506 -0.0529 26.7323 Swiss Franc 30.3300 -0.0725 35.9531 0.0526 37.8896 0.0981 ..Three Month 0.8435 -0.0010 - - 1.1208 0.0041
Costa Rican Colon 603.5450 715.4398 Mexican Peso 20.1193 23.8493 2.7454 -0.0029 3.2544 0.0137 ..One Year 0.8433 -0.0010 - 0.0041
Czech Republic Czech Koruna 22.2284 26.3494 -0.0008 New Zealand Dollar 1.4402 -0.0093 1.7072 -0.0090 1.9136 -0.0031 Thailand New Taiwan Dollar 7.6235 0.0742 9.0369 0.1469 0.8426 -0.0010 - - 1.1207
Denmark Danish Krone 6.2828 -0.0268 7.4476 -0.0046 29.5346 0.1068 New Zealand Nigerian Naira 386.4300 2.9300 458.0726 4.0061 513.4464 Thai Baht 3.6732 4.3541 -0.0437 40.2992 0.0235 -
Egypt Egyptian Pound 15.6033 -0.0113 18.4961 0.0584 8.3479 0.0252 Nigeria -0.0343 10.6721 -0.0282 11.9622 6.3456 Tunisia Tunisian Dinar 0.7526 - 0.8922 0.0003 3.6478 - 1.1203
Hong Kong Hong Kong Dollar 7.7527 0.0310 9.1900 0.0093 20.7320 0.1408 Norway Norwegian Krone 9.0030 -0.1500 190.0190 0.0451 212.9893 0.0122 Turkey Turkish Lira 0.7526 -0.0036 0.8921 0.0985 10.1293 -
Hungary Hungarian Forint 303.3154 -0.0012 359.5488 0.1968 10.3009 0.0479 Pakistan Pakistani Rupee 160.3000 0.0142 0.0217 0.8268 United Arab Emirates UAE Dirham -0.0036 0.0051 4.8805 -
-0.1897 403.0126 1.6889 Peru Peruvian Nuevo Sol 4.2466 4.7599 0.0416 United Kingdom Pound Sterling -0.0033 -
74.1550 -0.1150 0.3222 Philippines Philippine Peso 3.5824 -0.0825 57.1628 -0.0307 64.0728 -
India Indian Rupee 87.9030 -0.0331 98.5291 48.2225 0.1993 ..One Month -0.0033
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
FTSE ACTUARIES SHARE INDICES UK SERIES FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
www.ft.com/equities
Produced in conjunction with the Institute and Faculty of Actuaries Euro Nov 19 Nov 18 Nov 17 Nov 16 Nov 13 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's £ Strlg £ Strlg Year Div P/E X/D Total Price Change FTSE 100 Price Change
Nov 20 chge% Index Nov 19 Nov 18 ago yield% Cover ratio adj Return FT 30 2452.40 2476.40 2461.30 2476.00 2407.50 0.00 3314.70 1337.80 Leisure Goods 50.66 Pharmace & Biotech -3.33 Media -14.78 FTSE 100
6334.35 6385.24 191.57 6054.71 Tech Hardware & Eq 15.18 Electricity -4.54 Tobacco -15.13
FTSE 100 (100) 6351.45 0.27 5548.13 19507.45 19699.87 7238.55 3.88 1.55 16.63 309.70 15454.94 FT 30 Div Yield - - - - - 0.00 3.93 2.74 Electronic & Elec Eq 11.04 Construct & Material -5.45 Software & Comp Serv -15.20 3I Group PLC 1116 10.00 Kingfisher PLC 283.00 -8.30
19980.80 20239.64 274.92 16164.54 P/E Ratio net - - - - - 0.00 19.44 14.26 Equity Invest Instr 7.31 Health Care -5.56 Mobile Telecomms -15.65 Admiral Group PLC 2931 -8.00 Land Securities Group PLC 676.80 -6.70
FTSE 250 (250) 19506.96 0.00 17039.75 3606.73 3636.91 20369.86 2.82 1.21 29.28 99.67 6867.98 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Industrial Eng 5.47 Forestry & Paper -5.67 FTSE 100 Index -15.79 Anglo American PLC 2144 24.00 Legal & General Group PLC 259.80 1.80
FTSE 250 ex Inv Co (181) 20001.16 0.10 17471.45 3517.04 3548.95 21543.45 2.97 1.32 25.41 98.78 3456.50 Food & Drug Retailer 3.07 Utilities -5.90 Financials -16.80 Antofagasta PLC 1135 38.00 Lloyds Banking Group PLC 35.82 0.16
FTSE 350 (350) 3614.69 0.22 3157.51 2784.12 2820.32 4056.75 3.69 1.50 18.05 109.03 5818.80 FT 30 hourly changes Nonlife Insurance 2.02 Gas Water & Multi -6.31 Food Producers -18.32 Ashtead Group PLC 3181 48.00 London Stock Exchange Group PLC
4244.44 4260.37 73.33 5030.98 8 9 10 11 12 13 14 15 16 High Low Support Services 1.97 Consumer Goods -7.55 Real Est Invest & Tr -19.92 Associated British Foods PLC 1980 -19.50 M&G PLC 8134 42.00
FTSE 350 ex Investment Trusts (280) 3525.33 0.24 3079.45 5823.20 5836.72 4005.49 3.78 1.43 18.56 119.29 9274.52 2476.4 2445.4 2447.9 2164.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Industrial Metals & 0.43 Beverages -8.55 Telecommunications -21.50 Astrazeneca PLC 8317 192.00 Melrose Industries PLC 194.70 1.70
FTSE 350 Higher Yield (145) 2790.48 0.23 2437.54 4585.82 4615.06 3512.55 5.47 1.37 13.36 66.25 7627.56 Chemicals 0.05 FTSE 250 Index -10.86 Health Care Eq & Srv -22.94 Auto Trader Group PLC 554.60 -3.20 Mondi PLC 158.60 0.45
FTSE 350 Lower Yield (205) 4253.46 0.21 3715.49 3578.41 3607.61 4276.34 1.92 1.88 27.76 97.95 6883.89 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Mining -0.55 Financial Services -11.30 Travel & Leisure -26.49 Avast PLC 474.00 14.60 Morrison (Wm) Supermarkets PLC
3455.10 3486.26 96.09 3448.79 Basic Materials -0.68 Industrial Transport -12.35 Aerospace & Defense -26.89 Aveva Group PLC 4275 81.00 National Grid PLC 1672 -13.00
FTSE SmallCap (257) 5846.11 0.39 5106.71 1147.37 1155.06 5532.25 3.54 -1.26 -22.36 21.13 2290.28 FX: EFFECTIVE INDICES Household Goods & Ho -0.87 Technology -13.16 Fixed Line Telecomms -34.25 Aviva PLC 318.00 3.00 Natwest Group PLC 186.45 0.25
FTSE SmallCap ex Inv Co (142) 4598.68 0.28 4017.05 9524.05 9507.03 4465.44 3.83 -0.82 -31.78 195.44 19661.48 FTSE SmallCap Index -1.75 NON FINANCIALS Index -13.70 Automobiles & Parts -34.32 B&M European Value Retail S.A. 497.60 10.20 Next PLC 930.00 -3.00
FTSE All-Share (607) 3586.51 0.23 3132.90 11319.35 11234.71 4002.37 3.68 1.41 19.23 163.45 22755.41 Personal Goods -2.10 Life Insurance -13.75 Banks -35.05 Bae Systems PLC 521.00 13.20 Ocado Group PLC 155.70 -0.70
FTSE All-Share ex Inv Co (422) 3463.27 0.24 3025.24 4032.09 4040.58 3923.65 3.78 1.38 19.13 82.66 8239.40 Nov 19 Nov 18 Mnth Ago Nov 20 Nov 19 Mnth Ago General Retailers -2.29 Consumer Services -14.18 Oil Equipment & Serv -43.07 Barclays PLC 137.76 -1.18 Pearson PLC
3423.15 3443.20 49.42 7212.08 Industrials -3.28 Real Est Invest & Se -14.51 Oil & Gas -46.33 Barratt Developments PLC 648.80 -3.60 Pennon Group PLC 6662 -12.00
FTSE All-Share ex Multinationals (538) 1146.95 -0.04 830.38 1019.43 1018.21 1195.41 3.12 1.21 26.55 6.78 1183.19 Australia - - - Sweden --- FTSE All{HY-}Share Index -14.53 Oil & Gas Producers -46.38 Berkeley Group Holdings (The) PLC 4787 18.00 Persimmon PLC 2302 -28.00
FTSE Fledgling (91) 9576.18 0.55 8365.00 9505.71 2.89 0.02 2139.53 Bhp Group PLC 1645.6 24.20 Phoenix Group Holdings PLC 635.00 -4.00
FTSE Fledgling ex Inv Co (43) 11339.37 0.18 9905.18 11266.53 3.29 4.07 7.48 Canada - - - Switzerland --- BP PLC 244.40 0.65 Polymetal International PLC 1021 -1.50
Denmark - - - UK 78.26 78.54 77.31 British American Tobacco PLC 2780 - Prudential PLC 2882 -13.00
FTSE All-Small (348) 4048.29 0.40 3536.27 3841.17 3.50 -1.21 -23.63 Japan - - - USA --- British Land Company PLC 474.60 -5.50 Reckitt Benckiser Group PLC 781.00 4.80
FTSE All-Small ex Inv Co (185) 3432.62 0.28 2998.47 3333.75 3.81 -0.66 -39.56 Bt Group PLC 122.30 -5.70 Relx PLC 1682.5 4.00
FTSE AIM All-Share (714) 1031.03 1.14 900.63 902.21 0.98 0.24 432.12 New Zealand - - - Euro --- Bunzl PLC 2427 47.00 Rentokil Initial PLC 1277 -1.50
Norway --- Burberry Group PLC 1637.5 34.50 Rightmove PLC 6706 -22.00
Coca-Cola Hbc AG 2237 10.00 Rio Tinto PLC 1782.5 6.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Compass Group PLC 1337 -13.00 Rolls-Royce Holdings PLC 519.80 4.20
Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Crh PLC 2989 14.00 Royal Dutch Shell PLC 639.80 -1.60
Oil & Gas (12) 4483.30 0.99 3916.26 4439.28 4556.00 8565.71 6.90 1.19 12.14 308.29 5042.98 Croda International PLC 6280 32.00 Royal Dutch Shell PLC 4773 57.00
Oil & Gas Producers (9) 4340.89 1.03 3791.86 4296.71 4409.70 8313.54 7.01 1.19 12.04 303.26 5063.07 Dcc PLC 5558 44.00 Rsa Insurance Group PLC 99.44 0.88
Oil Equipment Services & Distribution (3) 4936.22 -1.20 4311.89 4996.36 5126.40 8052.58 0.23 17.16 25.53 11.22 4255.32 FTSE GLOBAL EQUITY INDEX SERIES Diageo PLC 2952 -27.50 Sage Group PLC 1196.8 14.60
1.12 5507.00 6234.45 6339.21 5972.73 3.99 2.71 9.24 249.65 7571.69 Evraz PLC 377.90 - Sainsbury (J) PLC 1244.8 18.80
Basic Materials (22) 6304.37 -0.48 12402.53 14266.64 14332.70 13550.65 1.70 2.24 26.29 190.80 13618.47 Nov 20 No of US $ Day Mth YTD Total YTD Gr Div Nov 20 No of US $ Day Mth YTD Total YTD Gr Div Experian PLC 2906 -27.00 Schroders PLC 677.40 1.20
Chemicals (7) 14198.31 -0.77 17941.13 20698.54 21036.35 20176.47 2.63 3.27 11.65 540.55 25020.13 Ferguson PLC 8134 66.00 Scottish Mortgage Investment Trust PLC 588.80 -91.00
Forestry & Paper (1) 20538.85 0.46 3570.83 4069.21 4130.30 3568.85 10.96 1.60 5.70 453.68 5499.43 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Flutter Entertainment PLC 12740 5.00 Segro PLC 218.80 -3.20
1.42 15793.20 17826.96 18152.03 17111.79 4.19 2.77 8.62 759.08 11468.57 Fresnillo PLC 1134 19.50 Severn Trent PLC 3018 43.00
Industrial Metals & Mining (2) 4087.86 0.64 5064.48 5760.62 5786.68 5688.80 1.98 0.71 71.21 78.78 6445.93 FTSE Global All Cap 9023 684.81 0.0 5.7 7.6 1053.76 9.7 2.0 Oil Equipment & Services 24 181.49 1.3 1.3 -32.2 306.03 -28.7 6.0 Glaxosmithkline PLC 1393.6 -1.40 Smith & Nephew PLC 1060 16.00
0.44 6100.85 6953.70 7054.61 6771.49 2.21 0.11 411.90 129.98 8066.70 FTSE Global All Cap 9023 684.81 0.0 5.7 7.6 1053.76 9.7 2.0 Basic Materials 356 550.57 -0.6 -0.6 7.1 933.33 10.2 2.9 Glencore PLC 195.06 4.62 Smith (Ds) PLC 909.80 1.20
Mining (12) 18079.91 1.47 3329.94 3756.99 3776.88 5208.41 3.13 -1.87 -17.11 99.51 4448.52 FTSE Global Large Cap 1743 615.55 0.0 5.2 8.5 975.59 10.7 2.0 Chemicals 163 815.47 0.1 0.1 8.7 1368.42 11.5 2.5 Gvc Holdings PLC 974.80 4.60 Smiths Group PLC 2463 11.00
0.53 4416.95 5029.85 5109.98 4863.15 2.59 0.64 60.51 71.59 6324.69 Halma PLC 2381 -42.00 Smurfit Kappa Group PLC 1463 13.50
Industrials (101) 5797.77 -0.25 9924.41 11390.05 11293.95 9734.46 1.03 2.15 45.29 79.53 10895.52 FTSE Global Mid Cap 2235 862.15 0.1 6.9 4.0 1247.78 5.7 2.0 Forestry & Paper 21 282.74 -1.5 -1.5 1.7 537.18 4.8 2.6 Hargreaves Lansdown PLC 1491 22.50 Spirax-Sarco Engineering PLC 325.10 -1.90
Construction & Materials (14) 6984.20 2.12 13584.44 15228.89 15385.96 13890.13 2.05 1.60 30.56 162.54 20311.92 Hikma Pharmaceuticals PLC 2646 50.00 Sse PLC 1569 38.50
Aerospace & Defense (9) 3812.09 0.07 3011.72 3445.29 3464.94 3659.50 4.19 0.68 34.86 9.26 3498.82 FTSE Global Small Cap 5045 919.83 0.4 7.8 6.3 1280.23 8.0 1.7 Industrial Metals & Mining 93 387.45 -0.4 -0.4 2.5 662.87 5.7 3.5 Homeserve PLC 1168 -8.00 St. James's Place PLC 3176 -46.00
0.37 8122.01 9263.37 9254.83 8616.52 1.43 2.19 31.83 99.08 10330.39 FTSE All-World 3978 402.12 0.0 5.5 7.7 654.85 9.9 2.0 Mining 79 780.32 -1.7 -1.7 7.0 1352.80 10.7 3.2 HSBC Holdings PLC 380.90 -2.95 Standard Chartered PLC 11755 255.00
General Industrials (8) 5056.48 -0.28 16261.86 18668.04 18909.62 19123.34 4.39 1.59 14.28 585.86 15728.22 FTSE World 2568 713.51 0.0 5.6 7.4 1559.47 9.5 2.0 Industrials 746 498.69 0.0 0.0 11.1 767.43 13.0 1.6 Imperial Brands PLC 1497.5 -7.50 Standard Life Aberdeen PLC 1366.5 3.50
Electronic & Electrical Equipment (10)11361.37 2.26 3153.93 3530.71 3810.57 4610.21 0.62 1.78 91.03 0.00 3694.42 Informa PLC 569.80 -12.80 Taylor Wimpey PLC 1084 -1.00
Industrial Engineering (12) 15551.35 -0.76 20282.09 23396.68 23425.99 24624.13 2.46 1.63 24.98 528.83 17827.03 FTSE Global All Cap ex UNITED KINGDOM In 8733 724.15 0.1 5.5 8.9 1094.27 10.9 1.9 Construction & Materials 147 603.30 -0.5 -0.5 8.8 974.79 10.9 1.8 Intercontinental Hotels Group PLC 4494 12.00 Tesco PLC 441.90 3.30
-0.47 5761.09 6626.38 6787.57 7593.23 2.65 1.87 20.18 94.77 6127.95 FTSE Global All Cap ex USA 7274 528.04 -0.6 6.6 1.8 886.74 4.3 2.5 Aerospace & Defense 36 720.15 0.0 0.0 -19.5 1091.04 -18.4 2.0 Intermediate Capital Group PLC 1689 -31.00 Unilever PLC 269.30 -0.80
Industrial Transportation (6) 3447.80 -0.27 13037.04 14964.88 14998.17 13890.73 3.64 1.55 17.76 272.34 11983.56 FTSE Global All Cap ex JAPAN 7626 706.41 0.0 5.6 7.8 1097.14 9.8 2.0 General Industrials 70 238.50 -0.1 -0.1 4.6 402.55 7.2 2.4 International Consolidated Airlines Group S.A. 157.85 2.55 United Utilities Group PLC 167.00 -0.50
Support Services (42) 9298.00 -0.52 21886.07 25186.47 24722.89 15674.70 2.17 0.99 46.50 303.75 26186.90 Intertek Group PLC 6140 108.00 Vodafone Group PLC 232.70 -3.40
0.13 28330.78 32390.19 32855.22 33557.24 3.22 2.85 10.91 917.13 24293.42 FTSE Global All Cap ex Eurozone 8382 721.47 0.1 5.6 8.4 1087.25 10.5 1.9 Electronic & Electrical Equipment 140 612.12 0.4 0.4 20.2 855.07 22.2 1.4 Jd Sports Fashion PLC 823.80 22.20 Whitbread PLC 4456 -7.00
Consumer Goods (42) 18616.44 -0.09 25565.13 29293.40 30260.91 31676.92 8.39 1.25 9.57 1765.51 23526.89 FTSE Developed 2139 653.68 0.1 5.4 7.9 1014.12 10.0 2.0 Industrial Engineering 148 978.28 -0.3 -0.3 18.0 1497.78 20.2 1.5 Johnson Matthey PLC 2315 -93.00 Wpp PLC 918.40 1.40
Automobiles & Parts (2) 3610.59 1.27 10619.71 12004.97 11995.77 12341.73 3.47 1.12 25.76 419.30 10581.19 Just Eat Takeaway.Com N.V. 8070 18.00 123.18 1.52
Beverages (6) 23218.76 0.50 5688.97 6480.15 6546.90 8030.84 2.07 0.96 50.35 120.44 6001.09 FTSE Developed All Cap 5627 683.21 0.1 5.7 7.8 1045.00 9.8 1.9 Industrial Transportation 122 900.66 -0.2 -0.2 18.9 1394.03 20.9 1.7 3002 -55.00
1.35 14943.38 16879.45 16847.28 16985.94 3.61 1.13 24.54 617.91 13377.97 FTSE Developed Large Cap 835 612.67 0.0 5.1 8.7 967.38 10.8 2.0 Support Services 83 601.92 0.7 0.7 19.3 873.89 20.8 1.1 731.00 -9.80
Food Producers (10) 6595.25 -0.27 4259.33 4889.16 4892.79 5331.34 2.52 1.32 30.10 68.99 4988.47 FTSE Developed Europe Large Cap 226 370.59 -1.0 6.1 -3.5 691.92 -0.9 2.7 Consumer Goods 532 570.38 -0.1 -0.1 11.8 919.03 14.1 2.2
Household Goods & Home Construction (14)14924.69 -1.13 3926.77 4546.80 4482.70 3973.68 2.93 1.33 25.59 133.29 5721.42
Leisure Goods (2) 25054.98 0.43 2055.45 2342.91 2361.39 2154.87 2.35 1.13 37.56 10.18 2942.59 FTSE Developed Europe Mid Cap 344 646.59 -1.2 7.2 2.3 1056.16 4.2 2.3 Automobiles & Parts 128 528.62 0.5 0.5 38.8 830.68 41.5 1.7
-0.55 6912.36 7957.35 7879.43 8717.54 2.09 2.36 20.20 125.77 5333.27 FTSE Dev Europe Small Cap 693 874.84 -1.2 7.6 -2.6 1376.28 -0.9 2.0 Beverages 67 706.13 -0.2 -0.2 -0.3 1145.94 1.6 2.4
Personal Goods (6) 32432.83 -0.02 6496.75 7439.25 7530.57 9768.65 2.77 0.76 47.50 82.90 7633.02 FTSE North America Large Cap 225 788.43 0.4 3.9 13.1 1149.17 15.1 1.6 Food Producers 132 695.92 -0.6 -0.6 2.0 1144.90 4.4 2.4
Tobacco (2) 29266.73 -0.39 1558.79 1791.46 1814.05 2296.25 7.55 0.58 22.67 43.94 2413.75
-3.96 1357.60 1618.20 1646.27 2281.51 11.44 1.04 8.38 3.51 1703.04 FTSE North America Mid Cap 412 1002.54 0.7 6.9 6.0 1347.03 7.5 1.8 Household Goods & Home Construction 62 572.29 -0.1 -0.1 13.0 917.46 15.5 2.2
Health Care (15) 12157.35 0.93 2456.75 2786.56 2816.83 3433.35 6.18 0.29 56.67 91.62 3430.31 FTSE North America Small Cap 1293 1043.18 0.9 9.0 9.3 1352.78 10.7 1.5 Leisure Goods 43 292.96 1.1 1.1 20.9 403.91 22.4 1.1
Health Care Equipment & Services (6) 6512.68 -0.13 6346.76 7274.88 7388.87 7098.09 5.80 1.01 17.06 275.61 10033.78
Pharmaceuticals & Biotechnology (9) 17107.05 0.11 6994.60 7998.18 8248.35 7594.13 5.80 1.04 16.58 462.14 14683.70 FTSE North America 637 513.52 0.5 4.5 11.9 764.75 13.8 1.7 Personal Goods 87 1001.56 -0.4 -0.4 11.1 1491.43 12.7 1.4
-0.20 5837.35 6695.92 6768.89 6586.51 5.80 1.00 17.21 212.92 9097.14 FTSE Developed ex North America 1502 274.44 -0.7 7.2 0.9 496.41 3.3 2.6 Tobacco 13 877.66 -1.1 -1.1 -11.9 2190.88 -7.1 7.1
Consumer Services (82) 4876.04 -0.09 3739.66 4284.85 4308.07 4803.62 3.24 1.54 20.03 80.38 4459.57 FTSE Japan Large Cap 180 428.06 0.2 8.4 7.9 600.48 10.4 2.2 Health Care 307 655.10 -0.2 -0.2 7.2 1007.94 9.2 1.8
Food & Drug Retailers (5) 4495.33 -0.40 2119.39 2435.96 2453.06 3544.42 3.90 2.20 11.63 0.99 1999.34
General Retailers (27) 2353.06 -0.08 3304.02 3785.37 3782.40 3439.72 2.91 1.86 18.45 107.44 7501.82 FTSE Japan Mid Cap 335 624.49 -0.1 5.2 -0.6 830.29 1.4 2.1 Health Care Equipment & Services 111 1324.43 -0.6 -0.6 13.0 1594.12 13.8 0.7
0.35 6188.04 7059.03 7138.61 7401.10 3.39 2.15 13.74 230.43 8022.82 FTSE Global wi JAPAN Small Cap 882 678.26 -0.5 1.8 -2.5 934.15 -0.5 2.2 Pharmaceuticals & Biotechnology 196 425.31 0.0 0.0 3.6 695.57 6.0 2.4
Media (15) 7913.21 -0.52 2193.12 2523.82 2530.14 2610.76 1.78 2.02 27.86 25.63 7196.89 FTSE Japan 515 177.49 0.2 7.8 6.2 278.68 8.6 2.2 Consumer Services 440 661.59 0.4 0.4 18.6 926.17 19.7 1.0
Travel & Leisure (35) 7437.43 -0.73 2109.36 2432.54 2469.63 2816.84 3.65 -1.73 -15.79 56.91 3424.82
0.22 8444.39 9645.42 9725.50 9911.69 3.39 1.13 26.16 292.69 12479.67 FTSE Asia Pacific Large Cap ex Japan 936 818.41 -0.5 6.5 12.6 1414.77 15.2 2.2 Food & Drug Retailers 68 289.56 -0.2 -0.2 -1.8 439.03 0.7 2.5
Telecommunications (6) 1784.48 0.09 10539.43 12054.66 12012.89 10682.26 2.36 2.06 20.60 258.04 7209.86 FTSE Asia Pacific Mid Cap ex Japan 900 944.41 -0.4 7.2 9.0 1565.90 11.4 2.7 General Retailers 145 1239.96 0.6 0.6 37.0 1668.36 37.8 0.6
Fixed Line Telecommunications (3) 1554.16 0.34 3756.53 4285.94 4325.11 4789.07 3.84 1.37 18.96 130.51 7254.93
Mobile Telecommunications (3) 2812.46 -3.94 1716.87 2046.07 2050.18 2152.76 2.09 0.04 1320.88 33.01 2742.36 FTSE Asia Pacific Small Cap ex Japan 1885 598.15 -0.1 4.6 10.1 969.96 12.6 2.5 Media 87 421.27 0.3 0.3 9.6 593.72 10.7 1.1 UK STOCK MARKET TRADING DATA
-4.54 1835.45 2201.05 2205.71 2370.19 2.16 -0.18 -260.07 35.78 3101.80 FTSE Asia Pacific Ex Japan 1836 638.20 -0.5 6.6 12.3 1171.90 14.9 2.3 Travel & Leisure 140 475.65 0.1 0.1 -8.2 680.61 -7.0 1.7
Utilities (8) 7265.71 2.50 4377.59 4889.00 4893.11 3786.37 1.39 3.38 21.26 69.78 6220.88 FTSE Emerging All Cap 3396 836.36 -0.4 5.9 5.8 1374.36 8.4 2.4 Telecommunication 98 150.04 -0.5 -0.5 -6.5 326.01 -2.6 4.6 Nov 20 Nov 19 Nov 18 Nov 17 Nov 16 Yr Ago
Electricity (3) 8007.35
Gas Water & Multiutilities (5) 6682.55 FTSE Emerging Large Cap 908 810.92 -0.5 5.8 7.0 1341.07 9.6 2.2 Fixed Line Telecommuniations 43 115.72 -0.7 -0.7 -14.5 282.47 -10.4 5.7 ------
Order Book Turnover (m) 123.10 75.75 183.17 107.82 148.01 148.01
Financials (305) 4281.13 FTSE Emerging Mid Cap 931 957.58 -0.4 7.6 -1.6 1572.65 1.0 3.1 Mobile Telecommunications 55 175.12 -0.2 -0.2 5.0 332.63 8.3 3.3 Order Book Bargains 903740.00 1140422.00 1225393.00 1381763.00 952448.00 952448.00
FTSE Emerging Small Cap 1557 784.32 0.2 4.5 3.7 1236.37 6.4 2.7 Utilities 191 314.30 -0.8 -0.8 -1.1 687.73 2.0 3.3
Banks (11) 2426.26 FTSE Emerging Europe 76 330.02 -1.0 13.9 -25.0 623.53 -21.2 5.9 Electricity 131 353.12 -0.8 -0.8 -0.8 761.81 2.3 3.4 Order Book Shares Traded (m) 1580.00 1906.00 2165.00 2394.00 1714.00 1714.00
Nonlife Insurance (7) 3782.41
Life Insurance/Assurance (7) 7084.01 FTSE Latin America All Cap 240 732.63 -0.3 14.1 -25.6 1250.45 -23.9 2.7 Gas Water & Multiutilities 60 315.54 -0.7 -0.7 -1.8 712.47 1.2 3.3 Total Equity Turnover (£m) 4170.85 4540.05 4862.83 6388.74 4761.57 4761.57
Total Mkt Bargains 1111571.00 1379907.00 1460867.00 1683466.00 1156065.00 1156065.00
Real Estate Investment & Services (17) 2510.67 FTSE Middle East and Africa All Cap 321 618.75 -1.0 4.5 -10.3 1068.28 -7.7 3.4 Financials 867 239.35 -0.4 -0.4 -9.5 433.82 -7.0 2.9 Total Shares Traded (m) 8596.00 9255.00 8883.00 11338.00 12027.00 12027.00
FTSE Global wi UNITED KINGDOM All Cap In 290 299.76 -1.5 10.1 -16.2 571.33 -13.8 3.8 Banks 272 172.27 -0.3 -0.3 -19.4 342.83 -16.7 3.8
Real Estate Investment Trusts (39) 2414.78 FTSE Global wi USA All Cap 1749 887.03 0.5 5.0 12.4 1247.80 14.1 1.6 Nonlife Insurance 74 291.29 -0.6 -0.6 -5.6 456.99 -3.5 2.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9667.07
Equity Investment Instruments (185) 12065.45 FTSE Europe All Cap 1414 440.85 -1.1 6.6 -3.1 791.31 -0.7 2.7 Life Insurance 54 220.78 -1.0 -1.0 -8.5 395.12 -5.2 3.4 (c) Market closed.
Non Financials (302) 4300.44 FTSE Eurozone All Cap 641 432.62 -1.0 6.8 -0.5 773.81 1.7 2.3 Financial Services 209 390.48 -0.1 -0.1 5.5 573.79 7.3 1.8
FTSE EDHEC-Risk Efficient All-World 3978 445.80 0.0 6.2 3.0 670.41 5.0 2.2 Technology 313 484.25 0.5 0.5 34.7 620.78 36.0 0.9
Technology (14) 1965.46 FTSE EDHEC-Risk Efficient Developed Europe 570 346.67 -1.0 6.0 2.6 577.60 4.6 2.4 Software & Computer Services 165 804.59 0.6 0.6 32.4 963.17 33.1 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (12) 2101.20 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (2) 5011.43 Oil & Gas 128 239.31 -0.2 15.3 -34.2 446.65 -30.9 5.5 Technology Hardware & Equipment 148 383.55 0.4 0.4 37.9 524.48 40.1 1.4 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Oil & Gas Producers 93 224.54 -0.5 17.0 -36.4 428.50 -33.1 5.6 Alternative Energy 11 214.04 1.0 1.0 69.1 304.21 71.6 0.7 liable for any loss arising from the reliance on or use of the listed information.
Real Estate Investment & Services 161 352.34 -0.1 -0.1 -4.6 648.99 -1.6 2.7 For all queries e-mail [email protected]
Real Estate Investment Trusts 97 451.28 -0.3 -0.3 -9.0 988.80 -6.2 3.7
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day FTSE Global Large Cap 1743 615.55 0.0 0.0 8.5 975.59 10.7 2.0 Data provided by Morningstar | www.morningstar.co.uk
FTSE 100 6334.99 6349.72 6365.70 6377.58 6374.00 6361.78 6359.93 6349.74 6339.76 6386.67 6332.63 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/
FTSE 250 19470.31 19501.26 19552.39 19584.01 19574.51 19541.16 19511.94 19503.18 19496.35 19608.61 19460.01 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE SmallCap 5834.31 5846.35 5851.39 5860.29 5859.68 5858.72 5856.63 5852.30 5850.31 5862.90 5834.31 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
FTSE All-Share 3577.74 3585.56 3594.45 3600.96 3599.04 3592.49 3590.68 3585.76 3581.04 3605.60 3577.74 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE 100 Day's high:10:16:00 Day's Low15:16:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE All-Share Day's high:10:16:00 Day's Low08:03:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.
UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES
Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing - 0.300 1.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
Price p 600 Group (The) Pre 67.206 65.167 0.633L 4.347 0.003L 0.028 0.00000 0.65200 AIM VRCI Verici Dx PLC
price up date High Low Stock +or- Albion Enterprise VCT Int 3.852 3.081 5.650 4.830 2.70000 3.00000 Aug 28 5.684 6.000 11/03 20.00 AIM SBI SourceBio International PLC 44.00 2.00 56.00 29.97 6236.9
162.00 AMOI Anemoi International Ltd 176.50
There are currently no rights offers by any companies listed on the LSE. Argentex Group Int 11.795 13.828 3.455 4.051 2.400 2.900 0.00000 0.00000 - 1.989 0.997 10/29 2.25 188.50 160.00 13093.3
Edinburgh Investment Trust (The) Int 62.979 52.302L 36.000 27.400L 0.00000 6.40000 - 9.398 15.650 10/26 4.00 2.50 0.05 4.80 1.06 75.0
Fusion Antibodies Int 1.905 1.753 0.572L 0.621L 1.900L 2.100L 0.00000 0.00000 - 0.000 0.000
JPMorgan Elect Pre 9.318L 5.172L 2.210 1.500L 4.75000 3.49000 Sep 21 10.200 7.600
JPMorgan Global Core Real Assets Ltd Int - 9.959L - 4.940L - 0.00000 - - 0.000 -
Montanaro European Smaller Companies Trust Int 81.271 15.385 485.000 90.500 2.00000 2.00000 Jan 4 9.210 9.250
Nationwide Building Society Int 1608.000 1543.000 361.000 309.000 0.00000 0.00000 - 0.000 0.000
Parkmead Group (The) Pre 4.080 8.269 0.792L 4.801 0.450L 2.440 0.00000 0.00000 - 0.000 0.000
Personal Assets Trust Int 39.293 30.299 1372.000 1188.000 140.0000 140.0000 Oct 9 279.231 280.000
00
Sage Group (The) Pre 1903.000 1936.000 373.000 361.000 28.380 24.490 0.00000 11.12000 - 5.930 16.910
Schroder Income Growth Fund Pre 26.248L 4.134L 38.250L 6.070L 5.10000 5.20000 Oct 30 7.600 7.600
Worldwide Healthcare Trust Int 361.239 38.802L 632.900 74.800L 6.50000 6.50000 Jan 11 24.899 26.500
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.
22 ★ FTWeekend 21 November/22 November 2020
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Sources: NYMEX, Á ECX/ICE, Ƈ CBOT, ? ICE Liffe, Ɔ ICE Futures, ƅ CME, Ƅ LME/London Metal Exchange.* Latest prices, $ ,QWHUDFWLYH 'DWD 3ULFLQJ DQG 5HIHUHQFH 'DWD //& DQ ,&( 'DWD 6HUYLFHV FRPSDQ\ ,QWHUDFWLYH 'DWD 3ULFLQJ DQG 5HIHUHQFH 'DWD //& DQ ,&( 'DWD 6HUYLFHV FRPSDQ\
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Financial Times UK November 21 2020
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