Europe edition

SATURDAY 2 JANUARY / SUNDAY 3 JANUARY 2021

Trump and the Republicans

Can the party break free?
What to see, BIG READ

read and how to

live this year
LIFE & ARTS AND
HOUSE & HOME

Europe drops Pandemic winners Companies that

made an opportunity out of a crisis
How viruses shaped the world
Science special
LIFE & ARTS

behind in mass
vaccinations
3 France accused of being too slow
3 BioNTech warns of supply hurdles The muse of Bridgerton
Guy Chazan — Berlin on old people in care homes, France
Shonda Rhimes
Sarah Neville — London
Leila Abboud — Calais
announced that medical staff aged 50 PERSON IN
and over would receive shots from Mon- THE NEWS
EU leaders have rushed to calm criti- day. “Rest assured, the vaccination cam-
cism over the slow pace of national vac- paign will soon pick up speed,” Olivier
cination campaigns, promising inocula- Véran, health minister, said.
tions for everyone who wants them. In Germany, too, officials have come
The founder of BioNTech, the Ger- under pressure over the slow pace of the
man company that pioneered the first vaccination campaign. Jens Spahn,
vaccine to be approved in Europe, has health minister, urged people to be
condemned the EU for being too slow to patient, saying supplies of the vaccine
secure stocks of the jab and warned of were “tight, throughout the world”.
possible bottlenecks with supplies amid Ugur Sahin, chief executive of BioN-
surging global demand. Tech, the German vaccine-maker, criti-
France has been under the most pres- cised the EU’s strategy on procuring
sure to accelerate its campaign, with vaccines, saying it had been too hesi-
only a few hundred doses administered, tant. “The process in Europe certainly
compared with tens of thousands in wasn’t as fast and straightforward as in Exiled Belarus opposition
Germany and nearly 1m in the UK. It other countries,” he told Der Spiegel.
takes two shots of the BioNTech/Pfizer He also warned of pressure on sup-
leader has Lunch with the FT
vaccine to become fully protected. plies of the BioNTech/Pfizer vaccine. “It LIFE & ARTS
Doctors and opposition politicians doesn’t look so rosy right now: a gap has
have accused the French government of emerged, because there’s a lack of other
being too cautious, partly to accommo- vaccines that have received approval
date vaccine sceptics, and being ill- and we have to fill this gap with our vac-
prepared for the logistical challenges of cine,” he said. The US has ordered 200m
the rollout. President Emmanuel doses of the BioNTech/Pfizer vaccine,
Macron addressed the concerns in his while the EU has secured 300m.
televised New Year’s address, saying he Although the US got off to a quicker
would “not let an unjustified slowness start than France or Germany, it fell far
take hold, because of bad reasons”, add- short of its target of vaccinating 20m
ing: “Every French person who wants to people by the end of December, with
must be able to get vaccinated.” only 2.8m receiving the jab last month. The speed with which Covid-19 swept the world was catastrophic for many but, for others, it
After initially deciding to concentrate Portugal prioritises rollout page 2 was a chance to shine. We look at the businesses that flourished in 2020. Pages 9 & 10 — FT montage

US retailers braced for $115bn flood of

returns, but couriers are celebrating
Alistair Gray — NEW YORK during the pandemic has led the returns thanks to online shopping, said in
phenomenon to spread to a wider range December that it expected “record high”
US consumers are forecast to send back of products this year. levels of returned packages to “continue
a record $115bn worth of unwanted With US retailers streamlining the over the next several months”.
goods purchased over the holiday sea- returns process, consumers are more Returns are costly for retailers, not
Courts to decide fate of son, handing yet more business to willing to buy goods in a range of catego- least because the resources deployed to
painting looted by Nazis delivery companies but hitting retailer ries — including homewares and elec- sell the product are squandered. Dealing
profit margins and intensifying con- tronics — knowing they can return them with returned items is complex, and
Report i PAGE 3 cerns about the environmental impact. with minimal hassle, said Tobin Moore, merchandise that would otherwise be
chief executive of Optoro, a retail tech- available for purchase is taken out of cir-
Austria €5.00 Morocco Dh55 Retailers are preparing to process mil- nology company. culation, requiring extra inventory.
Bahrain Din2.20 Netherlands €5.00
Belgium €5.00 N Macedonia Den240 lions of extra items as a result of a surge “People are taking more risks with the But while half of all returned goods
Bulgaria
Croatia
Lev8.75
Kn31
Norway
Oman
NKr49
OR2.20
in ecommerce orders, which consult- goods they’re buying online,” he said. have little or no salvage value, retailers
Cyprus €4.50 Pakistan Rupee450 ants said were about three times more Optoro expects a 15 per cent year-on- risk losing out if they try to make it more
Czech Rep
Denmark
Kc140
DKr50
Poland
Portugal
Zl 25
€4.50 likely to be returned than purchases in year increase in the value of goods difficult for customers to send back pur-
Egypt
Finland
E£72
€5.90
Qatar
Romania
QR20
Ron19
bricks and mortar stores. bought in store and online that are chases, according to Sucharita Kodali, a
France €5.00 Russia €5.00 Clothes bought online are more likely returned between Thanksgiving in late retail analyst with Forrester.
Germany
Gibraltar
€5.00
£4.00
Serbia
Slovak Rep
RSD520
€4.50 to be sent back, since shoppers who can- November and the end of January. In the past year in the US, Optoro esti-
Greece
Hungary
€4.50
Ft1590
Slovenia
South Africa
€4.50
R130
not try them on often order multiple However, one beneficiary of the rise in mates, almost 2.7bn kg of returned
India Rup260 Spain €4.50 sizes or colours. Gifts also have higher two-way traffic is logistics companies. goods — equivalent to about 6,700 fully
Italy
Lithuania
€4.50
€5.00
Sweden
Switzerland
SKr55
SFr7.50 than average return rates. FedEx, which posted its strongest sales loaded Boeing 747 jets — could have
Luxembourg
Malta
€5.00
€4.50
Tunisia
Turkey
Din9.00
TL25
The relentless rise of online shopping on record in its most recent quarter gone to landfill.
UAE Dh25.00

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2 ★ FTWeekend 2 January/3 January 2021

international

Bloc presidency

WORLD|
Portugal prioritises EU vaccine rollout
WEEK IN REVIEW| Lisbon will also focus on EU’s €750bn coronavirus recovery fund that we are a liberal democracy that is ‘[Showing] sition projects in the wake of the pan-
turns into productive investment, along- also socially advanced,” he said. “That is demic, and to see the 2050 climate law,
productive investment of side other programmes in the bloc’s the best antidote against populism.” we are a the cornerstone of the EU’s Green Deal,

Argentina’s Senate legalises

coronavirus recovery fund €1.8tn seven-year spending plan, both One of the most difficult challenges liberal approved by the European Parliament.
of which were approved in the past two facing the Portuguese presidency will be Legal efforts by the Hungarian and
abortion on demand Peter Wise — Lisbon months under Germany’s presidency. advancing stalled negotiations on democracy Polish governments to overturn new EU
“We believe the last six months were a reforming the EU migration system. He that is also rules that make access to EU funds con-
Argentina legalised abortion on demand, a signifi- Rolling out the EU’s mass vaccination period of big strategic decisions in the describes the pact on asylum and migra- ditional on respect for the rule of law is
cant moment in Latin America which is renowned programme will be one of Portugal’s top EU. Our responsibility is to put those tion, a European Commission plan socially likely to be another thorny issue.
for some of the most restrictive abortion laws in the priorities after it took over the six- decisions into practice and produce announced in September, as “perhaps advanced is “We have to be alert,” said Mr Santos
world. The Senate backed a bill authorising the ter- month rotating EU presidency yester- results,” Mr Santos Silva said in an inter- the most divisive subject in the EU”. Silva. “It is not only Hungary and Poland
mination of pregnancies during the first 14 weeks, as day as a new, more infectious strain of view with the Financial Times. Some member states wanted to close the best that create difficulties. Forces that call
well as in rape cases and risk to the mother’s health. coronavirus spreads across Europe. Portugal, whose economy has been Europe to migration completely or only antidote into question our values are growing in
Feminist activism has been pushing for abortion Augusto Santos Silva, foreign minis- battered by the European debt crisis accept migrants of certain nationalities, influence in countries like Portugal,
reform in Argentina for five years, finding support ter, said Lisbon’s socialist govern- and the pandemic, plans to promote religions or cultures, said Mr Santos against France, Spain, Germany, the Nether-
from President Alberto Fernández, who promised ment would prioritise “the full develop- stronger European solidarity at a “social Silva. “Other member states, like Portu- populism’ lands and elsewhere.”
his backing during the 2019 election campaign. Vice- ment of the EU’s strategy of free, univer- summit” to discuss social rights and gal, say none of these criteria are accept- Mr Santos Silva believed Portugal had
president Cristina Fernández de Kirchner opposed sal vaccination”. Persuading EU citizens protections to be held in Porto in May. able.” The German presidency had been a reputation as an “honest broker”.
the bill as president but changed tack in 2018. that masks and other restrictive meas- “It is important to show that part of unable to move the issue forward, he “The other 26 countries know that we’re
“Today Argentina is a fairer place,” said Elizabeth ures will remain essential for many the democratic identity of Europe is not added, but “let’s see if we can”. not going to bring a national agenda to
Gómez Alcorta, minister for women, genders and more months will be another challenge. only having a market economy, but one Mr Santos Silva also wants to boost our presidency.”
diversity. Portugal will also seek to ensure the that also has a strong social dimension, the momentum of the bloc’s digital tran- John Gapper see Opinion

China rescinds bail and sends

Hong Kong media chief back to jail Senate elections. Georgia

Trump factor boosts Democratic hopes

Hong Kong media tycoon Jimmy Lai was sent back to
jail after the territory’s top court rescinded his bail.
Mr Lai, one of Hong Kong’s most outspoken critics
of China’s ruling Communist party, had been
released on HK$10m ($1.3m) bail last week. But the
Court of Final Appeal said he must be detained while average of recent polls by opinion poll
the prosecutors’ appeal was being considered. White House push for bigger Elbow-bumping: website FiveThirtyEight shows Mr
He was arrested last month and faces fraud Democrats Jon Ossoff leading Mr Perdue by 1 percent-
charges of misusing a business premises lease. He stimulus cheques leads to Ossoff, left, and age point, and Mr Warnock leading Ms
was previously arrested in August and charged Raphael Warnock Loeffler by 2 points — both within the
under Beijing’s national security law for allegedly division among Republicans at a rally last margin of error.
colluding with foreign powers. He denies the allega- month. Below, Mr Ossoff and Mr Warnock, who are
tions. Elsewhere, 10 Hong Kong protesters were Lauren Fedor — Washington Republican running co-ordinated campaigns, have
jailed for between seven months and three years for Democrats’ hopes of winning two US Kelly Loeffler made economic relief a core message,
violating border restrictions trying to flee to Taiwan. Senate run-off races in Georgia and Jessica McGowan/Getty
first calling for $1,200 stimulus cheques
regaining control of the upper chamber to be included in the package that
of Congress have been boosted by Mr Trump approved on Sunday. The
clashes between Donald Trump and Democrats upped their demands this
US unemployment claims fall Republicans over stimulus payments. month after Mr Trump called for
to lowest level since November The January 5 polls pit Republican $2,000 payments.
incumbents David Perdue and Kelly Mr Perdue and Ms Loeffler initially
Initial US jobless claims, millions Loeffler against Democratic challengers stayed quiet on the stimulus cheques,
Jon Ossoff and Raphael Warnock. The and Mr McConnell reportedly only
6 run-offs were required under state law signed up to the $600 direct payments
because no candidate in either race amid growing concerns about the
5 received 50 per cent of the vote in the Georgia races.
4 November 3 election. The New York Times first reported
3 Control of the Senate hangs in the two weeks ago that Mr McConnell said
2 balance, and with it the prospects for in a private phone call the Republicans
1 president-elect Joe Biden to push his were “getting hammered” for lawmak-
agenda through Congress, where the ers’ failure to agree on another round of
0 Democratic party controls the House of economic relief.
Jan Apr Jul Oct Dec
Representatives. If Democrats win both After a deal on Capitol Hill shortly
Seasonally adjusted
Source: Federal Reserve Bank of St Louis Georgia races, the Senate would be split before Christmas, Mr Perdue and Ms
50:50, giving Kamala Harris, as vice- Loeffler championed the relief bill —
Another 787,000 Americans applied for unemployment president, the tiebreaking vote. before changing tune this week to
benefits last week, down 19,000 from the week before Mr Trump has cast a shadow over the remain in lockstep with the president.
and the lowest figure since November. Georgia races by breaking with his party In separate Fox News channel appear-
That is the second consecutive fall in the number of and pushing for $2,000 stimulus pay- ances on Tuesday, both Republicans
initial jobless claims after they hit a three-month high ments to most adults — even after sign- said they had decided to endorse the
last month. ing into law a $900bn stimulus bill that $2,000 payments. Mr Perdue said it
included means-tested $600 payments. was “the right thing to do for people
While the House this week approved in Georgia”.
the $2,000 payments, Mitch McConnell, day, despite Mr Purdue’s absence from Georgia have voted early in the two Sen- Mr Ossoff accused his Republican
At least 20 killed in Aden airport Republican Senate majority leader, said the campaign trail. Mr Purdue and his ate run-offs, either in person or by mail, opponent of caring “about himself, not
attack as new ministers land on Wednesday the proposal had “no wife have both so far tested negative. according to the University of Florida’s the people of Georgia”. Mr Warnock
realistic path to quickly pass” in the A survey of likely Georgia voters con- US Elections Project. Hundreds of thou- struck a similar tone, saying Georgia
Republican-majority upper chamber. ducted last month by Data for Progress, sands more are expected to cast their voters could not “trust Kelly Loeffler to
At least 20 people were killed in an attack on Aden’s National opinion polls show the a progressive pollster, found 63 per cent ballots in person on Tuesday, setting a look out for anyone but herself”.
airport moments after an aircraft carrying Yemen’s majority of Americans support the big- saying they would be more likely to vote state record for voter turnout in a run- Republican strategist Doug Heye said
new government landed in the southern city. ger payouts — and in Georgia, political for a candidate who supported an addi- off. Run-offs tend to attract fewer voters the party’s senators had made a calcu-
Maeen Abdulmalik Saeed, Yemen’s prime minis- operatives are warning that Democrats tional coronavirus relief cheque — 10 than general elections. lated decision to curry favour with Mr
ter, who was on the plane, called the incident “part of have been effective at placing the blame per cent said they would be less likely. Almost 5m people voted in the Trump, who continued to enjoy support
the war that is being waged against the Yemeni state for Washington’s stalemate on congres- “It is being played pretty heavily here November 3 election in Georgia, which from his rightwing base. “[Mr Perdue
and its great people”. sional Republicans. that Republicans don’t care about you resulted in Mr Biden becoming the first and Ms Loeffler] feel that they have to
The attack threatens to escalate the fighting in The final few days of the tight and don’t want you to have assistance Democratic presidential candidate to be exactly where Donald Trump is,” Mr
Yemen’s near six-year civil conflict. Video footage campaign were further compli- during this crippling pandemic, and win the southern state in almost three Heye said.
showed the government delegation leaving a plane cated after Mr Purdue’s team Democrats do,” said Bill Crane, vet- decades. He defeated Mr Trump in “It is very easy to see how he could
when the first blast was heard. Gunfire then erupted announced on New Year’s Eve eran political analyst in Atlanta Georgia by fewer than 12,000 votes, lash out at one of those two, or both of
as smoke billowed out of airport buildings. No group he would quarantine after who has worked for candidates in leading the president to make claims the them, and that could cost them the
claimed responsibility, but officials in the Saudi- coming into contact with both parties. “Those are the mes- result was rigged against him. race . . . In a run-off, the one thing that
backed administration blamed Houthi rebels. someone who tested positive sages that are getting a lot more Democrats and Republicans agree they cannot afford is to have Donald
for Covid-19. Mr Trump was airtime, a lot more pick-up.” that the two run-offs are also likely Trump criticise them.”
due to visit Georgia on Mon- More than 2.5m people in to be decided by narrow margins. An See FT Big Read

Performing arts
MAKE A SMART INVESTMENT
Subscribe to the FT today at FT.com/subscription Audience applauds Vienna’s new year concert from home
FRIDAY 31 MARCH 2017 WORLD BUSINESS NEWSPAPER UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
Valerie Hopkins — Vienna Performances such as yesterday’s with the mindset that we know so many certs streamed in real time where view-
Trump vs the Valley A Five Star plan? Dear Don...
concert have been able to continue in cannot.” ers could pay what they liked. Often the
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
The Vienna Philharmonic finished its
HMRC warns Lloyd’s of Brussels Insurance market part owing to generous emergency sup- Austria has held several large cultural shows drew a much larger audience
New Year’s Day concert with no one in
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
to tap new talent pool with EU base
customs risks THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border

port for the arts. The federal govern- events in 2020, including the 100th than the club’s seating capacity.
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17

being swamped
the audience to clap because of the pan-
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
by Brexit surge
some surgical procedures will be scrapped.— PAGE 4

ment provided €220m plus its regular Salzburger Festspiele, a month-long “We want to send a signal that we
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017

Developing countries have sold record levels of

government debt in the first quarter of this year,
upsetting — LIFE & ARTS

demic.
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15

3 Confidence in IT plans ‘has collapsed’

Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
budget of €466m to support artists and annual theatre, music and opera festival don’t give up because of the virus,” said
A survey has revealed that a
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR adjust its negotiation position with the
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
EU, a Whitehall official said. “If running almost one tower a week
A computer system acquired to collect our own customs system is proving during 2016.— PAGE 4
duties and clear imports into the UK much harder than we anticipated, that
may not be able to handle the huge ought to have an impact on how we i Tillerson fails to ease Turkey tensions
surge in workload expected once Britain press for certain options in Brussels.” The US secretary of state has failed to reconcile

fresh tax probe

Normally, some 50,000 apply for tickets cultural bodies. The government also which took place with socially distanced artistic director Christoph Huber, not-
leaves the EU, customs authorities have In a letter to Andrew Tyrie, chairman tensions after talks in Ankara with President Recep
admitted to MPs.
HM Revenue & Customs told a parlia-
of the Commons treasury select com-
mittee, HMRC said the timetable for
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
mentary inquiry that the new system
needed urgent action to be ready by
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a i Toshiba investors doubt revival plan
in Scotland
March 2019, when Brexit is due to be complex programme” that needed to be In a stormy three-hour meeting, investors accused MAGAZINE
completed, and the chair of the probe linked to dozens of other computer sys- managers ofhaving an entrenched secrecy culture
said confidence it would be operational tems to work properly. In November, 3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
in time “has collapsed”. HMRC assigned a “green traffic light” to filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image

to the annual tradition. But this year, the cut value added taxes for the sector and seating and regular testing for perform- ing that his club’s ability to host concerts
Setting up a digital customs system CDS, indicating it would be delivered on
has been at the heart of Whitehall’s time. But last month, it wrote to the i HSBC woos transgender customers
Brexit planning because of the fivefold committee saying the programme had The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
increase in declarations expected at been relegated to “amber/red,” which DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
British ports when the UK leaves the EU. means there are “major risks or issues Ms, in a move to embrace diversity and cater togather the information about the probes.

FINANCIAL TIMES
About 53 per cent of British imports apparent in a number ofkey areas”. Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
come from the EU, and do not require HMRC said last night: “[CDS] is on sweeping tax investigations in the UK, launched a criminal investigation into
checks because they arrive through the track to be delivered by January 2019, France and the Netherlands, setting suspected tax evasion and money laun-
single market and customs union. But and it will be able to support frictionless back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch

28821, Coslada, Madrid. Legal Deposit Number

seats in the frescoed great hall of the offered access to the Kurzarbeit furlough ers. It sold 76,000 tickets and organisers and continue paying musicians via state
Theresa May announced in January that international trade once the UK leaves its image as a tax haven. and certain ofits employees”. The UK
Brexit would include departure from the EU . . . Internal ratings are designed The Swiss bank said yesterday it was tax authority added: “The international
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
to make sure that each project gets the
focus and resource it requires for suc-
Terror attacks inwith
co-operating western Europe after
authorities
offices in London, Paris and Amsterdam
Recent reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
The lure of the exotic
customs union, the number is expected cessful delivery.” were contacted
Highlighted attack byOthers massacre bythose seeking to evade tax.”
local officials Robin Lane Fox on the flair
“concerning client tax matters”. Anders BreivikDutch in prosecutors, who initiated the
to hit 300m. HMRC’s letters to the select commit- of foreign flora — HOUSE & HOME

Bracken House, 1 Friday Street, London EC4M 9BT.

The revelations about the system,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
Lloyd’s of London chose Brus-
sels over “five or six” other
insurers to follow. Most of the
business written in Brussels
EU, with Dublin and Luxem-
bourg thought to be more likely
AFP
parts in Germany wereBrussels
while Australia’s revenue department
Norway
said it was investigating a Swiss
(Deposito Legal) M-32596-1995;
Norway, the
Dutch authorities said their counter- action, said they seized jewellery, paint-
attacks in Paris
also involved,
and Nice, and
ings and gold ingots as part of their
Brussels suicide
Nice bank.
the while French officials said their
probe;
investigation had revealed “several

Musikverein were empty for the first support scheme, film-making subsidies, said no infections could be traced to it. and audience support was rare. Mr Fro-
whether Whitehall can implement a 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 Paris bombings — have
host of regulatory regimes — in areas 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 The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
efforts by the country’s banking sector Switzerland and not declared to French
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Problems with CDS and other projects
essential to Brexit could force London to
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
its transport links, talent pool
and “extremely good regula-
tory reputation”.
Lex page 14
Insurers set to follow page 18
to overhaul business models and ensure
customers meet international tax
requirements following a US-led clamp- Publishing Director, Roula Khalaf;
of generally low

western Europe
tax authorities.
fatalities from
The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
said it was “astonished at the way this
down on evaders, which resulted in operation has been organised with the
billions of dollars in fines. deliberate exclusion of Switzerland”. It

Publishing Company, The Financial Times Limited,

The probes risk sparking an interna- demanded a written explanation from

Subscriptions & Customer service tional dispute after the Swiss attorney- Dutch authorities.

City watchdog sends a clear message as

time since the event started in 1939. vouchers for cancelled events and Other Austrian venues have also tried schauer said Europe’s cultural workers
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-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body. evade tax. It agreed to fines of $2.6bn.

banker loses job over WhatsApp boast How high earners can evade

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Credit Suisse, whose shares fell 1.2 per

subject ofinvestigations in the Nether-

lands, France and the UK. The bank said in Paris registered office as above. Local Representative office;
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
a pension headache — FT MONEY

The orchestra has found an audience replacement for sales lost in lockdown. to keep doors open, at least to perform- were lucky in comparison to the “horror
LAURA NOONAN — DUBLIN Berrys after discussions with regulators. media at work, but banks are unable to
JENNIFER THOMPSON — LONDON

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Shutdown risk as border
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
C/ Infanta
Brussels Maria
takes tough Teresa 4, bajo 2, 28016, Madrid. ISSN
stance on Brexit
with Spain handed veto over Gibraltar
regulators cracking down on commu- 390_Cover_PRESS.indd 1 19/01/2017 13:57

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

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Congressional Republicans seeking to
chat app. to his employer voluntarily.
The FCA said Mr Niehaus had shared
else”.
Information shared by Mr Niehaus
1135-8262.
remotely, however. Seven thousand Many of the greatest classical musi- ers. Jazz club Porgy and Bess, in central scenario” in America.
avert a US government shutdown after The fine by the Financial Conduct confidential information on the messag- included the identity and details of a
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 ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
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 GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
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 STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would

Advertising
stopgap spending plans. They fear
that his planned $33bn increase in
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Living wage rise to pile
pressure on care services
UAE: Masar Printing & Publishing, P.O. Box 485100,
The EU yesterday took a tough opening
stance in Brexit negotiations, rejecting
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
fully been singled out for unfavourable
treatment by the council at the behest of
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
require “existing regulatory, budgetary,
supervisory and enforcement instru-
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”

Dubai. Editor in Chief: Roula Khalaf. from up to 90 countries registered to cians, from Wolfgang Amadeus Mozart Vienna’s first district, converted most of The US had record deaths from Cov-
to accept the proposals. encryption system that cannot be as iPhone-loving staff spurn their work- Facebook did not respond to a request Senior EU diplomats noted that has been made on Britain’s exit bill and

Tel: +44 20 7873 4000 asiaads@ft.com,

US budget Q&A and
Trump attack over health bill i PAGE 8
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
About 2.3m people will benefit from
today’s increase in the national living
wage to £7.50 per hour. But the rise
will pile pressure on English councils,
which will have to pay care workers a
European Council president Donald
Tusk’s first draft of the guidelines,
which are an important milestone on
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
Mr Tusk’s text left room for negotiators
to work with in coming months. Prime
minister Theresa May’s allies insisted
that the EU negotiating stance was
largely “constructive”, with one saying it
citizen rights, which Whitehall officials
believe means simultaneous talks are
possible if certain conditions are met.
Boris Johnson, the foreign secretary,
reassured European colleagues at a

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“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation

broadcast applause from their home. to Gustav Mahler, worked in Vienna, so its winter programme into online con- id-19 in December and has no robust
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“We need to have hope,” said Italian the genre is important to Austria. Early social safety net for artists. More than
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Sweden: Responsible Publisher - Christer Norlander concert for the sixth time. “The Musikv- Kurz pledged to support the necessary one-third of musicians, are unem-
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erein for the first time without music on conditions for performances, said Mr ployed, according to the US National
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“The music we are playing has lifted live audiences are banned until at least Even for the orchestra, the future is
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2 January/3 January 2021 ★ FTWeekend 3

international

Fate of Pissarro painting revives Nazi loot row

Retail heiress fights two court battles over work of art, one of about 100,000 pieces stolen from Jews during German occupation of France
Victor Mallet — Paris ing it. It was only after the so-called
Washington Conference in 1998 called
Léone Meyer vividly remembers the for art looted by the Nazis to be identi-
first time she saw her father’s cherished fied and ownership resolved that the art
painting — Bergère rentrant des moutons world began to look more closely at the
(‘Shepherdess Bringing in Sheep’) by issue, said Mr Soffer.
the Impressionist painter Camille Pis- “If they [the museum in Oklahoma]
sarro — in the basement of the Musée had done due diligence they would have
d’Orsay in Paris. been alerted to the fact that the painting
It was four years ago, and the paint- is on the French government list of art
ing, which had been looted by the Nazis looted by the Nazis.”
during the second world war from her Michel Jeannoutot, president of the
Jewish adoptive parents, had finally CIVS, a French commission to indem-
been returned to France by a museum nify victims of anti-Semitic looting dur-
in Oklahoma. ing the occupation of France, said there
“The tears came into my eyes,” said was “a general movement in Europe and
Ms Meyer, now 81. “I almost saw the sil- Flock watching: in the US as well to have ‘clean’ muse-
houette of my parents before me.” ‘Shepherdess ums, in which works of art are exhibited
Nearly 80 years after her biological Bringing in that have clear provenance”.
mother, brother, aunt and grandmother Sheep’ by the As she awaits the judgment of the two
were deported and murdered at Ausch- Impressionist courts, Ms Meyer said her wish was to
witz, the Nazi concentration camp in painter Pissarro give the painting in full to the Musée
Poland, Ms Meyer has found herself on display at the d’Orsay, which has similar rural images
embroiled in the continuing struggle to Fred Jones Jr by Pissarro in its collection.
locate and return looted works of art Museum of Art “This painting has been wandering
traded around the world after the war. at the University around the world for nearly a century,”
Two court battles are now under way of Oklahoma she said. “It should stop. It’s very impor-
over the fate of her Pissarro. The court Sue Ogrocki/AP tant that this painting returns here.”
cases in France and the US centre on an
unusual agreement struck in 2016
between Ms Meyer and the University of The Meyers had hidden their works of
Oklahoma, which previously had the art in a safe at a bank in south-western
painting on display at its Fred Jones Jr France in 1940, but the Nazis seized the
Museum of Art. collection and sent it to Switzerland
In Paris, Ms Meyer is challenging the after the Allied landings in 1944. The
validity of the deal, which accepted her painting was one of about 100,000
as the rightful owner but required a works of art looted from Jews in France
rotation of the painting every three during the German occupation.
years from 2021 between France and It holds particular significance to Ms
Meyer because of the painting’s impor-
tance to her adoptive parents, a couple
‘Why don’t they just give who brought her into their family at the
it to her? She’s in her 80s age of seven from a Jewish orphanage
outside Paris in 1946. “It’s about
and a Holocaust survivor’ respecting the memory of my parents, a
Ron Soffer, lawyer desire for justice, and the idea that this
period allowed the killing of millions of
Oklahoma in perpetuity. The court’s people in the camps, including my bio-
reasoning was that the Fred Jones logical family,” she said.
museum had been gifted the painting by A court in Oklahoma, meanwhile, has
an owner who bought it in good faith ordered Ms Meyer to abide by the 2016
from a New York gallery without know- deal, which was validated by US and
ing it was Nazi war spoil. French courts, and to abandon the legal
Ms Meyer wanted to give the painting proceedings in France or be held in con-
to the Musée d’Orsay, but it refused the tempt of court in the US.
bequest because it is not allowed to take “At the end of the day what the [Okla-
on perpetual obligations to pay for regu- homa] museum wants is to have the
lar transport overseas. The risk now is painting on the wall,” said Olivier de
that by failing to donate the work of art Baecque, the university’s lawyer in
to an institution in France under the Paris. “Mrs Meyer should respect the
terms of the deal, she will be obliged to decisions of the justice system . . . The
hand it to the US state department for its essence of a settlement is for the parties
Art in Embassies programme. to make concessions.
“Why don’t they just give it to her? “When you do a deal like that you
She’s in her 80s and a Holocaust survi- need to compromise and if you don’t
vor,” said her lawyer, Ron Soffer. “Many respect such compromises then there
museums in the world would say, ‘Here, will be no deals in looted art cases.”
you can have it’. For her it’s a matter of Pissarro’s representation of the shep-
principle.” herdess opening a farmyard gate to her
Ms Meyer worked as a paediatrician sheep, painted in 1886, has had a typi-
but is also a retail heiress rich enough to cally roundabout postwar journey back
be able to buy Impressionist paintings. to France since the war.
The painting belonged to Ms Meyer’s Raoul Meyer located it in Switzerland
adoptive father, Raoul Meyer, a busi- but lost a court case there in 1953 when
nessman who joined the French resist- he tried to reclaim it. It was later
ance and ran the Galeries Lafayette acquired by New York art dealer David
shopping empire after the war. He was Findlay, who sold it to a family that
also a musician and art lover who was gifted it to the Fred Jones museum 20
“very attached” to his small collection years ago. Ms Meyer located it there in
of paintings, she said. 2012 and began the process of reclaim-

UK

Johnson hails EU exit but

faces threat of British split
George Parker — London is not widely shared in Scotland.
“This is an amazing moment for this
UK prime minister Boris Johnson
country,” Mr Johnson said in his new
described the new year’s severing of
year message, released to coincide with
ties with the EU as “an amazing
the end of the Brexit transition period
moment” for Britain, but he faced
and the end of Britain’s 47-year legal and
warnings that Brexit could hasten the
institutional ties to the EU.
disintegration of his own country.
The prime minister has downplayed
Nicola Sturgeon, Scotland’s first minis- the “non-tariff barriers” to trade with
ter, intends to put Brexit at the centre of the EU thrown up by Brexit — including
her campaign in May’s parliamentary an estimated £7bn in bureaucracy for
elections, at which the Scottish National business — and their potential impact
party will campaign for a second inde- on the integrity of the UK.
pendence referendum. Aside from inflaming nationalist sen-
Ms Sturgeon, who wants to lead an timents in Scotland, Brexit has also
independent Scotland back into the placed new obstacles to trade between
EU, wrote on Twitter: “Scotland will be Great Britain and Northern Ireland. The
back soon, Europe. Keep the light on.” region, which also voted against Brexit,
Scotland voted 62:38 to stay in the EU in remains part of the EU’s customs code.
the 2016 Brexit referendum. The prime minister insists his trade
The first minister claimed an inde- deal with the EU had been achieved
pendent Scotland would be “a bridge to while extricating Britain from the EU’s
aid understanding between the EU and legal structures.
UK”, as she kicked off a year that could But critics have long warned that such
have a profound impact on the future of an agreement would inevitably lead to
the union. friction at the border, as companies
Mr Johnson has vowed to block a sec- faced new checks, controls and paper-
ond Scottish independence referendum work to trade.
— which would have to be approved by Mr Johnson hinted at the “state activ-
Westminster — arguing that the 55:45 ism” he intends to pursue to rebuild the
vote in 2014 for Scotland to stay in the economy after the coronavirus crisis.
UK was meant to settle the issue for a He said it was “thanks to government
generation. scientists” that Oxford university had
Mr Johnson’s claim that Brexit had partnered with AstraZeneca to develop
put “freedom in our hands” and that the its Covid vaccine and “thanks to govern-
UK would be able to do things “differ- ment cash that the vaccine was devel-
ently and better” outside the EU oped”.
4 ★ FTWeekend 2 January/3 January 2021

international

Congressional discord

Pence breaks with president’s allies over ‘rigged poll’

Trump’s deputy rejects a “walking legal contradiction” and The Democratic-controlled House of could conduct Wednesday’s joint ses- the “wrong defendant” in the case. effort to curry favour with the presi-
argued Mr Pence was not the proper Representatives filed an amicus brief on sion of Congress “as he sees fit”, reject- Mr Trump yesterday retweeted a dent’s rightwing base of supporters for a
legal attempt to make person to sue in the matter. The federal Thursday also calling for the lawsuit to ing what they said was a legal interpre- message from pro-Trump group “Stop potential 2024 presidential bid.
him overturn vote results judge overseeing the case has yet to set a be thrown out. tation that cast the vice-president in a the Steal”, which is planning a rally in Ben Sasse, a Republican senator from
date for a hearing. “The Gohmert lawsuit has zero legal Washington on Wednesday to protest Nebraska, attacked such efforts to over-
The suit brought by Louie Gohmert, a merit and is yet another sabotage of our against the election results. “The cal- turn the election result, saying late on
Lauren Fedor — Washington
Republican US representative from democracy,” said Nancy Pelosi, the
‘We have a bunch of vary [sic] is coming, Mr President!” Wednesday: “The president and his
Mike Pence has asked a federal judge to Texas, and several Republicans from Democratic Speaker of the House. ambitious politicians tweeted Kylie Jane Kremmer, group allies are playing with fire.”
throw out a lawsuit brought against him Arizona seeks to scrap the rules on how Lawyers for Mr Gohmert and the 11 founder, promising a “big protest”. While Mr Sasse did not name Mr
by Republican lawmakers who want the Congress certifies presidential elections, Arizona Republicans submitted a fur-
[keen] to tap into the Josh Hawley, a Republican senator Hawley, he referenced “arsonist mem-
US vice-president to overturn the in an effort to give Mr Pence the ability ther reply yesterday, rejecting such president’s populist base’ from Missouri, has already said he bers of Congress who will object to the
results of the November 3 election, in a to throw out the results next week. arguments in a bid to press the court to would object to Wednesday’s Electoral Electoral College vote”. He added: “Let’s
blow to Donald Trump and his allies Electors gathered in state capitals and heed their case. They claimed Congress purely ceremonial role as a “glorified College certification process. Mr Haw- be clear what is happening here: we
who continue to falsely insist that the the District of Columbia in December to was “set for a showdown” on Wednes- envelope-opener in chief”. ley’s objection will lead to a vote in both have a bunch of ambitious politicians
poll was rigged. formally select Joe Biden as US presi- day, saying more than 140 House mem- The office of the vice-president did chambers of Congress on whether to the who think there’s a quick way to tap into
In a 14-page filing made on behalf of dent-elect, and their ballots are set to be bers were pledging to object to Mr not immediately reply to a request for accept the results. Many in Washington the president’s populist base without
the vice-president, justice department counted and certified by both houses of Biden’s victory. comment yesterday but Mr Pence’s ear- view Mr Hawley’s support for Mr doing any real, long-term damage.”
lawyers on Thursday called the lawsuit Congress on Wednesday. The lawyers further argued Mr Pence lier legal response had claimed he was Trump’s claims of voter fraud as an Additional reporting by Katrina Manson

Geopolitics. Brussels accord Career choices

Fight against
Xi’s trade deal with EU rings alarm bells in US coronavirus
White House ‘perplexed and
boosts
stunned’ while Biden team interest in
registers concern about pact science
Tom Mitchell — Singapore
Katrina Manson — Washington Clive Cookson — London
When the EU and China began discus-
The fight against coronavirus has argu-
sions on an investment agreement
ably given science more prominence in
seven years ago, Beijing hoped it would
the public imagination in 2020 than
help counter the Trans-Pacific Partner-
any year in living memory, with the
ship trade pact championed by Barack
possible exception of 1969 when man
Obama, the former US president.
first landed on the moon.
The TPP was a far more ambitious
project than the China-EU Comprehen- Although the circumstances are very
sive Agreement on Investment and a different, scientists are hoping their role
potential geopolitical coup for Washing- in the battle against Covid-19 will boost
ton, as it excluded Beijing. But Donald their image, increasing research fund-
Trump, Mr Obama’s successor, aban- ing and drawing more young people into
doned the TPP on his first day in office. scientific careers, as Nasa’s Apollo pro-
In the end it was China president Xi gramme did half a century ago.
Jinping who would steal a march on his “There is no question that the Covid
US rival by signing both the CAI and the response has enhanced the reputation
Regional Comprehensive Economic of science,” said Sir Venki Ramak­-
Partnership, a separate regional deal rishnan, molecular biologist and Nobel
with many of America’s closest Asia-Pa- laureate, who has just completed a five-
cific allies, in the waning days of Mr year term as president of the Royal Soci-
Trump’s administration. ety, the senior UK scientific body.
Mr Xi and Ursula von der Leyen, “If I was a young person looking at the
European Commission president, way so many disparate areas of science
signed off on the CAI on Wednesday, have come together in such a collabora-
although it will take at least another tive way, I would say: ‘This is fantastic’,”
year to formally conclude. Valdis Dom- he added.
brovskis, EU trade commissioner, In the same way as the 1960s space
hailed the pact as “the most ambitious race boosted science beyond the fields
[trade deal] that China has ever agreed most involved, such as physics and engi-
with a third country”. All smiles: “What the US wants is not necessarily forced labour and the protection of “We can no longer kid ourselves that neering, the pandemic respon­se should
Beijing views the agreement as a stra- Xi Jinping talks in the EU’s interests,” said Cui Hongjian, workers’ rights of association. Beijing is on the verge of honouring be felt just as widely, said Rachel Young-
tegic breakthrough, especially after Joe to European a European specialist at the China Insti- The former emerged as a critical area labour rights while it continues to build man, deputy chief executive of the UK
Biden’s incoming administration has leaders during tute of International Studies, a state-af- of divergence in the final weeks of nego- millions of square feet of factories for Institute of Physics.
registered concern over the pact. a video filiated think-tank in Beijing. “The EU tiation, largely because of the contro- forced labour in Xinjiang,” he added. “Covid-19 has popularised the idea of
Jake Sullivan, Mr Biden’s national conference should have learned that over the past versy over the Chinese government’s Most large European multinationals ‘following the science’; enhanced the
security adviser, said last week the new from Beijing four years,” he added, referring to Brus- incarceration of millions of Uighurs in support the agreement, which they feel profile of science generally,” she said.
administration would “welcome early on Wednesday sels’ many trade disputes with the the north-western region of Xinjiang. will help them catch up with “market “There’s an understandable focus on the
consultations with our European part- Li Xueren/Xinhua/AP
Trump administration. Franck Riester, France’s junior trade access” concessions Mr Trump secured life sciences during a pandemic, so there
ners on our common concerns about The EU argues the CAI “will not affect minister, said last week Paris would for US companies in the January “phase is a need to ensure that physics is prop-
China’s economic practices”. The lan- our commitment to transatlantic co-op- block the deal if the CAI did not force 1” trade deal with China. erly understood for the role it plays in
guage was diplomatic but a former eration, which will be essential for Beijing to abolish forced labour. How- But one senior European executive healthcare. For example, biomedical
Obama official said the message to the addressing a number of the challenges ever, China merely agreed to make “con- complains that the CAI, like Mr Trump’s tech­nology and imaging enable diagno-
EU was to “slow things down”. created by China”. But in private, EU tinued and sustained efforts” to ratify agreement, does little to address “struc- sis and treatment breakthroughs.”
Matt Pottinger, Mr Trump’s outgoing officials have expressed frustration with the relevant ILO conventions. tural issues” in the Chinese economy The crisis has shone a spotlight on sta-
deputy national security adviser, also the Biden team’s last-minute sniping at “On labour it’s impossible for China to that create informal barriers for foreign tistics and mathematical modelling. As
weighed in after the CAI was concluded. the CAI. “They believe they can tell their agree,” said Shi Yinhong, an interna- investment. sports presenter and former England
“Leaders in both US political parties and allies what to do instead of being a little tional relations professor at Renmin ‘What the “We need mechanisms for enforce- footballer Gary Lineker tweeted: “The
across the US government are perplexed bit humble and trying to solve bilateral University in Beijing and an adviser to ment,” the executive said. “If my Chi- only positive I can think of during this
and stunned that the EU is moving [US-EU] problems first,” said one per- the State Council, China’s cabinet. “Can US wants nese competitors are receiving central entire pandemic nightmare is that some
towards a new investment treaty right son close to the talks. you imagine China with independent is not or local government subsidies, who of us may have learnt to read a graph.”
on the eve of a new US administration,” The EU also argues that the CAI repre- labour unions?” exactly do I talk to and what do I do? On “Media demand for scientists to talk
he told the Inter-Parliamentary Alli- sents a “major breakthrough” in efforts Mr Pottinger condemned what he necessarily the other hand, in Europe, Chinese com- about Covid has been huge,” said Tracey
ance on China, an international group- by western countries to get Beijing to called the EU’s “haste to partner with in the EU’s panies can freely litigate against us.” Brown, director of Sense about Science,
ing of parliamentarians that seeks a sign up to International Labour Organi- Beijing despite its grotesque human Additional reporting by Xinning Liu in a charity. “This has been particularly
tougher approach to Beijing. zation conventions banning the use of rights abuses”. interests’ Beijing noticeable with statistics. Statisticians
suddenly found themselves with lots of
followers on social media.”
In 2019, the group’s campaign about

Ancient Egypt Pharaonic burial site promises to yield further spectacular treasures data science and algorithms “was very
difficult to talk to the public about”, she
said. “Now people know what we mean
when we talk about ‘models’.”
Fiona Fox, chief executive of the Sci-
Heba Saleh — Cairo ground for millennia. King Zoser, who fins, said Mr Waziri, especially those Museum in Cairo which is due to open archeologist who is working on another ence Media Centre in London, praised
ruled more than 4,600 years ago, built from a trove of about 100 announced in this year. Tourist arrivals in Egypt in excavation in Saqqara, expects to the way the busiest scientists working
A vast site on the southern outskirts of his step pyramid there and it remains a November, suggest they belonged to 2020 dropped to 3m, less than a quarter announce new finds early this year. on Covid-19 devoted time and effort to
Cairo, the Saqqara necropolis is one of landmark rising above the site. It is the high officials and senior figures. of the record 13m who visited the year These too are coffins but this time from public communications. “The quality of
the richest pharaonic sites in Egypt, earliest pyramid and first stone building In a year in which the pandemic has before, according to official figures. the New Kingdom — and therefore of an the scientists appearing in the media on
boasting spectacular monuments such known in Egyptian history. decimated Egypt’s tourism industry, A television broadcast in recent days even older era than the artefacts a daily basis has been fantastic. Some of
as the earliest known pyramid in Egyp- “Once Zoser was buried there, officials have celebrated the new discov- showed Mr Waziri being lowered into unearthed in recent months. “Saqqara them are turning out to be much better
tian history as well as the tombs of Saqqara became even more important eries with big events, inviting diplomats another burial shaft from which the cof- was a stomping ground of kings,” he communicators than the politicians,”
kings, high officials and sacred animals. because there was a greater reason for and media to highlight the country’s fins have not been removed. They said. “Tutankhamun lived and died she said. “The case we’ve been making
After a series of finds last year, Egyp- people to choose to be buried there to riches. appear stacked in layers around him near here.” for the last two decades about the
tologists say the 5,000-year-old desert benefit from the blessings of the king,” The coffins will be exhibited at a covered in millennia-old dust, which he The burial shafts were found in a part importance of scientists engaging with
site has yet to yield all its treasures and said Salima Ikram, professor of Egyptol- series of new museums, including one in flicks away with a brush to reveal col- of Saqqara called the Bubasteion, which the media is now made.”
much remains to be discovered. ogy at the American University in Cairo. the Red Sea resort of Sharm el-Sheikh ourful decorations. once included a temple complex dedi- Schools and universities can look for-
Large caches of sealed ancient coffins “It remained a cemetery way into the and in the huge Grand Egyptian Zahi Hawass, a renowned Egyptian cated to Bastet, a goddess of love, beauty ward to more students choosing science
painted with brightly coloured scenes, eighth century AD.” and motherhood depicted in the form of subjects as a result of the crisis, said Sir
still intact and holding well-preserved Mr Waziri points to remarkable Wooden a cat. The coffin caches could contribute John Holman, professor of chemistry at
mummies, were discovered in October, archaeological discoveries in Saqqara in wonders: enormously to our understanding of the the University of York and president of
untouched since burial millennia ago. the past two years, among them the dec- sarcophagi form ancient Egyptians, said Ms Ikram. the Association for Science Education.
“What we see above ground is no orated tomb of Wahte, a priest who lived part of the “If we look at the contents of each But educators should not take the
more than 40 per cent of what exists in the 25th century BC, caches of gilded ancient treasure shaft in its entirety and compare the surge in interest for granted, he added.
below ground,” said Mostafa Waziri, statues and unusual finds such as a trove discovered texts on the coffins, we could tell if the “There may be more glamour around
head of the Supreme Council for Antiq- mummified scarab and an embalmed at Saqqara people inside are related because of science now but there are several factors
uities who led the Egyptian teams that lion cub. necropolis bloodlines, trade and priestly associa- at work when young people decide.
made the latest discoveries. The recently discovered coffins date south of Cairo tion,” she said. Number one is your teacher and num­-
“Saqqara is very rich, and there is still back to what is termed the Late Period Ahmed Hasan/AFP/Getty
“We can also learn about coffin manu- ber two is job prospects in that career.”
more to find. I think we can work on it from about 664BC to 332BC. and some facture, the beliefs shared and if they Yet already a surge is taking place: the
for another hundred years.” are from the subsequent Ptolemaic were related to the cult of Bastet. It American Association of Medical Col-
Not far from the pyramids of Giza and dynasty which ruled until the death of would be excellent if qualified scholars leges said “applicants for 2021 are sky-
adjacent to the ancient capital city of Cleopatra, its last queen, in 30BC. have a chance to examine the material rocketing, with the number already up
Memphis, Saqqara was used as a burial The decorations on some of the cof- and, most importantly, to publish it.” 18 per cent compared to last year”.
2 January/3 January 2021 ★ FTWeekend 5

FT BIG READ. US POLITICS

The president still claims the election was stolen, setting up a loyalty test for other senior figures in the
Republican party. The 2024 field is already crowded with contenders who hope to inherit his mantle.
By Edward Luce

Will Trumpism outlast Trump?

S
hortly after Josh Hawley said
he would contest Joe Biden’s
victory at the electoral college
certification in Congress next
Wednesday, the Republican
senator had a bizarre exchange with
Walmart.
A rogue employee at the giant retailer
retorted on the company’s Twitter han-
dle that Mr Hawley — and, by implica-
tion, Donald Trump — was a “sore
loser”. The Missouri senator, whose
planned stunt at most will delay Mr
Biden’s certification by a few hours,
replied: “Thanks @Walmart for your
insulting condescension. Now that
you’ve insulted 75 million Americans,
will you at least apologise for using slave
labour?”
Even a year ago it would have been
hard to imagine any senior Republican
other than Mr Trump talking so scath-
ingly about one of America’s biggest
employers — still less a global brand
name owned by an avowedly conserva-
tive family. Now such declarations are
almost routine.
Shortly after the presidential election
in November, Mr Hawley said, “We are a
working class party now. That’s the
future.” Next week he will try to lay
claim to being Mr Trump’s heir by
impugning an election that federal offi-
cials have deemed the most free and fair
in America’s history.
It is unclear how many of Mr Hawley’s
colleagues will join him in this extrava-
gant gesture. The normally formal certi-
fication will pose a dilemma for other

presidential hopefuls, such as Tom Cot- ‘I don’t have bow out from politics. Staying in the a television show, or even launching a as did Mr Cotton and Mr Cruz, who was Josh Hawley, It follows therefore that any Republi-
ton of Arkansas, Florida’s Marco Rubio, game would give him plenty of collateral news channel, to rival Fox News, which an undergraduate at Princeton. Ron Ted Cruz, Marco can who wants to transcend Mr Trump
and Ted Cruz of Texas. Mike Pence, the a clue what advantages, even if he does not run Mr Trump has put in the traitor column DeSantis, Florida’s governor, and Rubio and Mike will have to act with subtlety and even
vice-president, who harbours 2024 Trump will again. Since November, Mr Trump has — alongside Mitt Romney, the Utah sen- another 2024 aspirant, also went on to Pence have deception. Much as Charles de Gaulle
ambitions as well, will also be torn. As raised more than $200m for his sup- ator, Chris Christie, the former governor Harvard Law School having graduated followed the pretended he was on the side of the
the president of the Senate, it is his con- do after posed “election defense fund”. The of New Jersey, and others who recog- from Yale. And so on. Trumpist line. French colonials as he was planning to
stitutional duty to certify Mr Biden’s vic- Biden is small print shows that the money raised nised Mr Biden’s victory. All of which The 2024 field is already crowded The Republican pull out of Algeria, a post-Trump
tory — a role, as it happens, that then can be used to pay for unrelated points to him remaining in politics. with people hoping to inherit Mr National Republican will have to pose as Trum-
vice-president Biden carried out four
sworn in. He expenses, such as Mr Trump’s legal fees, “The best way for Trump to make Trump’s mantle. But it is not clear how Committee’s pian to keep the base onside. One or two
years ago. probably salaries for consultants, including fam- money is to stay in politics — that’s his appealing Trumpism will be without the Ronna figures, such as Nikki Haley, the former
Mr Trump, who insists that he was
cheated of victory this time by a vast
doesn’t ily members, and on costs for his politi-
cal operation. He could also ensure that
business now,” says John Pitney, profes-
sor of politics at Claremont McKenna
main act.
“These attempts to graft an intellec-
McDaniel, left;
Senate majority
governor of South Carolina and Mr
Trump’s ambassador to the United
global conspiracy, has made it plain that either’ Ronna McDaniel, his ultra-loyal ally, College, and a veteran of Republican tual veneer on to Trumpism are a leader Mitch Nations, and Chris Christie, have
anyone who deviates from the Biden stays on as chair of the Republican campaigns. “He could also charge little over-wrought in my view,” says McConnell, dropped hints they will try to thread
#NotMyPresident line will be regarded National Committee. money for people to attend his rallies, Mr Gallagher. “For people in my below; Letitia that needle. But they would need great
as a traitor. “Trump is sitting on more money which will give him the cash and psy- district, Trumpism is Trump — a middle James, New York dexterity to stay on the right side of Mr
The question is whether Trumpism than the party,” says William Kristol, chological relief that he craves.” finger to the status quo. I’m not sure state’s attorney- Trump. Between 70 per cent and 80 per
can outlast Mr Trump once he leaves the who founded Republican Voters Against you can separate that from the man.” general, below cent of Republican voters believe that
White House and is no longer the centre Trump, a group of “Never Trumpers” As Trumpian as they can be Yet by changing its name to national- left — FT montage; Getty the election was stolen, according to a
of attention. “Agreeing with the ‘stolen that supported Mr Biden. “He can still But is there a non-Trumpian Republi- welter of polls. It would be political sui-
election’ narrative will probably be a lit- call the shots.” can Party struggling to break free? Evi- cide for any 2024 hopeful to contradict
mus test for ambitious Republicans for Mr Trump also faces an onslaught of dence for its existence is sketchy. One or Mr Trump’s story of betrayal.
the foreseeable future,” says Mike Gal- legal challenges mostly in New York that two governors, such as Larry Hogan of “If you look at how many names are
lagher, a Republican congressman from could involve criminal and civil liability Maryland, and Charlie Baker of Massa- jostling — at my count there are 15
Wisconsin. “But as events move on it on taxes, bank fraud and sexual harass- chusetts, are trying to stake out a claim already — the field is looking pretty
could start to fade.” ment. Even if he chooses pre-emptively for a more traditional conservatism that yeasty,” says Mr Pinkerton. “But almost
to issue pardons for himself and his fam- strikes bipartisan deals and honours none of them will openly declare their
Keeping his powder dry ily in his remaining twenty days, they civility in politics. But both come from candidacy if Mr Trump is still in the
A lot will depend on what Mr Trump would only cover federal crimes. Letitia normally Democratic states and have frame.”
chooses to do after Mr Biden is sworn in James, New York state’s attorney-gen- little resonance beyond.
on January 20. Shortly after the US Sen- eral, and Cy Vance Jnr, the Manhattan The majority of Republican 2024 All eyes on Georgia
ate voted to exonerate him last Febru- district attorney, would both still be able hopefuls are trying to sound as Trum- All of which augurs badly for Mr Biden’s
ary following his impeachment by the to file charges against Mr Trump. All of pian as they can. As a relentlessly ambi- hopes of re-creating a bipartisan atmos-
House of Representatives, Mr Trump this will cost him mounting bills in law- tious hopeful, Marco Rubio is a good phere in Washington. Next Tuesday, Mr
tweeted: “Trump 2024!” He looks set to yer’s fees. Mr Trump also has more than bellwether of the party’s direction. In Biden will find out whether Democrats
be the first outgoing president in more $300m in debts coming due over the 2016 he ran as a “reformicon” — a con- ist-populism, or working class conserv- ‘These can regain control of the Senate, when
than a century to refuse to attend the next four years, according to a New York servative who championed new eco- atism, you can trace the roots of Trump- Georgia holds run-offs for its two seats.
inauguration of his successor. There are Times investigation of his finances. nomic ideas. He was also a neoconserva- ism to long before Trump. In 1992 and attempts to Ordinarily, the Republicans would
even hints that he will announce his Even if Mr Trump plans to sell some of tive. Mr Trump shredded Mr Rubio in 1996, Pat Buchanan, a former speech graft an expect to hold both seats. But having
candidacy at a duelling event that day at his golf courses — a questionable the 2016 election. Since then he has writer to Richard Nixon, caught alight won the state by a slim margin — the
his Mar-a-Lago club in Florida. assumption given his love of their status often sought to imitate the president. with the so-called “pitchfork” Republi- intellectual first Democrat to do so since 1992 — Mr
The majority of his party would like value — most of them are loss-making. Last week he attacked Anthony Fauci, cans in the presidential primaries. veneer on to Biden can hold out some hope of a dou-
him to stay in politics. In a Morning Con- The pandemic economy is not an ideal the leading US infectious disease expert, Although Buchanan lost, he was tapping ble upset.
sult/Politico poll last month, 53 per cent climate to put up real estate for sale. The for recommending that Americans wear into the future. In 2008, Sarah Palin, the
Trumpism Both the Republican candidates,
of Republican voters said they would Trump Organisation has so far been masks. “Fauci lied about masks in vice-presidential nominee to John are a little David Purdue and Kelly Loeffler, are
choose Mr Trump as their nominee. The
next highest was Mr Pence with 12 per
unable to find a buyer for the Trump
International Hotel in Washington DC,
March,” Mr Rubio tweeted — a reference
to Mr Fauci’s then concerns about
McCain, championed the growing white
working class element of the base,
over- echoing Mr Trump’s line of a stolen
presidential election. Their stance risks
cent. Donald Trump Junior, the presi- which it put on the market last year. distributing scarce hospital-grade which had largely voted for Bill Clinton wrought in confusing Republican voters. If the
dent’s oldest child, came third. “If There is also talk of Mr Trump hosting masks to the public. “Many in elite bub- the previous decade. Mr Trump then my view’ system is corrupt, why bother voting?
Trump announces for 2024 then he bles believe the American public took it further. More than half Republi- If it is not, then did Mr Trump in fact
would be the presumptive favourite doesn’t know ‘what’s good for them’, can voters are now non-college edu- lose fair and square? It is a measure
straightaway,” says Mr Gallagher. so they need to be tricked into ‘doing cated whites. In November, Mr Trump of Mr Trump’s grip on the party that
The odds are that Mr Trump will the right thing’.” won 2,547 counties. But the 509 that Mr both candidates are sticking loyally
choose to keep his powder dry. “One of Other contenders, including Mr Haw- Biden won account for 71 per cent of to a line that could jeopardise their
Trump’s most reliable traits is that he ley, Mr Cotton, and Mike Pompeo, the America’s gross domestic product. chances. Yet the alternative — to disa-
loves to keep people guessing,” says outgoing secretary of state, are striving “I think it’s fair to say that this trend gree with Mr Trump and provoke his
James Pinkerton, a former Republican to out-Trump each other in their rheto- didn’t begin with Trump and it probably ire — would be fatal.
operative who now writes a column for ric. A key tell is their recurrent use of the won’t end with him,” says Russ Whatever drama awaits Georgia next
Breitbart, a far-right website. “I don’t word “elite”. The fact that Mr Hawley Schriefer, a Republican consultant who Tuesday, or in Congress next Wednes-
have a clue what Trump will do after attended Stanford and Yale Law School worked for Mr Romney’s 2012 presiden- day, Mr Trump will have to leave office
Biden is sworn in. He probably doesn’t — after being educated at prep school tial campaign and for both George Bush on January 20. But it is unlikely to be the
either. Keeping people in suspense and having taught at St Paul’s private senior and junior. “The Republican day he retires from politics. Mar-a-Lago
would maximise his leverage.” school in London — is no obstacle. Mr Party is unlikely to snap back to where it could become his would-be presidency
It is unlikely Mr Trump will simply Pompeo attended Harvard Law School, was a generation ago.” in exile.
6 ★ FTWeekend 2 January/3 January 2021

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SATURDAY 2 JANUARY 2021

Reasons for hope in

2021 after a trying year
Vaccines, Biden and broader shifts give some grounds for optimism
For many, 2020 will always be synony- existing antitrust powers — in Decem-
mous with misery; the pandemic will ber the Federal Trade Commission and
be remembered for isolation, anxiety a group of 48 attorneys-general sued
and — in too many cases — loss. Yet Facebook, alleging it had abused its
beneath the surface there have been market power. In the UK and EU, new
trends and shifts that give us, if not rea- proposals for reforming competition
sons to be cheerful for the coming year law would attempt to shift how “digital
then, at least, more grounds for hope gatekeepers” behave in the first place.
for the future. If these attempts work they could help
The most positive prospect for 2021 to make the internet closer to the free
is the rollout of coronavirus vaccines. and open vision of its founders.
These hold the promise of returning A critical mass has been building
some sense of normality; if govern- behind fighting climate change, too.
ments can ensure enough of their pop- China, the biggest polluter, committed
ulations are vaccinated then social,
family and working lives can start to be
restored. The biggest challenge is
in September to reducing carbon emis-
sions to net zero by 2060. The People’s
Republic is just the latest among many
How a hackneyed word came to define the Covid-19 experience
ensuring this happens not just in to set such a target. These pledges on
the rich world, but across lower- and their own will not do much to stop glo- 2020 has yielded so many examples of commentators have problems finding which is very real — and does make a in reality rather than theatre.
middle-income countries. bal warming. But they show the world is “Year in a word” on your op-ed pages anything to compete with the sinewy difference, but still . . .). But irrespective of the mouth from
The defeat of President Donald taking the problem more seriously and (FT Weekend, December 19), but and turgid “tough” to describe “a year Tough is now the currency of all which it springs or its context, we can
Trump opens up the potential for a that advances in technology — renew- despite the cornucopia you have like no other” (another contender, but Covid speakers in all “settings” all hope tough’s antonyms replace it in
rejuvenation of multilateralism. Amer- able energy sources and batteries alike provided in the run-up to 2021, the one a phrase rather than a word). (another Covid etymological winner). 2021.
ican scepticism over international — are convincing governments a transi- you have missed is “tough”. Yup, it all has been tough. But can we Whether we ascribe weight and impact And so, from the website
trade is likely to last. There is, however, tion is less costly than once feared. Indeed, pretty much everything has not find some means of differentiating to their words depends on our political www.powerthesaurus.org, what do we
a world of difference between a US that Progress will probably be slow in been judged “tough” since the middle the truly tragic loss of loved ones from persuasion although my personal find? Kind, easy, acceptable, effortless,
acts constructively and one that wishes fighting racial and gender inequality, of March and the lack of divergence not being able to have a cheek-by-jowl favourite for “toughness” legitimacy is comfortable. There are others, but
to dismantle a rules-based system of but the protests following killings of from this adjective belies just how knees-up with mates? The latter is not Professor Jonathan Van-Tam, the UK’s those would be enough.
international relations. black Americans by police officers has worn-down everybody is. Even the “tough”; it’s just disappointing (and deputy chief medical officer who Laurel Powers-Freeling
The EU response to coronavirus also led businesses and individuals to reflect most august of writers, speakers and yes, we know it adds to mental stress — cannily applies it to ground his words Cambridge, Cambridgeshire, UK
showed the power of international co- on current and historic injustices. The
operation. True, at first member states determination to create a fairer future
succumbed to nationalist instincts. will not disappear. Incoming US presi- Rubik talks permutations term “trophy wife” had existed in the Manchester’s mayor finds impresario Tony Wilson. For this group
But in stark contrast to the eurozone dent Joe Biden’s cabinet is already set to 60s, Jackie Kennedy undoubtedly of men, slipping on a smart black shirt
crisis a decade ago, they then managed be the most diverse in US history. not combinations would have qualified. his sartorial sweet spot is an act that summons Wilson’s
to pull together and enhance the insti- Moving forward on all these fronts Not so long ago in an FT Weekend She certainly didn’t shrink from Far from another yawn-inducing piece studied Comme des Garçons cool.
tutions of the trade bloc to become may be difficult in economies devas- feature Bobby Seagull shared his wearing French couturiers like on trendy workwear for men, Grace Ms Cook’s article certainly did its bit
more responsive to shocks. What has tated by the pandemic; public appetite frustration when people used Givenchy when in Paris. And who can Cook served us fashion-with-a-twist by for the “levelling up” agenda. Having
been dubbed the Next Generation EU for reform may be exhausted. Unem- “combination”, as in a bicycle lock, forget the Chanel lookalike Chez Ninon making Andy Burnham, the UK’s said that, if we are to believe Mr
may, so far, be a branding exercise for ployed and destitute workers might when what they were referring to was a raspberry pink suit she wore when mayor of Greater Manchester, the Burnham represents the northern
the pandemic response fund but it also turn against anything that suggests fur- “permutation”. I was certain he was President Kennedy was assassinated. subject of her recent article (FT.com, powerhouse of fashion influencers,
demonstrates the bloc’s potential to ther self-sacrifice. Yet there are eco- writing about me and have felt But I do find the accolades of December 26). hers is an ambitious provocation, and a
renew itself. European regulators have nomic opportunities that can be seized, chastised ever since, buying only diversity, creativity and Surely not the same guy who was long way from realisation.
led what is becoming an international new forms of working emerging, and bicycle locks with a real key. entrepreneurship for Michelle Obama’s laughed out of London for his Rich F’row
effort to rein in excessive power on the politicians across the world have I am sure Valerie Hopkins (“Erno cardigan sweaters a bit of a stretch. If professional-northerner schtick? Mr London SE3, UK
part of the tech giants, without under- pledged to “build back better”. If there Rubik: ‘The Cube has his own voice’”, Jill Biden’s boots, emblazoned on the Burnham must be buzzing to find
mining the benefits to society they is one reason above all for hope for the Lunch with the FT, Life & Arts, FT side with the word “vote”, are any himself a bona-fide working class hero Finding cheer among
have provided during the pandemic. In future it is that the past year has dem- Weekend, December 12) must have indication, jogging suits and sweat — with the wardrobe, a drawl and pop-
the US, so far, that seems to mean using onstrated, firmly, our ability to adapt. missed Mr Seagull’s excellent feature or pants will be de rigueur for the White star good looks to match. the horrors of 2020
she would have said there were 43 House. So why not simply admit that A provincial professor was even on I enjoyed your examples of reasons for
quintillion permutations for a Rubik’s Melania Trump has raised the bar hand to deconstruct the clobber worn cheer as we move into the new year
cube. And this raises the question as to regarding the fashion image of the first by the chicest guy on the cobbles. This (FT View, December 24).
whether these are US quintillions, with lady, and will be a hard act to follow? lent gravitas to the opinion that the For me, there have been many
their 30 zeros, or European quintillions Belle von der Goltz former Labour secretary of state for blessings to come out of the horrors of

‘Hybrid’ working calls for with a mere 18 zeros. Much better to

use the exponential notation of 4.3E19
which will flatter readers who
Needham, MA, US

Middle age banishes

health under prime minister Tony Blair
had hit a sartorial sweet spot,
somewhere along the M62 motorway
this year. I enjoyed creating a wild
flower area in my garden; playing
every record in my vinyl LP collection.

patience and ingenuity recognise the representation and

remind those who have forgotten it.
Gregory King
the bad weather blues
Reading Orla Ryan’s reflections on age
between Liverpool and Manchester.
Looking hard at the photo for further
“inspo”, equal attention could have
Working from home has made me
happier, healthier and more productive
in my job; not having to take a front
Aberdeen, Aberdeenshire, UK (“Lie about my age? I’m too old for been given to his black shirt, a staple in door key when I leave the house as
Employers must develop staff skills fit for the shifting future of work that”, Spectrum, FT Weekend, every middle-aged northern man’s there is always someone at home so I
Runners and riders in December 19), it reminded me of that wardrobe. Scousers like him are known can leave the back door unlocked.
“Human beings were not meant to sit patience and experimentation, will be definition of middle age. When one to get misty-eyed for the original “man FT Weekend has been an oasis of
in little cubicles staring at computer shaping fulfilling roles and arranging first lady fashion stakes reached middle age and it started in black” Johnny Cash, committing inspiration and enabled my mind to
screens all day,” complains Peter, a projects so they can be performed effi- After reading Harriet Agnew’s article raining, the general comment was that many a fashion faux pas in his name. travel to many places while my body
character in the cult workplace com- ciently by a widely distributed work- on Melania Trump’s fashion style at least it was good for the garden. Similarly, for Mancunians of his age, has been locked down.
edy Office Space. That film came out in force. Employers have realised far (“Legacy of a first lady”, Report, Roger Ashby there can only be one serious style icon Alistair Elliott
1999. By the beginning of 2020, most more work can be done at a distance December 24) it struck me that if the Cannes, France — the “Mayor of Madchester”, the pop Brighton, UK
real-life equivalents of Peter’s imagi- than they previously believed, but that
nary employer Initech were still asking imposes its own strains.
workers to perform their tasks in a sim- Most white-collar workers still spend
ilar way in the same sorts of places.
The pandemic and subsequent lock-
their days staring at computer moni-
tors, whether at home or in the office. Want to know Stuart Henshall studies human
behaviour for a living. Until March,
Epic, a website that promotes the use
of ethnography in business. “A driver
empowered when they talk to her.
Evans is also finding a way to
downs shook the status quo. One poss-
ible vision of the future of work sud-
Unilever is testing a four-day week for
its New Zealand staff, which may be what makes the “user research” analyst was based
in a “UX [user experience]
decided his idle [auto rickshaw] was
the best place [to chat]. Even the
minimise the downside of digital
platforms, namely that it can be
denly seemed much closer after staff
were ordered to quit the office and
work remotely. Surveys suggest most
just as productive but less stressful
than the traditional five-day stretch.
Companies such as Facebook have
people tick? Ask laboratory”, or special conference
suite, in an Indian city where he was
carrying out research face-to-face,
bathroom is used for an interview on
occasion for privacy!” All of this has
helped him enormously.
(even) harder to decide if people are
telling the truth. Conducting video
interviews with groups (or just two
of them would prefer to continue to
work at least part of the week from
advertised for a “director of remote
work” to handle the coming change.
them over Zoom interviewing predominantly low-
income individuals to help companies
Of course, researchers also face
downsides online: it is harder, for
other people) can make the
conversation livelier, and provide
home. Some organisations, including Some employers will simply out- understand what makes them tick. example, to “read” body language on a appropriate checks and balances.
technology companies, banks and source remote work to eager contrac- Convo, the consultancy he co- video call. But Henshall is finding this Daniel Beunza Ibanez, a sociologist
professional services firms, have taken tors in a lower cost location or hand it founded in Mumbai and San new form of his work so valuable that at London’s Cass Business School who
steps to accommodate more remote to uncomplaining machines. The accel- Francisco, sells its services with the he will almost certainly continue to studies financial traders in London
working even after the crisis lifts. eration of workplace automation is idea that real-world “conversations use it even when face-to-face and New York, has come to similar
According to the McKinsey Global already putting jobs in hard-hit sectors matter”, and in-person interviews interviews become possible again. conclusions. After talking to financiers
Institute, though, even in the UK only of the UK such as retail and hospitality seemed the most obvious tool to use Henshall’s experience is echoed by during lockdown, he saw they used a
33 per cent of tasks could be handled in jeopardy, according to a recent for Indians who did manual jobs, such other people-watchers. Lama more intimate communication style
outside the workplace without some report by the trade union Community as dhobis (washermen or women) or Nachman, director of Intel’s on video chat.
loss of productivity, a figure that falls to and the Fabian Society, a think-tank. rickshaw drivers. Anticipatory Computing Lab, which Some jobs suffer when they move
12 per cent in India. The crisis has also Workers cannot, though, easily shift to But when the Covid-19 lockdowns works on how humans interact with online. But these lessons do imply it is
challenged assumptions about what areas of greater demand, such as social started, Henshall had to leap online. computers, tells me that Intel’s time for us to shift the debate about
sort of labour is deemed essential — care or cyber security. A concerted And after conducting thousands of researchers have been using virtual the future of work. From pondering
including many tasks, from delivery effort is needed to train them in new hours of video calls, he has discovered tools to study how parents, teachers whether digital is better than analogue
courier to nurse, that could not easily
be carried out from a cubicle — and
skills and to design the jobs of the
future so they are not just better paid, Notebook that although doing his research
virtually presents some difficulties,
and students use online education.
While the company has rarely carried
— or vice versa — to how they can be
combined to enrich us all. It is not a
how to value and organise it. but more fulfilling. there are also advantages. out this type of virtual-only research zero-sum game.
“Hybrid” will be the word of the year Companies are still bound to expen-
by Gillian Tett At his UX lab, the encounters tend before, doing so gives it a much wider When we do finally emerge from
in 2021, then, as managers struggle to sive real estate and to the less visible, to be formal; dhobis would sometimes geographic reach. Covid-19 lockdowns, our ways of
find a balance between remote workers but no less rigid hierarchies of pre-pan- put on their customers’ clothes for Chloe Evans does UX research into working will not simply revert to
and those who, by choice or necessity, demic jobs. The crisis should have interviews because they saw the lab as consumer behaviour for the music where we were before the pandemic
cannot work from home. Ensuring taught them, though, that work can be a place of staged meetings. platform Spotify. Like Henshall, she hit. Our attitude to digital tools has
these groups can co-ordinate and done in more fluid and flexible ways On a video chat, Henshall sees his initially assumed it would be hard to shifted permanently. This is scary, but
communicate efficiently will be hard than they imagined, with more respon- interviewees in their natural habitat, study consumers online, having it is also producing unexpected silver
enough. A spontaneous brainstorm sibility delegated to frontline teams. wearing regular clothes. “Participants always seen their reactions to music in linings. And if we can find an effective
loses its spark if the space in which There is no need to burn down the are simply more comfortable at home person. But, as she too writes on Epic’s way to embrace the best of this new
to host it has to be booked weeks office, as one cubicle-dweller does in their environment. [They] tend to website, she realised there were on-and-offline world, therein lies a
in advance. Videoconferences falter at the end of Office Space. But this feel more in control . . . They may feel “unexpected benefits as well as some reason for cheer.
when some participants are in the is not the moment, either, for employ- freer and safer to share their point of challenges” to being online: for
same room and others are on screen. ers to put all staff, always, back into view,” he explains in an article for example, her interviewees feel more gillian.tett@ft.com
The bigger challenge, requiring their boxes.
2 January/3 January 2021 ★ FTWeekend 7

Opinion
Now Brexit is ‘done’, Britain must rebuild trust with Europe
get through lockdown without Mozart, vaccinations in Europe because “we’re whatever you think of Brexit — has union from a relatively coherent 12 rest of the world, the UK government
politics Bordeaux or cappuccinos. a much better country”. On the con- looked a shambles. Many of our allies member states in 1993 to an unwieldy should not lose opportunities to deepen
A recent conversation with the editor trary, with Brexit “done”, Britons have been staggered by Britain’s self-ab- 28 by 2013. But the current exasper- ties with countries which, after all, are
Camilla of the Greek edition of my book, who must begin the process of rebuilding sorption over the past four years. This ation seems to be of a different order. nearby and cheap to reach.
Cavendish is marvellously called Plato, reminded
me of the scene in Monty Python’s Life
the amicability and respect that
have been lost.
helped Brussels to cast Brexit as a
uniquely British issue rather than an
There is a feeling in many European
capitals that the UK has decided to
Perhaps we should try to regain some
of the spirit of 1967, when The Beatles
of Brian. What have the Romans ever The Channel between France and existential moment, and to avoid think- make itself irrelevant. released “All You Need Is Love” with the
done for us? asks Reg, leader of the England is a scant 20 miles across at its ing strategically enough about what Outside the bloc, the future will be a opening bars of the French national
People’s Liberation Front of Judea, as he narrowest point. Yet not since Charles the new relationship should look like rolling series of negotiations. But they anthem. Boris Johnson has a chance to

A
fter four years of wrangling, urges his group to turn against the de Gaulle vetoed British membership of need not be fractious. Modern Britain is do so, and reset the tone, when Britain
passionate debate and soul- oppressors. “Apart from” — he is forced the Common Market in 1967 have we wholly European in its desire to combat chairs the G7 next year and hosts the UN
searching, the UK has left
the EU. But we have not left
to concede — “sanitation, the medicine,
education, wine, public order, irriga-
felt so far apart. All negotiations are bru-
tal. But under former prime minister
It would be a grave mistake climate change, Islamist extremism,
Russian meddling and Chinese incur-
COP26 climate summit in November.
The world will want to see a grown-
Europe. In a sombre speech tion, roads, a fresh water system and Theresa May, the British side squan- for UK ministers to sions into human rights. As the world up Britain that is intelligent and co-
announcing the EU-UK deal, the Euro-
pean Commission president Ursula von
public health”. As Europeans, we are
bound together by a history that long
dered the goodwill initially felt in many
European capitals after the shock result
continue with the macho moves into a new era of great power
competition, the UK can only project
operative, not jingoistic.
With a treaty that is over 1,200 pages
der Leyen quoted William Shakespeare, predates a 47-year-old trade agreement. of the 2016 referendum. Boris Johnson’s English exceptionalist tone its soft power and liberal democratic long, and many issues still to be final-
The Beatles and the poet TS Eliot. Not We can even — occasionally — share a team then deepened distrust by values in partnership with other ised, it will take time to see how the deal
only is Britain “geologically” attached to sense of humour. demanding negotiating sessions with- between such important democracies. like-minded countries. will work in practice. But the machismo
the continent, as the UK prime minister In the new year, it would be a pro- out having anything new to offer, and UK-EU tensions are nothing new. In For many people, one of the tangible and bravura can now be left at the door,
also noted; Europe is in our culture and found mistake for government min- threatening to break international law. the popular 1980s TV series Yes Minister, benefits of EU membership were the and the rapprochement can begin. Even
our souls. isters to continue their tone of macho It is not just the terms of the deal that the minister tells civil servant Sir Hum- schemes that promoted understanding our language, after all, owes so much
US friends can feel puzzled when Brits English exceptionalism. No one should many business people worry about; phrey that “I’m pro-Europe, I’m just and collaboration. Half of all British stu- to the interplay of forces and ideas
say they are “going to Europe” on holi- be in the cabinet who can make the those can be worked with. It is the anti-Brussels”. There is a deep irony in dents who study abroad do so under the that is Europe.
day. As a proud island nation, we love to kind of claim, as Gavin Williamson, worldwide loss of respect for a country the fact that the British Foreign Office, EU’s Erasmus programme, which has
emphasise our differences. But for the education secretary, did recently, once envied for its brilliant diplomats with its philosophy of “wider not sadly been jettisoned under the new The writer, a former head of the Downing
many of us, it would have been harder to that the UK was first to roll out Covid and robust parliament but now — deeper”, drove the enlargement of the agreement. In its desire to pivot to the Street policy unit, is a Harvard senior fellow

The pleasure of the crowd

will survive the pandemic
Hit producer makes call love is a very small, restricted
feeble thing compared with this
her mark in the ineffable orgy.”
streaming age with Music festivals are a chance for
friends to gather and listen to bands, but
Netflix romp, writes they can also be transcendent experi-
Andrew Edgecliffe-Johnson ences. One study of festival-goers in
Poland noted that “people who listen to
the same type of music seem to become

T
he year is ending with many more connected to each other”.

T
his holiday’s biggest block- people isolated by renewed Half of the fun of leaving home and
buster was not a film. states of emergency and camping at a festival is what the study
Wonder Woman 1984, the lockdowns. Not being able described as “the fusion of personal and
superhero sequel which to see family and friends at group identities”. Those who went
might have dominated box Christmas because of the fear of setting agreed with ideas such as “I feel one with
offices in any other year, made less off rapid transmission of coronavirus is other festival participants”; they experi-
than $17m in US cinemas over its open- making ordinary life agonisingly tough. enced it as an emotional bubble.
ing weekend — half what last year’s But the pleasure I look forward to, The wish to be entertained in a crowd
Star Wars film made in its first day. perhaps not as much as being able to goes back a long way. Gustave Le Bon,
Instead, as Covid-wary audiences socialise freely with friends, but still the French writer, cited the appeal of
chose couches over cinemas, the buzz greatly, is being swallowed up once Roman gladiatorial contests in his book
was stolen by a carnal costume drama more in a vast, anonymous crowd. The Crowd: A Study of the Popular Mind
released to the nearly 200m Netflix sub- Going to a baseball or a football stadium, (1895): “Bread and spectacular shows
scribers whose binge-watching during or just milling around at a music festi- constituted for the plebeians of ancient
the pandemic has lifted the streaming val, is a peculiar joy. Rome the ideal of happiness.”
service’s market value to $240bn. The human desire for physical prox- Le Bon posited the “psychological law
In Bridgerton, a Regency romp based imity extends beyond one-on-one con- of the mental unity of crowds” in cities
on Julia Quinn’s novels, corseted debu- tact or intimacy with another individ- such as Paris and compared it to a form
tantes circle eligible bachelors. Rakes ual. There is also the comfort of stran- of hypnotism: “The conscious personal-
smoulder, gossips meddle and bosoms gers — a feeling of being connected and ity has entirely vanished; will and dis-
heave. It is a genre as hoary as the hosp- influenced by a crowd of people, all cernment are lost.” That can unleash a
ital drama, and it was propelled to experiencing the same thing. mob, but also create innocent pleasure.
the top of Netflix’s most-watched list “The man who loves to lose himself in The instinct to gather is hard to
by Shonda Rhimes, the executive pro- a crowd enjoys feverish delights that the subdue, even in a pandemic. The emer-
ducer who made the medical soap Grey’s egoist locked up in himself, as in a gence of London coffee houses in the
Anatomy the biggest hit on Disney’s ABC box . . . will be eternally deprived of. He 1660s coincided with the Great Plague of
network. adopts as his own all the occupations, all 1665, but Samuel Pepys, the diarist,
Yet she and showrunner Chris van the joys and all the sorrows that chance wrote of a visit to one the following
Dusen, her one-time assistant, have offers,” wrote the 19th-century French year, “Very full, and company it seems
turned a period drama into a contempo- poet Charles Baudelaire of “this univer-
rary conversation piece: Bridgerton is a sal communion”.
modern-scored, feminist reimagining of
19th-century England and several of its
In business terms, the appeal of being
surrounded by a crowd is one of the few
The instinct to gather is
stars are black. The contrast with the things to have resisted the inroads of hard to subdue. London
pale-faced casts of previous romance online commerce in the past decade. coffee houses emerged
adaptations turns a piece of froth into Live events and membership of clubs
something more subversive. Person in the News | Shonda Rhimes that let people mill around with others around the 1655 plague
The series is the first Rhimes produc- have grown in popularity as physical
tion to appear since she signed a stores have closed. hath been there all the plague time.”

The impresario who is

reported $150m deal with Netflix in It is not surprising — live events offer Perhaps, as has been widely sug-
2017, and lands at a pivotal moment in enjoyment and emotional release that gested, the end of this emergency will be
her career. At 50, she has become one of the digital realm cannot. The closest followed by a 21st-century equivalent of
television’s most bankable talents, and online equivalents have done well in the Roaring Twenties that came after
with each hit series — Private Practice, lockdown: multiplayer video games, the 1918 Spanish flu pandemic and the

rewriting TV’s script

Scandal, How To Get Away with Murder — esports tournaments, and Peloton first world war. We might see another
the qualifiers have fallen away. She is no cycling classes for fitness enthusiasts to Jazz Age and an eruption of exuberance
longer just one of her industry’s most exercise to pumping music. among bright young things.
successful women or African-American Paul McCartney, the former Beatle, The ingredients are there: a long
producers: she is, as she defiantly expects the Glastonbury Festival sched- period of distress, technological change
declared in 2018, “the highest paid uled for June to be cancelled as a poten- and repressed spending: household sav-
showrunner in television”. tial “superspreader” event. That might ings have increased during this pan-
Estimates of Ms Rhimes’ wealth con- be necessary, given the struggle the UK demic. As Daniel Defoe wrote in A Jour-
gregate around $140m, though Shonda- has had with the virus, but it would nal of the Plague Year (1722), “Everybody
land, her production company, dis- be sad. Not a national tragedy, but a began to think of their graves, not of
closes no figures and she says the details Only the biggest shows stand much the older entrepreneur would recognise. on their own, she said: “It’s hard work profound let down. mirth and diversions.”
of her Netflix contract were misre- chance of cutting through, making relia- Ms Rhimes started rewriting her story that creates change.” There is financial logic behind the But we do not need a new epoch
ported. Tellingly, though, she made her ble hitmakers increasingly valuable. in 2014 when, stung by a sibling’s obser- Since holding colour-blind casting expansion of festivals. As the economist merely to resume some of the consum-
boast after Netflix struck a reported While promoting Bridgerton, Ms Rhimes vation that she was constantly turning calls for Grey’s Anatomy, Ms Rhimes has Bruno Frey observed, rising income and ing habits that had formed before 2020.
$300m deal with Ryan Murphy, who is completing Inventing Anna, the story down invitations, she resolved to spend been working to change television by education have stimulated demand for It is safe to say that we will want to rejoin
made Glee for Fox. she adapted of a fake heiress swindling a year saying “yes” to “the stuff that ter- making it look more like the diverse cultural events. Mounting one-off occa- the throng because we did before, from
The defections of two of television’s her way through New York’s elites, and rifies me”, from public speaking engage- world she knew growing up as the sixth sions instead of keeping venues open all festivals to raves, to sporting and cul-
most prolific producers sent shudders working on an adaptation of Recursion, child of two academics in a middle-class year can also be more efficient; Glaston- tural events.
through the networks, as they showed Blake Crouch’s sci-fi thriller. Chicago suburb. Speaking in 2018, she bury’s site doubles as a dairy farm. Stay at home; do not travel; keep two
how aggressively streaming services
were competing for content. Ms Rhimes
The Netflix relationship is just one
aspect of Ms Rhimes’ quest for scale. She
The contrast with previous said her “sweat and tears” meant that
she “no longer needed to battle men to
But there is more to their strength
than that. Baudelaire saluted “the love
metres apart: all sensible safeguards for
the pandemic but not natural for
had been chafing over creative freedom is producing podcasts with iHeartMedia pale-faced casts turns get to the top of a mountain” but she still of masks and masquerading, the hate of humanity. One day, the danger will
at ABC, and the last straw was when a
Disney executive baulked at giving one
and writing lessons with MasterClass;
she has launched partnerships with
froth into something needed to set an example.
Shondaland’s landmark deal will be
home and the passion for roaming” in
19th-century Paris. The urban throng
diminish and the crowd will return.

of her sisters a pass to one of its theme Dove, Microsoft and Peloton. Her web- more subversive up for renewal this year. Netflix needs was intoxicating, he wrote: “What men john.gapper@ft.com
parks, reportedly asking her, “Don’t you site brims with empowering blog hitmakers like Ms Rhimes, but its his-
have enough?” posts. (“If you don't like your story, ments to shelving work to play with tory of ending shows abruptly if the
Ted Sarandos, co-CEO and chief con- rewrite it.”) her three adopted children. By the end numbers are not working suggests that
tent officer of Netflix, had good reason The self-described introvert who had of her “year of yes”, the Democratic nothing is guaranteed. So a lot is riding Top reads at FT.com/opinion
for offering her a freer rein as televi- been “horrified” to hear that she would donor had befriended the Obamas and on the escapist fluff of Bridgerton. The
sion’s streaming wars are becoming be sitting with Barack and Michelle given a barnstorming graduation market for the kind of talent that can
more intense — and expensive. The likes Obama at an event in 2013, admitted speech at Dartmouth, her alma mater. offer an advantage in the streaming 3 Pandemic is an opportunity to fix the 3 What are the big questions facing
of Disney+, HBO Max and Peacock now to Oprah Winfrey three years ago Commencement speakers usually wars is every bit as unpredictable as the structure of the economic system Big Tech in 2021?
challenge Netflix, Amazon Prime and that her characters lived much more advise graduates to follow their dreams, marriage market in Regency England. The Covid-19 crisis exposes capitalism’s Regulation and retention will determine the
flaws, writes Mariana Mazzucato fate of the sector, writes John Thornhill
Apple TV+, and the money being exciting lives than hers. But she is now she told her audience, but “I think
poured into production has rocketed. creating a multimedia empire that that’s crap”. Dreams do not come true andrew.edgecliffe-johnson@ft.com
8 ★ FTWeekend 2 January/3 January 2021

On a roll Display makers cash in on demand Hunger pains Soaring prices pose societal
for flexible phones, PCs and televisions — LEX threat to developing nations — MARKETS

Ma conspicuously absent
Cash-rich buyers undaunted from his own talent show
in their pursuit of acquisitions Ryan McMorrow — Beijing
David Pilling — London

Jack Ma has disappeared as the public

thing going on in China with Jack Ma or
something, so [Lucy] also came in as
well,” the contestant said.
While the final took place in Novem-
3 Dealmaking rebounds in second half 3 Value of global transactions hits $3.6tn face of an African talent show he cre-
ated, in a hint of the difficulties he is ber, the television broadcast of the show
facing after a fall from grace in China. has been delayed until spring, according
to two contestants.
Mr Ma was replaced as a judge in the Mr Ma is one of China’s wealthiest
final of Africa’s Business Heroes, a televi- men. In recent years, his work for the
sion contest for budding entrepreneurs, UN and global charity activities has
his photograph was removed from the brought a softer edge to China’s global
judging webpage and he was conspicu- image. As the coronavirus pandemic
ously left out of a promotional video.
The final took place in November,
shortly after the Chinese tech billionaire Jack Ma’s absence
from his African
made a candid speech criticising China’s talent show is just
regulators and its state-owned banks. In the latest sign of
the wake of the speech, Mr Ma was his fall from grace
dressed down by officials in Beijing and with Beijing
the $37bn initial public offering of his
company, Ant Group, was suspended. deepened this spring, he donated tens of
He has not been seen in public since. millions of face masks globally. He
Alibaba, which was founded by Mr paired up with his longtime right-hand
Ma, said: “Due to a schedule conflict Mr man Joe Tsai to donate 2,000 ventilators
Ma could no longer be part of the finale to New York as hospitals there forecast
judge panel of Africa’s Business Heroes dire shortfalls.
earlier this year.” In August, Mr Ma tweeted his con-
One contestant in the competition gratulations to the 20 entrepreneurs
said she had been star-struck when she pitching their way through his founda-
pitched her business to Mr Ma in an ear- tion’s months-long contest to crown a
lier round. “You can’t imagine,” she second annual batch of African “Busi-
said. But by the time of the final, Mr Ma ness Heroes”.
had been replaced by Lucy Peng, an “I can’t wait to meet them!” he said. It
executive at Alibaba. “There was some- was one of his last tweets.

Support services

US law firms end pandemic

Marc Benioff used Salesforce shares to finance half of its $28bn Slack takeover — David Paul Morris/Bloomberg
year with bonus bonanza
Ortenca Aliaj and the second half of the year thanks to the of its Slack deal in its own shares. cash-rich companies . . . that are either Kate Beioley — LONDON Street’s legal elite, said in November it
James Fontanella-Khan — New York
promise of vaccines to battle corona­- Despite an increase in the overall looking for bolt-ons or for target compa- was making year-end payouts ranging
Arash Massoudi — London Many of the world’s top law firms have
virus and political certainty following number of US transactions, the total nies that have been damaged by the cri- from $15,000 for first-year lawyers up to
capped a tumultuous year with big
A flurry of big deals in the past few the US election of Joe Biden. value of dealmaking in the region fell 21 sis,” said Matthieu Pigasse, a Paris- $100,000 for those who joined in 2013.
bonuses for junior lawyers and an end
weeks drove global mergers and acqui- Anu Aiyengar, co-head of global M&A per cent to $1.4tn for the full year. In based partner at Centerview Partners. In November and December, UK
to austerity measures imposed during
sitions to $3.6tn in 2020, representing at JPMorgan Chase, said: “Outside contrast, activity climbed 34 per cent to Advisers said they expected dealmak- “magic circle” firms including Allen &
the height of the global pandemic.
an extraordinary rebound of takeover Covid, this is a good environment for $989bn in Europe and 15 per cent to ing in Europe to remain at elevated lev- Overy, Linklaters and Clifford Chance
activity in the second half of the year. dealmaking. The equity markets are $872bn in Asia. “There are very big, els during the first few months of next US law firms have in recent weeks said they would pay bonuses at the same
The 2020 total value of deals is down high, interest rates are low and equity year, partly because of a weaker announced bonuses of up to $100,000 level to their US-based lawyers. All four
5 per cent from 2019, according to data investors are happy to pay for growth.” Tech and finance dominate rebound in stocks in the region. for junior staff, matching levels set last magic circle firms reported muted reve-
from Refinitiv, but constitutes a dra- Fees earned from global dealmaking M&A activity by sector (%) Bankers said they expected to see big year. Those sums come on top of a spate nue rises this year but have been drawn
matic recovery from the first half when fell 5 per cent to $30.4bn, according to 0 5 10 15 20 groups, such as Dutch conglomerate of “special bonuses” that top-tier Amer- into an increasingly fraught bidding war
the spread of Covid-19 brought deal- estimates from Refinitiv. Technology Philips and Anglo-Dutch consumer ican firms announced in the autumn to for junior legal talent in the US.
making to a halt. Some of the biggest deals in the final goods group Unilever, pursuing carve- recognise associates’ work during the Earlier this year, competition intensi-
Companies struck more than $2.3tn three months of the year included S&P Financials outs of parts of their business in the first Covid-19 crisis, taking total bonus pack- fied when California-based firm Cooley
worth of deals since the start of July, an Global’s $44bn deal to buy analytics Energy and power half of 2021 that will add to activity. But ages up to $140,000 for some. said it would hand out “appreciation
increase of 88 per cent from the first group IHS Markit, AMD’s $35bn acquisi- Industrials they added that if public markets con- Bonus season arrives at the end of the bonuses” of $2,500-$7,500, depending
half, according to Refinitiv. Activity in tion of rival US chipmaker Xilinx and tinue to bid up the value of certain assets calendar year for most US firms, many on experience, for all non-partner staff.
each of the third and fourth quarters of UK pharmaceutical group Astra- Healthcare it will become harder for bidders to of which have performed better than The bar was quickly raised by Davis
this year surpassed $1tn, marking only Zeneca’s $39bn takeover of US biotech Real estate compete with equity market investors. expected during the pandemic, allowing Polk, which set a maximum special
the second time since 2008 where deal- group Alexion. Consumer staples “There is a perception that public them to bring to an end an initial period bonus of $40,000.
making exceeded that level in consecu- In each of these deals, the acquirer markets are willing to pay inordinately of relative austerity. Freddie Lawson, director at legal
tive quarters. used its own stock as the main currency, Materials high multiples, particularly for growth “Financially, 2020 has turned out to recruiter Fox Rodney, said: “These US
Having earlier said he did not “really taking advantage of soaring stock Telecoms assets,” said Alison Harding-Jones, head be a splendid year for revenue and prof- law firms have had stronger years than
see an M&A environment”, Marc Ben- prices. S&P Global and AMD are paying Consumer products and services of M&A for Europe, the Middle East and its after a heart-stopping spring,” said they expected and have recognised that
ioff, Salesforce chief executive, this for their deals fully with their own Africa at Citigroup. “Prices are definitely Bruce MacEwen, president of law firm staff have had a particularly tough time.
month agreed to buy workplace chat shares. AstraZeneca is paying for about Media and entertainment inflated and there is so much cash being consultancy Adam Smith Esquire. Law firms rely on cultures of cohesive-
app Slack in a $27.7bn takeover. two-thirds of its deal with its shares and Retail pumped into the markets that there is a Cravath, Swaine & Moore, whose ness and these bonuses are a good way
Dealmakers said activity improved in Salesforce is paying for just over half Source: Refinitiv feeling this is going to continue.” bonus scale sets the benchmark for Wall to rewarding the loyalty.”

Institutional capital. Acquisition trends

Private equity defies pandemic to dash into business of sport

lishment of specialised funds seeking to buy the Utah Jazz in 1985-86. This to buy stakes in more than one team, Changing league views on who, or There are plenty of risks to the indus-
Despite risks, investors see invest in leagues and teams, private autumn, the family sold its majority said three people familiar with the what, can own franchises is also fuelling try, too. In November, CVC Capital Part-
long-term opportunities from money is shaping sport business in new stake to an ownership group led by transaction. Dyal was close to raising a rise in sport-related Spacs; listed ners and Advent International sought to
ways. Private equity groups are scram- Qualtrics entrepreneur Ryan Smith for about $2bn in a fund that would focus investment vehicles sitting on a pot of add a “breakaway” clause to their
short-term disruptions bling to get a stake in media rights for $1.6bn, more than 66 times their origi- on buying minority stakes in NBA fran- cash with which to buy a business. €1.6bn deal to buy a stake in media
European football, while US sport nal investment. chises from owners, many of whom The highest-profile of these is the veh­- rights for Italy’s Serie A, after some of
leagues are loosening their bylaws to “The universe of people [to buy in] is acquired their portions when valuations icle created by former Goldman Sachs Europe’s top football clubs discussed
Sara Germano and
James Fontanella-Khan — New York allow for new forms of investment. only so big,” said Mr Kenworthy. “There were much lower, two of the people said. partner Gerry Cardinale and Moneyball setting up a separate, continent-wide
Arash Massoudi — London Underpinning the changes is the fact needs to be other mechanisms to help The NBA move followed a decision by legend Billy Beane, who have been eye- super league. The uncertainty could be
The most prominent sports transaction that valuations for both broadcast rights make them affordable and make it a bit Major League Baseball in 2019 to allow ing a reverse merger with Fenway a factor in other nascent football bids,
of 2020 — the $2.4bn sale of baseball’s and individual franchises remain on an easier for them to buy these assets.” institutional investment in multiple Sports Group, holding company for two including a move by some 20 private
New York Mets to hedge fund manager upward trajectory. That thinking led to a decision by the clubs at once. While taken before the of the most valuable clubs either side of equity groups seeking to invest in media
Steve Cohen — was both a record sum “Sports assets have shown a low cor- NBA in May to amend its ownership rule pandemic, the amendment to MLB’s the Atlantic. If successful, the RedBall rights for Germany’s Bundesliga.
for a North American franchise and, relation relative to the broader market, book and select Dyal Capital, a unit of rules “couldn’t have been more well- Spac would result in a public listing for In the US, institutional investors will
according to money managers and sport with teams selling for record values US asset manager Neuberger Berman, timed”, said one person involved. the company behind Liverpool FC and find themselves subject to the whims of
industry executives, perhaps the begin- through the 2008 financial crisis and the Boston Red Sox baseball team. league governance, as the leagues de­-
ning of the end for the era of wealthy Covid-19,” said Michael Kenworthy, “The RedBall Spac acquisition is the cide who is acceptable as a club owner.
individual ownership. head of sports investment banking at next step in an ongoing transition in the The executive raising money to invest
“There are very few Steve Cohens out Goldman Sachs. In some cases, he said, sports ecosystem,” said one executive in clubs said the potential RedBall Spac
there in the world who can afford to sim- valuations had outperformed other tra- raising funds to invest in clubs. “These deal would set a tone. “The real question
ply write a cheque” for a big franchise, ditional investment benchmarks, such assets and this asset class have appreci- with Fenway is whether MLB will
said one investor in the sector. as the S&P 500. ated in scale and value to the place approve. It’s a real risk in this circum-
The pandemic devastated global “If you’re thinking about what’s the where they are institutional. So there’s a stance. Approval changes everything.”
sports last year, cancelling or postpon- best way to construct a portfolio and movement to institutional investment, Talks between RedBall and Fenway
ing events and virtually eliminating you want to diversify, there could be, and public currency is part of it.” are continuing but there is no guarantee
match-day attendance at remaining fix- potentially, merit having sports assets in Of course, investing in sport is hardly of a deal during the pandemic. For the
tures. But as leagues and franchises that portfolio.” without risk for institutional investors, 2020 season, the Red Sox are projected
struggle, the tumult of 2020 has acceler- Thirty-five years ago it was possible to who face questions over whether the to lose $338m in ticket sales alone,
ated a nascent trend in the business of become a majority owner of a National upward trajectory on valuations will be according to Team Marketing Report.
sport: the influx of institutional capital. Basketball Association team in the US sustained, and whether sports invest- Even so, the push to lure more private
With a flurry of new special purpose with a few million dollars on hand, as ments will be liquid and whom they capital is only expected to continue into
acquisition companies and the estab- Larry and Gail Miller did with $24m to Fenway, which owns Liverpool FC, could be publicly listed — Clive Brunskill /AFP/Getty might sell to in the future. 2021.
2 January/3 January 2021 ★ FTWeekend 9

companies & markets

Prospering in
the pandemic:
2020’s most
successful
businesses

While markets plunged and a

crippling lockdown took a toll on
sales, a number of groups enjoyed
record growth. Here we rank the
best of the top 100 corporate
winners in a devastating year

E
ven at the moment of maxi- Zoom became almost synonymous with nues almost 60 per cent. The world’s Boom time: overseas presence during the pandemic, Sony-backed M3 operates an online
mum uncertainty in March, communication during the pandemic. most wholesome social media network Elon Musk’s including leases to operate at least four portal for medical professionals and is
some companies were pros- In the space of a year, the number of cus- also managed to steer clear of contro- Tesla is among drug development, testing and manu- now the 15th most valuable company in
pering. As stock markets tomers with at least 10 employees using versies around hate speech that have the companies facturing facilities in Germany and the Japan with a $62bn market capitalisa-
plunged, the likes of Mod- the service jumped nearly fivefold. It plagued rivals such as Facebook and that enjoyed a US. Christian Shepherd in Beijing and tion on just $1.3bn in annual revenue.
erna, Zoom Video and Peloton rode a will be a tough act to follow. Big compa- Twitter. Hannah Murphy stellar 2020 Wang Xueqiao in Shanghai Kana Inagaki in Tokyo
wave of enthusiasm for businesses that nies such as Google, Microsoft and Cisco FT montage/Bloomberg

might help us cope with, or exit, the have Zoom in their sights. 10. Twilio 15. Xiaomi Corporation 22. Shopify
pandemic. Richard Waters in San Francisco Sector: Technology Sector: Technology Sector: Ecommerce
Those remain the winners of 2020. HQ: San Francisco, US HQ: Beijing, China HQ: Ottawa, Canada
But a rebound in investor appetite 4. Pinduoduo Twilio’s rapid growth has drawn little Huawei’s horrible year has been a wind- Amazon’s stock may be up by almost
means a broader range of stocks also Sector: Ecommerce public fanfare. The San Francisco-based fall for China’s other big smartphone two-thirds in 2020 but its fast-growing
ended the year higher, in spite of crip- HQ: Shanghai, China company’s application programming maker. With Washington’s Huawei Canadian rival has almost tripled in
pling lockdowns and huge death tolls. The ecommerce group’s rise was turbo- interfaces, or APIs, plug into the compu- sanctions spurring Android users to value to nearly $150bn. More than 1m
Back in June, we ranked companies charged by the pandemic as hundreds of ter code behind popular apps such as turn to Xiaomi’s devices, it has risen merchants, from corner shops to Heinz,
based on dollars of equity value added. millions of Chinese shoppers turned to Instacart and Uber, allowing them to above Apple to take third place in global use Shopify’s technology for online
That method gives outsized importance their smartphones rather than malls. communicate with customers through smartphone market share. Its stock was storefronts, checkout systems and con-
to companies that were already huge. A The economic downturn raised demand text and voice. Demand has risen during added to Hong Kong’s Hang Seng index nections to Instagram and TikTok.
ranking based on percentage gains in for Pinduoduo’s ultra-cheap goods with the pandemic, leading to 51 per cent rev- and it crossed the $100bn market cap Tim Bradshaw in London
market value, on the other hand, gives revenues up 70 per cent in the first nine enue growth in the first nine months of mark last month. Ryan McMorrow
too much weight to smaller companies months of the year. It also swung closer 2020 compared with the previous year. 23. Meituan
that had big share price rises. So we have to profitability as it reined in discounts Miles Kruppa in San Francisco 16. Snap Sector: Ecommerce
adopted a hybrid for our end-of-year — and an antitrust investigation into its Sector: Social media HQ: Beijing, China
rankings: a percentage gain with a floor chief rival Alibaba also helped. 11. CATL HQ: Santa Monica, US China’s “everything app” was hit hard
of $10bn market value at the start of Ryan McMorrow in Beijing Sector: Auto parts Snap was hit by a freeze in the digital by lockdown, as authorities closed res-
2020, using data from S&P Global. HQ: Ningde, China advertising market when the pandemic taurants and consumers shied away
Geographically, China outperforms 5. BYD A rebound in sales of electric cars in first took hold but the social media from food delivery. But Meituan
the US with 36 companies in the list to Sector: Automobiles 2020 helped propel Chinese battery group has since recovered to post record bounced back in the second half of 2020
30. Sectorally, it is technology-heavy but HQ: Shenzhen, China maker Contemporary Amperex Tech- revenues as users flocked to the service with growth at its food delivery business
with plenty of variety, from Argentine Chinese electric carmaker BYD, backed nology into the country’s Nasdaq-style during lockdowns and marketers making up for sluggish travel sales.
ecommerce group MercadoLibre to by Warren Buffett, recovered rapidly ChiNext exchange. CATL supplies lithi- returned. Hannah Murphy Investors are betting better days lie
Swedish private equity firm EQT. Many from a coronavirus-induced slump in um-ion batteries to some of the largest ahead — it now boasts 477m annual
of the winners are beneficiaries of the sales after the July release of its sporty car companies in the world, including 17. Chewy users. Ryan McMorrow
pandemic; others look like bubble Han sedan, a competitor to Tesla’s pop- Daimler and BMW, and has about half of Sector: Ecommerce
stocks. Some will turn out to be both. ular Model 3. It is the first BYD model to the Chinese battery market. HQ: Florida, US 24. MercadoLibre
Tom Braithwaite use the company’s recently developed Henry Sanderson Surging pet ownership means hungry Sector: Ecommerce
“blade” battery, a smaller and more dogs and cats: more than 70 per cent of HQ: Buenos Aires, Argentina
1. Tesla energy-dense power pack. 12. Square Chewy’s sales now come from custom- Thanks to the burst in online shopping
Sector: Automotive Christian Shepherd in Beijing Sector: Digital payments ers enrolled in automatic replenish- since the outbreak of Covid-19, Merca-
HQ: Palo Alto, US HQ: San Francisco, US ment of food and other essentials. Inves- doLibre (or “free market” in Spanish),
Some thought Tesla’s $75bn valuation at 6. CrowdStrike Square’s side hustle, Cash App, is tors see greater opportunity still in the has become the biggest company in
the start of 2020 was looking bubbly. By Sector: Cyber security becoming the main event. Like PayPal’s online retailer pushing into the wider Latin America. The region’s answer to
the time it entered the S&P 500 in HQ: Sunnyvale, US Venmo, the app allows for instantane- pet economy, including through its tele- China’s Alibaba is now worth $83bn on
December, it was almost nine times Demand for CrowdStrike’s cyber secu- ous transfer of cash between people and health offering, Connect With A Vet, Nasdaq, having more than doubled its
higher — more than the next seven car- rity software has boomed as companies businesses. But its additional features — launched in October. Dave Lee value over the past year.
makers combined. Tesla is expected to set up remote workforces and acceler- for banking, trading and crypto — have Benedict Mander in Buenos Aires
have produced about 500,000 cars over ated plans to move data to the cloud. meant that, while it has only half the 18. The Trade Desk
the year — half the amount Elon Musk The company, which floated in June users of Venmo, analysts estimate Cash Sector: Technology 25. Adyen
projected in 2016. But the industry shift 2019, made its name after uncovering App makes a lot more money from each HQ: Ventura, US Sector: Payments
to electric vehicles is unquestioned and Russian hackers inside the servers of the of them. In the third quarter, Cash App A year ago, The Trade Desk was a prom- HQ: Amsterdam, Netherlands
investors believe its technology is years US Democratic National Committee generated $2.1bn in revenue, a fivefold ising adtech business that was smaller It would be easy to put Adyen’s 2020
ahead of the competition. Patrick McGee around the 2016 election. increase on the same period in the pre- than the large advertising groups it success down to rival Wirecard’s
in San Francisco Hannah Murphy in San Francisco vious year and 70 per cent of Square’s serves. By the end of 2020, its market demise. But that would ignore the
$3bn total. Dave Lee in San Francisco capitalisation exceeded those of WPP, €55bn Dutch payment processor’s con-
2. Sea Group 7. Shanxi Xinghuacun Fen Wine Omnicom and Publicis combined. The tinued rise in one of capitalism’s most
Sector: Home entertainment Factory Co 13. China Tourism Group Duty Free company provides software that acts as hotly contested spaces. Its technology,
HQ: Singapore Sector: Beverages Sector: Consumer discretionary a brokerage platform for buyers of dig- which allows customers such as Nike to
South-east Asia’s most valuable com- HQ: Shanxi, China HQ: Beijing, China ital advertising, taking a cut from trans- use one payment platform across all
pany showed Covid resistance in all its A Chinese spirits maker known for its China’s largest operator of duty-free actions and earning fees from data. their global storefronts, has led to rapid
core businesses: gaming, ecommerce broad product line, Xinghuacun Fen shops has reported a sharp rebound in Alex Barker in London top-line growth and 60 per cent ebitda
and digital payments. Its Free Fire benefited from China’s post-coronavi- business since the pandemic was margins. Jamie Powell in London
mobile game won millions of new play- rus recovery. In Shanghai, one of the brought under control. It more than 19. Chongqing Zhifei Biological
Mobile money: Products 26. Alibaba Health Information
ers while its Shopee platform has Square’s Cash nation’s most competitive liquor mar- doubled net income in the third quarter
become the region’s most downloaded kets, Xinghuacun Fen reported a more following a loss in the first. Sun Yu Sector: Pharmaceuticals Technology
App generated Growth story:
ecommerce app. But the company is still $2.1bn in than 50 per cent jump in revenue in The Trade HQ: Jiangbei, China Sector: Healthcare
struggling to become profitable with net 2020. Sun Yu in Beijing 14. Wuxi Biologics In early December, Chongqing Zhifei HQ: Hong Kong, China
revenue in the Desk’s market
losses widening in the third quarter. third quarter Sector: Healthcare capitalisation Biological Products became China’s Selling pills online has increased Ali
Mercedes Ruehl in Singapore 8. LONGi Green Energy HQ: Wuxi, China fourth pharmaceutical group to start Health’s annual shopper count to 65m
last year, which Technology exceeds those of
was 70 per cent The pharmaceuticals contract research WPP, Omnicom final-stage safety trials for a Covid-19 and brought year-on-year sales growth
3. Zoom Video Sector: Energy and manufacturing group has benefited vaccine. Early-stage trial results not yet of more than 70 per cent for several
of the group’s and Publicis
Sector: video conferencing $3bn total HQ: Xi’an, China from coronavirus-induced shutdowns combined peer reviewed found no or mild adverse quarters. In the six months to Septem-
HQ: San Jose, US Bloomberg The world’s largest producer of silicon of rivals outside China and expanded its Bloomberg reactions in most of the 950 participants ber 30, revenue grew 74 per cent to
solar wafers had a strong 2020 on and antiviral antibodies in more than 95 Rmb7.1bn. Ryan McMorrow
expectations that China will rapidly per cent. Christian Shepherd
increase the amount of solar energy 27. Samsung SDI
installations to meet its climate change 20. DocuSign Sector: Electronics
commitments. Henry Sanderson in London Sector: Information technology HQ: Yongin, South Korea
HQ: San Francisco, US Booming demand for TVs, tablets and
9. Pinterest The e-signature company, which ena- other mobile devices has boosted this
Sector: Social media bles users to automate contract manage- specialist maker of electronics for semi-
HQ: San Francisco, US ment, expanded its products. Its artifi- conductors and display panels.
The online pinboard service’s popular- cial intelligence tools sift through docu- Song Jung-a in Seoul
ity has soared during lockdown as ments to flag risks and the company will
entertainment-starved people turned to soon offer the ability to notarise transac- 28. Kakao
its platform, drawing advertisers as tions over video. Patrick McGee Sector: Technology
brands took advantage of the ecom- HQ: Jeju, South Korea
merce boom. Monthly average users 21. M3 As South Korea’s most popular chat app,
were up nearly 40 per cent year on year Sector: Technology Kakao has done well from surging
in the company’s latest quarter; reve- HQ: Tokyo, Japan continued on page 10
10 ★ FTWeekend 2 January/3 January 2021

companies & markets

continued from page 9 Delivery Hero into the blue-chip Dax

demand for mobile shopping, games index in 2020. Founded just nine years
and online entertainment during the ago, the start-up now operates in almost
pandemic. Operating profits at the 50 countries. Joe Miller in Frankfurt
group rose nearly 50 per cent in the Jan-
uary-September period from a year ear- 72. Sartorius AG
lier. Song Jung-a Sector: Pharmaceuticals
HQ: Gottingen, Germany
29. Luzhou Laojiao The German company that makes
Sector: Consumer staples equipment for biopharma and pharma-
HQ: Luzhou, China ceutical companies enjoyed a bumper
Among China’s biggest makers of pre- year thanks to demand related to Cov-
mium liquor, the nation’s post-pan- id-19 tests, therapeutics and vaccines.
demic economic recovery helped Donato Paolo Mancini in Rome
deliver a 14.5 per cent rise in revenue in
the third quarter. Sun Yu 74. ServiceNow
Sector: Cloud software
30. LG Chem HQ: Santa Clara, US
Sector: Chemicals Wall Street’s love affair with cloud soft-
HQ: Seoul, South Korea ware companies in 2020 has made Serv-
LG Chem controls about a quarter of the iceNow — a platform for automating
electric vehicle battery market, up from backroom processes inside large organi-
10 per cent in 2019. Its stock is trading sations — a clear winner. Richard Waters
near a record high, up about 250 per
cent from a three-year low in March. 75. LG Electronics
Song Jung-a Sector: Consumer discretionary
HQ: Seoul, South Korea
31. East Money Information For much of 2020, LG Electronics bene-
Sector: Financial services Pandemic winners and losers* fited from booming consumer and busi-
HQ: Shanghai, China ness demand for its appliances and
A surge in online trading following Information technology Consumer discretionary Industrials Materials Real estate devices. The tech powerhouse was
China’s post-pandemic market boom Financials Energy Consumer staples Utilities Healthcare buoyed further by a decision to spin off
gave a lift to the nation’s leading digital By market cap added ($tn) Percentage change in market value (min $1bn) part of its electric vehicle components
investment platform. East Money Infor- Top 15 Bottom 15 0 500 1,000 1,500 -100 -50 0 business and set up a $1bn joint venture
mation more than doubled its revenue -5.0 0 0.5 1.0 -5.0 0 0.5 1.0 Nio Galliford Try with Canadian group Magna Interna-
Apple CNOOC Delta Electronics Wang On Properties
and tripled its net income in the third Amazon PetroChina Tesla PT Pelayaran tional. Edward White in Seoul
quarter from a year before. Sun Yu Tesla Citigroup Sunrun 9F
Microsoft JPMorgan Chase Sungrow Power Supply Apartment Inv and Mngt Co 77. Orsted
Alphabet HSBC Farfetch Imperial Pacific Int
32. Aier Eye Hospital Group Tencent Bank of America Enphase Energy Hertz Global Sector: Renewable energy
TSMC China Mobile International Holdings China Metal RU
Sector: Healthcare Facebook BP Celltrion Pharm HQ: Fredericia, Denmark
NVIDIA Intel XT Energy
HQ: Changsha, China Samsung Electronics Boeing Sinch Appliqate Renewables had a record-breaking year
Aier Eye Hospital, China’s largest net- Pinduoduo Chevron Moderna RMB Holdings and the world’s largest developer of off-
Kweichow Moutai AT&T TG Therapeutics Chesapeake Energy
work of private ophthalmic clinics, has Meituan Royal Dutch Shell Denali Therapeutics Valaris shore wind farms was a standout per-
PayPal Wells Fargo Adani Green Energy Telidyne
tapped into growing demand for eye Visa ExxonMobil CanSino Biologics Wirecard
former, with steady growth in operating
surgery due to an ageing population and * Based on 7730 companies profit. Leslie Hook
a government campaign to reduce Source: Capital IQ
short-sightedness in children. Christian 78. Freeport-McMoRan
Shepherd in Beijing and Wang Xueqiao in Sector: Mining
Shanghai HQ: Phoenix, US
The China-driven consumption frenzy
33. Datadog lennials prefer texting but RingCentral ery maker reported a 57 per cent jump Driving ahead: boosted demand for copper and put a
Sector: Technology 41. Vestas Wind Systems shows that businesses still need tele- in profits in the third quarter following a UK online rocket under Freeport’s share price.
HQ: New York, US Sector: Energy phones — even if only in the cloud. 33 per cent slump in the first. Sun Yu grocer Ocado, Production volumes are set to expand
Software company Datadog, which HQ: Aarhus, Denmark Though it remains unprofitable, its left, has been next year and the company looks well
offers monitoring and analytics tools for Clean energy had a great year in 2020 shares have doubled this past year 59. Viatris turning placed to benefit from surging demand
the cloud, emerged from relative obscu- and Vestas, the largest maker of wind thanks to a $1bn-a-year subscription Sector: Pharmaceuticals customers away for the copper required to build out the
rity to become one of the top-perform- turbines, has seen the Danish manufac- business that is growing at nearly 30 per HQ: Pittsburgh, US because it does green economy. Neil Hume
ing IPOs of 2019. Miles Kruppa turer’s revenues grow 50 per cent over cent a year. Tim Bradshaw The drugmaker is a new kid on the not have enough
the past two years. Leslie Hook in London block, formed in November from a com- warehouse 80. Veeva Systems
34. Kingsoft 49. BeiGene bination of Mylan and Pfizer’s Upjohn capacity. Sector: Cloud software
Sector: Technology 42. Fortescue Metals Group Sector: Pharmaceuticals unit, creating a large company focused Swedish audio HQ: Pleasanton, US
HQ: Beijing, China Sector: Mining HQ: Beijing, China on selling generics, particularly outside streaming group As one of the first specialised cloud com-
While Microsoft and Google have been HQ: Perth, Australia The cancer treatment specialist is likely the US. Hannah Kuchler in New York Spotify added panies to sell to a single industry — in its
fighting for share in the overseas office One of the year’s biggest beneficiaries of to become the first Chinese pharmaceu- 20m subscribers case, pharmaceuticals and life sciences
software market, China has strived to the soaring iron ore price, which hit a tical company with three listings — in 60. PayPal from the start of — Veeva has become the most visible
create homegrown champions. Kingsoft nine-year high in December, Chinese New York, Hong Kong and soon, if Sector: Online payments 2020 to the end exponent of one of the software indus-
has become the default provider for demand for the steelmaking ingredient approved, Shanghai. Yuan Yang HQ: San Jose, California of September, try’s most promising new trends.
government offices, state-owned enter- has turbocharged profits at the Austral- At risk of being outflanked by Square, reaching 144m Richard Waters
prises and banks. Yuan Yang in Beijing ian miner, allowing it to pay $3.7bn in 50. Siemens Gamesa PayPal announced in November that it paying users
dividends. Neil Hume in London Sector: Renewable energy too would allow users to buy, sell and globally — Bloomberg 81. Slack Technologies
35. Roku HQ: Bilbao, Spain manage bitcoin on its service. The move Sector: Enterprise software
Sector: Technology 43. Foshan Haitian Flavouring and The world-leading wind turbine manu- sent PayPal’s stock to an all-time high. HQ: San Francisco, US
HQ: San Jose, US Food facturer enjoyed a steady climb during Dave Lee The messaging system was at risk of
This maker of video dongles and con- Sector: Consumer staples the pandemic, benefiting from govern- missing the stock market’s work-from-
nected TV software was already having HQ: Foshan, China ments’ plans to focus economic recov- 61. Sartorius Stedim Biotech home boom in 2020. Much of the soar-
a good year as people found themselves China’s largest soy sauce maker profited ery plans on renewable energy. Sector: Pharmaceuticals ing demand for video conferencing and
looking for entertainment at home. But from a post-lockdown recovery with net Daniel Dombey in Madrid HQ: Aubagne, France other communication services passed it
even as Netflix’s growth waned in the income up more than 20 per cent from The French company had a bumper by, putting Slack’s more complex set of
third quarter, Roku accelerated, logging the year before in both the second and 51. Nexon year in 2020 as customers stockpiled collaboration tools in the shade. But a
14.8bn streaming hours, up 54 per cent third quarters of 2020. Sun Yu Sector: Technology the lab equipment it makes. $27.7bn cash-and-stock takeover offer
year on year. Tim Bradshaw HQ: Tokyo, Japan Donato Paolo Mancini in Rome from Salesforce late in the year turned
44. EDP Renewables The South Korean gaming group 2020 into a landmark year for Slack
36. JD.com Sector: Energy founded by billionaire Kim Jung-ju has 62. Yonyou investors after all. Richard Waters
Sector: Ecommerce HQ: Madrid, Spain benefited from global lockdowns and Sector: Technology
HQ: Beijing, China As one of the world’s leading renewable school closures. Downloads of Kar- HQ: Beijing, China 83. Ocado Group
When China’s lockdown hit, JD.com was energy companies, EDPR is primed to tRider Rush+, the mobile version of its China’s answer to Salesforce and SAP is Sector: Retail
the only ecommerce group reliably benefit from both US president-elect Joe hit racing game, have topped 20m since booming thanks to business demand for HQ: Hatfield, UK
delivering packages, bringing hordes of Biden’s $2tn climate plan and the EU’s its mid-May launch. Kana Inagaki software during the homeworking era. UK online grocer Ocado has been turn-
new shoppers to its platform. It has Green Deal. Peter Wise in Lisbon Yuan Yang ing customers away because it will not
since built on that lead. Ryan McMorrow 53. Zalando have enough warehouse capacity to
45. Okta Sector: Ecommerce 65. Changchun High & New serve them until well into 2021. Its
37. SF Holding Sector: Technology HQ: Berlin, Germany Technology Industry investors are unperturbed; bigger order
Sector: Delivery logistics HQ: San Francisco, US From locked-down fashion mavens to Sector: Healthcare sizes have boosted the efficiency and
HQ: Shenzhen, China The maker of cloud-based security and shoppers avoiding crowds, pandemic- HQ: Changchun, China profitability of its existing operation,
China’s second-largest courier company identity management technology has era retail was such a boon for Zalando, This state-owned drugmaker has run as a joint venture with Marks and
was among the biggest beneficiaries of more than doubled its share price in Europe’s largest online fashion retailer, recorded steady profit margin growth, Spencer. Jonathan Eley in London
an online pandemic shopping boom. In 2020 and beaten Wall Street forecasts that it raised its profit forecast twice in in large part because of the popularity of
November, when the “Singles Day” for three quarters in a row since the pan- 2020. Erika Solomon in Berlin its growth hormones that help children 85. Align Technology
online shopping festival takes place, demic began. Tim Bradshaw gain extra inches. Christian Shepherd Sector: Medical devices
SF Express delivered more than 900m 54. Nvidia HQ: San Jose, US
packages — up almost 60 per cent on the 46. StoneCo Sector: Technology 66. Advanced Micro Devices The company behind the Invisalign
year before. Yuan Yang Sector: Payments HQ: Santa Clara, US Sector: Tech manufacturing teeth-straightening brand is planning
HQ: São Paulo, Brazil Nvidia capped a banner year, rising to HQ: Santa Clara, US global expansion, targeting countries
38. Rongsheng Petrochemical As Wirecard collapsed, payments become the world’s most valuable chip- The revival of chipmaker AMD is proof including Brazil, Russia, Turkey, and
Sector: Industrials upstart StoneCo — focused on small and maker by market value, by agreeing the that fallen tech stars sometimes have India. Hannah Kuchler
HQ: Hangzhou, China medium-sized retailers in Brazil — was takeover of Arm Holdings, the indus- impressive second acts. AMD’s latest
Rongsheng is the listed arm of Zhejiang flying as it shrugged off the Covid-19 tur- try’s biggest-ever. Richard Waters generation of personal computer and 89. Geely Automobile
Rongsheng Holding Group, one of the moil to almost double its market capi- server chips have given it a clear lead Sector: Automotive
biggest players in China’s petrochemical talisation in 2020 to $26bn. 55. Spotify over longtime rival Intel. Richard Waters HQ: Hong Kong, China
industry. In 2019, Saudi Aramco signed On message: Michael Pooler in São Paulo Sector: Media China has been the sole bright spot on a
an agreement to acquire a stake in the HQ: Stockholm, Sweden 68. Worldline bleak auto map with premium sales far-
South Korea’s 47. Wuliangye Yibin
company. The shares of Rongsheng are most popular Instrumental meditation, Michelle Sector: Payments ing particularly strongly and a sharp rise
up 101 per cent in 2020. chat app, Kakao, Sector: Consumer staples Obama and a buzzy year-end marketing HQ: Paris, France in electric car demand. Geely, whose
Thomas Hale in Hong Kong benefited from HQ: Yibin, China campaign. This was the recipe for Spot- Worldline’s jump in value since the start parent company owns Volvo, has ridden
surging demand This Chinese liquor maker managed to ify’s rip-roaring year on the stock mar- of the pandemic could be a little deceiv- both waves. Peter Campbell in London
39. Shenzhen Mindray Bio-Medical maintain double-digit revenue growth ket. The company added 20m subscrib- ing since the payment services business
Electronics for mobile 94. Polyus
shopping, games throughout the pandemic. Sun Yu ers from the start of the year to the end bought its rival Ingenico in a €7.8bn
Sector: Healthcare and online of September, reaching 144m paying deal. But it has still prospered in its own Sector: Mining
HQ: Shenzhen, China 48. RingCentral customers globally. It also unveiled right as customers eschewed cash, turn- HQ: Moscow, Russia
entertainment
The medical monitors, ventilators and during the Sector: Technology exclusive podcast deals with stars ing to online purchases and contactless As Russia’s biggest gold miner, it is not
virus reagents that Mindray produces pandemic HQ: Belmont, US including Joe Rogan and Mrs Obama, payments. David Keohane in Paris difficult to increase your value when
have been in high demand during the Bloomberg Zoom became a verb in 2020 and mil- fuelling optimism. Anna Nicolaou in New prices surge on investor fears. But a
pandemic, prompting a steep rise in York 69. Neste sharp rise in the share price in 2020 is
profit. Qianer Liu in Shenzhen and Nian Sector: Energy also thanks to a flow of positive news
Liu and Yuan Yang in Beijing 56. EQT HQ: Espoo, Finland from its upcoming mega mine, which
Sector: Financial services Finnish group Neste was long known as the company said will be the world’s
40. T-Mobile US HQ: Stockholm, Sweden an oil refiner but in recent years has piv- largest. Henry Foy in Moscow
Sector: Telecoms The private equity group spent 2020 oted decisively to renewable fuel. The
HQ: Bellevue, US snapping up businesses while many company, in which the Finnish state still 100. Amazon
Despite a turbulent year in which chief rivals remained cautious. Kaye Wiggins has a 36 per cent stake, is now the Sector: Ecommerce
executive John Legere left after sealing a in London world’s largest producer of renewable HQ: Seattle, US
$59bn merger with rival Sprint, critics’ diesel. Richard Milne in Oslo By pushing its Prime Day sales event
predictions that T-Mobile would lose 57. Sany Heavy Industry back, from July to October, Amazon was
market share were confounded. Third- Sector: Industrials 71. Delivery Hero More on ft.com able to lengthen the holiday shopping
quarter results revealed it had pushed HQ: Changsha, China Sector: Food delivery For the full period, reducing the strain on its deliv-
its customer base above 100m and China’s infrastructure boom, a product HQ: Berlin, Germany article on all 100 ery network and providing an added
companies, go to
that it was about a year ahead of sched- of Beijing’s pandemic relief stimulus, Despite never having made a profit, a sales boost. As a result, revenues may
ule in integrating Sprint. Nic Fildes in has enriched Sany Heavy Industry. The surge in takeaway food orders during ft.com/ exceed $100bn for the first time in the
companies
London nation’s leading construction machin- the pandemic propelled Berlin-based company’s history. Dave Lee
2 January/3 January 2021 ★ FTWeekend 11

COMPANIES & MARKETS

Commodities. Developing economies GE’s accounting

tactics laid bare
Food price rally stokes in SEC settlement
fears of social unrest Sujeet Indap
On Wall Street

L
arry Fink, the BlackRock in order to boost immediate results. and analyst concerns that its cash col-
founder and chief executive, Damningly, the SEC described how Wall lections were not keeping pace with rev-
released a public letter in Street pressure and undue attention to enue and that its unbilled revenue was
2015, pressing fellow CEOs the company’s stock price appeared to growing in its industrial business,”
to eschew making business drive the company’s actions. wrote the SEC. In one 2016 presentation
decisions based on short-term consider- In 2015, GE announced that its once to GE senior management, the SEC said,
ations. high-flying but controversial GE Capital one executive posited that GE’s stock
“It is critical, however, to understand unit would shrink by $200bn worth of price could reach $40 if operating
that corporate leaders’ duty of care and assets. While highly profitable at times, cash flow performance improved. It
loyalty is not to every investor or trader the banklike entity was volatile and its averaged about $30 during that year.
who owns their company’s shares at any heavy losses during the 2008 financial At the same time, the pieces of GE
moment in time but to the company and crisis nearly sank the entire company. Capital that the parent company had
its long-term owners,” he wrote. Mr Immelt wanted to reposition GE as retained would prove to be another
One company in which BlackRock an industrial powerhouse with aviation, time-bomb. GE kept an interest in long-
was a major shareholder at the time was healthcare, energy and oil and gas units term healthcare insurance policies that
General Electric, with a stake of nearly 6 that were supposed to help the develop- had been sold decades earlier.
per cent. Around then, Jeffrey Immelt, ing world become urbanised. Those policies proved to be more
the chief executive of GE, appears to In late 2015, the group would close its expensive than had been anticipated, a
have been overseeing just the kind of reality that became clear in 2015. In
market gratification management effort 2016, as it became evident that higher
that Mr Fink was condemning.
Immelt appears to have losses were going to need to be realised,
The industrial group “misled inves- been overseeing the kind one executive called the situation in the
tors” and “violated antifraud, reporting insurance business a “train wreck”.
[and] disclosure controls”, according to
of market gratification It seems GE only came clean with
a recent US Securities and Exchange that Fink was condemning investors about its accounting practices
Commission order. In early December, in the power division in 2017 while also
GE agreed with the regulator to pay eventually taking a $22bn impairment
$200m to settle charges that it had $15bn acquisition of France’s Alstom to to goodwill related to the Alstom buy-
Pressure mounts on poorer Agricultural commodities Dumped: ears of misled investors about its financial boost its power plant business. out. And it finally took a $9.5bn charge
corn lie on the condition in between 2015 and 2017. The power division, according to the related to insurance liabilities in 2018
nations amid stockpiling, dry stage sharp rebound ground in Muse, In a statement, the company noted SEC, would become the home of and committed to plug another $15bn of
Bloomberg agricultural index Myanmar, last that no financial statements required accounting mischief. Maintenance capital into shoring up the GE financial
weather and supply problems year — AFP/Getty correction and that it had neither contracts with customers that ran services unit.
120 admitted nor denied guilt as a part of the several years required estimates of costs A spokesperson for Mr Immelt said:
Emiko Terazono in importing countries, said Mr Mera. SEC settlement. and the reduction of such inputs “GE sought to comply with all standards
“It’s a transition from ‘just in time’ to Five years after Mr Fink’s letter, allowed GE to boost its book profits. for financial accounting. To achieve this
A sharp rebound in food prices is stir- 110 ‘just in case’,” he added. there has been a continued rise in Separate alleged manoeuvres goal, it put in place strong processes
ring concerns over inflation and poten- Supply worries are also fuelling the “stakeholder capitalism” and investing included selling receivables to GE with multiple checks and balances.”
tial unrest in some developing coun- grain bulls. Dry weather has affected for better environmental, social and Capital, allowing for commensurate BlackRock continues to hold a stake
100
tries. crops around the world, especially in corporate governance standards. But gains in cash flow. of about 6 per cent in GE shares, which
Stockpiling, logistical bottlenecks and South America, where weather pattern this coda to the GE saga in the 2010s is The company had announced in 2015 currently hover around $10. A recovery
dry weather have pushed wheat, soya- 90 La Niña is causing hot and dry condi- an ugly reminder of the world these new that it would seek to hit $2 per share of to the peak of nearly $33 seen in 2016
beans, rice and corn markets higher. tions in southern Brazil and Argentina. principles are attempting to replace. earnings in 2018. It appears that precise will undoubtedly require a very long-
The Bloomberg Agricultural sub-in- Farmers there are struggling with the The SEC’s order alleged GE pulled for- and ambitious figure effectively became term orientation.
dex has jumped more than a third since 80 lack of rain, with many having to dig up ward future profits and cash flow and, the central organising principle of the
its low point in June to a two-and-a-half- fields of shrivelled-up crops. separately, delayed reporting big losses company. “GE was aware of investor sujeet.indap@ft.com
year high, while the UN Food and Agri- Corn has rushed to a six-year high,
culture Organization’s food price index 70 and although wheat is off 2020’s peak, it
hit a six-year high in November. 2017 18 19 20 is still trading at more than $6 a bushel,
Soyabeans, a key ingredient for live- Source: Refinitiv
levels last seen in 2014, due to dryness in
stock feed and an important source of Russia, the world’s leading exporter of
vegetable oil, are trading at just under wheat, and worries about grain export
$13 a bushel, with traders anticipating buyer of everything from corn to rice. restrictions by Moscow.
“beans in the teens” for the first time in The country’s authorities used their Rice prices, which jumped after
six years. reserves to damp down price increases south-east Asian producers threatened
In 2007-08, severe droughts drove up during the pandemic and are replenish- to limit overseas sales at the start of the
prices, triggering food riots in some ing their strategic stockpiles. pandemic, have remained elevated over
African countries. A wheat export ban A recovery in the hog herd after the logistics bottlenecks and buying by
by Russia in 2010 also led to a surge in devastation caused by African swine China. Port congestion and a lack of con-
food prices in the Middle East, contrib- fever has also meant a rebound in grains tainers had caused shipping durations
uting to the Arab uprising. Some are used for livestock feed. to double in some cases, leading to jit-
now concerned about a “Covid shock” In the corn market, for example, the ters in the market, said Frank Gou-
hitting some of the more vulnerable US Department of Agriculture’s Beijing verne, at Rice Exchange, a digital plat-
countries. bureau recently more than tripled esti- form for rice trading.
“The real impact is the access to food. mates for China’s imports in the 2020-21 “Freight prices have doubled. People
People have lost their income. There are crop year from 7m tonnes to 22m. are also waiting three to four months for
a lot of unhappy people and this is a rec- Because of the low level of state their orders, adding further pressure on
ipe for social unrest,” said Abdolreza reserves, “substantial corn imports will the market,” he said.
Abbassian, senior economist at the FAO. be necessary to meet demand while also Hedge funds and other speculators
The issue is not a food shortage at this controlling further price increases and have also bought food commodities in
point — grains and oilseeds have had maintain stocks throughout 2021”, the second half of 2020, further adding
bumper crops over the past few years, it said. to the rally. At the end of October, specu-
leading to higher inventories. But ana- Wheat purchases by North African lators held record net “long” positions
lysts worry that higher prices at a time countries have kept pace, and food com- in agricultural commodity futures and
of economic stress bode badly, espe- panies are also making sure they do not options after an unprecedented 22 con-
cially for poorer countries, particularly end up with shortages. Wheat itself was secutive weeks. While some have taken
while an economic rebound in Asia is plentiful, but inventories were piling up profits, bullish positions remain at mul-
bumping up demand for grains and soy- tiyear highs.
abeans. “Food inflation is the last thing Analysts Although prices on the international
governments need right now,” said Car- markets are lower than levels seen in
los Mera, analyst at Rabobank. worry that 2009 and 2010-12, food is expected to
Fitch Solutions expects higher agri- higher remain a pressure point, especially for
cultural commodities as travel and less developed countries. “If [people]
spending “edge closer to normal, as the prices at a will realise the vaccine won’t solve the
hospitality and restaurant sector re- time of problems in the near term and they
opens and consumer confidence rises”. don’t have food, then things could get
Various governments shoring up their economic out of control,” warned the FAO’s Mr
food reserves have also pushed markets stress Abbassian. “Although I still doubt we
higher. will hit those [previous] peaks, we will
China has been a particularly big bode badly see volatility in the coming year.”

UK still in pain as US and China rebound

The UK’s FTSE 100 index of stocks has towards oil and resources stocks — a cent by this measure. Most investors
completed its worst annual performance sector that has suffered badly through believe 2021 will be brighter for global
since 2008 while stocks in the US, China coronavirus. Some analysts and investors stocks, particularly with bond yields
and elsewhere streak ahead, highlighting remain wary, particularly with the long rooted at low levels.
the uneven global recovery from the impact of Brexit lying ahead. Others are The pledge by the US Federal Reserve
markets shock of the spring. more optimistic. to keep interest rates low to help
The UK benchmark stood 14 per cent “The UK is one of our favoured global generate an economic recovery pushed
weaker at the end of the year, edging equity markets, particularly from an the dollar almost 7 per cent lower against
beyond 2018’s fall to make 2020 the unhedged perspective as we suspect a other major currencies last year, its
worst year since the financial crisis of large proportion of the return for biggest drop since 2017.
2008 — when the index fell by more than international investors will come from the The pound gained about 3 per cent,
30 per cent. strengthening currency,” said Nick carving out its highest point of the year
Meanwhile, New York’s S&P 500 rose Nelson, head of European equity strategy on the final day of 2020. Other currencies
more than 16 per cent in 2020, shrugging at UBS. The bank expects sterling to gained more strongly — Sweden’s krona
off its steep drop in March, while the reach $1.44 against the dollar by the end rose 14.5 per cent, its biggest gain against
technology-focused Nasdaq Composite of 2021, from around $1.36 now. the dollar since 2006, while the euro
gained more than 40 per cent. China’s CSI Using MSCI stock gauges to smooth climbed 9.5 per cent and the yen gained
300 rounded off the year with a 27 per out some of the differences between 5.3 per cent, the most in nine years.
cent advance as the country’s economy various national benchmarks, the total The oil sector suffered heavily during
emerged first from the pandemic shock return on US stocks reached 20.5 per cent the initial spread of Covid-19. Following
while Frankfurt’s Xetra Dax eked out in 2020 in local currency terms while lows of $16 in April, Brent crude ended
gains for the year in December. MSCI’s China Index rose 28 per cent. 2020 at around $51 per barrel. Prices are
Much of the UK’s underperformance is European shares, excluding the UK, down by over a fifth from the end of 2019.
down to the FTSE’s heavy weighting rose 3 per cent while UK shares fell 12 per Leke Oso Alabi
12 ★ FTWeekend 2 January/3 January 2021
2 January/3 January 2021 ★ FTWeekend 13

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

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

-1.45% -0.34% -0.45%

No change No change No change No change
0.64% 0.14% 0.65% 0.31% 0.15% 0.29% 0.71%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Dec 02 - - Index All World Dec 02 - Dec 31 Index All World Dec 02 - Dec 31 Index All World Dec 02 - Dec 30 Index All World Dec 02 - Dec 30 Index All World Dec 02 - Jan 01 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
2,873.47
3,756.07 13,718.78 27,444.17
6,460.52
17,433.36 13,335.68 26,787.54
3,669.01 6,266.19 2,696.22
17,296.93
Day 0.64% Month 3.05% Year 15.86% Day -0.64% Month 2.07% Year 2.62% Day -1.45% Month 3.10% Year -14.85% Day -0.31% Month 3.22% Year 3.55% Day -0.45% Month 3.00% Year 15.13% Day 1.88% Month 9.11% Year 30.36%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
12,888.28 27,231.13
44,066.88
1,536.53 8,140.80 8,073.70 26,728.50
1,513.57 2,843.81
42,895.63
12,355.11 2,814.12
Day 0.14% Month 5.50% Year 43.86% Day -1.40% Month 6.98% Year 2.37% Day -0.34% Month 2.18% Year -5.46% Day -0.99% Month 0.24% Year -15.77% Day 0.31% Month 3.38% Year -3.84% Day -0.89% Month 1.69% Year -11.45%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
119,017.24 47,868.98
30,606.48 3,473.07
5,581.64 5,551.41 22,352.46 22,232.90 3,449.38
111,878.53 44,618.04
29,823.92
Day 0.65% Month 2.60% Year 6.84% Day -0.33% Month 9.30% Year 2.92% Day -0.86% Month 0.60% Year -7.20% Day -0.12% Month 0.86% Year -5.34% Day 1.72% Month 2.40% Year 14.24% Day 0.25% Month 8.16% Year 14.90%

Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous Country Index Latest Previous
Argentina Merval 51226.49 51320.14 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 24202.73 24238.06 Philippines Manila Comp 7139.71 7204.38 Taiwan Weighted Pr 14732.53 14687.70 Cross-Border DJ Global Titans ($) 441.83 440.49
Australia All Ordinaries 6850.60 6942.90 Czech Republic
PX 1027.14 1030.62 FTSE Italia Mid Cap 38091.63 38249.73 Poland Wig 57025.84 57701.40 Thailand Bangkok SET 1449.35 1461.95 Euro Stoxx 50 (Eur) 3552.64 3571.59
S&P/ASX 200 6587.10 6682.40 DenmarkOMXC Copenahgen 20 1465.17 1475.07 FTSE MIB 22232.90 22259.35 Portugal PSI 20 4898.36 4921.78 Turkey BIST 100 1476.72 1479.91 Euronext 100 ID 1103.54 1112.44
S&P/ASX 200 Res 5109.90 5165.60 Egypt EGX 30 10845.26 10867.76 Japan 2nd Section 6570.91 6588.17 PSI General 3799.70 3822.19 UAE Abu Dhabi General Index 5045.31 5088.09 FTSE 4Good Global ($) 9299.16 9280.20
Austria ATX 2780.44 2778.23 EstoniaOMX Tallinn 1343.72 1333.21 Nikkei 225 27444.17 27568.15 Romania BET Index 9805.60 9738.51 UK FT 30 2522.40 2560.80 FTSE All World ($) 425.89 425.24
Belgium BEL 20 3621.28 3663.06 FinlandOMX Helsinki General 10872.05 10949.62 S&P Topix 150 1528.35 1541.18 Russia Micex Index 3289.02 3274.67 FTSE 100 6460.52 6555.82 FTSE E300 1536.53 1541.76
BEL Mid 8320.43 8336.04 France CAC 40 5551.41 5599.41 Topix 1804.68 1819.18 RTX 1387.46 1398.48 FTSE 4Good UK 6065.03 6154.40 FTSE Eurotop 100 2882.47 2893.22
Brazil IBovespa 119017.24 119409.15 SBF 120 4394.69 4431.75 Jordan Amman SE 1657.22 1654.28 Saudi-Arabia TADAWUL All Share Index 8689.53 8760.08 FTSE All Share 3673.63 3723.98 FTSE Global 100 ($) 2484.81 2480.65
Canada S&P/TSX 60 1034.76 Germany
1041.69 M-DAX 30796.26 30912.39 Kenya NSE 20 1868.39 1853.06 Singapore FTSE Straits Times 2843.81 2869.22 FTSE techMARK 100 6280.61 6364.55 FTSE Gold Min ($) 2365.60 2395.63
S&P/TSX Comp 17433.36 17545.81 TecDAX 3212.77 3217.97 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 345.13 345.13 USA DJ Composite 10108.71 10036.39 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 683.95 697.28 XETRA Dax 13718.78 13761.38 Latvia OMX Riga 1136.34 1139.52 Slovenia SBI TOP - - DJ Industrial 30606.48 30409.56 FTSE Multinationals ($) 2711.09 2709.06
Chile S&P/CLX IGPA Gen 21007.46 Greece
21067.56 Athens Gen 808.99 809.08 Lithuania OMX Vilnius 816.64 804.08 South Africa FTSE/JSE All Share 59408.68 59634.93 DJ Transport 12506.93 12459.23 FTSE World ($) 756.48 755.48
China FTSE A200 13794.99 13543.05 FTSE/ASE 20 1934.64 1936.38 Luxembourg LuxX 1345.60 1356.53 FTSE/JSE Res 20 57575.52 57761.55 DJ Utilities 864.64 850.59 FTSEurofirst 100 (Eur) 3911.64 3934.01
FTSE B35 9000.71 Hong Kong
8988.96 Hang Seng 27231.13 27147.11 Malaysia FTSE Bursa KLCI 1627.21 1644.41 FTSE/JSE Top 40 54379.58 54615.33 Nasdaq 100 12888.28 12845.36 FTSEurofirst 80 (Eur) 4860.02 4884.43
Shanghai A 3640.46 3578.98 HS China Enterprise 10738.40 10662.93 Mexico IPC 44066.88 44693.96 South Korea Kospi 2873.47 2820.51 Nasdaq Cmp 12888.28 12870.00 MSCI ACWI Fr ($) 646.27 645.29
Shanghai B 243.47 241.07 HSCC Red Chip 3799.56 3763.85 Morocco MASI 11287.38 11211.08 Kospi 200 389.29 381.27 NYSE Comp 14524.80 14382.50 MSCI All World ($) 2690.04 2686.06
Shanghai Comp 3473.07 3414.45
Hungary Bux 42107.57 41733.11 Netherlands AEX 624.61 628.06 Spain IBEX 35 8073.70 8154.40 S&P 500 3756.07 3732.04 MSCI Europe (Eur) 1613.34 1623.08
Shenzhen A 2437.58 2394.84
India BSE Sensex 47868.98 47751.33 AEX All Share 904.85 908.52 Sri Lanka CSE All Share 6774.22 6748.01 Wilshire 5000 39456.66 39301.24 MSCI Pacific ($) 3100.48 3110.45
Shenzhen B 1086.72 1076.45 Nifty 500 11574.85 11518.30 New Zealand NZX 50 13091.64 13217.14 Sweden OMX Stockholm 30 1874.74 1893.06 Venezuela IBC 1332059.90 1252254.50 S&P Euro (Eur) 1650.19 1659.14
Colombia COLCAP 1368.49 1383.59
Indonesia Jakarta Comp 5979.07 6036.17 Nigeria SE All Share 40270.72 39512.31 OMX Stockholm AS 768.38 774.15 Vietnam VNI 1103.87 1097.54 S&P Europe 350 (Eur) 1585.57 1591.41
Croatia CROBEX 2013.05 Ireland
2011.29 ISEQ Overall 7376.33 7531.53 Norway Oslo All Share 1017.37 1006.88 Switzerland SMI Index 10703.51 10682.04 S&P Global 1200 ($) 2972.72 2966.57
Israel Tel Aviv 125 1568.09 1567.46 Pakistan KSE 100 44434.80 43755.38 Stoxx 50 (Eur) 3108.30 3118.32
(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 Dec 31 %Chg %Chg Dec 31 %Chg %Chg Dec 31 %Chg %Chg Dec 31 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 131.5 132.69 -1.03 Unilever 97.8 4392.00 -89.00 Sap Se O.n. 163.7 107.22 0.42 Softbank . 1248.1 8058.00 3.00 Pershing Square Holdings Ltd 2565.00 5.6 76.2 Aston Martin Lagonda Global Holdings 2009.00 9.6 - S&U 2260.00 13.0 6.6 Automobiles & Parts 4610.57 7.1 -
Amazon.com 96.3 3256.93 -28.92 Astrazeneca 83.2 7324.00 -77.00 Unilever 133.2 55.37 -0.22 Fast Retailing Co., 842.5 92470.00 1660.00 Croda Int 6596.00 2.9 28.3 Fdm (holdings) 1124.00 7.5 6.8 Schroder Uk Public Private Trust 31.00 12.1 - Personal Goods 37240.52 1.9 -2.3
Microsoft 46.6 222.42 0.74 Glaxosmithkline 50.6 1342.00 -16.00 Enel 117.2 8.28 0.00 Toyota Motor 373.3 7957.00 -57.00 Scottish Mortgage Investment Trust 1214.00 2.7 - Network Int Holdings 326.60 7.4 - Studio Retail 291.50 11.0 22.6 Equity Investment Instruments 12822.18 1.4 16.9
Facebook 35.2 273.16 1.29 Bp 48.5 254.80 -4.60 Allianz Se Na O.n. 105.6 200.70 -1.25 M3,. 333.9 9743.00 -131.00 Just Eat Takeaway.com N.v. 8260.00 2.6 - Puretech Health 400.00 7.2 27.4 Chrysalis Investments 188.00 8.7 - Pharmaceuticals & Biotech. 15774.82 1.1 -
Netflix 29.2 540.73 16.14 Diageo 47.3 2878.00 -113.00 Novo Nordisk B A/s 96.4 57.35 -0.34 Sony 333.7 10285.00 -105.00 Next 7086.00 2.3 -0.5 Xp Power 4690.00 6.8 50.8 Foxtons 55.00 7.8 - Gas Water & Multiutilities 4763.88 0.9 -
Nvidia 25.1 522.20 -3.63 Royal Dutch Shell 45.1 1259.40 -12.80 Siemens Ag Na O.n. 93.6 117.52 0.12 Tokyo Electron 292.5 38400.00 -260.00 Halma 2449.00 2.1 14.3 Indivior 108.80 5.9 - Rdi Reit P.l.c. 95.00 7.3 - Chemicals 13603.42 0.7 2.1
Advanced Micro Devices 22.9 91.71 -0.58 Rio Tinto 43.2 5470.00 -72.00 Volkswagen Ag Vzo O.n. 88.2 152.42 0.52 Shin-etsu Chemical Co., 182.9 18040.00 -305.00 Auto Trader 596.00 2.1 -1.3 Herald Investment Trust 2245.00 5.9 50.7 Hunting 223.00 7.1 -47.3 Nonlife Insurance 3272.11 0.3 1.0
Boeing 22.4 214.06 -2.61 Hsbc Holdings 39.6 378.85 -4.15 Ferrovial 86.8 22.60 -0.13 Mitsubishi Ufj Fin,. 169.5 456.10 -3.90 Unilever 4392.00 1.9 - C&c 227.50 5.3 - Baillie Gifford China Growth Trust 528.00 7.1 52.5 Electronic & Electrical Equip. 9980.71 0.3 15.4
Alphabet 18.5 1752.64 16.39 British American Tobacco 38.8 2708.00 -65.50 Intesa Sanpaolo 85.6 1.91 -0.01 Takeda Pharmaceutical 162.2 3755.00 -44.00 Kingfisher 270.40 1.9 - Fidelity China Special Situations 381.50 5.2 64.8 Sme Credit Realisation Fund 63.50 7.1 -25.4 General Retailers 2528.63 0.2 0.8
Alphabet 17.7 1751.88 12.36 Lloyds Banking 38.1 36.44 -0.37 Eni 77.6 8.55 -0.01 Fanuc 159.9 25360.00 -355.00 Burberry 1789.50 1.7 - Pantheon Int 2505.00 5.0 -2.5 Treatt 820.00 6.9 76.3 General Industrials 6628.28 0.1 3.3
Ocado 2287.00 1.6 79.7 Diploma 2192.00 4.8 7.5 Jpmorgan Japan Small Cap Growth & ome 600.00 6.8 37.9 Food & Drug Retailers 4313.48 0.0 2.8
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
London Stock Exchange 9008.00 1.5 16.7 Ip 98.90 4.8 39.5 Stobart Ld 26.05 6.3 - Software & Computer Services 1916.06 -0.1 -
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Western Digital 55.39 5.86 11.83 Petropavlovsk 32.50 1.90 6.21 Thyssenkrupp Ag O.n. 8.12 0.14 1.78 Kawasaki Kisen Kaisha, 2112.00 42.00 2.03 Lloyds Banking 36.44 -5.6 - Hammerson 24.85 -8.0 -80.4 Superdry 246.60 -7.8 - Oil Equipment & Services 5593.23 -4.1 -
Dxc Technology 25.75 1.41 5.79 Indivior 108.80 5.00 4.82 Adp 106.10 1.70 1.63 Fast Retailing Co., 92470.00 1660.00 1.83 Barclays 146.68 -5.1 - Cmc Markets 391.00 -6.6 - Rps 70.00 -7.5 - Fixed Line Telecommunication 1609.35 -4.0 -
Micron Technology 75.18 3.26 4.53 Sabre Insurance 276.50 6.00 2.22 Saipem 2.21 0.03 1.57 Mitsubishi Motors 217.00 3.00 1.40 Bt 132.25 -4.4 - Dixons Carphone 115.80 -6.1 - Carr's 129.50 -7.5 - Banks 2500.51 -3.0 -
Apartment Investment And Management 5.28 0.20 3.94 Just 69.90 1.50 2.19 Merck Kgaa O.n. 140.35 2.10 1.52 Ana Holdings 2277.00 27.00 1.20 Rolls-royce Holdings 111.25 -3.9 - Aj Bell 433.50 -6.1 0.5 Int Personal Finance 81.50 -6.2 -49.7 Aerospace & Defense 3612.25 -2.5 -
Mosaic (the) 23.01 0.85 3.84 Helios Towers 153.00 3.00 2.00 Kering 594.40 6.40 1.09 Thb Japan Steel Works, 3075.00 35.00 1.15 Persimmon 2767.00 -3.8 2.9 Tp Icap 238.20 -6.0 - Photo-me Int 48.80 -6.2 - Oil & Gas Producers 4525.21 -2.4 -
Whitbread 3100.00 -3.5 - Savills 954.50 -5.2 - Senior 89.25 -6.0 - Construction & Materials 6883.43 -2.0 -2.6
Downs Downs Downs Downs
M&g 197.95 -3.2 - Ferrexpo 282.60 -4.8 79.0 Artemis Alpha Trust 394.00 -4.7 15.9 Mobile Telecommunications 2765.07 -1.7 -
Occidental Petroleum 17.31 -0.60 -3.35 Aj Bell 433.50 -29.00 -6.27 Kerry 118.50 -3.40 -2.79 Seiko Epson 1531.00 -62.00 -3.89
Bp 254.80 -3.1 - Investec 187.30 -4.6 - Mitie 41.00 -4.7 - Mining 21698.50 -1.3 13.9
United Airlines Holdings 43.25 -1.40 -3.14 Hammerson 24.85 -1.58 -5.98 Safran 115.95 -3.05 -2.56 Mitsui Eng & Shipbuilding Co., 350.00 -13.00 -3.58
Dcc 5178.00 -3.0 - Wh Smith 1510.00 -4.6 -42.5 Restaurant 64.20 -4.5 - Health Care Equip.& Services 6538.77 -1.2 -
Apache 14.19 -0.38 -2.61 Playtech 401.30 -23.00 -5.42 Porsche Autom.hldg Vzo 56.40 -1.30 -2.25 Sapporo Holdings 1991.00 -67.00 -3.26
Bae Systems 488.80 -3.0 - Essentra 306.20 -4.5 - Stagecoach 74.05 -4.5 - Electricity 8859.08 -1.1 5.4
Lam Research 472.27 -12.18 -2.51 Petrofac 138.10 -7.00 -4.82 Edenred 46.41 -1.06 -2.23 Jfe Holdings,. 988.00 -33.00 -3.23
Schroders 3337.00 -3.0 -0.5 Travis Perkins 1347.00 -4.4 - Motorpoint 286.50 -4.5 -1.4 Index - Technology Hardware & Equipment 2082.22 -1.1 5.0
American Airlines 15.77 -0.38 -2.35 Domino's Pizza 316.00 -15.40 -4.65 Schneider Electric 118.30 -2.55 -2.11 Yokogawa Electric 2054.00 -66.00 -3.11
British Land 489.00 -3.0 - Close Brothers 1382.00 -4.4 - Dfs Furniture 220.00 -4.3 - Food Producers 7042.78 -1.1 -
Based on the constituents of the S&P500 Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Jan 1 Currency Mid Change Mid Change Mid Change Jan 1 Currency Mid Change Mid Change Mid Change Jan 1 Currency Mid Change Mid Change Mid Change Jan 1 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 84.0702 - 102.8646 - 114.9191 - Indonesia Indonesian Rupiah 14050.0000 - 17190.9624 - 19205.5435 - Poland Polish Zloty 3.7260 - 4.5590 - 5.0932 - ..Three Month 0.7316 0.0000 0.8950 0.0000 - -
Australia Australian Dollar 1.2959 - 1.5856 - 1.7714 - Israel Israeli Shekel 3.2108 - 3.9286 - 4.3890 - Romania Romanian Leu 3.9781 - 4.8675 - 5.4379 - ..One Year 0.7319 0.0000 0.8946 0.0000 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4613 - 0.5153 - Japan Japanese Yen 103.2450 - 126.3260 - 141.1299 - Russia Russian Ruble 73.9644 - 90.4996 - 101.1050 - United States United States Dollar - - 1.2236 - 1.3669 -
Bolivia Bolivian Boliviano 6.9100 - 8.4548 - 9.4456 - ..One Month 103.2450 -0.0001 126.3261 0.0001 141.1299 0.0000 Saudi Arabia Saudi Riyal 3.7516 - 4.5903 - 5.1282 - ..One Month - - 1.2235 -0.1434 1.3670 -
Brazil Brazilian Real 5.1942 - 6.3554 - 7.1002 - ..Three Month 103.2449 -0.0002 126.3262 0.0002 141.1298 -0.0001 Singapore Singapore Dollar 1.3217 - 1.6171 - 1.8066 - ..Three Month - - 1.2233 -0.1434 1.3670 0.0000
Canada Canadian Dollar 1.2740 - 1.5588 - 1.7415 - ..One Year 103.2445 -0.0010 126.3264 0.0008 141.1299 -0.0004 South Africa South African Rand 14.6888 - 17.9725 - 20.0787 - ..One Year - - 1.2225 -0.1434 1.3672 0.0000
Chile Chilean Peso 710.5000 - 869.3365 - 971.2123 - Kenya Kenyan Shilling 109.2000 - 133.6123 - 149.2701 - South Korea South Korean Won 1086.3000 - 1329.1488 - 1484.9091 - Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.5398 - 8.0018 - 8.9395 - Kuwait Kuwaiti Dinar 0.3042 - 0.3722 - 0.4158 - Sweden Swedish Krona 8.2126 - 10.0485 - 11.2261 - Vietnam Vietnamese Dong 23082.5000 - 28242.7635 - 31552.5097 -
Colombia Colombian Peso 3420.5000 - 4185.1739 - 4675.6261 - Malaysia Malaysian Ringgit 4.0225 - 4.9218 - 5.4985 - Switzerland Swiss Franc 0.8840 - 1.0816 - 1.2083 - European Union Euro 0.8173 - - - 1.1172 -
Costa Rica Costa Rican Colon 613.9150 - 751.1593 - 839.1862 - Mexico Mexican Peso 19.9255 - 24.3800 - 27.2370 - Taiwan New Taiwan Dollar 28.0980 - 34.3795 - 38.4083 - ..One Month 0.8172 0.0000 - - 1.1171 0.0000
Czech Republic Czech Koruna 21.4638 - 26.2621 - 29.3397 - New Zealand New Zealand Dollar 1.3889 - 1.6994 - 1.8985 - Thailand Thai Baht 29.9600 - 36.6577 - 40.9536 - ..Three Month 0.8170 0.0000 - - 1.1171 0.0000
Denmark Danish Krone 6.0835 - 7.4435 - 8.3158 - Nigeria Nigerian Naira 394.7500 - 482.9987 - 539.6003 - Tunisia Tunisian Dinar 2.6887 - 3.2898 - 3.6753 - ..One Year 0.8163 0.0000 - - 1.1166 0.0000
Egypt Egyptian Pound 15.8445 0.1268 19.3866 0.1551 21.6585 0.1733 Norway Norwegian Krone 8.5619 - 10.4760 - 11.7037 - Turkey Turkish Lira 7.4325 - 9.0941 - 10.1598 -
Hong Kong Hong Kong Dollar 7.7538 - 9.4873 - 10.5991 - Pakistan Pakistani Rupee 159.8000 - 195.5242 - 218.4373 - United Arab Emirates UAE Dirham 3.6732 - 4.4943 - 5.0210 -
Hungary Hungarian Forint 296.4203 - 362.6868 - 405.1893 - Peru Peruvian Nuevo Sol 3.6173 - 4.4260 - 4.9446 - United Kingdom Pound Sterling 0.7316 - 0.8951 - - -
India Indian Rupee 73.0675 - 89.4022 - 99.8790 - Philippines Philippine Peso 48.0235 - 58.7594 - 65.6453 - ..One Month 0.7316 - 0.8951 0.0000 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Dec 31 Dec 30 Dec 29 Dec 28 Dec 25 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2522.40 2560.80 2582.90 2554.10 2535.00 0.00 3314.70 1337.80 Leisure Goods 70.45 General Retailers -1.10 Financials -12.95 FTSE 100 Price Change FTSE 100 Price Change
Jan 01 chge% Index Dec 30 Dec 29 ago yield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Industrial Metals & 32.28 Household Goods & Ho -1.58 Health Care -13.06 3I Group PLC 1158 -10.00 Land Securities Group PLC 673.80 -15.90
FTSE 100 (100) 6460.52 -1.45 5604.76 6555.82 6602.65 7542.44 3.70 1.54 17.53 208.54 6174.77 P/E Ratio net - - - - - 0.00 19.44 14.26 Tech Hardware & Eq 17.31 Personal Goods -4.44 FTSE 100 Index -13.79 Admiral Group PLC 2906 -66.00 Legal & General Group PLC 266.20 -2.70
FTSE 250 (250) 20488.30 -1.09 17774.42 20715.11 20897.59 21883.42 2.32 1.33 32.39 346.84 16262.86 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Mining 15.76 Financial Services -4.91 Real Est Invest & Se -15.10 Anglo American PLC 2424.5 -18.00 Lloyds Banking Group PLC 36.44 -0.37
FTSE 250 ex Inv Co (183) 20969.04 -1.36 18191.49 21257.47 21453.35 23300.15 2.31 1.23 35.16 311.38 16977.22 FT 30 hourly changes Electronic & Elec Eq 14.68 FTSE 250 Index -6.11 Mobile Telecomms -15.77 Antofagasta PLC 1440.5 -12.00 London Stock Exchange Group PLC 9008 -90.00
FTSE 350 (350) 3697.70 -1.39 3207.90 3749.79 3777.70 4249.57 3.45 1.52 19.11 108.84 7043.16 8 9 10 11 12 13 14 15 16 High Low Basic Materials 14.22 Utilities -8.09 Tobacco -15.90 Ashtead Group PLC 3438 -51.00 M&G PLC 197.95 -1.80
FTSE 350 ex Investment Trusts (281) 3596.87 -1.46 3120.43 3650.13 3677.57 4195.06 3.54 1.40 20.26 107.86 3535.54 2560.8 2517.3 2520.6 2493.1 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Equity Invest Instr 13.07 Consumer Goods -8.99 Real Est Invest & Tr -18.14 Associated British Foods PLC 2264 -36.00 Melrose Industries PLC 178.05 -0.95
FTSE 350 Higher Yield (145) 2893.08 -1.37 2509.87 2933.22 2955.65 3653.20 5.02 1.43 13.95 122.33 6060.30 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Transport 10.46 Beverages -9.33 Telecommunications -19.17 Astrazeneca PLC 7324 -77.00 Mondi PLC 1719.5 -21.50
FTSE 350 Lower Yield (205) 4291.83 -1.41 3723.33 4353.16 4384.71 4512.45 1.95 1.73 29.53 75.09 5078.46 Industrial Eng 10.01 Technology -9.77 Health Care Eq & Srv -20.25 Auto Trader Group PLC 596.00 -5.40 Morrison (Wm) Supermarkets PLC 177.35 -1.80
FTSE SmallCap (256) 6215.49 -0.28 5392.19 6232.74 6240.02 5950.49 2.99 -0.71 -46.93 133.33 9883.56 Electricity 6.58 Life Insurance -10.29 Travel & Leisure -20.59
FTSE SmallCap ex Inv Co (140) 4877.80 -0.32 4231.69 4893.23 4910.49 4889.86 2.95 -0.46 -74.21 76.94 8108.86 FX: EFFECTIVE INDICES Chemicals 5.23 Consumer Services -10.79 Automobiles & Parts -21.31
Avast PLC 537.50 7.50 National Grid PLC 865.00 -6.80
Aveva Group PLC 3202 -23.00 Natwest Group PLC 167.65 2.10
FTSE All-Share (606) 3673.63 -1.35 3187.02 3723.98 3750.91 4196.47 3.44 1.45 20.07 107.03 7068.59 Support Services 4.24 Food Producers -10.84 Aerospace & Defense -24.88
Dec 30 Dec 29 Mnth Ago Dec 31 Dec 30 Mnth Ago Aviva PLC 325.20 -2.80 Next PLC 7086 -78.00
FTSE All-Share ex Inv Co (421) 3536.08 -1.44 3067.69 3587.68 3614.39 4113.02 3.53 1.37 20.75 104.99 3530.17 FTSE SmallCap Index 3.32 NON FINANCIALS Index -11.64 Fixed Line Telecomms -26.50 B&M European Value Retail S.A. 516.20 -4.80 Ocado Group PLC 2287 -19.00
FTSE All-Share ex Multinationals (537) 1193.22 -1.00 857.96 1205.26 1212.35 1282.47 2.76 1.40 25.90 25.41 2391.41 Australia - - - Sweden - - - Food & Drug Retailer 2.76 Software & Comp Serv -11.75 Banks -31.87 Bae Systems PLC 488.80 -4.20 Pearson PLC 680.40 -7.40
FTSE Fledgling (90) 10635.61 0.66 9226.82 10565.66 10517.82 9839.33 2.46 0.60 67.31 224.45 21899.16 Canada - - - Switzerland - - - Nonlife Insurance 0.69 FTSE All{HY-}Share Index -12.00 Oil Equipment & Serv -33.35 Barclays PLC 146.68 -2.20 Pennon Group PLC 950.00 0.80
FTSE Fledgling ex Inv Co (43) 13016.62 1.83 11292.44 12783.09 12751.50 11797.26 2.46 4.36 9.30 186.93 26171.13 Denmark - - - UK 78.51 78.09 78.53 Industrials 0.46 Media -12.01 Oil & Gas -42.31 Barratt Developments PLC 670.00 -10.20 Pershing Square Holdings LTD 2565 30.00
FTSE All-Small (346) 4314.27 -0.23 3742.80 4324.02 4327.73 4122.83 2.96 -0.65 -51.77 92.52 8801.51 Japan - - - USA - - - Construct & Material -0.15 Pharmace & Biotech -12.14 Oil & Gas Producers -42.44 Berkeley Group Holdings (The) PLC 4742 -100.00 Persimmon PLC 2767 -64.00
FTSE All-Small ex Inv Co (183) 3652.24 -0.23 3168.46 3660.59 3672.61 3645.59 2.93 -0.29 -118.30 57.37 7690.81 New Zealand - - - Euro - - - Gas Water & Multi -12.50 Oil & Gas Producers -40.36 Bhp Group PLC 1925 -34.60 Phoenix Group Holdings PLC 700.60 -12.20
FTSE AIM All-Share (723) 1157.04 0.33 1003.78 1153.26 1149.92 958.26 0.81 0.31 397.82 7.57 1328.77 Norway - - -
BP PLC 254.80 -4.60 Polymetal International PLC 1684.5 -19.00
FTSE 100 (101) 6460.52 -1.45 5604.76 6555.82 6602.65 7542.44 3.70 1.54 17.53 208.54 6174.77 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2708 -65.50 Prudential PLC 1347 -22.50
FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 489.00 -12.20 Reckitt Benckiser Group PLC 6542 -90.00
Oil & Gas (12) 4702.21 -1.43 4079.36 4770.35 4809.54 8352.72 6.58 1.19 12.74 308.86 5289.83 Bt Group PLC 132.25 -3.05 Relx PLC 1792.5 -22.00
Oil & Gas Producers (9) 4546.65 -1.42 3944.40 4611.97 4651.09 8094.95 6.69 1.19 12.61 303.82 5303.69 FTSE GLOBAL EQUITY INDEX SERIES Bunzl PLC 2443 -43.00 Rentokil Initial PLC 509.60 -8.60
Oil Equipment Services & Distribution (3) 5608.41 -2.10 4865.52 5728.85 5690.55 8671.17 0.20 17.16 29.00 11.22 4834.79 Burberry Group PLC 1789.5 -22.00 Rightmove PLC 650.80 -4.00
Jan 1 No of US $ Day Mth YTD Total
YTD Gr Div Jan 1 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 2377 -22.00 Rio Tinto PLC 5470 -72.00
Basic Materials (23) 7171.66 -1.17 6221.71 7256.48 7333.28 6347.83 3.51 2.68 10.61 251.27 8615.44
Chemicals (8) 15058.46 -0.66 13063.82 15158.23 15351.70 14190.91 1.53 2.03 32.25 222.25 14476.56 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1363 -29.00 Rolls-Royce Holdings PLC 111.25 -0.80
Industrial Metals & Mining (4) 5335.23 -0.24 4628.53 5347.98 5370.60 4070.21 5.43 2.19 8.41 453.68 7177.52 FTSE Global All Cap 8966 727.81 0.1 4.8 14.3
16.8 1121.85
1.9 Oil Equipment & Services 25 189.29 -0.1 -0.1 -29.3 321.15 -25.1 5.8 Crh PLC 3058 -88.00 Royal Dutch Shell PLC 1259.4 -12.80
Mining (11) 20769.68 -1.26 18018.53 21034.86 21257.32 18179.18 3.67 2.74 9.95 759.99 13175.36 FTSE Global All Cap 8968 724.13 0.3 3.3 13.8
16.2 1115.97
1.9 Basic Materials 353 610.08 -0.4 -0.4 18.7 1036.58 22.4 2.6 Croda International PLC 6596 60.00 Royal Dutch Shell PLC 1297.8 -19.60
FTSE Global Large Cap 1731 651.35 0.2 4.5 14.8
17.3 1033.96
1.9 Chemicals 163 870.31 -0.1 -0.1 16.0 1464.13 19.3 2.3 Dcc PLC 5178 -182.00 Rsa Insurance Group PLC 677.40 -0.40
Industrials (97) 5983.98 -1.51 5191.35 6075.77 6129.41 5994.10 1.73 0.83 69.24 82.77 6657.51
Construction & Materials (16) 7242.73 -2.28 6283.36 7411.79 7416.94 7386.41 1.90 0.13 394.05 131.95 8367.56 FTSE Global Mid Cap 2230 916.77 0.1 4.7 10.6
12.7 1329.89
1.9 Forestry & Paper 20 316.20 -0.3 -0.3 13.7 601.72 17.4 2.5 Diageo PLC 2878 -113.00 Sage Group PLC 582.00 -7.80
Aerospace & Defense (9) 3816.25 -1.15 3310.75 3860.49 3911.36 5214.43 3.03 -2.01 -16.40 99.51 4453.38 FTSE Global Small Cap 5005 1006.38 -0.1 7.2 16.4
18.4 1403.16
1.6 Industrial Metals & Mining 92 468.60 -0.5 -0.5 23.9 804.66 28.4 2.9 Entain PLC 1133.5 -18.00 Sainsbury (J) PLC 225.50 -4.90
General Industrials (9) 5329.89 -1.30 4623.89 5400.36 5460.27 5166.27 1.99 1.32 38.30 79.14 6676.53 FTSE All-World 3961 425.89 0.2 4.5 14.1
16.6 694.74
1.9 Mining 78 880.52 -0.8 -0.8 20.8 1528.17 25.1 3.0 Evraz PLC 471.60 -3.30 Schroders PLC 3337 -66.00
Electronic & Electrical Equipment (8) 11773.63 -2.18 10214.09 12036.16 12166.25 10231.42 0.98 2.21 45.86 100.60 11311.25 FTSE World 2567 756.48 0.1 4.6 13.9
16.3 1656.40
1.9 Industrials 737 523.84 0.2 0.2 16.7 807.21 18.8 1.6 Experian PLC 2777 -43.00 Scottish Mortgage Investment Trust PLC 1214 2.00
Industrial Engineering (9) 16222.05 -2.14 14073.28 16576.37 16676.68 14744.30 1.19 2.58 32.51 178.00 21209.43 FTSE Global All Cap ex UNITED KINGDOM In 8675 769.77 0.2 4.8 15.7
18.1 1165.17
1.8 Construction & Materials 142 616.03 -0.3 -0.3 11.1 996.65 13.4 1.8 Ferguson PLC 8884 -6.00 Segro PLC 947.60 -6.40
Industrial Transportation (7) 4342.43 -0.79 3767.23 4377.01 4372.93 3933.68 3.33 0.49 61.76 12.73 4411.10 FTSE Global All Cap ex USA 7213 563.75 -0.4 5.4 8.7
11.5 948.46
2.4 Aerospace & Defense 36 733.33 -0.5 -0.5 -18.1 1112.66 -16.8 2.0 Flutter Entertainment PLC 15110 -190.00 Severn Trent PLC 2289 -26.00
Support Services (39) 9474.99 -1.31 8219.93 9600.41 9695.15 9118.25 1.32 2.34 32.54 103.84 10532.52 FTSE Global All Cap ex JAPAN 7573 751.26 0.1 4.9 14.6
17.0 1168.85
1.9 General Industrials 71 253.08 0.2 0.2 11.0 427.67 13.9 2.2 Fresnillo PLC 1129.5 -6.00 Smith & Nephew PLC 1510 -39.50
FTSE Global All Cap ex Eurozone 8327 766.20 0.2 4.8 15.1
17.5 1156.74
1.8 Electronic & Electrical Equipment 139 669.02 0.0 0.0 31.4 935.07 33.6 1.3 Glaxosmithkline PLC 1342 -16.00 Smith (Ds) PLC 374.60 -4.90
Consumer Goods (42) 18347.21 -2.14 15916.94 18748.56 18852.27 20136.59 3.95 1.48 17.04 694.04 15591.92
FTSE Developed 2136 692.08 0.1 4.3 14.3
16.7 1075.62
1.9 Industrial Engineering 145 1024.99 0.3 0.3 23.6 1572.21 26.1 1.5 Glencore PLC 233.00 -3.60 Smiths Group PLC 1504.5 -37.00
Automobiles & Parts (2) 4634.19 0.68 4020.35 4602.89 4550.23 5497.51 0.36 -7.08 -39.04 0.00 4741.78
FTSE Developed All Cap 5618 726.01 0.1 4.7 14.5
16.9 1112.47
1.8 Industrial Transportation 122 916.92 0.4 0.4 21.0 1422.06 23.3 1.7 Halma PLC 2449 -52.00 Smurfit Kappa Group PLC 3436 -36.00
Beverages (6) 22790.33 -3.46 19771.53 23606.49 24009.84 25390.87 2.47 1.62 24.91 546.42 17511.31
FTSE Developed Large Cap 831 648.32 0.2 4.3 15.0
17.5 1025.37
1.9 Support Services 82 643.05 0.5 0.5 27.4 934.57 29.1 1.1 Hargreaves Lansdown PLC 1525 -17.50 Spirax-Sarco Engineering PLC 11295 -165.00
Food Producers (10) 7124.77 -1.40 6181.02 7226.09 7268.12 8074.59 2.57 1.79 21.72 102.21 6626.93
FTSE Developed Europe Large Cap 225 392.81 -0.8 4.5 2.3
5.1 734.37
2.6 Consumer Goods 533 611.12 0.1 0.1 19.8 987.47 22.6 2.0 Hikma Pharmaceuticals PLC 2518 -18.00 Sse PLC 1500 -28.00
Household Goods & Home Construction (14)14757.18 -1.42 12802.45 14970.40 15034.42 15055.72 2.76 1.99 18.19 324.68 11892.00
FTSE Developed Europe Mid Cap 344 698.30 -0.8 6.2 10.4
12.7 1142.31
2.1 Automobiles & Parts 130 612.47 0.6 0.6 60.8 963.67 64.1 1.4 HSBC Holdings PLC 378.85 -4.15 St. James's Place PLC 1133.5 -2.50
Leisure Goods (2) 28118.33 -1.22 24393.78 28465.61 29005.79 16630.51 1.60 1.20 52.19 449.56 29554.50
FTSE Dev Europe Small Cap 690 963.97 -0.6 7.8 7.3
9.4 1518.89
1.9 Beverages 67 739.05 -0.1 -0.1 4.3 1204.94 6.9 2.3 Imperial Brands PLC 1535.5 -21.00 Standard Chartered PLC 465.90 -6.10
Personal Goods (6) 32239.39 -1.93 27968.97 32873.98 32742.00 33127.68 3.22 1.38 22.46 917.13 24148.53
FTSE North America Large Cap 224 830.48 0.6 3.8 19.1
21.4 1212.34
1.6 Food Producers 132 717.76 0.0 0.0 5.3 1182.43 7.8 2.4 Informa PLC 549.00 -8.00 Standard Life Aberdeen PLC 281.30 -5.20
Tobacco (2) 28781.71 -2.17 24969.29 29420.49 29718.05 34485.35 8.29 1.32 9.13 2389.17 23631.68
FTSE North America Mid Cap 413 1060.33 0.4 4.0 12.1
14.0 1428.23
1.7 Household Goods & Home Construction 61 576.11 0.1 0.1 13.7 924.39 16.3 2.1 Intercontinental Hotels Group PLC 4690 -67.00 Taylor Wimpey PLC 165.80 0.10
Health Care (15) 11287.28 -1.20 9792.17 11424.79 11519.47 12872.44 3.73 1.12 23.92 419.30 9823.93
FTSE North America Small Cap 1297 1144.15 -0.1 7.5 19.9
21.6 1486.24
1.3 Leisure Goods 44 330.06 0.2 0.2 36.3 455.52 38.1 1.0 Intermediate Capital Group PLC 1726 -19.00 Tesco PLC 231.40 -3.90
Health Care Equipment & Services (6) 6656.78 -2.34 5775.02 6816.24 6963.88 8451.04 2.03 0.96 51.47 120.44 6133.87
FTSE North America 637 541.35 0.5 3.9 18.0
20.2 807.59
1.6 Personal Goods 85 1054.09 -0.3 -0.3 17.0 1572.60 18.8 1.4 International Consolidated Airlines Group S.A. 159.80 -7.55 Unilever PLC 4392 -89.00
Pharmaceuticals & Biotechnology (9) 15719.00 -1.07 13636.86 15889.43 15996.60 17696.35 3.93 1.13 22.54 617.91 12292.49
FTSE Developed ex North America 1499 293.02 -0.6 5.3 7.7
10.5 531.03
2.4 Tobacco 14 908.26 0.1 0.1 -8.9 2309.66 -2.1 6.8 Intertek Group PLC 5648 -152.00 United Utilities Group PLC 895.00 -14.20
Consumer Services (79) 5051.37 -1.50 4382.26 5128.54 5162.70 5681.77 2.12 1.23 38.33 69.53 5168.39 FTSE Japan Large Cap 178 453.41 0.0 4.3 14.3
17.1 636.88
2.1 Health Care 309 686.19 0.5 0.5 12.3 1057.60 14.5 1.7
Food & Drug Retailers (5) 4480.86 -1.46 3887.32 4547.33 4530.29 4361.33 2.94 1.33 25.46 133.29 5703.00 Jd Sports Fashion PLC 860.00 4.00 Vodafone Group PLC 120.94 -1.50
FTSE Japan Mid Cap 335 644.52 0.0 3.0 2.6
4.8 858.26
2.1 Health Care Equipment & Services 113 1391.38 0.8 0.8 18.7 1677.50 19.7 0.7 Johnson Matthey PLC 2425 -84.00 Whitbread PLC 3100 -59.00
General Retailers (26) 2385.95 -1.34 2069.91 2418.38 2438.65 2408.23 1.58 1.47 42.88 11.48 2985.38
FTSE Global wi JAPAN Small Cap 880 713.35 0.0 4.2 2.5
4.8 983.98
2.1 Pharmaceuticals & Biotechnology 196 444.65 0.4 0.4 8.3 728.50 11.1 2.4 Just Eat Takeaway.Com N.V. 8260 -12.00 Wpp PLC 800.00 -7.20
Media (13) 8150.60 -1.22 7070.97 8250.89 8373.38 9285.93 1.70 2.94 20.03 125.77 5493.27
FTSE Japan 513 187.08 0.0 4.0 11.9
14.6 294.14
2.1 Consumer Services 440 689.89 -0.1 -0.1 23.7 966.57 25.0 1.0 Kingfisher PLC 270.40 -1.40
Travel & Leisure (35) 7966.72 -1.82 6911.45 8114.36 8149.92 10117.42 2.38 0.21 197.17 82.90 8176.23
FTSE Asia Pacific Large Cap ex Japan 928 874.57 0.0 6.5 20.3
23.3 1514.87
2.1 Food & Drug Retailers 69 298.77 -0.1 -0.1 1.3 453.34 4.0 2.5
Telecommunications (6) 1794.38 -1.35 1556.70 1818.90 1831.76 2273.16 7.62 0.57 22.90 86.13 2481.97 FTSE Asia Pacific Mid Cap ex Japan 893 1026.99 0.2 6.6 18.6
21.6 1708.38
2.5 General Retailers 148 1266.29 -0.6 -0.6 39.9 1705.20 40.9 0.6
Fixed Line Telecommunications (3) 1668.39 -2.00 1447.40 1702.51 1710.35 2363.86 10.66 1.04 9.03 5.68 1830.70
Mobile Telecommunications (3) 2760.88 -1.09 2395.18 2791.43 2813.83 3334.38 6.46 0.28 55.76 180.11 3470.69
FTSE Asia Pacific Small Cap ex Japan
FTSE Asia Pacific Ex Japan
1843
1821
649.99
683.11
0.2
0.0
5.8
6.5
19.7
22.6
20.2
23.2
1056.73
2.3 Media
1257.02
2.1 Travel & Leisure
84 469.24
139 498.08
0.8
0.3
0.8
0.3
22.1 661.60
-3.8 713.62
23.3
-2.5
1.0
1.7
UK STOCK MARKET TRADING DATA
Utilities (8) 7121.09 -0.97 6177.84 7190.76 7298.44 7721.54 5.07 1.15 17.16 361.49 9952.83 FTSE Emerging All Cap 3348 889.75 0.2 6.0 12.6
15.5 1463.81
2.2 Telecommunication 95 153.97 0.1 0.1 -4.0 335.65 0.3 4.6 Dec 31 Dec 30 Dec 29 Dec 24 Dec 23 Yr Ago
Electricity (3) 8838.96 -1.68 7668.16 8989.76 9144.57 8388.05 5.26 1.04 18.30 464.92 16214.27 FTSE Emerging Large Cap 900 857.84 0.2 5.8 13.2
16.1 1420.29
2.1 Fixed Line Telecommuniations 41 116.29 0.4 0.4 -14.1 284.52 -9.7 5.8 - - - - - -
Gas Water & Multiutilities (5) 6295.96 -0.71 5461.99 6341.08 6430.87 7132.82 5.01 1.19 16.78 315.42 8707.11 FTSE Emerging Mid Cap 925 1047.12 0.1 7.9 7.6
10.7 1722.33
2.9 Mobile Telecommunications 54 184.12 -0.2 -0.2 10.4 351.25 14.4 3.3 Order Book Turnover (m) 14.43 163.19 50.22 16.45 16.30 16.30
Financials (307) 4449.24 -0.84 3859.89 4487.00 4508.65 5145.66 3.10 1.74 18.57 89.11 4643.89 FTSE Emerging Small Cap 1523 852.33 0.4 5.5 12.7
15.7 1344.60
2.4 Utilities 190 320.73 0.5 0.5 0.9 704.09 4.4 3.2 Order Book Bargains 421456.00 708895.00 1088857.00 362445.00 362445.00 362445.00
Banks (11) 2468.16 -1.06 2141.23 2494.57 2495.24 3735.87 3.80 2.22 11.87 1.57 2034.33 FTSE Emerging Europe 76 370.39 0.2 12.0 -15.8
-11.2 702.51
4.9 Electricity 130 361.05 0.6 0.6 1.4 781.55 5.0 3.3 Order Book Shares Traded (m) 637.00 961.00 1578.00 870.00 870.00 870.00
Nonlife Insurance (7) 3745.57 -1.07 3249.44 3786.15 3789.31 3707.60 2.94 1.86 18.27 107.44 7428.76 FTSE Latin America All Cap 244 821.91 -0.5 11.6 -16.6
-14.3 1408.62
2.6 Gas Water & Multiutilities 60 320.65 0.1 0.1 -0.2 726.20 3.2 3.1 Total Equity Turnover (£m) 2023.96 2904.64 3532.79 2672.19 2650.55 2650.55
Life Insurance/Assurance (6) 7326.07 -1.30 6355.66 7422.46 7450.52 8213.34 3.67 1.98 13.78 257.34 8328.46 FTSE Middle East and Africa All Cap 321 653.09 -0.6 4.7 -5.3
-2.5 3.2 Financials
1128.76 866 252.34 0.4 0.4 -4.6 458.50 -1.7 2.7 Total Mkt Bargains 537706.00 904566.00 1350179.00 495082.00 495230.00 495230.00
Real Estate Investment & Services (18) 2497.81 -0.65 2166.95 2514.18 2545.68 2936.88 1.05 3.07 31.00 38.46 7196.92 FTSE Global wi UNITED KINGDOM All Cap In 291 316.99 -1.0 6.0 -11.3
-8.6 3.5 Banks
605.71 271 184.43 0.1 0.1 -13.7 367.75 -10.6 3.4 Total Shares Traded (m) 3995.00 6634.00 8904.00 4691.00 4700.00 4700.00
Real Estate Investment Trusts (40) 2456.94 -0.91 2131.50 2479.41 2504.08 3015.36 3.12 -2.23 -14.37 65.40 3496.87 FTSE Global wi USA All Cap 1753 939.44 0.5 4.3 19.0
21.1 1.5 Nonlife Insurance
1323.68 74 299.23 0.6 0.6 -3.1 470.21 -0.7 2.1 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (40) 10291.60 -1.11 8928.38 10407.43 10516.18 10898.71 3.23 1.10 28.20 322.73 13326.01 FTSE Europe All Cap 1410 471.15 -0.8 5.3 3.6
6.3 2.5 Life Insurance
846.93 53 232.49 0.0 0.0 -3.7 417.30 0.1 3.3 (c) Market closed.
Equity Investment Instruments (185) 12903.42 -0.19 11194.23 12927.41 12983.99 11243.85 2.23 3.21 13.95 281.89 7725.44 FTSE Eurozone All Cap 639 463.47 -1.0 4.5 6.6
9.0 2.1 Financial Services
829.67 209 419.98 0.7 0.7 13.4 618.46 15.7 1.7
Non Financials (299) 4382.29 -1.53 3801.81 4450.39 4486.34 4982.87 3.56 1.36 20.66 142.14 7412.61 FTSE EDHEC-Risk Efficient All-World 3961 472.04 0.2 4.7 9.1
11.5 2.1 Technology
711.63 310 520.36 0.1 0.1 44.7 667.58 46.2 0.9
Technology (17) 2039.92 -0.68 1769.71 2053.81 2084.57 2263.29 1.85 0.09 596.58 33.33 2846.71 FTSE EDHEC-Risk Efficient Developed Europe 569 373.42 -0.8 5.7 10.5
12.8 2.2 Software & Computer Services
623.09 166 840.33 0.3 0.3 38.3 1006.16 39.0 0.5 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2185.51 -0.71 1896.01 2201.03 2232.43 2477.98 1.93 -0.15 -354.60 36.15 3226.82 Oil & Gas 128 258.06 -0.6 5.0 -29.1
-25.4 482.48
5.1 Technology Hardware & Equipment 144 426.44 0.0 0.0 53.4 583.97 56.0 1.3 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 5075.98 -0.42 4403.61 5097.62 5205.16 4350.88 1.16 3.47 24.81 69.78 6301.00 Oil & Gas Producers 92 241.62 -0.7 5.2 -31.6
-28.0 461.51
5.2 Alternative Energy 11 268.65 -0.2 -0.2 112.3 381.83 115.4 0.6 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Real Estate Investment & Services 162 358.71 0.3 0.3 -2.9 661.75 0.4 2.7 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment Trusts 97 454.70 0.6 0.6 -8.3 1002.57 -4.9 3.7 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6474.54 6448.60 6454.55 6487.89 6484.59 6460.52 0.00 0.00 0.00 6507.50 6439.65 FTSE Global Large Cap 1731 648.25 0.4 0.4 14.2 1028.92 16.8 1.9
FTSE 250 20601.81 20504.39 20512.39 20564.06 20536.81 20488.30 0.00 0.00 0.00 20601.81 20488.30 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 6236.74 6218.24 6216.72 6211.38 6216.77 6215.49 0.00 0.00 0.00 6236.74 6210.75
FTSE All-Share 3683.92 3668.83 3671.73 3688.24 3686.01 3673.63 0.00 0.00 0.00 3697.14 3665.53 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Time of FTSE 100 Day's high:11:48:00 Day's Low09:15:30 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Time of FTSE All-Share Day's high:11:48:00 Day's Low09:15:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Group companies and is used by FTSE International Limited under licence.
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Red Rock Resources Pre 0.000 0.000 5.156 1.724L 0.760 0.290L 0.00000 0.00000 - 0.000 0.000 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 12/30 0.10 WCAT Wildcat Petroleum PLC 0.00 - 0.00 0.00 0.0
There are currently no rights offers by any companies listed on the LSE. 12/29 38.00 AIM VCAP Vector Capital PLC 39.50 0.00 41.95 38.50 1661.1
12/24 3.00 PNPL Pineapple Power Corp PLC 4.88 0.87 5.00 3.35 279.7
12/23 10.00 OHG One Heritage Group PLC 11.75 0.00 12.00 11.43 352.5
12/22 1.00 RNEW Ecofin US Renewables Infrastructure Trust PLC 1.02 0.00 1.03 1.00 126.9
12/22 100.00 SBSI Schroder BSC Social Impact Trust PLC 102.50 0.00 104.00 100.00 7687.5
12/15 96.00 AIM ABDX Abingdon Health PLC 94.50 0.50 109.93 91.00 9043.6
12/14 20.00 AIM IIG Intuitive Investments Group PLC 22.25 0.00 23.70 21.70 899.3
12/04 2.84 AIM HE1 Helium One Global Ltd 7.25 -0.03 8.90 3.75 3602.5
12/01 100.00 SBO Schroder British Opportunities Trust PLC 101.30 0.00 103.00 97.50 7597.5
11/25 100.00 AIM KIST Kistos PLC 163.50 9.50 170.00 100.00 6580.9

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
14 ★ FTWeekend 2 January/3 January 2021

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 28.76 0.27 39.55 26.08 7.65 18.01 204943.76 Lowes 160.51 -0.05 180.67 60.00 1.48 21.38 117609.35
ANZ 22.70 -0.37 27.29 14.10 4.54 19.07 49843.96 Nokia 3.15 -0.06 4.35 2.08 - 23.70 21913.67 AstellasPh 1594 -12.00 1987 0.00 2.65 20.59 28744.13 AtlasCpcoB 368.30 -7.60 393.30 223.20 1.74 31.23 17557.7 AutomData 176.20 2.39 182.32 103.11 2.18 28.93 75557.03 Lyondell 91.66 0.59 95.47 33.71 4.84 24.42 30607.02
BHPBilltn 42.43 -0.71 43.66 24.05 4.77 18.85 96450.77 SampoA 34.57 -0.22 42.46 21.34 4.35 15.87 23563.96 Bridgestne 3384 -46.00 4082 2861.5 3.96 29.47 23392.47 Ericsson 97.64 -0.98 110.15 59.54 1.48 23.37 36649.01 Avago Tech 437.85 3.02 438.00 155.67 2.95 78.68 178079.34 Marathon Ptl 41.36 -0.21 61.92 15.26 5.80 -2.55 26910.91
CmwBkAu 82.11 -1.48 91.05 53.44 5.18 20.54 112407.44 France (€) Canon 1978 -44.00 3099 0.00 6.25 32.53 25552.65 H&M 172.00 -2.05 214.35 98.13 2.72 99.61 30692.94 BakerHu 22.08 0.09 31.26 20.09 3.24 -1.40 11412.93 Marsh&M 117.00 1.99 120.97 74.34 1.65 27.80 59341.3
CSL 283.18 -4.61 342.75 242.67 1.02 42.66 99419.44 Airbus Grpe 89.78 -1.47 139.40 48.12 - -11.09 86139.46 CntJpRwy 14590 15.00 22570 0.00 0.99 103.64 29110.76 Investor 599.20 -2.20 604.60 370.10 2.09 6.04 33342.84 BankAm 30.31 0.33 35.67 17.95 2.51 14.19 262205.44 MasterCard 356.94 1.39 367.25 199.99 0.45 50.69 352824.64
NatAusBk 22.60 -0.43 27.49 13.20 4.91 20.85 57499.78 AirLiquide 134.25 -1.05 144.45 94.86 2.04 27.71 77796.14 Denso 6134 -35.00 6219 0.00 2.35 -43.03 46813.45 Nordea Bk 67.22 -0.40 86.73 48.00 - 11.88 33258.73 Baxter♦ 80.24 1.04 95.19 69.10 1.23 42.87 40988.07 McDonald's 214.58 3.02 231.91 124.23 2.46 30.98 159885.92
Telstra 2.98 -0.02 3.94 2.66 3.31 19.73 27348.88 AXA 19.51 -0.16 25.62 11.84 3.80 16.59 57726.57 EastJpRwy 6885 -44.00 10040 0.00 1.98 -9.92 25202.82 SEB 84.50 -0.90 104.90 59.80 - 11.61 22401.54 BectonDick 250.22 3.54 286.72 197.75 1.34 87.32 72776.89 McKesson♦ 173.92 0.50 187.67 112.60 1.00 12.78 27925.36
Wesfarmers 50.40 -0.97 51.91 29.75 3.00 35.63 44096.51 BNP Parib 43.11 -0.20 54.22 24.51 - 7.65 65916.1 Fanuc 25360 -355.00 26505 0.00 0.78 77.06 49597.99 SvnskaHn 82.60 -0.62 113.80 71.70 - 10.89 19624.9 BerkshHat 347815 2720 352500 239440 - 14.92 225795.93 Medtronic 117.14 1.50 122.15 72.13 1.96 34.50 157672.78
Westpc 19.37 -0.29 25.96 13.47 4.06 30.96 54834.11 ChristianDior 454.60 3.40 479.80 252.40 1.07 44.32 100403.43 FastRetail 92470 1660 93030 0.00 0.51 105.75 95003.45 Swedbank 144.12 -0.96 162.70 99.14 - 13.08 19931.05 Biogen 244.86 1.28 374.99 223.25 - 7.64 37679.45 Merck♦ 81.80 1.21 92.14 65.25 3.15 17.08 206956.82
Woolworths 39.31 -0.58 43.96 32.12 2.59 43.19 38383.09 Cred Agr 10.32 -0.05 13.80 5.70 - 7.46 36829.32 Fuji Hvy Ind 2062.5 -1.50 2945 1671.5 2.80 14.22 15365.63 Telia Co 33.96 -0.22 42.41 30.29 5.90 47.03 16967.19 BkNYMeln 42.44 0.75 51.60 26.40 3.09 8.84 37607.6 Metlife 46.95 0.55 53.28 22.85 4.05 7.23 42252.58
Belgium (€) Danone 53.76 -0.48 75.16 46.03 - 18.19 45165.38 Hitachi 4065 5.00 4693 0.00 2.53 25.33 38107.94 Volvo 193.80 -2.90 207.90 95.00 - 24.40 37524.05 BlackRock 721.54 12.60 721.82 323.98 2.08 22.67 110042.58 Microsoft 222.42 0.74 232.86 132.52 0.97 33.931681605.51
AnBshInBv 57.01 -1.03 75.26 29.03 2.29-114.64 118111.97 EDF 12.90 0.05 13.61 5.98 1.18 23.96 48909.82 HondaMtr 2877.5 -52.00 3167 0.00 3.08 19.51 50485.6 Boeing 214.06 -2.61 349.95 89.00 2.03 -25.69 120843.22 Mnstr Bvrg 92.48 1.02 91.68 50.06 - 39.40 48821.74
Switzerland (SFr)
KBC Grp 57.28 -1.20 73.56 33.44 1.77 15.13 29183.14 Engie SA 12.52 -0.18 16.80 8.63 - -27.40 37305.94 JapanTob 2102 12.00 2437.5 0.00 7.55 12.49 40718.68 Booking Holdings 2227.27 22.01 2214.01 1107.29 - 63.45 91217.65 MondelezInt 58.47 0.47 59.96 41.19 2.12 26.08 83621.62
ABB 24.71 -0.08 25.50 14.11 3.13 115.59 60680.64
EssilorLuxottica 127.55 -1.30 145.00 86.76 - -4186.67 68512.44 KDDI 3066 -39.00 3451 2604 4.03 10.31 68425.72 BrisMySq 62.03 0.60 68.34 45.76 3.07-195.56 140354.65 Monsanto - - - - - - -
Brazil (R$) CredSuisse 11.40 -0.01 13.80 6.18 1.23 7.37 31605.29
Hermes Intl 879.60 -4.40 890.20 516.00 0.53 82.02 113618 Keyence 58000 -880.00 59090 28905 0.36 74.29 136626.91 CapOne 98.85 0.97 107.59 38.00 1.39 45.38 45213.7 MorganStly 68.53 0.69 68.97 27.20 2.16 10.95 123984.36
Ambev 15.65 -0.30 19.58 10.36 3.05 29.34 47409.6 Nestle 104.26 -0.34 112.62 83.37 2.66 21.75 340211.87
LOreal 310.80 -2.40 321.40 196.00 1.26 52.95 212904.82 MitsbCp 2541 -20.50 2948 0.00 5.47 9.81 36565.67 CardinalHlth♦ 53.56 0.56 60.69 39.05 3.82 15.93 15715.61 MylanNV 15.86 0.31 23.11 12.75 - 29.73 8586.21
Bradesco♦ 24.20 -0.48 32.45 14.05 1.01 8.02 20663.34 Novartis 83.65 1.17 96.38 65.09 3.38 29.13 233740.68
LVMH 510.90 -2.20 517.20 278.70 0.95 57.23 315531.24 MitsubEst 1657 -20.00 2283 0.00 1.86 14.39 22329.71 Carnival 21.66 -0.13 51.94 7.80 4.71 -2.04 15607.51 Netflix 540.73 16.14 575.37 290.25 - 82.62 238891.81
Cielo 4.00 0.17 8.57 3.23 0.73 25.01 2092.19 Richemont 80.08 -0.42 81.66 44.64 1.26 186.48 47345.97
Orange 9.73 -0.07 13.55 8.63 5.22 9.78 31681.51 MitsubishiEle 1557 -30.00 1658 0.00 2.38 18.14 32381.15 Caterpillar 182.02 1.98 183.81 87.50 2.39 28.50 98883.87 NextEraE 77.15 1.24 83.34 43.70 1.87 36.85 37785.64
ItauHldFin 27.93 -0.39 32.79 19.46 3.03 13.76 26661.47 Roche 309.00 2.05 357.85 265.75 2.99 20.14 245885.01
PernodRic 156.80 -3.30 171.10 112.25 2.02 122.54 50241.95 MitsuiFud 2158.5 -25.50 3035 1538 2.10 16.15 20180.74 Celgene 108.24 0.11 110.70 58.59 - 12.71 77035.98 Nike 141.47 -0.11 147.95 60.00 0.71 82.00 177517.87
Petrobras 28.85 0.18 33.23 10.50 1.78 -8.21 41337.4 Swiss Re 83.34 0.08 117.05 52.68 7.07 -18.43 29969.68
Renault 35.76 -0.19 43.37 12.77 - -1.14 12939.14 MitUFJFin 456.10 -3.90 586.20 380.00 5.75 18.51 60000.5 CharlesSch 53.04 0.63 53.33 28.00 1.42 23.22 95324.14 NorfolkS 237.61 1.63 247.98 112.62 1.67 28.96 65177.88
Vale 87.45 0.38 88.58 32.45 4.89 31.85 88969.89 Swisscom 477.10 -1.90 577.80 446.70 4.66 14.73 27992.65
Safran 115.95 -3.05 152.30 51.10 - 73.19 60612.52 Mizuho Fin 1307.5 -7.50 1691 1084 3.25 41.27 32157.19 Charter Comms 661.55 8.06 681.71 345.67 - 49.78 132227.39 Northrop 304.72 2.11 385.01 263.31 1.92 19.65 50801.69
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.99 43035.76
Sanofi 78.70 -0.16 95.82 67.65 4.06 8.75 121230.56 Murata Mfg 9320 -59.00 9412 0.00 1.16 30.13 61004.12 Chevron Corp 84.45 -0.88 122.72 51.60 6.34 -13.01 157695.47 NXP 159.01 -0.38 167.27 58.41 1.00-289.20 44482.98
BCE♦ 54.43 -0.17 65.28 46.03 6.10 21.42 38638.23 UBS 12.47 -0.06 13.50 7.00 2.69 8.83 54504.95
Sant Gbn 37.50 -0.53 40.80 16.41 3.36 15.35 24441.31 NipponTT 2645.5 -30.50 2908 2127 3.80 11.09 99951.94 Chubb♦ 153.92 1.99 167.74 87.35 2.10 28.88 69474.95 Occid Pet♦ 17.31 -0.60 47.58 8.52 9.77 -1.03 16119.24
BkMontrl 96.78 0.17 104.75 55.76 4.31 14.04 49114.2 Zurich Fin 373.50 0.10 439.90 248.70 5.42 17.52 63650.33
Schneider 118.30 -2.55 121.80 61.72 2.19 29.49 82081.28 Nissan Mt 560.00 -9.10 646.20 311.20 - -1.99 22893.12 Cigna 208.18 4.13 224.96 118.50 0.02 13.80 75208.62 Oracle 64.69 0.29 66.20 39.71 1.52 19.99 190449.56
BkNvaS 68.80 0.02 74.92 46.38 5.18 12.36 65422.64 Nomura 545.00 2.40 586.40 367.40 4.72 7.00 17069.04 Taiwan (NT$) Cisco 44.75 0.27 50.28 32.40 3.38 17.14 189091.77 Pepsico♦ 148.30 0.99 148.77 101.42 2.82 27.77 204944.15
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield 52.62 -0.10 60.48 31.35 1.19-1065.43 65052.37 Nppn Stl 1328 -27.50 1747.5 0.00 6.06 4.31 12223.61 Chunghwa Telecom 109.00 -1.00 120.00 103.00 3.98 24.94 30093.31 Citigroup 61.66 0.80 83.11 32.00 3.50 11.39 128373.63 Perrigo 44.72 0.24 63.86 40.01 2.09-845.80 6103.89
SocGen 17.02 0.04 32.23 10.77 - -20.48 17773.48
CanadPcR♦ 441.53 -4.01 446.55 252.00 0.79 25.97 46548.35 NTTDCMo 3880 - 3928 2678 3.25 19.99 120882.79 Formosa PetChem 99.80 0.30 104.50 66.10 2.98 216.71 33834.78 CME Grp 182.05 4.05 225.36 131.80 1.92 28.70 65353.67 Pfizer 36.81 0.07 43.08 26.41 4.31 22.46 204604.58
Total 35.30 -0.29 50.93 21.12 7.41 -18.16 114592.46
CanImp 108.72 -0.29 112.43 67.52 5.28 12.76 38140.56 Panasonic 1190.5 -7.50 1264 691.70 2.16 15.54 28291.6 HonHaiPrc 92.00 0.50 101.50 65.70 4.68 12.10 45390.9 Coca-Cola 54.84 0.40 60.13 36.27 3.14 26.87 235671.31 Phillips66 69.94 -0.66 113.18 40.04 5.44 -10.69 30549.8
UnibailR 190.00 0.35 236.45 177.35 2.94 -7.05 22215.04
CanNatRs 30.59 -0.46 42.57 9.80 5.44 -61.90 28358.38 Seven & I 3659 -51.00 4419 2937.5 2.66 18.13 31415.48 MediaTek 747.00 - 763.00 273.00 1.44 35.49 42273.64 Cognizant 81.95 0.88 82.73 40.01 1.11 28.71 43813.83 PhilMorris 82.79 1.31 90.17 56.01 6.02 15.85 128930.19
Vinci 81.36 -1.66 107.35 54.76 2.55 28.01 61074.92
CanNatRy 139.94 0.30 149.11 92.01 1.63 29.09 78160.16 ShnEtsuCh 18040 -305.00 18385 8751 1.26 25.18 72803.49 TaiwanSem 530.00 4.00 530.00 235.50 1.94 26.80 489113.11 ColgtPlm 85.51 0.78 86.41 58.49 2.15 25.84 73296.51 PNCFin 149.00 2.11 161.25 79.41 3.26 19.12 63131.46
Vivendi 26.38 -0.02 26.85 16.60 2.31 17.11 38279.01
Enbridge 40.71 -0.11 57.32 33.06 7.85 42.05 64714.8 Softbank 8058 3.00 8900 2609.5 0.56 -56.81 163104.49 Thailand (THB) Comcast 52.40 1.19 52.49 31.71 1.82 22.22 239252.05 PPG Inds 144.22 1.00 149.88 69.77 1.52 30.04 34065.4
GtWesLif 30.35 0.43 35.60 18.88 5.74 10.97 22100.87 Germany (€)
Sony 10285 -105.00 10560 0.00 0.50 13.34 125623.41 PTT Explor 42.50 - 47.75 23.60 5.11 29.44 40518.32 ConocPhil 39.99 -0.02 67.13 20.84 4.44 -34.07 42898.94 Praxair 164.50 -0.99 169.75 140.00 2.29 39.25 47306.22
ImpOil 24.16 -0.46 35.80 10.27 3.67 -39.93 13920.95 Allianz 200.70 -1.25 232.60 117.10 4.81 12.46 101782.61
SumitomoF 3188 -23.00 4056 2507.5 6.26 19.67 42427.62 United Arab Emirates (Dhs) Corning 36.00 0.03 38.44 17.44 2.53 130.95 27504.36 ProctGmbl 139.14 1.37 146.92 94.34 2.34 25.16 345012.36
Manulife 22.65 0.13 27.78 12.58 4.85 8.48 34487.54 BASF 64.72 -0.35 68.49 37.36 5.12 -29.99 73118.57
Takeda Ph 3755 -44.00 4526 2894.5 4.94 102.67 57332.91 Emirtestele 16.90 -0.16 17.44 11.04 5.01 15.52 40013.42 Costco 376.78 2.33 393.15 271.28 0.73 40.92 166896.67 Prudntl 78.07 0.62 97.24 38.62 5.82-246.12 30915.72
Nutrien 61.24 1.04 64.98 34.80 3.96 267.42 27358.32 Bayer 48.16 -0.39 78.34 39.91 5.84 -2.95 58191.63
TokioMarine 5308 -67.00 6317 4167 3.77 14.30 36091.01 United Kingdom (p) CrownCstl 159.19 2.80 180.00 114.18 3.19 94.10 68658.3 PublStor 230.93 2.00 240.75 155.37 3.66 33.65 40371.68
RylBkC 104.59 -0.23 109.42 72.00 4.03 13.57 116892.97 BMW 72.23 -0.93 77.31 36.60 3.47 13.58 53484.85
Toyota 7957 -57.00 8045 0.00 2.85 14.05 251476.31 CSX 90.75 0.42 93.71 46.81 1.19 23.84 69403.33 Qualcomm 152.34 2.39 161.07 58.00 1.76 31.88 172296.54
Suncor En 21.35 -0.41 45.12 14.02 6.16 -5.04 25558.84 Continental 121.25 -1.50 126.50 51.45 2.48 -16.46 29829.42 AscBrFd 2264 -36.00 2730 1554 1.52 39.31 24500.38
Mexico (Mex$) CVS 68.30 0.55 76.44 52.04 3.10 10.68 89398.79 Raytheon 116.96 -5.47 233.48 103.00 2.98 10.60 32566.46
ThmReut 104.18 -0.42 115.66 75.91 1.94 20.62 40641.95 Daimler 57.79 -0.40 59.93 21.02 1.561919.56 76048.5 AstraZen 7324 -77.00 10120 5871 2.96 49.83 126790.3
AmerMvl 14.49 -0.25 16.82 12.33 2.37 14.21 33287.53 Danaher 222.14 1.46 248.32 119.60 0.34 49.09 157803.25 Regen Pharm 483.11 4.81 664.64 328.13 - 16.75 50657.61
TntoDom 71.92 -0.10 76.10 49.01 4.21 14.07 102527.03 Deut Bank 8.95 0.01 10.37 4.45 - -12.05 22750.32 Aviva 325.20 -2.80 427.30 205.70 2.92 5.92 17840.02
FEMSA UBD 150.34 -1.15 185.00 112.72 1.90 306.31 16306.32 Deere 269.05 2.90 273.56 106.14 1.18 30.11 84309.86 S&P Global 328.73 5.10 379.87 186.06 0.83 31.15 79092.44
TrnCan♦ 51.75 0.47 76.58 47.05 6.20 10.85 38185.49 Deut Tlkm 14.96 -0.15 16.75 10.41 4.03 22.58 87588.41 Barclays 146.68 -2.20 186.20 73.04 - 12.76 34213.36
WalMrtMex 55.98 -1.46 62.71 47.76 0.94 32.05 49057.29 Delphi 17.02 0.31 18.51 5.39 - -7.42 1469.67 Salesforce 222.53 0.13 284.50 115.29 - 85.47 203614.95
ValeantPh 30.80 -1.06 36.02 14.01 - -4.20 8158.48 DeutsPost 40.50 -0.23 43.50 19.11 2.85 20.08 61598.71 BP 254.80 -4.60 508.70 188.52 11.04 -3.08 69417.88
Delta 40.21 -0.35 62.48 17.51 2.12 -2.29 25643.3 Schlmbrg♦ 21.83 -0.05 41.14 11.87 6.05 -2.72 30388.02
E.ON 9.06 -0.05 11.56 7.60 5.09 19.63 29448.35 Netherlands (€) BrAmTob 2708 -65.50 3507 2362.5 5.69 9.78 69015.97
China (HK$) Devon Energy 15.81 -0.33 26.98 4.70 2.68 -2.28 6047.77 Sempra Energy♦ 127.41 1.59 161.87 88.00 3.40 18.57 36753.99
Fresenius Med 68.20 -0.36 81.10 53.50 1.77 15.13 25538.87 Altice 5.33 0.00 6.86 2.26 - -4.08 6986.73 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 2.84 -0.03 3.50 2.38 7.72 4.45 11258.71 DiscFinServ 90.53 1.23 90.08 23.25 2.06 26.26 27747.11 Shrwin-Will 734.91 7.78 758.00 325.43 0.74 33.79 66747.84
Fresenius SE 37.84 -0.49 51.54 24.25 2.23 11.60 21042.5 ASML Hld 397.55 -0.95 401.80 177.52 0.61 49.35 204053.92 BT 132.25 -3.05 198.62 94.68 3.49 8.70 17936.61
Bk China 2.65 - 3.39 2.33 8.70 4.00 28579.59 Disney 181.18 0.01 183.40 79.07 0.51-109.14 328023.68 SimonProp 85.28 1.31 149.89 42.25 6.82 18.33 27982.74
HenkelKgaA 78.85 -0.40 87.75 54.65 2.33 19.26 25197.31 Heineken 91.22 - 105.00 68.82 1.87 55.79 64289.25 Compass 1363 -29.00 1995.5 865.80 2.93 21.00 30641.04
BkofComm 4.10 -0.02 5.68 3.66 9.27 3.87 18513.22 DominRes 75.20 1.14 90.89 57.79 5.26 26.64 61349.6 SouthCpr 65.12 -0.70 65.88 23.43 2.27 37.10 50342.53
Linde 213.00 -0.20 226.40 130.45 1.51 59.54 137511.96 ING 7.64 -0.07 11.26 4.23 - 16.76 36468.09 Diageo 2878 -113.00 3297 2050.6 2.43 48.05 99037.79
BOE Tech 0.62 -0.01 0.80 0.47 - -4.06 15.91 DowDupont 30.52 -0.65 48.38 30.06 3.83 -7.69 68559.76 Starbucks 106.98 1.01 106.62 50.02 1.62 128.07 125059.62
MuenchRkv 242.80 -1.00 284.20 141.10 4.05 27.74 41841.15 Unilever 49.57 -0.20 55.39 38.42 - 24.23 178137.76 GlaxoSmh♦ 1342 -16.00 1857 1284 5.96 10.62 90214.92
Ch Coms Cons 3.35 -0.03 6.63 3.31 8.37 2.93 1908.96 DukeEner 91.56 1.00 103.79 62.13 4.39 31.60 67384.37 StateSt 72.78 0.88 85.89 42.10 3.02 10.96 25676.62
SAP 107.22 0.42 143.32 82.13 1.48 26.12 162021.48 Norway (Kr) Glencore 233.00 -3.60 258.30 109.76 3.43 -11.52 45942.37
Ch Evrbrght 2.95 - 3.97 2.40 8.71 4.23 4823.75 Eaton 120.14 0.84 123.67 56.42 2.55 33.42 47887.8 Stryker 245.04 2.98 242.82 124.54 0.99 50.27 92083.74
Siemens 117.52 0.12 119.74 53.02 3.34 20.64 122871.41 DNB 163.55 1.05 178.10 94.26 - 13.60 28732.42 HSBC 378.85 -4.15 602.03 281.50 2.05 -44.52 103832.82
Ch Rail Cons 4.24 -0.04 9.99 4.22 5.91 2.69 1135.38 eBay 50.25 -0.30 61.06 26.02 1.30 14.27 34639.26 Sychrony Fin 34.71 0.42 36.43 12.15 2.68 14.92 20263.43
Volkswgn 170.10 -0.60 183.80 99.16 2.83 20.98 61741.71 Equinor 146.85 3.10 187.20 95.20 5.47 -15.96 54024.17 Imperial Brands 1535.5 -21.00 2072 1142 13.45 17.00 20018.36
Ch Rail Gp 3.42 0.02 5.05 3.33 5.89 2.77 1855.75 Ecolab 216.36 1.12 231.36 124.60 0.92 49.91 61758.92 T-MobileUS 134.85 1.57 134.76 63.50 - 48.13 167374.04
Hong Kong (HK$) Telenor 153.40 1.55 171.90 130.75 5.33 20.23 24326.12 LlydsBkg 36.44 -0.37 63.84 23.59 - 21.44 35898.89
ChConstBk 5.89 -0.04 6.85 4.93 6.54 5.04 182625.8 Emerson 80.37 0.55 83.14 37.75 2.63 23.46 48028.46 Target 176.53 2.65 181.17 90.17 1.59 22.15 88401.48
AIA 95.00 -1.30 97.80 60.05 1.47 24.57 148180.94 Natl Grid♦ 865.00 -6.80 1073.8 789.13 5.62 20.40 39688.23
China Vanke 26.75 0.35 34.75 21.65 4.55 6.21 6532.51 Qatar (QR) EOG Res 49.87 -0.69 89.54 27.00 2.81 -88.99 29093.08 TE Connect 121.07 1.31 121.18 48.62 1.64-146.80 40043
BOC Hold 23.50 -0.40 28.90 20.05 7.24 7.45 32043.45 Natwest Group 167.65 2.10 243.10 90.54 - 26.20 27422.22
ChinaCitic 3.29 - 4.78 2.93 8.80 3.37 6314.65 QatarNtBk 17.83 -0.27 21.25 15.71 3.56 13.28 45230.88 EquityResTP 59.28 0.92 87.53 45.43 4.24 21.99 22067.17 Tesla Mtrs 705.67 10.89 696.60 70.10 - 1268.81 668905.11
Ch OSLnd&Inv 16.86 0.42 31.00 16.36 6.69 3.74 23820.74 Prudential 1347 -22.50 1509 682.80 2.75 33.15 47638.91
ChinaLife 17.10 0.04 22.90 11.64 5.19 7.83 16410.47 Russia (RUB) Exelon 42.22 0.29 50.54 29.28 3.78 16.43 41188.67 TexasInstr 164.13 1.43 167.24 93.09 2.32 29.34 150661.84
ChngKng 39.80 0.10 57.20 33.40 5.84 6.53 18957.97 ReckittB 6542 -90.00 8191.3 5130 2.67 -16.92 62973.76
ChinaMBank 49.00 0.15 53.25 29.80 2.95 11.34 29011.92 Gzprm neft 185.71 -3.02 272.68 158.17 - -71.33 58976.64 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TheTrvelers 140.37 1.29 141.87 76.99 2.52 15.19 35556.95
Citic Ltd 5.49 0.05 10.54 5.20 9.38 3.04 20597.07 RELX 1792.5 -22.00 2109 1382.86 2.55 27.32 47341.31
ChinaMob 44.20 0.35 70.00 43.70 8.17 7.06 116718.24 Lukoil 4745.5 -157.00 6810 3663 10.47 32.79 44107.51 ExxonMb 41.22 -0.38 71.37 30.11 8.93 49.98 174287.81 ThrmoFshr♦ 465.78 4.05 532.57 250.21 0.19 36.11 184605.01
Citic Secs 17.48 0.60 21.45 12.60 3.45 12.85 5136.17 RioTinto 5470 -72.00 5771 2954 5.59 15.34 100285.12
ChinaPcIns 30.35 0.45 32.50 17.90 4.80 9.51 10863.02 MmcNrlskNckl♦ 20150 -66.00 23656 13352 11.57 14.96 42774.79 Facebook 273.16 1.29 304.67 137.10 - 29.42 656668.16 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
CK Hutchison 54.10 -0.85 76.00 45.05 6.49 5.46 26905.69 RollsRoyce 111.25 -0.80 243.99 34.59 1.42 -1.08 2828.3
ChMinsheng 4.42 0.03 6.06 3.85 10.09 3.79 4742.9 Novatek 973.20 -3.20 1382.2 682.80 3.05 46.54 39639.58 Fedex 259.62 -0.36 305.66 88.69 1.11 47.92 68817.63 TJX Cos 68.29 -0.01 68.89 32.72 1.05 117.09 81991.1
CNOOC 7.18 -0.03 14.04 6.24 12.07 6.44 41343.1 RylDShlA 1297.8 -19.60 2338.59 878.10 7.43 -7.80 81553.98
ChMrchSecs 23.34 2.12 26.04 13.10 - 20.81 26488.54 Rosneft 324.00 -11.00 489.90 229.80 9.45-126.68 46063.6 FordMtr 8.79 -0.07 9.50 3.96 3.61-207.83 34347.59 Truist Financial Corp 47.93 0.56 56.68 24.01 3.97 15.69 64615.31
HangSeng 133.70 -0.90 173.80 110.00 6.54 11.58 32966 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms 4.46 0.01 6.24 4.43 1.37 24.96 20825.8 Sberbank 188.91 -2.03 270.80 172.15 9.07 5.92 54705 Franklin 24.99 0.21 27.60 14.91 4.57 14.86 12642.39 UnionPac 208.22 2.24 211.14 105.08 1.97 25.09 140312.98
HK Exc&Clr 425.00 -0.20 432.00 206.00 1.75 51.47 69492.02 StandCh 465.90 -6.10 724.00 334.25 - 23.26 20995.82
ChShenEgy 14.60 -0.04 16.88 11.94 10.48 6.08 6399.33 Surgutneftegas 35.13 -0.76 54.89 24.06 1.93 2.10 16833.73 GenDyn 148.82 0.52 190.08 100.55 3.01 12.76 42707.2 UPS B 168.40 2.17 178.01 82.00 2.51 30.22 120442.46
MTR 43.35 -0.45 47.80 36.20 3.14 39.56 34554.04 Tesco 231.40 -3.90 260.00 202.00 3.95 21.87 25898.57
ChShpbldng 4.19 0.11 5.60 3.98 - -108.50 11714.32 GenElectric 10.80 0.09 13.26 5.48 0.39 26.19 94606.63 USBancorp 46.59 0.44 59.48 28.36 3.81 14.59 70184.96
SandsCh 34.05 -0.15 45.45 25.15 3.21 128.45 35525.7 Saudi Arabia (SR) Vodafone 120.94 -1.50 158.50 92.76 6.75 15.60 44096.6
ChStConEng 4.97 0.03 6.20 4.76 3.78 4.85 31351.09 GenMills 58.80 0.24 66.14 46.59 3.40 15.40 35952.47 UtdHlthcre 350.68 5.69 367.95 187.72 1.41 19.05 332732.45
SHK Props 100.00 0.65 124.00 87.60 5.48 11.13 37372.15 AlRajhiBnk 73.60 -0.50 75.60 51.00 2.16 17.80 49045.75 WPP 800.00 -7.20 1085.5 450.00 2.84 -4.30 13845.61
ChUncHK 4.45 -0.06 7.37 3.84 4.04 9.18 17560.57 GenMotors 41.64 -0.20 46.71 14.33 1.93 17.66 59599.65 UtdTech 86.01 -5.36 158.44 69.02 2.69 144.88 74498.84
Tencent 564.00 4.50 633.00 325.20 0.24 43.38 697679.25 Natnlcombnk 43.35 -0.65 49.40 30.50 2.93 11.14 34665.21 United States of America ($)
CNNC Intl 4.92 0.06 5.17 4.02 2.52 14.42 11710.21 GileadSci 58.26 1.61 85.97 56.56 4.85 56.22 73030.55 ValeroEngy 56.57 -0.15 98.03 31.00 7.18-891.71 23068.64
SaudiBasic 101.40 -0.60 103.40 61.90 3.86-105.37 81085.41 21stC Fox A 29.12 0.03 39.74 19.81 1.67 10.39 9865.42
CSR 2.67 -0.01 6.10 2.63 6.77 6.52 1505.18 India (Rs) GoldmSchs 263.71 4.26 262.66 130.85 2.00 14.37 90734.12 Verizon 58.75 0.61 61.95 48.84 4.45 12.57 243113.04
SaudiTelec 106.00 -0.80 109.40 72.30 3.99 18.70 56509.22 3M 174.79 0.68 182.55 114.04 3.54 19.38 100822.7
Daqin 6.46 0.05 8.25 6.32 7.54 8.96 14685.42 Bhartiartl 515.15 5.45 612.00 361.75 0.41 -12.00 38463.48 Halliburton 18.90 -0.22 25.47 4.25 2.52 -3.60 16707.74 VertexPharm 236.34 3.66 306.08 197.47 - 21.89 61457.36
Gree Elec Apl 0.11 - 0.21 0.07 - -0.04 4.66 HDFC Bk 1425.05 -11.25 1464.4 738.75 - 26.49 107416.93 Singapore (S$) AbbottLb 109.49 1.05 115.14 61.61 1.35 55.08 194055.87 HCA Hold 164.46 2.11 166.87 58.38 0.53 15.74 55649.1 VF Cp 85.41 -0.74 100.25 45.07 2.38-336.58 33310.26
GuosenSec 13.64 0.39 16.14 10.38 1.49 18.15 17102.66 Hind Unilevr 2387.55 -7.85 2614.3 1757.3 1.12 71.92 76773.98 DBS 25.04 -0.19 26.47 16.65 4.66 13.29 48147.97 Abbvie 107.15 1.88 109.15 62.55 4.55 21.84 189170.53 Hew-Pack♦ 24.59 0.27 24.69 12.54 2.92 13.26 31712.16 ViacomCBS♦ 37.26 0.36 42.37 10.10 2.72 16.39 21051.14
HaitongSecs 6.93 0.20 9.58 5.79 - 6.26 3047.3 HsngDevFin 2568.75 10.10 2575 1473.45 0.86 26.55 63287.44 JardnMt US$ 56.00 -0.09 58.95 37.37 3.40 -97.34 40535.42 Accenture 261.21 3.67 271.18 137.15 1.25 32.43 172695.11 HiltonWwde 111.26 1.08 116.73 44.30 0.29 -91.50 30868.68 Visa Inc 218.73 0.37 220.39 133.93 0.58 42.30 370895.38
Hngzh HikVDT 48.51 1.56 50.07 27.00 1.47 34.32 60048.87 ICICI Bk 527.50 -7.55 550.70 268.30 - 23.98 49837.27 JardnStr US$ 25.71 - 33.50 17.81 1.53 -29.42 28497.18 Adobe 500.12 2.67 536.88 255.13 - 61.70 239917.06 HomeDep 265.62 0.36 292.95 140.63 2.33 21.72 285966.7 Walgreen 39.88 0.54 59.78 33.36 4.71 75.12 34452.4
Hunng Pwr 2.83 0.01 4.15 2.24 5.91 21.22 1715.55 Infosys 1260.45 4.65 1258.85 509.25 1.46 28.13 73479.98 OCBC 10.21 - 11.23 7.80 4.40 14.25 34556.62 AEP 83.27 1.76 104.97 65.14 3.56 20.40 41334.17 Honywell 212.70 1.75 216.70 101.08 1.79 28.86 149248.56 WalMartSto♦ 144.15 -0.03 153.66 102.00 1.55 22.07 407841.57
IM Baotou Stl 1.17 - 1.39 1.04 - -110.92 5667.05 ITC 213.85 4.85 243.90 134.60 4.97 18.30 36013.99 SingTel♦ 2.31 -0.01 3.42 2.00 5.43 22.14 28540.43 Aetna - - - - - - - HumanaInc♦ 410.27 4.16 474.70 208.25 0.62 12.42 54295.73 WellsFargo 30.18 0.43 54.04 20.76 5.71 73.19 124778.9
In&CmBkCh 5.03 0.10 6.11 3.96 6.29 5.29 56304.16 L&T 1297 9.40 1383.7 661.00 1.45 60.16 24924.73 UOB 22.59 -0.16 27.00 17.28 5.10 10.06 28592.2 Aflac 44.47 0.46 53.46 23.07 2.64 6.60 31237.74 IBM 125.88 1.54 158.75 90.56 5.46 13.48 112166.27 Williams Cos 20.05 0.11 24.17 8.41 8.33 99.80 24332.39
IndstrlBk 20.87 -0.03 22.07 14.93 3.71 7.09 62596.78 OilNatGas 93.20 0.15 133.40 50.00 5.62 34.50 16046.52 South Africa (R) AirProd♦ 273.22 3.46 327.89 167.43 2.00 30.22 60395.02 IllinoisTool♦ 203.88 1.71 224.69 115.94 2.26 29.26 64532.15 Yum!Brnds 108.56 -0.95 110.66 54.95 1.78 29.93 32749.09
Kweichow 1998 65.00 1998.98 960.10 0.87 55.45 383785.99 RelianceIn 1987.5 2.20 2369.35 867.40 0.34 30.19 183934.19 Firstrand 51.04 -0.83 64.24 31.13 5.46 17.98 19491.68 Alexion 156.24 0.01 160.03 72.67 - 34.52 34192.41 Illumina 370.00 5.91 404.20 196.78 - 81.19 54020 Venezuela (VEF)
Midea 0.83 0.02 1.06 0.52 - -2.09 23.02 SBI NewA 279.40 4.45 339.85 149.45 - 10.15 34126.47 MTN Grp 60.19 -0.93 89.78 26.25 8.55 7.06 7721.15 Allergan 193.02 0.03 202.22 114.27 1.54 -25.19 63659.11 Intcntl Exch 115.29 2.14 114.29 63.51 1.08 30.04 64710.41 Bco de Vnzla 55000-4500.00 59990 1300 440.08 - 184.44
New Ch Life Ins 30.25 0.40 37.30 20.45 5.56 6.19 4034.35 SunPhrmInds 596.25 3.90 599.45 312.00 0.70 92.74 19579.2 Naspers N 3019.35 14.21 3499.45 1843.8 - 28.59 89521.59 Allstate♦ 109.93 1.78 125.92 64.13 2.04 7.33 33426.2 Intel 49.82 1.07 69.29 43.61 2.77 9.26 204162.36 Bco Provncl 1577000-1000.00 1595000 127000 - -14.33 156.33
PetroChina 2.40 -0.01 4.23 2.16 6.46 19.74 6530.53 Tata Cons 2928.25 65.50 2952 1506.05 1.18 34.23 150380.42 Alphabet 1752.64 16.39 1843.83 1008.87 - 32.06 526920.4 Intuit 379.85 4.30 387.94 187.68 0.61 48.23 99804
South Korea (KRW) Mrcntl Srvcs 1993190 332190 2000000 120000 0.02 -3.29 111.56
PingAnIns 95.00 0.95 101.00 69.00 2.66 11.42 91247.56 Altria 41.00 0.26 51.78 30.95 8.72 99.43 76195.19 John&John 157.38 1.33 157.00 109.16 2.63 23.40 414309.57
Indonesia (Rp) HyundMobis 255500 4500 263000 126000 1.17 13.76 22357.06
PngAnBnk 19.34 0.14 20.88 11.91 - 15.36 57388.25 Amazon 3256.93 -28.92 3552.25 1626.03 - 90.071634168.48 JohnsonCn 46.59 0.17 47.58 22.78 2.36 52.46 33726.86
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 27400 1000.00 30050 15550 - -19.11 16192.41 Closing prices and highs & lows are in traded currency (with variations for that
Pwr Cons Corp 3.88 0.06 4.88 3.40 1.04 8.29 6611.86 AmerAir 15.77 -0.38 30.78 8.25 1.34 -1.08 9540.83 JPMrgnCh 127.07 1.71 141.10 76.91 3.00 15.69 387335.16
Israel (ILS) SK Hynix 118500 2500 121000 65800 0.84 35.50 79414.79 country indicated by stock), market capitalisation is in USD. Highs & lows are
SaicMtr 24.44 0.03 28.80 16.90 3.66 13.10 43662.5 AmerExpr 120.91 1.48 138.13 67.00 1.13 28.31 97356.97 Kimb-Clark♦ 134.83 1.70 160.16 110.66 3.33 18.51 45860.63
TevaPha 30.55 -0.57 46.45 24.30 - -2.45 10427.91 SmsungEl 81000 2700 81300 42300 1.72 22.52 445137.07 based on intraday trading over a rolling 52 week period.
ShenwanHong 0.07 0.00 0.10 0.03 - -0.22 73.40 AmerIntGrp 37.86 0.34 56.42 16.07 3.57 -6.15 32617.36 KinderM 13.67 0.10 22.58 9.42 7.93 258.54 30946.06
Italy (€) Spain (€) AmerTower 224.46 4.12 272.20 174.32 2.04 50.19 99708.13 ♦ ex-dividend
ShgPdgBk 9.68 0.18 12.69 9.22 6.29 5.85 43446.15 Kraft Heinz 34.66 -0.01 36.37 19.99 4.88 -81.95 42376.2 ■ ex-capital redistribution
Enel 8.28 - 8.61 5.15 3.98 19.63 103495.07 BBVA 4.04 -0.04 5.34 2.13 6.53 -44.24 32919.69 Amgen 229.92 2.75 264.97 177.05 2.87 17.52 133852.21
Sinopec Corp 3.47 -0.05 4.85 2.95 6.64 9.09 11417.77 Kroger 31.76 0.21 37.22 26.72 2.10 9.30 24180.38 # price at time of suspension
ENI 8.55 -0.01 14.42 5.73 6.46 -3.13 37910.67 BcoSantdr 2.54 -0.04 3.96 1.50 3.83 -6.39 51605.56 Anadarko 72.77 0.56 76.23 40.40 1.50 -63.37 36563.54
Sinopec Oil 1.96 0.01 2.59 1.67 - 87.70 3609.19 L Brands 37.19 -0.84 42.17 8.00 2.52 -12.49 10342.86
Generali 14.26 -0.06 18.89 10.20 3.53 12.22 27644.6 CaixaBnk 2.10 -0.03 2.94 1.50 3.38 12.22 15376.42 Anthem 321.09 7.04 338.20 171.03 1.20 15.66 79856.47
Denmark (kr) Iberdrola 11.70 -0.04 11.83 7.76 3.46 20.89 90904.93 LasVegasSd 59.60 0.86 74.29 33.30 2.77 -56.94 45524.16
IntSPaolo 1.91 -0.01 2.63 1.31 - 5.54 45711.72 Aon Cp 211.27 4.56 238.19 143.93 0.88 25.75 48299.78 LibertyGbl 24.22 -0.26 25.76 15.24 - -7.74 4391.39
DanskeBk 100.65 -0.95 123.60 68.04 - 10.56 14349.19 Inditex 26.04 -0.35 32.28 18.51 0.85 44.25 99300.9
Unicred 7.65 -0.05 14.44 6.01 - -6.74 21046.75 Apple 132.69 -1.03 138.79 53.15 0.63 38.262255969.11 Lilly (E) 168.84 1.83 173.90 117.06 1.79 26.18 161509.24
MollerMrsk 13595 -155.00 14115 4976 1.04 28.10 21204.18 Repsol 8.25 -0.04 14.48 5.04 11.25 -1.60 15418.06 ArcherDan 50.41 0.50 52.05 28.92 3.00 16.91 28047.57 Lockheed 354.98 0.82 442.53 266.11 2.86 14.34 99317.63
NovoB 426.65 -2.50 467.90 331.70 2.02 24.03 127872.87 Telefonica 3.25 -0.03 6.57 2.71 12.27 64.05 21156.24

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Cielo 4.00 3.83 0.17 4.44 0.47 13.3 12.68 LlydsBkg 36.44 36.81 -0.37 -1.01 -2.17 -5.6 2.30 Dec 31 date Coupon S* M* F* price yield yield yield US Dec 31 date Coupon S* M* F* price yield yield yield US
In&CmBkCh 5.03 4.93 0.10 2.03 0.49 10.8 1.22 Barclays 146.68 148.88 -2.20 -1.48 -7.92 -5.1 9.01 High Yield US$ US$
FastRetail 92470.00 90810.00 1660.00 1.83 8150.00 9.7 9.83 BcoSantdr 2.54 2.58 -0.04 -1.44 -0.13 -4.9 4.98 HCA Inc. 04/24 8.36 BB- Ba2 BB 113.75 4.24 0.00 0.12 - FleetBoston Financial Corp. 01/28 6.88 BBB+ Baa1 A- 129.00 2.54 -0.01 -0.05 -
Kweichow 1998.00 1933.00 65.00 3.36 167.66 9.2 16.58 CSR 2.67 2.68 -0.01 -0.37 -0.13 -4.6 -13.83 High Yield Euro The Goldman Sachs Group, Inc. 02/28 5.00 BBB+ A3 A 117.21 2.47 0.00 0.32 -
ChMrchSecs 23.34 21.22 2.12 9.99 1.53 7.0 6.09 L Brands 37.19 38.03 -0.84 -2.21 -1.77 -4.5 -2.01 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 NationsBank Corp. 03/28 6.80 BBB+ Baa1 A- 127.69 2.72 -0.01 0.06 -
CntJpRwy 14590.00 14575.00 15.00 0.10 945.00 6.9 4.58 ShenwanHong 0.07 0.07 0.00 -1.52 0.00 -4.4 10.00 GTE LLC 04/28 6.94 BBB+ Baa2 A- 128.27 2.80 0.00 -0.11 -
Booking Holdings 2227.27 2205.26 22.01 1.00 138.92 6.7 8.72 BT 132.25 135.30 -3.05 -2.25 -6.10 -4.4 13.59 Emerging US$ United Utilities PLC 08/28 6.88 BBB Baa1 A- 130.43 2.62 -0.07 -0.22 -
Tesla Mtrs 705.67 694.78 10.89 1.57 43.90 6.6 23.83 RollsRoyce 111.25 112.05 -0.80 -0.71 -4.50 -3.9 5.25 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Barclays Bank plc 01/29 4.50 A A1 A+ 96.46 5.02 0.00 0.02 -
Novartis 83.65 82.48 1.17 1.42 5.08 6.5 1.68 ING 7.64 7.71 -0.07 -0.95 -0.28 -3.5 -6.53 Colombia 01/26 4.50 - Baa2 BBB- 113.25 1.63 0.00 -0.35 1.35
Brazil 04/26 6.00 - Ba2 BB- 120.15 1.95 -0.03 -0.32 1.67 Euro
MasterCard 356.94 355.55 1.39 0.39 20.94 6.2 5.79 Fedex 259.62 259.98 -0.36 -0.14 -9.20 -3.4 -9.27 Electricite de France (EDF) 04/30 4.63 A- A3 A- 137.45 0.82 -0.01 0.10 -
Murata Mfg 9320.00 9379.00 -59.00 -0.63 540.00 6.2 3.10 Ch Rail Cons 4.24 4.28 -0.04 -0.93 -0.15 -3.4 -17.19 Poland 04/26 3.25 - A2 A- 112.77 0.76 -0.02 -0.04 0.48
Mexico 05/26 11.50 - Baa1 BBB- 148.00 2.01 0.00 -0.12 1.73 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 124.42 0.68 0.00 -0.11 -
PngAnBnk 19.34 19.20 0.14 0.73 1.08 5.9 -2.03 Williams Cos 20.05 19.94 0.11 0.55 -0.69 -3.3 -4.96 The Goldman Sachs Group, Inc. 02/31 3.00 BBB+ A3 A 121.70 0.93 0.00 0.02 -
Intel 49.82 48.75 1.07 2.19 2.75 5.8 0.64 Ch Coms Cons 3.35 3.38 -0.03 -0.89 -0.11 -3.2 -16.67 Turkey 10/26 4.88 - B2 BB- 101.04 4.67 -0.01 -0.69 4.39
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Finland 04/31 0.75 AA+ Aa1 AA+ 111.08 -0.27 0.00 -0.05 -0.87
Formosa PetChem 99.80 99.50 0.30 0.30 5.30 5.6 10.28 BP 254.80 259.40 -4.60 -1.77 -8.20 -3.1 2.89
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
PTT Explor 42.50 42.50 0.00 0.00 2.25 5.6 1.80 JapanTob 2102.00 2090.00 12.00 0.57 -61.50 -2.8 -3.35
Russia 06/28 12.75 - Baa3 BBB 171.00 2.33 0.00 -0.07 - Mexico 06/26 1.09 - Baa1 BBB- 97.61 1.55 0.01 -0.15 1.28
Denso 6134.00 6169.00 -35.00 -0.57 324.00 5.6 18.99 Telefonica 3.25 3.27 -0.03 -0.79 -0.09 -2.8 -11.27
EastJpRwy 6885.00 6929.00 -44.00 -0.64 356.00 5.5 2.71 Bradesco 24.20 24.68 -0.48 -1.94 -0.65 -2.6 11.78 Brazil 02/47 5.63 - Ba2 BB- 119.30 4.38 -0.02 -0.08 - £ Sterling
GuosenSec 13.64 13.25 0.39 2.94 0.70 5.4 -0.73 Ch OSLnd&Inv 16.86 16.44 0.42 2.55 -0.44 -2.5 -10.39 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 137.45 2.19 -0.03 0.02 -
Netflix 540.73 524.59 16.14 3.08 26.76 5.2 6.79 Suncor En 21.35 21.76 -0.41 -1.88 -0.54 -2.5 4.77 Brazil 04/21 2.88 BB- Ba2 BB- 103.09 0.05 0.01 -0.09 -1.19 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Keyence 58000.00 58880.00 -880.00 -1.49 2760.00 5.0 8.70 Airbus Grpe 89.78 91.25 -1.47 -1.61 -2.26 -2.5 2.34 Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 - Baa1 BBB- 106.10 0.08 0.00 -0.14 -0.04 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Dec 31 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jan 01 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.25 15-03-2020 1.00-1.25 1.50-1.75 1.25-1.50 Index change change change 1 month 1 year VIX 22.75 -0.02 22.77 85.42 11.75 Dec 31 Price £ Yield Day Week Month Year High Low £m
US Prime 4.75 30-10-2019 5.25 5.25 4.25 Markit IBoxx VXD 20.53 -0.18 20.71 71.05 2.47 - - - - - - - - -
US Discount 2.65 30-09-2019 2.75 2.75 1.75 ABF Pan-Asia unhedged 227.09 0.23 1.58 9.40 1.58 9.69 VXN 26.93 0.64 26.29 84.67 14.70 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 407.99 0.03 1.47 8.40 1.47 8.67 VDAX 24.73 -0.08 24.82 93.30 - - - - - - - - - -
UK Repo 0.10 19-03-2020 0.25 0.75 0.25 Corporates($) 340.59 0.07 0.19 9.31 0.19 9.31 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. - - - - - - - - -
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 244.15 -0.02 0.15 2.73 0.15 2.73 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 100.21 -0.04 -20.00 -20.00 33.33 -105.97 101.22 100.21 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 263.49 -0.04 0.13 5.00 0.13 5.01 Tr 4pc '22 105.06 0.00 -100.00 -100.00 -100.00 -100.00 107.91 105.06 38.77
Gilts( £) 378.18 -0.01 1.27 8.53 1.27 8.99 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 121.22 0.02 -300.00 -300.00 -128.57 -96.00 124.55 121.22 35.84
INTEREST RATES: MARKET Global Inflation-Lkd 312.40 0.43 1.41 11.75 1.65 11.78 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 107.17 0.16 33.33 23.08 166.67 -70.37 109.23 103.96 39.34
Over Change One Three Six One Markit iBoxx £ Non-Gilts 394.19 0.02 1.32 7.60 1.32 7.86 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 142.32 0.47 11.90 6.82 27.03 -43.37 148.26 137.84 38.71
Dec 31 (Libor: Dec 30) night Day Week Month month month month year Overall ($) 284.15 0.01 -0.15 8.45 -0.15 8.45 Australia 11/22 2.25 104.08 0.07 0.00 -0.01 -0.03 -0.84 Tr 4.25pc '36 151.90 0.67 9.84 4.69 17.54 -33.66 160.46 145.12 30.41
US$ Libor 0.07763 -0.008 -0.008 0.000 0.14388 0.23838 0.25763 0.34188 Overall( £) 378.61 0.00 1.28 8.01 1.28 8.40 05/32 1.25 101.75 1.09 -0.01 -0.02 0.07 - Tr 4.5pc '42 173.01 0.85 6.25 2.41 11.84 -26.72 186.37 162.55 27.21
Euro Libor -0.60043 -0.014 -0.015 0.001 -0.58586 -0.56629 -0.53300 -0.48986 Overall(€) 253.95 -0.02 0.13 4.07 0.13 4.07 Austria - - - - - - - Tr 3.75pc '52 178.71 0.89 7.23 2.30 12.66 -22.61 198.36 164.59 24.10
£ Libor 0.03150 -0.010 -0.010 -0.002 0.01913 0.02550 0.02988 0.08425 Treasuries ($) 262.00 -0.03 -0.44 8.18 -0.44 8.18 02/47 1.50 138.15 0.03 0.00 -0.02 0.01 -0.60 Tr 4pc '60 204.17 0.86 8.86 3.61 14.67 -21.82 231.12 186.33 24.12
Swiss Fr Libor 0.003 -0.81340 -0.76380 -0.72460 -0.61040 FTSE Belgium 09/22 1.00 102.76 -0.65 -0.02 -0.02 -0.01 -0.10 Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.003 -0.07067 -0.08250 -0.05800 0.05467 Sterling Corporate (£) - - - - - - Canada 11/22 2.00 103.45 0.15 -0.01 -0.05 -0.07 -1.52
Euro Euribor
Sterling CDs
0.008
-
-0.55400
-
-0.54500
-
-0.52600
-
-0.49900 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 06/30 1.25 105.26 0.67 -0.03 -0.05 -0.02 -1.05 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 648.13 -0.67 - - 2.03 23.05 Denmark 11/22 0.25 101.62 -0.62 0.00 -0.02 0.01 -0.03
US$ CDs - - - - Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 11/30 0.10 115.72 -1.38 0.02 -0.02 0.00 0.01 Price Indices Day's Total Return Return
Euro CDs - - - - Fixed Coupon Jan 01 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series Finland 04/23 1.50 105.10 -0.72 -0.01 0.00 0.01 -0.21
04/31 0.75 112.26 -0.42 0.00 -0.05 -0.04 -0.56 1 Up to 5 Years 89.55 0.04 2492.65 0.27 1.52 -0.12
Short 7 Days One Three Six One Index change change change high low 2 5 - 10 Years 187.64 0.16 3838.06 0.88 4.71 0.09
Dec 31 term notice month month month year Markit iTraxx France 05/23 1.75 105.93 -0.71 -0.01 -0.04 -0.01 -0.19
3 10 - 15 Years 227.08 0.30 4957.04 1.49 7.64 0.37
Euro -0.74 -0.44 -0.78 -0.48 -0.71 -0.41 -0.65 -0.35 -0.67 -0.37 -0.67 -0.37 Crossover 5Y 242.75 0.00 -1.10 -8.12 377.90 233.22 11/26 0.25 105.11 -0.60 0.00 -0.03 -0.02 -0.45
4 5 - 15 Years 196.37 0.20 4110.22 1.03 5.64 0.18
Sterling 0.45 0.55 0.70 0.80 0.78 0.88 0.82 0.97 0.89 1.04 Europe 5Y 47.95 0.00 -0.50 1.20 66.97 45.31 Germany - - - - - - -
5 Over 15 Years 404.36 0.68 6648.14 2.80 13.88 0.67
Swiss Franc - - - - - - - - - - - - Japan 5Y 51.33 0.00 -0.08 -3.70 70.43 50.90 05/23 1.50 105.39 -0.76 -0.01 -0.01 0.01 -0.19
7 All stocks 194.90 0.38 4177.92 1.62 8.27 0.54
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 59.06 0.00 0.81 0.51 86.20 54.75 02/26 0.50 106.50 -0.74 0.00 -0.02 0.01 -0.33
US Dollar 0.19 0.49 -0.02 0.28 0.01 0.31 0.10 0.40 0.13 0.43 0.19 0.49 08/50 0.00 104.92 -0.16 0.00 -0.01 0.01 -0.51 Day's Month Year's Total Return Return
Markit CDX Greece 02/26 3.65 118.35 0.64 -0.02 -0.02 0.09 -0.73
Japanese Yen -0.70 -0.20 -0.30 0.00 -0.60 -0.10 -0.30 0.00 -0.25 0.05 -0.20 0.10 Index Linked Jan 01 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 150.45 -1.18 -6.67 -9.86 245.71 150.45
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: Ireland 10/22 0.00 101.23 -0.69 -0.01 -0.04 -0.04 -0.28 1 Up to 5 Years 302.81 0.04 -0.32 -1.00 2501.59 -0.32 0.57
Nth Amer High Yld 5Y 293.23 -3.00 -4.63 -6.75 421.26 290.61
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 05/30 2.40 126.25 -0.35 -0.01 -0.04 -0.05 -0.55 2 Over 5 years 846.46 0.75 0.54 11.98 6400.18 0.54 12.38
Nth Amer Inv Grade 5Y 49.98 -1.15 -3.58 0.35 65.62 49.63
05/30 2.40 126.25 -0.35 -0.01 -0.04 -0.05 -0.55 3 5-15 years 517.07 0.27 0.18 3.86 4118.71 0.18 4.58
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names.
Italy 08/22 0.90 102.13 -0.44 -0.01 -0.01 -0.01 -0.58 4 Over 15 years 1122.69 0.93 0.68 14.95 8265.39 0.68 15.23
02/25 0.35 102.19 -0.19 0.00 -0.04 -0.06 -0.87 5 All stocks 751.02 0.69 0.46 10.47 5783.21 0.46 11.01
05/30 0.40 106.06 -0.24 0.00 -0.05 -0.12 -0.85
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 03/48 3.45 147.16 1.37 0.00 -0.03 -0.06 -1.03 Yield Indices Jan 01 Dec 30 Yr ago Jan 01 Dec 30 Yr ago
Japan 04/23 0.05 99.94 0.08 0.01 0.01 0.01 - 5 Yrs -0.10 -0.09 0.49 20 Yrs 0.70 0.73 1.30
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
04/25 0.05 99.94 0.06 0.00 0.01 0.01 - 10 Yrs 0.24 0.27 0.84 45 Yrs 0.62 0.65 1.21
Crude Oil† Jan 48.42 0.14 Corn♦ Mar 485.75 11.75 - - Prev return stock Market stocks
12/33 1.60 118.45 0.16 0.00 0.02 -0.01 0.05 15 Yrs 0.54 0.57 1.16
Brent Crude Oil‡ 51.72 0.20 Wheat♦ Mar 641.75 2.25 Can 4.25%' 21 - - - - - - -
12/49 0.40 93.93 0.63 0.00 0.02 0.00 -
RBOB Gasoline† Jan 1.41 0.01 Soybeans♦ Jan 1314.25 13.25 Fr 0.10%' 21 105.31 -1.138 -1.135 0.42 11.35 250694.95 15
Netherlands 07/23 1.75 106.33 -0.73 0.00 -0.01 0.00 -0.19 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Jan 434.30 3.30 Swe 0.25%' 22 - - - - - - -
07/26 0.50 106.60 -0.67 0.00 -0.03 0.00 -0.39 Real yield Jan 01 Dur yrs Previous Yr ago Jan 01 Dur yrs Previous Yr ago
Natural Gas† Jan 2.55 0.12 Cocoa (ICE Liffe)X Mar 1738.00 4.00 UK 1.875%' 22 109.51 -2.980 -2.972 -0.29 15.74 811347.50 28
Ethanol♦ - - Cocoa (ICE US)♥ Mar 2597.00 1.00 New Zealand 04/25 2.75 109.96 0.40 0.00 0.01 0.10 -0.96 Up to 5 yrs -2.81 2.79 -2.78 -2.08 -3.21 2.79 -3.21 -2.60
UK 2.5%' 24 - - - - - - -
Uranium† - - Coffee(Robusta)X Jan 1372.00 3.00 05/31 1.50 104.90 1.00 0.00 0.03 0.14 -0.82 Over 5 yrs -2.36 24.08 -2.33 -1.83 -2.38 24.13 -2.35 -1.85
UK 2%' 35 - - - - - - -
Carbon Emissions‡ - - Coffee (Arabica)♥ Mar 127.30 1.10 05/31 1.50 104.90 1.00 0.00 0.03 0.14 -0.82 5-15 yrs -2.85 9.44 -2.82 -2.26 -2.94 9.44 -2.91 -2.33
US 0.625%' 21 - - - - - - -
White SugarX 421.00 2.30 Norway 08/30 1.38 103.85 0.95 0.00 -0.02 0.12 - Over 15 yrs -2.30 29.18 -2.27 -1.78 -2.32 29.20 -2.29 -1.80
Diesel† - - US 3.625%' 28 - - - - - - -
Sugar 11♥ 15.50 0.21 08/30 1.38 103.85 0.95 0.00 -0.02 0.12 - All stocks -2.37 22.28 -2.33 -1.83 -2.39 22.35 -2.36 -1.86
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1980.50 -14.50 Cotton♥ Mar 78.21 0.38 Portugal 10/22 2.20 105.23 -0.71 0.00 0.00 -0.05 -0.37 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1860.00 0.00 Orange Juice♥ Mar 121.80 -3.00 02/26 3.30 118.99 -0.35 0.00 -0.02 0.01 -0.53 ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 7753.50 -65.50 Palm Oil♣ - - Spain 10/22 0.45 101.88 -0.58 0.00 -0.01 0.01 -0.26 Gilt Closing Prices information contained herein is proprietary to
Lead 1988.50 -2.50 Live Cattle♣ Feb 115.13 0.73 BONDS: TEN YEAR GOVT SPREADS 11/30 1.00 120.01 -0.92 -0.01 -0.04 -0.05 -0.33 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 16570.00 -190.00 Feeder Cattle♣ Jan 134.88 - Sweden 06/22 0.25 110.15 -0.98 -0.39 0.01 -0.49 - accurate, complete or timely; and does not constitute investment advice.
Tin 20350.00 100.00 Lean Hogs♣ Feb 70.35 2.68 Spread Spread Spread Spread 06/26 0.13 117.52 -1.54 -0.09 0.02 -0.21 - Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2749.00 -24.00 Bid vs vs Bid vs vs 06/30 0.13 116.86 -1.51 0.00 0.02 -0.06 -
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland 05/22 2.00 103.93 -0.81 -0.01 0.00 -0.03 -0.08 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1887.60 13.30 Dec 30 Month Year 05/30 0.50 110.14 -0.55 0.00 -0.04 -0.03 -0.13 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.09 - 0.25 Netherlands -0.67 - -
Silver (US cents) 2648.50 18.00 S&P GSCI Spt 409.46 5.36 -7.58 United Kingdom - - - - - - - Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria - - - New Zealand 1.00 - 0.16
Platinum 1068.00 29.00 DJ UBS Spot 78.05 4.55 -4.49 Canada 0.67 - -0.17 Norway 0.95 - 0.11 07/23 0.75 102.22 -0.12 -0.01 -0.04 -0.09 -0.71 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 2342.00 17.00 TR/CC CRB TR 178.29 3.64 -10.37 Denmark -1.38 - -2.22 Portugal -0.35 - - 07/26 1.50 108.66 -0.06 -0.02 -0.04 -0.10 -0.69 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Finland -0.42 - -1.26 Spain -0.92 - -1.76 07/47 1.50 118.31 0.74 -0.03 -0.08 -0.11 -0.60
Iron Ore 159.20 0.30 UBS Bberg CMCI TR 13.20 4.85 -4.74 Germany - - - Sweden -1.51 - -2.35 United States 03/22 0.38 100.32 0.12 0.01 -0.01 -0.01 - Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 90.50 -2.50 LEBA EUA Carbon 31.34 14.17 19.12 Ireland -0.35 - -1.19 Switzerland -0.55 - -1.39 03/25 0.50 100.92 0.28 -0.01 -0.02 -0.02 -
Baltic Dry Index 1366.00 4.00 LEBA CER Carbon 0.29 0.00 52.63 Italy -0.24 - -1.08 United Kingdom - - - 02/30 1.50 105.79 0.84 -0.02 -0.03 0.06 -
LEBA UK Power 560.00 -66.16 -88.38 Japan 0.16 - -0.68 United States 0.84 - 0.00 02/50 0.25 119.13 - - - - -
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
2 January/3 January 2021 ★ FTWeekend 15

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence DBAG € 33.10 -0.95 42.50 22.20 4.56 57.74 11.0 TaylorWm 165.80 0.10 237.70 98.12 2.32 13.59 5615.2 Pearson 680.40 -7.40 707.18 412.08 2.87 19.89 680.9 LondonMtrc♦ 229.00 -5.40 245.20 132.90 3.67 22.63 384.1 Hays 143.00 -1.20 183.50 85.25 2.00 46.13 556.2
Avon Rubber 3165 -5.00 4650 1788.1 0.66 76.07 34.4 Hargr Lans 1525 -17.50 2008 1147 2.27 23.14 265.2 TedBaker 116.10 -0.10 359.51 59.57 34.02 -0.90 391.9 RELX PLCX 1792.5 -22.00 2109 1382.86 2.55 27.32 1005.5 McKaySec♦ 201.75 1.75 286.00 136.00 3.57 -11.10 42.0 Homesve♦ 1025 -29.00 1371 755.81 2.30 35.96 361.3
BAE Sys 488.80 -4.20 672.80 395.90 1.92 12.93 2550.9 Indvardn SKr 265.50 -1.70 270.50 167.70 - 10.51 306.5 Vistry Grou 939.50 -9.00 1491.8 503.50 2.12 17.37 174.6 Rightmove P 650.80 -4.00 710.60 373.10 0.43 42.26 837.4 Palace Cap 201.25 1.25 347.34 158.37 4.84 -6.12 2.3 HowdenJny 689.60 -20.20 736.80 394.00 0.57 30.25 606.8
Chemring 285.50 -2.50 319.50 145.80 1.26 22.66 122.1 ICG♦ 1726 -19.00 1896 452.00 2.94 31.85 201.0 STV Grp 303.00 5.00 450.33 207.84 2.08 24.24 1.5 PrimyHth 152.80 - 167.60 114.70 4.73 20.65 795.6 Intertek 5648 -152.00 6492 3786 1.87 34.63 146.0
Investec♦ 187.30 -4.50 354.03 122.55 5.87 20.67 521.2
Industrial Engineering ThmReut C$X 104.18 -0.42 115.66 75.91 1.94 20.62 294.3 RDI REIT 95.00 4.00 137.60 41.55 10.53 -4.04 292.1 Kin and Car 142.00 2.00 142.00 46.00 0.92 -7.35 60.1
Meggitt 466.50 -11.10 701.80 196.15 1.19 -20.11 1215.4
Jupiter 282.40 -7.40 437.80 161.65 6.06 15.35 143.2 Bodycote 745.50 -9.50 966.00 378.40 0.80 32.13 131.4 WPPX 800.00 -7.20 1085.5 450.00 2.84 -4.30 1009.9 SEGRO 947.60 -6.40 996.60 641.80 2.18 15.43 821.4 MearsGp 154.00 - 323.00 74.25 2.37 140.00 129.4
RollsRoyceX 111.25 -0.80 243.99 34.59 1.42 -1.08 15415.5
Liontrust♦ 1300 -5.00 1495 678.45 2.54 70.81 35.3 Castings♦ 370.00 -10.00 443.76 274.00 4.02 44.74 2.0 Shaftbry 569.00 2.50 934.76 407.00 3.04 -5.95 374.0 MenziesJ 262.50 6.50 482.00 66.90 2.29 -2.98 110.4
Automobiles & Parts LSE Gp 9008 -90.00 9287.87 5300 0.78 80.14 168.9 Goodwin 3050 25.00 3650 1730 3.15 29.52 0.3 Mining Town Ctr♦ 113.50 3.00 234.00 80.50 10.35 -2.49 15.0 Mitie 41.00 -1.50 76.90 26.60 1.67 10.46 675.9
FordMtr $X 8.79 -0.07 9.50 3.96 3.61 -207.83 40176.5 M&G Plc 197.95 -1.80 252.56 86.40 6.02 4.70 2197.3 Hill&Sm♦ 1410 -10.00 1504 844.00 0.75 30.13 14.2 AngloAmer 2424.5 -18.00 2564.5 1018.2 3.65 17.83 1107.3 TritaxBBOX 167.90 -0.20 171.60 79.00 3.99 16.29 1795.8 Renewi 41.35 0.65 45.90 17.66 1.16 -9.50 382.1
Paragon 488.60 -5.00 555.50 217.00 4.34 11.23 152.3 IMI 1165 -51.00 1234 619.80 1.28 20.62 174.4 AngloPacif 127.80 -0.60 194.00 97.10 7.14 -18.39 216.4 Wkspace 769.00 -8.50 1317 420.88 4.70 -10.12 54.4 Rentokil 509.60 -8.60 578.60 289.20 0.30 39.11 1119.7
Banks MelroseInd 178.05 -0.95 309.40 72.00 0.95 -22.83 2912.6 AnGoldA R 342.52 -1.83 887.51 209.79 0.44 14.34 506.0
Providnt 307.00 -6.80 492.70 126.87 2.93 21.47 549.7 Real Estate Inv & Services Ricardo 345.00 -3.00 846.00 286.93 6.24 -28.28 157.2
ANZ A$X 22.70 -0.37 27.29 14.10 4.54 19.07 2213.5 Renold 12.65 0.30 18.40 4.00 - 9.04 51.8 Antofagasta 1440.5 -12.00 1476.5 575.00 0.99 52.50 335.8
RathbnBr 1540 - 2165 1194 4.55 26.37 114.9 Cap&Count 145.00 -1.20 267.30 97.05 1.03 -2.52 683.7 RbrtWlts 473.00 1.00 614.00 214.00 0.95 16.48 5.7
BcoSant 238.10 2.10 335.50 137.80 3.65 -6.70 992.5 RHIM 3506 -106.00 3894 1419 1.30 25.54 22.2 BHP Group 1925 -34.60 2028 939.80 4.29 15.15 1560.5
Record 48.20 -0.80 50.98 25.00 4.77 15.70 109.1 CLS 224.50 2.50 310.18 153.00 3.30 10.35 51.7 RPS 70.00 -2.60 185.60 29.86 3.46 -3.66 84.7
BnkGeorgia 1220 -38.00 1845 690.00 - 7.49 23.3 Rotork 318.00 -7.40 339.30 177.05 0.72 30.00 345.2 BisichMg 60.00 - 128.00 40.00 1.67 -2.17 1.6
S&U 2260 30.00 2500 1420 5.31 13.70 7.1 Grainger♦ 283.60 -3.80 341.80 189.76 1.87 19.97 641.3 SIG 31.48 -0.76 121.42 14.38 3.82 -0.76 1039.0
BankIre Grp € 3.29 -0.02 5.15 1.28 - -6.15 170.8 Severfd♦ 69.80 - 96.00 51.20 4.15 11.50 59.1 EVRAZ 471.60 -3.30 489.60 200.60 12.78 16.19 464.4
Schroder 3337 -66.00 3511 1711 3.42 20.55 126.2 Harworth Gr 105.00 -3.00 160.22 83.66 0.29 65.63 28.1 Vp 790.00 30.00 1040 499.00 3.85 17.11 0.3
BkNvaS C$X 68.80 0.02 74.92 46.38 5.18 12.36 6459.2 Trifast 153.00 2.00 193.00 89.00 0.78 -42.15 12.7 Fresnillo 1129.5 -6.00 1379.5 456.51 1.04 51.69 230.1
..N/V 2285 -40.00 2635 1424 4.99 14.07 25.8 Helical 373.50 -7.50 540.00 200.43 2.33 33.35 94.2
BarclaysX 146.68 -2.20 186.20 73.04 - 12.76 16230.2
Shires Inco 243.00 -4.00 296.17 157.85 5.43 -8.18 20.3 Vitec 917.00 15.00 1120 485.98 1.34 -305.67 3.2 GlencoreX 233.00 -3.60 258.30 109.76 3.43 -11.52 10314.7 Tech - Hardware
CanImp C$X 108.72 -0.29 112.43 67.52 5.28 12.76 1281.1 Weir 1989.5 -68.50 2069 608.60 0.83 -13.39 298.2 Harmony R 71.60 0.86 126.76 31.06 - -46.12 494.3 HK Land $ 4.13 -0.04 5.90 3.46 5.89 -4.27 1308.1 SpirentCM 264.00 -1.00 311.09 146.81 1.62 21.50 163.9
Strd Life A 281.30 -5.20 336.90 170.30 7.68 -7.01 1644.7 Lon&Assc 8.00 -0.50 22.87 6.50 2.25 -1.13 35.7
HSBCX 378.85 -4.15 602.03 281.50 2.05 -44.52 10439.6 KAZ Mineral 660.00 8.40 665.80 256.20 1.44 7.41 357.5
TP ICAP 238.20 0.40 419.90 160.25 7.07 24.31 343.5 Industrial General MacauPrp 69.25 1.25 120.00 51.00 - -1.68 24.1 Tech - Software & Services
LlydsBkgX 36.44 -0.37 63.84 23.59 - 21.44 104467.8
WlkrCrip 26.50 - 30.00 18.00 2.26 -75.71 15.0 Petropvlsk 32.50 1.90 41.60 11.51 - -285.09 8970.3
NWGX 167.65 2.10 243.10 90.54 - 26.20 7305.1 Calisen 258.10 -1.90 275.00 95.00 - -0.03 59.8 PolymtIntl 1684.5 -19.00 2085 990.20 3.01 14.09 381.7 Mntview 12650 850.00 12850 8600 3.16 19.61 0.2 Computcnt 2448 -24.00 2594 900.00 0.41 24.21 37.3
PermTSB € 0.86 -0.01 1.13 0.40 - -6.90 10.6 Food & Beverages Coats Group 67.30 -0.90 80.90 35.90 0.66 31.75 416.0 Rio TintoX 5470 -72.00 5771 2954 5.59 15.34 789.3 Raven Prope 27.90 0.70 51.80 23.50 - -9.36 147.1 MicroFoc 424.10 -6.10 1148 205.80 10.63 -1.82 405.5
RylBkC C$X 104.59 -0.23 109.42 72.00 4.03 13.57 1630.8 AngloEst 583.00 - 710.00 336.00 0.07 10.19 2.8 JardnMt $X 56.00 -0.09 58.95 37.37 3.40 -97.34 160.1 Troy Res A$ 0.10 0.01 0.20 0.06 - -1.39 1812.6 RavenR CNV 85.50 - 110.00 63.00 - - 1.6 NCC Grp 252.00 -10.00 275.00 125.40 1.85 60.00 98.0
Secure Trus 875.00 21.00 1700 524.93 2.29 8.03 7.9 AscBrFdX 2264 -36.00 2730 1554 1.52 39.31 355.1 Jard Str $X 25.71 - 33.50 17.81 1.53 -29.42 147.7 RavenR Prf 110.00 - 137.00 75.00 - 123.18 41.3 RM 219.50 7.50 296.00 110.00 0.91 13.22 2.5
StandChX 465.90 -6.10 724.00 334.25 - 23.26 2103.9 Barr(AG) 519.00 -4.00 641.00 369.00 0.77 27.84 32.8 Macfrlne 87.50 0.90 116.50 61.00 0.79 14.61 7.0 Oil & Gas Safestre 780.00 -5.00 886.89 501.00 2.24 8.80 81.3 Sage 582.00 -7.80 794.60 515.60 2.91 19.03 809.8
..7.375%Pf 123.00 0.55 129.00 93.50 6.00 - 20.8 Britvic♦ 812.00 -8.00 959.00 536.00 3.69 25.53 163.3 Smith DS 374.60 -4.90 396.70 244.80 2.94 17.84 884.7 BPX 254.80 -4.60 508.70 188.52 11.04 -3.08 19037.9 Savills 954.50 -24.50 1268 620.00 0.52 19.05 70.9 TriadGp 50.00 1.00 52.00 22.60 2.00 -24.88 30.8
..8.25%Pf 138.10 10.90 138.95 105.00 5.97 - 200.0 CarrsGroup♦ 129.50 -0.50 164.94 83.53 3.67 9.38 16.0 Smiths 1504.5 -37.00 1778.5 790.00 2.11 92.30 299.7 CairnEng 209.60 -0.20 240.00 57.35 - -6.31 1047.3 SiriusRE 93.40 -0.20 98.90 44.35 3.46 12.82 247.8
SmurfKap 3436 -36.00 3570.05 1831 0.74 21.40 91.2 ExxonMb $X 41.22 -0.38 71.37 30.11 8.93 49.98 22786.5 Smart(J) 111.50 - 126.00 107.50 2.86 8.02 5.5 Telecommunications
TntoDom C$X 71.92 -0.10 76.10 49.01 4.21 14.07 4697.0 Coca-Cola H 2377 -22.00 2933 1393.1 2.37 22.94 293.9
Vesuvius 536.50 4.50 545.00 284.00 1.16 28.84 114.6 Gazprom PJS $ 5.59 -0.07 8.47 2.55 7.38 -72.28 1432.1 StModwen 400.00 1.00 539.00 294.46 0.90 -8.28 75.8 BTX 132.25 -3.05 198.62 94.68 3.49 8.70 10971.5
Westpc A$X 19.37 -0.29 25.96 13.47 4.06 30.96 3684.3 Cranswk♦ 3520 -74.00 4126 2688 1.72 21.07 19.7
GeoPark $ 12.99 0.25 22.40 5.44 0.67 -6.49 30.2 U+I 61.70 -1.10 189.00 50.97 9.56 -1.39 63.8 TalkTalk 98.00 0.30 124.84 67.20 2.55 7.42 763.2
Devro♦ 153.60 -4.40 195.40 116.76 1.76 -6.22 156.9 Industrial Transportation
Basic Resource (Ex Mining) HellenPet € 5.40 -0.12 8.80 4.07 9.38 -4.23 61.0 Unite Gp 1045 -4.00 1351 577.00 0.98 -9.93 140.0 TelePlus 1434 -6.00 1585 907.00 3.97 30.45 50.5
DiageoX 2878 -113.00 3297 2050.6 2.43 48.05 1643.6 Braemar 155.00 - 230.00 92.00 3.23 6.10 12.6 Vodafone GpX 120.94 -1.50 158.50 92.76 6.75 15.60 18463.6
Ferrexpo 282.60 1.00 298.80 94.88 4.73 5.37 450.8 Hunting 223.00 7.20 426.00 120.10 2.91 -2.30 252.1 Urban&C 344.00 -1.00 375.00 183.00 1.13 11.20 77.9
Grncore 116.50 -1.50 269.60 83.40 3.22 -44.81 543.8 Clarkson 2700 -20.00 3135 1936 0.93 -71.05 16.5
Mondi 1719.5 -21.50 1830 1156.5 1.44 13.15 400.9
HiltonFd 1114 - 1352 711.00 1.92 24.76 6.6 ImpOil C$X 24.16 -0.46 35.80 10.27 3.67 -39.93 767.3 Tobacco
Eurotunnl € 14.18 -0.22 17.04 8.62 - 279.26 434.3 Pharos Ener 18.50 0.50 58.80 10.00 - -0.31 63.9
Retailers
Chemicals Kerry € 118.40 -3.50 126.50 88.55 0.67 38.25 8.5 Fisher J 947.00 15.00 2120 735.00 1.19 19.33 19.1 AA 33.70 -0.05 62.01 13.32 1.78 2.91 260.8 BrAmTobX 2708 -65.50 3507 2362.5 5.69 9.78 1433.4
PremFds 100.20 -1.80 109.80 17.86 - 11.13 668.2 PJSC Lukoil $ 69.39 -0.20 5065 46.86 3.77 32.26 4.1 Imperial BrX 1535.5 -21.00 2072 1142 13.45 17.00 1235.5
Carclo 16.33 -0.08 26.50 3.05 - -6.28 72.1 OceanWil 845.00 2.50 1040 509.90 2.90 372.90 15.0 AO World 411.00 -2.50 439.50 46.67 - 1110.81 163.8
REA 58.25 0.25 186.00 25.00 - -5.25 20.4 PremOil 19.64 -0.28 120.70 10.02 - -0.33 3871.8
Croda 6596 60.00 6884 3814 1.36 40.94 159.2 RoyalMail 337.70 -2.70 354.00 118.86 2.22 153.50 817.4 Caffyns 385.00 - 445.10 200.00 1.95 9.19 0.2 Travel & Leisure
StckSpirit 268.00 1.50 280.00 119.80 2.95 16.34 962.6 RylDShlAX 1297.8 -19.60 2338.59 878.10 7.43 -7.80 2696.4
Elemntis 115.00 -3.40 185.70 18.07 1.91 -18.45 1111.2 Signature A 387.00 -6.00 407.10 129.40 1.10 -115.94 1734.5 Dairy Fm $ 4.17 -0.01 5.81 3.48 5.57 19.54 294.1
Tate&Lyl♦ 674.40 -6.00 811.40 493.83 4.39 12.80 489.3 ..B 1259.4 -12.80 2342.5 845.10 7.65 -7.57 3580.6 888 Hldg 285.50 -5.00 308.00 68.40 1.71 19.49 123.6
Johnsn Mtth♦ 2425 -84.00 3052 1614 2.29 45.93 254.2 Dignity 635.00 -2.00 759.00 210.50 - -13.86 75.4
Unilever 4392 -89.00 4944 3583.5 3.36 21.47 2227.5 Insurance Seplat 65.00 1.00 130.00 37.30 15.07 -28.01 556.5 Carnival 1367 -22.00 3728 581.00 5.47 -1.76 251.6
Victrex 2346 -14.00 2574 1645 2.54 22.75 22.0 Dunelm 1213 -26.00 1601.48 596.50 1.69 28.28 58.0
..NV € 53.40 -0.20 55.40 45.30 3.12 23.46 7.9 Admiral 2906 -66.00 3036 1858.5 3.38 17.31 181.6 TrnCan C$X♦ 51.75 0.47 76.58 47.05 6.20 10.85 6896.6 CompassX 1363 -29.00 1995.5 865.80 2.93 21.00 982.8
Halfords 267.00 -7.50 286.00 49.42 2.31 13.35 301.6
Construction & Materials AvivaX 325.20 -2.80 427.30 205.70 2.92 5.92 2722.7 Tullow Oil 29.58 -0.20 63.55 7.17 6.29 -0.16 5165.9
Inchcape 643.50 -10.00 725.00 383.85 1.38 257.40 222.8
Dalata Hote 336.25 -8.75 471.50 147.37 0.95 -38.53 6.7
Alumasc 114.00 - 133.45 56.54 3.86 21.11 2.3 Health Care Equip & Services Beazley 364.60 -5.00 611.50 287.60 3.44 28.51 254.8 Wood Group 310.20 -7.60 426.40 100.90 2.98 60.84 492.0 easyJet 830.00 -21.80 1570 410.00 5.29 -3.13 1050.0
ConvaTec 199.20 -5.20 225.80 142.40 2.25 164.49 1888.9 JDSportsF 860.00 4.00 890.00 274.70 0.03 44.17 467.7 FirstGrp 74.00 - 134.20 25.00 - -2.74 1331.5
Boot(H) 255.00 -7.00 351.00 180.00 1.96 14.09 2.6 Chesnar 298.00 3.00 350.50 200.00 7.15 24.92 18.7 Pharmaceuticals & Biotech Kingfisher 270.40 -1.40 326.20 101.00 1.23 37.04 3244.9
CRH 3058 -88.00 3183 1500 2.42 18.17 493.3 GNStre kr 487.20 -7.50 525.00 217.40 0.30 49.52 203.6 Direct Line 319.00 -4.20 355.00 225.40 2.26 11.43 1833.5 Flutter Ent 15110 -190.00 15800 4921.54 0.44 149.31 206.1
Mediclinic 282.00 -1.80 418.40 232.40 1.13 -5.02 149.2 AstraZenecaX 7324 -77.00 10120 5871 2.96 49.83 1135.4 Marks&Sp 136.30 -1.90 224.00 73.90 2.86 -15.67 1355.4 Fuller A 700.00 10.00 1005 486.00 2.88 -386.74 6.2
GalfrdT 123.52 -0.26 887.00 70.00 28.34 -4.20 169.3 Eccles prf 160.50 - 167.00 111.00 5.37 - 9.5 Morrison (W 177.35 -1.80 210.00 157.55 3.82 16.30 2655.4
Smith & Nep 1510 -39.50 2023 1055.01 1.99 41.83 604.7 Dechra 3450 -94.00 3624 2030 0.94 105.31 67.0 Go-Ahead 984.50 -16.50 2242 390.20 7.30 -14.80 38.9
KierGp 78.00 0.20 154.60 42.06 - -0.73 209.7 Hansard 44.60 0.60 48.00 23.40 9.98 13.94 36.7 Next 7086 -78.00 7322 3311 0.81 27.63 246.6
UDGHlthC 780.00 -16.00 836.50 423.40 1.74 27.11 141.5 Genus 4196 -38.00 4506 2464.6 0.67 67.79 17.9 IntCon Htel 4690 -67.00 5268 2161 0.67 -79.93 130.9
Kingsp € 57.70 -2.70 107.30 37.30 0.23 30.09 19.0 Hiscox 994.00 -13.00 1449 305.80 1.12 -14.59 299.5 Ocado 2287 -19.00 2914 994.01 - -133.35 409.4
GlaxoSmhX♦ 1342 -16.00 1857 1284 5.96 10.62 3770.2 Intl Cons A 159.80 -7.55 275.54 0.94 8.23 -0.61 16274.2
MorgSdl 1532 -22.00 1980 990.01 1.37 13.23 22.7 House, Leisure & Pers Goods Lancashire 723.50 -6.50 852.50 481.00 1.66 34.38 136.6 Saga 253.00 -3.80 2400 118.50 7.02 -0.50 171.0
HikmaPhm 2518 -18.00 2768 1596 1.51 14.74 89.9 MandarO $ 1.70 -0.01 1.99 1.06 0.98 -11.55 33.0
Norcros 201.75 3.75 305.00 119.00 1.54 50.44 12.5 Leg&Gen 266.20 -2.70 320.50 138.00 6.60 13.00 4542.8 Sainsbury ( 225.50 -4.90 234.60 171.19 1.46 -751.67 2618.1
BarrttDev 670.00 -10.20 889.20 349.40 2.91 17.22 1071.5 Oxfd Bio 1030 20.00 1090.13 356.73 - -64.54 94.5 Marstons 75.60 -1.40 129.90 18.40 9.92 -8.04 2031.0
Tyman 350.50 -4.50 362.00 133.00 1.10 30.85 21.9 Old Mut 59.66 -0.10 108.75 42.76 10.01 -26.41 401.5 Studio Reta 291.50 10.50 299.13 140.00 - 35.90 30.0
Bellway♦ 2955 -85.00 4336 1735.5 3.38 18.93 120.7 RichterG $ 25.00 0.20 26.00 16.50 0.88 19.90 0.0 Natl Exp 237.40 -4.40 485.00 66.30 2.17 -81.86 574.6
Berkeley PhoenixGrp 700.60 -12.20 824.40 459.05 6.68 9.54 436.3 TescoX 231.40 -3.90 260.00 202.00 3.95 21.87 7098.3
Electronic & Electrical Equip 4742 -100.00 5709.54 3041 2.52 15.13 164.7 VecturGp 124.60 -1.20 128.40 59.10 - -113.27 509.3 PPHE Htl 1380 10.00 2160 700.00 1.23 -172.50 16.0
Burberry Gp 1789.5 -22.00 2340 1017 0.63 331.39 239.8 PrudntlX 1347 -22.50 1509 682.80 2.75 33.15 1332.2
Dialight 259.50 -5.50 340.00 157.50 - -5.27 3.6 Real Estate Support Services Restaurt 64.20 -2.45 167.70 20.26 3.27 -2.07 519.6
Cairn Homes € 0.96 -0.04 1.35 0.60 2.64 22.08 497.3 RSA Ins 677.40 -0.40 736.84 321.20 1.11 22.07 568.2
Discoverie ♦ 674.00 -6.00 698.00 330.29 0.44 51.06 10.5 Aggreko 626.00 -9.50 881.00 285.90 1.50 -27.97 88.9 Ryanair Hol 306.20 -4.00 450.33 206.80 2.06 57.77 56.6
CtrySide 467.40 -4.80 544.00 248.80 3.49 14.34 195.3 SagicFin 117.50 - 135.00 87.00 1.72 241.77 0.0 REITs
Halma♦ 2449 -52.00 2609 1660 0.67 52.52 280.3 AshtdGp 3438 -51.00 3529 1010 1.18 23.79 373.3 TUI 458.40 -3.40 991.20 218.00 10.71 -1.88 478.0
Crest Nicho 325.80 -1.60 524.00 159.85 3.44 -83.54 213.7 StJmsPl 1133.5 -2.50 1206 614.00 3.40 21.80 315.0 Assura 76.80 - 88.00 46.80 3.66 21.94 971.6
Morgan Ad 311.00 2.50 325.80 168.80 1.29 111.07 57.4 Bunzl♦ 2443 -43.00 2710 1242 0.63 21.49 297.4 Whitbrd 3100 -59.00 4232.04 1551.15 0.91 -9.06 237.1
OxfordIn 1992 -38.00 2175 724.00 - 35.01 12.1 GamesWk 11200 -130.00 12159.5 3564 1.29 51.42 43.7 LEISURE BigYellw♦ 1097 -3.00 1245.3 630.00 3.08 33.75 67.7 Willim H 270.10 0.80 313.00 28.63 0.98 15.80 462.1
Gleeson 781.00 5.00 1010 512.00 2.94 91.35 3.1 BritLand 489.00 -12.20 641.98 309.40 1.63 -3.35 1055.6 Capita 39.21 -0.57 176.55 19.84 - -7.60 4156.6
Renishaw 5760 -275.00 6255 2234.51 0.80 14400.00 32.6 PhotoMe Int 48.80 -1.70 99.90 32.50 17.30 5.50 111.6 DCC 5178 -182.00 7204 3463 2.81 17.82 122.0
Spectris 2818 -86.00 3072 2058 0.78 15.14 117.5 Headlam 360.00 -2.00 560.00 235.00 2.10 -32.43 6.9 Cap&Reg 70.20 -3.80 264.48 32.30 29.91 -0.36 18.8 Utilities
McBride 82.00 1.00 88.50 55.10 - 22.16 15.2 Media Civitas SH 104.80 -0.80 115.40 74.20 5.08 17.27 193.5 DeLaRue 169.00 0.60 187.00 36.86 - 4.12 188.2 Centrica 46.60 0.78 94.09 29.10 3.22 -4.05 10306.6
TT Elect 205.00 -2.00 285.00 135.75 1.02 82.00 45.2 Diploma♦ 2192 -18.00 2442 1191 1.32 39.35 77.4
XP Power♦ 4690 70.00 4926 2062.05 0.81 50.21 6.8 McCarthy&S 119.80 -0.20 160.20 36.51 4.51 15.76 2007.0 4imprint 2565 -85.00 3540 1067.31 0.79 32.56 3.1 Countrywd 390.60 44.20 395.00 35.74 - -3.43 2058.2 Drax 375.00 -2.60 386.60 118.90 4.24 -25.17 226.9
Persimn 2767 -64.00 3328 1367.5 - 13.07 322.9 Auto Trader 596.00 -5.40 747.00 308.60 0.40 36.01 813.3 DrwntLdn 3096 -20.00 4362 2334 2.34 24.41 82.6 DWF Group P 81.50 -3.50 143.00 45.00 4.29 15.38 15.8 Natl GridX♦ 865.00 -6.80 1073.8 789.13 5.62 20.40 2555.8
Financial General Philips € 43.78 -0.58 46.38 26.92 - 39.45 429.5 DlyMailA♦ 745.00 -19.00 960.00 538.00 3.21 13.14 56.1 Great Portl♦ 668.00 -7.40 971.80 518.60 1.89 -11.54 121.0 Elctrcmp 870.50 -11.50 900.00 397.30 0.68 30.12 498.0 Pennon 950.00 0.80 1210.5 912.79 4.61 50.00 297.4
3i♦ 1158 -10.00 1198.5 529.80 3.02 15.69 731.1 PZCusns 230.00 -5.00 265.24 149.00 3.60 41.14 107.6 Hyve Group 113.10 0.10 317.88 33.58 22.10 -0.52 409.5 Green Reit € 1.84 -0.05 1.93 1.30 3.12 13.44 1922.5 Essentra PL 306.20 -4.00 450.33 206.80 2.06 57.77 56.6 Severn Tren♦ 2289 -26.00 2716 1994.5 4.37 48.39 230.9
BrewDlph 305.00 -1.50 377.20 130.00 5.38 19.55 350.2 ReckittBX 6542 -90.00 8191.3 5130 2.67 -16.92 284.7 Informa 549.00 -8.00 870.80 326.70 1.38 -10.28 1322.8 Hammersn 24.85 -1.58 129.94 14.05 20.39 -0.31 11219.8 Experian 2777 -43.00 3192 1823.5 1.30 49.73 533.4 SSE 1500 -28.00 1703 1057.5 5.33 14.71 1122.7
CtyLonInv 438.00 -10.00 479.52 264.00 6.39 14.85 7.3 Redrow 571.50 -7.50 850.76 293.00 3.59 17.42 352.2 ITV 106.80 -1.75 153.80 50.06 2.43 14.24 3724.4 Hibernia € 1.15 -0.02 1.43 0.75 4.17 1135.11 373.4 Ferguson 8884 -6.00 9098 3700 1.24 27.74 225.7 UtdUtils♦ 895.00 -14.20 1104 625.00 4.76 55.59 686.3
CloseBrs 1382 -30.00 1647 849.00 3.18 19.06 92.9 Superdry Pl 246.60 -9.20 515.00 60.10 1.70 -1.41 859.9 LandSecs 673.80 -15.90 1001 474.75 1.72 -3.28 643.4 G4S 253.80 -0.20 258.13 69.92 1.41 230.73 2250.3

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Zytronic 140.00 - 258.50 70.00 16.29 11.76 9.2 House, Leisure & Pers Goods Mining Reneuron 82.50 - 174.29 69.13 - -1.85 72.0 Restore 413.00 15.00 560.00 280.00 0.58 275.33 30.8
Cohort 632.00 -9.00 738.00 416.85 1.50 27.19 5.6 Airea 32.00 - 46.99 18.11 2.50 20.00 16.0 AMC 1.60 -0.08 3.50 0.85 - -6.58 6955.3 Sareum 2.43 -0.10 3.09 0.22 - -80.83 7197.0 Smart Meter 711.00 1.00 742.00 436.60 0.97 4.07 72.3
Financial General
Velocity Co 21.00 - 44.96 12.00 - -8.40 19.6 Churchll 1337.5 -2.50 2060 605.00 0.77 27.92 0.8 Arkle Resou 1.18 -0.05 1.65 0.40 - -5.39 4246.1 Real Estate Tech - Hardware
Appreciate 31.70 1.20 66.46 24.00 - 39.14 30.6
Frontier De 3080 -55.00 3200 952.00 - 78.17 8.0 BotswanaD 0.85 - 1.17 0.40 - -6.54 339.3
Banks Arbuthnot 777.50 -5.00 1400 600.00 2.06 30.49 1.0
Portmern 500.00 -5.00 858.48 229.59 1.60 15.84 5.3 CentAsiaM 240.00 -1.50 257.50 100.20 2.69 12.55 132.0
InlandHms 62.50 -1.00 94.40 32.00 3.52 8.45 136.0 AminoTech 120.00 -0.50 155.00 105.00 1.38 76.87 112.3
Caribbean I 39.75 -1.00 64.45 24.00 14.34 5.48 32.3 BP Marsh 262.00 -6.00 278.00 133.00 0.85 7.01 17.9 Lok'nStor♦ 675.00 - 740.00 335.00 1.83 66.96 0.5 IQE 73.45 0.75 74.95 18.86 - -19.38 379.7
Sanderson D 89.00 2.50 91.75 22.00 0.58 211.90 9.6
Burford Cap 711.00 1.50 800.79 250.43 0.47 13.51 52.5 Oil & Gas PnthrSec 175.00 - 390.00 145.00 6.86 -2.41 21.1 Telit Commu 196.00 -2.00 210.00 64.76 - 31.86 96.4
Basic Resource (Ex Mining) Gresham Hou 787.50 - 795.00 450.00 0.57 -93.24 11.2 Industrial Engineering BorSthnPet 0.78 0.05 2.63 0.10 - -3.69 1023.7 SIR 300.00 -7.50 476.00 104.20 5.60 -26.55 46.0
CropperJ 1030 - 1390 580.00 0.24 30.84 0.3 Leeds 18.50 - 20.00 7.50 - -2.50 2.7
Tech - Software & Services
600 Grp 9.38 -0.13 15.90 6.75 8.04 3.10 11.0 ClontarfEn 0.55 0.10 1.23 0.28 - -13.63 47785.2 Retailers
MattioliWds 760.00 5.00 865.00 520.00 2.76 20.29 7.9 BoBlue Pris 1720 -32.00 1890 795.00 - -16.13 70.4
Chemicals MS Intl 120.00 - 200.00 95.00 6.88 -7.95 2.6 Egdon Res 1.65 0.03 6.95 1.31 - -1.15 1028.2
Numis 338.50 18.50 359.50 165.00 3.55 39.36 90.3 ASOS 4783 -47.00 5548 975.20 - 38.08 35.1 Eckoh 64.50 - 72.00 40.00 - 54.20 32.8
Directa Plu 81.00 - 95.00 46.25 - -11.14 32.5 Pres Tech 110.00 -1.00 147.00 50.10 - -11.46 114.5 Hurricane E 2.50 -0.10 33.90 2.15 - -0.24 10754.3
PolarCap♦ 696.00 2.00 770.00 282.00 4.74 15.89 29.1 Boohoo Grou 343.00 -1.60 433.50 133.10 - 52.45 1526.9 IDE Group H 0.78 - 4.70 0.60 - -0.34 20.0
Scapa 186.00 2.40 295.00 82.50 - -5.90 91.2 PetrelRes 3.15 0.05 17.90 2.80 - -2.24 2737.7
Premier Mit 147.50 - 192.00 65.00 7.05 14.13 33.4 IT Phoenix Glo 4.95 -0.01 23.00 4.50 - -1.22 13.6
CVS Group P 1502 13.00 1517 670.00 0.37 185.43 55.2 Ingenta 86.00 - 89.00 40.00 - -21.04 5.1
Versarien P 42.10 1.00 87.60 21.20 - -15.65 738.1 Keywords St 2860 -66.00 2958 1159.28 0.02 162.68 51.9 Iomart 320.00 - 409.00 219.50 2.04 31.37 33.4
STM Group 30.00 - 42.00 18.00 5.00 18.51 20.3 Rockhop 6.20 0.05 22.45 4.00 - -0.15 839.6 Support Services
Learning Te 182.00 -1.50 186.20 106.20 0.14 141.74 350.9 Oxford Metr 94.50 - 127.40 70.00 1.90 40.04 3.3
Construction & Materials Food & Beverages Sound Energ 1.43 0.03 4.72 0.74 - -2.92 3321.4 Begbies 93.00 1.00 117.00 57.33 2.90 132.86 182.1 WANdisco 464.50 -2.50 834.00 360.00 - -10.63 26.4
Abbey 1550 - 1650 1060 0.62 14.21 1.0 LEISURE UnJackOil 0.16 - 0.32 0.08 - -8.00 33843.6 Christie 90.50 -1.00 132.00 54.00 1.38 -14.25 5.7
Camellia 7200 125.00 9000 6250 0.58 -34.88 0.0
AccsysTch 140.00 - 149.00 59.80 - 38.59 99.3
Fevertree D 2527 -9.00 2587 888.40 0.60 61.71 45.7 Codemasters 654.00 - 670.00 204.50 - 47.05 60.1 United O&G 2.98 -0.03 4.10 1.00 - -52.19 2911.6 Empres 46.00 - 62.90 28.00 - -7.93 4.6 Travel & Leisure
Aukett 1.60 0.10 3.16 0.75 - 3.48 146.0 Sumo Group 335.00 - 364.00 121.54 - 50.68 61.6 Gattaca 79.50 4.50 129.85 29.40 - 44.17 39.8 Celtic 101.00 - 165.00 85.00 - -258.97 1.1
FinsbryFd 79.50 5.50 105.00 50.00 2.94 -132.50 162.9 Pharmaceuticals & Biotech
Impellam 234.00 3.00 369.00 210.00 - -4.16 7.7 ..6%CvPf 122.00 - 158.00 118.00 - - 0.1
Electronic & Electrical Equip Nichols 1350 -17.50 1600 858.00 0.92 28.28 3.0
Media Abcam 1550 33.00 1597.43 943.00 0.78 258.33 420.9
JhnsnSrv 140.00 -5.00 226.00 76.50 0.82 175.00 614.5 ..Cv Pf 220.00 - 319.50 210.00 - - 0.4
CeresPow 1320 16.00 1524 231.00 - -286.96 186.4 Health Care Equip & Services Mission Gro 60.00 - 110.00 33.25 3.62 18.69 29.1 AllcePharm♦ 87.60 0.10 88.90 52.17 0.61 41.91 58.5
LonSec 2320 - 2400 1800 2.59 19.69 0.0 gamingrealm 21.80 -0.10 26.20 4.40 - -21.58 111.9
Checkit 51.00 - 55.00 22.00 - -4.51 14.5 YouGov 1045 15.00 1060 393.00 0.38 122.94 8.6 Clinigen Gr 675.00 -6.50 1000.00 350.40 1.02 66.18 128.4
AVO 36.00 - 42.00 20.00 - -4.39 64.9 NWF 195.00 - 218.00 113.00 3.38 10.77 26.7 Jet2 1430 -55.00 1950 182.50 0.21 -8.54 101.9
LPA 84.50 - 117.00 56.00 1.30 30.40 7.5 e-Thera 17.50 0.25 23.00 3.00 - -18.42 1935.8
CareTech 522.00 2.00 522.00 285.00 2.24 23.69 221.5 Petards 13.00 - 14.70 3.75 - -10.24 22.0 MinoanGp 1.25 - 2.25 0.68 - -3.13 100.0
ThorpeFW 345.00 -2.00 363.32 225.00 1.61 30.26 11.2 Mereo Bio 26.50 -0.50 60.00 13.00 - -0.22 49.3
Tristel 527.00 -8.00 798.00 271.00 1.11 48.44 59.4 Renew 560.00 22.00 570.00 304.00 2.05 19.09 27.2

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) BMO UK HIT 91.00 - 102.58 56.00 4.31 99.6 -8.6 IPST UK Eq 162.00 3.00 190.25 104.00
166.3 4.07 -2.6 PolarFins 142.00 1.50 152.00 77.20 3.10 140.1 1.4 Conventional - Property ICs 52 Week Dis(-)
Price +/-Chg High Low Yld NAV or Pm BMO UK HIT 358.00 - 406.00 224.00 - 399.7 -10.4 IP UKSmall 512.00 -6.00 640.00 285.17
560.8 3.63 -8.7 PolarTech 2305 -10.00 2553 1134.3 - 2391.4 -3.6 Price +/-Chg High Low Yld NAV or Pm
3i Infra♦ 308.00 -3.00 320.00 184.96 2.99 254.5 21.0 Brunner 861.00 1.00 926.00 550.00 2.32 995.7 -13.5 JPM Amer 577.00 -3.00 592.00 328.50
604.5 1.13 -4.5 RIT Cap 2065 10.00 2144 1252 1.67 2159.0 -4.4 Direct Property For queries about the London Share Service pages e-mail
AbnAsianIn 228.50 -1.50 232.00 140.59 4.05 245.5 -6.9 Caledonia I♦ 2880 -50.00 3181.75 1920 2.12 3552.6 -18.9 JPM Asia 486.50 3.50 488.00 272.00
475.3 3.31 2.4 Ruffer Inv 263.00 2.00 263.35 202.00 0.70 259.7 1.3
AEW UK REIT 77.70 -0.70 102.10 53.00 10.30 90.7 -14.3 ft.reader.enquiries@morningstar.com.
Abrdn Div I 100.00 0.70 116.00 66.20 5.38 113.8 -12.1 CanGen C$ 34.81 0.56 34.86 16.22 2.44 50.0 -30.4 JPM China 686.00 10.00 694.00 284.50
665.6 0.36 3.1 Schroder To 489.00 4.00 492.00 244.00 1.33 477.8 2.3
BMO ComPrp 80.00 0.30 117.45 43.50 5.00 116.1 -31.1 All data is as of close of the previous business day. Company classifications
AbnEmgMkts 702.50 7.50 710.00 420.05 3.02 777.1 -9.6 City Merch 189.75 0.25 199.50 118.00 5.27 194.3 -2.3 JPMElct MC 102.50 - 105.00 99.00
103.6 0.39 -1.1 SchdrAsiaP 614.00 -5.00 619.00 345.00 1.58 642.7 -4.5
BMORealE 61.00 2.00 89.80 38.72 7.17 94.0 -35.1 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnJapInv 780.00 -2.50 790.00 456.00 1.92 850.8 -8.3 City Lon 370.50 -3.00 448.50 269.00 5.13 351.4 5.4 ..MG 942.50 -2.50 949.50 565.20
977.3 1.77 -3.6 SchdrEurReE 100.75 -1.25 118.00 56.60 6.53 134.7 -25.2
CustdnREIT 87.80 0.40 116.55 76.00 6.76 94.2 -6.8 100 constituent stocks are shown in bold.
AbnLatAmIn 62.60 0.30 75.00 38.00 5.59 67.7 -7.5 CQSNatRs 124.00 -1.00 126.00 49.00 4.52 141.0 -12.1 ..MI 93.00 -2.00 114.00 64.00
95.6 5.05 -2.7 Schdr Inc 277.00 -5.00 320.00 171.17 4.58 277.1 0.0
GCP Student 143.20 0.60 212.50 90.00 4.39 171.5 -16.5
AbnNewDn 324.00 4.00 325.98 179.59 1.33 357.6 -9.4 Dun Inc 290.50 -0.50 315.00 180.12 4.37 303.0 -4.1 JPM Emrg 131.00 0.60 131.69 72.68
- 1.08 - SchdrJap 198.50 -2.00 203.00 126.09 2.37 226.8 -12.5 Closing prices are shown in pence unless otherwise indicated. Highs & lows
Longbow 86.50 -1.50 99.50 64.19 6.94 93.8 -7.8
AbnNewIndia 534.00 3.00 540.00 296.00 0.19 608.3 -12.2 EcofinGloba 187.50 -0.50 189.00 102.63 3.41 188.4 -0.5 JPM EurGth 301.00 -4.00 307.00 170.89
348.6 1.74 -13.7 SchdrOrient 261.50 -2.50 268.32 151.50 3.94 272.7 -4.1 are based on intra-day trading over a rolling 52 week period. Price/earnings
SLIPropInc 60.00 - 99.30 43.51 7.93 78.1 -23.2
AbnNewThai 476.00 1.00 557.50 322.00 3.99 515.6 -7.7 Edin Inv 546.00 -7.00 636.00 335.50 5.25 591.9 -7.8 JPM EurInc♦ 134.75 0.75 166.00 78.80
148.5 4.97 -9.3 SchdrRealEs 39.00 0.30 57.20 27.65 4.63 57.4 -32.1 ratios (PER) are based on latest annual reports and accounts and are updated
TR Prop♦ 413.00 -2.00 497.83 217.50 3.39 438.4 -5.8
AbnSmlInCo 313.00 - 350.00 175.00 2.71 346.2 -9.6 Edin WWd 370.00 0.50 383.50 124.60 - 354.2 4.5 JPM EuSm 481.00 1.00 486.00 209.00
535.0 1.39 -10.1 SchdrUKMd 645.00 2.00 694.00 271.93 2.87 657.7 -1.9 with interim figures. PER is calculated using the company’s diluted earnings
Tritax Euro € 1.09 0.01 1.18 0.67 - 1.3 -16.2
AbnStdAsia 1167.5 7.50 1175 696.00 1.20 1296.1 -9.9 EP Global 284.00 3.00 314.00 214.00 2.11 308.5 -7.9 JPM Clavr 649.00 -3.00 798.00 446.00
656.5 4.51 -1.1 SchdrUKPubP 31.00 0.68 38.90 18.89 - 43.8 -29.2 from continuing operations. Yields are based on closing price and on dividends
Tritax Euro 98.80 - 107.50 65.20 - - -
AStd Eqt In 309.50 -2.50 418.92 194.36 6.72 339.7 -8.9 EuroAsset 120.25 0.75 121.00 62.40 5.68 132.7 -9.4 JPMGblCoreR 98.80 0.60 112.50 70.00
91.4 0.76 8.1 ScotAmer 464.00 -1.00 474.00 243.80 2.58 445.5 4.2 paid in the last financial year and updated with interim figures. Yields are
UKComPrp 69.00 -0.50 89.65 47.35 4.67 83.5 -17.4
Abf Sml 1248 -2.00 1540 608.25 2.56 1290.9 -3.3 F&C Inv Tru 787.00 -2.00 808.00 463.00 1.11 826.8 -4.8 JPM GEI 146.25 -0.50 147.30 82.00
149.8 3.49 -2.4 Scottish In 698.00 3.00 842.00 550.00 3.32 775.6 -10.0 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Spl Inc 67.40 -1.80 94.50 34.50 6.26 70.4 -4.3 FidAsian 415.00 3.00 428.00 243.00 2.12 436.3 -4.9 JPM Gl Gr&I♦ 386.50 -1.50 403.00 218.00
373.3 3.37 3.5 ScottMort 1214 2.00 1222 451.80 0.27 1162.6 4.4 VCTs 52 Week Dis(-) companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Alliance 901.00 -5.00 922.00 536.00 1.56 931.6 -3.3 FidChiSpS 381.50 6.50 394.50 180.20 1.01 384.2 -0.7 JPM Ind 692.00 -5.00 766.00 398.00
804.3 - -14.0 ScottOrtll♦ 976.00 3.00 1025 600.00 1.18 1123.7 -13.1 Price +/-Chg High Low Yld NAV or Pm capital changes where appropriate.
AllianzTech 2970 10.00 3045 1176 - 2906.5 2.2 Fid Euro 286.00 -2.50 290.50 177.40 2.26 295.8 -3.3 JPM JpCapSm 600.00 2.00 601.99 275.00
589.3 3.00 1.8 Seneca I&G 164.75 -0.25 181.89 107.50 4.08 169.7 -2.9 ArtemisVCT 15.00 - 51.79 14.25 26.67 - - Trading volumes are end of day aggregated totals, rounded to the nearest
Art Alpha 394.00 11.00 428.00 205.00 1.29 438.5 -10.1 Fid Jap 220.50 1.00 227.42 104.25 - 236.0 -6.6 JPM Jap 731.00 -2.00 736.67 323.00
730.7 0.68 0.0 Smithson 1710 -18.00 1778 890.00 - 1643.3 4.1 Baronsmead 73.00 - 97.00 40.00 8.90 76.6 -4.7 1,000 shares.
Asia Dragon 528.00 2.00 572.71 302.50 0.90 574.7 -8.1 Fid Spec♦ 243.50 -1.50 280.50 128.16 2.36 238.1 2.3 JPM Mid 1142.5 -7.50 1430 598.00
1239.4 2.58 -7.8 StrategicEq 232.00 - 259.00 112.28 0.65 280.8 -17.4 BSC VCT 65.00 - 73.67 54.00 6.15 70.3 -7.5 Net asset value per share (NAV) and split analytics are provided only as a
Aurora Inv 207.00 -1.00 242.00 130.00 2.17 214.1 -3.3 FinsG&I 875.00 -15.00 927.00 595.00 1.90 866.4 1.0 JPM Mlti-As 89.30 - 107.00 63.00
101.5 4.48 -12.0 Temp Bar 955.00 -27.00 1490 563.00 5.38 1007.3 -5.2 ..VCT2 48.20 - 52.50 40.00 7.26 50.6 -4.7 guide. Discounts and premiums are calculated using the latest cum fair net
AVI Global ♦ 882.00 2.00 893.92 493.00 2.32 950.4 -7.2 FstPacfic H HK$ 2.47 -0.07 2.84 1.10 6.02 - - JPMRussian 642.00 -1.00 804.00 404.00
722.7 5.45 -11.2 TempEmerg♦■ 950.00 8.00 955.44 570.00 2.00 1046.0 -9.2 Inc&GthVCT 66.50 -0.50 72.00 52.00 9.02 70.1 -5.1 asset value estimate and closing price. Discounts, premiums, gross redemption
AVI JapOpp 111.25 -0.50 120.63 73.40 - 108.7 2.3 GenEmer 890.00 -4.00 894.00 540.00 1.73 968.4 -8.1 JPM Smlr 362.50 -2.50 376.00 126.00
349.6 1.52 3.7 Tetragon $ 9.52 0.02 12.35 6.78 7.64 23.7 -59.8 Nthn 2 VCT 61.50 - 62.50 42.00 6.50 64.3 -4.4 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
Axiom 88.00 - 95.00 68.00 6.82 94.8 -7.2 GRIT# 2.75 - 5.50 0.65 - 1.4 96.4 JPM US Sml 403.00 3.00 419.00 191.31
394.8 0.62 2.1 TRIG 127.80 0.20 167.00 95.79 5.22 109.6 16.6 Nthn 3 VCT 88.50 - 91.00 63.00 4.52 93.6 -5.4 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BG Euro 1430 -15.00 1457 594.00 2.17 1371.0 4.3 GoldenPros 53.50 - 75.00 20.00 - 65.9 -18.8 KeystoneInv 337.00 -5.00 364.00 161.00
345.3 4.04 -2.4 TREurGth 1285 5.00 1285 530.00 1.74 1414.0 -9.1 NthnVent 65.00 - 68.90 46.00 6.15 68.2 -4.7 in pence.
BG Japan 1104 -2.00 1120 514.00 0.32 1002.4 10.1 Gulf Invest $ 1.34 - 1.44 0.85 2.48 1.5 -10.7 Law Deb 690.00 -4.00 719.00 366.00
654.4 4.71 5.4 TroyInc&G 73.30 -0.70 86.67 58.69 3.79 72.9 0.5 ProVenGI 51.00 - 58.00 44.00 6.37 53.8 -5.2
BG Shin 267.00 0.50 274.50 105.06 - 243.7 9.6 HAN 205.00 -1.00 216.00 123.77 1.95 300.9 -31.9 LinTrain £ 1450 -12.50 1509.05 400.00
1183.8 2.85 22.5 Utilico Eme 194.75 0.50 252.00 135.00 3.95 224.8 -13.4 ProVenVCT 62.00 -0.50 70.00 55.00 6.45 65.8 -5.8 X FT Global 500 company
Baillie Gif 226.00 -1.50 231.00 111.00 1.37 220.7 2.4 HANA 205.00 - 212.00 125.00 1.95 300.9 -31.9 Lowland 1197.5 -7.50 1489.65 696.00
1220.1 5.01 -1.9 UIL Inv 191.50 - 254.00 109.75 4.05 337.8 -43.3 UnicornAIM 163.00 - 165.00 104.00 3.99 202.3 -19.4 ♦ trading ex-dividend
Bankers 1104 -4.00 1134 689.00 1.92 1079.2 2.3 Hen Div Inc 92.10 -0.10 96.00 55.47 4.78 93.2 -1.2 Majedie 226.00 4.00 262.20 134.00
272.1 5.04 -16.9 VEIL 545.00 -11.00 564.00 288.00 - 603.9 -9.8 ■ trading ex-capital distribution
Zero Dividend Preference Shares 52 Week HR
BB Healthca 177.50 0.50 183.50 98.68 2.73 176.1 0.8 HenEuroF 1450 -22.50 1481 860.72 2.16 1565.2 -7.4 Man&Lon 633.00 -9.00 704.00 420.00
628.6 2.37 0.7 Witan 230.50 0.50 235.50 130.00 2.39 235.6 -2.2 # price at time of suspension from trading
HenEuro 1492.5 -17.50 1520 804.00 2.08 1563.8 -4.6 Marwyn Val 107.50 1.00 119.75 71.00
155.9 - -31.0 WwideHlth♦ 3725 -40.00 3815 2159.52 0.67 3657.4 1.8 Price +/-Chg High Low SP WO TAV 0%
BH Global 1925 -35.00 2030 1490 - 1943.0 -0.9
HenFarEs 326.50 -2.50 374.00 236.30 7.01 318.1 2.6 MercantIT 247.50 -4.00 279.10 116.68
246.7 2.67 0.3 Abf Spl Inc 108.00 - 111.00 97.50 -28.8 -63.8 127.3
..USD $ 20.15 -0.35 21.00 15.30 - 20.0 0.8 Conventional - Private Equity 52 Week Dis(-) The prices listed are indicative and believed accurate at the time of publication.
HenHigh♦ 147.00 -3.25 195.00 100.03 6.73 158.1 -7.0 MrchTst 447.00 -11.50 569.00 293.00
443.7 6.09 0.7 UIL ZDP 202 105.00 - 110.90 80.00 -25.7 -30.6 151.5
BH Macro 3520 -20.00 3729.09 2550 - 3311.0 6.3 Price +/-Chg High Low Yld NAV or Pm No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 152.25 -1.25 178.00 99.30 3.94 160.9 -5.4 Mid Wynd 716.00 -3.00 726.00 420.00
697.8 0.96 2.6 UIL Limited 116.00 - 119.94 73.00 -34.7 -42.6 138.4
..USD $ 36.00 0.40 42.17 25.40 - 34.5 4.3 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1245 15.00 1290 499.93 2.09 1388.5 -10.3 Miton Globa 298.00 3.00 300.00 180.00
305.7 - -2.5 BGUSGROWTH 328.00 - 335.00 111.00 - 295.9 10.8 UIL Finance 135.00 - 136.00 92.00 -51.3 -68.7 147.0
BiotechGth 1576 -14.00 1658 648.00 - 1540.7 2.3 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 1056 -32.00 1142.68 470.00 2.23 1109.7 -4.8 Monks 1360 2.00 1380 618.00
1287.2 0.18 5.7 BMO PvtEq 307.50 -2.50 415.36 219.00 5.13 384.7 -20.1
BlckRCom
BlckRFrnt
78.40 - 84.80 36.20
118.50 -3.25 134.38 77.44
5.10
5.27
85.7
123.3
-8.5
-3.9 Herald 2245 -20.00 2307.77 877.00 - 2284.5 -1.7 MontanSm♦ 1652.5 2.50 1690 645.00
1599.4 0.56 3.3 Electra 281.00 1.50 399.90 121.81 - 353.4 -20.5 Investment Companies - AIM or use of the information.

HICL Infra 174.00 0.60 183.00 133.80 4.74 149.8 16.2 Mur Inc 832.00 -12.00 945.34 552.00
859.7 4.18 -3.2 HVPE 1946 14.00 2030 857.00 - 2346.0 -17.1 The London Share Service is a paid-for-print listing service and may not be
BlckRGtEur 530.00 -2.00 536.00 271.14 1.10 513.9 3.1 52 Week Dis(-)
Highbridge 237.00 1.50 238.00 154.00 - 252.5 -6.1 Mur Int 1130 -14.00 1270 760.08
1133.6 4.73 -0.3 HgCapital 305.00 - 312.00 148.40 1.57 299.5 1.8 fully representative of all LSE-listed companies. This service is available to all
BlckR I&G 171.50 - 214.00 117.00 4.20 190.4 -9.9 Price +/-Chg High Low Yld NAV or Pm
Impax Env. 422.50 -1.00 435.50 226.00 0.71 411.8 2.6 NewCityHY 52.00 - 61.80 22.90
48.9 8.56 6.3 ICG Ent Tr 958.00 2.00 1015 460.00 2.40 1117.0 -14.2 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRckLat 404.50 -0.50 509.20 250.00 6.20 437.0 -7.4 BB Biotech SFr 68.50 0.20 69.10 39.55 4.2 - -
Ind IT 519.00 -3.00 600.00 264.00 2.50 590.3 -12.1 New Star IT 122.00 - 125.00 88.00
168.9 1.15 -27.8 Pantheon In 2505 25.00 2620 1268.53 - 3010.9 -16.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRckNrAm♦ 165.75 -0.25 196.50 106.53 4.83 175.1 -5.3 CrysAmber 101.50 1.00 136.00 50.87 4.9 134.0 -24.3
IGC 83.90 1.30 86.00 32.20 - 98.1 -14.5 NorthAmer 244.50 -1.00 315.00 187.50
267.7 3.93 -8.7 PrincssPE €♦ 11.75 0.05 12.25 6.64 3.76 13.0 -9.6
BlckRSmlr 1740 10.00 1806 770.00 1.87 1715.2 1.4 Gresham Hou♦ 1375 -5.00 1386 830.00 1.7 1394.8 -1.4
IntBiotech 817.00 -8.00 860.00 451.00 3.04 801.6 1.9 NthAtSml 3735 -30.00 3840 2190
4399.6 0.80 -15.1 StdLfPv♦ 398.00 5.00 405.00 186.00 3.24 487.3 -18.3
BlckRThrmt 765.00 -5.00 790.00 315.60 1.33 745.1 2.7
BlckRWld 522.00 - 528.00 208.50 4.21 533.8 -2.2 Intl PP 170.20 0.60 176.80 122.80 4.22 145.5 17.0 Oryx Int 1320 40.00 1320 550.00
1384.0 - -4.6 Discretionary Unit Fund Mngrs 52 Week Dis(-)
Infra India 1.75 -0.05 4.43 0.60 - 18.2 -90.4
Data provided by Morningstar
BMO Cp&I 292.00 -5.00 358.00 181.50 3.94 295.9 -1.3 Inv AsiaTr 355.50 6.00 362.00 198.00 2.78 388.0 -8.4 PacAsset 320.50 - 326.00 198.09
341.1 0.94 -6.0 (1000)F
BMOGblSmlr 145.00 1.60 150.00 76.65 1.17 156.8 -7.5 Inv IncGro 268.00 -1.50 308.00 180.59 4.38 287.6 -6.8 PacHorzn 754.00 - 798.00 232.50
663.8 - 13.6 Price +/-Chg High Low Yld NAV or Pm
BMOMgdT 263.00 - 264.86 150.05 - 266.0 -1.1 IP EnInc 72.10 0.50 78.00 38.50 6.93 76.2 -5.4 PerpInc&Gr 244.50 1.50 342.00 157.20
- 6.11 - Right &ISS 2105 -75.00 2341 1251 1.53 2260.8 -6.9
BMOMgdT 129.50 - 146.00 85.00 4.71 132.2 -2.0 IPST BalR 152.50 3.00 150.00 124.00 - 159.5 -4.4 PerAsset♦ 45350 -250.00 47000 37650
44688. 1.23 1.5
BMO UK HIT 89.50 - 103.00 57.00 4.38 99.9 -10.4 IPST Gbl Eq 207.00 - 218.00 140.00 3.41 213.9 -3.2 0 Guide to FT Share Service
IPST Mngd 102.00 - 103.60 100.50 1.57 105.5 -3.3 PolarHealth 243.00 -1.00 258.00 163.00 0.86 269.5 -9.8
www.morningstar.co.uk
16 ★ FTWeekend 2 January/3 January 2021

MANAGED FUNDS SERVICE

SUMMARY FT.COM/FUNDS

Winners - EAA Fund Asia ex-Japan Equity Losers - EAA Fund Asia ex-Japan Equity Morningstar Star Ratings Global Broad Category Group - Equity

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

Baillie Gifford Pacific Fund 60.38 20.45 24.18 0.90 22.00 VT Halo Global Asian Consumer Fund -12.09 -4.40 2.37 -0.44 14.98 Asia Pacific Leaders A Shares Pound Sterling QQQQ QQQ QQQQ Sector Equity Alternative Energy US Dollar 84.42 28.94 17.80
Morgan Stanley Investment Funds - Asia Opportunity Fund 37.90 16.40 - 1.01 20.76 Hamon Asian Market Leaders Fund 11.80 -1.96 2.57 -0.10 20.70 Europe (ex-UK) Fund ACC-GBP Pound Sterling QQQQ QQQQ QQQQ Sweden Small/Mid-Cap Equity Swedish Krona 36.92 24.77 19.22
Allianz Total Return Asian Equity Fund 47.84 14.05 17.32 0.67 21.20 Asia Pacific Performance 7.15 -1.11 1.74 -0.02 22.05 MFM Techinvest Technology Acc Pound Sterling QQQ QQ QQ BRIC Equity Mexican Peso -13.60 24.38 -
JPM Asia Growth Fund 30.66 13.95 21.31 0.68 20.56 S.E.A. Asian Equity Discovery Fund 8.80 -0.72 3.58 -0.04 18.31 Charifund Inc Pound Sterling QQQ QQQQ QQQQ Sector Equity Technology US Dollar 47.60 22.17 22.71
Mirae Asset Global Discovery Fund - Asia Growth Equity Fund 49.46 13.93 13.94 0.83 22.11 Wealth Invest SK Invest Far East Equities 0.16 -0.36 -0.14 -0.06 21.99 Global Pound Sterling Q Q Q US Large-Cap Growth Equity US Dollar 40.90 21.09 18.37

Advertising Feature Performance Weightings - As of 30/09/2020 Top 10 Holdings - As of 30/09/2020

Sector Weighting Cat Avg. Holding Sector Weighting
Basic Materials 13.18% 7.20%
Jan 2018 - Jan 2021 Alibaba Group Holding Ltd Ordinary Shares Consumer Cyclical 6.95%
Prusik Asia Fund U Dist. Communication Services 12.62% 7.42%
Consumer Cyclical 26.85% 10.98%
Ping An Insurance (Group) Co. of China Ltd Financial Services 5.01%
Consumer Defensive - 5.67%
Energy 2.53% 3.24%
Samsung Electronics Co Ltd Technology 4.30%
Financial Services 8.03% 20.44%
Healthcare 2.01% 3.79%
NAVER Corp Communication Services 3.35%
Industrials 12.63% 8.16%
Real Estate 2.42% 5.72%
Poya International Co Ltd Consumer Cyclical 3.14%
Technology 10.15% 17.61%
Utilities - 1.95%
Rio Tinto Ltd Basic Materials 2.97%
Please remember that past performance is not necessarily a guide to future performance Cash & Equivalents 9.58% 7.19%
Firm Name Corporate - 0.46%
Tencent Holdings Ltd Communication Services 2.86%
Prusik Investment Management LLP Derivative - 0.07%
Fund Name Government - 0.08%
AIA Group Ltd Financial Services 2.85%
Prusik Asia Fund U Dist. Municipal - -
Morningstar Category Securitized - 0.01%
Suofeiya Home Collection Co Ltd Consumer Cyclical 2.79%
Asia-Pacific ex-Japan Equity
Max Annual Charge
China Conch Venture Holdings Ltd Industrials 2.73%
10.00 Risk Measures - As of 31/12/2020
3Yr Rating 1Yr 1Yr Cat Ave 3Yr 3Yr Cat Ave 5Yr 5Yr Cat Ave
QQQ Alpha 11.05 -1.30 1.34 -1.10 1.22 -0.94
Morningstar Sustainability Rating Beta 1.07 1.00 1.03 0.99 0.99 0.98
Fund Category Information Ratio 1.25 -0.41 0.15 -0.45 0.12 -0.42
Bid Price - KIID Ongoing Charge 1.60 R Squared 83.72% 90.96% 83.99% 91.34% 81.32% 91.09%
Offer Price - Day-End One Year Return 32.94 Day -0.16% Month 5.48% Year 32.94% Sharpe Ratio 1.23 0.54 0.44 0.38 0.74 0.54
+/- -0.39 Total Ret 3Yr 8.76 Std Dev 28.89 23.25 21.20 19.88 18.30 18.82
Information reproduced courtesy of Morningstar. While the Financial Times takes every care to ensure that the information is faithfully reproduced, the information is not verified by the Financial Times and therefore it accepts no liability for any loss which may arise relating to the Morningstar information.
© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Artemis US Select I Acc 270.44 - 0.50 0.17 US Equity Growth Fund USD B $ 55.07 - 0.08 0.00 Higher Income Cls A Inc 122.80 - -0.80 4.77 Fidelity Select 50 Balanced Fund PI-ACC-GBP £ 1.16 - 0.00 0.88

Artemis US Smlr Cos I Acc 312.15 - 1.50 0.02 American Fund USD B $ 30.27 - 0.12 0.00 Higher Income Cls B Inc 129.80 - -0.80 4.88 Fidelity Special Situations Fund W-ACC-GBP £ 34.51 - -0.41 3.27

US Smaller Companies Fund USD B $ 38.80 - 0.31 0.00 UK Equity Growth Cls A Inc 296.50 - -3.80 1.43 Short Dated Corporate Bond Fund Y ACC GBP £ 11.09 - 0.01 3.85

US Small Cap Blend Fund USD B $ 20.79 - 0.17 0.00 UK Equity Growth Cls B Inc 303.50 - -3.90 2.46 Fidelity Sustainable Water & Waste W Acc £ 1.10 - 0.01 0.05

US Flexible Equity Fund USD B $ 22.16 - 0.06 0.00 Amity Balanced For Charities A Inc 106.50 - -1.00 4.01 Fidelity UK Growth Fund W-ACC-GBP £ 3.34 - -0.05 1.14

Aberdeen Standard Capital (JER) Global Leaders Fund USD C $ 20.72 - 0.13 0.00 Amity European Fund Cls A Inc 274.20 - -2.20 0.99 Fidelity UK Select Fund W-ACC-GBP £ 3.22 - -0.05 2.26
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FCA Recognised Latin American Fund USD B $ 11.07 - 0.30 0.50 Amity European Fund Cls B Inc 277.40 - -2.30 1.76 Global Dividend Fund W-ACC-GBP £ 2.62 - -0.01 2.56
Aberdeen Standard Capital Offshore Strategy Fund Limited
US Sustainable Growth Fund USD C $ 23.84 - 0.11 0.00 Amity Global Equity Inc for Charities A Inc 148.40 - -0.50 2.25 Global Property Fund W-ACC-GBP £ 1.87 - 0.00 1.97
Bridge Fund £ 2.2344 - -0.0036 1.69

US Mid-Cap Growth Fund USD C $ 20.69 - 0.12 0.00 Amity International Cls A Inc 317.00 - -1.00 0.44 Global Special Sits W-ACC-GBP £ 50.42 - -0.15 0.67
Global Equity Fund £ 3.1810 - -0.0011 1.03

Amity International Cls B Inc 320.40 - -0.90 1.11 Index Emerging Markets P-Acc £ 1.88 - 0.01 1.98
Global Fixed Interest Fund £ 0.9996 - 0.0013 4.12

Amity Sterling Bond Fund A Inc 107.80 - 0.30 3.72 Index Europe ex UK P-Acc £ 1.70 - -0.01 2.38
Income Fund £ 0.6460 - -0.0029 2.41

Amity Sterling Bond Fund B Inc 120.20 - 0.30 3.71 Index Japan P-Acc £ 1.93 - -0.01 1.86
Sterling Fixed Interest Fund £ 0.9333 - 0.0038 2.82
Algebris Investments (IRL) Candriam Investors Group (LUX) DWS (LUX)
Index Pacific ex Japan P-Acc £ 1.74 - -0.02 3.09
UK Equity Fund £ 1.9990 - -0.0342 2.74 Regulated FCA Recognised Tel: +44 (0) 20 7541 8999 www.dws.com
FCA Recognised
Algebris Financial Credit I EUR € 187.45 - 0.34 0.00 Candriam Eqts L Australia Cap A$ 1526.57 - -19.24 0.00 Index UK P-Acc £ 1.31 - -0.02 4.11
DWS Invest Top Dividend £ 136.59 136.59 -0.72 3.01
Ashmore Investment Management Limited (LUX)
Algebris Financial Credit R EUR € 163.08 - 0.27 0.00 Candriam Qt-Eqts Europe Cap € 2718.05 - -9.88 0.00 Index US P-Acc £ 2.78 - 0.00 1.36
2 rue Albert Borschette L-1246 Luxembourg
DWS Invest Top Euroland £ 159.69 159.69 -0.69 1.33
FCA Recognised
Algebris Financial Credit Rd EUR € 109.78 - 0.19 4.71 Candriam Qt-Eqts USA Cap $ 3982.06 - 1.30 0.00 Index World P-Acc £ 2.29 - 0.00 1.70
Ashmore SICAV Emerging Market Debt Fund $ 94.01 - 0.11 4.59 DWS Invest Multi Opportunities £ 104.96 104.96 0.12 0.00
Algebris Financial Income I EUR € 153.29 - -0.68 0.00 MoneyBuilder Balanced Y-ACC-GBP £ 0.58 - 0.00 3.66
Ashmore SICAV Emerging Market Frontier Equity Fund $ 166.74 - 0.70 1.41 DWS Invest Global Bonds £ 103.21 103.21 0.00 0.00
Algebris Financial Income R EUR € 141.93 - -0.66 0.00 Ennismore Smaller Cos Plc (IRL) MoneyBuilder Dividend Y-INC-GBP £ 1.11 - -0.02 5.33
Ashmore SICAV Emerging Market Total Return Fund $ 83.37 - 0.14 3.91 5 Kensington Church St, London W8 4LD 020 7368 4220
Algebris Financial Income Rd EUR € 93.77 - -0.42 3.57 FCA Recognised MoneyBuilder Income Fund Y-ACC-GBP £ 14.97 - 0.06 2.86
Ashmore SICAV Global Small Cap Equity Fund $ 213.11 - 2.53 0.02
Ennismore European Smlr Cos NAV £ 135.73 - 1.18 0.00
Algebris Financial Equity B EUR € 110.81 - 1.88 0.00 Multi Asset Allocator Adventurous Fund Y-ACC-GBP £ 1.97 - -0.01 1.24
EM Active Equity Fund Acc USD $ 162.79 - 3.34 0.00
Ennismore European Smlr Cos NAV € 150.18 - 0.69 0.00
Algebris IG Financial Credit B EUR € 111.25 - 0.33 0.00 Multi Asset Allocator Defensive Fund Y-ACC-GBP £ 1.44 - 0.00 1.46
EM Equity Fund Acc USD $ 149.89 - 2.99 0.00
CCLA Investment Management Ltd (UK)
Candriam Investors Group
Algebris IG Financial Credit R EUR € 110.41 - 0.33 0.00 Multi Asset Allocator Growth Fund Y-ACC-GBP £ 1.81 - -0.01 1.31
Senator House 85 Queen Victoria Street London EC4V 4ET Other International Funds
EM Mkts Corp.Debt USD F $ 92.75 - 0.07 5.36
Authorised Inv Funds
Algebris Global Credit Opportunities I EUR € 129.65 - 0.10 0.00 Candriam Eqts L Emerging Mkts Cap € 1074.10 - 20.89 0.00 Multi Asset Income Fund W-INC-GBP £ 1.08 - 0.00 4.19
EM Mkts Loc.Ccy Bd USD F $ 80.71 - 0.20 4.38 Diversified Income 1 Units GBP Inc £ 1.55 1.55 -0.02 0.03
Algebris Global Credit Opportunities R EUR € 127.64 - 0.09 0.00 Candriam Bonds Credit Opportunities € 202.50 - 0.04 0.00 Multi Asset Allocator Strategic Fund Y-ACC-GBP £ 1.65 - 0.00 1.24
EM Short Duration Fund Acc USD $ 120.65 - -0.08 0.00 Diversified Income 2 Units GBP Inc £ 1.49 1.49 -0.02 0.03
Algebris Global Credit Opportunities Rd EUR € 127.64 - 0.09 0.00 Candriam Bds Euro High Yield Cap € 1255.37 - 0.31 0.00 Multi Asset Open Advent W-ACC-GBP £ 1.60 - 0.00 1.01
Diversified Income 3 Units GBP Inc £ 1.50 1.50 -0.02 0.03
Aegon Asset Management UK ICVC (UK) Algebris Core Italy I EUR € 122.38 - 0.55 0.00 Candriam Bds Euro Sh.Term Cap € 2081.82 - -0.40 0.00 Multi Asset Open Defen W-ACC-GBP £ 1.39 - 0.00 0.25
3 Lochside Crescent, Edinburgh, EH12 9SA The Public Sector Deposit Fund
Ennismore European Smlr Cos Hedge Fd
0800 358 3009 www.aegonam.com Algebris Core Italy R EUR € 114.40 - 0.51 0.00 The Public Sector Deposit Fund-share class 1 ♦ F * 100.00 - 0.00 0.12 Other International Funds Multi Asset Open Growth Fund W-ACC-GBP £ 1.54 - 0.00 1.15
Authorised Funds
Algebris Allocation I EUR € 104.02 - 0.22 0.00 The Public Sector Deposit Fund-share class 4 ♦ F * 100.00 - 0.00 0.05 NAV € 535.71 - 7.61 0.00 Multi Asset Open Strategic Fund W-ACC-GBP £ 1.48 - 0.00 0.67
Diversified Monthly Inc B Acc 151.48 - -0.12 4.83

Open World Fund W-ACC-GBP £ 1.96 - 0.00 1.05

Diversified Monthly Inc B Inc 107.60 - -0.09 4.97

Strategic Bond Fund Y-ACC-GBP £ 1.39 - 0.00 1.82

Diversified Growth B Acc £ 1.88 - 0.00 2.58 Atlantas Sicav (LUX) Dodge & Cox Worldwide Funds (IRL)
48-49 Pall Mall, London SW1Y 5JG.
Regulated UK Opportunities Fund W-ACC-GBP 257.50 - -3.00 1.26
Ethical Cautious Managed B Acc £ 1.49 - -0.01 1.59 www.dodgeandcox.worldwide.com 020 3713 7664
American Dynamic $ 6770.92 6770.92 93.09 0.00 FCA Recognised
Ethical Cautious Managed B Inc £ 1.29 - -0.01 1.60
Chartered Asset Management Pte Ltd UK Smaller Companies W-ACC-GBP £ 2.85 - -0.02 1.81
Dodge & Cox Worldwide Funds plc - Global Bond Fund
American One $ 6401.47 6401.47 36.26 0.00 Other International Funds
Institutional OEIC Funds
EUR Accumulating Class € 14.90 - -0.06 0.00
Ethical Corporate Bond B Acc £ 2.20 - 0.01 2.69 CAM-GTF Limited $ 320238.08 320238.08 -4382.36 0.00
Bond Global € 1491.74 1491.74 -1.59 0.00 America £ 7.40 - 0.00 0.32
The Antares European Fund Limited CCLA Investment Management Ltd (UK) Equinox Fund Mgmt (Guernsey) Limited (GSY)
EUR Accumulating Class (H) € 11.74 - 0.05 0.00
Ethical Corporate Bond B Inc £ 1.11 - 0.00 2.69 Other International CAM GTi Limited $ 788.22 - -58.29 0.00 Regulated
Senator House 85 Queen Victoria Street London EC4V 4ET Emerging Markets £ 6.40 - 0.04 0.38
Eurocroissance € 1229.90 1229.90 20.55 0.00
Property & Other UK Unit Trusts EUR Distributing Class € 11.60 - -0.05 2.60 Equinox Russian Opportunities Fund Limited $ 190.42 - 5.57 0.00
Ethical Equity B Acc £ 2.51 - -0.04 1.53 AEF Ltd Usd (Est) $ 554.59 - -2.32 0.00 Raffles-Asia Investment Company $ 1.53 1.53 0.08 1.96
Far East $ 1253.44 - 36.46 0.00 CBF Church of England Funds Europe (ex-UK) Fund ACC-GBP £ 7.27 - -0.02 0.53
AEF Ltd Eur (Est) € 518.82 - -2.21 0.00 EUR Distributing Class (H) € 9.09 - 0.03 2.50
Global Equity GBP B Acc £ 3.20 - 0.02 0.00 Investment Inc 2039.87 2047.97 -14.08 2.86
Fidelity Pre-Retirement Bond Fund £ 169.50 - 1.10 1.68
GBP Distributing Class £ 12.79 - -0.01 2.63
High Yield Bond B Acc £ 3.17 - 0.00 5.06 Investment Acc 4915.06 4934.56 -33.92 0.00
Global Focus £ 6.16 - 0.00 0.35
GBP Distributing Class (H) £ 9.59 - 0.04 2.54
High Yield Bond B Inc £ 0.98 - 0.00 5.06 Global Equity Inc 262.94 263.42 -2.95 2.77
Index Linked Bond Gross £ 4.78 - 0.05 0.10
USD Accumulating Class $ 13.21 - 0.06 0.00
Investment Grade Bond B Acc 204.26 - 0.63 1.51 Global Equity Acc 462.84 463.68 -5.19 0.00
Japan £ 4.16 - -0.01 0.39
Dodge & Cox Worldwide Funds plc-Global Stock Fund
Investment Grade Bond B Inc £ 1.35 - 0.01 2.26 UK Equity Inc 189.47 190.05 2.92 3.37
USD Accumulating Share Class $ 24.95 - 0.23 0.00 Long Bond Gross £ 1.29 - 0.02 1.44
Euronova Asset Management UK LLP (CYM)
Sterling Corporate Bond B Acc £ 0.97 - 0.00 2.74 UK Equity Acc 336.71 337.75 5.18 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
Regulated
Barclays Investment Funds (CI) Ltd (JER) Stuart House, St John's Street, Peterborough, PE1 5DD GBP Accumulating Share Class £ 30.15 - 0.11 0.00 Pacific (Ex Japan) £ 5.42 - -0.03 2.25
Sterling Corporate Bond B Inc £ 0.36 - 0.00 2.74 Arisaig Partners 39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
Fixed Interest Inc 169.43 170.37 -0.75 3.30 Dealing & Client Services 0345 850 8818 Smaller Cos Cls One Shares € 53.64 - 1.02 0.00
Other International Funds FCA Recognised GBP Distributing Share class £ 20.76 - 0.08 0.68 Select Emerging Markets Equities £ 2.45 - 0.02 0.44
Authorised Inv Funds
Strategic Bond B Acc £ 1.54 - 0.00 3.54 Bond Funds Fixed Interest Acc 624.45 627.92 -2.76 0.00 Smaller Cos Cls Two Shares € 35.33 - 0.81 0.00
Arisaig Asia Consumer Fund Class A (Ex-Alcohol) shares $ 127.93 - 1.81 0.00
Consistent UT Inc 57.39 59.48 -0.29 1.12 EUR Accumulating Share Class € 30.48 - 0.01 0.00 Select Global Equities £ 5.04 - 0.07 0.78
Sterling Bond F £ 0.50 - 0.00 2.17
Strategic Bond B Inc £ 1.43 - 0.00 3.54 Arisaig Asia Consumer Fund Limited $ 127.53 - 1.95 0.00 Property Fund Inc 128.74 133.05 1.86 5.15 Smaller Cos Cls Three Shares € 18.05 - 0.66 0.00
Consistent UT Acc 152.90 158.60 -0.80 1.12 GBP Distributing Class (H) £ 12.11 - 0.10 0.31 South East Asia £ 7.12 - 0.01 1.17
UK Equity B Acc £ 3.24 - -0.05 2.34 Arisaig Global Emerging Markets Consumer Fund $ 17.16 - 0.27 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund Smaller Cos Cls Four Shares € 23.40 - 1.04 0.00
Practical Investment Inc 237.90 256.00 -2.60 3.24 Sterling Core Plus Bond Gr Accum £ 3.28 - 0.03 2.03
UK Equity Absolute Return B Acc £ 1.26 - 0.00 0.00 USD Accumulating Share Class $ 30.67 - 0.16 0.00
Arisaig Global Emerging Markets Consumer UCITS € 12.85 - -0.01 -
Practical Investment Acc 1387.00 1493.00 -15.00 3.24 UK £ 4.31 - -0.06 2.63
UK Equity Income B Acc £ 2.52 - -0.04 4.34 GBP Accumulating Share Class £ 35.04 - -0.01 0.00
Arisaig Global Emerging Markets Consumer UCITS STG £ 14.50 - -0.10 -
UK Aggreg Bond Gr Accum £ 2.50 - 0.02 1.69
UK Equity Income B Inc £ 1.55 - -0.03 4.47 GBP Distributing Share Class £ 21.29 - 0.00 0.71
Arisaig Latin America Consumer Fund $ 26.56 - 0.06 0.00
Sterling Corporate Bond - Gross £ 3.10 - 0.01 2.22
UK Opportunities B Acc £ 2.43 - -0.04 1.11 EUR Accumulating Share Class € 32.35 - -0.11 0.00
UK Gilt Gross £ 2.70 - 0.02 1.22
UK Smaller Companies B Acc £ 4.51 - -0.04 0.87 CCLA Fund Managers Ltd (UK) GBP Distributing Class (H) £ 12.66 - 0.05 0.71
Senator House 85 Queen Victoria Street London EC4V 4ET Sterling Long Corp Bond - Gross £ 3.85 - 0.03 2.59
Property & Other UK Unit Trusts
COIF Charity Funds (UK)

Investment Inc 1821.56 1828.79 29.30 2.94

Investment Acc 20744.94 20827.25 333.63 0.00

Ethical Invest Inc 278.76 279.86 4.30 3.03

Ethical Invest Acc 426.73 428.42 6.58 0.00

Aegon Asset Management UK Investment Portfolios ICVC (UK)
3 Lochside Crescent, Edinburgh, EH12 9SA Brooks Macdonald International Fund Managers Limited (JER) Global Equity Inc 250.12 250.58 4.24 2.74 Findlay Park Funds Plc (IRL)
5 Anley Street, St Helier, Jersey, JE2 3QE 30 Herbert Street, Dublin 2, Ireland Tel: 020 7968 4900
0800 358 3009 www.aegonam.com
+44 (0) 1534 700 104 (Int.) +44 (0) 800 735 8000 (UK) Global Equity Acc 444.95 445.76 7.55 0.00 FCA Recognised
Authorised Funds
FIL Investment Services (UK) Limited (1200)F (UK)
Brooks Macdonald International Investment Funds Limited American EUR Unhedged Class € 128.31 - -0.68 -
Property Income B Acc 114.09 114.09 -1.35 4.25 Fixed Interest Inc 142.63 143.42 1.12 3.15 130, Tonbridge Rd, Tonbridge TN11 9DZ
Euro High Income € 1.5643 - 0.0011 2.50 Callfree: Private Clients 0800 414161
Property Income B Inc 84.59 84.59 -1.00 4.35
CP Global Asset Management Pte. Ltd. Broker Dealings: 0800 414 181
American Fund USD Class $ 157.82 - -0.08 0.00
Fixed Interest Acc 969.60 974.99 7.56 0.00
High Income £ 0.8913 - 0.0035 3.77 www.cpglobal.com.sg, Tel: +65 6466 6990
OEIC Funds
International Mutual Funds American Fund GBP Hedged £ 79.49 - -0.06 0.00
Property Inc 110.14 113.83 0.08 5.17
Sterling Bond £ 1.6535 - 0.0081 2.06 Allocator World Fund Y-ACC-GBP £ 2.33 - -0.01 1.35
Artemis Fund Managers Ltd (1200)F (UK)
Local Authorities Property Fd (LAMIT) (UK)
CP Multi-Strategy Fund $ 239.14 - -0.86 -
American Fund GBP Unhedged £ 115.95 - -1.07 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Brooks Macdonald International Multi Strategy Fund Limited American Special Sits W-ACC-GBP £ 16.23 - 0.04 0.77
Authorised Inv Funds Property 279.54 303.11 0.71 4.81
Cautious Balanced Strategy £ 1.3541 - -0.0026 0.00
Artemis Capital I Acc £ 17.05 - -0.27 3.44 Dragon Capital Asia Pacific Ops W-Acc £ 2.79 - 0.01 1.09
Growth Strategy £ 1.9695 - -0.0102 0.00 www.dragoncapital.com
Artemis Corporate Bond I Acc £ 1.15 - 0.01 2.06 Fund information:info@dragoncapital.com Asian Dividend Fund W-ACC-GBP £ 2.08 - 0.00 2.98
High Growth Strategy £ 2.7069 - -0.0140 0.00 Other International Funds
Artemis European Growth I Acc £ 3.50 - -0.03 2.71 China Consumer Fund W-ACC-GBP £ 4.08 - 0.06 0.40
Vietnam Equity (UCITS) Fund A USD $ 25.85 - 0.29 0.00
Aegon Asset Management Investment Company (Ireland) (IRL) US$ Growth Strategy $ 1.9191 - 0.0053 0.00
1 North Wall Quay Dublin 1, Ireland +35 3162 24493 Artemis European Opps I Acc £ 1.20 - -0.01 1.56 Emerging Asia Fund W-ACC-GBP £ 2.10 - 0.01 0.83
FCA Recognised Dealing Daily. Initial charge up to 2%
Artemis Global Emerging Mkts I Acc 146.77 - 0.24 - Enhanced Income Fund W-INC-GBP £ 0.78 - -0.01 7.89
Absolute Return Bond B GBP Acc 1155.85 - 0.03 1.61
CP Capital Asset Management Limited First State Investments (UK) (1200)F (UK)
www.cpgbl.com, email: fundservices@cpgbl.com
European Fund W-ACC-GBP £ 20.10 - -0.09 1.53 23 St Andrew Square, Edinburgh, EH2 1BB
Artemis Global Growth I Acc £ 3.15 - 0.00 2.24 CG Asset Management Limited (IRL) International Mutual Funds
High Yield Global Bond A GBP Inc 513.57 - 0.02 4.49 enquiries@firststate.co.uk
25 Moorgate, London, EC2R 6AY
Artemis Global Income I Inc £ 0.95 - 0.00 3.22 CPS Master Private Fund $ 332.67 - -0.01 - Extra Income Fund Y-ACC-GBP £ 1.45 - 0.01 3.25 Client Services: 0800 587 4141 Dealing Line: 0800 587 3388
Dealing: Tel. +353 1434 5098 Fax. +353 1542 2859
High Yield Global Bond B GBP Inc 1099.86 - 0.07 5.23 Authorised Funds
FCA Recognised
Artemis Global Select I Acc £ 1.54 - 0.00 0.57 CP Global Alpha Fund $ 272.42 - -0.24 - FID INST - Emerging Markets Fund W-ACC-GBP £ 2.12 - 0.01 0.49
Global Equity Income B GBP Acc 2088.96 - -0.78 0.00 CG Portfolio Fund Plc Asia-All Cap Acc GBP £ 1.86 - 0.00 0.93

Artemis High Income I Q Inc £ 0.79 - 0.00 4.56 Absolute Return Cls M Inc £ 132.28 132.28 0.75 1.33 Fidelity American Fund W-ACC-GBP £ 53.44 - -0.04 0.31
Global Equity Income B GBP Inc 1455.44 - -8.32 3.19 Asia Focus Acc GBP £ 2.34 - -0.01 1.03

Artemis Income I Inc £ 2.28 - -0.05 3.60 Capital Gearing Portfolio GBP P £ 36297.11 36297.11 219.57 0.84 Fidelity Asia Fund W-ACC-GBP £ 18.66 - 0.10 0.84
lobal Equity Market Neutral Fund - B Acc GBP £ 12.45 - 0.06 0.00 Diversified Growth B Acc £ 1.20 - -0.01 1.22

Artemis Monthly Dist I Inc £ 0.71 - 0.00 3.40 Capital Gearing Portfolio GBP V £ 176.53 176.53 1.07 0.84 Fidelity Cash Fund Y-ACC-GBP £ 1.02 - 0.00 0.66
Global Sustainable Equity B Acc GBP £ 28.14 - 0.20 0.00 Emerging Markets Bond A Accumulation £ 1.44 - 0.00 4.65

Artemis Strategic Assets I Acc £ 0.83 - -0.02 0.08 Dollar Fund Cls D Inc £ 167.90 167.90 -0.88 1.45 FID Emerg Europe, Middle East and Africa Fund W-ACC-GBP £ 2.36 - 0.00 3.96
Global Sustainable Equity C Acc GBP £ 28.55 - 0.20 0.00 Emerging Markets Bond A Income £ 0.98 - 0.00 4.83

Artemis Strategic Bond I Q Acc £ 1.12 - 0.01 2.34 Dollar Hedged GBP Inc £ 106.96 106.96 -0.03 1.30 Fidelity European Opportunities W Acc £ 5.30 - -0.03 1.04
Inv Grd Gbl Bond A Inc GBH 630.63 - 1.21 1.81 Global Listed Infrastructure Acc 275.55 - -0.65 2.89

Artemis Target Return Bond I Acc £ 1.06 - 0.00 1.98 Real Return Cls A Inc £ 205.99 205.99 -0.68 1.62 Fidelity Global Enhanced Income Fund W-ACC-GBP £ 2.05 - -0.01 3.64
Short Dated High Yld Bd B Acc GBP £ 11.04 - 0.00 0.00 Global Listed Infrastructure Inc 184.69 - -0.43 2.96

Artemis UK Select Fund Class I Acc £ 6.70 - -0.11 2.67 Fidelity Global Focus Fund W-ACC-GBP £ 34.04 - 0.08 0.19
Short Dated High Yld Bd C Acc GBP (Hdg) £ 11.15 - 0.00 0.00 Global Property Securities A Accumulation 226.59 - -0.16 2.24

Artemis UK Smaller Cos I Acc £ 17.09 - -0.14 2.51 EdenTree Investment Management Ltd (UK) Fidelity Global High Yield Fund Y-ACC-GBP £ 15.62 - 0.01 3.59
Strategic Global Bond A GBP Inc 1326.99 - 2.89 2.70 Global Property Securities A Income 157.49 - -0.12 2.26
PO Box 3733, Swindon, SN4 4BG, 0800 358 3010
Artemis UK Special Sits I Acc £ 7.07 - -0.14 2.13 Brown Advisory Funds plc (IRL)
Authorised Inv Funds Fidelity Japan Fund W-ACC-GBP £ 5.06 - -0.01 0.56
Strategic Global Bond B GBP Inc 753.44 - 1.66 3.45 Greater China Growth A Shares 1195.59 - 4.63 0.60
http://www.brownadvisory.com Tel: 020 3301 8130
Artemis US Abs Return I Hdg Acc 114.28 - 0.09 0.38 FCA Recognised Amity UK Cls A Inc 238.30 - -3.80 1.23 Fidelity Japan Smaller Companies Fund W-ACC-GBP £ 4.31 - -0.01 0.34
Japan Focus Acc GBP £ 2.88 - -0.03 0.00
Global Leaders Sustainable Fund USD C $ 12.57 - 0.10 0.00 Amity UK Cls B Inc 238.30 - -3.70 2.22
Artemis US Extended Alpha I Acc 280.38 - -0.49 0.00 Fidelity Multi Asset Income Fund W Acc £ 1.11 - 0.00 3.53
 2 January/3 January 2021 ★ FTWeekend 17

MANAGED FUNDS SERVICE

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

Janus Henderson Multi-Manager Income & Growth Fund A Inc 155.60 - 0.00 2.33 US Multi-Cap Income 628.17 628.17 -0.90 1.33 LF Ruffer Total Return O Acc 493.75 - -0.72 0.83 Data Provided by
MFM - Third Party Funds
Janus Henderson Multi-Manager Managed Fund A Acc 305.30 - -1.20 0.41 LF Ruffer Total Return O Inc 319.34 - -0.47 0.84
Junior Oils 35.61 35.61 0.21 0.00
Janus Henderson Multi-Manager Managed Fund A Inc 295.60 - -1.10 0.42
Junior Gold C Acc 55.09 55.09 0.61 0.00
Janus Henderson Sterling Bond Unit Trust Acc 257.80 - 1.00 1.30
MFM Bowland 311.11 311.11 -0.57 0.65
Janus Henderson Sterling Bond Unit Trust Inc 72.56 - 0.29 1.30

Janus Henderson Strategic Bond Fund A Inc 134.40 - 0.10 3.03

MFM Hathaway Inc 158.89 158.89 2.30 0.71
Polar Capital LLP (CYM) www.morningstar.co.uk
MFM Techinvest Special Situations Acc 210.31 210.31 3.98 0.00 Regulated
Data as shown is for information purposes only. No
Janus Henderson UK & Irish Smaller Companies Fund A Acc 706.80 - -3.70 0.00 European Forager A EUR € 185.24 - 17.13 0.00 offer is made by Morningstar or this publication.
MFM Techinvest Technology Acc 911.97 911.97 2.34 0.00
Janus Henderson UK Absolute Return Fund A Acc 162.00 - -0.20 0.00
MFM UK Primary Opportunities A Inc 427.63 427.63 -3.67 1.48
Janus Henderson UK Alpha Fund A Acc 150.30 - -2.20 0.29

Janus Henderson UK Equity Income & Growth Fund A Inc 477.20 - -5.40 3.19

Janus Henderson UK Property PAIF A Acc £ 2.30 2.41 0.00 2.98

Guide to Data
Janus Henderson UK Property PAIF A Inc £ 0.95 1.00 0.00 3.04
Foord Asset Management Oasis Crescent Management Company Ltd Toscafund Asset Management LLP (UK) The fund prices quoted on these pages are supplied by
Website: www.foord.com - Email: info@foord.com
Janus Henderson US Growth Fund A Acc 1666.00 - -6.00 0.00
Other International Funds Private Fund Mgrs (Guernsey) Ltd (GSY) www.toscafund.com the operator of the relevant fund. Details of funds
FCA Recognised - Luxembourg UCITS Regulated Authorised Funds published on these pages, including prices, are for the
Oasis Crescent Equity Fund R 10.91 - 0.01 0.21 purpose of information only and should only be used
Foord International Fund | R $ 46.19 - 0.37 - Marwyn Asset Management Limited (CYM) Monument Growth 22/12/2020 £ 530.70 535.88 14.50 0.00 Aptus Global Financials B Acc £ 3.85 - -0.02 4.19
Rubrics Global UCITS Funds Plc (IRL) as a guide. The Financial Times Limited makes no
Regulated representation as to their accuracy or completeness
www.rubricsam.com
Foord Global Equity Fund (Lux) | R $ 17.56 - 0.32 - Aptus Global Financials B Inc £ 2.68 - -0.02 5.37 and they should not be relied upon when making an
Marwyn Value Investors £ 340.40 - -14.66 0.00 Regulated
investment decision.
Regulated
Rubrics Emerging Markets Fixed Income UCITS Fund $ 142.44 - 0.06 0.00
The sale of interests in the funds listed on these pages
Foord Global Equity Fund (Sing) | B $ 21.47 - 0.32 0.00
may, in certain jurisdictions, be restricted by law and
Rubrics Global Credit UCITS Fund $ 17.80 - 0.00 0.00
the funds will not necessarily be available to persons
Foord International Trust (Gsy) $ 45.99 - 0.37 0.00 in all jurisdictions in which the publication circulates.
Rubrics Global Fixed Income UCITS Fund $ 182.15 - 0.07 0.00 Persons in any doubt should take appropriate
Kleinwort Hambros Bank Limited (UK)
professional advice. Data collated by Morningstar. For
5TH Floor, 8 St James's Square, London, SW1Y 4JU other queries contact reader.enquiries@ft.com +44
Dealing and enquiries: 033 0024 0785 OGM Oasis Crescent Global Investment Funds (UK) ICVC (UK) (0)207 873 4211.
Authorised Inv Funds Regulated Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331 The fund prices published in this edition along with
Unit Trust Manager/ACD - Host Capital OGM Oasis Crescent Global Short Term Income Fund USD Class A Shares (Dist) $ 0.99 - 0.00 1.95 Regulated Toscafund Asset Management LLP additional information are also available on the
HC Kleinwort Hambros Growth A Acc 236.89 - 0.45 1.36 McInroy & Wood Portfolios Limited (UK)
Financial Times website, www.ft.com/funds. The
Prusik Asian Equity Income B Dist $ 180.13 - -0.50 4.25 www.toscafund.com
Easter Alderston, Haddington, EH41 3SF 01620 825867 OGM Oasis Crescent Global Equity Fund USD Class A Shares (Dist) $ 35.12 - 0.03 0.24 funds published on these pages are grouped together
HC Kleinwort Hambros Growth A Inc 214.93 - 0.42 1.38 Authorised Inv Funds Tosca A USD $ 340.23 - 33.46 - by fund management company.
OGM Oasis Crescent Variable Fund GBP Class A Shares (Dist) £ 9.51 - -0.05 0.00 Prusik Asia Emerging Opportunities Fund A Acc $ 189.97 - 1.74 0.00
Balanced Fund Personal Class Units 5696.20xd - -12.90 1.33
HC Kleinwort Hambros Equity Income A Inc 94.69 - -0.45 3.06 Tosca Mid Cap GBP £ 180.86 - 27.47 - Prices are in pence unless otherwise indicated. The
Franklin Templeton International Services Sarl (IRL) OGM Oasis Crescent Global Income Fund USD Class A Shares (Dist) $ 11.13 - 0.01 2.59 Prusik Asia Fund U Dist. £ 237.17 - -0.39 0.00 change, if shown, is the change on the previously
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland Income Fund Personal Class Units 2725.00xd - -12.30 2.52 Scottish Friendly Asset Managers Ltd (UK) quoted figure (not all funds update prices daily). Those
HC Kleinwort Hambros Equity Income A Acc 173.90 - -0.83 4.50 Tosca Opportunity B USD $ 274.77 - 41.76 -
Other International Funds Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 designated $ with no prefix refer to US dollars. Yield
OGM Oasis Crescent Global Low Equity Fund USD Class D Shares (Dist) $ 12.61 - 0.01 0.80
Franklin Emerging Market Debt Opportunities Fund Plc Emerging Markets Fund Personal Class Units 2337.40xd - 1.40 1.57 Authorised Inv Funds percentage figures (in Tuesday to Saturday papers)
HC Kleinwort Hambros Multi Asset Balanced A Acc 178.07 - 0.31 0.81 Pegasus Fund Ltd A-1 GBP £ 43.14 - 6.53 0.00
allow for buying expenses. Prices of certain older
Franklin Emg Mkts Debt Opp CHFSFr 14.42 - 0.03 9.09 OGM Oasis Crescent Global Medium Equity Fund USD Class A Shares (Dist) $ 13.78 - 0.01 0.32 Managed Growth ♦ 310.30 - -1.10 0.00 insurance linked plans might be subject to capital
Smaller Companies Fund Personal Class Units 7064.30xd - -10.40 1.03
HC Kleinwort Hambros Multi Asset Balanced A Inc 168.30 - 0.29 0.81 gains tax on sales.
Franklin Emg Mkts Debt Opp GBP £ 9.44 - 0.03 6.01 OGM Oasis Crescent Global Property Equity Fund USD Class A Shares (Dist) $ 8.11 - 0.00 1.10 UK Growth ♦ 369.40 - -1.50 0.00
HC Kleinwort Hambros Fixed Income A Acc 139.24 - 0.05 3.44 Guide to pricing of Authorised Investment Funds:
Franklin Emg Mkts Debt Opp SGD S$ 20.77 - 0.10 4.34 (compiled with the assistance of the IMA. The
HC Kleinwort Hambros Fixed Income A Inc 110.48 - 0.04 3.44 Investment Management Association, 65 Kingsway,
London WC2B 6TD.
Franklin Emg Mkts Debt Opp USD $ 16.58 - 0.11 6.17
Tel: +44 (0)20 7831 0898.)
Purisima Investment Fds (UK) (1200)F (UK)
65 Gresham Street, London, EC2V 7NQ OEIC: Open-Ended Investment Company. Similar to a
Order Desk and Enquiries: 0345 922 0044 unit trust but using a company rather than a trust
structure.
Authorised Inv Funds

Milltrust International Managed Investments ICAV (IRL)

Authorised Corporate Director - Link Fund Solutions
Slater Different share classes are issued to reflect a different
currency, charging structure or type of holder.

Investments
mimi@milltrust.com, +44(0)20 8123 8316 www.milltrust.com Global Total Fd PCG A 347.04 - -0.10 0.52
Omnia Fund Ltd
Regulated
Other International Funds Selling price: Also called bid price. The price at which
Global Total Fd PCG B 343.65 - -0.10 0.33
British Innovation Fund £ 121.92 - 2.89 0.00 units in a unit trust are sold by investors.
Estimated NAV $ 621.90 - 60.56 0.00
Global Total Fd PCG INT 338.94 - -0.10 0.13 Buying price: Also called offer price. The price at
MAI - Buy & Lease (Australia) A$ 102.95 - -0.80 0.00
which units in a unit trust are bought by investors.
Includes manager’s initial charge.
MAI - Buy & Lease (New Zealand)NZ$ 97.26 - -0.02 0.00
Single price: Based on a mid-market valuation of the
Milltrust Global Emerging Markets Fund - Class A $ 114.49 - 0.44 0.00 underlying investments. The buying and selling price
for shares of an OEIC and units of a single priced unit
The Climate Impact Asia Fund (Class A) $ 112.68 - 5.26 - trust are the same.

Treatment of manager’s periodic capital charge:

The letter C denotes that the trust deducts all or part
Slater Investments Ltd (UK) of the manager’s/operator’s periodic charge from
www.slaterinvestments.com; Tel: 0207 220 9460 Troy Asset Mgt (1200) (UK) capital, contact the manager/operator for full details
Purisima Investment Fds (CI) Ltd (JER) 65 Gresham Street, London, EC2V 7NQ of the effect of this course of action.
FCA Recognised
Regulated Order Desk and Enquiries: 0345 608 0950
Lazard Fund Managers Ltd (1200)F (UK)
Slater Growth 675.35 675.35 1.14 0.00 Exit Charges: The letter E denotes that an exit charge
Fundsmith LLP (1200)F (UK) P.O. Box 364, Darlington, DL1 9RD PCG B X 292.93 - -0.61 0.00 Authorised Inv Funds
Oryx International Growth Fund Ltd Authorised Corporate Director - Link Fund Solutions
may be made when you sell units, contact the
PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815 Dealing: 0870 6066408, Info: 0870 6066459 Other International Funds manager/operator for full details.
Slater Income A Inc 130.28 130.28 0.15 5.22
www.fundsmith.co.uk, enquiries@fundsmith.co.uk Authorised Inv Funds PCG C X 286.16 - -0.60 0.00 Trojan Investment Funds
Authorised Inv Funds Lazard Investment Funds (OEIC) B Share Class NAV (Fully Diluted) £ 9.10 - -0.52 0.00 Time: Some funds give information about the timing of
Slater Recovery 317.61 317.61 2.27 0.00 Spectrum Fund O Acc 257.54 - 0.07 0.23
Milltrust International Managed Investments SPC price quotes. The time shown alongside the fund
Fundsmith Equity T Acc 549.31 - -3.21 0.24 Developing Markets Acc 148.29 - 0.30 0.00 manager’s/operator’s name is the valuation point for
em@milltrust.com, +44(0)20 8123 8316, www.milltrust.com
Slater Artorius 285.90 285.90 14.36 0.00 Spectrum Fund O Inc 244.66 - 0.07 0.23 their unit trusts/OEICs, unless another time is
Regulated
Fundsmith Equity T Inc 502.58 - -2.93 0.24 Developing Markets Inc 146.04 - 0.29 0.00 indicated by the symbol alongside the individual unit
Milltrust Alaska Brazil SP A $ 74.26 - 0.12 - Trojan Ethical O Acc 118.89 - -0.07 0.10 trust/OEIC name.
Emerging Markets Acc 344.07 - -0.32 1.46
Milltrust Laurium Africa SP A $ 97.14 - 1.35 - Trojan Ethical O Inc 118.65 - -0.08 0.09 The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Emg Mkts Inc 279.82 - -0.26 1.48 Asset Management 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to

set Management Milltrust Marcellus India Fund $ 122.78 - 0.83 - Trojan Ethical Income O Acc 134.66 - -1.61 2.51
midnight. Daily dealing prices are set on the basis of
European Alpha Acc
Asset Management 984.57 - -4.62 0.06
Milltrust Singular ASEAN SP Founders $ 154.87 - 2.39 -
Asset Management Trojan Ethical Income O Inc 118.12 - -1.41 2.43
the valuation point, a short period of time may elapse
before prices become available. Historic pricing: The
letter H denotes that the managers/operators will
European Alpha Inc 860.24 - -4.03 0.11 normally deal on the price set at the most recent
Milltrust SPARX Korea Equity SP A $ 171.92 - 4.85 - Trojan Fund O Acc 352.44 - -0.87 0.35 valuation. The prices shown are the latest available
European Smaller Cos Acc 722.14 - -5.69 0.00 before publication and may not be the current dealing
Milltrust VTB Russia Fund SP $ 122.44 - -0.20 - Trojan Fund O Inc 285.41 - -0.70 0.35 levels because of an intervening portfolio revaluation
GAM Global Equity Income Acc 192.74 - -0.01 2.87 or a switch to a forward pricing basis. The
funds@gam.com, www.funds.gam.com Milltrust Xingtai China SP A $ 143.95 - 2.58 - Trojan Global Equity O Acc 434.79 - -1.12 0.23 managers/operators must deal at a forward price on
Regulated request, and may move to forward pricing at any time.
Global Equity Income Inc 103.87 - 0.00 2.92
Forward pricing: The letter F denotes that that
Trojan Global Equity O Inc 358.76 - -0.93 0.23
LAPIS GBL TOP 50 DIV.YLD-Na-D £ 98.93 - -0.66 3.23 managers/operators deal at the price to be set at the
Managed Bal Inc 186.31 - -1.32 1.19 next valuation.
Trojan Global Income O Acc 133.92 - -1.26 2.98
LAPIS GBL F OWD 50 DIV.YLD-Na-D £ 100.81 - -0.64 0.69
UK Income Acc 1371.78 - -22.61 3.41 Investors can be given no definite price in advance of
Trojan Global Income O Inc 118.58 - -1.11 3.04 the purchase or sale being carried out. The prices
UK Income Inc 541.17 - -8.92 3.49 appearing in the newspaper are the most recent
Ram Active Investments SA Trojan Income O Acc 330.97 - -5.32 3.49 provided by the managers/operators. Scheme
UK Omega Acc 244.84 - -4.56 1.19 Orbis Investments (U.K.) Limited (GBR) www.ram-ai.com particulars, prospectus, key features and reports: The
28 Dorset Square, London, NW1 6QG Other International Funds Trojan Income O Inc 172.70 - -2.78 3.52 most recent particulars and documents may be
www.orbis.com 0800 358 2030 obtained free of charge from fund
UK Omega Inc 210.24 - -3.92 1.20 RAM Systematic Emerg Markets Eq $ 214.87 214.87 2.36 - Stewart Investors (UK)
Ministry of Justice Common Investment Funds (UK) Regulated managers/operators. * Indicates funds which do not
23 St Andrew Square, Edinburgh, EH2 1BB price on Fridays.
UK Smaller Cos Inc 2188.51 - -13.10 0.05 Property & Other UK Unit Trusts
Orbis OEIC Global Cautious Standard £ 10.41 - -0.01 0.00 RAM Systematic European Eq € 473.37 473.37 -2.44 - enquiries@stewartinvestors.com
The Equity Idx Tracker Fd Inc 1771.00 - -21.00 2.87 Client Services: 0800 587 4141 Charges for this advertising service are based on the
Orbis OEIC Global Balanced Standard £ 15.53 - -0.03 0.00 RAM Systematic Funds Global Sustainable Income Eq $ 132.05 132.05 0.13 0.00 Dealing Line: 0800 587 3388 number of lines published and the classification of the
Genesis Investment Management LLP Distribution Units fund. Please contact data@ft.com or
Authorised Funds
Other International Funds call +44 (0)20 7873 3132 for further information.
Orbis OEIC Global Equity Standard £ 19.54 - -0.06 0.00 RAM Systematic Global Eq Sustainable Alpha $ 101.00 101.00 0.10 -
SI Asia Pacific A Acc 1501.46 - 0.10 0.82
Emerging Mkts NAV £ 7.21 - -0.16 0.00
Orbis OEIC UK Equity Standard £ 8.32 - -0.08 0.00 RAM Systematic Long/Short European Eq € 130.65 130.65 -0.44 -
SI Asia Pacific A Inc £ 2.66 - 0.00 0.82
RAM Systematic US Sustainable Eq $ 352.89 352.89 0.75 -
SI Asia Pacific Leaders A Acc 860.08 - 0.26 0.16 Unicorn Asset Management Ltd (UK)
PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
RAM Tactical Global Bond Total Return € 156.58 156.58 0.05 -
SI Asia Pacific Leaders A Inc £ 2.92 - 0.00 0.09 Authorised Inv Funds
Lothbury Property Trust (UK) RAM Tactical II Asia Bond Total Return $ 156.81 156.81 0.01 - UK Growth A Inc 657.60 - -3.61 0.00
155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 SI Asia Sustainability A Acc 677.64 - 0.03 0.00
Property & Other UK Unit Trusts
Mastertrust A Inc X F 599.35 - -5.79 0.46
SI Global Emerging Mkts A Acc 751.12 - -1.35 1.74
Lothbury Property Trust GBP £ 1847.86 1990.72 34.09 1.62
UK Growth B Inc 662.54 - -3.62 0.28
SI Global Emerging Mkts Leaders A Acc 533.59 - -1.80 0.56
HPB Assurance Ltd
Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490 Mastertrust B Inc X F 538.00 - -5.18 1.08
SI Global Emerging Mkts Sus A Acc 389.63 - -0.44 0.14
International Insurances
Outstanding British Cos A Acc X F 292.76 - -1.62 0.15
Holiday Property Bond Ser 1 £ 0.48 - -0.01 0.00 SI Indian Sub-Cont A Acc 570.73 - 0.40 0.09
Outstanding British Cos B Acc X F 317.45 - -1.75 0.90
Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00 SI Latin America A Acc £ 2.30 - 0.01 0.61
RLUM Ltd (UK) UK Smaller Cos A Inc X F 615.30 - -4.13 0.11
5th Floor, Churchgate House, 56 Oxford Street, Manchester M1 6EU 03456 057777 SI Worldwide Equity A Acc £ 2.28 - -0.01 0.00
Authorised Inv Funds UK Smaller Cos B Inc X F 601.15 - -4.01 0.81
M & G Securities (1200)F (UK) SI Worldwide Equity A Inc £ 2.31 - -0.01 0.00
PO Box 9038, Chelmsford, CM99 2XF
Mirabaud Asset Management (LUX) Royal London Sustainable Diversified A Inc £ 2.47 - -0.01 0.46
UK Income A Acc X F 309.27 - -3.46 2.88
www.mirabaud.com, marketing@mirabaud-am.com SI Worldwide Leaders A Acc 536.99 - -2.07 0.00
www.mandg.co.uk/charities Enq./Dealing: 0800 917 4472
Conviction based investment vehicles details available here www.mirabaud-am.com Royal London Sustainable World A Inc 344.20 - -1.40 0.00
Authorised Inv Funds UK Income A Inc X F 226.00 - -2.52 2.50
Regulated SI Worldwide Sus A Acc £ 2.63 - -0.01 0.00
Charifund Inc 1372.57 - -16.71 4.87 Platinum Capital Management Ltd Royal London Corporate Bond Mth Income 96.32 - 0.34 3.29
Mir. - Glb Strat. Bd I USD $ 122.21 - 0.06 0.00 UK Income B Acc X F 341.23 - -3.81 2.87
Other International Funds SI Worldwide Sus A Inc £ 2.54 - -0.01 0.00
Charifund Acc 24363.08 - -296.53 4.70 Royal London European Growth Trust 185.10 - -1.00 0.10
Mir. - DiscEur D Cap GBP £ 181.68 - -0.11 0.00 Platinum All Star Fund - A $ 139.89 - - - UK Income B Inc X F 249.48 - -2.79 2.54
Hermes Property Unit Trust (UK)
Property & Other UK Unit Trusts M&G Charibond Charities Fixed Interest Fund (Charibond) Inc £ 1.25 - 0.00 2.23 Royal London Sustainable Leaders A Inc 706.50 - -10.60 0.32
Mirabaud - UK Equity High Alpha £ 147.87 - -1.03 0.00 Platinum Global Growth UCITS Fund $ 13.49 - -0.02 0.00
Property £ 6.36 6.80 0.01 3.61 M&G Charibond Charities Fixed Interest Fund (Charibond) Acc £ 42.95 - 0.03 2.20 Royal London UK Growth Trust 572.10 - -10.70 1.22
Platinum Essential Resources UCITS Fund SICAV USD Class E $ 8.08 - 0.12 0.00

M&G Charity Multi Asset Fund Inc £ 0.84 - 0.00 4.19 Royal London UK Income With Growth Trust 203.20 - -2.20 4.16
Platinum Global Dividend UCITS Fund $ 56.11 - 0.18 0.00

M&G Charity Multi Asset Fund Acc £ 92.52 - -0.54 4.02 Royal London US Growth Trust 298.90 - -0.90 0.01

Additional Funds Available

Please see www.royallondon.com for details

Intrinsic Value Investors (IVI) LLP (IRL)

1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 WA Fixed Income Fund Plc (IRL)
FCA Recognised Regulated

IVI European Fund EUR € 24.19 - 0.10 0.00 European Multi-Sector € 127.44 - 0.20 3.13
MMIP Investment Management Limited (GSY)
IVI European Fund GBP £ 29.10 - 0.23 0.00 Regulated
Multi-Manager Investment Programmes PCC Limited

UK Equity Fd Cl A Series 01 £ 2617.54 2659.42 495.99 0.00

Stonehage Fleming Investment Management Ltd (IRL)
Diversified Absolute Rtn Fd USD Cl AF2 $ 1668.32 - 107.37 0.00 www.stonehagefleming.com/gbi
enquiries@stonehagefleming.com
Diversified Absolute Return Stlg Cell AF2 £ 1568.83 - 97.48 0.00 Regulated
New Capital UCITS Fund PLC (IRL)
Leconfield House, Curzon Street, London, W1J 5JB SF Global Best Ideas Eq B USD ACC $ 246.23 - 3.13 0.00
Global Equity Fund A Lead Series £ 1620.07 1625.45 135.16 0.00
www.newcapitalfunds.com
Zadig Gestion (Memnon Fund) (LUX)
FCA Recognised SF Global Best Ideas Eq D GBP INC £ 274.49 - 2.03 0.10 FCA Recognised
New Capital UCITS Funds Polar Capital Funds Plc (IRL)
Janus Henderson Investors (UK) Regulated Memnon European Fund - Class U2 GBP £ 199.71 - -2.16 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 New Capital China Equity Fund $ 294.43 - 12.61 0.00
Automation & Artificial Intelligence CL I USD Acc $ 17.82 17.82 0.24 0.00
www.janushenderson.com
New Capital Dynamic European Equity Fund € 132.17 - 1.84 0.00 Ruffer LLP (1000)F (UK)
Authorised Inv Funds
Asian Financials I USD $ 456.12 456.12 0.59 0.00 65 Gresham Street, London, EC2V 7NQ
Janus Henderson Asia Pacific Capital Growth Fund A Acc 1456.00 - 8.00 0.00 New Capital Dynamic UK Equity Fund £ 117.72 - 1.67 0.00 Order Desk and Enquiries: 0345 601 9610
Biotechnology I USD $ 39.41 39.41 -0.62 0.00 Authorised Inv Funds
Janus Henderson Asian Dividend Income Unit Trust Inc 94.33 - 0.16 8.68 New Capital Global Alpha Fund £ 118.11 - 0.62 0.00 Authorised Corporate Director - Link Fund Solutions
Emerging Market Stars I USD Acc $ 15.12 - 0.45 0.00
Marlborough Fd Managers Ltd (1200)F (UK) LF Ruffer European C Acc 835.66 - 0.49 0.05
Janus Henderson Cautious Managed Fund A Acc 277.00 - -2.50 3.33 New Capital Global Equity Conviction Fund $ 208.12 - 3.98 0.00
Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 European Ex UK Inc EUR Acc € 11.55 11.55 0.13 0.00
www.marlboroughfunds.com LF Ruffer European C Inc 152.50 - 0.09 0.08 Thesis Unit Trust Management Limited (UK)
Janus Henderson Cautious Managed Fund A Inc 145.40 - -1.30 3.39 New Capital Global Value Credit Fund $ 161.81 - 0.31 0.00
Authorised Inv Funds Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Financial Opps I USD $ 13.75 - 0.17 1.93
LF Ruffer European O Acc 814.85 - 0.47 0.00 Authorised Funds
Janus Henderson China Opportunities Fund A Acc 1846.00 - 26.00 0.13 New Capital Japan Equity Fund ¥ 1672.43 - 43.26 0.00
Balanced 220.04 220.04 -0.94 0.40
GEM Income I USD $ 13.31 - 0.28 0.00 TM New Court Fund A 2011 Inc £ 18.00 - -0.06 0.03
LF Ruffer Equity & General C Acc 493.08 - -1.95 0.18
Janus Henderson Emerging Markets Opportunities Fund A Acc 238.30 - 1.00 0.03 New Capital US Growth Fund $ 442.22 - 3.17 0.00
Bond Income 53.14 53.14 0.32 3.26
Global Convertible I USD $ 17.43 17.43 0.07 0.00 TM New Court Fund - A 2014 Acc £ 18.16 - -0.05 0.03
LF Ruffer Equity & General C Inc 450.95 - -1.78 0.18
Janus Henderson European Growth Fund A Acc 258.90 - -1.60 0.45 New Capital US Small Cap Growth Fund $ 228.99 - -4.53 0.00
Cautious Inc 88.34 88.34 -0.16 2.12
Global Insurance I GBP £ 7.10 - 0.04 0.00 TM New Court Equity Growth Fund - Inc £ 19.51 - -0.07 0.07
LF Ruffer Equity & General O Acc 480.83 - -1.91 0.00
Janus Henderson European Selected Opportunities Fund A Acc 1993.00 - -8.00 0.16 New Capital Wealthy Nations Bond Fund $ 157.08 - 0.23 0.00
Emerging Markets 335.11 335.11 0.37 0.93
Global Technology I USD $ 87.62 - 0.32 0.00
LF Ruffer Equity & General O Inc 445.17 - -1.76 0.00
Janus Henderson Fixed Interest Monthly Income Fund Inc 23.11 - 0.03 4.04
ETF Commodity A 73.07 73.07 0.00 0.00
Healthcare Blue Chip Fund I USD Acc $ 15.95 15.95 0.15 0.00
LF Ruffer Gold C Acc 304.96 - 4.64 0.00
Janus Henderson Global Equity Fund Acc 4166.00 - -23.00 0.00
European Multi-Cap 636.70 636.70 -0.47 0.00
Healthcare Opps I USD $ 64.24 - 0.32 0.00
LF Ruffer Gold C Inc 184.57 - 2.81 0.00
Janus Henderson Global Equity Income Fund A Inc 60.38 - -0.20 3.12
Extra Income 86.35 86.35 -0.87 3.06
Income Opportunities B2 I GBP Acc £ 2.34 2.34 0.01 0.00
LF Ruffer Gold O Acc 297.28 - 4.52 0.00
Janus Henderson Global Sustainable Equity Fund A Inc 461.10 - 0.40 0.00
Far East Growth A Inc 252.93 252.93 0.77 0.87
Japan Value I JPY ¥ 112.12 112.12 2.14 0.00
LF Ruffer Japanese C Inc 171.63 - -0.20 0.08
Janus Henderson Global Technology Fund A Acc 2978.00 - -6.00 0.00
Global 289.65 289.65 -0.49 0.12
North American I USD $ 31.24 31.24 0.36 0.00
LF Ruffer Japanese C Acc 368.81 - -0.42 0.08
Janus Henderson Instl UK Idx Opps A Acc £ 0.95 - -0.02 1.84
Global Bond Inc 160.65 160.65 0.09 2.16
UK Val Opp I GBP Acc £ 12.19 12.19 -0.14 0.00
LF Ruffer Japanese O Acc X 359.17 - -0.42 0.00
Janus Henderson Multi-Asset Absolute Return Fund A Acc 149.20 - -0.10 1.76
High Yield Fixed Interest 72.90 72.90 0.03 3.87
LF Ruffer Pacific & Emerging Markets C Acc 400.15 - -0.04 0.78
Janus Henderson Multi-Manager Active Fund A Acc 248.20 - -0.70 0.07
Multi Cap Income A Inc 136.40 136.40 -1.95 4.35
LF Ruffer Pacific & Emerging Markets C Inc 109.05 - -0.01 0.79
Janus Henderson Multi-Manager Distribution Fund A Inc 134.80 - -0.10 2.77
Nano-Cap Growth A Acc 225.35 225.35 2.28 0.00
LF Ruffer Pacific & Emerging Markets O Acc 389.84 - -0.04 0.50
Janus Henderson Multi-Manager Diversified Fund A Acc 93.37 - 0.04 2.72
Special Situations A Acc 2044.51 2044.51 -22.67 0.00
LF Ruffer Total Return C Acc 506.38 - -0.73 0.83
Janus Henderson Multi-Manager Global Select Fund Acc 284.00 - -0.30 0.00
UK Multi-Cap Growth A Inc 393.14 393.14 -4.73 0.00
LF Ruffer Total Return C Inc 327.70 - -0.47 0.84
Janus Henderson Multi-Manager Income & Growth Fund A Acc 190.50 - 0.00 2.30
UK Micro Cap Growth A 946.91 946.91 1.81 0.00
18 ★ 2 January/3 January 2021

Twitter: @FTLex

Rational bubble puts

markets on high
Picks for 2021
start point for 2021
and beyond Display tech: the rolling phones
Foldable and rollable phones sales Samsung operating margin (%)
forecast ($bn) 20
Cyber security:
held to ransomware
2019 1
2020 5.5
Michael Mackenzie
2021 22.2 15
A nightmarish scenario came true in
2020 when cyber hackers attacked a 2022 37
The Long View
hospital in Germany, closing the 10

A
accident and emergency department. 2023 62.7 fter navigating a global also should extend over much of 2021, back to that level in the coming year — a
lThe resulting chaos was implicated in pandemic, markets begin with the aim of bridging the gap until prospect that could knock highly valued
the death of a patient. 5 2021 with a case of déjà vu. consumers and companies eventually shares.
The Düsseldorf hospital cyber crime 2024 88.8 Just like 12 months ago, spend their lockdown savings. “Global equities in particular are at
was part of a record wave of online bonds and equities kick off “The fog of uncertainty from the pan- high valuations, and now extremely
attacks in 2020. Stolen employee 0 January at expensive starting levels. demic is clearing and from enormous sensitive to rising yields,” wrote analysts
credentials at Twitter allowed hackers 2025 105.3 The human and economic toll of Cov- pent-up demand, there will be a simul- at TS Lombard. But in what is a widely
Q2 Q3 Q4 Q1 Q2 Q3
to promote a bitcoin scam; hospitals in 2019 2020 id-19 has left deep scars that will take a taneous global recovery in the second held view, they “suspect central banks
Vermont, New York and Oregon were long time to heal. However, for markets, half of 2021,” reckoned Mr Kelly. would act swiftly to try to correct any
hit with a ransomware attack; and FT graphic Sources: DSCC; S&P Capital IQ 2020 ended up being a remarkably Strategists say this means investors major tightening in financial condi-
distributed denial-of-service attacks on strong year after the initial fright in should look beyond richly valued large tions”.
New Zealand’s stock exchange halted Foldable phones are so last year. Soon more. Fat margins on flexible display March when the virus started to spread. US companies towards emerging mar- This expectation of further support
securities trades. you will be able to roll yours up. The phones soothe concerns that they For those investors who stayed the kets, cyclical industries such as banking from central banks has kept asset prices
As more of the world moves online, rollable display is the next step in the may cannibalise Samsung tablet course from the beginning of the year, and energy, and small and mid-cap climbing for now. Market sentiment
cyber criminals spy more evolution of screens for phones to sales, which nearly doubled to 9m in there were double-digit gains from US companies. ended 2020 full of ebullience, demon-
opportunities to interfere. Hackers televisions. An exciting year for the third quarter. and global equities and solid returns That shift has already started, with strated by the crowding of investor
tend to target large, high-profile display makers lies ahead. Even without the added boost of from bond markets. The US benchmark equity market leadership broadening money into popular assets such as Tesla
organisations with big data sets, Folding phones were seen as a these high-margin devices, display S&P 500 index saw an annual gain of and Bitcoin.
particularly in the public sector, retail marketing gimmick with little chance makers have been one of the biggest about 16 per cent while the MSCI World This is where one lesson from recent
and finance. When the pandemic sent of adding to the bottom line not so beneficiaries of the pandemic. index was up around 14 per cent. The
‘Investors should recognise market history becomes pertinent
millions of workers from the office to long ago. Samsung has proved them Remote working and learning have Bloomberg Barclays Global Bond index that after a surprisingly good heading into 2021. During the past five
home, it paved the way for more wrong, selling about 3m at more than boosted demand. Even LCD displays showed total returns for the year of years, volatility measures for equities
phishing attacks as employees logged $2,000 this year, six times more than have recorded a consistent increase in about 9 per cent.
year for portfolio returns, and bonds show a pattern of generally
into public WiFi and used personal its own and analysts’ estimates. They panel prices. “What was seen as being extreme a asset prices look stretched’ tranquil conditions for much of the
devices. In 2019, the US Internet Crime have boosted average sales prices for Shares of LG Display have more year ago has only become more so,” says time. Then the music suddenly stops
Complaint Center received more than its phones and group margins. than doubled from a March low, as David Kelly, chief global strategist at out from the so-called pandemic win- and volatility spikes.
467,000 complaints costing victims Rollables could accelerate growth shipments increased by a quarter in JPMorgan Asset Management. “Valua- ners. Since November, there has been a This time last year, Alberto Gallo,
more than $3.5bn. The tally in the first in the flexible displays market, the third quarter. Those of Samsung, tions for stocks and bonds are higher rush into the laggard areas of equities portfolio manager of the Algebris global
five months of 2020 exceeded predicted to reach $32bn in five which has its own display unit, are up from a year ago. Investors should also and bonds for companies that typically credit opportunities fund, raised his
320,000. In 2021 the number is likely years. Rollables have more than just a around 90 per cent. recognise that, after a surprisingly good benefit from a reflationary economy. cash weighting in his portfolio. He is
to rise again. cool factor. Unlike foldable displays, Getting rollables right may take year for portfolio returns, asset prices But rebounding economic activity repeating the action as markets move
The attacks have unleashed more which were mostly limited to phones, time, but buyers interested in shares look stretched.” should warrant higher longer-term into what he says is a “euphoric phase”.
investment in cyber security, a boon they can be used for PCs, TVs and of display makers should act early. The market trend is in some ways a interest rates and at the very least, spur One-third of the Algebris fund has been
for cloud cyber security companies rational bubble given expectations that market uncertainty about just how long put into cash and hedges on assets.
such as specialist Palo Alto Networks sustained low interest rates will compel central banks will stick with their bond Investor Bill Ackman also hedged his
and recently listed Cloudflare and oil and gas investments lost about a $2tn, up to $30bn is required to make it investors to own more equities and buying policies. This will become an equity exposure in November by pro-
CrowdStrike. CrowdStrike’s third- quarter of value, the S&P Clean Energy sustainable over the coming decade, higher-yielding corporate bonds of increasingly hot topic should the global viding insurance against corporate
quarter subscription sales grew index has more than doubled. think consultants BCG. Improving the lower credit quality. economy not only meet, but exceed cur- defaults.
87 per cent year on year, handing the The resulting valuation gap has supply chain can mean funding “About four-fifths of the world’s rent IMF expectations of 5.2 per cent Another strong year for equity mar-
company its third quarter of grown to startling proportions. environmentally friendlier raw investment grade debt yields 1 per cent growth in 2021. kets will penalise such investors for
profitability. Cloudflare expects full- ExxonMobil is currently valued at materials through to greener transport, or less,” note Citi Private Bank strate- The crushing of interest rates by cen- holding high cash levels or hedging
year sales to rise 41 per cent in 2021. In about $175 per barrel of oil equivalent then recyclable packaging and even gists. “Investing in productive assets will tral banks has significantly reduced risk exposures. But given the overwhelm-
the last quarter, Palo Alto Networks’ from upstream production over the reselling the goods. be necessary to earn real returns. That is premiums across the financial system. ingly bullish investor consensus and
sales jumped 23 per cent on 2019. past nine months. French nuclear UK-listed luxury wear maker especially good for equities.” That is best illustrated by a “real” US 10- crowding into popular areas of markets,
Corporate budgets dedicated to generator EDF is valued at $280 per Burberry, which has had missteps in Buoyant equity prices and valuations year Treasury bond yield sitting near it would be surprising if asset prices
online security totalled $113bn in 2018, barrel of oil equivalent produced over the past, has made greater efforts to reflect a bullish outlook for profits and minus 1 per cent after taking into avoid a serious wobble at some point in
according to Gartner. It expects the the same period. Spain’s Iberdrola, focus on improving the biodiversity of economic growth in 2021 on the back of account inflation. This yield was flirting the next 12 months.
figure to rise to $146bn by 2021. with its high renewables output, trades its raw materials and rethinking its a vaccine-powered rebound. Support with breaking below zero a year ago. It is
Cyber security may look like a at $1,200 per barrel of oil equivalent packaging. For now, the most from governments and central banks therefore reasonable to envisage a rise michael.mackenzie@ft.com
crowded field. But so is cyber crime. produced. On a per unit of energy concentrated retail efforts on
produced basis Iberdrola is seven times sustainability will come from smaller,
pricier than ExxonMobil. private businesses such as Dai, a maker
Oil/renewables: A premium for renewables is of ethical womenswear, and BAM,
justified given its growth potential. But purveyor of sportswear made from
power play the gap between “good” and “bad” cotton-substitute bamboo.
energy looks excessive. Sinful status Later, fashion miles may well matter
Big Oil received a lump of coal for may be contributing to the oil and gas more. Inditex in Spain has kept its
Christmas to round off its worst year sector’s record underperformance. It suppliers close to its manufacturing,
ever. Political turmoil and a pandemic could also be a value opportunity for mainly for flexibility in catching the
collapsed crude prices and shattered those with less pious concerns. latest hot trend. Perhaps with more
dividend records. But ExxonMobil capital investment, Britain post-Brexit
managed to lift its payout and keep its could offer similarly low-cost
37-year unbroken record. Its reward sustainable clothing production for
from the Church of England was Sustainable clothing: retailers. Replacing labour with capital
chastisement. The CoE’s investment should mean avoiding Boohoo’s local
wing joined other shareholders in green shoots subcontractor scandals.
calling for action on energy transition. Finally, better sustainability
Unlike other oil majors, ExxonMobil Think of emerging trends, such as screening by Asos, Boohoo and all
is sticking to its roots by making plans sustainable fashion, like epidemics. other fashion retailers is on the rise. As
to expand oil production. Rivals such Malcolm Gladwell, in his book The consumer demand for sustainable
as Shell, Total and BP have belatedly Tipping Point, described the way ideas fashion increases, investor funding will
presented pathways to transition away and behaviours spread as virus-like. follow. Expect more equity offerings
from fossil fuels. ExxonMobil’s stance Debate over the sustainability in the from currently private groups to come
is out of step with the growing demand fashion industry has run for a decade in the medium term.
for environmental, social and or more. Today, both customers and
governance investments. investors have made executives
The involvement of the Church recognise the effect on revenues. That
Lex on the web
highlights the view that oil has joined suggests a longer-term investment For notes on today’s stories
dirty coal in the sin bin. opportunity. go to www.ft.com/lex
Clean energy, by contrast, is proving The addressable market looks big.
a win-win for investors. In a year when Within a fashion industry worth about

US carbon dioxide emissions grow the least in 30 years after 2020 lockdowns
Energy-related CO2 (billion tonnes) Down 11% on last year
6

4
Petroleum
3

2
Natural gas

1
Coal
0
1990 1995 2000 2005 2010 2015 2020
Sharp declines in emissions related to power as well as transport, the single biggest source of
greenhouse gases in the US, had a significant short-term effect on the carbon footprint of the
For the FT’s latest
world's second biggest emitter. climate change stories
Source: Energy Information Administration ft.com/climate
Saturday 2 January / Sunday 3 January 2021

Lunch with the FT Svetlana Tikhanovskaya, Belarus’s exiled opposition leader — PAGE 3
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Science
on trial
Moonshots, medicine and the limits
of research. By Thiago Carvalho

S
ome years ago, on New Year’s Day, my
wife and I noticed that our son, not yet
two months old, was struggling to
breathe — a belaboured, wheezing effort
was all he could manage — and we
decided to face the holiday emergency room crush.
After assessing his blood oxygen levels, the pedia-
trician said: “Pack a bag, you will be here all week.
He will get worse. Then he will get better.”
Our son had contracted something called respi-
ratory syncytial virus, and it was replicating in his
lungs. In a scenario similar to Covid-19, most
healthy adults infected with RSV will experience a
mild cold, or no symptoms at all. However, some
unfortunate infants who contract RSV may suffer a
devastating pulmonary infection. For those kids,
there are no drugs available that can reliably stop,
or even slow down RSV’s relentless replication in
the lungs.
Instead, according to Mustafa Khokha, a pediat-
ric critical care professor at Yale University, doc-
tors first give oxygen and then if the child does not
improve, there follows a series of progressively
more aggressive procedures. “That’s all supportive
therapy for the body to recover, as opposed to treat-
ment against the virus itself,” says Khokha. Out-
standing supportive care was what our son

Tiny sculptors
are, therefore, implicated in the making Main: rock formations received, and the week unfolded exactly as his
of the chalk. made out of chalk, pediatrician predicted. (It was still the worst week
Stalking viruses into deep time is composed mostly of of my life.)
tricky; their direct fossil record is scant coccoliths. When For all the progress we have seen in 2020, a
and enigmatic. After all, you’re not magnified, calcium patient brought to the emergency room with severe
hunting for T-Rex skeletons; you’re try- carbonate plates of the Covid-19 will essentially receive the same kind of
ing to find specks that are, at their most kind shown in the supportive care our son did — treatment to help the

of life and earth

gigantic, around one thousandth of a background are revealed body endure a viral assault, but not effectively tar-
millimetre in diameter. Experiments geting the virus itself. The main difference will be
show that viruses can fossilise; in some Below: Dutch the uncertain outcome — there will be no comfort-
circumstances, minerals precipitate microbiologist Martinus ing, near-certain “he will get better” from the
directly on top of virus particles, thus Beijerinck; and the attending physician.
generating ultra tiny stone struc- tobacco mosaic virus, Contrast that story with a different one. On a
tures. But detecting such things in old which resembles a Tuesday morning in early December, in the English
rocks takes a fancy microscope. And ‘cigarette shaped’ rod city of Coventry, Margaret Keenan, just a few days
even if you find some, it’s hard to be cer- when viewed under an shy of her 91st birthday, became the first person in
to an end. Infected algae split apart, tain what you’re looking at. Nanofossils electron microscope the world to receive the BioNTech/Pfizer Covid-19
As 2020 has shown, viruses can be terrifyingly their cells ruptured, their lives are notoriously difficult to interpret, Getty Images; Alamy

over. Their tiny stone scales drift down and at least to my untutored eye, images Continued on page 2
to the seafloor, where they accumu- of putative fossil viruses from ancient
destructive. But they are also an integral part of late. And accumulate. rocks amount to a kind of inkblot test.
The world’s largest accumulations of But while the fossil evidence is uncer-
coccoliths are plain to see. The white tain, genetic evidence supports the view
the wonder of the world, writes Olivia Judson cliffs of Dover, of the German island of that viruses are old. Indeed, viruses of
Rügen, of the Normandy coast of some sort are thought to be ancient, to
France, of the Smoky Hill River of Kan- have evolved in tandem with, or soon
sas in the US — these are all built of after, the first lifeforms, sometime

I
want to tell you a story about a north Atlantic in 1998, an Ehux bloom chalk, and chalk is composed mostly of around 4bn years ago. EhVs themselves
virus. This one does not infect extended over almost 1m square kilo- coccoliths that accumulated ages ago, in belong to a group that seems to have
humans, but a humble alga that metres — that’s an area four times larger ancient seas, when what is now land was evolved on to the scene more than 1.5bn
lives in the surface waters of the than the UK — and blooms covering beneath the waves. years ago — far earlier than coccolitho-
oceans, where it feasts on sunlight. thousands of square kilometres are Perhaps few geological formations
This particular alga is called Emiliania common. When this happens, the seas give such a dizzying sense of the vast- Stalking viruses into
huxleyi — Ehux to its friends — and it is a turn milky, forming patches that are ness of time. The bulk of the planet’s
beautiful little being. easily visible from space. chalk formations were deposited more deep time is tricky;
Less than one hundredth of a millime- Not bad when you consider that to see than 65m years ago, during the late Cre- their direct fossil record is
tre in diameter, this lifeform fabricates any single individual of this species, you taceous — creta is Latin for chalk — and
dozens of tiny, ornate scales, which it would need a microscope. took many million years to build scant and enigmatic
uses as an outer covering, as an alterna- Ehux has viruses, known as EhVs. As up. Back then, Earth was a different
tive to a shell. The scales are made of viruses go, these are huge — each one world: dinosaurs were stomping about,
the mineral calcite, a form of limestone, may have a diameter of around one ten- flowering plants had only recently phores, which only began to leave traces
and they are called coccoliths, from thousandth of a millimetre, which is evolved into bloom, and the lofty peaks in rocks around 225m years
the Greek for “stone grains”. The tiny from a human perspective, but far of the Himalayas had not yet been ago. Besides, today, all lifeforms have
group of lifeforms that it belongs to are more massive than most of their upheaved. And as I behold these cliffs, I viruses that infect them, and there is no
known as coccolithophores — “bearers kind. Scanned with an electron micro- find myself wondering whether viruses reason to suppose that this has been dif-
of coccoliths”. scope, they look like 20-sided dice. were the chief cause of death for the coc- ferent in the past.
When times are good, these algae can When Ehux blooms, outbreaks of colithophores of the Cretaceous seas, as Which would mean that it was not
reach staggeringly large numbers. In the these viruses help to bring those blooms they are today — and whether viruses simply millions of years of coccolitho-
phore blooms and milky seas, but also
millions of years of viral infections
bringing those blooms to a close. Per-
haps it’s not the white cliffs of Dover so
much as the white cliffs of Doom. Yet I
find it wondrous to consider that,
together, such small entities, the coccol-
ithophores and their viral companions,
could have altered the fabric of the
planet, leaving behind a tangible legacy
of such magnitude.

I want to tell you another story about

a virus. This one infects tobacco plants,
causing the leaves to become blotchy
and deformed, and stunting the plants’
growth. Known as the tobacco mosaic
virus, it is something of a celebrity: a
decade ago, plant pathologists voted it
the most important plant virus. Its pop-
ularity does not arise from the disease it
causes, but from the central role it has
played in the accumulation of knowl-
edge over the past 120 years.
continued on page 2
2 ★ FTWeekend 2 January/3 January 2021

Life

Note from the Science limited claims of the US study (Gilead

has challenged the study’s design), and
the WHO currently advises against giv-

FTW editor on trial ing remdesivir to Covid-19 patients.

For those who do not naturally con-
trol Sars-Cov-2 infection, or who have
not been vaccinated, the failure to
repurpose or create effective antiviral
Continued from page 1 agents leaves supportive care. We are
only beginning to understand the inter-
vaccine outside of a clinical trial. The play of this new virus and human hosts.
pace of progress was astonishing. It was It is also a protean affliction, as sex, age,
less than a year since, in the closing and pre-existing conditions all affect
moments of 2019, Chinese health outcomes. The single clearest way to
authorities alerted the World Health reduce mortality remains the dexame-
Organization to an outbreak of a pneu- thasone treatment for patients requir-
monia of unknown cause in Hubei prov- ing supplemental oxygen initially
ince. reported in the UK Recovery trial. It is
The Covid-19 pandemic has given us not a direct attack on the virus, but a
On one of those sullen post- an accelerated tutorial on the promise way to ameliorate the effects of infec-
and the limits of science. With vaccines, tion and the immune response to it on
Christmas London afternoons, testing, epidemiological surveillance, the human body. Dexamethasone is, in a
I walked along a stretch of the we know where we are going, and we very real sense, supportive care.
have a good idea how to get there.
Thames with an old friend. It These are essentially challenges of So what have we learned about the
was close to zero. Normally at technological development, reliant now limits of science? First, we were
this time of year we would have on adequate resources and personnel reminded that spectacular successes are
and tweaking of regulatory frameworks. built on a foundation of decades of basic
been all but alone. Instead we For other scientific challenges, though, From main: like the propulsion problems solved by into the lungs. The results have been research. Even the novel, first-in-class
were among thousands drifting there may be no gas pedal to step on — medical staff in Nasa en route to the Moon, a matter of inconclusive. “A lot of it has to do with vaccines are at the end of a long road. It
these include the prickly problems of protective suits developing and perfecting technology — the timing,” says Yale immunologist was slow-going to get to warp speed. We
down the river, seemingly arresting acute viral infection, or under- at a temporary technology that later would allow us to Akiko Iwasaki, “the only stage that learned that there are no shortcuts to
united by a common ennui. standing how the virus and the host Covid-19 testing have a genetic portrait of the cause of recombinant interferon might be effec- deciphering how a new virus makes us
interact to produce disease. Science, as site in Samseong Covid-19 in under two weeks. tive is pre-exposure or early post-expo- sick (and kills us) and that there is no
At the end of such a dispiriting Nobel Prize-winning immunologist station, Seoul, The cancer context was rather differ- sure, and it’s really hard to catch it for ignoring the importance of human
year, you will sense why I was Peter Medawar put it, is the art of last week. South ent. In the countdown to the war on can- this virus, because everyone is pretty diversity for cracking this code. Diabe-
the soluble. Korea has had cer, Sol Spiegelman, the director of much asymptomatic at that time.” tes, obesity, hypertension — we are still
all the more grateful when Joy In March, when, incredibly, the first 879 deaths, Columbia University’s Institute of Can- This year’s scramble for effective anti- finding our way through a comorbidity
Lo Dico’s back-page column human vaccine trials for Covid-19 were while Spain has cer Research, quipped that “an all-out viral drugs led to a revival of other failed labyrinth. Most of all, we have learned
kicking off in Seattle, the WHO reported more effort at this time [to find a cure for can- approaches. In 2016, a team of research- an old lesson again: science is the art of
pinged into my inbox with its launched an ambitious clinical trial to than 50,000; cer] would be like trying to land a man ers from the United States Army Medi- the soluble. No amount of resources and
confident revisiting of the try to identify existing pharmaceuticals Richard Nixon on the Moon without knowing Newton’s cal Research Institute of Infectious Dis- personnel, no Manhattan Project, can
Roaring Twenties and nudge that could show some benefit against signs the laws of gravity.” And so it proved. eases in Frederick, Maryland, and the ensure that science will solve a problem
Sars-Cov-2. In October, the WHO National Cancer We now know quite a lot about how biotech company Gilead Sciences in the absence of a well-stocked toolbox
that we all need a good party. It declared that all four arms of its Solidar- Act in the White the body resists viral infections, cer- reported that the molecule GS-5734 and a solid, painstakingly built theoreti-
reminded me of what we can ity trial had essentially failed. The House on tainly much more than we knew about protected Rhesus monkeys from being cal framework.
search for effective antiviral drugs has December 23 the biology of cancer in 1971. Over 60 infected with the Ebola virus. GS-5734, South Korea recorded its first Cov-
and should do in 2021. not lacked resources or researchers, but 1971 — Getty Images; years ago, at London’s National Institute or as it is more familiarly known now, id-19 case on January 20. Eleven days
In this New Year issue we in contrast to the vaccine victories, it Alamy
for Medical Research, Alick Isaacs and remdesivir unfortunately failed in clini- later, Spain confirmed its first infection:
has yet to produce a single clear success Jean Lindemann exposed fragments of cal trials. This was a bona fide antiviral, a German tourist in the Canary Islands.
confidently look ahead. Turn to story. The concentrated efforts of many chicken egg membranes to heat-inacti- backed up by demonstrations that the Spain and South Korea have similar
page 7 for a preview of this of the world’s most capable scientists, vated influenza A virus. In a matter of drug efficiently blocked an enzyme used populations of about 50m people. As of
relying on ample public support and pri- hours, the liquid from these cultures by viruses to copy their genome. Ebola publication of this piece, South Korea
year’s inspiring books, and to vate investment, are sometimes not acquired the capacity to interfere with was already remdesivir’s third dead- has had 879 deaths, while Spain reports
page 11 for the exhibitions you enough to crack a problem. the growth of not only influenza A, but over 50,000. The west missed its
must see. As for the workplace, other, unrelated viruses, as well. Isaacs Covid-19 has pushed moment. Efficient testing, tracing and
Perhaps nothing exemplifies this and Lindemann named their factor containment of Covid-19 was a soluble
we reimagine the office via a more clearly than what followed Rich- interferon. Interferons are fleet-footed science to its limits and, technological and organisational prob-
series of photo essays on pages ard Nixon’s signing of the National Can- messengers produced and released by in some cases, sharply lem. Here too, we can hear echoes of the
cer Act on December 23 1971. The act cells almost immediately upon viral war on cancer. The biggest single reduc-
14-16. Yes, a hybrid existence is was cautiously phrased, but January’s infection. These molecules warn other outlined its borders tion in cancer mortality did not come
the future — but we will return State of the Union address declared an host cells to ready themselves to resist a from a miracle drug. It was the drop in
all-out war on cancer: “The time has viral onslaught. lung cancer deaths, due to what we
to the office and celebrate the come in America when the same kind of Viruses rely on hijacking the normal end: Gilead had previously tested GS- could call the war on tobacco. Perhaps
spark of shared ideas and more. concentrated effort that split the atom cellular machinery to make more copies 5734 against hepatitis C and RSV, and Dr Spiegelman might concede that even
and took man to the moon should be of themselves and interferons interfere the results were disappointing. if we don’t have a law of gravity, we do
This will be a year of a fresh turned toward conquering this dread with almost all stages of the process: In late April, National Institute of have a first law of medicine: always start
force in the Oval Office. On disease.” The war on cancer would fun- from making it more difficult for the Allergy and Infectious Diseases director with prevention.
nel almost $1.6bn to cancer labs over the virus to enter cells, to slowing the cellu- Anthony Fauci, a member of the White Covid-19 has pushed science to its lim-
reading two books on Rome, next three years, and fuel expectations lar protein factories required to make House coronavirus task force, pro- its and, in some cases, sharply outlined
reviewed on page 8, I was that a cure for the disease would be the viral capsule, to reducing the export claimed that the US remdesivir trials its borders. This century’s first pan-
found before the end of the decade. Cur- of newly made viral particles. Interfer- had established “a new standard of demic finds humanity, with its trans-
reminded that great powers ing cancer remains, of course, an elusive ons are now part of our care” for Covid-19 patients. As has hap- port hubs and supply chains, more vul-
can suffer huge strain and then target. In 2016, then vice-president Joe pharmaceutical armoury pened repeatedly during the Covid-19 nerable to a new pathogen. But virology,
come back renewed. The same Biden presented the report of his own for diseases as diverse as crisis, the data backing this claim not immunology, critical care medicine and
Cancer Moonshot task force. multiple sclerosis, cancer, been made public, nor had it, at the epidemiology, to name a few, have pro-
can be true of the US and the The success of the Apollo program hepatitis C and other time, been peer-reviewed. gressed immeasurably since 1918.
post-Covid world. That is what planted the Moonshot analogy in the chronic viral infections. Fauci explained that the drug had no Unfortunately, in a public health emer-
science policy lexicon. Some grand chal- Multiple interferon- significant effect on mortality, but gency, the best science must be used to
I hope we will chart this year — lenges in biology could properly be con- based strategies have claimed that remdesivir reduced hospi- inform the best policies. In the seasonal
and in the questing spirit of our sidered “moonshots”. The Human been tried in the pan- talisation times by about 30 per cent. It spirit of charity, let us say that that has
Genome Project was one example. Like demic, from intravenous was the first piece of good news in a not always been the case in our pan-
two science pieces here. the race to the Moon, it had a clear finish administration to neb- spring marked by global lockdowns. demic year.
Thank you for reading us. line: to produce a draft with the precise ulising the molecule so Unfortunately, results from a large-
sequence of genetic letters in the 23 that the patient inhales an scale trial run by the WHO released in The writer is an immunologist at the
Alec Russell pairs of human chromosomes. This was, antiviral mist directly the autumn failed to support even the Champalimaud Foundation, Lisbon

Tiny sculptors l
against one virus or another will tend to
leave more descendants than less fortu-
nate beings.
Viruses have, therefore, led lifeforms
to evolve an impressive array of antivi-
ular scissors, by the way, are now an
essential tool in biomedical research,
and their discovery has led to Nobel
prizes.) Viruses may, in turn, evolve
to evade these defences, generating
depends, in part, on a gene that was
once part of a virus.
Viruses can also acquire genes from
their hosts — as an infected cell begins to
make new virus particles, some of its
because viruses are so numerous, and
Earth history so long, events of this kind
are bound to have happened from time
to time.
Today, viruses are the planet’s most
As time went on, it gradually became rus defences. These run from the mun- an ongoing evolutionary dance — and, own genetic material may be added to abundant biological entities. A droplet
continued from page 1 clear that viruses are a distinct class of dane to the exotic. Among the mun- over time, molecular interactions of that of the virus. If the virus goes on to of seawater may contain more than
Looking back from today, there is no biological entity. They lack the struc- dane: some bacteria have evolved fantastic complexity. infect another cell, these “extra” genes 100m of them; a gram of soil, around
moment in the history of science when tures of living cells, and they have no mechanical protections that reduce But the deeper creativity of viruses are transmitted too, potentially bestow- 1bn. You can find viruses in sediments
viruses were discovered. Instead, their metabolism. In other words, viruses the odds of getting infected in the comes from something altogether more ing new genetic powers upon the recipi- at the bottom of the ocean, in hot
existence and strange nature emerged neither eat nor excrete. They do not strange. Viral genetic material can be ent. It’s a kind of inheritance, but not the springs, and high in the air.
slowly from the shadows in a process breathe. They do not grow. Instead, all Viruses are far more than incorporated into the genetic material normal, parent-to-child sort. Although only a few thousand have
that took several decades. By the end of virus particles consist of a small packet of the host. Sometimes it stays there, And here’s the thing. The language of been formally described, there are
the 19th century, it was clear that the that contains genetic material. The agents of death. They are and the viral genes become a perma- genes is universal: all lifeforms interpret thought to be millions of different
mosaic disease of tobacco was caused by packet is made of proteins (in some one of the most creative nent part of the host’s genetic endow- genetic material in essentially the same kinds. Happily, the great bulk of these
an infectious entity so small that it cases, it may then be enclosed in a fatty ment. By some estimates, as much as 8 way. A virus that can infect lifeforms do not infect humans, but bacteria —
passed through filters that strained out envelope). The genetic material is either forces in the history of life per cent of the human genome has been that are only distantly related may which are themselves extremely
all known bacteria. DNA, or its sister molecule RNA, accumulated this way (most of the sometimes, therefore, move genes numerous and diverse.
In 1898, a Dutch microbiologist, Mar- depending on the virus. incorporations took place deep in the across the tree of life. Such happenings Ever since Beijerinck proposed that
tinus Beijerinck, suggested that this Out in the world on their own, virus first place — the microbial equivalent evolutionary past). accelerate evolution: lifeforms acquire the mosaic disease of tobacco was
invisible entity was not a minute organ- particles are inert. They only become of mask-wearing. Some researchers Over time, most of these viral genes new traits wholesale, rather than having caused by a new kind of entity, people
ism, but something else, something fun- troublesome when they bump into a have suggested a similar role for decay, becoming ghosts harmlessly to wait for them to come about. have argued about whether viruses are
damentally different in character. At suitable lifeform, and the genetic mate- coccoliths, though the idea has not yet haunting the genomes of their hosts. But To give an example: some of the alive. I have argued about it myself. I
the time, his ideas did not take hold. But rial from the virus enters the host been confirmed. from time to time, some of these once- genes that allow organisms to convert used to put them on the “life” side of the
back then, the available technology cell. What happens next depends on More exotic defences include molecu- viral-genes become repurposed, evolv- the energy in sunlight into chemical ledger. But now I would say it this way:
severely restricted the means by which both the virus and the host; but at some lar scissors that chop up offending viral ing new functions within the lifeform energy appear to have moved around viruses are of life, and they interact with
these entities could be probed. point, the infected cell may begin to use genes, as well as the complex immune that they are now part of. Indeed, the the tree of life in this way. But perhaps life, but they are not alive.
By the end of the 1920s, the situation the genetic material from the virus to systems of mammals and birds. (Molec- development of the human placenta this is less surprising than it seems: For one thing, all lifeforms can trace
had begun to change. The new tools of make new virus particles, a process that their origins back, across 4bn years, to a
molecular biology revealed tobacco is often lethal to the host. The chalk single common ancestor. Viruses can-
mosaic virus to be a biological particle of cliffs of Seine- not: they appear to have arisen several
some sort, although exactly what sort In the early years, viruses were seen Maritime along times independently.
remained unclear. Then, for the first simply as bad news. And certainly, Cov- the northern Coronaviruses and EhVs, for exam-
time, a team of German scientists ren- id-19 is just the latest addition to a long coast of France; ple, belong to groups that do not share
dered the invisible visible. and gloomy list of human maladies and the algal an origin. When and how, and how
In 1939, they deployed the newly caused by viruses. Smallpox, chicken- lifeforms often, new viral groups originate from
invented electron microscope, or pox, measles, mumps, rubella, polio, known as scratch is, however, unknown.
“Übermikroskop”, to examine two plant influenza, rabies, yellow fever, dengue, coccolithophores In the midst of a global pandemic,
viruses, one of which was tobacco Ebola, Aids, West Nile fever, Zika fever, whose fossilised such reflections are, perhaps, cold
mosaic. They discovered that it resem- even most forms of cervical cancer — I coverings are comfort. But I think it is fair to say
bled a tiny stick, or as one researcher could go on. a large that, had viruses never existed, we
later described it, a “cigarette-shaped” But as the ability to peer inside cells component of humans would not be here either. For
rod. (The other, a virus that infects has grown, it has become clear that, these limestone better and for worse, they have helped
potatoes, looked like a small piece of as a group, viruses are far more than rocks to make our world.
string.) Subsequent workers would find agents of sickness and death. They are Jean Gaumy/Magnum Photos

viruses shaped like tiny moon landers, also one of the most creative forces in Olivia Judson is the author of ‘Dr Tatiana’s
bottles, even lemons — not to mention the history of life. Part of this derives Sex Advice to All Creation’ (Vintage).
the spiky spheres of coronaviruses or directly from the harm they cause: any She is presently writing a history of life
the 20-sided dice of the EhVs. lifeforms that can defend themselves and Earth
2 January/3 January 2021 ★ FTWeekend 3

Life
delivered relative stability and rising Lukashenko’s vicious crackdown; and
wages, with a political system in which also on the state-owned companies
Lunch with the FT Svetlana Tikhanovskaya he was unchallenged. In the 1990s, as
neighbouring Russia and Ukraine were
propping up his regime. “There is so
much evidence of atrocities. So much
engulfed by a whirlwind transition to evidence of torture in Belarus. That’s
capitalism, stability had a certain why you have to take a stand, to be

‘They were sure

appeal. But over time the flaws in the vocal,” she insists, becoming animated.
model became glaringly clear: Belarus’s “You declare yourself to be democratic
economy was stagnating, and Lukash- countries. You promise to stand for
enko’s authoritarianism was increas- human rights. So do this!”
ingly rampant. He had faced protests

A
before, notably in 2006 and 2010, nd what about Russia?
but not on this scale. So what made Putin’s offer in late August

I was a nobody’
2020 different? to send support if protests
Tikhanovskaya reels off a list of fac- against Lukashenko turned
tors. One, she says with pride, was her violent played a key part in
husband’s YouTube programmes. shoring up his wobbling regime. But
Lukashenko had also lost contact with since then, the signals from the Kremlin
the concerns of ordinary Belarusians, have been mixed. Tikhanovskaya picks
and didn’t understand the mobilising up her phone and dials a number. For a
power of the internet: “He lived some- second I wonder if she is calling some-
where in the 90s,” she says. one to join the discussion, but instead an
Lukashenko compounded this with aide emerges bearing dessert spoons,
an erratic response to the pandemic. As and takes our orders for cappuccinos. “I
She has become the face of other countries locked down, he dis- think Russia supports Lukashenko out
missed the virus as a “psychosis”, sug- of habit,” she resumes, as I take a
Belarusians’ democratic aspirations. gested drinking vodka as an antidote, mouthful of the pudding, a delicious
Over black cod and chicken wraps, and blamed victims for poor diets. white chocolate mousse.
Finally, there was generational No one from the Kremlin has met
the exiled opposition leader tells change. “Our parents are people of the Tikhanovskaya. But she stresses that
James Shotter about a year of protest, Soviet Union. They got used to being she wants good relations with Belarus’s
ruled, to being told what to do or what biggest neighbour. “We have a very
her Chernobyl-shadowed childhood not,” she concludes. “[But the younger strong trade relationship, and we want
— and why she believes Lukashenko’s generation] have the opportunity to this relationship to stay the same or
watch YouTube or to travel on their own maybe even tighten,” she says. “But it’s
days in power are numbered in Europe. They can see how other peo- up to the Belarusian people to decide.
ple live.” It’s not up to Lukashenko or up to one
For a brief moment in August, it
looked as if Lukashenko’s days might be ‘I thought: I have to

L
ast year upended the plans of numbered. But as winter sets in, he has
most of humanity. But few managed to cling on. One reason is a support Sergei. I have to
saw expectation and reality brutal crackdown, during which his do something just for
diverge quite so sharply, and security services have used stun-gre-
with such far-reaching conse- nades, water cannons, beatings and tens him to know in jail that
quences, as Svetlana Tikhanovskaya. of thousands of detentions. Another was everything that he is doing
The former language teacher from support from Russian president
southern Belarus began 2020 with the Vladimir Putin. Tikhanovskaya adds a is important for me as well’
modest aim of returning to work after a third: Belarusian society also has to
decade at home caring for her children, learn to demand its rights. “It will take
and waiting for her husband Sergei, a time for people,” she says. “Our people person.” The Kremlin’s support for
YouTube activist and critic of Belarus’s don’t realise their strength.” Lukashenko’s regime, she continues,
despotic leader Alexander Lukashenko, It feels like Tikhanovskaya is going underscoring her point, is souring Bela-
to be freed from prison. through a similar process. When I ask rusians’ view of Moscow. “It’s very
She ended it in exile in Lithuania, how the year has changed her, she says, uncomfortable for Putin to deal with a
after a tumultuous eight months in matter of factly, that “the main fact bankrupt politician,” she says. “[Russia
which she ran for president in her hus- about me that has changed in my mind should] stop supporting him financially
band’s stead; won huge numbers of sup- is that I’m much stronger than I . . . Without financial help, Lukashenko
porters; and was then forced from her thought”. She insists that she would not will not last long.”
homeland by the security services after run herself if Belarus did hold free elec- Dusk has fallen, and Tikhanovskaya’s
challenging Lukashenko’s implausible tions: first, because she has promised aides are beginning to hover. “You know
claims of a landslide victory. not to; second, because she thinks that where I am going now?” she asks, semi-
Along the way, the 38-year-old with no given the problems facing Belarus rhetorically. “To collect my children
previous political experience has someone with an economic background from kindergarten and school.” I take
become the face of the most serious chal- would be better-placed. “I want to study the hint and drain the last of my coffee.
lenge Lukashenko has encountered in for a while . . . I think something about As we prepare to go, I return to Belarus’s
his oppressive 26-year rule, inspiring human rights,” she responds when I ask future. Has Lukashenko ridden out the
protests that, at their peak, brought what she plans to do once her time lead- storm? Or will the processes set in train
hundreds of thousands of people on to ing Belarus’s democratic forces is over. this year finally bring him down?
the streets of one of Europe’s most “I’m sure I can be useful in this.” Tikhanovskaya is emphatic. This year
tightly controlled societies. For now though, she remains very has changed Belarus “absolutely”.
“I was sure that in September I would where she met Sergei? “At a disco”, she Babariko and Tsepkalo were barred much involved. Since arriving in Viln- “Look, [Lukashenko] can call himself
start work as a teacher, because I Ga spa r ' s confirms with a smile. They married in from running. In an effort to unite the ius, she has criss-crossed Europe and president. He can think he’s in power for
already had a trial period in one com- 2004, and Tikhanovskaya began teach- opposition vote, their campaigns met leaders such as Angela Merkel and a while, because it’s a really tough fight
pany,” she recalls. “I knew that Sergei Pylimo g. 23-3, ing English. But after their first child, endorsed Tikhanovskaya. Tsepkalo’s Emmanuel Macron. So what should the [to get rid of him],” she says. “But he’s
was going to be involved in [politics] Vilnius, Lithuania Korney, was born with hearing prob- wife Veronika, and Babariko’s campaign EU be doing? nobody for people . . . It’s impossible
and I was ready to support him. I knew lems, she put her work on hold to devote manager, Maria Kolesnikova, cam- Tikhanovskaya says replacing [for us] to wake up and think: ‘OK . . . so
what it is in our country to be in a politi- Starter: Smoked chicken herself to his care. paigned with Tikhanovskaya, and the Lukashenko is Belarusians’ responsibil- many people are in jail, so many people
with pickled radish x 2
cal position, and I had prepared myself Sergei’s activities, meanwhile, were three young women’s platform of releas- ity. But she is clearly frustrated with the have been raped and tortured and pun-
that maybe he would be jailed for 15 Main: Asian style grilled gaining more attention. In 2019, he ing political prisoners and holding fresh, glacial nature of the EU’s response. The ished. I’m going to live the same way
days, 10 days periodically . . . But we black cod with seasonal launched a YouTube channel docu- free elections struck a chord. Thou- bloc has imposed sanctions, but that I lived before.’ No.”
have what we have.” vegetables x 2 menting the difficulties of ordinary sands, and then tens of thousands, of Tikhanovskaya argues they need to be
We are meeting on a cold December Dessert: White chocolate Belarusians under Lukashenko. By Belarusians flocked to support them. much broader: not just on top officials, James Shotter is the FT’s central
day in the glass-and-steel office block in and raspberry mousse x 2 May last year it had nearly 140,000 sub- A country that had known only one but on the rank and file facilitating Europe correspondent
Vilnius that became Tikhanovskaya’s Cappuccino x 2 scribers. Tikhanovskaya says she wor- leader for a quarter of a century was
base after she was forced abroad in ried as the authorities became more imagining a future in which he was
August. Outside, slabs of ice are gliding “repressive” towards him, tailing him as finally replaced.
slowly round a bend in the Neris, which he drove around the country. But she Lukashenko was not. Despite the evi-
separates us from the spires and cupolas never had any intention of getting dent support for Tikhanovskaya, he
of Vilnius’s old town. Inside, a gaggle of involved herself. claimed 80 per cent of the vote.
mostly young Belarusian aides are por- That changed after Sergei was When Tikhanovskaya’s supporters took
ing over laptops while an inquisitive detained again in May — just as he to the streets to protest, he launched a
micro-dog makes enthusiastic lengths announced his intention to run for presi- savage crackdown. And when
of the office. dent — and it became clear that he would Tikhanovskaya went to the electoral
Coronavirus has closed the restau- not be allowed to take part in the elec- commission to file an official complaint,
rants that dot the Lithuanian capital. tion. Without discussing the idea with she was detained for three hours by the
Gaspar’s, an eatery run by an Indian- anyone, Tikhanovskaya put her name security services who gave her a grim
Belarusian couple, has — for free, as a forward to the country’s electoral com- choice: issue a statement urging her
token of support for Tikhanovskaya — mision. “I thought: I have to support supporters to recognise Lukashenko’s
rustled up a meal. As I walk into the him. I have to do something just for him claim of victory, and then join her chil-
glass-fronted meeting room where our to know in jail that everything that he is dren in exile; or go to jail.
lunch is to take place, the starter and doing is important for me as well,” she I ask what those three hours were like
dessert are already waiting. So is recalls, as I polish off my chicken wrap. but Tikhanovskaya, for the only time in
Tikhanovskaya, sporting a black wide- “I was 100 per cent sure they would our lunch, is reluctant to give much
sleeved dress and matching boots, and reject me, because they know I’m detail. “Of course, I made the decision to
looking remarkably fresh-faced for his wife . . . If I had known they go to my children, because everything
someone who has spent the last eight would accept me, maybe I would have was so shocking for me. I was under
months at the sharp end of the struggle thought again.” So why did the regime such pressure at that moment,” she
against Lukashenko’s regime. let her run? “To laugh at me,” she replies says, with a spasm of emotion. “They
She greets me with a slight smile and, without missing a beat. “They were sure are really good psychologists, these peo-
before I realise, has poured us both I was a nobody, that I would be the weak- ple. They know how to influence you
glasses of water and issued me my est candidate.” . . . I don’t want to tell you all the peculi-
starter: smoked chicken and potatoes in arities of all this, because my husband is

I
a thin wrap, topped with pickled rad- f the regime was laughing, it soon still in jail.”
ishes, bathed in a mildly spicy sauce. stopped. Amid widespread anger at Tikhanosvskaya arrived in Lithuania
Tikhanovskaya declares herself an Lukashenko’s botched response to tormented by her decision. “I was so
omnivore and tucks in. I follow suit, and the pandemic, support for several stressed. I couldn’t find a place for
turn the conversation to her decision to opposition candidates, including myself,” she says. Fearing that her com-
run against Lukashenko, who has ruled Tikhanovskaya, former banker Viktor patriots would feel she had “betrayed”
Belarus for all but three of the 29 years Babariko and former diplomat Valery them, she made a video explaining that
since it declared independence from the Tsepkalo, was growing. she had gone to be with her children.
Soviet Union in 1991. Shortly before Tikhanovskaya fin- But rather than criticism, the video elic-
Tikhanovskaya says that growing up ished collecting the 100,000 signatures ited a torrent of messages of support. “I
she was “never” interested in politics. she needed to confirm her participation was ready to step away, but after I had
Born in the twilight of the USSR, the in the election, she got a call from an read all those messages, I realised: You
daughter of a cook and a lorry driver, unknown number. If she continued, a can’t stop now.”
she spent her early years in Mikashevi- voice warned, she would be jailed. Her One of Tikhanovskaya’s aides walks
chy — one of the parts of Belarus two children, aged five and 10, would be in with the main course: black cod, sur-
affected by the 1986 Chernobyl nuclear put in an orphanage. rounded by a cheesy sauce with grilled
disaster. She remembers little of the Tikhanovskaya considered with- vegetables. Tikhanovskaya is still only
event, but, like other children from the drawing, and began making plans to halfway through her starter. So she can
areas affected by the fallout, took part in evacuate her children. But friends catch up, I embark on a story about try-
a programme that took them to Ireland and family persuaded her to fight on. ing pigs’ ears in Minsk. Tikhanovskaya
for recuperation. “Maybe it is because it “Every morning, I woke up so listens politely, but my culinary adven-
was the first country I visited . . . but exhausted with all this fear inside me, tures do not entirely seem to have cap-
Ireland is still my first love,” she says. with all this responsibility,” she says. tured her imagination, and so I retreat
At school, she was a good student, “But I had to remember: so many people to the topic of this year’s protests.
graduating with a gold medal before are scared . . . I don’t have the right to Lukashenko’s model combined a
studying English in Mazyr. Was that step away.” Soviet-style command economy, which
4 ★ FTWeekend 2 January/3 January 2021

Travel

Where and how we holiday will

be very different this year.
Tom Robbins looks at some of the
key travel trends for the year ahead

Keys to the city

After years of concern over mounting
“overtourism”, 2020 was the year that
Mediterranean honeypots such as Ven-
ice, Dubrovnik, Athens and Barcelona
found themselves suddenly and unex-
pectedly deserted. In 2021, those visi-
tors who do return could find they have
the run of the piazzas, parks and prom-
enades, unencumbered by tourist
hordes — as well as finding hoteliers
and restaurateurs eager to welcome
them back. And, given that many
national coronavirus vaccination pro-
grams are prioritising older people
first, it seems possible that a lucky
group of elderly travellers could find
themselves in the vanguard, with a
unique opportunity in 2021.
“We have definitely seen an uptick in
Clockwise from interest from our more ‘experienced’
main: walking in clientele, who show a real ambition to
the Italian visit their favourite cities without the
Apennines with madding crowd, as soon as they are able
Wild Frontiers; to have the vaccination,” says Ted Wake,

How we’ll travel in 2021

a deserted joint managing director of Kirker Holi-
Venice in 2020; days (kirkerholidays.com). He recalls a
the Altair, an letter from an octogenarian client who
Adriatic gulet visited Venice in August and found it
available via “more sublime than I can ever remem-
Red Savannah; ber . . . it reminded me of my first visit in
a Wildnis base the mid-1950s”. She is now planning to
camp — eyevine return, post-vaccination, in March.

US operator Under Canvas (undercan- Island hideaways

vas.com), which runs safari-style camps For obvious reasons, retreating to the
in seven wilderness locations across seclusion of an island has seemed
America, reported a surge in demand in increasingly attractive in recent months.
2020 and already has “strong” bookings “The Maldives and the Caribbean are the
for 2021. Its tents come complete with main areas where we are seeing a signifi-
king-size beds, wood-burning stoves and cant rise in demand,” says Sarah-Leigh
daily housekeeping; there’s also a range Shenton, director of marketing at tour
of adventurous experiences on offer in operator Red Savannah (redsavan-
the national parks and monuments close nah.com).
to the camps. This spring it will launch The Maldives has made great efforts
two new locations: the first, in April, on a to restart tourism, on which two-thirds
plateau overlooking a canyon on the of its GDP depends. A branding cam-
edge of Grand Staircase-Escalante paign has positioned it as “a safe haven
National Monument in Utah, to be fol- for travellers”, and it continues to wel-
lowed in May by a camp on the coast of come visitors from all nations. Tourists
Maine, ideal for exploring Acadia must have a negative PCR test with 96
Adventure at home National Park. Two more are also hours of arrival and some resorts have
Travel disruption As borders closed in 2020, many coun- planned for Yosemite and Joshua Tree Epic experiences spur to book. Already availability on introduced their own testing regimes —
continues tries experienced a boom in domestic national parks, though opening dates While the majority are likely to return yachts capable of sailing the region dur- Soneva Fushi and Soneva Jani give visi-
The outlook for travel. This led to a summer crush at have yet to be announced. to international travel with baby steps, ing the austral summer is becoming tors a second PCR test on arrival, con-
travelling remains
uncertain, with
popular beaches and resorts, but it also tour operators report soaring demand scarce. “Normally not that many yachts fining them to their rooms until a nega-
entry and created demand for more upmarket and for full-on “once-in-a-lifetime” adven- go down but next season lots are going tive result is received (usually within 24
quarantine rules adventurous domestic trips — itinerar- tures. Partly, it seems to be the result of and they are all getting booked up,” says hours), while also testing staff every five
as well as local ies that would provide both an escape pent-up demand; partly, a sense of Mackay-Lewis. days. The inherently isolated nature of
lockdown from the crowds and a proxy for the needing to take life by the horns before Another option is to fly to Union Gla- the Maldives resorts also lends itself to a
restrictions excitement of a far-flung jaunt. Wildnis it’s too late. “I’ve just got off the phone cier, the remote camp in the Ellsworth controlled, Covid-safe environment.
changing rapidly. (wildnis.co.uk), for example, was set up with someone who wants to organise a Mountains from where most polar ath- Mediterranean islands are in demand
Those planning
international trips in October and will be launched fully to 50th birthday party, which was meant letes set out. Antarctic Logistics & too, especially for holidays in private vil-
should check with guests this spring, offering luxury to take place last year, but now they Expeditions (antarctic-logistics.com), las. Red Savannah says numbers of peo-
the destination guided expeditions in the Scottish High- want to do it with twice as many guests which runs the camp, says it has had to ple seeking trips to Menorca and Ibiza
country’s website lands. Founded by former members of and do it in Africa,” says Geordie increase capacity for its eclipse trips, on its website are up 14 per cent and 77
and their local the British army, it uses a mobile base Mackay-Lewis, co-founder of Pelorus after vaccine approvals “calmed per cent respectively from the same
embassy, while camp where chefs prepare dinners on (pelorusx.com). “There was already a nerves” of prospective travellers. A 12- period a year ago, with the Greek Islands
also ensuring any open fires and barbecues, and a fleet of move towards increasingly adventurous day trip to see the eclipse at Union Gla- up 52 per cent. The Thinking Traveller
bookings are
refundable Land Rover Defenders to take guests trips, but the pandemic seems to have cier costs $39,800 — or there is also the (thethinkingtraveller.com), which rents
between activities including pack-raft- really accelerated that trend.” option of watching it from a field camp villas in Sicily, Corsica, Mallorca and the
ing, scrambling and sea kayaking. One key destination for 2021 is Ant- at the Gould Bay emperor penguin col- Greek Islands, says availability in its
Prices start at £3,000 per person for a arctica, where a complete solar eclipse ony on the coast of the Weddell Sea, most sought-after properties is already
four-night trip. on December 4 is providing another from $58,500 per person. limited for the summer 2021.

Where to stay: the year’s most anticipated hotel openings

From a sleepy surf oasis in Baja California to a contemporary ryokan on the Japanese island of Ikuchijima, Claire Wrathall rounds up the key launches of 2021
Paradero Todos Santos, Baja guided hiking to tours of local taco Azumi Setoda, Ikuchijima, Japan or balcony, by Kyoto-based Shiro Miura, at Rocco Forte
California, Mexico shacks are included in the rate. The founder and former CEO of Aman an expert in sukiya, a style of architec- Hotels (and sis-
Paradero is a new Mexican hospitality Double rooms from $550 a night; Resorts, Adrian Zecha, was working as ture dating back to the 16th century that ter of Forte him-
brand that puts sustainability and paraderohotels.com Time magazine’s Asia correspondent in strives to balance the elements. “My self) launched the
engagement with local communities at the 1950s when he first stayed in a previous projects have frequently been Polizzi Collection
the forefront of its operations. Its first NoMad, London ryokan or traditional Japanese inn, an considered as ‘luxury’ due to the of country hotels
project, Paradero Todos Santos, which When, in 2017, the Sydell Group opened experience that profoundly influenced impression created by our clientele,” together with her
describes itself as “less of a hotel than a the darkly plush and atmospheric his subsequent career as a hotelier. Now says Zecha. Here, he has returned to his two daughters
high-design landscaping project with 35 NoMad New York, just north of Madison 87, he is using those original memories “original intent [which] was always to (one of them,
suites”, opens 70km north of Cabo San Square Park, its founder Andrew as the inspiration for a new brand, shed light on local culture, community, Alex, the pre-
Lucas in Baja California, on January 15. Zobler’s intention was to bring a Euro- Azumi, of what he calls “contemporary arts and food”. Hence the neighbouring senter of Channel
Located 12km from the sleepy surf pean sensibility to Manhattan. (Its ryokans”. yabune, or public bathhouse, intended 5’s long-running
resort after which it is named, a historic designer was the Parisian Jacques Gar- The first, Azumi Setoda, opens in for locals as much as guests. series The Hotel
settlement of about 7,000 and one of cia; its kitchens originally overseen by March on the island of Ikuchijima in the Doubles from about £560 a night; azumi.co Iniala Harbour House in Valleta, Malta Inspector). Due to
Mexico’s 100 or so culturally rich pueb- the Swiss chef Daniel Humm.) In devel- Seto Inland Sea, in the 19th-century open in March,
los magicos or “magic towns”, it occupies oping a sister property in London, former home of a powerful shipping and King’s Mansion, Goa, India medical spa surrounded by tropical gar- their third hotel, The Star at Alfriston,
a two-hectare site within a biosphere which will open as soon as the restric- salt-farming family. This has been con- Aiming to establish “a new standard of dens in the small seaside town of Can- has been converted from a 15th-century
reserve, surrounded by farmland, cac- tions on hospitality allow, the idea has verted to accommodate 18 suites and luxury wellness” in south India, King’s dolim in northern Goa. It belongs to the half-timbered inn in a still substantially
tus desert, an oasis of 5,000 palms and been to create a US ambience in London. four duplexes, each with its own garden Mansion is an elegant colonial-style Bollywood star-turned-entrepreneur medieval Sussex village close to both the
the foothills of the Sierra de la Laguna Transformed from what was Bow Sachiin Joshi and has been designed by South Downs National Park and
mountains. There are three wild Street Magistrates Court by Roman & Gauri Khan, film producer, interior Glyndebourne, the historic rural estate
beaches nearby, two with world-class Williams (the studio behind the Stand- designer and wife of the superstar actor that is home to an opera house. In keep-
surf breaks. The suites are furnished ard, High Line), hung with a lot of Shah Rukh Khan. ing with Polizzi’s distinctive style, the
with bespoke cedar joinery and textiles American art and with three restau- With just 17 suites, it is positioning Star’s 30 rooms will fuse a traditional
from Guadalajara and Oaxaca but this rants overseen by chef Ian Coogan, for- itself as a sort of lavishly appointed English country-house aesthetic (cus-
place is really all about the experiences merly of Jean Georges Vongerichten’s Mayr clinic of the tropics, and when it tomised wallpapers and textiles by
— activities from surf lessons and culinary empire, the 91-room hotel is opens in March it will offer six pro- Richard Smith, cabinetry crafted in the
directly opposite the Royal Opera grammes of seven to 21 days that com- next village) with more contemporary
House. Just as The Ned, for which Sydell bine Ayurvedic treatments with more bespoke furniture by Julian Chichester.
partnered with Soho House, established scientifically orthodox evidence-based Doubles from £190;
itself as the go-to place for socialising in therapies, complemented by daily yoga, thepolizzicollection.com
the City, the NoMad stands to become meditation, lectures and “workshops to
popular not just with guests, but locals, help build the foundations of a new, bal- Iniala Harbour House, Malta
theatre goers, even visitors to the forth- anced lifestyle”. Having lost his fiancée in the 2002 Bali
coming Bow Street Police Museum, From £8,000 per person for seven days, all bombings, former derivatives trader
which will occupy part of what was the inclusive; kingsmansiongoa.com Mark Weingard set up a foundation in
adjacent police station and which Sydell her memory that now supports educa-
will initially fund. The Star at Alfriston, Sussex, UK tion, health and rehabilitation in India,
The Paradero opens this month Doubles from £455; thenomadhotel.com NoMad: a US ambience in London Last year, Olga Polizzi, director of design Indonesia, Thailand and Malta. Two
2 January/3 January 2021 ★ FTWeekend 5

Travel
Remote retreats for remote workers in Croatia is
A post-lockdown yearning for open expected to come into law this month.
space has brought remote, empty desti-
nations to the top of many wishlists for Boats
2021. Namibia, the world’s third-most It seems likely that widespread vaccina-
sparsely populated country after Green- tion, rather than simply testing, will be
land and Mongolia, is tipped by tour required to kickstart demand for big
operators including Steppes Travel cruise ships — but conversely holidays
(steppestravel.com), Black Tomato on small private boats are already prov-
(blacktomato.com) and Original Travel ing more popular than ever. The Adriatic
(originaltravel.co.uk). “Physical dis- seems especially in demand: Red Savan-
tancing has been a way of life in Namibia nah says the best gulets along Croatia’s
for millennia, and the wide-open spaces Dalmatian coast are showing strong
of the Namib Rand and Etosha [national bookings for summer; the Allure, which
parks] are the perfect antidote to the sleeps up to 14 and costs from £15,173
current situation,” says Jarrod Kyte, per week, has only two weeks left availa-
product and sales director at Steppes. ble in July and August.
Even Namibia has tourist hotspots Sail Dalmatia (saildalmatia.com)
though, so he recommends a self-drive reports that 80 per cent of their new cli-
trip staying at the newly opened Natural ents in 2020 were chartering a yacht for
Selection camp at Kwessi Dunes, which the first time. “The safe and secure envi-
offers an authentic desert experience ronment of a yacht clearly appealed to
away from the celebrated dunes of Sos- many clients,” says Dora Vulic, the com-
susvlei, and then Safarihoek Lodge, on a pany founder. An uptick in 2021 inquir-
private reserve beside Etosha National ies suggests that trend might continue.
Park. A 12-day trip with Steppes would And in July, Sunsail (sunsail.co.uk)
cost from £3,495 per person. will launch “flotilla” holidays on the
A survey for Original Travel found 48 Croatian island of Brac. Guests sail their
per cent of its clients wanted their first own yacht by day (taking the helm
post-lockdown trip to be “somewhere themselves, or with a skipper) then ren-
outdoorsy to enjoy some wide-open dezvous with others for evening activi-
spaces”. As well as Namibia, and for ties. There are daily briefings, a tailored
something very different, it tips Nova itinerary and a lead boat with mechanic,
Scotia and Canada’s Atlantic provinces skipper and host on board for support.
for their “intriguing maritime past, A week costs from £1,052 per person,
time-stood-still fishing villages and based on a group of four.
staggeringly beautiful and untouched
landscapes that are begging to be
hiked”. It offers an 11-day self-drive
tour, including time on Cape Breton and
Fogo islands, from £4,300 per person.

Slow travel
An industry buzzword for years, “slow
travel” could finally gain mainstream
traction in 2021. The idea is simply that
you take fewer but longer holidays,
reducing carbon emissions relative to
your contribution to the local economy,
while also giving yourself time to prop-
erly immerse in a different culture. Less
time in airports and more time to relax,
unwind and explore seem obvious goals
post-pandemic. Wild Frontiers Travel
(wildfrontierstravel.com) says that protected area, and take daily walks Regenerative travel
from September to November its top- Taking to the skies through the mountains (a week costs Aside from the pandemic, the salient
selling trip was a 48-day odyssey along from £885). Slovenia’s cuisine will also trend in travel has been growing con-
the Silk Road, taking in six countries While much of the aviation industry has spent be in the spotlight this year — the coun- cern about the environment and the
and 15 world heritage sites (£11,395 per the past nine months struggling for survival, try has been named European Region of effect of tourism on destinations. An
person). Also in demand is a 21-day trip- two new start-up airlines are hoping to buck Gastronomy for 2021. annual survey by Abta, a trade body for
through the Karakorum from Kashgar the trend and begin their first flights in 2021. UK travel agents and tour operators,
in China to Kashmir. “These trips are In November, Flypop announced it had Working holidays found that in 2020 half of consumers
particularly popular with semi-retired received “significant investment” from the UK The explosion in remote working has led deemed sustainability to be an impor-
or recently retired people looking for government’s Future Fund. Flypop plans to many to realise they could just as easily tant or essential consideration when
that true trip of a lifetime, and Covid has launch low-cost long-haul flights between the dial-in from a beachside villa or ski cha- choosing a holiday — up from only a
given them the time to plan for it,” says UK and Indian cities such as Amritsar and let as from a workstation in their spare fifth in 2011.
Jonny Bealby, the company’s founder. Ahmedabad in the second half of 2021, using bedroom. Accommodation providers Trips that don’t involve flying are sim-
Data from eDreams Odigeo Airbus A330 aircraft, although it has yet to say this is driving a trend for longer rent- ilarly on the rise: Inntravel says it has
(edreams­odigeo.com), Europe’s largest obtain the necessary Air Operator Certificate. als and hotels hope to extend their sea- had to triple the number of rail special-
online travel group, seems to confirm In the US, David Neeleman, the entrepreneur sons by attracting remote workers. The ists it employs to keep up with demand,
the trend. In the summers of 2020 and who founded WestJet and JetBlue, is currently Quinta do Lago resort (quinta- while Byway (byway.travel), a new Brit-
2019, the most common trip duration recruiting for a new airline called Breeze, dolago.com) in Portugal’s Algarve is ish operator offering only no-fly holi-
was seven to 13 days. Its forward book- headquartered in Salt Lake City. It plans to offering “work and stay” packages, from days, was launched in defiance of the
ings for 2021 show trips of that duration start operations this year, serving second tier £2,135 per month, where guests stay in pandemic in November.
(32 per cent) are now outstripped by US cities that do not have air links. As well as wooden cottages with two bedrooms, The latest mantra is “regenerative
those of 14 days or longer (35 per cent). Apennines, for example, explores the Main picture: offering low-cost direct flights, Neeleman says one of them converted into an office — or travel”: trips that actively help rather
The “slow travel” idea also relates to hills around the historic towns of Urbino camping on the the focus will be on customer service and that a more luxurious “Reserva” apartment, than simply mitigating their negative
the style of trip, and walking holidays — and Gubbio, including a night in the tiny ice in Antarctica Breeze will be “the world’s nicest airline”. complete with private pool, from impacts, often involving some charita-
perhaps the best way to become hamlet of Bacciardi, perched on a ridge Pelorus
£8,000 per month. ble work or contributions to fund posi-
absorbed in a destination — also seem and surrounded by forested slopes Some countries are making a targeted tive projects. Steppes Travel, for exam-
poised for greater popularity. Wild Fron- (eight days from £1,995). Above: the Sveti bid to attract digital nomads in 2021, ple, has formed a partnership with the
tiers has developed a range of new For those who prefer to walk alone, Duh church in offering the chance to stay for longer European Nature Trust to offer a range
guided European walking tours in Inntravel (inntravel.co.uk) has a range Slovenia’s Logar than a tourist could and also waiving of trips in which guests accompany
response to demand, often with a focus of self-guided trips, including new itin- Valley any need to pay income tax locally. Bar- wildlife researchers and with donations
on local produce and wine, and including erary in Slovenia’s Logar Valley, “one of bados has already attracted more than to support their work included in the
less-visited destinations such as Albania, Europe’s most beautiful”, according to Above right: an 3,000 applicants for its “Welcome cost of the holiday. A week in Spain
Macedonia, Slovenia and Poland. Its the company. Guests stay at the family- Iberian lynx in Stamp”, which allows visitors to stay for tracking the endangered Iberian lynx
“walking and wine” trip in the Italian run Hotel Plesnik, the only hotel in this Andalucía — Alamy up to a year, and a new residence permit costs from £2,995

and will emphasise vegetables and permitting, it will also be possible to resort has 85 rooms and suites, and in
vegan dishes over butter and foie gras. sleep under the stars on a platform by time there will be “farmhouse villas” to
Doubles from SFr1,500 (about £1,250), the Zibadiania lagoon. rent too. There’s a spa, two pools, a res-
oetkercollection.com Prices yet to be announced; wilderness- taurant overseen by Erik Anderson,
safaris.com whose main kitchen, Coi in San Fran-
Little DumaTau, Linyanti, Botswana cisco, has two Michelin stars. And if you
Though much of the safari world’s Six Senses Shaharut, Arava, Israel tire of viniculture, there’s a complimen-
attention will be focused on the launch On an 18-hectare estate in the Arava tary house car to take you into town.
of Xigera in the Okavango Delta (on Valley, just south of the Negev desert, Prices yet to be announced; foursea-
which $35m has been reportedly been Six Senses Shaharut is a 60-suite spa sons.com/napavalley
spent, not least on art), it shouldn’t resort with organic vegetable gardens Six Senses Shaharut, in Israel
eclipse Wilderness Safaris’ newest, and a working camel farm: a first for Oku Ibiza and Kos
entirely solar-powered camp, Little Israel, possibly for the world. It is due to In 2016 Thomas Cook launched a style-
DumaTau. Expected to open in April open on June 1. Most fans of the brand Rosewood, São Paulo focused, adults-only sub-brand, Casa
about 100km north-east of Xigera in the are likely to be drawn by its extensive The French architect Jean Nouvel’s dis- Cook, as an attempt to update the tradi-
Linyanti Reserve, it has just four spa- spa, but there’s terrific potential for tinctive 93-metre plant-covered tower, tional package holiday for a new genera-
cious tented suites, beautifully designed exploring the desert too, not least the Torre Rosewood, is already a landmark, tion. It didn’t come soon enough to save
and each with its own plunge pool and Timna Park, site of King Solomon’s cop- rising above Cidade Matarazzo, a three- the group — Thomas Cook went into liq-
The Star at Alfriston, converted from a 15th-century inn in the Sussex village views across the Osprey Lagoon where, per mine and home to extraordinary hectare complex of heritage buildings uidation in 2019 — but this year two
elephants, in particular, come to drink. geological formations. And it’s worth that has been developed into apart- Casa Cooks, in Ibiza and the Greek
The camp will share a spa and lap pool noting that Petra, in neighbouring Jor- ments, restaurants, retail and offices, in island of Kos, will be reborn under the
years later, his beach house in Thailand on the Quai Wilson, what was the with DumaTau, a long-established dan (180km away, about three hours by the upscale Bela Vista neighbourhood. ownership of Swiss group LMEY Invest-
was damaged by the Boxing Day tsu- Woodrow Hotel has been comprehen- eight-tent camp that will also have been road), will be offered as a day trip. In June, the Hong-Kong based Rosewood ments as the first Oku hotels, their
nami. He and his guests survived, and sively remodelled by the Oetker Collec- completely renovated. And weather- Prices yet to be announced; sixsenses.com group will open a hotel here, partly in an name a Japanese word that tends to be
having restored it, he turned it into a tion, owners of the Hotel du Cap-Eden- imposing former maternity hospital, translated as “inner space”.
hotel, Iniala Beach House, revenue from Roc in Antibes and Le Bristol in Paris. partly in the tower, with interiors — 265 The 189-room property on Ibiza
which supports the foundation. It’s also been renamed The Woodward rooms and suites, six bars and restau- (originally launched as a Casa Cook in
Now resident in Malta, he’s created a in the wake of Princeton’s decision to rants — designed by Philippe Starck. summer 2019) is scheduled to open in
second hotel with philanthropic ambi- remove the name of the 28th president The bathrooms, all swirling marble May, a short walk from Cala Gració in
tions, Iniala Harbour House, which is of the United States from its public pol- from Paraná and Bahia, are stupendous; the south-west of the island. It will join
due to open fully in April. Comprising icy institute because of his racist views. and its rooftop pool will surely come to the 100-room hotel on Kos, which had a
four historic townhouses on Valletta’s St Due to open in the spring, it will have rival the one at the fabled Fasano in Rio short soft-opening season last summer
Barbara Bastion, it’s a five-minute walk just 26 expansive suites, 21 of them with as the most photogenic in Brazil. and is due to open fully in April. Both are
from St John’s Co-Cathedral, famed for views across the lake towards Mont Prices yet to be announced; intended as an “alternative to the ‘naff’
its Caravaggios. Not that there’s any- Blanc, designed by Pierre-Yves Rochon, rosewoodhotels.com brands and small boutiques” one
thing hairshirted about the way Iniala’s whose scheme for the Four Seasons tends to find on such islands, says a
23 rooms, suites and residences have Hotel des Bergues, 800 metres south Four Seasons Napa Valley, California spokesperson. They will be “well
been furnished; the grandest even have along the same waterfront, are for the “No other wine-country resort inte- designed, chic and laid-back, with good
plunge pools. The conversion has moment probably the loveliest hotel grates the grape-to-glass experience so solid five-star service”, spas and, on
skimped on neither money nor time — rooms in Geneva. Certainly, no expense thoroughly” boasts the forthcoming Ibiza, two restaurants overseen by Mark
the hotel was originally due to open in would seem to have been spared. The Four Seasons Napa Valley, which opens Vaessen, formerly of Sushisamba.
December 2017. spa is by Guerlain and runs to a 21-metre this spring on the north-east edge of LMEY has plans to expand the brand
Doubles from €350 a night; indoor pool, the longest in any hotel in Calistoga overlooking three hectares of around the Mediterranean, so the Oku
inialamalta.com the city. One of its restaurants will bear organic Cabernet Sauvignon vineyards name and the concept of a design-savvy
the name of the late Joël Robuchon, and the Palisades mountains beyond. seaside resort hotel, could become
The Woodward, Geneva while the other, Le Jardinier, will be run Run in partnership with the celebrated increasingly familiar.
Located in a belle époque former bank by Robuchon protégé Alain Verzeroli Casa Cook hotels reborn as Oku, here in Ibiza, and another on Kos winemaker Thomas Rivers Brown, the Doubles from €360, okuhotels.com
6 ★ FTWeekend 2 January/3 January 2021

Style

B
ack in early March, when and probably the small independent
parts of Europe went into guys will realise they need to sell or
lockdown, and designers merge,” Rambourg predicts. M&A activ-
began to panic as collections ity is already picking up: in the past two
got stuck in warehouses or months, VF Corp agreed to acquire
were refused by the department stores streetwear brand Supreme for $2bn and
that had ordered them, analysts warned puffer jacket maker Moncler took a
of an “unprecedented crisis” for the majority stake in rival Stone Island.
£2.2tn fashion and luxury industries. Collections will also continue to be
Eight months later, that “unprece- smaller, and more designers will opt for
dented crisis” looks more like a blip — certified-sustainable fabrics in response
especially at the higher end of the price to climate concerns. Even before Cov-
spectrum. While luxury goods sales id-19, collections were shrinking as
shrunk by about a fifth last year, accord- brands moved away from trendy, sea-
ing to Citi and Bain estimates, a strong sonal products towards more dependa-
third quarter and the rapid deployment ble “evergreen” items.
of a vaccine has led some analysts and In the world of venture capital, profit-
executives to predict a near-full return ability has become a much bigger prior-
to 2019 revenues in 2021. ity for start-ups, says Nicole Quinn, a
Such optimism is shared by investors: general partner at Lightspeed Ventures,
for the fifth consecutive year, the luxury whose investments include Gwyneth
sector has outperformed the wider Paltrow’s Goop and Lady Gaga’s Haus
equity market — this year by about 10 Laboratories, both of which became
per cent — notes Thomas Chauvet, head this year. While some brands, including profitable this year.
of luxury goods equity research at Citi. Fendi and Dolce & Gabbana, plan to go She is keeping an eye out for opportu-
It helped that Japan and China, the ahead with live catwalk shows at men’s nities in beauty, skincare, fitness and
second- and third-largest luxury mar- fashion week in Milan in January, many live-video shopping next year, all of
kets by sales, recovered quickly from others will continue to focus on digital which were given a boost by the pan-

How
the virus, and the rise of “revenge buy- and audience-less presentations — at demic, she says. Quinn also predicts a
ing” (shopping sprees driven by pent-up least in the first half of the year. “huge influx” of companies staging IPOs
demand during lockdown) and “reun- Others will move their shows to in the US in 2021 following the strong
ion dressing” in China buoyed pur- China. Cartier released its latest Pasha performance of tech players such as Air-
chases in the spring. Where stores were watch in China in July, two months bnb and DoorDash. (Just this week, the
closed, many shoppers turned to ecom- before the rest of the world, and Mon- parent company of Munich-based lux-
merce for the first time — and brands cler plans to move its Genius show from ury etailer MyTheresa, a competitor of

luxury is
say they’ll keep shopping there. Milan Fashion Week to Shanghai later Net-a-Porter and MatchesFashion, has
The US luxury consumer also proved this year. Already luxury’s fastest-grow- filed for a IPO in the US.)
surprisingly resilient. With stock indi- ing market prior to the pandemic, main- Not everyone is confident of a recov-
ces reaching record highs and fewer land China will become even more ery in 2021: researchers at Bain say lux-
opportunities to spend on travel, restau- important in 2021 as Chinese luxury ury goods sales will not fully rebound
rants, concerts and spas, the wealthy shoppers take fewer trips abroad and until mid-2022 or 2023, given uncer-
snapped up luxury handbags, fine jew- buy more goods at home. tainties about the global economy.
ellery and cashmere tracksuits. Other pre-pandemic trends are also In some ways, luxury brands will

changing
Luxury executives also responded set to accelerate this year. The major, emerge stronger from the trials of 2020.
quickly and ably during the first wave of conglomerate-backed luxury brands, During the pandemic, stores in Europe
infections, says Chauvet: slashing mar- which were already gobbling up market and other tourist-driven markets began
keting and events budgets, renegotiat- share from smaller players, are poised reconnecting with local customers,
ing rents and, for the publicly listed to capture yet more market share in gathering a wealth of data and connec-
ones, reducing the dividends they had 2021, analysts say. That will make tions — advantages that will continue
planned to pay to investors. things tougher for independent, family- even as international travel resumes.
But while sales might return to 2019 owned houses — some of which are “Before, these brands didn’t know
levels, in other ways, the industry will likely to be put up for sale. who they were selling to, they were rely-
look rather different in 2021. Report | Demand for high-end goods “The big brands are going to outper- ing on tourism,” says Rambourg. “That’s
That will be evident on your next trip form when rebounding from this crisis, one of the silver linings to this crisis.”
to a department store. Prior to the pan-
demic, tailoring was enjoying a come- proved remarkably resilient in 2020,
Asia-Pacific’s luxury market expected to bounce back in 2021*
back, steadily replacing hoodies, track Market size ($bn) Apparel and footwear Luxury goods
bottoms and other streetwear-inflected
designs on catwalks and on garment
writes Lauren Indvik, but Covid-19 is Asia-Pacific** Western Europe North America
rails. A year of mostly working from 1000 1000
home has changed all of that. altering the industry in lasting ways 800 800
“We won’t go back to the way we were
— clothes will remain more casual for 600 600
the best part, because our lives have 400 400
become more of a blend,” says Natalie 200
200
Kingham, chief fashion officer of Match-
esFashion.com. In lieu of a head-to-toe 0 0
suit, she thinks customers will pair a “soft tailoring” such as cardigans and year? Logos. “In previous crises, logos From main, left 2006 12 15 18 21 2006 12 15 18 21
blazer with a T-shirt and jeans when drawstring trousers, which can be worn were a no-no, it was inappropriate,” to right: Bottega Middle East and Africa Eastern Europe Latin America
they return to the office; they’ll also be on Zoom and at the office; timeless sta- observes Erwan Rambourg, a luxury Veneta Spring/ 1000 1000
seeking out more “versatile” pieces. ples, such as cashmere camel coats and analyst and author of Future Luxe: Summer 2021;
800 800
Lydia King, fashion buying director at “investment bags that will hold their What’s Ahead for the Business of Luxury. Max Mara SS21;
Harrods, says she saw “a seismic shift resale value”; and “joyful, exuberant” “Right now, even with high unemploy- Prada Men’s 600 600
away from workwear and party-wear” party clothes for all of those reunions we ment, it is the iconic, recognisable prod- SS21 400 400
in 2020. While she sees a “big bounce plan to have in 2021. Comfort, which ucts that are outperforming versus pre-
200 200
back” in events and wedding attire in was “never the top factor when we Covid. There is no guilt factor — it’s
2021, “it’s hard to imagine emerging looked at our buy” in past seasons, is more of a ‘I’ve survived this, it’s ok to 0 0
from the house in a power suit”. now paramount for customers, she says. reward myself, I’m worth it’.” 2006 12 15 18 21 2006 12 15 18 21
Instead, King has been stocking up on One thing that won’t go away this Fashion weeks will also look different Source: Euromonitor International * 2021 are forecasts ** does not include Australia or New Zealand

Six young designers to watch

Trend | Emerging talents are introducing collections that fuse craft with technology and blur traditional gender lines. The FT Style team highlights some of the rising stars
Joyce NG

Priya Ahluwalia Maximilian Davis Maisie Schloss Nicholas Daley Harris Reed Charles de Vilmorin
2020 was a breakthrough year for Following his London Fashion Week Chicago-born, Los Angeles-based Craftsmanship is central to Nicholas When Harry Styles made headlines in It was during France’s first national
menswear designer Priya Ahluwalia. debut in September, 25-year-old Maisie Schloss, the designer behind Daley’s modern and global menswear November by becoming the first solo lockdown that Charles de Vilmorin
The 28-year-old Londoner was one of Maximilian Davis’s Spring/Summer one-and-a-half-year-old womenswear designs, and for every collection he male cover star in American Vogue decided to launch his namesake label
the winners of last year’s LVMH Prize, 2021 collection was immediately label Maisie Wilen, has a knack for works with artisans to create custom history, he also turned heads for the via Instagram. His punch-bright and
and showed a short film as part of picked up by retailers including Dover creating designs that resonate on textiles and details. His Spring/ gender-nonconforming outfits chosen psychedelic bomber jackets and coats
Gucci’s online fashion week, GucciFest. Street Market, Net-a-Porter and Instagram. Her ’90s-inspired party Summer 2021 collection examines the by stylist Camilla Nickerson in the — painted, printed and moulded with
She tells the FT that 2020 has “been a Ssense. dresses and body-con knits have found interplay of reggae culture and martial accompanying photo spread. That hearts, eyes and flowers inspired by the
rollercoaster . . . but ultimately, the Described in his show notes as a fans among Kanye West, the arts in the 1970s. The clothes have a included a sharp-shouldered black French sculptor Niki de Saint Phalle —
business has had a really successful “reclamation of black elegance”, the Kardashians, and stockists including loose, utilitarian feel with high-waisted evening suit worn under a dashing caught the attention of the Fédération
year”. Ahluwalia uses vintage and collection’s gently oversized tuxedo Net-a-Porter and Selfridges. trousers and karate Gi jackets in hoopskirt of crinoline and hot-pink de la Haute Couture et de la Mode,
deadstock textiles to create her tailoring, lean and sensuous evening West is one of Schloss’s backers; the custom Japanese sashiko material. satin designed by 24-year-old Harris which invited de Vilmorin to unveil his
vibrant, often patchworked, dresses, bold colours and feathered and pair met shortly after she graduated Daley launched his eponymous label Reed, who graduated from Central next collection during the couture
sportswear-inflected designs. She horned headwear (made by designer from Parsons in 2013 and she began in 2015, and in 2020 he was one of Saint Martins last summer. shows this January. Aged 24, he will be
describes her aesthetic as “future- Nasir Mazhar) drew on his Trinidadian working at his label, Yeezy. eight winners of the LVMH Prize. He Reed first connected wtih Styles in one of the youngest designers ever to
facing with hints of nostalgia, graphic, heritage and the aesthetics of Schloss is a fan of digital design, has collaborated with British brands 2017, when Styles’ stylist Harry show during couture week.
detail-orientated and worldly”. contemporary black artists such as the creating all of her colour palettes and Fred Perry and Lavenham. The Lambert discovered the designer’s While de Vilmorin’s business is in its
Ahluwalia plans to build her direct- rapper Lil’ Kim. prints in Photoshop. She describes her exhibition Return to Slygo, at the Now work via Instagram. He has been infancy, he has displayed a promising
to-consumer business in 2021. “It’s “For a long time, black people aesthetic as “playful and print-driven”, Gallery in Greenwich from February, creating ruffled blouses and balloon commercial streak: in late September,
important that as a business we can be haven’t been in charge of their own and says she’s focused on expanding will explore the designer’s Jamaican- trousers for Styles’ world tours ever he unveiled a six-look capsule
independent and not rely too heavily narrative, and I wanted to see them in her offering and collaborating with Scottish roots and love of reggae since. This year, Reed plans to create a collection of safari-style jackets, shirts,
on external stakeholders,” she says. a different, regal light,” he says. more artists in 2021. music. demi-couture collection. trousers and shorts priced from €300.
2 January/3 January 2021 ★ FTWeekend 7

Top row, from left:

staff in protective gear in a
ward converted to handle
Covid-19 cases at a
hospital near Modena,
Italy; a student wears a
Black Lives Matter face
mask at a school protest in
California in August;
novelist Kazuo Ishiguro
Francesco Cocco/Contrasto/Eyevine;
Los Angeles Times/Getty Images; Bridgeman

Bottom row, from left:

a flock of migrating storks;
a giant portrait of Stalin
in Berlin, in June 1945;
a Banksy mural in the
English Channel port of
Dover depicts a workman
chipping away at one of
the stars of the EU flag
Anadolu/Getty; Imperial War Museum/Getty;
Xinhua/Eyevine

C
oronavirus did much to forces behind Brexit, is the subject of a deeper dive. Helen Gordon brings month, Francis Spufford, best known
shape the book world in Sathnam Sanghera’s new book Empire- things down to earth in Notes from Deep for his award-winning 2016 novel

A look to
2020 — and will continue to landd (Viking, January), which looks at Time (Profile, February) where she Golden Hill, returns with Light Perpetual
do so in the new year, how imperialism has shaped modern invites us to read the story of our planet (Faber, February) and Viet Thanh
whether in the form of titles Britain. The realities of Muslim Britain in its landscape. Nguyen publishes The Committedd (Cor-
postponed by the pandemic or as the and the associated tensions, ignorance In the coming year, a number of books sair). Stephen King’s new novel Later
subject of new ones. January brings the and hostilities are the subject of Among map out how to change tack. In Reset (Hard Case Crime, March) looks set to
first of a number of dispatches from the the Mosques (Bloomsbury, June) by (House of Anansi, January) Ronald be one of the highlights of the spring sea-
frontline of the crisis — Breathtaking by former Islamist activist Ed Husain. Deibert sketches out a plan son for many readers.
Rachel Clarke (Little Brown) and Inten- In The Aristocracy of Talent (Allen to reclaim the internet for This early part of the year

the future
sive Care by Gavin Francis Lane, June), Adrian civil society, while Tara Daw- iis a fertile time for several
(Profile), which detail the Wooldridge takes aim at
W son McGuinness and Hana millennial writers who have
m
heartbreaking realities of a meritocracy, exploring how
m Schank make the case for aalready established them-
healthcare system under iit shaped the modern world public internet technology in sselves as names to watch.
extreme pressure. aand has now come to blight Power to the Public (Prince- Olivia Sudjic’s new novel
O
For others, Covid-19 is a iit. The sense of a nation not ton, April). As anyone who Asylum Roadd (Bloomsbury,
A
departure point for bigger aat ease with itself is amplified has watched that revelatory JJanuary) follows her success
investigations of flawed poli- iin Alwyn Turner’s All In It YouTube video of Russian with 2017’s Sympathy,
w y while
tics and economics, and the Togetherr (Profile, June), a
T opposition leader Alexei Fiona Mozley, whose debut
F
spur to outline a better wide-ranging portrayal of
w Navalny and a secret service Elmet was shortlisted for the
E
future. In Doom (Allen Lane, tthe UK today; while Selina agent, Bellingcat is a highly 22017 Man Booker, returns
May), historian Niall Fergu- Todd turns a critical eye to
T effective investigative journalism
li web- b with
ihH Hot Stew
S w (John Murray, March).
son asks why humanity is so tthe “myth” of social mobility site. The group’s founder Eliot Higgins There is also considerable excitement
bad at preparing for disasters. For econ- iin SSnakes
k and Ladders (Chatto & Windus, Books in 2021 | From life post-Covid to the love life tells the bigger story in We Are Bellingcat ahead of Yaa Gyasi’s new book Tran-
omist Mariana Mazzucato, the crisis has February). (Bloomsbury, February). scendent Kingdom (Viking, March).
provided an opportunity to remake cap- February also sees the launch of Black Technology also features prominently Meanwhile, Jeet Thayil’s retelling of
italism, a case she argues in Mission Britain (Hamish Hamilton), a series of of robots, Frederick Studemann and Laura Battle on among the business books of 2021. The the New Testament from the female
Economyy (Allen Lane, January). Others “lost or hard-to-find” books by black mega-tech investment phenomenon point of view — Names of the Women
spotting opportunity in a crisis include
former UK prime minister Gordon
authors. Curated by Booker prize win-
ner Bernardine Evaristo, the series —
some of the new year’s most eagerly awaited titles that is SoftBank is the subject of Aiming
High (Hodder & Stoughton, June),
(Jonathan Cape, March) — is one of sev-
eral high profile feminist novels due to
Brown with Seven Ways to Change the which will kick off with six titles, rang- Atsuo Inoue’s biography of the group’s be published in the early summer; Lisa
Worldd (Simon & Schuster, June). On a ing from thrillers to historical fiction — founder Masayoshi Son. The Founderss by Taddeo, whose debut, an account of
more ambivalent note, economist and is part of a broader initiative to correct a Jimmy Soni (Atlantic, May) tells the female desire titled Three Women, was a
habitual gloomster James Rickards tal- historic bias within British publishing. story of Elon Musk, Peter Thiel and the bestseller in 2019, is back with a novel:
lies up the winners and losers of a post- Museums are another national insti- Another big topic on the global edited by Simon Heffer. One of the group of disrupters who “made” the Animall (Bloomsbury, June); and Rachel
pandemic world in The New Great tution facing questions about their pur- agenda will be US-China relations and many titles postponed from 2020 due to modern internet. In Fulfilmentt (Farrar, Cusk offers a “study of female fate and
Depression (Portfolio, January). pose — and the provenance of their col- how they are reset by President Joe Covid-19, the diaries of the American- Straus and Giroux, March), Alec male privilege” with her new novel Sec-
As 2020 came to a close, coronavirus lections. Expect the debate to continue Biden. In The World Turned Upside Down born British MP and socialite promise to MacGillis brings the latest oond Placee (Faber, May).
collided with that other dom- iin 2021 with the likes of (Yale, January), Clyde Prestowitz, be a treat. Channon’s career may have investigation into Amazon Wole Soyinka’s Chronicles
inating issue in Britain — Barnaby Phillip’s Loot (One-
B leader of the first US trade mission to been unremarkable; his social life was and its impact on small town, ffrom the Land of the Happiest
Brexit — as the recent tail- world, March), an account of
w Beijing, calls for a more sophisticated anything but. John Sutherland’s Monica Main Street America. Another People on Earth — a story set
P
back of trucks at Dover tthe story of the Benin strategy towards China rather than the Jones, Philip Larkin and Mee (Weidenfeld corporate controversy is iin contemporary Nigeria,
appeared to offer a taste of bronzes of the British
b narrow trade scraps of recent years. & Nicolson), a biography of the poet’s explored in Patrick Radden aand the Nobel laureate’s first
chaos to come. How we got Museum. Meanwhile in The
M Confusingly — or perhaps tellingly? — lover and muse, has generated keen Keefe’s “secret history” of the novel in 47 years — will be
n
here and where we might Art Museum in Modern Times
A the title is one shared with Yang Jish- interest ahead of publication in April. Sackler family, Empire of Pain oone of the clear highlights of
now go are the subject of ((Thames & Hudson, March) eng’s latest book, though the subject is A more sinister chord is struck by (Picador, May). Other nota- llate summer (Bloomsbury).
numerous new books. In Jan- Charles Saumarez Smith,
C very different: a history of Michela Wrong’s Do Not Dis- ble business reads include Poetry may not have suf-
uary, in This Sovereign Isle fformer director of London’s the cultural revolution. In his tturb (4th Estate, April), The World for Sale (Random ffered the same raft of delays
(Allen Lane), Robert Tombs, National Gallery, looks at the
N The World Turned Upside which examines the contro-
w House Business, February) aas fiction, but 2021 looks like
professor of history at Cam- eevolution of the modern Down (Farrar Straus and Gir- vversial life of Paul Kagame in which Javier Blas and Jack a bumper year. In January,
bridge and prominent Brex- museum and asks whether it
m oux, January) the acclaimed aand the legacy of the Rwan- Farchy probe the hard-knuckle and US poet Rowan Ricardo Phillips releases
iter, argues that Britain has always been has a future. Moving to the contents of journalist offers a highly dan genocide. On a more per-
d secretive world of commodity trading. his first UK book, Living Weapon
different from the rest of Europe; mean- museums, Jennifer Higgie brings an detailed account of one of the ssonal note, May brings the Some of the breathtaking and far- (Faber), while Picador opens the year
while FT columnist Philip Stephens overdue focus to self-portraits by most terrifying moments in ffinal instalment of Deborah reaching developments coming out of with Annie Freud’s Hiddensee. Granta’s
charts Britain’s post-imperial geopoliti- women artists in The Mirror and the Pal- recent Chinese history. Yet Levy’s “living autobiogra-
L the laboratory are detailed in The Code poetry series continues with Comic Tim-
cal path from Suez to Brexit in Britain ettee (Weidenfeld & Nicolson, March). for Roger Garside, today’s phy” Real Estate (Hamish
p Breakerr (Simon & Schuster, March), ing, the debut from Forward prize win-
Alonee (Faber). The history of London would have rulers in Beijing are less Hamilton), in which the
H Walter Isaacson’s account of Jennifer ner Holly Pester (February); another
Veteran diplomat Peter Ricketts con- been very different without Mary Dav- secure than they may writer turns her attention to
w Doudna and her pioneering work on promising debut is Bird of Winterr by
siders the options facing post-EU Britain ies, heiress to a slice of land that would appear. In China Coup (Uni- tthe subject of home. And fol- gene editing, for which she won a Nobel Alice Hiller, who handles difficult sub-
in a fast-changing world in Hard Choices become some of the most valuable real versity of California Press, May), ) he
h llowing
i theh success of Another Planet, her Prize. The implications of scientific jects to stunning effect (Pavilion, April).
(Atlantic, May); in How Britain Ends estate in the world and the cornerstone ponders the end of one-party rule. 2019 memoir of suburban ennui, Tracey innovation for humanity also capture Fans of Michael Symmons Roberts will
(Head of Zeus, February), journalist of the fortunes of the dukes of Westmin- The new year brings a number of Thorn turns to her later home in My the imagination of some of literature’s have Ransom in March (Jonathan Cape),
Gavin Esler asks whether the nationalist ster. Yet her story — one of wealth, mad- notable biographies. In Francis Bacon Rock ‘n’ Roll Friendd (Canongate, April), biggest names: Kazuo Ishiguro’s novel while Kayo Chingonyi’s A Blood Condi-
sentiments that informed Brexit could ness and unhappiness — has been (William Collins, January), Mark Ste- where she explores the women and Klara and the Sun (Faber, March) imag- tion is based on themes of inheritance
result in the break-up of the United largely forgotten, something Leo Hollis vens and Annalyn Swan claim the first female friendship in music. ines the everyday realities of artificial (Chatto & Windus, April). Rachael
Kingdom. An earlier fractur- hopes to correct in Inherit- “fully comprehensive” — it’s certainly a Turning inwards, Veronica O’Keane intelligence. AI featured Boast’s formal prowess
ing of the UK is addressed in aancee (Oneworld, May). April hefty tome — biography of the cele- looks at memories — how we make heavily in Jeanette Winter- aalways merits attention: her
Charles Townshend’s The brings another historical
b brated artist. Similarly, Philip them and how they shape us son’s 2019 Frankissstein, a Hotel Raphael is out in May
H
Partition (Allen Lane, April) insight with Sean Roth (Jonathan Cape, April) — in The Rag and Bone Shop reimagining of Mary Shel- ((Picador), the same month
which looks at the events McMeekin’s Stalin’s War
M by Blake Bailey is the first ((Allen Lane, February). Our ley’s gothic classic; in 2021 aas Andrew McMillan’s Pande-
leading up to Ireland’s inde- ((Allen Lane), which revisits major portrayal of the novel- mental health is the subject
m she returns to the subject in a monium (Cape).
m
pendence and division 100 tthe story of the second world ist, who granted the author oof several new books — start- series of essays 12 Bytes Debut novels dominated
years ago. With his account war from a less-familiar per-
w full access and independence iing in January with two per- ( Jonathan Cape, June). 22020’s Booker Prize short-
of the crushing defeat of sspective, that of the Soviets. before his death in 2018. The ssonal accounts, Mending the Meanwhile, Edward St llist, and there are several
Jacobite forces, Paul Back in the present day, 200th anniversary of the Mindd by Oliver Kamm (Wei-
M Aubyn, well known for his ttitles that are worth watch-
O’Keeffe’s Culloden (Bodley tthe challenge of climate death of Keats in marked by denfeld & Nicolson) and The
d Patrick Melrose novels, iing out for in the coming
Head, January) promises cchange unsurprisingly also Lucasta Miller in Keats Limits of My Language by
L explores new ground with yyear. These include Megha
poignant reading in a year ffigures prominently. Ones to (Jonathan Cape, February), Dutch writer Eva Meijer
D Double Blindd (Harvill Secker, Majumdar’s A Burning
M
when, in the wake of Brexit and d fforth-
h note iinclude
l d February titles from Bill a “brief life in nine poems ((Pushkin Press). March), which will touch on the h fields
fi ld off (Scribner
(S ib JJanuary), a story of three
coming Scottish Parliament elections, Gates with his solution-based offering and one epitaph”. In 2020 many of us were “ecology, genetics, neuroscience and intertwined lives set against the volatile
the issue of Scottish independence is set How to Avoid a Climate Disasterr (Allen A more recent fount of ideas, Edward
Ed d reminded
i d d of the joys and wonders of the psychoanalysis”. backdrop of contemporary India, and
to loom large on the UK political agenda. Lane) and Under a White Skyy (Bodley Said, is the subject of Places of Mind, natural world — if only because we were With fiction schedules still playing Peace Adzo Medie’s His Only Wife (One-
The importance of constitutions is the Head) by New Yorker writer Elizabeth (Farrar, Straus and Giroux, March) a denied them for much of the year. For catch-up after the disruption of last world, March) — both of which have
subject of The Gun, the Ship and the Pen Kolbert. Among novelists drawn to the biography by Tim Brennan, who anyone who came away from Colum year, 2021 gets off to a busy start. Kate already received rave reviews in the US.
(Profile, March) by Linda Colley, the subject is Richard Flanagan, whose The explores the influences on his friend and McCann’s 2020 Booker-longlisted novel Mosse fans will be eagerly awaiting The
acclaimed historian of British nation- Living Sea of Waking Dreams (Chatto & former teacher. Also much-anticipated Apeirogon astonished at the tales of City of Tears (Mantle), the next book in Frederick Studemann is the FT’s literary
hood and imperialism. The legacy of Windus, January) explores the climate are the first volume of The Diaries of migratory birds, Scott Weidensaul’s A The Burning Chambers series, which is editor; Laura Battle is deputy books editor.
empire, often cited as one of the driving emergency through a familial crisis. Chips Channon (Hutchinson, March), World on a Wing (Picador, March) offers published in January. The following Poetry selections by Maria Crawford
8 ★ FTWeekend 2 January/3 January 2021

Books

Latin lessons
for Team Biden
Two books on ancient Rome offer a timely reminder of
how to obtain, retain and renew power. By Alec Russell

C
assius Parmensis is not The Last Assassin: The Hunt
a name likely to fea- for the Killers of Julius Caesar
ture in discussions by Peter Stothard
among Donald Weidenfeld & Nicolson, £20, 274 pages
Trump’s advisers as
they consider how to deploy the Gladius: Living, Fighting and
outgoing president’s war chest and Dying in the Roman Army
fan base in order to resurrect his by Guy de la Bédoyère
fortunes. By the same token, one Little, Brown, £25 University of Chicago
can assume that the rather more Press $30, 352 pages
famous Roman, Scipio Africanus,
is not being cited by Joe Biden’s
staffers as they seek a revival of gevity of Roman power: the army.
America’s fortunes. Yet I found The author, Guy de la Bédoyère,
myself reflecting on the dilemmas has been writing on the Roman
facing both sets of aides as I read of world for three decades. Here he
Parmensis and Scipio in the two expertly keeps himself in the
latest histories to address aspects shadows aware that the details and
of ancient Rome. story need little authorial inter-
Poet, playwright, and admiral, vention. We hear of now long-for-
Parmensis is one of the lesser gotten emperors, such as Probus,
known of the idealists, ideologues who disliking indolence pushed
and rivals who killed Julius Caesar. his soldiers too far and ended up
Twins marrying twins: twin sisters Joy and Gloria Marerum and twin brothers George and William Smith Jr at their wedding in New Jersey — Bettmann Archive The Last Assassin is a novella of a being chased up a tower and killed
history of his 14 years on the run by them. We read of stratagems
after that fateful Ides of March. such as Roman soldiers sowing

Weird roots of the modern world He was the last of the assassins
to evade the vengeance of Caesar’s
adopted heir, Octavian. His story
is not just a gripping sideways take
on the tumultuous last chapter of
the Roman Republic. It is also
turnips to trick Carthaginians into
thinking they had the wherewithal
to withstand a long siege. We learn
of their centuries-long perfection
of planning and logistics. Readers
in HR departments looking for his-
And so the modern world was born. implicitly a timely reminder how torical buttressing of their brief,
Harvard academic Joseph Henrich’s account of why Europeans and Americans This theory is far from uncontrover-
sial, and in making it Henrich is now
to obtain and retain power, which
seems all the more relevant as a
will be heartened to know that at
one stage the army had individual
picking a second fight, this time with successor world hegemon pre- career reviews of every soldier.
prospered rests on a bold claim — not marrying cousins, writes James Crabtree other sweeping social theories that seek (When seeking to root out trouble-
to explain why societies rise and fall. He Scipio took over after a makers, Mark Antony supposedly
shares similarities with the political sci- consulted them.)
entist Francis Fukuyama, for instance, catastrophic few years But it is the welter of individuals’

W for Rome. When he left

hy did Europeans and T Weirdest
The missionaries to the Anglo-Saxon King- who also examines how modern impar- stories that makes Gladius such a
North Americans come People in the
P dom of Kent to win King Aethelberht tial states replaced kin-based “patrimo- triumph. There is Chrauttius, a
to dominate the mod- World: How the
W round to the church’s strict matrimonial nial” governance — a transition Fuku- office Rome had never legionary posted in a camp at
ern world, overtaking West Became
W edicts. Rome adopted these in part as a yama argues is much trickier than mov- been more powerful northern Britain at the end of the
peoples in places like Psychologically
P form of competitive differentiation, ing from dictatorship to democracy. 1st century AD, who wrote to a
China and India? The German sociolo- Peculiar and
P marking out its teachings from the more Henrich’s view echoes another big- friend based in London hoping he
gist Max Weber put it down to Protes- Particularly
P permissive family rules held by the vari- idea book of the past year, The Narrow pares for change at the top. could send him some shears. We
tant ethics and asceticism. Harvard aca- Prosperous
P ous cults, tribal deities and Roman reli- Corridorr by economists Daron Acemoglu As you would expect from a dis- also learn of the lives of trailing
demic Joseph Henrich has a different big b Joseph Henrich
by gious leftovers that held sway at the and James Robinson. This also located tinguished former journalist, spouses at the same camp, Vindo-
idea: not marrying your cousins. Allen Lane £20,
A time in much of Europe. the origins of western success in tribal Peter Stothard, knows how to landa, as well as tantalising
Beginning around 600AD the Roman 6680 pages The resulting campaign, which lasted 5th-century Europe, although for quite deploy the telling diamond stud of glimpses of the lives of children of
church kicked off a millennia-long cam- hundreds of years, also pushed back different reasons, focusing instead on a a detail — whether in Senate peripatetic military families. All
paign to promote good Christian mar- cinating and creative book, brimming against arranged marriages, polygamy, back-and-forth relationship between debates, sea battles or describing these are via the same source: the
riages, banning unions not merely with provocative ideas. and incest. This “extreme package of the state and civil society, and making the fusion of poetry and propa- hundreds of wooden leaf tablets
between first cousins but distant rela- This diverse intellectual background prohibitions” was not easy to follow, no mention of cousins or marriage at all. ganda. This was a time when poli- that were preserved in Vindo-
tives too. The result transformed the first led Henrich to notice how many given it forced people to seek partners Perhaps the more useful question is ticians vied to enlist top poets for landa’s waterlogged soil for nearly
organisation and psychology of once- academic studies in disciplines such as far outside kin groups. But by about what we in the west might now learn. their PR campaigns. Parmensis’ two millennia. Their discovery,
tribal European societies, giving birth in behavioural economics drew seemingly 1,000AD the Anglo-Saxons had been Henrich notes overconfidence as “scabrous satire” about Octavian’s starting in 1973, has transformed
Henrich’s telling to the “weirdest people universal conclusions from experi- persuaded. By 1,500AD, monogamous another trait of WEIRD societies. Such past finds an echo in Trump’s our understanding of the lives,
in the world” — where “WEIRD” stands ments run on Americans, and more spe- nuclear families had replaced tribal loy- bullishness seemed apt when the world snarling taunting of his rivals — appetites and careers of ordinary
for “Western, educated, industrialised, cifically US college students. Repeat alty across much of Europe. appeared to be conforming to western Lyin’ Ted, Sleepy Joe, et al. But the legionaries, and highlighted the
rich and democratic”. these in China or South Korea and the All this proved advantageous to the models, an idea associated with Fuku- Latin poet’s jibes, we learn, lacked potential fluidity of a career in
WEIRD people, a group that includes results were often strikingly different. church, which surpassed other reli- yama’s “end of history”. Yet Henrich the “subtlety” to thrive in a nas- what has traditionally and under-
most readers of the Financial Times, are “They don’t actually tell us about shows that WEIRD institutions have cent age of autocracy. standably been depicted as the
indeed an odd bunch. They see them- human psychology, but merely reflect ‘WEIRD’ stands for often simply been grafted on to other The narrative also reminds us ultimate disciplinarian’s machine.
selves as autonomous individuals, WEIRD cultural psychology,” Henrich societies, as when China introduced that there was nothing inevitable Implicit in the narrative, which
rather than in relation to kin or caste. argues. The result is a deep structural ‘Western, educated, western marriage norms by diktat in the about Octavian’s accretion of carries you through 800 years of
They are more trusting, patient, con- bias stretching from western research- industrialised, rich 1950s. Underneath, differences in cul- total power — or the conspirators’ history, is that if you stick to fun-
trolling and nonconformist than other ers to novelists, who view their own ture and values remain profound. It losing of it. Just as it is now easy to damentals, however calamitous
humans. And they almost never marry mindsets as a model for the human con- and democratic’ should perhaps not be surprising that see that if Trump had pursued a the defeats, however flawed indi-
relatives, which still account for a quar- dition, rather than an exception to it. western-style liberal democratic norms different coronavirus strategy he vidual leaders, the mission can
ter of modern weddings in the Middle Henrich is a bold scholar. His last often struggle to take root elsewhere. might have won a second term, endure. That is why I would com-
East and Africa. “Taken separately, each book, The Secret of Our Success, picked a gions. More importantly, Henrich This in turn raises questions about the so Parmensis and his fellow assas- mend it to Biden’s team. They
trait is uncommon,” as Henrich puts it fight with Darwin, arguing that cultural argues, it helped western Europeans extent to which WEIRDness still confers sins threw away a number of should think of Scipio. He took
in The Weirdest People in the World. “But evolution, rather than natural selection, prosper. He shows how WEIRD peoples social and economic advantages. Here golden opportunities. over as consul after a catastrophic
in combination this package is best explained why some societies pros- evolved to become more co-operative, the experience of Covid-19 should at Stothard has woven a taut few years for Rome that had seen it
extremely rare — WEIRD.” pered over others. Social groups com- helping them to live as individuals in least give pause, given the way so many thriller from scant historical close to being toppled from its ped-
Henrich is an eclectic academic, hav- pete with one another, learning as they free towns and trade with strangers in western societies struggled when com- threads. But most of all this is a estal — and when he finally left
ing held professorships in both econom- go. Those with better “collective intelli- markets. They also grew less violent, pared to eastern nations like China and story of principles and the fight public office Rome had never been
ics and psychology while also working gence” — meaning norms, habits, and partly because men show lower testo- Japan. More generally, as we westerners against tyranny, and all the better more powerful.
on human evolutionary biology. But by ideas — tend to grow more quickly. sterone levels when they form the kind come to terms with our own gradually for focusing on one of history’s for- Biden is not Scipio. But if there is
background he is an anthropologist who Along the way humans learn useful evo- of exclusive monogamous relationships declining power and influence, we gotten players. The backdrop is a a common theme to these two
did fieldwork on distant Fijian islands lutionary cultural tricks, such as cook- Pope Gregory had in mind. “From the might benefit from a more modest con- power struggle that would define riveting histories it is that great
and with Chilean tribal people. Unusu- ing with spices in hot climates, which ruins of traditional social structures, ception of our own abilities too. Weird the future of much of Europe, global superpowers can easily sur-
ally for his own tribe, however, he has a protects against pathogens. people began to form new voluntary certainly, but not necessarily better. north Africa and the Near East. mount the odd bout of turbulence
facility with numbers. This anthropolo- A similar story emerges through Hen- associations based on shared interests This is also the terrain of Gladius, at the top.
gy-meets-big-data approach is not rich’s focus on cousin marriage. In or beliefs rather than on kinship or James Crabtree is the author of an account of the single greatest
merely innovative, but underpins a fas- 597AD, Pope Gregory the Great sent tribal affiliations,” Henrich writes. ‘The Billionaire Raj’ factor behind the remarkable lon- Alec Russell is FT Weekend editor

Captured memories of beauty and fashion

The V&A curator’s memoir is P
Patch Work: Gianni Versace or Alexander McQueen material”) before leaving to study art papers and all sorts of old things”. square, so that they lie flat . . . [and] can
A Life Amongst (who, she writes in an allusion to his at Camberwell, eventually returning to Patch Work can be at times frustrat- be folded up easily, unlike western
a deeply nostalgic collection Clothes
C 2010 suicide, “invested a little more the V&A in a full-time role. ingly elusive. I wished for more about clothes that are tailored to fit the body”
of essays on objects and their C
Claire Wilcox than most designers”). Major life events We watch as Wilcox becomes the how Wilcox puts together her exhibi- and that “the sound of the fabric was
Bloomsbury £16.99
B — her marriage, a miscarriage, the seri- interesting woman she yearns to be in tions, for longer glimpses of her vast res- important too . . . the rustles and whis-
meanings. By Lauren Indvik 2288 pages ous illness of a child — are alluded to her youth: “to have interesting ervoir of knowledge about history and perings of the layers were seductive to
rather than described. things, to be well travelled, to live in a clothes. She mentions her cotton house the senses”. We learn that if an exhibi-
If there is an overlap between cura- shadowy house full of books and kimono, and how kimonos are “cut tion is poorly titled, people won’t come.

I
n the rarefied world of museum torial and literary style, it’s in Wilcox’s
curators, few are as well known or ability to pick at the heartstrings. A V&A senior Reading this work is a bit
celebrated as Claire Wilcox. The room of Frida Kahlo’s painful, spine- fashion curator
senior curator of fashion at Lon- contorting corsets and braces at the Claire Wilcox like an archaeological dig
don’s Victoria and Albert Museum geously written, deeply nostalgic collec- V&A two years ago moved me to tears; Suki Dhanda
for fragments from which
since 2004, she is the wizard behind the tion of essays on objects (“Hair”, so did a brief chapter on Wilcox’s
curtain of some of the most visited, “Kimono”, “Red Shoes”, “Counter- ageing dog. to piece together a history
acclaimed and emotionally moving pane”) and the histories and memories Bit by bit, we learn that she was born
fashion exhibitions of the past two they contain. in a council flat in Pimlico, central Lon-
decades, including Alexander McQueen: Reading Wilcox’s memoir is a bit like don; that she studied English at the Uni- More of that would have been welcome,
Savage Beautyy (2015) and Frida Kahlo: an archaeological dig for fragments versity of Exeter and worked for a brief and relished.
Making Her Self Up (2018). from which to piece together a history. time, in 1977 — year of the Queen’s Silver For those who prefer their memoirs in
Wilcox’s shows are concrete, organ- There are entire chapters about design- Jubilee and the arrival of punk — at a sex the traditional style, this book might not
ised, deeply researched things; full of ers who are never named. shop selling panties that were “sheer make enjoyable reading. But with a little
facts, materials, dates. Her new memoir, Only by stringing together clues — a and crotchless and trimmed with a satin patience — to linger over arresting
Patch Work, is nothing like them. Effer- quote, the mention of a wispy jungle- bow” and “arousal cream [that] burnt images, to be immersed in Wilcox’s
vescent, poetic, puzzle-like, it is not a print dress or a “placing dried baby like hell” before being sacked. memories — Patch Work makes the
tangible account of how the daughter of crocodile heads on to the shoulders of a It emerges that she spent four years effort well worthwhile.
a junk-shop owner developed her career jacket”— can we conclude that she is on short-term contracts with the V&A
and curatorial style, but rather a gor- writing about Vivienne Westwood, (where she was not deemed “keeper Lauren Indvik is the FT’s fashion editor
2 January/3 January 2021 ★ FTWeekend 9

Books

P
art intro to Russian litera-
ture, part musings on craft, A
Swim in a Pond in the Rain is all
pleasure. Best known for his
surrealist short stories and
A distressed mind
Booker Prize-winning novel Lincoln in A powerful stream-of-consciousness that maps the
the Bardo (2017), George Saunders here protagonist’s every thought in a single day. By Zoë Apostolides
puts on his professorial cap.
Based on a class he has taught for 20
years to MFA students at Syracuse Uni- llittle scratch the office, and while this microcosmic
versity, this book amiably analyses R
Rebecca Watson world of logging on and showing up
seven 19th-century Russian stories by FFaber & Faber £12.99 was contemporary at the time of
Chekhov, Tolstoy, Gogol and Turgenev, 2202 pages writing, it feels somewhat dated after
selected out of about 30 used for the the unusual year that was 2020.
course. It’s rich pickings: as Nabokov The narrator steels herself against the
noted, the 19th-century was “sufficient entrance, “past lifts, down into the
for a country with practically no liter- dreaded corridor / through dreaded
ary tradition of its own to create a litera- swing doors, past dreaded toilet,
ture which in artistic worth, in wide- kitchen on dreaded left, dreaded desk,
spread influence, in everything except dreaded desk” while the right-hand col-
bulk, equals the glorious output of Eng- umn descends, one word at a time: “why

T
land or France”. he average person experi- / am / I / here”.
Because his students are aspiring ences more than 6,000 indi- Except to the reader, she is largely
writers, rather than academics, Saun- vidual thoughts per day: silent, staring at a poster discouraging
ders’ focus is more on the “physics of the exhausting to consider, let workplace bullying while senior col-
alone write about. Fiction leagues provide a braying soundtrack,
A work of art ‘has to surprise can distil these moments, organise the “ha ha they say ha ha”.
messiness of the human mind, evoke The protagonist’s boyfriend, and to a
its audience, which it can do empathy. And yet empathy — or at least lesser extent her mother, appear cameo-
only if it has legitimately pity — is what the unnamed narrator of like from time to time, but their oblivi-
this astonishing debut fears, as she ousness to her trauma render them
surprised its creator’ wrestles with a hidden trauma and how superficial, deliberately so it seems: “I
Anton Chekhov (left) with Leo Tolstoy in 1902 — Alamy to disclose it — not only to those around love him, but what I love more, right
her but more importantly to herself. now, is a duvet over my head”, she

Writing with Chekhov

form” than on critical analysis. What is Rebecca Watson’s little scratch began thinks, “pretending for ease”. There is
it that makes a short story work, and life as an entry for The White Review’s little they can do to help, and this sense
how can we reverse-engineer greatness short story competition in 2018. Since of isolation reinforces the vicious, pris-
to write one ourselves? Why did the then, Watson (who is the FT’s assistant on-like circle of her groundhog days.
authors make the choices they did? arts editor) has expanded the material, Ancillary figures, like a man selling
When is a story “done”? For Saunders, building it into a novel that feels voyeur- caramel nuts, intrude “to show his
who favours an iterative, instinctive istically close, as the narrator shares presence when I was finally for a
writing process, structure emerges from What makes a short story work? In a sparkling study of the Russian greats, WhatsApp messages, images, questions, moment not present anywhere . . .
paying attention at the line level rather fantasies and flashbacks that chart needing me to notice, to be interrupted,
than planning in advance. A work of art morning turning to night across to give the attention I was so set on giv-
“has to surprise its audience,” he writes, George Saunders articulates the mysteries of the muse, writes Mia Levitin a single day. ing elsewhere”.
“which it can do only if it has legiti- The “stream” in stream-of-conscious- These instances provide wider,
mately surprised its creator”. ness suggests small rivulets of percep- though nuanced, context, on the toll
Chekhov, considered the father of the tions and impressions in real time. that such interactions — the smiles,
form, has three short stories in the sur- Pot found “eminently teachable”. Saunders Inherent to this approach is the diffi- nods, unsolicited comments — take on
vey. Saunders uses “In the Cart”, about a of a simple servant, is included for its mentions other Chekhov favourites in culty of ensuring readers take as much daily life, particularly that of a woman,
lonely schoolteacher, to show the key to capacity to move the reader; as is Turge- passing — “The Lady with the Pet Dog”, notice of the significant thoughts as the and how hard this can be to articulate to
any effective writing: making a reader nev’s “The Singers”, which — in a sort of “In the Ravine”, “Enemies”, “About transitory or less important ones, at someone who hasn’t experienced them.
want to keep reading. “The Darling”, metanarrative — features a singing con- Love” and “The Bishop”. No sooner were least in terms of plot. Many books dealing with a subject as
featuring a serial monogamist, illus- test in which emotional response review copies out than a good-natured In little scratch, the events unfold in serious as Watson’s hold their readers
trates how Chekhov plays with our trumps technical ability. debate sprung up among critics about fragments mirrored in the typography firmly within an atmosphere of pain,
expectations of patterns. “Gooseber- Saunders uses Gogol’s iconic story the list: what of masterpieces like “The of each page, which is mostly split into but here, the instances of playful rage,
ries” — which contains the swim from “The Nose”, in which a civil servant Student” (Chekhov’s favourite), “The two or three columns. It sounds like a frustration and knowing cynicism
which this book’s title is taken — dem- wakes up with his nose missing and later Wife” (Edna O’Brien’s), “Gusev” or tiring read, but the rhythm is engaging neatly reveal that horror and humour
onstrates the value of digression. sees it strolling down St Petersburg’s “Ward No 6”? One gets the feeling that and the voice instantly recognisable. need not be mutually exclusive.
The Russians regarded fiction “as a A Swim
S i iin a PPondd Nevsky Prospekt, to discuss unreliable for Saunders, it’s all part of the fun (to The little scratches of the title are There is power in the narrator’s vul-
vital moral-ethical tool,” writes Saun- in the Rain: In Which narration. In the Russian narrative tra- tussle, he says, is to connect). both literal — the secret of the narrator’s nerability, in her multitudes colliding,
ders — asking the “big questions” such Four Russians Give a dition called skaz, “an unbalanced nar- Saunders’ commentary on the stories trauma made manifest through com- in the casual digressions, in the joy she
as “How are we supposed to be living Master Class on Writing, rator describes, in an unbalanced voice, reads like the coffee-stained notes of a pulsive scratching of her skin — but finds through simple things — mint tea,
down here?” Some authors are more Reading, and Life the doings of a cast of unbalanced char- professor fond of the subject — and his figurative too. She wakes up hungover, cycling home in the dark, chips dipped
forthcoming with answers than others: by George Saunders acters,” he explains. “In other words, students. Where the text sparkles in pushing unwanted memories firmly in gravy, having sex.
Chekhov believed that it wasn’t an art- Bloomsbury £16.99, 432 pages like life.” It’s not that Gogol was an particular is in his attempts at articulat- away, “no more thinking about that Much like Michaela Coel’s TV drama I
ist’s job to solve problems but rather to absurdist, trying to communicate that ing the mystery of the muse. Saunders now”. She scrambles into clothes, on to May Destroy You, this novel’s climax
formulate them correctly. As Janet Mal- we live in a world without meaning, likens his creative process to a flow the Overground, through the office’s comes through the narrator’s own
colm notes in Reading Chekhovv (2001), Saunders argues. Rather, he created new state: it’s only when a writer steps aside swing doors; she contemplates soup in acknowledgment of her terrible trauma
“unlike Tolstoy, Chekhov leaves the realities to relay how things really are. and surrenders to what Milan Kundera the canteen, performs mundane tasks, and what it means, rather than through
question of what it all means unan- The challenging of his choices of sto- has called “suprapersonal wisdom” that cycles to meet her boyfriend, has a pint. neat divulgence or justice-seeking.
swered. He raises it, but then — as if ries and translations (Saunders is not a the work can surpass the intelligence of It’s a constant cycle of “awake! remem- It was rare until recently to find
remembering that he is a man of science Russian speaker) is something the its author. And, as anyone who wrangles bering, sleep, wake!” female characters who recognise their
and a rationalist — seems to shrug and author expects and encourages. He con- words will relate, what keeps Saunders Her pain, though, is private: “look suffering without letting it define them.
walk out of the room”. cedes that the seven stories selected at his desk is the “pleasure it was, to at me”, she observes, “being an The unsayable becomes sayable — and
Tolstoy, in turn, is represented with aren’t necessarily the best stories writ- have been, on the page, briefly less of a ordinary person”. for this book, this narrator, that may for
two stories. One of which, “Alyosha the ten by these authors but ones he has dope than usual.” A large part of the story takes place in now be enough.

The Poem
The First Last Light in the Sky Creepy Christmas reading
By Rowan Ricardo Philips

T
he season of goodwill has knows his way around a catchy title. He here, embodied by Zoey herself. For all
That on the silent horizon, something long been associated with is also responsible for books named John her sarcasm and her flip attitude she’s
Not a sunrise rose, half itself and half ghosts and ghoulishness Dies at the Endd (2007), This Book is Full of an earthy character with real heart, giv-
The horizon, dragging its bulk, its lights too. Jerome K Jerome noted Spiders (2012) and Futuristic Violence ing the book’s social commentary a
And salts, from under shifting sheets of sea, this dichotomyy in the intro- and Fancy Suitss (2015). moral anchor.
Leveling the sky into shallow moats duction to Told After Supper,
r his 1891 col- The new novel is a sequel to the If Wong wants to leave you with a
Of sounds, flecks of birds, beginning again lection of light-hearted spooky tales: last of these and reintroduces smile on your face, Adam Roberts would
To believe all brief and sideways dreaming “Nothing satisfies us on Christmas Eve protagonist Zoey Ashe, who has inher- like you to die laughing.
To be, as previous was the complaint, but to hear each other tell authentic ited a criminal empire from the father His It’s The End of the World (Elliott
Lint on time’s black coat, blanketing the west, anecdotes about spectres. It is a genial, GENRE ROUND-UP she barely knew. Now she runs the and Thompson, £14.99) is a fascinating
Becoming the unfathomable death mask festive season, and we love to muse city he founded, Tabula Ra$a, a survey of the apocalypse in popular cul-
Freckled with stars, rendering itself
As its other, as though to mirror la,
upon graves, and dead bodies, and
murders, and blood.” Fairy lights cast
SCI-FI lawless high-tech desert town where
everyone is watching everyone online
ture, from the Book of Revelation
through Mary Shelley’s The Last Man to
But not mirroring it, and therefore now deep shadows, it seems, and there are and cybernetic enhancements that The Walking Dead.
Mirroring it, all sumptuous unscripted certain shivers even a blazing hearth fire By James Lovegrove grant the user superpowers are readily His erudition is thorough and his
La, la mirroring la like the pricked prong can’t banish. available. There’s also a malcontent breadth of reading considerable, as one
Of a tuning fork that, for all its song, And so we turn to Andrew Shaffer’s underclass intent on overthrowing would expect of a literary scholar and
Between sensation and sensation is Secret Santa (Quirk, $15.99), a love letter chills in equal measure and does not ask Zoey through a campaign of harass- laurelled SF novelist, but he brings a
Still nothing but air, a titan’s dying not just to the tradition of yuletide to be taken too seriously. ment, starting with accusations of wittily jaundiced eye to the material,
Air, a titan’s dying air now again frights but also to the horror fiction By contrast, Jonathan Sims’s haunted murder and cannibalism. too. Fear of global extinction is really,
A titan’s surging flame, an ancient flinch boom of the 1980s, when spine-tinglers house tale Thirteen Storeys (Gollancz, Wong pokes fun at incels and white Roberts argues, fear of one’s own death,
In an ancient sun mirrored and made by the likes of Stephen King, Peter £16.99) is as sombre as they come. supremacists, and witty lines abound, and the sensible approach to this is to
Into la, the void in the voice, the voice Straub and Anne Rice routinely topped The dwelling in question is Banyan but beneath the froth there’s substance joke about it.
In the void, lala: aiai, song and pain, the bestseller charts. Court, a development in Tower Hamlets
Song and pain, song and pain, and there it is. Set in the middle of that decade, the built by rapacious billionaire Tobias
novel follows book editor Lussi Meyerr as Fell, who now lives as a recluse in its
From ‘Living Weapon’, to be published by Faber on January 21 (£10.99) she joins prestigious but stuffy publish- penthouse apartment.
and in the US by Farrar, Straus and Giroux on February 18 ($24) ing house Blackwood-Patterson one One by one we meet a varied selection
freezing December. She aims to revive of residents, each of them experiencing
the company’s fortunes by adding menacing apparitions. Their individual
crowd-pleasing horror titles to its list stories all end the same way, with a din-
but is immediately beset by a series of ner invitation from Fell, and the final
mishaps that at first seem like pranks chapter details events of that meal as
gone wrong before they take a more the guests assemble for a blood-soaked
sinister and violent cast. The blame denouement.
clearly lies with a “Percht”, a hideous, Sims has a good grasp for how to gen-
evil doll with its roots in German folk- erate unease — the sense of things going
lore, which has been given to Lussi as a unaccountably awry, or happening at
Secret Santa gift. the periphery of one’s understanding, or
Shaffer writes with a keen eye for the being just plain wrong — and builds up
The Hug by Curtis Sittenfeld tropes of the genre but also a sharply the oppressive atmosphere within Ban-
ironic sense of humour, as one might yan Court skilfully.
‘Are you acting like this because of jealousy or germs?’ says expect from an author who has penned The novel’s climax, if a little exposi-
Daphne to her husband Rob. Daphne’s long-ago ex-boyfriend, a mystery series featuring Barack tion-heavy, nonetheless draws together
Theo, is due to pass through St Louis where they live and Daphne wants to Obama and Joe Biden as hard-bitten the threads of the preceding chapters
give him a hug when they meet. Theo has really struggled with the lack of
crime-fighters. with aplomb and delivers a cathartic
human contact during the pandemic, she explains. Rob would rather she
didn’t. But is his objection borne out of health concerns or relationship For instance, an intern is injured pay-off after the long, slow accumula-
insecurity? And will Daphne go through with it? when a teetering slush pile of manu- tion of dread.
scripts falls on him, while a copy editor Back to lighter fare: David Wong’s
To read ‘The Hug’, a short story written exclusively for the FT by American becomes the victim, literally, of his Zoey Punches the Future in the Dick
author Curtis Sittenfeld visit FT.com/books own pencil. (Titan, £8.99). If nothing else, Wong — a
Secret Santa provides chuckles and pseudonym for humorist Jason Pargin —
10 ★ FTWeekend 2 January/3 January 2021

What does 2021 hold for

museums and galleries that
are facing a perfect storm
of pandemic losses and
increasingly critical public
opinion? By Rachel Spence

T
he pandemic has devas-
tated the culture sector as
brutally as every other
aspect of society. Covid-19
is hitting museums and
galleries in the public sphere even
harder than those in the commercial
sector, which at least have the
opportunity of online trading. Visitors
to museums have dropped about 80 per
cent this year, partly because of
enforced closures, partly because of
the public’s reluctance to travel or visit

Cultural institutions in crisis

public places.
Tate recently announced that it
expects to welcome one million visitors
instead of eight million by the end of
April. Its statement said: “For every £10
we were expecting to make this year, we
are only receiving £4, and we expect to
lose £56m in self-generated income.”
In the US, the Metropolitan Museum consultation in which voters had over- Clockwise from response to losses caused by the pan-
of Art in New York has warned of a whelmingly asked for its removal. main: Tate demic, were set in motion over the past
shortfall of at least $150m for the So what is the way forward? With Modern’s decade when museums began to out-
2020-21 financial year. Visitor numbers regards to restitution, Proctor believes Bruce Nauman source certain roles to commercial sub-
are not expected to recover fully for at that fortune favours the bold. “Given exhibition; sidiaries, thus depriving many of their
least two to three years. how precarious and conditional their demonstrators job security.
Financial losses from Covid-19 are funding is right now, museums have lit- protest against Tallant, meanwhile, at the helm
not the only challenges museums face. tle to lose by being braver,” she says. “[In Tate Modern job of a museum with $5.2m turnover,
Well before the pandemic, environmen- the UK] we have one of the most con- losses; British said she felt “really lucky to be in a
tal and social activists were holding servative nationalist governments that Museum’s smaller organisation where I can be a lit-
western institutions vigorously to we have had for a long time, and that is Parthenon tle more nimble”.
account. Museums were already strug- something to which museums can marbles; statue What can the flagship institutions do
gling ­with issues of diversity — both in respond. They can . . . reflect the good of Sir Robert in the face of such arduous headwinds?
staffing and, more importantly, in rep- and bad of British history in a brave and Geffrye at the As Tate announced a further 120 job
resentation in their collections — the critical way . . . and still be doing their Museum of the cuts this December, director Maria
status of objects in those collections and responsibility as a public institution.” Home; the Balshaw was asked if the museum
calls for restitution. Some institutions are rising to the Metropolitan needed to slim down its ambitions. She
The situation is further complicated challenge. This autumn Oxford univer- Museum of Art replied that the expansions at St Ives
by criticism of many traditional sources sity’s Pitt Rivers Museum, previously a in New York and Tate Modern — whose £260m new
of philanthropic funding and ongoing target of fierce protests about the colo- Getty Images; New York
Times/Redux/eyevine
wing was named after one of its main
concern for the environment. nial origins of its 500,000 ethnological donors, Russian oil billionaire Leonid
artefacts, announced an overhaul of its
‘Some have expressed restitution are being taken more seri- display. The changes that garnered
ously than ever before. headlines were the removal of tsantsas,
disappointment the heads These moves throw into relief the shrunken human heads made by the
are no longer on display, reluctance of other institutions to follow Shuar and Achuar peoples of South
suit. The British Museum is yet to return America. But a more significant trans-
most have been positive’ a single bronze to Benin — it has about formation saw objects relabelled to
800 of them — but has created a new acknowledge their troubled histories, a
strand entitled “Collecting and Empire” process that continues. Restitutions
The Black Lives Matter movement to illuminate and acknowledge the have also begun. Ten ancestral remains
and other world events put a renewed sometimes nefarious back stories to were returned to New Zealand in 2017
spotlight on racism, illuminating the many of the institution’s eight million and ongoing consultations with Austral-
“white gaze” of western institutions. artefacts. But by omitting the Parthe- ian government officials should result in
Even as museums scrambled to promise non marbles and the Benin bronzes, further repatriations.
that change was afoot, they found them- critics say it is little more than window The revamp, three years in the plan-
selves ensnared in further criti- dressing. “It’s still fundamentally con- ning, has received an enthusiastic
cism. “Did our lives matter when you servative,” says Alice Proctor, author of response. “It has largely been very posi-
STOLE ALL OUR THINGS?” retorted The Whole Picture: The Colonial Story of tive,” says Laura Van Broekhoven, Pitt Blavatnik — were “absolutely vital steps
writer Stephanie Yeboah when Hartwig the Art in our Museums and Why We Need Rivers director. “We were finalists in the to ensure those museums are fit for
Fischer, director of the British Museum, to Talk About It. Museum of the Year award [in 2019] purpose long-term”.
tweeted solidarity for Black Lives Mat- In the UK, that conservatism reflects and, although some visitors have Balshaw admits that “we don’t always
ter. Yeboah thus yoked racism into the the fact that museums have been “dealt expressed disappointment that the handle things perfectly but we are learn-
charged question of restitution. a really bad hand”, as Hammad Nasar, heads are no longer on display, most ing”, and is one of the many institutional
In Germany, the virtual opening of the curator of the British Art Show 2021, have been explicitly positive.” directors who know it is time for a fun-
mighty Humboldt Forum in Berlin, 10 puts it. Now government pressure is After several decades in which muse- damental reassessment. A recent BBC
years and €600m in the making, has added to the mix. During this summer’s ums could not be too ambitious, the radio programme, Exploding the Canon,
fanned the flames of controversy about electric debate about art and objects pandemic has exposed the structural centred on decolonisation and diversity
artefacts from the country’s Ethnologi- rooted in Britain’s colonial past, weaknesses of vast international muse- and included dissident voices such as
cal Museum, many of which will be dis- national museums received a letter ums in an age of capitalism. In April, in a that of social and environmental cam-
played in the grand new museum. from Oliver Dowden, UK secretary of podcast hosted by The Art Newspaper, a paigner Suzanne Dhaliwal, who ques-
The issue of who holds and curates state for culture, media and sport, warn- group of museum directors, including tioned the right of a museum to survive
African heritage pieces came to the fore ing them that “the government does not Tristram Hunt of London’s Victoria and if it could not respect both a diversity
when Nigeria’s ambassador to Germany support the removal of statues or other Albert Museum and Sally Tallant of of artists and visitors and labour
wrote last month to Chancellor Angela similar objects” and suggesting that Queens Museum in New York, dis- rights. The question, said Dhaliwal, is:
Merkel demanding the return of pre- funding could be cut if his warning was cussed the challenges ahead of them. “How does the gallery serve the human
cious bronzes looted from Benin. not heeded. The threat signals the gov- Hunt, trying to steer a ship whose in its time?”
Despite its ambition and splendour, it is ernment’s refusal to uphold the “arm’s £18m annual turnover requires at One answer is to stand up to political
hard not to feel that the Humboldt length” principle that has historically least 50 per cent of its revenue to be forces that want to reduce art to the sta-
Forum is designed on a museum model protected cultural institutions from the generated through tickets, café and tus of a commodity or luxury. “The
already out of date. ideology of their public purse-holders. retail sales, corporate events and [British] government found £16bn for
Other countries are working to coun- It also seems to run contrary to much memberships, spoke of the “incredible defence but just £1.57bn for all culture,”
teract the historic effects of that tradi- public opinion. At a parliamentary dig- envy” he felt for European museums says Nasar. “That tells me that there are
tional model. In the Netherlands, new ital, culture, media and sport commit- where there was a stronger tradition of people championing the causes of
legislation is being drawn up to effect tee meeting, Sonia Solicari, director of state support. defence but I don’t see anybody at a sen-
“unconditional returns” of objects to the Museum of the Home, said that British museums, he said, had ior level championing the idea of culture
their countries of origin. Meanwhile, in Dowden’s letter left her feeling become so successful at “commercial as a basic need. What is needed is cul-
France last month the National Assem- “extremely compromised” as she felt application” that the Covid-induced clo- tural leadership.”
bly voted to return 26 colonial objects to obliged to retain the statue of Sir Robert sures hit them particularly hard. Bold, progressive steps are going
Benin and one to Senegal. Geffrye, a slaver and founder of the Indeed, the staff cuts that have aroused to be essential as the culture sector
Such initiatives signal that calls for museum’s premises, despite a public angry protests this year, though a navigates 2021.
2 January/3 January 2021 ★ FTWeekend 11

Arts
than enthralling, as he used his medium

Exhibitions
to experiment with space and move-
ment. MoMA was his first home, and
holds a trove of commissioned pieces.
Across the world, important galleries
are in suspension, waiting like caged
creatures to be released from their vari-

in prospect
ous lockdowns. In some cities, such as
Hong Kong, commercial galleries man-
age to stay open despite everything and
their shows are always worth seeing.
Some artistic centres have fared better:
Lagos, for instance, an exciting and fast-
growing scene, recently held one of
2020’s few in-real-life art fairs with Art
X Lagos, and its galleries remain open.
For 2021, the magnificent Zeitz
Visual arts | 2021 will be a challenging year across Museum of Contemporary Art Africaa in
Cape Town is planning a large-scale
exhibition of Tracey Rose, entitled
the world, but hopeful plans are in place. Jan Dalley Shooting Down Babylon. The dyna-
mite South African uses the body and
picks a few of the shows we can look forward to performance, as well as film and pho-
tography, sculpture painting and print,
to explore her explosive themes of post-
colonialism and identity.

What will 2021 bring, in

F
or much of the past year, exhi- 2020 edition this coming year, which
bitions in museums and gal- will mean the next biennale of art will be
leries have been like magnifi- in 2022. There have also been predic- terms of great exhibitions,
cent mirages: they gleam tions that Covid will spell the end of the in the post-vaccinated
alluringly in the distance, but blockbuster show, those mighty assem-
as soon as we approach . . . blages of work from all over the world future now on the horizon?
The closures and cancellations have that — although spectacular — are
been frustrating. For us as viewers, extremely heavy on resources and only
though, they have proved one thing work financially with big crowds and Bacon investigated humanity by por- work from across the world. Notably, Finally, a beacon of real hope for the
beyond question — that despite all the international tourism. traying it stretched to its primal limits: two chef d’oeuvre exhibitions: Art of coming year. Paris is about to witness
valiant efforts of online programmes, Yet because such shows are usually look forward to a parade of apes, dogs, Native America: The Charles and the opening of a grand-scale project,
our appetite for seeing works of art in several years in the planning, we are still bulls, contorted birds of prey — and, of Valerie Diker Collection, and In Praise many years in the making: the historic
the flesh is undiminished. Those of us seeing hopeful programmes devised in course, biped mammals too. (See Jackie of Painting: Dutch Masterpieces at the Bourse de Commerce, a circular Belle
lucky enough to catch some of the great happier times. They might or might not Wullschläger’s review, page 12.) Met. There is a rich hoard planned for Époque building in full Parisian high
exhibitions that did manage to open in happen as planned but will probably The RA also hosts David Hockney: 2021, including a first Met appearance style in the heart of Les Halles, has been
2020 often found ourselves half-over- happen in some form, at some point. No The Arrival of Spring, Normandy, for the American painter Alice Neel, remade by luxury goods billionaire and
whelmed by the experience. It was as if one knows exactly what the year will 2020, which was shown in Paris last who died in 1984, and whose haunting, art collector François Pinaultt — with the
we had been re-sensitised by temporary bring and since this writer’s crystal ball year. During lockdown at his home in enigmatic works are now hotly in genius of Japanese architect Tadao
deprivation. And the crowd control is in the shop for repairs, all we can Normandy, Hockney documented the demand. Next year also brings, with the Ando — into an enormous contempo-
imposed by Covid has proved, perhaps report are the best intentions of some of new season with 116 iPad images Met’s usual sweep across time and rary art venue. With a towering glass
ironically, to be an added pleasure. the world’s great institutions. printed on to paper that must surely genre, Goya’s Graphic Imagination domed roof at its centre, it is a remarka-
So what will 2021 bring, in terms of In London, where museums and gal- count as one of the most joyous out- and New Woman Behind the Camera, ble feat of outward renovation and
great exhibitions, in the shining, post- leries are currently closed, the Royal comes of the Covid year. a celebration of dozens of sometimes internal modernisation.
vaccinated future now on the horizon? Academy plans Francis Bacon: Man At Tate Britain, meanwhile, 2021 overlooked or little-known female pho- Clockwise from main: one of David Pinault adds this to an impressive
Some of last year’s events were delayed and Beast, a spectacular showing of should bring a diverse programme, of tographers. Hockney’s visions of spring; portfolio of private museums: Venice’s
— the Venice Biennale of Architecture, canvases that reveal the great painter’s which two stand out. Paula Rego, still At New York’s Museum of Modern Shanghai women make dolls in an Punto della Doganaa and Palazzo Grassi
for instance, plans to stage its cancelled obsession with our animal nature. with us at 85, is a classic in her own life- Art, too, photography is due for a fasci- image by Chinese photojournalist already focus on the display of his col-
time. A Portuguese artist who adopted nating showing this year with Fotoclu- Niu Weiyu, from ‘New Woman lections. His grand new venture makes
Britain as her home, her fierce portray- bismo, assembling the startling work of Behind the Camera’ at the Met; the the French capital unique in the scale
als of life — often women’s lives — draw a group of amateur Brazilian photogra- François Pinault-funded and ambition of its private contempo-
on her native roots or delve into quasi- phers, who from 1946 to 1964 created a transformation of the Bourse de rary art palaces, joining the (Jean Nouv-
mythologised yet psychologically acute vivid insight into the country’s postwar Commerce, Paris; Alexander el-designed) Fondation Cartierr and the
illuminations of the human condition. flowering. Just as brilliantly enjoyable Calder’s 1927 tribute in wire to (Frank Gehry-designed) Fondation
This is supposedly the largest and most will be Alexander Calder: Modern Josephine Baker at MoMA Louis Vuitton, among others. The open-
comprehensive showing of this artist: from the Start. Nothing the great David Hockney; Niu Weiyu; Marc Domage; MoMA
ing is January 23, undeterred (at the
a treat in store. American sculptor did was ever less time of writing) by a mere pandemic.
And The Making of Rodin, a collabo-
ration with the Musée Rodin in Paris,
focuses on the humbler side of the great
sculptor’s practice: the thousands of
plaster pieces created sometimes as
maquettes for the more magisterial
stone or bronze works, but sometimes
for themselves. Their display of the art-
ist’s speed and skill, the conjuring of
likeness in a few rough plaster slabs, is
thrilling.
New York’s Metropolitan Museum of
Art is now open, with limited access by
timed ticket, and ongoing shows include

solo that was worthy of Spinal Tap. American guitarist Connor Engstrom
THE LIFE OF The song was left off Europe’s first gave it the swing treatment, which got
A SONG two albums for being too “unusual”,
but by their third LP (their first on a
it 1m views on YouTube, while the
London Symphony Orchestra slathered
major label, Epic) they knew it was it with strings.
THE FINAL time to crank up the gears. The album Since it was released, the song has
COUNTDOWN opened with the song; it was also
named after it. Released as a single in
been used as shorthand to amplify
drama in ridiculous ways. The band
1986, “The Final Countdown” reached played it in a popular US advert for
number one in 25 countries, including Geico insurance in 2015: as a man
the UK. In a year notable for the watched a microwave clock counting

A
s the final deadline for the Chernobyl and Challenger disasters down the seconds to his burrito being
end of the Brexit transition and rising cold war tensions, its lyrics ready, Europe were belting it out in the
period loomed closer at about escaping the world seemed to corner of the staff kitchen.
the end of December, news strike a chord. US comedy show Arrested
broadcasters kept rallying Cover versions have been fittingly Developmentt used it as a cue for one
around one particular song. The name outrageous. Slovenian industrial band of its most ridiculous characters, Gob
of the band playing it was pertinent. Its Laibach turned it into a piece of sped- Bluth (Will Arnett), the son of a
opening lyrics felt diplomatic (“We’re up, Wendy Carlos-like techno in 1994. wealthy family trying to make his way
leaving together/but still it’s farewell”), ), in the world as a David Blaine-style
but its stadium-sized intro also illusion nist. Every time the song played,
crackled with ominous dread. The song s someth hing in his magic show would
was Europe’s “The Final Countdown n”. quicklyy go horribly wrong.
Europe began life in 1979 as Forcee, It haas also featured in political
a Swedish heavy metal band fronted d camp paigns. Hillary Clinton’s team
by Joakim Larsson, who changed hiis used d it to accompany spliced-
name to Joey Tempest after seeing toggether news clips of Donald
the title of the Shakespeare play in Trrump during the 2016 US
the school library; Force changed ellection drive (they changed the
their name to Europe in 1982 to lyyrics to “the final meltdown”, to
enter a TV talent contest. reeflect Trump’s reported mental
Tempest had borrowed a brand- sttate). In the UK, the Conservative
new Korg Polysix synthesiser from paarty HQ reportedly played it to
a friend at college, and wrote a riff stafff in the course of the 2019
on it that he liked. As he told Metal geneeral election campaign as a
Hammer magazine in 2016: “I alwaays motivaational tool.
knew it had something. I just couldn n’t Joey Tempest wasn’t impressed. Late
write a song around it.” in 20199, he issued a press statement
Europe’s guitarist, John Norum, saying he didn’t condone “The Final
wasn’t as convinced (he later left th he Countdown” “being used in
C
band because of the new synth aany political context”. He did
direction they were taking). “When teell The Big Issue magazine in
I first heard that synth intro, my 22016 that if he had a vote in the
reaction was, no, this is nuts. We EU referendum, he’d be a
E
just can’t use this. Thank God they remainer. However, he added:
re
didn’t listen to me.” ““I’ve paid [British] taxes for
A one-minute version had its many, many years . . . and I’m in
m
first outing at a nightclub opposite thhe music business. Music is a
the band manager’s office — he free place and therefore we don’t
fr
thought it would make a good want to fence anybody in.”
w
accompaniment to the club’s laser He also revealed that the song
light show. Tempest then added had originally been called “The
h
lyrics about leaving Earth and Final Breakdown”, a title that
F
heading for Venus, inspired by might still have pleased news
m
one of the first singles he had media today.
m
bought, David Bowie’s “Space Jude Rogers
Oddity”. Then came a galloping The band Europe, pictured For more in the series go to
F
drum machine beat, and a guitar in 1987 — Redferns ft.com/life-of-a-song
f
12 ★ FTWeekend 2 January/3 January 2021

Arts

Baying Left: ‘Study for

Bullfight No. 1’
(1969); below
top: ‘Portrait of
George Dyer

for blood
Crouching’
(1966); ‘Second
Version of
Triptych’ (1944)
The Estate of Francis Bacon

with Bacon
Visual arts | One of 2021’s most anticipated shows
explores Francis Bacon’s studies of the bestial
condition of humankind. By Jackie Wullschläger

T
itian’s quivering dogs, bay- the police when shown at the ICA in
ing for blood; Velázquez’s 1955, coupling men resemble fighting
regal horses; the sly black animals. Bacon recorded his love affairs
cat at the end of the bed in in imagery of hunter and hunted. “Man
Manet’s “Olympia”: what Kneeling in the Grass”, a bulky nude,
nuances of sensibility are revealed in a buttocks prominent, crawling through
musée imaginaire of great artists painting grasslands evoked in long flicked
animals. And then there is Francis strokes, was modelled on Peter Lacy,
Bacon, whose theme and subject is the Bacon’s sadistic lover who thrilled the
bestial condition of humankind — masochist artist by suggesting he chain
instinctual, rapacious, stalked, caged. It him up in his stable. In another portrait,
goes without saying that Francis Bacon: Lacy has the ringed, piercing eyes of a
Man and Beast, opening at the Royal bird of prey.
Academy in London when government In “Portrait of George Dyer Crouch-
guidance allows and certainly among ing” (1966), Lacy’s successor squats,
2021’s most eagerly awaited shows, is an naked, on a gang plank, like an animal
exhibition for now: Bacon’s enduring about to jump; he stares down into an
motif is man alone in a room, fearful and abyss. Dyer committed suicide two days
furious. But isolation, in art as in life, is before Bacon’s major Paris retrospective
beginning to pall, and the anticipated in 1971, but continued to appear in the
joy of this show is a new inflection to the paintings. In “Portrait with Bird in
modern master of gloom. With his ani- out-of-focus pavement seems to move Bottom right: of leathery skin is already visceral in Bacon’s final completed painting. The Flight” (1980), he is a caged, beautiful
mals, Bacon’s grand guignol menace is in Bacon’s dystopian urban version. ‘Fragment of a “Head I” with which the Royal Academy bull, symbol of the life-force for Bacon Ganymede, about to be abducted by
varied, inventive, sometimes even Bacon’s animals are not all about fore- Crucifixion’ show begins: a monkey with bared ani- as for Picasso, bows out: vaporous and Jupiter in the form of an eagle. As Jupiter
touched with comedy. boding. The most serene painting he (1950); below: mal teeth dovetailed with Velázquez’s ghostly, backed into a corner between a gave Ganymede eternal life among the
The perched ape in “Study for Chim- ever made is the broadly brushed “Ele- ‘Second Version “Portrait of Pope Innocent X”. A papal white mirror and a black void in a mon- gods, Dyer acquires immortality
panzee”, depicted sketchily against bril- phant Fording a River”, expressing his of Triptych’ tassel brushes the ear of this weird ochrome canvas — self-portrait as a through Bacon’s images.
liant cerise, is enjoying posing; he was pleasure, visiting South Africa, in (1944) cross-species. declining, threatened beast. Hybrid animal-human forms of clas-
based on performing monkeys in the watching big game. Bacon subsequently The Estate of Francis Bacon
Bacon said he wanted to paint like Man uninhibited, out of control, in a sical myth launched Bacon’s oeuvre:
1950 adventure film “The Elusive Pim- destroyed “Rhinoceros”, from the same Velázquez, but with the texture of hip- meaningless universe: there is an argu- “Three Studies for Figures at the Base of
pernel”. “Study of a Baboon”, playfully time — 1952 — as too literal. But the feel popotamus skin. “Heads” 1-VI ment that Bacon always portrayed a Crucifixion” (1944) features bony,
interwoven with a tree, as if the animal (1948-49) evolve from the animal-like human experience as animal extremes animal-toothed, long-necked quadru-
is both imprisoned by its branches and to the first iconic, caged, screaming pur- of suffering or ecstasy. The suspended peds with human hair and ears — Bacon
incongruously sprouting horns, is softly ple-robed Pope, face reduced to an open figure in “Fragment of a Crucifixion” is identified them as the Greek Furies,
delineated, almost tender. A pair of mouth, above which swings again the derived from a photograph of a barn owl goddesses of vengeance.
shadowy forms, darker than the night, mocking phallic tassel. Also on display carrying its prey. In “Two Figures in the Forty years on they still permeate the
sit hunched on a bright lapis lazuli will be the sumptuous but unresolved, Grass”, which provoked complaints to triptychs, of which two outstanding late
ground in “Owls” — sinister yet touch- examples come to the RA. In the bull-
ing. “Chicken”, its trussed feet a parody Bacon said he wanted to fight “Triptych” (1987), a swooping bio-
of a crown, is sourced from a Terence morph Fury, derived from a photograph
and Caroline Conran cookbook illustra- paint like Velázquez, but of a diving brown pelican, flies low
tion, a smudge of blood added. with the texture of towards the bull, a fading, drooping fig-
Bacon, son of a brutal racehorse ure, as if to pierce it with its sharp
trainer, grew up with animals, including hippopotamus skin beak. A similar pelican/Fury, a coagu-
the family’s red setters, but they trig- lated knot of blood in its ear, opens, on
gered his severe asthma; life-long he the left panel, “Triptych Inspired by the
was frightened yet fascinated by dogs. rarely shown “Pope and Chimpanzee” Oresteia of Aeschylus”, and presides
Set bizarrely in the benign landscape of (1960), where a frenzied, overscaled over the blood seeping under the door, a
Monte Carlo’s coastal palm-fringed ape attempts to upstage the pontiff thick impasto trail, signifying murder.
road, a snarling canine spinning in a imprisoned in a glaring pink block. Bacon gave the inner voices of fear
green circle — flowerbed? roulette Animal-man combat excited Bacon: and guilt, despair and entrapment, for
wheel? — derives from Eadweard Muy- he thought bullfighting “a marvellous which the Furies are ancient metaphors,
bridge’s photographs of a mastiff called aperitif to sex”. An RA coup is to reunite grandiloquent modern expression.
Dread. In a magnificent grisaille fol- 1969’s three “Study for Bullfight” paint- “Consciousness of mortality sharpens
low-up, “Man with Dog”, the pair on a ings: the brown-mauve figures of the one’s sense of existing,” he said; his gen-
pavement by a drain cover, Bacon bull and toreador are fused, deformed, ius was to find a heightened pictorial
blended Muybridge’s source with seeping ejaculatory white impasto in a language of animal sensation to evoke
Giacomo Balla’s futurist “Dynamism of dance of death eroding lines between also that imagination and interiority
a Dog on a Leash”. The man becomes a flesh and meat, eroticism and vio- which distinguish man from beast.
mysterious spectre, the dog a predator lence. Another first is the inaugural UK
of the sewers, and even the smeared, display of “Study of a Bull” (1991), royalacademy.org.uk

Post-pandemic opera has the chance for a rethink

Music | As the art form faces an existential crisis, it is important to ensure prejudice is not given a veneer of artistic integrity, writes Richard Fairman

I
t can come as a shock to look back at the sopranos of a generation ago (they Bradley and Samoan tenor Pene Pati kind that conservative Americans dis- from Germany, which put the director’s on casting only looks set to continue.
opera performances half a century are still familiar today thanks to their being given encouragement by Euro- parage as “Eurotrash”). Maybe it is concept first. The start of live cinema relays from the
ago. The acting is often rudimen- recordings). The top names included pean companies). actually in the US that opera is more This promised a more cogent presen- opera house, pioneered by the Metro-
tary, to put it politely, and the Montserrat Caballé, Rita Hunter, Mar- On the other side of the Atlantic the modern, at least in terms of its equality tation of the drama and better acting, politan Opera in 2006, put singers on
productions clearly come from garet Price, and later Jane Eaglen, Sha- casting looks rather different. Statisti- and diversity, if not in the wild artistic but at the expense of giving precedence the big screen, where those who look
another era when there was a quaint ron Sweet, Alessandra Marc. All of them cally, Americans generally have bigger frontier lands of Europe. to singers who looked like the charac- good in close-up automatically get pref-
assumption that operas should actually individuals, in physical shape as in per- waistlines, and a greater acceptance of How did it come to this? The problem ters they portrayed. A black singer in erence. The success of online opera this
look as the composers might have imag- sonality and voice. Would they all have larger bodies. And it is probably true goes back to the emergence of a new period costume or a large soprano as year probably heralds the final triumph
ined them — but it is something else that had the careers they did if they were that African-American singers are more style of opera production emanating consumptive little Mimì in La bohème of looks over vocal ability.
is most telling. singing today? It seems unlikely. likely to make their careers in the US in the latter part of the 20th century was out. The great shame is that a movement
This was a period when there was far Consider, too, how many black singers A striking sign of what was going which promised greater realism in
less emphasis on how a singer looked. A there were, and not minor artists, but At some houses, you can wrong came in 2004 when “fattism” in opera should have ended up shutting
sylphlike soprano or a matinée-idol A-list celebrities — Leontyne Price, Mar- opera hit the headlines worldwide. out so many wonderful artists. Surely it
tenor might have been regarded as a tina Arroyo, Reri Grist, Grace Bumbry, count the number of American soprano Deborah Voigt had cannot be right that directors claiming
bonus, but as long as they had a good Shirley Verrett, George Shirley, Simon non-white singers in been booked to sing the title role in to take opera forward have created an
voice, singers of all kinds knew they had Estes, Jessye Norman, Kathleen Battle, Strauss’s Ariadne auf Naxos at Covent unequal playing field, in which certain
a fair chance of a career. Barbara Hendricks, Roberta Alexander, principal roles on one hand Garden but was dropped because she categories of singers find themselves
The flood of online operas during the Leona Mitchell. Those who assume that did not fit into the production’s “little blocked from advancement and, at
past year has put a very different picture opera is a fusty old art form with a long- black dress”. worst, racial prejudice is given a veneer
in front of us. Audiences have been standing history of racial prejudice will (though that was not the case in the A spokesman for the Royal Opera of artistic integrity?
treated to productions performed by get a surprise to learn that things have postwar, segregationist years, when any confirmed that it was a “question of the It does not have to be like this. As we
handpicked casts of singers, the vast been getting worse, not better. inspiring black singer had to make a whole style and look of the production”. look forward to the end of the pandemic
majority of them white, slim, and at Today, it is possible to survey the sea- name for themselves in Europe first). The dress went on as planned, but the there has been a lot of talk about refash-
least tolerably beautiful. son programmes of some of the busiest Even so, voice is paramount here and singer took the plane home. ioning opera for the future. What better
Is this the future? At a time when opera companies, such as the Vienna both large-bodied and black singers Equivalent public showdowns with way could there be of bringing the art
the opera world is in an existential crisis, State Opera or Bavarian State Opera, have a reasonable presence. black singers are rare, despite many form into the 21st century than making
its financial model holed below the and count the number of non- It is an irony that some Europeans issues and concerns behind the scenes. sure its singers are representative of
water line by long months of shutdown, white singers in principal roles on the look down on a company such as the Instead, a gradual reduction in engage- society, big and small, black and white?
there is an opportunity to look at every- fingers of one hand (though it is good Metropolitan Opera in New York as a ments has reached the point where If there are equal opportunities, and the
thing afresh. to see a few young artists such as dinosaur because of its reluctance to opera often looks whiter than white. best voices rise to the top, artists and
To get one’s bearings, think back to African-American soprano Michelle adopt cutting-edge productions (the Kathleen Battle at the Met, 1991 — Getty As technology advances, the pressure audiences alike will be winners.
2 January/3 January 2021 ★ FTWeekend 13

Collecting
expect many more auctions to be con-
The Art Market | Can the ducted online and via the new lives-
tream technology than in 2019 — not
least because management has invested
mass move to online selling considerably in some high-tech solu-
tions. But where possible, and certainly
for the higher-value items, the auction
sustain the market this year? houses will try to bring back the in-per-
son excitement. “We don’t want a future
where everything in the art market goes
And when will we see signs online,” says Guillaume Cerutti, chief
executive of Christie’s.
of recovery? By Melanie Gerlis Activity-wise, optimists say supply
will return, partly because discretionary
sellers have been sitting on their hands
for the best part of a year already —
though pessimists are concerned that

I
f 2020 has taught us anything, it is there will be more forced sellers, push-
that there is no such thing as a pre- ing values down and undermining mar-
dictable year. But as we all try to ket confidence.
make sense of a changed world here Some decent consignments are
is a stab at how the art market’s already in the bag, mind — Christie’s
slowdown in sales, drought of fairs and has three major surrealist paintings to
mass move online will play out over the offer in March with a combined esti-
next 12 months. mate of £32m.
Art market sales in 2020 look to have Plus, if we put the thorny issue of
fallen by at least a third across the indus- Brexit and its many unknowns to one
try, with galleries bearing the brunt. The side, global political uncertainties that
key to 2021 will be whether art fairs impact the art market are generally
bounce back. In 2019 these high-octane, reduced in 2021, now that the divisive
temporary events accounted for an US election has almost concluded.
average 45 per cent of gallery sales. Cerutti notes that the forced move
Come 2020, they were decimated. online has brought in a new generation

What’s in store for 2021

Predicting when these global gather- of buyers. At time of writing, Christie’s
ings will come back is a Sisyphean task reported that 40 per cent of its buyers
— they seem permanently to be about had come on stream since March 2020,
six months away. Some, such as Art of which 32 per cent were millennials.
Dubai, are sticking to their knitting and Buyers in Asia have proved particularly
plan to open in their usual March slot. active and here, too, it’s about a younger
The more popular timing for a return generation, buying between $50,000
comes a bit later in the spring, with the and $500,000.
postponed Art Basel Hong Kong and ness. Collectors say that the time not From top: Art mally held in Brussels but this year has Most of these have come to the art
Tefaf Maastricht kicking off the calen- rushing around has helped them Basel Hong its 126 exhibitors show individually in market via luxury goods, says Ben Clark
dar in May. deepen their knowledge of art and Kong, 2019; a 37 cities (previews from January 27). Its of the art adviser Gurr Johns, another
Both fair organisers offered digital appreciate it more when they do see Corinthian website will be a back-up resource with area that will continue to expand into
alternatives in 2020 with online viewing works in-person, while gallerists have helmet, c550BC- all the works on offer in one place. the fine art world. To my mind, the
rooms, but it seems telling that this isn’t had the headspace to think more strate- 500BC on Frieze Los Angeles plans a similar stumbling block in Asia remains China’s
the preferred route going into the new gically about their businesses and the display at Tefaf approach in July when it will spread gal- increasing crackdown on freedoms,
year. While these vastly improved web- shows they want to put on. And we’ve all Maastricht, in leries through architecturally signifi- including now in Hong Kong, though on
sites will continue to support such helped the planet to boot. the Netherlands cant buildings — though the logistics of this front I would expect the art market
events and were better than nothing in But dealers need to sell art and living Tefaf
getting around LA in high summer to continue to turn a blind eye in the
2020, they have run their course in their artists in particular need them to do so might make this a harder sell. short term.
current forms. too. Fair organisers who have realised On the local level, it will become diffi- There has been considerable noise
The question is whether springtime that there is an area between the two cult to differentiate between such about art market disruption forced by
is too soon for a full-scale art fair poles of a large-scale event and a web- events and the existing gallery week- the pandemic. Hopefully, some of the
— and my prediction is that it is. How site are on to something. ends or art weeks, but boundaries have more inventive collaborations will con-
and when vaccines are rolled out is still In 2020, fairs such as Copenhagen’s been blurring for some time across all tinue. Initiatives such as augmented and
unclear and it seems unlikely to me that Chart and Nada Miami experimented areas of the art market and it will be a virtual realities will keep testing appe-
we will all be jumping on planes once a with a multi-venue approach, under the case of survival of the fittest. tites, while existing non-industry plat-
week again by then, if ever. There’s a umbrella of their brands. These are still The fairs will just have to prove that forms such as Instagram will keep dis-
valid view that fairs simply won’t come temporary shows, so can generate their brands, networks and organisa- covery alive.
back the way they were, having already excitement and the possibility of tional strengths are additive — which at There are some good ideas on the slate
proved too time-consuming and costly affiliated events, but are hosted through this stage seems plausible. — including a fair-plus-auction event
for many even before the pandemic. As the individual galleries in their respec- Auction houses seemed to adapt more through a new platform called South
in other industries, most of the art mar- tive cities. readily to virtual business in 2020, but South — but it will be a while before any
ket has been working from home, or at Fairs that are already committed to their management also acknowledge feelgood factor really takes hold. This
least from our home towns, and we’ve this format in 2021 include the Brafa fair that it is the real-life, event-based sales will prove more a year of rehabilitation
found alternative ways of doing busi- for pre-contemporary art, which is nor- that really bring in the goods. I would than rip-roaring recovery.

Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
8
Magnus Carlsen is playing and No3, China’s Ding Liren. the Airthings quarter-final Traditionally, festive season AQ8 3 2 Dealer: East N/S Game are winners; if he pitches a
86
from an undisclosed Carlsen was assuredly the 7
on Tuesday and Wednesday bridge games are not high J 10 8 5 North East South West heart, his side can no longer
tropical location this best human player of 2020, 6 of this week. The online quality. The bidding here J 6 — 2H Dbl 3H cash a trick there. If he
week as the 30-year-old even though his fame was British Championship confirmed this, but N 4S NB 6NT throws another diamond, he
5 J 9 6 5 74
world champion was in eclipsed by the fictional finishes this weekend, and declarer’s play was an 10 7 2 W E AQ J 9 5 4 diamond finesse could still bares his king.
contention for another Beth Harmon of The Queen’s 4
the England No1 Michael impressive start to 2021 . . . K6 4 97 2 be right, but also aware that Eventually, West threw his
online success in the Gambit. Yet the crowd 3 Adams appears set for East opened a Weak 2H, 9 5 2 87 West could come under last heart. Having a count of
S
Airthings Masters and its favourite among the tens of 2
victory after defeating the doubled and raised to 3H. K 10 pressure, declarer played off the hand meant that, when
$60,000 first prize. The thousands of spectators who surprise of the tournament, North ambitiously jumped K3 six rounds of clubs, throwing declarer cashed ♠AKQ and
1 AQ3
tournament, sponsored by a now watch online events A B C D E F G H
22-year-old Simon Finn. to game. This encouraged A K Q 10 4 3 a heart and three diamonds knew West held J♠, he could
company selling and and their free grandmaster 2400 South — who perhaps from dummy. West followed play a fourth spade and West
monitoring indoor air commentaries was Daniil Karjakin in the Russian Rook and two pawns each is should have overcalled 3NT probably headed by ♥AQJ. suit three times, then threw would win. Having nothing
quality, has most of the elite Dubov. The Muscovite, 24, Championship has been normally a draw, but not originally — to venture a West is likely to hold K♦ and 10♥ and 4♦ but, on the sixth but diamonds, he would have
as participants, with the excels in creative play, and widely acclaimed as Game of here. Can you find White’s small slam. West led 7♥ and spade length. At trick 1, East club, found himself to lead one around South’s
notable exceptions of No2 his imaginative sacrificial the Year. Carlsen v Dubov only winning move? South considered what he played J♥ and South won squeezed. If he throws a ♦AQ, providing him with his
Fabiano Caruana of the US, attack against Sergey was the highlight match in Solution, back page knew. East has six hearts, with K♥. Deciding that a spade, all dummy’s spades 12th trick whoever held K♦.

POLYMATH 1,107 SET BY FALCON CROSSWORD 16,673 SET BY MUDD

Jotter pad

Crossword competitions suspended

Dear readers — we have suspended the Crossword and
Polymath competitions while our editors work from home.
We hope you continue to enjoy completing them until
normal newsroom services resume.
14 ★ FTWeekend 2 January/3 January 2021

So many of us have now been out of the office for such a long time that it’s easy to forget how we felt in one.
The photographers and columnists in this Spectrum special remind us, reinterpreting our workplace lives: from
pressure and conformity to fellowship and freedom. And if you don’t miss yours at all, we celebrate that too

The office A photography special

seemed to have given up hope. My
Three years in the office were friends in other offices, still not quite 30,
had already begun nattering about their
pensions. I told a colleague who actually
enough to push Simon Kuper covered pensions of my ambition to
retire at 30. “Not a chance, mate,” he
said. One day, I saw a man in his sixties
into working from home limping through the City with his brief-
case and thought, with horror: that
could be me.
more than two decades ago In summer 1998 I went to tell the FT’s
editor that I was resigning. He did his
— and he’s glad so many of best to conceal his delight. I said I was
going to freelance, writing a column for
The Observer newspaper. “That’s a
us are now joining him leaky ship,” he frowned. The Observer
was founded in 1791, but life-long office-
workers tend to be risk-averse. Leaving
the building, I felt as if I was handing in
my junior membership card of the

T
his week 26 years ago, I Establishment.
started office life. Wearing a But it turned out that even in 1998, all
cheap suit and awkwardly the technology for homeworking
knotted tie, I clicked already existed: the internet, the tele-
through the security gate at phone and the Tube for those occasional
One Southwark Bridge, London, the visits to offices. I no longer wasted hours
FT’s office from 1989 to 2019 — and a a day commuting or chatting. I’d made
sick building if ever I saw one. sure to leave the FT on good terms, so I
At about 5pm that first day, the full continued to sell it the odd article. I soon
horror of the office-worker’s existence realised that it wasn’t the work that had
dawned on me. School had done its job got me down; it was the workplace.
of preparing me for the regimented Popping into Southwark Bridge
daily tedium. But at least school gener- months after resigning, I passed a
ally ended mid-afternoon. In the office, former colleague on the stairs. She
long after the January night had fallen, glanced at me with half-recognition,
my new colleagues kept bashing away at stopped, scrutinised me and said: “You
their computers in a room where the look healthier.” That’s because on sunny
windows didn’t even open. Careers days I worked from a deckchair in
spent seated under fluorescent lights Regent’s Park.
had denatured their bodies and skins. I discovered over time that my three
One day, I realised, I would be them. I’m years at Southwark Bridge paid off.
not big on Wordsworth, but I remem- Because I’d spent endless hours with
bered the lines that John Mortimer’s fic- people at the FT and knew the corporate
tional barrister Rumpole was always culture, a quick email was usually
quoting: enough to ascertain whether they’d take
closer inspection turned out to be sand- any more. Some only saw their children From top: an article. Later the FT gave me a col-
Shades of the prison-house begin wiches. In a tiny act of rebellion, a few briefly at night, if that. They had lost Büro/Office, umn. When I realised I could write it
to close like-minded souls and I would go out to contact with old friends because, even 1995 from almost anywhere, I bought a flat in
Upon the growing Boy a local coffee shop that was known as on weekends, commute plus work Paris. I suspect the FT didn’t even notice
“Toilet Harpers” because it occupied a left them too drained to leave their Detail XI, 2007 I’d moved until years later. After I
I made my escape from the office early, converted former public toilet. neighbourhoods. acquired a family, that flat became my
and have worked from home for 22 My colleagues were mostly good com- Instead, they had shifted their emo- Photographs workplace. It’s where I wrote this article.
years now. I only hope the pandemic pany. Say what you will about journal- tional existence to the office. As in any by Thomas Quite accidentally, I had anticipated a
permanently liberates others from ists, but because the nature of the job is workplace, people who had worked Demand sequence that may now become com-
these inhuman places. getting information from other people, together for decades took care of each VG Bild-Kunst, Bonn/
DACS, London
mon: spend your first couple of working
Leaf through these pages and you’ll they tend to be sociable types and other. One colleague told me she’d gone years in the office getting acculturated,
see some of the things that office-work- to confide in the workaholic managing then gradually detach until finally
ers leave behind each morning. The ‘When I realised I could editor about a personal disaster that you’re living more comfortably and
family snaps on the edges of Endia Beal’s required her to take time off. “You won’t cheaply 300 miles away. Then the big
portraits are vestiges of what Orwell write my column tell anyone, will you?” she asked him. city becomes an occasional meeting-
satirically called “ownlife”: the suspect from anywhere, I bought He said, “If you only knew half the place and playground, instead of an
private sphere. Jessica Bernard’s pic- things people tell me in this room.” overburdened human supply chain for
tures of absurd “team-building” games a flat in Paris. I suspect The FT’s editorials in those days were 1980s offices.
stand for the lost world of play. Hiroshi the FT didn’t even notice pretty Thatcherite, but the workplace My commute is now a 12-minute bike
Okamoto captures the monkey suits was soft-hearted. A burnt-out case who ride. I no longer wear suits. In fact, I’ve
that drain office-workers’ individuality. I’d moved’ could no longer write was given a job fer- spent much of this longest winter sitting
Saskia Groneberg’s sad office pot plants rying messages between desks. When a at my desk in a woolly hat. When I want
are faint signals from distant nature. team of expensive consultants per- to talk to someone, I decide who it is, so I
All offices are versions of each other, good listeners. The profession also has a formed a time-and-motion study of our no longer have to listen to Joe from
whether they produce invoices, archi- decent male-female balance, except at work processes and recommended Graphics talk me through last night’s
tectural drawings or newspaper articles. the top. sacking him, the staff rebelled. worked best for white men: leave a suit Chelsea game while my will to live
I recognise most of the horrors in these But I came to realise that my older col- The flipside of closeness was excessive jacket draped permanently over my fades. When I do have to dress up or
pictures, and remember others. Proper leagues had been institutionalised by socialising. People felt they had to be empty chair, so that whenever a boss see colleagues, it feels like a thrilling
food — scarce anyway in mid-1990s office life, sometimes over the course of there till 7pm anyway, so in those pre- walked by, generally a fellow white man adventure.
London — didn’t exist at Southwark 40 years. They no longer even expected online days (Southwark Bridge only got of similar educational background, he’d Early in the pandemic, about 80 per
Bridge. The canteen specialised in Brit- to see natural light on workdays half the internet in about 1998) they might as think, “Ah, Kuper, good chap, working cent of employees reported that they
ish-East German fusion cuisine. year, except on their morning walk from well pass the time chatting. all hours.” liked working from home, according to
Some people spent lunchtimes at home to Tube. Like lifers in jail, they The challenge was to slack off without Meanwhile, I worried that I would research by McKinsey. I hope they can
their desks eating plastic bags, which on couldn’t quite cope in the outside world the bosses noticing. I hit on a trick that never escape. Most of my colleagues keep doing it forever. ­

Key workers
back to health, or just because they
have lived with them for years. Studies
have found our brains relax when we
look at plants and that sick people heal
quicker when they have a tree outside
their hospital window. So office plants
might indeed have a healthy side to

Saskia Groneberg’s photos

B ‘The office plant is allowed

üropflanze (Office Plant) is a
study of German office flora.
highlight how even the The bits and pieces of nature to thrive without opposition:
workplace can’t keep out brought to the workplace, a spark of life within the
almost unconsciously, seem
the spark of life to reveal a lot about the basic needs of mechanisms of control’
human beings when placed into an
inorganic, standardised environment,
where everything present is supposed them. Still, for many they are really no
to be functional. more than a room decoration — and
Even when provided by a company architects often strongly dislike
as decor, the office plant is allowed to them in their buildings precisely
thrive and blossom without opposition: because of that.
a tiny bit of anarchy amid the rigid I don’t have any plants in my studio
clockwork, something amorphous but I own several houseplants now,
among the geometric forms, a spark of sometimes under close observation an arid and artificial habitat. between humans and plants can last which I didn’t have when I started the
life within the mechanisms of control. and loving care — up to the ceiling, From the mailroom to the chief for many years — sometimes the project; it makes me comfortable,
In contrast to holiday postcards, around a heater or encroaching executive’s office, you will find duration of an entire career. having plants at home. That said, I
family photographs or other attempts through blinds. Plants can only be the same robust species transferred Some people are emotional about should probably get a studio plant soon.
to personalise impersonal office controlled to a certain extent, yet from subtropical regions, adapted to their plants — maybe because they
architecture, plants change and grow — they are utterly dependent: they must life at room temperature, to dry spells were a present from a former colleague ‘Büropflanze’ (Office Plant) is published
sometimes utterly unnoticed, be watered and cared for to survive in and flooding. The close relationship or saved from the trash and nursed by Edition Taube, €32
2 January/3 January 2021 ★ FTWeekend 15

Spectrum

I had the opportunity to intern in a corporate environment. My space had no I feel nervous about entering the corporate environment, but I will not let Corporate America is already geared toward the success of men in the
windows and it was always cold. I worked in a cubicle and I had to dress up that change my attitude toward success as a Black woman — Melanie, 21 business. So as a woman — a woman of colour at that — I always have to be
every day. It just wasn’t for me. I prefer to be in an open space with sunlight better than the best even to be considered for the same opportunities. The
and the flexibility to wear my own style — Sakeya, 21 way I wear my hair, my posture, and my outfit do not define who I am or what
I know. They externalise my confidence — Taylor, 21

I Similar to me
remember it like it was yesterday. making photographs, I decided to turn
My white, female supervisor and I the camera on myself and be the subject
met in her cubicle. She explained of my work. I would use my own uncom-
my deadlines for the week, then fortable experiences to expose a corpo-
mentioned a conversation she’d rate system — one I’d encountered more
had with her own boss. “I was talking to than once — that was never designed for
Paul the other day and he loves your women who look like me. What began
hair. He wants to know what it feels then resulted nearly 10 years later in
like,” she laughed. these photographs.
Paul and I barely spoke. Yet here he
was, at work, talking about me. Not
Using photographic narratives and video testimonials, artist Endia Beal explores the intersection of The art we made, including other
series — “Am I What You’re Looking
about my skills or my performance on For?”, “Office Scene” and “Can I Touch
the job. He was talking about touching race and gender and the unwritten script that must be followed to succeed in corporate America It?” — created a psychological safe place
me. About my hair, and his desire to to have honest conversations about the
touch it. experiences I had had. From the white
At that time, I was studying photogra- women with traditional Black hairstyles
phy as a graduate student at the Yale When I walked off the elevator to go to ‘I wanted to have in, I was othered. So most of the time, No one said a word. They just looked, in “Can I Touch It?” to the young Black
School of Art and, like most students, I my interview, I felt as muted as the sea after receiving my assignments from transfixed, with wide eyes. Naturally, women entering corporate America in
needed a job to make extra money. After of cubicles that greeted me. However, I conversations with my my supervisor, I would leave and work although I was finally seen, I felt uncom- “Am I What You’re Looking For?”, the
searching online, I found a student posi- was tired of getting rejected and this colleagues about diversity from home. fortable. portraits address barriers women of col-
tion in IT. Although I had limited experi- method of presentation always worked Then, one day, I made a decision and As the weeks progressed, I grew com- our endure in the corporate sector. It
ence (if any) working with code or web- — it was necessary to get the job. and inclusion in our wore my natural afro to work. Although fortable in my discomfort and was also pushed the othering, the awkward-
sites, I was confident I could learn. The conversation was brief and I started workplace. I needed them it was a small gesture, it was liberating — determined not to be alone in that feel- ness and the judgments stemming from
In preparing myself as a candidate for work the following week. I was breaking an antiquated tradition. ing. Instead of perpetuating awkward racial and gender biases into the open.
the position, I knew my cultural identity The faces I encountered in the office to understand what it felt The Black security guard did a double- silence, I wanted to have difficult con- My white colleagues were often uncom-
would be questioned based on white were predominantly white and male. like to be objectified’ take and smiled when I walked into the versations with my colleagues about fortable while being photographed, yet
standards of professionalism. I had Most of the men ignored me: they did building. My heart raced in the elevator. diversity and inclusion in our work- they began to empathise.
learnt from experience that if I did not not look in my direction. I realised there I knew my new look would be scruti- place. I needed them to understand All of this work comes together in my
mask or downplay certain aspects of my were only a few Black people on my nised and I was right. The stares from what it felt like to be objectified. first book, Performance Review. On the
culture, I would not be hired. An floor. No matter how much I tried to fit my white colleagues were unwavering. For the first time in my seven years of surface, these reviews evaluate a per-
employer’s bias is often evident as soon son’s skill set, acknowledge accomplish-
as I walk in. It is a case of the “similar- ments and, in theory, provide insight
to-me” effect. In other words, they stare leading to new goals for the employee.
at my afro and say to themselves: “She is However, they also judge our ability to
not similar to me.” I am considered mili- follow an unwritten script about how to
tant or angry before I even speak and am look, talk and behave. We are constantly
asked insulting questions about my being watched. And we can be penalised
education and experience, as if there is for our very existence, depending on
no way I could have this résumé. who is watching.
And so I followed the guidelines of We are all at different stages in our
professionalism that I had been taught diversity maturity. A commitment to
by my parents. My mother and father diversity, equity and inclusion training
endured racism and prejudice in the throughout the corporate sector is one
workplace and, like many parents, they important effort; how we talk around
wanted to protect and prevent their the proverbial water cooler is another.
child from experiencing the same My work aims to foster conversation
degree of discrimination. For the inter- and realisations in both environments.
view, I straightened my hair, wore We are more similar to each other than
cream-coloured dress pants, a white we may appear to be at first glance.
button-down shirt with a pointed collar
and low heels. My make-up was mini- ‘Performance Review’ ($50) is published
mal, my earrings were small, my nail by Minor Matters Books, minor
colour was neutral. ‘Beth’, 2012; ‘Christina’, 2013; ‘Lynn’, 2012; and ‘Ellen’, 2012 from the art series ‘Can I Touch It?’ mattersbooks.com

Out of office became an unending blur of work and

home life. I realised that I had entered
this malaise when I approached the
manager of an after-school club and
countless pieces on last year’s new
work normal, here is what I’d like for
the new new normal in 2021.
waves while everyone sought their
“end meeting” buttons. Zoom forced
me to reappraise the simple phone,
which cuts through the endless email
internalised the idea that
homeworking meant I was slacking off
— even though I would work harder at
the kitchen table. I won’t feel guilty

Emma Jacobs asked to see my son, as if I’d arrived at

the reception of a glistening skyscraper
to meet a CEO. The manager looked
baffled. “Don’t you want to take him
home?”
Telephone calls. I never used to
appreciate the phone. Between calling
people for interviews as part of my job,
I opted for WhatsApp or email. That
was until I became overwhelmed by
chains and WhatsApp pinging. I’m
calling it now: telephone calls are in.

Walks with colleagues. I was always

suspicious of walking meetings,
about it in the future and I hope this
experience has taught managers to
trust their workers.

Lipstick. I know some women have

After a year of workplace experiment and occasional Then, as 2020 wound to a close, Zoomageddon. This audiovisual believing their only purpose was to been wearing a full face of make-up for
came the I’m-knackered-I-just-want-it- overload came with the added horror have difficult conversations while Zoom calls; some men even put on a
embarrassment, we must choose our new new normal to-end phase. of trying to pretend you were not avoiding your interlocutor’s gaze. Or jacket. However, I am not one of them.
So, based on the topsy-turvy watching yourself while also grappling making sure that any meltdowns were A recent nadir was appearing on video
WFHIAP months, having spoken to with the horror of watching yourself. away from watchful co-workers. conference straight from a run looking
Last year was all far from pristine. It has been hundreds of people and written Then there were the embarrassed But social distancing rules demanded bedraggled. I felt ashamed. I need the
about the new cluttered with children in need of Illustration by Sonny Ross some creativity about meeting in gentle pressure of part-time office work
normal. This year, home-schooling or flatmates who person. Being out in a park or winding to remind me of grooming standards.
thanks to cannot flee their bedroom-office to through hidden streets proved more I’m incapable of upholding
vaccines, we’ll take refuge with their laptops at a café. energising than coffee and a them myself.
have to retire the Those living alone have found it hard companionable way to talk about
new normal and to offset the solitude with trips to the ideas, problems and gossip. Weekends. I want them back. I’ve
get used to a new pub or a friend’s home. always done bits of work out of hours
new normal. By my estimate, there have been The office kitchen. In recent years, but there is nothing like the physical
Which, confusingly, will bear some three stages of WFHIAP (working from employers have spent a lot of money office for creating boundaries between
similarities to the old normal. Now we home in a pandemic). In the first, on spaces where employees could come work and home. A small part of me will
need to determine which parts of the fuelled by adrenaline, everything was together to collaborate. I don’t know always inwardly punch the air like
new normal we will incorporate into novel and we were lulled by the idea how many serendipitous ideas I get a tinpot David Brent from The Office
the new new normal so it has the best that this was a communal experience. while stewing a tea bag but I enjoy when I leave the office at the end of
of both normals. Keep up! Back then, Zoom-bombing cats and bumping into colleagues. the week. In short, I need the office —
The great work-from-home toddlers were charming and we at least some of the time — so I can
experiment was a chance to soldiered on 24/7 because we believed An end to presenteeism. In truth, I’ve walk away.
re-examine white-collar life, although this would be over soon. How naive. been lucky not to have managers who
the pandemic distorts the results. After those adrenalised highs came raised an eyebrow if I was late or Emma Jacobs is the FT’s work and
The home-office laboratory has been the amorphous blob when days needed to leave early. Yet I’d careers columnist
16 ★ FTWeekend 2 January/3 January 2021

Spectrum
What can we
I
n February 2014, the Similarly, a renowned planning, organising, and so on —
London Underground study into remote working tends to be fuzzy and disorganised

learn from the

was partially shut down by Nicholas Bloom and compared to the structured processes
by a strike that forced colleagues analysed a of, say, industrial manufacturing.”
many commuters to randomised experiment at Newport’s view is that this is a

great WFH find alternative ways to get

to work. The disruption
Ctrip, a large Chinese travel
agency, in which some staff Sitting in an open-
solvable problem, but most offices
simply haven’t got their act together.

experiment?
lasted just 48 hours — but were assigned to work from Sitting in an open-plan office allows
when three economists home. The expectation was plan office allows a team to muddle through without
(Shaun Larcom, Ferdinand that productivity would fall a team to muddle realising quite how much time they
Rauch and Tim Willems) but the costs of providing waste on busywork and co-ordination.
studied data from the city’s office space would fall too. through without A few knowledge jobs, such as IT
transport network, they Instead, Bloom and realising how support, are systematised to allow
discovered something colleagues found that focused work without endless ad hoc
interesting. workers became sharply much time they emails. Newport believes others will
Tens of thousands of Illustration by Claire Merchlinsky
more productive at home. waste on busywork follow once we all wise up. Or we may
commuters did not return All this suggests that the find that certain kinds of knowledge
to their original routes, having found time and effort into acquiring the pandemic, like the Tube strike, will be work are too unruly to systematise.
faster or more pleasant ways to reach equipment and skills necessary to the jolt that pushes us into doing the Improvisation will remain the only
the office. A few hours of disruption support the change. Such investments remote working we should have been mode of working — and, for that, face-
were enough to make them realise that will make working from home cheaper doing all along. But I am not so sure. to-face contact seems essential.
they had been doing commuting wrong and more tempting in future. One point that is easily overlooked is A recent survey by Bloom, with Jose
their entire adult lives. I suspect, however, that the crucial that the workers in question in both Maria Barrero and Steven Davis,
I mention this because we are at a step is not investment but information. these studies were moving from taking estimates that remote work in the US
turning point in the pandemic. Many What we have learnt about working calls in a call centre to taking calls at will become more than four times as
people, myself included, have largely from home is that it is more productive home. In Bloom’s research, the home common post-pandemic, increasing
been working from home. For months than we had guessed. workers and office workers used the from 5 per cent to 22 per cent of work
it has been hard to shake the feeling Emma Harrington and Natalia same equipment and order-flow days. That would be a big swing back
that this will last for ever. Now we are Emanuel, two young economists at software, did the same tasks and were towards normality — the researchers
contemplating a vaccine-fuelled return Harvard University, found that before rewarded with the same bonuses. estimate that in May 2020 more than
to normality — maybe not today, the pandemic, remote workers at This should also be a warning not to 60 per cent of paid staff in the US were
maybe not tomorrow, but soon. one large company had been less draw conclusions that are too broad. In working from home. But it still means
What the 2014 Tube strike teaches productive than office-based workers. a well-run call centre, the protocols for a seismic fall in demand for commuting
us is that temporary disruptions can Yet when everyone switched to remote assigning, monitoring and closing out and city-centre office space.
have permanent effects. Sometimes work, overall productivity increased. tasks are well established. They do not I hope that the crisis teaches us how
there are scars that do not heal; The explanation for this apparent require a chain of group emails to to do productive and fulfilling work
sometimes a crisis teaches us lessons contradiction is that working from figure out what is happening or to from home. But it seems that most of
that we can use when it has passed. home is intrinsically more productive schedule a Zoom call. The same is not us, most of the time, are destined to
So what have we learnt from the — but this truth was obscured by the true of much knowledge work. return to the office in due course. If so,
remote-working experiment? And to fact that fewer productive workers As Cal Newport, author of the I hope the crisis teaches us how to do
Tim Harford what extent will it continue after the
virus has retreated? One obvious point
were attracted to working from home.
Now that employers have discovered
forthcoming A World Without Email,
pointed out in The New Yorker last
productive and fulfilling work
wherever we may be.
is that like a strike-delayed commuter the apparent productivity penalty is May: “The knowledge work pursued
Undercover economist who’s invested in a bike, both workers
and employers have sunk considerable
illusory, perhaps remote work will be
far more popular in future.
in many modern offices — thinking,
investigating, synthesising, writing,
Tim Harford’s new book is
‘How to Make the World Add Up’

Glimpse in
to the future
Photographs by Lee Friedlander
My working project was named “Changing
Technology”: in 1985-86, I chose to photograph
people working at computers as these
ubiquitous machines seemed to be the vehicle
for that change. The pictures were made in the
environs of Route 128, a loop road around
Boston, which at the time was considered a
north-eastern Silicon Valley.

Waiting in line: Students queue for a graduate job fair in Tokyo. Many job-seekers apply to dozens of companies and rejection by them all can be crushing — Hiroshi Okamoto

Under pressure
In Japan’s spring job-hunting season, half a million
compete for places. Tokyo-based photographer
Hiroshi Okamoto chronicled his friend’s struggles

I
want to die.” In February 2013, Yo several rounds of interviews — either
Toshino, my best friend at univer- individually or as a group.
sity, who was job-hunting at the I think most people believe this sys-
time, sent me that email. tem is too rigid, but we can’t change it
Every year in Japan, more than wholesale — the employees who run it
half a million students participate in the today benefited from (or at least sur-
springtime job-hunting season, hoping vived) the process at the start of their
to be hired by newspapers, ad agen- career, and many members of society Clockwise from above: Yo Toshino’s
cies, banks, trading houses, tech compa- also got their jobs through it. email message; Toshino’s CV photos;
nies and, for those who want a more sta- Shūkatsu is so important because Toshino, right, and flatmate prepare
ble life, the civil service. There is as these are jobs for life. According to a for a recruitment fair — Hiroshi Okamoto
much anxiety as excitement. popular saying in Japan, your first job
The recruitment process — known as hunt should be your final one. This created shūkatsu, to abolish its schedule
shūkatsu — has a series of steps. First, means that if you fail, your life seems and guidelines, I don’t believe we
you go to job fairs and seminars held by already over. Many students apply to 50, will see immediate changes — Japanese
employers; this is not officially part of 60 or even 100 companies, and some companies’ recruitment policies will
the process, though many companies who do not get a job at all feel it must be remain as strict. And so many students
want to see candidates demon- because they are worthless. Families, who take part in the system seem
strate their interest at this early stage. friends, universities, partners and soci- in their own way, ultimately, to be
Then, after making your applications, ety as a whole pile on this pressure. satisfied with it.
‘At Work’, Boston, Massachusetts, 1985-86
you have online tests: mathematics Despite an official decision by Lee Friedlander courtesy Fraenkel Gallery, San Francisco
and essay-writing. Finally, you have the business lobby Keidanren, which hiroshi-okamoto.com and Luhring Augustine, New York
2 January/3 January 2021 ★ FTWeekend 17

Spectrum

What’s really
in your glass?

Jancis Robinson
Wine

I
t has always seemed strange used in the winemaking process to accident waiting to happen and we
that while labels tell us every alter the taste, color and mouthfeel have to act fast.”
little detail of what goes into of what is in your glass”. Fortunately, the EU has a plan
processed food, we are told Responding to this in August, — and since Europe is by far the
next to nothing about what Master of Wine Richard Bampfield, dominant wine-producing and
goes into wine. who has 40 years’ experience in wine-consuming continent, the
I raised this with a UK wine trade the wine trade, wrote on plan is likely to be enacted globally.
official back in the 1980s and got a sustainablewine.co.uk that the term Since 2017 the Brussels-based
frosty reception, as though I was “clean wine” had “raised hackles CEEV association of European wine
letting the side down by raising amongst the wine fraternity who, producers has been considering the
such a consumerist issue. I was understandably, resent the question of wine labelling and has
given the party line that it would accompanying claim that most now convinced both its members
be impossible because of the other wines must, by definition, be and EU officials that ingredient
difficulty of distinguishing between dirty . . . I too would defend the listing and nutritional labelling
ingredients and processing agents wine industry against claims that it (calories, for example) should
such as finings which — in theory is dirty but I also believe that much be mandatory.
but not always in practice — These welcome new
don’t remain in the wine. labelling provisions are part
Others have argued that of the new — don’t groan —
winemaking techniques vary Common Agricultural Policy,
from vintage to vintage and with the new rules likely to
that it would be impossibly come into force in 2023. For
expensive to create different the first time for a food or
back labels every year. Some drink product, the
producers have made the ingredients are to be
slightly alarming argument presented digitally rather
that consumers would be put than spelt out on the label.
off by the information and, CEEV is developing a digital
besides, there wouldn’t be platform open to wine
room to list everything. producers both in and out of
Others have claimed that the EU (so even English ones
there would be too little . . . ) that will oversee e-labels
interest in the precise for wines to ensure they
composition of wines to follow the same protocols

Team spirit
justify all the effort. Illustration by Leon Edler
wherever they come from.
One has to admire the This all seems pretty
combined forces of the world’s of what goes on is, at best, grubby.” sensible to me. Those of us
wine trade for having dodged the I presume Bampfield is referring obsessed by the minutiae of how
niggling demands of ingredient to how some commercial brands various wines are made and what
labelling for so long. But we live in add colouring, flavouring and was used to make them can study
a world of allergies, intolerances sweetening to disguise a wine’s these QR codes and the like to our
and sensitivities, and today’s shortcomings. Yet even certain hearts’ content while other
consumers expect transparency. expensive wines contain added drinkers won’t find their labels
Warning labels about the harmful tannin and acid, and sugar was too cluttered.
These photographs by Jessica Bernard capture how the zones of grey conformity effects of alcohol on unborn babies routinely added to most of France’s Nutritional information will be
became mandatory in the US in finest wines, to be fermented into spelt out for calorie counters and
1989. In 2005 came the now- alcohol, before the climate could be diabetics apparently. But those with
we find in offices are transformed into absurd arenas for team-building activities ubiquitous “contains sulphites”, an relied upon to deliver fully ripe specific allergies will need to get
acknowledgment that the sulphur their smartphones out to read the
compounds naturally present in
wine — and also widely added to
The world’s wine details of what each wine contains.
I have long thought that the wine
trade has dodged the

M
y father was bullied in his board games were installed in office keep wine and all sorts of other trade was far too dilatory about the
office job. He later deve­-
loped schizophrenia and
blocks. Pillars were dressed in colourful
bunting.
fruit products stable and fresh —
can adversely affect asthmatics. UK
niggling demands of many people who find that certain
wines — or sometimes all reds or all
never went back to work. Over time I have drawn the link supermarket Waitrose apparently ingredient labelling whites — disagree with them. The
As part of his illness, he between these photographs and my receives four or five queries about problem is that people who work
suffered delusions, and he lived the father’s experiences. In these images, I sulphites each week. in wine tend to drink any sort of
later part of his working life in a con- see a physical manifestation of his diso- But generally those who produce grapes. Today there is no shortage wine. With unbridled enthusiasm.
fused reality. He was assigned an rientation. People are stretched, wine are out of sync with those of commercial additives specifically Which means they tend to be
employee number beginning “007” changed and forced to encounter multi- who buy it. Younger consumers, in designed to make processes easier unsympathetic towards what they
and believed himself to be James Bond, ple versions of themselves. particular, are seeking out much or to rescue wine from various see as faddiness. As a result, there
working in the office undercover. The workplace thrusts them into an more information about a product afflictions and harmful bacteria. has been too little research into
When he was sectioned in the 1980s, absurd, artificial new world. They sud- that has historically provided so Nicole Sierra Rolet is another allergies and intolerances.
he thought he was Kenny Everett, the denly leave a state of greyness and con- few clues as to its contents. realist. During a recent online Of course by far the most
British comedian popular at the time. formity, of rules and procedures, in Last July, film star Cameron Diaz debate about wine labelling, the potentially harmful ingredient
He believed that he was being escorted which they are presentable ambassa- got up wine producers’ noses when well-known producer of Chêne in wine — all wine, whether
to the psychiatric hospital simply to put dors of their organisations. They have she launched what was described Bleu wines in south-east France “natural”, “clean”, organic or
on a show — that is, until he was held to be a different person altogether. To as “clean wine”. Avaline organic noted: “I continue to believe the whatever — is alcohol, but pointing
down and sedated. lose their inhibitions, to be expressive wine is distinguished mainly by wine world is very vulnerable to that out here might be seen as
In 2013, I started documenting team- and physical, to paint, to dance. its marketing. According to its a scandal about the bad stuff that letting the side down.
building activities. Within the corpo- Suited for work, they play bongo website, it was created as a reaction some people have been doing to
rate workspace, ubiquitous grey con- drums. They battle to build the tallest to the fact that “there’s no their wines that will get many More columns at ft.com/
ference rooms became arenas for Fun and games? The absurdity of spaghetti tower. They wait patiently in obligation . . . to name any of the more headlines and take us all jancis-robinson
play. Obstacle courses and oversized team play in the workplace - Jessica Bernard Monopoly jail. more than 70 additives that are down with them. This is an For stockists, see wine-searcher.com

Out of office jaded in my life as doing 10-plus hours

a day in an air-conditioned glass box,
bookended by sweaty commutes.
Working in that office years ago
roll). I couldn’t wait to get back to
where I felt I belonged (and where my
mood improved). Somehow,
eventually, I did, but it took years.
seasons are always changing. Maybe
that’s the nicest thing about traditional
outside work: you feel part of a flow of
human effort that dwarfs you.
worked in a real office: my desk faced a
wall, and the only window I could see
faced the air-conditioning units on the
building opposite.

James Rebanks made me bitter. I started resenting my

wife because she seemed to love being
at home with our young children, and I
felt like I was being sent to a life of
dullness to pay the bills, instead of
These days I work from home,
something that means lockdown hasn’t
really affected what I do. There was no
exhausting commute in the first place:
I pull on my boots, exit the front door
The other great thing about working
here is that we are surrounded by
beauty and nature; this valley never
looks the same twice. The light shifts,
or a skein of geese passes over, or the
Often working outside is lonelier
than working in an office, but even in
our remote valley there is a kind of
fellowship of the fields. We have a
water-cooler equivalent in our roadside
The author and farmer on the joys of getting back to the doing the stuff I dreamt of doing (try and I’m at work. wind lifts the beech leaves and scatters chats — it is not unusual for our road to
telling your mortgage adviser you want Work on the farm often changes by them like giant copper sequins around be jammed with Land Rovers or pick-
land and how nature is his office, come rain or shine to be a writer if you want to see eyes the hour because the weather and me. There wasn’t much beauty when I ups as we farmers swap grumbles on
Illustration by Sonny Ross the weather or the price of sheep or
gossip about who is sleeping with who
My office has no frozen planting trees with my friend in the local village.
walls. This is a Danny and am thawing out as I write Some things are similar: it takes a lot
great design this. When you work outside, life is of paperwork and bureaucracy to run a
feature because very seasonal and weather matters modern farm business. And yes, this is
we have amazing in a visceral way. My hands swell like really boring — all jobs have their dull
views. I see the an old man’s in winter from the bits. But the best bit, and it has always
snow showers constant cold and wet. But there is an been the best bit for me, is that I am
sweep down the upside, of course. my own boss.
valley and the sun A few times a year, when the sun is My working life can be painted as
rise and fall. Red squirrels, badgers, shining and the ground is dry, I lie mindless rural drudgery or as romantic
foxes and deer take a shortcut through down and just stare up at the sky, at the idyll in a pastoral landscape, but the
my office, and in summer the swallows passing clouds or the swifts screaming truth is it is a whole range of good,
swoop around me as I work. I feel the as they chase each other over the bad and mediocre experiences, just
wind through my hair and the rain on fellsides, or at a peregrine falcon or like yours.
my cheeks and, yes, on good days it buzzard swirling around on the My experiences in 2020 have taught
makes me “feel alive”. thermals, high, high above in the me to see the upside of my office, but
My office is the valley of Matterdale patches of blue. also how precarious it is because we are
in the Lake District, or more accurately I worked in a proper office once. It connected to the rest of Britain, to how
the fields of our 185-acre farm on the was the most miserable time of my life. people shop, cook, eat and, yes, vote —
south-facing side of the valley. I’d peer out of the window longingly, we live or die depending on whether
I am a farmer. Having no walls to feeling sick, and I filled my time by society values what we do. Now I must
your office is a less great design feature working as hard as I could to take my get back to my office because the cows
when it is lashing sleet sideways down mind off it, or flirting with Gemma who need some hay.
the valley. There is no roof to my office sat at the reception desk, or swapping
either, except sometimes clouds, and notes on music with Mike at the water James Rebanks is the author of the
that’s a mixed blessing too. I just got cooler. I have never been so tired and bestselling memoir ‘English Pastoral’
18 ★ 2 January/3 January 2021

The new Asians

on screen

Janan Ganesh
Citizen of nowhere

I
t seems harsh to fault Industry, the diaspora is going to test writers and talk for a sales team), in their love of a
mostly good HBO series about screenwriters in the coming years. pound note, these characters are
London banking, for its little They are an increasingly prominent hardly victims. They do not set aside
infelicities. But hedgies tend to force in US life: by one measure, time for the contemplation of their
steer away from greasy-spoon Indian-Americans are now the highest- identity. They are not obviously
cafés as their favoured meeting spots. earning ethnic group. Kamala Harris’s burdened by guilt or parental diktat. If
No man would risk mocking another’s mother was a Tamil Brahmin. As for they vary their speech between family
suit while sporting a belt instead of the UK, we are into the third and and friends, that fact is not interesting
side-adjusters. And unless things have fourth generations now. The progeny of enough to show. Few of us, the
improved in my absence, not everyone immigrants can be found atop producers realise, are all of a piece, all
in the city, or the City, is sky-high on companies and (to cite another Rishi) of the time. And no one I know code-
ketamine. G8-sized economies. Their spread into switches like high-earners from white
Then we have the problem with the arts is almost as visible. working-class homes. Hear that glottis
finance dramas since Wall Street: how Plainly, Apu from The Simpsons will open and close to order.
to craft narrative twists that do not no longer cut it. But then the cringing The un-conflicted Asian was long
involve the implausibly lurid (here, the Asian is not the stereotype that has overdue on screen. There was a glint of
death of a graduate trainee) or the recurred in my lifetime. It is more it in the adaptation of Hanif Kureishi’s
outright criminal? The “industry” is The Buddha of Suburbia a generation
meant to be compelling enough The stereotype is of the ago. I remember the shiver of
When Kenneth Grahame’s mole sits people and practices on its waters without recourse to the exotic. recognition well. But even the young
SNAPSHOT for the first time by the river in The that otherwise might slip by If I stick with the show, it is for the neurotic misfit, caught hedonist in that story seemed trapped
Wind and the Willows, what he hears is unnoticed: mudlarks picking through odd glimpse of Rishi, a British Asian between ancestral culture between worlds at times. In a sense,
“a babbling procession of the best the banks for treasure; the annual who executes trades for the rookie then, Rishi is a more radical character
‘Coracle Mission, stories in the world, sent from the royal census of its swans; even a druid sales staff. He is an intermittent and western temptation than any in Industry, including the
heart of the earth to be told at last to in a homemade coracle, delighting presence and yet I can fill in the blanks. grandiosely striving protagonist. As a
Lechlade’ (2013) the insatiable sea”.
For British photographer Chloe
like Grahame’s water rat in simply
messing about in boats.
He will have grown up in the
pebbledash terraces of Zone 4, between often the neurotic misfit, caught
corrective to tropes about the
subcontinental diaspora, the principal
by Chloe Dewe Dewe Mathews, the tales told by the film-set London and true suburbia. between the ancestral culture and flaw is that it was so long in coming.
Thames are just as enchanting. In a Chris Allnutt (The actor is indeed from Kenton.) His western temptation. This character And that it is still so minor. At this
Mathews new exhibition, she traces its course ‘Thames Log’ is showing at Martin Parr parents were academically demanding crops up in soap operas, films (Blinded juncture, I should urge the producers
from source to sea, uncovering the Foundation from January 14 to April 4 (he read economics at, say, York) but by the Light) and literature as recent as to flesh out this peripheral figure in the
otherwise tolerant. His romantic the Booker-longlisted In Our Mad and second series. There is a well-watched
partner is white. He is weirdly at ease Furious City. And so one version of the YouTube video called “Industry but it’s
amid lad culture. His vote is up for immigrant experience is captured just Rishi” that suggests a latent
grabs, if Labour sorts itself out. faithfully enough, often enough. demand out there. But I have seen how
Above all, he has spent It is just that another one screams to these things tend to go. The temptation
approximately two seconds of his life be told. Rishi is a rare stab at it. Albeit a will be to mire him in existential angst,

After the plague we need wondering “who he is”. I have known

lots of Rishis. I have seldom seen them
dramatised. The novelty is welcome.
grotesque, Chabuddy G of BBC Three
comedy People Just Do Nothing is
another. In their profane confidence
the puppet of his elders, as east and
west vie for possession of his soul.

a damned good party The portrayal of the South Asian (“Don’t act the c**t”, is quite the pep janan.ganesh@ft.com

Joy Lo Dico
Trending

O
ver fame, riches and Club; Berlin partied like it knew what laughing and flirtatious voices, which
happiness, who now was coming next. we can now read for free from the
would not choose a But not often will you find a mention confines of our Tier 4 sofa.
drunken night out with a of their pandemic as the trigger for In our current state of suspension
gang of friends? I’d go the decadence that followed. The between disease and vaccine, the
anywhere for a good dinner party, even Spanish flu, which made its way question is: what next?
south of the river, and oh for just one through a third of the world’s Politicians on both sides of the
pompous gallery launch where the population, killed more than five Atlantic have visions for the economic
wine is even worse than the art. times as many US citizens as the Great recovery, in their hope for a surge of
How can one think of parties at a War and in 1918 outpaced the artillery post-pandemic spending.
time like this, as the ambulances queue in its destructive power. There will also be the pent-up energy
up and businesses wince at their Was it too difficult to gauge the scale of boredom and loneliness that rips
balance sheets? How can one not? The then? The stats weren’t up to much, the through the bars — the alcoholic
mind springs to what has been denied: press was censored, there was no World recovery. They might want to factor
the piety of lockdown makes us pray Health Organization. Or the flu was too that in, even encourage it in
for the opposite. abstract an enemy? Unlike a war effort, moderation.
Indulgent as it sounds now, a good influenza had no propaganda machine For we will need some haze to forget
shot of partying may eventually also be to tell of its victories. It just went from a year not just of the disease, but the
part of the cure. Not of Covid itself — town to town. bitterness created by its inequities on
leave that to the scientists — but It may have just been too mundane money, jobs and our freedoms.
dressing up in fine clothes and going to write about. As Virginia Woolf would For nearly a year, life has been
out to flirt with the city again. To move defined by grim-faced officials reading
on from this dark winter, we are going We will need some haze to out the death stats. We’ve been made
to need to forget it. And some strong to think about our every move, of
cocktails might help. forget a year not just of the everything and everyone we touch.
Had we, humanity, already gone disease, but the bitterness Real living is not that conscious
through this communal forgetting space preached by yoga teachers and
once before? It occurred to me in created by its inequities mindfulness apps. Who now needs any
mid-December when reading a tweet more time to think? As lockdown has
that had gone viral: “It has become shown us, what we yearn for is not
very clear to me, why the 1918 note in her 1926 essay “On Being Ill”: inner peace, but to live
pandemic was followed by the roaring “Practically speaking, the public would unselfconsciously and in company. If
20s & why people were dressing up to say that a novel devoted to influenza the journey back to that is through the
go just about anywhere,” wrote lacked plot.” semi-consciousness of a libertine era,
@JenniDigital. From where we are What went down in legend instead so be it.
standing now, this rings true. And the was the aftermath: the jazz clubs, the Nicholas Christakis, sociologist at
idea that there might be a post- moonshine and high times on Wall Yale, has recently published a book on
pandemic boom out of sheer relief has Street. Covid and its effects on society, called
kicked around all year. In a cruel irony of timing, as Apollo’s Arrow. It is quite telling how
Had the historians of the 1920s midnight of the 2021 New Year struck, one tabloid interpreted his learned
missed something? Book after book there were no fireworks, but F. Scott work. The New York Post ran a story
will ascribe that hedonistic decade to Fitzgerald’s The Great Gatsby did come on his book under the headline:
the influx of cheap credit after the war, out of copyright. “Sex-crazed ‘roaring ’20s’ awaits
the arrival of the car and radio stations, The mansion doors of his West Egg post-pandemic: Yale prof.”
the illicit thrill of Prohibition mansion were flung open to the public, Was it to shock its readers? No. It was
moonshine and the un-girdling of invited to one of the great fictional a message of hope.
women. London went wild for the parties with yellow cocktail music and
Bright Young Things and the Gargoyle lines of cordials and the swell of Follow Joy on Twitter @joy_lo_dico

Shantell Martin on how to draw a line

For our Culture Call season finale, we are for this time: who are you? Our co-host
joined by the artist Shantell Martin. Griselda Murray Brown stops in during
We discuss how to teach art to the maternity leave to discuss how literature
next generation, what it means to ‘sell has helped her understand motherhood.
out’ in the art world, British versus Go to ft.com/culturecall or subscribe
American racism, and an urgent question on Apple, Spotify, or wherever you listen

Chess solution 2400 1 Kg1! threatens 2 b7 and queens. If Rf4 2 Rb5! cxb5 3 b7. If Rh6 2 Re8! Kxe8 3 b7. If c5 2 Rf5! Rxf5 3 b7. If Rd6 2
Re1! c5 3 Rb1 and b7. Most other white first moves fail to Rh6-h8 or Rf1-b1 stopping the b pawn. (by Pal Benko, 1990).
Saturday 2 January / Sunday 3 January 2021

Tokyo rocks The eccentric magic of Yoyogi Park — PAGES 6 & 7

Follow us on Instagram @ft_houseandhome

H Six trends for tomorrow

ome is like the water a fish
swims through: so familiar
that it often goes unno-
ticed. Light switches are
flicked without looking,
and furniture edges navigated with
blind precision.
Lockdown challenged this passivity.
As the great expanse of life was concerti- their family home,” writes Gyebi-
naed between four walls, those trapped
inside felt less like fish in water than sar-
Coronavirus has changed the way we define home. Architects, estate agents and homeowners Ababio in an email.
The sharp rise in multigenerational
dines in a tin. Around the world, homes households may help to diminish the
that had previously been justt fit for pur- explore the forces shaping how we will live in 2021 and beyond. Harriet Fitch Little reports social stigma that persists, in some west-
pose were suddenly unfit, and neigh- ern cultures at least, around young
bourhoods once deemed “convenient” adults living with their parents. As Mad-
were found lacking. ison Darbyshire wrote in the FT in
We enter 2021 with a vaccine, and a I am part of the upheaval. In March, In this story, we hear from design- Illustrations by they have received on campuses around August, it is now seen as “frugal-chic” to
vision of normality is creeping over the I will be moving to a rural rental in ers, estate agents, buyers — and a Bill Butcher the country. “Given ongoing uncertainty live at home during times of economic
—
horizon. But many people’s homes will North Oxfordshire with an allotment homesteader in rural Nova Scotia — about how their courses will be deliv- uncertainty. The turning tides were con-
emerge from the pandemic trans- twice the size of my current (garden- about the six shifts that will shape our ered next term, many will understanda- firmed in December, when Stella Bug-
formed. In the UK, there has been a less) flat in south London. homes in 2021 and beyond. bly not want to risk going through all bee, New York Magazine editor-at-large
whirlwind of activity in the property While the response to the pandemic that again and may prefer to remain in and cultural bellwether, revealed she
market since the first and strictest lock- was to focus on how social distancing The rise in had been living with her parents for the
down was lifted in May. On July 8, the and hygiene requirements might change multigenerational living past 16 years, a fact she had kept secret
day Rishi Sunak, the chancellor, the design of our homes, this seems like As of September this year, at least 12 per until the pandemic put several col-
announced a stamp-duty holiday, prop- shutting the door after the horse has cent of the UK population were adults leagues in the same position.
erty portal Rightmove reported its busi- bolted. Instead, Covid-19 will change our who had moved back in with parents as Jago Poole, a 28-year-old who works
est day ever for site traffic. homes because it has changed the way a result of the pandemic, according to a in short-term property rentals, tells
“A lot of people want to make we live, and the way we want to live. survey by the personal-finance website me he moved back home in Decem-
changes,” says Mark Parkinson, a buying “The definition of home is changing,” finder.com. More than two-thirds had ber, when the lease on his shared flat
agent for Middleton Advisors, who says says architect Tara Gbolade, co-founder no move-out date in sight. in London was up and his company
that all areas of his business are up 20-30 of Gbolade Design Studio. “It’s beyond This year, there may be more univer- had ended its lease on the office he
per cent year-on-year. “This last year, our individual homes and rear gardens sity students choosing to live at home worked in. “The reason you move to
we’ve taken on more clients than ever, — [it’s] the streets in front of us, the too, according to Hillary Gyebi-Ababio, London is the social aspects, and
we’ve bought more houses than we’ve communities and the neighbours that vice-president of Higher Education at being able to go out and see people
ever bought in the country,” he says. we’ve spent years living next to but the National Union of Students, with
“We’ve had a record year.” never spoken to.” many dissatisfied with the treatment Continued on page 2
2 ★ FTWeekend 2 January/3 January 2021

House Home

New year, I am rather depressed

that it is time to
get rid of all
wherever we can. And
where could be better,
more comforting and
Talking of accessories, I suggest
bringing in new pieces to add a bit
of New Year zing. I work with The
example — which would look fantastic
on a chair.
Try moving existing things around,
new zing the Christmas
decorations.
remedying than our
own homes?
Lacquer Company, but I love
everything this company makes.
too. Swap lamps in and out of rooms,
and change their shades. This is a
I also feel like my So, where Its latest collaboration with the favourite trick of mine — a small and
home needs a bit of a refresh to start? My New York-based decorator January is bleak: no easy thing to do, but one that really
and this seems like a good time suggestion is to start small. A side Miles Redd is a winner. makes a difference to a room. I often
to do it. How can I go about or console table to replace the See the stacking trays (in drinking, no bread, turn to Rosi de Ruig for lampshades
this without turning the house Christmas tree, perhaps? Duncan fabulous primary shades) and no joy! At this time made from patterned papers
upside down? and I both share a real addiction to, wastebaskets and tissue boxes. (pictured), or I buy old scraps of silk
wait for it, diminutive and decorative I really believe in upgrading the of the year we need and have them made up into shades.
January is, naturally, an ideal time for tables and unnecessary chairs. At the small things we use every day. This to take excitement Another tip, unrelated but important
an interior refresh. As we sweep moment, we have a fantastical allows us to take maximum pleasure as we are looking forward: if you have a
away the Christmas tree needles, Venetian-grotto-style silver gilt table from them. wherever we can garden, remember to get on with plans
shove the holly and the ivy on the hanging around our sitting room like Colour, to fight the winter gloom, for the springtime. Sketch out your
compost heap and pack away the a guest who has stayed much too really is key at this time of year. borders. Order bulbs.
baubles for another year, our homes long, and at least three hall chairs in Case in point: handmade ruffled And last, why not consider collecting
are left much barer than they’ve our garage awaiting instruction. and patchwork cushions from something new? It’s a good time of year
been for weeks. In terms of style, the options are In Casa By Paboy. (For the moment for making new intentions, and I much
This does not have to be endless. Arcadia Antiques is selling you need to email or message on prefer the idea of dedicating myself to
depressing — you’re able now a console that I’ve had stuck in Instagram to order.) A pair of collecting a new type of old thing
to see everything in much my mind recently: it is an these would give any sofa an instant rather than, I don’t know, a spin class
better focus, so think of the early 19th-century English zingy update. or not eating cheese. It could be
annual decluttering as an faded gilt table, and it is Or, why not take something old and anything. Fossils? Cameos? I’ll leave
opportunity to re-evaluate your incredibly elegant. loved (but perhaps a little tired) and this with you.
rooms. In the cold, harsh light of An extra side table and therefore give it a refresh? I’ve been thinking I do realise that I’m attempting to
January, it is time to take a long an extra surface is never a bad thing about reupholstering an armchair give tips on how to refresh your home
hard look at our homes, to flush to have. Surfaces get filled easily: in at home with a new fabric. Some while also telling you to add more
out the festive hodgepodge, to get our house this means books and recent favourites of mine include those things to it, but, well, it’s January: time
things in order. certainly a lamp, because more soft made by Soane Britain’s Lulu Lytle in to take extra pleasure from one’s objets.
Luke Edward Hall But it is also time to have a bit of fun. light from table lamps is always collaboration with the fashion designer
January is bleak. I hate refusing myself welcome, plus a lot of accessories, Duro Olowu. The pair’s graphic If you have a question for Luke about
things in January: no drinking, no from candlesticks and odd bits of fabrics appeal to me, and I enjoy their design and stylish living email him at
Questions of taste bread: no joy! Gosh, at this time of the pottery to framed photographs and peppy colour combinations. Take lukeedward.hall@ft.com. Follow him at
year we need to take excitement from vases of flowers. Timbuktu in green and charcoal, for Instagram @lukeedwardhall

Trends for pandemic, from about 3m a month to

10m. He sees it as a coping mechanism
that stuck. Nine months on, “There is

tomorrow still a noticeable boost in people getting

into growing food at home and continu-
ing due to the pandemic.”

The energy-efficient home

Continued from page 1 The reality of running a home 24/7 has
made energy efficiency a budgetary
and do things,” he says. With those issue as well as an environmental one.
opportunities shut off due to corona- “It’s hitting people’s chequebooks,” says
virus restrictions, “it was a bit of a no Vanessa Hale, who heads Strutt &
brainer [to move back] really”. Parker’s annual Housing Futures sur-
Although it is bittersweet to cele- vey. In 2020 they saw a leap in buyers
brate any change born of economic coveting dull but useful features such as
necessity, there are benefits to living double glazing and smart thermostats,
in larger families: in the US, 82 per and a sharp rise in the numbers wanting
cent of multigenerational households to move into new-builds as a result of
report that living together has their perceived eco-features.
enhanced their bond. Gbolade of Gbolade Design Studio
explains why the pandemic precipitated
The rise of the extended home such a shift in thinking. “In many
Working from home — at least for part homes, one part of it is freezing, and the
of the time — looks like it is here to stay. other side is boiling hot,” she says. This
Companies including Google, Twitter, minor irritant became an obstacle dur-
Zillow and Microsoft have all ing lockdown, as many households
announced plans to allow for total or needed to deploy every room available.
partial remote-working post-pandemic,
and a June 2020 poll by 451 Research The community home
reported that 67 per cent of US IT deci- Gbolade, who specialises in “place-
sion-makers expected that work-from- making” architecture, is modifying
home policies would be either perma- forthcoming developments to contain
nent or long term. more business units to provide local
At the same time, the popularity of amenities, and to include wider pave-
home schooling has risen sharply — ments and communal areas. The big-
some UK private schools are even creat- gest change will be to accommodate
ing “remote-first” cohorts, who will be The city exodus meets Greta Gerwig’s Little Women — Kitchener, Ontario, Brent Fewster, who the remote office: she is working on a
taught over video call with the excep- The need for space, combined with the and became globally popular in has until now worked in food logistics, residential development in west Lon-
tion of hands-on classes. As a result, our flexibility offered by homeworking, is nature-starved urban households tells me about how Covid-19 precipi- don that will integrate a co-working
homes will have to adapt. driving people out of cities. In June, during the pandemic. tated his family’s impending move to a space on its ground floor. It is an
There are two solutions for the views of homes in rural zip codes across “I think cottagecore was inadvert- remote homestead 2,000km away in approach that stands in contrast to the
newly space-pressed home: expand or the US increased 34 per cent year-on- ently invoked for many people — this Nova Scotia. Working at home “gener- car-centric ethos of traditional subur-
divide. This year, orders at loft con- year, according to Realtor.com. romantic idea of homesteading, of being ated the desire to see if there was a way ban planning. “It comes back to this
version specialists Simply Loft Savills’ Crispin Holborow, who spe- totally self-sufficient, was in a way a that I could actually be there while my holistic view that residential spaces
increased by 54 per cent compared cialises in selling high-value property coping mechanism for the horrifying kids are growing up,” says Fewster. will no longer just be residential,” she
with 2019 — a daunting prospect given in the UK countryside, says there has reality,” says Katie Calautti, a New Jer- Over email, Mark Valencia, who runs says. If this shift can be implemented,
the noise pollution in big cities. been a huge leap in sales of country sey-based writer whose Instagram is the YouTube channel Self Sufficient Me, it has the potential to benefit people
Meanwhile, residential architecture estates priced above £15m, with 22 animated by florals, flowing dresses and tells me the numbers viewing his videos who live in all types of housing — not
firm Resi reports that searches on sold or agreed deals in 2020, com- livestock. Some of her favourite cot- — which include everything from quail just those wealthy enough to be able to
its website were up by 95 per cent in pared with just one in 2019. “This is tagecore bloggers are in China and breeding to using a fish head as plant fer- escape to the country, or put a work
2020 compared with last year, and the strongest market we’ve seen since Japan. “Everything during Covid is tiliser in his garden in Queensland, Aus- pod in the garden.
“home extensions” was their most 2006/7,” he says. about seeking comfort, self-care, escap- tralia — tripled in the first month of the Ultimately, the big question when it
popular category. ism. That’s pure cottagecore.” comes to post-Covid housing is this: how
New companies are offering futuris- ‘Cottagecore’ conjures an can we adapt so that we are better pre-
tic design solutions. Modulr, a British The rise of self-reliant living pared for the dreaded “next time”?
company launched mid-pandemic, idealised country life — Back in April, when the first lockdowns It seems the answer is not to be found
makes sleek, freestanding workspaces shabby chic meets Greta occurred in Europe, the UK and the US, in measures that react to the details of
that businesses can install in the Google searches for “how to grow vege- this pandemic. “Designing very specifi-
gardens of remote workers. Starting Gerwig’s ‘Little Women’ tables” hit record highs. The grow- cally for Covid misses the point of resil-
at £17,500 plus VAT, they will proba- your-own mentality has stuck. Last ience because tomorrow’s Covid might
bly be a perk for very senior members month, when the UK government not be Covid at all,” says Jonny Anstead,
of staff. Last year, Parkinson of Middleton announced the joint winners of its founding director of Town architects.
“People feel that they can go to work Advisors saw a new demographic of Home of 2030 competition — a design He believes we need to design homes —
— even if it means five steps outside rural and market town buyers, either competition centred on affordable, and communities — in such a way that
the back door,” says co-founder Jo Van people who “would have never imagined efficient and healthy homes — both they are resilient to all threats: a differ-
Riemsdijk. Meanwhile, the Australian they might move out of town” or young had community gardens or allotments ent pandemic, climate change or some-
architects Woods Bagot have created couples “leapfrogging” the suburban at the heart of their schemes. thing as yet utterly unknown. “[What
a set of moveable walls and screens semi. “Some people are just panicked, Chris Brown of Igloo Regeneration, matters is] building a general resilience
that can be adjusted to divide open- [saying] ‘I’ve got to get out,’” he says. who led one of the winning teams, tells to the unknown challenges of the
plan living spaces into offices during Whether on the moors or in Moor- me that the inclusion of allotments in future,” he says. “I think a really danger-
the daytime, and pushed back again gate, the aesthetics of rural life will be the design was inspired by “the incred- ous alternative exists where, out of fear,
at night. hard to escape in 2021 given the ible outbreak of mutual aid across the we retreat into our homes and cars.”
Other solutions for subdividing space unstoppable ascent of “cottagecore”. country and our experience of this turn- It’s a bold vision of how homes might
will remain more makeshift: around the The all-encompassing design trend ing into communal gardening projects”. change in 2021, and perhaps a poetic
world, Google searches for “room conjures an idealised version of Brit- Around the world, more ambitious one: after a year spent stuck at home,
divider” hit record highs in August. ish country life — think shabby chic growing projects are taking root. From the door to the outside world is opening.

The home in 50 objects #24: gramophone (HMV, about 1930)

The invention of the gramophone in musical appreciation. In its half times the weekly wage of to a wind-up gramophone. Berliner’s popularity with the upright piano. Not Millions now choose to stream it from
1887 — following that of Thomas own compact suitcase — the day — a little under £2 — innovations led to the mass all families had one, though many had such providers as Spotify.
Edison’s phonograph a decade earlier with space for record for those lucky enough to distribution of recorded sound someone who could knock out a tune But thanks to DJs finding ways to
— revolutionised the enjoyment of storage in the lid — have a job, as the 1930s technology. Design features included at a knees-up. use turntables to produce new sounds,
music. People had more opportunity it was portable and depression set in. the turntable — replacing the Many prewar gramophones lingered and audiophiles returning to the
to listen to recorded versions of it in relatively easy to shift The German-born American phonograph’s unwieldy cylinders — on into the 1950s. Increasing wealth, not-quite perfect sound of vinyl for
their own homes. around the home, or to Emile Berliner had invented the and the flat-disc recordings to be rock ’n’ roll music and hi-fi sound, the music they want, both forms have
To anyone fortunate enough to other locations. As gramophone, which came to be played on it. Initially these might be however, were among factors leading bounced back.
have such devices, the musical world such, it was an early considered the basis of the modern made from such as rubber or glass, to the success of the automatic HMV has undergone the revolving
became more accessible. Previously form of recorded record player. and later vinyl. turntable in the 1960s. fortunes of the years. With the
you’d have to go out more to music on the move. His company HMV’s early 1930s model reached With the growth in use of cassettes pandemic taking its toll on vinyl sales
experience what it had to offer, by way Then again, not adopted the the market just as record players in the 1970s and CDs in the 1980s, and the high street, much depends on
of live concert performances or the many people could His Master’s were having to compete with radio, a vinyl and the turntable went into whether the company’s present owner,
opera, perhaps, or the local music hall. afford it. This Voice — HMV — rising source of musical entertainment retreat. Technological advances from Canadian businessman Doug Putman,
HMV gramophone models of the model’s cost of trademark, since the 1920s. Through the second the Sony Walkman to MP3 players can scratch out a path to survival.
late 1920s/early 1930s type pictured about £7 (£350 in today’s featuring Nipper world war and beyond, the later gave people near complete Peter Chapman
here added a further dimension to money) amounted to three and a the dog listening gramophone also had to vie for mobility as they listened to music. museumofthehome.org.uk
2 January/3 January 2021 ★ FTWeekend 3

House Home

‘The suburban dream on steroids’

W
hen Amit Bansal moved suburban living pushes up property (Above) July it received 108,969 temporary
US property | After Covid-19 from Manhattan to the prices and new arrivals confront its Westchester County, change of address requests, according to
New York suburbs in drawbacks — from isolation and higher New York State, MyMove, which the postal service
July last year, he knew property taxes to threatened commuter where New Yorkers employs to help with changes of address
caused an exodus out of he would love the larger rail services — the boom in suburban fled in search of — more than six times the number
home, the roomy garden and — when home sales shows signs of slowing. green spaces and received in the same period in 2019.
the time came for children — the excel- And with New York’s vaccine pro- lower infection A boom in suburban home sales sug-
New York City, the prospect lent local schools. What he was not pre- gramme offering the prospect of a rates; (clockwise gests many made a permanent move: in
pared for was the peace and quiet. return to normal life in America’s most from left) Fifth June and July, 4,422 homes sold in the
of a vaccine is now slowing “Here, the only person I interact with
in person all day is my wife. It’s challeng-
populous city, has demand peaked for
New York’s suburbs?
Avenue, Grand
Central Station,
adjacent counties of Westchester and
Fairfield (which is in Connecticut), up
ing for me,” says the 36-year-old ven- Data from the US postal service shows Times Square 65 per cent on the same months in 2019,
the boom, writes Hugo Cox ture capitalist, who works from his new how rapid the exodus from the city was Getty Images/iStockphoto; NurPhoto
via Getty Images Bloomberg
according to Serhant.
home in Larchmont, a village in Westch- after Covid-19 hit. Between March and In Westchester County, the neigh-
ester County, a 40-minute train ride bourhoods of Pelham, New Rochelle
from New York’s Grand Central Station. and Larchmont offer the classic trap-
“The energy of [Manhattan], the ran- pings of affluent suburban life: tennis
domness you get from nearly two mil- and country clubs, golf courses and pop-
lion people: on every block unexpected ular beaches and marinas on the Long
interactions, different people from dif- Island Sound. Along Long Island’s north
ferent walks of life. I thrive off that kind shore, popular neighbourhoods within
of energy. I very much miss that.” an 45-minute train ride of Penn Station
In search of more space, greenery, a include Port Washington and Manhas-
lower infection risk and a school system set; further east Roslyn and Oyster Bay
less vulnerable to Covid-triggered clo- are attracting buyers.
sures, New Yorkers like Bansal have Home sales have been busiest in the
been moving to the suburbs in droves $600,000 to $900,000 price bracket,
since coronavirus struck the city in
March 2020. But as growing demand for Continued on page 4
4 ★ FTWeekend 2 January/3 January 2021

House Home

PROPERTIES
FOR SALE
SUBURBS

B New Rochelle, Westchester County,

NY, $999,000

This five-bedroom family home is in New

Rochelle’s Beechmont neighbourhood,
about 15 miles from Midtown Manhattan.
The property was built in 1922 and has
3,800 sq ft of living space. Available
through Compass.

Continued from page 3 Meanwhile, Covid-19 has placed in private school of 750 pupils near South- second homes and enrolled children
jeopardy the suburbs’ easy access to port in Fairfield County, has seen a in local private schools — not every-
says Owen Berkowitz, an agent with the city, a pillar of their appeal. Joe boom in admissions from New York one was pleased with the results, says
Douglas Elliman, based in Westches- Germani, 32, who bought a home in arrivals since May. Students enrolled in Whelan, who worked elsewhere at the
ter. City exiles typically seek a four- New Rochelle, near Larchmont, in New York City schools comprised 15 per time. “After the glow of the transition
bedroom home on a quarter-acre plot. October, still drives back with his wife cent of inquiries and applications had worn off, in some cases their
“Their own fenced property and to his old Manhattan neighbourhood between September and November, expectations weren’t fully met,” he
plenty of space. [Coronavirus] has put in 30 minutes and will make the com- says head of school Bob Whelan. “Typi- says, adding that many compromised,
the traditional American suburban mute by car when his office opens cally the proportion is between 1 per staying put to avoid the disruption of
dream on steroids.” again. He says living this close is “a cent and 3 per cent”. another school move. B Town house, Manhasset, Nassau
Helped by the new demand, median good way to dip our toe [in the sub- Parents report anxiety at school clo- For now, Germani sees few compro- County, NY, $1.248m
prices gained 7 per cent in November on urbs] without fully committing”. sures in the city and smaller cam- mises in his new suburban life. But
A two-bedroom, three-bathroom home in
the year before across Westchester and How close it will feel next year is puses, which may increase the risk of when Manhattan’s key benefits — the Manhasset, about 15 miles from Midtown
Fairfield counties, according to Serhant. uncertain. The MTA, which operates infection; applications from students opera, concerts, and proximity to the Manhattan. The property has 2,016 sq ft
Finding New Yorkers the right home the Metro-North Railroad, the main at local public schools are increasing office — are available again, this may of interior space, and was built in 1979.
is getting harder, say agents. Sam commuter rail line supplying Westch- for similar reasons. change. “We may get bored of living in There is a home office, and a recreation
Chandan, chair of the Schack Institute ester and Fairfield, warns that with- Following the 9/11 attacks — when the ‘burbs, in which case we’ll move room with a bar on the lower ground
of Real Estate, part of New York Uni- out $12bn in new federal aid com- many New Yorkers moved to their back to Manhattan. We’re in the honey- level. Through Douglas Elliman.
versity, points to sluggish construc- muter services will be cut by up to 50 moon phase so it’s hard to say exactly
tion since 2008 and the many homes per cent next year. able journey times, according to an (Left) Manhasset, on Long Island’s what would draw us back — probably
standing empty in January that are When staff return to offices the effect October report by Rudin Centre for north shore; (above left) Larchmont; what drew us out: the feeling that there
now occupied. “There simply aren’t will be severe crowding, especially at Transportation at NYU and Appleseed, (below) New Rochelle is a better lifestyle.”
that many homes to buy.” Since sales peak times, and longer and less predict- a consultancy . The popular routes from New York Times/Redux/eyevine; Getty Images/iStockphoto
Once the vaccine sees New York func-
peaked in the summer, growth com- affluent suburban areas will become tioning again, many recent converts to
pared to last year is still high, but has more expensive, says the centre’s Mitch- suburban life will move back to the city,
slowed: the 1,164 homes sold across ell L Moss. “For Long Island Rail Road predicts Kenneth T Jackson, a history
Westchester and Fairfield counties in and Metro-North Railroad there will be professor at Columbia University, who
November was 17 per cent up year-on- fare increases.” City dwellers moving to owns homes in both Westchester
year, according to Serhant. the suburbs either have not considered and Manhattan. B Waterfront home, Larchmont,
High suburban property taxes are this or are unrealistically hopeful for a “Sure, the suburbs have it — space, Westchester County, NY, $2.7m
another disincentive. At $33,554, the massive federal bailout of the MTA by greenery and great public schools — it’s
In Larchmont Village on the banks of
annual property tax for a typical $1.25m the incoming Biden administration, just that in recent decades people don’t Long Island Sound. The property, which
detached home in Rye, near Larchmont, says Chandan. “They are discounting want it,” he says. “When the city gets was built in 1889, has 3,168 sq ft of
is more than three times the $11,064 for the worst-case scenarios.” back on its feet, and things open — the interior living space. It has five bedrooms
a typical Manhattan condo of the same New Yorkers relying on private sub- opera, Lincoln Center, Carnegie Hall, and four bathrooms. Available through
price, according to Garrett Derderian, urban schools may also end up disap- the museums, theatres, cinemas — peo- Douglas Elliman.
head of research at Serhant. pointed. Greens Farms Academy, a ple will return.”
2 January/3 January 2021 ★ FTWeekend 5
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6 ★ FTWeekend 2 January/3 January 2021

House Home

Escape
to Yoyogi
Portrait of a park | This singular Tokyo green
space is a sanctuary for capoeiristas, canoodlers,
aesthetes and eccentrics, writes Leo Lewis

A
t the foot of a hillock in the There is the juxtaposition of foliage
south-western corner of and man-made features that form a
Yoyogi Park — disguised at patchwork of places to disappear into
this time of year under a and places to meet up at. All this with-
crinkly duvet of fallen out being especially big. The runners
ginkgo leaves — is a concrete-encased endlessly circulating its various paths
steel grate that reassures the passer-by give Yoyogi a permanent bloodstream of
that they are not, in fact, wandering in Lycra and exertion, but its longest
the countryside. perimeter route is only 2.5km and the
Every three minutes or so, a plume of whole thing is just 134 acres.
leaves suddenly erupts, gusted sky- Yoyogi, which sits adjacent to the
wards by a distinctive cocktail of axle great shrine to the emperor Meiji, is a
lubricant, dust and other mystery ingre- comparatively recent addition to Tokyo,
dients of underground railway air. and feels younger for that. The more
About 30 seconds later, a Chiyoda- austere Ueno Park, on the other side of
line train rumbles through the tunnel the city, was established in 1873: Yoyogi
just a few metres below your feet, redou-
bling the reminder that, in a city of There is something in
exquisite confections, Yoyogi Park is
arguably Tokyo’s most brilliant. the spirit and history of
It is a preening, pastoral playground the park that gives Yoyogi
right amid the world’s biggest city.
Today, as it happens, the grate is occu- its otherly magic
pied by a woman arranging two plush
mascots (one a pork cutlet, the other a
battered prawn) in front of the leaf- opened to the public a century later
spume so that her boyfriend can take the once the 1964 Olympic Village, which
mascots’ portrait on a $1,100 camera. once stood on it, was demolished. In You
Various Hogwarts-style enchant- Only Live Twice (1967), when James
ments ensure Yoyogi’s strange sense of Bond is driven past Kenzo Tange’s
both insulation from the real world and National Gymnasium by a Japanese
mild disorientation once inside its secret agent, you catch a glimpse of Yoy- (Clockwise from from when the area was commandeered
(lockable but never locked) gates. ogi in its infancy. top) A group as the Olympic Village in 1964; between
There are the old oak, pine and cherry Above all, there is something in the dedicated to the two is an imposing statue of the
trees on the perimeter that conceal spirit and history of the park that gives Alice in feathered serpent god Quetzalcoatl, pre-
almost all views of the Tokyo skyline. Yoyogi its otherly magic. Not far from Wonderland/ sented as a gift from the Mexican govern-
There are the sudden moments of gradi- the ginkgo-gusting grate is an eagle- Dickensian chic; ment to Japan. The pioneering, the
ent and change of footpath direction shaped monument to Japan’s first pow- film students; embracing and the outré in one place.
that create dozens of distinctive, dis- ered flight in 1910; on the opposite, east- athletes of all Tokyo’s parks all have a different
creet pockets and zones. ern edge is the sole remaining lodging kinds — Yasuyuki Takagi atmosphere, but few generate such a
2 January/3 January 2021 ★ FTWeekend 7

House Home

A giant Spiderman supports acrobatic feats — Yasuyuki Takagi

sandwich lunches of fledgling office made-slathered homage to 1950s Amer-

romances and the young mothers a few ica, their boots encased in a protective
hours later with children out of school. wrapping of gaffer tape. The hits blare
At weekends — most gorgeously in from battered stereos. Weather permit-
cherry blossom season — the grass is ting, they are there every Sunday, always
covered in picnic mats and blue tarpau- with a rigid disdain for other gangs doing
lins, creating small encampments for the same thing just a metre away.
each grouping. Shoes, as with any Japa- These ageing hip-wagglers are, in
nese dwelling, are removed before step- their eyes-screwed-shut concentration
ping on to the mat. Booze, in its many on their passion, a kind of overture for a
glorious guises, receives a warm, year- park that feels defined by different
round Yoyogi welcome — even more so theme tunes as you stroll through. Many
since the pandemic raised the premium people come here for solo practice of
on outdoor gathering spots. musical instruments (piccolo to bas-
All of this, by necessity, takes place at soon, ukulele to double bass) that would
relatively close quarters. Capoeiristas, be too noisy for their apartments. Oth-
athletes, canoodlers and aesthetes must ers — bongo-drummers, a group koto
powerful appeal or accessible environ- the bikes on which thousands of chil- jostle for space and etiquette is to ignore class, an occasional Jew’s-harp ensem-
ment for eccentricity — whether prac- dren, steadied by the hand of a jogging, them completely unless they clearly ble — meet by arrangement or, as one
tised alone or in groups. It is an atmos- sweating parent, have learnt to ride. Not tenor saxophonist tells me, “because
phere that gives equal welcome to the far away are the various dog runs, organ- There are rules but the only you just come to Yoyogi and you might
defiantly isolationist pogo-stick aficio- ised by size of hound and, it sometimes find someone who has the same hobby”.
nado or opera diva using it for escape, seems, the ebullience of their owners. real crime is infringement of But there is also a musicality to the
and the synchronised-skipping group, Dogs are everywhere in Yoyogi, partici- someone’s right to disappear other groups that the park nurtures:
board-game society or “Songs of Abba” pating unwittingly in a fashion parade duets of blind runners and their guides,
glee club using it to assemble. There are and photo-shoot where a pair of Italian into their own world trios of flamenco dancers, quartets of
acrobatic performers who long to be greyhounds in matching tracksuits can, duck photographers, a quintet of
seen, and those who come for privacy a few paces later, be comprehensively women who enjoy doing handstands on
unavailable at home or work. For one outdone by a pair of Italian greyhounds crave attention. The park has its stated the shoulders of a giant dressed as Spi-
particular group I chatted with on a in matching designer dungarees. rules, but it often feels the only real derman, and a gently panting wind sec-
recent Sunday — men and women Some animals — piglets and otters, crime is infringement of someone else’s tion of elderly joggers.
devoted to the designer Kaneko Isao, tortoises and iguanas — are taken for right to disappear into their own world. The strictures of Japan still hold a
who combines Alice in Wonderland and walks by proud owners. Others — Yoyogi’s most consistent spectacle is to powerful sway, of course. Politeness,
Dickensian clothing styles — Yoyogi is snakes (harmless, infrequent and usu- be found at the main south-eastern gate, tidiness and consideration for others
really the only valid spot in Tokyo for a ally in the forested part that abuts Meiji (From top) Rival space for office workers, families, teen- near the exit of Harajuku station, the reign. But Yoyogi feels like a place
fin-de-siècle-themed tea party. Shrine), raccoons (at night and gener- rockabilly dance squads agers and those simply in search of mouth of the Omotesando shopping where at least some of society’s more
A few of the activities are formalised. ally when there are picnic scraps) and (The Fairladies, The somewhere to stretch the legs or lie on street and the delta of boutiques that burdensome hang-ups may be sus-
It is a park that has long tolerated a small the ubiquitous black crows (mesmeris- Strangers, etc); dogs are the grass and read a book. It is a park exist as guardians of Japan’s claim to pended for those seeking temporary
colony of homeless people in one out-of- ingly evil-looking) — roam free as the everywhere in Yoyogi Park whose green bronchioles fill and empty cool. Here, in a concrete clearing, dance asylum in its borders.
the-way corner — an unusual sight for park’s true owners. Yasuyuki Takagi
with the rhythm of the day or the sea- the rival squads (The Fairladies, The
this part of town. In another corner, But beyond all the spice, Yoyogi sup- son: the speed walkers and dog walkers Strangers, etc) of rockabillies: their Leo Lewis it the FT’s Asia business editor.
under large cedar trees, is a municipal plies the usual sustenance of urban in the early mornings, the leisured al clothes a just-so assemblage of denim, This article is part of a guide to Tokyo from
bicycle rental office that has provided parks anywhere in the world: a green fresco yoga classes shortly after, the leather and chains, their hair a pom- FT Globetrotter
8 ★ FTWeekend 2 January/3 January 2021

House Home

A Broxit
the next day did Bozzie come down,
looking for the owner of the stray
little terrier that had been left in his
hall. With a flick of its tail it morphed
her into Princess Nut Nuts, fit to

spectacular
return to Downing Street with a baby
in her arms.
Badgers love Carrie Symonds,
as they believe she stopped the
Derbyshire cull in 2019. They also love
Boris, the hero who will get Broxit
done. As Spinderella faded, an elderly
badger appeared with a copy of Byron’s
Don Juan. During a bloody siege-battle,
The badgers stage their annual meeting on our Canto 8 contains the only English
poetry in praise of Johnson, a veteran
campaigner: “by Jove!, he was a noble
columnist’s lawn — and invite him to join them fellow, Johnson, / And though his name
than Ajax or Achilles / Sounds less
harmonious, underneath the sun soon
/ We shall not see his likeness.”

I
have taken three weeks to prepare, When I tested negative, a sleek Badgers know it by heart, though
but it is not as awful as I feared. badgerette guided me to the front row they leave out an earlier verse about
I have not been getting ready to of seats in an improvised cinema under how Johnson “never ran away, except
crash out with no deal. I have been the trees. On to the stage clambered when running / Was nothing but a
worried about not leaving at all. Alfred, senior badger of the evening. valorous kind of cunning”.
My garden is beset with badgers, those He declared the meeting open. As a postscript, up on the screen
apostles of the hardest Broxit. Every It could hardly have begun more came the words, “There are no
New Year, they meet on my lawn to scarily. Up on the screen, footage
terrorise any mice and loveable water appeared of lorries jammed four Badgers love Carrie
rats who have been having second abreast on the motorway lanes out of
thoughts. If they do not get their way, Dover. “Operation BROCK”, roared Symonds, as they believe
they dig in protest. One slip in the audience gleefully, baying the name she stopped the Derbyshire
negotiations with Brussels, and they that an unwary bureaucrat assigned
would have turned my lawn into the to the pre-Brexit testing of Kent’s cull in 2019
very opposite of a level playing field. highways in case of Brexit blockage. Illustration by James Albon

Since October there has been no “The camions packed in four by four,”
second brockdown. Footprints have the badgers bellowed, “hurrah hurrah”, She was crying for the mink farmers, stray fox terrier. With a wag of his tail, badgers in the House of Lords”, with
been disfiguring my flower beds, to the tune we know as “When Johnny not the mink. he transformed her. A silver carriage, a “ . . . yet . . . ” added by pawmark.
preparing for Freedom at Midnight. Comes Marching Home”. After two minutes’ silence, we were pulled by badgers, awaited them. She I got that one too. They are famous
I had planned to lock myself indoors, Next up were two foreign delegates. plunged into Spinderella. Down in fluffed out her spotted dress and tied words of the late Lord Arran, the
but the badgers showed some Pango-lin, a Chinese red badger, took a dingy Brussels cellar, labelled an elegant scarf round her hair. Off to badgers’ best friend. Tirelessly he
generosity. Under my door they pushed the stage to offer the first post-Broxit “La Cave”, a squirrel with dyed blonde Bozzie, the badgers chanted, and soon campaigned in the 1970s for two
a pawmarked invite to their Broxit trade deal, one with Wuhan’s markets fur was compiling PR handouts for the she was inside Number 10. causes, as viewers of that BBC
Spectacular. “Spinderella”, it said, “and and all those juicy animals that badgers EU-compatible apples strewn mouldily She recognised our PM, whom she triumph, A Very English Scandal, will
Singalong. Hedgehog will be served.” could consume. When he requested over the floor. Two “Ugly Sisters”, knew as Bozzie Bear, because of two recall. One was the decriminalisation
Under the stars I joined them, as unregulated access to Britain’s Angela and Ursula, were keeping her hefty minders beside him, Grant and of homosexuality and the other
hundreds of them padded through hedgehogs in return, he was driven to the task. Those EU-standardised Gavin. Nobody would speak to the was legal protection for badgers.
the grass, badgers from Sunderland, away. Badgers will not let trade apples have driven Britain’s old fruits Ugly Euro-Sisters but in the corner When he was asked why the former,
the first to declare to leave, veteran partners anywhere near the stock that off the market. “Carrie”, they berated stood a mink whom I took to be but not the latter, passed successfully
badgers from the Somerset cull, brave they have already caused to dwindle. her, “get on with it: we, not you, are off Buttons, though his buttons were through parliament, he replied,
survivors of last year’s marksmen in Next up was Knud, a stowed-away to Bozzie’s Ball.” pinned on a hoodie and he was holding “There are no badgers in the
Gloucestershire, limping along on badger from Denmark. His grim At once I got the plot. During her an open computer in one hand. When House of Lords.”
sticks and crutches. In my spinney the reporting of the Danish mink cull early years in PR, Carrie Symonds Carrie approached, he warned her that That may soon change. Twice-yearly
badger band had already struck up reduced the audience to a stunned enjoyed the nickname “Apples”, at least he needed to test his eyesight, but honours now go to Broxit’s supporters.
that stripy favourite, “The Grand Old hush. “16m planned, 2m already until the women in Downing Street before she could sympathise, he began None has been more ardent than our
Duke of York”. At the entrance, ferrets exterminated”: Denmark’s prime renamed her Princess Nut Nuts, to berate her for her flaky degree in British badgers, 100 of whom, when
were patch-testing new arrivals to minister Mette Frederiksen was because, they say, she looks like a Theatre Studies. When the band struck ennobled, will Broxitise the Lords. As
check if they were virus-free. Ferret- promptly voted Swine of the Year. squirrel and is not as good for the up “The White Cliffs of Dover”, she was they trotted from my spinney, I had
to-ferret transmission of Covid is now The conveyor belts that carried farmed Robin Lane Fox environment as she thinks she is. saved by the PM himself. She, not he, one final thought. After the mink cull,
scientifically attested, but what about mink off to their deaths were horribly Political staff are a malicious lot. In danced beautifully and even dared to there will have to be a stoat cull, and
F-2-H, ferret-to-human? Next year’s mechanical, but when she appeared rags, she returned to her labours, until tell him that Buttons should be culled. then a skinning of their white winter
virus may mutate again from animals on TV in tears in a farmer’s courtyard, On gardens a shower of sparks brought her fairy As the clock struck midnight, it was finery. Only then will we have sufficient
to humans. I warmed to her. Not so the badgers. dog-father into the cellar, Dilyn the back to rags in dreary La Cave. Only ermine for 100 new lordly robes.