WORLD BUSINESS NEWSPAPER MONDAY 2 NOVEMBER 2020 EUROPE Volodymyr Zelensky Start new game Long Covid Ukraine’s rule of law is under attack Sony and Microsoft armed for next Prolonged symptoms present from its courts round of the console wars challenge for employers — OPINION, PAGE 19 — PAGE 7 — PAGE 14 Final stretch Briefing Whirl of rallies i EY wins more German blue-chip audits as poll looms The Big Four firm has increased its number of multinational clients in Germany despite the high- profile collapse of Wirecard, that saw it sharply criticised for failing to spot a €1.9bn fraud. — PAGE 6 President Donald Trump addresses sup- porters in Washington, Michigan, his i ‘Zombie’ directors stalk US boardrooms first stop in a flurry of events across five The number of board members that have failed to battleground states yesterday, as the US win majority support from investors is on the rise in election enters the final stretch. the US, as companies such as Netflix increasingly Joe Biden, Mr Trump’s Democratic defy shareholder votes to remove them. — PAGE 8 rival, zeroed in on Pennsylvania, with a trip to Philadelphia. The latest polls i Container shortage hits India’s exports showed little sign of movement in the Weak consumer demand brought on by strict race, with Mr Biden maintaining a clear lockdowns has led to a crippling shortage of edge nationally and in key swing states. containers, hurting the nation’s exporters as they While the two candidates sprint to the attempt to exploit recoveries elsewhere. — PAGE 4 finish line, more than 90m Americans have already voted, either in person or i EU urged to step up Belarus sanctions by mail, according to data compiled by Belarus opposition leader the US Elections Project. Svetlana Tikhanovskaya has News and analysis page 3 urged the EU to extend its Editorial Comment page 18 sanctions against the regime of Rana Foroohar page 19 Carlos Barria/Reuter strongman Alexander Lukashenko. — PAGE 2 i Vertical farming has its day in the sun Eurozone growth outlook darkens Indoor growing has flourished during the pandemic amid fears over food security and supply chain disruption. Proponents cite the technology’s efficiencies and environmental gains. — PAGE 8 after lockdowns fuel downgrades i Virus makes audits harder, warns PwC Auditors will find it “harder than ever” to fulfil their obligations this winter as businesses face tougher restrictions amid rising Covid-19 cases, says Kevin Ellis, the firm’s chairman. — PAGE 8 i Armenia calls for Russia’s help 3 Forecasts hit reverse 3 Bloc’s economy set to shrink 2.3% 3 England joins closures Armenia has requested urgent talks with Russia under terms of a defence pact between the two nations, as fighting with Azerbaijan over control of Martin Arnold — Frankfurt growth of 12.7 per cent, data published is likely to pull the euro area economy ahead of a partial lockdown due to come the Nagorno-Karabakh region intensifies. — PAGE 2 on Friday showed. However, output was into negative growth again.” into force today. The infection rate in A series of fresh national lockdowns still well below pre-pandemic levels. The Bank of England is expected to the Czech Republic — the second worst across Europe has triggered a rash of The figures, along with the array of say this week that the UK’s summer hit — rose from 1,513 to 1,561, while it Datawatch downgrades to economic growth fore- further restrictions announced in rebound in growth was weaker than it climbed above 1,000 in both Slovenia casts, as new restrictions to contain the France, Germany and a handful of other estimated in August, output will at best and Luxembourg. Hate crimes resurgence of Covid-19 threaten to countries, sent economists scrambling barely grow in the fourth quarter, and New restrictions In France, which began its second US hate crime derail the continent’s recovery. to update their forecasts. the economic scars will be deeper and in Germany, national lockdown on Friday, case num- Offender characteristics, US (%) offenders with a The eurozone economy is now An FT survey of 18 economists at longer-lasting than hoped. France, Belgium bers rose from 706 to 742, while in Ger- Hate crime committed: religious bias have Sexual orientation/gender expected to shrink by 2.3 per cent in the leading banks and institutions found A second national lockdown for Eng- and the UK have many — where a partial lockdown will the highest rates Racial Religious fourth quarter of this year, cutting out- that all but one expected the eurozone land will begin on Thursday, with all thwarted be imposed from today — the figure of military service Criminal history and mental illness put by about €68bn, according to econo- economy to shrink again in the final hospitality and non-essential retail to previous increased from 182 to 206. High school or below compared with mists surveyed by the Financial quarter. Most had previously forecast close for at least four weeks. forecasts for Despite the rise in cases, the measures Poor work history those driven by Times — a worse performance than they positive growth. Infection rates across Europe are con- positive growth are less severe than those imposed in the Mental illness race or sexuality. had predicted before the restrictions Christian Keller, chief economist at tinuing to climb, according to data pub- spring, while companies are better pre- Married Have children They were often were announced. Barclays, said: “Although the outlook lished yesterday by the European Cen- pared, meaning economists expect the Substance abuse older than other The bloc rebounded from its corona- for manufacturing has held up rela- tre for Disease Prevention and Control. fresh economic decline to be milder. Military hate crime virus-induced recession in the three tively well . . . the downturn in the Case numbers in Belgium — the EU’s Eurozone economic output fell 15 per offenders with a 0 20 40 60 months to September, recording record much larger service part of the economy worst-affected state — rose from 1,600 cent in the first half of 2020. Source: University of Maryland median age of 31. quarterly gross domestic product directly affected by the new restrictions per 100,000 people on Friday to 1,702, Europe grapples with failures page 2 Huawei plans Shanghai plant to beat US sanctions and cut chip dependency facturing equipment and chip-design continue even with US sanctions. A sem- Kathrin Hille — Taipei Yuan Yang — Beijing software to block semiconductor sup- iconductor industry executive briefed Qianer Liu — Shenzhen plies to Huawei. on the plans said the new plant would Industry experts said the planned not help with Huawei’s smartphones, Huawei is working on plans for a dedi- local facility would be a potential new which need more advanced technology, cated chip plant in Shanghai that would Spacs help NYSE win back source for semiconductors after Hua- but it could be a “bridge to a sustainable not use American technology, enabling listing crown from Nasdaq the Chinese company to secure sup- wei’s stocks of imported chips run out. future” for the infrastructure business. The fabrication plant will initially The project, first reported by Chinese plies for its core telecom infrastructure Report i PAGE 6 business despite US sanctions. experiment with making low-end 45nm newspaper Caixin, could also jump- chips, a technology global leaders in start China’s ambitions to shake off its Two people briefed on the project said chipmaking started using 15 years ago. dependency on foreign chip technology, the plant would be run by a partner, But Huawei wants to make more particularly from the US, which wants Austria €3.90 Malta €3.70 Bahrain Din1.8 Morocco Dh45 Shanghai IC R&D Center, a chip research advanced 28nm chips by the end of next to slow China’s development as a tech- Belgium €3.90 Netherlands €3.90 Bulgaria Lev7.50 Norway NKr40 company backed by the Shanghai year, according to chip industry engi- nology power. Croatia Kn29 Oman OR1.60 Municipal government. neers and executives familiar with the According to chip engineers and Cyprus €3.70 Pakistan Rupee350 Czech Rep Kc105 Poland Zl 20 Industry experts said the project project. Such a plan would allow Huawei industry executives, Huawei’s long- Denmark DKr38 Portugal €3.70 Egypt E£45 Qatar QR15 could help Huawei, which has no expe- to make smart TVs and other “internet term plan is to equip its domestic pro- Finland €4.70 Romania Ron17 rience in fabricating chips, chart a path of things” devices. duction exclusively with Chinese-made France €3.90 Russia €5.00 Germany €3.90 Serbia NewD420 to long-term survival. Huawei then aims to produce 20nm machinery. But analysts caution that Gibraltar £2.90 Slovak Rep €3.70 Greece €3.70 Slovenia €3.70 US export controls imposed in May chips by late 2022, which could be used such a goal is several years away. Hungary Ft1200 Spain €3.70 and tightened in August leverage Amer- to make the most of its 5G telecoms Huawei and ICRD declined to India Rup220 Sweden SKr39 Italy €3.70 Switzerland SFr6.20 ica’s dominance of certain chip-manu- equipment and allow that business to comment. Latvia €6.99 Tunisia Din7.50 Lithuania €4.30 Turkey TL19 Luxembourg €3.90 UAE Dh20.00 North Macedonia Den220 World Markets Subscribe In print and online STOCK MARKETS CURRENCIES INTEREST RATES www.ft.com/subscribetoday email: [email protected] Oct 30 Oct 23 %Week Oct 30 Oct 23 Oct 30 Oct 23 price yield chg Tel: +44 20 7775 6000 S&P 500 3269.96 3465.39 -5.64 $ per € 1.165 1.184 £ per $ 0.773 0.767 US Gov 10 yr 106.38 0.86 0.06 Fax: +44 20 7873 3428 Nasdaq Composite 10911.59 11548.28 -5.51 $ per £ 1.293 1.304 € per £ 1.110 1.102 UK Gov 10 yr 0.26 0.04 Dow Jones Ind 26501.60 28335.57 -6.47 £ per € 0.901 0.907 ¥ per € 121.773 124.077 Ger Gov 10 yr -0.63 0.01 © THE FINANCIAL TIMES LTD 2020 FTSEurofirst 300 1325.47 1402.56 -5.50 ¥ per $ 104.540 104.835 £ index 77.533 77.996 Jpn Gov 10 yr 100.94 0.04 0.01 No: 40,546 ★ Euro Stoxx 50 2958.21 3198.86 -7.52 ¥ per £ 135.169 136.737 SFr per £ 1.185 1.182 US Gov 30 yr 115.31 1.64 0.04 FTSE 100 5577.27 5860.28 -4.83 SFr per € 1.068 1.073 Ger Gov 2 yr 105.41 -0.80 0.01 Printed in London, Liverpool, Glasgow, Dublin, FTSE All-Share 3151.27 3310.38 -4.81 € per $ 0.859 0.845 Frankfurt, Milan, Madrid, New York, Chicago, San CAC 40 4594.24 4909.64 -6.42 Francisco, Orlando, Tokyo, Hong Kong, Singapore, Seoul, Dubai Xetra Dax 11556.48 12645.75 -8.61 COMMODITIES price prev chg Nikkei 22977.13 23474.27 -2.12 Fed Funds Eff 0.10 0.09 0.01 Hang Seng 24107.42 24786.13 -2.74 Oct 30 Oct 23 %Week US 3m Bills 0.09 0.10 -0.01 MSCI World $ 2318.44 - Oil WTI $ 35.67 39.74 -10.24 Euro Libor 3m -0.53 -0.53 0.00 MSCI EM $ 1120.10 - Oil Brent $ 37.85 41.65 -9.12 UK 3m 0.05 0.05 0.00 MSCI ACWI $ 557.41 - Gold $ 1870.30 1900.95 -1.61 Prices are latest for edition Data provided by Morningstar NOVEMBER 2 2020 Section:FrontBack Time: 1/11/2020 - 18:52 User: andrea.crisp Page Name: 1FRONT USA, Part,Page,Edition: EUR, 1, 1 2 ★ FINANCIAL TIMES Monday 2 November 2020 INTERNATIONAL Lukashenko protests Caucasus conflict Brussels urged to step up Belarus sanctions Armenia demands talks with Exiled opposition leader linked to the regime in Belarus. But she be imposed on the Belarusian Olympic the most serious and sustained chal- once again adopted more brutal tactics, calls on EU to take further said Brussels needed to go further and Committee, which is headed by Mr lenge to his 26-year autocratic rule. with officials stepping up detentions Russia as target “people and companies support- Lukashenko. “That would be a personal A strike called by Ms Tikhanovskaya and warning they could use live rounds action against regime ing Lukashenko”. blow for him,” she said. last week failed to ignite, but the pro- on demonstrators. On Friday Mr war escalates In an interview with the Financial Speaking from Lithuania, where she tests show no sign of petering out. Last Lukashenko threatened to leave pro- Times, Ms Tikhanovskaya said that has been based since leaving her home- weekend 200,000 people flooded into testers “without hands” if they touched James Shotter — Warsaw although Europe had made clear its land under pressure from the security the Belarus capital, Minsk, for one of the security personnel. On Sunday police Belarus opposition leader Svetlana desire to help, it was sometimes so slow services, Ms Tikhanovskaya also floated biggest demonstrations since the elec- used stun grenades against protesters, Tikhanovskaya has called on the EU to to act. “This help is needed now. And if the idea of visa-free travel for Belaru- tion, and tens of thousands marched as well as firing warning shots into the Henry Foy and Max Seddon step up sanctions against the regime of European countries, and all the coun- sians in the EU. again yesterday. air, according to local media. Moscow strongman Alexander Lukashenko, tries supporting our movement, could “We will be discussing this item with In an effort to regain control, Mr Last week the 66-year-old autocrat Armenia has requested urgent talks who has faced months of protests since move faster in their decisions, that Europe,” she said. “[If] people can leave Lukashenko has tried several reshuffled government positions and with Russia over security assistance in claiming victory in August’s deeply would be wonderful.” the country without problems, the approaches. After the poll, he ordered a appointed officials from the security response to intensified fighting with flawed presidential election. Ms Tikhanovskaya, a political new- regime will not have so much power crackdown. But when the violence apparatus to supervise Brest and Azerbaijan over control of the disputed Ms Tikhanovskaya, who was forced to comer who was Mr Lukashenko’s main over them. Belarusians will feel freer.” appeared to galvanise protesters, his Grodno, cities in western Belarus, which Nagorno-Karabakh region. flee the country after disputing the rival for the presidency, said the Belaru- Since Mr Lukashenko claimed victory regime focused on harassing opposition had held frequent protests. result, welcomed the action taken by sian opposition had given the EU a list of in August, he has been confronted by leaders and strike organisers. Speaking before the latest crackdown Prime minister Nikol Pashinyan’s the EU last month when it imposed people involved in violence after the repeated street protests drawing tens of But, as the protests have continued yesterday, Ms Tikhanovskaya con- request at the weekend to Russian presi- sanctions on about 40 individuals election. She also called for sanctions to thousands of people in what has become into a third month, his government has demned the regime’s violence. dent Vladimir Putin is the first time Armenia has formally asked for help under the terms of a 1997 mutual defence and security assistance pact Second wave. Policy response between the two countries, and comes as Azerbaijani troops threaten a critical Armenian-controlled town after mak- Europe grapples with failures over Covid resurgence ing significant territorial gains. The war, which has killed more than 5,000 people since erupting five weeks ago, risks a wider regional conflagra- tion, given Russia’s defence pact with Armenia and Azerbaijan’s strong back- Authorities seek to avoid ing from Turkey. rolling restrictions as winter The mutual assistance treaty covers attacks on Armenia’s sovereign terri- drives people indoors tory but does not include Nagorno-Ka- rabakh or the other occupied regions of Azerbaijan. Michael Peel and Sam Fleming Moscow has sought to remain neutral Brussels during the conflict, while consistently European politicians have long known stressing its strong ties with Azerbaijan. there was a danger of a second wave hit- Russia is resistant to intervention given ting the continent, but few predicted it its divided loyalties and the risks of a would strike with the speed and ferocity broader clash, but is also wary of seen in recent weeks. Ankara’s desire to expand its clout in the The coronavirus resurgence that has Caucasus. forced European countries into new Azerbaijan has vowed to recapture lockdowns is being exacerbated by mul- Nagorno-Karabakh, a mountainous tiple failures, including premature lift- region inside the country but populated ing of restrictions, behavioural relaxa- by ethnic Armenians, and seven dis- tion and poor communication by tricts surrounding it — all of which have authorities, officials and experts say. been controlled by a Yerevan-backed Countries such as France, Germany, administration since a previous war Ireland, Greece, the UK and Belgium between the countries ended in 1994. have imposed tougher social curbs in On Sunday, Ilham Aliyev, Azerbaijan’s response to soaring Covid-19 case num- president, told Turkish foreign minister bers, but all face a formidable task stem- Mevlut Cavusoglu that Mr Pashinyan’s ming the infection’s spread as winter letter was an “acknowledgment of drives people indoors. defeat” because Russia had “no basis” The speed and scale of Covid-19’s come to Armenia’s aid so long as the comeback has prompted urgent efforts fighting remained confined to Nagorno- to understand why it has happened and Karabakh and the occupied Azeri terri- what can be done about it. The answers tories surrounding it. could determine whether European “We want the issue of the withdrawal nations and other countries — such as of Armenian armed forces from other the US — are condemned to a perpetual Covid-19 cases tems would be “overwhelmed”. Hospital Europe, but Copenhagen is still acting ‘We know burg and Madrid — is that public will- occupied territories to be resolved at the series of rolling restrictions unless and have risen bed occupancy has doubled in less than now in an attempt to avoid an exponen- ingness to go along with fresh restric- negotiating table as soon as possible,” much more until an effective vaccine is discovered across Europe two weeks in Belgium, the Czech Repub- tial rise in caseloads. The government tions will break down. Some people’s Mr Aliyev said. “Otherwise, we will con- and widely deployed. but Belgium is lic and France, according to data pub- has cut the size of public gatherings, about the fear of the disease has reduced as they tinue to restore our territorial integrity “We now know more about the virus the worst lished last week. Germany has offered introduced requirements for face-mask become more used to it, which means by any means and, as I said, we will go to virus than than we did in March and we have to use affected of the spare intensive care beds to patients wearing in shops, and imposed earlier authorities are in a more difficult start- the end.” this knowledge to inform the policy,” 31 nations from beleaguered European states. closing times for restaurants and bars. we did in ing place compared with March or April. Baku has captured more than 1,500 sq said Muge Cevik, a clinician and comprising the While international travel by holiday- In Finland, Outi Kuivasniemi, direc- Another related concern is that some km of territory south of Nagorno-Kara- March and researcher in virology at the UK’s Uni- European makers during the summer played a tor for international affairs at the social authorities are still wedded to measures bakh and on Thursday Armenian offi- versity of St Andrews. “We know that Economic Area role in carrying the disease around affairs and health ministry, said her we have to that give a false impression of risk. In cials warned that Azerbaijani troops certain activities are high risk. We need and the UK Europe, experts see other factors as of country was tightening rules in a locally Brussels, the regional government has were about 5km from Shusha, a critical use this to communicate this much more clearly Kenzo Tribouillard/AFP/Getty equal or greater importance. Flemming targeted way even though national reintroduced a rule to wear masks at all town on the road linking the capital of to the public — and we need to avoid giv- Konradsen of the University of Copen- infection rates were still very low on the knowledge’ times outdoors, even though research the region with Armenia. ing conflicting advice.” hagen’s global health department European scale. She said the recent rise suggests the chances of infection in Ankara’s support has been crucial to Covid-19 cases have risen across pointed to the lifting of lockdown meas- in case numbers had been driven by uncrowded outdoor spaces is minimal. Azerbaijan’s battlefield successes, Europe but prevalence is still much ures in an effort to reignite economic people gathering for sports events, When Ursula von der Leyen, European where Armenia’s Soviet-era air defence higher in some countries than others. activity; a spike in the cases among church functions or family events. Commission president, named her systems have proved no match for high- Belgium is the worst affected of the 31 young people as schools and universi- “We are sticking with a strategy where three priorities for staying safe last tech Azerbaijani drones bought from nations comprising the European Eco- ties returned; and cross-border move- certain things are done at a national gov- week, she mentioned avoiding poorly Turkey and Israel. nomic Area and the UK. Its 14-day ments of summer seasonal workers. ernment level, but a large part of the ventilated restricted indoor spaces last, Mr Cavutoglu told Mr Aliyev: “We're cumulative number of 1,600 Covid-19 “The most important is the opening of decisions are at a regional or a county yet studies indicate this is the single proud of your victories on the battle- cases per 100,000 people is more than institutions at the same time that you level, reflecting the specific circum- most important driver of infections. field. With God’s help, you’ll get your 30 times that of Finland. France had 706 relaxed some of those protective meas- stances in that area,” she said. “The dual She also attempted to strike a note of lands back by this successful operation.” cases, the UK 438 and Germany 182. ures,” he said. “The unifying feature is aim is to protect the vulnerable and ena- optimism, insisting European countries Mr Pashinyan wrote to Mr Putin on The soaring infection numbers in we relaxed a lot; we had had enough of ble the economy.” had “all learnt the lessons of the spring”. Saturday, Armenia’s foreign ministry some countries led Stella Kyriakides, Covid-19. I think people had moved on.” One widely held concern among said in a statement, detailing “the EU health commissioner, to warn last Denmark is one of a clutch of coun- European officials — exemplified by Additional reporting by John Burn-Murdoch Azerbaijani-Turkish military aggres- week of a “real risk” that healthcare sys- tries at the low end of infection rates in protests in cities such as Berlin, Ham- in London sion and the challenges it has caused.” Inner-city crime MAKE A SMART INVESTMENT Police chief warns of gang terror threat to Sweden democracy Subscribe to the FT today at FT.com/subscription Richard Milne raped in a cemetery in a so-called “It’s on the agenda — it’s number one occurred in areas with large immigrant TrumFRpIDAYv31MsARCtH2h017eValley AFiveStWaORrLDpBUlaSINnES?SNEWSPAPER DUKe£2.7a0ChranneDlIslandos£3n.00;R.e.p.ublicofIreland€3.00 Nordic and Baltic Correspondent humiliation crime. An Iranian immi- for politicians now,” he said. 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On6r21ii19tem 0 . 6S 481sNB0,9lee24 aoM.u sn 50dCYx m6tLae ia284;dlib,2017FEBRUARY 4 tm4F5M84reiv ai356i2rdatex4 14 e.hR 0:7 oI.d+aS;u0 1f9,/0l1I/32 S0fe1l,7S 1 3ie:537N cSLs e( Nia 0; 1) SegstwATtbfoctaohhoonvwaoinam “emruceenmoredIei rldnughfeidde eabsl e trieeywrs toifbi dv snna -e mdteaetb .idg’she Ths o sae asd m et oahl ds ioiob benctefnoeo nen ioddnrSmgccSt’ucn eetw iwrwpcde onvrabteerl eeeccctaaeoedradnrilylrnbntoyekaneg tyslyp n cs nfred aaet ay ’itms i oorvbtii nf egl.calfapoa.s da ho Blli ucIost tls uttgueoohst.lt’easilh dt wocdnigt n nne hieoe sfga bon ttit Ffs syh iteeaop gn,i ore ar nrrtgaitgui cshotahcrrrse hewi inrh aep tg reaacnhlaiie raenlnoniv aieaatsindpdgest-tll, gfisctfl“eaitnmeoaiioofdxrootat rSH“-uacuctnphneicTwoinnllle oniea uuitnghitnt e rrlgarrssrnn ldt e o ed eySihasa eeosi lp,duwdonnas eciewna htfcev ttde“ m h,rhSi dhe ydtv o peewh : euaooesunb nor“aru ndeunl e ltFewStndbfie.snee ca owawe liiumnageistsr rmlerhe nh e—iaerbp mnds d itebasss gulghieo mtjlo etMndo ceie sc’ymnscr w-eac icar mbeeai,vhnr tar iteT oeyfitotedtyemadhlrhh eoaoe”oni n we.osll deftptusa” yhrts, ,io r ihhn t. eafnerThameaebrc . ed he ucriepIlunlotu araniaob’tsnssgscsrpieet st vgskesg eu tosite ga wrn6ladh roioeaa 0dnyyoae--ftf aaic“aStnhiwIwcbatfTaeoiale lld churdytvoeere etaa.imu n otWptcl ’ealsidloecead ls ls noi bhiesm ccccaeoteauevh ms la re cali wbe ehtttpvo yyiaprce e bssoorlsfee ,lbi,o iMrm dctlamveiarr ciirumfnc eaTeoeg alf.hr sa-u lpm,orW c lasger.t”raenaelitavirn bid mtieegh semsrsteud,gs aoes h sdsstaaaa pt nnib vodoeddeef-f: ho“nwT5Rbcetaor,xrciohi0icgaHTT“rmoac tr0okhdcTuamhhheerflk0 ishagaeer en np i-hnosasd di aop6bsSloastd .oren, o etwni0“wiy w s dlnaor—l 0i cteiSag lcn folph0dl t wel wchy ho oofs i mtkcee oshaloanaaihedh wiilctko fcoldscie e fr eeu hpsrgfsw e eff ie h”n oat roc mepor rinseolatvrmefiioaen megefcoeseifid deernuecoivox n a , e.ttfismu hp whtcoe tr Merharesdvleohneoc dceb iasptanes ot f tyolsatstea csmlp o o2seOieSd”hletc 0no w i pccoeiynbt 2ceoo—eep oeg4eutucrndal. y .ea aathlert o d tsle hwnahnilM noaeab vaitlnndlddyoeersl Sweden: Responsible Publisher - Christer Norlander Published by: The Financial Times Limited, certain groups standing outside of help. But if they don’t integrate, they win, but we must do it together,” he said, BTeral:c +k4e4n H20o u7s8e7,3 1 3F0ri0d0a;y F Satxr:e +e4t,4 L 2o0n d7o4n0 7E C5470M0 9.BT. ©Re Cporopdyuricgthiotn T ohfe t Fhien aconncitaeln Ttsim oef st h2i0s 2n0e.wspaper in any society, we will have a huge problem,” he must meet consequences. Sometimes, adding that he was “not a pessimist”. Editor: Roula Khalaf. manner is not permitted without the publisher’s prior said. we’re too soft.” Sweden’s centre-left government has consent. ‘Financial Times’ and ‘FT’ are registered trade Germany: Demirören Media, Hurriyet AS-Branch marks of The Financial Times Limited. Sweden has suffered a wave of shoot- “When we arrest someone or when stepped up police recruitment after Germany, An der Brucke 20-22, 64546 Morfelden- ings, hand grenade attacks and bomb- some of them are getting shot at, there’s years of stagnation, even as the popula- Walldorf, +49 6105 327100. Responsible Editor, Roula The Financial Times and its journalism are subject to a Khalaf. Responsible for advertising content, Jon Slade. self-regulation regime under the FT Editorial Code of ings in recent years, particularly in the maybe 10-15 men wanting to volunteer tion increased by more than 1m to 10m. Italy: Monza Stampa S.r.l., Via Michelangelo Buonarroti, Practice: www.ft.com/editorialcode immigrant-dominated suburbs of to take a higher-up role in the gang,” he But the country’s rightwing parties 153, Monza, 20900, Milan. Tel. +39 039 28288201 Owner, The Financial Times Limited; Rappresentante e Reprints are available of any FT article with your Stockholm, Gothenburg and Malmo, its said. have seized on law and order, arguing DViiare Gtt.o Prue eRcehsepr,o 2n s2a0b0il3e7 i nP aItdaeliran: oI. MD.uDg.Snraln-Mo a(MrcoI) ,P Itraolvya. si - c(mominpimanuym l oogrdoe orr 1 c0o0n tcaocpti edse)t.ails inserted if required largest cities. But he added that he believed there that crime had become Sweden’s “sec- Milano n. 296 del 08/05/08 - Poste Italiane SpA-Sped. in One-off copyright licences for reproduction of FT articles This summer a 12-year-old girl was had been an “awakening in society” as ond pandemic” and that the govern- Abb.Post.DL. 353/2003 (conv. L. 27/02/2004-n.46) art. 1 are also available. .comma 1, DCB Milano. For both services phone +44 20 7873 4816, or email shot in crossfire between gangs and two “more and more politicians understand ‘Failure of society’: Police in a Malmo ment had done little to tackle spiralling Spain: Bermont Impresion, Avenida de Alemania 12, CTC, [email protected] Swedish teenagers were tortured and that we have a serious problem”. street after a 2018 shooting violence. NOVEMBER 2 2020 Section:World Time: 1/11/2020 - 17:40 User: cathy.pryor Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1 Monday 2 November 2020 ★ FINANCIAL TIMES 3 INTERNATIONAL Trump fights Presidential race. Battleground states to cut Biden’s poll lead with blitz of rallies More than 92m have already cast ballots as contest enters final stretch Courtney Weaver — Washington with a final 11pm rally in Miami. While Peter Wells — New York the president won all five of the states in Donald Trump set off yesterday on an 2016, some polls suggest he faces a more eleventh-hour blitz of five crucial swing difficult path this time. A Financial states, as polls showed the president Times analysis of RealClearPolitics poll- continuing to lag behind Democrat Joe ing averages gives Mr Biden the edge in Biden with less than 72 hours until polls four of the states. A Saturday Des close. Moines Register poll, meanwhile, gave As of yesterday morning, more than Mr Trump a seven percentage point 92m ballots had been cast in the lead in Iowa — one of his best polls in election, according to the US Elections recent weeks. Project, a database compiled by “The next red wave is coming . . . it’s Michael McDonald, a professor at the going to be a wave like no one’s ever seen A woman queues to vote early in person last month in North Carolina, one of the key battleground states in the US election — Jonathan Drake/Reuters University of Florida. That figure repre- before . . . Tuesday is going to be beauti- sents more than two-thirds of the total ful,” Mr Trump told a snowy rally in Black voter turnout is key to US election votes cast in 2016, signalling massive Michigan. turnout. “We’re supposed to be way down, “This is a 100-year flood of voters that then we catch up and we win.” we were seeing,” Nate Persily, a profes- Amid the surge in early voting, many sor at Stanford Law School and former state officials are warning Americans to senior research director for the Presi- expect a delayed result — a scenario that Now, with churches holding services probably cost Mrs Clinton an Electoral 142,000 voters in Florida who have Democrats turn to church dential Commission on Election Admin- some Democrats worry Mr Trump virtually, Mr Honor has asked pastors to College victory. voted so far are either newly registered, istration, told NBC News yesterday. He could try to turn to his advantage. congregations to mobilise share their congregation membership “Black turnout is important for Dem- or did not vote in the 2016 presidential predicted up to 160m Americans would Some competitive states, such as lists, so he can check them against the ocrats in particular because arguably, if election or 2018 midterms. vote in the election, compared to 136.5m North Carolina and Florida, have begun African-American support state’s publicly available voter file. After Hillary Clinton increased black voter Antjuan Seawright, a Democratic in 2016. counting ballots and are expected to reviewing the entries, he sends church turnout in cities like Philadelphia, consultant from Columbia, South Caro- As Mr Trump prepared for a frenetic report results sometime on election leaders a list of which congregants to Detroit and Milwaukee, she might have lina — a traditionally Republican state string of rallies in the US Midwest and night or the day after. But others such as Lauren Fedor — Washington encourage to register and vote. actually won those states, just given how where polls show Democrat Jaime Har- South, a new NBC News-Wall Street Michigan and Pennsylvania are not In many parts of the American South, “Then they now know among their narrow the margin was and also just rison, a black candidate, within striking Journal poll showed the president trail- allowed to start counting ballots until Sundays in October are synonymous congregation who they need to call, text given how low voter turnout was,” said distance of incumbent senator Lindsey ing Mr Biden by 10 percentage points election day, meaning it could take sev- with four words: souls to the polls. or reach out to encourage them to go out Andra Gillespie, a political-science pro- Graham — said Democrats had been among registered voters nationally and eral days for states to report their totals, In African-American churches in par- and vote, or who needs to get regis- fessor at Emory University and an “very intentional” to avoid repeating by 5 percentage points among registered given the expected volume of mail-in ticular, there is a history of congregants tered,” he said. “That’s all I need to help expert on African-American politics. the mistakes of four years ago, and voters in the 12 crucial swing states. ballots. attending services, espousing civic a congregation become 100 per cent Despite concerns about voter sup- sought to engage with voters both online Mr Trump was due to travel to five of “The volume of voters that are com- engagement, and then driving — or in voting congregation.” pression and intimidation tactics, there and in person, where possible. those states — Michigan, Iowa, North ing in is like nothing we’ve ever seen some cases, being driven by the busload Democrats see the work of people “The problem is we are in the middle Carolina, Georgia and Florida — yester- before and it is going to take time to — to polling stations to cast their ballots. such as Mr Honor as critical to their ‘We are in the middle of of a pandemic that has disproportion- day in a packed campaign schedule that count,” Gretchen Whitmer, the Demo- This year few churches are gathering prospects, saying African-American ately impacted voters of colour, and so a pandemic that has began with an 11am rally in Washington, cratic governor of Michigan, told CNN. in person because of Covid-19. But civic voters could be the key to their party none of us know what the final impact of Michigan, and was to be bookended “It’s more important that we get a organisations and Democratic groups, taking back the White House and the disproportionately that will be,” he said. count that’s accurate than a count that is especially in key swing US states such as Senate. Four years ago, 91 cent of black Data firms have found that while a impacted voters of colour’ fast.” North Carolina, Georgia and Florida, voters cast their ballots for Hillary Clin- record number of black voters are cast- A CBS News poll showed 66 per cent of say the pandemic has not deterred them ton, compared with just 6 per cent who ing their ballots early, they are trailing early votes cast went for Mr Biden, while from partnering with pastors and other backed Donald Trump. are early signs that this time might be their white and Hispanic counterparts. Mr Trump is expected to do better on community leaders to do everything But black voter turnout nationwide different. Tom Bonier, chief executive of “We are encouraged by the turnout, election day itself, winning 69 per cent they can to register African-Americans fell for the first time in two decades in TargetSmart, a Democratic data firm, but there is just more work to do,” said of the votes cast in-person that day. and get them to vote. 2016, with just 59.6 per cent of eligible said his statistical model showed that in Adrianne Shropshire, executive direc- Because of this, it may initially appear In the run-up to the 2018 midterm black voters casting their ballots, six battleground states — Arizona, Flor- tor of BlackPAC, another group that that Mr Trump is outperforming in elections, Billy Michael Honor, who according to Pew. That compared with a ida, Georgia, North Carolina, Nevada works to mobilise black voters. She said states, such as Michigan and Pennsylva- runs faith-based engagement for the record high 66.6 per cent turnout rate and Texas — the number of black voters African-American voters have histori- nia, before the early vote is counted. New Georgia Project, a group set up by just four years earlier, in 2012, when aged over 65 who had voted early, had cally been more likely to vote in person. The president and his campaign Democratic gubernatorial candidate Barack Obama stood for re-election. already exceeded their overall turnout “Folks just have not gotten to the polls officials are criticising the expected lag Stacey Abrams to mobilise black voters, Analysts say the fact that black voters numbers from four years ago. yet, which is the reason why these last time in results, preemptively accusing worked to get church leaders to encour- stayed home in key battleground states According to Hawkfish, a Democratic few days are going to be critical,” she Joe Biden speaks at a rally in Detroit, Democrats of trying to “steal” the age congregants to fill out mail-in such as Pennsylvania, Wisconsin and data firm backed by former New York said. “I think we are going to see a lot of Michigan, on Saturday election. ballots from their seats in the pews. Michigan — which Mr Trump won — mayor Michael Bloomberg, some these voters show up on election day.” Europe. Education Contested results Protests as Georgia’s ruling Hertie students question Nazi-era legacy of school’s founder party claims poll victory Yet this transfer of ownership has who spoke to the Financial Times on names in the press again.” The founda- Elite public policy institution never been professionally studied. For condition of anonymity, the foundation tion agreed in March to meet the HerTi- accused of evading formal two years, a group of students and lagged behind for decades in deference etz initiative’s request for a professional Henry Foy — Moscow the largest opposition party, which won alumni led by Mr Busold and Ms to Karg’s heirs. His granddaughter, the study, and argues it has been delayed 27.1 per cent of the vote, said the elec- Georgia’s ruling party won the largest investigation into its history Franken, called the HerTietz Initiative, countess Sabine von Norman, is part of only because of bureaucratic steps and tions were “illegitimate”. Opposition share of votes in the country’s parlia- quietly negotiated with the foundation Germany’s reclusive ultra-rich. She is the pandemic. supporters staged a rally outside the mentary election on Saturday, accord- over investigating Hertie’s history. That hard to trace, aside from a riding stable “This is a good step for the Hertie country’s parliament yesterday, block- Erika Solomon — Berlin has now broken into a public dispute she owns in southern Germany and her Foundation,” Mr Hammersen said. ing to preliminary results dismissed by ing the capital’s main avenue. the opposition, which called on its sup- Like many students at Berlin’s prestig- over how to study past iniquities, who position on the foundation’s board. “True, it could have been done sooner, UNM’s candidate for prime minister is porters to take to the streets in protest. ious Hertie School, Alexander Busold can tell that story, and whether Hertie “She is a smart and kind woman, but but better late than never.” Mikheil Saakashvili, the pugnacious and Laura Franken knew their institu- heirs are influencing those decisions. it’s clear there is some insecurity about But alumni are concerned that the Georgian Dream, run by Bidzina Ivan- former president who fled Georgia in tion’s name came from a defunct Controversial legacies are not unusual the family history,” said one former research might be dragged out for years ishvili — a Russian-made billionaire 2013 and now advises the government department store chain. What they had in Germany: since the 1990s, dozens of employee. Efforts to contact Ms von or remain locked away like previous who has no formal government role — of Ukraine. not realised was that the name carried companies and institutions have com- Norman though the foundation were studies. They vow to keep up pressure appeared to be on course for a third con- The opposition’s response to the elec- with it a story from Germany’s Nazi missioned studies of their Nazi-era histo- unsuccessful. until the foundation publicly promises secutive term in office. The electoral tion results could spark prolonged past, and a legacy that is still in dispute. ries, so much so that it is considered John-Philip Hammersen, the founda- not to interfere, and announces a start commission said the party had won unrest and political instability in the In 2016, the year they graduated, they standard practice. What is unusual is tion’s managing director, said the and end date for the study. They also 48.1 per cent of the vote with almost all nation of 3.7m, which since 2004 has were shocked by a newspaper article how long Hertie has taken to deal with its descendants were previously reluctant demand that the two preliminary stud- the ballots counted. sought to present itself as a staunchly telling the neglected history of the chain past. to investigate only because preliminary ies be released. A senior party official said from the pro-western linchpin in the Caucasus, whose wealth their school was founded “Most companies have already gone a studies conducted in 2000 and 2008 The foundation argues those studies results he believed Georgian Dream wedged between Russia, Turkey and on. It was started by a Jewish family, dis- step further. This is now about four gen- were inconclusive. They do not fear are out of date. But it also seems wary of could “form the government without Iran. possessed of their stores under Nazi rule erations old,” said Christoph Kreutz- their history, he said, but wasted others conducting their research. “What any problems”, according to remarks Georgia has a fraught relationship in the 1930s. The name “Hertie” was müller, a historian who has written resources — and media attention. In the we don’t want is a historical investiga- published by news agencies. with Moscow. It lost roughly one-fifth of derived from Hermann Tietz, whose extensively on “Aryanisation”, the proc- late 1990s, the charitable foundation tion by amateurs,” Mr Hammersen said. The ruling party’s popularity has its territory to pro-Russian separatists descendants started the company. ess by which Nazi officials forced Jews to was accused of being part of a tax The school has responded to the cam- waned over the past year because of its following a 2008 war with Russia, which “I wasn’t just shocked, I was embar- sell or hand over their businesses. “If arrangement benefiting the family. paigner’s demands by putting up a time- heavy-handed response to street dem- has also been accused of recent cyber rassed,” Ms Franken said. “It seemed a you’re so uncomfortable with sharing, it “This was cleared up,” he said, follow- line of Hertie’s history in its cafeteria. onstrations and the damage done to the attacks on its neighbour. contradiction that the Hertie School and strikes me as trying to hide.” According ing an agreement with tax authori- Mark Hallerberg, the school’s acting economy by the pandemic. Georgian Dream has pursued a policy Foundation, which are about open soci- to three former and current employees ties. “But they don’t want to read their president, said there was also a plan to Saturday’s poll is seen as a critical test of normalisation with Moscow, includ- ety and research, were not more inter- include a historical overview for incom- of Georgia’s reputation as a true democ- ing a warming of trade ties and encour- ested in talking about this Nazi past, A 1930s ing students. But the deeper investiga- racy in a post-Soviet neighbourhood agement of Russian tourists, but denies which financially we all benefited from.” postcard of tion demanded by the initiative lies ulti- dominated by autocrats and political that it is soft on the Kremlin. The Hertie School, Germany’s leading Munich’s Hertie mately with the foundation. corruption. Saturday’s election was the first since private graduate school for public pol- department For alumni such as Mr Busold, the Critics say Mr Ivanishvili, who is an overhaul of the voting system in icy and foreign affairs, is mired in a store, started by debate is not just over what is in the doc- Georgia’s richest man, pulls the strings response to a series of mass street pro- struggle over how to handle questions a Jewish family uments but about encouraging open of power from his sprawling mansion tests against the government last year. over the history of its founder, the who were then exchange in a community meant to fos- complex perched on a hill overlooking The new system, which was agreed in Hertie Foundation. It is one of the larg- dispossessed ter public leaders of the future. the country’s capital, Tbilisi. June, reduces the number of single- est charitable institutions in Germany, of their shops He pointed to growing concerns over Mr Ivanishvili’s connections with member constituencies in favour of with a €1bn endowment that originated under Nazi anti-Semitism, anti-migrant senti- Russia and the perception that he and more seats elected by proportional rep- with the Hertie fortune. rule ments, and the rise of far-right populism his party are keen on closer ties with resentation. — Alamy The Tietzes fled to the US in the 1930s as proof that opening up research and Moscow have been seized on by opposi- That new calculation may signifi- and Georg Karg, the man who took over discussion of the Nazi era is still critical. tion campaigners in the former Soviet cantly alter the number of seats the stores, paid restitutions and built a “If you can’t be open about the past,” state, which has pre-membership agree- awarded to each party, and could mean department store empire that lasted he asked, “how can you deal with the ments with both the EU and Nato. a coalition government is required, ana- until the 1990s. ambiguous problems of the present?” United National Movement (UNM), lysts said. NOVEMBER 2 2020 Section:World Time: 1/11/2020 - 18:13 User: cathy.pryor Page Name: WORLD2 USA, Part,Page,Edition: USA, 3, 1 4 ★ FINANCIAL TIMES Monday 2 November 2020 INTERNATIONAL Economy Africa Container shortage exposes India’s struggle Landslide win for Magufuli in Tanzania Exporters hit as imports growth after imposing one of the strict- of a lockdown that did little to curb the the overall slump,” said Mr Alawani. the pandemic now costs up to $2,200. fall sharply, resulting in est lockdowns in an attempt to control spread of the disease but obliterated The quarantine period for vessels from “The situation is stressful,” said Ms condemned the spread of the virus. economic activity. Infections continue China is 14 days compared with seven Modi. “It’s a big amount to pay for con- ‘considerable imbalance’ Maersk, the biggest container ship- to climb — India has the highest days for ships from other countries, tainer freight and the margins just aren’t as fraudulent ping line, said Indian exports of plastics, caseload after the US — stymying busi- driving up costs, he said. there.” rubber and vegetables had bounced nesses’ attempts to increase activity. Maersk is trying to divert more con- “Getting space on vessels is a big chal- Stephanie Findlay — New Delhi back as some countries returned to nor- While India’s exports rose for the first tainers to India to address the shortage. lenge now,” she added, saying the dis- India’s coronavirus lockdown has led to malcy, causing a “considerable imbal- time in six months in September, “We have increased our repositioning of ruption was causing uncertainty. “Our a crippling shortage of containers that is ance” in container availability. As a imports fell 19.6 per cent compared with empty containers from the Middle East planning has gone a little haywire, ship- Andres Schipani — Stone Town, hurting the country’s exporters, who are result, exporters are struggling to find the same period last year, the country’s by almost three times to support our ments have started getting delayed.” Zanzibar battling to take advantage of economic enough containers to ship the goods Ministry of Commerce and Industry customers exporting out of India,” said Before the shortage began in Septem- Tanzania’s opposition parties said at recoveries elsewhere. abroad. said. Mr Alawani. ber, companies could expect to secure a the weekend they did not recognise the Prices of shipping containers to desti- “We are witnessing a very slow recov- Simmering tensions with China that Snehal Modi, export director of Shah container within two weeks, said results of a presidential election that nations such as the US and Africa have ery of imports and it is difficult to pre- boiled over after 20 Indian soldiers were Nanji Nagsi Exports, one of the coun- Rakesh Pandit, co-founder and chief gave John Magufuli a landslide second more than doubled and there is a three- dict how long it would take for the killed in a June border clash resulted in try’s largest grain exporters based in the executive of Conbox Logistics, a ship- term in office. week backlog to secure a booking at imports to reach the pre-Covid times,” more restrictions targeting Chinese central Indian city of Nagpur, said prices ping services company in Pune. some Indian ports, said exporters. Adhish Alawani, Maersk India spokes- goods, including bans on televisions and of 20-foot containers to west Africa had “[Now} everyone is considering With almost all the votes counted, the The shortages expose India’s weak man, told the Financial Times. air conditioners. “The restrictions on surged more than 100 per cent. A con- themselves lucky if they get a booking electoral authorities said late on Friday consumer demand and tepid economic India is grappling with the aftermath imports from China are contributing to tainer that used to cost $1,000 before three weeks in advance,” he said. that Mr Magufuli, of the Chama Cha Mapinduzi (CCM) party, had won 12.5m votes out of a total of 15m. They said his main challenger, Tundu Lissu of the Military might Secrets behind North Korea’s nuclear arsenal Chadema party, had secured 1.9m votes. “We’re calling for fresh elections and the disbandment of the electoral com- missions that participated in the fraud- ulent elections,” Mr Lissu told the Financial Times. He said the opposition Edward White — Wellington was calling for “peaceful, nationwide Military spending and troop numbers in Asia and nonstop mass protests”, to chal- Kim Jong Un beamed from his palatial Defence as a % of Active personnel (m) lenge the results. rostrum as the world’s largest mobile government spending Mr Magufuli’s CCM party, a version of (2019) intercontinental ballistic missile rolled which has held power since independ- 0 5 10 15 0 0.5 1.0 1.5 2.0 across Pyongyang’s Kim Il Sung square ence from the UK in 1961, was also on shortly after midnight on October 10. North Korea* track for a parliamentary landslide and Here was indisputable evidence of Mr Magufuli’s candidate was declared South Korea North Korea’s rapid progress in the the winner in the semi-autonomous Zan- country’s nuclear technology. Taiwan zibar region, which has a history of con- The next day, when slickly produced tested votes. US footage of the military parade was Humphrey Polepole, the CCM ideol- broadcast from Pyongyang, weapons China ogy and publicity secretary, said the and security analysts from Seoul to party’s goal was to win 95 per cent of the Japan Washington were left wondering: how vote. “Surely 84 per cent is still a great has this poor, isolated nation managed * Estimates from the International Institute for Strategic Studies win. We are highly indebted to Tanza- to build weapons of mass destruction? North Korea weapons tests continue despite nians for the trust they have given us,” The secretive state’s decades in the coronavirus he added. Five years ago Mr Magufuli shadows has resulted in gaps of won his first presidential election, with Missile test launches knowledge of its weapons programme, 58 per cent of the vote. experts said. Many agree, however, that Unknown 25 Wednesday’s election was marred by indigenous weapons development is Failure opposition allegations that the vote was progressing at a breakneck speed, a Success 20 not free and fair, following complaints of change from years of heavy dependence a crackdown. “Democratic change is not 15 on foreign help. possible in Tanzania under the current “The North Koreans aren’t setting out political and constitutional conditions,” 10 to reinvent the wheel if they don’t have Mr Lissu said, adding he was calling for to,” said Ankit Panda from the Carnegie 5 fresh elections. Endowment for International Peace. He has called on the African Union “The fact remains they are capable of 0 observer mission in Tanzania headed by crossing these technical milestones 1985 90 95 2000 05 10 15 20** Goodluck Jonathan, the former presi- that, frankly, seem remarkable to many ** Year to date dent of Nigeria, “not to endorse the outside the country.” Sources: IISS; Military Balance+; SIPRI; James Martin Center for Nonproliferation Studies results of this sham” following internet and mobile phone blackouts. Socialist support A military have been identified by the US Treasury. Korea’s Kim Chaek University of ‘Either they tech devices “from which machinery Members of the electoral commission China, the then Soviet Union and Russia parade includes Mr Panda described the relationship as Technology ranked eighth in the world and certain components could be used dismissed the allegations of fraud. are not exported weapons to North Korea what appears to “back and forth”, explaining: “There are at the International Collegiate Program- in the WMD programme”. On Thursday, Zanzibar’s opposition throughout much of the second half of be a new solid- certain areas where the North Koreans ming Contest last year, beating top receiving leader, Seif Sharif Hamad, was arrested Mysterious origins the 20th century, data from Stockholm fuel missile at benefit from the Iranians. And there are institutions such as Oxford and Har- and later released after calling on sup- any International Peace Research Institute Kim Il Sung certain areas where the Iranians benefit vard, noted Martyn Williams, an ana- The pace of North Korea’s weapons porters to contest the election results. show. The arsenal and blueprints were Square in from the North Koreans.” lyst with 38 North, a Washington think- technology development and the falling failure Amid heavily armed army and police bolstered by nuclear material technol- Pyongyang last tank programme. rates of its missile tests leave unan- patrols, Omar Hamad, a 34-year-old Kim’s scientific focus and it is all ogy gained in the 1990s via Pakistani month, in an Despite Kim’s pledges to pursue eco- swered questions over the extent and opposition voter from the outskirts of physicist Abdul Qadeer Khan’s prolifer- image from For 10 years, arms embargoes have pro- nomic development, military spending “smoke and source of North Korea’s capabilities. Zanzibar’s capital, Stone Town, said ation network, as well as direct know- video hibited shipments of big conventional levels have not been sacrificed under his There seems to be several explana- CCM loyalists had been harassing peo- mirrors” . . . how from Russian — often former Soviet broadcasted by weapons to Pyongyang. Sipri experts do leadership, says Haena Jo, an analyst tions, Mr Oliemans said. “Either they ple to vote for Mr Magufuli. — scientists. That gave Pyongyang vital North Korea’s not believe that North Korea acquired with the International Institute for Stra- or they are are not receiving any technology and it The US embassy in Dar es Salaam said technologies that it re-engineered, KRT the new weapons clandestinely. tegic Studies, a UK think-tank. is all ‘smoke and mirrors’ . . . or some- there were credible allegations of elec- — KRT via AP spying on setting up the Kim regime to finally Still, the October parade showcased how they are spying on other coun- tion-related fraud and intimidation. Foreign networks clasp the deterrent it believed would not only advances in the ICBM pro- other tries . . . and it’s possible that they got Aikande Kwayu, a political analyst guarantee its security. gramme but across many facets of mili- In cases where military scientists and these technologies through hacking, or aligned with the opposition, cited an countries’ North Korea also spent decades laying tary equipment, said Joost Oliemans, an engineers cannot access resources or some kind of information exchange pro- insufficient number of ballots, police the groundwork to improve its own independent researcher focused on technology, Pyongyang leans on diplo- gramme between North Korea and barring polling agents from the opposi- manufacturing capability. A 2019 report North Korea’s military. From missile mats across the world and shady trading countries like China and Russia.” tion and harassment of local candidates by the Middlebury Institute of Interna- transport vehicles and engines to vari- companies, mostly based in China, as Mr Panda played down the idea that during the vote. “The line between the tional Studies identified a series of ous conventional weapons, including an well as an army of hackers. Pyongyang was simply reliant on being state and CCM is very thin; the state acts factories that North Korea tried to assault rifle fitted with a grenade These networks play a critical role in sold weapons systems “wholesale, by on behalf of CCM to repress opposition,” disguise for years. launcher, the North Koreans appear to helping the regime dodge UN sanctions, unscrupulous criminals”. “Even if even she added. The sites include operations produc- be matching designs used by modern particularly in procuring dual-use tech- if those kinds of transfers happened “They were going to win anyway. ing vehicles, computer chips and com- militaries around the world. nologies, according to UN documents. once upon a time . . . they don’t explain There was no need for them to fire a can- puter numerical control (CNC) While there are still “lots of missing The UN panel of experts monitoring the state of the North Korean pro- non to kill a mosquito,” said a western machines. They are each “linked to the parts of the story”, there has been a stra- North Korean sanctions busting activi- gramme today; where they’re able to diplomat in Dar es Salaam. missile programme in one way or tegic devotion of resources and empha- ties raised concerns again this year that manufacture missiles in large numbers, Mr Magufuli was first elected in 2015 another”, said Jeffrey Lewis and Dave sis on nurturing scientific and techno- such networks were still being used for and certainly test them in a way that on a promise to tackle corruption but Schmerler, the report’s authors. logical talent since Kim Jong Un took procuring “chokepoint items”. These least indicates the outside world that has faced widespread criticism for Links between Iran and North Korea power in 2011, said Mr Panda. North included speciality materials and high- these are serious programmes,” he said. clamping down on his critics. Middle East. Politics Iran’s hardliners jostle for chance to succeed Rouhani in election race the country. The exchange comes as nians because sanctions imposed over stand on its feet and maintain the US as Trump if he is re-elected,” said Moham- reeling from high inflation, falling Presidential contest takes hardliners lobby for their candidates for the atomic programme were lifted. But its enemy. mad Sadegh Javadi-Hesar, a reformist growth and a plummeting currency. place in shadow of US battle next year’s presidential polls, with who- it was a blow to hardliners, largely based The contest is taking place in the politician. A compromise moderate candidate ever emerges as the frontrunner likely in the office of supreme leader Ayatol- shadow of a US presidential election While the election of Mr Biden could could be Ali Larijani, former parliament between Trump and Biden to become the country’s next president. lah Ali Khamenei and among the Revo- battle between incumbent Donald re-energise reformists, a hardline speaker and negotiator, who is respected Support for Mr Rouhani and the lutionary Guards and senior clergy. Trump and Democratic rival Joe Biden. regime insider said given the vociferous- by reformists thanks to his previous reformist camp has collapsed amid an The US decision to abandon the deal Mr Biden has signalled he could ness of Mr Trump’s supporters, it would support for the nuclear agreement. Najmeh Bozorgmehr — Tehran economy devastated by US sanctions in 2018 and reintroduce sanctions has rejoin the Iran nuclear deal if Tehran “hopefully” take time for stability to In the reformist camp, disillusion is When Mohammad Bagher Ghalibaf, a and the region’s worst virus death toll. devastated not just the economy but the comes back into compliance. “Many emerge in the US. “Reformists are fin- high. Senior figures are struggling to get leading hardline politician, visited coro- With the president standing down after electoral prospects of centrists and hardliners believe a man of war such as ished, full stop. Mr Rouhani will fade approval from the hardline constitu- navirus patients in hospital, the con- two terms in office, his replacement will reformists. “Since the [1979] Islamic Mr Ghalibaf should stand against Mr away after the election and reformists tional watchdog, the Guardian Council, trast with centrist president Hassan have to steer the country through its revolution, we have never seen this level will not have the time to use Biden as a to stand in the election. Meanwhile, Rouhani could not have been starker. economic crisis and manage tensions of public hatred toward a president, leverage in the polls,” said the insider. many people have said they will never Mr Ghalibaf, 59, was happy to stand with the US. which means people have lost their faith While Mr Ghalibaf is seen as a favour- vote again, a boycott that would benefit close to staff and patients, while Mr Mr Ghalibaf, Iranian parliament in reformists . . . creating unprece- ite, in the 2017 contest he withdrew in hardliners, whose supporters tradition- Rouhani, 71, an advocate of strict social speaker and former Tehran mayor, is dented good conditions for [hardliners] favour of Mr Raisi. Mr Rouhani won. ally vote in large numbers. With many distancing, has not visited for fear of unofficially vying with Ebrahim Raisi, a in public opinion,” said Hamid-Reza Mr Raisi, who may yet emerge as a reformist candidates barred, turnout in infection. cleric and the judiciary chief, for the Taraghi, a hardline politician. “The consensus candidate for the hardline this year’s parliamentary elections was Without naming Mr Ghalibaf, Iran’s hardliner nomination, a decision made coming months can determine whether camp, has crafted a reputation for fight- the lowest since the 1979 revolution. president this month cautioned against in secret by senior political figures. Mr Ghalibaf can provide a solution for ing against corruption — even bringing But reformists have not lost hope. “It taking unnecessary risks, likening doing Hardliners trumpet their candidates’ people’s economic problems through charges against children of senior politi- is not the first time hardliners have so to braving danger in an earthquake willingness to take risks as indicating the parliament. Otherwise, Mr Raisi cians — and has championed judicial made plans and are confident about and then “the ceiling collapses on your their strength and ability to stand up for could be the top candidate.” reforms and released tens of thousands their victory,” said Hossein Marashi, a head”. The media team for Mr Ghalibaf, Iran on the world stage. According to the criteria set by Ayat- of prisoners during the pandemic. reformist politician. “But Iran’s presi- a former veteran Revolutionary Guards Mr Rouhani’s signature achievement ollah Khamenei, the hardliners aim to Mr Ghalibaf has promised to take care dential elections since 1997 have been commander, retorted that anyone was the 2015 nuclear deal with world choose a candidate loyal to the aims of Mohammad Bagher Ghalibaf has of the poor and distribute food vouch- characterised with surprises which can scared of dying was not qualified to run powers. The move was popular with Ira- the Islamic revolution, help the country promised food vouchers for the poor ers, a popular initiative in a country happen once again.” NOVEMBER 2 2020 Section:World Time: 1/11/2020 - 17:15 User: cathy.pryor Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1 Monday 2 November 2020 ★ FINANCIAL TIMES 5 NOVEMBER 2 2020 Section:Ad Page Time: 30/10/2020 - 12:11 User: william.baxter Page Name: AD CITADEL, Part,Page,Edition: LON, 5, 1 6 ★ FINANCIAL TIMES Monday 2 November 2020 y Rana Foroohar What the US needs is not a blame game with China. It is serious work at home OPINION NYSE on track EY wins more Blue chips buoyant US third-quarter earnings Dax audits decline far less than analysts had feared to reclaim despite fiasco at Wirecard listing crown Olaf Storbeck and Joe Miller Frankfurt from Nasdaq EY has increased its number of multi- national audit clients in Germany despite the high-profile collapse of Wirecard that saw the firm sharply criticised for failing to spot a €1.9bn fraud. Since 2017, EY has doubled its market 3 Blank-cheque market booms share of auditing for members of the country’s blue-chip Dax index, accord- 3 Spacs one of hottest Wall St fads ing to research by consultancy Lünen- donk & Hossenfelder. By 2021, for the first time, it will have seven of the 30 Richard Henderson — New York NYSE’s lead this year comes after Nas- Dax-listed groups as audit clients. daq edged ahead of its rival bourse last Among them are heavyweights like The New York Stock Exchange is on year for the first time since 2012 and just Deutsche Bank, Volkswagen, Siemens, track to steal back the crown for US the second since the dotcom crash. Munich Re and Deutsche Telekom. EY stock market listings from its rival Nas- Nasdaq can claim to have outraised its also audits Lufthansa and Airbus, which daq this year after tapping into the rival when it comes to traditional corpo- are listed in the mid-cap MDax. booming market for blank-cheque com- rate IPOs. Excluding Spacs, companies Historically, the firm has had only panies. raised $40bn on Nasdaq versus $25bn three or four Dax clients. Companies have raised $66bn on NYSE. Tech stocks such as Apple have remained strong over the past quarter “EY in recent years successfully — David Paul Morris/Bloomberg through listings on NYSE this year com- Nasdaq has won two of the year’s big- established itself as the third power pared with $61bn on Nasdaq, according gest market debuts, the $2.5bn Royalty among German blue-chips — a segment Sales figures reported by S&P 500 companies US companies announce stronger than to Dealogic. Pharma IPO and $2.2bn Warner Music that was traditionally dominated by are exceeding forecasts expected quarterly profits Nearly two-thirds of the proceeds listing, and has a third coming up: Air- KPMG and PwC,” said Jörg Hossen- raised on NYSE have come from special bnb, the accommodation booking Difference between reported results and analyst estimates Difference between reported EPS* and analyst estimates felder, partner at Lünendonk & Hossen- purpose acquisition companies — Spacs group, which plans to sell about $3bn in (%) (%) felder. — which have become one of the hottest a December listing. 4 30 Changing auditor is a complex and fads on Wall Street. The IPO data does not include direct costly process that can take several 2 20 The two exchanges have attracted a listings, where companies list on the years in Germany. However, audit and 10 similar number of Spacs, but NYSE has stock market but do not raise capital. 0 governance experts expect that fallout 0 NYSE attracted the direct listings of Pal- from the Wirecard scandal will limit -2 ‘Since NYSE became an antir and Asana this year. -10 EY’s ability to attract more clients. In 2017, NYSE tweaked its rules to -4 -20 The firm is now under investigation option for Spac sponsors it help attract Spacs, by allowing them to -6 -30 by Germany’s audit regulator Apas and has been very seriously acquire smaller companies, and 2007 10 12 14 16 18 20 2007 10 12 14 16 18 20 faces lawsuits from Wirecard investors. reduced the initial listing fees it charged As of Oct 30, when 63% of S&P 500 companies had reported * Earnings per share Its Big Four rival KPMG, in a confiden- considered — and selected’ them. Source: FactSet tial addendum to a special audit of Wire- “Since NYSE became an option for card, found EY missed the chance to raised twice as much as Nasdaq by land- Spac sponsors it has been very seriously Camilla Hodgson — London that combines results from compa- “The response to this earnings sea- look more closely into suspected ing the larger deals, including the year’s considered — and selected,” said John nies that have reported earnings and son in general has been fairly muted accounting fraud in 2016. America’s third-quarter earnings biggest — a $4bn offering from Bill Ack- Tuttle, vice-chairman and chief com- estimates for those that have not. and been overshadowed by US elec- “The damage to EY’s reputation will season is proving less downbeat than man’s Pershing Square in July. mercial officer of NYSE. “Going back a Sales, which unlike per-share prof- tion fears and concerns over the lack be immense,” said Hansrudi Lenz, a Wall Street analysts had forecast, Spacs raise money in an IPO then few years we had an educational effort its are not affected by stock buybacks, of [an agreement on US] stimulus,” professor of accounting at Würzburg with companies broadly reporting a hunt for a company to merge with or with banks, lawyers and others about are also running 2.8 per cent above said Candice Bangsund, vice-presi- University. shallower rate of decline in profits else hand back capital to investors if how we now allow this product.” expectations. The blended sales fig- dent and portfolio manager at Fiera Christian Strenger, a corporate gov- and sales than had been anticipated. they fail to find a target within a Nasdaq has led its crosstown foe in ure is down by 2 per cent compared Capital Corporation. ernance specialist and former head of set period, typically two years. They Spac listings every year prior to 2020 The total profits per share reported by with the 2019 level. Shares in JPMorgan slipped 1.6 per asset manager DWS, predicted EY have accounted for about half the except for 2008 and in July also eased companies listed on the blue-chip Better than expected sales reported cent the day it reported upbeat would struggle to win new clients. money raised on US exchanges in 2020, the financial burdens on Spac sponsors S&P 500 index have come in nearly a by mega-cap stocks such as Facebook results, and Big Tech stocks, including “After Wirecard, supervisory after being just a fraction in previous by allowing them to defer listing fees for fifth higher than analysts predicted and Apple have helped drive the rise, Apple and Amazon, dropped despite boards will find it very difficult to argue years. one year. just several weeks ago, according to but consumer staples such as Procter bumper numbers. in favour of the firm,” he said. “NYSE has made a concerted effort in “We compete on every single listing,” FactSet data based on the 63 per cent & Gamble also fared better than antic- Some longer-term optimism has So far, only DWS and German lender the Spac area,” said Paul Tropp, an said Jay Heller, head of capital markets of companies on the index that have ipated over the summer. also emerged: fourth-quarter earn- Commerzbank — both listed but not attorney at Ropes and Gray, who has and IPO execution for Nasdaq. “If we disclosed their figures so far. “Huge beats continue for a second ings per share forecasts have members of the Dax — have said they advised on some of the year’s biggest don’t win, we will continue to engage Earnings per share are still straight quarter,” said Binky Chadha, increased by 0.6 per cent, on average, will drop EY as auditor. Both deals. “They have clearly grown sub- with the company and hopefully they expected to be down by around 10 per chief strategist at Deutsche Bank. since companies started reporting companies suffered big losses in the stantially and that growth is happening will transfer their listing over to Nas- cent compared with the same period Still, the market’s reaction to such this quarter, according to Deutsche Wirecard collapse and are considering at the higher end.” daq.” in 2019, based on a “blended” figure buoyant news has been lacklustre. Bank. suing EY. Interview. Robert Wallace Stanford expert applies ballet discipline to investments recover pandemic-related losses was a Management Company, the entity approved by the board in 2018. That Former professional dancer disciplined adherence to either reduc- charged with investing the school’s approach puts ESG criteria at the centre turned endowment chief on ing or increasing allocations to asset assets, Mr Wallace, now 55, overhauled of investment decision making. classes, be it public equities or fixed the portfolio, slashed its list of external ESG issues, Mr Wallace says, “change university’s asset performance income, whenever their share of the fund managers and embedded ESG the risk and return potential for every portfolio was straying too far off the more firmly into the investment proc- company and every asset that we and policy target. ess. When he started, the investment our partners invest in . . . they’re cen- Aziza Kasumov Mr Wallace inherited a portfolio with office worked with roughly 300 external tral to our day-to-day work”. Robert Wallace decided to pursue ballet a chunk of long-term investments when fund management firms. That has been While the university’s board so far has after he saw the legendary Mikhail he arrived at Stanford. But he has taken whittled down to 175 and further cuts shied away from divesting its endow- Baryshnikov perform at Washington’s a central role in helping achieve a will be made in the coming years. ment from fossil fuels altogether, Mr Kennedy Center. 29.3 per cent annual net internal rate of Mr Wallace’s overhaul was driven not Wallace acknowledges investors need to “I was 13 and the only boy surrounded return from private equity fund invest- just by a different preference of invest- consider the effect burning hydrocar- by teenage girls,” Mr Wallace recalls of ments made between 2015 and 2019. ment managers, but by an investment bons have on climate change. his early days in the dance studio. “I The return is all the more impressive philosophy that sees overdiversification Despite these changes, he says he is later told this story to David Swensen considering such funds often post weak — investing with too many different not finished remodelling the Stanford [endowment chief] at Yale, and he said, or negative returns in their infancy. fund managers — as an obstacle to endowment. He has form overhauling ‘That was your most important lesson in “Every day . . . you’re making deci- driving superior returns. portfolios. In 2005, Alta Advisers, the supply and demand’.” sions that pay off five or 10 years later,” Stanford now pursues “fewer, more London-based investment office for Mr Wallace, who learned the ropes of Mr Wallace says of his work at Stanford. impactful investments”. That approach, members of Swedish billionaire Hans endowment investing from Mr Swensen “In some funny way, the day-to-day he says, has allowed his team to build Rausing’s family, hired him to rebuild when he switched careers after 16 years work is not that different than walking stronger relationships with its chosen their portfolio in the style of the in professional ballet, working with Bar- into a rehearsal studio at 10 in the morn- fund managers. Another change in “endowment model” — a diversified yshnikov himself, now holds one of the ing, and spending the entire day trying Stanford’s investment approach that Mr portfolio with a strong equity bias. industry’s most prestigious jobs. to get a little bit better.” Wallace shaped was the university’s new When he was tapped to be chief exec- Five years into his tenure as chief Since he started as chief of Stanford ethical investment framework, utive of Alta Advisers, Mr Wallace was a investment professional of Stanford senior associate in Yale University’s University’s $29bn endowment, one of investment office, working under the the largest in the US, Mr Wallace has school’s longtime chief investment helped cement the “West Coast Ivy” into officer Mr Swensen, who holds a legen- the highest echelon of institutional dary status in the endowment industry. investment. The endowment regularly Mr Wallace joined Yale University’s outperforms many Ivy League schools office as an intern during his sophomore and landed in the top 5 per cent of US year, while pursuing a bachelors degree college and university endowments for in economics at the school. On gradua- its returns between 2015 and 2019, as tion, in his 30s, he was hired full-time. tracked by Cambridge Associates. A large framed print of Yale’s mascot, During the tumultuous markets of the a bulldog called Handsome Dan, still 12 months ending June 30, when the decorates Mr Wallace’s home office median Cambridge Associates-tracked bookshelf, commemorating the invest- Philosophy of college endowment, gross of internal ment office’s 2004 performance when it change: Robert fees, returned just 1.6 per cent, Stanford generated a 19.4 per cent net return. Wallace aims for earned an impressive 5.6 per cent, net of “I carry it with me everywhere I go, ‘fewer, more internal and external fees. every house,” Mr Wallace says of the impactful Mr Wallace says what boosted per- print, laughing as he presents it via his investments’ formance and helped the portfolio computer camera. Tony Healey NOVEMBER 2 2020 Section:Companies Time: 1/11/2020 - 18:01 User: cathy.pryor Page Name: CONEWS1, Part,Page,Edition: USA, 6, 1 Monday 2 November 2020 ★ FINANCIAL TIMES 7 COMPANIES & MARKETS Hype reaches next level for console launches New releases of Sony’s PlayStation and Microsoft’s Xbox come at a time of rapid change in the games industry Leo Lewis and Kana Inagaki — Tokyo Sony could lose as much as $170 per PS5 high marketing fees for the launch Tim Bradshaw — London it sells, and may not break even on the mean Sony is anticipating operating When Sony launched the PlayStation 4 hardware for three years. profits in its gaming division will drop in November 2013, some countries did Microsoft has also warned investors from ¥229bn ($2.2bn) in the first half of orderly time-slots and formal lotteries. the Xbox launch will be a drag on overall the financial year from March to ¥71bn Others did enormous serpentine gross margins this quarter, something in the second half. queues. In some, there were stampeding Mr Spencer insists he is relaxed about. Balancing out those risks is the big crowds and shelf-toppling mayhem. “It’s totally fine for us to subsidise con- increase in gaming during the pandemic The scenes, which were followed a few sole sales to gain a customer that, over in the absence of other forms of enter- days later by similar scrambles for the the life of the console, [means] we can tainment, said Hirokazu Hamamura, Microsoft Xbox One, had all the ingredi- run a profitable business — which is games expert and senior adviser to the ents of classic, adrenaline-fuelled con- what we’re doing,” he said. board at publishing group Kadokawa. sole launches. There was high demand, Nonetheless, in the battle to get these Mr Ryan pointed to “massive limited supply, the hardest of hardcore sophisticated products to market in increases” in player engagement, which fans and the grandiose promise of a new time for Christmas, supply chains have have “exceeded anything that we’ve era for a global games industry now been reorganised, key game releases seen before . . . by significant double- worth an estimated $145bn a year. postponed, online pre-ordering systems digit percentage points”. Seven years later, as Microsoft pre- have been chaotic and, in Sony’s home The pandemic has also changed the pares to launch its Xbox Series X and market of Japan, where the previous way people play games, with more users Sony its PlayStation 5 on November 10 launch queues were the biggest, major downloading games and using and November 12 respectively, both electronics retailers have said such ­subscription services while stores were companies hope they can match the scenes will not be possible this time. shut. hype for products that simultaneously “The optics of a really big crowd try- “Covid-19 has accelerated a shift for offer the sort of opportunities that come ing to get a product, and the way that the the gaming industry to subscription round only rarely and some complex public would view that brand as not services and downloads that took a dec- risks. being Covid-safe, is not a good look,” ade for the music industry when it “It’s the biggest console launch the said Piers Harding-Rolls, games analyst shifted from CDs,” Mr Hamamura said. industry has ever had,” said David Gib- at Ampere Analysis. While there will Additional reporting by Patrick McGee in son, an analyst at Astris Advisory in doubtless be efforts to whip up excite- Sony’s PlayStation 5 and Microsoft’s Xbox Series X will launch amid a surge in player engagement San Francisco — FT Montage Tokyo. He believes that for Sony in par- ment online, “you won’t have that same ticular, the combination of the coronavi- launch buzz”, he said. rus pandemic and the new console gives Sony’s new machine will cost $499. it a unique chance to push its games, This is $100 more than the PS4, which music and movie businesses on to the has a global user base of more than one platform. “The big factor here . . . is 110m, though a diskless version will be that there is also an absence of other available for $399. The new Xbox will entertainment like live music, sport and cost the same, but with a digital-only cinema, whereas games are interactive version for $299. and readily available.” Sony has played down the price rise, These two big-ticket hardware pointing to what it says is its strongest launches are happening against a back- ever line-up of games for the PS5 ground of rapid change in the industry launch, such as Demon’s Souls and Mar- vel’s Spider-Man: Miles Morales. ‘The big factor is there Jim Ryan, Sony’s PlayStation chief, recently told the Financial Times the is an absence of other company expects to sell more PS5s in entertainment, whereas the year to March than in the equivalent period seven years ago, when the PS4 games are readily available’ was launched. But the pandemic has also changed that some view as an existential threat to the way games are made, with produc- the likes of Xbox and PlayStation. As tivity falling because developers have cloud technology and internet connec- had to work from home. As a result, tions have improved, people are increas- Microsoft has had to push back the lat- ingly downloading or streaming games est version of the Xbox’s best-known on their phones to play in real time. games series, Halo Infinite, to next year. Reflecting that shift, Hiroki Totoki, Relying on third-party developers chief financial officer of Sony, told inves- also looks more risky than it did. Square tors this week that the real battleground Enix, the group behind the hit Final Fan- is not hardware. “I believe the essence of tasy series, and French developer the competition is not the annual profits Ubisoft, maker of the Rainbow Six fran- [from PS5] but how much we can chise, have both warned in recent weeks expand the gaming universe over the that Covid-19 restrictions have hit their longer term.” pipeline of new games. Microsoft’s gaming chief, Phil Spen- Sony acknowledges delays in some cer, said the two metrics he looks at parts of the industry but plays down the “every morning” are not console sales impact on the launch. Nonetheless, it is but the number of players and how long moving PS5 consoles made in China to they spend gaming. “We know with time the US by air rather than sea to ensure comes spending and revenue and the there are enough to sell at the launch. other pillars of the business.” “We often use air freight for peak times Between Sony and Microsoft, calcu- of the year,” Sony’s Mr Ryan said. lates Ampere Analysis, just under 9m Mr Spencer argues the “biggest impact consoles should be sold worldwide on profitability is the hardware that’s in between now and the end of 2020, but the box”, but concedes the logistics of a this will be during the extraordinary much bigger international launch — in conditions caused by the pandemic. 2013, the Xbox One was released in just “We [Sony and Microsoft] will both be 12 markets, compared with about 40 supply-constrained more than demand- this time — adds to initial costs. constrained,” Mr Spencer told the Air freight prices have surged during Financial Times. “The battle for console the pandemic, but the cost will be partic- demand will happen next holiday and ularly high for the PS5 because of its size, beyond. In the beginning, I expect the said Hideki Yasuda, a games analyst at shelves will be pretty empty.” Ace Research Institute. At 4.5kg and Some analysts calculate that, given measuring 39cm x 26cm x 10.4cm, the the challenges of building and distribut- PS5 is one of the largest-ever consoles. ing its new machine in the current crisis, The transportation costs as well as Financials Carlyle appoints top Indian banker Puri as senior adviser Henny Sender — Hong Kong The official announcement of his move to Carlyle is expected today. Carlyle Group has appointed Aditya A former Citigroup banker, his Puri, one of India’s top bank executives, appointment comes as private equity as a senior adviser in Asia as the private groups are under pressure to improve equity group seeks to lift profits at its the operations of their portfolio compa- portfolio companies in the face of the nies and meet investor profit targets in economic downturn. the face of Covid-19. Mr Puri retired as chief executive of Mr Puri was recruited by Sunil Kaul, Mumbai-based HDFC, India’s largest Carlyle’s managing director and head of private sector bank, in the past week. financial services in Asia, a former col- He will advise Carlyle’s Asian portfolio league at Citigroup in the 1980s and companies on their operations, includ- early 1990s. ing on digitalisation. Supporters of Mr Puri argue he kept Carlyle’s Asia portfolio includes HDFC free of many of the bad loans McDonald’s China, an investment in the associated with some of India’s large, credit card unit of India’s largest bank — family-led conglomerates that State Bank of India — and a stake in have plagued many competitors. Gross pharmaceutical group Piramal Pharma. non-performing assets were 1.08 per Mr Puri was appointed as the first cent in the three months ended chief executive of HDFC on its establish- September. ment in 1994. He helped build the insti- “He never believed in networking,” tution into the country’s most valuable said Raj Kataria, an executive with private sector bank by market capitali- Mumbai-based Arpwood Capital, a bou- sation. tique investment bank, who as a former News of his appointment ends Merrill Lynch banker took Mr Puri on months of speculation in India’s busi- roadshows for HDFC. ness world about Mr Puri’s future. The Mr Puri rejected this description, 70-year-old was required to retire from however. “I only kept my distance from HDFC after reaching the mandatory age highly levered billionaires,” he told the under Reserve Bank of India rules. Financial Times. NOVEMBER 2 2020 Section:Companies Time: 1/11/2020 - 18:00 User: cathy.pryor Page Name: CONEWS2, Part,Page,Edition: ASI, 7, 1 8 ★ FINANCIAL TIMES Monday 2 November 2020 COMPANIES & MARKETS Financial services Financials Pandemic makes audits harder, warns PwC ‘Zombie’ directors stalk US Lockdowns will increase been more important or more difficult. Mr Ellis said the enhanced pressure ance sheets will be under even closer tough decisions on whether a company uncertainty in judgment Judgment calls this year will be harder will be keenly felt this winter as auditors scrutiny,” Mr Ellis said. can continue to trade as a going concern boardrooms than ever.” prepare to check the books of hundreds “We had a dress rehearsal in March for the next 12 months. This has already calls, says firm’s chairman The audit profession has faced intense of large companies whose financial year but it will be far more challenging after led to a clash between auditors and scrutiny over the quality of its work after ends in December. Christmas, given the volume of year- some company directors who fear that a series of accounting scandals, includ- The timing is likely to coincide with ends, particularly [now there will be] a an official question mark in their Tabby Kinder ing at Wirecard, the German payments further lockdowns in Europe as govern- second lockdown and auditors can’t be accounts over whether they can keep Patrick Temple-West — New York The chairman of PwC has warned audi- processor, outsourcing giant Carillion ments attempt to slow a second wave of on site. Auditing becomes much harder trading — known as a qualified audit — US companies such as Netflix are tors will find it “harder than ever” to and Thomas Cook, the travel operator. the pandemic. This means auditors will down a Zoom lens.” could trigger a breach of lending agree- increasingly defying votes from share- judge that companies can continue to The Big Four firms — PwC, KPMG, be forced to carry out crucial parts of an Mass remote working and financial ments with banks or bondholders. holders to remove directors from their trade and their accounts are free from Deloitte and EY — have been accused of audit such as inventory counts or port- pressure on businesses have increased “This is uncertainty no one has seen boards, which critics say points to lax fraud or errors as businesses face failing to identify red flags in company folio valuations remotely, adding fur- the risk of fraud. Auditors have faced before,” Mr Ellis said. “There is still pure corporate governance rules in the US tougher restrictions this winter amid accounts that meant shareholders lost ther complications to their work check- calls to improve their fraud-detection uncertainty in some sectors and audi- versus other developed markets. rising coronavirus infections. large sums when the companies col- ing the books of companies that have methods and take greater responsibility tors have to ask how much money is Kevin Ellis, who has run PwC in the lapsed. The firms have been ordered by been hit hard by lockdown measures. for identifying fraud in accounts follow- needed in the war chest, and make a Four years ago, 40 people at Russell UK and Middle East since 2016, told the regulators to separate their audit and “Trust in corporate reporting will be ing the Wirecard scandal. judgment on what the next 12 months 3000 companies continued to serve in Financial Times: “With so much uncer- consulting divisions in the UK in a bid to of paramount importance this year At the same time, auditors will be will look like, to sign off on some compa- board director roles after a majority of tainty, the role of auditors has never improve the quality of their audits. because the strength of corporate bal- under unprecedented pressure to make nies’ accounts.” shareholders voted against them. This year, 54 board members are considered “zombie” directors — individuals who have failed to win majority support Market Questions. Global challenges from investors, according to a report by MSCI based on 2,313 companies. In Investors braced for uncertainty on US election results 2019, the zombie total was 53 in the Russell 3000 index, according to the Council of Institutional Investors, the highest level since at least 2014. The numbers of zombie directors tend to increase with strong stock mar- ket performance, said Ric Marshall, FT reporters executive director of MSCI’s environ- Will the US election pave the way mental, social and governance (ESG) for fresh stimulus? research. The market has a way of addressing the most problematic prac- Investors focused on US markets have a tices, as it did with WeWork, he said, and busy week ahead: the presidential resistance to shareholder pressure can election tomorrow will be followed by a potentially foretell downside risks. two-day policy meeting of the Federal Zombie directors are “red flags for Reserve starting on Wednesday and the investors to dig a little further into these release of the latest monthly jobs report companies”, Mr Marshall said. on Friday. It is rare for board directors to draw The election is expected to have sig- nificant implications for the nascent Netflix is one of the rare economic recovery, which has already companies that does not shown early signs of stalling as the pace of jobs growth slowed in September. have an annual election Many fear it could be days or weeks for all board members until the final vote tally is revealed, given the unprecedented number of mail-in ballots being used because of the even the slightest shareholder disap- pandemic. Some investors are even proval. Of the 2,300 companies and bracing for market volatility in the 21,640 directors MSCI studied, the event that the results are disputed. average shareholder support last year In light of this, analysts expect the Fed was 95 per cent. MSCI flags as problem- to hold off from making any big policy atic directors who receive less than adjustments. Instead, investors will be 90 per cent support. watching the political developments for But directors can withstand losing signs of policies that could return confi- majority support votes because only dence back to the stock market. Global about 15 per cent of US companies have equities had their worst sell-off since immediate and binding resignation March last week as fears rose over the standards if someone loses a majority economic impact of coronavirus. vote, MSCI said. Typically, companies Some strategists have predicted that a allow directors running unopposed to Biden presidency, especially if accom- stay on the board even if they receive panied by a Democratic sweep of both only one vote in favour, or firms will chambers of Congress, would pave the allow for nonbinding director votes. way for a more generous fiscal stimulus Such practices are rare in other devel- package. The Fed has repeatedly called oped markets. for additional aid from legislators, with “This is one of the areas where the US its chairman Jay Powell himself apply- market lags the rest of the world,” Mr ing considerable pressure. Taking stock: severe enough to force a unanimous should pin UK borrowing costs at a very target range for more than four years. Marshall said of shareholder rights. But four years on from Mr Trump’s the economic vote for an additional £100bn of low level for “the next few years”, she Tackling rising unemployment, which Only one S&P 500 company had a shock win, investors are not taking any- impact of purchases. said. The 10-year gilt yield trades at economists predict will climb from 6.9 director lose a majority vote this year: thing for granted. Colby Smith Covid-19 weighs “For a while in the summer, it did look about 0.26 per cent, not far above its all- per cent to 8 per cent by year’s end, is Netflix. The entertainment company’s heavily on as though the UK might be doing better time low. Tommy Stubbington another priority. lead director, Jay Hoag, received just How much extra bond-buying will decision-making than expected, and certainly that the The RBA is also concerned that large 45.2 per cent investor support. In 2019, the Bank of England announce? Will Australia’s central bank loosen in the US, UK BoE viewed it that way,” Ms Martins monetary stimulus measures under- all four of the company’s nominees monetary policy further? As a second wave of coronavirus and Australia said. “Unfortunately, though, three taken by rival central banks has led to received majority “no” votes, including prompts a flurry of containment FT Montage/Getty/ months is a long time in a global Guy Debelle, deputy governor of the a strengthening of the Australian dollar, Susan Rice, a national security adviser restrictions across the UK, investors are Bloomberg pandemic, and the economic picture Reserve Bank of Australia, told parlia- which is acting as a drag on growth for president Barack Obama. betting that the Bank of England will has deteriorated.” ment last week that the country’s first and forcing it to further ease monetary Netflix is one of the few US companies announce further measures to prop up a Andy Haldane, the BoE’s chief recession in almost 30 years was proba- policy. that does not have an annual election flagging economic recovery at its policy economist, is likely to be the only mem- bly over. Nevertheless, investors expect “There is more that the RBA can do, for all board members. This “classified” meeting on Thursday. ber of the nine-strong monetary policy the central bank to proceed with plans and they should do it, and they will,” board set up was a common defence Most analysts expect a further round committee to oppose more quantitative to cut interest rates and launch another said Saul Eslake, economist and fellow against activist investors. Only 10 per of bond purchases this week on top of easing, said Ruth Gregory of Capital round of quantitative easing at tomor- at Tasmania University. cent of S&P 500 companies have classi- the £300bn already announced since Economics. row’s policy meeting. He predicted that the RBA would FastFT fied boards. late March. The only questions that Ms Gregory also expects £100bn of In recent speeches, RBA leaders have tomorrow cut the cash rate from 0.25 Our global team Zombie directors can hurt a com- remain are how much the central bank bond purchases, paving the way for signalled they intend to focus on per cent to another record low of 0.10 gives you the pany’s overall ESG appeal. MSCI gives market-moving will buy and how united the members of even more next year. While that will do inflation rather than longer-term pro- per cent. An expansion of the RBA’s Netflix a B rating for ESG and considers news and views, its monetary policy committee will be. little to prevent another recession if jections — an acknowledgment that bond-buying programme to target the the company a laggard among 76 firms 24 hours a day According to Elizabeth Martins of Covid cases continue to rise and the gov- inflation had remained below the longer part of the yield curve was also in the media and entertainment indus- ft.com/fastft HSBC, the threat to the economy is ernment brings in more restrictions, it bottom end of the bank’s 2-3 per cent likely, Mr Eslake added. Jamie Smyth try. Netflix declined to comment. Food & beverage. Future of agriculture Coronavirus crisis fuels interest in vertical farming methods Proponents believe that the technol- High initial capital investment and hagen, claims it will be profitable in its Mr Farquhar. “It’s not helpful for buy- cides, according to Michael Dent, Flurry of corporate interest ogy represents the future of agriculture, running costs mean it is hard to make a first year in 2021. ers’ confidence, for customers’ confi- analyst at IDTechEx. hailing huge efficiency and environ- profit. Businesses must pay for special- dence and investors’ confidence.” in indoor crops sparks debate Keeping the faith Taste test mental gains for the food industry, and ised labour and face huge electricity Vertical farming must also overcome on future of food production about $1.8bn has flowed into the sector bills for lighting and ventilation, while The industry is expected to grow over perceptions among some consumers, Total control over the growing environ- since 2014, according to data group having to offer competitive prices to the next decade, with research group often unfounded, that despite the ment is one of vertical farming’s big sell- Dealroom. However, agritech entrepre- attract consumers. IDTechEx forecasting that annual sales various benefits it offers it cannot possi- ing points, ensuring reliable, high-qual- Emiko Terazono neurs and analysts warn that hype and Some operators in Japan are profita- of $700m will more than double to bly match the taste of high-end produce ity crops. A reduction in “food miles” Vertical farming has become a hot topic lofty promises could undermine the ble while Nordic Harvest, the Danish $1.5bn by 2030. However, there is likely grown with soil and sunlight. gives consumers access to fresher pro- during the coronavirus pandemic, as sector’s credibility, putting off consum- start-up that has teamed up with Tai- to be a cull of inefficient businesses. duce, giving further taste gains. Tech challenge supply chain disruptions and labour ers and investors. wan’s YesHealth Group to build “My big fear for this industry is that Sceptics are possibly associating the shortages feed perennial fears over “There is a lot of BS coming from Europe’s biggest vertical farm in Copen- we will have some large failures,” said Many vertical farms boast technology sector’s offerings with crops grown in global food security. entrepreneurs,” said David Farquhar, ranging from artificial intelligence and greenhouses, when growers prioritise The nascent sector, in which crops are chief executive of Scotland-based robotics to water filtration, and some yield over taste, said Leo Marcelis, pro- grown in stacked indoor systems under technology provider Intelligent Growth companies, particularly in Asia, have fessor of crop production at Wagenin- artificial light and without soil, has Solutions. “There are far too many established successful processes. gen University in the Netherlands. enjoyed a flurry of activity this year. unsubstantiated claims about energy Stacked production systems allow the Salad days Headline-grabbing developments use, the environmental benefits and cultivation of produce in small spaces, have included the construction of quality of crops.” including urban areas. That means food Production costs mean vertical farm Europe’s largest vertical farm, plans to can be produced closer to its consumers, offerings tend to focus on higher-value High-cost, small-scale build the world’s biggest indoor farm in reducing transportation time and leafy greens, salad leaves and herbs. the Abu Dhabi desert, and a $140m The sector remains largely unprofitable improving freshness at point of sale. “Commodities like rice, corn and soya- fundraising round by a SoftBank- and tiny. Vertical farming occupies the But new entrants can face teething beans — crops that are cheaply grown in backed start-up Plenty. Norway’s Kalera equivalent of 30 hectares of land world- problems with automation and water- the field and stored easily, I don’t see as last week announced a $100m private wide, according to Rabobank analyst ing processes, leading to costs spiralling. economic,” said Prof Marcelis. placement ahead of its listing on the Cindy van Rijswick, compared with out- There have also been cases of black As Ms van Rijswick puts it, vertical Oslo Stock Exchange’s Merkur Market door cultivation of about 50m ha and mould and pest infestations hitting the farming will only ever be “part of the on October 28. 500,000ha for greenhouses. Vertical farming techniques used to grow lettuce in Japan farms, which typically do not use pesti- mix among various growing systems”. — Charly Triballeau/AFP/Getty NOVEMBER 2 2020 Section:Companies Time: 1/11/2020 - 18:00 User: cathy.pryor Page Name: CONEWS3, Part,Page,Edition: USA, 8, 1 Monday 2 November 2020 ★ 9 COMPANIES & MARKETS How to Lead. Erick Brimen, chief executive, NeWay Capital Aiming to create ‘prosperity’ hubs in Honduras Mr Brimen says he set the tone by being Erick Brimen: The Venezuelan is “obnoxiously excessive” in his insist- ‘We are ence on full compliance with the US For- confident his investment investing in a eign Corrupt Practices Act. platform that group and the private While blind faith in a government others can in a region that is no stranger to sector can help countries leverage . . . it’s abrupt political and policy changes like a franchise’ thrive, writes Jude Webber might be a “stretch”, he says he trusted in the combination of the ZEDE legal framework, incentives and support W hen Erick Brimen first from the US embassy — “without being began trying to work naive”. out what would make As well as an innovation centre and poor, unequal countries high-tech hospital, Roatán Próspera is thrive, “it dawned on set to include a residential development me that we were asking the wrong ques- designed by the UK’s Zaha Hadid Archi- tion”, he says. tects. Some 30 investors to date include As a student in development econom- Bedrock Capital and Alpha Bridge ics at Babson College in the US, the Ven- Ventures. ezuelan native decided to focus on the Success will be measured in “jobs, drivers of prosperity — institutions that jobs, jobs” paying, he says, 10 per cent enable investment to flow and jobs to be above minimum wages, plus benefits, created — rather than the broad idea of helping deter migration in a country eradicating poverty. whose economy is set to shrink 6 per Now, after stints in fintech and pri- cent this year. vate banking, the 37-year-old chief With the status of a small municipal- executive of investment group NeWay Capital has partnered with Hondu- Leadership ras to launch the first of what he sees as a More interviews illuminating network of “prosperity hubs” in the the personalities of high-profile Central American country — the culmi- leaders by focusing on the nation of his vision and a long-held goal issues they faced ft.com/ of the Honduran government. howtolead “One thing that has justified ourselves up front with investors is that we are investing in a platform that others can tracted”, says Mr Brimen. He was share bad news fast” with inves- who took his project to the government Gang-plagued Honduras’ reputation, ity, Roatán Próspera will be able to col- leverage . . . it’s like a franchise,” he forced to quickly shift gears to targeting tors to preserve trust. in 2016, says the idea of a foreign gov- meanwhile, plummeted. President Juan lect taxes. Mr Brimen expects invest- says. “A lot of people ask: ‘Why Hondu- remote employment. But unlike typical This is a commodity many would con- ernment managing a city in the develop- Orlando Hernández is widely ment of $500m in the first five years, ras?’ It’s the last place people think of outsourcing jobs, these are skilled posi- sider to be in short supply in Honduras ing world “looked too close to colonial- believed to have stolen the election in with his NeWay Capital putting up doing something innovative . . . but tions, including architects, engineers, with its reputation for corruption, pov- ism” in a country once effectively run by 2017 and was accused of accepting $1m $50m. Supporters include Ernst & you’ve got to do it where it’s needed accountants and lawyers, designed “to erty, weak institutions, falling foreign US banana companies. in bribes from Mexican drug lord Young and Germany’s Technical Uni- most.” reverse brain drain and keep the best investment and an exodus of migrants. Allowing investors to write some of Joaquín “El Chapo” Guzmán in a US trial versity of Munich. Honduras has been trying to harness talent at home”. Nevertheless, the country was identi- their own rules and enjoy autonomy in last year, which convicted his brother But some are sceptical of such a neo- private investment to create special For a “stubborn”, goal-oriented, fied more than a decade ago as an ideal safe enclaves was billed as a fast- Tony Hernández of drug trafficking. liberal experiment. “It’s difficult for zones for employment and economic micromanager, who once quit as chief destination for the world’s first “charter track to creating mini Hong Kongs in Mr Brimen was undeterred. He me to see how any arrangement like this development, known as ZEDEs, for the executive of an online insurance com- city” by Paul Romer, who went dysfunctional Honduras. believed ZEDEs could get rid of signifi- can thrive with the level of corruption best part of a decade, and even with a pany in Colombia rather than compro- on to serve as the World Bank’s chief But the grand ideas soon got bogged cant hurdles to investing by putting the and impunity you have in Honduras,” legal framework in place, Mr Brimen mise his vision, “the lesson I’ve been economist and to be the co-recipient of down in legal challenges. Potential loca- private sector in charge of rule of law, says Christine Wade, a ZEDE expert at says it “wasn’t easy at all” to win learning is to let go of the ‘how to get the Nobel Memorial Prize in Economic tions never got off the ground and dispute resolution, security and a prop- Washington College. approval. When he finally launched in there’ and to focus on ‘where we are Sciences. despite early enthusiasm from erty register. “You don’t need a big foot- May, Covid-19 promptly delivered a cur- going’ . . . It’s been hard for me”. Recruited by Honduras under a South Korea, no such investment ever The first problem, however, was get- print to make a big difference,” insists veball, forcing an eleventh hour strate- While chief financial officer for a scheme to develop special economic surfaced. ting approval — something which ended Mr Brimen, who plans a second hub, gic rethink. prominent Spanish family office in Pan- regions after delivering a TED talk on up taking nearly two years. “I was a little focusing on coffee, bananas and possi- The project, on the Caribbean tourist ama, he was forced into a similar shift. the subject, Mr Romer ultimately ‘It is the last place people surprised — we were proposing to make bly auto parts, in La Ceiba in northern island of Roatán off Honduras’ northern After refusing to pay a bribe, to win a backed out, citing a lack of government a very significant project come to real- Honduras, in early 2021. think of doing something coast, initially planned to focus on med- concession, he was forced into an invest- co-operation. ity. They wanted the project but were “The vision is to see best practices ical tourism but hospital groups ment rethink that turned out to be sur- But Honduras continued with the innovative. But you have not willing to just approve it easily,” being replicated by the national govern- involved were “overwhelmed by prisingly lucrative. That helped instil in idea, passing a law in 2013 establishing a he says. ment too,” he says. “Clearly I am an opti- to do it where it’s needed’ Covid . . . and investors were very dis- him the need to “be transparent and legal framework for ZEDEs. Mr Brimen, No one asked for bribes overtly, and mist or I wouldn’t be attempting this.” Port cities and driven technology that gave western writes, tended to press for more societies a technological edge over liberal trading terms and to seek to globalisation in societies in Asia, Africa and the establish strong links with a Americas that adopted the new hinterland whose people would techniques more slowly. The process supply export goods and purchase the steam age unlocked — sometimes through imports. genocide — huge tracts of previously New York benefited from railroad sparsely populated land in places like links that let it gradually take some the American prairies. It linked the of New Orleans’ natural market in new technology’s manufacturing the Mississippi Valley. Its financial centres to millions of potential strength reassured traders their consumers in India and China. commodities would fetch a fair price Book review The work underlines how the past 50 in the city and encouraged many to years’ surge of globalisation has built send cotton coastwise from New by Robert Wright on the previous wave that started Orleans to New York before sending nearly 200 years ago. It is striking how it on its international journey. Hong many cities he identifies as key to Kong flourished partly because, as a steam globalisation — Singapore, Hong British possession on China’s Kong, Shanghai and Bombay doorstep, it was the ideal place to (Mumbai) — have also been central to land opium — illegal in China but the more recent phase of global legal in the British empire — for integration. smuggling across the border. Unlocking the World also spells out The openness proved shortlived. how the developments it describes Darwin portrays port city society as fuelled worldwide tensions and helped fundamentally at odds with the to bring about the cataclysms of the often more inward-looking, inland first world war and the 1930s’ retreat capital cities. Capital cities’ into protectionism. militarism eventually trumped port Unlocking the World. Port Cities The book mainly focuses on the cities’ openness in the disaster of the and Globalization in the Age of traditional fare of the economic first world war. The depression of Steam, 1830-1930 historian — which commodities sailed the 1930s sent inland politicians by John Darwin, Allen Lane, £25, 480 between which ports — rather than scurrying for the shelter of tariff pages personalities. A non-specialist can feel barriers and protectionism. bewildered by the constant toing and The ethos of the steam froing of bales of cotton or opium or globalisation era was clearly tonnes of coal. The reader learns that substantially shaped by its being the the merchant class of British-ruled heyday of the generally pro-trade Singapore encouraged the settlement British empire, based in a capital of Chinese immigrants in nearby parts that was also an open, port city of the Malaysian peninsula. They were society. That openness was often When I lived in New York, whenever I needed to harvest commodities such as brutally foisted upon unwilling cycled on the Hudson River Greenway I rubber for the port to export. But there societies, with gunboats just as would ponder the waterway’s is little glimpse of who the key much a feature of steam power as importance to the city. The opening in individuals were in encouraging steam packets. The effects were 1825 of the Erie Canal linked the this transformative mass migration, tremendously uneven, with parts of Hudson River to the Great Lakes or what the migrants themselves China, India and other less and cut the cost of moving goods from made of it. developed countries remaining the US mid-west to the east coast’s Darwin chronicles the horrors of the mired in poverty and hunger even finest natural harbour. The link would African slave trade and labels New as the parts served by railways and start the process of transforming New Orleans’ pre-civil war cotton exports waterways thrived. York from an important US port into “slave cotton”. But, while he seems Darwin argues that the recent the key metropolis in the modern disapproving of British India’s exports integration of China and other world. of opium to China, he leaves the developing economies into world In Unlocking the World, John Darwin degradation these exports wreaked trading networks have helped to looks to unearth multiple similar among China’s people largely to our lessen some of the inequity that the stories from the 19th and early 20th imaginations. steam era left behind. But he also centuries. Darwin, until last year Out of the mass of trade lanes and notes that open, outward-looking professor of imperial and global history ship tonnages there does, nevertheless, port cities were often destroyed by at the University of Oxford, argues that emerge a compelling picture of the epidemics. It is hard, among in the period 1830-1930, surging societies that drove steam growing global populism and a growth in world trade was driven by globalisation. Darwin argues that the pandemic, to read Darwin’s account what he calls “steam globalisation”. It cosmopolitan mixing of peoples in port and feel great optimism for the was, he says, access to new, steam- cities drove the process. Such cities, he current moment. NOVEMBER 2 2020 Section:Features Time: 1/11/2020 - 15:51 User: alistair.hayes Page Name: MONINTERVIEW, Part,Page,Edition: ASI, 9, 1 10 ★ FINANCIAL TIMES Monday 2 November 2020 MARKET DATA WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA Change during previous day’s trading (%) S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $ -1.21% -2.45% -0.59% -0.08% -1.52% -1.95% -1.14% -0.086% -0.148% -0.332% -1.74% 0.12% 0.310% 0.02% Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison AMERICAS EUROPE ASIA Oct 01 - - Index All World Oct 01 - Oct 30 Index All World Oct 01 - Oct 30 Index All World Oct 01 - Oct 30 Index All World Oct 01 - Oct 30 Index All World Oct 01 - Oct 30 Index All World S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul 3,380.80 16,121.38 5,879.45 12,730.77 23,184.93 22,977.13 2,327.89 3,269.96 15,580.64 5,577.27 2,267.15 11,556.48 Day -1.21% Month -2.77% Year 7.33% Day -0.57% Month -3.35% Year -5.58% Day -0.08% Month -4.71% Year -23.75% Day -0.36% Month -9.44% Year -10.49% Day -1.52% Month -2.39% Year 0.01% Day -2.56% Month -2.61% Year 8.34% Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore 24,107.42 11,326.51 36,626.11 36,987.86 1,402.27 6,730.70 23,459.05 2,500.74 10,911.59 1,325.47 6,452.20 2,423.84 Day -2.45% Month -2.29% Year 31.40% Day 0.51% Month -1.26% Year -15.44% Day 0.12% Month -5.21% Year -15.22% Day NaN% Month NaN% Year NaN% Day -1.95% Month 3.43% Year -10.13% Day -1.10% Month -1.81% Year -24.09% Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai 39,614.07 27,816.90 4,824.04 19,061.50 38,067.93 26,501.60 94,603.38 93,952.40 4,594.24 17,943.11 3,279.71 3,224.53 Day -0.59% Month -4.61% Year -2.52% Day -2.72% Month -0.69% Year -13.33% Day 0.54% Month -4.36% Year -20.32% Day 0.40% Month -5.52% Year -20.66% Day -1.47% Month 0.01% Year 9.15% Day -0.34% Month 4.32% Year -0.55% 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 45290.02 44914.24 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 19588.69 19510.99 Philippines Manila Comp 6324.00 6249.39 Taiwan Weighted Pr 12546.34 12662.91 Cross-Border DJ Global Titans ($) 380.80 387.85 Australia All Ordinaries 6133.20 6168.00 Czech Republic PX 842.92 848.85 FTSE Italia Mid Cap 31360.71 30967.17 Poland Wig 44087.37 44840.60 Thailand Bangkok SET 1194.95 1201.64 Euro Stoxx 50 (Eur) 2958.21 2960.03 S&P/ASX 200 5927.60 5960.30 Denmark OMXC Copenahgen 20 1323.91 1317.97 FTSE MIB 17943.11 17872.28 Portugal PSI 20 3945.12 3863.20 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 930.91 927.95 S&P/ASX 200 Res 4268.60 4259.70 Egypt EGX 30 10515.25 10559.71 Japan 2nd Section 6090.14 6186.91 PSI General 3058.44 3006.02 UAE Abu Dhabi General Index 4660.04 4682.82 FTSE 4Good Global ($) 8017.10 8098.80 Austria ATX 2054.96 2034.19 Estonia OMX Tallinn 1165.02 1165.24 Nikkei 225 22977.13 23331.94 Romania BET Index 8510.37 8555.65 UK FT 30 2030.00 2019.80 FTSE All World ($) 362.94 367.12 Belgium BEL 20 3043.36 3036.59 Finland OMX Helsinki General 9575.23 9485.65 S&P Topix 150 1312.86 1339.74 Russia Micex Index 2690.59 2709.04 FTSE 100 5577.27 5581.75 FTSE E300 1325.47 1323.92 BEL Mid 7148.44 7116.68 France CAC 40 4594.24 4569.67 Topix 1579.33 1610.93 RTX 1066.60 1078.96 FTSE 4Good UK 5239.74 5237.99 FTSE Eurotop 100 2469.07 2465.08 Brazil IBovespa 93952.40 96582.16 SBF 120 3640.89 3624.38 Jordan Amman SE 1551.37 1554.21 Saudi-Arabia TADAWUL All Share Index 7907.72 8123.05 FTSE All Share 3151.27 3152.11 FTSE Global 100 ($) 2131.39 2168.32 Canada S&P/TSX 60 928.90 934.83 Germany M-DAX 25721.00 25801.82 Kenya NSE 20 1799.77 1797.81 Singapore FTSE Straits Times 2423.84 2450.68 FTSE techMARK 100 5397.00 5395.53 FTSE Gold Min ($) 2461.04 2451.02 S&P/TSX Comp 15580.64 15670.70 TecDAX 2813.38 2835.10 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 356.70 356.30 USA DJ Composite 8994.36 9058.22 FTSE Latibex Top (Eur) 4440.00 4432.20 S&P/TSX Div Met & Min 504.60 483.33 XETRA Dax 11556.48 11598.07 Latvia OMX Riga 1116.57 1122.55 Slovenia SBI TOP 873.85 - DJ Industrial 26501.60 26659.11 FTSE Multinationals ($) 2323.51 2307.37 Chile S&P/CLX IGPA Gen 17918.79 18136.08 Greece Athens Gen 569.50 564.93 Lithuania OMX Vilnius 745.15 743.49 South Africa FTSE/JSE All Share 51684.70 51896.97 DJ Transport 11106.19 11183.52 FTSE World ($) 641.03 648.26 China FTSE A200 12382.03 12557.85 FTSE/ASE 20 1329.42 1322.98 Luxembourg LuxX 1034.54 1036.75 FTSE/JSE Res 20 47317.79 47826.96 DJ Utilities 857.77 867.65 FTSEurofirst 100 (Eur) 3299.88 3295.19 FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 24107.42 24586.60 Malaysia FTSE Bursa KLCI 1466.89 1495.20 FTSE/JSE Top 40 47472.92 47576.46 Nasdaq 100 11052.95 11350.74 FTSEurofirst 80 (Eur) 4063.07 4062.00 Shanghai A 3379.53 3430.04 HS China Enterprise 9760.24 9955.46 Mexico IPC 36987.86 36801.37 South Korea Kospi 2267.15 2326.67 Nasdaq Cmp 10911.59 11185.59 MSCI ACWI Fr ($) 557.41 554.99 Shanghai B 243.25 247.05 HSCC Red Chip 3536.98 3594.27 Morocco MASI 10460.66 10449.13 Kospi 200 301.60 309.94 NYSE Comp 12429.33 12415.42 MSCI All World ($) 2318.44 2306.65 Shanghai Comp 3224.53 3272.73 Hungary Bux 32279.17 32047.68 Netherlands AEX 533.88 534.43 Spain IBEX 35 6452.20 6411.80 S&P 500 3269.96 3310.11 MSCI Europe (Eur) 1387.53 1389.05 Shenzhen A 2300.49 2354.45 India BSE Sensex 39614.07 39749.85 AEX All Share 776.17 773.84 Sri Lanka CSE All Share 5726.59 5600.20 Wilshire 5000 33724.81 33838.79 MSCI Pacific ($) 2667.10 2688.30 Shenzhen B 937.33 945.07 Nifty 500 9581.65 9593.40 New Zealand NZX 50 12084.47 12201.80 Sweden OMX Stockholm 30 1717.62 1716.03 Venezuela IBC 576982.06 573980.38 S&P Euro (Eur) 1379.86 1378.99 Colombia COLCAP 1131.27 1120.37 Indonesia Jakarta Comp 5128.23 5144.05 Nigeria SE All Share 29437.60 28980.29 OMX Stockholm AS 683.51 679.56 Vietnam VNI 925.47 919.08 S&P Europe 350 (Eur) 1359.51 1357.41 Croatia CROBEX 2013.05 2011.29 Ireland ISEQ Overall 6427.75 6359.59 Norway Oslo All Share 874.42 872.95 Switzerland SMI Index 9587.15 9556.14 S&P Global 1200 ($) 2539.11 2566.92 Israel Tel Aviv 125 1373.94 1353.00 Pakistan KSE 100 39888.00 41186.86 Stoxx 50 (Eur) 2700.62 2702.39 (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 Oct 30 %Chg %Chg Oct 30 %Chg %Chg Oct 30 %Chg %Chg Oct 30 %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 Amazon.com 253.6 3036.15 -174.86 Unilever 141.7 4404.00 -59.00 Sap Se O.n. 619.6 91.49 -1.77 Softbank . 981.1 6793.00 -114.00 Flutter Entertainment 13360.00 4.9 43.7 Aston Martin Lagonda Global Holdings 54.25 8.5 -69.1 Bloomsbury Publishing 255.50 21.7 -11.8 Automobiles & Parts 2898.67 2.1 - Apple 206.7 108.86 -6.46 Astrazeneca 135.6 7766.00 -110.00 Asml Holding 327.5 312.00 -3.00 Sony 816.8 8674.00 -126.00 Natwest 124.20 1.1 -49.2 Indivior 110.30 7.9 179.2 Kenmare Resources 290.00 9.0 21.3 Index - Technology Hardware & Equipment 2283.34 -1.5 14.9 Facebook 124.1 263.11 -17.72 Bp 131.2 196.60 3.14 Total 296.7 25.82 0.69 Advantest 541.4 6030.00 510.00 Hsbc Holdings 324.55 1.0 -45.5 Kaz Minerals 630.00 6.8 14.7 Indivior 110.30 7.9 179.2 Banks 2007.48 -1.9 - Alphabet 80.6 1616.11 59.23 Flutter Entertainment 118.4 13360.00 90.00 Royal Dutch Shella 248.0 10.88 0.41 Fanuc 496.9 22050.00 685.00 Dcc 5024.00 -0.1 -24.0 Diversified Gas & Oil 111.80 5.5 6.0 Jtc 538.00 7.6 31.2 Oil & Gas Producers 3401.14 -2.1 - Microsoft 74.6 202.47 -2.25 Glaxosmithkline 111.7 1291.80 -12.40 Bayer Ag Na O.n. 225.2 40.36 -0.42 Takeda Pharmaceutical 377.0 3239.00 -202.00 Pearson 510.00 -0.5 -21.5 Puretech Health 259.50 4.4 -18.1 Speedy Hire 53.00 7.1 -28.6 Pharmaceuticals & Biotech. 16028.40 -2.4 -9.8 Alphabet 70.1 1621.01 53.77 Diageo 109.6 2499.00 0.00 Unilever 223.3 48.55 -0.50 Toyota Motor 354.3 6803.00 -90.00 Royal Dutch Shell 965.40 -0.7 -57.2 Biffa 217.00 4.3 -19.5 Alfa Fin Software Holdings 135.60 5.9 13.4 Fixed Line Telecommunication 1269.17 -2.6 - Nvidia 51.9 501.36 -19.60 Rio Tinto 107.1 4357.00 23.00 Lvmh 220.3 402.30 -1.50 Tokyo Electron 337.1 27900.00 -1095.00 Antofagasta 1029.50 -0.8 8.9 Domino's Pizza 331.40 4.1 1.9 Xps Pensions 127.00 5.8 -7.3 Gas Water & Multiutilities 4924.96 -2.9 -8.4 Advanced Micro Devices 38.6 75.29 -2.73 Bhp 101.8 1490.20 -0.40 Allianz Se Na O.n. 216.7 151.06 0.60 Fast Retailing Co., 330.6 72710.00 -410.00 Admiral 2750.00 -1.1 19.5 Calisen 171.00 3.6 - Capital & Regional 37.10 5.4 -85.7 Food & Drug Retailers 3926.18 -3.3 -6.2 Netflix 37.1 475.74 -28.47 Reckitt Benckiser 97.4 6800.00 -52.00 Sanofi 214.8 77.37 -0.86 Ntt Docomo,. 314.2 3887.00 0.00 Royal Dutch Shell 929.00 -1.2 -58.9 Ferrexpo 190.50 3.5 18.4 Aberdeen Diversified ome And Growth Trust 93.00 5.2 -15.1 Equity Investment Instruments 11244.06 -3.6 2.6 Twitter 35.6 41.36 -11.07 Royal Dutch Shell 91.7 965.40 32.70 Enel 192.1 6.83 -0.10 M3,. 204.5 7027.00 -63.00 Hikma Pharmaceuticals 2510.00 -1.5 26.4 Hg Capital Trust 297.00 3.3 14.2 City Merchants High Yield Trust 185.00 5.1 -6.1 Electronic & Electrical Equip. 9252.60 -3.9 6.9 Ocado 2276.00 -1.6 80.7 Cls Holdings 198.20 2.6 -35.9 Stv 273.00 5.0 -34.2 Nonlife Insurance 2641.16 -4.2 - 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 Spirax-sarco Eng 11280.00 -1.6 24.8 Provident Fin 233.00 2.1 -49.8 Kin And Carta 80.00 4.7 -20.4 Food Producers 5786.72 -4.2 -29.2 price change chng% price change chng% price change chng% price change chng% Ups Ups Ups Ups Losers Losers Losers Losers Mohawk Industries 103.19 10.14 10.90 Cineworld 28.51 2.56 9.87 Saipem 1.51 0.12 8.45 Advantest 6030.00 510.00 9.24 Rolls-royce Holdings 71.32 -70.7 -69.5 Firstgroup 41.02 -20.6 -67.8 Pendragon 13.00 -18.5 1.4 Aerospace & Defense 2739.84 -12.4 - Resmed 191.94 12.43 6.92 Natwest 124.20 7.05 6.02 Tenaris 3.50 0.21 6.37 Seiko Epson 1204.00 77.00 6.83 Bae Systems 397.00 -13.3 -30.8 Carnival 848.60 -17.4 -76.7 Hammerson 16.31 -17.8 -87.2 Industrial Transportation 1948.25 -10.1 - Devon Energy 8.93 0.48 5.68 Int Consolidated Airlines S.a. 96.44 5.36 5.88 Bbva 2.46 0.12 5.26 Panasonic 960.70 45.20 4.94 M&g 146.65 -13.1 -39.8 Micro Focus Int 215.90 -16.5 -80.6 Gulf Marine Services 6.34 -16.5 -13.7 Life Insurance 5279.80 -8.9 - Molson Coors Beverage 35.26 1.88 5.63 Indivior 110.30 6.00 5.75 Saint Gobain 33.50 1.50 4.69 Fanuc 22050.00 685.00 3.21 Prudential 942.80 -12.6 -35.6 Travis Perkins 1061.50 -14.4 -34.8 Costain 32.65 -16.2 -79.0 Mobile Telecommunications 2365.10 -8.2 - Carnival 13.71 0.73 5.62 Aston Martin Lagonda Global Holdings 54.25 2.80 5.44 Royal Dutch Shella 10.88 0.41 3.89 Tokyo Gas Co., 2365.50 70.50 3.07 Standard Chartered 351.80 -11.9 -51.1 Investec 143.35 -14.1 -59.3 Pharos Energy 12.40 -13.9 -76.9 Forestry & Paper 16469.72 -7.9 - Int Consolidated Airlines S.a. 96.44 -11.5 -62.4 Babcock Int 217.20 -13.6 -65.6 Premier Oil 11.26 -13.6 -88.7 General Retailers 2326.89 -6.9 -7.1 Downs Downs Downs Downs Taylor Wimpey 105.80 -11.4 -46.3 Qinetiq 236.40 -13.3 -35.4 Luceco 228.00 -12.6 74.0 Software & Computer Services 1842.81 -6.8 - Twitter 41.36 -11.07 -21.11 Baillie Gifford Us Growth Trust 261.00 -11.00 -4.04 Merck Kgaa O.n. 127.15 -5.35 -4.04 Kyocera 5731.00 -633.00 -9.95 Coca-cola Hbc Ag 1755.00 -11.1 -32.3 Ascential 276.40 -12.8 -28.7 U And I 56.00 -12.5 -68.4 Health Care Equip.& Services 5884.10 -6.4 - Archer Daniels Midland 46.24 -3.68 -7.37 Convatec 180.70 -7.20 -3.83 Novo Nordisk B A/s 55.14 -1.95 -3.41 Oki Electric Industry , 965.00 -73.00 -7.03 Barratt Developments 482.50 -10.8 -35.8 Redrow 415.60 -12.5 -45.8 Int Personal Finance 57.40 -12.4 -64.5 Personal Goods 36275.37 -6.3 -4.7 Illumina 292.70 -22.20 -7.05 Ocado 2276.00 -74.00 -3.15 Ferrovial 18.58 -0.49 -2.57 Mitsui & Co., 1630.00 -110.00 -6.32 Kingfisher 287.10 -10.3 29.8 Dunelm 1303.00 -12.4 12.4 Redde Northgate 178.00 -12.3 -42.9 Mining 16804.86 -6.1 - Western Union (the) 19.44 -1.46 -6.99 Avast 474.40 -14.80 -3.03 Deutsche Boerse Na O.n. 126.35 -3.00 -2.32 Omron 7500.00 -500.00 -6.25 Whitbread 2147.00 -10.0 -49.0 Clarkson 2010.00 -12.0 -33.7 Allied Minds 36.25 -12.1 -28.4 General Industrials 5517.63 -5.8 - Firstenergy 29.72 -2.09 -6.57 Petropavlovsk 26.70 -0.75 -2.73 Ucb 84.70 -1.78 -2.06 Mitsubishi Motors 190.00 -12.00 -5.94 Melrose Industries 119.65 -9.9 -50.6 Fisher (james) & Sons 1134.00 -12.0 -44.7 Equiniti 103.40 -12.1 -51.3 Media 6652.35 -5.8 - 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 Oct 30 Currency Mid Change Mid Change Mid Change Oct 30 Currency Mid Change Mid Change Mid Change Oct 30 Currency Mid Change Mid Change Mid Change Oct 30 Currency Mid Change Mid Change Mid Change Argentina Argentine Peso 78.3421 0.0271 91.2567 -0.0387 101.2956 0.3482 Indonesia Indonesian Rupiah 14625.0000 - 17035.9493 -13.099118910.0261 58.4988 Poland Polish Zloty 3.9637 -0.0049 4.6171 -0.0093 5.1250 0.0095 ..Three Month 0.7735 -0.0024 0.9008 -0.0035 - - Australia Australian Dollar 1.4240 -0.0036 1.6587 -0.0054 1.8412 0.0011 Israel Israeli Shekel 3.4066 -0.0145 3.9682 -0.0199 4.4047 -0.0050 Romania Romanian Leu 4.1755 -0.0053 4.8638 -0.0099 5.3989 0.0099 ..One Year 0.7737 -0.0024 0.9003 -0.0035 - - Bahrain Bahrainin Dinar 0.3771 - 0.4392 -0.0003 0.4875 0.0015 Japan Japanese Yen 104.5400 -0.1550 121.7734 -0.2744 135.1694 0.2184 Russia Russian Ruble 79.4875 0.3612 92.5910 0.3498 102.7767 0.7835 United States United States Dollar - - 1.1648 -0.0009 1.2930 0.0040 Bolivia Bolivian Boliviano 6.9100 - 8.0491 -0.0062 8.9346 0.0276 ..One Month 104.5400 -0.1551 121.7734 -0.2743 135.1694 0.2183 Saudi Arabia Saudi Riyal 3.7503 -0.0001 4.3685 -0.0035 4.8491 0.0149 ..One Month - - 1.1648 -0.1241 1.2930 0.0040 Brazil Brazilian Real 5.7660 -0.0150 6.7165 -0.0227 7.4554 0.0037 ..Three Month 104.5399 -0.1553 121.7735 -0.2742 135.1693 0.2182 Singapore Singapore Dollar 1.3655 -0.0027 1.5906 -0.0044 1.7656 0.0019 ..Three Month - - 1.1646 -0.1241 1.2931 0.0040 Canada Canadian Dollar 1.3334 -0.0032 1.5532 -0.0050 1.7240 0.0011 ..One Year 104.5394 -0.1561 121.7738 -0.2736 135.1694 0.2179 South Africa South African Rand 16.2488 -0.1775 18.9273 -0.2215 21.0095 -0.1638 ..One Year - - 1.1639 -0.1241 1.2933 0.0040 Chile Chilean Peso 774.0300 3.0050 901.6285 2.8094 1000.8147 6.9695 Kenya Kenyan Shilling 108.8000 - 126.7356 -0.0975 140.6775 0.4352 South Korea South Korean Won 1134.7000 3.3000 1321.7548 2.8299 1467.1581 8.7925 Venezuela Venezuelan Bolivar Fuerte - - - - - - China Chinese Yuan 6.7002 -0.0102 7.8047 -0.0179 8.6633 0.0137 Kuwait Kuwaiti Dinar 0.3058 0.0002 0.3562 0.0000 0.3954 0.0015 Sweden Swedish Krona 8.9011 -0.0431 10.3685 -0.0582 11.5091 -0.0200 Vietnam Vietnamese Dong 23182.5000 2.0000 27004.1829 -18.389029974.8511 95.2956 Colombia Colombian Peso 3854.6500 8.2750 4490.0877 6.1909 4984.0336 26.0870 Malaysia Malaysian Ringgit 4.1550 0.0005 4.8399 -0.0031 5.3724 0.0173 Switzerland Swiss Franc 0.9166 -0.0004 1.0676 -0.0013 1.1851 0.0032 European Union Euro 0.8585 0.0007 - - 1.1100 0.0043 Costa Rica Costa Rican Colon 608.3500 -0.3400 708.6362 -0.9416 786.5917 1.9951 Mexico Mexican Peso 21.2775 -0.1060 24.7851 -0.1426 27.5116 -0.0515 Taiwan New Taiwan Dollar 28.6035 -0.0045 33.3188 -0.0309 36.9841 0.1086 ..One Month 0.8584 0.0007 - - 1.1100 0.0043 Czech Republic Czech Koruna 23.4211 -0.0659 27.2820 -0.0979 30.2832 0.0087 New Zealand New Zealand Dollar 1.5131 -0.0021 1.7625 -0.0038 1.9564 0.0034 Thailand Thai Baht 31.1675 -0.0775 36.3054 -0.1183 40.2993 0.0248 ..Three Month 0.8582 0.0007 - - 1.1099 0.0043 Denmark Danish Krone 6.3915 0.0042 7.4451 -0.0008 8.2641 0.0310 Nigeria Nigerian Naira 386.3300 - 450.0163 -0.3462 499.5216 1.5453 Tunisia Tunisian Dinar 2.7749 -0.0036 3.2323 -0.0066 3.5879 0.0065 ..One Year 0.8575 0.0007 - - 1.1094 0.0043 Egypt Egyptian Pound 15.7010 0.0351 18.2893 0.0268 20.3013 0.1080 Norway Norwegian Krone 9.5588 -0.0278 11.1346 -0.0410 12.3595 0.0023 Turkey Turkish Lira 8.3830 0.0947 9.7649 0.1029 10.8392 0.1557 Hong Kong Hong Kong Dollar 7.7549 0.0015 9.0332 -0.0053 10.0270 0.0329 Pakistan Pakistani Rupee 160.2000 - 186.6089 -0.1436 207.1373 0.6408 United Arab Emirates UAE Dirham 3.6732 - 4.2787 -0.0033 4.7494 0.0147 Hungary Hungarian Forint 314.9762 -0.4645 366.8999 -0.8238 407.2617 0.6611 Peru Peruvian Nuevo Sol 3.6144 0.0016 4.2102 -0.0014 4.6733 0.0165 United Kingdom Pound Sterling 0.7734 -0.0024 0.9009 -0.0035 - - India Indian Rupee 74.1075 - 86.3241 -0.0664 95.8204 0.2964 Philippines Philippine Peso 48.4000 0.0100 56.3787 -0.0317 62.5808 0.2065 ..One Month 0.7734 -0.0024 0.9009 -0.0035 - - Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata FTSE ACTUARIES SHARE INDICES UK SERIES FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY www.ft.com/equities Produced in conjunction with the Institute and Faculty of Actuaries Oct 30 Oct 29 Oct 28 Oct 27 Oct 26 Yr Ago High Low Year to date percentage changes ClosingWeek's ClosingWeek's £ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2030.00 2019.80 2034.50 2081.50 2128.80 0.00 3314.70 1337.80 Leisure Goods 56.97 Health Care -11.97 FTSE 100 Index -26.05 FTSE 100 PriceChange FTSE 100 PriceChange Oct 30 chge% Index Oct 29 Oct 28 agoyield% Cover ratio adj Return FT 30 Div Yield - - - - - 0.00 3.93 2.74 Tech Hardware & Eq 26.80 Electricity -12.12 Tobacco -26.24 3I Group PLC 961.00-106.00 Kingfisher PLC 287.10 -33.00 FTSE 100 (100) 5577.27 -0.08 4832.82 5581.75 5582.80 7248.38 4.73 1.30 16.24 178.17 5305.32 P/E Ratio net - - - - - 0.00 19.44 14.26 Electronic & Elec Eq 6.58 Technology -13.04 Media -26.98 Admiral Group PLC 2750 -30.00 Land Securities Group PLC 509.30 -45.90 FTSE 250 (250) 17214.38 0.21 14916.62 17177.68 17248.91 20021.50 3.55 1.21 23.38 285.17 13620.87 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 18/02/1900Base Date: 1/7/35 Equity Invest Instr 0.17 Industrials -14.24 Food Producers -27.36 Anglo American PLC 1811.2-173.20 Legal & General Group PLC 184.80 -12.60 FTSE 250 ex Inv Co (182) 17263.15 0.48 14958.88 17181.17 17276.45 21167.68 3.90 1.38 18.60 255.73 13937.79 FT 30 hourly changes Industrial Metals & -4.02 FTSE SmallCap Index -14.42 Financials -28.43 Antofagasta PLC 1029.5 -8.50 Lloyds Banking Group PLC 28.03 -1.26 FTSE 350 (350) 3176.95 -0.03 2752.89 3177.80 3180.69 4049.41 4.51 1.29 17.20 92.61 6024.26 8 9 10 11 12 13 14 15 16 High Low Industrial Eng -4.11 Construct & Material -15.72 Real Est Invest & Tr -28.96 Ashtead Group PLC 2800-175.00 London Stock Exchange Group PLC 8278-160.00 FTSE 350 ex Investment Trusts (281) 3086.33 0.02 2674.37 3085.85 3089.42 4000.75 4.65 1.30 16.55 91.89 3020.06 2019.8 2020.4 2021.9 2153.9 2399.1 2395.8 2394.3 2414 2426.7 2439.2 2366.1 Personal Goods -5.32 Software & Comp Serv -15.93 Mobile Telecomms -29.18 Associated British Foods PLC 1697.5 -34.50 M&G PLC 146.65 -22.15 FTSE 350 Higher Yield (146) 2365.02 0.42 2049.34 2355.15 2350.75 3492.21 7.10 1.19 11.83 100.11 4915.13 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Food & Drug Retailer -6.48 Forestry & Paper -17.46 Health Care Eq & Srv -29.35 Astrazeneca PLC 7766-177.00 Melrose Industries PLC 119.65 -13.20 FTSE 350 Lower Yield (204) 3871.24 -0.44 3354.51 3888.25 3901.70 4286.11 2.12 1.59 29.71 70.28 4575.63 Support Services -7.15 Consumer Goods -17.75 Telecommunications -33.94 Auto Trader Group PLC 579.00 -12.00 Mondi PLC 1463-130.50 FTSE SmallCap (261) 5092.45 -0.04 4412.71 5094.42 5111.44 5454.74 4.48 -1.20 -18.61 112.33 8068.69 FX: EFFECTIVE INDICES Chemicals -7.21 Nonlife Insurance -18.46 Life Insurance -34.52 Avast PLC 474.40 -21.00 Morrison (Wm) Supermarkets PLC 162.90 -9.85 FTSE SmallCap ex Inv Co (143) 3816.41 0.51 3307.00 3797.21 3817.03 4405.12 5.55 -0.69 -25.97 61.03 6322.33 Gas Water & Multi -8.75 Financial Services -19.99 Travel & Leisure -39.16 Aveva Group PLC 4290-312.00 National Grid PLC 919.00 -26.00 FFTTSSEE AAllll--SShhaarree (e6x1 I1n)v Co (424) 33105218..2976 -00..0023 22763204..6646 33105228..1232 33105351..2955 33999138..4066 44..5617 11..2206 1187..4026 9819..0338 63003160..6305 Oct 29 Oct 28Mnth Ago Oct 30 Oct 29Mnth Ago GUetinlietireasl Retailers --89..9553 FBTeSvEe r2a5g0e sIndex --2212..3844 FAiexerods Lpiancee T &e lDeceofemnmses --4444..3640 AB&viMva EPuLrCopean Value Retail S.A. 245874..5800 --2105..6000 NNaetxwt PeLsCt Group PLC 12548.2400-4818..4000 FTSE All-Share ex Multinationals (542)1003.15 0.00 720.45 1003.17 1004.95 1189.35 3.76 0.80 33.41 20.00 2001.09 Australia - - - Sweden - - - Pharmace & Biotech -9.75 NON FINANCIALS Index -23.60 Automobiles & Parts -47.00 Bae Systems PLC 397.00 -61.00 Ocado Group PLC 2276 -37.00 FTSE Fledgling (92) 8706.44 -0.51 7544.31 8751.47 8783.86 9419.89 3.18 0.00-15277.3 185.56 17856.17 Canada - - - Switzerland - - - Basic Materials -11.23 Industrial Transport -24.26 Banks -47.01 Barclays PLC 106.56 -4.98 Pearson PLC 510.00 -2.40 4 Denmark - - - UK 77.53 77.69 77.30 Household Goods & Ho -11.47 Real Est Invest & Se -24.88 Oil Equipment & Serv -54.72 Barratt Developments PLC 482.50 -58.50 Pennon Group PLC 992.60 -30.40 FTSE Fledgling ex Inv Co (43) 10184.24 -0.34 8824.85 10218.66 10295.11 11197.52 3.70 3.69 7.32 154.87 20421.43 Japan - - - USA - - - Mining -11.49 FTSE All{HY-}Share Index -24.91 Oil & Gas -57.76 Berkeley Group Holdings (The) PLC 4057-211.00 Persimmon PLC 2336-257.00 FTSE All-Small (353) 3534.43 -0.06 3062.66 3536.71 3548.60 3788.41 4.41 -1.15 -19.68 77.88 7184.55 New Zealand - - - Euro - - - Consumer Services -25.35 Oil & Gas Producers -57.80 Bhp Group PLC 1490.2-118.60 Phoenix Group Holdings PLC 662.40 -32.00 FTSE All-Small ex Inv Co (186) 2857.28 0.47 2475.89 2843.85 2858.96 3289.49 5.48 -0.58 -31.65 45.57 5996.05 Norway - - - BP PLC 196.60 -8.90 Polymetal International PLC 1639.5-120.50 FTSE AIM All-Share (715) 948.60 -0.07 821.99 949.30 949.08 889.54 1.12 0.48 185.02 5.91 1087.66 Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 2448-124.00 Prudential PLC 942.80-136.20 FTSE Sector Indices Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 348.60 -31.60 Reckitt Benckiser Group PLC 6800-200.00 OOiill && G Gaass P (r1o2d)ucers (9) 33542185..4703 22..7788 32095579..4840 33433223..9474 33325477..3627 88426168..2992 1101..9067 00..9955 99..5467 225572..0709 33991382..6799 FTSE GLOBAL EQUITY INDEX SERIES BBtu nGzrlo PuLpC PLC 10214.4000 -6-36..1050 RReelnxt oPkLiCl Initial PLC 1552267.0.50-1-0278..5000 Oil Equipment Services & Distribution (3)3926.45 2.95 3402.35 3813.97 3905.94 7829.25 4.30 1.15 20.31 11.22 3384.84 Burberry Group PLC 1356-132.00 Rightmove PLC 618.00 -54.00 Basic Materials (22) 5634.70 0.09 4882.59 5629.67 5609.72 5877.45 5.57 2.21 8.12 249.65 6767.41 Oct 30 No of US $ Day Mth YTD Total YTD Gr Div Oct 30 No of US $ Day Mth YTD Total YTD Gr Div Coca-Cola Hbc AG 1755-219.00 Rio Tinto PLC 4357-221.00 Chemicals (7) 13168.43 -0.46 11410.72 13229.19 13449.97 13329.15 2.08 3.00 16.06 190.80 12630.65 Regions & countries stocks indices % % % retn % Yield Sectors stocks indices % % % retn % Yield Compass Group PLC 1055 -95.00 Rolls-Royce Holdings PLC 71.32-172.38 Forestry & Paper (1) 17971.49 -0.24 15572.67 18014.48 18260.16 19623.69 3.01 3.27 10.19 540.55 21892.61 FTSE Global All Cap 9033 616.94 -1.1 -2.3 -3.1 948.42 -1.3 2.2 Oil Equipment & Services 24 159.20 0.3 0.3 -40.6 267.13 -37.7 6.8 Crh PLC 2720-125.00 Royal Dutch Shell PLC 929.00 -11.60 Industrial Metals & Mining (2) 3906.76 0.43 3385.29 3890.17 3871.60 3617.16 11.47 1.60 5.45 453.68 5255.80 FTSE Global All Cap 9033 616.94 -1.1 -2.3 -3.1 948.42 -1.3 2.2 Basic Materials 356 496.46 -0.2 -0.2 -3.4 841.32 -0.6 3.2 Croda International PLC 6034-230.00 Royal Dutch Shell PLC 965.40 -6.40 Mining (12) 16089.95 0.16 13942.28 16063.64 15954.67 16842.24 5.99 2.17 7.67 759.08 10206.28 FTSE Global Large Cap 1742 557.23 -1.2 -2.8 -1.8 882.29 0.1 2.2 Chemicals 163 725.61 -0.9 -0.9 -3.3 1217.42 -0.8 2.8 Dcc PLC 5024 -4.00 Rsa Insurance Group PLC 423.60 -20.00 Industrials (101) 5140.60 -0.17 4454.44 5149.45 5180.06 5602.44 2.43 0.69 59.51 67.54 5704.14 FTSE Global Mid Cap 2237 767.81 -0.8 -1.4 -7.4 1110.14 -5.9 2.3 Forestry & Paper 21 253.19 0.4 0.4 -9.0 479.98 -6.3 2.9 Diageo PLC 2499-129.50 Sage Group PLC 635.60 -58.40 Construction & Materials (14) 6225.50 1.01 5394.53 6163.36 6099.52 6646.64 2.59 0.11 335.74 128.12 7188.50 FTSE Global Small Cap 5054 815.53 -0.9 0.3 -5.7 1134.37 -4.3 2.0 Industrial Metals & Mining 93 336.31 -0.5 -0.5 -11.1 574.95 -8.3 3.9 Evraz PLC 359.50 -24.70 Sainsbury (J) PLC 201.60 -7.10 Aerospace & Defense (9) 2888.58 -1.14 2503.01 2921.81 3073.12 5161.66 4.13 -1.87 -12.93 99.51 3370.83 FTSE All-World 3979 362.94 -1.1 -2.6 -2.8 590.47 -0.9 2.2 Mining 79 736.46 0.9 0.9 1.0 1276.44 4.5 3.7 Experian PLC 2817-153.00 Schroders PLC 2614-186.00 General Industrials (8) 4440.87 0.30 3848.10 4427.61 4455.65 4736.75 3.69 0.51 53.14 62.99 5545.32 FTSE World 2570 641.03 -1.1 -3.1 -3.5 1399.61 -1.7 2.2 Industrials 747 438.40 -0.7 -0.7 -2.3 674.06 -0.8 1.9 Ferguson PLC 7722-350.00 Scottish Mortgage Investment Trust PLC 994.50 -36.50 Electronic & Electrical Equipment (10)10904.92 0.64 9449.34 10835.69 10842.29 8904.56 1.28 1.86 41.95 75.90 10454.42 FTSE Global All Cap ex UNITED KINGDOM In 8742 653.65 -1.2 -2.2 -1.7 986.85 0.0 2.1 Construction & Materials 147 533.55 0.2 0.2 -3.8 861.71 -1.9 2.0 Flutter Entertainment PLC 13360 630.00 Segro PLC 902.00 -34.00 Industrial Engineering (12) 14137.85 0.23 12250.74 14105.22 14257.17 13018.00 2.34 1.54 27.78 162.54 18465.72 FTSE Global All Cap ex USA 7284 471.52 -0.8 -2.3 -9.1 791.33 -6.9 2.8 Aerospace & Defense 36 571.00 0.2 0.2 -36.2 864.16 -35.4 2.6 Fresnillo PLC 1162.5 -56.00 Severn Trent PLC 2430-102.00 Industrial Transportation (6) 2979.44 -0.68 2581.75 2999.72 3053.13 3716.20 7.00 0.61 23.30 9.26 3023.54 FTSE Global All Cap ex JAPAN 7634 636.02 -1.1 -2.3 -3.0 986.81 -1.2 2.2 General Industrials 71 206.60 -0.2 -0.2 -9.4 347.93 -7.4 2.7 Glaxosmithkline PLC 1291.8 -52.00 Smith & Nephew PLC 1336.5-120.00 Support Services (42) 8466.33 -0.55 7336.25 8513.35 8498.97 8615.97 1.60 2.25 27.78 64.41 9371.43 FTSE Global All Cap ex Eurozone 8390 653.23 -1.2 -1.9 -1.9 983.43 -0.1 2.1 Electronic & Electrical Equipment 140 545.55 -1.4 -1.4 7.2 761.60 8.8 1.6 Glencore PLC 155.90 -11.58 Smith (Ds) PLC 283.10 -12.20 Consumer Goods (42) 16561.79 -0.48 14351.14 16641.60 16763.01 18754.93 4.94 1.55 13.04 583.39 13990.50 FTSE Developed 2141 588.02 -1.1 -3.2 -2.9 911.29 -1.1 2.2 Industrial Engineering 148 877.08 0.1 0.1 5.8 1342.11 7.7 1.7 Gvc Holdings PLC 966.20 -37.80 Smiths Group PLC 1329.5 -94.00 Automobiles & Parts (2) 2913.52 1.66 2524.63 2866.00 2954.96 3943.48 0.76 2.98 43.96 0.00 2981.17 FTSE Developed All Cap 5635 613.34 -1.1 -2.8 -3.2 937.18 -1.5 2.1 Industrial Transportation 122 807.71 -0.5 -0.5 6.6 1248.91 8.3 1.9 Halma PLC 2368 -76.00 Smurfit Kappa Group PLC 2912-212.00 Beverages (6) 19590.82 -0.03 16975.85 19597.50 19891.38 25065.38 2.91 1.63 21.07 528.83 15041.55 FTSE Developed Large Cap 836 552.50 -1.2 -3.6 -2.0 871.44 -0.2 2.2 Support Services 83 534.76 -1.7 -1.7 6.0 775.88 7.2 1.2 Hargreaves Lansdown PLC 1352.5 -61.50 Spirax-Sarco Engineering PLC 11280-185.00 Food Producers (10) 5865.57 1.47 5082.64 5780.51 5835.98 7054.46 3.05 2.09 15.70 75.68 5434.65 FTSE Developed Europe Large Cap 226 322.21 0.0 -6.1 -16.1 601.19 -13.9 3.2 Consumer Goods 532 511.50 -1.2 -1.2 0.2 823.88 2.3 2.4 Hikma Pharmaceuticals PLC 2510 -39.00 Sse PLC 1255 -82.00 Household Goods & Home Construction (14)13328.49 -0.29 11549.42 13366.67 13447.03 13712.27 4.07 1.55 15.86 272.34 10701.92 FTSE Developed Europe Mid Cap 345 557.58 0.3 -4.7 -11.8 909.75 -10.3 2.6 Automobiles & Parts 128 439.92 -2.4 -2.4 15.5 691.38 17.8 2.0 Homeserve PLC 1105 -62.00 St. James's Place PLC 899.20 -37.80 Leisure Goods (2) 26104.95 -1.87 22620.48 26602.98 26828.16 12559.92 2.09 0.99 48.45 303.75 27284.31 FTSE Dev Europe Small Cap 696 753.21 0.9 -5.3 -16.1 1184.25 -14.7 2.6 Beverages 67 617.91 -0.7 -0.7 -12.8 1002.25 -11.1 2.7 HSBC Holdings PLC 324.55 3.15 Standard Chartered PLC 351.80 -47.60 Personal Goods (6) 31366.27 -1.25 27179.52 31764.16 32242.36 34371.07 3.33 2.83 10.61 917.13 23494.52 FTSE North America Large Cap 224 720.69 -1.4 -3.4 3.4 1049.10 5.0 1.8 Food Producers 132 658.18 -0.6 -0.6 -3.5 1082.07 -1.3 2.5 Imperial Brands PLC 1224 -76.00 Standard Life Aberdeen PLC 224.50 -18.00 Tobacco (2) 25435.05 -0.79 22040.00 25636.98 25491.59 29299.86 9.66 1.15 9.02 1765.51 20446.68 FTSE North America Mid Cap 412 897.74 -0.9 -0.3 -5.1 1204.85 -3.8 2.0 Household Goods & Home Construction 62 540.55 -0.6 -0.6 6.7 865.95 9.0 2.3 Informa PLC 418.00 -31.00 Taylor Wimpey PLC 105.80 -13.60 Health Care (15) 11331.41 -1.20 9818.90 11469.36 11547.31 12627.32 3.72 1.18 22.73 363.07 9818.81 FTSE North America Small Cap 1295 917.42 -1.1 2.0 -3.9 1188.86 -2.7 1.6 Leisure Goods 43 278.80 -1.7 -1.7 15.1 384.09 16.4 1.1 Intercontinental Hotels Group PLC 3916-285.00 Tesco PLC 205.50 -8.60 Health Care Equipment & Services (6)5970.23 -1.65 5173.33 6070.50 6173.62 7877.88 2.26 1.00 44.38 120.44 5501.25 FTSE North America 636 467.51 -1.3 -2.8 1.9 695.37 3.5 1.8 Personal Goods 87 897.68 -1.2 -1.2 -0.4 1336.70 1.0 1.6 Intermediate Capital Group PLC 1171-122.00 Unilever PLC 4404-290.00 Pharmaceuticals & Biotechnology (9)15971.68 -1.16 13839.79 16158.72 16251.94 17470.02 3.86 1.19 21.67 530.70 12429.37 FTSE Developed ex North America 1505 241.02 -0.7 -3.8 -11.4 435.67 -9.3 2.9 Tobacco 13 782.21 -0.4 -0.4 -21.5 1952.05 -17.2 7.9 International Consolidated Airlines Group S.A. 96.44 -12.56 United Utilities Group PLC 863.40 -27.00 CFGMooeeonnddesi ra&ua m (lD1 R5ereu)rtg aS Rieleerrtvsai ic(l2ee7rss) ((852)) 4426201747981820....65640224 ---0010....14011042 3315658873975495....41934359 4426202749175653....75216284 4426202838259778....69277320 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82.90 6317.10 FTSE Asia Pacific Mid Cap ex Japan 901 855.00 -1.2 0.9 -1.3 1416.76 0.8 3.1 General Retailers 145 1195.16 -3.0 -3.0 32.0 1607.92 32.8 0.6 Telecommunications (6) 1501.58 0.14 1301.15 1499.49 1504.18 2404.87 9.01 -0.52 -21.21 43.50 2030.56 FTSE Asia Pacific Small Cap ex Japan 1888 554.36 -1.4 0.1 2.1 898.61 4.3 2.7 Media 87 373.61 -1.5 -1.5 -2.8 526.49 -1.9 1.3 UK STOCK MARKET TRADING DATA Fixed Line Telecommunications (3) 1315.74 1.93 1140.11 1290.83 1318.21 2475.21 13.51 1.05 7.06 3.51 1441.77 FTSE Asia Pacific Ex Japan 1836 585.91 -1.4 2.3 3.1 1075.17 5.4 2.5 Travel & Leisure 140 410.04 -1.2 -1.2 -20.8 586.51 -19.9 2.1 Mobile Telecommunications (3) 2361.52 -0.48 2046.30 2372.91 2365.49 3543.41 7.41 -1.54 -8.77 90.67 2879.29 FTSE Emerging All Cap 3398 774.37 -1.2 2.1 -2.0 1272.02 0.4 2.5 Telecommunication 98 139.18 0.0 0.0 -13.2 302.34 -9.7 4.9 Oct 30 Oct 29 Oct 28 Oct 27 Oct 26 Yr Ago Utilities (8) 6985.78 -0.31 6053.33 7007.55 7039.94 7094.54 6.04 0.90 18.38 275.61 9647.21 FTSE Emerging Large Cap 906 753.69 -1.2 2.7 -0.5 1246.04 1.9 2.3 Fixed Line Telecommuniations 43 107.43 0.4 0.4 -20.7 262.22 -16.8 6.1 - - - - - - Electricity (3) 7371.60 0.64 6387.65 7324.67 7477.56 7538.75 6.30 0.81 19.65 462.14 13517.87 FTSE Emerging Mid Cap 932 858.64 -0.9 -1.1 -11.8 1408.92 -9.5 3.4 Mobile Telecommunications 55 162.31 -0.4 -0.4 -2.7 308.13 0.3 3.5 Order Book Turnover (m) 66.91 65.81 75.19 81.08 45.53 45.53 Gas Water & Multiutilities (5) 6508.83 -0.58 5640.04 6547.00 6546.80 6596.30 5.96 0.93 18.04 212.92 8860.65 FTSE Emerging Small Cap 1560 726.87 -1.2 0.4 -3.9 1145.16 -1.4 2.9 Utilities 191 297.09 -0.5 -0.5 -6.5 648.56 -3.8 3.5 Order Book Bargains 899438.00 1372662.00 925807.00 829860.00 844183.00 844183.00 Financials (308) 3682.78 0.16 3191.20 3676.87 3676.92 4825.68 3.85 1.17 22.18 76.71 3832.85 FTSE Emerging Europe 76 268.84 -1.0 -9.7 -38.9 507.93 -35.8 6.9 Electricity 131 333.86 -0.9 -0.9 -6.2 718.63 -3.5 3.5 Order Book Shares Traded (m) 1513.00 2092.00 1416.00 1444.00 1590.00 1590.00 Banks (11) 1979.68 0.66 1715.43 1966.77 1952.39 3565.77 4.78 2.22 9.40 0.99 1631.34 FTSE Latin America All Cap 240 605.55 -1.5 -1.4 -38.5 1031.97 -37.2 3.1 Gas Water & Multiutilities 60 298.11 0.2 0.2 -7.2 671.49 -4.6 3.4 Total Equity Turnover (£m) 4734.34 5640.56 6946.04 6085.78 6934.52 6934.52 Nonlife Insurance (8) 3023.33 -0.36 2619.78 3034.30 3048.73 3498.19 4.32 1.57 14.77 95.57 5976.84 FTSE Middle East and Africa All Cap 321 568.95 0.4 -0.7 -17.5 981.65 -15.2 3.6 Financials 866 206.82 -0.3 -0.3 -21.8 374.47 -19.8 3.3 Total Mkt Bargains 1127414.00 1701809.00 1165564.00 1065616.00 1063519.00 1063519.00 Life Insurance/Assurance (7) 5378.22 0.59 4660.34 5346.42 5421.78 7598.89 4.47 2.15 10.43 230.43 6090.97 FTSE Global wi UNITED KINGDOM All Cap In 291 257.25 0.3 -4.4 -28.1 489.34 -26.2 4.7 Banks 272 145.80 0.2 0.2 -31.8 289.80 -29.6 4.5 Total Shares Traded (m) 7066.00 10075.00 10860.00 10883.00 9503.00 9503.00 Real Estate Investment & Services (17)2206.10 0.74 1911.64 2189.92 2193.30 2586.20 2.33 2.05 20.99 25.63 6323.85 FTSE Global wi USA All Cap 1749 804.46 -1.4 -2.3 1.9 1130.31 3.4 1.7 Nonlife Insurance 74 250.69 -0.1 -0.1 -18.8 393.21 -16.9 2.4 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable. Real Estate Investment Trusts (39) 2142.21 1.25 1856.27 2115.72 2123.37 2842.27 4.43 -0.97 -23.34 53.80 3034.33 FTSE Europe All Cap 1418 381.82 0.1 -5.9 -16.1 684.87 -14.0 3.1 Life Insurance 54 184.72 -0.8 -0.8 -23.5 330.03 -20.8 3.9 (c) Market closed. General Financial (39) 8720.55 -0.03 7556.54 8723.15 8737.40 9979.18 3.81 0.93 28.29 286.68 11250.34 FTSE Eurozone All Cap 643 368.38 0.0 -6.6 -15.3 658.68 -13.4 2.6 Financial Services 208 340.46 -0.7 -0.7 -8.0 499.88 -6.5 2.1 Equity Investment Instruments (187)11262.67 -0.68 9759.34 11340.01 11316.79 10507.17 2.53 -0.02-1597.03 235.94 6717.66 FTSE EDHEC-Risk Efficient All-World 3979 400.93 -0.7 -1.7 -7.3 602.30 -5.6 2.4 Technology 314 447.47 -2.2 -2.2 24.4 573.05 25.5 1.0 Non Financials (303) 3806.77 -0.09 3298.65 3810.28 3815.35 4766.93 4.74 1.21 17.40 120.57 6407.06 FTSE EDHEC-Risk Efficient Developed Europe 571 303.73 0.2 -4.4 -10.1 505.54 -8.5 2.6 Software & Computer Services 165 760.80 -1.5 -1.5 25.2 909.95 25.7 0.6 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed Technology (15) 1968.16 -0.27 1705.45 1973.58 1971.58 2072.84 3.49 0.11 255.93 31.14 2743.59 Oil & Gas 128 197.02 0.5 -5.6 -45.9 365.25 -43.5 6.8 Technology Hardware & Equipment 149 344.24 -3.1 -3.1 23.8 470.16 25.6 1.5 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor Software & Computer Services (13) 2083.35 -0.43 1805.27 2092.35 2090.90 2285.35 3.73 -0.01-4212.62 33.59 3072.33 Oil & Gas Producers 93 181.50 0.6 -6.6 -48.6 343.77 -46.4 7.1 Alternative Energy 11 190.99 -0.4 -0.4 50.9 271.45 53.1 0.8 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be Technology Hardware & Equipment (2)5516.84 1.20 4780.46 5451.26 5428.88 3563.03 1.26 3.38 23.40 69.78 6848.27 Real Estate Investment & Services 160 314.68 -0.5 -0.5 -14.8 578.82 -12.2 3.0 liable for any loss arising from the reliance on or use of the listed information. Real Estate Investment Trusts 98 409.05 -0.7 -0.7 -17.5 894.70 -15.1 4.1 For all queries e-mail [email protected] Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day FTSE Global Large Cap 1742 557.23 -1.2 -1.2 -1.8 882.29 0.1 2.2 FTSE 100 5598.19 5583.05 5602.42 5598.85 5550.19 5574.20 5570.56 5588.87 5586.79 5616.24 5534.86 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ Data provided by Morningstar | www.morningstar.co.uk FTSE 250 17289.54 17283.09 17316.92 17339.30 17266.25 17247.76 17199.41 17227.16 17202.54 17346.08 17152.36 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC FTSE SmallCap 5103.50 5103.38 5101.92 5105.31 5097.75 5099.36 5094.28 5105.52 5099.15 5106.21 5091.76 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2, FTSE All-Share 3163.25 3156.29 3165.99 3165.19 3140.96 3151.12 3147.83 3157.15 3155.28 3170.61 3130.73 WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see Time of FTSE 100 Day's high:15:28:00 Day's Low13:45:45 FTSE 100 2010/11 High: 7674.56(17/01/2020) Low: 4993.89(23/03/2020) www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Time of FTSE All-Share Day's high:15:28:00 Day's Low13:46:00 FTSE 100 2010/11 High: 4257.93(17/01/2020) Low: 2727.86(23/03/2020) Group companies and is used by FTSE International Limited under licence. Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown. For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative. UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt Issue paid renun. closing Altitude Group Pre 8.308 2.889 2.666L 2.735L 0.000 0.000 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- Asia Dragon Trust Pre 26.007 37.940 19.940 23.900 0.00000 4.75000 - 0.000 4.750 10/29 162.00 AIM SBI SourceBio International PLC 172.50 1.50 182.00 163.40 12796.6 There are currently no rights offers by any companies listed on the LSE. British & American Investment Trust Int 1.371 1.987 4.840 7.290 0.00000 2.70000 - 0.000 8.700 10/26 0.04 AMOI Anemoi International Ltd 3.25 -0.25 4.80 2.00 97.5 Chelverton Growth Trust Pre 0.228L 0.857L 4.170L 15.700L 0.00000 0.00000 - 0.000 0.000 10/05 48.00 AIM CLX Calnex Solutions PLC 53.20 -1.30 57.00 48.00 4655.0 DP Poland Int 6.992 6.887 1.759L 1.851L 0.700L 0.860L 0.00000 0.00000 - 0.000 0.000 10/05 50.00 MODE Mode Global Holdings PLC 48.00 -4.50 52.00 43.00 3865.8 Edenville Energy Int 0.016 0.151 0.626L 0.888L 0.010L 0.040L 0.00000 0.00000 - 0.000 0.000 10/02 8.00 GILD Guild Esports PLC 5.90 0.30 10.00 5.00 3045.1 Haydale Graphene Industries Pre 2.947 3.467 4.407L 7.755L 1.000L 6.000L 0.00000 0.00000 - 0.000 0.000 09/29 5.00 CRTM Critical Metals PLC 5.10 -0.10 5.90 4.75 154.5 Jangada Mines Pre 0.000 0.000 1.669L 1.594L 0.019 0.008L 0.00000 0.00000 - 0.000 0.000 09/25 73.00 AIM VARE Various Eateries PLC 66.00 -0.10 74.00 64.00 5874.6 Limitless Earth Int 0.013 0.014 0.021L 0.060L 0.000 0.090L 0.00000 0.00000 - 0.000 0.000 MelodyVR Group Int 0.190 0.128 10.741L 7.139L 0.680L 0.540L 0.00000 0.00000 - 0.000 0.000 Metals Exploration Int 52.891 40.292 1.347L 8.324L 0.001L 0.004L 0.00000 0.00000 - 0.000 0.000 NatWest Group 3rd 8322.000 10020.000 415.000L 2686.000 5.300L 14.300 0.00000 0.00000 - 0.000 3.500 Non-Standard Finance Int 77.228 74.146 102.749L 22.447L 32.770L 7.360L 0.00000 0.70000 - 0.000 2.700 Petropavlovsk Int 522.731 305.328 16.548 7.159 0.010L 0.000 0.00000 0.00000 - 0.000 0.000 Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes. NOVEMBER 2 2020 Section:Stats Time: 1/11/2020 - 14:34 User: peter.bailey Page Name: MARKET DATA 1, Part,Page,Edition: ASI, 10, 1