Asia edition

SATURDAY 8 JUNE / SUNDAY 9 JUNE 2019

WHY BANKERS The rural dream

Country living special

RUN
HOUSE & HOME
By the FT’s marathon-
racer and Wall Street
reporter Laura Noonan
LIFE & ARTS

US jobs blow spurs rate-cut debate Artist turned

3 Hiring far below forecasts 3 Chances rise of summer Fed move 3 Fears grow over trade
SAM FLEMING — WASHINGTON
PETER WELLS — NEW YORK
The US added just 75,000 jobs in May, a
sharp slowdown from a month earlier,
intensifying debate on whether the Fed-
eral Reserve needs to cut interest rates
to sustain a decade-long expansion and
counter drag from trade conflicts.
May hiring was far lower than the
median 185,000 predicted by econo-
mists. Employment gains in March and
April combined were revised lower,
meaning 75,000 fewer jobs were added
than previously reported, while year-
on-year wage growth was marginally
slower than expected.
Making waves
Russia and US
in near-miss
A US surveillance photo shows a Rus-
sian destroyer, left, making what the US
Navy described as an unsafe manoeuvre
against a US guided-missile cruiser in
the Philippine Sea yesterday.
Acting US defence secretary Patrick
Shanahan said Washington would lodge
a formal diplomatic protest to Moscow,
while a senior Russian parliamentarian
said such episodes could easily escalate
tensions between the two sides, which
were already “on a razor’s edge”.
In St Petersburg, President Vladimir
Putin, speaking alongside Chinese coun-
terpart Xi Jinping, warned that US trade
policy could end in an “all-out brawl”.
Global conflict page 2
The unemployment rate held steady
at 3.6 per cent, matching its lowest level
since 1969, but the disappointing hiring
data added to worries that the US econ-
omy is beginning to lose momentum as
trade tussles with China and other part-
ners dent corporate confidence.
Top Fed officials including chairman
Jay Powell have suggested they are will-
ing to cut rates if the outlook darkens
sufficiently. Analysts said the jobs data
heighten the chance of a summer cut.
The latest figures and revisions mean
that monthly job gains have averaged
164,000 in 2019, well below the average
gain of 223,000 per month in 2018.
Growth in gross domestic product is also
activist
Wolfgang
Tillmans has
Lunch with
showing signs of slowing, with the unexpectedly weak private sector jobs the FT
Atlanta Fed’s tracker pointing to annu- data for May published in the week,
alised growth of 1.5 per cent in the sec- which prompted markets to ramp up LIFE & ARTS
ond quarter, sharply below the 3.1 per bets that the Fed may have to deliver
cent in the first three months. three quarter-point interest rate cuts to
Gad Levanon, Conference Board support an economy already on edge.
economist, said slower hiring could in The US economy The yield on the policy-sensitive two-
part reflect automation efforts in added just year Treasury tumbled more than
response to a tight labour market. 75,000 jobs in 9 basis points on release of the data, to
But he added: “Today’s report is con- May, far lower 1.78 per cent. That took the yield back
sistent with the growing sentiment than the median towards a 17-month low struck this
among markets and economists that the 185,000 week after Mr Powell said he would “act
US economy is slowing down. Overall, predicted by as appropriate to sustain the expan-
today’s job report is another signal that economists sion”.
the Federal Reserve will consider a rate George Magnus page 7
cut later in 2019.” On Wall Street page 14
The non-farm payrolls followed The Long View page 18
LIFE & ARTS
A new kind of blue:
Ecopods in
the Seychelles
How to take
on China
LIFE & ARTS
US Navy handout via Reuters

Huawei ban brings its own security

risks, Google warns White House
KIRAN STACEY AND JAMES POLITI Huawei phones which, it argues, would announced a fresh set of measures tar-
WASHINGTON prompt the Chinese group to develop its geting the Chinese company. They
own version of the software. include giving the commerce depart-
Google has warned the Trump admin- Google believes a Huawei-modified ment power to ban Huawei from selling
istration it risks compromising US version of Android would be more sus- 5G equipment in the US, as well as a ban
Duterte daughter ready to national security if it pushes ahead ceptible to being hacked. Huawei has on American companies selling their
with restrictions on Huawei, as the said it would be able to develop its own products to the Chinese group.
take up her father’s cause technology group seeks to continue operating system “very quickly”. After the ban, Google suspended busi-
Analysis i PAGE 3 doing business with the blacklisted One person with knowledge of the ness with Huawei, cutting it off from
Chinese company. conversations said: “Google has been potential Android updates. But the
Senior executives at Google are pushing arguing that by stopping it from dealing administration has since granted a 90-
Australia A$10.00(inc GST) US officials to exempt it from a ban on with Huawei, the US risks creating two day reprieve for business to adjust.
Brunei B$8.00 exports to Huawei without a licence kinds of Android operating system: the Google executives have asked for either
China RMB30 approved by Washington, according to genuine version and a hybrid one. The another extension or to be exempted
Hong Kong HK$42 three people briefed on the issue. hybrid one is likely to have more bugs in altogether, according to those briefed on
India Rup260
Indonesia Rp48,000
The administration announced the it than the Google one, and so could put the talks. Groups representing US
Japan ¥630(inc JCT) ban after US-China trade talks col- Huawei phones more at risk of being microchip makers such as Qualcomm
Korea W5,000 lapsed, prompting protests from some hacked, not least by China.” are also worried about the impact the
Malaysia RM12.50 of the biggest US tech companies who Washington is concerned that tele- ban will have on business.
Pakistan Rupee 450 fear they could get hurt in the fallout. coms equipment sold by Huawei could Putin warning page 2
Philippines Peso 150 Google fears it would not be allowed to be used by Beijing for hacking. Last George Magnus page 7
Singapore S$7(inc GST)
update its Android operating system on month, the Trump administration Shadow over the valley page 12
Taiwan NT$150
Thailand Bht160
Vietnam US$5
World Markets
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2 ★
WORLD|
WEEK IN REVIEW|
Leaders pay tribute to international
alliances at D-Day commemorations
The 75th anniversary of D-Day brought homilies
from world leaders about the value of alliances and
co-operation in barely concealed digs at Donald
Trump’s America First policy and his attacks on glo-
bal bodies. French president Emmanuel Macron
urged the US president to cherish the alliance of free
peoples, saying: “That’s what the US did in creating
the United Nations and then Nato.”
Even Queen Elizabeth used a speech at the state
banquet honouring Mr Trump’s UK visit to highlight
the importance of international institutions.
The president began his UK trip in belligerent
mood. He ridiculed London mayor Sadiq Khan,
rebuked UK prime minister Theresa May over Brexit
and lauded Brexiters such as Nigel Farage.
Draghi lays ground for rate cut as
Australia and India take action
Central banks turned increasingly dovish, led by the
European Central Bank, which laid the ground for a
cut in interest rates and a fresh round of bond pur-
chases.
After the bank left rates unchanged, ECB president
Mario Draghi said “the policy space is there” for any
necessary measures. He specifically mentioned a
fresh expansion of the bank’s €2.6tn quantitative
easing programme and rate cuts as possibilities.
Australia and India needed no invitation. The
Reserve Bank of Australia cut rates for the first time
in nearly three years, seeking to boost inflation and
reduce unemployment. And India’s central bank car-
ried out its third rate cut of the year, looking to stem a
sharp economic slowdown.
World Bank chief laments global
trade decline and investment gloom
Both trade and investment volumes are down across
advanced economies
(year-on-year % change)
Trade Investment
2015-16 2017
Sources: Haver Analytics; World Bank
World Bank president David Malpass warned of
tumbling business confidence, deepening global trade
decline and sluggish emerging market investment as
the bank downgraded 2019 global growth forecasts.
Police raid broadcaster in Sydney
after probe into troops’ misconduct
Press freedom in Australia came under pressure
when police raided the offices of ABC after the state
broadcaster investigated allegations of unlawful kill-
ings and misconduct by Australian special forces in
Afghanistan. A separate story by News Corp over
secret government plans to expand the surveillance
powers of intelligence agencies prompted a raid on a
journalist’s home in Canberra.
Australian media lack the protection afforded by
the US Constitution or the European Convention on
Human Rights. Peter Fray, professor of journalism at
the University of Technology Sydney, said the newly
re-elected government seemed to have given the
green light to police to raid journalists.
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FRIDAY 31 MARCH 2017
Trump vs the Valley
Tech titans need to minimise
political risk — GILLIAN TETT, PAGE 13
HMRC warns
customs risks
being swamped
by Brexit surge
3 Confidence in IT plans ‘has collapsed’
3 Fivefold rise in declarations expected
JAMES BLITZ — WHITEHALL EDITOR
A computer system acquired to collect
duties and clear imports into the UK
may not be able to handle the huge
surge in workload expected once Britain
leaves the EU, customs authorities have
admitted to MPs.
HM Revenue & Customs told a parlia-
mentary inquiry that the new system
needed urgent action to be ready by
March 2019, when Brexit is due to be
completed, and the chair of the probe
said confidence it would be operational
in time “has collapsed”.
Setting up a digital customs system
has been at the heart of Whitehall’s
Brexit planning because of the fivefold
increase in declarations expected at
British ports when the UK leaves the EU.
FINANCIAL TIMES
About 53 per cent of British imports
come from the EU, and do not require
checks because they arrive through the
single market and customs union. But
Theresa May announced in January that
Brexit would include departure from
both trading blocs. HMRC handles 60m
declarations a year but, once outside the
customs union, the number is expected
to hit 300m.
The revelations about the system,
59th Floor, The Center,
called Customs Declaration Service, are
likely to throw a sharper spotlight on
whether Whitehall can implement a
host of regulatory regimes — in areas
ranging from customs and immigration
to agriculture and fisheries — by the
time Britain leaves the EU.
Central, Hong Kong. Problems with CDS and other projects
essential to Brexit could force London to
Subscriptions and
Shutdown risk as border
wall bid goes over the top
Customer Service Congressional Republicans seeking to
avert a US government shutdown after
April 28 have resisted Donald Trump’s
attempt to tack funds to pay for a wall
on the US-Mexico border on to
stopgap spending plans. They fear
that his planned $33bn increase in
Tel: +852 2905 5555, subseasia@ft.com
defence and border spending could
force a federal shutdown for the first
time since 2013, as Democrats refuse
to accept the proposals.
US budget Q&A and
Trump attack over health bill i PAGE 8
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© THE FINANCIAL TIMES LTD 2017
No: 39,435 ★
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ISSN 1025-918X
A Five Star plan?
Italy’s populists are trying to woo
the poor — BIG READ, PAGE 11
adjust its negotiation position with the
EU, a Whitehall official said. “If running
our own customs system is proving
much harder than we anticipated, that
ought to have an impact on how we
press for certain options in Brussels.”
In a letter to Andrew Tyrie, chairman
of the Commons treasury select com-
mittee, HMRC said the timetable for
delivering CDS was “challenging but
achievable”. But, it added, CDS was “a
complex programme” that needed to be
linked to dozens of other computer sys-
tems to work properly. In November,
HMRC assigned a “green traffic light” to
CDS, indicating it would be delivered on
time. But last month, it wrote to the
committee saying the programme had
been relegated to “amber/red,” which
means there are “major risks or issues
apparent in a number ofkey areas”.
HMRC said last night: “[CDS] is on
track to be delivered by January 2019,
and it will be able to support frictionless
international trade once the UK leaves
the EU . . . Internal ratings are designed
to make sure that each project gets the
focus and resource it requires for suc-
cessful delivery.”
HMRC’s letters to the select commit-
tee, which will be published today, pro-
vide no explanation for the rating
change, but some MPs believe it was
caused by Mrs May’s unexpected deci-
sion to leave the EU customs union.
Timetable & Great Repeal Bill page 2
Scheme to import EU laws page 3
Editorial Comment & Notebook page 12
Philip Stephens & Chris Giles page 13
JPMorgan eye options page 18
City watchdog sends a clear message as
banker loses job over WhatsApp boast
LAURA NOONAN — DUBLIN
JENNIFER THOMPSON — LONDON
A boastful WhatsApp message has cost
a London investment banker his job
and a £37,000 fine in the first case of
regulators cracking down on commu-
nications over Facebook’s popular
chat app.
The fine by the Financial Conduct
Authority highlights the increasing
problem new media pose for companies
that need to monitor and archive their
staff’s communication.
Several large investment banks have
banned employees from sending client
information over messaging services
including WhatsApp, which uses an
encryption system that cannot be
accessed without permission from the
user. Deutsche Bank last year banned
WhatsApp from work-issued Black-
STOCK MARKETS
Mar 30 prev %chg
S&P 500 2365.93 2361.13 0.20 $ per €
Nasdaq Composite 5902.74 5897.55 0.09 $ per £
Dow Jones Ind 20703.38 20659.32 0.21 £ per €
FTSEurofirst 300 1500.72 1493.75 0.47 ¥ per $
Euro Stoxx 50 3481.67 3475.27 0.18 ¥ per £ 139.035 137.822 £ index 76.705 76.951 US Gov 30 yr
FTSE 100 7369.52 7373.72 -0.06 € index 89.046 89.372 $ index 104.636 103.930 Ger Gov 2 yr
FTSE All-Share
CAC 40
Xetra Dax
Nikkei
Hang Seng
FTSE All World $
4011.01
5089.64
4011.80 -0.02 SFr per € 1.069 1.072 SFr per £ 1.244 1.238
5069.04 0.41 COMMODITIES
12256.43 12203.00 0.44
19063.22 19217.48 -0.80 Oil WTI $
24301.09 24392.05 -0.37 Oil Brent $
297.99 297.73 0.09 Gold $
WORLD BUSINESS NEWSPAPER
Lloyd’s of Brussels Insurance market
to tap new talent pool with EU base
Lloyd’s of London chose Brus-
sels over “five or six” other
cities in its decision to set up an
EU base to help deal with the
expected loss of passporting
rights after Brexit.
John Nelson, chairman of the
centuries-old insurance mar-
ket, said he expected other
Berrys after discussions with regulators.
Christopher Niehaus, a former Jeffer-
ies banker, passed confidential client
information to a “personal acquaint-
ance and a friend” using WhatsApp,
according to the FCA. The regulator said
Mr Niehaus had turned over his device
to his employer voluntarily.
The FCA said Mr Niehaus had shared
confidential information on the messag-
ing system “on a number of occasions”
last year to “impress” people.
Several banks have banned the use of
new media from work-issued devices,
but the situation has become trickier as
banks move towards a “bring your own
device” policy. Goldman Sachs has
clamped down on its staff’s phone bills
as iPhone-loving staff spurn their work-
issued BlackBerrys.
Bankers at two institutions said staff
are typically trained in how to use new
World Markets
CURRENCIES
Mar 30 prev Mar 30
1.074 1.075 € per $ 0.932
1.249 1.241 £ per $ 0.801
0.859 0.866 € per £ 1.164
111.295 111.035 ¥ per € 119.476 119.363 Jpn Gov 10 yr
Mar 30
50.22
52.98
1248.80
prev
49.51
52.54
1251.10
2018
insurers to follow. Most of the
business written in Brussels
will be reinsured back to the
syndicates at its City of London
headquarters, pictured above.
The Belgian capital had not
been seen as the first choice for
London’s specialist insurance
groups after the UK leaves the
media at work, but banks are unable to
ban people from installing apps on their
private phones.
Andrew Bodnar, a barrister at Matrix
Chambers, said the case set “a precedent
in that it shows the FCA sees these mes-
saging apps as the same as everything
else”.
Information shared by Mr Niehaus
included the identity and details of a
client and information about a rival of
Jefferies. In one instance the banker
boasted how he might be able to pay off
his mortgage if a deal was successful.
Mr Niehaus was suspended from Jef-
feries and resigned before the comple-
tion of a disciplinary process.
Jefferies declined to comment while
Facebook did not respond to a request
for comment.
Additional reporting by Chloe Cornish
Lombard page 20
INTEREST RATES
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0.930 US Gov 10 yr
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1.155 Ger Gov 10 yr
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%chg US 3m Bills
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0.84 UK 3m
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FTWeekend 8 June/9 June 2019
INTERNATIONAL
Output
Lacklustre German exports take toll
Central bank points to experiencing a marked cool-down,” the The weakness in trade comes amid ‘The latest with both domestic and external head-
Bundesbank said. “This is mainly attrib- fears that the US’s multi-front trade war winds, including the weakness of global
‘marked cool-down’ as it utable to the downturn in industry, is weighing on global growth, and fol- data mark a trade, slowdown in household con-
cuts growth forecasts where lacklustre exports are taking lows a day after data showed that in weak start sumption growth and regulatory confu-
their toll.” April the US recorded its biggest fall in sion in the auto sector,” Andrew Ken-
PHILIP GEORGIADIS — LONDON The weakness in the economy was exports since January 2016. to the ningham, chief Europe economist at
underlined by data released yesterday, Adding to the bleak picture for the second Capital Economics, said.
Weak exports are taking their toll on the as imports and exports slumped and eurozone’s biggest economy, the coun- Speaking after the European Central
German economy, the Bundesbank industrial production also fell more try’s powerhouse manufacturing sector quarter, and Bank announced it was prepared to use
warned while slashing its growth fore- than was expected. also declined more than expected in confirm our fresh stimulus to boost the eurozone’s
casts, as fresh data highlighted how “As things currently stand, the down- April. economy, ECB president Mario Draghi
trade and geopolitical tensions are feed- side risks predominate for economic German industrial production fell forecast of a said that despite a better than expected
ing into the global real economy. growth,” Bundesbank president Jens 1.9 per cent in April from March, worse setback in first quarter, the most recent indicators
The central bank blamed “lacklustre Weidmann said. than a forecast decline of 0.4 per cent. suggested global headwinds were still
exports” as it cut this year’s economic Exports fell 3.7 per cent month on “The latest data mark a weak start to overall weighing on the region.
output forecast to 0.6 per cent, down month in April to €109.7bn, while the second quarter, and confirm our activity’ The bank was ready to “use all the
from a forecast of 1.6 per cent in Decem- imports fell 1.3 per cent to €91.7bn, the forecast of a setback in overall economic instruments that are in the toolbox” if
ber. It slightly lowered forecasts for FederalStatisticsofficesaid.Thedeclines activity after surprisingly strong growth UniCredit the slowdown in the bloc’s export-
2020 and 2021, to 1.2 per cent and 1.3 were sharply worse than expected; a performance in the first quarter,” ana- driven manufacturing sector began to
per cent respectively. Reuters poll of economists had forecast lysts at UniCredit wrote. infect other parts of the economy, Mr
“The German economy is currently falls of 0.9 per cent and 0.2 per cent. “German industry is still struggling Draghi said.
Russia. Economic conference
Putin warns of trade war’s ‘road to conflict’
speaking the language of trade wars
President cements close ties [and] using arm-twisting and scare tac-
with China while warning US tics, non-market means, to eliminate
competition,” Mr Putin said.
of ‘all-out brawl with no rules’ “This is a road to endless conflicts,
trade wars and maybe not even only in
trade,” he added. “Figuratively speak-
MAX SEDDON AND NASTASSIA
ASTRASHEUSKAYA — ST PETERSBURG ing, an all-out brawl with no rules.”
For Mr Putin, the event was central to
US attempts to block China’s Huawei attempts to reorient Russia’s economy
and stop the Nord Stream 2 gas pipeline towards Asia and the Middle East.
to Europe are “economic raiding” and Mr Xi said China’s ties with Russia
will lead to trade wars that could end in were at “their highest level in history”.
global conflict, Vladimir Putin warned Trade between Russia and China rose
yesterday as the Russian president 24.5 per cent last year to hit a record
shared a stage with his Chinese counter- $108bn, while the countries used the
part Xi Jinping. forum to announce further trade,
“Global trade has stopped being the energy, and investment deals.
unquestioned driver of the global econ- “We don’t have a relationship as deep
omy,” Mr Putin said at a showcase eco- and broad as we do with China with any
nomic conference in St Petersburg. other country in the world today,” Mr
“Take the situation with Huawei, Putin said, adding that he had stayed up
5 which they are trying not just to squeeze until midnight talking to Mr Xi. “Russia
Forecast but presumptuously push out. Some cir- and China’s co-operation on the global
4
cles have even called it the first techno- arena is doubtlessly an important factor
3 logical war of the emerging digital era,” for stability in global affairs.”
2 Mr Putin added. Initially conceived to show off Russia’s
The leaders used their appearance to openness to investment, the forum has
1 show off closer ties at a time when both since become an odd hybrid, highlight-
0 countries have been embroiled in rising ing the country’s attempt to modernise
2019 tension with the US administration of its struggling economy while maintain-
President Donald Trump. ing its defiant foreign policy. Attend-
Sanctions and an inquiry by special ance from western business has dwin-
counsel Robert Mueller into Russia’s dled, increasingly so since the arrest of
meddling in the 2016 presidential elec- US private equity executive Michael
tion mean US-Russia relations are at Calvey in February.
their lowest point since the cold war. In his first public comments on Mr
Meanwhile, China and the US have Calvey — whose arrest on fraud charges
been exchanging blows in a trade war. In China’s president Xi Jinping and Vladimir Putin leave the St Petersburg forum — Maxim Shemetov/Reuters shocked Moscow’s business community
thinly veiled remarks yesterday, Mr Xi — Mr Putin backed the case against him,
condemned “reverse globalisation and which he said he hoped would be “public
hegemonism” and said global disputes Close quarters The US cruiser was on “a steady course and and transparent.” He said: “He’s accused
should be solved by “mutual respect”. US and Russian navies in war of speed when the Russian ship . . . manoeuvred of stealing Rbs2.5bn. Lots of his part-
China was “committed to resolving from behind and to the right of the ners, including those here, claim it’s not
unbalanced global economic develop- words after ships’ near miss Chancellorsville, accelerated and closed to an true. Maybe. But law enforcement and
ment,” he added. unsafe distance,” the US navy said. the court system should work it out.”
Mr Xi was accompanied by Huawei The US and Russian navies blamed each other The statement said the cruiser, one of the most Mr Putin said he was ready to meet
rotating chief executive Guo Ping, who after two of their warships almost collided in powerful ships in the US Navy with the latest Ukraine’s new president Volodymyr
signed a deal on Thursday to build 5G broad daylight and calm conditions in the Pacific version of the so-called Aegis weapons system, Zelensky, who said this week that Kiev’s
networks in Russia with MTS, Russia’s Ocean south of Japan yesterday. which uses computers and radar to identify and drive to join the EU and Nato would
largest mobile operator. Video and still images released by the US Navy destroy threats, was forced to put its engines into mark “the death of Russia’s imperial
The deal was in contrast to Huawei’s showed Russia’s Admiral Vinogradov, a destroyer, reverse to avoid a collision. project”. But the Russian president
treatment in the US, which in effect close rapidly on the USS Chancellorsville, a In response, Moscow said the crew of the offered little indication he would ease
banned the company from selling tech- guided-missile cruiser, before seemingly changing Chancellorsville had “suddenly changed course” his country’s stance on peace talks.
nology to the US market last month and course at the last minute to avoid a collision. crossing the path of the Vinogradov at a distance “He’s a good actor, but it’s one thing to
has moved to stop it buying crucial sem- In a statement the US Seventh Fleet, which is of 50 metres, Russian news agency Tass reported. be an actor, and another to be someone,”
iconductors from US suppliers. based in Japan, said the Russian vessel had closed It said the close encounter took place in the he said of Mr Zelensky. “He’s still [call-
“States that previously promoted the to “approximately 50-100 feet putting the safety south-eastern part of the East China Sea, while ing] us enemies and aggressors. He
principles of free trade, and fair and of [the Chancellorsville’s] crew and ship at risk”. the US said it was in the Philippine Sea. needs to work out what he wants to
transparent competition have started achieve.”
Culture war
Polish artists say removal of works is conservative censorship
UK £2.70 Channel Islands £3.00; Republic of Ireland €3.00
JAMES SHOTTER — WARSAW Catholic values against liberals who the National Museum by Poland’s right- Mr Miziolek said that this was due to a
Dear Don...
want to challenge them. wing government last year, told Polish pre-existing plan to try to rotate the
May’s first stab at the break-up
letter — ROBERT SHRIMSLEY, PAGE 12
Katarzyna Kozyra had just landed in
Recently the two sides have clashed newspaper Gazeta Wyborcza that the Museum’s collection more frequently.
New York to open an exhibition of her
UK £3.80; Channel Islands £3.80; Republic of Ireland €3.80 SATURDAY 1 APRIL / SUNDAY 2 APRIL 2017
Briefing
THE END
i US bargain-hunters fuel Europe M&A
Europe has become the big target for cross-border
over everything from paedophilia in the works had been removed in reaction to But his critics are unimpressed. “I am
dealmaking, as US companies ride a Trump-fuelled
equity market rally to hunt for bargains across the
HOW DRIVERLESS
OF THE TECHNOLOGY IS
Atlantic.— PAGE 15; CHINA CURBS HIT DEALS, PAGE 17
work when the Polish artist heard that
i Report outlines longer NHS waiting times
A report on how the health service can survive CHANGING AN
ROAD
more austerity has said patients will wait longer for
non-urgent operations and for A&E treatment while AMERICAN WAY OF LIFE Censors and sensitivity
some surgical procedures will be scrapped.— PAGE 4
Church to LGBT rights — and with an numerous complaints from the public. very interested in seeing what . . . will
i Emerging nations in record debt sales Warning: this article may be
FT WEEKEND MAGAZINE
FEBRUARY 4 2017
Developing countries have sold record levels of
government debt in the first quarter of this year,
upsetting — LIFE & ARTS
one of her videos had been removed
taking advantage of a surge in optimism toward
emerging markets as trade booms.— PAGE 15
Credit Suisse Art of persuasion Mystery deepens
i London tower plans break records
How To Spend It
election looming this autumn, tensions In one instance, a mother complained be deemed ‘invisible’,” Ms Kozyra wrote
A survey has revealed that a
record 455 tall buildings are
planned or under construction
in London. Work began on
over disputed painting of Jane Austen
engulfed in
almost one tower a week
from the National Museum in Warsaw.
during 2016.— PAGE 4
i Tillerson fails to ease Turkey tensions
The US secretary of state has failed to reconcile
fresh tax probe
are likely to remain high. that her son had been traumatised by in an acerbic Facebook post. “Is it what
tensions after talks in Ankara with President Recep
Tayyip Erdogan on issues including Syria and the
extradition of cleric Fethullah Gulen.— PAGE 9
Chic new lodgings
i Toshiba investors doubt revival plan
in Scotland
In a stormy three-hour meeting, investors accused MAGAZINE
managers ofhaving an entrenched secrecy culture
3 UK, France and Netherlands swoop
and cast doubt on a revival plan after Westinghouse
filed for Chapter 11 bankruptcy protection.— PAGE 16
3 Blow for bid to clean up Swiss image
“Funnily enough, the same video that The removals have triggered accusa- his visit to the museum. they were trying to turn off this last
i HSBC woos transgender customers
The bank has unveiled a range of gender-neutral
RALPH ATKINS — ZURICH it followed “a strategy offull client tax
DUNCAN
titles such asROBINSON — BRUSSELS
“Mx”, in addition to Mr, Mrs, Misscompliance”
or but was still trying to
Ms, in a move to embrace diversity and cater togather the information about the probes.
Credit
needs Suisse hascustomers.
of transgender been targeted by
— PAGE 20 HM Revenue & Customs said it had
sweeping tax investigations in the UK, launched a criminal investigation into
France and the Netherlands, setting suspected tax evasion and money laun-
back Switzerland’s attempts to clean up dering by “a global financial institution
Datawatch
had been taken out [in Poland] was one tions of censorship, something the Amid the uproar, the works were [month]? The voice of women, a
its image as a tax haven. and certain ofits employees”. The UK
AFP
Terror attacks inwith
co-operating
were contacted
Highlighted
western
attack byOthers
Europe after
authorities
offices in London, Paris and Amsterdam
Recent
Japan: Nikkei Tokyo Newspaper Printing Center, Inc.,
The Swiss bank said yesterday it was tax authority added: “The international
reach
itsattacks
notably the message
2011
— of this investigation sends a clear
that there is no hiding place for
massacre bythose seeking to evade tax.”
local officials
“concerning client tax matters”. Anders BreivikDutch
Norway, the
in prosecutors, who initiated the
Dutch authorities said their counter- action, said they seized jewellery, paint-
The lure of the exotic
Robin Lane Fox on the flair
of foreign flora — HOUSE & HOME
parts in Germany wereBrussels attacks in Paris
also involved, ings and gold ingots as part of their
EU, with Dublin and Luxem-
1-10-5, Shinonome, Koto-Ku, Tokyo 135-0062
while Australia’s revenue department and Nice, and the while French officials said their
probe;
bourg thought to be more likely Norway Brussels suicide
said it was investigating a Swiss
Nice bank. investigation had revealed “several
of those we were showing in New York,” museum and Poland’s culture ministry briefly returned to the gallery. However, woman’s point of view?”
homes for the industry. But Paris bombings — have
Mr Nelson said the city won on The inquiries threaten to undermine thousand” bank accounts opened in
bucked the trend
its transport links, talent pool efforts by the country’s banking sector Switzerland and not declared to French
of generally low
and “extremely good regula- to overhaul business models and ensure tax authorities.
fatalities from
tory reputation”. customers meet international tax The Swiss attorney-general’s office
Sources: Jane’s Terrorism and Insurgency Centre terror incidents in
requirements following a US-led clamp- said it was “astonished at the way this
Lex page 14 western Europe
Insurers set to follow page 18
billions of dollars in fines.
Representative; Hiroko Hoshino; ISSN 0915-9460
down on evaders, which resulted in operation has been organised with the
deliberate exclusion of Switzerland”. It
The probes risk sparking an interna- demanded a written explanation from
tional dispute after the Swiss attorney- Dutch authorities.
Ms Kozyra, a leading figure in Poland’s deny, and an avalanche of criticism, it has since been closed for refurbish- Artists have frequently clashed with
general’s office expressed “astonish- In 2014, Credit Suisse pleaded guilty
ment” that it had been left out of the in the US to an “extensive and wide-
actions co-ordinated by Eurojust, the ranging conspiracy” to help clients THE RISE
Escape OF
the taper ECO-GLAM
trap
EU’s judicial liaison body.
Credit Suisse, whose shares fell 1.2 per
South Korea: Maeil Business Newspaper, 30-1, 1-Ga,
evade tax. It agreed to fines of $2.6bn.
Additional reporting by Laura Noonan in
cent yesterday, identified itself as the Dublin, Caroline Binham and Vanessa
subject ofinvestigations in the Nether-
lands, France and the UK. The bank said in Paris
Houlder in London, and Michael Stothard
Austen’s descendants insist the Rice portrait depicts her as a girl — see magazine Bridgeman Art Library
How high earners can evade
a pension headache — FT MONEY
contemporary art movement, said in an with several hundred people descend- ment, and when it opens again this Polish conservatives, particularly over
Pil-Dong, Jung-Ku,
stance on Brexit Seoul, 100-728
Brussels takes tough
with Spain handed veto over Gibraltar
390_Cover_PRESS.indd 1 19/01/2017 13:57
Singapore: Singapore Press Holdings Ltd, 2 Jurong
interview at her art-filled home in a ing on the National Museum last month month with a new exhibition — ironi- religion. But Ms Kozyra says that the
ALEX BARKER — BRUSSELS ambitious trade and airline access deals. mise. If Britain wants to prolong its
GEORGE PARKER — LONDON Gibraltar yesterday hit back at the status within the single market after
STEFAN WAGSTYL — BERLIN clause, saying the territory had “shame- Brexit, the guidelines state it would
The EU yesterday took a tough opening fully been singled out for unfavourable require “existing regulatory, budgetary,
stance in Brexit negotiations, rejecting treatment by the council at the behest of supervisory and enforcement instru-
Living wage rise to pile
pressure on care services
Port Road, 619088
Britain’s plea for early trade talks and
explicitly giving Spain a veto over any
arrangements that apply to Gibraltar.
Spain”. Madrid defended the draft
clause, pointing out that it only reflected
“the traditional Spanish position”.
ments and structures to apply”.
Mr Tusk wants talks on future trade
to begin only once “sufficient progress”
quiet corner of the Polish capital. to eat bananas in protest. cally named “Visible Invisible” — the battles over art in the 1990s and early
Senior EU diplomats noted that has been made on Britain’s exit bill and
About 2.3m people will benefit from European Council president Donald Mr Tusk’s text left room for negotiators citizen rights, which Whitehall officials
today’s increase in the national living Tusk’s first draft of the guidelines, to work with in coming months. Prime believe means simultaneous talks are
wage to £7.50 per hour. But the rise which are an important milestone on minister Theresa May’s allies insisted possible if certain conditions are met.
will pile pressure on English councils,
which will have to pay care workers a
lot more. Some 43 per cent of care
staff — amounting to 341,000 people
aged 25 and over — earn less than the
Representative, Anjali Mahindroo
the road to Brexit, sought to damp Brit-
ain’s expectations by setting out a
“phased approach” to the divorce proc-
ess that prioritises progress on with-
drawal terms.
that the EU negotiating stance was
largely “constructive”, with one saying it
was “within the parameters of what we
were expecting, perhaps more on the
upside”.
Boris Johnson, the foreign secretary,
reassured European colleagues at a
Nato summit in Brussels that Mrs May
had not intended to “threaten” the EU
when she linked security co-operation
“At first I didn’t pay so much attention What particularly angered Ms Kozyra works will not be on display. 2000s were because, under Commu-
new living wage and the increase is The decision to add the clause giving British officials admitted that the EU’s after Brexit with a trade deal.
expected to cost councils’ care services Spain the right to veto any EU-UK trade insistence on a continuing role for the Reports & analysis page 3
price yield chg
£360m in the coming financial year. deals covering Gibraltar could make the European Court of Justice in any transi- Jonathan Powell, Tim Harford &
98.87 2.38 0.00
Analysis i PAGE 4 300-year territorial dispute between tion deal could be problematic. Man in the News: David Davis page 11
100.46 1.21 -0.03
Madrid and London an obstacle to Brussels sees little room for compro- Henry Mance page 12
98.68 0.39 -0.01
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because [scandals over my art] are was the fact that the works removed nism, people had little exposure to criti-
© THE FINANCIAL TIMES LTD 2017 FTSEurofirst 300 1503.03 1500.72 0.15 ¥ per $ 111.430 111.295 ¥ per € 119.180 119.476 Jpn Gov 10 yr 100.36 0.07 0.00
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already boring for me. But when I heard were all by prominent female artists cal art. But she believes that the more
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Reproduction of the contents of this newspaper
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in any manner is not permitted without the some interviews [about what had hap- who have helped revolutionise the recent fights have a more political edge.
publisher’s prior consent. ‘Financial Times’ and pened] I got a bit angry.” Polish modern art scene, and in doing so Despite the latest row, Ms Kozyra said
‘FT’ are registered trade marks of The Financial
Times Limited.
As well as “Appearance as Lou challenged the views of more conserva- she had no intention of changing how
Salomé” — in which Ms Kozyra dresses tive parts of society. she approaches her work.
The Financial Times and its journalism are subject to up as a fin de siècle femme fatale and “You don’t just remove artworks dur- But she worries about the impact on
a self-regulation regime under the FT Editorial Code
of Practice: www.ft.com/editorialcode
takes two actors dressed as dogs for a ing an exhibition,” Ms Kozyra said. “Of less prominent artists who do not neces-
walk — the museum removed Natalia course you can change them, but not sarily have the chance to exhibit their
Reprints are available of any FT article with your LL’s “Consumer Art” in which a topless during an exhibition. And even if you work abroad.
company logo or contact details inserted if required woman eats a banana, and a video by can change them, you cannot erase “I don’t think we have self-censorship
(minimum order 100 copies). One-off copyright
licences for reproduction of FT articles are also the duo Sedzia Glowny. artistic achievements, especially those of artists and journalists, writers yet,
available. The furore over these works is part of by women whose work has had a totally because there is still a field to fight on.
For both services phone +44 20 7873 4816, a culture war pitting conservatives bent new impact on art.” Katarzyna Kozyra: believes recent The battle is still on, so people are still
or alternatively, email syndication@ft.com
on preserving Poland’s traditional, Jerzy Miziolek, appointed director of fights over art have a political edge fighting,” she said.
8 June/9 June 2019 ★ FTWeekend 3

INTERNATIONAL

Philippine
strongman’s
scion comes
out fighting
Sara Duterte is increasingly being seen by
Filipinos as contender to succeed her father
JOHN REED — MANILA
Sara Duterte first became a national fig-
ure in the Philippines in 2011 when, as
mayor of the southern city of Davao, she
was filmed punching a court sheriff
during a dispute over the demolition of a
shanty town.
Since her father Rodrigo Duterte’s
2016 presidential victory, she has been
propelled further into the national spot-
light. She has been seen alongside the
populist strongman at official functions,
even acting as first lady during the
recent state visit by Chinese president
Xi Jinping.
Now, midway through her father’s six-
year term, the pugnacious, motorcycle-
loving “first daughter” is increasingly
seen by Filipinos as the frontrunner in
the race to follow him into office.
The 41-year-old politician, who
worked alongside her father in Davao
City when he was establishing his own
career in local politics, has not declared
her intention to run in the 2022 race.
But she has been quietly building her
political base on the national stage over
the past year, in what many see as an
attempt to succeed her popular father.
Ms Duterte would be the “strongest”
candidate for the job because she shares
her father’s “connection with the peo-
ple”, said Imee Marcos, a newly elected
senator and daughter of the late dictator
Ferdinand Marcos, last month.
Mr Duterte’s spokesman, Salvador
Panelo, said this year that he “won’t be
surprised” if Ms Duterte becomes presi-
dent.
Ms Duterte and Mr Panelo were not
available for interviews.
“Sara is a shoo-in already,” said Aries
Arugay, associate professor of political
science at the University of the Philip-
pines.
Mr Duterte has three other children
including Paolo Duterte, a congressional
representative, but Ms Duterte is seen as
the sole serious heir to her father’s polit-
ical legacy. Filipino voters also like polit-
ical dynasties: two of the three most
recent Philippine presidents are chil-
dren of former ones. Ferdinand “Bong-
bong” Marcos Jr, the son of the late dic-
tator, told the Financial Times last year
that he wanted the job.
Ms Duterte differs from her father.
But if she succeeds him, it would be seen
as entrenching the policies and political
culture of a president who, though he
enjoys the support of a large majority of
Filipinos, has been criticised for attacks
on the media and the judiciary, and a
war on drugs that has killed thousands
of people.
“She is different enough from Duterte
for us not to panic over her potential
presidency, but she’s similar enough to
ensure that the institutional damages
inflicted on our liberal democratic tra-
ditions will not be reversed,” said Rich-
ard Javad Heydarian, author of a book
on Mr Duterte, and a fellow at the
Punchy politics: National Chengchi University in Taiwan.
Davao city Speculation about presidential suc-
mayor Sara cession has heated up amid uncon-
Duterte, right, firmed reports that Mr Duterte’s health
hits court sheriff is failing.
Abe Andres The 74-year-old president has been
during a dispute missing from public view recently for
at an informal days at a time. He remained seated last
settlers’ week for the awarding of diplomas at
community in the Philippine Military Academy, get-
2011 — AP ting up from his chair to bestow only
two. Mr Duterte suffers from Buerger’s
disease, a condition that causes inflam-
mation of the blood vessels. He recently
declined to confirm or deny he visited a
medical centre in Metro Manila.
If the health of the president were to
turn significantly worse, it would inten-
sify questions over the chosen heir to
Dutertismo, the rough brand of pop-
ulism he has brought to the Philippines.
Ms Duterte, a lawyer, shares her
father’s brawling style but has differen-
tiated herself during more than a dec-
ade in politics, during which she
swapped the roles of mayor and vice-
mayor with her father. When Mr
Duterte made a widely condemned rape
joke about a slain missionary while on
the campaign trail in 2016, Ms Duterte
said she herself had been a victim of
rape. She is seen as an advocate of both
women’s rights and the poor.
“She’s a political personality in her
own right,” said Ramon Casiple, execu-
tive director of the Institute for Political
and Electoral Reform. “There’s a per-
ception among many Davaoeños that
she’s better than the father — more
organised.”
A run by Ms Duterte would benefit
from the near disappearance from the
political scene of the Philippines’ liberal
opposition, which was thrashed in the
2016 elections and suffered further
losses in midterm elections last month.
Last year, Ms Duterte formed her own
political party, Faction for Change, in a
move analysts say will bolster her base
in the outer regions of the Philippines —
an essential element of seeking higher
office in 2022.
‘She’s a Like her father, Ms Duterte has an eye
for media-friendly splashes. She hit the
political campaign trail in the recent midterm
personality senatorial election on the back of two
big bikes, helping deliver a sweep for
in her own pro-Duterte candidates.
right . . . However, even with a growing base
and the legacy of her father’s name, Ms
There’s a Duterte has not been tested in a national
perception election and there will be other con-
tenders. Investigative journalists have
among just begun digging into Ms Duterte’s
many that wealth and that of her lawyer husband
Mans Carpio, a topic likely to resurface
she’s better in any campaign.
than the “I think she has good political pros-
pects because of her father,” Antonio La
father’ Viña, a professor of law and politics at
the Ateneo School of Government, said.
“That’s the only reason she’s a con-
tender: because she’s the daughter of the
president, and the president has control
of all the institutions — legal, govern-
mental and political — in the Philip-
pines.”
Additional reporting by Guill Ramos

Advertising

Nasa opens space station for business

RICHARD WATERS — SAN FRANCISCO
Nasa is opening up the International
Space Station for tourism and commer-
cial marketing, as the US space agency
looks to cut spending on the 20-year-
old project and free up more money to
explore the moon and beyond.
In an interim directive released yester-
day, the agency said it would expand the
very limited commercial activities it
already allows on its half of the space
station. Russia already permits private
astronauts and other commercial activi-
ties on its segment of the ISS.
“Nasa has been trying to open up ISS
to commercialisation for a long time,
but very few companies have had any
interest,” said Laura Forczyk at Astral-
ytical, a US space consultancy. Until
now, private companies have been lim-
ited to conducting research, but few
have seen any return due to the high
costs of getting to space, she added.
Nasa’s latest move throws open the
doors of the ISS to private astronauts,
manufacturing products that benefit
from being made in a microgravity envi-
ronment, and other commercial and
marketing activities.
Use of the facilities will come at a
hefty price. Access to the space station’s
“regenerative life support and toilet”
will cost $11,250 a day, with another
$22,500 daily charge for crew supplies
such as food, air and exercise equip-
ment. Other extras guaranteed to make
the ISS the most expensive hotel on or
off the planet include $42 for a kWh of
‘Nothing in the station
was designed to be
commercial — there are
a lot of technical issues’
power and $50 to send a gigabit of data
back to earth.
“There’s a lot of interest in marketing
on the space station,” said Ms Forczyk,
though she said it was unclear how per-
missive Nasa would be. “What are the
limits imposed on that: will anybody be
allowed to market, and in what ways?”
The agency will have considerable
discretion, giving it a say over whether
for example the ISS is used as the ulti-
mate backdrop for a beer commercial
during next year’s Super Bowl. The
agency’s directive requires marketing
activities to either “have a nexus to the
Nasa mission” or to “support the devel-
opment of a sustainable [low earth
orbit] economy”. It also spells out cer-
tain limits, such as not using Nasa logos
or the likenesses of its astronauts in any
marketing, and requires marketing to
be “factually accurate”.
One problem for private companies
looking to venture into space is that
“nothing in the station was designed to
be commercial — there are a lot of tech-
nical issues that make it not super-
optimal”, said Greg Autry, a former
White House liaison to Nasa. For
instance, companies looking to carry
out research in microgravity face the
challenge of having “an astronaut on a
piece of exercise equipment next to it,
bouncing it up and down”, he added.
The Trump administration has been
looking for ways to reduce government
spending of around $3.5bn a year on the
ISS. A proposal last year to bring an end
to the project met resistance on Capitol
Hill. “There are certainly ways we can
get commercial value out of it and
extend its life for use in research and the
economy,” said Mr Autry.

Trade dispute

China propaganda campaign censors blogs

CHRISTIAN SHEPHERD — BEIJING
Censors at two of China’s largest social
media companies appear to have taken
aim at independent financial bloggers,
as Beijing continues pumping out prop-
aganda to garner public support for its
trade dispute with the US.
At least 10 popular financial analysis
blogs on social media app WeChat had
all present and past content scrubbed,
according to screenshots posted by
readers. The Weibo accounts of two
non-financial popular bloggers, includ-
ing Wang Zhian, a former state broad-
cast commentator who wrote about
social issues, were also blocked.
One Shenzhen-based blogger blocked
on WeChat, whose articles were still
available on another social media
platform, had recently written about
Chinese tech group Huawei being put
on a US export blacklist, saying that
Chinese government support could
help the company withstand pressure
from the US.
The opacity of Chinese censorship
means it is unclear whether the
accounts were wiped by the companies
themselves or at the request of the
authorities. Sina Weibo and WeChat-
owner Tencent did not respond to
requests for comment.
China’s government and its state-run
media have in recent weeks ramped up
nationalist rhetoric targeting the US,
after talks between the two countries
ended without a deal, worsening the
acrimonious trade dispute. Officials
often emphasise that China’s economy
and high-tech industries can withstand
whatever measures Washington throws
at them.
In recent years, China’s cyber-space
regulators have launched a sweeping
campaign to “clean up” the Chinese
internet, targeting in particular a group
of bloggers known as “self-media” that
publish articles outside the approval of
government-controlled publishing
licences — 9,800 such accounts were
closed last year.
Once deemed largely safe from
sweeping censorship, economic analysis
and reporting has in recent years found
itself increasingly in the censors’ sights
as growth, a key source of Communist
party legitimacy, slows.
In the early stages of the trade dis-
pute, some Chinese economists broke
with the Chinese leadership to argue
that Beijing’s model of state-led devel-
opment was to blame, rather than the
hardline policies of the US.
Such views are now rarely expressed
in public, and liberal thinkers who ques-
tion the official party line or carry out
independent assessments of Chinese
growth, such as Beijing-based think-
tank Unirule Institute of Economics,
have found themselves at odds with the
authorities.
The crackdown on commentators
writing about the economy comes dur-
ing extensive efforts by China’s leader-
ship to promote its favoured narrative
on the trade dispute with the US.
George Magnus Opinion
4 ★ FTWeekend 8 June/9 June 2019

INTERNATIONAL

Report to Security Council Trump demands

‘State actor’ linked to oil tanker attacks Mexico offers

UAE asks UN to hold
‘perpetrators accountable’
but stresses de-escalation
DANIEL SHANE — HONG KONG
SIMEON KERR — DUBAI
Attacks on four oil tankers off the coast
of the United Arab Emirates last month
were “most likely” perpetrated by a
“state actor”, the UN Security Council
has been told. But the UAE’s joint inves-
tigation did not specify which country
was believed to be behind the attacks,
which US officials have said they sus-
pect were carried out by Iran.
In a statement outlining its briefing to
the Security Council on Thursday, the
UAE’s permanent representative to the
UN said a preliminary investigation into
the May 12 incident found evidence of a
“sophisticated and co-ordinated opera-
tion carried out by an actor with signifi-
cant operational capacity”.
The perpetrators were divers deployed
from speed boats who attached mines to
the four ships, a report said.
Tensions in the Gulf spiked last month
after the sabotage of the oil tankers, a
drone attack on Saudi oil infrastructure
claimed by the Iran-allied Yemeni
Houthi militia and a rocket explosion
near the US embassy in Baghdad.
The incident heightened fears that
shipping lanes in the Gulf, crucial to
Football. Gender disparity
much of the world’s oil exports, could
become flashpoints as tensions escalate
between the US, its Arab allies and Iran.
John Bolton, the hawkish US national
It was a ‘co-ordinated
operation carried out by
an actor with significant
operational capacity’
security adviser, has blamed Iran for the
tanker attack, warning of a “very strong
response from the US” against the
Islamic republic and its proxies.
The US has bolstered its military pres-
ence in the Gulf with additional troops,
bombers and an aircraft carrier group.
US officials have said this is to deter any
further incidents.
The UAE, with close ally Saudi Arabia,
has been leading attempts to challenge
regional rival Iran’s influence in the
Arab world, from Syria and Lebanon to
Iraq and Yemen. It welcomes the Trump
administration’s withdrawal from the
2015 nuclear pact and backs tougher
sanctions on Iranian crude exports.
Anwar Gargash, the UAE minister of
state for foreign affairs, called on the
Security Council to help hold the “per-
petrators accountable” while also
stressing de-escalation.
Abdallah al-Mouallimi, the Saudi
ambassador to the UN, said: “We believe
that the responsibility for this action lies
on the shoulders of Iran. We have no
hesitation in making this statement.”
Tehran has distanced itself from the
tanker incident and warned against
“adventurism” in the region. Iran’s for-
eign ministry spokesman said in the
aftermath of the incident that it was
“worrisome” and “regretful”.
The investigation said that the sabo-
tage of the vessels, required the expert
navigation of fast boats that were able to
intrude into UAE territorial waters and
withdraw the operatives after delivering
the charge. The attacks were designed to
“incapacitate the ships without sinking
them or detonating their cargoes”, the
report said.
US 6,000
border police
in tariff talks
concession
JUDE WEBBER — MEXICO CITY
JAMES POLITI — WASHINGTON
The Mexican government has offered
the White House a deployment of
6,000 members of its newly created
National Guard police force to its
southern border to stop the inflow of
migrants from Central America in an
effort to fend off Donald Trump’s tariff
threat.
The concession helped drive a positive
tone in the talks, with Marcelo Ebrard,
Mexico’s foreign minister, telling report-
ers after a meeting at the state depart-
ment that the two sides were “advancing
in order to reach an agreement”. He said

Women’s World Cup kicks off with money row
Despite growing audiences,
resources are meagre when
compared with men’s game
MURAD AHMED
SPORTS CORRESPONDENT
When France and South Korea kicked
off the opening match of the Women’s
football World Cup in Paris yesterday, it
marked a seminal moment for the sport.
The month-long tournament is pro-
jected to gain a record television audi-
ence of around 1bn viewers worldwide,
with more than 720,000 tickets already
sold for matches.
But the growing success of the quad-
rennial competition is in stark contrast
to the meagre resources available to
female footballers compared with their
male counterparts — leading to a fierce
debate about how best to grow the sport.
“If the men’s World Cup reaches
between 3.5bn and 4bn people and gen-
erates $6.5bn in revenue, then the
Women’s World Cup, which has an audi-
ence of 1bn, should pull in at least
$1.5bn,” said Fifa president Gianni
Infantino during the annual congress
meeting of world football’s governing
body this week. “But it [does] not. It
generates far less. That’s why we have to
invest in the women’s game.”
Fifa’s plan is to increase development
funding for women’s football at the
grassroots level, pledging to double the
number of female players globally to
60m by 2026 to improve the standard of
play and spark commercial interest.
But on the eve of the tournament,
Australia’s professional union has
threatened to take Fifa to court in a bid
to force it to equalise the prize money
for the men and women’s World Cup.
The move is supported by Hope Solo,
the former USA goalkeeper, who is lead-
ing a lawsuit against US Soccer to seek
equal pay between the country’s male
and female footballers. She told the BBC
that the argument over prize money
“tells me that male chauvinism is
entrenched in our global federation and
these disparities are a reflection of that”.
At the Women’s World Cup, $30m will
be shared in prize money between the
24 participating teams — double the
amount for the 2015 event. But this
compares to about $400m available for
the men’s World Cup teams last year.
Ebru Koksal, chair of the UK-based
Challenge: Women in Football campaign group and
England’s Lucy a former chief executive of Galatasaray,
Bronze, right, the Turkish club, acknowledged that
seen here the sport’s finances were underpinned
playing for club by interest in the men’s game, which
side Lyon, is a garners multibillion-dollar broadcast-
star of the ing and sponsorship deals.
women’s game But she argued that governing bodies
but many other should spend more to increase profes-
players resort to sionalism among female footballers,
second jobs to which would create a better spectacle
supplement and attract broadcasters and commer-
their income cial sponsors to the women’s game.
Franck Fife/AFP/Getty
“Investment upfront is needed,” said
Ms Koksal. “That will grow the game to
the levels that will be profitable for
everyone involved.”
This model has succeeded at Olym-
pique Lyonnais — known to fans simply
as Lyon — the French club whose sta-
dium will host the World Cup final next
month. The club’s women’s team is
reportedly funded with an annual
budget of €7m-€8m, with players paid
up to €10,000 a month. Though this is
far less than the club’s male footballers,
it is among the highest wage offered to
female players anywhere in the world
and has attracted stars who will play at
the World Cup, such as France’s Amand-
ine Henry, Lucy Bronze of England and
Germany’s Dzsenifer Marozsan.
Earlier this year, Lyon women won
their fourth consecutive European
Champions League title. The club has
said its female side breaks even, attract-
ing large crowds and corporate sponsor-
ship, including a deal signed last month
with credit card group Mastercard for
an undisclosed sum.
But such investment is rare. Accord-
ing to a report by FIFPRO, the global
footballers union, which surveyed
nearly 3,600 players in women’s leagues
around the world, female footballers
earn just $600 a month on average.
Nearly half of top level players have no
official contract and are forced to sup-
plement their income with second jobs.
There have been signs of steady
that new talks taking place yesterday
could be “one of the last sessions” in the
effort.
However, Mr Ebrard ducked a ques-
tion about whether Mexico had
1bn accepted changes to asylum rules that
Television viewers would declare Mexico a “safe third
expected worldwide country” — allowing the US to turn back
for this year’s seekers of refugee status from Central
tournament, which America at the border, instead of
would be a record processing their claims in the US.
720,000 ‘I’m encouraged they came
Tickets already sold
for matches at the today with more, but it
month-long
competition being
will be a matter for the
held in France president to consider’
$30m Although Mexico has moved towards
accepting some of President Trump’s
Prize money shared
among 24 women’s demands, its top officials have said they
teams compared would only take action to curb migra-
with about $400m tion that would be both dignified and
for men’s teams in effective.
last year’s contest At the same time, senior Trump
administration officials were ploughing
$600 ahead with plans to slap levies on Mexi-
can imports next week, even as talks to
Average monthly
pay for female resolve the stand-off over migration
footballers globally; showed signs of progress.
many need a second “At this point, the tariffs are going to
job to supplement be imposed on Monday,” Mike Pence,
their income the US vice-president, who has been
shepherding the talks while Mr Trump
€10,000 is travelling in Europe, said on Thurs-
Monthly pay for
day.
women players at “I’m encouraged they came today
Lyon; it reportedly with more, but it will be a matter for the
has an annual president to consider,” Mr Pence said.
budget of €7m-€8m White House spokeswoman Sarah
Sanders yesterday reiterated that line.
‘Investment change. In recent years, leading clubs “Our position has not changed,” she told
such as Manchester United have intro- reporters in Ireland prior to the presi-
upfront is duced professional women’s teams dent’s return to Washington.
needed. alongside their men’s sides. “The tariffs are going forward as of
Audiences have also been growing. Monday.”
That will Earlier this year, more than 60,000 fans Mexico’s economy is highly depend-
grow the packed into Atlético Madrid’s Wanda ent on exports to the US, and Andrés
Metropolitano stadium to watch the Manuel López Obrador, the president,
game to the home side play Spanish rivals Barcelona. will be keen to avoid the inevitable eco-
levels that Sponsorship income is increasing in nomic hit from a trade war with the US,
some countries. In March, the Football which threatens to overshadow his first
will be Association, the national governing body year in office.
profitable in England, agreed a £10m deal with Mr Trump is facing pressure of his
Barclays bank to sponsor the English own to reach a deal: although some of
for Women’s Super League, the largest cor- his advisers think hardline stances on
everyone porate investment in UK female sport. trade and immigration could help him
“The growth [in money in women’s in the 2020 re-election battle, others
involved’ football] may be low in absolute terms, within the administration and allies on
but in percentage terms, it is growing Capitol Hill are warning that he is play-
exponentially,” said Ms Koksal. “What is ing a risky game.
also driving [this is the] women playing US businesses and consumers rely
at the World Cup, making their child- heavily on Mexican imports, and esca-
hood dreams come true. But they are lating tariffs would deliver a new blow to
being watched by millions of girls who the economy, which is already seeing
aspire to play in the next World Cup.” signs of a slowdown.

Employment investigation Agriculture

Australian regulator rules
Uber drivers are not workers
JAMIE SMYTH — SYDNEY
Australia’s workplace regulator issued
a landmark ruling yesterday that Uber
drivers are not employees and there-
fore have no right to a minimum wage
or holiday pay, a decision that could
inform similar investigations by regu-
lators across the world.
The two-year investigation by the Fair
Work Ombudsman concluded drivers
are not subject to any formal obligation
by the ride-hailing company to perform
work — a key consideration required
under Australian law to determine
whether an employment relationship
exists. The ruling removes the risk of the
ombudsman taking action against Uber.
“The weight of evidence from our
investigation establishes that the rela-
tionship between Uber Australia and
the drivers is not an employment rela-
tionship,” said Sandra Parker of the Fair
Work Ombudsman. “As [such], the Fair
Work Ombudsman will not take compli-
ance action in relation to this matter.”
The ruling marks a major victory for
Uber, which is facing similar probes in
multiple jurisdictions. In December, a
UK court upheld a ruling by an employ-
ment tribunal that determined Uber
drivers were workers and should have
received minimum pay and other
worker entitlements. Uber is appealing
this case in the UK Supreme Court.
Last year, Australia’s tax office classi-
fied riders working for Foodora, a food
delivery service, as employees rather
than contractors. It is involved in legal
action against Foodora seeking unpaid
tax and superannuation payments.
Uber’s business model relies on main-
taining that drivers are not employees —
meaning it is not subject to rules on pay
and benefits — as a means of reducing
costs. But that has brought fierce criti-
cism and prompted legal claims and
investigations by regulators, as drivers
have looked to secure better terms.
Uber Australia welcomed the ruling
and said it was investing to support
drivers. “We want to . . . ensure Aus-
tralians can access independent and
flexible earning opportunities.”
Smuggled rice makes mockery of Nigerian quest to boost farming
NEIL MUNSHI — LAGOS
Inside Olatunji Bintin Laye’s small shop
at the Ido rice market in Lagos, 50kg
sacks are stacked up to eye level with
brands such as African King and Royal
Stallion, which proudly announce
themselves as a “Product of Thailand”.
There is a name for the rice among Nige-
rian traders: Cotonou, the port city in
the neighbouring country, Benin, from
which the rice is smuggled.
“Cotonou is cheaper than Nigerian
rice — it is not supposed to be like this,”
said Mr Bintin Laye. “Nigerian rice
should be cheaper.”
As he begins his second presidential
term this month, Muhammadu Buhari
is expected to sharpen his focus on
diversifying Nigeria’s oil-dependent
economy by boosting the agriculture
sector. In his first term he had mixed
success.
Mr Buhari’s efforts to spur domestic
rice production through special loan
schemes and a virtual ban on importing
rice in some ways succeeded: produc-
tion hit a record 4.78m tonnes last year,
according to a US Department of Agri-
culture report, up roughly 60 per cent
since 2013. But Nigerian rice farmers and thousands like it across Africa’s
are unable to cope with demand. Many most-populous country, contradict a
farmers still do not have mechanical claim by Mr Buhari in the lead-up to his
help and infrastructure — from roads to re-election in February: “We don’t
irrigation to mills — is shoddy while import rice, virtually, any more. We
double-digit inflation is raising prices. don’t import rice.”
Nigeria’s rice imports are set to rise In reality, Nigeria’s markets are full of
13 per cent this year, to 3.4m tonnes, foreign rice, which sells at a discount to
making the country of 200m people the its Nigerian counterpart. More than 1m
biggest rice importer after China. tonnes of rice — 20m 50kg sacks —
The data, and the scene at Ido market entered Nigeria through its porous bor-
der with Benin in the first three months
The world’s biggest of this year, according to the Rice Proc-
rice importers essors Association of Nigeria.
Benin, a tiny country of 11m people,
Milled rice imports, annual average has seen its rice imports from Thailand
2014-2018 (millions of tonnes) soar since June 2015, when the Central
Bank of Nigeria first created a list of
China
products — from cement to wheelbar-
Nigeria rows and toothpicks to rice — for which
EU importers do not have access to dis-
Philippines counted foreign exchange.
Cote d’Ivoire Rice is among the most important sta-
Saudi Arabia ples of Nigerian life. It accounts for
Iran about 10 per cent of household food
Senegal spending, according to PwC. The influx
Indonesia of foreign rice highlighted the failure of
0 1 2 3 4 5 one of Mr Buhari’s most important poli-
cies: to spur local production and manu-
Source: USDA
facturing through the list, said Nonso
Obikili, director of the Abuja-based
Turgot Centre for Economics and Policy
Research.
“I don’t think the CBN’s 42-item list
has worked that well, not just for rice
but for many other items on the list,” he
said. “Benin is now one of the worlds
largest importers of rice and we all know
where it’s going.”
By essentially closing the ports to for-
eign rice and other goods that are ulti-
mately smuggled in, Mr Obikili said, the
government had “lost out on potential
customs revenue from forcing the trade
underground”.
The forex import ban is a reflection of
the central bank’s broader unorthodox
currency policy. “Clearly the foreign
exchange regime is confusing . . . and
confusion scares investors,” said
Andrew S Nevin, chief economist for
PwC in Nigeria. “So we don’t think we’re
ever going to get significant [foreign
direct investment ] unless the foreign
exchange regime is liberalised.”
Back at Ido market, Mr Bintin Laye,
whose name means “the world is too
small” in Yoruba, had a simple request:
“They should open up the borders
again. The price would come down.”
8 June/9 June 2019 ★ FTWeekend 5

FT BIG READ. ASSET MANAGEMENT

The potential downfall of Neil Woodford has highlighted the risks of placing too much faith in the skills
of a star stockpicker. It has also dealt a blow to the arguments in favour of active fund managers.
By Patrick Jenkins, Owen Walker and Kate Beioley

S
itting in his offices near two days later by an even bigger blow

Woodford’s woes expose

Oxford in the spring, Neil when St James’s Place pulled its £3.5bn
Woodford, Britain’s best- investment mandate, delivering what
known fund manager, was one financial adviser calls a “terminal”
already feeling tetchy. Asked blow.
in an FT interview how long his main
investment fund could withstand the Cosy relationships

rate of outflows it was then seeing, he
snapped sarcastically: “Presumably,
we’ll be out of business in about two and
half years.”
That doomsday prediction — like so
many of Mr Woodford’s more recent
investments — now looks hopelessly
optimistic. Barely two and a half months
later, the fall from grace of the one-time
star stockpicker is all but complete.
Kent county council’s decision last
Friday to pull £263m from his Equity
Income fund triggered panic, prompt-
ing Mr Woodford to bar all withdrawals.
His investment empire — which
includes two open-ended funds and a
listed investment trust — now manages
less than £5bn, down by half in a matter
of months. That includes the £3.7bn left
in the stricken Equity Income fund
which only two years ago boasted
£10.2bn.
“Is he completely dead in the water?”
asks one former supporter. “Probably,
yes.”
On the face of it Mr Woodford’s tra-
vails might appear a very British story. A
multi-millionaire investor who keeps a
stable full of horses and has a penchant
for equestrian eventing, he was a fea-
ture of the tabloids as well as the busi-
ness press.
But the potential downfall of Mr
Woodford, whose record once gave him
a Warren Buffett-like status among a
large following of retail investors, has
sent reverberations throughout the
investment management industry.
In a world of ultra-low interest rates,
‘Hargreaves was
incentivised to promote
products that were
best for them and not
the consumer’
the drama this week around his invest-
ment fund demonstrates the risks of
placing too much faith in the skills of a
star fund manager to continuously beat
the market. They are also another blow
to the case for active investment man-
agement after a decade when the sector
has been relentlessly undermined by
the growth of passive funds.
“He’s a has-been. He’s part of an
age that’s passed,” says a senior execu-
tive at one of the world’s biggest asset
managers.
‘A failure of risk control’
Mr Woodford’s credentials as a bold and
successful stockpicker were established
during a 26-year career at asset man-
ager Invesco Perpetual. Five years ago
that record emboldened him to go it
alone — though from the start there
were signs that Mr Woodford’s belief in
himself could easily turn to hubris.
At a 2014 launch party, he invited
dozens of fans and backers to Langan’s
Brasserie in Mayfair. In an industry
known for excessive charges and
obscure investment practices, he made
an admirable pledge to charge lower
costs and be fully transparent. But Mr
Woodford talked, too, about a keenness
to create a legacy, comparing himself
with the iconic 19th-century financier
John Pierpont Morgan, whose group
today dominates global banking.
“Never buy a fund named after
someone,” says Gerry Grimstone, until
a flawed model
Neil Woodford’s recently chairman of rival asset man-
funds shifted ager Standard Life Aberdeen. “[You get
focus away from a] total failure of risk control.”
the blue-chip With just a handful of staff at the start
companies and and Mr Woodford’s name on the door,
into bigger money began pouring in, including a
stakes in small £3.5bn mandate from St James’s Place,
and medium- the wealth manager with which he had
sized businesses enjoyed a close relationship at Invesco.
FT montage; Richard Cannon; Mr Woodford’s record initially
Getty Images
appeared to benefit from his new-found
freedom. The Equity Income fund com-
fortably beat its benchmark and much
of its peer group in its first year, and
financial advisers urged their clients to
invest.
The bigger the fund, the wider Mr
Woodford began to look for investment
opportunities. He took an increasing
number of punts on unquoted stocks in
the hope of benefiting when they finally
listed. He also bought bigger stakes in
small and midsized companies, espe-
cially biomedical businesses. This was a
big departure from the unloved blue-
chip companies on which he had built
his stockpicking reputation.
He has often behaved, says one critic,
“like a slightly milder-mannered Philip
Green” when engaging with companies
he bought into: just as the retail mag-
nate might bawl out anyone who
crossed him, so Mr Woodford would get
“really, really angry” with a chief execu-
tive who was shifting strategy away
from his idea of how a company should
be run.
But the freedom to operate as his own
boss, and without restraint, proved a
key element of his difficulties. At
Invesco, he was part of one of the biggest
fund managers in the world with layers
of compliance staff to keep his more
adventurous instincts in check.
At Woodford Investment Manage-
ment, however, dissenting voices were
ignored and those who questioned Mr
Woodford’s strategy or methods of run-
ning his portfolio did not last long. A
succession of compliance staff passed
through the business.
As many of his top picks foundered,
bankers say Mr Woodford became
increasingly irritated with his invest-
ments. The performance of the Equity
Income fund in particular suffered in
late 2017 and into 2018, prompting
investors to demand the return of their
money. To meet these redemptions, Mr
Woodford was forced to sell the most
easily tradable stocks, leaving a larger
portion of unquoted shares and hard-to-
sell stakes in small companies.
Soon the Equity Income fund was
coming close to a 10 per cent limit on
investing in unlisted companies. In a
desperate attempt to avoid breaching
the rules, Mr Woodford devised clever
schemes to reduce the illiquid portion of
the portfolio. These included switching
£73m of unquoted stocks into an invest-
ment trust Mr Woodford also ran, called
Patient Capital Trust.
Another workaround involved listing
stakes in a handful of private companies
on the lightly-regulated Guernsey Stock
Exchange. This technically meant they
counted as listed, and theoretically liq-
uid, investments, although in reality
they were not traded as Woodford was
the only holder.
The Financial Conduct Authority has
since said it is taking a closer look at the
Guernsey listings, adding: “Where the
FCA believes there are circumstances
suggesting serious misconduct or non-
compliance with the rules it may open
an investigation.”
The tipping point for the Equity
Income fund came last Friday when one
of Mr Woodford’s longstanding institu-
tional investors, Kent county council,
decided to ask for its £263m back. That
request, which came on top of the £10m
flowing out of the fund every business
day in May, overwhelmed the fund
manager, leaving Mr Woodford no
choice but to freeze the fund.
Hours later Hargreaves Lansdown,
the UK’s most powerful retail stockbro-
ker, dealt him another body blow by
cutting the fund from its closely fol-
lowed Wealth 50 list of favourite funds.
The Wealth 50, a revered best-buy
table for the company’s 1.1m individual
investors, had helped create the cult of
Woodford. At the last count, in March,
Hargreaves customers accounted for
around a fifth of Mr Woodford’s assets
under management.
Hargreaves’ decision was followed
Although Mr Woodford’s style of invest-
ing may have been idiosyncratic, his
potential implosion has also damaged
many of the underpinnings of the active
management sector.
The affair has once more demon-
strated a fundamental flaw with open-
ended funds that invest in illiquid assets
— a problem exposed in 2016 after the
UK’s Brexit referendum vote spooked
real estate markets. When retail inves-
tors tried to withdraw from property
funds, they were blocked when “gates”
were imposed. The UK government and
the FCA have yet to decide on how the
rules should be changed.
The Woodford blow-up has also
drawn attention to the cosy relation-
ships between some managers and the
investment platforms that market their
funds to retail investors. Hargreaves,
which secured a bigger discount on fees
at his funds than its rivals could offer,
continued to support Woodford despite
the recent record of poor performance.
In some eyes, these close links could
represent a mis-selling scandal in the
‘Woodford took a road
less travelled: he backed
companies who could be
tomorrow’s stars. Events
conspired against him’
making. “Hargreaves was hopelessly
conflicted,” says a senior executive at
one broker. “They were incentivised to
promote products that were best for
them and not the consumer.”
Mike Barrett, director of the Lang Cat,
a financial services consultancy, argues:
“By relentlessly marketing ‘star’ fund
managers and ‘best buys’, platforms
should be required to take more respon-
sibility for the behaviours they are
encouraging.”
£3.5bn Hargreaves says its customers benefit
Investment from the discounts it negotiates with
mandate that FTSE investment funds, and that all of its fund
100-listed St research involves “stringent” quantita-
James’s Place pulled tive and qualitative analysis. It only
from Neil Woodford
highlights managers “with great stock-
picking talent”.
£10m Amin Rajan, chief executive of con-
Funds flowing out sultancy Create Research, says Mr
of the Equity Woodford is a victim of “fickle investor
Income fund on sentiment”, adding: “The City is often
most business days
last month
accused of short-termism. Woodford
took a road less travelled: he backed
companies who could be tomorrow’s
£73m stars. Events conspired against him.”
Value of unquoted Mr Woodford’s ambition for full
stocks switched into transparency on his holdings may have
an investment trust been enlightened, but recent weeks
in a bid to reduce
the illiquid portion have shown the risks of such openness.
of his portfolio Short sellers have been able to exploit
his difficulties, driving down the prices
of investments they know he will be
under pressure to sell.
Most of all, though, the Woodford
affair has provided further evidence
that star fund managers are a dying
breed in an era when investment is
increasingly managed by machines that
track benchmarks.
In rising markets, even leading active
fund managers too often underperform.
Only the next downturn will prove how
valuable they are in falling ones —
although by then it might be too late for
Mr Woodford to prove his mettle.
Additional reporting by Peter Smith and
Jim Pickard

Obituary Jamaica’s bloody election in 1980 made

headlines around the world. Hundreds
of people died in clashes between gun-
families left the country, fearing it could
become the next Cuba.
In an iconic moment, reggae star Bob
music. He later criticised how Jamaican
music developed into dancehall, saying:
“If you can’t whistle it, it is not music.”
up a bitter battle with Manley’s fire-
brand socialism.
Campaigning victoriously on the slo-
The man who toting political gangs on the streets of
Kingston. But by also sweeping Edward
Marley — who had narrowly survived an
assassination attempt a couple of years
He sold the label after being
appointed to the legislative council that
gan “deliverance is near” he was lifted
on to the shoulders of supporters chant-

turned Jamaica Seaga into power, the vote ultimately

proved to be a turning point in the his-
tory of the Caribbean island.
earlier — tried to end the cycle of vio-
lence by calling Seaga and Manley on to
the stage at the 1978 One Love Peace
was preparing for independence. At the
age of 29, Seaga was its youngest mem-
ber. Once self-rule arrived in 1962 he
ing “Ah Eddie, we ready”. In power, he
reversed the nationalisations, exchange
controls and higher taxes of the Manley
away from Seaga, who has died of cancer aged 89,
embraced a free market and pro-US
Concert in Kingston, holding their
hands together above his head to the
was elected MP for the impoverished
constituency of West Kingston for the
regime. He severed ties with Cuba.
Seaga’s policies revived the Jamaican

socialism approach, turning his country away

from the militant socialism of his prede-
cessor and political nemesis Michael
Manley, who worried many in Washing-
ton by forging close links to Fidel Cas-
Edward Seaga tro’s communist Cuba.
Jamaican prime minister The ideological clashes between Seaga
1930-2019 and Manley and the deadly street wars
between their gangs of political support-
ers were a defining feature of Jamaica in
the late 1970s. The bloodshed reflected
a system of political patronage that still
endures today and can often decide who
gets jobs, housing or police protection.
Growing up in Jamaica in the 1970s, I
remember the excitement of armed
officers sitting in a jeep at the end of our
suburban road during a dusk-to-dawn
curfew in one particularly violent elec-
tion campaign. I also recall the sadness
of losing friends when other expatriate
raucous approval of the crowd. Yet the
violence did not die down until after
Seaga’s election two years later.
Edward Philip George Seaga was born
in Boston, Massachusetts, where his
Jamaican parents lived at the time. His
father, Philip Seaga, was a businessman
of Lebanese descent. His mother Erna
(née Maxwell) had African, Scottish
and Indian ancestry. They moved back
when he was three months old. Seaga’s
foreign birth and mixed-race parents
would later be used by opponents: “The
Syrian” was a common insult.
After attending Wolmer’s Boys’
School in Kingston, Seaga returned to
the US to study social sciences at Har-
vard University. Back in Jamaica, he
developed an interest in folk music
while working on a rural anthropology
project and set up a record label for ska
Jamaica Labour party.
Nicknamed “Blinds” due to his fond-
ness for sunglasses, as well as criticism
that he failed to see the needs of ordi-
nary Jamaicans, Seaga built a bedrock of
support by replacing the “Back-o-Wall”
slums in his constituency with the Tivoli
Gardens housing development. The
area later deteriorated into a police
no-go zone and gained notoriety in 2010
when hundreds of armed officers
swooped in search of local gangster
Christopher “Dudus” Coke, wanted by
the US on drug charges. The operation
left 74 people dead.
As a minister, Seaga set up the
Jamaica stock exchange and Jamaica
Citizens Bank, the country’s first locally-
owned commercial bank. After becom-
ing JLP leader in 1974, he shifted to
a more conservative stance — setting
economy, yet he was accused of being
aloof after the devastation of Hurricane
Gilbert in 1988 and of failing to fix the
inequality of Jamaican society before his
defeat in the 1989 election. A worka-
holic, he later expressed regret for giv-
ing “seven days a week to work”. He had
three children with first wife Marie
“Misty” Constantine, a television pre-
Seaga’s fondness for sunglasses senter and Miss Jamaica. After they
earned him the nickname ‘Shades’ divorced, he married Carla Vendryes in
— Collin Reid/Associated Press
1996 and had a daughter.
Seaga’s political influence persisted
As a minister, he long after he lost power. Seth George
Ramocan, the Jamaican High Commis-
set up the country’s sioner in London who worked closely
with Seaga when he was in office, said:
first locally-owned “Today there is little difference between
the two big parties and a lot of that is
commercial bank down to Eddie.”
Martin Arnold
6 ★
SATURDAY 8 JUNE 2019
The Fed should be extra
careful of a ‘Powell put’
US rates must reflect growth and inflation, not market jitters
Life has become considerably tougher
for the Federal Reserve during the past
few months. Having firmly indicated
early in the year that it was standing
pat on interest rates for a while to
come, the central bank prepared to sit
back and watch the data come in, being
able to take its time to assess how much
momentum was in the US economy.
With markets having shifted by the
Fed’s March meeting to pricing in no
change in rates this year, many inves-
tors evidently thought they could take
a similarly long view.
First, though, the prospects for
growth weakened, with the yield curve
inverting. Then came a now familiar
aspect of Donald Trump’s America —
potential shocks to the economy deliv-
ered out of the blue by the White
House. Having first pulled out of a
trade agreement with China that was
close to completion, Mr Trump last
week again showed his potential for
caprice by suddenly threatening new
tariffs on Mexico to force changes in
immigration enforcement.
On both occasions, equity prices
dived, showing that investors had
become a little too complacent about
the policy environment. The sharp
market movements also almost cer-
tainly reflected not just the arithmetic
impact of Mr Trump’s threatened tar-
iffs on US-Mexico trade but a general
re-rating of policy risk. A flight to
safety duly followed. German Bund
yields hit a record low this week.
Setting monetary policy in this con-
text poses unusual challenges. Central
banks are used to having to factor in
changes of policy from their govern-
ments that will affect growth, notably
alterations in the fiscal stance. But
rarely in an advanced economy is such
policy announced as a complete sur-
prise and with such an unclear chance
of actually being implemented.
Cutting interest rates in direct
Amazon’s AI drones are
not a technology we need
Planned service is dangerous for those in the sky and on the ground
On April 1, a computer-generated
video of an Amazon blimp unleashing a
swarm of drones from its hull made the
rounds on social media. At a Las Vegas
conference last week, the ecommerce
titan revealed the joke was on us. Ama-
zon says it will be using AI-directed
drones to make deliveries “within
months”, having received permission
from the US Federal Aviation Author-
ity to start testing in “a few locations”.
That the FAA has not yet given Ama-
zon approval for full commercial deliv-
eries is telling. The days-long closure of
the UK’s Gatwick airport after a sight-
ing of a single drone last December is a
portent of the chaos that swarms of
them could bring. Outside isolated
locations, automated package delivery
looks like an innovation too far.
Amazon’s rationale for developing
the technology is obvious. Drones are
fast, have low emissions, can serve
remote areas and do not need to be
paid. Amazon is not the only company
exploring the field. Google is trialling a
similar project in Australia and Fin-
land, while Alibaba and DHL are
exploring automated couriers in China.
Beyond retail, AI drones could perform
potentially dangerous tasks such as
checking oil pipelines, spotting poach-
ers or supporting emergency services.
The Gatwick shutdown alone should
give pause for thought. At the speed at
which aircraft travel, an impact with
even a small drone could cause cata-
strophic damage. A sky full of them
would be akin to an aerial minefield.
The threat is amplified by the ease with
which drones can be turned into flying
bombs, as demonstrated by groups
including Isis. If spotting and eliminat-
ing potentially malicious targets is dif-
ficult now, it will be nigh on impossible
when the sky is thronged with airborne
couriers.
Even without bad actors, putting
potentially vast numbers of flying
response to such announcements, or
indeed to market movements that fol-
low them, would be unwise. Investors
must take the policy risk emanating
from the Trump administration into
account. The Fed cannot be there to
save them every time the unexpected
happens. Chairman Jay Powell should
not let the alleged “Greenspan put”, in
which the former Fed chairman was
accused of reacting too swiftly to move-
ments in financial markets, turn into a
“Powell put” today. Mr Trump injects a
great deal of uncertainty into macr-
oeconomic management. Investors
should be encouraged to bear that in
mind.
Instead, the Fed should make clear it
will change interest rates as and when
it is warranted by the real data, by evi-
dence of price pressures and by reliable
forward-looking indicators of future
activity. All of these at the moment are
weak and point towards easier policy
by themselves without bringing in pos-
sible future trade policies and short-
term movements in financial markets.
Yesterday’s labour market numbers
were weaker than economists had
expected, with employment and wage
growth both slowing.
With so much going on at once, it
may be hard for investors to tell the dif-
ference between a rate cut responding
to weak data and one reflecting falls in
equity prices. This then requires very
clear communication from the Fed on
what is driving its policies, and an
emphasis on the accumulation of evi-
dence over time rather than short-term
movements. The Fed may have to cut
rates quickly, perhaps more than once,
over the coming few months. There is a
high probability that will be accompa-
nied by weakness in financial markets
and more policy eccentricities from Mr
Trump. For the Fed, it is of paramount
importance to make clear it is reacting
to the signal rather than the noise.
robots into the air risks mid-air
impacts and the resulting debris. Ama-
zon claims that the suite of sensors on
its drones ensure safe flying and land-
ing. Such confidence may be chal-
lenged if delivery drones have to battle
through greatly increased aerial traffic.
AI sensors will also struggle to help
other aerial travellers steer clear. Like a
nightmarish Saint Nick, customers
may find a delivery drone crashing
down their chimney with a half-dead
Canada goose and the Black Mirror DVD
they ordered.
One way to limit the risks would be
an air traffic control system for drones.
This would at least in theory help iden-
tify suspicious flying objects. It would,
however, have to be automated to deal
with the sheer volume of traffic, raising
the risk of a glitch or a hack leaving
pieces of drone and packages raining
from the skies.
Then there is the difficulty of navi-
gating urban areas, where restrictions
on drones are especially strict. Pity
those living next door to compulsive
e-shoppers, who can expect the whirr
of little rotors throughout the day.
Anti-drone warfare by air gun, paint-
ball and slingshot is highly likely. Get-
ting drones to figure out where to place
their load in built-up environments
will be a struggle, too. Their only saving
grace is that robots may be marginally
less tempted to toss fragile deliveries
on to the doorstep than humans.
There might be one way to make
delivery drones safer for urban envi-
ronments. They could simply carry
their packages along predefined and
controlled flight paths to designated
repositories, perhaps in the centre of
towns and villages. If the load is light
enough, it could be delivered by an
employee, or customers themselves
could pick it up. In many places, such
repositories already exist. We call them
post offices.
FTWeekend
Letters
Krasner’s niece Rusty reached judo’s pinnacle
In her excellent review of the
retrospective of American painter Lee
Krasner at the Barbican, Jackie
Wullschläger describes the artist as
“scandalously little-known” (“Into the
spotlight at last”, Life & Arts, June 1).
That is a good description for the
petite Brooklynite who is sometimes
obscured by the shadow of her former
husband Jackson Pollock. It is also a
good description for Krasner’s late
niece Rusty Kanokogi, née Rena
Glickman, who reached the pinnacle of
women’s judo and battled for two
decades to convince the International
Olympic Committee that women’s judo
should be an Olympic sport.
Republicans have no
interest in a vibrant film
industry in Georgia
Elaine Moore says Netflix “is due
praise” for rethinking its investment in
Georgia if the state’s anti-abortion law
takes effect (“Netflix’s cash burn is
painful viewing for investors”, The Top
Line, June 1). Disney and others have
made similar statements. Do these
companies understand the
implications of their plans? They are
obviously trying to support their
employees and demonstrate how
progressive they are, but they will only
harm the arts community in Georgia
and those businesses that support it.
Netflix’s exodus from Georgia will
play into the hands of the Republican
leadership here. The Republican party
has no interest in a vibrant film
industry in Georgia because the people
who make films vote Democrat. God
forbid these Hollywood types actually
stay in Georgia.
The demographics in Georgia are
already rapidly changing,
demonstrated by Stacey Abrams’
strong showing in the governor’s race.
The film industry doesn’t need to pull
Regulation
nation: is a
surplus of rules
strangling
US business?
Notebook
by Gillian Tett
Like Krasner, Rusty was born in
Brooklyn, but unlike her aunt who
trained from childhood as an artist,
Rusty lifted weights and rumbled in
street fights until the discipline and
spirituality of judo changed her life. As
a rising young judoka Rusty cropped
her hair, bound her breasts, and
competed as a man. Winning a
tournament, she admitted to a
questioning judge that she was a
woman and had her trophy denied. She
persevered and became the highest
ranking female judoka in America.
She won her hardest battles when
the IOC admitted women’s judo to the
Olympics as a demonstration sport in
out; it needs to stay and help us make
Georgia a state where a woman’s right
to choose is respected.
Leaving Georgia will hurt our
metropolitan areas, our progressive
movement and our arts community; it
will not hurt our governor, who is a
Trump acolyte. Brian Kemp and his
rural supporters will quietly celebrate
the loss of Netflix and the rest of the
film industry.
If Netflix and others insist on leaving
Georgia, then they should, for the sake
of consistency, also leave the US. Can
these companies really countenance
the presidency of Donald Trump, and
his desire to overturn Roe v Wade?
Walter Jospin
Atlanta, GA, US
Anti-ageing science simply
doesn’t justify a ‘gold rush’ A name that will spur FT
Further to the Lunch with Laura
Deming (Life & Arts, June 1): there is a to even greater heights
world of difference between increasing
the lifespan of a worm by 60 per cent
and that of a human being. For one
thing, one doesn’t need to worry about
the worm’s mental health.
Since most Financial Times readers
and their children are highly educated,
When I was a financial reporter in
Tokyo two decades ago, US bankers
and officials would sometimes jest
that there were three different
regulatory systems in the world. In
some countries, most notably the US,
everything that was not explicitly
banned by law was permitted. In
others, such as Japan, everything that
was not explicitly permitted was
considered banned.
Then there was a third category of
countries (including the UK) that had
“principles”-based systems: instead of
relying on the law, they preferred to
outline general principles and apply
them using precedent. This was never
quite the same in practice as in theory
but the US officials’ three stereotypes
contained a nugget of truth.
The interesting question is how far
this view of US law holds true. Is it still
a “land of the free” that tries to avoid
rules and encourage innovation? Or
is it becoming more Japanese and
imposing a new thicket of controlling
laws? Philip K Howard, a lawyer who
has previously advised President
Trump’s team, believes the answer to
the second question is a resounding
yes. In recent years, he has
campaigned for a “common-sense”
approach to government that eschews
partisan politics and returns the
country to a system based on personal
responsibility, freedom and minimal
government interference.
Recently, he laid out his appeal in
a book, Try Common Sense, which
If you are not satisfied with the FT’s response to your complaint, you can appeal
to the FT Editorial Complaints Commissioner: complaints.commissioner@ft.com
1988, and then as an official category in
1992. For her contribution to judo and
US/Japan relations she was decorated
with a Japanese imperial medal, the
Order of the Rising Sun, Gold Rays with
Rosette.
Rusty described Krasner in fighter’s
lingo: “They couldn’t keep her down.
Lee was the first person who ever gave
me credit for all I had come up
through, all I had fought against.” Both
aunt and niece shared a strength and
depth of character which carried them
to the summits of their respective
male-dominated worlds.
Peter Jaeger
Tokyo, Japan
have enjoyed a rewarding career and
built a network of friends and
acquaintances throughout life, one can
assume that later in life they will be
able to afford suitable care.
But even though they might not
suffer from Alzheimer’s or dementia,
life changes fundamentally in old age.
They are probably widowed or
divorced. Children will be working
abroad. Memory for names is lost.
They no longer enjoy driving. Peers
and close friends have died. Indeed, the
most likely place where to meet your
friends will be at funerals.
Yes! You may still be able to write
letters to newspapers. As for the
rest . . . it doesn’t justify a gold rush for
anti-ageing biological science.
Dr Graça Almeida Rodrigues
Lisbon, Portugal
Congratulations on moving back into
your offices at Bracken House. I can’t
help thinking that such an inspiring
building name will spur you all on to
even greater heights.
Simon Bracken
Mount Merrion, Co Dublin, Ireland
laments that an ever-expanding
regime of rules is strangling the
American spirit and the country’s
business community. “American
government is suffering from a failure
of philosophy, not merely bad
management,” Howard writes, listing
examples of prescriptive legalistic
over-reach. These include orchards
that must comply with 5,000 rules.
There are rules that ban firefighters
from transporting injured people in
their vehicles to hospital; prevent
immigration officials from giving
distressed children a hug; planning
laws that impose delays of several
years on bridge projects. And so on.
“America needs a governing
philosophy that gives responsibility
and meaning back to each citizen
and each official,” Howard concludes.
Many Democrats will roll their eyes
at this advice, which chimes with the
small-government view favoured by
Republicans. Trump swept to power
promising a deregulation drive to help
“drain the swamp” of Washington
lobbyists — a process that has often
seemed to reinforce rather than
reduce the role of cronyism, since the
laws that are being removed appear
mostly to be ones that hinder big
business. Indeed, the most visible —
and controversial — part of the
deregulation drive so far has been the
defanging of environmental rules.
Howard insists his argument is
bipartisan — and he is distinctly
critical of the Trump administration
8 June/9 June 2019
Email: letters.editor@ft.com
Include daytime telephone number and full address
Corrections: corrections@ft.com
It’s easy to forget there
is a living city beyond
the alluring Paris of myth
Max Liu’s stimulating review of We’ll
Never Have Paris (Life & Arts, June 1)
shall undoubtedly incite many long-
term Paris residents like myself to
acquire the book and continue our
ongoing study of why we are
permanently fascinated by the city
where we have chosen to live.
Beyond the alluring Paris of myth,
conception and preconception there is
the Paris of everyday reality which, as
for any large, cosmopolitan city, is
multi-faceted and multi-problematic,
to say the least. While the Paris of
bloody history, philosophical debate,
literary controversy, revolutionary
movements and les gilets jaunes is of
permanent interest, in the ensuing,
lively and sometimes entertaining
exchange of views it is all too easy to
forget that there is also the living city
which provides residents like my
family and myself with a livelihood,
state of the art education, an excellent
public transport system and a womb-
to-tomb health service, to name but a
few of the advantages for which we are
forever grateful.
And even if we Paris lovers are
always ready to continue our
exploration of the city with the help of
books like We’ll Never Have Paris, one
always feels duty-bound to come back
to the concrete things of life such as the
sterling support the city of Paris
provides to people like our mother,
throughout her long illness when
stricken with Alzheimer’s disease and
right up to the day of her last journey
to Père Lachaise cemetery.
Amid all the heat and hysteria of
current debates, as the demonstration
marches along the tree-lined
boulevards even the most disaffected
gilet jaune shall probably reluctantly
admit that the city on which so much
anger, fantasy and myth is focused has
much to be said in its favour.
Stephen O’Sullivan
Paris, France
in the book. Many of his arguments
align with those being advanced by
some anti-establishment leftwing
groups too. Take the work of David
Graeber, a US anthropologist who
played a leading role in the leftist
Occupy Wall Street movement a
decade ago. In recent years, he has
lambasted the excessive power of
modern bureaucratic rules, using
language not dissimilar to Howard’s.
But even if Howard’s arguments
are mostly just “common sense”, it’s
dispiriting that there seem to be few
effective solutions on hand. After all,
the surplus of modern rules and
bureaucracy has not emerged by
accident: on the contrary, it reflects a
mixture of powerful vested interests
and well-meaning efforts to protect
consumers. Howard blames this
situation on “bureaucrats” and
politicians. However, the other culprit
is America’s vast legal profession.
These lawyers earn their living by
interpreting laws. And since legal
turkeys do not vote for Christmas, it
is hard to imagine any revolution in
political culture occurring while this
behemoth is in place, unchallenged
and unchecked. So, yes, after reading
Howard’s book it is easy to shake
your head in horror about petty —
sometimes stupid — rules. But just as
voters get the politicians they deserve,
they get the bureaucracy their lawyers
tolerate. Both need to change.
gillian.tett@ft.com
8 June/9 June 2019
George
Magnus
T
he US-China trade war is a
symbol of the world’s big-
gest geopolitical schism
since 1945, and it is not
going away. We should see it
as the “logic of conflict in the grammar
of commerce”, a phrase first used by the
American political scientist Edward
Luttwak to describe the Japanese and
German trade challenge to the US more
than 30 years ago. Today, it is more chill-
ing because the US and China are adver-
saries as well as competitors, and they
lack the effective institutional architec-
ture for engagement that once bound
them.
President Donald Trump has struck a
chord with his call for a reset of the US-
China relationship. China’s leaders
would add “for a new era”. Yet, the dam-
age to this relationship is now consider-
Trump becomes an extra in
Britain’s national drama
The UK is distracting itself with nostalgia as soft power and investor confidence drain away
POLITICS
Camilla
Cavendish
S
hortly after Queen Elizabeth
wowed Donald Trump into
uncharacteristic docility on
his state visit to the UK, the
US president blundered up
against another national treasure: the
National Health Service. Stating that
“everything” would be on the table in
trade talks, he provoked a rare outbreak
of unity. Yet even as Conservative lead-
ership candidates recoiled from this
potential threat to the NHS, most were
busy charting a path to Brexit where few
things will be truly off the table.
As Mr Trump fidgeted his way
through Westminster Abbey with the
roving eye of a bored property devel-
oper sizing up the marble, he had unwit-
tingly become an extra in the national
drama. The president’s flaws are a gift to
Labour leader Jeremy Corbyn, whose
core philosophy is anti-Americanism.
Meanwhile Mr Trump’s suggestion that
Nigel Farage, leader of the fledgling
Brexit party, should be sent to negotiate
with Brussels emboldened the Tory
right. It suits extremists on both left and
right to wilfully overestimate the UK’s
clout in the world. That’s not defeatist,
it’s just realpolitik — something the Brit-
ish used to be good at.
The Conservatives, once the party of
business and common sense, are in the
grip of an ideological virus. In pursuit of
China and the US are too intertwined to keep up the trade war
able and invites the question as to
whether and how it can be repaired. The
unique economic interdependence
between the US and China still offers a
ray of hope about managing a more frac-
tious, future relationship, politics per-
mitting.
The backdrop is admittedly not auspi-
cious. The US has not helped itself in re-
setting the relationship, by undermin-
ing its allies, threatening or using tariffs
against them, and appearing ambiva-
lent about its commitments in Asia.
China has been more diligent, but
President Xi Jinping’s meeting with Rus-
sian president Vladimir Putin this week,
the 29th such rendezvous according to
the Kremlin, should set off a State
Department klaxon. The two leaders
agreed to upgrade their relationship to
confront a common rival, allow Chinese
group Huawei to develop Russia’s 5G tel-
ecoms system, and encourage bilateral
trade using the yuan and the rouble.
This move away from the US currency
will do nothing to dethrone the green-
back, but Washington should take seri-
ous note.
a no-deal Brexit, one leadership candi-
date has threatened to suspend parlia-
ment. A similar gambit in 1649 didn’t
work too well for Charles I. But you say
tomato, I say tomato. You say mount a
coup against the legislature, I say “pro-
rogue” — which sounds so much more
quaint, ceremonial, nostalgic.
About the only thing we Brits cur-
rently do well is nostalgia — this week’s
commemoration of the 75th anniver-
sary of the D-Day landings was hugely
resonant, even if the leaders present
were pallid shadows of Winston Church-
ill and Franklin Roosevelt. But Britain
won’t prosper if pomp and circum-
stance is its only card. To prorogue par-
liament would be illegal, unconstitu-
tional and undemocratic. But the new
Tory party is as unpredictable and mer-
curial as the current White House.
Mr Trump delighted Brexiters by
talking trade, and by all-but endorsing
Boris Johnson as the successor to
Theresa May as prime minister (Jeremy
Hunt, he said, would also “do a good
job”). Mr Johnson shrewdly side-
stepped a face-to-face meeting, opting
for a phone call which made him look
influential without giving picture edi-
tors the chance to revive comparisons
between the two showmen.
Messrs Trump and Johnson have both
flirted with Steve Bannon, the presi-
dent’s former chief strategist, and both
have borrowed techniques from the
Bannon playbook — positioning them-
selves as honest straight talkers by mak-
ing remarks calculated to provoke an
outcry, then garnering support from the
people outraged by the outcry.
Mr Johnson, for all his faults, is not
naive. Some Tories delighted by
★ FTWeekend
Opinion
US efforts to manage the China rela-
tionship clearly aren’t working. Beijing
has balked at American demands that it
sees as an intrusion on its economic and
industrial policy sovereignty. For the
Chinese, this carries echoes of the 19th
and 20th century “unequal treaties”
with the west that are part of the Com-
munist party’s core narrative. The
optics here have to change.
Yet, it is not a one-sided problem. US
trade negotiators, mostly skilled law-
yers, want agreements codified and
committed to in public. China’s senior
negotiators are administrators with an
embedded preference for directives,
low-level regulations, and unenforcea-
ble quotas and targets, which the US side
distrusts, with cause.
Neither boilerplate public statements
on complex industrial policy matters,
nor bureaucratic fudges are going to cut
it. Ideally, big disputes like state aid and
subsidies could be referred to the World
Trade Organization, despite Mr
Trump’s dislike of it. Then bilateral
talks could focus on a more tedious, but
perhaps more fruitful, industry and sec-
Trump’s talk of a US/UK trade deal still
seem determined not to understand
that Britain runs a trade surplus with
America, and that the president is a pro-
tectionist who turns on a dime. There
would be merit in having a prime minis-
ter who can get off on the right foot with
Mr Trump. But that’s no guarantee of
success, as France’s Emmanuel Macron
has learnt.
Moreover, post-Brexit the priority
will be not the US but the hugely com-
plex challenge of negotiating a free trade
deal with the EU, followed by trying to
save the dozens of other preferential
trade deals we currently have thanks to
Post-Brexit, the priority
will not be the US but
negotiating a free trade
deal with the EU
our membership of the bloc and which
are now in jeopardy.
Anyone who watched Mr Trump tell
Leo Varadkar, the prime minister of Ire-
land, that he knew the Irish wanted a
border wall should be seriously ques-
tioning what they might get from this
president. And any Remainer who
understands the importance of the NHS
to British politics should relish his hast-
ily retracted blunder on healthcare. The
assertion that leaving the EU would
bring £350m a week into the health
service probably clinched the referen-
dum vote in 2016. That misleading
claim was the subject of a failed court
case against Mr Johnson. With the NHS
one of the subjects on which the Con-
tor approach to issues like intellectual
property protection, market access, and
caps on overseas ownership.
The two governments should endeav-
our to exploit this bottom-up approach.
Many foreign companies in China,
which support Mr Trump’s broad rela-
tionship reset, continue to have good
relationships with local and provincial
government officials. They should nego-
There is still time to appeal
to economic reason, despite
claims of decoupling made
by self-serving interests
tiate rules and sanctions based around
the principle of reciprocity for specific
sectors and industries. That would help
avoid a more brutal and generic tariff
war, and keep most private companies
and entities out of the fray.
Unfortunately, the escalation of the
trade war in recent weeks to include the
targeting of private firms has become
servatives are still vulnerable to Labour
attack, MPs should be alarmed that the
doctors’ trade union, the British Medi-
cal Association, is warning about the
consequences of Brexit.
For Mr Corbyn, it was just too tempt-
ing to shun this particular leader of the
free world — and much easier than it
might have been for him to have dis-
missed Barack Obama. Leaders who
aspire to rule usually appreciate that in
dealing with allies, it is the office which
commands respect, not just the person.
But Labour’s politics are those of the
sixth form. Emily Thornberry, who will
be Britain’s foreign secretary if the party
comes to power, declared grandly that
Mr Trump is “a sexual predator” and a
“racist” while failing to explain how she
would protect the UK/US intelligence
relationship, or why her leader is stick-
ing to a Brexit policy which is helping to
propel Britain into the arms of the very
man she claims to despise.
I love the US more than any other
country outside my own. It pains me to
witness the stumbles of the presidential
caravan. But Americans who dislike Mr
Trump can take comfort in knowing
that he will eventually be gone. Brexit,
the greatest act of national self-harm
since Suez, is irreversible.
As British soft power drains away, jobs
vanish and investor confidence dwin-
dles, I hope the special relationship with
the US will endure. But on current show-
ing, this little island looks likely to play a
bigger part in America’s nostalgic past
than its dynamic future.
The writer, a former head of the Downing
Street policy unit, is a senior fellow at Har-
vard University
dangerous. The US wants to stop the sale
of microchips and other components to
Huawei and other Chinese tech groups,
while China intends to blacklist and
punish companies and individuals that
it thinks are hurting Chinese interests.
Technology trade is different from
steel or soyabeans. It is a truly global
sector and it could pose the kind of
highly integrated and systemic threat to
the global economy that banking and
finance did in 2008. Leading groups, not
just in the US and China, but also in the
UK, Europe and all over Asia, will
become caught up in this war, forcing
each to choose whether to subscribe to
Chinese or US laws at the risk of punish-
ment by the other.
The consequences of an escalating
trade war, in which supply chains frac-
ture and the tech sector becomes Bal-
kanised, are unequivocally negative in
the immediate future and for years to
come. Bad economic outcomes will
undermine the prospects for re-engage-
ment and increase the chances of frac-
ture in other areas of contention.
It is not too late to appeal to economic
How to count blessings,
even in disguise
Tim
Harford
The undercover
economist
K
eith Jarrett’s 1975 concert in
Cologne should have been a
musical catastrophe. Owing
to a string of mix-ups and bad
luck, he was faced with the
choice of attempting his widely admired
improvisations on a beaten-up old piano
with sticky keys and a harsh upper reg-
ister — or walking out altogether. He was
all for walking out, but felt sorry for the
concert promoter and agreed to play the
unplayable piano against his better
judgment. The result was not a catastro-
phe but a masterpiece, and a bestselling
one at that: The Köln Concert album.
I’m fond of that story, of the way that
an obstacle can unleash a creative
response — partly by concentrating the
mind and partly by forcing the artist to
explore fresh approaches. It’s not the
only such tale. The great jazz guitarist
Django Reinhardt developed his distinc-
tive style after suffering severe burns
that left him with only two fully func-
tioning fingers on his fretting hand.
A quotidian parallel is the Tube strike
of 2014, which partially shut down the
London Underground, prodding several
thousand commuters into finding bet-
ter routes into work.
The three stories share another com-
mon element: nobody at the time would
have predicted that anything good
would come of the problem. Keith Jar-
rett could have sought out a bad piano;
young Django could have tied two fin-
gers together; commuters could have
tried a new route any day. But they
didn’t, until there was no choice. The
blessings came well disguised.
David Epstein’s new book, Range, has
brought other instances to my atten-
tion. Range is mostly about the benefits
of being a generalist rather than a spe-
cialist, but a recurring theme is of teach-
ing or training techniques that seem to
fall flat but pay off in the long run.
For instance, in the US Air Force
Academy, students are initially assigned
at random to academic instructors, then
later randomly reassigned to follow-on
courses — a nice natural experiment.
Scott Carrell and James West looked at
the data and found snatches of unplaya-
ble piano in it: students assigned the
“best” instructors for introductory
courses, as measured by short-term
pupil performance, earned the highest
student evaluations but went on to pro-
duce the worst results in the long run.
In a nutshell, teachers who “teach to
the test”, or otherwise provide simple
problem-solving procedures, immedi-
ately improve grades and their students
thank them for it. But in the long-term,
the students suffer from not having
been forced to think more deeply.
This isn’t just about pedagogical tech-
niques. One study that stuck with me
when I was researching my own book,
Top reads at FT.com/opinion
3 Fiction fights a battle for freedom
of thought in Turkey
Elif Shafak is the latest writer to fall foul of
the regime, writes Roula Khalaf
7
reason, notwithstanding the claims
made by self-serving interests in favour
of self-reliance or decoupling. China’s
economy is fragile and it is keen for the
trade war to go away. It remains reliant
on foreign technology and imports.
President Xi’s approach to the US over
the past year has not gone without criti-
cism at home. Meanwhile, US consum-
ers and stock markets are seeping confi-
dence, and the economy could easily be
knocked as the 2020 election campaign
gears up.
The economic rationale for a re-en-
gagement is both compelling and possi-
ble, even allowing for irreconcilable
beliefs and practices. Both Beijing and
Washington prize economic and tech-
nological success, and both are in dan-
ger of compromising it. They need to
keep talking to rebuild trust. The G20
summit in Osaka later this month is a
good place to start. The risks of failure
are now too high.
The writer is the author of ‘Red Flags: Why
Xi’s China is in Jeopardy’
Messy, was by Katherine Phillips and
other psychologists. The researchers set
small groups working on a problem
before introducing a new team member
to help, sometimes a stranger and some-
times a familiar face. The groups forced
to work with the stranger were much
more likely to solve the problem, but
also enjoyed the experience less and
sharply underrated their success.
Groups of friends did much worse, but
had fun and were under the illusion that
they had done a good job.
Again the striking thing is not just that
the obstacle turned out to be helpful,
but that nobody thought so at the time.
Only with hindsight did people realise.
Three more examples. Sports scien-
tists now suggest that top endurance
athletes should keep most of their train-
ing at low intensity, resisting the temp-
tation to train too hard.
Traffic planners are familiar with
Braess’ Paradox: closing a road can and
often does improve traffic flow, even if
the number of journeys stays the same.
The closure prevents drivers from
choosing routes that make sense for
them but cause congestion for others.
The inverse is even more common: a
pleasing intervention that does no good.
For instance, preliminary research sug-
gests that using virtual reality to pro-
mote empathy — for example, for refu-
gees, homeless people or those with dis-
abilities — can promote a surge of emo-
tional support in the short run without
delivering any long-run insight.
The striking thing is not
that the obstacle turned out
to be helpful, but that no
one thought so at the time
We shouldn’t leap to the conclusion
that every blessing comes well dis-
guised, and that every problem is an
opportunity. Sometimes blessings are
perfectly apparent, and we should
remember to count them. Sometimes a
problem is simply a problem.
But the prevalence of these counterin-
tuitive results is a reminder that we
know less about the world — and about
our reaction to it — than we like to think.
I draw three lessons. The first is the
need to gather solid evidence — for
example, by running randomised trials
of teaching techniques — and to ensure
that the evidence looks at a good range
of outcomes over a long enough time to
be meaningful. Common sense can lead
us astray, especially in situations where
short-term pain leads to long-term gain.
The second lesson is to experiment
with more variety in our own lives —
whether choosing a holiday or a com-
muting route. It shouldn’t take indus-
trial action to prompt us to try an alter-
native route to work.
The final lesson is the simplest. When
life confronts us with an unplayable
piano, perhaps we should sit down and
try to play it.
tim.harford@ft.com
3 America is surrendering the moral high
ground over Huawei
Small victories in a trade war come at the
price of global leadership, writes Jacob Lew
8 ★ FTWeekend 8 June/9 June 2019
8 June/9 June 2019 ★ FTWeekend 9
10
Point break Big Tech in the crosshairs of
regulators and politicians — ANALYSIS, INSIDE
Activist Elliott books $683m
deal for Barnes & Noble chain
3 Contrarian bet on physical retailers 3 Asset complements Waterstones
MARK VANDEVELDE,
JAMES FONTANELLA-KHAN
AND PETER WELLS — NEW YORK
Elliott Management has reached a deal
to acquire US bookseller Barnes &
Noble, raising the activist fund’s bet on
an industry that was the first victim of
Amazon’s attack on physical retail.
The all-cash transaction values
Barnes & Noble at $683m including
debt, and comes little over a year after
Elliott took over Waterstones, lone sur-
vivor among a handful of book chains
that once thrived on UK high streets.
Elliott’s interest in an industry that
many investors have left for dead has
surprised publishing executives and
rival fund managers. Barnes & Noble
has suffered a volatile spell in which the
chain laid off workers amid declining
sales, became embroiled in litigation
with its fired chief executive, and ulti-
mately put itself up for sale.
But Paul Best, head of Elliott’s Euro-
pean private equity business, believes
some physical retailers can create sus-
Saints will be no sinners when it comes to hitting their goals, says club’s Chinese owner
Property mogul Gao Jisheng
refuses to follow rivals by
splashing out on new players
TOM HANCOCK — SHANGHAI
When Chinese real estate magnate Gao
Jisheng acquired English Premier
League club Southampton two years
ago, he joined an elite group of interna-
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tainable businesses catering to custom-
ers who value an in-person experience
over online convenience, according to
people familiar with his thinking.
A former director of retail chains as
varied as the preppy fashion brand
Reiss and discount store Poundland, Mr
Best began advocating a takeover of
Waterstones shortly after he arrived at
Elliott in 2017. He ultimately won buy-in
from top executives at the New York-
based fund, which is led by billionaire
Paul Singer, and began pursuing Barnes
& Noble when the company put itself up
for sale last year.
Yesterday’s deal will bring down the
curtain on Leonard Riggio’s nearly five-
decade association with the chain he
founded, and in which he is the largest
shareholder. Personally and through his
foundation, Mr Riggio has a 19 per cent
stake valued at $91m by the Elliott offer.
The chain is likely to begin a period of
unsentimental ownership at the hands
of a firm with such a hunger for bare-
knuckle financial fights that it once
tional businesspeople who own teams in
the world’s richest football division.
Unlike some of the billionaires,
sheikhs and oligarchs who own rival
clubs, Mr Gao has no intention of spend-
ing huge sums on players, pledging to
impose financial discipline and ensure
the club becomes “self sufficient”.
“I am not treating Southampton as a
pig to be fattened and sold,” said Mr Gao
in a rare interview. “I am treating it as a
child. But my children must believe
★ FTWeekend
seized an Argentine naval ship in a dis-
pute over Argentina’s sovereign bonds.
“They simply want to sell us for lots
more than they bought us for,” said
James Daunt, a former banker who was
chief executive at Waterstones and will
move to New York to take charge of
Barnes & Noble jumps on
Elliott deal
Share price ($)
Jan
Source: Bloomberg
Travel & leisure. Football finances
they cannot depend on the boss. “I have
said to Southampton: ‘I am now your
father. But I am putting you on the right
track: you need to feed yourself’.”
Southampton fans may not welcome
belt-tightening at the club, which nar-
rowly avoided relegation this year and is
among the league’s lower-earners. It
generated revenues of just £152.6m in
the year to the end of June 2018, com-
pared with £590m received by Man-
chester United, the league’s top earner.
Businesses
For Sale
Business for Sale, Business Opportunities,
Business Services,
Business Wanted, Franchises
Runs Daily
.............................................................................................................................
Classified Business Advertising
UK: +44 20 7873 4000 | Email:
acs.emea@ft.com
Deal breakdown Renault boss forced to
consider his future — CORPORATE PERSON IN THE NEWS, INSIDE
The fund is interested in
sustainable businesses
catering to customers who
value an in-store experience
Michael Nagle/Bloomberg
Barnes & Noble as well. “Happily the
only way they’re going to do that is if we
have a much better invested, shinier,
bigger, growing business.”
Like its US counterpart, Waterstones
endured a painful retrenchment after
Amazon captured the market for block-
buster titles that once accounted for a
large chunk of bookstore profits.
But the British chain returned to
profit in 2016 after six years of losses.
Publishing executives say Mr Daunt
8 refocused the stores on discerning read-
ers who prefer to browse or attend in-
store events such as author signings,
7 ceding to Amazon the low-margin busi-
ness of selling blockbuster titles.
6 Barnes & Noble’s struggles to deal
with online book sales have left the com-
pany vulnerable to a lowball takeover.
5 Even after a rally on Thursday after Elli-
ott’s approach was first reported by the
Wall Street Journal, the shares were
4
down more than 82 per cent from a
2019 Jun
2006 peak of nearly $32.
See Lex
But the message of austerity reflects
retrenchment in Mr Gao’s business
over the past year. The Shenzhen-listed
Lander Sports Development, which
Mr Gao said was his chief source of
income, reported a Rmb90m ($13m)
loss last year.
Mr Gao, 67, lost control of the com-
pany in March when he sold a 30 per
cent stake to a state-owned asset man-
ager for Rmb1.3bn. Mr Gao’s family
retained a 24 per cent stake in Lander,
which generates most of its revenue
from real estate but has attempted to
branch into new business lines such as
running sports events.
“General sports businesses [in China]
are in great difficulty, so if you partner
with a state-owned company then your
resources are larger,” he said.
However, the transaction led the Pre-
mier League to quiz Southampton, nick-
named The Saints, as to whether the
Chinese state had taken ownership of
the club.
Mr Gao, who acquired an 80 per cent
stake in a 2017 deal that valued the club
at about £200m, said he remains in con-
trol of Southampton because it is owned
by a Hong Kong company, Lander
Sports Investment, which is unrelated
to Lander Sports Development.
“I told [the Premier League], you
should look at who the boss of South-
ampton is,” he said. “The boss of South-
ampton is my Hong Kong company.
Whatever happens in the mainland,
Southampton’s finances do not change.
Toyota agrees tie-up with
Chinese battery makers
LEO LEWIS — TOKYO
Toyota has broken sharply with tradi-
tion and struck a partnership with two
Chinese battery producers as Japan’s
biggest carmaker aims at a grand glo-
bal rebalancing towards electrified
vehicles.
Under the groundbreaking tie-ups, Toy-
ota will buy batteries from Contempo-
rary Amperex Technology (CATL) and
BYD, sourcing the critical component
from Chinese makers for the first time.
CATL, only an eight-year-old com-
pany, already has a relationship with
Honda and other global carmakers and
has been the world’s largest supplier
since 2017 when it overtook Panasonic.
Toyota will also expand its domestic
battery supply deals beyond its long-
standing relationship with Panasonic to
include GS Yuasa and Toshiba.
The decision highlights Toyota’s
expected massive demand for batteries
and the reality that its current arrange-
ments may encounter what senior exec-
utives described as a “a gap” between
the impending supply and demand.
Those concerns echo those of rivals who
have recently unveiled a variety of strat-
Property
Singapore group offers £2.3bn
for Millennium & Copthorne
ALICE HANCOCK — LONDON
Singapore real estate group City Devel-
opments has launched a £2.3bn offer
for Millennium & Copthorne Hotels,
having secured the support of other
key shareholders and a year after fail-
ing in a similar bid.
City Developments, which is owned by
billionaire Singaporean businessman
Kwek Leng Beng, has offered £6.85 per
share for the stock it does not already
own.
That represents a 37 per cent pre-
mium on its closing price on June 6.
The offer, which City Developments
said was final and would not be
increased, values the FTSE 250 hotel
business at £2.3bn.
It is the second time Mr Kwek has
attempted to take the struggling hotel
chain private. In January 2018, his offer
of £6 per share with a dividend of 20
pence, raised from an earlier offer of
£5.52 per share, was narrowly defeated
by 53 per cent of the remaining share-
holders.
Shareholders at the time said the offer
The Premier League was satisfied.”
Mr Gao said the club benefits from his
ownership thanks to his connections to
China, where English Premier League
matches are widely watched.
He pointed to a recent three-year
shirt sponsorship deal with Chinese
start-up LD Sports, saying the transac-
tion was worth “nearly twice” the
£4.8m per season it received from its
previous sponsor.
It is a deal that has led to further con-
fusion about Southampton’s sources of
income under Mr Gao, with the club
admitting LD does not yet have an oper-
ating business and would “launch this
summer for the Chinese market”.
Mr Gao dismissed these concerns. “All
companies have their own style,” he
said. “Asians tend to be low-key. As long
as the money reaches Southampton’s
Southampton narrowly avoided
relegation from the Premier league
8 June/9 June 2019
egies to invest in battery manufacturing
and diversify their source of supply.
Projections for electrified vehicle
sales — a broad category including gaso-
line hybrid, plug-in hybrid and battery
electric vehicles — have had to be funda-
mentally redrawn over the past year as
carmakers have scrambled to adapt
line-ups of new cars to meet stricter
emissions rules, especially in Europe.
General demand for electric vehicles
is on a far steeper trajectory than Toyota
and others had expected, which could
leave the Japanese group’s existing strat-
egy of producing batteries on its own
and with Panasonic looking inadequate.
It had previously set itself the target of
deriving half of its global vehicle sales
from electrified categories by 2030. But
in a move that reflects what Toyota said
was a much higher “rate of popularisa-
tion” than it had anticipated when it set
the original target in 2017, it has brought
its 50 per cent target forward to 2025.
Part of Toyota’s new plan includes
beginning in 2020 mass production of
proprietary battery electric vehicles in
China, which is widely expected to
become the world’s largest market for
electric vehicles.
significantly understated the market
value of the company’s assets.
This time, City Developments, which
already holds 65.2 per cent of Millen-
nium & Copthorne’s issued capital, has
received binding pledges to accept the
offer from 43 per cent of the remaining
shareholders, including its second and
third largest shareholders, the invest-
ment firms JNE Partners and Interna-
tional Value Advisers.
Mr Kwek will only need a further 7 per
cent of remaining shareholders voting
in favour to reach the 50 per cent
threshold among minority interests for
the offer to pass.
Shares in Millennium & Copthorne
spiked 36 per cent following the
announcement of the offer yesterday.
“The offer enables shareholders to
exit an illiquid stock at a significant pre-
mium,” said Mr Kwek’s son Sherman,
who is chief executive of City Develop-
ments. “We believe that a privatised
M&C will be in the best position to navi-
gate the increasingly challenging and
competitive global hospitality land-
scape with agility and nimbleness”.
bank account and its in pounds sterling,
then its OK.”
A flamboyant former government
official, Mr Gao is one of several Chinese
entrepreneurs who have emerged from
obscurity to take ownership of Euro-
pean football teams in recent years.
The acquisitions have produced
mixed results. Chinese conglomerate
Fosun has invested tens of millions of
pounds in Wolverhampton Wanderers
since acquiring it in 2016, rapidly
improving its performance. But Chinese
businessman Tony Xia was forced to sell
his majority stake in Aston Villa last
year prior to it earning promotion to the
Premier League from next season.
The Shenzhen-listed Lander, of which
Mr Gao is chairman, originally
announced it would acquire Southamp-
ton. But Beijing’s strict capital controls
aimed at limiting risky overseas acquisi-
tions forced him to use a Hong Kong
company to complete the deal, accord-
ing to people briefed on the matter.
Mr Gao said despite recent losses in
his main business, there were “no prob-
lems” with his financial situation. The
club could spend more on new players
than it received from selling its current
ones this summer, he added.
But the amount spent will be deter-
mined by the club’s profits, which were
£28.6m last year, mainly due to the sale
of players such as defender Virgil Van
Dijk to Liverpool. “The club’s financial
situation is good this year and it doesn’t
require more investment,” said Mr Gao.
8 June/9 June 2019
Tech-addicted US
funds risk blowing
up like Woodford
The Top Line
Tom
Braithwaite
Deal failure forces Renault boss to consider his future
Corporate
person in
the news
Jean-Dominique Senard
Chairman, Renault
As the night wore on in Renault’s
western Paris headquarters on
Wednesday, Jean-Dominique Senard
told his board that if they delayed a
vote on the proposed merger with
Fiat Chrysler one more time, they
risked killing the deal.
But as Paris, Renault’s largest
shareholder with 15 per cent,
remained adamant that it needed
more time to ensure alliance-partner
Nissan was comfortable with the
merger, Mr Senard had no choice.
He called John Elkann, FCA’s
chairman, and told him the news:
There would be another delay. Later
he received a text from Mr Elkann:
FCA was pulling its proposal, the deal
was off.
It was a double blow for the 66-
year-old Renault boss tasked with
stabilising the French carmaker after
the arrest of its larger-than-life
former boss Carlos Ghosn. And now
his future at Renault is in doubt less
than six months after he took the job.
The soft-spoken Mr Senard had not
only invested much in building a
relationship with Mr Elkann, but the
manner of the deal’s collapse risks
painting him into a corner.
The former boss of tyremaker
Michelin was appointed to rebuild
the alliance with Nissan which had
been shaken by the arrest of Mr
Ghosn last November. Crucially, he
was to do it knowing that the French
government’s presence in Renault
was a source of mistrust in Tokyo —
which boiled up as Mr Ghosn pushed
to make the alliance “irreversible”.
Mr Senard and Mr Ghosn are in
Under the hood Beverage groups tap cocktail of new ideas for refreshment
Consumption is declining as people turn to healthier lifestyles, but opportunities remain for businesses that can satisfy changing tastes
These are strange times in the
booze business. Beer is being
marketed as a wellness drink to
enjoy after a workout. The world’s
biggest spirits company Diageo
proudly markets Seedlip, a non-
alcoholic, botanical-infused drink
for those who eschew alcohol but
want a gin-like flavour.
Worldwide alcohol consumption
declined 1.6 per cent to 27.6bn cases
last year, according to IWSR Drinks
Market Analysis. But growth is
expected to return, with sales by
volume rising 3 per cent over the
next five years.
Anheuser-Busch InBev, the
world’s biggest brewer, is among
those hedging its bets by investing
outside beer. It is testing a machine
dubbed the Drinkworks Home Bar
that uses coffee-like pods to make
cocktails at home.
“Many younger legal-drinking-
age consumers are gravitating away
from beer to other categories,
which in the US includes legalised
cannabis,” says Mark Meek, CEO of
IWSR. For example, ready-to-drink
cocktail sales by volume grew by 5
per cent last year.
Meanwhile, consumers in
emerging markets like India and
China are drinking more spirits and
turning to international brands as a
sign of prestige.
Within spirits, what people drink
is also changing: vodka has lost
share, while gin and tequila have
grown. Such shifts tend to occur
every 10 years or so, industry
executives say, so big distillers try
to be present across categories to
blunt the effects. Leila Abboud
★ FTWeekend
COMPANIES. WEEK IN REVIEW
The crisis at Neil Woodford’s funds is a
reminder that too many UK investors
place too much faith in star stock
pickers.
The US looks more enlightened.
Low-cost pioneers, such as the late Jack
Bogle at Vanguard, have persuaded the
American public to prefer ultra-cheap
funds that simply mimic the stock
market. Even Warren Buffett, the
ultimate value investor, advises mere
mortals to buy cheap index trackers.
You can pay 0.03 per cent in annual
fees to Vanguard for a fund linked to
the S&P 500, which has returned 45
per cent in five years. Or you could pay
roughly 30 times more for Mr
Woodford’s flagship fund, which has
fallen 1 per cent in the same period.
Yet not everyone in the US has gone
passive. The same gamble that undid
Mr Woodford is being played out in
Boston, New York and San Francisco.
To juice returns, active managers are
‘If he only many ways opposites. A courtier to
Mr Ghosn’s hard-charging executive,
listens to he is reserved and refined where Mr
himself, he Ghosn could be brash and blunt.
The highly religious Mr Senard is an
will resign established member of the French
but if he elite, unlike Mr Ghosn who was always
listens to his viewed as something of an outsider.
Holding the title of a Roman count,
duty he granted to one of his ancestors by
might wait’ Pope Leo XIII, he graduated from the
country’s leading business school HEC
and went on to work at oil major Total
and materials company Saint-Gobain.
The son of a diplomat and married
with three children, he has a vineyard
in the south of France where he
spends as much time as he can and
enjoys reading about international
relations and history.
Significantly, he was handpicked by
President Emmanuel Macron to
steady Renault, where he is highly
respected. Now, after Paris looks to
have scuppered a deal so
painstakingly put together by the man
Fewer beer bellies Taste for the hard stuff
Global alcohol market share by volume (%) Sales volumes 2018 (annual % change)
Cider 100
Market value, $bn
Mixed drinks
Spirits
National spirits* 112.5
80
Wine
Mass market 60
beers and wine
sales have lost
ground to spirits
such as gin and
whisky
40
20 Flavoured spirits 24.8
Rum 16.2
Beer
Agave-based spirits 8.7
0 Other spirits 7.9
Cane 4.0
2000 2018
Ready to drink and pre-mixed cocktails soar
Global volume (index)
2000 05
Source: IWSR Drinks Market Analysis *National spirits: Local/regional products such as sochu/soju, baijiu, aquavit, etc.
tempted by private companies where
they receive scant information and
exert little influence.
Mr Woodford went for exotic groups
such as Industrial Heat, which is trying
to invent “cold fusion”, a form of
nuclear power that many scientists
believe defies the laws of physics.
Fidelity, T Rowe Price and other
private dabblers in the US opt for the
likes of Airbnb and SpaceX. However
promising they look today, the risks in
a room-rental website that attracts the
ire of city governments and a rocket
group run by Elon Musk are not small.
Nor are their valuations predictable.
This risks the same liquidity trap as
Mr Woodford. Fund investors expect
immediate access to their money. Yet
funds that bet big on private shares
need time to offload them. Mr
Woodford froze his Equity Income
fund this week as he could not easily
sell up and let investors exit. Although
they said would be free from their
interference, Mr Senard must consider
his future. The French government
realises the risks even as it looks to
apportion blame. Along with some of
France’s bigger CEOs, both Mr Macron
and Mr Le Maire sent messages of
support to Mr Senard this week.
Although, as one person close to Mr
Senard put it, “whether they support
him or not isn’t really the question
right now,” implying it was Mr Senard
who must make a decision.
From Mr Senard’s point of view, he
laid the groundwork for a merger. He
briefed Mr Le Maire before the talks
went public and tried to assuage the
bruised feelings at Nissan, which had
been informed only at the very end.
He had dinner with Nissan chief
executive Hiroto Saikawa in Tokyo on
the Tuesday and Wednesday last week
in an attempt to win him over. The two
men have regularly dined together
since Mr Senard took over, enjoying
the sole at the Les Saisons restaurant
-2 0 2
(depth of bar)
Whisky 70.8
Vodka 45.2
Brandy 25.7
Gin 10.4
Decrease
10
most of his fund is in publicly traded
shares, he cannot simply sell them to
meet investor redemptions as that
would drive up the portion of illiquid
shares, breaching a 10 per cent UK
regulatory cap.
In the US, the threshold is 15 per cent
and most firms make sure their private
investments are kept well below that. A
Morningstar study two years ago found
that Fidelity had a whopping $5bn
invested in private companies, but it
spread this risk across 59 mutual funds.
Others sail closer to the edge. A
Morgan Stanley “Discovery Portfolio”
fund has exceeded 9 per cent
investments in private companies in
recent years, with large chunks in
Palantir, Flipkart, Dropbox and
SurveyMonkey. The latter two have
since gone public, which helps. And
Morgan Stanley has sold out of the first
two. The fund has performed well
overall and granted retail investors
Jean-Dominique Senard will need
to push back Paris and build room
for manoeuvre if he remains after
the FCA tie-up’s failure — Francois Mori/AP
in Tokyo’s high-end Imperial Hotel.
However, Mr Senard does not seem to
have won over many people at Nissan.
Within the Japanese company there is
widespread anger at the late way
Nissan learnt about Renault’s talks
with FCA.
There are also rumblings of
discontent in Paris. Some argued Mr
Senard should not have shouldered so
much of the negotiating himself,
others that he was too ambitious and
others again that Mr Elkann got the
upper hand in negotiations and pushed
to finish the deal at too furious a pace.
Mr Senard himself wanted to get
board approval before Renault’s AGM
next week, said one person closer to
Renault, allowing him to shift the
narrative away from Mr Ghosn.
Either way, Mr Senard’s ability to
find another partner for Renault has
been hampered by what bankers say is
the French state acting as a “poison
pill” for suitors.
“He is a man of honour and of duty,
and those two things are now a
contradiction,” says another person in
Paris who knows Mr Senard. “If he
only listens to himself, he will resign
but if he listens to his duty he might
wait . . . particularly if he feels that the
merger [with FCA] can be revived.”
A Renault insider says that if Mr
Senard stays, he will need to push back
the government’s influence and build
himself room for manoeuvre.
The Renault boss himself told the FT
last year that “if you plan it too much
you can be absolutely sure you will get
it wrong . . . Just go your own way and
providence will make sure you will be
in the right place.” He must now hope
his own advice proves prescient.
David Keohane and Leo Lewis
4 6 8 reflected in far too many corporate policies.”
Whisky cocktails surged last year,
driven in part by a strong Indian
economy and consumers who are
gaining interest in the hard liquor
Gin made the largest gains in the sector
fueled by a booming cocktail scene and
customers moving into premium brands
Increase
Mixed drinks
220
200
180
Cider
160
Spirits
140
Beer
Wine 120
100
80
15 18
11
You can pay
0.03% to
privileged access to some successful
tech start-ups.
But it was a little uncomfortable for a
Vanguard
for an S&P-
time — and this in a benign market.
When conditions finally deteriorate,
more problems will be exposed.
linked fund,
returning
Back in 2004, after the dotcom
bubble had burst, the Securities and
Exchange Commission brought fraud
45% in five claims against Garrett Van Wagoner, a
years, or high-flying mutual fund manager.
The regulator said that Mr Van
30 times Wagoner had stuffed his fund with
more for illiquid tech companies and then
marked them to zero to avoid hitting
Woodford’s the 15 per cent cap. Mr Van Wagoner
flagship, said he marked them to zero because
down 1% they were no longer worth anything.
Whether manipulation or mishap, it
is a cautionary tale for today’s fund
managers and their clients on both
sides of the Atlantic.
tom.braithwaite@ft.com
BEST OF
BUSINESS
Infineon purchase
3 Infineon Technologies agreed to buy US rival
Cypress Semiconductor for €9bn including debt in a
deal that promises to turn the German chipmaker
into the largest supplier of silicon chips to carmakers.
Munich-based Infineon said it would pay $23.85 per
share for the chipmaker, representing a 46 per cent
premium to the Silicon Valley company’s 30-day
average price. The takeover comes after Dutch semi-
conductor group NXP agreed last week to acquire
the WiFi business of
Marvell Technology
Group for $1.8bn.
3 DE Shaw issued an
ultimatum to its
investment staff to
sign a non-compete
agreement that will
hamper their ability
to jump ship to a rival
hedge fund, or face being fired. The demand comes
as the New York-based hedge fund is in a legal dis-
pute with one of its former senior partners, Daniel
Michalow, who would be free to hire DE Shaw
employees and make plans to launch his own firm.
3 Amazon said it would begin delivering packages by
drone within months, as the ecommerce company
showed off the latest design of its flying device at its
artificial intelligence, robotics and space conference
in Las Vegas. The fully-electric delivery drone has a
range of 15 miles and can deliver packages weighing
five pounds, covering more than 75 per cent of its
deliveries.
3 Wall Street dads secured a $5m settlement with
‘The gender stereotype that
raising children is a woman’s job
is . . . reflected in far too many
corporate policies’
JPMorgan Chase over the bank’s failure to give men
and women equal access to parental leave. The
American Civil Liberties Union took the case on
behalf of Derek Rotondo who said he was told that
because he was a man he could not be his child’s “pri-
mary caregiver”, denying him 16-weeks’ paid leave.
Galen Sherwin, an ACLU attorney, said: “The gender
stereotype that raising children is a woman’s job is . . .
3 PwC is to spend £30m a year to overhaul its audit
business and split the practice in two in response to
criticism of the accounting industry from politicians
and regulators. The Big Four accounting firm
announced a drive to strengthen audits, including
hiring an additional 500 audit professionals.
3 Ford is to close its Bridgend engine plant with the
loss of 1,700 jobs in the latest blow to the UK motor
industry. The US carmaker blamed the decision on
the loss of work for Jaguar Land Rover and falling
1,700 €9bn
Jobs to go when Value of German
Ford closes its chipmaker
engine plant in Infineon’s deal for
Bridgend, Wales rival Cypress
demand for the remaining petrol engine made at the
site, the 1.5l Dragon.
3 Airbnb is changing its fee structure for hosts in
an effort to encourage more hotels on to the platform
as it seeks to compete with the likes of Expedia
and Booking.com. The platform will introduce a fee
structure for professional hospitality businesses’ list-
ings that eliminates any fee being passed to guests.
3 Jaguar Land Rover and BMW will work together to
develop electric-vehicle technology, the latest collab-
oration as rival carmakers across the world seek to
spread their investment costs. The two companies,
which are both seeking to cut overheads to counter
falling sales and rising trade costs, will jointly work
on electric drive units and pool some research and
development programmes.
12
Break-up threat casts shadow over the Valley
Politicians circle and
critics grow bolder
as plans to tackle
Big Tech move up the
agenda, but curbing
the concentration of
power is a tall order
RICHARD WATERS — SAN FRANCISCO
It is open season on Big Tech. As US poli-
ticians and regulators circle the indus-
try, a once unthinkable idea is starting
to be voiced more widely: whether a
forced break-up of some of the most
powerful companies will soon be on the
agenda.
The idea was first thrust into the
headlines in March by Elizabeth War-
ren, the Massachusetts senator and
presidential hopeful, who promised to
break up Big Tech if she were elected to
the White House.
This week, the shadow of drastic regu-
latory action was cast again over Silicon
Valley after it emerged that the US
Department of Justice and the Federal
Trade Commission had divided up
responsibility for potential antitrust
investigations.
At the same time, the House judiciary
committee announced its own inquiry
into whether US antitrust laws need to
be tightened up to deal with the large
tech groups.
The flurry of interest has emboldened
the industry’s critics and prompted
executives and analysts to start asking a
question that until recently seemed
inconceivable: What form should any
forced break-ups take?
The possibilities raised most fre-
quently include declaring some markets
off-limits to the biggest tech companies,
carving out their most powerful plat-
forms to become separate regulated
utilities, and unwinding past acquisi-
tions that raised few concerns at the
time they were completed.
‘If you remove the ability
of Apple to sell services,
it’s devastating’
Michael Cusumano, MIT
But even cutting the big tech compa-
nies down to size and scattering their
operations between a group of successor
companies might not be enough to
silence all the concerns.
“All it’s going to do is distribute the
problem, not solve it. If you bust up
Google into 10 parts, you still have 10
people” assembling detailed data pro-
files of internet users, said Roger
McNamee, a veteran Silicon Valley
investor and critic of Big Tech.
The chances of a forced unbundling of
the leading tech companies are hard to
handicap. Ms Warren’s call for drastic
action was nothing more than “a rhetor-
ical way of getting attention politically”,
one Washington critic of Google said. “It
shows you’re serious, kicking arse and
taking names in antitrust. But her peo-
ple know that getting there is hard.”
For regulators, meanwhile, antitrust
cases seeking the ultimate sanction of a
break-up are “horrifically expensive to
bring, and the remedies are always dis-
appointing”, said Herbert Hovenkamp,
★ FTWeekend
In regulators’ sights
Can anyone suppress tech’s huge scale?
Market cap ($tn)
0 1 2 3 4 5
Technology
Banks
Pharmaceuticals
Oil & gas
Beverages
Personal goods
Automobiles & parts
Travel & leisure
The top 10 tech groups
are worth more than
Support services 2.5 times the leading
Chemicals 10 global banks
Data uses the top 10 companies in each sector
Sources: Bloomberg; Refinitiv
an antitrust professor at the University
of Pennsylvania. He pointed to Micro-
soft’s successful appeal against a 2001
court order to separate its Windows
More on ft.com business from everything else as one
For the latest reason why US regulators were likely to
news, comment
be wary of pursuing similar action now.
and analysis on
the technology But that has not prevented growing
sector, go to debate about what form forced break-
ft.com/technology
ups or other structural limits on the tech
industry might take.
Restrict markets they can enter
One approach would be to restrict the
number of markets in which the compa-
nies can operate.
That would mark a throwback to an
older way of looking at the economy in
which large areas of commercial activity
were limited to a prescribed set of com-
panies, said Michael Cusumano, a man-
agement professor at the Massachusetts
Institute of Technology.
There was a precedent for such a
move, said Mr McNamee: a 1956 US con-
sent decree involving AT&T. The inter-
COMPANIES
$tn
Net income
0 0.5 1.0
Banks
Technology
Oil & gas
Pharmaceuticals
Automobiles & parts
Beverages
Personal goods
Chemicals
Travel & leisure
Support services
Sales and profit figures are trailing 12-months
vention restricted the telecoms monop-
olist to only operating in regulated mar-
kets, reducing the risk that it would
throw its weight around more broadly.
A similar arrangement could be used
to restrain the tech companies. Obvious
examples of businesses they could be
shut out of, according to Mr McNamee,
are transport and financial services,
where they are already starting to make
a mark. Drawing lines like this would
also force them to shed any operations
they already have in these areas.
Split off platform businesses
A second idea that has gained support
among tech’s critics would involve split-
ting off monopolistic digital platforms.
Supporters of this idea, such as Ms War-
ren, say it would address a common
problem: the winner-takes-all phenom-
enon, where network effects produce
dominant platforms.
For today’s biggest tech groups, the
platforms range from Google’s search
engine and the mobile app stores of
Faang stocks have recently lost momentum
Aggregate market cap ($tn)
Revenue
1.5 2.0 2.5
Jan 2019
Apple and Google to Amazon’s ecom-
merce marketplace.
Trying to carve out the big tech plat-
forms into standalone companies, how-
ever, would not be as simple as it sounds.
One complication comes from the dif-
ferent business models that tech com-
panies have built around their plat-
forms. For instance, Google does not
charge for its Android mobile operating
system, instead using it to draw users to
its advertising-supported services.
“Pull all that apart, and it would ruin
the company,” said Mr Cusumano. “It’s
the free Android business that enables
things like Maps and Gmail.”
Deciding what constitutes a platform,
and how to carve up the many functions
in the big tech groups’ digital opera-
tions, would also turn out to be a com-
plex and contentious process.
Reverse past acquisitions
A third option for restructuring Big
Tech would involve unwinding past
acquisitions, such as Facebook’s pur-
8 June/9 June 2019
chase of WhatsApp and Instagram, and
Google’s of YouTube.
These operations remain distinct
inside both companies, making a split
easier to achieve. However, Facebook
chief executive Mark Zuckerberg said
recently that he planned to tie Face-
book’s various services more tightly
together — interpreted by some as a pre-
emptive move to make it harder to
break up the company.
Even some analysts generally
opposed to breaking up big tech compa-
nies concede that some acquisitions
may have gone too far.
Mark Mahaney, an internet analyst at
RBC Capital Markets, said that the tech
companies had brought considerable
benefits for their consumers — but
Google’s acquisition of DoubleClick, the
display advertising business, might be
one deal that could be unwound, even
though it was cleared by both the FTC
and European regulators at the time.
Brace for the impact
How future break-ups would affect the
companies is hard to judge. Some argue
that they would be an unmitigated dis-
aster for investors.
Amazon’s retail business, split from
Amazon Web Services, would be
exposed as a chronic lossmaker, said Bill
Smead, head of Smead Capital Manage-
ment, a value investor based in Seattle,
leaving it “selling at a loss and shipping
for free”.
‘I would argue that the
sum of the parts is worth
more than the whole’
Youssef Squali, SunTrust
Similarly, if Apple were forced to spin
off its apps and services, cutting it back
to its low-growth software and hard-
ware platforms, it would strip the com-
3.6
pany of its best prospects for growth.
“If you remove the ability of Apple to
3.4 sell services, it’s devastating,” said Mr
Cusumano.
3.2 But in other cases, break-ups might
benefit shareholders. Businesses such as
3.0 Instagram or YouTube, for instance,
might be able to step out from the
2.8 shadow of their parents and become big
tech companies in their own right.
2.6 “I would argue that the sum of the
parts is worth more than the whole,”
Jun
said Youssef Squali, an analyst at Sun-
Trust Robinson Humphrey.
Some analysts also point to conflicts
Cutting Google of interest inside today’s tech groups
and other large that, while not raising regulatory con-
technology cerns, could hamper their business
companies down prospects, making spin-offs desirable.
to size and AWS’s dominance of the cloud com-
scattering their puting market, for instance, has left
operations other retail companies with a difficult
might not be choice: should they rely on a rival to
enough to supply their essential computing needs?
address all As an independent company, AWS
concerns would stir less fear among potential cus-
ThomasTrutschel/
tomers, said Dave Bartoletti, an analyst
Photothek/Getty Images
at Forrester Research.
“There’s a ton of logic in them being
standalone businesses,” said Mr Squali.
He compared the potential of spin-offs
with the performance of PayPal, the
payments business whose market value
has more than trebled since it was spun
out of eBay in 2015.
With the battle lines only just being
drawn over Big Tech’s future, however,
the prospects for any significant corpo-
rate restructuring are likely to take
years to become clear.
See The Long View
8 June/9 June 2019 ★ FTWeekend 13

MARKETS & INVESTING

Fund management. Portfolio picks Commodities

Russia seeks
Woodford affair shines spotlight to reassure
on pipeline
on assets put in ‘trash’ bucket problems
NASTASSIA ASTRASHEUSKAYA
ST PETERSBURG

Russia is fighting to allay fears that

Hunt for yield in a world of
ultra-low rates has pushed
some funds into riskier bets
LAURENCE FLETCHER — LONDON
The shock move this week to block
withdrawals from star manager Neil
Woodford’s £3.7bn Equity Income fund
has brought home an alarming reality
for investors: they may not get the ready
access to their cash they expected.
Perhaps most worrying: this is the sec-
ond high-profile fund suspension of its
kind in under a year. While Mr Wood-
ford grapples to shore up confidence in
his funds — some of the best-known in
the UK — Swiss fund manager GAM is
also trying to put a year-long scandal
behind it, after it suspended and liqui-
dated funds managed by its own star
fund manager last summer. GAM is still
trying to sell the last remaining assets,
and some of its clients are still waiting to
get the remainder of their money back.
Both Mr Woodford and GAM manage
portfolios under a European directive
known as Ucits, short for “Undertakings
for Collective Investment in Transfera-
ble Securities”. Seen as an international
gold standard of fund regulation, the
Ucits sector consists of €10tn of assets
spanning more than 33,000 funds. Such
funds are sold worldwide, and are
attractive to investors, because they are
regulated. Crucially, owners are gener-
ally able to ask for their money back on
a daily basis, rather than locking it up
for months or years.
But concerns have been growing in
some parts of the funds industry that
some Ucits may not always be able to
honour the frequency of dealing they
Growth of the Ucits sector
Total net assets (€tn)
2008 09 10 11 12
Source: EFAMA (The European Fund and Asset Management Association)
promise, because the underlying assets
are hard to trade. Analysts worry that
the hunt for yield in a world of ultra-low
interest rates has pushed some funds
into riskier assets that comply with the
letter of the Ucits law but that may
prove tough to sell in a downturn.
“Ucits funds, desperate for perform-
ance after a prolonged decade of zero or
negative . . . rates, have compromised
liquidity gradually over time to get to
today’s thin ice of portfolio composi-
tion,” said Francesco Filia, chief execu-
tive of London-based hedge fund, Fas-
anara Capital.
While the bulk of a Ucits fund’s assets
have to be held in mainstream instru-
ments such as stocks or bonds, up to 10
per cent can be held in less liquid assets
— a bucket often known in the industry
as the “trash ratio”. Some fear it can
become a dumping ground for risky
assets and can lead to a fund suspending
redemptions if it gets heavy client out-
flows. “I don’t think illiquid investments
should be permitted at all,” said George
Cooper, chief investment officer at
Equitile Investments. “It’s just a silly
thing to do, to get up to anywhere close
to that 10 per cent.”
10
8 from funds hit
6 scandal — Tolga
4
2 market that occasionally seizes up. A
0 ing in contingent convertible (“coco”)
13 14 15 16 17 18
Perhaps the most extreme example
was provided by GAM’s Absolute Return
Bond Funds. The former manager, Tim
Haywood, held assets including junk-
rated aircraft lease debt and an esoteric
payment-in-kind note at a US real estate
company. He also bought paper linked
to so-called “Little Red Boxes” — large,
portable containers that can convert
waste oil into power. In another
instance, he bought the entirety of a
bond issue from a special-purpose vehi-
cle, spreading it across his funds.
Mr Haywood had told some investors
he had tackled any potential liquidity
problems in his funds by holding very
easy-to-sell assets such as US Treasur-
ies, according to a person familiar with
his communications. He also expected
to be able to sell on the less liquid assets
relatively quickly, another person said.
GAM fired Mr Haywood for alleged
gross misconduct in February. However,
according to GAM, Mr Haywood did not
breach any guidelines with the assets he
bought. The investments made by the
ARBF funds “were certainly appropri-
ate within the Ucits constraints,” GAM
chief executive David Jacob told the
Financial Times following the firm’s
Hard sell: GAM May annual meeting. Beyond the trash
is still trying to ratio, the bull market has seen some
offload the last firms launch Ucits funds in sectors
remaining assets where liquidity can evaporate. London-
based Fair Oaks Capital, for instance, in
by a year-long 2016 launched a Ucits fund with weekly
liquidity, now €630m in size, that
Akmen
invests in collateralised loan obliga-
tions, a corner of the corporate debt
number of managers have funds invest-
bonds, which at times can prove hard to
sell. Concerns have also been raised
about Ucits funds holding junk-rated
debt — a market that was badly hit in the
fourth quarter last year.
Not everyone is worried. “Just
because there are problems in one fund,
it doesn’t mean the whole regulation” is
faulty, said Martin Reeves, head of high-
yield at Legal & General Investment
Management. For high-yield bond Ucits
funds to have liquidity problems “you’re
talking about the . . . flood occurring,
you’re talking about 2008”, he said.
Last year the UK’s main market regu-
lator, the Financial Conduct Authority,
opened a consultation on illiquid assets
in open-ended funds, following the sus-
‘Just pension of some non-Ucits property
funds in the wake of the UK’s referen-
because dum on EU membership in 2016. That
there are work did not examine Ucits funds,
although the FCA is looking at Mr
problems in Woodford’s approach to Ucits compli-
one fund, it ance, the FT reported this week.
“There’s going to be a lot of scru-
doesn’t tiny . . . given what has gone on with
mean the Woodford, which will perhaps focus on
the 10 per cent trash ratio,” said Eve
whole Ellis, partner at Ropes & Gray. “The FCA
regulation’ may amend its liquidity management
rules, and may well look at Ucits funds.”
is faulty Additional reporting by Robert Smith
shortages in crude flowing to Europe
due to contamination at its Druzhba
pipeline could force oil prices higher.
Alexander Novak, the country’s
energy minister, said the tainted crude
would not affect its 2019 output, which
he has predicted could beat last year’s
556m tonnes, or 11.2m barrels a day, to
go as high as 560m tonnes.
“We can reach target production by
the year-end without changing the fore-
cast,” he said.
However, output fell to 10.87m bar-
rels a day in early June due to the tainted
oil — the lowest level since summer
2016. In addition, national pipeline
operator Transneft said the clean-up
could take until the end of the year or
beyond.
Heavy contamination of oil with
organic chlorides, which can become
highly corrosive during the refining
process, were first identified in April,
with estimates pointing at supplies of 8
per cent of the continent’s daily con-
sumption being affected.
What both analysts and Russian offi-
cials described as an unprecedented sit-
uation was the result of an intentional
injection of tainted content at a private
‘We were, we are, and we
will be a reliable supplier
even despite the force
majeure we have seen’
enterprise in Samara region, according
to Transneft.
Poland, Slovakia, Ukraine and Hun-
gary are among countries to have sus-
pended deliveries of Urals crude via the
5,500km Druzhba pipeline — a key
artery in the network linking Russia’s
oilfields to central Europe and Germany
and one of the biggest networks in the
world.
“We were, we are, and we will be a reli-
able supplier of energy resources even
despite the force majeure we have seen,”
Mr Novak said yesterday at the St
Petersburg International Economic
Forum. “And this really is a force
majeure; it has nothing to do with tech-
nology.”
He said Russia was using the Druzh-
ba-2 pipeline and ports to convey “qual-
ity” crude to all the affected countries,
which would include Poland within “the
nearest days”.
“We are fulfilling our obligations and
we will continue to do so,” Mr Novak
added. “Our task is to forget this story as
soon as possible to keep working as nor-
mal.”
FastFT The drop in imports of Russia’s key
Our global Urals blend have come at a time of dis-
team gives you ruptions to similar types of crude sup-
market-moving plies — such as oil from Iran and Vene-
news and views, zuela — weighing on the market that has
24 hours a day seen the oil price whipsaw in recent
ft.com/fastft months.
Additional reporting by Anjli Raval

Technology Fixed income

Blockchain vision in doubt as DAH
ramps up focus on ‘smart contracts’
IZABELLA KAMINSKA — LONDON
PHILIP STAFFORD — SINGAPORE
A grand plan to apply blockchain tech-
nology to the world of securities and
trade settlement appears to be stalling,
with Digital Asset Holdings, one of its
key proponents, switching its focus to
so-called “smart contracts”.
DAH, previously fronted by Blythe Mas-
ters, the former JPMorgan Chase execu-
tive credited with pioneering the mar-
ket for credit-default swaps, had prom-
ised to revolutionise finance by applying
the distributed ledger technology back-
ing cryptocurrencies to activities such
as trade clearing and settlement.
Instead, DAH is ramping up its focus
on smart contracts, which use similar
code to that used in automated transac-
tions such as direct debits and standing
orders. Any blockchain-enabled finan-
cial settlement system is likely to be
dependent on smart contract technol-
ogy. The shift comes as Germany’s cen-
tral bank expressed doubts about block-
chain’s potential, relative to existing
technologies.
“The market is evolving to a place
where we see the ledger platform
becoming a place that is going to be very
difficult for us to compete in,” a spokes-
person for DAH said, adding the group
had also recognised that customers
were fearful of being locked into any
specific platform.
Ms Masters had told bankers in 2015
that blockchain was analogous to “email
for money” and the world should be
“taking this technology as seriously as
you should have been taking the devel-
opment of the internet in the early
1990s”.
She stepped down from her position
as chief in December 2018 for personal
reasons, stirring concerns that block-
chain’s promise may struggle to live up
to expectations. She remains a board
member, adviser and investor in the
The German central bank has voiced
doubts on the technology’s potential
company. Other notable departures
from the company include Stewart
Cowan, brought in last April to oversee
DAH’s development of a blockchain-
based clearing and settlement system
for the Australian Securities Exchange
(ASX) and Gavin Wells, the former LCH
executive who was its head of Europe.
A hint that DAH was edging away
from blockchain came in April when the
company announced it would be mak-
ing its smart contract language, known
as DAML, easier to integrate with rival
platforms such as Hyperledger. DAH’s
chief Yuval Rooz stressed the company
remained committed to blockchain but
confirmed that increasing standardisa-
tion across the industry had started to
commoditise the business, challenging
the potential to generate revenue from
blockchain alone. “We are focusing on
where the value is for us, as well as
where we think we have an immediate
advantage with DAML,” he said.
Policymakers recently poured cold
water on the capacity for blockchain
technology to revolutionise trade
processing. Bundesbank president Jens
Weidmann told a symposium in May
that tests run with Deutsche Börse, Ger-
many’s largest exchange, had shown the
technology was sometimes slower and
more expensive to use.
Togo vows to tap debt markets after
gaining ‘game-changing’ credit rating
JOHN AGLIONBY — LONDON
Togo’s president plans to use the west
African country’s newly acquired sov-
ereign credit rating to tap international
financial markets for €500m, opening
up a new frontier for emerging market
investors.
Faure Gnassingbé said that his govern-
ment had not decided whether to issue a
Eurobond, seek a syndicated loan or
borrow from a multilateral organisation
like the World Bank, in the wake of a
credit rating from Standard & Poor’s
issued at the end of last week.
“It’s not a decision you can make just
like that,” Mr Gnassingbé said in an
interview during a visit to London to
boost his country’s profile with inves-
tors.
“We have some other possibilities
[besides a Eurobond] because we didn’t
know the outcome of this rating.”
He said he would like to raise the
money “as soon as possible”, indicating
the next three months.
S&P awarded Togo a single-B rating
with a stable outlook, which puts the
country of 8m people and a per-capita
income of about $680 on a par with
Nigeria, Ghana, Ethiopia and Egypt.
Moody’s followed suit this week with a
similar rating.
If Togo were to issue a Eurobond it
would be the 22nd African country to do
so, according to data from Renaissance
Capital, a London-based bank.
Mr Gnassingbé described the rating as
a “game-changer” for the nation, where
economic activity is dominated by
phosphates, cotton and one of the big-
gest ports in west Africa.
“Now we have a financial identity,” he
said. “Before when we went to people
they said ‘who are you?’ Now they can
know what to expect.”
‘Now we have a financial
identity. Before when
we went to people they
said “who are you?”’
The money raised would be primarily
used to pay off the country’s domestic
borrowings, he said, which tended to be
more expensive to service than debt
raised externally.
According to IMF data, Togo’s govern-
ment had CFA Fr2.2tn ($3.8bn) of debt
at the end of June 2018, of which 55 per
cent was domestic. The country’s ratio
of debt-to-gross domestic product is
estimated at 70 per cent, one of the
highest levels in the region. But this is
much lower than a 2016 peak of 82 per
cent. The government wants to cut it to
55 per cent by the end of next year.
The IMF considers Togo at “moder-
ate” risk of external debt distress.
Gregory Smith, an analyst at Renais-
sance Capital, said that risks to the
country’s outlook included its small
GDP per capita, as well as its large cur-
rent account deficit of 6.2 per cent and
next year’s presidential poll. Mr Gnass-
ingbé has been in power since 2005 and
a recent change in the law means he can
stay until 2030 if he wins two more elec-
tions.
Togo’s economy is helped by its cur-
rency, the west African franc, being
pegged to the euro, low inflation and a
relatively low fiscal deficit of about 3.1
per cent of GDP.
Mr Smith said the single-B rating,
which is well below the triple-B level
that attracts a much bigger range of
institutional investors, was “not hor-
rific”. Morocco and Botswana are the
only African countries with a so-called
investment-grade rating from S&P.
“It puts Togo out there, on the map,”
said Mr Smith. “A Togo Eurobond or
syndicated loan would be of interest but
they’d have to come with the right nar-
rative, to rebalance the debt stock to
reduce vulnerability.”
14
Corporate debt troubles
will be worse if Fed cuts
rates, doomsayers warn
Joe Rennison
On Wall Street
T
he chorus of doomsayers
warning of turmoil stem-
ming from corporate bor-
rowing added a powerful
voice this week. Brian
Moynihan, the chief executive of Bank
of America Merrill Lynch, warned on
Tuesday that the growth of the lever-
aged loan market — where lowly rated
or heavily indebted companies borrow
money — could accelerate an economic
downturn. He should know: BofA has
long been the largest arranger of such
financing, and then selling the debt on
to investors.
Jay Powell, Federal Reserve chair-
man, has made similar claims, saying
that even if high levels of corporate debt
do not cause the next crisis, they could
exacerbate it. Pimco, the asset manager,
has also said it is pulling back from lend-
ing to US companies. Lawmakers in the
US House of Representatives held a
hearing this week on the topic, with aca-
demics also raising alarms.
It is curious, then, in a month that has
seen concerns over slowing global
growth amplified by the Trump admin-
istration’s trade offensive, that credit
markets appear unfazed. Treasury
yields have plummeted as angst has
risen, but leveraged loan prices and cor-
porate bond yields have seen much less
of a reaction. For some analysts and
investors, it is a sign of complacency.
The average price of US leveraged
loans stands at about 97 cents on the
dollar, according to an index run by the
Loan Syndications & Trading Associa-
tion. That is below the 98 cents level that
the market spent much of 2017 and
2018 above, but nowhere near the low of
94 cents hit in December, when fears
over lacklustre growth intensified. The
★ FTWeekend 8 June/9 June 2019
MARKETS & INVESTING
The day in the markets
What you need to know
3 Treasuries rally after weaker than Debt rallies after disappointing US job numbers
expected US jobs report
10-year US Treasury yield (%)
3 Oil price climbs on signs that Opec will
extend output reduction
3 Global equities rise as US extends date
for increasing tariffs on Chinese imports
2.14
2.12
Bond markets rallied yesterday after
bleak figures from a keenly awaited US
jobs report reignited investors’ worries of
2.10
faltering economic growth in the world’s
same is true in junk bond markets. The called “soft landing”, where a slowing largest economy. 2.08
additional interest above Treasuries economy gently touches down before The US added 75,000 jobs in May,
demanded by investors in the high-yield taking flight again. figures from the Department of Labor
market stands at about 4.6 percentage “I think we are going to drift along,” showed, considerably lower than the 2.06
points, higher than the year-to-date low says John Dixon, a high-yield bond 185,000 expected by economists and a
of 3.7pp but well below the 5.5pp trader at Dinosaur Securities. “I don’t sharp drop from April’s figure. The US’s
2.04
reached in December. It means inves- see us having a negative growth rate any year-on-year rise in average earnings also Wednesday Thursday Friday
tors are demanding extra compensation time soon. I don’t think the high yield missed expectations, coming in at 3.1 per
Source: Bloomberg
to hold the debt, but not much. market thinks so either.” cent and serving as a further sign that
So why, amid so much doom and Crisis averted? Not yet. the Federal Reserve may need to cut
gloom, are investors so sure companies Some investors question whether the interest rates.
will pay back their debt? Despite some Fed cutting rates will do much to boost Ronald Temple, head of US equity at and returning to levels last seen in late Wall Street’s S&P 500 gained 1.3 per
weakness in economic data, most inves- the economy. Rates are still not that Lazard Asset Management, said: “The March. cent by midday trade. The tech-heavy
tors agree the US is not yet about to slip high, and economic conditions are not Fed has already set the stage for easing Germany’s 10-year Bund yields fell to Nasdaq index rose 1.8 per cent, boosted
into recession. Even Mr Moynihan said that tight. If a decade of record-low rates based on below-target inflation and minus 0.26 after the country’s central by a 30 per cent share price rise in plant-
that it is too early for that bell to toll. failed to stir significant inflation in the escalating trade tensions. If tariffs bank blamed “lacklustre exports” as it cut based food company Beyond Meat, which
economy, despite low unemployment, increase as currently scheduled and we the year’s economic output forecast from revised up its revenue expectations for
what will a mild easing achieve now? get another sluggish job report next the previous estimate of 1.6 per cent to the year. Major European markets
If a decade of record-low If this proves true then a more sub- month, I believe that it would be difficult 0.6 per cent. including London’s FTSE 100 and
rates failed to stir stantial slowdown could be on the hori- to criticise a rate cut on July 31.” Stock markets rebounded from last Frankfurt’s Xetra Dax rose 1 per cent.
zon. The difference between three- The yield on 10-year US Treasuries fell week’s sell-off, buoyed by dovish turns on The price of oil climbed further from
significant inflation, what month and 10-year Treasury yields has 5 basis points to 2.05 per cent, taking it monetary policy from the US and the five-month lows hit earlier in the
will a mild easing achieve? already turned negative, or “inverted”, back to lows reached in June 2018 while European central banks this week. week after Saudi Arabia signalled that
just as it has done before every US reces- the two-year note, which is more Investor sentiment was also lifted after Opec could extend their output reduction
sion of the past 50 years. sensitive to the short-term outlook, the US government granted Chinese deal.
Some investors also push back on con- If, however, the Fed is successful in dropped more than 9bp to 1.79 per cent. exporters a two-week extension before Brent crude, the international
cerns over growth of the loan market, supporting credit markets, the risk is The dollar index slid 0.4 per cent, increasing planned tariffs, in a sign of benchmark, gained 1.5 per cent to trade
saying corporate leverage is not actually that it exacerbates the problem that Mr leaving it 1 per cent lower for the week easing trade tension. above $62 a barrel. Nikou Asgari
that much higher than it was in the Moynihan raised this week.
run-up to 2008. The ability of compa- A decade of low interest rates has
nies to repay remains strong, they add. encouraged companies to borrow cash Markets update
A further boost to the credit market while incentivising investors, starved of
came on Tuesday, when Mr Powell left opportunities to generate higher
the door open to a cut in interest rates. returns, to lend it to them.
Some investors hope that a rate cut, or As Peter Boockvar at Bleakley Advi- US Eurozone Japan UK China Brazil
cuts, will ease conditions, underpinning sory Group puts it: “How will the Fed Stocks S&P 500 Eurofirst 300 Nikkei 225 FTSE100 Shanghai Comp Bovespa
riskier assets such as stocks, corporate square an ‘insurance cut’ (as opposed to Level 2875.17 1485.53 20884.71 7331.94 2827.80 98019.35
bonds and leveraged loans, extending one legitimately used to deal with a pro- % change on day 1.11 0.91 0.53 0.99 -1.15 0.84
the economic cycle for a little longer. nounced economic slowdown) with the Currency $ index (DXY) $ per € Yen per $ $ per £ Rmb per $ Real per $
The potential for Fed rate cuts is seen expressed worries about excessive cor- Level 97.041 1.128 108.185 1.271 6.916 3.882
as insurance against a downturn. In Mr porate debt that the era of extraordinar- % change on day -0.003 0.000 0.000 0.000 0.000 0.000
Powell’s own words, the central bank ily low rates encouraged?” Govt. bonds 10-year Treasury 10-year Bund 10-year JGB 10-year Gilt 10-year bond 10-year bond
will “act as appropriate to sustain the Yield 2.085 -0.258 -0.120 0.813 3.246 8.221
expansion”. The ideal situation is a so- joe.rennison@ft.com Basis point change on day -0.720 -1.800 0.580 -1.200 0.000 -8.500
World index, Commods FTSE All-World Oil - Brent Oil - WTI Gold Silver Metals (LMEX)
Level 336.50 63.03 53.79 1335.50 14.96 2750.90
% change on day 1.07 1.12 1.11 0.03 0.77 0.28
Yesterday's close apart from: Currencies = 16:00 GMT; S&P, Bovespa, All World, Oil = 17:00 GMT; Gold, Silver = London pm fix. Bond data supplied by Tullett Prebon.
Main equity markets
S&P 500 index Eurofirst 300 index FTSE 100 index
2960 1560 7680
7520
2880 1520
7360
2800 1480 7200
| | | | | | | | |
2720 | | | | | | | | | | | | | | | | | | | |
1440 | | | | | | | | | | | | | | | | | | | | 7040 | | | | | | | | | | |
Apr 2019 Jun Apr 2019 Jun Apr 2019 Jun
Biggest movers
% US Eurozone UK
Illumina 5.22 Sanofi 4.40 Smurfit Kappa 3.92
Twitter 3.92 Saipem 3.18 British American Tobacco 3.38
Ups
Ross Stores 3.17 Edf 2.97 Tui Ag 3.37
Foot Locker 3.00 Amadeus It 2.88 Intercontinental Hotels 3.19
Activision Blizzard 2.97 Thales 2.75 Bt 2.98
%
Arista Networks -5.51 Novozymes -6.68 Marks And Spencer -1.34
Cf Industries Holdings -3.44 Seadrill -2.81 Next -1.04
Downs
Marathon Petroleum -2.64 Kbc -1.60 Ocado -0.80
Mosaic (the) -2.36 Caixabank -1.58 Int Consolidated Airlines S.a. -0.74
Molson Coors Brewing -2.29 Novo Nordisk -1.11 Flutter Entertainment -0.54
Prices taken at 17:00 GMT Based on the constituents of the FTSE Eurofirst 300 Eurozone
All data provided by Morningstar unless otherwise noted.
Wall Street Eurozone London
Illumina, the DNA-sequencing equipment Landlord Deutsche Wohnen led Europe’s British American Tobacco was a gainer
specialist, led the S&P 500 gainers on the fallers for a second straight day in after JPMorgan Cazenove said fears
back of “buy” advice from Cowen & Co. reaction to a proposed rental freeze in about its US revenue were probably
The broker’s annual survey of laboratory Berlin. Morgan Stanley downgraded misplaced. Cigarette sales volumes have
managers pointed to rapid adoption and Wohnen to “equal weight” in response, been deteriorating but the main tobacco
increased use of Illumina’s NovaSeq saying a freeze might choke capital flows, companies have continued to act
benchtop sequencer. forcing a big revaluation of its portfolio. rationally on pricing, with profit per pack
Sector peer Crispr climbed after Morgan Stanley was also cautious on expected to increase 7 per cent this year,
revealing an extended gene therapy Umicore, the Belgian materials JPMorgan said. The broker also saw
collaboration with drugmaker Vertex. technology group. Estimating a evidence that BAT’s e-cigarettes were
Drugmaker Allergan was under quadrupling of electric battery materials gaining market share as its rivals suffered
pressure after weekly retail industry data production capacity by 2021, Morgan from regulatory pressure to deter
showed a sharp drop in sales of its Stanley predicted that suppliers would underage vapers.
Restasis dry-eye treatment. need to sacrifice profit margins to retain Millennium & Copthorne led the FTSE
Beyond Meat hit a record high, taking market share. 250 gainers after its majority shareholder
its gain since flotation last month to more Denmark-based Novozymes dropped City Developments made another offer to
than 400 per cent, after maiden quarterly after the enzymes supplier lowered sales take the hotelier private. The cash bid
results from the burger maker came with and profit targets. It blamed bad weather from the Singapore-listed real estate
an upgrade to full-year sales guidance. for demand taking longer than expected group was at a 37 per cent premium to
Arista Networks dropped after to recover from the bioenergy and crop- Thursday’s closing price and was a 10.5
informing investors that corporate care sectors. per cent increase on its 2017 offer, which
spending on cloud services was Sanofi advanced after the French failed to gain shareholder approval.
increasingly difficult to predict. The drugmaker named Novartis BT Group rose after Philip Jansen, chief
software maker said three-year annual Pharmaceuticals boss Paul Hudson as its executive, spent nearly £3m to increase
sales growth would be in the mid-to-high next chief executive officer, replacing his stake in the telecoms group.
teens depending on cloud revenue, rather Olivier Brandicourt. The change was seen An HSBC downgrade to “hold” weighed
than the 20 per cent investors expected. to improve the chances that Sanofi would on Royal Mail. Management’s recent
Gold miner Freeport-McMoRan gained sell or spin-off its consumer division, strategy pivot to parcel delivery was
after Richard Adkerson, its long-serving which provides about 13 per cent of “credible and necessary” but “it will take
president and chief executive, bought group sales. six years for profits to exceed where they
shares for around $1.7m. A downgrade to “sell” from Nordea were in 2018,” HSBC said. “Combined with
Cruise companies rallied after weighed on Jyske Bank. Nordea said a patchy record of acquisitions recently, it
Norwegian, the number-three operator, Jyske’s strategy of growing out of its suggests management will not earn the
put the cost of a US ban on sailings to problems in the extremely competitive benefit of the doubt from investors until
Cuba at a smaller than feared 7 per cent Danish banking market was an unwise some tangible benefits come through.”
of full-year earnings. Bryce Elder move. Bryce Elder Bryce Elder
8 June/9 June 2019 ★ FTWeekend 15

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 $

No change No change No change No change

1.11% 1.62% 1.04% 0.99% 0.91% 0.53% 0.26% 1.07% 0.43% 0.03%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
May 08 - - Index All World May 08 - Jun 07 Index All World May 08 - Jun 07 Index All World May 08 - Jun 07 Index All World May 08 - Jun 07 Index All World May 08 - Jun 07 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
16,397.40 7,331.94
2,879.42 2,875.17 16,247.17 7,271.00 12,045.38 21,402.13 2,102.01
11,973.92 20,884.71 2,072.33

Day 1.11% Month -1.95% Year 3.71% Day 0.12% Month -0.68% Year 0.33% Day 0.99% Month 0.92% Year -4.90% Day 0.77% Month 2.72% Year NaN% Day 0.53% Month -6.17% Year -7.69% Day 0.16% Month -5.65% Year -15.03%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
7,943.32 29,363.02 3,312.52
7,739.26 43,193.36 43,132.21 9,236.10
1,477.71 1,485.53 9,095.20
26,965.28 3,166.29

Day 1.62% Month -4.71% Year 0.67% Day -0.04% Month -1.05% Year -5.17% Day 0.91% Month -0.92% Year -1.57% Day NaN% Month NaN% Year NaN% Day 0.26% Month -10.42% Year -13.33% Day 0.64% Month -3.91% Year -8.82%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
25,967.33 25,989.21 98,019.35 39,615.90
5,364.05 20,817.16
94,807.85 5,313.16 20,360.59 2,850.95 2,827.80 37,789.13

Day 1.04% Month -1.67% Year 3.38% Day 0.84% Month 3.84% Year 32.72% Day 1.62% Month -2.18% Year -1.71% Day 0.91% Month -6.51% Year -7.56% Day -1.15% Month -8.14% Year -9.20% Day 0.22% Month 2.63% Year 12.61%

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 35624.76 35733.70 Cyprus CSE M&P Gen 68.46 68.68 Italy FTSE Italia All-Share 22297.16 22100.07 Philippines Manila Comp 7983.98 7959.86 Taiwan Weighted Pr 10409.20 10461.62 Cross-Border DJ Global Titans ($) 323.05 318.04
Australia All Ordinaries 6525.20 6466.40 Czech Republic
PX 1049.65 1048.39 FTSE Italia Mid Cap 36704.24 36413.12 Poland Wig 58884.93 58360.50 Thailand Bangkok SET 1653.50 1653.41 Euro Stoxx 50 (Eur) 3377.08 3338.41
S&P/ASX 200 6443.90 6383.00 Denmark OMXC Copenahgen 20 988.75 988.92 FTSE MIB 20360.59 20177.81 Portugal PSI 20 5142.31 5091.55 Turkey BIST 100 116840.94 116315.98 Euronext 100 ID 1047.98 1033.30
S&P/ASX 200 Res 4664.20 4596.40 Egypt EGX 30 13787.80 13690.72 Japan 2nd Section 6597.45 6566.31 PSI General 3175.15 3135.96 UAE Abu Dhabi General Index 5003.58 4866.17 FTSE 4Good Global ($) 6928.84 6833.79
Austria ATX 2934.88 2911.82 Estonia OMX Tallinn 1254.22 1252.27 Nikkei 225 20884.71 20774.04 Romania BET Index 8575.77 8623.03 UK FT 30 2971.00 2940.60 FTSE All World ($) 336.50 332.94
Belgium BEL 20 3457.47 3440.36 Finland OMX Helsinki General 9118.88 9042.05 S&P Topix 150 1263.19 1257.88 Russia Micex Index 2734.24 2728.25 FTSE 100 7331.94 7259.85 FTSE E300 1485.53 1472.14
BEL Mid 7451.78 7451.49 France CAC 40 5364.05 5278.42 Topix 1532.39 1524.91 RTX 1329.17 1319.85 FTSE 4Good UK 6701.41 6645.59 FTSE Eurotop 100 2892.40 2866.68
Brazil Bovespa 98019.35 97204.85 SBF 120 4236.09 4169.11 Jordan Amman SE 1806.52 1806.31 Saudi-Arabia TADAWUL All Share Index 8516.48 8516.48 FTSE All Share 4008.15 3970.37 FTSE Global 100 ($) 1780.81 1752.56
Canada S&P/TSX 60 974.15 973.09 Germany M-DAX 25082.96 24967.92 Kenya NSE 20 2703.33 2678.52 Singapore FTSE Straits Times 3166.29 3146.18 FTSE techMARK 100 5032.39 4984.46 FTSE Gold Min ($) 1492.07 1474.06
S&P/TSX Comp 16247.17 16227.80 TecDAX 2787.09 2760.67 Kuwait KSX Market Index 6633.44 6603.51 Slovakia SAX 341.52 345.46 USA DJ Composite 8624.44 8551.07 FTSE Latibex Top (Eur) 4440.00 4432.20
S&P/TSX Div Met & Min 824.16 828.52 XETRA Dax 12045.38 11953.14 Latvia OMX Riga 1070.52 1057.65 Slovenia SBI TOP 882.04 881.34 DJ Industrial 25989.21 25720.66 FTSE Multinationals ($) 1969.50 1958.46
Chile S&P/CLX IGPA Gen 25239.10 25139.80 Greece Athens Gen 815.97 816.95 Lithuania OMX Vilnius 674.26 675.89 South Africa FTSE/JSE All Share 58099.84 57090.53 DJ Transport 10164.44 10077.54 FTSE World ($) 598.48 591.86
China FTSE A200 9519.58 9597.27 FTSE/ASE 20 2093.97 2093.86 Luxembourg LuxX 1251.68 1243.11 FTSE/JSE Res 20 46565.29 45543.25 DJ Utilities 814.84 812.91 FTSEurofirst 100 (Eur) 4123.38 4081.49
FTSE B35 9000.71 8988.96 Hong Kong Hang Seng 26965.28 26895.44 Malaysia FTSE Bursa KLCI 1649.33 1644.09 FTSE/JSE Top 40 51976.89 50988.44 Nasdaq 100 7417.74 7275.93 FTSEurofirst 80 (Eur) 4645.33 4593.82
Shanghai A 2961.80 2996.40 HS China Enterprise 10334.32 10345.05 Mexico IPC 43132.21 43147.83 South Korea Kospi 2072.33 2069.11 Nasdaq Cmp 7739.26 7615.55 MSCI ACWI Fr ($) 504.67 503.02
Shanghai B 280.13 282.47 HSCC Red Chip 4273.92 4266.17 Morocco MASI 11034.35 11011.17 Kospi 200 268.27 267.99 NYSE Comp 12773.04 12675.66 MSCI All World ($) 2104.18 2095.83
Shanghai Comp 2827.80 2860.81 Hungary Bux 41159.57 41000.04 Netherlands AEX 550.24 544.32 Spain IBEX 35 9236.10 9169.20 S&P 500 2875.17 2843.49 MSCI Europe (Eur) 1547.14 1545.68
Shenzhen A 1530.70 1563.24 India BSE Sensex 39615.90 39529.72 AEX All Share 816.08 807.63 Sri Lanka CSE All Share 5298.18 5276.84 Wilshire 5000 29556.57 29249.82 MSCI Pacific ($) 2592.08 2596.06
Shenzhen B 911.27 921.64 Nifty 500 9735.85 9722.50 New Zealand NZX 50 10047.82 9987.00 Sweden OMX Stockholm 30 1566.14 1542.00 Venezuela IBC 14491.76 14938.76 S&P Euro (Eur) 1545.51 1528.79
Colombia COLCAP 1489.99 1483.42 Indonesia Jakarta Comp 6209.12 6104.11 Nigeria SE All Share 30928.29 31069.37 OMX Stockholm AS 595.98 587.62 Vietnam VNI 958.28 948.21 S&P Europe 350 (Eur) 1526.36 1512.19
Croatia CROBEX 1874.59 1864.62 Ireland ISEQ Overall 6178.39 6127.19 Norway Oslo All Share 970.29 963.23 Switzerland SMI Index 9749.13 9682.29 S&P Global 1200 ($) 2363.58 2337.87
Israel Tel Aviv 125 1435.90 1435.90 Pakistan KSE 100 35505.29 35974.79 Stoxx 50 (Eur) 3117.85 3092.33
(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 Jun 07 %Chg %Chg Jun 07 %Chg %Chg Jun 07 %Chg %Chg Jun 07 %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 45.6 1798.39 44.03 Royal Dutch Shell 146.2 2530.50 14.00 Sanofi 555.9 78.32 3.30 Softbank . 806.0 9864.00 -18.00 British American Tobacco 3014.00 9.2 -39.0 Millennium & Copthorne Hotels 675.00 38.3 16.6 Findel 232.00 22.8 13.4 Tobacco 33346.91 8.9 11.0
Apple 31.4 190.49 5.27 Bp 140.5 551.80 8.30 Total 282.8 47.80 0.56 Fast Retailing Co., 481.8 64150.00 70.00 Imperial Brands 2073.00 8.3 -34.3 888 Holdings 156.50 19.1 -43.7 Kcom 110.00 13.4 21.8 Industrial Metals 5913.50 7.5 31.2
Microsoft 22.7 131.61 3.79 Royal Dutch Shell 133.9 2523.00 24.00 Sap Se O.n. 267.7 113.72 2.34 Sony 251.7 5229.00 98.00 Evraz 633.00 7.7 78.5 Aston Martin Lagonda Global Holdings 1008.20 15.5 - Martin Currie Asia Unconstrained Trust 413.50 12.4 2.5 Automobiles & Parts 6129.89 7.3 -9.2
Advanced Micro Devices 16.8 32.03 0.21 Hsbc Holdings 124.9 650.90 6.80 Lvmh 259.0 357.05 6.70 Toyota Motor 232.3 6588.00 41.00 Bt 207.20 6.9 -24.7 Provident Fin 513.00 13.4 -23.2 Jpj 780.00 11.6 -6.0 Fixed Line Telecommunication 2441.86 6.4 -
Facebook 14.4 172.57 4.24 Glaxosmithkline 124.7 1565.20 20.40 Santander 247.2 3.96 -0.01 Takeda Pharmaceutical 214.8 3690.00 78.00 Rolls-royce Holdings 909.40 5.7 8.0 Wizz Air Holdings 3534.00 12.8 -4.5 Discoverie 459.00 9.0 23.4 Aerospace & Defense 4662.54 4.7 6.7
Alphabet 11.6 1064.54 16.78 British American Tobacco 123.8 3014.00 98.50 Telefonica 239.3 7.47 0.07 Mitsubishi Ufj Fin,. 178.0 507.80 2.30 Fresnillo 812.00 5.7 -43.4 Centamin 99.46 11.9 -37.5 Anglo-eastern Plantations 500.00 8.9 -31.5 Electronic & Electrical Equip. 7808.41 4.4 23.1
Alphabet 9.2 1061.55 17.21 Rio Tinto 121.0 4518.50 -20.00 Allianz Se Na O.n. 206.9 204.30 2.15 Tokyo Electron 173.2 15385.00 420.00 Legal & General 270.00 5.2 -0.1 Vivo Energy 139.00 10.1 - Motorpoint 220.00 7.8 2.3 Gas Water & Multiutilities 4733.94 4.1 3.2
Netflix 9.0 363.36 6.23 Diageo 103.9 3407.00 36.50 Linde Eo 0,001 206.0 175.10 1.40 Daiichi Sankyo , 170.3 6087.00 98.00 Bae Systems 476.00 5.2 -17.3 Hochschild Mining 170.10 9.7 -35.3 Marston's 114.70 7.1 1.8 Electricity 6699.93 4.0 1.9
Visa 6.3 170.54 3.62 Astrazeneca 101.5 6028.00 -17.00 Royal Dutch Shella 195.6 28.36 0.25 Nippon Telegraph And Telephone 136.9 4967.00 -11.00 Burberry 1782.00 5.1 -0.1 Galliford Try 677.00 8.3 -47.5 Vp 780.00 6.8 -11.1 Life Insurance 7714.44 2.9 13.9
Nvidia 6.3 146.03 2.25 Unilever 86.6 4914.00 34.00 Asml Holding 189.7 173.80 3.90 Kddi 129.4 2770.00 -3.50 Wpp 988.40 5.0 -26.0 Spectris 2684.00 8.1 8.8 Puretech Health 221.00 6.3 48.3 Pharmaceuticals & Biotech. 14915.56 2.8 3.8
Ashtead 1954.00 4.8 -0.6 Funding Circle Holdings 254.00 8.1 - Hansa Trust 1015.00 5.7 -0.5 General Industrials 5544.63 2.6 9.5
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
United Utilities 834.80 4.7 2.2 Acacia Mining 170.00 8.0 -16.2 Nostrum Oil & Gas 63.50 5.5 -80.3 Travel & Leisure 9118.03 2.5 2.8
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Illumina 335.19 16.63 5.22 Millennium & Copthorne Hotels 675.00 175.00 35.00 Sanofi 78.32 3.30 4.40 Chiyoda 321.00 25.00 8.45 Hargreaves Lansdown 1939.50 -14.4 6.4 Kier 155.80 -44.0 -85.5 Ao World 90.20 -19.0 -16.2 Index - Technology Hardware & Equipment 1209.90 -2.0 29.7
Twitter 38.03 1.44 3.92 Kier 155.80 10.40 7.15 Assa Abloy Ab Ser. B 18.62 0.75 4.19 Advantest 2752.00 133.00 5.08 Ocado 1113.00 -6.8 183.6 Woodford Patient Capital Trust 62.80 -18.4 -25.5 Clipper Logistics 240.00 -17.0 -48.4 Industrial Transportation 2094.62 -1.1 -1.8
Ross Stores 99.21 3.05 3.17 Games Workshop 4672.00 226.00 5.08 Saipem 4.22 0.13 3.18 Credit Saison Co., 1226.00 54.00 4.61 Taylor Wimpey 157.45 -4.7 -24.3 Stobart Ld 105.40 -11.7 -62.8 Carpetright 19.30 -16.1 -53.8 Real Estate & Investment Servic 2495.38 -0.6 6.5
Foot Locker 42.07 1.23 3.00 Spectris 2684.00 128.00 5.01 Edf 12.65 0.37 2.97 Dainippon Screen Mfg.co., 3935.00 160.00 4.24 Nmc Health 2200.00 -2.4 -23.3 Firstgroup 105.40 -8.6 -3.1 Low & Bonar 8.60 -14.0 -82.3 Food & Drug Retailers 3784.98 -0.4 14.8
Activision Blizzard 45.39 1.31 2.97 Just 46.48 1.92 4.31 Amadeus It 71.40 2.00 2.88 Fuji Electric Co., 3715.00 135.00 3.77 Kingfisher 209.40 -2.1 -39.0 Entertainment One 403.00 -7.8 24.8 Capital & Regional 16.02 -14.0 -72.4 General Retailers 2105.31 -0.3 13.8
Marks And Spencer 220.50 -2.1 -27.1 Ip 74.00 -7.7 -48.2 Phoenix Spree Deutschland 311.50 -12.0 -19.5 General Financial 10844.45 0.1 16.3
Downs Downs Downs Downs
Just Eat 589.60 -2.1 -24.1 Intu Properties 86.60 -6.6 -65.5 Countrywide 3.65 -11.8 -93.0 Mobile Telecommunications 2957.85 0.4 -
Arista Networks 243.00 -14.18 -5.51 Ted Baker 1299.00 -69.00 -5.04 Novozymes B A/s 40.99 -2.93 -6.68 Concordia Fin Ltd 407.00 -8.00 -1.93
Sainsbury (j) 197.40 -1.3 -18.2 Newriver Reit 197.00 -6.2 -39.8 Xaar 76.00 -9.5 -78.9 Real Estate Investment Trusts 2853.68 0.6 8.4
Cf Industries Holdings 41.88 -1.49 -3.44 Amigo Holdings 258.00 -11.50 -4.27 Seadrill 3.17 -0.09 -2.81 Chubu Electric Power ,orporated 1527.50 -30.00 -1.93
Next 5716.00 -0.8 27.0 Metro Bank 641.50 -6.1 -82.2 Dialight 472.50 -9.1 -12.5 Banks 3809.82 0.6 2.7
Marathon Petroleum 46.83 -1.27 -2.64 Metro Bank 641.50 -28.00 -4.18 Svenska Cellulosa Ab Sca Ser. B 6.77 -0.18 -2.55 Nippon Paper Industries Co Ltd 1860.00 -36.00 -1.90
Morrison (wm) Supermarkets 195.70 -0.6 -10.6 Cairn Energy 150.20 -5.1 -28.6 Foxtons 52.20 -8.4 -37.0 Household Goods 16077.42 0.9 8.2
Mosaic (the) 21.93 -0.53 -2.36 Royal Mail 195.90 -7.60 -3.73 Kbc 57.80 -0.94 -1.60 Oji Holdings 570.00 -11.00 -1.89
Auto Trader 596.40 -0.5 69.0 Capita 106.55 -5.0 -74.0 Kenmare Resources 182.00 -8.1 -35.2 Equity Investment Instruments 10074.29 0.9 9.3
Molson Coors Brewing 56.39 -1.32 -2.29 Go-ahead 2012.00 -68.00 -3.27 Caixabank 2.62 -0.04 -1.58 Maruha Nichiro 3215.00 -55.00 -1.68
Rio Tinto 4518.50 -0.4 13.3 Ted Baker 1299.00 -4.8 -53.0 Asa Int 350.00 -7.9 - Health Care Equip.& Services 7557.13 1.1 8.9
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
Jun 7 Currency Mid Change Mid Change Mid Change Jun 7 Currency Mid Change Mid Change Mid Change Jun 7 Currency Mid Change Mid Change Mid Change Jun 7 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 45.0510 - 50.8287 - 57.2731 - Indonesia Indonesian Rupiah 14272.5000 - 16102.9299 - 18144.5723 - Poland Polish Zloty 3.7890 - 4.2749 - 4.8169 - ..Three Month 0.7871 0.0000 0.8872 0.0000 - -
Australia Australian Dollar 1.4326 - 1.6163 - 1.8212 - Israel Israeli Shekel 3.5967 - 4.0580 - 4.5725 - Romania Romanian Leu 4.1850 - 4.7217 - 5.3204 - ..One Year 0.7883 0.0000 0.8863 0.0000 - -
Bahrain Bahrainin Dinar 0.3770 - 0.4253 - 0.4793 - Japan Japanese Yen 108.1850 - 122.0595 - 137.5350 - Russia Russian Ruble 65.1388 - 73.4927 - 82.8105 - United States United States Dollar - - 1.1282 - 1.2713 -
Bolivia Bolivian Boliviano 6.9100 - 7.7962 - 8.7846 - ..One Month 108.1847 -0.0005 122.0595 0.0000 137.5348 -0.0003 Saudi Arabia Saudi Riyal 3.7501 - 4.2310 - 4.7675 - ..One Month - - 1.1280 -0.1430 1.2715 0.0000
Brazil Brazilian Real 3.8822 - 4.3801 - 4.9355 - ..Three Month 108.1843 -0.0015 122.0596 0.0010 137.5346 -0.0007 Singapore Singapore Dollar 1.3639 - 1.5388 - 1.7339 - ..Three Month - - 1.1274 -0.1431 1.2718 0.0000
Canada Canadian Dollar 1.3385 - 1.5101 - 1.7016 - ..One Year 108.1823 -0.0054 122.0597 0.0003 137.5348 -0.0017 South Africa South African Rand 14.9950 - 16.9181 - 19.0631 - ..One Year - - 1.1252 -0.1431 1.2730 0.0000
Chile Chilean Peso 692.3250 - 781.1143 - 880.1488 - Kenya Kenyan Shilling 101.3000 - 114.2915 - 128.7821 - South Korea South Korean Won 1178.5500 - 1329.6967 - 1498.2838 - Venezuela Venezuelan Bolivar Fuerte - - - - - -
China Chinese Yuan 6.9164 - 7.8034 - 8.7928 - Kuwait Kuwaiti Dinar 0.3039 - 0.3428 - 0.3863 - Sweden Swedish Krona 9.4155 - 10.6230 - 11.9698 - Vietnam Vietnamese Dong 23403.0000 - 26404.4528 - 29752.1645 -
Colombia Colombian Peso 3285.4000 - 3706.7460 - 4176.7099 - Malaysia Malaysian Ringgit 4.1745 - 4.7099 - 5.3070 - Switzerland Swiss Franc 0.9892 - 1.1161 - 1.2576 - European Union Euro 0.8863 - - - 1.1268 -
Costa Rica Costa Rican Colon 591.9400 - 667.8551 - 752.5299 - Mexico Mexican Peso 19.7283 - 22.2584 - 25.0805 - Taiwan New Taiwan Dollar 31.3590 - 35.3807 - 39.8665 - ..One Month 0.8860 0.0000 - - 1.1267 0.0000
Czech Republic Czech Koruna 22.7069 - 25.6190 - 28.8671 - New Zealand New Zealand Dollar 1.5078 - 1.7012 - 1.9169 - Thailand Thai Baht 31.3350 - 35.3536 - 39.8360 - ..Three Month 0.8855 0.0000 - - 1.1265 0.0000
Denmark Danish Krone 6.6193 - 7.4682 - 8.4151 - Nigeria Nigerian Naira 360.0000 - 406.1693 - 457.6659 - Tunisia Tunisian Dinar 2.9871 - 3.3702 - 3.7975 - ..One Year 0.8833 0.0000 - - 1.1256 0.0000
Egypt Egyptian Pound 16.7540 0.0015 18.9027 0.0017 21.2993 0.0019 Norway Norwegian Krone 8.7069 - 9.8235 - 11.0690 - Turkey Turkish Lira 5.7722 - 6.5125 - 7.3382 -
Hong Kong Hong Kong Dollar 7.8402 - 8.8457 - 9.9672 - Pakistan Pakistani Rupee 147.8500 - 166.8115 - 187.9608 - United Arab Emirates UAE Dirham 3.6731 - 4.1441 - 4.6695 -
Hungary Hungarian Forint 284.2810 - 320.7395 - 361.4048 - Peru Peruvian Nuevo Sol 3.3334 - 3.7608 - 4.2377 - United Kingdom Pound Sterling 0.7866 - 0.8875 - - -
India Indian Rupee 69.2888 - 78.1749 - 88.0864 - Philippines Philippine Peso 51.7435 - 58.3795 - 65.7812 - ..One Month 0.7868 0.0000 0.8874 0.0000 - -
Rates are derived from WM Reuters Spot Rates and MorningStar (latest rates at time of production). Some values are rounded. Currency redenominated by 1000. The exchange rates printed in this table are also available at www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Jun 07 Jun 06 Jun 05 Jun 04 Jun 03 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2971.00 2940.60 2940.10 2931.30 2897.00 0.00 3135.80 2704.70 Leisure Goods 44.38 General Retailers 13.47 Aerospace & Defense 6.86 FTSE 100 Price Change FTSE 100 Price Change
Jun 07 chge% Index Jun 06 Jun 05 ago yield% Cover ratio adj Return FT 30 Div Yield 1.94 1.96 1.98 1.99 1.99 0.00 3.93 2.74 Industrial Metals & 31.45 Industrials 13.02 Nonlife Insurance 6.77 3I Group PLC 1055.5 12.50 Land Securities Group PLC 849.40 6.40
FTSE 100 (100) 7331.94 0.99 6420.25 7259.85 7220.22 7681.07 4.40 1.44 15.76 167.53 6636.00 P/E Ratio net 22.97 22.75 22.55 22.47 22.41 0.00 19.44 14.26 Software & Comp Serv 30.43 Tobacco 11.11 Health Care 4.44 Admiral Group PLC 2090 4.00 Legal & General Group PLC 270.00 5.50
FTSE 250 (250) 19232.39 0.88 16840.93 19065.52 19072.17 21160.54 3.20 1.38 22.58 265.69 14728.05 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Technology 30.01 Mining 10.95 Chemicals 4.08 Anglo American PLC 1973.8 34.00 Lloyds Banking Group PLC 57.61 0.38
FTSE 250 ex Inv Co (192) 20219.08 0.82 17704.93 20055.52 20072.79 22790.62 3.40 1.52 19.36 295.10 15821.42 FT 30 hourly changes Electronic & Elec Eq 22.38 Basic Materials 10.32 Pharmace & Biotech 3.85 Antofagasta PLC 805.00 4.80 London Stock Exchange Group PLC 5412 54.00
FTSE 350 (350) 4061.53 0.97 3556.50 4022.35 4004.15 4289.16 4.20 1.44 16.56 86.93 7349.12 8 9 10 11 12 13 14 15 16 High Low Tech Hardware & Eq 22.09 FTSE 250 Index 9.89 Travel & Leisure 3.03 Ashtead Group PLC 1954 37.00 Marks And Spencer Group PLC 220.50 -3.00
FTSE 350 ex Investment Trusts (291) 4015.63 0.97 3516.30 3977.20 3958.71 4250.17 4.28 1.44 16.21 87.62 3747.36 2940.6 2955.3 2957 2964.3 2970 2967.1 2964.1 2972.5 2974.2 2974.8 2940.6 Beverages 21.43 Oil & Gas Producers 9.62 Real Est Invest & Se 3.02 Associated British Foods PLC 2524 9.00 Melrose Industries PLC 170.65 2.85
FTSE 350 Higher Yield (104) 3609.23 1.03 3160.44 3572.32 3546.63 3896.50 5.72 1.29 13.56 101.82 7025.92 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Industrial Eng 17.90 Consumer Services 9.61 Gas Water & Multi 2.98 Astrazeneca PLC 6028 -17.00 Micro Focus International PLC 1939 20.20
FTSE 350 Lower Yield (246) 4165.77 0.91 3647.78 4128.30 4121.93 4287.02 2.50 1.81 22.02 57.44 4786.02 Food Producers 17.46 NON FINANCIALS Index 9.54 Banks 2.89 Auto Trader Group PLC 596.40 11.40 Mondi PLC 1678.5 33.00
FTSE SmallCap (279) 5575.68 0.36 4882.37 5555.67 5550.93 5985.17 3.65 0.64 43.01 81.67 8485.67 Personal Goods 16.77 Equity Invest Instr 9.35 Forestry & Paper 2.75
FTSE SmallCap ex Inv Co (155) 4581.98 0.12 4012.23 4576.40 4570.19 5206.25 3.94 1.32 19.23 66.11 7333.62 FX: EFFECTIVE INDICES Financial Services 15.55 Oil & Gas 9.19 Utilities 2.70
Aviva PLC 417.00 3.40 Morrison (Wm) Supermarkets PLC 195.70 -0.25
Bae Systems PLC 476.00 9.00 National Grid PLC 822.90 7.60
FTSE All-Share (629) 4008.15 0.95 3509.76 3970.37 3952.92 4235.38 4.18 1.41 16.94 84.79 7328.31 Construct & Material 15.27 Health Care Eq & Srv 9.06 Electricity 1.68
Jun 06 Jun 05 Mnth Ago Jun 07 Jun 06 Mnth Ago Barclays PLC 151.06 -0.18 Next PLC 5716 -60.00
FTSE All-Share ex Inv Co (446) 3935.51 0.95 3446.15 3898.53 3880.67 4171.57 4.27 1.44 16.26 85.26 3731.04 Food & Drug Retailer 15.02 FTSE All{HY-}Share Index 9.06 Industrial Transport -1.08 Barratt Developments PLC 565.00 3.00 Nmc Health PLC 2200 -
FTSE All-Share ex Multinationals (561) 1136.71 0.81 824.98 1127.61 1131.47 1273.94 3.99 1.32 19.01 21.97 2181.27 Australia - - - Sweden - - - Consumer Goods 14.51 FTSE 100 Index 8.97 Automobiles & Parts -8.58 Berkeley Group Holdings (The) PLC 3566 -9.00 Ocado Group PLC 1113 -9.00
FTSE Fledgling (93) 9400.53 -0.08 8231.62 9408.18 9390.73 11266.42 3.44 -0.64 -45.71 131.18 18592.76 Canada - - - Switzerland - - - Support Services 14.47 Household Goods & Ho 8.21 Fixed Line Telecomms -10.62 Bhp Group PLC 1824.2 19.80 Pearson PLC 799.60 21.60
FTSE Fledgling ex Inv Co (44) 11384.66 -0.44 9969.03 11435.52 11416.07 16620.13 4.72 -0.22 -97.46 189.08 22122.08 Denmark - - - UK 77.49 77.65 80.31 Media 14.30 Real Est Invest & Tr 7.83 Telecommunications -11.99 BP PLC 551.80 8.30 Persimmon PLC 2041 19.00
FTSE All-Small (372) 3867.39 0.34 3386.50 3854.34 3850.86 4174.74 3.64 0.58 47.54 56.51 7552.81 Japan - - - USA - - - Life Insurance 14.18 Financials 7.72 Mobile Telecomms -12.68 British American Tobacco PLC 3014 98.50 Phoenix Group Holdings PLC 694.20 6.20
FTSE All-Small ex Inv Co (199) 3419.09 0.10 2993.94 3415.55 3410.88 3920.69 3.97 1.26 20.00 49.50 6932.79 New Zealand - - - Euro - - - FTSE SmallCap Index 7.70 Oil Equipment & Serv -14.47 British Land Company PLC 537.40 5.60 Prudential PLC 1624 11.50
FTSE AIM All-Share (778) 938.43 0.30 821.74 935.59 939.41 1096.58 1.59 1.58 40.00 6.34 1060.37 Norway - - -
Bt Group PLC 207.20 6.00 Reckitt Benckiser Group PLC 6395 -9.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. Bunzl PLC 2179 7.00 Relx PLC 1872 11.00
Oil & Gas (14) 9565.06 1.04 8375.69 9466.63 9344.52 10163.46 5.38 1.36 13.62 259.75 9873.62 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk Burberry Group PLC 1782 36.50 Rentokil Initial PLC 378.50 6.50
Oil & Gas Producers (9) 9278.94 1.04 8125.15 9183.59 9063.11 9793.41 5.37 1.37 13.54 250.52 9923.02 Carnival PLC 3928 97.00 Rightmove PLC 580.00 9.20
Oil Equipment Services & Distribution (5) 9298.58 1.15 8142.34 9193.31 9216.76 14495.88 5.79 0.74 23.41 355.08 7820.28 FTSE GLOBAL EQUITY INDEX SERIES Centrica PLC 95.86 0.70 Rio Tinto PLC 4518.5 -20.00
Basic Materials (27) 6375.37 0.56 5582.62 6340.12 6311.07 6803.70 4.82 2.50 8.28 163.10 7121.59 Coca-Cola Hbc AG 2912 30.00 Rolls-Royce Holdings PLC 909.40 15.40
Chemicals (8) 14540.19 1.25 12732.18 14360.46 14397.78 17521.30 2.31 2.09 20.63 238.32 13622.56 Jun 6 No of US $ Day Mth YTD Total
YTD Gr Div Jun 6 No of US $ Day Mth YTD Total YTD Gr Div Compass Group PLC 1844.5 18.50 Royal Bank Of Scotland Group PLC 214.50 1.10
Forestry & Paper (1) 20618.69 2.01 18054.85 20213.32 20514.28 25759.54 3.94 3.36 7.56 576.00 23960.22 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Crh PLC 2549 25.00 Royal Dutch Shell PLC 2530.5 14.00
Industrial Metals & Mining (2) 6369.78 2.49 5577.73 6214.89 6147.10 5116.59 12.08 1.71 4.84 248.72 7104.37 FTSE Global All Cap 7886 568.77 0.3 -3.3 10.8 847.87
12.2 2.5 Oil & Gas Producers 106 347.52 1.1 1.1 5.9 614.97 7.7 4.0 Croda International PLC 5200 95.00 Royal Dutch Shell PLC 2523 24.00
Mining (16) 18093.21 0.37 15843.40 18027.28 17918.32 19020.03 4.96 2.55 7.91 473.88 10622.02 FTSE Global Large Cap 1490 504.67 0.4 -3.2 10.5 773.83
11.9 2.6 Oil Equipment & Services 29 251.08 0.4 0.4 12.6 391.50 15.0 4.6 Dcc PLC 6856 56.00 Rsa Insurance Group PLC 570.20 4.20
FTSE Global Mid Cap 1751 750.09 0.1 -3.1 11.5 1054.86
12.7 2.3 Basic Materials 262 473.19 0.2 0.2 5.7 766.14 7.4 3.5 Diageo PLC 3407 36.50 Sage Group PLC 754.60 -0.60
Industrials (103) 5304.09 1.30 4644.55 5235.84 5238.70 5865.20 2.68 1.01 37.03 64.96 5737.21
Construction & Materials (15) 5998.36 1.02 5252.49 5937.89 5966.55 7213.18 2.84 0.32 110.48 107.60 6719.10 FTSE Global Small Cap 4645 783.69 0.0 -4.3 11.9 1062.43
12.9 2.1 Chemicals 125 703.92 0.4 0.4 6.4 1136.57 8.0 2.9 Direct Line Insurance Group PLC 328.00 3.50 Sainsbury (J) PLC 197.40 2.85
Aerospace & Defense (10) 4847.67 1.86 4244.88 4759.35 4742.07 5457.68 2.80 -0.47 -76.26 63.68 5428.98 FTSE All-World 3241 332.94 0.3 -3.2 10.6 524.94
12.1 2.6 Forestry & Paper 18 237.29 -1.0 -1.0 -4.2 432.24 -1.6 4.3 Easyjet PLC 910.00 -0.40 Schroders PLC 2962 37.00
General Industrials (8) 4472.30 1.75 3916.19 4395.42 4410.26 5590.70 3.61 1.25 22.25 67.20 5406.06 FTSE World 2598 591.86 0.4 -3.0 11.0 1253.05
12.4 2.5 Industrial Metals & Mining 64 351.39 -0.2 -0.2 -1.8 567.26 -0.5 4.6 Evraz PLC 633.00 13.40 Scottish Mortgage Investment Trust PLC 510.50 9.50
Electronic & Electrical Equipment (10) 9191.12 2.45 8048.24 8970.96 8966.20 8825.00 1.56 2.12 30.21 55.46 8666.75 FTSE Global All Cap ex UNITED KINGDOM In 7573 593.77 0.3 -3.2 10.9 870.00
12.3 2.4 Mining 55 648.88 0.1 0.1 10.9 1065.08 13.1 3.9 Experian PLC 2400 10.00 Segro PLC 715.40 12.00
Industrial Engineering (11) 13724.10 1.05 12017.57 13581.30 13661.08 15083.11 2.28 1.64 26.79 193.31 17500.59 FTSE Global All Cap ex USA 6066 469.84 0.0 -3.3 7.2 758.99
9.1 3.2 Industrials 577 402.86 -0.1 -0.1 14.9 603.80 16.2 2.1 Ferguson PLC 5348 90.00 Severn Trent PLC 2078 32.00
Industrial Transportation (6) 3387.79 -0.93 2966.53 3419.74 3430.80 5285.98 6.44 1.15 13.45 51.76 3288.43 FTSE Global All Cap ex JAPAN 6547 586.01 0.3 -3.3 11.4 882.09
12.8 2.5 Construction & Materials 121 492.73 -0.1 -0.1 11.7 773.21 13.2 2.4 Flutter Entertainment PLC 5860 -32.00 Smith & Nephew PLC 1693 18.00
Support Services (43) 8105.92 1.14 7097.99 8014.61 8008.58 8386.73 2.41 1.64 25.26 79.58 8797.41 FTSE Global All Cap ex Eurozone 7216 594.03 0.3 -3.3 11.0 867.02
12.2 2.4 Aerospace & Defense 29 837.59 0.1 0.1 18.6 1241.03 19.9 1.9 Fresnillo PLC 812.00 9.40 Smith (Ds) PLC 328.80 5.70
FTSE Developed 2177 539.71 0.4 -3.0 11.3 811.82
12.7 2.5 General Industrials 58 210.48 0.1 0.1 11.1 343.43 12.7 2.5 Glaxosmithkline PLC 1565.2 20.40 Smiths Group PLC 1484.5 16.00
Consumer Goods (42) 19976.98 1.22 17492.94 19736.66 19508.71 19935.12 4.10 1.41 17.31 333.14 15917.99
FTSE Developed All Cap 5699 565.80 0.3 -3.1 11.4 839.64
12.8 2.4 Electronic & Electrical Equipment 78 420.09 -0.4 -0.4 12.0 571.76 12.8 1.7 Glencore PLC 260.90 -0.35 Smurfit Kappa Group PLC 2280 86.00
Automobiles & Parts (2) 6161.30 0.35 5395.17 6139.74 6204.15 10812.17 1.17 5.12 16.71 71.99 6239.47
FTSE Developed Large Cap 912 500.85 0.4 -2.9 11.1 766.16
12.6 2.6 Industrial Engineering 109 717.15 -0.3 -0.3 8.7 1064.89 10.2 2.4 Halma PLC 1892 44.00 Spirax-Sarco Engineering PLC 8560 125.00
Beverages (5) 27088.42 1.04 23720.10 26810.86 26570.85 21857.24 1.97 1.71 29.78 200.28 20034.12
FTSE Developed Europe Large Cap 238 349.87 0.2 -2.3 9.2 630.02
12.2 3.7 Industrial Transportation 100 700.33 -0.5 -0.5 13.7 1054.33 15.1 2.3 Hargreaves Lansdown PLC 1939.5 39.50 Sse PLC 1120.5 12.00
Food Producers (11) 7650.81 0.36 6699.46 7623.12 7710.86 7999.15 2.35 2.03 20.93 51.45 6880.39
FTSE Developed Europe Mid Cap 348 561.05 -0.2 -4.5 8.2 888.95
10.2 3.2 Support Services 82 459.11 0.2 0.2 24.2 653.57 25.1 1.5 Hikma Pharmaceuticals PLC 1607.5 14.50 St. James's Place PLC 1044.5 7.50
Household Goods & Home Construction (15)13480.41 0.25 11804.18 13446.72 13463.52 14126.36 4.65 1.85 11.66 350.54 10402.32
FTSE Dev Europe Small Cap 737 780.41 -0.1 -3.9 9.1 1195.79
11.3 3.1 Consumer Goods 440 469.09 0.2 0.2 10.8 730.24 12.3 2.7 Hiscox LTD 1687 16.00 Standard Chartered PLC 692.00 9.40
Leisure Goods (2) 13108.91 4.69 11478.88 12521.88 12524.71 9152.39 3.57 1.36 20.64 217.80 13187.11
FTSE North America Large Cap 271 610.63 0.6 -3.1 13.2 865.12
14.3 2.1 Automobiles & Parts 106 339.63 -0.4 -0.4 0.3 516.05 2.3 3.6 HSBC Holdings PLC 650.90 6.80 Standard Life Aberdeen PLC 275.40 4.40
Personal Goods (5) 35755.52 0.82 31309.49 35464.54 35332.65 31985.58 2.78 0.72 49.72 444.62 25613.44
FTSE North America Mid Cap 407 860.59 0.4 -2.5 15.9 1127.42
16.8 1.8 Beverages 49 687.85 0.4 0.4 15.1 1079.34 16.2 2.3 Imperial Brands PLC 2073 - Taylor Wimpey PLC 157.45 0.95
Tobacco (2) 33346.97 2.61 29200.43 32499.63 31350.37 40700.25 7.13 1.23 11.36 782.81 23963.24
FTSE North America Small Cap 1347 870.33 0.1 -4.5 15.3 1103.75
16.0 1.6 Food Producers 113 637.15 0.0 0.0 13.9 1017.08 15.8 2.3 Informa PLC 791.60 6.00 Tesco PLC 229.40 0.30
Health Care (19) 10875.83 0.52 9523.47 10819.54 10709.71 10254.45 3.83 0.99 26.33 242.55 9026.09
FTSE North America 678 404.77 0.6 -3.0 13.7 586.26
14.7 2.0 Household Goods & Home Construction 42 447.73 0.5 0.5 11.8 693.70 13.5 2.7 Intercontinental Hotels Group PLC 5215 161.00 Tui AG 743.20 24.20
Health Care Equipment & Services (9) 7656.60 0.85 6704.54 7592.20 7609.94 8052.07 1.76 2.59 21.91 78.93 6870.39
FTSE Developed ex North America 1499 246.90 0.0 -3.0 7.2 430.46
9.4 3.3 Leisure Goods 31 199.72 -0.5 -0.5 7.9 270.33 8.7 1.3 International Consolidated Airlines Group S.A. 466.80 -3.50 Unilever PLC 4914 34.00
Pharmaceuticals & Biotechnology (10)14813.67 0.48 12971.66 14743.56 14568.82 13809.06 4.12 0.90 27.08 355.14 11017.35
FTSE Japan Large Cap 189 352.89 -0.4 -3.1 2.6 Personal Goods
4.3 477.30
5.6 86 835.63 0.3 0.3 16.6 1215.86 17.7 1.9 Intertek Group PLC 5432 54.00 United Utilities Group PLC 834.80 5.20
Consumer Services (90) 5127.04 0.81 4489.51 5085.62 5066.03 5478.59 3.00 1.73 19.32 79.27 5090.82 FTSE Japan Mid Cap 323 560.21 -0.8 -5.2 1.2 721.91
2.3 2.3 Tobacco 13 954.66 1.4 1.4 7.0 2156.02 8.6 6.2
Food & Drug Retailers (6) 3936.67 0.10 3447.17 3932.56 3941.11 4255.25 2.49 2.00 20.13 69.54 4810.36 Itv PLC 108.55 1.45 Vodafone Group PLC 129.90 1.92
FTSE Global wi JAPAN Small Cap 827 609.95 -0.9 -3.6 3.3 814.22
4.5 2.2 Health Care 211 527.85 0.3 0.3 4.0 790.97 5.2 2.1 Johnson Matthey PLC 3143 34.00 Whitbread PLC 4720 12.00
General Retailers (26) 2051.30 -0.14 1796.23 2054.22 2081.91 2486.22 3.48 1.82 15.83 27.00 2505.74
FTSE Japan 512 148.74 -0.5 -3.5 2.5 Health Care Equipment & Services
3.7 225.41
4.9 84 1000.00 0.2 0.2 7.5 1188.28 8.0 1.0 Just Eat PLC 589.60 2.20 Wpp PLC 988.40 17.60
Media (19) 8827.67 1.13 7729.99 8728.90 8656.77 8251.83 2.93 1.70 20.05 123.39 5751.01
FTSE Asia Pacific Large Cap ex Japan 609 658.78 -0.1 -5.1 5.5 1092.17
6.6 3.0 Pharmaceuticals & Biotechnology 127 357.02 0.4 0.4 2.3 564.65 3.9 2.6 Kingfisher PLC 209.40 1.80
Travel & Leisure (39) 8937.37 1.15 7826.05 8835.45 8758.97 10105.87 3.06 1.63 20.02 149.14 8969.31
FTSE Asia Pacific Mid Cap ex Japan 428 826.21 -0.2 -3.8 3.1 1313.72
4.1 3.3 Consumer Services 405 502.14 0.5 0.5 12.3 691.01 13.1 1.5
Telecommunications (6) 2135.21 1.82 1869.70 2097.03 2149.27 2681.93 6.25 0.27 58.86 38.61 2712.97 FTSE Asia Pacific Small Cap ex Japan 1435 517.00 -0.2 -4.4 3.6 803.31
4.4 3.0 Food & Drug Retailers 59 257.06 0.4 0.4 -1.9 375.33 -0.6 2.6
Fixed Line Telecommunications (4) 2518.83 2.65 2205.62 2453.82 2455.73 2447.25 6.86 1.41 10.34 0.00 2544.86
Mobile Telecommunications (2) 2953.37 1.39 2586.13 2912.85 3021.85 4150.61 5.93 -0.42 -40.22 81.43 3415.89
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
1037 517.42
2187 712.23
-0.1
-0.3
-5.0
-4.8
5.3 911.20
6.4 3.1 General Retailers
5.2 1119.45
6.2 3.1 Media
136 796.48
77 360.02
0.5
0.3
0.5
0.3
14.9 1059.57
16.2 497.35
15.5
17.0
1.1
1.8
UK STOCK MARKET TRADING DATA
Utilities (8) 6627.81 1.08 5803.67 6557.31 6449.98 7154.61 6.63 0.80 18.85 214.10 8536.12 FTSE Emerging Large Cap 578 681.28 -0.2 -5.3 5.2 1078.02
6.3 2.9 Travel & Leisure 133 482.56 0.6 0.6 10.5 675.76 11.5 1.9 Jun 07 Jun 06 Jun 05 Jun 04 Jun 03 Yr Ago
Electricity (3) 6684.71 1.38 5853.50 6593.91 6532.98 7911.22 8.08 0.38 32.45 180.06 10950.30 FTSE Emerging Mid Cap 486 879.31 -0.3 -2.2 5.2 1379.91
6.6 3.6 Telecommunication 90 150.58 0.5 0.5 5.1 306.96 7.3 4.5 - - - - - -
Gas Water & Multiutilities (5) 6256.38 0.99 5478.43 6194.93 6081.38 6573.81 6.23 0.95 16.89 211.26 8047.12 FTSE Emerging Small Cap 1123 694.72 -0.5 -3.5 4.6 1044.85
5.6 3.3 Fixed Line Telecommuniations 37 123.91 0.7 0.7 4.8 280.65 7.2 5.3 Order Book Turnover (m) 130.99 - - - - -
Financials (303) 4851.79 0.83 4248.49 4811.80 4821.48 5294.19 4.29 1.47 15.81 118.66 4870.53 FTSE Emerging Europe 82 382.57 0.8 5.0 17.2 649.87
18.5 5.2 Mobile Telecommunications 53 162.17 0.2 0.2 5.7 293.19 7.5 3.5 Order Book Bargains 847900.00 - - - - -
Banks (10) 3762.47 0.82 3294.63 3731.78 3752.28 4328.31 5.23 1.68 11.40 122.86 3061.34 FTSE Latin America All Cap 236 896.26 0.4 0.5 6.5 1469.26
8.4 3.4 Utilities 165 297.19 0.7 0.7 10.6 620.12 12.7 3.5 Order Book Shares Traded (m) 1146.00 - - - - -
Nonlife Insurance (8) 3756.87 0.71 3289.72 3730.36 3714.21 3612.46 3.77 1.56 16.97 87.12 7113.79 FTSE Middle East and Africa All Cap 334 650.07 -0.6 -5.9 2.1 1077.47
4.2 3.5 Electricity 111 332.96 0.6 0.6 11.3 684.24 13.1 3.3 Total Equity Turnover (£m) 5316.20 - - - - -
Life Insurance/Assurance (7) 7824.85 1.01 6851.86 7746.79 7708.28 8854.41 4.72 1.68 12.62 248.62 8365.11 FTSE Global wi UNITED KINGDOM All Cap In 313 325.94 0.3 -4.7 8.0 591.25
10.4 4.3 Gas Water & Multiutilities 54 300.19 0.8 0.8 9.4 647.92 11.9 3.9 Total Mkt Bargains 1013352.00 - - - - -
Real Estate Investment & Services (18) 2421.83 -0.79 2120.69 2441.07 2448.55 2878.86 3.76 1.35 19.76 20.94 6779.60 FTSE Global wi USA All Cap 1820 697.56 0.5 -3.3 1.9 Financials
13.8 955.91
14.8 743 242.21 0.1 0.1 10.8 420.63 12.8 3.3 Total Shares Traded (m) 4026.00 - - - - -
Real Estate Investment Trusts (38) 2592.45 0.45 2270.09 2580.83 2585.98 2850.39 4.46 0.75 29.82 51.57 3509.94 FTSE Europe All Cap 1480 410.27 0.2 -2.6 9.2 710.15
11.9 3.6 Banks 252 195.35 -0.1 -0.1 6.1 368.94 8.6 4.3 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (39) 9208.73 0.87 8063.67 9129.45 9180.91 9570.15 3.65 1.91 14.32 148.19 11277.24 FTSE Eurozone All Cap 670 393.09 -0.1 -3.4 8.5 682.70
11.3 3.4 Nonlife Insurance 72 284.90 0.2 0.2 11.2 434.07 13.2 2.3 (c) Market closed.
Equity Investment Instruments (183) 10397.50 1.01 9104.62 10293.86 10284.45 10322.57 2.61 0.52 73.49 121.20 5978.35 FTSE RAFI All World 3000 3299 6535.11 0.2 -3.9 7.4 9172.04
9.3 3.4 Life Insurance 56 224.98 0.3 0.3 12.5 382.95 14.7 3.4
Non Financials (326) 4781.64 0.99 4187.07 4734.58 4703.12 4995.81 4.15 1.39 17.37 95.62 7653.79 FTSE RAFI US 1000 1068 11469.42 0.5 -3.5 11.0 15763.33
12.3 2.6 Financial Services 166 326.12 0.4 0.4 17.6 466.03 18.7 1.9
Technology (17) 2270.02 0.80 1987.75 2251.97 2254.54 1928.35 2.79 1.23 29.12 39.36 3082.10 FTSE EDHEC-Risk Efficient All-World 3241 393.66 0.2 -2.6 9.8 573.17
11.2 2.5 Technology 206 289.91 0.6 0.6 14.7 364.98 15.4 1.4 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 2536.05 0.83 2220.70 2515.09 2517.49 2158.29 2.84 1.20 29.43 44.75 3642.18 FTSE EDHEC-Risk Efficient Developed Europe 586 305.56 0.0 -3.3 7.1 493.74
9.3 3.2 Software & Computer Services 105 523.53 0.5 0.5 16.2 621.00 16.6 0.8 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (3) 3060.03 0.14 2679.53 3055.81 3071.25 2514.65 1.76 2.39 23.80 32.78 3709.05 Oil & Gas 142 354.54 0.9 -3.8 6.9 614.09
8.8 4.1 Technology Hardware & Equipment 101 206.32 0.8 0.8 12.7 273.90 13.7 2.3 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Alternative Energy 7 104.18 -1.6 -1.6 10.3 145.18 11.3 1.5 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day Real Estate Investment & Services 114 347.61 -0.4 -0.4 9.1 611.93 10.8 3.0 For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 7699.58 7711.14 7715.25 7717.24 7728.19 7718.93 7704.57 7680.75 7692.70 7730.40 7671.90 The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/
FTSE 250 21099.68 21127.48 21138.36 21162.05 21167.64 21166.82 21158.59 21125.54 21126.12 21171.70 21075.10 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
(US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 5977.96 5984.11 5981.96 5987.00 5990.78 5985.50 5985.49 5986.88 5987.90 5996.52 5977.79
FTSE All-Share 4241.34 4247.51 4249.61 4251.41 4256.52 4252.27 4245.68 4234.13 4239.44 4257.08 4229.56 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:11:03:15 Day's Low14:33:00 FTSE 100 2010/11 High: 7877.45(22/05/2018) Low: 6888.69(26/03/2018) 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:11:03:00 Day's Low14:33:00 FTSE 100 2010/11 High: 4324.41(22/05/2018) Low: 3810.81(26/03/2018) 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 JPMorgan European Investment Trust Pre 2.834L 28.642 8.030L 23.570 4.00000 2.00000 Apr 5 8.850 6.850 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- 06/05 1.00 AERI Aquila European Renewables Income Fund PLC 1.02 0.02 1.03 1.01 157.4
There are currently no rights offers by any companies listed on the LSE. 06/05 1.00 AERS Aquila European Renewables Income Fund PLC 1.02 0.02 1.03 1.01 157.4
05/30 270.00 WOSG Watches of Switzerland Group PLC 303.00 5.00 315.00 286.50 72555.0
05/29 151.00 essensys PLC 203.00 1.50 206.00 175.00 9765.8
05/28 1.00 RCOI Riverstone Credit Opportunities Income PLC 1.01 -0.01 1.03 0.99 100.5
05/22 115.00 AIM INHC Induction Healthcare Group PLC 119.50 0.00 121.50 119.00 3540.3
05/09 90.00 AIM DFCH Distribution Finance Capital Holdings PLC 125.00 2.50 140.00 105.00 13330.2
05/03 0.10 BERM Bermele PLC 2.38 0.03 2.70 1.00 475.0
04/29 200.00 AIM LGRS Loungers PLC 224.50 -0.10 227.90 209.00 20766.3

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.
16 ★ FTWeekend 8 June/9 June 2019

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) Finland (€) Japan (¥) Sweden (SKr) AT&T 32.32 0.22 34.53 26.80 6.10 12.45 235839.14 Lockheed♦ 355.11 2.59 356.15 241.18 2.31 18.61 100332.36
ANZ♦ 28.37 0.21 30.39 22.98 5.60 13.25 56107.39 Nokia 4.44 0.03 5.74 4.17 4.15 -38.13 28248.83 AstellasPh 1489 -12.00 2056 1356 2.45 13.78 25996.74 AtlasCpcoB 242.80 4.80 334.65 187.68 6.12 17.87 10062.73 AutomData 167.53 3.23 167.87 121.40 1.72 44.26 72913.79 Lowes 97.13 0.89 118.23 84.75 1.93 33.65 76044.68
BHPBilltn 37.84 0.79 40.13 30.31 4.40 15.94 77812.46 SampoA 40.07 0.51 44.94 37.61 6.30 13.53 25052.6 Bridgestne 4210 -17.00 4661 3906 3.62 11.50 29635.05 Ericsson 93.60 1.86 96.74 62.60 1.06 -91.76 30543.02 Avago Tech 275.48 2.69 323.20 197.46 2.77 19.04 109045.58 Lyondell♦ 79.12 -0.19 118.85 73.94 4.93 7.30 29300.29
CmwBkAu 80.00 0.28 80.00 65.23 5.42 15.98 98857.4 France (€) Canon 3107 9.00 3789 2876.5 4.91 15.50 38304.78 H&M 149.44 1.78 173.00 120.50 6.36 21.00 23183.48 BakerHu 57.68 3.17 68.59 43.09 - 193.60 24541.87 Marathon Ptl♦ 46.83 -1.27 88.45 45.47 3.98 9.25 31030.4
CSL 203.80 2.94 232.69 173.00 1.13 35.50 64464.77 Airbus Grpe 120.92 2.96 124.00 77.50 1.20 34.59 106153.98 CntJpRwy 22690 -65.00 26255 20875 0.61 10.46 43205.07 Investor 425.60 3.40 453.80 350.70 2.79 14.85 20588.93 BankAm♦ 27.53 -0.35 31.91 22.66 2.02 10.49 261760.83 Marsh&M 99.86 0.87 100.20 74.30 1.58 31.11 51062.83
NatAusBk♦ 26.90 0.15 29.00 22.52 7.31 13.18 52791.03 AirLiquide 116.90 2.70 119.10 102.05 2.29 23.45 56656.97 Denso 4413 43.00 6036 4081 3.01 13.39 32141.25 Nordea Bk 68.91 0.48 99.34 66.57 10.33 9.82 29640.87 Baxter♦ 77.62 0.77 82.25 61.05 0.96 27.06 39599.28 MasterCard 265.07 7.24 266.01 171.89 0.31 45.36 267684.08
Telstra 3.72 0.03 3.73 2.60 4.06 14.16 30883.92 AXA 22.40 0.23 23.90 18.43 5.69 22.95 61261.9 EastJpRwy 10475 -10.00 11145 9063 1.36 13.88 36969.89 SEB 87.26 1.28 100.50 78.88 6.81 8.05 20111.2 BB & T 48.61 -0.64 54.96 40.68 3.19 12.65 37231.37 McDonald's♦ 205.58 2.53 206.39 153.13 2.06 27.95 156971.92
Wesfarmers 37.65 -0.31 38.25 30.40 5.96 12.20 29799.16 BNP Parib 40.82 -0.19 56.93 38.14 7.18 6.99 57552.52 Fanuc♦■ 18905 185.00 23235 15570 2.87 21.35 35653.94 SvnskaHn 91.94 -0.88 113.00 91.36 5.92 10.07 18695.97 BectonDick♦ 238.12 1.49 264.68 208.62 1.25 70.14 64229.67 McKesson♦ 129.71 1.56 151.24 106.11 1.14 782.08 24639.91
Westpc♦ 27.98 0.15 30.44 23.30 6.67 14.10 67336.13 ChristianDior 447.00 11.20 454.40 310.20 1.22 31.02 91034.78 FastRetail 64150 70.00 66710 46450 0.70 42.86 62898.04 Swedbank 139.45 1.55 221.70 127.20 10.08 7.38 16765.87 BerkshHat 309307.24 1407.24 335900 279410 - 19.39 223664.4 Medtronic 97.05 0.55 100.15 81.66 1.95 27.82 130158.7
Woolworths 31.51 0.18 34.84 27.03 2.97 25.21 27685.56 Cred Agr 10.29 0.05 13.12 9.10 5.94 7.85 33278.39 Fuji Hvy Ind 2608.5 - 3498 2208.5 5.43 10.94 18545.97 Telia Co 40.65 0.42 43.96 38.30 5.60 19.45 18174.14 Biogen 227.81 3.46 388.67 216.12 - 10.07 44169.89 Merck 82.76 1.32 83.85 59.80 2.43 26.76 213067.53
Belgium (€) Danone 72.26 0.68 72.96 60.20 2.66 19.68 55933.66 Hitachi 3837 37.00 4187.5 762.20 1.23 18.15 34306.56 Volvo 138.20 2.75 162.20 112.85 3.58 9.51 24223.31 BkNYMeln 44.54 0.72 58.22 42.43 2.37 11.77 42647.82 Metlife♦ 48.47 0.09 50.40 37.76 3.38 9.70 46059.65
AnBshInBv 75.47 1.22 91.14 56.39 3.82 25.11 144177.66 EDF♦ 12.65 0.37 15.73 11.07 3.68 62.54 42963.56 HondaMtr 2738 -2.50 3619 2610 3.95 6.71 45844.54 BlackRock♦ 442.49 3.26 557.00 360.79 2.74 17.11 68374.34 Microsoft♦ 131.61 3.79 132.25 93.96 1.30 29.981008503.47
Switzerland (SFr)
KBC Grp 57.80 -0.94 68.70 54.66 5.04 10.50 27138.65 Engie SA 13.22 0.23 14.28 11.31 5.51-186.66 36309.61 JapanTob 2488 7.00 3244 2456 5.75 11.61 45995.28 Boeing 354.13 3.49 446.01 292.47 1.98 20.80 199244.31 Mnstr Bvrg 65.43 1.59 66.38 47.74 - 36.06 35566.19
ABB 19.09 0.25 23.54 18.03 - 27.86 41839.73
Esslr Intl 128.75 1.30 129.55 100.60 1.20 31.22 32686.21 KDDI 2770 -3.50 3187 2331.5 3.38 11.47 60307.67 BrisMySq 46.76 0.61 63.69 44.30 3.38 15.26 76485.6 MondelezInt 54.19 0.73 54.30 38.79 1.80 25.13 78057.21
Brazil (R$) CredSuisse 11.39 -0.06 16.25 10.36 2.13 14.69 29429.33
Hermes Intl♦ 611.40 7.20 627.20 462.40 0.68 45.15 72822.92 Keyence 61510 340.00 73870 50780 0.24 33.24 69139.46 CapOne 90.42 0.06 101.26 69.90 1.73 7.67 42460.92 Monsanto 127.95 0.02 127.97 114.19 1.64 23.62 56462.29
Ambev 17.68 0.04 20.30 14.54 2.64 25.76 71622.98 Nestle 101.40 1.06 101.78 72.92 2.32 30.13 313963.32
LOreal 245.10 3.00 246.40 182.00 1.46 35.02 155286.58 MitsbCp 2895 16.50 3638 2773 4.25 7.98 42550.01 CardinalHlth 43.51 0.72 58.31 42.01 4.27 234.72 12968.58 MorganStly 42.65 -0.16 52.72 36.74 2.63 9.37 71747.3
Bradesco 33.22 0.47 34.68 18.61 0.94 16.89 34500.65 Novartis 87.30 -0.03 88.91 63.51 3.15 16.94 223037.47
LVMH 357.05 6.70 360.45 243.50 1.53 28.00 203478.64 MitsubEst 2032 -8.50 2125.5 1657 1.31 21.68 26129.93 Carnival♦ 52.20 1.04 67.69 45.64 3.66 12.47 27507.18 MylanNV 17.27 -0.19 42.50 16.63 - 38.47 8899.45
Cielo 6.69 -0.21 17.95 6.53 18.66 6.45 4681.7 Richemont 78.62 0.84 93.74 60.44 2.30 14.72 41485.61
Orange 13.73 0.10 15.22 13.15 5.16 21.89 41191.51 MitsubishiEle 1378 0.50 1600.5 1146 2.86 12.18 27349.85 Caterpillar 124.53 1.14 159.37 112.06 2.63 11.85 71215.66 Netflix 363.36 6.23 423.21 231.23 - 133.01 158866.06
ItauHldFin 30.17 0.17 91.08 27.19 3.25 11.97 38532.21 Roche 269.40 1.10 280.55 206.35 3.09 22.03 191327.16
PernodRic 160.20 2.80 164.25 128.35 1.49 28.96 47973.71 MitsuiFud 2726.5 8.00 2857 2346 1.52 14.70 24986.08 CBS♦ 48.51 0.25 59.59 41.38 1.45 6.19 17073.31 NextEraE♦ 206.39 0.63 208.47 155.06 2.17 35.43 98847.46
Petrobras♦ 29.67 0.61 33.70 16.90 0.82 16.67 56878.81 Swiss Re 98.86 1.78 102.95 84.20 5.05 73.08 33839.7
Renault 53.69 1.09 86.07 49.86 6.69 4.38 17913.56 MitUFJFin 507.80 2.30 740.90 493.00 4.07 5.49 64153.92 Celgene 95.96 0.77 97.07 58.59 - 15.02 67676.71 Nike♦ 83.16 0.71 90.00 66.53 0.97 33.99 104509.24
Vale 48.84 0.04 62.42 40.51 3.08 18.42 35602.56 Swisscom 493.40 2.30 493.80 427.00 4.32 17.23 25836.82
Safran 122.35 2.40 130.00 97.08 1.32 41.15 60154.79 Mizuho Fin 152.60 -0.10 205.00 150.10 4.84 6.12 35817.39 CharlesSch 43.22 -0.71 58.25 37.83 1.20 17.10 57699.11 NorfolkS♦ 202.31 2.45 211.46 138.65 1.53 20.55 53807.79
Canada (C$) Syngent 453.40 0.90 471.20 402.50 - 28.04 43035.76
Sanofi 78.32 3.30 80.28 65.64 3.91 22.51 110464.78 Murata Mfg 4447 -2.00 49290 4328 1.99 14.90 27778.72 Charter Comms 394.52 7.21 394.92 270.87 - 71.83 88138.95 Northrop♦ 317.91 3.09 340.14 223.63 1.47 17.37 53981.02
BCE 62.20 -0.20 62.68 50.72 4.80 19.95 41788.63 UBS 11.63 0.01 16.42 11.24 5.46 11.26 45368.38
Sant Gbn 33.57 0.46 44.62 28.18 3.92 43.67 20698.99 NipponTT 4967 -11.00 5447 4050 2.99 11.60 89546.71 Chevron Corp♦ 121.59 0.91 128.55 100.22 3.65 17.24 231597.05 NXP 92.34 0.05 122.24 67.62 0.79 14.61 30352.41
BkMontrl 99.17 -0.21 109.00 86.25 3.84 10.85 47327.82 Zurich Fin 334.10 2.40 341.30 282.40 5.58 13.63 51114.86
Schneider 73.16 1.22 78.66 57.58 3.04 17.20 47810.33 Nissan Mt♦ 761.00 11.10 1109.5 722.00 7.11 6.23 29689.57 Chubb 149.36 0.70 150.32 119.54 1.91 18.14 68387.57 Occid Pet♦ 47.77 -0.50 87.67 47.00 6.35 9.22 35722.39
BkNvaS 70.48 0.45 78.60 66.36 4.67 10.84 64368.4 Nomura 350.80 4.90 583.00 330.70 3.93 -15.32 11328.19 Taiwan (NT$) Cigna 156.96 3.24 226.61 141.95 0.02 15.50 59559.67 Oracle 53.15 0.56 55.53 42.40 1.37 20.15 181648.31
SFR Group 34.50 - 34.56 21.87 - -23.02 17905.81
Brookfield♦ 63.67 0.41 65.06 49.87 1.25 15.53 47295.19 Nppn Stl♦ 1815 -4.00 2435 1774 4.34 6.01 15943.37 Chunghwa Telecom 113.50 - 117.50 96.30 4.19 23.87 28077.15 Cisco 56.21 1.11 57.53 40.25 2.32 20.08 240620 Pepsico♦ 134.31 2.33 134.71 100.33 2.69 15.57 188278.67
SocGen♦ 22.11 -0.20 38.44 22.00 9.66 5.75 20149.4
CanadPcR 312.71 3.79 313.90 228.35 0.81 22.39 32671.22 NTTDCMo 2519 6.50 3095 2257.5 4.10 14.02 77658.15 Formosa PetChem 115.00 -1.50 151.00 100.50 5.44 21.62 34933.7 Citigroup 65.84 -0.63 75.24 48.42 2.47 9.81 152252.87 Perrigo♦ 43.79 0.34 80.66 36.28 1.69 52.80 5955.06
Total 47.80 0.56 56.82 44.84 5.27 12.53 143264.37
CanImp 103.65 0.26 125.21 99.51 5.10 9.40 34434.89 Panasonic 869.50 1.70 1617 848.00 3.96 9.83 19715.58 HonHaiPrc 71.10 0.10 97.20 67.00 3.49 8.96 31431.42 CME Grp♦ 201.90 1.01 202.98 158.35 1.38 38.75 72272.74 Pfizer 43.08 0.37 46.47 35.73 3.13 22.64 239171.75
UnibailR 190.00 0.35 236.45 177.35 5.82 23.36 22215.04
CanNatRs 35.33 0.21 49.08 30.11 3.82 14.75 31563.77 Seven & I 3694 5.00 5203 3573 2.39 17.34 30267.75 MediaTek 307.00 -6.00 334.50 199.50 3.23 22.52 15541.77 Coca-Cola 51.86 0.46 52.19 42.96 2.95 32.41 221219.4 Phillips66 85.13 0.23 123.97 78.44 3.67 7.81 38610.81
Vinci 90.28 1.14 90.58 70.18 2.81 16.78 61149.77
CanNatRy♦ 121.59 0.02 127.96 96.46 1.53 20.91 65684.26 ShnEtsuCh♦ 9226 18.00 11440 7982 1.87 11.94 36466.23 TaiwanSem 232.00 -3.00 286.00 206.50 3.42 18.10 191838.14 Cognizant 62.85 0.95 83.35 56.73 1.24 18.46 35779.43 PhilMorris 78.62 1.42 92.74 64.67 5.66 16.28 122317.22
Vivendi 24.44 0.33 26.69 20.40 1.86 241.38 36104.32
Enbridge 47.32 -0.01 51.22 39.40 5.68 22.62 71546.8 Softbank 9864 -18.00 12090 6803 0.44 7.18 100355.08 Thailand (THB) ColgtPlm 73.96 0.85 74.14 57.41 2.22 28.29 63495.76 PNCFin 132.35 -1.40 149.49 108.45 2.65 12.46 59747.81
GtWesLif♦ 30.89 -0.20 34.42 26.83 5.00 10.82 21418.38 Germany (€)
Sony 5229 98.00 6973 4507 0.56 8.49 61444.73 PTT Explor 47.00 - 55.25 44.25 4.10 12.87 42842.21 Comcast 41.50 0.35 43.96 30.99 1.83 16.11 187435.5 PPG Inds♦ 114.20 1.21 121.29 94.37 1.61 21.68 26962.81
ImpOil♦ 36.18 -0.28 44.91 33.52 2.05 14.13 20884.05 Allianz 204.30 2.15 216.20 170.12 3.80 11.99 97838.4
SumitomoF 3792 7.00 4775 3483 4.54 7.11 49050.52 United Arab Emirates (Dhs) ConocPhil 58.73 0.53 79.96 56.75 1.96 9.76 66375.23 Praxair♦ 164.50 -0.99 169.75 140.00 2.03 13.79 47306.22
Manulife♦ 23.71 0.01 25.18 18.33 3.88 8.85 34861.19 BASF 61.28 0.40 88.90 57.35 5.12 14.16 63502.73
Takeda Ph 3690 78.00 4943 3498 4.80 26.84 53379.63 Emirtestele 16.30 0.70 17.40 15.20 4.74 16.38 38592.8 Corning♦ 30.77 0.28 36.56 26.87 2.35 13.14 24150.03 Priceline 1905.64 -1.38 2067.99 1612.41 - 20.30 92937.2
Nutrien 68.72 -0.53 76.17 59.97 3.152441.74 30067.78 Bayer 52.87 -0.42 101.34 52.02 5.06 62.59 55627.16
TokioMarine 5497 63.00 5772 4929 3.04 11.71 36075.89 United Kingdom (p) Costco 254.18 2.97 254.80 189.51 0.94 30.96 111806.56 ProctGmbl 108.93 1.55 109.38 74.10 2.57 26.52 273232.36
RylBkC 103.23 0.02 107.91 90.10 3.68 12.33 110747.76 BMW 62.32 -0.02 87.92 61.14 6.23 7.81 42327.73
Toyota 6588 41.00 7606 6045 3.29 10.33 198702.48 CrownCstl 135.88 0.83 136.39 99.99 3.12 88.71 56490.92 Prudntl♦ 99.20 -0.66 106.64 75.61 3.64 11.85 40275.2
Suncor En♦ 40.47 -0.15 55.47 35.53 3.62 16.76 47501 Continental 124.20 0.58 226.20 118.30 3.66 8.48 28026.52 AscBrFd♦ 2524 9.00 2846 2011 1.78 21.80 25402.82
Mexico (Mex$) CSX♦ 78.10 0.59 80.73 58.47 1.12 19.62 63195.68 PublStor 246.51 1.79 247.63 193.89 3.17 29.31 42995.36
ThmReut♦ 88.59 0.63 88.82 56.77 2.22 242.29 33154.5 Daimler 47.61 0.29 63.63 44.51 - 7.41 57461.23 AstraZen 6028 -17.00 6540 5110 3.62 41.34 97052.55
AmerMvl 14.42 0.14 17.37 12.32 2.20 18.15 32802.75 CVS 53.95 -0.16 82.15 51.72 3.62-120.21 70086.02 Qualcomm♦ 68.20 0.61 90.34 49.10 3.55 36.41 82910.67
TntoDom 75.41 0.01 80.05 65.56 3.54 12.54 102976.79 Deut Bank 5.97 0.01 11.28 5.80 1.79 614.23 13911.72 Aviva 417.00 3.40 519.00 361.80 6.77 11.03 21275.39
FEMSA UBD 188.55 -0.40 192.50 163.60 1.37 18.23 20655.11 Danaher 137.01 2.09 137.23 94.59 0.46 41.30 98090.07 Raytheon 184.10 0.48 214.76 144.27 1.84 17.60 51522.85
TrnCan 66.03 -0.09 66.93 47.90 4.17 16.16 45561.44 Deut Tlkm 15.39 0.03 15.88 13.07 4.27 33.08 82665.97 Barclays 151.06 -0.18 203.40 145.00 4.30 7.64 32769.59
WalMrtMex 53.87 -0.65 57.60 47.41 1.40 25.57 47680.11 Deere 147.60 1.11 169.99 128.32 1.92 14.75 46788.54 Regen Pharm 301.01 1.41 442.00 295.27 - 14.61 32427.03
ValeantPh 30.80 -1.06 36.02 14.01 - -5.02 8158.48 DeutsPost 27.32 0.34 33.00 23.36 4.09 15.81 37873.35 BP♦ 551.80 8.30 603.20 481.35 5.67 14.73 139813.55
Delphi 17.33 0.30 53.78 13.18 2.87 5.71 1524.3 S&P Global♦ 224.22 2.21 224.87 156.68 0.90 30.85 55202.96
E.ON 9.93 0.17 10.14 8.16 2.93 9.29 24647.6 Netherlands (€) BrAmTob 3014 98.50 4265 2336.5 6.48 11.45 71439.79
China (HK$) Delta 55.54 0.85 61.32 45.08 2.38 9.54 36378.5 Salesforce 161.88 2.57 167.56 113.60 - 113.70 125615.93
Fresenius Med 66.32 -0.18 91.74 55.44 1.55 10.64 23037.14 Altice 2.60 -0.05 3.63 1.53 - 1.67 4734.89 BSkyB 1727.5 1.50 1740 893.50 0.76 36.60 38843.72
AgricBkCh 3.42 0.02 4.25 3.31 6.00 5.09 13408.58 Devon Energy 25.68 0.05 46.54 20.37 1.22 22.12 10663.71 Schlmbrg♦ 35.60 0.55 70.47 34.46 5.48 25.16 49303.43
Fresenius SE 45.90 -0.06 71.36 38.28 1.59 12.95 23352.45 ASML Hld 173.80 3.90 189.50 130.12 0.78 31.63 83467.34 BT 207.20 6.00 268.60 190.68 7.32 9.59 26135.48
Bk China♦ 3.20 - 4.26 3.19 6.35 4.69 34130.43 DiscFinServ 78.44 0.34 82.51 54.36 1.93 9.90 25393.29 Sempra Energy 135.02 0.04 136.43 100.50 2.64 35.04 37047.9
HenkelKgaA 78.60 0.10 99.35 76.20 2.19 15.30 23038.77 Heineken 97.10 0.82 99.80 74.28 1.58 28.74 63102.75 Compass 1844.5 18.50 1854.5 1467.5 2.04 24.99 38564.02
BkofComm 6.22 0.05 7.06 5.33 5.31 5.63 27776.66 Disney 138.33 1.12 142.37 100.35 1.21 15.90 248952.35 Shrwin-Will 474.13 7.57 479.64 355.28 0.76 41.64 43769.88
Linde 175.10 1.40 191.25 130.75 1.65 16.89 107226.84 ING 9.86 0.05 13.28 9.12 6.60 8.51 43324.23 Diageo 3407 36.50 3412 2513 1.92 28.42 109038.09
BOE Tech 1.05 -0.01 1.56 0.83 - -117.06 26.65 DominRes♦ 76.92 0.57 78.31 61.76 4.34 37.36 61713.85 SimonProp 164.02 0.39 191.49 159.69 4.76 21.98 50679.82
MuenchRkv 221.10 2.00 224.00 174.85 3.78 15.82 36000.9 Unilever 54.14 0.32 54.90 45.43 2.84 15.38 104741.3 GlaxoSmh♦ 1565.2 20.40 1648.8 1408.8 5.11 19.92 97856.97
Ch Coms Cons 6.91 -0.02 8.87 6.81 4.19 5.14 3902.22 DowDupont 30.52 -0.65 48.38 30.06 14.45 7.46 68559.76 SouthCpr 35.83 0.59 52.55 29.01 4.08 19.43 27698.18
SAP 113.72 2.34 117.08 83.95 1.20 42.90 157622.45 Norway (Kr) Glencore 260.90 -0.35 409.80 249.75 6.05 13.85 47844.12
Ch Evrbrght♦ 3.40 - 4.10 3.14 6.22 5.33 5498.26 DukeEner♦ 87.82 0.11 91.67 71.96 4.08 22.01 63937.08 Starbucks 82.85 1.45 83.33 47.37 1.63 36.44 100343.68
Siemens 104.24 0.66 121.70 90.85 3.54 19.88 99967.28 DNB 152.90 2.70 174.20 135.50 4.58 9.71 28174.11 HSBC♦ 650.90 6.80 739.10 596.40 6.02 12.29 165911.84
Ch Rail Cons 9.21 0.05 11.94 7.53 2.37 6.47 2439.05 Eaton 78.87 0.57 89.46 64.46 3.33 16.04 33367.78 StateSt 56.60 0.38 101.35 55.12 3.15 9.73 21121.75
Volkswgn 145.10 0.05 167.40 129.60 2.61 6.51 48308.79 Equinor 170.60 2.10 234.60 164.80 4.58 8.40 65416.96 Imperial Brands 2073 - 3009 1861 9.06 12.75 25134.72
Ch Rail Gp 5.70 -0.11 8.21 5.55 2.38 6.80 3058.86 eBay♦ 37.47 0.66 40.86 26.01 0.36 14.12 32656.13 Stryker 193.73 1.91 199.85 144.75 1.00 21.42 72281.68
Hong Kong (HK$) Telenor 185.20 0.90 185.80 148.10 4.31 30.43 31298.81 LlydsBkg 57.61 0.38 66.79 49.52 9.13 10.47 52783.5
ChConstBk 6.18 0.03 8.28 6.02 5.52 5.38 189508.95 Ecolab 199.23 2.46 200.08 135.77 0.85 40.44 57426.48 Sychrony Fin 33.99 -0.34 36.08 21.78 2.24 7.79 23429.86
AIA 74.30 0.55 84.00 58.20 1.14 19.79 114547.55 Natl Grid♦ 822.90 7.60 892.00 744.50 5.65 18.66 35114.67
China Vanke 28.00 0.20 35.60 21.50 3.75 7.98 5635.38 Qatar (QR) Emerson♦ 64.00 1.35 79.70 55.39 2.97 17.87 39335.67 T-MobileUS 76.84 0.89 80.93 56.98 - 21.64 65644.64
BOC Hold 30.35 0.25 40.40 27.55 4.29 10.03 40927.97 Prudential 1624 11.50 1886 1325 2.97 13.90 53416.6
ChinaCitic♦ 4.35 -0.01 5.49 4.33 6.87 4.29 8257.07 QatarNtBk 186.00 3.00 200.50 150.70 3.13 13.32 47180.93 EOG Res 84.18 -0.09 133.53 80.41 0.94 14.65 48851.73 Target♦ 86.87 1.17 90.39 60.15 2.85 15.63 44503.93
Ch OSLnd&Inv 27.50 0.40 31.30 22.35 3.09 6.71 38429.53 RBS 214.50 1.10 274.90 200.10 2.56 17.09 32630.42
ChinaLife♦ 17.64 0.02 23.35 15.44 2.67 39.68 16742.2 Russia (RUB) EquityResTP 78.18 0.39 78.54 61.67 2.73 54.14 28968.48 TE Connect 90.90 1.24 99.52 69.84 1.89 11.09 30619.45
ChngKng 58.40 0.55 72.50 50.30 3.00 5.38 27511.37 ReckittB 6395 -9.00 7174 5559 2.63 20.93 57251.34
ChinaMBank 37.10 0.05 41.75 26.40 2.63 10.09 21724.24 Gzprm neft 231.22 -0.23 251.65 132.86 3.36 3.26 84032.69 Exelon♦ 50.59 0.36 51.18 39.63 2.69 21.61 49123.71 Tesla Mtrs 206.96 1.01 387.46 176.99 - -37.68 35953.9
Citic Ltd 10.76 - 13.28 10.22 3.72 6.22 39923.77 RELX 1872 11.00 1894 1466.5 2.14 26.22 46415.63
ChinaMob♦ 70.40 0.15 87.70 67.85 4.67 10.74 183856.73 Lukoil 5127.5 -29.00 5996 4006 4.24 5.75 59037.44 ExpScripts 92.33 -3.47 101.73 66.93 - 11.10 52061.19 TexasInstr 111.35 1.16 119.32 87.70 2.44 20.75 104469.26
Citic Secs 13.88 -0.10 21.20 11.62 3.36 13.55 4033.46 RioTinto 4518.5 -20.00 4821 3460.5 5.32 7.31 77044.12
ChinaPcIns 28.95 - 36.30 24.20 3.25 11.67 10247.82 MmcNrlskNckl 13786 -64.00 14796 10174 9.41 12.29 33491.16 ExxonMb♦ 74.76 0.45 87.36 64.65 4.28 17.66 316316.58 TheTrvelers♦ 149.66 1.48 149.86 111.08 2.01 15.57 39197.18
CK Hutchison 75.85 0.45 92.50 72.80 3.87 7.51 37307.2 RollsRoyce♦ 909.40 15.40 1104.5 750.00 1.29 -7.04 21501.9
ChMinsheng 5.58 -0.02 6.36 5.25 1.57 4.23 5921.72 Novatek 1296.4 3.40 1357.8 788.60 1.29 8.04 60428.96 Facebook 172.57 4.24 218.62 123.02 - 26.28 414606.82 ThrmoFshr 281.37 5.11 282.98 202.83 0.24 36.83 112542.69
CNOOC♦ 12.16 -0.22 15.78 11.34 4.75 9.04 69247.31 RylDShlA♦ 2523 24.00 2708 2209.5 5.75 11.62 147451.99
ChMrchSecs RMB 15.28 -0.21 19.99 11.13 2.27 21.89 12634.66 Rosneft 420.45 -2.45 522.80 377.30 4.73 8.66 68407.85 Fedex 158.10 1.25 266.67 150.68 1.48 12.19 41196.85 TimeWrnr 98.77 0.82 103.89 85.88 1.54 15.09 77269.69
HangSeng 195.10 1.20 216.80 166.00 3.59 15.64 47575.38 Shire# 4690 111.00 4780 2944 0.58 11.63 56567.13
Chna Utd Coms RMB 6.08 -0.25 7.57 4.63 0.33 42.79 18633.29 Sberbank 248.47 3.58 249.00 166.00 4.67 6.72 82342.77 FordMtr 9.72 -0.03 12.15 7.41 6.02 12.77 38089.7 TJX Cos 51.94 1.04 56.37 41.49 1.46 21.83 62985.95
HK Exc&Clr 250.60 1.80 15955.56 195.60 3.72 34.29 40213.5 StandCh 692.00 9.40 754.70 514.20 1.93 47.64 29002.98
ChShenEgy 16.08 -0.08 21.85 15.84 6.74 6.27 6970.39 Surgutneftegas 25.36 0.10 29.40 24.06 2.48 1.44 13906.34 Franklin 33.56 0.39 35.82 27.34 2.85 11.74 17033.7 UnionPac♦ 171.69 1.02 180.02 128.08 1.82 21.57 121528.74
MTR♦ 48.30 0.25 7209.15 37.50 2.32 18.30 37836.13 Tesco♦ 229.40 0.30 266.80 187.05 1.60 16.93 23878.25
ChShpbldng RMB 5.00 -0.03 7.10 3.81 0.22 124.43 13274.01 GenDyn 172.66 0.68 207.72 143.87 2.10 15.90 49876.64 UPS B 98.38 0.38 125.09 89.89 3.66 19.24 68622.7
SandsCh♦ 34.95 0.25 46.00 29.85 5.69 19.26 36041.13 Saudi Arabia (SR) Vodafone♦ 129.90 1.92 191.78 122.22 10.08 -9.28 44049.39
ChStConEng RMB 5.67 0.01 6.72 4.91 2.72 6.49 33727.04 GenElectric 9.95 0.03 14.44 6.66 2.55 -4.34 86810.41 USBancorp 52.52 -0.25 55.56 43.14 2.62 12.88 83615.11
SHK Props 126.40 2.30 142.00 99.50 3.68 9.80 46712.27 AlRajhiBnk 68.80 - 76.90 50.83 5.00 16.42 45865.45 WPP 988.40 17.60 1323.5 791.00 6.07 11.72 15909.28
ChUncHK♦ 8.40 0.03 10.96 8.02 0.71 20.97 32782.83 GenMills 51.66 0.33 53.66 36.42 3.63 21.19 30930.53 UtdHlthcre 245.79 3.97 287.94 208.07 1.43 19.56 233584.83
Tencent 330.40 -0.60 431.60 251.40 0.25 35.23 401213.39 Natnlcombnk 54.50 - 64.40 38.35 2.85 16.16 43598.85 United States of America ($)
CNNC Intl RMB 5.44 0.02 6.73 5.19 2.07 17.20 12242.83 GenMotors♦ 35.29 0.10 45.00 30.56 4.20 5.75 50047.99 UtdTech♦ 132.13 0.46 144.40 100.48 2.12 21.03 113934.56
SaudiBasic 111.80 - 130.60 104.40 3.81 17.83 89437.62 21stC Fox A 34.21 0.09 41.70 27.73 - 15.32 12120.59
CSR 6.52 -0.03 8.62 5.81 2.62 13.97 3635.02 India (Rs) GileadSci 65.10 1.37 79.61 60.32 3.51 14.70 82995.73 ValeroEngy 74.64 0.17 122.62 68.81 4.31 11.70 31142.9
SaudiTelec 100.60 - 117.40 74.50 3.85 18.98 53651.9 3M♦ 165.97 1.25 219.75 159.32 3.24 18.06 95669.54
Daqin RMB 8.38 -0.06 9.33 7.51 5.63 8.60 18012.75 Bhartiartl 357.10 - 366.28 254.15 1.25 390.56 26444.05 GoldmSchs♦ 188.79 -1.02 245.08 151.70 1.65 8.05 69066.7 Verizon 57.68 0.14 61.58 47.13 4.06 15.28 238526.88
Gree Elec Apl 0.02 0.00 0.06 0.02 - -0.14 26.05 HDFC Bk 2447.65 - 2470 1885 0.49 34.81 96395.38 Singapore (S$) AbbottLb 80.73 0.64 81.16 60.32 1.40 56.68 142422.35 Halliburton♦ 21.59 0.04 49.49 20.98 3.25 11.01 18864.83 VertexPharm 172.06 4.31 195.81 145.37 - 21.22 44068.24
GuosenSec RMB 11.80 -0.14 15.13 6.71 1.28 22.60 13989.94 Hind Unilevr 1830.75 - 1869.5 1477.2 1.12 67.10 57198.46 DBS 24.39 0.14 28.98 22.65 4.83 10.56 45748.4 Abbvie 77.65 0.58 101.08 73.81 4.96 22.29 114792.49 HCA Hold♦ 128.22 2.21 147.42 101.30 1.10 12.58 43888.94 VF Cp♦ 84.60 0.65 97.00 67.18 2.24 27.62 33599.94
HaitongSecs 7.92 -0.02 11.50 6.31 3.41 11.05 3444.28 HsngDevFin 2210.85 - 2235 1644.5 0.81 23.22 54945.28 JardnMt US$ 65.77 -0.08 72.05 10.99 2.46 14.58 48555.18 Accenture 183.57 3.17 184.23 132.63 1.45 27.96 123078.87 Hew-Pack 19.86 0.20 27.08 18.06 2.94 8.25 29914.95 Viacom 29.41 0.23 34.44 23.31 2.65 7.71 10398.91
Hngzh HikVDT RMB 23.70 -0.72 40.18 22.32 2.12 19.60 27669.11 ICICI Bk 416.60 - 439.20 256.50 0.67 68.46 38775.89 JardnStr US$ 38.05 0.36 40.78 31.55 0.87 12.18 42139.95 Adobe 280.54 5.74 291.71 204.95 - 54.46 136889.76 HiltonWwde♦ 92.96 1.96 94.64 65.64 0.63 37.66 27057.18 Visa Inc 170.54 3.62 171.61 121.60 0.53 36.12 296567.01
Hunng Pwr 4.93 0.02 6.18 4.04 2.26 144.20 2955.65 Infosys 739.10 - 773.00 599.85 2.31 21.40 46603.22 OCBC♦ 10.64 0.07 12.79 10.36 3.66 10.05 33119.29 AEP♦ 90.45 0.45 91.07 62.71 2.78 22.39 44614.09 HomeDep♦ 197.60 0.43 215.43 158.09 2.20 20.43 217416.53 Walgreen♦ 51.74 0.76 86.31 49.31 3.18 10.19 47305.83
IM Baotou Stl RMB 1.71 0.01 2.11 1.44 0.29 24.40 7831.87 ITC♦ 275.25 - 322.95 259.00 1.66 31.08 48697.54 SingTel 3.28 0.03 3.36 2.83 5.24 17.64 39269.5 Aetna 212.70 0.70 213.36 166.89 0.92 19.50 69637.98 Honywell♦ 172.32 2.06 174.34 123.48 1.77 19.60 125400.87 WalMartSto 105.45 0.34 106.21 82.37 1.91 48.28 302352.34
In&CmBkCh 5.57 - 6.73 5.10 5.00 5.90 61661.96 L&T 1513.85 - 1607 1182.5 1.05 24.79 30646.71 UOB 24.23 0.27 28.55 23.39 3.85 9.79 29792.37 Aflac 54.55 0.73 54.65 41.45 1.88 13.67 40665.34 HumanaInc 250.02 3.17 355.88 225.65 0.59 20.04 33761.46 WellsFargo 45.86 -0.06 59.53 43.02 3.62 10.40 206115.06
IndstrlBk RMB 17.86 0.05 20.66 13.73 3.65 6.03 49198.28 OilNatGas 167.50 - 185.40 127.60 3.48 10.10 30411.82 South Africa (R) AirProd 222.74 1.25 224.46 148.44 1.95 30.52 49032.33 IBM♦ 133.85 1.63 154.36 105.94 4.58 14.47 118676.53 Williams Cos♦ 27.68 0.13 32.22 20.36 4.93-157.61 33540.59
Kweichow RMB 862.13 -9.47 990.00 509.02 1.28 28.45 156585.22 RelianceIn 1314.9 - 1417.5 940.30 0.45 20.17 120295.92 Firstrand 66.93 1.43 71.95 55.00 4.28 12.22 25037.89 Alexion 117.82 -0.99 141.86 92.56 - 65.28 26419.63 IllinoisTool 150.31 2.26 158.69 117.75 2.45 20.51 48967.26 Yum!Brnds 109.37 0.95 109.63 77.09 1.34 26.38 33464.5
Midea 1.38 -0.03 1.69 1.30 7.24 -15.86 37.85 SBI NewA 342.05 - 364.00 247.40 - 135.87 44057.15 MTN Grp 108.55 1.05 117.11 69.07 5.99 21.82 13640.38 Allergan♦ 127.89 2.84 197.00 120.68 2.21 -6.09 41922.59 Illumina 335.19 16.63 372.61 268.62 - 60.06 49272.93 Venezuela (VEF)
New Ch Life Ins 34.15 0.30 46.95 27.30 1.82 10.79 4504.32 SunPhrmInds 399.25 - 679.30 344.55 0.50 28.14 13825.26 Naspers N 3459.75 84.75 3750.01 2290.85 0.19 7.52 101209.76 Allstate♦ 100.76 1.26 102.73 77.00 1.82 14.77 33545.54 Intcntl Exch 85.53 0.34 85.85 69.69 1.14 25.12 48224.56 Bco de Vnzla 360.00 - 500.00 0.57 341.04 - 222.07
PetroChina 4.28 -0.01 6.74 4.25 2.47 12.92 11517.89 Tata Cons♦ 2181.75 - 2275.95 1735 1.19 26.92 118154.34 Alphabet 1064.54 16.78 1296.98 977.66 - 27.37 318761.62 Intel 45.97 0.87 59.59 42.36 2.58 10.66 205785.31
South Korea (KRW) Bco Provncl 22000-2500.00 33000 50.00 - 9.90 401.26
PingAnIns♦ 85.25 0.15 96.00 65.95 2.17 10.52 80980.86 Altria 51.58 0.83 66.04 42.40 5.86 16.12 96502.05 Intuit 259.36 6.16 272.14 182.61 0.68 48.80 67237.36
Indonesia (Rp) HyundMobis 220000 -500.00 240500 165000 1.84 10.80 17790.91 Mrcntl Srvcs 41000 - 48000 4.46 0.001818.42 422.22
PngAnBnk RMB 11.92 -0.05 14.84 8.45 1.15 8.36 29591.89 Amazon 1798.39 44.03 2050.5 1307 - 76.93 885404.54 John&John♦ 138.82 2.14 148.99 120.11 2.53 26.35 368574.87
Bk Cent Asia 22300 200.00 24700 16800 - - 38879.26 KoreaElePwr 25700 - 36000 23850 - -11.90 13998.96
Pwr Cons Corp RMB 4.83 -0.04 6.25 4.56 1.92 9.88 7782.58 AmerAir 30.78 0.40 44.93 27.02 1.27 10.18 13689.8 JohnsonCn 39.22 -0.23 40.33 28.30 2.59 15.58 35222.26
Israel (ILS) SK Hynix 65400 300.00 91200 56700 2.32 3.32 40398.25 Closing prices and highs & lows are in traded currency (with variations for that
SaicMtr RMB 24.56 0.04 36.98 22.69 7.48 8.27 40848.46 AmerExpr 120.47 1.04 120.88 89.05 1.23 15.73 100602.15 JPMrgnCh 109.22 -1.15 119.24 91.11 2.64 12.06 354306.73
TevaPha 34.12 0.35 94.75 31.60 - -2.78 10341.5 SmsungEl 44200 300.00 50400 36850 3.25 7.93 223888.99 country indicated by stock), market capitalisation is in USD. Highs & lows are
ShenwanHong 0.09 0.00 0.17 0.08 - -2.96 96.08 AmerIntGrp 53.36 -0.19 56.36 36.16 2.34-227.89 46410.05 Kimb-Clark♦ 134.90 1.32 135.78 99.36 2.91 27.22 46378.37
Italy (€) Spain (€) AmerTower 212.76 0.06 214.52 136.03 1.44 71.97 94046.06 based on intraday trading over a rolling 52 week period.
ShgPdgBk RMB 11.47 0.06 12.38 9.17 0.88 5.95 46606.72 KinderM 21.03 0.17 21.23 14.62 3.71 31.70 47606.51 ♦ ex-dividend
Enel 5.89 0.09 5.94 4.22 4.48 12.64 67572.94 BBVA 4.92 -0.02 6.44 4.48 1.97 6.85 37035.84 Amgen 175.91 1.46 210.19 166.30 3.00 14.37 107293.79
Sinopec Corp♦ 5.10 -0.05 8.03 5.04 12.50 9.35 16596.24 Kraft Heinz♦ 28.80 0.18 64.99 26.96 8.46 3.50 35119.72 ■ ex-capital redistribution
ENI 13.96 0.06 16.71 13.39 5.70 12.08 57239.65 BcoSantdr 3.96 -0.01 4.90 3.80 5.51 9.40 72625.22 Anadarko 70.20 0.03 76.70 40.40 1.53 76.55 35248.74
Sinopec Oil RMB 2.44 -0.08 3.35 1.82 - 151.64 4248.41 Kroger 23.89 0.19 32.74 22.44 2.14 6.57 19271.64 # price at time of suspension
Generali 15.86 0.04 17.38 13.63 5.42 11.61 28077.6 CaixaBnk 2.62 -0.04 4.23 2.60 5.57 8.62 17654.21 Anthem♦ 277.82 1.12 317.99 226.23 1.07 18.85 71454.11
Denmark (kr) Iberdrola 8.87 0.09 8.91 5.94 3.69 18.53 65253.86 L Brands♦ 22.83 0.12 38.00 21.47 8.97 10.27 6307.47
IntSPaolo 1.83 0.01 2.66 1.80 10.75 8.15 36207.49 Aon Cp 191.41 3.67 191.60 134.82 0.82 42.28 46038.97 LasVegasSd 56.21 1.59 81.45 47.39 5.24 29.25 43439.34
DanskeBk 109.75 1.05 219.90 104.40 7.52 7.48 14855.18 Inditex 25.08 0.16 30.30 21.85 2.12 23.07 88190.22
Luxottica 49.00 -0.34 59.54 48.62 2.11 22.75 26878.18 Apple 190.49 5.27 233.47 142.00 1.50 16.35 876458.78 LibertyGbl 26.10 0.34 30.50 19.88 - -38.22 5356.34
MollerMrsk 7292 182.00 10085 6854 4.16-376.38 11082.9 Repsol 14.66 0.07 17.34 13.61 5.93 12.45 25784.01
Unicred 10.02 0.06 15.37 9.54 3.10 5.67 25248.41 ArcherDan 39.86 0.15 52.07 37.77 3.32 14.09 22328.18 Lilly (E)♦ 118.72 1.22 132.13 84.64 1.92 46.98 115257.04
NovoB 323.75 -3.65 349.70 265.15 2.45 20.98 91098.02 Telefonica 7.47 0.07 8.06 6.59 5.42 12.96 43759.34

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Delphi 17.33 17.03 0.30 1.76 2.07 13.6 -19.10 Sinopec Corp 5.10 5.15 -0.05 -0.97 -0.51 -9.1 -14.69 Jun 07 date Coupon S* M* F* price yield yield yield US Jun 07 date Coupon S* M* F* price yield yield yield US
Shrwin-Will 474.13 466.56 7.57 1.62 54.68 13.0 6.18 Sinopec Oil 2.44 2.52 -0.08 -3.17 -0.19 -7.2 -7.92 High Yield US$ US$
AmerAir 30.78 30.38 0.40 1.30 3.55 13.0 -9.19 New Ch Life Ins 34.15 33.85 0.30 0.89 -2.60 -7.1 -21.71 Qwest Capital Funding, Inc. 08/21 7.63 B+ WR BB 102.49 6.36 0.00 0.04 4.36 Morgan Stanley 01/28 4.00 BBB+ A3 A 99.07 4.13 0.00 0.07 -
Tesla Mtrs 206.96 205.95 1.01 0.49 21.80 11.8 -16.05 CNOOC 12.16 12.38 -0.22 -1.78 -0.90 -6.9 -11.26 High Yield Euro Barclays plc 01/28 4.34 BBB Baa3 A 100.89 4.20 -0.03 -0.15 -
Avago Tech 275.48 272.79 2.69 0.98 23.84 9.5 -10.25 ShenwanHong 0.09 0.08 0.00 3.61 -0.01 -6.5 -14.00 Aldesa Financial Services S.A. 04/21 7.25 - - B 71.10 28.23 0.00 0.64 25.98 Barclays plc 01/28 4.34 BBB Baa3 A 100.89 4.20 -0.03 -0.15 -
AirProd 222.74 221.49 1.25 0.56 19.15 9.4 10.68 Hngzh HikVDT 23.70 24.42 -0.72 -2.95 -1.49 -5.9 -27.48 Morgan Stanley 01/28 4.00 BBB+ A3 A 99.07 4.13 0.00 0.07 -
Illumina 335.19 318.56 16.63 5.22 28.28 9.2 4.43 Altice 2.60 2.65 -0.05 -2.03 -0.16 -5.7 -6.14 Emerging US$ Goldman Sachs Group, Inc. (The) 02/28 5.00 BBB+ A3 A 107.15 4.02 0.00 -0.15 -
BrAmTob 3014.00 2915.50 98.50 3.38 254.00 9.2 -98.95 CaixaBnk 2.62 2.66 -0.04 -1.58 -0.14 -5.1 -11.50 Peru 03/19 7.13 BBB+ A3 BBB+ 104.40 2.60 - - 0.34 Citigroup Inc. 06/31 3.30 BBB+ A3 A 89.25 4.46 0.00 -0.38 2.34
PPG Inds 114.20 112.99 1.21 1.07 9.55 9.1 -0.17 Enbridge 47.32 47.33 -0.01 -0.02 -2.44 -4.9 -4.02 Brazil 01/23 2.63 BB- Ba2 BB- 95.75 3.80 -0.01 -0.40 1.29
Colombia 03/23 2.63 BBB- Baa2 BBB 97.75 3.24 0.10 -0.38 0.99 Euro
Starbucks 82.85 81.40 1.45 1.78 6.79 8.9 6.26 Softbank 9864.00 9882.00 -18.00 -0.18 -501.00 -4.8 -14.70 HBOS plc 03/30 4.50 BBB- Baa1 A- 112.87 1.50 -0.01 0.05 -0.62
Apple 190.49 185.22 5.27 2.85 15.42 8.8 -6.05 Kweichow 862.13 871.60 -9.47 -1.09 -43.17 -4.8 -11.49 Poland 03/23 3.00 A- A2 A- 100.62 2.83 0.01 -0.21 0.58
Turkey 03/23 3.25 - Ba3 BB 88.50 6.59 -0.30 0.91 4.34 HBOS plc 03/30 4.50 BBB- Baa1 A- 112.87 1.50 -0.01 0.05 -0.62
Gzprm neft 231.22 231.45 -0.23 -0.10 18.12 8.5 40.80 ITC 275.25 275.25 0.00 0.00 -13.40 -4.6 -10.34 Electricite de France (EDF) 04/30 4.63 A- A3 A- 134.34 1.23 -0.02 -0.07 -0.89
Sanofi 78.32 75.02 3.30 4.40 6.08 8.4 2.74 Murata Mfg 4447.00 4449.00 -2.00 -0.04 -207.00 -4.4 -25.34 Mexico 10/23 4.00 BBB+ A3 BBB+ 103.85 3.04 0.05 -0.23 1.14
Turkey 03/27 6.00 - Ba2 BB+ 101.26 5.82 0.00 0.17 3.07 Goldman Sachs Group, Inc. (The) 02/31 3.00 BBB+ A3 A 115.50 1.54 -0.04 -0.18 -0.58
Imperial Brands 2073.00 2073.00 0.00 0.00 158.00 8.3 -99.11 Rosneft 420.45 422.90 -2.45 -0.58 -18.55 -4.2 -0.34
Peru 08/27 4.13 BBB+ A3 BBB+ 103.50 3.66 0.01 -0.02 0.80 Yen
Ecolab 199.23 196.77 2.46 1.25 15.14 8.2 11.03 Ch Evrbrght 3.40 3.40 0.00 0.00 -0.15 -4.2 -13.27
Russia 06/28 12.75 BBB- Baa3 BBB- 164.24 4.15 -0.02 -0.30 2.03 Poland 11/27 2.50 - A2 A- 112.78 0.92 -0.05 -0.42 -
Cisco 56.21 55.10 1.11 2.01 4.18 8.0 5.18 PetroChina 4.28 4.29 -0.01 -0.23 -0.18 -4.0 -12.50
Target 86.87 85.70 1.17 1.36 6.42 8.0 15.72 Occid Pet 47.77 48.26 -0.50 -1.03 -2.01 -4.0 -19.87 Brazil 02/47 5.63 BB- Ba2 BB- 102.50 5.45 -0.02 -0.29 - £ Sterling
TE Connect 90.90 89.66 1.24 1.38 6.67 7.9 -1.23 Alphabet 1064.54 1047.76 16.78 1.60 -41.96 -3.8 -9.73 Emerging Euro innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 128.68 3.20 0.00 -0.01 0.40
Linde 175.10 173.70 1.40 0.81 12.80 7.9 7.89 Citic Secs 13.88 13.98 -0.10 -0.72 -0.54 -3.7 -19.49 Mexico 04/21 2.38 BBB+ A3 BBB+ 104.24 0.05 0.02 0.02 -1.95 innogy Fin B.V. 06/30 6.25 BBB Baa2 A- 134.50 2.60 -0.04 -0.21 0.48
Delta 55.54 54.69 0.85 1.55 4.04 7.8 -2.87 ChinaLife 17.64 17.62 0.02 0.12 -0.62 -3.4 -20.90 Brazil 04/21 2.88 BB- Ba2 BB- 104.32 0.47 -0.01 -0.12 -1.53 Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all other London
Mexico 04/23 2.75 BBB+ A3 BBB+ 107.76 0.76 0.00 -0.07 -1.56 close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 03/28 3.00 BBB- Baa2 BBB 117.04 1.00 0.02 -0.15 -1.42
Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. US $ denominated bonds NY close; all
other London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Jun 07 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Jun 07 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 2.25-2.50 19-12-2018 2.00-2.25 2.00-2.25 1.25-1.50 Index change change change 1 month 1 year VIX 16.18 0.25 15.93 36.20 11.03 Jun 07 Price £ Yield Day Week Month Year High Low £m
US Prime 5.50 19-12-2018 5.25 5.25 4.25 Markit IBoxx VXD 15.67 -0.01 15.68 33.17 4.07 - - - - - - - - -
US Discount 3.00 19-12-2018 2.75 2.75 1.75 ABF Pan-Asia unhedged 195.90 0.08 0.94 2.48 0.91 2.30 VXN 19.86 -0.46 20.32 38.70 14.55 - - - - - - - - -
Euro Repo 0.00 16-03-2016 0.00 0.00 0.00 Corporates( £) 360.87 0.33 0.83 6.46 1.69 6.27 VDAX 15.45 -0.80 16.25 - 10.48 Tr 1.75pc '19 100.12 0.73 -1.35 -2.67 -3.95 37.74 102.93 100.00 36.50
UK Repo 0.75 02-08-2018 0.50 0.50 0.25 Corporates($) 293.13 -0.01 0.18 7.16 0.18 7.16 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 4.75pc '20 103.06 0.61 -3.17 -8.96 -18.67 -7.58 107.07 103.06 33.70
Japan O'night Call 0.00-0.10 01-02-2016 0.00 0.00--0.10 0.00--0.10 Corporates(€) 232.87 0.05 0.31 4.14 0.09 3.80 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 1.5pc '21 101.57 0.52 -3.70 -13.33 -28.77 -35.00 102.02 101.20 32.84
Switzerland Libor Target -1.25-0.25 15-01-2015 -0.75--0.25 -1.25--0.25 -1.25--0.25 Eurozone Sov(€) 245.46 0.22 0.75 4.39 1.79 6.27 Tr 4pc '22 109.62 0.47 -4.08 -14.55 -33.80 -45.98 111.72 109.00 38.39
Gilts( £) 343.63 0.45 0.84 5.65 4.25 7.26 BONDS: BENCHMARK GOVERNMENT Tr 5pc '25 124.87 0.59 -3.28 -10.61 -32.18 -50.83 125.45 122.06 35.49
INTEREST RATES: MARKET Global Inflation-Lkd 272.37 0.15 0.51 5.41 1.88 2.92 Red Bid Bid Day chg Wk chg Month Year Tr 1.25pc '27 104.19 0.72 -2.70 -10.00 -29.41 -50.68 104.19 96.94 23.73
Over Change One Three Six One Markit iBoxx £ Non-Gilts 354.14 0.31 0.68 5.63 1.90 5.80 Date Coupon Price Yield yield yield chg yld chg yld Tr 4.25pc '32 139.29 1.01 -2.88 -8.18 -23.48 -40.59 139.29 128.48 35.86
Jun 07 (Libor: Jun 06) night Day Week Month month month month year Overall ($) 252.24 -0.02 0.15 5.42 0.15 5.42 Australia 12/21 2.00 102.34 1.06 -0.02 -0.07 -0.19 -1.22 Tr 4.25pc '36 146.21 1.20 -1.64 -6.98 -19.46 -33.33 146.21 133.08 30.11
US$ Libor 2.34600 0.001 -0.010 -0.007 2.41163 2.45300 2.37788 2.34763 Overall( £) 343.51 0.41 0.79 5.64 3.53 6.81 11/28 2.75 111.25 1.47 -0.02 -0.07 -0.27 -1.31 Tr 4.5pc '42 163.35 1.35 -1.46 -5.59 -16.15 -28.19 163.35 145.84 26.95
Euro Libor -0.47086 -0.001 0.001 0.000 -0.42543 -0.37114 -0.33414 -0.24100 Overall(€) 239.61 0.16 0.58 4.06 1.32 5.29 Austria 10/23 1.75 109.79 -0.47 0.01 -0.03 -0.11 -0.52 Tr 3.75pc '52 164.13 1.34 -1.47 -6.29 -16.25 -25.56 164.13 141.38 23.87
£ Libor 0.67525 0.004 0.005 -0.002 0.72438 0.78563 0.86538 0.97425 Treasuries ($) 236.54 -0.06 0.08 4.43 0.08 4.43 02/47 1.50 117.59 0.79 -0.05 -0.14 -0.29 -0.70 Tr 4pc '60 184.68 1.31 -1.50 -5.76 -15.48 -23.84 184.68 156.07 23.89
Swiss Fr Libor -0.001 -0.80180 -0.71140 -0.66640 -0.53760 FTSE Belgium - - - - - - - Gilts benchmarks & non-rump undated stocks. Closing mid-price in pounds per £100 nominal of stock.
Yen Libor 0.012 -0.11650 -0.06633 0.00133 0.07467 Sterling Corporate (£) 110.57 -0.10 - - 0.12 -2.71 06/21 1.50 104.16 - - - - -
Euro Euribor
Sterling CDs
0.000
0.000
-0.38300
0.75000
-0.32300
0.78000
-0.25900
0.88500
-0.18300 Euro Corporate (€) 104.47 -0.05 - - 0.54 -1.73 Canada 03/21 0.75 98.86 1.42 0.05 -0.13 -0.21 -0.61 GILTS: UK FTSE ACTUARIES INDICES
Euro Emerging Mkts (€) 398.04 3.43 - - -0.90 -18.77 06/28 2.00 104.67 1.44 0.01 -0.11 -0.28 -0.87
US$ CDs 0.000 2.45000 2.56000 2.65000 Eurozone Govt Bond 110.04 -0.19 - - -0.34 -0.64 Denmark 11/20 0.25 101.30 -0.65 0.02 0.01 -0.01 -0.16 Price Indices Day's Total Return Return
Euro CDs - - - - 11/23 1.50 109.34 -0.58 -0.01 -0.04 -0.15 -0.54 Fixed Coupon Jun 07 chg % Return 1 month 1 year Yield
CREDIT INDICES Day's Week's Month's Series Series 1 Up to 5 Years 91.63 0.05 2451.74 0.65 1.59 0.52
Short 7 Days One Three Six One Index change change change high low Finland 09/20 0.38 101.18 -0.56 0.02 -0.01 -0.02 -0.13
07/28 2.75 125.53 -0.06 -0.02 -0.08 -0.22 -0.76 2 5 - 10 Years 184.32 0.15 3647.74 2.38 5.81 0.68
Jun 07 term notice month month month year Markit iTraxx 3 10 - 15 Years 217.49 0.23 4564.56 3.62 8.78 0.96
Euro -0.61 -0.31 -0.62 -0.32 -0.54 -0.24 -0.48 -0.18 -0.44 -0.14 -0.36 -0.06 Crossover 5Y 279.63 -11.47 -28.07 12.47 315.74 243.40 France - - - - - - -
4 5 - 15 Years 191.77 0.17 3872.97 2.72 6.65 0.78
Sterling 0.45 0.55 0.70 0.80 0.73 0.83 0.81 0.96 0.91 1.06 Europe 5Y 62.74 -3.24 -8.31 - 73.15 62.74 11/20 0.25 101.23 -0.59 0.00 -0.01 -0.04 -0.17
5 Over 15 Years 359.28 0.44 5721.49 6.11 11.87 1.32
Swiss Franc - - - - - - - - - - - - Japan 5Y 68.25 -0.39 -0.69 10.41 72.09 53.60 05/25 0.50 104.88 -0.31 -0.02 -0.08 -0.19 -0.68
7 All stocks 184.21 0.26 3813.34 3.63 7.37 1.20
Canadian Dollar - - - - - - - - - - - - Senior Financials 5Y 79.82 -3.16 -10.69 - 93.48 79.09 Germany 10/20 0.25 101.19 -0.62 0.01 0.00 -0.03 -0.06
US Dollar 2.32 2.62 2.32 2.62 2.37 2.67 2.40 2.70 2.41 2.71 2.46 2.76 02/25 0.50 106.07 -0.55 0.01 -0.03 -0.17 -0.64 Day's Month Year's Total Return Return
Markit CDX 07/28 4.75 146.82 -0.33 -0.01 -0.06 -0.24 -0.77
Japanese Yen -0.40 -0.10 -0.30 -0.05 -0.30 0.00 -0.15 0.15 -0.05 0.25 0.00 0.30 Index Linked Jun 07 chg % chg % chg % Return 1 month 1 year
Emerging Markets 5Y 200.87 -1.34 -8.19 -0.31 211.60 165.65 08/48 1.25 124.52 0.36 -0.04 -0.11 -0.30 -0.78
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 1 Up to 5 Years 310.75 0.09 1.05 0.96 2514.88 1.32 2.43
Nth Amer High Yld 5Y 368.34 -5.37 -8.46 20.86 396.57 323.80 Greece - - - - - - -
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. 2 Over 5 years 793.82 0.56 6.16 15.06 5967.06 6.25 15.59
Nth Amer Inv Grade 5Y 63.20 -1.08 -3.54 0.12 70.26 56.48 02/25 3.00 106.65 2.73 -0.01 -0.18 -0.38 -2.06
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. 3 5-15 years 508.85 0.27 4.09 8.10 4006.15 4.24 9.08
Ireland 10/20 5.00 107.48 -0.48 0.02 -0.02 -0.05 -0.06 4 Over 15 years 1034.79 0.66 6.91 17.43 7589.27 6.98 17.80
05/30 2.40 121.24 0.41 -0.06 -0.15 -0.23 -0.83 5 All stocks 710.87 0.51 5.60 13.79 5433.15 5.71 14.43
Italy 06/20 0.35 100.27 0.08 0.01 -0.08 -0.01 -1.26
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED 10/23 0.65 96.73 1.43 -0.03 -0.13 0.07 -0.83 Yield Indices Jun 07 Jun 06 Yr ago Jun 07 Jun 06 Yr ago
09/28 4.75 120.74 2.25 -0.01 -0.14 -0.08 -0.79 5 Yrs 0.48 0.50 1.01 20 Yrs 1.35 1.38 1.89
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
03/48 3.45 103.22 3.28 0.00 -0.10 -0.13 -0.22 10 Yrs 0.87 0.89 1.51 45 Yrs 1.30 1.33 1.70
Crude Oil† Jun 53.48 0.23 Corn♦ Jul 419.75 -1.25 Jun 06 Jun 06 Prev return stock Market stocks
Japan 12/21 0.10 100.81 -0.22 0.01 -0.04 -0.06 -0.11 15 Yrs 1.20 1.22 1.80
Brent Crude Oil‡ 63.03 0.70 Wheat♦ Jul 505.75 -6.00 Can 4.25%' 21 110.37 0.068 0.012 0.23 5.18 82169.28 8
12/23 0.60 103.77 -0.23 0.02 -0.04 -0.05 -0.16
RBOB Gasoline† Jun 1.73 0.00 Soybeans♦ Jul 866.00 -2.50 Fr 2.25%' 20 104.11 -1.331 -1.478 -0.18 20.21 256833.53 16
12/28 1.90 119.46 -0.13 0.01 -0.03 -0.06 -0.22 inflation 0% inflation 5%
Heating Oil† - - Soybeans Meal♦ Jul 315.00 -0.90 Swe 0.25%' 22 115.63 -2.410 -2.415 -0.09 34.16 241305.03 7
09/47 0.80 110.95 0.39 -0.01 -0.07 -0.14 -0.34 Real yield Jun 07 Dur yrs Previous Yr ago Jun 07 Dur yrs Previous Yr ago
Natural Gas† Jun 2.32 -0.01 Cocoa (ICE Liffe)X Jul 1800.00 20.00 UK 2.5%' 22 117.51 -2.903 -2.847 0.53 15.74 718960.35 28
Netherlands 07/21 3.25 108.22 - - - - - Up to 5 yrs -2.42 2.62 -2.37 -1.78 -2.77 2.64 -2.74 -2.21
Ethanol♦ - - Cocoa (ICE US)♥ Jul 2439.00 14.00 UK 2.5%' 24 370.14 -2.495 -2.433 0.62 6.82 718960.35 28
07/23 1.75 109.54 - - - - - Over 5 yrs -2.01 24.69 -1.99 -1.47 -2.03 24.77 -2.01 -1.49
Uranium† Jun 25.15 0.00 Coffee(Robusta)X Jul 1430.00 -2.00 UK 2%' 35 292.27 -2.202 -2.146 1.21 9.08 718960.35 28
Carbon Emissions‡ - - Coffee (Arabica)♥ Jul 101.10 -1.15 New Zealand - - - - - - - 5-15 yrs -2.38 9.60 -2.35 -1.54 -2.47 9.62 -2.44 -1.65
US 0.625%' 21 100.65 0.317 0.287 0.17 35.84 1378875.00 40
White SugarX 338.40 0.00 05/21 6.00 108.30 - - - - - Over 15 yrs -1.97 29.78 -1.95 -1.46 -1.98 29.82 -1.96 -1.47
Diesel† - - US 3.625%' 28 127.93 0.410 0.379 0.19 16.78 1378875.00 40
Sugar 11♥ 12.70 0.00 Norway - - - - - - - All stocks -2.02 22.40 -1.99 -1.47 -2.04 22.50 -2.02 -1.50
Base Metals (♠ LME 3 Months) Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Aluminium 1764.00 -10.00 Cotton♥ Jul 68.11 -0.43 05/21 3.75 104.96 1.17 0.00 -0.12 -0.19 0.06 See FTSE website for more details www.ftse.com/products/indices/gilts
value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
Aluminium Alloy 1225.00 -5.00 Orange Juice♥ Jul 107.20 0.30 Portugal 06/20 4.80 105.26 - - - - - ©2018 Tradeweb Markets LLC. All rights reserved. The Tradeweb FTSE
amount.
Copper 5800.00 -39.00 Palm Oil♣ - - 10/23 4.95 122.41 - - - - - Gilt Closing Prices information contained herein is proprietary to
Lead 1838.50 -47.00 Live Cattle♣ Jun 107.50 0.00 BONDS: TEN YEAR GOVT SPREADS Spain 01/21 0.05 100.61 -0.32 0.01 0.01 -0.02 -0.37 Tradeweb; may not be copied or re-distributed; is not warranted to be
Nickel 11625.00 -50.00 Feeder Cattle♣ Aug 138.78 -0.88 10/28 5.15 142.40 0.51 -0.03 -0.15 -0.36 -1.02 accurate, complete or timely; and does not constitute investment advice.
Tin 19250.00 0.00 Lean Hogs♣ Jul 79.43 0.00 Spread Spread Spread Spread Sweden 12/20 5.00 108.29 -0.59 -0.02 -0.02 -0.02 -0.03 Tradeweb is not responsible for any loss or damage that might result from the use of this information.
Zinc 2484.00 -28.00 Bid vs vs Bid vs vs 11/23 1.50 108.77 -0.46 0.00 -0.04 -0.14 -0.43
% Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds Switzerland - - - - - - - All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix)
Gold 1335.50 0.45 Jun 06 Month Year 04/21 2.00 105.36 -0.82 0.01 0.00 -0.07 -0.17 at the time of publication. No offer is made by Morningstar, its suppliers, or the FT. Neither the FT, nor
Australia 1.47 1.80 -0.65 Italy 2.25 2.58 0.13
Silver (US cents) 1495.50 11.50 S&P GSCI Spt 408.18 -7.20 -13.42 United Kingdom 01/21 1.50 101.53 0.55 -0.02 -0.07 -0.25 -0.23 Morningstar’s suppliers, warrant or guarantee that the information is reliable or complete. Neither the FT nor
Austria -0.47 - - Japan -0.13 0.20 -2.25
Platinum 802.00 -25.00 DJ UBS Spot 77.27 -2.72 -13.87 Belgium - - - Netherlands - - - 07/23 0.75 100.75 0.57 -0.03 -0.06 -0.33 -0.52 Morningstar’s suppliers accept responsibility and will not be liable for any loss arising from the reliance on the
Palladium 1341.00 -5.00 TR/CC CRB TR 182.93 -3.15 -10.22 Canada 1.44 1.77 -0.68 Norway - - - 12/28 6.00 147.50 0.80 -0.03 -0.07 -0.39 -0.67 use of the listed information. For all queries e-mail ft.reader.enquiries@morningstar.com
Bulk Commodities M Lynch MLCX Ex. Rtn 231.14 -9.84 -33.05 Denmark -0.58 - - Portugal - - - 07/47 1.50 101.94 1.42 -0.04 -0.08 -0.32 -0.43
Iron Ore 98.35 0.00 UBS Bberg CMCI TR 14.09 -3.99 -12.36 Finland -0.06 0.27 -2.18 Spain 0.51 0.84 -1.61 United States 11/20 1.75 99.64 2.00 0.03 -0.19 -0.35 -0.60 Data provided by Morningstar | www.morningstar.co.uk
GlobalCOAL RB Index 65.75 3.65 LEBA EUA Carbon 20.94 -3.99 49.15 France - - - Switzerland - - - 12/23 2.25 101.54 1.90 0.03 -0.15 -0.40 -0.96
Baltic Dry Index 1138.00 0.00 LEBA CER Carbon 0.22 -4.35 10.00 Germany -0.33 0.00 -2.45 United Kingdom 0.80 1.13 -1.32 11/28 5.25 126.67 2.12 0.00 -0.10 -0.37 -0.86
LEBA UK Power 2225.00 -40.75 36.50 Greece - - - United States 2.12 2.45 0.00 11/47 2.75 102.44 2.63 -0.01 -0.03 -0.28 -0.50
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Interactive Data Pricing and Reference Data LLC, an ICE Data Services company. Interactive Data Pricing and Reference Data LLC, an ICE Data Services company.
unless otherwise stated.
8 June/9 June 2019 ★ FTWeekend 17

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence Indvardn SKr 199.00 1.60 216.10 168.60 2.74 16.06 324.5 Industrial Engineering Mining RDI REIT♦ 99.40 -2.60 918.75 98.33 13.58 13.43 564.5 Kin and Car 109.00 1.50 114.00 82.00 1.79 -11.80 186.8
Avon Rubber 1350 6.00 1485 1075 1.19 29.48 6.8 ICG 1341 -10.00 1359 899.00 2.24 13.50 539.7 Bodycote 789.00 16.50 1077 673.00 2.26 14.56 213.9 AngloAmer 1973.8 34.00 2229.5 1433.8 4.12 9.17 2783.8 SEGRO 715.40 12.00 721.60 577.60 2.36 6.83 2669.2 MngCnslt 1.94 -0.01 2.70 0.89 - -2.77 134.0
Babcock 480.00 19.40 868.00 410.10 6.15 10.11 3680.6 Investec 467.40 4.10 577.00 420.00 5.13 9.04 1756.3 Castings 412.00 -8.00 444.00 341.00 3.52 18.56 2.1 AngloPacif 207.00 - 229.00 123.50 3.56 12.99 252.6 Shaftbry 827.00 -5.50 970.00 808.50 2.03 28.52 315.4 MearsGp 254.00 -1.00 400.00 220.00 4.76 11.09 64.1
BAE Sys 476.00 9.00 680.20 439.40 4.62 15.26 7156.5 Jupiter 375.00 0.30 473.40 274.10 4.85 12.06 1353.0 Goodwin 3120 20.00 3292 1830 2.68 23.43 1.4 AnGoldA R 223.11 2.85 227.00 102.95 0.40 46.58 2021.2 Town Ctr♦ 208.00 3.00 296.00 199.00 5.65 -40.00 6.8 MenziesJ♦ 468.00 2.50 668.00 440.50 4.38 32.05 95.4
Chemring 160.40 0.80 239.50 134.00 2.06 -24.30 53.8 Liontrust 680.00 4.00 730.00 530.00 3.09 28.50 56.1 Hill&Sm♦ 1201 -2.00 1538 877.50 2.55 20.25 69.8 Antofagasta 805.00 4.80 1171.5 713.20 0.66 19.91 2626.7 TritaxBBOX♦ 150.80 1.20 156.76 128.09 4.36 8.67 4464.4 Mitie 154.40 7.90 211.00 105.80 2.59 -21.15 973.3
Meggitt 511.60 9.20 583.80 456.10 3.15 22.44 1144.5 LSE Gp 5412 54.00 5428 3842 1.01 39.79 437.2 IMI 960.80 21.20 1268 867.50 4.14 15.40 515.2 Barrick C$♦ 18.15 0.06 19.49 12.54 1.15 -9.93 413.2 Wkspace 867.50 -16.50 1170 778.00 3.16 9.98 258.8 Renewi 32.35 1.05 87.50 18.98 9.43 -5.68 344.0
RollsRoyceX♦ 909.40 15.40 1104.5 750.00 1.29 -7.04 3099.0 Man 145.50 0.70 191.10 124.50 6.53 10.90 3739.3 MelroseInd 170.65 2.85 244.60 145.95 2.55 -14.22 7224.6 BHP Group 1824.2 19.80 1955.4 1460 5.13 14.00 3805.3 Real Estate Inv & Services Rentokil 378.50 6.50 393.80 280.00 1.07 -70.75 5494.6
Senior 232.00 3.00 336.60 184.30 3.06 19.61 550.1 NB GFRIF 89.60 0.30 94.50 86.60 4.37 -11.30 2494.5 Renold 34.00 1.00 40.80 26.10 - -48.57 181.2 BisichMg 105.00 - 130.00 80.00 3.81 3.40 4.5 Cap&Count 215.00 -1.60 305.00 208.80 0.70 -32.09 1982.5 Ricardo 728.00 -26.00 1070 572.00 2.81 20.80 5.9
Paragon 435.60 3.60 527.00 379.20 4.45 8.19 212.0 RHIM 4580 -98.00 5165 3240 1.47 14.50 76.5 EVRAZ 633.00 13.40 674.00 435.50 13.43 4.89 2508.5 CLS 222.50 1.00 257.00 195.00 2.92 6.83 257.5 RbrtWlts 657.00 -7.00 814.00 475.00 2.02 14.34 10.7
Automobiles & Parts Providnt♦ 513.00 5.20 716.00 435.70 - 20.44 625.3 Rotork 297.80 4.20 363.20 232.60 1.86 28.36 1371.9 Fresnillo 812.00 9.40 1328 712.60 3.93 21.77 1270.8 Daejan 5620 10.00 6540 5490 2.95 4.44 2.4 RPS 179.00 4.00 280.00 124.80 5.52 13.53 156.0
FordMtr $X 9.72 -0.03 12.15 7.41 6.02 12.77 8989.9 RathbnBr 2125 20.00 2708 2055 2.96 24.65 18.9 Severfd 73.50 0.80 89.40 62.00 3.54 11.54 69.5 GlencoreX 260.90 -0.35 409.80 249.75 6.05 13.85 27702.7 Grainger♦ 248.00 -4.40 292.66 204.00 2.05 13.17 708.5 SIG♦ 133.10 1.80 153.90 101.30 2.82 44.37 599.1
Record 28.50 -0.50 49.00 27.00 8.07 9.28 87.8 Tex# 73.00 - 140.70 68.25 11.64 9.61 2.2 Harmony R 28.51 0.09 31.55 19.67 1.26 -2.74 2072.3 Harworth Gr 125.50 -4.50 137.00 106.00 0.68 11.95 35.1 Vp 780.00 -20.00 1230 680.00 3.33 11.80 3.4
Banks
S&U 2350 -20.00 2730 1725 4.64 10.13 0.3 Trifast 236.00 3.00 273.00 163.00 1.63 22.56 39.9 KAZ Mineral 520.00 3.80 1102.5 421.50 0.92 5.81 1295.9 Helical 355.00 12.00 384.00 305.00 2.68 8.18 104.3
ANZ A$X♦ 28.37 0.21 30.39 22.98 5.60 13.25 3789.1
Schroder 2962 37.00 3364 2289 3.85 16.48 271.5
Tech - Hardware
BcoSant 353.55 0.25 433.55 343.65 5.48 9.45 620.6 Vitec 1150 -10.00 1430 1050 2.75 15.21 23.3 Lonmin 75.60 0.10 85.60 36.00 - 6.66 12125.6 HK Land $ 6.71 -0.01 7.53 5.89 3.04 6.41 601.0
..N/V 2405 20.00 2600 1962 4.74 13.38 9.8 SpirentCM 153.40 0.20 169.00 110.80 2.13 21.59 450.0
BnkGeorgia♦ 1603 14.00 2077 1299.6 4.31 6.91 40.0 Weir 1481.5 14.00 2231 1222.5 3.02 68.59 621.8 Petropvlsk 8.25 0.04 8.75 5.15 - 10.51 3376.1 Lon&Assc 23.00 - 30.82 21.00 0.76 -9.43 14.0
Strd Life A 275.40 4.40 421.60 219.10 8.96 -9.40 8507.5 PolymtIntl 879.80 4.80 900.00 593.80 4.16 14.18 913.7 MacauPrp 157.00 - 206.00 140.02 - 2.74 11.2 Tech - Software & Services
BankIre Grp €♦ 4.70 0.08 7.63 4.59 2.47 8.05 208.7 Industrial General
TP ICAP 275.40 3.20 435.20 245.80 6.12 48.32 699.5 Rio TintoX 4518.5 -20.00 4821 3460.5 5.32 7.31 2678.7 Mntview 9650 - 11600 9150 4.15 13.50 0.7 Computcnt♦ 1267 5.00 1632 936.00 2.16 18.07 164.5
BkNvaS C$X 70.23 0.20 78.60 66.36 4.68 10.80 128.9 Coats Group 78.35 - 92.20 69.00 1.50 26.40 1589.2
WlkrCrip 25.00 - 40.00 23.13 7.48 21.74 5.7 Sirius Min 15.83 0.18 39.54 14.94 - -38.61 20887.9 Palace Cap 276.00 2.00 366.00 268.00 8.61 8.05 56.7 MicroFoc 1939 20.20 2084 1131.5 4.53 11.55 1001.9
BarclaysX 151.06 -0.18 203.40 145.00 4.30 7.64 21089.0 JardnMt $X 65.77 -0.08 72.05 10.99 2.46 14.58 58.9
CanImp C$X 103.55 0.16 125.21 99.51 5.11 9.39 69.7 Food & Beverages Troy Res A$ 0.10 0.00 0.16 0.08 - -1.05 524.6 Raven Prope 40.40 -0.40 50.00 36.50 - -2.15 3.3 NCC Grp 160.00 0.60 229.60 111.50 2.91 27.93 382.4
Jard Str $X 38.05 0.36 40.78 31.55 0.87 12.18 575.9 RavenR CNV♦ 119.50 - 125.01 113.00 - - 0.4
HSBCX♦ 650.90 6.80 739.10 596.40 6.02 12.29 19193.0 RM 237.50 0.50 250.00 173.00 2.88 11.53 11.8
AngloEst♦ 500.00 8.00 756.00 430.00 0.62 22.12 5.2 Macfrlne 101.00 1.00 114.00 68.00 2.13 18.20 51.9 Oil & Gas RavenR Prf 148.00 - 156.00 120.00 - 165.73 47.5
LlydsBkgX 57.61 0.38 66.79 49.52 9.13 10.47 105273.0 AscBrFdX♦ 2524 9.00 2846 2011 1.78 21.80 693.5 Sage♦ 754.60 -0.60 773.00 491.30 2.19 26.28 3699.9
RPC 792.00 - 857.80 625.20 3.54 12.82 1249.9 BPX♦ 551.80 8.30 603.20 481.35 5.67 14.73 25365.3 RavenR Wrt 21.00 - 27.55 19.00 - - 0.6
PermTSB € 1.28 -0.02 2.22 1.20 - -70.30 1.9 Barr(AG) 969.00 9.00 972.00 658.00 1.62 30.79 158.9 SDL♦ 540.00 10.00 600.00 424.00 1.15 31.95 10.9
Smith DS 328.80 5.70 516.20 274.10 4.37 14.01 2954.4 CairnEng 150.20 1.00 261.00 138.00 - -0.98 1050.1 Safestre 635.00 2.50 662.50 493.00 2.35 7.54 326.5
RylBkC C$X 103.27 0.06 107.91 90.10 3.68 12.33 68.5 Britvic♦ 915.00 -2.00 968.50 740.50 3.08 20.52 832.6 TriadGp 43.00 - 80.00 32.30 3.49 5.20 10.0
Smiths 1484.5 16.00 1810 1257 3.00 20.31 694.0 ExxonMb $X♦ 74.76 0.45 87.36 64.65 4.28 17.66 3121.2 Savills 869.50 4.00 967.00 677.50 1.75 15.92 73.3
RBSX 214.50 1.10 274.90 200.10 2.56 17.09 9819.2 CarrsGroup 145.00 -4.50 175.50 128.00 3.10 12.08 9.5 SmurfKap 2280 86.00 3306 1915 3.54 -9.28 430.6 Gazprom PJS $ 7.06 0.04 7.54 4.10 3.30 3.24 14751.0 Telecommunications
Sberbank of - - - - - - - Coca-Cola H 2912 30.00 2929 2224 1.66 26.81 529.5 SchroderRE 56.00 - 67.30 53.10 4.51 18.06 483.7
Vesuvius 508.00 9.60 663.00 469.40 3.64 10.00 195.8 GeoPark $ 17.45 -0.04 21.88 10.89 - 15.83 66.6 SiriusRE 64.80 0.40 67.00 55.00 4.31 7.20 2600.0 BTX 207.20 6.00 268.60 190.68 7.32 9.59 28117.8
STB 1500 5.00 1975 1130 5.33 9.94 3.7 Cranswk 2628 -16.00 3500 2340 2.04 19.70 32.0 GulfKeyst 217.00 - 303.50 164.80 - 8.16 558.4 Smart(J) 114.00 - 126.00 105.00 2.77 11.08 3.9 Inmarsat 541.00 -0.60 646.00 355.00 2.80 -16.02 2724.8
StandChX 692.00 9.40 754.70 514.20 1.93 47.64 8461.4 Devro 213.50 1.50 221.00 150.80 4.12 28.85 53.9 Industrial Transportation HellenPet € 8.47 0.01 8.74 6.60 5.73 14.54 108.2 StModwen 426.00 1.00 447.50 358.00 1.73 16.71 234.7 KCOM Gp 110.00 -0.20 112.40 54.10 5.45 -93.22 409.9
..7.375%Pf 117.00 - 127.00 112.50 6.30 - 15.0 DiageoX 3407 36.50 3412 2513 1.92 28.42 3015.3 BBA Aviat 263.40 2.00 354.00 207.00 4.07 29.43 1657.6 Hunting 518.50 2.50 883.50 448.00 0.60 12.63 477.4 U+I■ 145.80 -7.40 249.50 145.60 4.05 4.57 100.4 TalkTalk 118.90 0.90 140.10 91.65 3.36 148.63 1757.6
..8.25%Pf 130.75 -2.15 137.00 120.20 6.31 - 10.6 Grncore♦ 207.40 -0.60 231.60 160.90 2.69 230.44 2702.2 Braemar 200.00 - 302.00 160.00 7.50 -9.18 19.3 ImpOil C$X♦ 36.51 0.05 44.91 33.52 2.03 14.26 23.2 Unite Gp 954.50 0.50 975.50 793.00 2.61 10.54 521.2 TelePlus 1500 -4.00 1538 995.00 3.33 37.97 42.9
TntoDom C$X 75.62 0.22 80.05 65.56 3.53 12.57 106.0 HiltonFd♦ 980.00 - 1096 880.00 2.00 24.81 18.9 Clarkson 2440 -10.00 2915 1834 3.03 24.75 10.7 PJSC Lukoil $ 79.03 -0.20 91.52 62.91 - 5.77 50.0 Urban&C♦ 328.00 2.00 348.00 257.00 1.07 10.68 253.6 Vodafone GpX♦ 129.90 1.92 191.78 122.22 10.08 -9.28 49856.9
Westpc A$X♦ 27.98 0.15 30.44 23.30 6.67 14.10 6130.4 Kerry € 106.10 1.10 106.70 85.45 0.62 34.32 78.3 Eurotunnl € 14.03 0.21 14.85 10.58 2.16 57.80 389.0 PremOil 75.50 1.96 146.90 54.70 - 7.88 9609.9
Nestle SFrX 101.40 1.06 101.78 72.92 2.32 30.13 3008.2 Fisher J 2030 -30.00 2280 1568 1.46 22.83 33.8 RylDShlAX♦ 2523 24.00 2708 2209.5 5.75 11.62 5309.0 Retailers Tobacco
Basic Resource (Ex Mining) OceanWil 1100 - 1310 1001.5 4.90 37.26 5.6
PremFds 34.00 -1.45 46.86 29.45 - 45.70 575.7 ..B♦ 2530.5 14.00 2792.5 2227 5.73 11.65 5778.8 AA♦ 50.65 -1.60 141.50 49.58 3.95 7.34 1082.4 BrAmTobX 3014 98.50 4265 2336.5 6.48 11.45 4095.1
Ferrexpo 248.30 9.50 305.60 138.00 2.03 5.58 3503.0 RoyalMail 195.90 -7.60 515.80 192.00 12.25 21.29 18198.6
PureCircle 280.00 8.00 420.00 240.00 - -65.79 10.6 Schlmbrg $X♦ 35.60 0.55 70.47 34.46 5.48 25.16 5142.8 AO World 90.20 -0.80 167.60 87.50 - -28.01 180.3 Imperial BrX 2073 - 3009 1861 9.06 12.75 3506.8
Mondi 1678.5 33.00 2250 1557.5 3.44 11.00 1305.0
REA 147.50 - 350.00 145.00 - -3.45 6.7
Insurance Seplat 115.75 -1.25 160.00 110.00 7.20 5.59 299.3 AshleyL 1.88 0.00 6.00 1.65 - -2.16 73.9 Travel & Leisure
Chemicals StckSpirit♦ 230.50 -1.50 245.00 184.00 3.11 39.91 21.5
Admiral 2090 4.00 2290 1857 3.84 15.28 758.3 Soco Int 65.60 - 110.60 62.00 8.35 11.94 643.0 Caffyns 410.00 - 449.00 351.00 5.49 11.20 0.0
Tate&Lyl 741.40 9.00 810.00 618.00 3.87 15.77 1934.5 888 Hldg 156.50 2.20 309.80 126.70 5.07 7.73 1286.5
Carclo 22.50 -0.90 123.50 19.00 - 2.12 585.7 AvivaX 417.00 3.40 519.00 361.80 6.77 11.03 8912.1 TrnCan C$X 66.33 0.21 66.93 47.90 4.16 16.23 40.2 Dairy Fm $ 7.71 0.06 9.94 7.02 2.72 113.59 157.4
TongtHu R 13.95 -0.81 90.00 13.75 11.85 -12.96 1795.1 Carnival♦ 3928 97.00 5030 3611 3.85 11.93 594.5
Croda 5200 95.00 5460 4499.12 1.65 28.14 242.7 Beazley 566.00 4.50 604.50 484.20 2.14 56.32 1098.9 Tullow Oil 201.60 2.15 273.90 163.30 - 43.51 3852.1 Dignity♦ 645.00 1.00 1125 624.00 3.78 10.24 64.4
Unilever 4914 34.00 4918.5 3905 2.75 15.73 1761.7 Cineworld 292.70 3.70 325.40 243.80 2.40 16.64 4434.9
Elemntis 139.00 - 278.94 135.60 4.60 18.64 1810.6 Chesnar 353.00 -2.50 409.50 310.50 5.75 22.05 41.2 Wood Group 402.70 5.90 801.20 379.90 2.21 -394.42 1586.3 DixonsCar 124.00 3.50 201.80 111.15 - 5.85 2265.6
..NV € 54.20 0.40 55.00 45.30 2.84 15.40 2.6 CompassX 1844.5 18.50 1854.5 1467.5 2.04 24.99 2495.0
Johnsn Mtth♦ 3143 34.00 3873 2574 2.55 18.16 379.6 Direct Line 328.00 3.50 366.60 300.70 6.28 9.91 3042.5 Dunelm 917.50 -11.00 930.00 460.60 2.89 22.11 721.0
Victrex♦ 2054 10.00 3434 1943 2.90 17.86 245.6
Pharmaceuticals & Biotech Findel 232.00 22.00 312.00 152.50 - 7.34 132.6
Dalata Hote 485.75 2.25 650.00 385.42 0.55 13.40 0.4
Health Care Equip & Services Eccles prf♦ 146.00 -1.00 157.00 136.77 5.91 - 93.6 AstraZenecaX 6028 -17.00 6540 5110 3.62 41.34 1525.6 easyJet 910.00 -0.40 1808.5 840.00 6.44 18.72 1966.2
Hansard 43.25 -0.65 63.00 35.40 10.29 9.40 28.7 Halfords 227.20 0.40 362.60 199.20 7.94 9.39 105.8
Construction & Materials ConstMed 870.00 8.00 1294 700.00 2.41 25.51 58.0 BTG 835.00 - 853.00 467.40 - 142.03 331.7 Inchcape♦ 615.50 9.00 826.00 482.20 4.52 53.52 854.6
EI Group 203.60 -1.00 230.60 142.80 - 22.62 1106.0
Alumasc 105.50 - 147.00 85.00 6.97 17.88 4.3 ConvaTec 141.05 0.60 240.50 113.25 3.36 16.33 2791.1 Hiscox♦ 1687 16.00 1727 1411 1.83 48.50 417.2 CathayIn 6.50 -1.50 9.30 3.00 - -1.68 30.6 FirstGrp 105.40 -1.50 125.00 77.95 - -4.15 2325.7
GNStre kr 321.10 7.10 346.60 226.70 0.41 34.83 169.9 Lancashire 714.50 5.50 714.50 505.00 1.65 47.90 130.1 JDSportsF 621.40 -4.80 648.60 318.80 0.26 23.10 785.0 Flutter Ent 5860 -32.00 8955 5390 3.45 24.38 120.6
Boot(H) 256.00 6.00 309.00 230.00 3.28 9.14 16.5 Dechra 2758 -2.00 3180 1992 0.92 117.66 115.5 Just Eat PL 589.60 2.20 889.40 519.20 - 48.73 1705.0
CRH 2549 25.00 2891 1961 2.41 16.59 1309.3 Mediclinic 312.10 -1.80 587.20 293.10 2.53 -3.77 660.3 Leg&Gen 270.00 5.50 292.30 221.80 5.80 9.13 17501.2 Genus 2650 -30.00 2998 1641.2 0.98 -240.91 66.8 Fuller A 1070 30.00 1210 846.00 1.83 18.07 6.8
NMC Health 2200 - 4376 2110 0.61 23.59 531.9 Old Mut 112.08 1.22 176.62 105.40 2.03 19.74 2472.9 Kingfisher♦ 209.40 1.80 319.70 202.70 5.17 20.53 12006.6 Go-Ahead 2012 -68.00 2112 1388 5.07 13.24 145.6
GalfrdT 677.00 24.50 1117 499.60 10.96 6.18 481.0 GlaxoSmhX♦ 1565.2 20.40 1648.8 1408.8 5.11 19.92 7964.7 Marks&Sp♦ 220.50 -3.00 302.80 217.70 8.05 110.58 18885.4
KierGp 155.80 10.40 1109.47 140.90 43.52 5.05 3758.9 Smith & Nep 1693 18.00 1695.5 1242.5 1.70 28.48 1795.2 PhoenixGrp 694.20 6.20 735.20 518.47 6.51 10.41 926.4 HikmaPhm 1607.5 14.50 2089 1366.5 1.69 17.57 531.7 GreeneKg 656.20 6.20 705.60 466.90 5.06 13.05 947.0
UDGHlthC♦ 718.50 7.00 906.50 545.00 1.71 90.46 515.2 PrudntlX 1624 11.50 1886 1325 2.97 13.90 3183.2 Morrison (W♦■ 195.70 -0.25 270.50 192.15 3.21 19.36 7046.8 IntCon Htel 5215 161.00 5315.79 4052.63 1.69 34.52 580.2
Kingsp € 47.20 0.32 47.64 34.44 0.81 25.60 61.7 Oxfd Bio 756.00 6.00 1062.6 581.00 - 69.42 178.4 MossBros 20.70 -0.80 50.80 19.00 16.76 -5.40 88.5
LowBonr 8.60 -0.04 51.78 8.02 32.44 -0.67 2293.0 RSA Ins 570.20 4.20 683.40 490.40 3.56 18.04 1968.9 RichterG $ 18.00 -0.10 21.40 16.30 1.30 22.98 0.0 Intl Cons A 466.80 -3.50 727.00 441.50 5.35 5.28 5106.3
House, Leisure & Pers Goods SagicFin 117.50 - 135.00 70.50 3.27 14.72 1.0 Next 5716 -60.00 6224 3970 2.80 13.20 449.9 IrishCtl € 4.60 0.04 5.53 4.16 2.72 15.06 26.8
Marshlls♦■ 647.00 10.00 676.00 395.60 1.67 24.81 1120.2 VecturGp 79.05 1.35 90.15 65.85 - -5.99 556.1 Ocado 1113 -9.00 1440.5 730.60 - -162.48 1488.3
BarrttDev 565.00 3.00 627.80 430.00 4.69 7.91 3796.3 StJmsPl 1044.5 7.50 1246 905.60 4.40 32.24 1253.2 JPJ Grp 780.00 26.00 1048 571.00 - 16.96 207.9
MorgSdl 1232 -36.00 1554 1000.00 3.90 8.67 46.3 Saga♦ 41.04 -0.58 141.20 40.62 21.93 -2.83 3459.5
Norcros 188.00 -3.00 234.00 183.00 4.15 9.26 28.5
Bellway♦ 2817 14.00 3434 2407 5.08 6.44 180.0 Real Estate MandarO $ 1.86 -0.04 2.48 1.70 1.61 54.01 120.4
Berkeley 3566 -9.00 4338 3170 2.53 7.46 331.5 LEISURE Sainsbury (♦ 197.40 2.85 341.80 193.20 5.17 22.18 8566.6
Tyman 235.50 - 243.00 111.25 4.88 17.24 72.3 PhotoMe Int 94.60 2.20 132.00 75.00 8.92 9.93 50.0
REITs TescoX♦ 229.40 0.30 266.80 187.05 1.60 16.93 14042.5
Marstons♦ 114.70 1.50 114.78 89.20 6.54 9.89 2319.7
BovisHme 1014 14.00 1288 818.60 5.08 9.99 165.8 Merlin Ents 373.90 7.00 415.70 304.50 2.01 16.62 1029.6
Assura 63.90 - 65.10 52.40 4.19 18.26 3671.7
Electronic & Electrical Equip Burberry Gp 1782 36.50 2338 1618.5 2.32 21.81 1411.5
Media BigYellw 1025 10.00 1077 834.00 3.00 13.95 209.8 Support Services Natl Exp 395.20 2.40 438.00 356.00 3.53 14.91 460.2
Dialight 472.50 -12.00 586.00 290.00 - 29.35 3.4 Cairn Homes € 1.25 0.00 1.85 1.03 - 30.95 316.9 PPHE Htl 1900 -20.00 1930 1310 1.53 21.11 4.1
4imprint 2620 - 2900 1705 1.83 26.65 161.6 BritLand 537.40 5.60 694.40 520.00 5.64 26.34 2440.0 Aggreko 785.20 3.20 891.20 636.80 3.45 15.97 2890.2
Discoverie 459.00 -3.00 469.00 324.00 1.96 29.42 40.8 CtrySide♦ 295.80 5.60 376.00 265.60 3.65 9.19 601.4 Restaurt♦ 129.10 1.90 224.11 110.10 9.85 53.57 755.4
Auto Trader 596.40 11.40 601.40 361.20 0.99 31.77 4278.3 Cap&Reg 16.02 -1.42 54.50 15.50 23.28 -4.58 3759.4 AshtdGp 1954 37.00 2461 1572.5 1.74 12.77 1393.8
Halma 1892 44.00 1892 1215 0.78 42.91 1252.4 CrestNic 358.40 0.80 450.60 275.00 9.21 6.47 794.7 Ryanair Hol 403.20 4.20 517.00 324.80 5.13 43.83 398.0
Centaur 48.00 -0.50 59.00 35.00 6.25 -4.85 77.6 Civitas SH 80.50 0.20 114.00 79.50 - - 999.8 Bunzl♦ 2179 7.00 2554 2026 2.17 22.28 688.2
Morgan Ad 260.00 3.40 370.00 233.80 4.23 13.07 385.9 GamesWk 4672 226.00 4774 2187.4 2.78 24.94 208.5 Stagech 130.20 -1.10 184.70 113.90 5.91 31.76 497.5
DlyMailA♦ 767.00 12.00 781.00 555.00 3.04 4.43 533.6 Countrywd 3.65 -0.16 46.29 3.10 - -0.12 9690.6 Capita 106.55 -0.45 173.85 100.70 - 6.00 3360.0
OxfordIn 1112 36.00 1252 813.00 1.20 34.64 11.6 Gleeson 886.00 2.00 900.00 600.00 3.61 13.10 37.6 ThomasCook 16.11 -0.63 117.10 8.40 - -0.18 12717.7
HaynesPb 218.00 - 247.94 156.00 3.44 44.49 6.0 DrwntLdn 3246 -38.00 3352 2745 1.89 16.32 661.4 DCC♦ 6856 56.00 7450 5555 1.79 25.44 116.4
Renishaw 3908 32.00 5745 3510 1.54 22.17 67.0 Headlam♦ 490.00 22.00 507.00 360.50 5.06 12.37 27.6 TUI 743.20 24.20 1777 686.60 8.35 7.99 1376.5
Informa 791.60 6.00 869.60 602.80 2.63 40.18 1369.5 Great Portl♦ 705.20 -3.80 777.60 647.40 1.64 41.24 1168.5 DeLaRue 300.00 - 567.00 282.00 8.33 3.61 305.9
Spectris♦ 2684 128.00 2957 1924.5 2.16 17.11 340.5 McBride 84.90 0.60 160.20 82.60 5.06 8.09 36.7 Whitbrd♦ 4720 12.00 5162 3870 2.14 19.81 507.0
ITE Grp 76.20 0.20 93.10 47.75 2.53 -58.62 727.8 Green Reit € 1.77 0.00 1.78 1.30 3.03 9.02 11.8 Diploma♦ 1535 30.00 1654 1144 1.66 30.16 95.7
TT Elect 236.00 -3.00 282.00 176.00 2.54 30.26 47.4 McCarthy&S♦ 134.70 0.70 144.40 96.05 4.01 17.72 283.0 Willim H 143.10 1.40 321.30 128.45 9.22 -1.71 3627.6
ITV 108.55 1.45 183.05 103.10 7.26 9.36 8558.7 Hammersn 276.80 2.40 550.60 262.20 9.36 -8.12 3608.3 Elctrcmp 621.00 18.20 779.20 478.40 2.13 16.74 872.0
XP Power 2370 -20.00 3780 1940 3.42 15.30 15.5 Persimn 2041 19.00 2913 1825.5 11.51 7.27 1933.3
Pearson 799.60 21.60 1030 764.00 2.19 10.59 2370.6 Hansteen 96.50 0.70 112.80 85.60 6.42 7.48 541.6 Essentra PL 403.20 4.20 517.00 324.80 5.13 43.83 398.0 Utilities
Philips €♦ 35.45 0.20 40.01 29.05 2.28 25.21 1647.6
Financial General RELX NV £ 21.06 0.11 21.34 16.90 1.91 29.50 1622.4 Hibernia € 1.42 0.03 1.56 1.22 2.12 9.83 1511.1 Experian 2400 10.00 2421 1710 1.41 36.06 2069.2
PZCusns 201.50 1.00 244.00 175.00 4.11 18.19 128.4 Centrica♦ 95.86 0.70 164.50 92.30 12.52 29.96 20121.4
3i 1055.5 12.50 1093.5 754.60 3.51 8.26 1090.5 RELXX 1872 11.00 1894 1466.5 2.14 26.22 3151.5 Intu 86.60 1.66 208.90 84.36 16.17 -1.03 2012.7 Ferguson 5348 90.00 6601 4594 2.69 17.68 624.9
ReckittBX 6395 -9.00 7174 5559 2.63 20.93 1175.8 Drax 302.40 10.60 432.40 289.20 4.30 61.71 1342.3
BrewDlph♦ 306.40 2.40 378.60 288.80 5.35 17.41 613.2 Rightmove P 580.00 9.20 583.80 415.20 1.05 32.79 1877.6 LandSecs 849.40 6.40 967.10 784.20 5.37 -27.22 2045.8 G4S♦ 214.70 6.00 283.10 173.55 4.52 41.29 3810.9
Redrow 563.00 6.00 641.00 22.79 5.22 6.14 286.6 Natl GridX♦ 822.90 7.60 892.00 744.50 5.65 18.66 10317.9
CtyLonInv 420.50 16.50 436.00 350.00 6.42 11.95 5.0 STV Grp 364.00 7.00 458.00 318.00 4.95 88.78 0.5 LondonMtrc♦ 207.40 -0.60 18462.32 171.50 3.83 7.77 1245.8 Hays 152.30 2.20 213.40 134.60 2.50 12.95 2803.0
Superdry Pl 480.20 3.40 1406 354.00 6.50 6.24 220.1 Pennon 759.80 13.00 814.60 681.00 5.08 14.72 2734.0
CloseBrs 1418 4.00 1682 1349 4.44 10.65 505.8 ThmReut C$X♦ 88.48 0.52 88.48 56.77 2.22 241.99 17.4 McKaySec♦ 240.50 2.00 283.00 221.00 4.16 17.29 6.3 Homesve 1263 41.00 1263 847.50 1.51 43.11 663.2
TaylorWm■ 157.45 0.95 192.70 127.80 3.10 7.87 13148.3 Severn Tren 2078 32.00 2100 1758 4.17 18.96 910.4
DBAG € 32.35 -0.15 39.60 29.75 4.35 22.06 2.7 WPPX 988.40 17.60 1323.5 791.00 6.07 11.72 3061.2 MucklGp♦ 650.00 -5.00 660.00 477.00 3.50 7.27 30.9 HowdenJny♦ 503.00 1.80 541.80 412.40 2.23 16.12 2689.1
TedBaker♦ 1299 -69.00 2488 1252 4.73 14.23 102.5 SSE 1120.5 12.00 1405 997.80 8.45 40.31 3020.4
Hargr Lans 1939.5 39.50 2447 1624 1.66 38.25 1349.1 PrimyHth 136.40 0.60 137.80 106.40 3.96 13.92 2276.8 Intertek 5432 54.00 6084 4323 1.47 31.09 230.4 UtdUtils 834.80 5.20 879.60 674.40 4.76 15.43 2561.9

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence BP Marsh 310.00 - 318.00 250.00 1.54 5.66 7.3 Mulberry 285.00 - 826.00 254.11 1.75 -2850.00 1.2 HighldGld 170.30 -2.70 193.00 125.10 9.97 14.08 949.8 SIR 400.00 -3.00 415.00 369.00 3.47 8.21 138.7 Telit Commu 161.80 0.40 192.00 112.00 - -7.39 67.7
Cohort 429.00 9.00 494.50 345.00 1.91 28.13 31.0 Burford Cap♦ 1515 42.00 2075 1288 0.60 12.84 1059.0 Portmern 1020 5.00 1320 330.00 3.46 14.19 3.9 SumGermny € 1.19 -0.16 1.36 1.05 2.62 2.03 750.8
Gresham Hou 630.00 - 635.00 430.00 - -157.42 17.2 TelfordHms♦ 303.50 6.00 459.50 260.00 5.60 5.95 157.3
Oil & Gas Tech - Software & Services
Velocity Co 19.00 - 71.00 18.06 - -6.33 13.3 Retailers
Leeds 22.00 1.00 33.00 19.00 - 5.64 14.3 WalkerGb 76.50 - 122.00 55.00 5.71 10.64 92.4 AmeriRes 11.78 -0.20 20.50 9.50 - 115.49 1191.9 BoBlue Pris 1907 68.00 2635 1002 - -47.72 599.2
Banks MattioliWds 810.00 - 865.00 620.00 2.10 26.05 11.8 BorSthnPet 2.04 0.01 4.86 1.80 - -6.34 14.6 ASOS 3250 -9.00 6896 2114 - 44.89 450.4 Eckoh 43.25 - 45.95 32.80 1.27 66.54 83.2
Caribbean I 16.00 - 28.00 14.00 - 1.10 0.6 Miton 50.00 - 76.20 41.00 2.80 11.19 187.3
Industrial Engineering ClontarfEn 0.19 - 0.67 0.17 - -3.17 127.2 Boohoo Grou 228.70 3.30 249.20 146.40 - 71.02 2863.7 Elecosoft 75.00 - 27862.86 65.00 0.91 32.61 13.6
Numis♦ 256.00 -1.00 442.50 221.50 4.69 19.10 339.2 600 Grp 17.75 - 19.50 12.50 2.81 15.03 148.6 Egdon Res 4.75 - 11.27 4.50 - -6.80 5.1 CVS Group P 629.00 - 1191 362.40 0.79 66.91 100.8 IDE Group H 0.83 - 24.88 0.80 - -0.04 373.9
Basic Resource (Ex Mining) MS Intl 215.00 -1.00 238.00 177.29 3.84 7.71 4.2 Hurricane E 56.35 0.20 64.50 38.20 - -23.08 7232.1 Ingenta♦ 66.50 - 142.93 60.01 2.26 -13.63 0.2
Park Grp 68.50 1.25 81.50 63.00 4.45 11.87 65.6 Support Services
CropperJ 940.00 - 1769.4 880.00 1.44 28.48 4.1 Pres Tech 101.00 -0.50 139.90 75.00 - -7.27 6.5 PetrelRes 1.20 0.05 3.50 1.05 - -0.32 70.5 Iomart 352.50 2.50 475.00 308.00 2.04 32.91 100.0
PolarCap 562.00 12.00 738.00 447.00 4.98 11.91 62.1 Begbies 72.75 1.50 75.00 56.00 3.30 66.14 365.6
Phoenix Glo 22.30 0.40 27.00 15.00 - -9.47 0.0 Oxford Metr 96.00 - 99.00 62.15 1.25 30.77 48.0
Chemicals Share♦ 33.50 - 38.00 22.10 1.19 -670.00 97.2 IT Christie♦ 87.50 - 164.00 84.00 3.43 8.15 2.0
ShoreCap 211.00 -1.00 285.00 190.00 4.74 16.88 0.4 Rockhop 21.25 0.30 44.65 20.25 - -17.23 432.5 SciSys Grou 197.00 - 215.94 135.25 1.13 41.04 62.2
Directa Plu 81.50 1.50 87.00 37.00 - -10.09 42.7 Keywords St♦ 1633 38.00 2110 885.00 0.09 81.81 144.6 Empres 75.00 - 89.50 64.25 1.76 8.24 3.8
STM Group♦ 49.00 - 75.04 43.60 3.88 8.31 11.4 Sound Energ 11.10 0.86 46.60 9.66 - -9.74 4585.8 WANdisco 507.00 -13.00 1268 330.00 - -14.35 15.4
Scapa 163.60 1.60 473.80 145.00 1.47 13.98 608.6 Learning Te♦ 85.70 2.20 166.50 58.80 0.42 133.70 1245.0 Gattaca 145.75 - 173.00 93.40 2.06 -4.75 29.9
UnJackOil 0.15 0.01 0.17 0.08 - -15.20 281466.6
Versarien P 99.00 0.50 190.50 73.20 - -110.00 471.3 Food & Beverages United O&G 3.00 -0.05 6.20 2.58 - -10.34 2032.2 Impellam 455.00 - 695.00 430.00 2.97 17.17 18.5 Travel & Leisure
LEISURE JhnsnSrv 158.60 2.00 161.20 112.00 1.83 22.03 151.5 Celtic 162.50 - 170.00 128.00 - 16.03 1.9
Construction & Materials Camellia 10600 - 12450 9100 1.30 11.53 0.4 Codemasters 255.00 18.00 280.00 130.00 - -34.53 722.7 Pharmaceuticals & Biotech
Fevertree D 2650 -5.00 4120 2106 0.45 49.82 245.1 LonSec♦ 2350 -60.00 2500 1800 3.40 17.93 0.0 ..6%CvPf 157.50 - 170.00 114.25 - - 0.5
Abbey 1220 - 1429 1130 1.31 5.99 0.6 Sumo Group 142.00 7.50 187.00 105.00 - -710.00 67.7
FinsbryFd 74.00 -1.00 129.00 58.00 4.46 10.28 40.9 Abcam 1460 -3.00 1588 1006 0.82 52.33 194.6 NewmkSec 0.83 - 1.47 0.60 - -4.34 59.5 ..Cv Pf 320.00 - 350.00 236.60 - - 0.8
AccsysTch 110.00 -1.75 124.00 76.80 - -24.70 17.4
Nichols 1775 30.00 1840 1230 1.95 25.65 22.7 Media AllcePharm 78.90 0.90 102.50 59.20 1.74 21.92 191.5 NWF 168.00 -1.00 215.00 128.00 3.75 10.77 20.2 Dart 904.50 4.50 1052 725.00 0.83 6.42 228.4
Aukett 1.73 - 2.98 0.82 - -1.21 6.1
M&Csaatc♦ 347.00 -3.00 405.00 253.00 2.84 37.92 24.9 Clinigen Gr 1014 1.00 1069 716.00 0.55 50.70 116.9 Petards 27.50 - 29.00 20.35 - 14.10 8.7 gamingrealm 5.40 -0.33 12.00 4.00 - -3.53 137.3
Electronic & Electrical Equip Health Care Equip & Services MissionMk 78.00 - 88.40 45.00 2.37 11.66 55.3 e-Thera 1.95 - 8.65 1.70 - -1.31 50.0 RedhallGp# 1.60 - 9.10 0.90 - -1.29 49.0 GoalsSocc# 27.20 1.80 92.00 22.20 - 5.67 117.5
CeresPow 181.00 -1.00 209.95 124.98 - -29.58 78.1 CareTech 375.00 - 410.00 311.00 2.64 26.67 70.0 YouGov 525.00 3.00 532.10 375.00 0.57 50.97 300.9 Mereo Bio 69.50 -1.50 320.00 70.01 - -1.54 0.1 Renew♦ 417.00 -5.50 438.00 330.00 2.40 14.46 63.5 MinoanGp 2.10 0.20 6.77 1.82 - -1.18 819.8
ElektronT 43.00 - 49.00 31.38 - 31.18 250.4 Cello Hlth 134.50 0.50 140.07 95.00 2.64 21.91 85.7 Reneuron 255.00 -7.50 325.00 29.50 - -6.03 493.6 Restore♦ 397.50 2.00 538.00 227.00 1.34 27.04 341.4 PeelHtls 65.50 - 85.00 57.00 - -8.51 0.6
LPA 96.50 - 167.00 85.00 2.85 7.17 5.8 Tristel 307.50 -2.50 393.00 210.00 1.49 39.47 20.0 Mining Sareum 0.56 - 0.95 0.45 - -11.20 4748.0 SafeCharge 432.50 - 435.00 225.00 3.26 33.94 298.2
ThorpeFW 318.00 1.00 345.00 219.00 1.70 21.90 6.2 AMC 2.48 -0.09 5.39 2.25 - -4.67 896.3 Smart Meter 485.40 -7.20 783.00 474.40 1.12 123.51 92.3
House, Leisure & Pers Goods Arkle Resou 1.03 -0.03 3.05 0.88 - -0.51 250.0
Real Estate
Zytronic 240.00 2.50 529.85 225.00 9.50 13.04 18.2 Tech - Hardware
Airea 68.50 1.00 77.99 44.10 9.85 8.34 49.8 BotswanaD 0.63 - 1.20 0.44 - -5.21 110.0 InlandHms 61.90 1.40 74.00 47.30 3.55 8.36 341.5
Financial General Churchll 1495 - 1640 900.00 1.73 23.00 5.6 CentAsiaM 215.00 -6.50 299.00 200.00 8.12 8.93 200.1 Lok'nStor♦ 499.00 - 520.00 347.00 2.20 35.44 6.1 AminoTech 104.50 -0.50 212.00 76.00 7.03 11.87 130.3
Arbuthnot 1340 - 1633.66 1019.8 2.54 35.26 1.0 Frontier De 1058 18.00 1800 730.00 - 26.72 20.3 PnthrSec 365.00 - 400.00 320.00 3.56 9.15 0.4 IQE 74.95 1.95 117.80 55.00 - 624.58 2371.5

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) CanGen C$♦ 24.05 -0.20 26.33 19.70 3.09 34.8 -30.9 JPM Amer 450.00 8.00 472.50 384.50 1.28
465.3 -3.3 PolarTech 1314 34.00 1396 1066 - 1369.8 -4.1 AEW UK REIT 94.30 0.10 100.00 84.26 8.48 96.6 -2.4
Price +/-Chg High Low Yld NAV or Pm City Merch 188.75 -0.25 193.50 172.50 5.30 184.8 2.1 JPM Asn 350.00 -0.50 385.00 296.00 4.40
380.9 -8.1 RIT Cap 2055 20.00 2130 1890 1.61 1892.0 8.6 BMO ComPrp 119.80 0.40 155.00 116.20 5.01 136.9 -12.5
3i Infra 290.00 9.50 291.00 219.10 2.84 234.7 23.6 City Lon 418.00 4.50 440.00 373.00 4.29 406.2 2.9 JPM Brazil 66.25 0.25 72.00 50.00 1.21
83.9 -21.0 Ruffer Inv 213.00 -2.00 238.00 202.00 0.85 221.8 -4.0 BMORealE 90.20 -1.40 96.00 90.08 5.54 106.0 -14.9
For queries about the London Share Service pages e-mail
AbnAsianIn 207.00 - 219.00 182.00 4.35 225.1 -8.0 CQSNatRs 85.30 0.10 124.00 82.90 6.57 109.6 -22.2 JPM China 262.00 7.50 332.00 213.00 1.34
295.2 -11.2 Schroder To 351.00 - 377.00 309.00 1.37 346.7 1.2 CustdnREIT 118.00 -0.80 122.80 111.00 5.49 105.5 11.8
ft.reader.enquiries@morningstar.com.
Abrdn Div I 108.50 0.50 126.00 106.00 4.83 116.6 -6.9 DiverseInc 89.60 -0.80 110.00 81.90 3.79 95.2 -5.9 JPMElct MC 101.00 - 103.00 98.00 0.35
102.9 -1.8 SchdrAsiaP 430.50 - 482.00 375.00 2.21 472.3 -8.9 GCP Student 163.40 0.40 163.80 144.00 3.67 - -
AbnEmgMkts♦ 564.00 1.00 612.00 498.06 3.68 649.7 -13.2 Dun Inc 272.00 5.00 274.00 228.00 4.92 291.7 -6.8 ..MG♦ 817.50 - 867.75 722.40 1.83
833.5 -1.9 Schdr Inc 284.00 5.00 307.00 250.00 4.15 301.3 -5.7 Longbow 99.25 1.00 106.00 96.50 6.05 97.7 1.6 All data is as of close of the previous business day. Company classifications
AbnJapInv 547.50 10.00 630.00 496.19 0.95 618.6 -11.5 EcofinGloba 138.50 3.50 139.08 120.50 4.62 154.9 -10.6 ..MI♦ 104.50 - 119.00 93.01 4.40
107.2 -2.5 SchdrJap 180.00 0.50 225.00 176.00 2.22 204.6 -12.0 SLIPropInc 96.00 1.50 97.00 77.90 4.96 89.9 6.8 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
AbnLatAmIn 69.20 -0.50 72.80 58.59 5.06 80.7 -14.3 EdinDragn 387.50 1.50 406.00 322.50 1.03 434.4 -10.8 JPM Emrg 940.00 5.00 975.00 758.00 1.33
1022.4 -8.1 SchdrOrient 250.00 1.00 263.00 224.20 3.92 250.5 -0.2 TR Prop 409.50 -2.00 435.50 351.00 2.98 427.3 -4.2 100 constituent stocks are shown in bold.
AbnNewDn 241.00 0.50 257.00 195.00 1.78 272.7 -11.6 Edin Inv 597.00 6.00 714.00 586.00 4.46 675.1 -11.6 JPM EurGth 281.50 2.50 312.00 247.00 2.43
322.9 -12.8 SchdrUKMd 525.00 2.00 574.00 441.00 2.53 614.6 -14.6 Tritax Euro €♦ 1.09 0.00 1.20 1.00 - 1.1 -0.9 Closing prices are shown in pence unless otherwise indicated. Highs & lows
AbnNewIndia 495.00 -5.00 518.00 383.00 - 562.7 -12.0 Edin WWd 187.80 3.80 205.00 143.60 - - - JPM EurInc 148.50 -1.00 163.50 137.00 4.11
170.3 -12.8 ScotAmer♦ 392.00 5.00 398.00 346.00 2.91 372.4 5.3 Tritax Euro 97.40 1.00 106.40 89.00 - - - are based on intra-day trading over a rolling 52 week period. Price/earnings
AbnNewThai♦ 580.00 -2.50 596.50 516.00 3.12 669.4 -13.4 EP Global 295.00 -1.50 330.00 293.00 1.80 314.8 -6.3 JPM EuSm 355.00 2.00 427.00 321.00 1.89
410.5 -13.5 Scottish In 798.00 8.00 902.00 747.00 3.70 874.3 -8.7 UKComPrp 90.00 -0.40 92.90 79.50 4.09 93.0 -3.2 ratios (PER) are based on latest annual reports and accounts and are updated
AbnSmlInCo 287.00 - 302.00 216.78 2.56 333.9 -14.0 EuroInvT 803.00 3.00 944.00 754.00 3.36 901.8 -11.0 JPM Clavr 708.00 8.00 790.00 640.00 3.88
734.7 -3.6 ScottMort♦ 510.50 9.50 569.00 434.75 0.60 488.6 4.5 with interim figures. PER is calculated using the company’s diluted earnings
VCTs 52 Week Dis(-)
AbnStdAsia 1070 10.00 1080 914.00 1.21 1218.6 -12.2 F&C Inv Tru 697.00 10.00 706.00 616.00 1.56 702.7 -0.8 JPMGIConv♦ 86.00 0.40 95.80 84.80 5.23
92.4 -6.9 ScottOrtll 1020 5.00 1055 840.00 1.13 1163.6 -12.3 from continuing operations. Yields are based on closing price and on dividends
Price +/-Chg High Low Yld NAV or Pm
AStd Eqt In 398.00 1.00 499.00 388.00 4.95 420.6 -5.4 FidAsian 433.50 0.50 445.00 349.00 1.27 416.7 4.0 JPM GEI 134.00 1.25 139.00 112.80 3.73
133.6 0.3 Seneca I&G♦ 176.00 - 182.00 158.50 3.66 173.5 1.4 paid in the last financial year and updated with interim figures. Yields are
FidChiSpS 208.00 2.50 269.50 181.60 1.68 222.2 -6.4 JPM Gl Gr&I♦ 320.00 1.00 336.00 279.00 3.86
323.9 -1.2 Smithson 1198 10.00 1226 984.80 - 1149.5 4.2 ArtemisVCT♦■ 43.50 - 76.56 41.00 9.20 46.2 -5.8 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
Abf Sml 1266 14.00 1444 1106 2.31 1395.5 -9.3
Fid Euro 242.00 3.00 242.00 202.00 1.80 259.5 -6.7 JPM I&C Uni 388.00 - 394.00 347.20 - 1.86 - StrategicEq 230.00 - 233.00 185.00 0.43 266.2 -13.6 Baronsmead 76.50 -0.50 91.10 70.50 9.80 82.1 -6.8 companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
Abf Spl Inc 85.50 -0.25 106.50 72.00 - 106.4 -19.6
Fid Jap 140.50 1.25 167.50 124.00 - 156.3 -10.1 JPM Ind 776.00 10.00 778.00 562.44 859.5- -9.7 Temp Bar♦ 1250 12.00 1368 1112 3.50 1283.0 -2.6 BSC VCT♦ 67.50 - 76.90 66.00 5.93 70.1 -3.7 capital changes where appropriate.
Alliance♦ 771.00 9.00 789.00 669.00 1.75 805.1 -4.2
Fid Spec♦ 256.50 3.00 281.00 220.00 1.95 253.4 1.2 JPM JpSm 384.50 0.50 455.00 322.00 1.27
432.1 -11.0 TempEmerg 762.00 11.00 794.00 639.00 2.62 834.9 -8.7 ..VCT2 51.00 - 57.25 48.50 5.88 53.5 -4.7
AllianzTech 1616 44.00 1666 1130 - 1567.0 3.1 Trading volumes are end of day aggregated totals, rounded to the nearest
FinsG&I 895.00 11.00 905.00 735.00 1.80 880.8 1.6 JPM Jap 426.00 4.00 473.00 366.00 1.17
462.8 -8.0 Tetragon $ 12.50 0.05 13.50 9.41 4.29 23.7 -47.3 Inc&GthVCT 70.00 - 71.30 65.50 8.57 78.0 -10.3
Art Alpha 278.00 0.50 358.00 257.00 1.71 347.0 -19.9 1,000 shares.
FstPacfic H HK$ 3.18 -0.10 4.30 2.79 4.24 - - JPM Mid 1065 10.00 1295 954.00 2.49
1185.0 -10.1 TRIG 128.00 1.40 128.58 106.69 5.04 109.9 16.5 Nthn 2 VCT 61.50 - 64.39 54.00 8.94 60.2 2.2
Aurora Inv♦ 193.50 -0.50 224.00 181.56 1.42 190.2 1.7 Net asset value per share (NAV) and split analytics are provided only as a
Geiger 18.60 -0.40 24.70 13.00 - 18.1 2.8 JPM Mlti-As 93.00 -0.10 101.00 91.00102.6- -9.4 TREurGth 857.50 5.50 1062 760.00 2.22 975.9 -12.1 Nthn 3 VCT 89.50 - 90.90 81.50 6.15 87.6 2.2
AVI Global ♦ - - - - - 817.1 - guide. Discounts and premiums are calculated using the latest cum fair net
GenEmer 726.00 10.00 743.00 604.00 2.04 805.2 -9.8 JPMRussian 610.00 -1.00 618.00 486.00 4.26
724.9 -15.9 TroyInc&G 80.00 - 81.20 72.20 3.39 79.8 0.3 NthnVent♦ 65.00 - 68.00 60.00 6.15 63.9 1.7
AVI JapOpp 105.25 0.50 107.00 98.00 - 104.0 1.2 asset value estimate and closing price. Discounts, premiums, gross redemption
GRIT# 2.50 - 10.20 1.60 - 5.8 -56.9 JPM Smlr 219.50 2.00 252.00 182.78 2.46
260.8 -15.8 Utilico Eme♦ 228.50 1.50 232.00 188.00 3.81 259.3 -11.9 ProVenGI 65.00 - 71.50 62.50 3.08 68.4 -5.0
Axiom 93.00 - 104.00 84.00 6.45 93.5 -0.5 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
GoldenPros 20.70 - 29.80 16.50 - 28.3 -26.9 JPM US Sml 306.00 1.50 347.00 261.00 0.82
315.1 -2.9 UIL Inv♦ 200.00 - 206.00 165.00 3.75 324.9 -38.4 ProVenVCT 78.50 - 106.48 77.00 3.18 82.2 -4.5
BG Japan 775.00 8.00 869.00 660.00 0.08 741.7 4.5 are displayed as a percentage, NAV and terminal asset value per share (TAV)
Gulf Invest $ 1.18 - 1.24 0.99 2.54 1.3 -9.2 KeystoneInv♦ 1592.5 2.50 1785 1460 3.52
1835.4 -13.2 VEIL 442.00 3.50 479.00 390.00 - 502.4 -12.0 UnicornAIM 136.00 - 147.00 118.00 4.78 155.7 -12.7
BG Shin 179.20 1.20 207.60 157.00 - - - in pence.
Baillie Gif 185.75 1.75 199.00 157.00 3.23 198.0 -6.2 Hansa 1015 30.00 1160 955.00 1.58 1413.8 -28.2 Law Deb 604.00 10.00 636.00 528.00 2.95
643.1 -6.1 Witan♦ 209.00 4.00 228.00 189.00 2.15 212.8 -1.8 Ordinary Income Shares 52 Week HR
Bankers 907.00 12.00 915.00 766.00 2.15 914.1 -0.8 ..A 1005 10.00 1080 787.70 1.59 1413.8 -28.9 LinTrain £ 1955 -10.00 2020 944.00 1.09
979.6 99.6 WwideHlth♦ 2595 20.00 2920 2325 0.67 2547.6 1.9 Price +/-Chg High Low Yld WO GRY 0% X FT Global 500 company
BB Healthca 137.50 1.00 150.50 113.00 2.73 - - Hend Alt 277.00 1.00 297.00 261.00 1.71 342.1 -19.0 Lowland 1370 -10.00 1575 1255.3 3.87
1424.8 -3.8 JPM I&C 99.50 - 103.99 83.50 7.64 - - ♦ trading ex-dividend
Conventional - Private Equity 52 Week Dis(-)
BH Global 1492.5 17.50 1540 1430 - 1585.0 -5.8 Hen Div Inc♦ 91.00 1.60 92.80 75.40 5.60 85.9 5.9 Majedie♦ 244.00 -5.00 300.00 238.00 2.87
293.9 -17.0 ■ trading ex-capital distribution
Price +/-Chg High Low Yld NAV or Pm Zero Dividend Preference Shares 52 Week HR
..USD $ 15.15 0.20 15.50 14.20 - 16.1 -5.9 HenEuroF♦ 1195 15.00 1320 1055 2.59 1303.4 -8.3 Man&Lon 508.00 4.00 542.00 391.00 2.36
494.9 2.6 # price at time of suspension from trading
HenEuro 1097.5 5.00 1160 966.00 2.78 1206.4 -9.0 Marwyn Val 117.50 - 150.00 112.80 3.51
175.9 -33.2 Altamir € 16.90 0.01 17.50 12.56 3.89 22.0 -23.2 Price +/-Chg High Low SP WO TAV 0%
BH Macro 2550 50.00 2560 2075 - 2535.0 0.6
HenFarEs 353.00 4.00 380.00 316.00 6.18 344.7 2.4 MercantIT 206.50 2.70 226.30 168.02 2.86
220.9 -6.5 BGUSGROWTH 130.00 1.50 135.60 104.88 - 129.3 0.5 Abf Spl Inc 110.00 1.50 111.00 102.10 - - -
..USD $ 25.90 0.20 26.00 20.80 - 26.0 -0.4 The prices listed are indicative and believed accurate at the time of publication.
HenHigh 178.50 2.50 187.00 156.50 5.38 179.1 -0.3 MrchTst 483.00 5.00 540.00 431.00 5.32
477.9 1.1 BMO PvtEq 320.00 1.00 355.00 313.00 4.49 377.4 -15.2 JPM I&C 189.50 - 191.00 186.00 - - -
BiotechGth 702.00 2.00 854.00 596.00 - 755.1 -7.0 No offer is made by Morningstar or the FT. The FT does not warrant nor
HenInt Inc 162.50 3.00 170.50 149.00 3.32 159.7 1.8 Mid Wynd 542.00 10.00 545.00 454.00 1.02
530.2 2.2 Electra 360.50 -1.50 950.00 325.00 - 509.4 -29.2 JZ Capital 437.00 1.00 442.00 116.50 - - 483.7
BlckRCom 71.00 - 84.80 68.00 5.63 77.7 -8.6 guarantee that the information is reliable or complete. The FT does not accept
Hen Opp 1010.5 2.00 1142.3 654.00 2.03 1213.0 -16.7 Miton Globa 270.50 -2.00 290.00 249.00 275.3- -1.7 HVPE 1584 2.00 1628 1232 - - - UIL Limited 110.50 - 112.70 105.00 -17.1 -22.2 138.4
BlckRFrnt♦ 132.00 1.00 159.00 129.50 4.29 134.4 -1.8 responsibility and will not be liable for any loss arising from the reliance on
HenSmlr 855.00 3.00 986.00 724.00 2.22 944.4 -9.5 Monks 883.00 16.00 895.00 710.00 0.16
839.9 5.1 HgCapital 217.00 1.00 225.00 174.50 2.12 211.8 2.5 UILFn20 149.50 - 151.00 142.00 -78.8 - 154.9
BlckRGtEur 364.00 9.00 372.00 305.00 1.58 375.1 -3.0 or use of the information.
Herald 1354 28.00 1380 1055 - 1524.7 -11.2 MontanSm 968.00 6.00 990.00 796.30 0.88
1080.3 -10.4 ICG Ent Tr 880.00 1.00 900.00 782.00 2.95 1051.5 -16.3 UIL Finance 130.00 - 130.50 122.00 -34.1 -46.9 147.0
BlckR I&G 190.00 - 210.00 173.66 3.47 199.8 -4.9
HICL Infra♦ 157.00 0.40 170.30 139.50 5.03 - - Mur Inc♦ 842.00 20.00 844.00 700.00 3.95
865.3 -2.7 JZ Capital 477.00 -1.00 488.00 410.00 - 414.7 15.0 The London Share Service is a paid-for-print listing service and may not be
BlckRckLat 467.00 4.00 489.80 370.00 3.81 536.3 -12.9
BlckRckNrAm♦ 180.50 0.75 183.50 159.23 4.02 175.7 2.7 Highbridge 217.00 - 227.50 204.00 - 222.0 -2.3 Mur Int 1154 12.00 1212 1044 4.46
1151.4 0.2 NB PE Ptnr 1110 10.00 1150 968.00 - 1493.0 -25.7 Investment Companies - AIM fully representative of all LSE-listed companies. This service is available to all
Impax Env. 298.00 3.00 307.00 245.00 0.84 290.1 2.7 NewCtyEgy 16.50 - 17.25 9.00- - - Pantheon 2200 10.00 2225 1950 - 2600.9 -15.4 listed companies, subject to the Editor’s discretion. For new sales enquiries
BlckRSmlr♦ 1480 18.00 1600 1160 1.89 1494.8 -1.0 52 Week Dis(-)
Ind IT 549.00 9.00 810.00 460.00 1.09 568.6 -3.4 NewCityHY 59.10 0.40 63.60 54.70 7.50
54.7 8.0 PantheonR 1895 - 1911.25 1460 - - - please email stella.sorrentino@ft.com or call 020 7873 4012.
BlckRThrmt 544.00 2.00 578.00 431.00 1.75 571.9 -4.9 Price +/-Chg High Low Yld NAV or Pm
IGC 91.60 -1.00 101.50 72.60 - 100.9 -9.2 New Star IT 107.00 - 118.00 100.00 0.93
158.9 -32.7 PrincssPE €♦ 9.70 0.04 10.55 8.32 5.61 - -
BlckRWld♦ 345.00 3.50 417.50 317.50 4.52 395.1 -12.7 AbnFrntrMkt♦ 48.50 - 57.13 45.00 3.2 53.1 -8.7
IntBiotech 620.00 4.00 700.00 546.00 4.44 608.3 1.9 NorthAmer 1455 10.00 1505 1205 2.78
1459.7 -0.3 StdLfPv 345.00 -1.00 387.00 320.00 4.43 407.3 -15.3
BMO Cp&I♦ 317.50 0.50 345.00 275.00 3.48 319.2 -0.5
BMOGblSmlr 1338 8.00 1380 1210 1.08 1402.3 -4.6 Intl PP♦ 147.80 -0.40 163.60 140.00 4.68 144.6 2.2 NthAtSml 2995 -10.00 3080 26003879.2- -22.8 Discretionary Unit Fund Mngrs 52 Week Dis(-)
BB Biotech € 59.20 -0.20 65.40 48.60 5.0 - - Data provided by Morningstar
CrysAmber 216.00 - 239.12 187.70 2.3 225.6 -4.3
BMOMgdT 207.00 - 216.00 188.00 - 205.3 0.8 Inv AsiaTr 274.00 1.00 298.00 238.00 2.01 305.8 -10.4 Oryx Int 772.50 2.50 844.50 750.00 983.0- -21.4 (1000)F
Gresham Hou 1090 - 1100 830.00 1.6 1333.2 -18.2
BMOMgdT 135.00 - 137.40 118.05 4.26 133.0 1.5 Inv IncGro 266.00 1.50 295.00 240.00 4.19 319.0 -16.6 PacAsset♦ 297.00 - 301.56 233.11 0.88
293.8 1.1 Price +/-Chg High Low Yld NAV or Pm Infra India 2.20 -0.10 8.35 0.78 - 21.0 -89.5
BMO UK HIT 93.00 - 97.92 84.00 5.42 102.4 -9.2 IP EnInc 74.30 0.10 76.80 66.00 6.73 71.7 3.6 PacHorzn 315.50 -1.00 395.00 256.75 313.2- 0.7 Right &ISS 2030 - 2338 1065 1.53 - -
BMO UK HIT 93.50 - 97.00 84.00 4.05 102.4 -8.7 IPST BalR 139.00 - 141.89 129.00 - 139.4 -0.3 PerpInc&Gr♦ 313.50 1.00 367.50 298.50 4.53
356.1 -12.0
IPST Gbl Eq 197.00 0.50 214.00 182.00 3.45 202.0 -2.5 PerAsset 41650 100.00 41650 38850 1.34
40942. 1.7 Conventional - Property ICs 52 Week Dis(-)
BMO UK HIT 372.00 1.00 380.00 330.00 2.35 409.6 -9.2
IPST Mngd 101.50 - 103.00 101.00 - 104.9 -3.2 6 Price +/-Chg High Low Yld NAV or Pm
Brunner 801.00 17.00 818.00 680.00 2.27 879.5 -8.9
Caledonia I 3040 70.00 3060 2645 1.88 3607.5 -15.7 IPST UK Eq 173.50 - 186.99 154.00 3.78 175.3 -1.0 PolarHealth 210.00 - 230.00 197.50 0.95 252.3 -16.8 Direct Property www.morningstar.co.uk
IP UKSmall 523.00 5.00 540.00 425.00 4.02 544.4 -3.9 PolarFins 135.25 0.25 143.88 118.00 2.99 141.4 -4.3 Guide to FT Share Service
 18 ★ 8 June/9 June 2019

Twitter: @FTLex

Masters of tech
universe are at the
Beyond Meat:
mercy of US politics
all hit and no cattle The value of bosses: makes cents
Initial share price reaction to announcement about a chief executive (%)
Sell the sizzle! The old marketing
mantra is as powerful as ever. Beyond
Meat’s veggie burgers are pitched as a
Entertainment One
ThyssenKrupp
Mark Gordon*
Ulrich Lehner**
Michael Mackenzie
way to save a warming planet. Demand
is surging, according to Thursday’s
first-quarter results. After jumping
ABB
Reckitt Benckiser
Ulrich Spiesshofer
Rakesh Kapoor The Long View
about 30 per cent yesterday, shares in Aviva Mark Wilson

the Los Angeles-based company are
worth five times as much as at their
March debut. But not everyone buys
the story. Thirty-four per cent of the
free float is out on loan to short-sellers.
The sceptics do not deny the
popularity of plant-based products.
Beyond Meat, and its main rival
Impossible Foods, have done a good job
of mimicking the taste and texture of
meat. Along with an uptick in concerns
about the environment and animal
welfare, that is expanding the market
for vegetarian fare. But faux meat costs
more than the real thing. Costs need to
be reduced for the sector to achieve its
potential. Plant-based foods could be a
tenth of the $1.4tn world meat market
in a decade, says Barclays.
The biggest beef of the doubters
concerns the company’s ability to
withstand competition. Beyond Meat
says it is in a strong position because it
has avoided using genetically modified
products, a source of controversy
elsewhere. It also has a first-mover
advantage. It wants to capitalise on
that. Yet it is up against deep-pocketed
competitors, some with lower
operational costs. Nestlé and Tyson
Foods are among them.
The stock’s champions have the
fervour of tech evangelists. With an
enterprise value over 15 times
projected 2021 sales, its valuation is
nearly four times the average of other
consumer sector stars, says Jefferies. In
its earnings call, Beyond Meat
compared itself with other innovators:
Amazon, Tesla and Netflix. Its
ambition is admirable. The potential
market is vast. But just as the aroma of
a smoky barbecue draws crowds, so the
whiff of a large, profitable new product
class brings in competitors. To justify
the share price, a lot has to go right.
Facial recognition/China:
grin and bear it
Pandas are hard to tell apart, which
hampers conservation efforts. China
plans to use facial recognition software
to track these ambulant pyjama cases
in the wild. The technology is more
controversial when used by police and
business to watch people. Alibaba,
SenseTime and Megvii were among
Chinese groups using an experimental
database of 10m facial images
Microsoft deleted this week.
Cops in some big Chinese cities rely
on facial recognition systems to stop
thefts. Less palatably, security forces
use them to snoop on oppressed
Muslims in Xinjiang province.
China’s vast camera network has
been a springboard for facial
recognition at Huawei and Hikvision.
Two profitable Chinese unicorns,
SenseNets and Megvii, are catching up.
Their valuations exceed $4bn.
Facial recognition has benign uses
and was a good investment until
recently. But shares in Shenzhen-listed
Hikvision, for example, are off 45 per
cent from last year’s peak. They trade
on 20 times earnings, low for a tech
Intel Brian Krzanich
WPP
Sage
SSP
The Restaurant
Group
-10
Source: Bloomberg * President and Chief Content Officer ** Chairman
Is it possible top executives at listed
companies are not paid enough? That
is heretical stuff coming from Lex,
perhaps. Yet there is evidence that
asks us to evaluate bosses’ worth
differently. Take this week’s kerfuffle
over Mark Gordon, creative supremo
of Entertainment One, which owns
the Peppa Pig franchise. Reports that
he would resign, denied the next day
by the company, caused its market
value to swing wildly.
Share price reactions to executive
changes give a sense of how markets
perceive them. Shares in German
engineer Thyssenkrupp rose 9 per
cent when its chairman went last
year. The reaction may not come
right away. Gavin Patterson, the
beleaguered former chief executive of
BT Group, did not trigger an
immediate reaction when he left a
group. President Donald Trump has
threatened sanctions against the
business to match those on Huawei,
which he also sees as a security threat.
There is a wider backlash. San
Francisco has pre-emptively banned
police use of facial recognition systems.
These are vulnerable to hacking and
can be inaccurate. The boss of one
Chinese company was publicly shamed
for jaywalking after a camera
registered her face from an ad on the
side of a bus crossing an intersection.
Huawei continues to invest, recently
acquiring intellectual property rights
for $50m from Vocord, a Russian
surveillance tech group specialising in
face and licence plate recognition. Tech
investment is increasingly fraught with
dilemmas. No more so than in facial
recognition, whose links with
surveillance are hard to ignore. For
ethical businesses — and their investors
— it is a case of Know Your Customer,
rather than Know Your Panda.
Barnes & Noble/Elliott:
turning the page
A once antiseptic, corporate-backed
bookstore chain is to be transformed
into a new warm and cuddly local
merchant. And a hard-charging hedge
fund is going to make it happen.
Yesterday, Elliott Management, best
known for tormenting CEOs, said it
would acquire Barnes & Noble at a
transaction value of just under $700m.
Elliott in 2018 acquired Waterstones,
the UK bookseller chain in the middle
of a solid turnround. Elliott can now
wring out efficiencies from the pair as
well as apply lessons learnt in brick-
Martin Sorrell
Stephen Kelly
Kate Swann
Andy McCue
-5 0 5 10
year ago. Over the next six months
BT’s share price outperformed all its
European peers.
As for Mr Gordon, we might assess
his potential worth from the jump in
the company’s market value once
Entertainment One confirmed that
he would stay. Adjusting that for tax
and annualising, he should have been
paid £20m a year, a lot more than his
bosses make. The same calculation
suggests Kate Swann, erstwhile boss
of UK food services group SSP,
deserved about £23m annually. That
is more than triple her already
substantial pay in recent years. The
companies are of similar size.
High CEO pay always irks those on
smaller incomes. Investor reactions
when bosses quit suggest high
compensation is not always
egregious.
and-mortar retailing. Still, Elliott
remains a savvy financial player. Its
premium purchase price reflects only a
multiple of 4.5 times ebitda, a measure
of cash earnings.
Barnes has been through a dizzying
array of strategies in recent years.
Among its moves, it created an
ereader, Nook, that attracted such
investors such Microsoft, Liberty
Media and Pearson. In 2015 it spun-off
its legacy college bookstore chain. Its
locations tried to emphasise other
products besides books. Yet its steady
loss of sales never abated. And with
little hope of even a modest turnround,
public equity investors had no reason
to buy its stock besides a dividend that
cost an unsustainable $40m per year.
For a private owner like Elliott,
Barnes’ meaningful operating cash flow
reduces its risk. But it also believes that
the formula that has worked at
Waterstones — allowing local stores the
flexibility to operate with autonomy —
can be applied across the Atlantic. In
the most recent quarter, like-for-like
sales at Barnes increased by 1.1 per
cent, its best result in three years. In
2018, print book sales rose by 1.3 per
cent, according to research group NPD,
led by such blockbusters as the
Michelle Obama autobiography.
Should Elliott succeed in creating a
viable rival to Amazon, it will be a
formidable achievement. Executing a
complex operating turnround is
perhaps a tale worthy of hardback
treatment.
Lex on the web
For notes on today’s breaking
stories go to www.ft.com/lex
M
arkets are frequently
dominated by a herd
mentality. For all the cur-
rent and understandable
focus about the money
pouring into government bonds, the
core holding for equity investors, and
15 one that has knocked the performance
lights out over the past decade, is US
technology.
The most recent US quarterly filings
show that tech tops the list of hold-
ings among mutual funds and other
investors, while monthly surveys of
portfolio managers have long shown
the sector ranking among the largest
or most crowded holding within equi-
ties.
The dominance of tech in the S&P 500
explains why the US benchmark has
soundly eclipsed global equities in
recent years and has undercut the argu-
ment of many investors that a rotation
away from Wall Street and towards
cheaper markets elsewhere beckons at
some point.
In contrast with the S&P 500, the big
beasts in the UK FTSE 100 are energy
and commodity companies, while
industrials dominate Japan’s Nikkei 225.
Europe’s share markets are also depend-
ent on industrials and of course an
embattled banking sector.
Whenever prospects for these respec-
tive sectors brighten, it becomes a pow-
erful driver of performance for these
leading share markets. Given the dim-
ming outlook for the global economy
and faltering earnings growth, these
drivers look vulnerable.
For now, selling pressure is being con-
tained by the dramatic slide in leading
government bond yields and nurtured
by expectations for fiscal and monetary
stimulus.
The stunning drop in bond yields cer-
tainly reflects a pessimistic view of the
global economy’s long-term prospects
and suggests tech and US share market
leadership will not fade anytime soon.
As seen during the past decade, slum-
bering interest rates bolster the value of
future cash flows for companies, partic-
ularly those with pricing power and
expanding businesses. When yields
rise, like they briefly did late last year,
tech shares lose some of their “growth”
premium, and given their hefty weight
in the S&P 500, that becomes a signifi-
cant anchor dragging on the broad
market.
If you think the bond market has a
valid call about the direction of the
global and US economy, then a sus-
tained period of slumbering yields
only tilts the valuation argument in
favour of growth companies, led by
small, medium and, of course, the big
tech titans. This scenario has been
raised by some readers of The Long
View recently who believe that any dip
in the tech sector represents a buying
opportunity.
‘Some regulation is fine,
but too much could
threaten US pre-eminence
in new technologies’
That’s hard to dispute, but pressure
looms from two sources that clouds the
horizon for tech. A rising tide of trade
protectionism and discord between the
US and China has clearly hurt tech com-
panies and lately weighed against sup-
port from sharply lower bond yields.
This bears watching. The US 10-year
real yield — a barometer of future
growth expectations for the economy —
has dropped below 0.4 per cent, eyeing
its September 2017 nadir of 0.25 per
cent.
Courtesy of a hotter trade tempera-
ture, tech has duly accompanied car-
makers, semiconductors and industri-
als in the suffering stakes over the past
month, all sectors infused with complex
global supply chains.
And a new development only darkens
the long-term prospects for US tech.
Just as being tough with China finds
favour across Washington’s political
divide, going after big tech companies is
gaining traction as a 2020 election
pledge.
The threat of US antitrust scrutiny for
the likes of Apple, Facebook, Amazon
and Google comes at the worst time for a
sector that in the past has attracted buy-
ers of growth whenever the bond mar-
ket has issued a storm warning.
Those four behemoths alone account
for just over 11 per cent of the S&P 500
and also fund substantial research and
development for a host of technologies,
including artificial intelligence and
machine learning among others.
The political pressure on tech follows
that of healthcare, another major sector
that has already felt the heat from
Washington in recent months and duly
lagged behind the broad market. Both
sectors face tighter regulation. The
worry now for investors is whether
Washington brushes off the intense lob-
bying from the tech giants and goes too
far.
As Nicholas Colas at DataTrek noted
this week about the big four US tech
groups: “Some regulation is fine (and
these companies already know it is
coming), but too much could threat-
en US pre-eminence in new technolo-
gies.”
Such an outcome would also narrow
the performance gap between the US
and global markets, and not in a good
way. Gauging the political and regula-
tory winds over the next 18 months
presents yet another challenge for
investors among a host of pressing
macro issues that already require deft
navigational skills.
michael.mackenzie@ft.com

Today’s temperatures
PRESSURE LABELS
Amsterdam Rain 18 Malta Sun 32
1010
Athens Sun 33 Manila Fair 36
940
Bangkok Thunder 940 33 Melbourne Fair 19
5 5 Barcelona Sun
950 23 Mexico City Shower 27
32 950
27 Seoul Beijing Fair 32 Montreal Sun 22
LOW Beijing LOW 960 960
5 26 Berlin Sun 25 Moscow Fair 32
Tokyo Brussels Fair 17 Mumbai Fair 34
970 970
Islamabad 1010 28 Budapest Sun 29 Munich Fair 21
Shanghai 9 8 0 Sun 9 8 0
Buenos Aires 19 Nairobi Rain 23
Chicago Fair
990 990 24 New York Fair 26
Delhi Copenhagen Shower 19 Oslo Shower 18
Kolkata 34
Taipei 1 0 0 0 1 0 0 0 33 Paris Fair
Dallas Sun 19
32 32 Delhi Sun 43 Perth Shower 19
35 Hong Kong 1010 1010
Mumbai Hanoi 1010 Doha Sun 44 Prague Sun 22
32 Dubai Sun 1020 1020 41 Rio Sun 27
Yangon Dublin Shower 16 Rome Sun 27
36
33 Manila 1 0 3 0 1 0 3 0
Edinburgh Rain 12 San Francisco Sun 26
Bangkok
1040
Frankfurt Sun 22 1040 Seoul Fair 27
1010 34 Geneva Sun 23 Shanghai Fair 28
Ho Chi Minh City
Hamburg Fair 20 Singapore Thunder 31
Colombo Kuala Brunei
31 Hong Kong Fair 32 Stockholm Fair 25
32 Lumpur
Istanbul Sun 29 Sydney Cloudy 19
31 31 Jakarta Fair 33 Taipei Cloudy 34
Singapore
Johannesburg Sun 20 Tokyo Shower 26
30 00
5 32 Karachi Sun 37 Toronto Sun
00
21
00
Kuala Lumpur Thunder 32 Vancouver Fair 18
32 Kuwait Sun 48 Venice Sun 26
00
Lisbon Sun 2100 Vienna Sun 26
London Rain 18 Washington Fair 28
Forecasts by Los Angeles 00 Fair 25 Wellington Fair 12
00
Wind speed Luxembourg Cloudy 00 17 Yangon Thunder 32
in KPH Madrid Sun 31 Zurich Sun 22

FRONT SYMBOLS Scale:

ISOBAR BRUSH
MExx HIGH x = 63.5
COLD FRONT LINE
WARM FRONT LINE y = 63.5
OCCLUDED FRONT LINE
Saturday 8 June / Sunday 9 June 2019

Vaulting ambition The view from a spectacular Chinese library — PAGE 2

Follow us on Instagram @ft_weekend

from what it takes to win a big client.
Similarly, the stamina to keep going
when your legs have given up is the
same trait that powers investment ana-
lysts through 16-hour days.
Brad Hu, Citigroup’s chief risk officer,
was 49 when he discovered running
after being “backed into a marathon by
a friend”. He now does run streaks —
daily runs with minimum distances —
from Memorial Day to July 4, and
Thanksgiving to New Year’s Day. His
minimum distance is three miles, but he
goes out for as long as eight some days.
“If I have a race or a goal, I get locked
in, totally committed to the training pro-
gramme,” he says. How does that sit with
the demands and unpredictability that
surely come with running risk for one of
the world’s biggest banks? “There’s no
excuse,” says Hu. “It doesn’t matter if
you get home and it’s 10pm and it’s rain-
ing, you go out and do it . . . hell or high
water, I’m there. I run with lamps, all
thatcrazystuff.”
Gary Thompson, head of trading at
Vontobel Quality Growth, adopted a
similarly bloody-minded approach
when he was training for the gruelling
North Pole Marathon. For four months
starting last December, he rose at four
each morning, running through the
depths of Manhattan’s winter so he
could be at his desk by 6.30am.
John Wraith, UBS’s head of UK rates
strategy, ran a marathon every month
for 12 months straight last year, even as
his day job of predicting the future cost
of UK debt was made infinitely harder
by the wild ride that is Brexit.
Wraith completed his extraordinary
succession of marathons with a friend,
a City of London lawyer, to raise money
for four charities with which they have
a personal connection; these included
one focused on Downs syndrome (a
condition that Wraith’s son has).
Wraith said he opted for such an
extreme challenge because having
already done so many marathons, it
was harder to raise sponsorship.
Jacqueline Valouch, head of philan-
thropy for Deutsche Bank’s wealth man-
agement business, describes running as
“a part of my day that I’m unwilling to
sacrifice”. Running is popular with high-
achieving finance people, she says,
because they share “this very goal-set-
ting committed type of mind that says, ‘I
get up and I run. And if I have a meeting
that’s early, I’ll get up earlier and run.’ ”
Yet grit and determination can only
partly explain why bankers run — or
indeed why anyone runs. You also have
to want to do it. From my vantage point
writing about big global banks, I can see
many reasons why people working in
finance would want to run more now
than they ever have.
Rapid advances in everything from
machine learning to voice recognition
and computer modelling have brought
the industry to the cusp of a transform-
ational era. Bosses have so far mainly
spoken about the destruction of roles in
operational areas. In the long term,
though, just about all roles in finance are
potentially under threat, and so it
makes all the more sense for humans to
take part in activities that play to their
advantage over machines.
“Some of my best clients and I run
together,” says Ricardo Mora, a partner
at Goldman Sachs. “We’ll incorporate a
I’ve salvaged bad days
with good runs, savouring
the predictable ‘effort in,
results out’ nature of
the endeavour
breakfast meeting, get together for a
meal afterwards,” says the 22-time mar-
athon runner. As someone who has
done a few running meetings, I can see
how the shared endeavour would forge
deeper bonds than a drink or a meal.
Mora also runs with colleagues and is
one of the organisers of an annual event
for Goldman’s summer interns and
other runners at the bank. “For a junior
out of college looking for a job, it’s
another way for them to connect,” Mora
says. “One day they’re sitting at a desk
working with them, the next day at
5.30am they’re running the Brooklyn
Bridge with a managing director, a part-
ner, someone from the firm, running
alongside them.” Between 40 and 50
people join the run annually.
Hu says he tries “to run with col-
leagues in every city” when he travels —
something that I’ve done too, with
varying levels of success. On a trip to
Dublin, where Citigroup Europe is
based, he went running with Ireland’s
then junior finance minister Eoghan
Continued on page 18

Going the extra mile

Y
Marathon runner and US
banking editor Laura Noonan
on the complex appeal of
the world’s simplest form
of exercise — and why
Wall Street is hooked
ou must love running,” peo-
ple often comment when
they hear I’ve signed up for
another marathon or see me
leaving the office for a jog
along New York’s Hudson River path.
There are certainly many who do. Tim
Chichester, a teacher who has just won a
leg of the world’s biggest corporate race
in Rochester, New York, has no hesit-
ation when I ask what motivates him.
“I love it,” he says emphatically.
For the briefest of moments, standing
in the tunnel under Rochester’s minor
league baseball stadium where the
three-and-a-half-mile race finished, I
envy his unadulterated enjoyment more
than his ability to knock out a three-
minute kilometre. Despite having com-
pleted more than a dozen marathons, I
don’t “love” running in the straight-
forward sense. It’s closer to my relation-
ship with writing — I love having run.
From 30km in a category-5 typhoon
across Hong Kong island, to 30 minutes
on a sweltering Dubai evening, and all
the runs where things just haven’t
clicked, I have never finished a session
and wished I’d never set out. But there
were countless moments of frustration,
painandgeneralmiserytoo.
I think back to my time covering Ire-
land’s financial crisis for the country’s
biggest broadsheet, a daunting task for a
twenty-something journalist that could
occasionally weigh heavily. So I would
run, every morning I could, on a beach
just south of Dublin. I would watch
the sun rise on Sandymount’s vast
shoreline and I would feel insignificant,
gloriously so. I wasn’t the only one — Ire-
land’s then-financial regulator used
Main picture: to run that same beach most mornings.
Laura Noonan, On the worst day of my life, I ran
photographed twice, going out as fast and as hard as I
for the FT by could so that I could feel something
Shane Lavalette else, anything else. I’ve pounded the
at the JPMorgan pavement furiously after being
Corporate scooped on stories and botching inter-
Challenge this views. I’ve gone out long and steady
week in trying to find a better way to tell a
Rochester, NY story that just isn’t working. I’ve sal-
vaged bad days with good runs more
Below left: times than I can remember, savouring
Noonan huddles the predictable “effort in, results out”
with Jacqueline nature of the endeavour — so unlike
Valouch of journalism. And I’ve slumped into the
Deutsche Bank depths of despair when running isn’t
in a rainy going my way, even if all is well in the
Central Park rest of my world.
— Amy Lombard
This might sound like madness — and
I might share that view if I didn’t spend
so many of my waking hours covering
financial services, an industry full of
kindred spirits who share my complex
relationship with one of the world’s sim-
plest forms of exercise.
Every second banker I meet seems to
be either training for or recovering from
a marathon, or attempting a more ardu-
ous challenge. The industry’s zeal for
running isn’t just anecdotal — at the
starting line for the London Marathon
back in April, I had a one-in-10 shot of
stumbling across someone in finance,
rather than the one in 25 you would
expect given the proportion of the UK’s
population employed in the industry.
So what is it that binds running and
finance so tightly? The easy answer is
that both attract “type A” personali-
ties. The intense preparation that a
marathon demands isn’t that different
2 ★
Life
Eight reasons Tories
keep getting it wrong
Simon Kuper
Opening shot
A
nyone watching the
contest to become
British prime minister
has to wonder about
the cognitive skills of
many Conservative candidates. Put
simply: are these people stupid?
They include several Brexiters who
have put Brexit at risk by
repeatedly voting against real
existing Brexit. Now most of them
are promising to renegotiate the
UK’s withdrawal agreement with
the EU, even though the Europeans
insist they won’t renegotiate,
having already refused to do so
with Britain’s last two prime
ministers, Theresa May and David
Cameron. Plainly, the EU cannot
cave and give Britain a sweetheart
deal, or else every member state
would want one and the single
market would fall apart. Yet Labour
leader Jeremy Corbyn plans to
renegotiate, too.
Most Tory candidates also speak
cheerily of “no-deal Brexit” as if it
were an end state, and Britain could
live happily ever after in autarky,
sealed off from a continent with
which it has traded since the
Bronze Age (and where it
currently buys insulin and time-
sensitive cancer treatments).
Meanwhile, Conservative MPs,
the people choosing the
shortlist of two candidates,
keep making basic factual
errors about Brexit.
What explains the poor
cognition of Britain’s
governing class, which,
unlike voters, is
supposed to grapple
with policy detail?
Here are some
possible
explanations:
Many Tories are
cynics faking it.
They publicly back no
deal, knowing it would
be a disaster, but are
counting on the rest of
parliament to stop it.
They just want to sound
hard, because they live in
fear of deselection by their
hard-Brexiter local parties.
Harry Haysom
Tory MPs know that the
job market for ex-Tory
MPs is pretty weak.
The corollary: there is
no political
advantage in grasping reality if
your voters don’t. Steven Sloman,
cognitive scientist at Brown
University, points out that most
people cannot describe the
workings of a toilet. The EU and
the international trade system are
even trickier. Sloman says the only
way to handle complex issues is
to listen to experts. Politicians
sometimes did that, until populism
came along.
Widmerpoolism. Kenneth
Widmerpool, the creation of
English novelist Anthony Powell,
has become a byword for the blind
will to power. Educated at a school
modelled on Powell’s Eton,
Widmerpool builds a glittering
career (including a stint as MP) on
tireless, manipulative infighting.
Powell’s insight applies here: after
correcting for birth, power goes to
the people most committed to
getting it.
An inability to admit past error. If
you have supported Brexit for
years, you will look silly if you let
new information nuance your
views. Recall how Dominic Raab
was mocked for confessing he
“hadn’t quite understood the full
extent” of the UK’s dependence
on the Dover-Calais crossing for
trade. Karen Bradley received
similar treatment for
admitting that she only
discovered while Northern
Ireland secretary that
Northern Irish nationalists
“don’t vote for unionist
parties and vice versa”.
It’s safer for
politicians to be
consistently wrong.
If your genuine
beliefs contradict
reality, deny
reality. Tory MP
John Redwood is a
fanatical Brexiter. So
when he wrote that the
UK’s exit bill on leaving
the EU was “Zero.
Nothing. Zilch”, as if
Britain held all the cards,
he was forcing himself not
to see reality. A related
Tory trait is what the
French call volontarisme:
the notion that willpower
can change reality.
Denying reality proves
your fanaticism to
FTWeekend
other fanatics. Tory MP Daniel
Kawczynski tweeted in February:
“Britain helped to liberate half of
Europe . . . No Marshall Plan for us
only for Germany.” In fact, as
thousands of people swiftly told
him, Britain was the Plan’s largest
beneficiary. Yet Kawczynski stood
by his false claim for two weeks. By
holding firm against reality, he
signalled his loyalty to the cause.
Laziness. In the British gentleman-
dilettante tradition, many Tory
politicians leave boring detail to
civil servants. Added to that is the
callowness of today’s Tories, the
luckiest members of the luckiest
‘Most Tory candidates
also speak cheerily of
‘no-deal Brexit’ as if it
were an end state’
British generation in history. When
you know your class will always
prosper, you can afford airy
gambles. Hence Cameron’s bet that
a referendum would put the
European issue to bed, reunite the
Tory party and see off Nigel Farage.
Stupidity and ignorance. Some
people sound stupid or ignorant
because they are stupid or ignorant.
That could explain the Tory MP
Nadine Dorries’s complaint that
May’s deal would leave the UK
without MEPs after Brexit; or MP
Andrew Bridgen’s belief that
“English” people are entitled to ask
for an Irish passport (that Ireland is
a forgotten British possession
probably played a role too).
Ignorant people can succeed if
success depends on other,
unrelated qualities. Many
companies promote good-looking
people. The Tory party promotes
articulate public schoolboys.
In the classic essay “The Basic
Laws of Human Stupidity”, the late
Italian economic historian Carlo
Cipolla warned: “A stupid person is
more dangerous than a bandit.” He
explained: “Stupid people cause
losses to other people with no
counterpart of gains on their own
account. Thus society as a whole is
impoverished.” Let’s hope the next
prime minister is merely a bandit.
simon.kuper@ft.com; @KuperSimon
Scott Balmer
Bowled over by Binhai library
I write with uplifting commercial
news from China — at least for
publishers of sporting memoirs. I have
just been to an elegant new library east
of Beijing. Improbable as it sounds,
given China’s lack of a cricketing
tradition, on shelf after shelf you can
find the autobiographies of former
England cricketers. Not only that but
they are positioned close to the latest
collection of President Xi Jinping’s
speeches. All the books need now is
readers . . . I should explain.
Take a swish hour-long ride on the
high-speed train (cruising speed a
judder-free 310kph) towards the
coastal city of Tianjin, as I did last week
and jump off at Binhai New Area, one
of the debt-primed development zones
still springing up in China in the eternal
drive for growth. Stroll past the largely
unoccupied tower blocks that have
earned Binhai the optimistic sobriquet
“China’s Manhattan”. Skip over the
traffic-free highways and head to the
sparkling mall. There you will find
McDonald’s, Costa Coffee, a cultural
centre with an extraordinary stairway
decorated with projected images of
marine life — and the library.
The circular reading room spirals
into the sky, centred on a translucent
orb, narrowing gracefully at the top.
It is a tribute if nothing else to China’s
continuing vaulting ambitions. On the
bottom shelf I spied the memoirs of
England cricketers of a decade ago,
Marcus Trescothick and Matthew
Hoggard. I glanced up and saw the
same books on shelf after shelf. Only
then did I realise that many shelves
merely display copies of book covers.
Binhai is like a movie set. The mall is
all but deserted apart from boundlessly
courteous staff. It may be that in a few
years Binhai will be a triumph, and
hailed as another shining example of
the brilliance of central planning. This
is after all not Dublin or Madrid in
2008; there may be an economic
slowdown and tenants may be
reluctant to sign up, but the state banks
are not going to pull the plug.
For now, however, it is a ghost city.
The mall entrance has a display
cabinet exhibiting a riot policeman’s
kit, with shield, helmet and armoured
vest. It chimes with a big sign outside
Down ancestry lane . . .
Tech World DNA-based holidays? What are Airbnb
and 23andMe up to? By Sid Venkataramakrishnan
It sounds like the start of an episode
of Black Mirror. The consumer DNA-
testing company 23andMe announced
it was “teaming up” with Airbnb to con-
nect customers with their heritage: by
helping them go on holiday to where
their ancestors may have lived. Big
Data, it seems, can put you back in
touch with your roots.
The premise is simple enough. You
give a saliva sample to 23andMe, which
performs the testing. Large numbers of
genetic markers are compared with a
reference population, a genetic yard-
stick derived from public data sets and
23andMe’s own data. 23andMe sends
you the results, which indicate where
your forebears may have hailed from,
and a link to Airbnbs in those regions.
You make the trip and feel a connection
to kin who once pitched tents or
watered horses on the same spot.
Anne Wojcicki, 23andMe’s chief exec-
utive, says the tie-up will create oppor-
tunities for “deeply personal cultural
and travel experiences”. For those
unwilling to travel long distances, Air-
bnb suggests trying one of its local
“Experiences” — a Chinese calligraphy
class in San Francisco, for example.
Ancestry tourism is on the rise, fuelled
by £100 DNA tests and a plethora of
genealogy websites. A study of 8,000
BEIJING DIARY
ALEC RUSSELL
exhorting people to “Smash the black.
Root out evil.” The disciplinarian
messaging is especially resonant now,
as the trade war intensifies.
Assiduous readers of FT Weekend’s
Diary may notice I have taken it upon
myself to deliver an occasional audit of
how others view Britain in the age of
Brexit. My impression is that China
shares with South Africa and Romania,
my last two destinations, a bafflement
at how a country with a reputation for
such good sense can be in this political
mess. Of more concern to Westminster,
possibly, is that Beijing senses that
Brexit is something of an opportunity.
To invert its “win-win” foreign
policy mantra of recent years, the
Brexit “wins” appear to be all for
China: the European Union loses one
of its most robust members; a
traditionally interventionist global
force appears weakened; Hong Kong’s
most significant backer is diminished.
Win, win, win!
The trade war is of course rather
more serious for Beijing. America’s
move to blacklist Huawei is personal —
and for Huawei existential. The
telecoms company’s defenders hark
back to America’s stand-offs with
corporate Japan in the 1980s and
present the showdown as part of a
tradition of bullying by the US.
No surprise, then, that the Chinese
publishing hit of the season is a
translation of the French book Le piège
américain (“The American Trap”), the
account by a former executive of the
French transport company Alstom of
his battle with the US Department of
Justice. He spent two years in prison
for authorising bribes to Indonesian
officials but contends the investigation
people commissioned by Airbnb found
that over half of American respondents
had travelled to a country with which
they had ancestral connections. Airbnb
cites a 500 per cent increase in ancestry
tourism since 2014.
23andMe and Airbnb aren’t the first
in the game. Ancestry.com partnered up
with Go Ahead Tours in 2017, running
ancestry-based holidays for a primarily
North American audience. Their 10- to
14-day trips to Ireland, Scotland, Italy
and Germany cost about $3,500 to
$4,000. Packages include a pre-trip
family history review, visits to tourist
hotspots, accommodation and meals,
and a genealogist to offer insights into
heritage throughout the trip. Pay extra,
and you get a customised visit to the
place your ancestors apparently lived,
supported by genealogical research.
At a time when nationalists are win-
ning elections around the world, it is
easy to lose sight of the common human
thread in our double helix. If ancestry
tourism can combat that trend and
encourage learning about new cultures,
then that’s a positive outcome. The risk
that returning holidaymakers will bore
their friends with talk of “deep cultural
affinities” is a potential downside.
For would-be ancestry tourists, how-
ever, there are some significant caveats.
8 June/9 June 2019
was fuelled by America’s desire to help
General Electric win Alstom’s business.
The book has been spotted on the
desk of Huawei’s founder Ren Zhengfei
in the company HQ, where its narrative
is seen as echoing the plight of Ren’s
daughter, who is on bail in Canada
facing potential extradition to
America. My advice to the good
authorities of Binhai in their quest to
drum up more custom? Know your
market: cut back on the cricketers;
stock up on the outraged Frenchman!
I flew in to London just ahead of
Donald Trump. As the US president
drove to see the Queen on Monday
afternoon, after a trademark Twitter
tirade, I was up the road at Chatham
House saluting a world leader with a
rather different style — the late Kofi
Annan. How would he have mediated
between the US and China, I asked my
fellow panellist, Nader Mousavizadeh,
who was one of his aides when he was
UN secretary-general?
Nader recalled that Annan’s years at
the top came when China preferred to
stay on the sidelines. His “message
would be that this does not need to be
a zero-sum story. China’s rise need not
be at the cost of others.” The audience
of that most endangered of species,
old-school multilateralists, agreed.
I pulled a green baseball cap out of
my bag and donned it proudly,
explaining that “Farmer Kofi” had
given it to me when I travelled with
him in rural Tanzania in his post-UN
years. He liked to talk of management
as being a blend of farming and
engineering, I recalled — sound advice
for any organisation, not least the FT.
Annan’s emollient mien led to
charges of naivety. But in this age of
outrage from the Oval Office, his gentle
courtesy is surely missed. I read out his
response when I asked him the secret
of his self-control. “First of all you
develop self-insight and awareness.
You learn you can’t allow your temper
to flare up because you’re displeased
with something . . . Sometimes I walk
into a situation and know someone is
going to provoke me, and I just simply
refuse to be provoked.”
Simple, Mr Trump, surely . . .
Alec Russell is the editor of FT Weekend
Genetic tests are inevitably estimates
based on databases and algorithms. As
such, there’s a chance of forging a link
to a country from which you have no
ancestors. Because most genetic testing
to date has been carried out on people
of European descent, people with a dif-
ferent heritage may also receive less
specific results (23andMe says it is
committed to improving this).
To complicate matters further, as
databases grow, the results are likely to
change. When you first get back your
test, it might say you’re 25 per cent
southern Italian. After booking a trip to
Sardinia, you discover that’s dropped to
just 5 per cent. Because competing com-
panies use different methodologies, per-
centages can also vary between them.
Tracing ancestry may seem banal
when compared with the other side of
home genetics testing: health. For many
people, learning about their ancestry is
a fascinating experience, but it’s impor-
tant to accept that test kits have limit-
ations. People should also beware of
pigeonholing themselves on the basis of
their DNA. Travelling to Spain solely on
the basis of your genes may broaden
your mind — or it may amount to partial
reading of identity.
If you do take up ancestry tourism, try
not to get too emotional on your return
to the motherland. Better to recognise
that everyone’s DNA is inextricably
intertwined than to convince yourself
that the test proves how special you are.
Sid Venkataramakrishnan is
an FT leader writer
8 June/9 June 2019
Lunch with the FT Wolfgang Tillmans
‘This is a game that can
never be mastered’
Over white asparagus and strawberries
in Berlin, the acclaimed artist talks to
Tobias Buck about the politics of
beauty, drawing inspiration from acid
house — and why the Brexit vote felt
like a threat to his ‘entire way of life’
W
olfgang Tillmans hob-
bles towards me, his left
leg strapped into a
fearsome contraption
designed to allow his
broken bones and ligaments to heal.
He is mobile, but only just, reliant on
crutches to move around his studio, and
a wheelchair to cover longer distances.
Tillmans, it turns out, is recovering
from a serious car crash. For now, this
most light-footed of artists — a promi-
nent anti-Brexit campaigner whose
works have explored themes such as
dance, flight and space — finds his free-
dom of movement sharply constrained.
I have arranged to pick up Tillmans
from his studio in the Berlin district of
Kreuzberg, where he rents the first floor
of a 1930s department store with a nota-
ble Bohemian pedigree. Tillmans and
his 20-odd assistants occupy a succes-
sion of white, airy rooms. The largest
contains a vast model of the exhibition
space at the Museum of Modern Art in
New York, which is preparing a retro-
spective of his work; it seems destined
to confirm Tillmans as one of the most
celebrated artists living today.
The 50-year-old German is in shorts
and a purple T-shirt that proclaims in
bright pink letters: Votiamo insieme.
Votiamo per l’europa (“Let’s vote together.
Let’svoteforEurope”).Thesloganispart
of his pro-European political campaign
work, an increasingly important part of
his life in recent years. As we head for
the nearby restaurant, Tillmans is talk-
ative and scrupulously polite, equipped
with a disarming, slightly mischievous
grin that lights up his still-boyish face.
Our lunch venue is not without con-
troversy. Orania is an ambitious restau-
rant, known for its subtle blend of Ger-
man and Asian flavours, in a luxury
hotel on the leafy square that abuts Till-
mans’ studio. This is the formerly rough
heart of countercultural Kreuzberg, just
up the road from SO36, the most storied
punk club in Berlin. Like much of the
rest of the capital, the neighbourhood is
gentrifying rapidly, sparking angry —
and occasionally violent — opposition.
Orania is a highly charged symbol in
that battle. Several windows are shat-
tered by stones, other parts of the façade
are marked by paint-bomb splashes.
Tillmans seems keen not to pick sides
in this urban conflict. He says he chose
the restaurant because his broken leg
makes it hard to move farther afield,
and because it is quiet enough to allow
for a conversation. “Also, the people
here are really nice,” he says.
The waitress arrives with a clutch of
menus. Tillmans finds what he wants in
seconds. We are in the midst of
Spargelzeit, white asparagus season,
which exerts a near-mystical pull on
Germans. Tillmans and I are no excep-
tion, and we each order a plate of the
delicate vegetable, which is harvested in
Beelitz just outside Berlin, accompanied
by boiled potatoes, ham and Hollanda-
ise sauce. As a starter, he picks Orania’s
quirky take on a tomato and mozzarella
salad. I opt for grilled octopus with gin-
infused tomatoes.
As we wait for our first course, I ask
about Tillmans’ turn towards political
activism, which started with Brexit and
has since grown into something of a full-
blown campaign organisation that pro-
duces slogans, posters and T-shirts for a
variety of events, including the May 26
European election.
“What changed is that I suddenly saw
my whole world and my entire way of
life under threat,” he responds. “Friend-
ship between the peoples of Europe is of
absolutely central importance to me. It
is the basis of the freedom and prosper-
ity that we enjoy, and I wanted to do
whatever I could to preserve that.”
I
t is easy to see why Brexit matters
so deeply to Tillmans. Born and
raised in the small town of Rem-
scheid in West Germany, he moved
to England in his early twenties
and lived there for more than a quarter
of a century. Today he spends most of
his time in Berlin but keeps a smaller
studio in London. “I didn’t leave
Germany because I felt I had to leave
something behind. I left because I saw
★ FTWeekend
something positive in England . . . I
R E STAU R A N T found something in England that
ORANIA touched me, but I also never wanted to
Oranienplatz 17, leave behind my Germanness.”
10999 Berlin He emerged on the scene in the early
1990s, publishing photos of young rav-
Tomato and ers as well as strangely subversive fash-
mozzarella salad €10
ion shoots in magazines such as i-D. In
Pulpo salad €9 the years since, Tillmans has built up a
White asparagus €18 body of work that is instantly recognisa-
White asparagus and ble yet fiendishly hard to summarise or
ham €24 define. Hours into our lunch, he offers
Marinated strawberries €14
an attempt of his own, saying he wants
to “make pictures that talk about what it
Sparkling water €6 feels like to be alive today”. The phrase
Glass of Riesling (Nik Weis, captures the scale of his ambition, but
St Urbans-Hof, 2017) €7 also the difficulty faced by anyone look-
Double espresso €3 ing for a simple key to his work.
Espresso macchiato €2.50 Tillmans’ decision to venture into the
political arena may be new, but his art
Total (excl tip) €93.50
has been political from the start, he
says. “The acid house and house music
revolution in the late 1980s and early
1990s seemed highly political to me.
People were trying out a new utopian
form of living together, between women
and men, a new approach to sexual-
ity . . . That is something I wanted to
amplify. Photography was an amplifier
and it still is today.”
In Tillmans’ mind, the political lurks
everywhere, even — or perhaps espe-
cially — in the superficially beautiful.
“Beauty is what society deems to be
worthwhile or desirable. Ugly is what
society deems to be non-desirable. If
you take the example of two men kiss-
ing, that is a picture I can find beautiful
even if someone else is disgusted by it.”
The irony, of course, is that the recent
surge in rightwing and nationalist senti-
ment across Europe is at least in part a
backlash against the cultural and social
shifts that Tillmans was documenting at
the time. “This has to do with men and it
has to do with sexuality,” he says of the
current political tides. “We are living in
a moment when, at least in some parts
of the world, equality between men and
women and attitudes towards different
sexual identities have reached a level
that some regard with abhorrence. And
there is an authoritarian part of society
— mostly men, of course — who have
seen society move in this direction for
decades and who hate it.”
We have made swift work of our start-
ers — both delicious — and are halfway
through our plates of asparagus when
the conversation shifts back from Till-
mans’ politics to his art, which is far
broader in scope than many of his casual
admirers realise. In some of his best-
known photographs, Tillmans tries to
draw meaning and beauty from the
seemingly mundane: apples and pota-
toes on a window sill, a folded piece of
paper, the wing of an aeroplane, a fly sit-
ting atop a pile of crab shells. He has also
devoted long stretches of his career to
abstraction, using chemicals, light and
photographic paper to produce works of
pure colour and movement.
In 2000, he became the first photog-
rapher and the first non-Briton to win
the Turner Prize. Yet Tillmans insists
that he is no photographer. Indeed,
some of his earliest work was produced
with nothing more than a photocopier.
He has returned to this humble
machine time and again since, including
in the works that make up part of Till-
mans’ current solo show at Maureen
Paley in London.
I ask him about the now-famous pic-
ture that apparently marked his begin-
ning as an artist: taken during a beach
holiday in Lacanau, France, it resulted
from Tillmans pointing the camera
downwards into the sand, creating an
almost abstract image that includes bits
of his leg, a swath of pink fabric and
black Adidas shorts. He was 18 at the
time. It could have stayed an experi-
mental holiday snap, except — as Till-
mans realised when he put together one
of his first major exhibitions a decade
later — it was not.
“What made it special was that it was
an immediate moment of self-
perception. It was a moment of doing
something and reflecting it at the same
time. It was also a moment of doing
something irrational, and doing it so
consciously,” he tells me. The picture,
Tillmans decided, belonged in the exhi-
bition. Today, it forms part of the MoMA
collection in New York.
“That is one definition of art: to do
something that shouldn’t be done, to do
something that others shouldn’t see you
do. But when you do all this on purpose,
it no longer works. Then it becomes arti-
ficial,” he adds. Tillmans has wrestled
with these questions for more than 30
years but insists there can never be a
formula. “This is a game that — unfortu-
nately, thankfully — can never be mas-
tered,” he concludes.
Tillmans has decided against wine,
leaving me to drink a glass of crisp Ries-
ling on my own. I am tempted to order
another but decide a clear head is pref-
erable. Even in a state of sobriety, I find
Tillmans’ thoughts are not always easy
to follow. He speaks slowly and care-
fully, stopping frequently along the way
to offer a clarification or correction,
though occasionally he soars to levels of
abstraction that leave me slightly bewil-
dered. There is also, I realise, an inher-
ent contradiction between my desire to
nail down precisely the meaning of Till-
mans’ work, and his determination to
leave room for uncertainty, interpreta-
tion and association. As he remarks at
one point, “don’t kill it by naming it”.
O
ne thing that comes across
clearly, however, is Till-
mans’ fascination with
questions that have
become increasingly acute
in today’s world of total image satura-
tion: What makes a picture? When does
a picture become possible? And how can
a mechanically produced picture — that
has never even been touched by the
hand of the artist — still be charged with
meaning and emotion?
For Tillmans, one response has been
to look at the ephemeral, and to “extract
great impact from very fragile things”.
At other times, his answer has been
autobiographical. Indeed, among the
many highly charged pictures that Till-
mans has made over the years, two
stand out for their painful personal con-
notation. “Forever Fortresses” dates
from 1997 and shows two hands clasped
on a hospital bed. One looks healthy and
belongs to Tillmans himself. The other
— pale and thin, the thumb attached to a
pulse oximeter — belongs to Jochen
Klein, a German artist and Tillmans’
partner at the time. The picture was
taken just hours before Klein’s death, of
Aids-related pneumonia.
“It is not normal to take a picture like
this — on the hospital bed, on the day
Jochen died. But it seems I had to do
it,” Tillmans recalls. “It shows a
moment of devastation in my life but it
is a quiet picture, a moment of sad-
ness that is absolutely truthful.
If you know how to read it you
cannot avoid feeling a lump in
your throat, even if you don’t
know exactly what it shows. It
is clear that something serious
is happening.”
The second picture I want to ask
Tillmans about was taken long
after “Forever Fortresses” but is
closely related. It is called “17 years’
supply” and shows a large cardboard
box filled with empty pharmaceutical
packages. The drugs they once con-
tained were taken by Tillmans as part of
his own HIV treatment and to prevent
the outbreak of the disease that robbed
him of his partner 17 years earlier.
“I kept those packages out of respect
and fascination for modern pharmacol-
ogy. I am of course extremely grateful
for the British and American companies
that make these drugs that keep me
alive. But I am also curious about the
substances, and what these substances
3
Life
do in my body to keep it from falling ill,”
Tillmans explains.
Once again, he sees an unmistakable
political connection. “This picture also
marks the arrival of HIV in the group of
treatable diseases. The fear of death,
that was so pervasive for people in the
1980s, is no longer there — as long as
these medicines exist and are taken reg-
ularly. But if those medicines are no
longer made and paid for, then my life is
over. So this is a very existential ques-
tion for me.”
We have been speaking for almost
three hours. Tillmans’ appetite — for
conversation, for ideas and for food —
has turned out to be prodigious. Our
desserts (a luscious combination of
marinated strawberries and cream)
have come and gone, our coffee cups are
drained. We have covered vast and var-
ied ground: from the role that Bronski
Beat’s music in the early 1980s played in
his coming out, to the awkwardness of
photographing seafood on a park bench
in Tasmania. He has tried to explain
the order behind his seemingly disor-
derly manner of hanging pictures, and
the difference between a loud but small
image and a quiet but large one. I think
with regret of all the questions that are
still on my list, but Tillmans is already
running late for an appointment with
his physiotherapist.
I pay the bill. Tillmans settles into his
wheelchair, and I push my guest back
across Oranienplatz, drenched in mild
‘It is not normal to take
a picture like this — on
the hospital bed, on the
day Jochen died. But it
seems I had to do it’
late afternoon sun. We have almost
reached his studio when Tillmans asks
me to stop and wheel him back a few
metres. He has seen something that is of
interest: a patch of recently laid pave-
ment, still dusted with fresh sand.
The spot, Tillmans tells me, was occu-
pied until recently by a Litfaßsäule, one
of the Berlin advertising columns that
were once ubiquitous across the city but
which are now gradually being disman-
tled. Armed with that knowledge, the
unremarkable scene before our eyes
suddenly takes on a different character:
we are looking at a former hub of infor-
mation that has now fallen silent.
He gets out his mobile phone and
takes a few pictures. “Das muss man
dokumentieren,” he says matter-of-
factly. That has to be documented.
A few minutes later Tillmans is back
in his studio, and I am left to ponder an
unexpected question: Did I just witness
the making of an enduring work of art?
Or will the pavement picture be swiftly
filed away, never to reappear? I suspect
it is the latter, but with Tillmans you can
never be sure. If there is one lesson that
can be drawn from his art, it is that pic-
tures — beautiful, meaningful, unfor-
gettable pictures — can emerge when
we least expect them, and in the most
unlikely of places.
Tobias Buck is the FT’s Berlin
correspondent
4 ★
Style
What to wear
to the races
Shopping | Its rules are the source of acute sartorial anxiety, but
follow these simple guidelines and dressing for Royal Ascot
will be a breeze, says race-day obsessive Flora Macdonald Johnston
M
y favourite event of the
year is fast approaching:
the week I look forward
to for months in advance
and mourn the moment
it’s over. Royal Ascot race week is nearly
here. Why do I love it so? Because the
dress code, which has been maintained
since the Ascot Racecourse was founded
by Queen Anne in 1711, provides one of
the trickiest and, to my mind, most
thrilling of sartorial challenges.
For men, as is so often the case, the
wardrobe is simple: within the Royal
Enclosure you must wear a morning
coat, waistcoat and top hat (of brushed
rabbit fur if you really know your stuff).
For women, the code is punishingly
stringent: no dress can be more than one
inch above the knee, shoulder straps
must measure an inch or more (spa-
ghetti straps are forbidden) and a suit
must be of a homogeneous colour and
fabric. If that hasn’t already sent your
anxiety levels racing, you must also nav-
igate that compulsory and most crucial
accessory: the hat. With seven Ascots
under my belt, however, I have finally
cracked the code. Here is my essential
guide to what to wear to the races.
Be bold, but stay covered
Contrary to popular belief, I say pick
your outfit first as this will help you with
your hat. In terms of tone, think sum-
mer wedding attire and then multiply
that by 10. Ascot should offer ample
opportunity for experimentation but
beware of too much exposure.
Italian-born London-based designer
Alessandra Rich’s sensible silhouettes
and sleeve-lengths have made her the
go-to designer for any royal occasion;
Boys on tour — why the menswear shows are going global
Shows | The men’s SS20
season has started, but the
big names are going off
schedule. Alexander Fury
gets on the brand wagon
O
n Wednesday in Shanghai
— a city that, with 26.32m
inhabitants, is the most
populous in the world and
the centre of the world’s
second-largest economy — Miuccia
Prada was holed up in a hotel finalising
preparations for the Spring/Summer
2020 Prada menswear show: the first to
be debuted outside of the label’s home
city of Milan.
Meanwhile, across the globe in Los
Angeles, Anthony Vaccarello was pre-
paring a menswear show for the Paris-
ian house of Saint Laurent, where he is
creative director. It was the second time
Vaccarello has elected to present a
men’s-only show, and both have been in
North America.
Both designers chose to eschew the
established menswear weeks and cities
(London, Milan, Paris) that typically
map out the menswear schedule. In
doing so, they kick-started the season
without any competition for attention
her polka-dot navy dress with prim
starched-white collar has been worn by
everyone, from the Duchess of Cam-
bridge to supermodel Christie Brinkley.
Her Spring/Summer 19 collection has
plenty of Ascot-worthy options,
including a lemon-drop yellow, floor-
length tweed dress (£807, moda-
operandi.com) and an update on the
navy dress, now with navy collar and
diamante collar clips (£1,665,
mytheresa.com).
Have a little flutter
Frills are fabulous and surprisingly flat-
tering. London-based Erdem Morali-
oglu offers great examples in his Victori-
ana-themed SS19 collection, which fea-
tures dozens of dresses with ruched
bodices, frilly hemlines, ruffled skirts
and sheer sleeves (from £1,050, erdem.
com). Alexander McQueen also has a
soft ruffled knit dress with tiered skirt
and a V-shaped neckline (£4,195, alex-
andermcqueen.com). Want an edgier
look? Preen by Thornton Bregazzi has a
highly desirable take on 1990s grunge
nostalgia with ruched, floral print
dresses that drop below the knee (from
£650, preenbythorntonbregazzi.com).
Colour is king
Ascot is a celebratory day so wear some-
thing bright. If you’re not distracting the
horses with your shocking shades,
you’re not colourful enough. Since
launching her eponymous brand in
2008, Indian designer Saloni Lodha’s
extremely wearable shapes and afforda-
ble pricing (£435-£850, salonilondon.
com) have made her a favourite among
the fashion crowd. Her current collec-
tion features dresses with pops of neon
bar each other: in a scheduling snafu,
they both took place on the same date.
“I wanted to show menswear differ-
ently, outside the frenetic rhythm of
Paris Fashion Week,” says Vaccarello
about his decision to step away from the
schedule. “All those shows one after the
other makes me feel a bit depressed.
Why should I run after what the market
decided a long time ago? Who decided
men’s should show twice a year?” And
who can dictate a schedule to two of the
largest fashion brands in the world?
Saint Laurent is set to break €2bn in
turnover this year; in March the Prada
group announced a rise in annual reve-
nues to €3.14bn.
Globe-trotting fashion shows are by
no means a new idea. Womenswear has
been showing off-piste for several years,
specifically for pre-collections, those
interim ranges that are generally pre-
sented without muss or fuss around
May and December and which make up
a brand’s commercial core.
For brands that can afford it, showing
outside of fashion weeks makes sense.
This year, fashion data analytics pro-
vider Launchmetrics published a report
charting the media impact of men’s
fashion weeks in terms of the value of
the publicity they generated — an indi-
cation of return on investment. Milan
and Florence’s menswear showcases,
FTWeekend
Royall A
Ascot
scoot
do’s and don’ts
Do
c Wear a fabulously mad hat
c Keep it covered — wear a dress
to below or just above the knee
c Wear eye-popping brights and
embrace pattern
c If wearing a headpiece, the base
should be no less than 4in (10cm)
c Wear a full-length trouser suit of
matching colour and material
c Bring spare bad weather shoes
Don’t
c Show midriff
c Have dress straps less than 1in
(2.5cm) wide
c Wear pin-thin stiletto heels
c Wear a fascinator (ever)
Flora wears, from top left: Galvan
jumpsuit, £1,095; Preen by Thornton
Bregazzi dress, £1,275, with Roger
Vivier shoes, £1,350; Raey dress,
£595; Dolce & Gabbana suit, £2,575.
All hats by Awon Golding, £POA.
Photographed for the FT by Gabby
Laurent in Awon Golding’s studio
combined, topped out with a value of
€57.8m; Paris came in at €49.4m. By
contrast, the AW19 Paris womenswear
shows charted a media value of approxi-
mately €115m, as much as all the men’s
shows combined.
Taking menswear on the road is a logi-
cal next step. The first show was staged
by Saint Laurent under Hedi Slimane in
2016, when the label first decamped to
Los Angeles — it was then Slimane’s
home. In November, Kim Jones and Dior
staged the first destination men’s show
for pre-fall in Tokyo. And Domenico
Dolce and Stefano Gabbana have intro-
duced Alta Sartoria, the bejewelled, be-
furred men’s counterpart to the hand-
made women’s Alta Moda range, when
staging their extravagant multiple-day
foreign fêtes.
Designers don’t often talk shop when
discussing shows like this. When I ask
Vaccarello if there is a business consid-
eration to this show, his answer is defini-
tive. “Not at all. I never think about
‘market expectations’.” Vaccarello’s is
the official line — something repeated
by multiple designers and countless
chief executives when discussing travel
around the women’s pre-collection
shows. Yet there is obviously a business,
as well as logistical, consideration. The
choice of locations for these menswear
shows feels strategic. Los Angeles can be
necklines and accentuated shoulders,
and most or all of her designs are mid-
length, perfect for anyone who wants to
stay playful but stay covered.
Etailer MatchesFashion’s own brand
Raey is also offering a series of flattering
floor-length, asymmetrical cowl-neck
dresses in 1970s acid shades (£595,
matchesfashion.com). Or, what about a
Lebanese inspired kaftan-style dress by
Beirut-based fashion house Sandra
Mansour? Available in deep reds, bright
white and mustard yellows, these are
demure without seeming dowdy. I espe-
cially like her silk “serviette de plage”
kaftan, covered in block rows of shim-
mering fire-engine red sequins ($2,335,
sandramansour.com).
Join the suits
Suits (and jumpsuits) are an ideal solu-
tion for those who enjoy a little more
structure to their outfits, or want to try
a non-traditional route. Suits must be
full-length (no shorts) and of a single
colour and fabric. But remember, one of
the best aspects of Ascot is that more
is more. Gucci currently has a Mick Jag-
ger worthy rock’n’roll pink floral bro-
cade suit with nipped waist and flared
trousers (£4,150, net-a-porter.com);
Lennon Gallagher, son
of the Oasis singer
Liam, wearing Saint
Laurent menswear
SS20 in an exclusive
image shot for the FT
Spanish ready-to-wear brand Uterqüe
offers a lime-green wrap-front blazer
and trousers (£269, uterque.com),
while the shocking pink suit with high-
waisted, carrot-shape trousers (£1,385,
matchesfashion.com) by Italian brand
The Attico will stop folk — and possibly
the horses — in their tracks.
Be a mad hatter
I have worn all kinds of millinery to
Ascot, from a fluffy cream bucket hat
from urbanwear brand Kangol (that
cost me £3 from a charity shop in Leeds)
to a beautiful wide-brimmed Chinese
inspired doulì (a traditional rice hat)
covered in black roses from London-
based hatters Lock & Co. But lately I’ve
decided, the bolder the better.
“Ascot is the pinnacle of the hat wear-
ing calendar,” says Hong-Korn born,
London-based milliner Awon Golding
whose bespoke creations start at £450
and take four to six weeks to make
(awongolding.com). “You can afford to
be more flamboyant.”
Golding, who launched her epony-
mous label five years ago, describes her
hats as “playful, fresh and modern”. You
can spot her creations a mile away: hair-
bands explode into candy-coloured fire-
works that suspend above the head,
tied to the identity of Saint
Laurent: “You can breathe
a ‘douceur de vivre’ that I can
only compare to Marra-
kesh back in time,” says
Vaccarello. “Now Marra-
kesh has been overused,
becoming the city of
ghosts. LA is the Marra-
kesh of today.”
Marrakesh was of course
where Yves Saint Laurent
hung out to be inspired (it’s
also where Dior showed its
latest resort show, so that
was perhaps a barbed com-
ment). But Los Angeles is
very Saint Laurent circa
now — its most recent
advertising campaign fea-
tures the Hollywood actor
Keanu Reeves. Showing on
his doorstep (as well as the
doorstep of a multitude of
his cohorts) makes for
good attendance figures.
And media impact.
North America is also a vital market
in luxury — the largest, indeed.
Although global growth in the market
fell this year, according to McKinsey’s
Global Fashion index, from 4-5 per cent
in 2018 to 3.5-4.5, North America is still
a pocket of optimism when it comes to
8 June/9 June 2019
veils are covered in shooting stars, and
Golding “loves” a sculptural turban. Her
tips for hat newbies: “If you are short try
to avoid large brimmed hats and choose
one with a slight uplift to its design to
increase the appearance of height. If you
have a large face, like mine, you can go
very big with your hat and have an
accentuated brim.”
Similarly expressive looks can be
found via Ireland-based milliner Mar-
tha Lynn. Her designs, part Leigh Bow-
ery, part pop-art with geometric lines,
electric yellows, reds and blues, give any
outfit that oomph (from £225 for com-
missions, marthalynnmillinery.com).
Another up-and-coming milliner,
Bundle MacLaren, offers a playful take
on hats, specialising in disk shapes (a
flattering shape for those with rounder
faces) embellished with bright feathers
and swirling tendrils of flowers (from
£130, bundlemaclaren.co.uk).
You can always bank on a boater
Hesitant about your hat? There is a con-
sensus among many milliners that a
boater works for all ages and faces, and
looks both classic and modern. Rachel
Trevor-Morgan (who created the mint
hat worn by the Queen to meet Donald
Trump this week) does traditional boat-
ers with a twist, from plain straw varia-
tions to those decorated with colourful
bows (from £406, racheltrevormor-
gan.com). If wearing a suit with power
shoulders, go for a theatrical boater by
Saint Laurent; its tall black grosgrain
design with ribbon trim frames the
crown and is sure to bring the drama
(£520, saintlaurent.com).
Still unsure? Golding has some advice:
“Whenever I try hats with customers,
it’s usually the first hat that they pick
which they walk away with. Trust
your instincts and you will feel confi-
dent all day.”
Bring spare shoes
There are no rules about footwear
except to use common sense and wear
grass-friendly shoes. If you like your
heels high, avoid ground sinkage by
choosing those like Roger Vivier’s cou-
ture pink satin pumps with rhinestone,
pearl and crystal appliqués (£870, rog-
ervivier.com) that give the illusion of
being a pin-thin stilettos but splay a lit-
tle at the base. Jacquemus does a geo-
metric pointed pump in golden suede
that will work with almost any outfit
and are insanely comfortable (£529, far-
fetch.co.uk), and Sies Marjan’s ruby red
satin sculpted heels have an ankle strap
for stability (£637, siesmarjan.com).
But whatever you do, always bring a
pair of bad weather shoes. I’ll be taking
my Loewe zip-up black ankle boots with
rubber tread soles (£495, loewe.com)
just in case the heavens open. They look
particularly good when worn with an
ankle skimming dress.
premium and luxury segments. That
said, North America is set to be super-
seded this year by Greater China,
according to McKinsey. It marks a major
shift in the industry.
“Now the world is one, and I decided
to face it,” said Miuccia Prada of her
SS20 Shanghai show, which bore no
direct imprint of China in its inspira-
tion. “It’s an instinctive choice.”
Her instincts were, evidently, right.
China accounts for about 30 per cent of
the worldwide luxury market, and
Prada has previously restaged shows
there to appeal to customers, as well as
establishing Rong Zhai, a culture and art
space inaugurated with one of those
restaged shows in October 2017.
Miuccia Prada generally likes to show
“at home”. Last month she showed her
2020 resort womenswear collection in
the company’s New York offices, a
former Piano Factory redesigned by
Herzog & de Meuron. In Shanghai, she
showed in the concrete enclaves of a gar-
gantuan disused grain silo transformed
for the evening by Rem Koolhaas.
That underscores the primary goal:
not just to show in a different country,
but to show a different (branded) world,
of their own creation. That is the draw
behind these excursions; the ability to
make a mark, weave a dream, and hope-
fully make people buy into it.
8 June/9 June 2019
The pin-up princess
Biography | Model, actress, artist, socialite, seductress —
Ira von Fürstenberg, the aristocratic subject of
Nicholas Foulkes’ new book, is everything but conventional
L
ike the waves and troughs of a
runaway heart monitor in a
particularly dramatic episode
of Casualty, the life of Her
Serene Highness Princess Vir-
ginia Caroline Theresa Pancrazia Gal-
dina zu Fürstenberg (mercifully known
as Ira) conforms to no conventional arc.
Indeed it is hard to think of anything
conventional about the 79-year-old sub-
ject of my latest book. As rich as she is
aristocratic — her father was a prince,
her mother an Agnelli — she became
famous as a child bride, married to Mar-
bella Club founder Prince Alfonso von
Hohenlohe. After a second failed mar-
riage, to a notorious Brazilian playboy,
she pursued her love affairs unfettered
by marriage. A woman of numerous
incarnations, she has been a Vreeland
Vogue model, a movie star, a fashion
industry executive and much else.
Even today she remains magnetic.
She is the definition of a moving target:
when not lunching with cardinals in
Rome, where she has an apartment, or
overseeing work at her new house in
Madrid, she could be anywhere from
Chatsworth to the presidential palace of
the Ivory Coast, though she is seldom in
one place for more than five days. Talk-
ing to her is to play linguistic roulette.
Over lunch in the vineyard of the Anda-
lucían monastery she has restored, she
will speak to me in English; receive a call
during which she flips between Italian,
French and German; summon the next
course in Spanish; and resume her con-
versation with me . . . all in the same
husky voice, liberally sprinkled with the
word “darling”.
She admits that she was not cut out for
motherhood or matrimony. “I am not
of the world of today, let’s be very
frank, I came from another era,” she
says, by which she means the era of
glamour and gracious living embodied
by women such as her aunt Marella
Agnelli, or the late princess-
turned-actress Lee
Radziwill or style queen
Gloria Guinness. But she
is not just from another
time, she is a visitor from
several other times: living
a life that has taken her
from the fag-end of the
courtly world of the patch-
work of kingdoms, princi-
palities and duchies that
were scattered across what is
now Germany, Austria and
Hungary, to the birth of the
celebrity culture that has
come to dominate life today.
A Junoesque trouser-suited
woman, the confident set of her
features framed by salon-per-
fect tumbling ash-blonde hair, it
is hard to detect the vulnerabil-
ity in her features captured by Cecil Bea-
ton when he photographed her as a 15-
year-old, her big eyes peeping tenta-
tively out from beneath a fringe of long
lashes. Brought up in a Venetian palazzo
and dressed in couture since childhood,
by the time this picture was taken she
had already modelled for Emilio Pucci
(a family friend, of course), and
enslaved a dashing prince who had
glimpsed her across a crowded palace
ballroom.
Unsettlingly, she was 15 while Prince
Alfonso von Hohenlohe, with his Errol
Flynn moustache and slicked-back hair,
was 31. Three family conclaves and one
papal dispensation later, with what
seemed like the entire population of
Venice lining the canals and bridges, she
and Alfonso married in the presence of
the world’s newsreels and newspapers.
“It was the most glamorous event Ven-
ice had witnessed for centuries,” trilled
British Movietone News. “She is Prin-
cess Pin-up Number One,” gushed the
Daily Express.
From a distance of 65 years Ira ration-
alises the union unsentimentally. “I was
curious, like I am still today; I thought I
would meet more new people and expe-
rience a new world.”
Her honeymoon delivered. Arriving
in New York, Salvador Dalí asked if he
could paint her nude: her husband
refused. In Los Angeles Gary Cooper
gave the newlyweds a party where she
danced with Frank Sinatra. Then it was
on to Acapulco before settling in Mexico
City, where Alfonso was establishing
himself as a businessman. Two children
in swift succession failed to provide the
glue to hold the crumbling marriage
together and she left her husband for
the spectacularly named Baby Pigna-
tari, who looked like Victor Mature,
spent like Croesus and was hailed by
Life Magazine as the “new no 1 playboy”.
★ FTWeekend
One of the richest men in South
America, he piloted his own planes and
crashed cars for fun.
Thus began Ira’s new life as the wife of
a Latin American industrialist with
duties including commissioning Oscar
Niemeyer to design the marital home;
From top: Ira but the marriage did not last long
von Fürstenberg enough for it to be built. Much of their
before her time together was consumed by trips to
wedding in 1955; Europe to try and locate her children
as a child; and who were being hidden by their father.
preparing for “[Baby] had this obsession with these
her wedding in children,” she says, “and he kept on say-
Venice — Mondadori ing to me, ‘You’ve got to get these chil-
Portfolio via Getty Images;
Gamma-Rapho
dren back. I will give them back to you.’
He never succeeded.” It was while on
one of these fruitless hunts that she
received a telegram summoning her to
Paris. “I went to Paris and he just sent a
friend who worked for him. He said,
‘Baby wants to leave you.’ ”
It makes being dumped by text mes-
sage seem positively humane. “I felt ter-
rible. That was the worst time of my life.
I’d left my children and lost a husband
whom I adored.” She resolved never to
marry again. “From then on I had a good
time: a lot of boyfriends, a lot of fun, no
boring big connection.”
Her bachelor-girl existence was led
from a flat on Place Vendôme where in
1967 she was photographed for Vogue by
Henry Clarke. No more girlish glances
fromunderlonglashes,shesitscross-leg-
ged on a pile of cushions gazing directly
into the lens. Grand, titled, beautiful and
“with-it”, it is amazing it took Diana
VreelandsolongtogetIraintohermaga-
zine, but once in its pages there was no
dislodging her; whether modelling furs
Above: or swimwear, or sharing tips on how to
Fürstenberg wearajewelledVanCleef&Arpelsbelt.
with her brother Ira was jet-set royalty at a time when
Egon and fiancé to board a plane was to join an airborne
Prince Alfonso cocktail party. On one flight to Rome in
von Hohenlohe early 1966 she met producer Dino De
in 1955 Laurentiis. Just weeks later she was
Left: with Klaus shooting her first film, Matchless, as its
Kinski in a star. The poster was the definition of pre
scene from the #MeToo filmmaking: “THIS WOMAN is
1968 film ‘The the most thrilling act of espionage
Vatican Affair’ you’ve ever seen! She holds the key to
Mondadori Portfolio via Getty
Images; Bettmann Archive
‘Matchless’ — a spy plot as flawless as
her beauty — as reckless as her body!”
But it was more than her physical
beauty that fascinated people. She
moved effortlessly between the proto-
col-encrusted world of castles and pal-
aces and the modern milieu of fashion
and film shoots; a phenomenon
remarked upon by the late British
author Andrew Sinclair. “No other aris-
tocrat has yet accommodated himself or
herself as well to their own time as Prin-
cess Ira Zu Fürstenberg. She has the
total courage of her modernity.”
It was on another flight, this time to
Paris for couture, that she met the man
with whom she would spend the next
years. Intense, unsmiling and obsessed
with contemporary art, Paolo Marinotti
was a new sort of man for Ira, an intel-
lectual. He would have been a poet had
he not inherited a huge textiles business
which gave him the means to fill a Vene-
tian palace with art, Fontana was a
favourite. Today, that palace, Palazzo
Grassi, houses the Pinault Collection.
Ira’s Rome duplex filled with works by
Roy Liechtenstein, Jean Dubuffet, Max
5
Style
Ernst, Josef Albers and Yves Klein.
There was more of the same decorating
the walls of the apartment Marinotti
had given her in St Moritz. The pair also
built a summer retreat on the Costa
Smeralda, where Ira Beach was named
in her honour. There was even talk of
marriage, but then Ira’s eye was caught
by a young interior designer; a hand-
some man with collar-skimming dirty-
blond hair who had the looks for adver-
tising low-tar cigarettes and the body of
a sculpture by Praxiteles. He looked
amazing. He was also Ira’s own age.
But it was another love affair, with a
young lawyer, that took her to Geneva,
where she reinvented herself once
more. By 1978 she was president of Val-
entino’s fragrance business, positioning
herself as one of the égéries of a shiny
new type of society emerging from the
chrysalis of the politically turbulent and
dowdy Seventies. If there happened to
be a soirée for Cartier in St Moritz, or the
launch of a new lighter by Céline at the
Plaza Athénée in Paris that needed
attending, Ira would be there basking in
the flashbulbs. And in 1980, when Chloé
opened a boutique in Geneva, she
helped organise a lavish charity party
and fashion show. The object of this
soufflé of style and society in sedate
Geneva was not so much the opening of
a shop as the honouring of Ira’s latest
protégé, a designer who, after a quarter
century of relative obscurity, was about
to have his moment of apotheosis.
Karl Lagerfeld had yet to attain the
highest rungs of the ladder of his fame
and was yet to take his role at Chanel,
but Ira saw in him a star. Later, Ira would
visit Lagerfeld at the Rue Cambon head-
quarters of Chanel where he would
press half a dozen outfits on her as gifts.
But in recent years their intimacy
cooled. “He was a great friend of mine.
Now we don’t even talk any more,” she
said, a few months before he died.
The 1980s saw Ira’s life take another
‘From then on I had a
good time: a lot of
boyfriends, a lot of fun,
no boring big connection’
bewildering turn as she moved to Lon-
don to open an antiques shop with her
new lover, and landed on the Mark
Birley, Anouska Hempel, Charles Pow-
ell, Margaret Thatcher circuit.
It was while taking a French spa break
from life in go-go London that she met
the widowed Prince Rainier of Monaco.
By the Monaco Red Cross ball of 1985,
dressed Dynasty-style in a gown of Klein
blue, hair crafted into a monumental
bouffant, she was sitting next to him in
the seat once occupied by Grace. She
would have made a lively chatelaine of
Monaco’s Pink Palace, but such was the
furore when her elder son said he
expected his mother to marry Rainier
that the palace press office in Monaco
issued a specific denial.
Ira had no finer press spokeswoman
than herself, charming journalists with
her mixture of candour and humour. No
wonder she thought she would try jour-
nalism; the result was a column called
“Demeures Princières”, featuring her
grand friends in their grand houses, tap-
ping into the benign celebrity colour
magazine culture then at its height. But
her most recent métier is creating art-
works of her own. “I decided that I was
going to make something with the beau-
tiful stones I had seen in Nepal,” she says
of her latest incarnation. “Slowly my life
became increasingly centred around
making objects, and that is now my
main thing.”
Today, her frantic social schedule is
punctuated with exhibitions of Crystal
Buddha heads, porphyry and ormolu
memento mori, golden bears scaling
rock-crystal book-ends and other
baroque flights of her fecund imagina-
tion. But however exotic they may be,
they seem ordinary when compared to
their creator.
‘Ira: the Life and Times of a Princess’,
by Nicholas Foulkes is published by
HarperCollins (£50) on June 17
6 ★
Travel
T
he evening sun slants
through the silver birches
flanking the trail along
which we’re cycling. The air
is filled with birdsong and
the sweet scents of countryside in May.
Two women pass on horseback as we
stop to chat to an elderly man, Dieter
Schulz, who is walking his dog. Yes,
Schulz confirms, we are following the
precise route of the Berlin Wall. “A
watchtower stood just there,” he adds,
pointing to a glade 20 yards away.
Schulz, now 80, remembers the wall
being built in 1961 — a mere fence at
first, then workmen arriving in trucks
and armed guards supervising them as
they drove great concrete posts into the
ground and built the wall that split
friends from friends, neighbours from
neighbours, communism from capital-
ism, east from west.
As the decades passed, this front line
of the cold war became ever more elabo-
rate, with trip wires, guard dogs and
watchtowers. There was an inner as well
as an outer wall, separated by a “death
Cycle route
Spandau
Forest
Am Bürgerpark
Berliner
Mauerweg
Dallgow-
Döberitz Berlin
Treptower
East Side Park
Gallery
Potsdam
Grossbeeren
Havel river
maps4news.com/©HERE 5 km
strip” 100 miles long and wider than a
motorway, patrolled by an East German
border force that shot to kill.
Most walls are built to keep people
out. This one was built to prevent
“Republikflüchtlinge” — East Germans
trying to escape their own country. It
snaked not only through the very heart
of Berlin, but right around Allied-con-
trolled West Berlin — a tiny enclave of
freedom inside a vast prison.
It seemed so entrenched, so perma-
nent, but in 1989 the East German gov-
ernment abruptly collapsed. “I never
believed it would happen,” says Schulz
— and 30 years on, his face still lights up
at the memory of those momentous
days when the wall came down.
Today the route of the Berlin Wall
could not be more different. Now called
the “Mauerweg” (the “path of the
wall”), it has been transformed into a
hiking and cycling trail that weaves past
the great sights of Germany’s reunited
capital, along canals, lakes and rivers,
and through lovely, gentle countryside.
The Mauerweg is worth cycling for its
own sake, but its history makes it all the
more compelling. Its bucolic charm is
punctuated by jarring reminders of its
terrible past: three dozen remnants of
the wall itself, memorials to the 136 peo-
ple killed trying to cross, commemora-
tive plaques, even an occasional watch-
tower or crossing point. The wall sur-
vives, also, in the memory of any mid-
dle-aged Berliner, and like Herr Schulz
they all have tales to share.
F
our friends and I began our
three-day ride round the Mau-
erweg at the Pension Sperling-
shof, a comfortable, unpreten-
tious hotel outside the town of
Dallgow-Döberitz, a 25-minute train
ride west of Berlin’s Hauptbahnhof.
Gerd Koallick, the genial proprietor,
rented us solid, heavy, sit-up-and-beg
bikes (many Germans seem yet to have
embraced lightweight models). He
organised hotels for our next two nights,
and for the onward delivery of our lug-
gage each day, and provided tool kits,
maps and satnav devices with our route
programmed in. Koallick once worked
in old state-run East German hotels.
“Unthinkable,” he chuckled when asked
if he ever expected to be organising
Short cuts
UK A government-backed scheme
designed to encourage wild camping in
national parks has been suspended only
a fortnight after its launch, following a
storm of criticism on social media. The
UK Wild Camp project was unveiled with
a reception at the House of Commons,
the support of Tory MP Adam Afriyie
and £4,999 in seed funding from the
Department for Environment, Food and
Rural Affairs. Led by Will Harris, a former
marketing director of telecoms group O2
and the Conservative party, it proposed
a solution to the fact that wild camping
FTWeekend
Riding the wall
Germany | Thirty years since the fall of the Berlin Wall,
Martin Fletcher finds it transformed into a cycling and hiking
trail — a city playground but one full of poignant reminders
By the broad Havel river we found a
memorial to Franciszek Piesek, who
drowned trying to swim to West Berlin
in 1967, and one of the wall’s four surviv-
ing watchtowers — it once had more
than 300. The tower now houses a small
museum. Andreas Kuhn, its attendant,
recalled how the day after the wall fell
he rushed into West Berlin to buy Lego
and comics. Other East Germans rushed
to buy bananas. “People had money
before, but nothing to buy. Now we can
go anywhere and buy anything, but
don’t have the money,” he said with
apparent wistfulness for the relative
simplicity of the communist era.
After lunch in a Hennigsdorf bakery
Above: Martin bike tours of the wall. And so we set the path took us through woods and
Fletcher (second off in high spirits on a sunny May morn- fields, past another watchtower now
right) and his ing. We joined the Mauerweg in a west- used for nature conservation work, and
group beside the ern Berlin suburb called Staaken, its more harrowing memorials to failed
wall. Below left: route marked by a line of cobblestones escapers that we felt compelled to stop
a member of the in the road. We headed north — clock- and read. Most were young men desper-
group riding in wise — so the former East Germany ate for freedom, a few disgruntled bor-
the Düppel would always be on our left and West der guards, the black-and-white photos
forest, Berlin on our right. of their faces contrasting starkly with
southwest of the Amid the neat, compact homes we the lush green country all around.
city. Below right: soon spotted the first of many tall By late afternoon we were zigzagging
memorials to orange posts marking where would-be into Berlin through its northern sub-
East Germans escapers died. A shorter post next to it urbs. In places the death strip has disap-
killed trying to displayed a black-and-white portrait of peared beneath new apartment blocks,
cross the wall Willi Block, 31, who became entangled shopping centres and petrol stations.
in barbed wire as he tried to cross the Elsewhere it has been converted into
wall in 1966 and died in a hail of bullets. parks and recreation areas. On Am
His family, like so many others, was Bürgerpark the lights that once illumi-
ordered to keep the circumstances of his nated it now serve as street lamps.
death secret because escapers damaged We stopped at Bornholmer Strasse,
East Germany’s attempt to portray itself the first crossing point thrown open as
as a workers’ paradise. the East German government collapsed
Indeed its government even on the night of November 9, 1989. There
banned the word “wall”, pre- Klaus Goldammer, a friend of a friend,
ferring to call it an “anti-fas- told us how he was one of thousands of
cist protection barrier”. East Berliners who poured across the
Beyond Staaken, we rode Bose railway bridge into West Berlin and
through the tranquil were greeted by bars dispensing free
Spandau forest, where the beer. “It was unreal. You’d never have
death strip has now vanished dreamt it even a few hours before,” he
beneath birch and pine trees said as he stood by a remnant of the wall
and only a few crumbling and some explanatory signs at the
concrete posts remain. We bridge’s eastern end.
passed joggers, cyclists and a We retired to a city centre hotel for the
woman in a pony and trap. It night, exhausted after 40 miles on our
was hard to believe we were tank-like bikes, and began day two at
on the edge of one of Europe’s the deeply moving Berlin Wall Memo-
major capitals. rial on Bernauer Strasse. It includes a
— sleeping overnight in a rural or and Wales unless the permission of the camping, it’s camping on a campsite with
wilderness spot without facilities, often landowner has been obtained. UK Wild no facilities,” said Dave Mycroft, editor of
as part of a long-distance hike — is, in Camp’s website allowed campers to pre- the website My Outdoors. Others
most cases, technically illegal in England book spots to sleep, paying a £20 fee, complained that some of the pitches on
half of which would go to landowners, a offer seemed too
quarter to the national park and a close to civilisation
quarter to the website. The Telegraph (one listing noted
hailed the project for “legalising wild it was close to
camping in England and Wales for the shower and toilet
first time”, but existing campers, facilities, another to a bar).
climbers and hikers were quick to Harris said he wanted to create
ridicule it. Many argued paying and pre- a platform to benefit farmers and
booking were fundamentally contrary to offer an entry route for first-time wild
Wild camping above Glenridding the notion of wild camping. “It’s not wild campers, but admitted he had “kicked
stretch of the original wall, a fine
museum, a chapel of reconciliation,
underground stations that were bricked
up to prevent escapes, and any number
of wrenching human stories: people
jumping from windows or sliding down
ropes as the wall was erected down the
middle of the street, escape tunnels dug,
a couple trapped in East Berlin tearfully
waving to their newly married daughter
and son-in-law in West Berlin.
We then followed the Mauerweg as it
snaked through Berlin’s vibrant heart.
To our surprise we found a grey concrete
watchtower ringed by colourful modern
flats in a cobbled backstreet. A resident
told us it was saved only because a
homeless man had occupied it. It is now
a memorial to Günter Litfin, 24, shot as
he tried to swim across an adjacent
Clockwise from canal, 11 days after the wall went up.
main image: We followed the route round the
a cyclist rides Reichstag and past the Brandenburg
beside the Gate where, in 1987, US President Ron-
Berlin Wall; ald Reagan urged Soviet leader Mikhail
the Brandenburg Gorbachev to “tear down this wall”. We
Gate in central pedalled on through Potsdamer Platz,
Berlin; cherry past another length of wall outside the
trees, donated Topography of Terror museum, the
by the Japanese tourist mecca of Checkpoint Charlie,
public, lining and a commune by St Thomas church
what was the whose inhabitants live in old East Ger-
‘death strip’; man military trucks.
graffiti at the We did not linger at the East Side Gal-
East Side Gallery lery — a 4,300-foot stretch of wall where
section of the visitors can buy East German passport
wall — Alamy stamps and teenagers now pose for self-
ies in front of somewhat pretentious
murals. We preferred to search for
lesser-known remnants of the wall such
as the plaque on a nondescript apart-
ment block next to the bakery in Heidel-
berger Strasse where we lunched. The
plaque recorded how, from the cellar, a
young West Berliner named Heinz
i / D E TA I L S Jercha dug a tunnel through which 50
Martin Fletcher was a
guest of Sperlingshof
Pension (aktiv-reisen-
bb.de). It offers a
three-day ride around
the Mauerweg for
€395 per person
(€425 for an e-bike),
including bike rental,
luggage transfers
and four nights
accommodation
over a hornet’s nest” and promised to
rethink the idea. ukwildcamp.org
Netherlands KLM has announced it is
partnering with Delft University of
Technology to develop a fuel-efficient
8 June/9 June 2019
East Berliners escaped before the Stasi
discovered it. Jercha was shot but
crawled home to die.
We briefly left the wall at this point. It
was May 9, the anniversary of Nazi Ger-
many’s surrender, so we visited
Treptower Park, with its vast and
imposing memorial to the Soviet sol-
diers who died liberating Berlin at the
end of the second world war. Thousands
of relatives had come to remember
them. They held aloft the soldiers’ pho-
tos, laid flowers, played accordions and
sang sad songs. Their patriotism was
moving, their commemoration of the
dead admirable, but there was no
acknowledgment of the misery the
Soviet Union imposed on “liberated”
East Germany for the next 44 years.
In glorious sunshine we rode out
through Berlin’s southern suburbs, and
were soon back in semi-rural country-
side. Turning west, we rode past lakes,
meadows, stables, allotments and clus-
ters of simple wooden summer chalets.
We followed an old East German patrol
road through dappled woods, dodging
joggers, dog walkers and parents push-
ing baby buggies.
But history kept intruding — a memo-
rial to a 1,500ft tunnel built by the Brit-
ish and US militaries to eavesdrop on
Soviet adversaries until British double
agent George Blake betrayed it; former
crossing points that gave West Berliners
access to Schönefeld airport; and yet
more markers relating harrowing
human stories, like that of a disillu-
sioned East German politician with lung
cancer who simply walked towards the
border guards until they shot him.
That evening we rode wearily through
fields of spring wheat to the town of
Grossbeeren for schnitzels, cold beer
and sleep. Three days, we realised, were
too few for all there is to see.
O
ur final day began with an
encounter with two elderly
cyclists, Gieselher Eber-
hardt and Gunter Frum-
mer, by a line of cherry
trees donated by Japan to commemo-
rate Germany’s reunification. “Beneath
the branches of the cherry tree nobody
is a stranger,” a plaque proclaims.
The pair remembered the wall going
up, and the East Germans blasting prop-
aganda across it — “Socialism will tri-
umph”. They remembered the US
riposte — a deafening firing range and a
ghost town built for training where the
cherry trees now grow. They remem-
bered thinking the wall would stand for
ever. “It was unbelievable when it came
down. We all cried,” said Eberhardt, his
eyes watering even now. But they took
no chunks for souvenirs. “We didn’t
want to keep any because for us it was a
terrible memory,” Frummer added.
The Mauerweg carried us through the
Düppel forest to the Kohlhasen bridge,
where we found another piece of wall
inexplicably left standing — most of it
was taken for souvenirs, given to muse-
ums or crushed for building roads.
We continued past the fine mansions
overlooking Griebnitzsee, past
Babelsberg Palace, to the notorious
Glienicke Bridge — the “bridge of spies”
— which leads across the Havel river to
Potsdam. A couple of plaques record
how the US and Soviet Union used this
steel structure to swap prisoners, most
famously the U2 spy plane pilot Francis
Gary Powers. Cars now roar across while
the odd tourist takes pictures.
The magnificent domes and spires of
Potsdam beckoned, but we were run-
ning out of time. A gorgeous five-mile
path took us along the bank of the
Havel, past biergartens and swimming
beaches, to affluent Wannsee. From
there a 20-minute ferry ride swept us
past the lakeside mansion where the
Nazis planned the “final solution” to
Kladow on the Havel’s northern bank.
By late afternoon we had completed
our loop. We cycled happily back to the
Sperlingshof hotel through lush green
fields, marvelling at the wall’s astound-
ing transformation from a cold war ring
of terror to Berlin’s playground.
blended-wing aircraft known as
the Flying-V (pictured). The airline claims
it will carry 314 passengers, the same as
an Airbus A350, but will use 20 per cent
less fuel. Engineers on the
project say that with long-
haul electric planes years
away, their focus is to
improve efficiency by
reducing weight and drag. A flying
scale model of the plane, 2.5m long, is
due to be presented at Schiphol in
October. klm.com
Tom Robbins
8 June/9 June 2019 ★ FTWeekend 7

Travel
rest of the year the Islands Conservation
Society is offered accommodation to
monitor and carry out research on bird
and marine life. The fishing is limited to
just 10 rods at any time while only sus-
tainable, fast-maturing deepwater fish
are served in camp. Guests also pay a
$25 daily “conservation levy” for envi-
ronmental programmes.
Adrian Skerrett, founding chairman
of ICS, takes a realistic view, praising
Blue Safari for developing a sustainable
business model. “We live in a world
where money matters,” he says. “It’s no
use screaming that we must save wilder-
nesses such as Cosmoledo, unless it
makes financial sense.”
The strict environmental stewardship

A new
is evident as soon as you don a snorkel or
scuba tank and drop beneath the waves.
I will not soon forget swimming below a
giant barracuda or gliding beside a
graceful hawksbill turtle. For some
divers, the prize is the chance to explore
parts of the reef that have never seen

kind of Cosmoledo
S E YC H E L L E S

Alphonse
Mahé

blue
Astove
COMOROS INDIAN
OCEAN

M ADAGAS CAR

maps4news.com/©HERE 500 km

beating down, grateful for the whisper humans before. Guests can even snorkel
Seychelles | Uninhabited for 27 years, the remote and pristine coral of a breeze. I learnt to scout for sting
rays just beneath the sand, and to scan
alongside sailfish, something the camp
owners claim is unique here, thanks to
for fish following in their wake. I caught an elaborate system of teasing them up
atoll of Cosmoledo now offers somewhere to stay — a shipping a beautiful bluefin trevally, which from the depths with hookless lures.
fought valiantly before allowing himself But the birding is just as remarkable. I
to be photographed in my arms (every- watched dazzle-white fairy terns canoo-
container that’s yours for $1,900 per night. By Teresa Levonian Cole thing caught here is released, with the dling outside my room, ruddy turn-
exception of the fish caught for food out stones that had fled the Arctic winter
beyond the reef). And although the “big strolling along the sunny shore, irides-
five” of this sport — milkfish, bonefish, cent Abbott’s sunbirds, and Madagascar

T
o put the remoteness of Cos-
moledo into perspective,
consider our journey to
reach it. After a 10-hour
flight from London to
Mahé, the largest island of the Sey-
chelles and jumping off point for almost
all its resorts, we still had more than
1,000km to go. An overnight stay, then
two further domestic flights — south-
west, to the islands of Alphonse then
Astove — then a two-hour boat journey,
racing over waters of transparent blue,
turquoise and jade before, finally, the
white and green of Cosmoledo began to
coalesce on the horizon. In today’s
small, connected world, you don’t often
get a sense of distance such as this.
Cosmoledo Eco Camp, which opened
late last year, is a new venture from Blue
Safari Seychelles, a company known for
its fly-fishing trips to Alphonse and
Astove. Guests there stay in lavish
lodges or villas, but the new, ultra-re-
mote operation offers accommodation
in what the company website calls “Eco
Pods” and which are, unmistakably,
shipping containers.
There are eight of them in all, each
sleeping two and costing $1,900 per
night ($1,400 for single travellers), not
including travel. They are, in fairness,
no ordinary containers — cleverly
designed with wood flooring, framed
maps, good lighting, excellent bath-
rooms, aircon and comfortable twin
beds. A wall of retractable glass opens
on to wooden decking and the beach,
alive with horned ghost crabs. Crucially,
they can be removed without leaving a
trace on the pristine environment.
I could just make out the roof of my
pod, glinting in the sun, as we
approached by boat. We were met by a
welcoming committee who offered
drinks and led us to a giant African
safari tent decorated with sofas, tree-
trunk side-tables, and fabulous fishy
driftwood sculptures. This, for the next
few days, would serve as sitting room,
bar and dining room.
Cosmoledo is a raised coral atoll, one
of the largest in the Seychelles, with
some 20 islands, islets and cays (some of
which you can walk between at low tide)
encircling a lagoon eight metres deep
and about 16km wide. The camp is on
Wizard Island, named not after any
local Merlin but, more prosaically, after
a ship of Captain Fairfax Moresby, who
explored the area in 1822. It is, never-
theless, an enchanted isle: a place so
inaccessible it is rarely disturbed by vis-
iting vessels. Its reefs teem with kaleido-
scopic corals and tropical fish, its deep
waters are a stage for balletic dolphins,
its land a haven for thousands of nesting
boobies, frigates, terns, noddies and
tropic birds.
A longtime devotee of deep-sea fish-
ing, I was introduced, on the lagoon’s
extensive sand flats, to saltwater fly fish-
ing — starting, you could say, at the very
top of the game. A morning hurtled past
with my South African guide, Dean
Scott, who shared the secrets of casting.
We stood, alone, knee-deep in translu-
cent, consommé-warm waters, the sun
permit, triggerfish and giant trevally —
remained elusive that day, I became a
convert to this wonderfully contempla-
tive pursuit.
The afternoon’s deep-sea fishing,
yielding wahoo, yellowfin tuna, rainbow
runner and barracuda, felt frenetic in
comparison. They reappeared a few
hours later for dinner — sashimi’d,
grilled, pan-fried, and served with
mountains of colourfully exotic salads,
to be followed by “reconstructed lemon
meringue semi-freddo”. Camp cooks
Robert and Robynne Colepeper could
Clockwise from give the best Parisian chefs a run for
main: a their money.
speedboat Blue Safari is not the first to set up
approaches one camp here. Fishermen and whalers
of the islets of stopped by in the 19th century, and
Cosmoledo; there were later, small-scale settlements
a guest holds a designed to exploit the mangrove bark,
giant trevally the guano, the fish and the turtles. But
before releasing by 1992, the atoll had been abandoned.
it; the atoll from Today’s visitors live in bathing suits
the air; an ‘Eco by day and shorts by night, with sand
Pod’ made from underfoot at all times. Therein lies the
a shipping joy: existing within a flawless environ-
container ment, surrounded by a healthy ocean
that ensures spectacular dives. You
quickly adapt to the rhythm of nature.
Exhausted by sun, fresh air and the
unwonted lack of stress, it’s early to bed,
and up with the larks — or, in this case,
the sooty terns, that seem to burn the
candle at both ends. I rose at 4.30 one
morning to go in search of nesting tur-
tles, hawksbills on one side of the island,
green turtles on the other. The moon
was still bright, the only sounds those of
the dawn chorus and the waves lapping
against the shore. As the sun rose, the
sky assumed psychedelic hues — swirls
of yellows, pinks, oranges, lilacs, reds. I
felt like an interloper at some mystical
rite of spring.
There is, of course, something
perverse about the concept of remote
“eco luxury”. Apart from subsistence
fishing, and fruit and vegetables — 60
per cent of which are supplied by the
organic garden on Alphonse — most
food (and wine) comes from South
Africa, transported via Mahé along with
guests, on planes and boat. Larger
freight, including the Eco Pods and all
fuel, is delivered by barge, twice a year.
The carbon footprint of such logistics,
as well as the long-haul flights to get
here, is significant.
“We don’t get involved anywhere
unless we feel we can contribute some-
thing positive,” says Keith Rose-Innes,
the managing director and co-owner
of Blue Safari. “Cosmoledo is one of the
last uninhabited atolls that need protec-
tion and we provide that protection,
maintenance and conservation. It’s
about sustainability. To our minds,
we offset the carbon footprint by
monitoring the area, and creating a
year-round preserve.”
The “protection” he refers to is from
illegal fishing and poaching of turtles,
which had been rife. The camp is open
only from November to April; for the
cisticolas that build their nests from spi-
ders’ webs.
We sailed to South Island, its petrified
coral shelf home to 15,000 pairs of nest-
ing red-footed boobies. In the air, these
unfortunates were the prey of piratical
frigate birds, who harassed them into
yielding their fish. Yet, on land, the frig-
ates were transformed into good neigh-
bours, sharing the same mangrove
branches and keeping a beady eye on
the fluffy booby chicks. And all the
while, all around, the endlessly enticing,
opalescent, sun-dappled water.
It was on the last evening, as we sat
with sundowners on the beach, that Jeff
Salzman — a retired Wall Street banker
and regular fishing guest at Blue Safari
lodges — showed up with a turtle hatch-
ling he found outside his pod. It must
have been lost. We clicked and cooed
before pointing it in the direction of the
ocean, to take its slim chances with the
predators of the blue.
All too soon, we were back on the
speedboat, leaving behind fluffy white
clouds that rose above our little island
like towering smoke signals. First stop,
Astove, and thence by twin-prop to
Alphonse. On my first visit to Alphonse,
in 2016, it had felt like the middle of
nowhere. After Cosmoledo, it seemed
imbued with all the bustle and sophisti-
cation of a metropolis.
i / D E TA I L S
Teresa Levonian Cole was a guest of Original
Diving (originaldiving.com), which offers seven
nights at Cosmoledo (bluesafari.com) on a full-
board basis and one night at Eden Bleu on Mahé
from £11,810 per person (based on two sharing).
The price includes international flights from
London with Qatar Airways (qatarairways.com),
domestic flights and all transfers

P
assengers who visit pilots in
the cockpit before departure
are often surprised to realise
that we can’t look back-
wards. It’s no impediment —
we can’t taxi backwards, after all, let
alone fly that way — and perhaps the
absence of rear-view mirrors is fitting,
as aerospace remains one of the most
forward-looking of human endeavours.
Nevertheless, for those of us who find
ourselves increasingly inclined to
reflect on the past (personally, I blame
middle age), 2019 is full of
opportunities to do so.
In February and March, respectively,
came the 50th anniversaries of the first
flights of the Boeing 747 and Concorde.
Airbus turned 50 in May, while July
brings the 50th anniversary of the
moon landing. (Early in my career, I
flew Neil Armstrong from Munich to
London. I still regret that I was too shy
to say hello.) 2019 also features notable
centenaries, of the first all-metal
commercial transport, the Junkers F
13; the first regular international air
service, between London and Paris;
and the first landing on the roof of a
department store, the Galeries
Lafayette, by Jules Védrines, who was
also the first pilot to exceed 100mph.
Next weekend, meanwhile, we
celebrate the centenary of the first
nonstop crossing of the Atlantic Ocean,
Mark Vanhoenacker
View from the cockpit
by John Alcock and Arthur Whitten
Brown, on June 14-15 1919. Consider
firstthetimeframeoftheirachievement,
which still astounds me. Less than 16
years after the Wright brothers’ 1903
flight, Alcock and Brown flew their
biplane through — rather than high
above, like modern airliners — some
of the world’s most temperamental
volumes of air, to cross one of its most
significant spans of water.
Between the Wright brothers and
Alcock and Brown came the first world
war, the impetus for numerous
advances in technology and
airmanship. And, Brown’s American
parentage aside, this monumental act
of world-shrinking was singularly
British.
Both Brown and Alcock grew up in
Manchester. Their aircraft was made
by Vickers, the steel, ships and
armaments maker whose aviation
department, founded just eight years
earlier, was based beside the
Brooklands racetrack in Surrey. The
engines were made by Rolls-Royce.
The in-flight catering included Fry’s
chocolate, hot Oxo, and Horlicks. (On
board, too, were two toy cat mascots:
Lucky Jim, who, Brown wrote later,
wore a suitably “hopeful expression”;
and the less sanguine Twinkletoe, who
“expressed surprise and anxiety”.)
The distance between New York and
London, the most iconic “transatlantic”
route today, is about 3,500 miles. I’ve
occasionally met passengers on these
flights who, gazing out, are surprised to
realise how much of their journey takes
place over land, in particular over
Canada’s vast Atlantic Provinces.
Alcock and Brown started from St
John’s, Newfoundland, more or less the
easternmost point possible. The
distance from there to western Ireland
is about 2,000 miles.
On June 14 1919, they took their last
pre-flight meal (“a fairly hearty one,
as one never knows,” wrote Alcock)
under the Vickers’ wings while they
waited for the conditions that would
allow them to take off from a purpose-
built but perilous runway — in part
newly blasted from rock, uphill, rough,
and less than 400 metres long, or
roughly the length of Waterloo Bridge.
Spectators shouted to them that they
would die before they got airborne.
They didn’t, but the crossing was as
harrowing as you might expect.
Mechanical failures, navigational
uncertainties, and unknown weather
conditions meant that a forced landing
in the sea was so real a possibility that
they placed their emergency rations in
a cupboard that would “be clear of the
waves when the machine floated”.
They encountered turbulence, snow,
sleet, fog, and clouds that they couldn’t
always climb above, making
astronomical navigation fixes at times
impossible. Then, while flying through
thick clouds, they suddenly entered a
treacherous spin.
Only a last-minute sighting of the
sea’s heaving, whitecapped surface —
at so low an altitude that they could
hear the churning water — allowed
them to level out. Finally, about 16
hours after take-off, they crash-landed
in a Galway bog. Days later, they were
knighted by George V.
John Alcock and
Arthur Whitten
Brown’s Vickers
Vimy biplane
taking off from
Newfoundland
for the first
nonstop
transatlantic
flight, on June
14, 1919 — Getty
Images
On eastbound transatlantic flights,
as part of a team trained to make the
most of an entire century’s worth of
advancements in safety, comfort and
efficiency, I still feel a certain wonder
when Ireland rolls over the horizon.
In winter, what we might spot first is
the faint lattice of lights from the many
small settlements that line the fractal-
recalling coast.
This time of year, in contrast, the sun
is almost always up when Ireland
appears. If you happen to be flying
eastbound over the Atlantic next
weekend, I hope you’ll have the
opportunity to look down — Alcock
and Brown flew so much lower than
you do now — to remember the broad
shoulders we’re all perched upon.
Perhaps, too, you’ll feel a flicker of
the satisfaction Alcock reported when
they glimpsed the first outlying islands
and “the shimmering green of land
gladdened our hearts”.
The Alcock & Brown 100 Festival runs
from June 11-16 at Clifden, Connemara,
close to the site of their 1919 landing.
For details of events see
alcockandbrown100.com
Mark Vanhoenacker is the author of
‘Skyfaring’ and ‘How to Land a Plane’. He
flies the Boeing 787 for British Airways.
@markv747, mark.vanhoenacker@ft.com
8 ★ FTWeekend 8 June/9 June 2019

T
here may only be one bipar-
tisan issue in Washington
DC these days: China.
Republicans and Demo-
crats argue that containing
Chinese power is the most important
foreign policy task facing the US and the
broader west. Britain, which for decades
hardly thought about China in its public
culture, now hears the name “Huawei”
almost daily on the morning news, usu-
ally pronounced in a variety of creative
ways. Within a very short period, the
future of China’s relationship with the
west has become one of the most press-
ing issues facing the liberal world. The
dilemma is acute: would it be better to
allow China to become more integrated
with the west, with all the implications
for security, or will it be necessary to cut
off relations with the second-biggest
economy in the world, with possibly
dire financial consequences?
Three new books address aspects of
this question. Their authors are a lead-
ing Chinese scholar; one of the US’s
most-respected analysts of East Asia
and former government official; and a
young American think-tanker. They
point in significantly different direc-
tions, but are united in one conclusion:
the relationship between China and the
west may be harder to manage than any
previous great-power interaction in his-
tory. Handled well, we may see a smooth
transition to a new global order. Han-
dled badly, a major conflict isn’t out of
the question.
Yan Xuetong, who teaches at Beijing’s
Tsinghua University, is one of the most
influential analysts of international
relations in China today. At the heart of
his book, Leadership and the Rise of Great
Powers, is an analysis of how states can
lead in a world where the post-second
world war global order seems to be
crumbling. He divides states into four
types: tyranny, anemocracy (one dis-
research and development, and
attempts to shape media and academic
debates about China through financial
pressure and social media attacks. Ward
draws on a wide range of Chinese and
English-language sources to demon-
strate the way in which different aspects
of Chinese power reinforce one another.
His conclusion is stark: “The Chinese
vision of victory is about a world in
which China’s power is not limited by
any other state or superpower, but only
by the Chinese Communist party’s
imagination.” In response, he argues,
“America should be concerned
and . . . America must prevail.”
Ward’s words are powerful, but we
should be wary of language that sug-
gests a zero-sum outcome. Already, the
trade dispute between the two sides is
taking on the feeling of a linguistic cold
war. US state department policy plan-
ning director Kiron Skinner stated in
April this year that China was a “really
different civilisation”, while members of
the free-trade-oriented US think-tank
The Peterson Institute for International
Economics were told on a recent visit to
the Chinese leadership compound in
Beijing that the US was an inherently
belligerent “Mediterranean culture”.
Harsh language is a long way from
actual confrontation, and Yan
Xuetong’s book ends by noting that
there is “minimal danger of a direct war
between China and the United States in
the coming decade”. However, the
avoidance of conflict needs more
thought about what the central problem
actually is.
One of the most difficult issues facing
the west is not how to deal with China’s
Essay | A solution to the US-China trade war — and avoidance of conflict — cannot be found without violations of norms, but how to deal
with its legitimate aims. China’s techno-
asking what both sides ultimately expect. Nor can the role of Japan be ignored, writes Rana Mitter logical innovation has in part been
based on intellectual property theft, but
its biggest companies and universities —
Huawei, Hikvision, Tsinghua — are now

playing untrustworthy behaviour, like a
changing wind), hegemony (trustwor-
thy but exercising double standards),
and the ideal, “humane authority”. Yan
draws on ancient Chinese ideas, dating
from a period contemporaneous with
thinkers such as Plato and Aristotle, to
give historical weight to his categories,
explaining the difference between a
moral wangdao (kingly way) and amoral
badao (hegemonic way). The book is
not a casual read, demanding that
the reader think both about interna-
tional relations theory and classical Chi-
nese philosophy, but it is written with
clarity and vigour, and amply repays
careful attention.
That care is also needed because Yan
hints, rather than stating outright, what
he thinks China’s place should be in the
new order. He argues that China is
unlikely to “embrace . . . the principle
of humane authority” in the wider
world because of “the current Chinese
government’s pursuit of different values
at home and abroad”. The word “differ-
ent” implies that the Chinese Commu-
nist party is seeking a rather more hard-
edged power relationship with the
world than the Confucian leaders of the
past. However, Yan notes hopefully,
“Chinese millennials are politically
open and individualistic because of
their modern educational background
and international experience”; their
generation may take a different tack.
Yet it seems that Yan has had to pay his
dues to the increasingly constrained
political atmosphere in China today. In
the index of Yan’s book, Donald Trump
is mentioned 27 times, mostly nega-
tively. There is not a single entry by
name for Xi Jinping. If a book by a major
scholar, for an international audience,
cannot discuss China’s current leader
directly in a book about “leadership”,
then the Chinese academic world has a
problem; it seems that it is simply too
sensitive for a contemporary Chinese
scholar openly to discuss the pros and
cons of China’s supreme leader.
Overall, Yan suggests, the interna-
In China’s sights
A worker installs
Hikvision surveillance
cameras in Beijing before
the lunar new year
celebrations in February
Reuters
Leadership and the Rise
of Great Powers
by Yan Xuetong
Princeton University Press
£24/$29.95, 280 pages
China and Japan:
Facing History
by Ezra F Vogel
Harvard University Press
£28.95/$39.95, 536 pages
China’s Vision of Victory
by Jonathan DT Ward
Atlas Publishing $25, 316 pages
tional system is unlikely to change much
in the 2020s. However, he states firmly
that during those same years, “China-US
geopolitical competition will focus on
East Asia rather than any other region,”
and that China’s “national rejuvenation”
(the phrase Zhongguo fuxing, as used by
Xi Jinping) has to mean that “it becomes
the dominant power in East Asia”.
This makes the appearance of Ezra
Vogel’s book China and Japan timely.
Vogel became prominent with his book
Japan as Number One (1979), published
when America’s global pre-eminence
was in doubt and there were fears
that Japan, not China, might dominate
the world. Vogel, a fluent speaker of
Chinese and Japanese who served in the
Clinton administration, is now emeritus
professor of sociology at Harvard. This
elegantly written history of the relation-
ship between East Asia’s two major
powers deploys a 1,500-year chronol-
ogy with a confidence that comes from
decades of deep research on the topic,
illustrating how influence and power
have waxed and waned between the
two countries.
Chinese religious and literary culture
shaped Japan from the 7th century CE,
and it was not until the late 19th century
that the power dynamic between the
two changed. Japan’s rapid modernisa-
tion in the late 19th century not only
gave it the opportunity to seize Chinese
territory to form a new empire, but also
embedded a feeling of superiority in
Tokyo towards a neighbour that had
once been dominant but now seemed a
shadow of itself. In the end, Japan
wreaked its own destruction by launch-
ing its war against China in 1937, which
brought in the US in 1941 and ended
with the atomic bombings of Japanese
cities in 1945.
Yet postwar Japan created surprising
new relationships. The story of its
reinvention as the core US ally in Asia is
well known. Less appreciated is the
story that Vogel tells here, in which
informal relations between Beijing and
Tokyo improved steadily during the
cold war, even though diplomatic
relations did not resume until 1972.
When Mao’s Great Leap Forward eco-
nomic strategy (1958-62) caused a dis-
astrous famine that killed tens of mil-
lions of people, his prime minister Zhou
Enlai sent a trade delegation to Japan
in 1960 to discuss ways that “friendly
firms” could increase trade with
China. Two years later, the two sides had
signed a Memorandum on Sino-
Japanese Long-Term Comprehensive
Trade, a full decade before Nixon’s
momentous visit to Beijing.
Vogel’s book makes it clear that post-
war relations between China and Japan
have rarely been as bad as the rhetoric
sometimes suggests, even if they are not
as warm as the closeness of the neigh-
bours would warrant. It is also a
reminder that even if, as Yan argues,
China and the US will be the two domi-
nant powers in Asia in the 2020s, Japan
can only be ignored at its peril. It is still
the third-biggest economy in the world,
a major generator of cultural power
(unlike China), and a major military
power that has just announced it will
purchase more than 100 new Stealth
fighters from the US. The two powers
have to live alongside each other. Both
countries are fated to remain neigh-
bours, and that reality means that com-
promise through the creation of new
regional structures is inevitable at least
in the long term.
So far, much of the discussion about
the changing order in Asia has taken
place in policy forums and journals, but
Jonathan Ward’s stimulating China’s
Vision of Victory is one of the first books
to make an explicit argument for the
containment of China by the west.
Ward, whom I taught history, is now a
policy analyst based in Washington, and
his book is uncompromising in its
assessment of the challenge from China.
The book surveys a range of areas
where China’s influence has been grow-
ing, including its militarisation of the
South China Sea, strong investment in
Five more books to
understand China today
1. The Search for Modern China by
Jonathan Spence (WW Norton &
Co). China’s transformation from
bureaucratic empire to modern
nation-state remains unfinished.
This book is the place to start any
journey toward understanding.
2. Beijing Coma by Tiananmen
protester Ma Jian (Vintage) is one
of the most accurate depictions of
the demonstrations. His novel
evokes the humour, naivety, and the
paradoxes of those times.
3. Mr China by Tim Clissold
(Constable) excellently describes
the clash between foreign business
people’s ambitions and the fabled
‘China market’ in the 1990s-2000s.
4. The Party: The Secret World of
China’s Communist Rulers by
former FT journalist Richard
McGregor (Allen Lane) offers a
riveting guide to how China’s power
really works when Beijing does
everything to obscure the workings
of its political system.
5. The Hundred-Year Marathon by
Michael Pillsbury (Henry Holt and
Co). Read to understand how and
why US policy toward China has
turned inexorably conservative.
James Kynge is the FT’s
global China editor
innovation behemoths in their own
right. Cutting off China from western
technology isn’t likely to reduce its inno-
vative capacity; as China’s central bank-
ing regulator Guo Shuqing observed last
week, it will more likely mean that its
indigenous capacities will be forced to
improve further. Likewise, the Belt and
Road Initiative is riddled with flaws; it
has led several countries into a debt trap
and it favours Chinese firms and work-
ers over those in the countries where it
operates. But these objections don’t
answer a fundamental question: if
China doesn’t provide development
funds for countries such as Pakistan or
Laos, who else is going to? Are US or EU
taxpayers likely to take up the burden?
There is no doubt that China’s rise
means a fundamental challenge to lib-
eral societies. In particular, it is vital that
media and the academic world outside
China insist on freedom to research and
report on the country, and in it, as they
see fit. But simply hoping China will dis-
appear off the scene is not an option, nor
is simply ordering it not to innovate.
Vogel’s book suggests that there are
hopeful signs if one knows where to
look. Visitor figures from China to Japan
in 2012, a year of high tensions between
the two, were less than one and a half
million. Last year, at a time of reduced
tensions, they had boomed to more than
eight million. Economics can some-
times overcome rhetoric.
These books help us to answer the
fundamental question of what China
wants from us. They also provoke the
question: what does the west really want
from China? The way we articulate our
intentions will shape the way that China
engages with us — not just diplomats but
students, business people and tourists;
the actual Chinese who are in western
lives every day. Simply hoping that
China disappears back behind the wall
is neither desirable, nor possible.
Rana Mitter is author of ‘China’s War
with Japan, 1937-1945: The Struggle
for Survival’

A carnival of ideas
A generous and undogmatic
account of English philosophy
that will delight open-minded
readers. By Boyd Tonkin
Witcraft (the title comes from a 1573
logic textbook by a clergyman suspi-
cious of “bastard Latin” and imported
Greek) shuns the top-down, end-
directed history-of-ideas approach that
made Bertrand Russell a packet with his
bestselling History of Western Philosophy
in 1946. Rée calls that volume “a mas-
W
Witcraft: the professorship at Cambridge to work his obsession with that “transcendental James deplored the “PhD octopus” that
IInvention of happily as a wartime porter at Guy’s pedant” Kant had ruined his life, to DH had strangled intellectual passion. He
Philosophy
P Hospital, live, feel, suffer. They form Lawrence, whose fervent bromance lamented that universities only bred
iin English friendships, rivalries, networks — with Bertrand Russell rapidly turned “sterilised conceit and incapacity for
b Jonathan Rée
by within Britain, across the Channel, over sour, literature’s on-off love affair with being pleased”.
Allen Lane £30
A the Atlantic. They worship or detest one more systematic sorts of thought never Witcraft may, or may not, please
7768 pages another. Above all, they write. did run smooth. academic philosophers. Others should
Wittgenstein intended the ground- Rée, though, gives that quarrelsome enjoy its riches slowly, and savour every

W
e begin, in 1601, as
Hamlet teases Horatio
about the “more things
in heaven and earth
than are dreamt of in
your philosophie”. We end, in 1951, as
Ludwig Wittgenstein tells a friend that
his later work should carry a motto from
King Lear: “I’ll teach you differences.”
Over the 600-plus pages that separate
these Shakespearean book-ends,
Jonathan Rée spans a vast ocean of
ideas. He introduces us to their shapers
and breakers, and gently captains us in
50-year stretches across the seas of
English-language thought with aston-
ishing skill as both map-maker and
way-finder.
sive monologue, without variety of
voices or plurality of points of view”. In
contrast, he hosts “a carnival rather
than museum”. He presents philoso-
phy’s past in English — which embraces
a formative history of translations and
exchanges with Greek, Latin, French,
German and Italian thought — as “a
meadow full of flowers rather than a
majestic solitary oak”.
Rée lets a hundred flowers bloom. He
teaches us differences. Witcraft declines
to trace a single royal road through
redundant errors towards an irrefutable
truth. It doesn’t stick to the same small
handful of big ideas, eternally recurring
in one mind after another. Nor does it
set philosophy in English on a preor-
dained path that climbs progressively
towards “something called empiricism”
by discarding abstract, unscientific clut-
ter. Thomas Sprat’s assurance in the
1660s that “The English Genius is not so
airy, and discoursive” as their neigh-
bours’ proves only fitfully applicable.
Even Wittgenstein ends up immersed in
Plato and Kierkegaard.
Rather, “invention, originality and
oddity” mark Rée’s course. His thinkers,
from Hobbes sparring with Descartes
over the very meaning of “ideas” to
Wittgenstein himself resigning his
clearing anti-metaphysical grenade
that became his Tractatus Logico-
Philosophicus as “an original work of lit-
erature rather than a conventional trea-
tise”. From first to last, as he surveys the
landscape of ideas in 1601, 1651 and so
on up to 1951, Rée folds philosophical
writing into literature, into history —
into everyday life.
Figures such as William Hazlitt,
Thomas Carlyle and above all Marian
Evans, whose heroic journey through
philosophy towards a “positive rever-
ence for the natural world” led to the
great novels published under her pseu-
donym “George Eliot”, count for more
here than standbys from the syllabus.
From Thomas De Quincey, worried that
intimacy pride of place — as when Rus-
sell teaches a young fogey from St Louis
named TS Eliot, or John Stuart Mill, that
one-man liberal metropolitan elite,
kicks back against the reactionary ideal-
ism of the older Coleridge (Mill thought,
however, that “a Tory philosopher can-
not be wholly a Tory”).
Rée also honours the homes for seri-
ous thought that flourished outside elite
locations. From the radical “dissenting
academies” that nurtured Hazlitt and
Mary Wollstonecraft to the summer
schools in upstate New York run by the
metaphysical outdoorsman Tom David-
son, Witcraft celebrates the democratic
forums that stitched philosophy into “a
gospel of active citizenship”. William
generous, erudite and undogmatic page.
Rée delivers no doctrine, although his
tale does have heroes: mostly, those
thinkers who put “common humanity
at the centre of the philosophical stage”.
Davidson pressed on his students —
often working-class immigrants — the
virtue of “impassioned magnanimity”.
Not what you believed, but how you
believed it, mattered most.
Rée shares that candour, clarity and
eclectic warmth. As for Wittgenstein,
another beloved giant of the awkward
squad, he took from Kierkegaard the
chillier notion that “we are not here in
order to have a good time”. Witcraft,
curiously enough, will give open-
minded readers exactly that.
8 June/9 June 2019 ★ FTWeekend 9

Books

The making of America Not alone

national meat inspectors. One of the
Federal Trade Commission’s first ever
antitrust investigations looked into the
“unusually large margins” between the
price of beef cattle and the selling price
of fresh meat. Gabriel García Márquez’s confidants enliven Silvana
The two books trace the rise of big
business from the 1840s through to the Paternostro’s charming biography. By Ian Thomson
early 20th century, despite challenges
from union organisers and progressive
reformers from the 1890s to 1920s; So
Solitude & Márquez famous, One Hundred
trustbuster Theodore Roosevelt and Company
Co Years of Solitude. The novel became
muckraking journalists like Ida Tarbell by Silvana celebrated for the episode (among
and Upton Sinclair went after both Paternostro
Pa others) where a Colombian
industries. Though Standard Oil was tra
translated by woman magically ascends to
broken up in 1911, Dochuk points out Ed
Edith Grossman heaven while pegging her washing
that the Rockefellers ended up richer Se
Seven Stories to a line. Its English translator, Gre-
than ever because they retained shares Press £20/
Pre gory Rabassa, speaks of the fashion
$26.95
$26
in the component parts, which contin- 336 pages
for “magic realism” this launched
ued to vertically integrate and prosper. in Latin American letters. Experts
And Specht’s story of how the meat- say the fashion really began with
packers exploited unskilled labour, the Cuban writer Alejo Carpen-

Oil wells and cattle in the US south-west: two key forces that have driven American prosperity — Bettnam Archive
circulates and politicians rally, oil is an
Two books explore the profound impact of oil imprint on America’s soul,” he writes.
The book also emphasises the role of
religion, particularly the split between
and beef in shaping a nation. By Brooke Masters the emotional and dramatic fundamen-
talism that sustained many independent
drillers through good times and bad, and
the calming and controlling influence of
bankrupted local butchers and seized
power from the railroads holds warn-
ings for today. Sinclair’s The Jungle, a
best-selling exposé of the slaughter-
house industry, may have led to some
basic rules in food safety and meat
inspection, which Donald Trump has
been seeking to water down. But the
meatpackers were able to beat back on
most other regulation through exten-
sive lobbying that highlighted the bene-
fits of cheap meat.
By touting low consumer prices and
popular products, the four big slaugh-
terhouse companies distracted from
their excessive corporate power and the
other societal harms they were creating,
much as the big internet platform com-
panies are seeking to do today.
Stepping back, the oil and beef indus-
tries were both critical to American life-
styles and the country’s view of itself as a
land of plenty and opportunity.
Dochuk’s book is more comprehensive
— it takes the US oil story abroad to
Latin America and Middle East and up
to the 21st century and makes a strong
case that oil continues to shape Ameri-
can foreign policy and regulatory policy
today. It makes one wish that Specht
had similarly taken on the impact of the
G
abriel García Már-
quez, the most
famous writer in
the Spanish-speaking
world since Miguel
Cervantes, is a difficult subject for
a biographer. He contrived some
elaborate autobiographical fic-
tions while guarding his secrets.
Gerald Martin’s 2008 biography,
Gabriel García Márquez: A Life, was
exhaustive, yet the Colombian
novelist remains elusive. Solitude &
Company, an “oral history” of
García Márquez, returns an infec-
tious charm to the writer known to
his friends as “Gabo”.
The book is made up of inter-
views with those who best knew
Gabo: family, agents, translators,
film directors and fellow authors.
Often the male interviewees are
tipsy from quantities of whiskey
(“Damn. I don’t remember”), or
unstoppably loquacious (“What
else can I tell you about Gabo?”).
Yet the book captivates.
Silvana Paternostro, a New York-
based Colombian journalist, began
to tape-record her interviews in
2000, when García Márquez had
tier’s 1949 historical novel of the
Haitian slave revolt, The Kingdom
of This World, but was galvanised by
García Márquez. Suddenly in the
early 1970s the English-speaking
world was deluged with phantas-
magoric Latin American novels in
translation.
One Hundred Years “changed the
world’s view of Latin American lit-
erature”, says the Spanish actress
María Luisa Elío, the novel’s dedi-
catee. “Gabologists” and “Gabola-
ters” took to reciting passages by
heart. In 1982, García Márquez
received the Nobel Prize for Liter-
ature. He turned up at Stockholm
in a man-of-the-people bush
jacket and Cuban-heeled cowboy
boots. “Everyone kneeled before
him”, remembers a friend.
Subsequently photographed
with Presidents François Mitter-
rand, Bill Clinton, Mikhail Gor-
bachev and (not least) Fidel Cas-
tro, he was now a wealthy man
with seven homes in five coun-
tries. He got into a fight with the
Peruvian novelist Mario Vargas
Llosa (who gave him a black eye
for reportedly flirting with his

A
with origin stories. Partly
because the continent was
populated by migrants who
displacedorkilledtheindig-
enous people, it is tempting for histori-
ans to tell the American story through a
particular movement or group. From
Frederick Jackson Turner’s seminal
work on frontier culture to Edmund
Morgan’s books on the lasting influence
of the Pilgrims, much effort has been
spent on tracking the impact of subcul-
turesonthewayUSsocietydeveloped.
At a time when there is much anger
and hand-wringing over the outsized
influence of a few business sectors —
first banking after the financial crisis;
now Silicon Valley — it is only natural
that we are seeing a wave of books
exploring the role of powerful industries
in shaping the physical and cultural
landscape of the US in the 19th and 20th
centuries. Two new additions to the
genre examine industries that helped
make America rich and prosperous but
also set environmental and political pat-
terns that have come back to bite the
country today.
In Red Meat Republic Joshua Specht
looks at the 19th and early 20th-century
shift that transformed beef from a spe-
cial occasion treat to an everyday staple
food and what that meant for American
culture, politics and the physical land-
scape. For its part, Anointed with Oil, by
Darren Dochuk, follows the oil and gas
sector from early discoveries at the time
of the civil war through to the current
shale boom made possible by fracking.
Reading these books together also
Red Meat Republic: A
Hoof-to-Table History of
How Beef Changed America
by Joshua Specht
Princeton $24.95/£19.95, 344 pages
Anointed With Oil: How Christianity
and Crude Made Modern America
by Darren Dochuk
Basic Books $19.99, 688 pages
illuminates the big trends that affected
the entire continent, such as the con-
stant westward movement of ambitious
and adventurous people in search of
new opportunities, and the rise of pow-
erful companies in the late 19th century:
Standard Oil, Gulf and others that would
become America’s oil majors on the one
hand, and the railroads and the meat-
packing oligopoly that included Armour
and Swift on the other.
Dochuk, an associate professor of his-
tory at the University of Notre Dame,
writes fluidly, and his lively volume
traces the booms and busts of oil, taking
us from the squalid boom towns and
hellish drilling sites to the lavish execu-
tive suites. We meet volatile and violent
wildcatters, clever scientists and the
1890s robber barons who built the fore-
runners of today’s integrated oil majors
and became leading philanthropists,
particularly the Rockefellers and Pews.
“Petroleum’s power through time has
been impossible to resist, its latitude to
define America’s very sense of self, pur-
pose and world standing wide and pro-
found. Much more than . . . a commod-
ity around which the US economy
the mainline Protestantism espoused by environmental movement and the 14 years left to live. Her book adds wife) and showed an increasingly
the executives who wanted to tame and growing popularity of vegetarianism. the occasional interesting detail to pedantic side in his dealings with
regularise the industry. John D Rockefel- Neither story is done — efforts to fight Martin’s biography. the press. Fame “attacked” Gabo
ler’sStandardOilmayhavesqueezedout climate change and the growing trade García Márquez was born in 1927 “like a bull”, says his godson San-
many a small competitor, but he person- war with China are raising hurdles for (not 1928, as he liked to claim) in tiago Mutis. Paternostro’s book is
ally taught Sunday school at his local beef producers and oil companies alike. the Indian settlement of Aracat- gossipy and charming throughout
Baptist church and funded universities But if past history is anything to go by, I aca, north of Bogotá. The town’s — it can profitably be read along-
and ecumenical missions. Meanwhile would not count America’s behemoth Caribbean foodstuffs and Afro- side Living to Tell the Tale, the first
the wildcat drillers threw their hearts companies out. They have a way of Hispanic dialect colour every page volume of García Márquez’s unre-
and dollars behind the conservative adapting and thriving amid adversity. of the 1967 book that made García alised three-part autobiography.
evangelical movement that continues to
roil Americanpolitics today.
Red Meat Republic is clunkier — the
book started out as Specht’s doctoral
dissertation and retains an academic
tone. But his examination of the Cattle
Kingdom shows how it helped reshape
the midwest and south-west as Native
Americans were driven off prime range
land and boom towns rose to serve the
migrating herds and then fell as rail-
roads took over an increasing part of the
transportation network.
Specht, who now teaches history at
Monash University in Australia, starts
with the small farmers and cowboys
who struggle for land and find their
profits eroded by powerful cattle buy-
ers. He follows the industry to the great
Chicago stockyards and on to the East
Coast small-town butchers who were
being squeezed out by the four big meat-
packing companies.
“The cattle beef complex was national
in scale and revolutionary in effect,” he
writes, explaining how the shift tapped
American ingenuity, with the invention
of refrigerated railcars and mass pro-
duction lines in the slaughterhouse. It
also led to the expansion of federal gov-
ernment power, with the creation of

Grateful for small miracles

Francesca Segal takes us into Mother Ship
M with an almost giddying clarity: a love
b Francesca Segal
by that “burgeons and strains” against her
her tender embrace after the Chatto & Windus
C heart like the “round ligament pain” of
birth of premature twin ££14.99, 288 pages early pregnancy, “the ache of long-stiff
pants stretched, as the body accommo-
daughters. By Lucy Scholes dated more and more within itself”.
Mother Ship is Segal’s first non-fiction
work, but she is the author of two fine

F
rancesca Segal’s identical twin
girls were delivered by emer-
gency Caesarean at 30 weeks,
after which they were imme-
diately handed over to the
Neonatal Intensive Care Unit (NICU). It
felt, she writes in Mother Ship, her ten-
der but mighty memoir of the two
months that followed, “not like a birth
but an evisceration”.
Allowing readers heart-racing,
adrenalin-pumping access to this often
shrouded world — a realm of nightmare
and wonder, “peril and reprieve”, but
also extraordinary kindness, generosity,
dedication and love — this is the story of
the 56 days Segal’s daughters spent in
the NICU, the “mother ship”.
When, bruised and sore from surgery,
Segal hobbles to her daughters’ incuba-
tors for the first time, awaiting her are
two “half-beings” — “A is doll-sized; B is
smaller still” — “caught in the act of
becoming”. They have no fingernails or
toenails, no brows or lashes. The inner
workings of their still-forming bodies
are visible through “translucent” skin.
“I feel my intrusion upon them: they
were not ready,” she writes, her hushed
prose caught between reverence and
anguish. To linger in this liminal world
of medicine and miracles, of “almost-
children” who need to be “grown . . .
into babies”, is to see the beginning of
life from a different perspective.
Tempering this, however, is the cele-
bration of love and human fortitude that
lies at the heart of the book. It’s an ode to
the friendships Segal forged with the
other women with babies in the NICU,
each “swept out by a riptide, pulled far
from the current of normal mother-
hood”. Together they tread water and
buoy each other up. It is also a paean to
the National Health Service, both the
institution and the individual doctors
and nurses who looked after the twins
and gave “indefatigable support” to
Segal and her husband.
First and foremost though, Mother
Ship is a love letter to Segal’s daughters,
her feelings for whom she describes
novels — The Innocents (2013) and The
Awkward Age (2018) — both of which
take the complex constellations of fam-
ily as their subject. Excelling beyond the
remit of a standard memoir, Mother Ship
brings us more of the same, asking ques-
tions about what it means to be a
mother whose relationship with her off-
spring is devoid of all the customary
markers of care.
“Tonight, for the first time, she lies in
my arms and at my breast, like a baby,”
writes Segal in one of the most hard-won
passages in the book. “And I recognise in
my own shape — the length of my bowed
neck, the fall of my hair as I gaze down at
my nursing infant — that my body is the
shape of a mother.”
Coming to terms with the fact that ini-
tially her twins don’t need “mothering”
but rather “sophisticated medical inter-
vention” administered by professionals,
this book is as much the story of Segal’s
“burgeoning state of motherhood” as it
is that of her daughters’ growth to per-
sonhood. Transcendent, moving, but
thoughtful and necessary too, Mother
Ship is its own miraculous achievement.
10 ★ FTWeekend 8 June/9 June 2019

Books
When novels
D
uring four years of report- The eternal
ing from the Eastern Front flame at the
of the second world war,
Vasily Grossman professed
to reading only one book:
Battle of
Stalingrad
memorial at
sound the
War and Peace. What’s more, he ducked
the bombs long enough to read it twice.
the Mamayev
Kurgan, alarm bells
Leo Tolstoy’s family-driven epic helped Volgograd
Mary Evans Picture
to inspire Grossman’s most famous Library/Huber
novel Life and Fate, set during the Nazi
siege of Stalingrad but not completed Nilanjana Roy
until 1960.
In the English-speaking world Life and
Fate has always been known as a stan- Reading the world
dalone novel. In fact, it is a sequel to
Stalingrad, now published for the first
time in English in a stunning translation

A
by husband-and-wife team, Robert and s Delhi’s summer heat
Elizabeth Chandler. soared to 45C tthis week,
At nearly 1,000 pages Stalingrad is I took refuge. My comforts
slightly longer than its sequel. In it were three-fold: swimming,
Grossman places an earlier focus on the eating too many mangoes,
Shaposhnikov family and friends, as and reading novels about populists.
their lives are thrown into disarray by As the far right rises in continental
the impending Battle of Stalingrad. Hit- Europe, the UK, the US and across Asia,
ler’s huge offensive on the Eastern Front I’ve been surprised by the prescience
has driven Soviet forces into a pro- of two novels from the 1930s.
longed retreat. Stalingrad, which stands In Germany, Lion Feuchtwanger had
on a clifftop by the Volga river, is all that been tracking the rise of Adolf Hitler’s
lies between the Nazis and the oil-rich Nationalist Socialist German Workers’
Kazakh steppe. party with unease. He was from a
On the eve of the battle, Stalin issues Jewish family, a well-regarded novelist
his famous decree of “Not a step back”. and playwright who spoke his mind
In Stalingrad, Grossman pays homage bluntly and became a close friend of
to the individual and collective self- Bertolt Brecht. In January 1933, when
sacrifice that halted the Nazi advance Hitler became chancellor of Germany,
against overwhelming odds. Feuchtwanger was on a lecture tour in
Reichsanzeiger, of Germans whose
citizenship was revoked because of
“disloyalty to the German Reich and
the German people”. By September, he
had finished writing The Oppermanns.
Two years later, Sinclair Lewis wrote
It Can’t Happen Here, setting it down in
a furious burst of energy between May
and August 1935. Lewis was already a
towering figure in the US; novels such
as Main Street, Babbitt and Elmer Gantry
were read by millions, and won him
the Nobel Prize for Literature in 1930.
He had been watching with unease as
Huey Long, the populist governor of
Louisiana, rose to greater heights.
Lewis responded with a cautionary tale
of a demagogue, Berzelius “Buzz”
Windrip, who becomes president of a
fascist America. The 1935 blurb for

The light gets in

It is a less philosophical, more visceral
novel than Life and Fate, with Grossman
intent on expressing the underlying sol-
idarity of a “people’s war” where “great
deeds can be accomplished by simple,
ordinary people”.
The novel’s sweep is immense, by
turns microscopic and panoramic. It
begins in April 1942 as Mussolini’s train
pulls into Salzburg station where Hitler
is waiting to discuss a major German
offensive in southern Russia. It then
switches to a Russian peasant, Pyotr
Semyovich Vavilov, who has just
received his call-up papers and is fret-
ting about now not having enough time
to leave his family with wood to last
through the winter. “A peasant leaving
his village for the war does not dream of
medals and glory,” Vavilov muses. “He
knows he is probably on his way to die.”
In a fascinating foreword Robert
Chandler explains that for many years
he was put off the idea of reading Stalin-
grad. He had been led to believe by “emi-
nent figures” that it was a lesser work
than Life and Fate, which he and his wife
were the first to translate into English in
2006. Grossman, who died in 1964,
never lived to see Life and Fate pub-
lished. This was not the case with Stalin-
grad, which came out in the Soviet
Union in 1952 under the title For a Just
Cause, at a time when Stalin’s dictator-
ship was at its most repressive. This
original was followed by two different
versions in 1954 and 1956. The Chan-
dlers drew on all three for their transla-
tion, as well as several typed drafts and
Grossman’s handwritten notes.
While Life and Fate is far more critical
of Stalin than Stalingrad is, that does not
necessarily make it a better novel. In
The prequel to ‘Life and Fate’, finally translated into English, teems with
love, devotion and humour in spite of its brutal setting. By Tobias Grey
fact the two should really be read as one
ongoing inquest into the nature of the
Soviet character that was borne out of
the Bolshevik Revolution and how it
came to be tthe antithesis of fascism. The
political commissar Nikolay Krymov,
whose imperfect but loving marriage to
Ludmila Shaposhnikov is one of the
most touching aspects of Stalingrad,
expresses all of the disgust that the
Jewish-born Grossman felt for Hitler
SStalingrad
li d and his acolytes. “Rarely in [Krymov’s]
by Vasily Grossman life had the essence of Soviet unity
translated by Robert Chandler seemed so clear to him. He understood
and Elizabeth Chandler that by stirring up racial hatred, the
Harvill Secker £25, 992 pages Nazis hoped to undermine this unity —
as if a stinking stream could undermine
a deep ocean.”
Grossman drew further on his own life
in his depiction of the Jewish physicist
Viktor Shtrum, whose last letter from
his doomed mother appears in both
Stalingrad and Life and Fate. Shtrum’s
mother is murdered by the Nazis in
Ukraine’s Berdichev ghetto, just as
Grossman’s was. In the letter Shtrum’s
mother records her last days as a fare-
well to her son. Shtrum won’t show the
letter to anyone. He thinks about
destroying it but would sooner destroy
himself. “Everything around him
seemed the same as before — yet there
was nothing that had not changed.”
It would be wrong to think that Stalin-
grad is a gloomy novel. It teems with
love, devotion and wonderful flashes of
humour. Sometimes all three arrive at
once, such as the description of the age-
ing artillery colonel whose feet are so
small his wife has to buy his shoes in the
children’s department of the army store.
There are dozens of such moments, but
the most indelible passages arrive dur-
ing the battle itself. The blow-by-blow
accounts of young men willing to die to
gain enough time for reinforcements to
arrive from the east bank of the Volga
are positively Homeric.
A German lieutenant inspecting the
carnage of a massacre is described as
touching Russian corpses with the toes
of his elegant boots. “What he wanted to
know was the hidden source of the grim,
monstrous obstinacy of these men now
lying dead on the ground.” It is Gross-
man’s similar obsession.
the US; warned by a friend, he and his
wife settled in Sanary-sur-Mer, France,
where they lived in safety until 1940,
unable to return to Berlin.
In spring 1933, Feuchtwanger began
work on a book that has become a lost
classic. Few novels strike such a stark
note of warning, or capture with such
accuracy the perilous years of the rise
of a dictatorship. The Oppermanns,
which I read in a translation by James
Cleugh, tracks the fortunes and swift
downfall of a Jewish family in Berlin,
who are alert to the early signs and
omens but unable to believe that the
worst will happen. One character
thinks, “Was it not an impossible
undertaking to make a law of anti-
Semitism? How was one to know who
was a Jew and who was not?” Another
is wiser but still unable to believe that
his country has changed so harshly:
“What history had taught him was
amazement. A tremendous
amazement that each time those in
jeopardy had been so slow in thinking
of their safety.”
In May, Feuchtwanger’s books were
among those burnt by the Nazis. He
continued writing, trying to capture
a fictionalised version of the period
from November 1932 to summer 1933
through the experiences of the
Oppermanns. Changes creep into their
lives: tthey have to take on an Aryan
partner in the family
f business, and face
the first of the many insults,
separations and discriminations that
would ultimately pave the way for the
concentration camps.
In August 1933, Feuchtwanger’s name
appeared on the first list, published in
the Reich’s official newspaper
It Can’t Happen Here says of Windrip,
“Vulgar, illiterate, a public liar easily
detected . . . He was an actor of genius.”
Long was assassinated in September
1935, a month after Lewis finished his
novel. But the populist leader he
inspired is a timeless figure. Around
the world today, we can recognise the
man who is able to wield fascist power
while swearing he is anti-fascist, in a
country where concentration camps
are “enthusiastically opened, with band
music, paper flowers and speeches”,
and where the public discover too late
that they have been taken in by a
“small gang of criminals armed with
high ideals, well-buttered words and a
lot of machine guns”.
These two novels kept their gaze not
on the dictators, but on the willing and
unwilling accomplices who became
part of their giant web. “Barbarism has
its charm,” says a character in The
Oppermanns. For the newspaper editor
who tries to oppose Windrip’s rise in It
Can’t Happen Here, the enemies are not
just the propaganda, the book burnings
and restructuring of universities, but
the friends who say, “Why are you so
afraid of the word ‘Fascism,’ Doremus?
Just a word — just a word!”
Both books remain powerful
warnings. Sadly, Feuchtwanger’s
knowledge of the Reich did not prevent
him from finding inspiration in Stalin.
On a visit to the Soviet Union in 1937,
he praised Stalin, and said of people
who compared the dictator to the
fascists, “Their blindness is to be
pitied.” He was wrong. But as Lewis
shows in It Can’t Happen Here, few are
immune, now as then, to the seductive
lies and twisted truths of strongmen.

In brief
Scandals squared Time warped
A Budapest-set thriller Kossuth Square
K A protagonist who travels to The Heavens
T
cleverly absorbs Hungary’s the past in her sleep struggles
b Adam LeBor
by b Sandra Newman
by
Head of Zeus £18.99
H Granta £12.99
G
history, politics and current 400 pages
4
to relate to the world she 2272 pages

events. By Carl Wilkinson wakes up in. By Luke Brown

YO UNG A DULT
The Gifted, the Talented and Me
by William Sutcliffe
Bloomsbury £7.99, 256 pages
So many young protagonists are
described as wonderful, special
and unique, but William Sutcliffe
strikes a more realistic, even
cynical note with his latest
teenage narrator. Middle-of-the-
road Sam is dreading having to
transfer to Hampstead’s Academy
for the Gifted and Talented, along
with his all-black-wearing 17-
year-old brother Ethan and
unicorn-obsessed, seven-year-old
sister Freya. “Why does everyone
have to be talented?” Sam
grumbles. “Because if everyone’s
talented, then nobody is. Why
can’t I just be normal?”
Music-mad Ethan joins an
LGBTQ band and comes out as
gay, although he secretly
confesses “it’s only the straight
half of the B that I’m actually
interested in pursuing at the
moment”. But shy Sam has
problems beyond his annoying
siblings, namely his eccentric
mum’s too-revealing lifestyle blog
and his own accidental casting as
Caliban in the school production
of The Tempest. Under the
brilliant snarky teenage humour
is a lot of heart.
Suzi Feay
I T
Y OUNG A DU LT
The Other Mother
by Matthew Green
Corsair £14.99, 272 pages
Michael Parsons is weighted
down with issues, namely his
ungovernable anger and the
secret he’s been keeping about the
sudden death of his father. His
main confidant is the
compassionate school therapist,
though his wise younger sister
comes close. Neither of them can
help, however, with the deadly
conundrum he faces.
No one else has noticed that a
cunning replica who speaks and
acts just like his mother and has
access to her memories has taken
up residence at home. He is
positive his real mother has been
abducted, and is dead or in
terrible danger.
This is no Coraline-type fantasy
novel but a sombre exploration of
a real mental disorder — as a
friend tries to reassure him, “It’s a
thing!” Michael refuses to listen.
The rage-filled teen bearing down
on the “other mother” with a
shovel is a scene from a
nightmare. Green’s gripping and
cleverly paced narrative never
loses faith with its troubled hero,
despite his profoundly alienating
and perplexing condition.
SF
n District VIII (2017), the first of
Adam LeBor’s Danube Blues nov-
els, we met Detective Balthazar
Kovacs of the Budapest murder
squad as he investigated the killing
of a migrant. The police procedural
crossed genre boundaries, exploring the
tangled mess of Hungarian politics,
European immigration and global ter-
rorism. Set over a few days in September
2015, at the height of the migrant crisis
in Europe, District VIII showed off
LeBor’s deep knowledge of the issues at
play gleaned from years as a foreign cor-
respondent and Budapest resident.
Kossuth Square, the second in the
series, picks up just days after the action
of District VIII. Balthazar is still recover-
ing from the previous weekend’s events
that saw murder, explosions and the
removal of prime minister Pal Dezeffy,
deposed by his justice minister (and
lover) Reka Bardossy over a passports
and people-smuggling scandal.
We rejoin Balthazar early on Thurs-
day morning. He has been called to a
brothel owned by his brother, where
there has been an incident in the VIP
room. There he finds a Qatari financier,
dead. It appears to be a heart attack, but
the circumstantial evidence suggests
otherwise: the brothel’s CCTV footage
from the night has been remotely wiped
and someone is keeping Balthazar and
the establishment under drone surveil-
lance. We discover the Qatari was in the
country for a breakfast meeting with the
new prime minister to discuss an invest-
ment that could help transform Hun-
gary. Something doesn’t add up.
Meanwhile Balthazar’s new squeeze,
the country’s most famous journalist, is
under pressure. Her scoops brought
down the former PM, Pal, and now he is
out for revenge. Also in the mix are the
gendarmes — the prewar police force,
which has been reborn and tasked with
protecting “national order”, answering
directly to the prime minister’s office.
The gendarmes are at war with the
police after their showdown in the first
novel. Chief among them is Attila Ungar,
whose brutish credentials are under-
lined by the fact that his breakfast
smoothie of choice contains “chicken
liver and oatmeal in milk and yoghurt”.
As befits the protagonist of any self-
respecting crime thriller, Balthazar’s
personal life is also problematic: his ex-
wife is moving in with her girlfriend, but
needs Balthazar’s help researching her
PhD in gender studies focusing on Hun-
gary’s Roma community; Balthazar is
Roma and he has his own investigation
that he wants to conduct, into the disap-
pearance of a Roma girl 20 years ago.
Balthazar is a fully realised figure, rid-
dled with contradictions and with a foot
in each of the two communities that
form modern Hungary. The plot has all
the twists and turns of a high-concept
Hollywood thriller (it’s no wonder that
LeBor is developing his series for TV).
But what makes Kossuth Square really
stand out is the way LeBor intelligently
grafts his novel’s thriller elements on to
Hungarian history and politics as well as
current events, from the rise of pop-
ulism to organised crime. Each facet has
the ring of truth.
he Heavens advertises itself
as a “high-concept” novel of
the type publishers pin
their budgets on — “a story
of love complicated by time
travel” — while employing high-literary
endorsements on its cover to convince
sophisticated readers that it is for them
too. At “a rich girl’s party” in Manhattan
Kate and Ben meet and fall in love. This
is in a better world than ours, the sum-
mer of 2000 “when carbon emissions
had radically declined and the Jerusa-
lem peace accords had been signed and
the UN surpassed its millennium goals
for eradicating poverty”.
But Kate has an unfortunate condi-
tion. When she goes to sleep she travels
back in time to Elizabethan England,
where she is Emilia Lanier, a mistress to
powerful men, the dark lady of Shake-
speare’s sonnets. Each time she wakes
up in the present, the world has changed
subtly for the worse, and she is the only
one of her friends who remembers the
better world. Kate’s friends become con-
vinced of her escalating lunacy. She
becomes convinced she has to save the
world by interfering in the past, but she
has no idea how to go about this.
The “save the world” mission never
finds a form, so generates little sus-
pense, emblematic of the novel’s reluc-
tance to decide on what it is basing its
appeal. The time travelling is more
effective as a device to dramatise schizo-
phrenic delusion, by having the reader
sympathise with someone who under-
stands what no one else can see. The
novel uses this device for Swiftian satire
too: Kate as the ingénue who can’t
understand the self-destructive logic of
the society she encounters from a more
enlightened perspective.
Sandra Newman wants to skewer lib-
eral contradictions: Ben the poet who
ends up working for an oil company,
Sabine the political activist who works
for Credit Suisse, this elite who think
they “are supposed to be the good guys”
and never acknowledge their role in cre-
ating a divided society.
But it’s difficult to write an effective
critique of middle-class complacency
from so firmly within its point of view:
the characters with inner lives are rich
multiracial New Yorkers; in other
places, such as West Virginia, “the peo-
ple were white, xenophobic, open carry,
evangelical”.
And so tthe novel errs on the side of the
romantic time-travel plot: Kate is one of
a number of time travellers, along with
Shakespeare and Alexander the Great.
The increasing distance between her
and Ben each time she wakes up is mov-
ing, though elsewhere the attempts at
romance are saccharine: they make love
in a library filled with “books that
seemed to solemnly think their thou-
sand stories in the gloom beyond the
light of the reading lamp”.
Adjectives and adverbs froth —
“impossibly charming”, “gorgeously
physical” — as the writing strains to ani-
mate two-dimensional characters.
In the end, it’s hard to care for these
mournful and blinkered liberals who
the novel knows need criticising but
adores too much to do so with feeling.
8 June/9 June 2019 ★ FTWeekend 11

Books

T
he excitement surrounding the success of Apple Tree Yard (her sev-
the new television series of enth novel) that she was able to earn a
Catch-22, starring and co- living full-time as a writer. For the previ-
directed by George Clooney, ous 20 years, “I worked as a journalist,
is symptomatic of the cur- broadcaster, teacher and mentor to sup-
rent vogue for consuming literature via plement the novels,” she says. “That’s
the small screen. Netflix recently not counting the decade before I was
announced that it had adapted around published, when I was a cleaner, wait-
50 literary works over the past year. ress and secretary. When you get pub-
Whereas once the only way of engaging lished, the quality of the day jobs you
with a book was to read it, now, in addi- need to do to survive improves — but
tion to watching TV or cinema adapt- they are still day jobs.” According to the
ations, we are increasingly listening to ALCS survey, only 28 per cent of writers
the book in audio form — or to its author describe themselves as full-time, down
at an event or festival. The growing pop- from 40 per cent in 2006.
ularity of these modes of literary More and more of writers’ non-writ-
engagement is opening up new revenue ing time is tied up with promoting their
streams for writers, just as earnings books, often via social media — but at
from the traditional model of advances least live events have become a means of
and royalties are dwindling. income as well as promotion. Before
Six-figure UK book advances are peri- 2016, when Philip Pullman stepped
odically announced, usually around the down from his presidency of the Oxford
time of the trade’s London or Frankfurt Literary Festival over his demand that
book fairs, but these rare high sums are they pay authors to take part, writers
a smokescreen for what publishers typi- were rarely paid for appearing at events
cally pay authors across all genres. A in the UK — an omission that used to be
senior independent literary publisher in
the UK told me she offers advances of A senior figure at a UK
£3,000-£5,000, only occasionally going
up to £10,000. Major publishing houses TV company told me the
can stretch higher — but even a £30,000 ‘option’ in a contract has now
advance, which one major literary nov-
elist told me she received from a pub- become ‘mega-competitive’
lisher for each of her two most recent James Fryer

books, works out as not much across the

From pen to payment

three years it took to write each one. excused as promotion for their latest
Authors who receive low advances are book. The payment of authors for live
forced to look elsewhere for their events is now standard practice, which
income while writing — in a day job, happily coincides with a proliferation of
from personal wealth, or, as the literary literary festivals — there are currently
author complained: “I live off my hus- more than 350 in the UK, up from just
band, which is something I hate doing.” 40 in 2008. According to the UK’s Soci-
The newly published results of a 2018 filming — the author receives a purchase ety of Authors, most literary festivals
survey of authors’ earnings commis-
sioned by the UK Authors’ Licensing
How do authors make a living? As advances dwindle, Emily Rhodes looks price, a lump sum that one UK agent
told me was “always six figures”. Agents
pay £100-£1,000 plus expenses. Else-
where, the fee is often a barter deal, such
and Copyright Society show that this also aim to build bonuses for writers as a bookshop giving an author a £100
kind of “subsidy” — essentially another at how TV adaptations and festivals are bringing in new revenue streams into contracts so that more money is gift voucher, or a hotel offering a free
income-earning member of the house- paid out if the adaptation is shortlisted stay — such as the writers-in-residence
hold, who covers for the writer — is not for an award, for instance. In addition, programme at the Betsy Hotel on
uncommon. It also shows that 94 per the TV and film industries have become Miami’s South Beach, which has hosted
cent of the UK’s published writers are This was the case for writer Naomi have become increasingly lucrative, “more open to novelists adapting their more than 750 writers.
white, and most live in relatively afflu- Alderman, who told me that her earn- reflecting the growing appetite for own work”, according to my source in Even with new potential revenue
ent south-east England. Unless more ings from royalties and foreign sales for books in audio and screen formats. With the TV production company. So authors from events, options and audio rights,
authors can make an independent living her most recent novel The Power have the boom in audio-books (sales in 2017 — including Sally Rooney, who is co- falling advances demand that authors
from their writing, it is hard to see how a reached 20 times her British advance. were double those of 2013), according to adapting Normal People for BBC3 and must commit to writing the book before
more diverse literature can thrive. Disproportionately large advances can one UK literary agent, audio rights “can Hulu — can earn a scriptwriting fee of earning much (or any) money from it.
The ALCS survey also shows that an go wrong. Instagram influencer Caroline go for more than the book advance £25,000-£35,000 in the UK. Professor Martin Kretschmer, who led
increasing number of authors no longer Calloway backed out of a $500,000 book itself”. A senior figure at one British TV Of course, a screen adaptation has a the research for the ACLS survey, com-
get any advance at all: only 69 per cent deal with Macmillan in 2017 and had to production company told me that the knock-on effect on book sales. When the mented on the drop in authors’ earn-
of primary occupation writers said they pay back her advance, of which she had “option” in a contract (the right to adapt TV adaptation of Apple Tree Yard was ings: “It can be argued that this is mak-
received an advance, down from 82 per already spent a chunk, leaving her more the book for screen) has now become broadcast on the BBC in 2017, the reve- ing writing more elitist as a profession.”
cent in 2006. The independent pub- than $100,000 in debt. Publishers’ “mega-competitive”, and they typically nue that year from print sales nearly The new literary landscape of series
lisher explained to me her rationale growing aversion to risk, however, pay around £5,000-£10,000 to option a matched that of 2013 and 2014, when it adaptations, audio downloads and live
behind low (or non-existent) advances: means that authors now have to rely on book, “at least double” what they would was first published. The novel’s author events may be democratising our con-
“We are splitting the risk of publication income from a source other than the have paid five years ago. Louise Doughty, who was associate pro- sumption of books, but — until publish-
with the author; if a book works, they book during the writing of it. If an adapted script goes into product- ducer for the TV version, invested this ers turn this upside into willingness to
benefit from the upside, but we’re not As advances diminish as a source of ion — only about 10 per cent of books windfall in a pension. Her desire for sta- take risks — it is doing nothing to
overexposing ourselves.” income, rights associated with books that are optioned get to the first day of bility makes sense, as it was only with democratise the writing of them.

Diversions
CHESS LEONARD BARDEN BRIDGE PAUL MENDELSON
This week’s puzzle is a juniors.Toenter,sendWhite’ 8
for the final in February So many contracts fail for K9 7 Dealer: East N/S Game West has shown seven
chance to enter a national s first move to Nigel Dennis, 2020. The champion will lack of a little thought at the Q8 7 2 diamonds, East is far more
7
3 North East South West
contest where FT readers Boundary House, 230 Greys 6
qualify for the Great Britain start. Would you succeed on AJ 96 2 — NB 1C 3D likely to hold length in
traditionally perform well. Road, Henley-on-Thames, team in the 2020 world this week’s deal? N 5C clubs. At trick 3, South
White in the diagram is to Oxon RG9 1QY or email to
5
solving championship, an Normally West’s 3D 10 5 3 2 Q 6 should cash K♣ and
A6 W E J 10 5 4 3
play and force checkmate in winton@theproblemist.org 4
event where GB is often a preempt would have A K J9 8 65 7 4 discover the bad news. Now,
two moves, against any Include your name and 3 medal contender. stymied North but, here, - 10 8 5 4 and declarer took East’s Q♠ she gives up A♥ and, when
S
black defence. home postcode, and mark 2 As usual, the starter North’s 5C was pretty much AJ 84 with her A♠. She then led a she regains the lead, ruffs a
The puzzle is the first your entry “Financial problem is quite tricky, with compulsory with such good K9 low club from hand — and heart in hand, cashes Q♣
stage of the Winton British Times”. If under 18, give
1
several near-misses. Bear in trump support. West led A♦ Q 10 2 that doomed her to defeat and crosses to dummy’s K♠
A B C D E F G H
KQ7 3
Solving Championship, your date of birth. mind that obvious checks and South decided that she because now she cannot ruff to ruff the last heart in hand.
organised by the British The closing date is July 31. of eight problems, with and captures rarely work, could reverse the dummy two hearts in hand and draw When she returns to
Chess Problem Society and After that, all solvers will plenty of time for solving. and review your answer and try to ruff a spade and with its longer trumps — as East’s four trumps. dummy — only a heart ruff
open to British residents. receive the answer and The best 25-30 entries before you send it. At worst, two diamonds on the table the master hand, aiming to Accept that on a 3-1 or 2-2 can provide the entry —
The prize fund will be at those who get it right will from the postal round plus trial and error should reveal or play the hand upside ruff two hearts in hand. At trump split all is easy; focus she can draw East’s two
least £1,225, plus awards for also be sent a postal round the best juniors will qualify the solution. Good luck! down, treating dummy — trick 2, West switched to 5♠ on a possible 4-0 break. As trumps with ♣AJ.

POLYMATH 1,025 SET BY HAMILTON CROSSWORD 16,188 SET BY ROSA KLEBB

Polymath 1,025 Set by Hamilton Crossword 16,188 Set by Rosa Klebb
ACROSS DOWN         
ACROSS DOWN        
1 US TV variety show (1965- 2 UK police drama (1992-2010) 1 Jockey beat it black and blue 1 Changeless Jacques Tati
67) created by Dick Clark (9) on regular basis (8) clowning around (6) 
(5,3,6,2) 3 Island site of the first English   5 Driverless car about to run 2 Wife stops correcting
10 Press slang for unimportant settlement in what is now over beetle (6) Conservative (5-4)  
pieces used to fill a paper (6) North Carolina (7) 10 Hack off and remove casing of 3 Congress in Minsk
11 Lack demand, especially in 4 Area on the south bank of   sausages (5) unfortunately expecting
relation to a product (2,1-7) the Liffey in Dublin (6,3) 11 Queen’s mate is sad to lose trouble (7,8)  
12 Another name for a child’s 5 Son of the Earl of Gloucester head in days to come (9) 4 Tactile drunk crossed bars (7)
pushchair (8) in King Lear (5)   
12 Suspicion of home schooling 6 Figures showing how many
13 Force 1 on the Beaufort 6 Cornish port and film set for (9) anaesthetists in the Vatican?
13 Plant 15 back to front on island (8,7)   
Scale (5,3) dramas such as Poldark (11)
14 Month in which Rosa Parks 7 Mini biscuit originally made (5) 7 Bounder gutting succulent 
     
Day is celebrated in Ohio (8) by Huntley & Palmer (4,3) 14 Hollow noise ultimately making fowls (5)
16 Unfinished ---------, 1991 UK 8 Medieval transport used girl apprehensive (6) 8 Have a leg either side of top   
hit for Massive Attack (8) for the emptying of outside 15 Gull perhaps burst airbeds (7) fairground attraction (8)
17, 21, 32 Popular song featured lavatories (5-4)
     18 Pointing at Nigel, oddly 9 Sultan’s citizens philander, 

in the 1929 film Gold Diggers 9 Sea creature also known as popular and grand (7) regardless of restrictions (6)
of Broadway (6,7,3,6) 20 Chinese society content to 16 Dinosaur dung collected by   
the Common Mola (7)
  shun ukulele and mouth organ institute’s top academic (9)
19 Mammal native to the US 15 The Gibraltarian dialect (4,7) (6) 17 Praiseworthy measure set up
whose young are called kits 18 Defender who made 317 22 Rubbish pile round back of to conserve goldfish (8)  
(7) appearances for Manchester boozer (5) 19 Eastern poem is good way
21 See 17 United (1989-98) (9)  
24 Confusingly, Romania is part of to escape chance onset of
23 Botanical term for a 20 Legal term, literally “it does Turkey (4,5) lassitude (6)
rudimentary stem (8) not please” (3,6) 25 Penniless lush stepped out of 20 Wee nurses with gleam in eye  
26 Japanese electronics and 22 Position of one advanced to 
line (5,4) (7)
video games manufacturer advisor by virtue of age (9) 26 Over time deserts moved in 21 After vacation, angular invalid
(8) 24 Stopped or suspended (7) Solution Polymath 1,023 particular direction (5) lay lifelessly (6)
28 A cross between a 25 The Japanese tea ceremony 27 Still huge and certainly not 23 Use dope after last of cocaine
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7 $ 0 2 6 + $ 1 7 ( 5 * ( 6 6 2
a native French or English 27 Systematic name of 5 $ & 1 8 8 5 3 2
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Winchester, published by Oxford University Press, ' 1 % + 6 %
1 8 ( ) 6 ( 1 0
ear nearest to the ear canal Wednesday June 19 wins a copy ( * + $ $ 5 1 6 will be awarded to the senders of the first three ' 5 2 : 6 , ( 6 7 9 , 9 $ 3 ( $ . 2 % - ( & 7 % $ / /
(6) of Brewer’s Dictionary of Phrase / $ 5 ( 9 8 ( ' ( & 8 , 6 , 1 ( correct entries opened on Wednesday June 19. ( 8 7 2 9 1 6 2 5 ( 5 $ 1 2
and Fable. Entries should be ad- 6 3 2 ; 9 $ 1 1 Entries marked Crossword 16,188 on the envelope, 5 ( 6 7 5 8 & 7 8 5 , 1 * / ( $ 7 + ( 5 < 5 $ * ( 6
32 See 17 dressed to Polymath No 1,025, $ 1 $ 1 ' $ & 2 5 , $ & ( 2 8 6 0 $ + 1 7 6 7 , 3 < 6 7 6 8 6
should be sent to Weekend FT, 1 Friday Street, 6 2 $ 1 ' 6 2 2 7 + ( / / 2
Weekend FT, 1 Friday Street 8 5 2 , : / 8 9 7 ( ; 3 8 1 * ( ' 5 $ ) 7 ( (
London EC4M 9BT. Solution 5 2 % ( 5 7 0 8 6 , / % 2 2 / ( London EC4M 9BT. Solution on June 22. 5 ( * : ( / $ 5 + + 5 / ) , $ 0
( $ , $ 2 , 8 / , ( $ * / ( ( < ( ' 6 ( 5 8 0 2 1 2 1 ( 6 8 3 3 ( 5 6
Name..................................................................................................................... and winner’s name on June 22. / 2 7 , & 0 ( 1 ' ( / 6 6 2 + 1
Address................................................................................................................ Jotter pad
Winners Name..............................................................................................................................
.................................................................................................................................. Brewer’s Dictionary of Phrase and Fable takes you on an adventure Crossword 16,176: John Edwards, Llanon; Address.........................................................................................................................
................................................................................................................................... through language, culture, myth and legend. Edited by Susie Dent, this R Gill, March; Brian Smith, Ayrshire ...........................................................................................................................................
.................................................................................................................................. edition contains a supplement of Brewer’s Gems – facts, fables and Polymath 1,023: Peter Tarleton, Ireland ...........................................................................................................................................
.................................................................................................................................. curiosities from Brewer collections of the past.
www.chambers.co.uk/brewers.php ...........................................................................................................................................
12
Gold from
America’s
rust belt
Lynn Nottage | As her Pulitzer-winning play ‘Sweat’
moves to the West End, the US playwright talks to
Alice Saville about exploring America’s faultlines
T
he “Great American Play”
often revolves around
nuclear families thrashing
out their differences:
think of Death of a Salesman,
Glass Menagerie or Raisin in the Sun.
Playwright Lynn Nottage has forged a
career that has encompassed two
Pulitzers, prizes and Broadway trans-
fers by depicting a different kind of
America. She has excavated the hidden
experiences of a slighted African-Amer-
ican lingerie seamstress (Intimate
Apparel), Pittsburgh steelworkers
(Sweat), a forgotten 1930s movie star
(By the Way, Meet Vera Stark) and even
the interior monologue of an elephant
(Mlima’s Tale).
Nottage dramatises the faultlines that
come with living in the nation’s melting
pot. As we talk over the phone, she says
her approach was influenced by her
upbringing in Brooklyn’s Boerum Hill,
where she lives today. “It was a place
where people who felt marginalised by
other places settled. The block I grew up
in was Latino, Afro-American, Irish and
then the hippy artists — this real hodge-
podge of people who shouldn’t get along
but somehow did. And because I grew
up in that neighbourhood, I’m inter-
ested in what happens when we put peo-
ple of different identities on stage
together in a space that’s confined.
That’s what Sweat is.”
Just opened at the Gielgud Theatre in
London’s West End, after a run at the
Donmar Warehouse, Sweat is a rave-
reviewed, Pulitzer Prize-winning port-
rait of steelworkers in a town very dif-
ferent from Brooklyn. But, Nottage says,
“I recognised their sense of alienation
and marginalisation, because as an art-
ist I’ve lived many, many years in the
face of economic insecurity and feeling
that my hard work is not being recog-
nised, feeling relatively invisible.”
That has changed dramatically. In
2007, Nottage won a MacArthur Found-
ation “Genius Grant”, which gives recip-
ients $100,000 a year for five years, with
no strings attached. It gave her the free-
dom to embark on an ambitious project:
she researched Sweat by spending two-
and-a-half years harvesting the opin-
ions and frustrations of steelworkers in
★ FTWeekend
the embattled, rapidly deindustrialising
town of Reading, Pittsburgh. Donald
Trump’s 2016 election victory gave the
play new relevance, but Nottage had
already uncovered some of the tensions
that Trump’s success was built on.
“So much of our identity is wrapped
in what we do, and when we have noth-
ing to do, we have these incredible exis-
tential crises. It’s very easy for that
alienated — and, I would say, largely
white — class in Britain and America to
turn toxic and to become angry in ways
that are not productive.”
Making Sweat felt important, she says,
because “the cultural elites of both
coasts were engaged in — and this is a
phrase I’ve come across recently — ‘an
innocence that amounts to the trans-
gressive refusal to know’.”
Sweat’s Broadway run gave the play a
high enough profile to do a tour of
America’s so-called rust belt, where it
played 18 non-traditional venues. “It’s
somehow therapeutic — at the end, peo-
ple stood up and they testified to their
own stories,” Nottage says.
The same spirit animates a new opera
that is being adapted from Nottage’s
2003 play Intimate Apparel. Set to music
by Ricky Ian Gordon, it is being deve-
loped by Lincoln Center Theater and the
Metropolitan Opera to be performed
next spring. But Nottage is actively
resisting the exclusivity associated with
opera by shrinking her story down. “If
you write an opera for two pianos, that
meansitcanbedonealmostanywhere.”
Where Sweat deals with broad themes
of post-industrial struggle, Nottage’s
2003 Intimate Apparel shines with
fraught sensuality: an embroidered
motif here, a stretched seam there.
Inspired by the story of Nottage’s own
grandmother, it focuses an unsparing
gaze on Esther, an African-American
Review
DANCE
The Firebird/A Month in the
Country/Symphony in C
Royal Opera House, London
AAAAA
The Royal Ballet ends the season on a
high with a long but satisfying evening
of 20th-century masterpieces. It begins
with Mikhail Fokine’s 1910 Firebird,
the first Stravinsky score to be heard in
the west. This production uses the 1926
redesign by Natalia Goncharova, who
channelled her love of Russian folk art
and iconography into a dazzling
juxtaposition of colour, pattern and
texture, culminating in the famous
closing tableau in which the vast
ensemble is ranked against a candy-
coloured cityscape of turrets and
onion domes.
The bird of the title is not Odette/
Odile in a red dress. Fokine said he
wanted to hear “the beat of mighty
wings”, and Yasmine Naghdi’s easy,
soaring jetés and wild-eyed struggles
with Edward Watson’s rustic but
Above:
Lynn Nottage
Below: ‘Sweat’
at the Donmar
Warehouse, 2018
Left: ‘Mlima’s
Tale’ at the
Public Theater
in New York
Lynn Savarese; Johan
Persson; Joan Marcus
resourceful Tsarevich come pretty
close. Gary Avis was malevolence
personified as Koshchei, wittily timing
each gesture to the magnificent score
with the help of conductor Emmanuel
Plasson and the orchestra.
The evening’s centrepiece was
Frederick Ashton’s 1976 A Month in the
Country, which distils five acts of
Turgenev down to 50 minutes of
emotionally charged dance. The house
guests inhabit Julia Trevelyan Oman’s
country house setting, and play out
their quarrels and love affairs in a series
of exchanges that range from delicate
romantic comedy to high melodrama.
Their moods are fuelled by snatches of
Chopin arranged by John Lanchbery in
“a welding job” (Ashton’s phrase).
Marianela Nuñez’s smiley manners
are an odd fit for the bored and nervy
Natalia Petrovna, and her shoulders
and upper back are a mite unyielding
for the Ashton style. But she relishes
the fast, bright footwork and was
handled with care by Matthew Ball’s
Beliaev, innocent cause of all the
mischief. Francesca Hayward has the
machine-stitch pas de bourrée,
lingerie seamstress. The lonely Mrs Van
Buren, Esther’s wealthy white client,
comes to believe that she and the
woman who sews her corsets are
friends. In a bitter confrontation, Esther
calls her a coward for her reluctance to
risk true friendship in the racially segre-
gated world outside her boudoir.
I ask Nottage about the unlikeability
of Mrs Van Buren, and she replies: “I
think that’s true of people who move
through the world with a sense of privi-
lege, that it’s really easy to assume the
way in which you navigate the world is
the way in which everyone does. To not
tremulous petits battements and rapid
reaction times needed for the love-
hungry Vera, Natalia’s ward and rival.
James Hay ends his fine season as little
Kolia, bouncing and twirling through
his solos, then collapsing like a pricked
balloon at the loss of his beloved tutor.
And to follow? George Balanchine’s
1947 Symphony in C, which opens with a
cloudscape of crisp white tutus and
soon has the audience sighing with
Marianela Nuñez and Matthew Ball
in ‘A Month in the Country’
8 June/9 June 2019
understand the struggle of other folk.”
Nottage produced the first season of
She’s Gotta Have It, Spike Lee’s TV series
for Netflix based on his 1986 film of the
same name. She also oversaw the show’s
writers’ room, where she brought
African-American authors from non-
traditional backgrounds on board. The
series is set in Nottage’s fast-gentrifying
Brooklyn, where its heroine Nola navi-
gates a whole Twitter-feed’s worth of
debates about polyamory, inequality
and the compromises necessary for sur-
vival as an artist.
“I’m trying to understand how one
can still love a neighbourhood as it’s
evolving and changing, and it’s not lov-
ing you back in the same way,” Nottage
says. “I miss my old neighbourhood a
lot, I miss the diversity, but I also love
the fact that I can get yoghurt and
kombucha and all these things that were
not present in the bodegas when I was
growing up.”
In a 2016 interview, she spoke out
about being frustrated at having her
career defined by her singularity as a
black female playwright in an industry
dominated by white men. But right
now, she seems energised by the oppor-
tunities opening up to her — and to a
new generation of African-American
female writers. She points to The Lillys,
an organisation that published a
series of damning statistics on race and
gender diversity in American theatre.
“A lot of theatres were forced to do some
self-examination and really change
their practices. It’s kind of amazing, but
we have seen results.”
With Nottage’s success has come the
perhaps unlikely move into writing the
book for two new musicals, one of which
is The Secret Life of Bees, currently play-
ing off-Broadway, at Atlantic Theater.
‘The cultural elites of both
coasts were engaged in an
innocence that amounts to a
transgressive refusal to know’
Based on Sue Monk Kidd’s bestselling
novel, it follows rebellious white teen-
ager Lily and her black caregiver
Rosaleen as they hunt for the truth
about Lily’s mother’s death and find ref-
uge with a trio of female beekeepers.
Behind the story’s sweetness, there’s
a deeper message: “What the book is
ultimately about is resistance to the
white patriarchy.”
It’s a challenging theme for a family
musical, but Nottage points to similarly
confrontational recent hits like Dear
Evan Hansen, which explored teenage
suicide. “There will be a place for the
light fluffy musical, but I think the ones
that have staying power are the ones
that are really in conversation with
the times.”
These conversations are especially
heated when it comes to her writing
involvement on the Michael Jackson
musical Don’t Stop ’Til You Get Enough,
due to open on Broadway next summer.
When I ask her about it, she sounds
weary. “Yeah, we’re still forging ahead.
We will see the complexity of the char-
acter, and that is all I will say right now
about that.” In the light of the alleg-
ations of child abuse that have long sur-
rounded Jackson, “complexity” seems
to be an understatement. But when I ask
her more, she says: “I grew up listening
to Michael Jackson, he left his physical
imprint on a lot of us.”
It’s a memorable image: you can’t
choose the influences that form and
shape you, but you can interrogate
them. Wherever Nottage’s eclectic work
sits on the spectrum from fluff to grit,
it’s rewarding for its refusal to let its
audience be innocent.
‘Sweat’,GielgudTheatre,London,toJuly20;
‘The Secret Life of Bees’, Atlantic Theater,
New York, to July 14
pleasure at wave after wave of
intricately knit neoclassical dancing.
Tuesday’s corps de ballet had a
decidedly dress rehearsal air,
struggling to keep up with Bizet and
seldom achieving the paper-doll
precision required, but there were
some fine performances among
principals and soloists.
Fumi Kaneko (replacing an injured
Natalia Osipova) was sharp and
assured in the first movement,
partnered by Vadim Muntagirov,
defying gravity, time and space in
joyous solos. Nicol Edmonds negotiated
the fiddly balances and last-minute
catches of the second movement with
tremendous sangfroid and lifted his
ballerina (a serene if not especially
soulful Sarah Lamb) with barely a plié.
Alexander Campbell attacked the third
movement with fierce glee, showing off
his eggbeater entrechats, and Hay and
Hayward were neatly matched in the
fourth. Bizarrely, not a single
Balanchine has been scheduled for the
2019/20 season. Enjoy it while you can.
Louise Levene
To June 14, roh.org.uk
8 June/9 June 2019
How to get a bit of oxygen
Jean-Michel Jarre | The composer and performer
talks to Andrew Hill about tech and the future
M
ore than four decades ago,
a slightly built 28-year-
old French musician
called Jean-Michel Jarre
recorded Oxygène, using
an eight-track tape machine and some
capricious analogue synthesisers. To say
machines have advanced since that
breakthrough 1976 album is vastly to
understate the state of the electronic art.
But Jarre, now a youthful 70, manages to
be simultaneously enthusiastic and con-
cernedabout technology’s potential.
Two vinyl versions of Equinoxe Infin-
ity, one of two albums the prolific com-
poser and performer brought out last
year, sit on the coffee table in his Paris
apartment, near the Champs-Élysées.
Their covers project alternative desti-
nies for the otherworldly binocular-
toting “watchers” from the sleeve of the
original Equinoxe (1978), which secured
Jarre’s fame as a pioneer of electronic
music. On one version, the watchers
confront a headless human figure sur-
rounded by tech detritus, bathed in an
apocalyptic red-and-orange glow. From
the other, they stare out like Easter
Island statues from a barren but peace-
ful, sun-dappled landscape.
The future “could be quite dystopian,
or we can succeed to create a kind of
balance between the demography, the
ecology and our relationship with tech-
nology,” Jarre explains.
He conceived Equinoxe Infinity as a
soundtrack to an imagined film about
the evolution of machines, thinking at
first he would be able to use artificial
intelligence in its composition. What
he discovered was that we are still in the
AI “dark age”, with very limited options.
“It was quite frustrating,” he says.
Jarre, ageless in dark glasses, brown
suit and black T-shirt, tends towards a
positive view of the future. The past 200
years’ advances in human wellbeing
show that our worst fears for the human
race are never realised, he points out.
“Technology is neutral. It all depends on
what we do . . . If we can improve our
capacities and possibilities because of
AI, I think we have quite a good time
ahead of us in terms of creation.”
The musician is now looking back as
well as forward. Last year’s other release
was Planet Jarre, a retrospective anthol-
ogy compiled from 50 years of work,
including his appearance at 2018’s
Coachella festival at the end of his 250-
date Electronica world tour. He has just
finished a “kind of autobiography”, due
out next spring, which he describes as a
“heavy and long process”.
Even between musical projects, Jarre
likes to work for at least part of his day
with his electronic instruments. “I prob-
ably spend more time with machines
than with human beings,” he says. “I feel
sometimes like these people who have
spent their lives with elephants or dol-
phins and then after a while they create
a kind of para-language . . . and it takes
time to tame them, to create a kind of
real feeling with them.”
If anyone can be classified as a suc-
cessful tech-tamer, it is Jarre. He studied
at the Paris Conservatoire, but he also
learnt from less traditional musical
influences. They included composers
Karlheinz Stockhausen and Pierre
Schaeffer, the acoustician who devel-
oped musique concrète. Schaeffer taught
the young Jarre that music could be cre-
ated from noises, as in his own early
Étude aux chemins de fer, created from
the rhythms and sounds of steam trains.
Once Jarre had achieved lift-off with
Oxygène, he developed a reputation for
record-breaking open-air concerts. His
Moscow performance in 1997 attracted
an audience of 3.5m. Critics attacked his
supercharged son et lumière perform-
ances, complete with laser harps and
fireworks, for their bombast. Security
issues also make such gigs harder to
★ FTWeekend
stage these days. But Jarre, undeterred,
Jean-Michel Jarre is still attracted by scale. He says he is
photographed at his home now thinking about creating “two differ-
in Paris by Arnau Bach ent kinds of productions: the big one for
for the FT stadiums, arenas or outdoor venues,
and a smaller one for small theatres,
because it’s a totally different language”.
He is also experimenting with the idea
of a virtual reality “studio of the future”,
which could evolve into a concert with
tens or hundreds of millions of virtual
“spectators”. Limitless possibility can
be a curse, though. Perfection is both
Jarre’s goal — he has often talked about
the impossible aim of writing the “ideal”
piece of music — and his enemy.
13
Arts
On tour, Jarre feels he has to create
additional friction to mitigate what he
calls the “sine wave” effect: “After a good
gig, everybody is confident, so then the
following day, everybody will be much
less focused and then the result will be
average.” He injects creative tension by
deliberately creating problems on the
night, changing the sound, or altering
the visual set-up, doubtless to the dis-
tress of his road crew.
“The real ideal state of mind to do
music,” he says, “is to get this kind of
teenage approach . . . it’s, where all the
options are still open in front of you.”
Jarre’s father Maurice, the celebrated
composer of movie soundtracks, split
up with his mother when Jean-Michel
was only five and father and son
remained estranged. Jarre says it was his
mother who imbued him with cam-
paigning zeal. He channels it into his
work and into roles such as president of
Cisac, the Paris-based confederation
that champions authors’ and compos-
ers’ rights, where he lobbies for a piece
of “the digital cake” for “the kid dream-
ing about becoming a photographer,
musician, film-maker, writer”.
‘I probably spend more
time with machines than
with human beings, and it
takes time to tame them’
Jarre also attributes to his mother his
urge to take his music to new places,
from China in 1981, where Mao-suited
spectators watched in perplexed, polite
silence, to a concert last year in Riyadh,
where he played to an unsegregated
audience of more than 50,000 Saudis,
mostly under 30, from an “unplugged”
set powered only by solar energy.
His mother taught him to distinguish
between ideologies and people, Jarre
says. It is the reason he ignores calls to
boycott unsavoury governments and
has set his sights on the next frontier of
performing a live show in North Korea.
“I’ve always been convinced that com-
munication is the main thing,” he says.
“People say ‘if you do this, you are going
to help the regime in terms of image’.
But it’s not true. What is much more
important is to create the link with the
people. It’s the only way for people to
evolve and to get a bit of oxygen.”
14
Arts
Natalia Goncharova | Tate’s
retrospective honours an
artist who paved the way for
Russia’s abstract masters.
By Jackie Wullschläger
I
shake the dust from my feet and
leave the west, considering its vul-
garising significance trivial and
insignificant. My path is towards
the source of all art, the east. The
west has taught me one thing: every-
thing it has is from the east!”
That was the war-cry of ambitious
young Russian painter Natalia Goncha-
rova in the 1910s. But her works, assem-
bled at Tate Modern for her first ever
retrospective, declare the opposite.
Opening with a Gauguin-influenced
patterned portrait “Peasant Woman
from Tula Province”, proud, nationalist-
ic yet emotionally distant, the show tells
a story about assimilation, identity, bat-
tles between global and national, and
the limits of conceptual strategies: diffi-
cult themes sharply resonant today.
A receptive, astute synthesiser, Gon-
charova was the first Russian painter to
fuse modern flatness, bold outline and
simplicity of form — derived from École
de Paris innovations — with local refer-
ences. “The Evangelists” quartet (1911)
combines a modernist manner with the
hieratic style of icons and an ornament-
al, rhythmic linearity redolent of Rus-
sian textiles. Still lifes allude to folk
media: “Cat and Tray”, “Peacock (In the
Style of Russian Embroidery)”. An un-
even narrative series from 1908-12
depicts peasant life — an obsessive sub-
ject of Russian writers and artists since
Tolstoy and 19th-century realist painter
Ilya Repin. At its best, it crosses Picasso’s
fracturing and geometrisation of form
with the harsh blocky figuration of Rus-
sian lubok woodcuts and archaic
Scythian sculpture: the chiselled mask-
like faces of “Peasants Picking Apples”;
a stark, brutish labourer wielding a huge
scythe in “Hay Cutting”.
“A very short while ago it was a saying
that if one scratched a Russian, one
discovered a barbarian,” noted a prewar
Viennese critic. “Now . . . in this barbar-
ian we find a great artistic advantage . . .
The barbarian embraces with the most
elegant of modernists and each com-
pletes the other.”
Goncharova was no barbarian, but
was a canny manipulator of identities.
Born in 1881 in Tula province to an aris-
tocratic family related to Pushkin, she
was a well-travelled cosmopolitan intel-
lectual who played a small, vital role in
art history: she was the hinge by which
Moscow artists grasped the possibility
of translating Parisian innovations into
an original, revolutionary, Russian yet
internationally far-reaching language —
one that left Goncharova behind.
Encountering Goncharova’s weighty
peasants and potent socialist emblems
was a lightning moment for Malevich:
Who killed the
happy TV mum?
As the second season of
H
HBO’s ‘Big Little Lies’
debuts, Harriet Fitch Little
muses on the evolution of ter the outcome — whether suicide,
the screen housewife murder or armed robbery — if stay-at-
home mums are in the picture, you can
bet your tasteful boob job that it’s their
rotten private lives to blame.
When did it all go wrong for the TV
housewife? From Carol Brady on The
★ FTWeekend
Towards a Russian art
his “Mower”, “Woodcutter” and other Clockwise from
tubular figures with metallic sheens and main picture:
carved, stony faces descend from Gon- Goncharova’s
charova’s monumental forms. A more ‘Cyclist’ (1913);
subtle painter, Malevich took her peas- ‘Self-Portrait
ant motif and, after 1915, forged from it with Yellow
the bombshell of abstraction. But he Lilies’ (1907-08);
remained loyal to the connection: unlike set design
Russian artists “working in the line of (1954) for
Cézanne”, Malevich insisted, “Goncha- ‘The Firebird’
rova and I worked more on the peasant Russian Museum,
St Petersburg; Tretyakov
level. Every work of ours had a content Gallery, Moscow; Victoria and
which, although expressed in primitive Albert Museum, London;
ADAGP, Paris and DACS
form, revealed a social concern.”
Brady Bunch to June Cleaver on Leave it
to Beaver, the stay-at-home mum used
to be the stable centrifuge around which
family mayhem spun. Now, she is more
often a troubled anti-hero.
In Big Little Lies, which returns to
screens for a second season
this weekend, a group of
wealthy Californian mums
are all hiding horrible secrets
ere is a boilerplate spoiler while polishing the façades
for TV dramas about rich of their perfect lives. When,
American housewives: the in the first season, Celeste
call is always coming from (Nicole Kidman) is impli-
inside the house. No mat- cated in a murder investiga-
tion, it’s her perfection that
makes her a prime suspect.
“Rich, beautiful [and] madly
in love. Something had to
be wrong,” one witness tells
the police.
This depiction can be con-
Through 1912-13, Goncharova and
Malevich rushed ahead in parallel,
reworking those “primitive forms” for
an evolving urban society. Each incor-
porated industrial tropes, signage and
numbers into their canvases. Malevich
(“Lady at a Tram Stop”, “Englishman in
Moscow”) developed Cubism towards
overlapping planes concealing mysteri-
ous figures; Goncharova again expertly
adapted the latest western, Cubism-
derived twist, Italian Futurism, to a Rus-
sian context. She depicted the dynamics
of motion in the accomplished, witty
“Cyclist”, a worker-hero pedalling with
effort over a cobbled street, oblivious as
he passes shop window advertisements
for luxuries — silk, thread, hats. Jutting
diagonal and vertical chimneys thrust-
ing across “Factory (Futurist)” and a
labourer in headscarf leaning over an
industrial loom in electric light in “The
Weaver (Loom + Woman)” celebrate
Russia’s technological advances.
But already the apprentice was out-
stripping the leader. Where Malevich
had a formal and spiritual agenda that
was coming to dominate the avant-
garde — reinventing painting to consider
relationships between the visible and
invisible world — Goncharova essen-
tially remained a narrative realist, and
an increasingly desperate self-promoter
The main cast of ‘Big Little
Lies’: from left, Shailene
Woodley, Zoë Kravitz,
Reese Witherspoon, Nicole
Kidman and Laura Dern
yoked to a narrow nationalism. In 1912
she and her partner Mikhail Larionov
launched a group exhibition asserting
an independent Russian school “against
the west, vulgarising our eastern forms”:
Goncharova showed 50 paintings,
Malevich 23; Chagall was permitted one,
Kandinsky excluded as “Munich deca-
dent” and “lackey of Paris”.
Goncharova’s 1913 solo exhibition,
the first devoted to an avant-garde artist
in Russia, was inaugurated with a
sidered a small victory for feminism:
as viewers, we share the witness’s
suspicion that a life dedicated solely to
homemaking might leave a woman feel-
ing murderous.
All genres generate their own clichés,
and housewife shows seem particularly
drawn towards melodramatic opening
sequences. Big Little Lies opened on a
violent death at a fancy dress fundraiser,
with the rest of the first season working
backwards in order to understand which
mum was responsible. Desperate House-
wives — a show that made suburban
schadenfreude its bread and butter —
did something similar with its pilot epi-
sode in 2004. Less than two minutes in,
the seemingly happy narrator had shot
herself in the head. Good Girls, which
premiered on NBC last February, began
with its three mums pulling off a super-
market heist in suburban Michigan.
And even the dramas that don’t start
with a flash-forward are quick to offer
reassurance that they’re not going to
waste viewers’ time with something as
deadly dull as normal housewives.
Weeds — Jenji Kohan’s eight-season show
about a pot-dealing Californian widow
— makes its satirical credentials imme-
diately clear via a title sequence full of
Stepford-esque images of suburbia.
Perhaps these shows move so fast to
establish their dramatic credentials
because we don’t totally trust women to
turn out interesting in their own time.
But it also seems as if housewives — or,
rather, their small-screen avatars — now
exist solely as social satire. Are there any
other occupations this can be said of?
On TV, police get to police and teachers
get to teach. Women only get to keep
home if that home is a house of horrors.
Of course, the most interesting TV
housewives have always pushed against
the limitations of the role. On I Love
Lucy, the beloved 1950s sitcom that was
a star vehicle for Lucille Ball, Lucy is
constantly coming up with ruses to get
out of the kitchen. But when she does,
the result is invariably chaos: she can’t
8 June/9 June 2019
procession of face-painted acolytes
along a street in central Moscow, and
contained more than 800 works in
every international style then current.
The quantity suggests staggering
absence of self-criticism, and Tate’s cen-
trepiece, a restaging of the show in mini-
ature (29 paintings) is very dispiriting.
“Nude Black Woman” comes straight
from Matisse, its strident colour, bul-
bous breasts, muscular thighs, promi-
nent buttocks and twisting movement
closely imitating the Fauve master’s
“Blue Nude: Memory of Biskra”.
Cubism’s interlocking planes, like facets
of crystals, and brown-grey tonality, is
the vocabulary of Goncharova’s “A
Model (Against a Blue Background)”.
Impressionist and post-Impressionist
landscapes — “Mountain Ash: Panino
near Vyazma”, “Orchard in Autumn” —
jostle with a symbolist frieze, recalling
Maurice Denis, of Russian girls in white
and sugar pink in “Picking Apples”.
Any thoughtful artist in 1913 would
have incorporated such range of influ-
ence; the problem is how dull, without
painterly interest or expressive feeling,
most of Goncharova’s imitations are.
“We deny that individuality has any
value in a work of art. We declare that
copies never existed,” she insisted — the
mantra of the second-rate. Tate
applauds her “multiplicity”. But the
beautiful refinement of Picasso’s “Queen
While Malevich’s agenda
came to dominate the
avant-garde, Goncharova
remained a narrative realist
Isabeau” and André Derain’s “Tree
Trunks”, exhibited here to demonstrate
Parisian impact (they come from the
great prewar Moscow collections of Ser-
gei Shchukin and Ivan Morozov) only
emphasise Goncharova’s limitations.
It is ironic that the loudly anti-western
Goncharova and Larionov were the first
of the avant-garde to quit Russia — in
1915, to work for Diaghilev’s Ballet
Russes. Their time was over. Goncha-
rova’s painting after the revolution is
negligible (Tate includes just four exam-
ples); it was artists unexposed to foreign
travel, from working-class backgrounds
— Malevich, Rodchenko — who took the
Russian experiment to its absolutist
conclusion, to abstraction (then back
again in the 1930s, by which time nation-
alism in art was a terrifying force).
Living in Paris, Goncharova contin-
ued as a theatre designer through the
1920s and 1930s. “Bohemian in dress,
indolent, reserved, mysterious, Russian
to a T” was Cubist Ardengo Soffici’s
memory of her in the French capital.
Concluding this show and looking
back poignantly to the opening Tula
portrait, Goncharova’s flamboyant cos-
tumes drawing on Russian provincial
dress, especially for “Le Coq d’Or”, dem-
onstrate her flair for ornamentation,
plus the nostalgia afflicting every exiled
Russian artist. Both served her well as
she now capitalised on the “vulgar”
western love for oriental imagery that
she had previously criticised. She was an
opportunist from first to last.
To September 8, tate.org.uk
keep up at the factory, or gets accident-
ally drunk on the set of a TV commer-
cial. Each failed rebellion is confirm-
ation that she, ultimately, is exactly
where she should be.
Desperate Housewives creator Marc
Cherry called his show “post-post-femi-
nist”: it was, he said, a drama about
women who had made a conscious
choice to lead old-fashioned lives.
“What I’m doing is having women make
the choice to live in the suburbs, but
things aren’t going well at all,” he told
The New York Times. Big Little Lies
updates this tension for our even more
empowered age by having Madeline
(Reese Witherspoon) force-feed her
teenaged daughter a rhetoric of impas-
sioned go girlery while herself leading a
Stay-at-home mums used
to be the stable centrifuge.
Now they are more often
the troubled anti-heroes
conventional life. “You kind of remind
me of a space alien,” the daughter tells
her, unimpressed.
Of course, the real world is populated
by many happy stay-at-home mums.
But the stories we tell reflect prevailing
attitudes. Things went wrong for Lucy
when she left her house. Now it’s when a
woman tries to be a housewife that
things go awry, and the closer she
cleaves to its Platonic ideal — the richer,
the prettier, the more perfect her chil-
dren — the further she’s bound to fall.
For season two of Big Little Lies, Meryl
Streep joins the cast as Mary Louise; a
nosy mother-in-law who is fiercely pro-
tective of her two grandsons. If you
think the housewives have been getting
too hot to handle, just wait until you
meet TV’s desperate grans.
‘Big Little Lies’, HBO, June 9 in the US,
and Sky Atlantic, June 10 in the UK
8 June/9 June 2019 ★ FTWeekend 15

Arts
family had a holiday home. She dreamt opinion, is a shortcoming of the music
of being a Formula 1 driver and, after itself, or the rituals associated with it.

‘It’s all just

passing her driving test at 17, started
working towards a racing licence.
But despite these interests, Brown
ended up studying business at the Uni-
versity of Kent, with the intention of
becoming a management consultant.
“Some people are worried about not
understanding concert etiquette —
when to clap, when not to clap, for
example. But if you go to a new country
you learn the customs: how people greet
each other, how they eat, how they

ways of
“I guess I thought of [my passions] as
hobbies,” she explains. “For me, music-
making was a bit like writing a diary: a
therapy for me in my teenage years.”
What changed? “Well, one day I was
dress. Why should going to a concert be
any different? Learning about all these
things should be exciting; not some-
thing to be scared by.”
Then again, Brown seems to have a

performing’
child she listened to classical music with
BBC Proms | YolanDa Brown is a jazz saxophonist, TV presenter, author the same enthusiasm as she did soul and
Motown, as well as the reggae of her
Jamaican heritage. Her headteacher
and now ambassador for classical music. Hannah Nepilova meets her mother and advertising executive father
were both music lovers, but it was under
her own steam that the young Brown
picked up the piano, the drums, then the
playing along to a jazz track in my room:
it was hot, the windows were open and
when it finished I could hear my next-
door neighbour applauding in the gar-
den. It helped me to realise that my
music wasn’t just for me; that other peo-
ple could enjoy it too.”
Just before starting a PhD, she joined a
band. “The other members fell away but
the manager told me he would manage
me as a solo artist, and I thought it might
be a good way of making more money
for university.” What followed was a
‘There’s something about
being in charge of a fast
vehicle and remaining in
control that I find soothing’
series of pivotal bookings, not least a
concert on the beach for the president of
Jamaica and a reception at the Winter
Palace for the then Russian president
Dmitry Medvedev. In 2012 her debut
album, April Showers May Flowers, shot
to number one in the iTunes and Ama-
zon jazz chart.
Brown continuously strives to push
boundaries, not only in her music — an
unusual blend of reggae, jazz and soul —
but also in her education work.
On YolanDa’s Band Jam, her show for
CBeebies, the BBC’s early years channel,
she introduces an audience aged up to
seven or eight to every conceivable
style. “I was always inspired by lots of
genres,” she says, “and there’s no reason
why everyone shouldn’t be. After all,
children don’t hear genre. They just
hear music.”
fairly high threshold for anxiety. This,
after all, is someone who feels at her
calmest when zipping along at 100 miles
per hour, both in a metaphorical sense,
and quite literally, when sitting at the
wheel of a racing car. “There’s some-
thing about being in charge of a fast
vehicle and remaining in control that I
find soothing,” she explains.
And, as a woman in the male-domi-
nated world of jazz, she has never wor-
ried about challenging the status quo.
Despite becoming a mother a few years
ago, she cheerfully maintains her itiner-
ant lifestyle.
“I remember breastfeeding Jemima
backstage when she was about three
months old. I still take her touring with
me,” she says, “along with my parents
and my husband, who also happens to
be in the music industry. So it works out
well for everybody.”
As far as Brown is concerned, feeling
fear is a matter of choice. “I actually
used to be quite shy as a child,” she says,
“but now I try to just ‘do’, without over-
thinking it, and then digest what I’ve
done later. And if I make a mistake, it
doesn’t really matter. Nobody will die.”
She continues. “The one thing I find it
hard to bring myself to do is my laun-
dry: I’ve got a pile of it building up and I
know I should just get on with it, but it’s
so boring.”
Perhaps there is only so much one can
do in a career divided five different
ways. Is she worried about spreading
herself too thin? “For me, the aim
has been to make YolanDa Brown a
household name; it has never been
something more narrow,” she says.
“I feel that all the things I do, from the
presenting, to the stage work, to the phi-

T
want a quiet life. YolanDa
Brown isn’t among them.
The only person ever to
have won two jazz Mobo
awards back-to-back, she first made her
name as a jazz saxophonist, and has
since broadened her horizons. She
writes music, she has presented radio
and television shows. As the chair of the
charity Youth Music, she campaigns for
music and arts education. She has just
written a — yet to be published — chil-
dren’s book about life as a touring musi-
cian. And in her spare time she likes to
drive racing cars.
“All these things are just different
ways of performing,” she tells me.
“That’s what links them.”
Brown, 36, is not hard to spot when
she meets me in a café near her Essex
home. A vision in bright orange and
yellow, statement hat and sunglasses,
she fixes me with her signature
smile. Then she smoothly sets about
YolanDa Brown, saxophone, teaching herself the ropes So why has classical music come to be lanthropy, enhance each other. So I
than-life personality. who will present by playing along to records because “the viewed as the most intimidating of the don’t feel like an excessively busy per-
That personality should stand her in two CBeebies traditional way of learning music from genres? “It could be to do with a lack of son, because all these things are about
good stead this July, when she presents Proms at the books didn’t make sense to me”. exposure,” she says. “A lot of kids don’t being YolanDa Brown.”
two CBeebies Proms, at the Royal Albert Royal Albert Alongside, she cultivated an obses- get much one-on-one access to profes-
Hall in London, introducing children to Hall in London, sion with racing cars, having learnt to sional musicians; I never did.” CBeebies Proms, July 21 and July 22,
an eclectic range of classical repertoire. photographed drive a go-kart in Menorca, where her But what it definitely isn’t, in her bbc.co.uk/proms
Some might be surprised by this jazz for the FT by
artist’s reinvention as an ambassador Amara Eno
for classical music, but Brown insists
that she has the zeal for the job.
“I recorded a short film a few years
back in which I tried out ‘Promming’
for the first time. I had no idea about
that culture, but I loved it: the fact you
didn’t need to dress up [for the con-
certs], that you could bring your book
and packed lunch, the funny duckwalk
from the steps of the Royal Albert Hall
to the entrance.
“I love having a chance to communi-
cate that to the audience, and to encour-
age them to try out something new.”
Brown herself has never needed
much encouragement in that area. As a

universality, and a strange of it; Smokey Robinson and the

THE LIFE ambivalence: it’s not swooningly
OF A SONG romantic, it’s anxiously romantic.
Campbell’s single was released in
October 1968, reaching number three
WICHITA in the Billboard Hot 100, as well as
LINEMAN number one in Canada and number
seven in the UK. A slew of covers
followed immediately: the website
SecondHandSongs lists 29 by the end of
Miracles were more delicate, but
Robinson’s glorious falsetto is not that
of the titular character.
“Wichita Lineman” was irresistible
to country artists, to easy listening
stars, and to soul and funk artists, who
often used it as a gentle palate cleanser:
on their 1971 album Live at the Sex
Machine, Kool & the Gang followed

J
immy Webb was living in
Hollywood, accompanied by
50 of his closest friends and a
green baby grand piano, when
he got a call from Glen
Campbell. The country star had a
studio session booked, and a shortaage
of songs. Could Webb write him a new
one? Something in the vein of “By th he
Time I Get to Phoenix”, the Webb
number with which Campbell had
had a monster hit in 1967.
Webb spent a couple of hours
tinkering at the piano, coming up
with a tune, and a set of lyrics that
fitted an image that had come to
him. “Some time earlier, I’d been
driving around northern
Oklahoma, an area that’s real flat
and remote, almost surreal in its
boundless horizons and infinite
distances,” he told Blender magazin ne
in 2001. “I’d seen a lineman up on topt
of a telephone pole, talking on the
phone. It was such a curiosity to seee
a human being perched up there in
those surreal surroundings.”
In the lineman, out alone on the
open prairie, Webb hit on a perfect
vessel to ruminate on the nature of
love: the man wholly alone with his
thoughts, switching between the
job (“If it snows, that stretch down
south won’t ever stand the
strain”), his ennui (“I know I need
a small vacation”) and his
relationship. It’s a brief song — just
12 lines, the final three repeated
once — yet it contains multitudes.
The combination of the economy
of the lyric — “And I need you
more than want you / And I want
you for all time” — and the sweeping
melancholy of the melody gave it a
1969 alone. Tony Joe White played it
straight; Sérgio Mendes and Brasil ’66’s
treatment was less intoxicatingly
bizarre than one might have hoped for;
Tom Jones hammered the subtlety out
Country star
Glen Campbell — Getty Images
their instrumental rendition with a
furious version of Sly and the Family
Stone’s “I Want to Take You Higher”.
The best of the soul versions, perhaps,
came from OC Smith, who teetered on
the brink of overwrought, without
quite tiipping over.
As th he 1970s passed, the cover
version ns started to dry up (though
David B Bowie’s “Starman” picked up on
its M
Morse code-like bridge motif),
befoore picking up again when a new
gen neration began to genuflect
beefore Webb’s songcraft. These
arrtists didn’t always have Glen
Campbell’s ease with the song:
C
Heaven 17’s Glenn Gregory, never
H
th
he most relaxed of singers,
sou unds as if he’s sitting very
unccomfortably atop the telephone
pole on BEF’s 1982 version. But the
Chicaggo alternative band Urge Overkill
recordeed it as their debut single in 1987
in a waay that sounds both wholly
respecttful and wildly inappropriate.
Perhaps the oddest homage
too Webb and Campbell came
laast year, when it started
ccropping up in the live set of a
band who, in their feral heyday,
b
wouldn’t have been caught dead
w
singing a Glen Campbell song.
si
But the evidence is there: in
B
front of 80,000 headbangers at
fr
th
he Download festival, Guns N’
Roses offered their take.
R
Ultimately, though, few songs
have ever been so perfect, and
h
feew have entered the world
inn a version so perfect that it
proved impossible to improve on.
p
Michael Hann
For more in the series, go to
F
ft.com/life-of-a-song
ft om
16
S From Russian oil
triding the halls of an English
stately home, dressed in full
costume as Victorian prime
minister Benjamin Dis-
raeli, Len Blavatnik was cele-
brating his 60th birthday. Grammy-
winner Bruno Mars sang. Guests —
some in frock coats, others dressed as
Leo Tolstoy, Rasputin or Chinese emis-
saries — mixed with rock stars, celebri-
ties and business tycoons.
Themed as an imaginary conference
chaired by Disraeli, the party, held in
June 2017, was emblematic of Blavat-
nik’s extraordinary rise from his birth
in Soviet Ukraine to one of the UK’s
richest people.
Clues to his success lay in the guest list
that evening. Pillars of the British estab-
lishment rubbed shoulders with Rus-
sian oligarchs. American entertainment
executives mingled with former Krem-
lin apparatchiks as film stars sipped
champagne.
Straddling these worlds was Blavat-
nik, an entrepreneur who reaped phe-
nomenal riches from the chaotic world
of 1990s Russian cowboy capitalism,
and who cashed in that wealth in favour
of western investments and a place in
British and American high society.
Over two decades, he extracted more
than $14bn from Russia’s natural
resources industry, the biggest financial
gain of any individual foreign investor
in the country and the bedrock of his
approximate $25bn net wealth today, as
estimated by Bloomberg.
“He made his money [in Russia],
almost all his money here, and then just
made investments outside,” says Viktor
Vekselberg, Blavatnik’s college friend,
with whom he partnered to own major
stakes in Russia’s biggest aluminium
company and its third-largest oil pro-
ducer. “I don’t see that he made a lot of
money outside Russia, sorry. All his
main money, he made here in Russia,
with me.”
Less than a year after the party, Vek-
selberg and the aluminium oli-
garch Oleg Deripaska — two men with
whom Blavatnik had made billions of
dollars — would be sanctioned by the
US, excluded from the western financial
system and made international pariahs.
In stark contrast, Blavatnik was named
Sir Leonard in the days after the
party, knighted by the Queen for his
philanthropic work just seven years
after obtaining British citizenship.
How did Blavatnik convert his Rus-
sian-made billions into a seat at the top
table of the British establishment while
avoiding the fate of many contemporar-
ies? The answer lies partly in assiduous
reputation management. Few in the
west, outside elite business circles,
know of the Siberian aluminium deals
or courtroom battles for control of oil
assets that built his first fortune. And
thatishowhelikesit.Blavatnik’sexcept-
ionally large gifts to respected western
institutions, from Tate to Harvard, have
★ FTWeekend
to rock and roll
Len Blavatnik made a fortune in the chaos of 1990s Russian capitalism. How has he escaped the fate of
so many peers to take a place at the heart of Britain’s establishment? Henry Foy and Max Seddon report
earned him admiration as one of the
world’s most generous philanthropists.
At the same time he has maintained
an obsessional level of privacy around
his personal life, avoiding the pitfalls of
oligarchs such as Roman Abramovich or
Deripaska. Perhaps most importantly,
unlike his peers who made similar for-
tunes from the former Soviet Union’s
vast natural resources, Blavatnik
steered clear of the Kremlin, leaving it to
his partners to handle the political ties
required of big Russian businesses. He
thus avoided a Faustian pact that
Illustration by offered budding oligarchs asset protect-
Mike McQuade ion in exchange for loyalty: it was to
become a critical distinction, given
Left: Viktor today’s western backlash against Presi-
Vekselberg dent Vladimir Putin and his court.
with Russian Blavatnik’s pivot to western invest-
president ments and high-profile philanthropy
Vladimir Putin was exquisitely timed. In 2013, a year
in Sochi, 2014 before Russia annexed Crimea and Mos-
cow’s international reputation began to
Below: then plummet, he almost wholly cashed out
BP chief John of Russia and refocused on an inter-
Browne, national conglomerate that spans
Vekselberg and chemicals giant LyondellBasell, Holly-
Blavatnik at a wood movies, luxury hotels such as the
press conference Grand-Hôtel du Cap-Ferrat near Nice,
in Moscow, 2003 and Warner Music Group.
AFP; Getty
“He saw his business in Russia as
working in an emerging market,” says
Mark Garber, a close friend. “Like an
American businessman who invests in
Africa, for example, but does not dive in
completely. He was very smart to take
all his money out, invest it, and keep it
safely hidden away.”
Many Russian-made billionaires have
sought to build a profile in the west, only
to be caught out as the geopolitical fault-
lines between Russia and the US have
widened in recent years. Those who
attempted to maintain their influence in
Moscow while building new lives in
Europe or the US have found them-
selves shunned by both.
To the tycoons with whom he used to
associate, Blavatnik’s position is a
source of jealousy and perplexity. “It’s
crazy how he has managed it, nobody
understands how and everyone wants
to,” says one Russian-born billionaire
with a home in London.
Of the dozens of Blavatnik’s business
partners, friends, employees and
former associates the FT spoke to for
this article, almost all point to his skill at
exploiting his Soviet roots while always
positioning himself as an outsider in
Russia and a local in the west.
Blavatnik declined a request for an
interview with the FT for this article.
His head of press relations asks report-
ers to confirm that Blavatnik will not be
referred to as an oligarch in any article
before agreeing to arrange potential
interviews. Those who do use that
word are left to face complaints from his
lawyers, who also protest when the fact
of his Ukrainian birth is publicised
without clarity about his US and UK
citizenships.
Lincoln Benet, chief executive of
Access, the holding company that Bla-
vatnik created in 1986, tells the FT that
his boss should be written about with “a
combination of generosity and admir-
ation . . . How many people do you
know who can be engaged [sic] with Ed
‘He was very smart to take
all his money out, invest it,
and keep it safely hidden’
Mark Garber, friend of Blavatnik
Sheeran, as well as, you know, being at
the Harvard Medical School, or with
[former BP chief] John Browne?”
It is a remarkable position to be in. It
is also a case study in the emollient
power of billionaire philanthropy, dur-
ing a period when western politicians of
all stripes went out of their way to wel-
come the global super-rich.
Leonid Valentinovich Blavatnik was
born in 1957 in Odessa, the Black Sea
port in today’s Ukraine. His parents
moved to Yaroslavl, a Russian city north
of Moscow, when Blavatnik was a child.
He and Vekselberg, another Ukrainian
Jew, became close friends at one of the
only high-ranking colleges in Moscow to
accept Jewish people, who were then
subject to widespread discrimination in
the country.
At the age of 21, Blavatnik moved to
South Brooklyn, New York. Over the
next decade, he flourished in his new
8 June/9 June 2019
home: earning a masters in computer
science at Columbia and an MBA at Har-
vard Business School, falling in love
with and marrying Emily Appelson, an
American media executive he met at a
house party. Leonid became Leonard
and gained US citizenship in 1984. He
created Access as an investment vehicle.
By the end of the 1980s, he had made his
first million dollars.
That CV would later be critical to his
success in Russia. There, almost all the
would-be oligarchs were teaching them-
selves capitalism as they went along,
and here was a Russian-speaking mil-
lionaire with an American passport.
“Len was very much a man of the world,
even back then,” says one longstanding
business partner. “He had been edu-
cated in the US, he understood money
and international finance as if it were
second nature. He had been trained. In
the strange inequality of the Soviet
Union, that made him different.”
It was his old friend Vekselberg, after
a chance meeting in the late 1980s at a
US petrochemicals exhibition, who con-
vinced him that vast riches were lying in
wait in the former USSR.
“I was very sceptical. I’d been living in
America for a long time and had a com-
pany,” Blavatnik told a 2015 gala in Mos-
cow celebrating 25 years since the
founding of their partnership, according
to a video of his speech seen by the FT.
“But Viktor’s amazing powers of persu-
asion prevailed.”
Soon the two men were huddled
around a small table in Vekselberg’s
cramped Moscow apartment, where he
lived with his wife, daughter and in-
laws. (“Those 23 square metres were a
key part of why I wanted to go into pri-
vate business,” Vekselberg told the
gala.) They set up a company: Renova, a
nod to the perestroika — renovation —
initiative that allowed for private busi-
ness in the Soviet Union.
“Those who remember know how
business was being done at that time:
morning, afternoon and evening meet-
ings began with a shot of vodka,” Blavat-
nik told the audience, describing how
they would drive around in a beaten-up
Soviet Volga with a large briefcase
stuffed with papers and a BB gun.
The market the young friends were
trying to break into in the early 1990s
was not for the timid. Encouraged by
western advisers, then-president Boris
Yeltsin was selling off scores of state-
owned mines, refineries and factories in
often dubiously administered tenders.
Blavatnik had both the international
cachet to attract foreign backers and the
local smarts required to succeed. “He
understands Russian rules very well,
and used these rules as much as any
other. You have to be friendly with the
authorities, and if you can take some-
thing, you take,” says a local business-
man who was operating at the same
Continued on page 17
8 June/9 June 2019
Continued from page 16
time. With Vekselberg handling much
of the local work and Blavatnik running
international sales from New York, their
initial moves were in Russia’s alumin-
ium business. The pair began accumu-
lating shares in smelters during a period
when violence, extortion and organised
crime were real threats. The era was
later dubbed the “aluminium wars”. But
there was more money to be made in
oil. In 1997, Blavatnik and Vekselberg
teamed up with another Ukrainian-
born businessman, Mikhail Fridman,
co-founder of one of Russia’s most
important and influential conglomer-
ates, Alfa Group, who would go on to
amass a multibillion-dollar fortune.
The trio launched AAR (Alfa, Access,
Renova) and bought 40 per cent of a
struggling oil producer called TNK for
$800m. The tender was run by Alfred
Kokh, a government official and friend
of Blavatnik’s (Kokh later joined the
board of TNK). Working with Fridman’s
Alfa Group took Blavatnik and Vek-
selberg, relative newcomers among the
emerging tycoons, to another level.
“Maybe [Vekselberg] knew some gover-
nors where the factories were, but noth-
ing on the level of [the major oli-
garchs],” Kokh tells the FT.
Alfa owned one of Russia’s largest
banks and had helped bankroll Yeltsin’s
re-election campaign. Fridman’s part-
ner was former privatisation adviser
Pyotr Aven, who handled the group’s
government relations. With Alfa as a
partner, Blavatnik gained the political
clout he had previously lacked — and
was averse to building himself. AAR
soon won full control of TNK and began
looking to expand aggressively, by
acquiring assets from competitors.
One such rival was Sidanco, part-
owned by British oil major BP.
Through controversial bankruptcy pro-
ceedings, it was systematically broken
up against its owners’ will and its best
assets sold off, mainly to TNK, for prices
below the value of their reserves.
A 1999 lawsuit brought in New York
accused Blavatnik, Access and its part-
ners of having “stolen” assets from Sid-
anco. Blavatnik’s side sought to have the
lawsuit dismissed. It was later dropped
after the companies merged.
The legal blowback to this audacious
empire-building unnerved Blavatnik,
according to a number of those who
worked with him at the time. While
Fridman and Vekselberg became well
known in the rough and tumble of Rus-
sia’s early capitalism, Blavatnik sought a
lower profile — a shrewd approach that
would later smooth his path in the west.
“He never really tried to have any deep
ties to the Kremlin as far as I could tell,”
Kokh says. “He didn’t do any govern-
ment relations or management. That
was all his partners. He never got into it
himself.”
Blavatnik’s role lay elsewhere as the
bridge to BP, which was still seething
after losing more than $200m through
Sidanco’s dismemberment. When BP
chief Browne refused to speak with Frid-
man for an entire year, Blavatnik con-
ducted back-channel talks with Rodney
Chase, Browne’s deputy.
“I worked here [in Russia], he was
outside,” Vekselberg tells the FT. “He
was a partner with whom I could discuss
and reach the right decision. If I had
been alone, for sure I would have made
mistakes. He is a more balanced person,
he protected me from sharp statements.
[He would say] ‘Wait, don’t do this.’ I am
ready to fight more — he is a more peace-
ful person, a communicator.”
The outreach worked. In 2003, four
years after BP had sued TNK and its
owners for taking away its best Russian
asset, the British company spent $8bn
to form TNK-BP in Russia’s biggest for-
eign investment deal, giving Blavatnik,
Vekselberg and Fridman billions of dol-
lars, and the cachet of blue-chip western
partners.
“I knew that putting more money into
a country where we had already had our
fingers burnt was high risk,” Browne
wrote in his memoir Beyond Business
(2010). “[But] to me it was essential to
be there.”
While his partners embraced their
new prominence as Russian billionaires,
Blavatnik moved in another direction. A
year after the TNK-BP agreement,
signed during Putin’s state visit to the
UK, Blavatnik spent some of his esti-
mated $2bn proceeds on a £41m, 10-
bedroom mansion in Kensington Palace
Gardens, bookended by the Russian and
Israeli embassies.
The move propelled him into Lon-
don’s elite. In contrast, and in a sign of
their diverging priorities, Vekselberg
splashed $100m on a collection of nine
Fabergé imperial Easter eggs, saying he
wanted to “give back to my country
some of its most revered treasures”.
While Vekselberg oversaw the alu-
minium and oil assets in Russia, Blavat-
nik focused on putting down roots in
London. He befriended Browne, a
prominent member of the British estab-
lishment, who began introducing him in
the social circles that would later toast
his 60th birthday. He became close
to Lord George Weidenfeld, the late
publishing magnate, who encouraged
him to make donations to academic
institutions, and he hired Sir Michael
Pakenham, a distinguished former Brit-
ish diplomat, as an adviser. All three
helped acquaint him with high society.
★ FTWeekend
Blavatnik also diversified his business
away from Russia. In 2004, he bought a
stake in Warner Music, and a year later
paid $5.7bn for Basell Polyolefins, a big
petrochemicals producer. Those who
worked, invested or socialised with Bla-
vatnik in the US or the UK during this
period say he very rarely spoke of his
Russian assets.
“I knew next to nothing — maybe not
even next to — about what he was doing
in Russia,” says Edgar Bronfman Jr, the
US businessman who later sold him the
rest of Warner Music.
By then, Access was in effect two com-
panies, one overseeing Blavatnik’s
highly profitable but low-maintenance
Russian fortune, another for his chemi-
cals and entertainment businesses. “He
always told me that his claim to fame
was he made most of his money while
being a minority partner,” says Alexan-
der Akopov, Blavatnik’s longtime part-
ner in the Russian media industry.
“Which means that he is always a guy
who can find the right people who are
doing the right things and become part
of it at a good moment.”
In 2008, long-simmering tensions
between TNK and BP exploded into
public view, when Russian armed police
raided the company’s Moscow office.
Months later, Bob Dudley, the joint ven-
ture’s BP-appointed chief executive, fled
Russia claiming sustained harassment.
BP claimed its Russian partners were
attempting to take control of the entire
company.
While the tycoons have always denied
involvement in what a leaked US diplo-
matic cable described as a concerted
campaign to “get rid of the western
managers”, Dudley was eventually
replaced as head by Fridman.
The tussle was a headache for Blavat-
nik, who, unlike his partners, had a pro-
file in London and New York to worry
about. But he was rewarded for sticking
with TNK-BP in 2013 when AAR sold its
stake to Russian oil company Rosneft
for $28bn. Blavatnik promptly invested
his $7bn windfall in the west. “It was
probably the most successful repatria-
tion of assets from Russia in history,”
says one Soviet-born oligarch operating
at the same time.
Blavatnik succeeded in Russia while
staying out of the spotlight. His activi-
ties in the west have been more conspic-
uous. His purchase of Warner Music for
$3.3bn in 2011 was the first step in what
he said was a mission to build a global
media empire. “After he got into the
music business . . . he told me, ‘There
won’t be any money, but it’ll be fun,’”
says Garber. “Now, much later, he says,
‘There’s money, but it’s no fun.’”
Blavatnik’s friends say he is drawn to
entertainment by a flair for the theatri-
cal. “He loves performing a role . . . it
allows him to relax, de-stress,” says Vek-
selberg. He had a cameo as the Swedish
ambassador in a Russian mini-series
about Ivan the Terrible’s grandmother.
At a 1930s-themed US embassy party in
Moscow in 2010, he appeared in a Soviet
general’s tunic, even though none of the
other guests was in costume.
“The entertainment business has
given Len three things: it has been [a]
tremendous investment, it has given
him a lot of pleasure, and it has
increased his visibility,” says Bronfman.
“Having said that, visibility is a double-
edged sword . . . With [his money]
comes a lot of scrutiny, which I am not
sure is entirely welcome.”
Like many billionaire philanthropists,
Blavatnik has channelled this scrutiny
in specific ways. While he is intensely
private about his business interests in
Russia and rarely gives interviews, he
has ensured that his name is prominent
in various cultural institutions across
the world. Encouraged by Weidenfeld
and masterminded by Browne, Blavat-
nik donated £75m to Oxford University
in 2010 to set up the Blavatnik School of
Government.
A donation of more than £50m — an
amount “almost unprecedented in
Tate’s history”, according to its then
director — helped finance Tate Modern’s
Blavatnik Building. That gift was also
brokered by Browne, then chair of the
museum’s trustees (the position is now
held by the FT’s editor Lionel Barber).
The new entrance to the Victoria and
Albert Museum is named the Blavatnik
Hall. A $200m donation to Harvard
Medical School last year set up the Bla-
vatnik Institute.
“He clearly wants to make sure that
there is a legacy of philanthropy that he
can leave, as well as a legacy of busi-
ness,” says Nitin Nohria, dean of Har-
vard Business School, Blavatnik’s alma
mater and another recipient of his dona-
tions. “He wants to do things that will
have enduring impact.”
As Kokh says: “He’s like [oil barons]
Armand Hammer, [Calouste] Gulben-
kian: an old-school international busi-
nessman. Everyone has their own
agenda. Blavatnik likes having his name
on buildings. So what?”
Yet Blavatnik’s donations have met
some resistance in the west. The 2010
donation to Oxford University sparked
a backlash from academics and activists
who said the university was “selling its
reputation and prestige to Putin’s asso-
ciates” and should reject the money due
to Blavatnik’s involvement with the
TNK-BP dispute. Pressure increased
after suspicions arose in the US that
Russia helped Donald Trump win the
2016 presidential election. In 2017, a
professor at Blavatnik’s Oxford school
resigned after it emerged that Blavat-
nik’s company had donated $1m to
Trump’s inauguration committee.
Last December, Charles Davidson,
director of an anti-kleptocracy pro-
gramme at the Hudson Institute, a
From top: Len Washington think-tank, quit after Bla-
Blavatnik with vatnik bought a $50,000 table at its
his wife Emily annual gala. Davidson cited “the influ-
Appelson, at an ence of Putin’s oligarchs on America’s
event in New political system and society [and] the
York in October importation of corrupt Russian busi-
2016 marking ness practices and values”. Hudson
his donation to returned the donation.
Carnegie Hall In a statement, Blavatnik’s spokes-
man alleged Davidson’s departure was
Blavatnik owns “already planned and overdue” and that
several luxury Davidson wanted to “have it appear that
hotels, including he was resigning as a matter of principle
the Grand-Hôtel rather than for cause”. (The think-tank
du Cap-Ferrat in and Davidson declined to comment.)
the south of In Russia, Blavatnik’s charitable giv-
France ing sets him apart from other billion-
aires known for splurging on football
Blavatnik
shakes Donald
Trump’s
‘He never really tried to
hand at an have any deep ties to the
exclusive pre-
inauguration
Kremlin as far as I can tell’
event in Alfred Kokh, friend of Blavatnik
January 2017
Clint Spaulding/WWD/
REX/Shutterstock; Getty
clubs and yachts. “At least university
campuses get built,” says Alexei Nav-
alny, an opposition leader and fierce
critic of Putin’s oligarchic entourage. “As
far as Russia and I are concerned, he’s
not a political oligarch. He isn’t buying
newspapers here, he isn’t intimidating
journalists, he basically isn’t involved
with Putin at all.”
Blavatnik’s status in the west has
clearly been protected by the concerted
effort he made to distance himself from
Russian politics and, in particular, from
Putin. Blavatnik’s representatives say
he has not met the Russian president
since 2000. Kremlin officials tell the FT
that he was never a regular visitor.
Friends say Vekselberg often repre-
sented their shared interests.
Blavatnik has been less guarded when
it comes to US politics. While he has
donated to both Democrats and Repub-
licans over the past decade, in the
lead-up to the 2016 election he and his
companies donated more than $6m to
Republican campaigns. As well as the
donation to Trump’s inauguration
committee, Vekselberg told the FT he
sat on a table paid for by Blavatnik at the
inauguration party. (Blavatnik’s
spokesman denied this and said in a
statement that Blavatnik “did not meet
or speak with Viktor Vekselberg” at the
inauguration.)
In April 2018, the US sanctioned Vek-
selberg — plus Deripaska and five other
Russian oligarchs and their companies
— for “malign activities” in support of
Putin’s regime. Along with having to
give up control of his companies to keep
them operating, Vekselberg is banned
from doing business with any US citi-
17
Spectrum
zens, including Blavatnik. “Of course,
last year it was sensitive for all of us,”
Vekselberg tells the FT. “Legally, [Bla-
vatnik and I] cannot communicate.
From time to time, he gets a licence
[from the US Treasury], we can talk.”
When asked if he could imagine doing
business with his former partner again,
Vekselberg pauses. “This is not an easy
time, emotionally. It is not easy. Practi-
cally, it will be difficult [to work with
him again]. You should understand our
relationship. Len is my friend. He is very
active in Russia, but very rarely asks me
to help him in Russia, because he has his
own connections. I am active in the US,
but rarely ask him for help there. This is
our relationship.”
There is no mention of Russian busi-
ness activities in Blavatnik’s biography
on Access’s website, nor trace of its
remaining Russian industrial asset: its
stake in Sual Partners, the vehicle still
jointly controlled by him and Vek-
selberg. Sual owns a 26.5 per cent stake
in the aluminium giant Rusal, where
Blavatnik was a board member from
2007 to 2016.
Rusal was taken off the sanctions list
in January this year after Deripaska
reached an agreement with Washington
to give up control of the company. Days
later, Democratic lawmakers accused
Treasury secretary Steven Mnuchin of
cutting Rusal a favourable deal and
alleged that he had a conflict of interest
after Access bought a stake in a film
company linked to Mnuchin in 2017.
Both Access and Mnuchin deny that
Blavatnik’s company acquired any
shares from Mnuchin. In a statement,
Blavatnik’s spokesman said: “Neither
Mr Blavatnik nor any Access-related
individual or representative has ever
engaged in any lobbying activities with
regard to Rusal.”
The decision to lift sanctions on Rusal
nevertheless boosted Blavatnik’s
wealth: the shares Access holds in Sual
give it an indirect stake in Rusal of less
than 10 per cent in the $5.5bn company.
It has been almost three decades since
Blavatnik and Vekselberg sat on a New
York rooftop and discussed the riches
on offer in Russia. Today, thanks in part
to the money they made together, Bla-
vatnik owns property worth more than
$250m in Manhattan, while Vekselberg
is banned from visiting.
“Len and Viktor chose different
paths. There is a fight between Russia
and the west. It is not a very smart fight.
But Viktor chose the wrong side. And
Blavatnik chose the right side, the
stronger side,” says the Soviet-born oli-
garch who made his fortune at the same
time. “[Len] became Lord of the Dance
. . . a Sir, a noble person. Viktor is the
world’s enemy.”
Just as there will probably never
again be such a remarkable shift of
wealth from public to private hands as
he and his peers enjoyed after the col-
lapse of the Soviet Union, there will also
likely never be another Blavatnik. The
gates through which his fortune passed
from east to west have slammed shut.
His rise took place during a period of
late-20th and early-21st century capi-
talism when money flowed with
extraordinary freedom across borders
and oceans, and when the western
establishment eagerly welcomed the
owners of that money.
“I would like to congratulate Viktor,
and also thank him for persuading me to
start a joint business many years ago,”
Blavatnik said at the 2015 gala in Mos-
cow. “Thanks again, that you persuaded
me on that roof.”
Henry Foy is the FT’s Moscow
bureau chief. Max Seddon is an
FT Moscow correspondent
18
Spectrum
Senna, Amy,
Maradona
After two trailblazing documentaries, Oscar-winning
director Asif Kapadia talks to Danny Leigh about
completing his trilogy with the story of ‘El Diego’
A
sif Kapadia is in limbo. He
has been here before. The
director of seven feature
films, his last — Amy, the
tragic story of the late
singer Amy Winehouse — won the 2016
Oscar for Best Documentary. The docu-
mentary he made before that, Senna,
was a phenomenon.
Now, his next is about to be released —
Diego Maradona, a biography of the eter-
nal boy genius of Argentine football.
Limbo is what he calls this stage of a
film, where the only people to see it
have been “vested interests” — industry
professionals, attendees of the Cannes
Film Festival. “It’s a lonely moment.
Everyone else has left and got another
job, and you’re holding the film, basi-
cally unemployed. Waiting for the audi-
ence. Wondering, ‘What now?’”
If the film takes off — early reviews
have been strong — he will be talking
about it publicly until next year’s
awards ceremonies. This too is tricky for
Kapadia, naturally open and occasion-
ally mischievous. There has already
been a whisper of trouble.
When we meet in London, he is just
back from CPH:DOX, the Copenhagen
documentary festival, where he gave a
masterclass to film-makers and stu-
dents. In passing, he mentioned reject-
ing a “big number” from a streaming
platform to back the Maradona project.
The detail leaked, made trade-press
headlines and has, in turn, caused jitters
in the team promoting the film. “This
part of the process is people trying to
manage everything.” He smiles and rolls
his eyes. “This was unmanaged.”
We have met at his publicists’ office in
the King’s Cross redevelopment in north
London. Kapadia grew up a bus ride
away in Hackney, east London. He still
lives close enough to qualify as local. On
the pristine walkways outside, he passes
unnoticed, a slightly built man of 47, his
hair flecked with grey.
At events such as CPH:DOX he is
revered as a trailblazer. In his documen-
taries, Kapadia uses neither talking
heads nor — he winces at the thought —
his own face before the camera. “If
you’re seeing me, I’m taking you out of
the film.” Instead, his palette is strictly
archive — camcorder snippets, TV news,
forgotten Saturday-night light-enter-
tainment specials, all collaged to tell
their own story.
Diego Maradona is made the same way,
a saga of a life told in just over two hours.
Early cuts hovered at five. “It’s a compli-
cated story to sum up,” Kapadia says.
In response, he decided to focus on
the years in which his subject played for
Napoli in Italy’s Serie A, taking in the
hyper-dramatic World Cups of 1986 and
1990 with Argentina. The football his-
tory is impossibly rich, but Kapadia’s
knack is drawing out the themes
beneath — national identity, spectacular
fame. The arc is more complex than
The extra
mile
Continued from page 1
Murphy, who took him on the same
stretch of beach where I once enjoyed
my daily runs.
Running also enjoys a roughly equal
split between male and female partici-
pants, as shown by numerous studies,
including the latest annual survey from
Running USA, which says that 54 per
cent of runners are female. That makes
it a far more inclusive option for client
and employee bonding than traditional
corporate activities such as golf — an
important consideration as the finance
industry comes under increasing pres-
sure to improve its gender diversity.
All of these bonding qualities were on
display in Rochester on Tuesday night,
when 8,000 people took to the streets
in aid of the charity United Way. The
run was part of the JPMorgan’s Corpo-
rate Challenge series, which encom-
passes 13 global cities and is described
by the bank’s chief executive Jamie
Dimon as “a great way to bring together
thousands of people — customers, com-
Winehouse’s or racing driver Ayrton
Senna’s, however, ending not with
heartbreak and death but Maradona’s
own long limbo post-retirement. Con-
troversy may await the release. Cocaine
and the Camorra crime syndicate have
starring roles, and Maradona himself is
yet to see the film.
“I want him to see it with an audi-
ence,” Kapadia says. “He needs love,
and the audience can give him that.
Show it to someone like him alone and
they don’t know what to think.”
If the archive tells all on screen, Kapa-
dia himself relies on interviews to
uncover the story; he has a flair for con-
vincing people to speak to him. Mara-
dona was persuaded by his daughters
that this portraiture was an honour.
“And he liked the idea an Oscar winner
wanted to make a film about him, ”
Kapadia says.
The mechanics were predictably
fraught. Where possible, Kapadia
picked his moments, trying to schedule
meetings at Maradona’s house in Dubai
when the mood might be tranquil. Last
summer, he was offered the chance to
travel to Russia to interview him again at
the World Cup. Amid reports of a melt-
down — public intoxication, offensive
gestures — Kapadia passed. “It wasn’t
going to help anyone, me included.”
Despite the difference in the fates of
his subjects, the new film completes
what Kapadia sees as a trilogy. Senna
clashed with Formula One authorities;
Winehouse was an old soul adrift in
21st-century London. And Maradona?
“If Diego isn’t an outsider to start with,
he’ll make himself one. These are films
about people outside a system. I know it
keeps popping up in my films. You’re
not quite right. You don’t quite fit.”
In 1984, when Maradona moved to
Naples from Barcelona, Kapadia was 12.
He played a lot of football too, though
rather than the Stadio San Paolo, his
games took place on Stoke Newington
Common in north-east London. He and
his friends, working-class kids from
immigrant families, named themselves
petitors and our own employees in a
fun and healthy event”.
After the race, buildings across
Rochester (population 208,000) were lit
up in the company’s trademark colour
blue, stamping its imprint on the town at
a time when rivals such as Goldman and
Bank of America are playing for a bigger
slice of Middle America’sbusiness.
Jenn Piepszak, JPMorgan’s new chief
financial officer, says she doesn’t think
of the event in terms of cost since it’s
“about brand awareness and giving back
to the community”, while the firm’s mar-
keting boss Kristin Lemkau says the race
matters even more in smaller town
where “this is probably the biggest thing
we do in the market”.
“I love the corporate run,” says Deut-
sche’s Valouch, who huddled with me
in torrential rain ahead of the Central
Park leg of the JPMorgan Challenge last
week, before flooding forced an elev-
enth-hour cancellation. “It’s such a
great healthy way to create the culture
of a firm . . . to have them [colleagues]
all levelled in a lot of ways.”
She recalls having a “lot of senior peo-
ple run last year for the first time”. “In
the corporate environment, they need
to have a different persona, a different
kind of leadership, that they didn’t need
to have at the race . . . ”
Three months after he was appointed
chief executive, with his bank still
gripped in apparently ceaseless crises,
★ FTWeekend
Above: Asif Kapadia, photographed for the FT by Nhu Xuan Hua.
Below: Maradona with Boca Juniors, 1982; a still from ‘Senna’ — Getty; Alamy
after the Brazilian World Cup squad of
two years earlier: Zico, Éder, Sócrates.
They played before school, at lunch-
time, after school. Going to matches was
unheard of. “Football grounds in the
’80s were not great places to be as a
brown-skinned kid whose best mate
was a Jamaican kid,” he recalls. “And we
didn’t have any money!”
His parents arrived in Britain from
Gujarat, India, in a World Cup year —
1966. Initially, they settled in Yorkshire
but moved to Hackney before he was
born in 1972, the youngest of five chil-
dren. The family were Muslim but not
particularly devout. For a while Kapadia
attended the mosque on Cazenove
Road, among the synagogues of the
long-established Hasidic Jewish com-
munity. The family home was in a
nearby terrace. His mother worked as a
machinist, his father as a postman, at
the giant Mount Pleasant sorting office
in Clerkenwell, central London. On
weekends he ran market stalls too, sell-
ing T-shirts in Petticoat Lane, a market
Spitalfields in Central London.
The 12-year-old Kapadia felt, he says
now, confused. “About where I
belonged. What I was.” The beginnings
of an answer came at Homerton House
Deutsche’s Christian Sewing joined the
Frankfurt leg of the race. “Running is
an efficient way to keep in shape — but
it is much more fun doing it with col-
leagues and friends,” Sewing told me.
“So whenever I can, I take part. It is a
great way to be with our people.”
Bank of America is similarly effusive
about its ownership of the Chicago
Marathon. “The highs and lows of
training for a marathon is all about set-
ting a goal and doing what you need to
do to achieve that goal,” says Joe Smith,
an executive who oversees the bank’s
relationship with the race. “It’s very
similar to how you would look at your
financial life.”
It’s not just about the customers.
Around 400 Bank of America staff
register for the marathon every year
and around 300 typically cross the start
line. Smith ran Chicago for the first
time in 2018. His time was the best of
the nine marathons he’s run, which he
attributes partly to having so many col-
leagues there.
Such events make sense at a time
when companies are being made
increasingly aware of their employees’
general health and wellbeing. In New
York, Citigroup supports an annual run/
walk with the American Heart Associa-
tion, which attracted some 2,150 Citi
runners this year.
“Whenever I’m with our employees at
town halls and other gatherings, I stress
School, a comprehensive of 2,000 boys.
“Kids from India, Pakistan, Bangladesh.
Seven different Caribbean islands.
French. German. Irish. And by 16, we
all knew and respected that, actually,
everyone is from somewhere else.”
Discussing Homerton House — closed
in 2007 — Kapadia is joyful. “I’d take my
packed lunch on a school trip and it’d be
a chicken chapatti, grease everywhere,
and someone would say, ‘That’s disgust-
ing!’ I’m like, ‘Have a bite.’ Then it was,
‘Can your mum make me some?’ That
was us. How we rolled.”
By 1990, Maradona was preparing to
defend the World Cup in Italy. Kapadia
had already left school. Friends
explored options. “A couple got jobs at
C&A. A couple went in the army. A cou-
ple [were] trying to be rappers.” He
worked for his father in Petticoat Lane,
until he was sacked (“for laziness”).
But the cultural melee of early 1990s
London could throw up unlikely oppor-
tunities for a game teenager with a driv-
ing licence. He helped a Channel 4 talk
show find young Asian guests. That led
to an invitation to drive the van on a film
shoot in Cornwall. “I was terrified,” he
says. “What did I know about the rest of
England? But the set was love at first
the importance of exercise, eating right
and overall wellness efforts,” says
JPMorgan’s Dimon, who walked and ran
through cancer treatment in 2014.
Beyond the health-giving effects and
the opportunities for networking that
running offers, it is the more intangible
benefits that the bankers I spoke to
seemed most passionate about.
Citi’s Hu describes “all these creative
ideas” that come to him when he’s out
there. “Something happens on the run,
‘It’s freedom from your
daily routine . . . that
one hour a day is a time
that’s just mine’
you’re not trying to do it,” he says. He
uses an app that allows him to instantly
record short clips of inspiration on eve-
rything from “self-improvement, per-
sonal life hacks, things with family . . .
deep intractable work problems, new
risk paradigms”. Asked if they do simi-
lar, several other interviewees request
the name of the app to record their mid-
run epiphanies (as did I).
Valouch says running teaches import-
ant lessons about a life in finance. “It
can’t always be a good year at work,
you’re not always going to be on top of
your game,” she says.
sight. Being in the middle of nowhere in
the rain with a bunch of strangers, and
by the end you’re family.”
Cinema had not figured in his child-
hood. “I knew nothing about it. Never
saw Star Wars.” A double life took shape.
Returning to education, he had peri-
ods of study at the Royal College of Art
and elsewhere, supported at first by
“actual grants”. He fell for film in its
highest form, the grand minimalism of
Robert Bresson, the lush Vietnamese
tableaux of Tran Anh Hung. And he
started paying the bills working in the
lairy sandpit of 1990s youth TV. He got a
job on a late-night show at Carlton, his
time overlapping with David Cameron’s
— the future Conservative prime minis-
ter was its director of corporate affairs.
Not yet 25, Kapadia was making good
money, renting a flat in upmarket Prim-
rose Hill. Then he quit. “I just couldn’t
make lots of things quickly and badly.
My friends thought I was mad.”
Another epiphany came when he vis-
ited India for the first time. In Gujarat,
he expected to discover his identity. He
did. “I realised I was a Londoner.
Because I get there and think, ‘OK,
finally I look like everybody else.’ And
everybody else says, ‘Where are you
from then?’” He considered the number
73 bus from the West End to Hackney,
the dozen languages heard en route.
“This was still a time when everyone
thought Hackney was poor, dangerous,
horrible. Nobody wanted those town
houses then. And when I got back, I
remember thinking, ‘I love this place.’”
Eager to direct “real films”, Kapadia
returned to India not seeking a home-
coming but a location. He made The
Sheep Thief, his RCA graduation short, in
Rajasthan. (The art director was Victo-
ria Harwood; the two later married.)
The film created a stir among critics and
executives, as did his debut feature The
‘These are films about
people outside a system,
You’re not quite right.
You don’t quite fit’
Warrior, again shot in India, a classical
epicaboutafeudalswordsman.
The Warrior was nominated as the
British entry for the Best Foreign Lan-
guage Film Oscar — then disqualified.
Hindi, an unhappy Kapadia was told,
was not an indigenous British language.
While the decision was down to the
Academy, it seemed to reflect uncer-
tainty too in the UK film business about
where to put this gifted square peg.
(Even now, he keeps his views on some
of the British industry off the record.)
What no one expected was a docu-
mentary. The idea for Senna came from
James Gay-Rees, a producer Kapadia
had met in his early days in TV. While
Kapadia knew little about Formula One,
the project caught him at the right
moment. After The Warrior came Far
North, another timeless arthouse fable,
shot in the Arctic. It had drawn the audi-
ence that timeless arthouse fables tend
to, leaving Kapadia debating the point of
making films that no one saw. Harwood,
meanwhile, was expecting their first
child. In a Soho edit suite, he reviewed
endless footage of Senna’s races and TV
appearances on old U-matic tapes. It was
his “eureka” moment. There was
enough story here without a voiceover
or talking heads. What’s more, the film
could be better that way, a purer telling.
“It was a tough sell within the indus-
try. A lot of people thought it would be a
disaster. But my instinct was this could
be good. Original.” He vowed the result
would be cinematic. “I thought, ‘I refuse
to do the sound mix where they do
Ready Steady Cook. And if I fail, I’ll fail
spectacularly.’”
The result was cinema and then some.
Stripped of the usual documentary trap-
Vontobel’s Gary Thompson knows all
about the character-building qualities
of running. Having travelled to the
northern tip of Norway in April to take
part in the North Pole Marathon he’d
trained so hard for, he and 38 other run-
ners were left “waiting and waiting”
amid political tensions between Russia
and Ukraine that ultimately led to the
revocation of permits to fly to the North
Pole. The North Pole is runnable for just
14 days of the year and the marathon
was cancelled.
Kelly Crowe, a sub-three-hour mara-
thoner in Brown Brothers Harriman’s
marketing division, says running brings
her “clarity and happiness”, referencing
the “runners’ high”, a sublime sense of
euphoria that some runners experience.
Some early-career finance workers
who feel subjected to the constant
whims of their bosses say they run so
that they can claim control over at least
one area of their lives.
Mora, a partner at Goldman Sachs
and thus a member of one of Wall
Street’s most exclusive clubs, gives a
strikingly similar answer when asked
why he runs. “Freedom.” Freedom from
what? “It’s a personal reflection,” he
says. “It’s freedom from your daily rou-
tine . . . that one hour a day is a time
that’s just mine, I can go out, run.”
As for me, I didn’t realise how much
my running meant to me until I thought
I couldn’t do it any more. I’d run a mara-
8 June/9 June 2019
pings, Senna’s life and death had dizzy-
ing emotional power. The film became a
surprise international hit. In Britain, it
was a sensation. Screenings brought
together cinephiles, Top Gear fans lured
by the endorsement of Jeremy Clarkson,
Brazilian émigrés — and pretty much
everyone else. “I’d do Q&As and cinema
owners would say” — he gestures to an
imaginary packed house — “‘These peo-
ple never come.’”
For Kapadia, Senna marked a clear
Before and After. The same archive
techniques shaped Amy. Memories of
the singer’s death in 2011 were still raw
when he researched the film. When it
came out, Winehouse’s garrulous father
Mitch was enraged by what he saw as
bias against him, as he made plain to the
press. At Q&As, Kapadia would wait for
the inevitable question about Mitch
Winehouse. “You had to be so careful,
because if you misspoke you put more
oxygen under it.”
Journalists have always liked Kapa-
dia, finding him accessible and unaf-
fected. But if the line between journal-
ism and documentary is fuzzy, so is that
between documentary and fiction.
“I never saw Senna as a step back. Peo-
ple ask, ‘What do you do if you’re only
using archive?’ But the idea that as a
director, you’re behind the camera for
every shot is rubbish. Finding the right
piece of archive isn’t so different. What
matters is your fingerprint.”
Thirteen years after The Warrior was
denied an Oscar, Kapadia finally got one
for Amy. Asked how it felt, he covers his
face. “If I’m honest, I’ll sound like I’m
complaining. The truth is, what I
remember is going to the Vanity Fair
Oscar party. If you make document-
aries, they only let you in if you’ve won.”
The car to the party filled up with an
entourage. “And I thought, ‘I wish I was
walking in the front door in London and
giving my kids a cuddle.’”
Early in his career, Kapadia just
wanted to make more films. In the wake
of Senna, a bigger picture emerged. “I
didn’t see a penny afterwards. What
happens to directors is, ‘You’re lucky to
have a job.’” Alongside Gay-Rees, he set
up the production company On the Cor-
ner, named for the Miles Davis album,
but whose office also stands on the lit-
eral junction of two main roads not far
from where his father worked at Mount
Pleasant. The company produced both
Amy and Diego Maradona, films Kapadia
says he wouldn’t have felt comfortable
making for anybody else. (His next
project is still undecided — after we
meet, he leaves for Los Angeles to dis-
cuss exactly that — but On the Corner
will remain at the centre of his future.)
Little in football inspires such mysti-
cism as the number 10, especially when
the player is a kid from a Buenos Aires
slum who, the legend goes, simply gave
natural genius free rein. In fact, the film
makes clear, Maradona was fiercely
attuned to personal development, hir-
ing a trainer to compete at altitude at
the 1986 World Cup in Mexico. “You
know what? He’s intelligent! He thinks!
That’s why he leaves [midfielder] Peter
Reid like a statue in the England game.”
Directors often mine their life stories,
yet Kapadia has never made a film
about, for instance, growing up Asian in
Hackney. His signature is different.
Two summers ago, he says, he went to
an exhibition of American printmaking.
There was some Lichtenstein, some
Warhol. “And I remember thinking,
‘Oh.’” His voice becomes matter-of-fact.
“I think this is what I am. I’m a version of
a pop artist, taking this thing we’ve
known about for ever and making peo-
ple look at it in a way which catches
them by surprise. So yes, I make films
about pop stars and footballers and rac-
ing drivers. But actually there are
always these weirdly profound stories —
all tied up with this one person.”
‘Diego Maradona’ is released June 13
thon in October 2015, but by April 2016,
no matter what I did, my pace got
slower, my legs felt heavier and my chest
burnt. I’d hoped to get back on track
with that June’s JPMorgan Corporate
Challenge in Frankfurt. Instead, I had to
stop several times — in a 5.6km run.
That summer, I also struggled with the
stairs from the Tube exit nearest to the
FT’s London office. My heart was
pounding hard and I was permanently
exhausted. But all I cared about was the
running. I would watch people bounding
down London’s Southbank or around
my local park and feel a sense of envy
and loss that I struggle to describe.
A 10km race around Roosevelt Island
that July, when I couldn’t run a continu-
ous kilometre, was the wake-up call I
needed to go to the doctor. I was diag-
nosed with severe but easily treatable
anaemia and recovered quickly.
Since then my relationship with run-
ning has changed. I run for all of the
above reasons, and so many more, but if
I’m asked why I run, the first thing that
comes to mind is always “because I can”.
Being able to go 20 miles under your
own steam, being able to run through
sunrises and sunsets, through falling
leaves and dancing snow, through new
cities and familiar beaches, is a won-
drous thing, a privilege to be savoured
for as long as my legs will carry me.
Laura Noonan is the FT’s US banking editor
8 June/9 June 2019 ★ FTWeekend 19

Food & Drink

The grape debate that
is naturally divisive

Jancis Robinson
Wine

L
ast autumn, wine writer
and well-known American
novelist Jay McInerney
wanted to treat his favourite
chef, Éric Ripert of Le
Bernardin, to a meal in New York with
some really nice wine from his cellar.
He booked a table at Frenchette,
then the hottest ticket for fashion-
conscious diners, and took a bottle of
the Bordeaux first-growth Château
Haut-Brion from the near-mythical
1982 vintage, together with the 1982
from its stablemate, the equally famous
Château La Mission Haut-Brion.
Frenchette’s wine list is devoted to
natural wines — made not only from
organically grown grapes but also with
minimal additions in the winery. The
team at Frenchette are so fanatical
about this growing subset of the
world’s wines that they would not let
centuries, sulphur or sulphur-based
compounds have been used to stabilise
and preserve freshness. Yet during the
20th century, as technical knowledge
increased, so did the array of additives
used in winemaking. In the 1970s,
many a wine smelt more of the
laboratory than the fruit basket.
In recent decades, however, there
has been a global, industry-wide move
to reduce agrochemicals in the
vineyard and additives in the winery
(encouraged by the discovery
that asthmatics are particularly and
sometimes dangerously sensitive to
compounds associated with sulphur —
any wine containing more than 10mg
of sulphur dioxide per litre has to be
labelled “contains sulphites”).
Those making natural wine try to
minimise their use of sulphur dioxide
across as natural wines and resolved
never to taste again. As a result, the
reputation of natural wines is so bad in
some quarters that even some of those
producing them — the respected
Philippe Pacalet of Burgundy and
Envinate of Spain, for example —
deliberately avoid the term. One of
British Columbia’s most successful
wine producers, Okanagan Crush Pad,
grows organic grapes exclusively and is
careful to preserve every nuance of
what nature provides in its Free Form
wines. Yet, as the company’s Christine
Coletta explains, it deliberately avoids
the term “natural” and uses “minimal
intervention” instead.
But that doesn’t exactly trip off the
tongue. I asked the queen of natural
wine, New York wine writer Alice
Feiring, what she felt about the
Patricia Niven
nomenclature of these increasingly

McInerney open his bottles.
Since the wines were worth a good
$2,000 in total, presumably McInerney
offered to pay far more in corkage than
the restaurant made from selling him
a bottle or two off their wine list, but it
was clearly a matter of principle. The
Haut-Brion stable is not known for its
noxious winemaking ways, but this is
a stark illustration of the fanaticism
that can be associated with the natural
wine movement.
What distresses me is the level
of polarisation that natural wines
provoke. A very significant proportion
of the wine establishment — by which
A significant proportion
of producers and traders
roll their eyes at the very
mention of natural wine
(a small amount is routinely produced
when grape juice is fermented into
wine anyway) and also tend to see
forms of clarification, such as filtration,
as equally evil. But sulphur dioxide is
a preservative, and low- or no-sulphur
wines easily brown or lose their fruit if
exposed to warmth; the lack of
Open to sesame
prevalent wines. She said: “It’s a term
in flux for sure. However, there’s no
other term for it and, when pushed,
those people [who repudiate the term]
will admit that [their wines] are indeed
natural. So, at some point it’s going to
be just wine, like it used to be before
technology shaped it all.”
I feel quite strongly that wines that
most obviously belong to what Feiring
calls “the natural wine club”, those
Recipe | The art of Japanese cooking can seem daunting. But it’s time
that are very different from the
conventional norm, should be clearly for a radical rethink, say Sarit Packer and Itamar Srulovich of Honey & Co
signalled on wine lists and shelves.
I have ordered less successful natural
wines from even quite celebrated wine

I mean producers and traders of
conventional wine — roll their eyes at
the very mention of natural wine. On
the other hand, there is no shortage of
converts to natural wine who, like the
Frenchette team, will not sully their
customers’ palates with wine they do
not consider natural.
Natural wine tends to be defined by
what it isn’t. All but the most hideously
industrial wines are “natural” products
to a certain degree, but anything fruit-
based is prone to being spoilt by excess
oxygen and/or harmful bacteria. For
Jancis’s guide to permitted wine additives
These are some of the most common
additions in the winery. The better
the wine, the fewer are used. Roll on
ingredient-labelling for wine.
Sugar — beet or grape-derived — to
increase the eventual alcohol level
or prolong fermentation.
Acid — which occurs naturally in
grapes, to make wines from
excessively ripe grapes taste crisper
and to protect against bacteria.
Sulphur dioxide — a preservative and
disinfectant that keeps fruit flavours
fresh and can help stave off bacteria.
Yeast — to effect and control
fermentation.
Yeast nutrients — to encourage
fermentation.
Water — to dilute wines that would
clarification can result in cloudy wines.
Although the most famous
practitioners of natural winemaking
were senior vignerons in Beaujolais in
the 1960s, and then in the Loire Valley,
today’s “naturalistas” tend to be
relatively young. Making and/or
consuming natural wine has become
a generational thing.
From Australia to South Africa,
Europe and the Americas, many an
experienced winemaker shakes their
head in dismay at the cloudy, cidery
ferments they probably first came
otherwise be excessively alcoholic.
Tannin — to add structure to wines
made from grapes deficient in tannin
and to stabilise colour.
Colour — a controversial additive
used by producers who still think that
deep crimson is a quality indicator.
Lactic acid bacteria — to encourage
the conversion of harsh acids into
softer ones.
Grape concentrate — to sweeten
wine.
Ascorbic acid (Vitamin C) — an
antioxidant.
Sorbic acid — a preservative.
Enzymes — to encourage the
extraction of juice from grapes.
Carbon dioxide — to make wine
slightly or very fizzy.
T
lists and had to leave everything but
the first sip. I approve of those
restaurant wine lists that recognise the
popularity of natural wines with a
segment of their customers by offering
some, but corral them clearly in a
separate section, perhaps headed
Natural, New Wave or Off-Piste Wines.
It seems to me that the average
quality of natural wine has been
improving. Coletta suggests that
“people who dismiss natural wines
need to rethink and revisit, as there
have been a lot of positive changes in
the past 10 years. As our consulting
winemaker Alberto Antonini likes to
say, ‘You need to know a lot in order to
do very little.’ You can’t just decide to
make natural wine and expect good
results without having some serious
talent and experience in the cellar.”
The winemakers I admire are those
who have established a reputation for
their conventional wines but who,
unblinkered by prejudice against
natural wines, try some of the
strategies adopted by the naturalistas.
Despite the current polarisation, I
hope that eventually everyone will
meet somewhere in the middle.
There was, incidentally, a silver
lining to the Jay McInerney story. For
us anyway. We met him for dinner two
nights after the Frenchette incident
and very much enjoyed both 1982s.
Tasting notes on jancisrobinson.com
More columns at ft.com/jancis-robinson
hey say don’t meet your
heroes but we rather
enjoyed meeting one of
ours recently. Nancy
Singleton Hachisu’s
cookbooks have a special status in
our kitchen. While most of our
books are pristine — in fact, most of
them don’t even live inthe kitchen —
our copy of Japanese Farm Food has
soy stains and miso smudges, and
her most recent book, Japan: The
Cookbook, is already starting to look
Asparagus with double sesame dressing
Serves two to four (allow at least
five asparagus spears per person)
Ingredients
18-20 asparagus spears
(two bunches)
2 tbs salt for 5 litres of
cooking water
Sesame sauce
30g roasted white sesame seeds
30g roasted golden or black sesame
seeds (if you can’t source them,
use all white)
20g grated fresh ginger
2 tbs mirin
1 tbs soy sauce
1 tbs sesame oil
1 tbs rice wine vinegar
1 tsp honey (or ½ tsp sugar)
the same. Beyond a certain age, one
should no longer be a fan but we
were giddy when Hachisu agreed to
spend a day in our kitchen.
Like most people, we adore Japa-
nese food but find cooking it intimi-
dating — it seems to demand per-
nickety attention, years of training,
the opposite of our chuck-it-in-the-
pan-at-the-end-of-the-day method.
But her books have opened our
eyes to a different kind of Japanese
cooking: approachable, convivial,
Method
Set a pot with 5 litres of water on
the stove and bring to the boil. Trim
the bases of the asparagus. If the
skin is very thick and husky, use a
peeler to remove it from each base.
Add the salt to the boiling water
and wholesome — real home food.
When she visited us, she brought
plump Tokyo turnips, a few bunches
of mustard greens, golden sesame
seeds and some dried sour plums.
Hachisu left us with her bag of ses-
ame seeds, an appetite for simple
Japanese flavours and a renewed
appreciation of good produce in sea-
son — such as asparagus. The bitter-
sweet stalks pair so well with this
simple dressing. Japanese cooking
has never been so easy.
and plop the asparagus in. Cook for
two minutes, or maybe three if they
are particularly thick.
Fill a large bowl with very cold
water (iced, if possible). Once the
asparagus is cooked, dunk it in the
cold water and mix it around to
chill (don’t leave it too long in the
cold water, as it will affect the
flavour).
Mix the two types of sesame
seeds together and divide into two
bowls. Grind one bowl to a fine
breadcrumb texture and mix back
with the rest. Add the remaining
ingredients and mix well.
Combine the asparagus with
about half the sauce and mix well.
Transfer to a serving plate then top
with the rest of the sauce. Serve.

‘Cooking like this is an art’

Restaurants Tim Hayward
enjoys the spectacular views
and even more spectacular
food at Träkol in Gateshead
with a relationship between building
and site, and there is nowhere more
appropriate to place rusting containers
than a dock on the River Tyne. A wall of
windows looks on to a perfect amphi-
theatre — between the Tyne Bridge
(1928) and the High Level Bridge
emollient, seemed classical and elegant.
The addition of dukkah, an Egyptian mix
of herbs, spices and nuts, was an innov-
ative, well-considered warm-up for the
asado duck.
I feel that we Brits have been treating
ducks rudely for years. We sear the
results are stunning. The duck is cooked
through, yet still pink and running with
juices, on a bed of “peas, green pepper-
corns, gem lettuce, nasturtium”, which,
while thrillingly modern, also honours
the tradition of roast duck with green
peppercorn sauce “petits pois, laitue”.

Y
ou may, if you are exception-
ally old and still blessed with
good memory, recall when
shipping containers were
used to move cargo around
the world. I’m not exactly sure when
people started turning them into restau-
rants and cafés, but there are now so
many that I’ve nearly forgotten what it
feels like to eat in a brick building. So,
when they spoke to me of Träkol — an
“open-fire” kitchen, in shipping con-
tainers, on a quay in Gateshead in the
north-east of England — I packed a light
overnight bag of amusing preconcept-
ions and boarded a train.
Träkol is not your standard shipping
container/barbecue. It is, in fact, one of
the most spectacular places I’ve eaten at
. . . and I’m including Sydney Harbour
and Venice. It’s so impressive that we
have to get the architectural details out
of the way before the food. Träkol was
designed by local architects XSite. The
containers have been ranged in two
lines, double height, and allowed to rust
modestly. Architects speak of designing
(1849), next to William Armstrong’s
Swing Bridge (1876) and gazing up at the
bowl of Newcastle quayside. This tightly
packed history of British industry and
engineering will make your heart soar.
Dinner is just as impressive. There is a
big iron frame in the open kitchen, over
a stack of flaming wood, attended by
men with beards and leather aprons. Yet
the food coming out is elegant and
strangely respectful of old culinary tra-
ditions. Duck hearts and asparagus,
dressed in something both sharp and
Träkol, at
Hillgate Quays,
Gateshead, in
the north-east
of England
breasts, leaving them blood-rare in the
middle, and serve them sliced and
fanned on large plates. If we confit the
legs, we consider ourselves clever. Most
other cuisines understand that the rich,
dark meat and ample fat-covering
reward long, slow cooking. The stokers,
who toil at the Träkol cooking frame,
take hours over their ducks. Shifting
them on their hooks, they keep the heat
high enough to loosen fats and juices,
low enough that everything has time to
relax and combine. It’s an art. The
It is this delicacy and respect,
expressed through the absurdly butch
medium of flame, that impress. Anyone
who can turn out a flawless lemon sole
on a rig that looks like a burning car
deserves respect. Anyone who tops it
with miso butter and includes samphire
deserves trombones and parades.
So impressed was I by the design that
the next day I followed the architect —
like one might follow a chef — to Cook
House, in nearby Ouseburn. This is a
strange little glen where the Ouse meets
the Tyne, packed with bridges and old
industrial buildings, design studios and
a city farm. Cook House is an old print-
works, reshaped with an open kitchen
and a grocery selling pickles and pre-
serves. It was an outstanding lunch.
Crab on sourdough, accompanied by
fermented vegetables that would have
gone down acceptably in Osaka.
A view from Gateshead that’s better
than the Grand Canal? I can see I’m
going to have to repack my bag.
Tim Hayward is an FT contributing writer
20 ★ 8 June/9 June 2019

Instagram atheists need

to drop the hokum

Janan Ganesh
Citizen of nowhere

In a dreamlike landscape, hues of
SNAPSHOT pink and brown seamlessly roll
into one another, while the river
Meghna, a Bangladeshi distributary
of the Ganges, lazily winds through
‘Bhairab Railway the scene.
Above a clutch of bathers, the
Bridge’ (2015) by Bhairab railway bridge stands tall,
Giulio Di Sturco a perfect representation of the
effects of industrialisation on the
natural world.
The picture is part of Ganga Ma, a
10-year photography project by
London-based visual artist Giulio
Justin Bieber, Chernobyl
Di Sturco, which follows the river
Ganges for more than 2,500km,
from its source in the Himalayas
in India through to the Bay of Bengal
in Bangladesh.
“The main character of my story is
a non-human entity,” Di Sturco
explains. “I decided to treat it as a
human being and create a flow that
would document the river as if I were
documenting the life of a person.”
Jessica Heron-Langton
‘Ganga Ma’ is published by GOST (£35)
A
s I looked out into the
night sky,” said the great
Peter Cook, “across all
those infinite stars,” he
continued, “it made me
realise how insignificant they are.”
Like a comfort blanket, I reach for
this line whenever I encounter the
opposite: sanctimony, earnestness,
unearned wisdom. The modern genre
of “inspirational quotes” has given us
Let go and trust the universe (bad
advice), Always chase your passion
(contradictory), Everything happens for
a reason (no it doesn’t) and All great
change is preceded by chaos (unhistoric).
The scourge is so bad that jokers have
set up spoof-quote generators to run
interference (Don’t explore your true self,
it’s not worth it).
Leave aside, for a moment, the
impertinence of touting such grand
advice to strangers. What stands out
even more is the constant groping for
profundity by people who stop well
short of any religion or organised belief
system themselves. There has been a
vein of lifestyle spiritualism in the
west, and especially the US, for a long
time now. Deepak Chopra, the Martin
Luther of this stuff, is in his seventies,
and Oprah Winfrey not far behind. But
unless I am being singled out for
special treatment, it appears to have
become inescapable over the past
decade in particular.
This is not the place, nor am I the
writer, for a disquisition on the
existence or otherwise of God. The
question, rather, is why people who
plainly do not have any such faith are
share all or most of its tenets? Why
pad it out with Instagram hokum that
imputes a spurious order and meaning
to the universe?
More than a decade has passed since
Christopher Hitchens, Richard
Dawkins, Sam Harris and Daniel
Dennett formed their Mount
Rushmore against theism. Looking
back, the most intense opposition did
not come from the faithful — with
whom, in fact, some of the richest
debates were had. It came from people
of a more or less secular, even
metropolitan cast of mind. Some of
them winced at the four men’s
supposed tactlessness towards
Lifestyle spiritualism is
religion for unbelievers, its
‘priests’ Deepak Chopra
and Gwyneth Paltrow
believers, especially minorities. “You
may be right, Professor Dawkins,” this
line of argument seems to run, “but let
the little people have their toy.” The
best to be said for this is that it does not
pretend to the intellectual integrity it
does not have.
Worse, though, is the objection that
while there might be no God, there has
to be something, you know, “more”
than science and reason. Well, what? It
is the reluctance to press the question,
the lack of rigour, that gives rise to
paper-thin lifestyle sloganeering and
Gwyneth Paltrow’s yoni-egg racket. It is
smug and complacent by the kind of
person whose Twitter bio reads “A
human. Being.” The cultural rift is not
between — or not just between —
believers and non-believers. It is
between non-believers and non-
believers in denial. It is an argument
within atheism.
Various colleagues at the FT have
done heroic work over the years in
exposing CEO waffle of the Follow your
truth and Practise gratitude every day
kind. But it comes from something
much deeper than boardroom culture.
It comes from a society at an odd stage
of development: no longer religious,
but not quite not religious. Hence the
religion-substitute of lifestyle wisdom.
It offers everything bar a deity: rules to
live by, set texts, an admixture of
personal empowerment and utter
submission to fate. It even has
mediating “priests” of the Chopra-
Paltrow ilk.
In the west, at least, religious
conservatives despair of their rout in
the culture war. But it might be only a
partial defeat. A lot of irreligious
people still believe — or want to be seen
to believe — in something “bigger than
themselves”. To state that the material
world is all there is, and that it is quite
enough, thanks, still feels faintly
subversive. It is a fear, I think, of
coming across as shallow, culturally
insensitive or immodest in the Cook
style, minus the humour. And so we
must wade through the epigrammatic
hogwash assuring us that What is meant
to be will always find a way. Why not
have the courage of your lack of

and the death of discovery so reluctant to own the fact. Why is

the materialist view of things still so
hard to embrace, even for those who
what allows Steven Pinker, an
Enlightenment Man down to his
Newtonian hair, to be impugned as
convictions?

janan.ganesh@ft.com

Jo Ellison
Trending

I
went to Lisbon last week, a city
that finds itself at the centre of a
fashionable renaissance. Madonna
enjoys a daily hack in nearby
Comporta. Tech start-ups have
brought an influx of international
millennials. The actor Michael
Fassbender can be spied surfing the
city’s local shorelines. Meanwhile a
crush of artisanal coffee houses and
restaurants serving sharing platters are
crowding out the older establishments.
True Lisboans are being squeezed
out of the city’s centre: the “golden
visas” and “royalty” incentive — a
special tax regime for non-habitual
residents — mean the capital’s homes
are being seized upon by 60-year-old
pop stars and Chinese squillionaires.
Sprauncy new Airbnb properties have
mushroomed overnight: “We’ve
become a fashion town,” shrugged our
host as she walked me through a rental
apartment furnished in accents of mid-
century modern chic (and a library of
books that would delight the snobbiest
of Europhiles).
An actor friend is less enchanted by
the changes: “I remember when we
were teenagers going up to the castle,”
he said over caipirinhas in the Baixa
district. “We’d sit and watch the sunset,
smoking cigarettes, and there’d be no
one there at all.” A recent visit to the
city’s landmark had required a timed-
entry ticket or proof of residency that
demanded he lived within a rigid
boundary line.
Lisbon hasn’t lost any of its charm in
becoming a frothingly popular tourist
destination. But standing in the
Manteigaria custard pie factory,
watching the chefs slap out fresh
batches of their famous pastéis de nata
from behind a glass partition, I sensed
a city so insouciant of its unique
deliciousness it’s in danger of being
devoured. But that’s the problem now.
No pie factory, nor beach, monument
or church can be protected from a
tourist with a trigger geotag. There are
no secrets any more. No special places.
Just ask the people of Iceland who,
having been “discovered” in 2015 by
the Canadian pop star Justin Bieber,
who shot the music video to his single
“I’ll Show You” at its Fjadrárgljúfur
canyon, have subsequently found their
natural wonders, hidden thermal
springs and indigenous fauna crawling
with Beliebers.
The singer claims 105m followers on
Instagram, a number that dwarfs that
country’s population of 338,000, and
last month the canyon was closed to
the public owing to the overwhelming
number of visitors. Tourism to Iceland
has quadrupled in the past eight years
and while environment minister
Gudmundur Ingi Gudbrandsson has
said it’s “a bit too simplistic to blame
the entire situation on Justin Bieber”,
he did add that “rash behaviour by one
Humans are everywhere
and they’re ruining
everything. Nowhere is
new. Nowhere is empty
famous person can dramatically
impact an entire area if the mass
follows”.Inotherwords: he blames him.
Although we should exalt in our
proximity to everything, and the fact
we can canter to each corner of the
Earth, the death of discovery is surely
something awful. Just like that
depressing picture of people packed
into a queue to Mt Everest or that poor
sod Victor Vescovo, who found sweet
wrappers and a plastic bag on the
seafloor of the Mariana Trench while
breaking the world record for the
deepest ever dive.
Humans are everywhere and they’re
ruining everything. Nowhere is new.
Nowhere is empty. No place is unspoilt.
Unless you fancy a journey to The
Zone, the 30km exclusion area
surrounding the Chernobyl Nuclear
Power Plant. The story of the
Ukrainian reactor’s disastrous failure
in 1986 has just been serialised on
HBO, an extraordinary piece of
documentary drama written by Craig
Mazin (best known otherwise for his
hand in creating The Hangover: Part II
and III) and directed by Johan Renck, a
Swedish director and former musician
who once went by the moniker of
Stakka Bo.
Everything about the show, from the
casting, to the cinematography, to the
metronomic crackle of the Geiger
counter that underscores the narrative,
is compulsive viewing. But the drama’s
real beauty is in how it throws into
relief the strange duality of those lives
lived in the shadow of the atom, then
the most sophisticated and mysterious
of sciences, in a place where farmers
still tilled fields with horse-drawn
ploughsandmilked their cows by hand.
It’s also an indictment of a catastrophic
political system in which the innocent
paid for the clear-up with their lives.
Watching the drama some 30 years
after the evacuation, one imagines the
exclusion zone as a bleak and barren
landscape: a place without birdsong,
where all life is extinct. Instead, in the
absence of human interference, the
region is arguably thriving. The Polesie
State Radioecological Reserve, found in
the Belarusian section of the zone, has
become the centre of an experimental
process of rewilding: rare species such
as white-tailed eagles, lynx and wolves
now count among those species that
inhabit the ghost villages abandoned
years ago. The secret ecosystem is
emerging. There is yet to be a
consensus on the safety of the zone, but
while natural mutations have been
recorded in some mammals, others
argue the effects of radiation are less
devastating than first thought.
It’s perhaps the perfect irony that
having had the humans truly wreck it,
Chernobyl could end up the most
exciting area of discovery of them all —
although don’t hold out for a rash of
Airbnbs just yet.
jo.ellison@ft.com; @jellison

FT Weekend Festival 2019

The FT Weekend Festival returns on
September 7 in the grounds of
London’s Kenwood House. It will
unfold in eight tents addressing
everything from the march of robots
to the perfect wine. Speakers include
Jancis Robinson, Robert Harris,
Prue Leith, Simon Schama, Jeanette
Winterson and Edmund de Waal. For
tickets, go to: ftweekendfestival.com
Saturday 8 June / Sunday 9 June 2019

Rural Living Special

All the gear . . . A townie’s guide to what not to do in the countryside — JOY LO DICO PAGE 2
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The home of prime property: propertylistings.ft.com Follow us on Twitter @FTProperty

C
astle Howard, a Grade
I-listed stately home, wel-
comed a procession of vin-
tage steam engines into its
grounds last month. While
the event was a success, it did have
its drawbacks: “Visitors come to see a
beautiful house, and find there’s a
whole load of trailers and trucks and
portaloos on the lawn,” says Lady
Howard, owner of the 8,800-acre York-
shire estate, almost three-quarters of
which is farmland.
Such dilemmas are familiar to land-
owners. They have long had to be entre-
preneurial to fund their estates. Now, as
Brexit promises the biggest shift in agri-
cultural policy for generations, they
have to be creative to stay afloat.
Since 1972, British farmers have
relied on subsidies from the EU — to
which the UK is a net contributor. In
2014, 55 per cent of UK farm incomes
came from the EU, according to
estimates from the Department for
Environment, Food and Rural Affairs
(Defra). Subsidies are distributed
through the Common Agricultural Pol-
icy, which accounts for more than a
third of the EU’s €160bn annual budget,
according to the European Commission.
After Brexit, those payments will
be phased out and replaced with a new
policy, details of which have not been
finalised. “All farms and estates [will]
have to be very business-like in future,”
says Ross Murray, chairman of rural
asset management at Knight Frank. “It’s
not a given they will be given public
money; they will have to work for it.”

‘There were areas where

we were farming for
subsidies. Some of that
could be rewilded’ Longhorn cattle at Knepp Castle and (below) filming the BBC’s ‘Antiques Roadshow’ at Castle Howard — Alamy

Agricultural revolution
Many landowners have acted already, data from Savills suggest. Expensive
diversifying into everything from land is a barrier to entry in farming,
adventure tourism to commercial where the average age is near 60.
woodland. Others have sold up, anxious Another criticism is that some of the
about keeping farms solvent in the biggest payments have been to wealthy
absence of subsidies. The change will be landowners with substantial private
“seismic”, says Murray. So how can incomes — the inventor James Dyson,
landowners prepare for it?’ who has bought 35,000 acres of UK
land, received £2.8m in financial sup-
Diversify or die port from the EU in 2017, the FT
“In a post-Brexit, post-heavily subsi-
dised world, we’re reviewing our land
Land | The looming loss of EU subsidies is forcing the UK’s farmers to reassess their future sources reported at the time.

operations,” says Lady Howard. The Towards a new strategy

estate hosts live music, is used as a film
set and is dotted with rental properties.
“We are having to manage a lot of very
different small businesses. I so wish
there was a sole answer, but no one has
been able to find a silver bullet and just
focus on one or two things,” she says. Of
all the visitor attractions at the Howard
estate, the biggest money-spinner is a
static caravan site.
The looming loss of EU subsidies is a
cause of anxiety for the estate and farm-
ers in general, says Lady Howard, who
estimates that CAP subsidies represent
30-40 per cent of the estate’s profits. But
it presents an opportunity too. “There
were areas where we were farming for
subsidies. Some of that could be
rewilded and used for eco-tourism.
There’s huge interest out there in nature
and biodiversity,” she says.
The UK’s future agricultural policy is
unclear, but “the mood music is that
responsible, sustainable farming will be
rewarded”, she adds.
of income, whether from tourism or renewable power generation. By George Hammond Helm is one of the architects of the UK’s
new agricultural policy, which will see
subsidies reconfigured. Central to the
new direction, Helm said at Hay, are the
attracting criticism from economists ideas that “public money is for public
End of the status quo and enivronmentalists alike. Dieter goods” and that the “polluter pays”.
From 2014-2020, UK farmers are Helm, the chair of the government’s Those principles are expected to be
expected to receive €28bn from the natural capital committee, describes included in the government’s agricul-
CAP. Three-quarters of that is direct the CAP as “one of the most destructive ture bill, initially presented in the 2017
income support allocated through the forces in our natural environment”. Queen’s Speech and currently at the
“basic payment scheme” and paid on The CAP does not ensure farmers use report stage in the House of Commons.
the basis of hectares farmed, rather land in an environmentally sustainable The agriculture bill would replace the
than being linked to any specific goal, way and even encourages the farming of CAP’s basic payment scheme with the
such as environmental benefit. unproductive land in pursuit of subsi- environmental land management
The subsidy is designed to support dies, said Helm at last month’s Hay Fes- scheme (ELMs), intended to be phased
food production and stabilise farm reve- tival: “It’s an extremely bad idea to pay in between 2021-2027. The new scheme
nues — hedging against poor harvests or farmers taxpayers’ money to own land. would pay farmers for environmental
livestock disease. By underpinning pro- We pay farmers who put chemicals on initiatives, such as sequestering carbon
duction within the EU, the scheme our land, that go into our water, which in soil or growing hedges as habitats.
reduces dependency on imports from we pay higher water bills for.” The policy is “a radical departure
outside the bloc — though critics The CAP payments have likely from the CAP”, said the National Audit
complain that food prices are kept arti- contributed to an increase in the value Office, in a report released this week. As
ficially high as a result. of farmland, which has more than dou- it stands, “timescales are incredibly
The scheme might be a lucrative but it bled since the per-hectare subsidy
is by no means universally popular, replaced production subsidies in 2005, Continued on page 2
2 ★
House Home Rural Living Special
How to fit in with
N
o therapist could ask a
question that creates such
discomfort, that so reaches
the country folk your deepest shame, as
that of the taxi driver at a
railway station in the English country-
side: “Just up from London, are you?”
I want to protest: I moved to
Gloucestershire five years ago (OK,
part-time) and have friends here. I look
after 100 acres of woodland, I drink in
your pubs, I vote here. These directions
I am giving you up that muddy track,
they lead to my home. But I crumble
before we have left the station car park.
Yes, I am just up from London.
The expression “country bumpkin”
may linger — in US parlance it is a
“hick”; in Sicily, where I spent
summers with my family, un burino —
but is there a reverse sneer for us born-
and-bred city bumpkins who aspire to
be countryside folk? If there is, my
neighbours have been too polite to tell
me what it is.
When we first try to sidle our way in
there are some things we know
instinctively, such as do not buy a
Barbour jacket. When was the last time
you saw a farmer heading up Bond
Joy Lo Dico Street to buy a quilted double-stitched
model? Some things we learn by
observation. Wellies, as I learnt after a
Rural life year of wearing them, signify working
knee-deep in cow slurry or thinking
Rural Living Agricultural
Special revolution
Continued from page 1
tight to develop a successful scheme”,
says Guy Smith, deputy president of the
National Farmers Union.
Core to the new model is the idea of
“natural capital” — which regards the
The Dordogne natural world as a set of assets that can
Brits are buying before Brexit be priced. The new approach includes
Page 3 the value of natural assets — be they
wildflowers, soils or rare animal breeds
— by considering factors such as wellbe-
ing and health rather than simply com-
mercial value.
Michael Gove, the environment secre-
tary and a driving force behind the legis-
lation, said in a statement: “This Bill will
allow us to reward farmers who protect
our environment, leaving the country-
side in a cleaner, greener and healthier
Horses for courses state for future generations.”
The searchers for a ranch lifestyle One example of how that might work
Pages 4 & 5 in practice is a partnership between
Wessex Water, a utility company, and
EnTrade, a platform that creates a mar-
ket for environmental goods, to pay
farmers for growing cover crops that
reduce the levels of nitrates entering
Poole Harbour, in Dorset.
Post-Brexit, “the only way to access
direct payments or public money
would be through the ELMs,” says Emily
Norton, head of rural research at
Sculptor’s landmark Savills. Farming is unlikely to qualify as
The medieval manor taken over a public good, she adds. “The whole
by Arts and Crafts industry and everything around it will
Pages 8 & 9 be affected.”
In New Zealand, subsidies were
removed entirely in 1985. The immedi-
Inside ate result was a collapse in land prices
and a farming crisis. But New Zealand’s
farmers eventually reduced inefficien-
cies and upped productivity. The
removal of subsidies is now widely
regarded as a success.
A blueprint for a green future
Landowners looking to adapt could fol-
low the example of the Knepp Estate.
Charlie Burrell and Isabella Tree, who
A seat of satire own the 3,500-acre estate in West Sus-
Inside Peter Cook’s sex, have spent the past two decades
Hampstead home transforming poor quality farmland
Page 6 into a diverse expanse for wildlife and
plants. In the process, they have made
Knepp a cause célèbre for “rewilding”
Make a meal of it and, more important, profitable.
The influence of food on materials Last year, the estate’s activities —
Page 12 environmental stewardship, meat sales,
wildlife safaris and rental properties —
generated an income of more than
£1.25m. Burrell estimates that profit
margins at the estate are between 30-40
per cent. Prior to rewilding, the estate
typically failed to turn a profit.
Financial stability is vital, but just as
great an achievement for Burrell is the
habitat he and Tree have created for
rare wildlife. This year, the arrival of a
Sit, Buster, sit black stork to the estate has been his
A round-up of the most proudest moment.
stylish dog beds Even if they have not gone so far as
Page 13 Knepp, most estates have diversified
away from agriculture in recent years
because farm earnings are so volatile,
says Norton.
Robin Lane Fox
Chelsea’s hidden gems
Page 16
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FTWeekend
the Glastonbury Festival is the
countryside. Decent hiking boots will
do. I have seen working men walking
through nettles in flip-flops. Like
Newcastle girls wearing miniskirts in
January, the most inappropriate is a
sign of the most at ease.
Others are gently passed on to you by
well-wishing neighbours who have
steered me away from London
eccentricities with subtle but practical
suggestions. Might I want to fix the
track up to my house, they ask.
Although I find a rustic charm in a
deeply potholed road, those who
come for tea do not appreciate the
subsequent trip to the mechanic
to fix their car’s undercarriage.
And some are detectable by
their indifference. My gossip
and analysis about the power
games in London are met with
some variation of “Oh, there’s a
lot of fuss about that”. I do not
doubt my country neighbours
follow every turn of
Westminster politics, but it is
an impertinence to show
enthusiasm about it, let alone
believe your opinion matters.
What drives this anxiety
about trying to “pass” is that
Londoners pride themselves on
the porousness of their city.
Move to the city from the
The right diversification strategy will
in large part be determined by location.
For wet, mountainous estates in the
Scottish Highlands, hydroelectric
power generation has provided income.
“Hydro has proven to be a really signifi-
cant opportunity for estates,” says Hugh
Raven, whose family own the Ardtor-
nish estate on the west coast of Scotland.
“Like many Highland estate owners, we
were asset-rich and cash-poor. We [bor-
rowed] more than the estate was worth
to build the hydro, but [the estate] is
now worth a considerable amount
more.” Installing hydroelectric power
costs roughly £3m for every megawatt
of output, but could pay for itself in a
decade, says Raven. The Ardtornish
estate has spent “well over £10m” on
hydroelectric capacity.
Farming makes up around 15 per cent
of income at Ardtornish. Remove EU
subsidies, and farming at the estate —
and across the Highlands — is likely to
look very different. The estate’s
accountant, who represents around 100
agricultural businesses in the High-
lands, estimates that just one of them
would be profitable without subsidies.
The average Highland estate currently
Is there a reverse
country and you can do almost
anything that you can do in our town,
other than call for the fox-hunting ban sneer for us
to be lifted. Come in and moan about
high rents or the Underground, and we
born-and-bred city
will commiserate and tell you the best bumpkins who
place to eat in Chinatown. aspire to be
Move to the countryside and you find
the welcome is measured. Those who countryside folk?
see you arrive wonder about your
intent: is it to build a wood-framed
mansion, tell them how to farm
ecologically or make proper coffee to
“improve” them?
You may hold the deeds to a
piece of land, but not the rights to
do with it as you will. A pensioner,
who spent her childhood in my
cottage, comes around
unannounced to check on its
state. An elderly
neighbouring forester stomps
up the track to ask about my
plans for the woodland
around me. They know why
it is as it is. None of your
fancy ideas, please.
It is like going to visit a
maiden aunt whom you
barely know. There is a tidy
sum waiting to be handed out. (Left) David
You sit politely, eager to please, Beckham
hoping for a share of the strides out in
inheritance. The tidy sum here is rural gear
true acceptance in this country FameFlynet
receives two-thirds of its income from
EU subsidies, estimates Raven.
“There will be farm amalgamations,
increased efficiencies, and payments of
one form of another. It won’t be the end
of farming, but livestock numbers will
decline significantly,” he says.
In the south-east of England, the
weather and terroir lend themselves to
viticulture. Since 2000, the area of the
UK under vine has trebled and wine is
the fastest-growing UK export, accord-
ing to Savills. Establishing a profitable
vineyard requires as little as three hec-
tares, the estate agency calculates.
From the pits of despair
In Blaenau Ffestiniog, north Wales,
(From top) Zip there is evidence that — no matter how
World at deep and dark the hole left by a
Blaenau departed industry — there are ways out.
Ffestiniog; Slow Open pits are criss-crossed with zip-
Adventure on wires, and vast trampolines are slung
the Ardtornish across blasted-out caverns the size of
estate; Isabella cathedrals: a former slate mine is now a
Tree on the thriving adventure tourism business. At
Knepp estate full capacity the mine employed 900,
Ray Wood;
but by 2014 — when quarrying ceased —
Otter Adventurse/Karl
Bungey; Anthony Cullen just 19 miners were working. As the
mine gradually became unproductive
other activities sprang up on the site,
which now employs around 300, says
Alastair Altham, whose family has
owned the mine for 180 years.
Altham got involved with the project
a decade ago, at which point it was insol-
vent. “Like so many other estates you
feel this sense of obligation and sense of
opportunity as well. There’s such an
incredible history and such an incredi-
ble landscape. I thought ‘there must be a
different approach here’,” he says.
Altham reinstalled the hydroelectric
capacity that had originally been put in
place by the Victorians to provide cash
flow and attract subsidies. Then he
focused on tourism by updating the
mine tour and partnering with Zip
World on the zip-wires.
“It took us four years to break even.
But we now have a business that is sig-
nificantly profitable. What matters
more than anything is getting the cash
flow right — a lack of cash can kill a busi-
ness like this,” he says.
More recently, glamping sites and a
hotel have opened at the mine, which
this year will host a motor rally. Visitor
numbers are up fivefold in a decade.
That may provide reassurance, but
the future of farming remains uncer-
tain. “There’s been a lot of words, but
nothing concrete,” says Howard. Farm-
ers are still “waiting to see which way
the wind blows”.
8 June/9 June 2019
existence. If it does not arrive, will you
hang around or run back to London?
And all is played out over cups of tea
and English reserve.
I bumped into Antony Woodward,
the nature writer, outside the GQ party
at the Hay literature festival in rural
Wales a few weeks ago. Ten years ago,
we were next-door neighbours in
Shepherd’s Bush in west London. He
has since spent a decade in the Black
Mountains. Have you passed at being a
local yet, I ask him. With his floral shirt
and metropolitan accent, he says: “The
locals are so canny where I am, there’s
no point even trying.”
But things are not always as they
seem. In the country, I occasionally ask
someone where they were born. From
time to time I get the answer I expect:
Uley or Slad or somewhere else 10
miles down the road. But as often as
not, there is a hesitation and then it
arrives: Derby, Exeter, south London.
Hang on, I think. Here I am carefully
trying to learn local ways, yet they have
concealed this from me. Why are they
giving me advice on acting less like an
outsider when they too are passing?
Then I realise they are not. It is me.
As long as I have got the London
neurosis about wanting to pass, I will
always be a Londoner.
Joy Lo Dico is a writer and journalist
HOT PROPERTIES
Working estates
Newport House, Herefordshire, England, £10m
Where On the
border of England
and Wales, a 15-
minute drive from
Hay-on-Wye,
known as “the
town of books”.
What A Grade II-
listed Georgian
house set in 427 acres with 11 other properties dotted
across it.
Why Stables, woodland and a
working farm offer potential for income.
Who Knight Frank, knightfrank.co.uk,
tel +44 (0) 20 7861 1440
Bunloit Estate, Inverness, Scotland, £2.4m
Where On the shores of Loch Ness, in the heart of the
Scottish Highlands. Inverness is a 40-minute drive.
What A Highland estate set around
a main house and a smattering of
smaller properties, including two
holiday cottages.
Why The 1,264-acre estate comes
with farmland, sporting rights, moorland and
woodland.
Who Strutt & Parker, struttandparker.com,
tel +44 (0) 14 6371 9171
Beverston Castle Estate, Gloucestershire,
England, £10m
Where In
Beverston, on the
outskirts of
Tetbury. Bristol
airport is an hour’s
drive away.
What A 693-acre
estate with a
17th-century
house and a Grade I-listed castle its core.
Why The estate contains arable farmland,
pastures and woodland, a farmstead and a walled
kitchen garden.
Who Savills, savills.com,
tel +44 (0) 20 7016 3784
George Hammond
8 June/9 June 2019
France property Brits are
buying in the Dordogne
before Brexit, despite a
fall in the pound’s value.
By Zoe Dare Hall
B
ig falls in the value of sterling
since the UK’s vote to leave
the EU have affected many
Brits who have decided to buy
a place in the sun — especially
those working on a renovation project.
“In recent weeks, the currency rate
has dropped again, which is especially
a worry to those who have bought a
cheap property they are doing up,”
says Eve Gratton, a writer and gîte busi-
ness owner who lives near Eymet in the
Dordogne, a place so popular with Brit-
ish expats that it has been nicknamed
“Dordogneshire”. “DIY materials are
scarily expensive compared with the
UK,” she adds — staples such as paint
and timber can cost up to a third more
than back home.
However, while many rural regions of
Europe — including inland Andalucía
and much of Tuscany — have yet to see
property sales and prices pick up since
the end of the global financial crisis, the
Dordogne appears to be bucking the
trend. British buyers are still the most
active in France, making up 59 per cent
of non-resident transactions in the Dor-
dogne, according to the Notaires de
France, significantly ahead of Belgians
(17 per cent) and Dutch (14 per cent).
“It’s the best year in the 15 years I’ve
worked in real estate here,” says Kirsten
Pollard of Maxwell Baynes, an affiliate
of Christie’s International Real Estate.
“We currently have seven château sales
going through, ranging from €600,000
for a complete renovation project to
€4.27m for an 18th-century château set
in a 26ha park,” she says. The agency is
listing a manor house in Sainte-Alvère
with three guest houses and an outdoor
pool for €1.67m; and an eight-bedroom
house near the town of Sarlat with a
guest house and a pool for €1.9m.
Leggett Immobilier made 142 sales to
UK buyers in the Dordogne last year.
“Our sales to Brits are up 38 per cent in
the first quarter of 2019 compared with
the same period in 2018,” says Joanne
Leggett, who adds that 2018 was the
company’s best year since 2014. “The
clear attitude among buyers we meet at
property exhibitions and seminars is
they are trying to get to France before
Brexit happens,” she says.
Vive la différence
Château de Castelnaud in the Dordogne valley in late afternoon — Alamy
Why does the Dordogne continue to
seduce British buyers in such numbers?
“Buyers look here for an element of
retreat into the ever-increasing urban
world,” says Jack Harris of Knight
Frank. The Dordogne is also dedicated
to preserving its heritage buildings and
Unesco-protected landscape.
“There are new initiatives at local and
national level in these villages to protect
the architecture and environment for
Eight-bedroom house near Sarlat, €1.9m
★ FTWeekend
future generations,” says Pollard, who
lives in Saint-Cyprien, one of the Dor-
dogne’s protected villages classés.
Their beauty may be assured, but
such villages present added bureau-
cratic hoops for foreign buyers who take
on renovation projects. “There are often
rules over what colour you paint your
shutters, what you can do to your façade
and limiting the use of Velux windows in
roofs,” says Pollard. “There are grants
Manoir in Sainte-Alvère, €1.67m
you can apply for to restore heritage
buildings, but it’s very difficult if you
don’t speak good French.”
Despite the pitfalls, houses are rela-
tively affordable. Although property
prices in the Dordogne are higher than
in the neighbouring départements of Lot,
Lot-et-Garonne and Charente, the aver-
age property price is €1,362 per sq m
compared with a national average of
€2,471 per sq m. “An attractive family
Rural Living Special House Home
home of 170 sq m would cost around
€230,000, which is, coincidentally, the
average budget of an international
buyer in the Dordogne,” says Leggett.
Those trying to get by on UK pensions
or smaller budgets may be stretched,
but for wealthy buyers, the exchange
rate is “irrelevant”, says Pollard. “They
often have their finances in different
currencies and they are lifestyle buyers.
They have often sold a business and are
looking for a change, a few years off
retirement,” she says. “Getting a French
mortgage is a relatively complex proce-
dure for a foreigner, so most use their
position as a cash buyer to their advan-
tage in the negotiation. For the seller, it’s
much less risky to engage with a cash
buyer so they are usually more willing to
be flexible on price.”
Given the hassle and costs involved
in renovation, most buyers want a
ready-renovated château, mill or farm-
house. British and US buyers are partic-
ularly keen on châteaux and Pollard
currently has three Russian clients —
“compared with one in 15 years”, she
3
i / BUYING GUIDE
Sterling is about 22 per cent down against
the euro since a high point in July 2015
Grants for restoring heritage buildings are
available through bodies such as
Bâtiments de France. You will need good
French and resilience, however, to take on
such a project
‘Dordogneshire’ may be so-named as it
is perceived to be overrun by Brits —
but of the 153,000 Britons officially
registered as living in France, only 7,300
live in the Dordogne
What you can buy for . . .
€500,000 A renovated six-bedroom
historic farmhouse with two acres near
the medieval town of Sarlat
€1m A large 16th-century château in
Périgueux with many original features
€5m An 18th-century estate set in 10
hectares on the banks of the Dordogne
More at propertylistings.ft.com
adds. “They want châteaux that offer
privacy and security.”
For buyers relocating to the region,
income generation is key, says Tim
Swannie, founder of Home Hunts, a
French agency. “They typically want to
run a B&B or gîte business, or we’ve had
some British clients setting up yoga
retreats and antiques centres,” he says.
Buyers may see potential in a 17-
bedroom château needing modernisa-
tion near Bergerac, on sale with Home
Hunts for €1.26m, or a three-bedroom
stone house with studio apartment, two
gîtes and a pool on 1.9ha near Vergt,
30km north of Bergerac for €763,200.
It is an opportunity to own a sizeable
slice of countryside in a region that
offers a rural idyll. And for many British
buyers, not even Brexit can taint their
ambition to be part of that.
FRANCE
DORDOGNE
Vergt
Le Bugue
Bergerac
GIRONDE
Bordeaux Saint-
Cyprien
Eymet Issigeac
LOT-ET-GARONNE LOT
50 km
maps4news.com/©HERE
4 ★
House Home Rural Living Special
Home, home
on the range
US property | Owning a ranch is a dream for many
but there are ground rules to consider if it is going
to pay for itself. By A.K. Thomson
F
or a certain type of US execu-
tive — typically white, typi-
cally male — to own a huge
slice of rural America is to
realise a childhood dream. For
most, it turns out to be a costly pursuit.
Nevertheless, these “outsider” ranch-
ers are now the majority of buyers,
according to a number of rural
land brokers. “Not many people who
ranch for a living buy ranches any
more,” says Sam Middleton of Chas. S.
Middleton & Son, a Texas-based
brokerage. “The typical buyer is some-
one who made their money through
some other source.”
Ken Mirr of the Colorado-based Mirr
Ranch Group adds: “The largest pool
of our clients are high-net-worth indi-
viduals who have that ‘go west, young
man’ attitude.”
Rural land values across the US have
been rising steadily since 2010. In Texas,
the home of cattle ranching, average
land prices reached $2,779 per acre last
year, compared with $1,807 in 2010,
according to Texas A&M University’s
Real Estate Centre. And it is nothing to
do with their productivity.
“The delinking of agricultural income
and land prices started a long time
ago,” says Charles Gilliland, research
economist at Texas A&M University.
“Ranchers still buy land but they are
in competition with recreational
users, who have been driving prices for
some time.”
The first question would-be ranch
owners have to ask themselves concerns
location. Beyond finding appealing
landscapes and working out how long it
would take to travel between primary
residence and ranch, potential buyers
also have to be clear about the sort of
wildlife they want on their property.
“Are you OK with predators, such
as grizzly bears and wolves?” says
Ben Pierce of Montana-based Sweet-
water Ranches, which helps buyers
find their ideal property. Pierce says
that one client clarified that they did
not care for rattle snakes — but only
after buying a property with rattle
snakes in abundance.
Outsider ranchers can forget about
turning a profit — most do not, agents
report. Ranches are simply another
thing rich people can spend their money
on, says Alex Maher, president and
founding partner of Live Water Proper-
ties, a Wyoming-based brokerage.
Instead, buyers should content them-
selves with a more fundamental benefit.
FTWeekend
James Taylor of Montana-based prop-
erty company Hall and Hall, calls it “a
psychic return”.
“You are not going to make much of a
cash return but you go and spend the
summer and the fall, you have a horse,
you go out and work cattle and you
experience the pleasure of seeing the
calves being born” he says. “It’s the
process of nature.”
(Above) Jim Finley’s High That “psychic return” is what moti-
Lonesome ranch; (below vated Jim Finley, who work in the oil
left and right) MorDo in and gas industry, to take the plunge in
Arizona and Horsethief 2006. “I wanted to allocate some money
Basin, offered together to something meaningful to my passion
for $50m through of fly fishing,” he says. “I wanted to buy
Christie’s International something that I considered to be top of
Real Estate the top in terms of live water, blue-rib-
bon fishing property.”
The result was the High Lonesome, a
8 June/9 June 2019
12,500-acre ranch near Daniel, Wyo-
ming, whose running — or “live”, in
ranch jargon — water comes directly
from the neighbouring national forest.
“I have no threats to water in my creek
being claimed by someone else,” says
Finley. “You have to understand the
water rights of your land — but also
those of the people around you.”
If Finley had bought his ranch in
‘The typical buyer is
someone who made
their money through
some other source’
Montana, he might have been in for a
surprise: unlike Wyoming or Colorado,
where you own the river bed, the public
can fish anywhere on private land as
long as they are standing below the high-
water mark.
Rules of that kind can quickly turn the
excitement of buying a ranch into a
8 June/9 June 2019
Kafkaesque exploration of state prop-
erty rules, regulations and practices. As
Mirr says: “If you don’t understand
water rights, how they are deeded and
all the obligations, you can get yourself
out of your comfort zone and into trou-
ble real quick.”
In theory, cattle ranching can provide
annual gross yields of 5 per cent of the
purchase price, says Middleton. But it
‘If you don’t understand
water rights, you can
get yourself into trouble
real quick’
can also prove a complicated business —
and he warns that profits might not
stretch to a competent ranch manager,
who could charge $150,000 a year.
In California, Christie’s International
Real Estate is selling a 50-acre ranch
with a four-bedroom house with interi-
ors designed by Arthur Elrod for $24m.
(Above) Nine-bedroom
lodge in Idaho set in 2,200
acres, $12m; (below left)
50-acre ranch in
California, $24m; (below
right) MorDo ranch in
Arizona, $50m
Ray Saypol; Admon Dallo
★ FTWeekend
In Wyoming, the same agent is selling long goals was to own a ranch and not
an 8,000-acre ranch with a year-round have any cattle on it.” Instead, he grows
cattle operation and a 10-bedroom hay, which still helps to reduce property
house for $19.95m. taxes by qualifying for agricultural-use
Finley of the Wyoming High Lone- tax rates.
some Ranch got rid of his cattle within Mineral rights are a potential head-
three years of buying the property. “A ache because the minerals are usually
lot of wealthy guys that buy ranches are the dominant estate in most US western
buying into the cows and losing money,” states, which means that the owner
he says. “I decided that one of my life- of the minerals below the surface
Rural Living Special House Home
Do the dude thing
Fed up with the office cubicle? Why
not spend the weekend at a dude
ranch, a holiday retreat that allows
guests to ride horses, catch fish, learn
how to lasso things and generally act
like a real-life frontiersman.
Colleen Hodson, executive director
of the Dude Ranchers’ Association,
says the appeal can be summed up in
the “six H’s” — horses, hats,
hospitality, heritage, honesty and
heart. “It gives families the
opportunity to unplug and reconnect
with each other in some of the most
beautiful places on earth,” she says.
The popularity of dude ranches
picked up after the release of 1991
film City Slickers, Hodson says. Ever
since Billy Crystal swapped his job
in radio advertising for the cattle
ranches of New Mexico, dude ranches
have been popular with anyone
seeking to reconnect with nature.
has the right to extract them after pay-
ing nominal compensation to the sur-
face owner.
“Don’t buy a ranch where someone
doesn’t want to let go of the minerals,”
warns Taylor of Hall and Hall. “You
might end up with someone coming
on your land to get them, and you
don’t want an oil field, much less an
open-pit coalmine.”
The rules on hunting — which, in the
past few decades, has been a principal
driver of wealthy outsiders buying
ranches — are just as daunting. In Texas,
many ranches have so-called “high
fences”, which corral the animals on the
land, making it possible not only to hunt
more easily but also to breed exotic ani-
mals for hunting. But in other states,
5
Billy Crystal in ‘City Slickers II’
Castle Rock/Columbia/Kobal/Shutterstock
Today, the DRA has more than
100 affiliated ranches across the
US, with prices starting at $400 per
night. When selecting which ranch
is right for you: “Riding should be
your first consideration,” according
to the DRA. After all, “Nothing beats
a few hours spent with a horse, man’s
best therapist.”
George Steer
obtaining hunting licences for the wild-
life on your property can be problem-
atic, says Mirr. “Animals migrate in the
west and so they are treated as public,
while ducks and geese carry federal
rules because they fly over states,” he
says. “You can own thousands of acres
and the government can say, ‘you can’t
hunt that particular animal’.”
About 25 miles from Driggs in Idaho,
Live Water Properties is selling a 2,200-
acre ranch with a nine-bedroom lodge,
pheasant shoots and hunting for elk and
mule deer for $12m.
There are other considerations to
buying a ranch, such as what percentage
of the land is deeded — or privately
owned — and what percentage is leased
from the state or federal government,
which carries the risk of public access as
well as losing the leasehold. Access to
your ranch can be problematic, with
some ranches only being accessible via
an easement over a private property.
Ultimately, though, says Taylor of
Hall and Hall, it boils down becoming an
owner of a finite resource. “You can buy
all the condos and shopping centres that
you want but you can’t make any more
land,” he says.
For the truly ambitious, T. Boone
Pickens’s 65,000-acre property is still
for sale outside Pampa Texas. The oil
tycoon’s ranch, which includes its own
chapel and airport, was listed last spring
for a price tag of $250m.
6 ★
House Home
Situation
comedy
Property | The Hampstead home of Peter Cook
is for sale, offering lifelong fan Raphael Abraham
a peek into the late satirist’s world
M
y first visits to Peter
Cook’s Hampstead home
were as a teenage stalker.
Having grown up nearby
and as obsessive admir-
ers of his comedy, a friend and I would
make a point of passing his mews house
whenever possible in the hope of catch-
ing a glimpse of the great man. The fact
that we only saw him once never put us
off. Of course, we were equally in thrall
to his comic counterpart, Dudley
Moore, but Los Angeles was a little far to
go for two schoolboys equipped with
only a London Travelcard.
Now, 30 years later, and 24 years after
Cook’s death at the age of 57, I have
returned to the house for a very differ-
ent reason — and this time was allowed
over its threshold. This Grade II-listed
house is about to go on sale, having been
extensively renovated since the death in
2016 of Cook’s third wife, Lin.
Cook moved into the house on Perrin’s
Walk in 1974 but his association with
Hampstead goes back further. In 1963
he and his first wife Wendy Snowden
had moved to the village-like north Lon-
don neighbourhood, purchasing a house
on Church Row that had once belonged
to the writer HG Wells. Hampstead
today is more home to bankers than
Bohemians, but at that time it was a sat-
ellite of swinging London. Peter and
Wendy would throw dinner parties
attended by the likes of Michael Caine,
Mary Quant and John Lennon.
Cook was then at at the height of his
fame. His revue Beyond the Fringe had
become a hit on both sides of the Atlan-
tic, kickstarting the satire boom, and
led to a successful partnership with
Dudley Moore in the TV series Not
Only . . . But Also. Moore followed Cook
to Hampstead and their most famous
sketches were born out of writing ses-
sions in the Cooks’ attic room. Wendy
recalls the sound of laughter rippling
down the stairs as they improvised into
a tape recorder.
But by 1970, the marriage was over
and Cook was distraught at having to
leave his daughters and life at Church
Row. It was his second wife, Judy Huxta-
ble, who in 1973 found a newspaper
advertisement for a house nearby that
she described as “like a small,
enchanted castle with strawberry
Gothic windows and an ornate skylight”.
These windows retain their magical
allure today.
Cook at the time was delighted with
the house, writing to his parents: “I’ve
bought a super Queen Anne Coach
House in Perrin’s Walk, a lovely cobbled
mews at the back of Church Row. I just
know you’ll love it . . . I’m very pleased
and excited about it. I hope I never have
to move again. I’ve had enough of
upheaval.” But if this letter suggests a
man ready for the quiet life, it was far
from the case. The 1970s would see
Cook dedicate himself to his twin pas-
sions of drinking and womanising.
In her 2008 memoir Loving Peter, Judy
recalls crawling into a suitcase to catch
Cook in flagrante with a nurse at Perrin’s
Walk — a scene that sounds like an out-
take from Moore’s 1979 breakthrough
movie 10. Indeed, while it was diminu-
tive Moore who became an unlikely Hol-
lywood “sex thimble”, Cook did his
share of philandering — and often with
famous women: Jackie Kennedy as well
FTWeekend
Peter Cook’s home in Perrin’s Walk, Hampstead and (below) Cook with Dudley Moore (1976) — Photograph by Leo Goddard for the FT
as her socialite sister Lee Radziwill. It is
enough to make you wonder if the clas-
sic sketch in which the cloth-capped
Pete and Dud moan about being pes-
tered by the likes of Greta Garbo and
Jane Russell (“tap tap tap on the bloody
window pane”) is autobiographical.
Parties at Perrin’s Walk were star-
studded affairs. Cook’s daughter Daisy
recalls: “My sister Lucy and I were
invited to the odd party at his house,
where we endeavoured to be helpful and
polite. I remember asking Keith Rich-
ards what he’d like to drink. ‘Whisky!’
he commanded and I scuttled off to get
him one. When I returned with a glass
he looked at me blankly and said: ‘I
meant a bottle.’ Ronnie Wood asked dad
who the waitress was and he said:
‘That’s my daughter — hands off!’”
She remembers Cook’s unique
approach to interior design. “He loved
kitsch and had bowls of wacky sun-
glasses and an array of hats. He scrawled
on the wall — ‘oxymoron’ was a word he
would often forget and so he reminded
himself by writing it on the wall.”
By the late 1970s, Cook’s second mar-
riage was on the rocks, as was the double
Tim Jenkins/Penske Media/REX/Shutterstock
act with Moore, going out in a blaze of
profanity with the Derek and Clive
albums. Designed to shock, and chiming
with the punk zeitgeist, they appealed
to anyone with a smutty sense of
humour — but were also foul-mouthed,
casually racist and misogynist. This did
not sit well with Moore’s carefully culti-
vated “cuddly Dudley” Stateside image.
With Moore pursuing Hollywood star-
dom, drink became Cook’s primary
sparring partner. In the 1980s his career
dwindled to the odd brief screen
appearance and he had taken to living in
a state of mounting mess.
It was then that he met local resident
Lin Chong, who became his third wife
and companion until his final days.
In Something Like Fire, a series of
essays by Cook’s friends and colleagues
compiled by Lin, she describes their life
as a domestic idyll, writing about their
shared love of the garden and missions
to acquire koi carp. In 1993 Cook made
an appearance on chat show Clive Ander-
son Talks Back in a series of off-kilter
guises that was acclaimed as his best
work in years. Meeting Lin seemed to
have given Cook a new lease of life, but it
was a short one. He died in 1995 of a
gastro-intestinal haemorrhage.
Lin never recovered from the loss.
Having helped rescue Peter from a life of
depression and squalor, in her grief she
lived amid Cook’s clutter until her death
in 2016.
8 June/9 June 2019
“One reason I’m doing this is for her
love story,” says her brother Chiew
Chong, who is executor of her estate and
has overseen the preparation of the
house for sale. “Wherever he walked for
her was special.” He notes that before
meeting Cook his sister was a scrupu-
lously organised professional but he
could see that Cook influenced her as
she did him. “Peter and Lin were both
hoarders. Whatever came in never left,”
he says. She also acquired some of his
sense of mischief. A sign warned anyone
who dared pinch their parking space:
“Beware: you will be egged!”
When I visited the spruced-up house,
I looked hard for traces of Cook. Every-
thing has been tastefully modernised —
but the beloved ponds have been
removed and his graffiti erased from the
walls. Walking up the vertiginous stairs
to Cook’s bedroom, you wonder how he
navigated these during his daily drink-
ing sessions. A newly added space has
been decorated with ethno-chic arte-
facts that might have belonged to Sir
Dudley Moore followed
Cook to Hampstead and
their famous sketches were
born in Cook’s attic room
Arthur Streeb-Greebling, Cook’s bum-
bling upper-class explorer and teacher
of ravens to fly underwater. I cannot
help imagining what comic delights he
might have conjured from them.
The overall impression is of a cosy
Hampstead home that suited a man
who never felt the need to make a big
show of his success or stray too distantly
from his roots — a far cry from Moore’s
beachside mansion in Marina Del Rey.
Later this year, Cook’s house will be
adorned with a plaque from the Heath &
Hampstead Society. He is in good com-
pany: fellow Hampstodians, including
Orwell, Constable and Du Maurier, also
have such plaques. Chong says he hopes
Perrin’s Walk will become a family
home. Whoever buys it will be acquiring
a house with considerable history, and
they might have to prepare themselves
for the occasional tap, tap, tap on the
window pane — not from Greta Garbo
but from adoring fans of an irreplacea-
ble comedy great.
On sale with Dexters, Hampstead, with
a guide price of £5m
+ 44 (0)20 7433 0273
8 June/9 June 2019 FTWeekend 7
8 ★
House Home Rural Living Special
Heritage | Dunshay Manor was
home to the sculptor Mary
Spencer Watson. A £1.5m
restoration has returned it to
its heyday. By Helen Barrett
M
ary Spencer Watson was
unusually strong, even
for a sculptor. “I knew her
very well,” says Mike
Bonfield, a local taxi
driver and mayor of Swanage, of his cel-
ebrated former neighbour. “I would see
her lugging stone in her 80s.”
Bonfield ferries visitors around the
Isle of Purbeck, a rural peninsula on the
English south coast where Spencer
Watson, the British postwar artist who
sculpted often in the local Purbeck free-
stone, lived for most of her life and until
her death in 2006.
She was a striking talent in a century
when the quality of work by women art-
ists was often unrecognised. The young
Mary trained at the Royal Academy and
in Paris under Ossip Zadkine, the Rus-
sian Expressionist master. Her work has
been compared to that of Sir Jacob
Epstein; Spencer Watson’s “Four Sym-
bols of the Evangelists”, carved from
Purbeck freestone, are now at Wells
Cathedral. But many people here simply
remember her prolificacy, even in old
age. Bonfield recalls her sculpting
blocks of stone on Swanage pier as a sort
of public performance, again, when she
was in her 80s.
Now, Dunshay Manor, her Grade II-
listed Dorset house that dates back to
the 13th century and where Spencer
Watson produced a stream of postwar
public commissions, has been meticu-
lously restored as a holiday let, at a cost
of £1.5m, by the Landmark Trust, a
charity that rescues historic houses.
Interest has been such that the house is
booked until December.
The trust has refurbished the house
and grounds in an Arts and Crafts style
to invoke an earlier restoration of nearly
FTWeekend
Dunshay Manor’s study, just off the sitting room — once used for theatrical performances — John MIller
Arts and Crafts masterpiece
The first-floor 100 years ago, commissioned by Spen-
landing cer Watson’s parents, George and Hilda,
John MIller
who bought the house in 1923. Dunshay
is the newest addition to the trust’s port-
folio of 200 historic houses and opened
for private lets last month.
But the restoration came at a cost: the
house was poorly configured and decay-
ing when the charity was bequeathed it
by Mary. The trustees even considered
abandoning the project. Work was
delayed due to funding difficulties and a
protracted battle over ownership of the
manor. The Landmark Trust finally
secured the house in 2009, three years
after Mary’s death, after an unsuccess-
ful legal challenge to her bequest
by another beneficiary of her will.
“Dunshay was particularly problem-
atic, and it was not a building we would
normally have done,” says John Evetts,
who oversees interiors of the trust’s his-
toric buildings. Aside from the legal
challenge, “the house was compromised
badly, and it was not possible to return it
to the way it was when the Spencer
Watsons lived there”.
Mary had lived at Dunshay sporadi-
cally over the second half of the 20th
century, and in later years converted
parts of it — often in a haphazard way —
into multiple flatlets (her tenants would
stay with her at cheap rates, in exchange
for help on the estate).
8 June/9 June 2019
Mary Spencer Watson in her studio
(1934) — Landmark Trust
“It was dilapidated,” says Caroline
Stanford, the trust’s historian. “Dry rot,
the roof was completely shot, and Mary
had built higgledy-piggledy partitions.”
In the oldest quarter, in what is now a
ground-floor bedroom, a ceiling had
been removed and makeshift corridors
and bathrooms installed. These had to
be dismantled, the ceiling restored and
a new roof added to the entire house.
Visitors who hire the manor today
will find little evidence of the struggle
to restore it, and its previous chaotic
state. Stanford says the trust commits
its charitable funds to a project only
if it meets certain criteria: “Is there
a compelling story? And is the
structure of architectural merit?” Dun-
shay had both (the level of risk in the
house is also considered).
But, unusually, the trust concluded
that attempting to restore Dunshay’s
internal medieval configurations would
have been impractical, opting instead,
says Evetts, to reflect the interior style
of the 1920s and 30s. Nevertheless,
Stanford says, restorers rescued the old-
est parts: “None of the old fabric was
taken out.”
For source material, the team had two
exterior drawings by the Dorset archi-
tect Philip Sturdy, who in the early
1920s had been hired by Mary’s parents
to update their manor house in the Arts
and Crafts style, a voguish aesthetic that
idealised rural life and craftsmanship.
The drawings showed the house as
Sturdy found it, and as he envisaged it
after restoration (an elaborate, Jaco-
bean-style parapet above the front door
was never realised, though a strange
headless statue, thought to be medieval,
has survived). Sturdy also left a detailed
list of his work.
8 June/9 June 2019
Dunshay Manor — John MIller
The ground-floor twin bedroom — John MIller
★ FTWeekend
Outside, from a jumble of low stone
outbuildings lies an uninterrupted view
of ruined Corfe Castle to the north.
Among the piggery and assorted stone
structures is what was once a dairy, later
Mary’s studio — though it first belonged
to George. Today’s visitors have access
to the light, high-ceilinged room which
houses an exhibition, including photo-
graphs of Mary and the house as it was in
the 1990s.
Inside, two comfortable drawing
rooms now peel away from a central
hallway — one with a wonky 16th-
century fireplace, another with an
evened Arts and Crafts-era copy. the
study was used as a stage for Hilda’s
The second drawing room — John MIller
theatrical performances for guests.
In one of the oldest sections of the
house, which today includes the
kitchen, the worn and dipped medieval
stone flags have been retained. (Here,
Benjamin Jesty, an earlier resident and
pioneer in inoculation, discovered a
cure for smallpox in 1774 when he
noticed how local milkmaids never
seemed to catch it, even after they
were exposed to the milder cowpox — 22
years before Edward Jenner devised the
same treatment.) Upstairs, the bed-
rooms have been furnished with ele-
gant, early 20th-century chairs, linen
presses, beds and tables, including mod-
els by Heal’s and Liberty, mostly in
bleached oak. Sir Ambrose Heal, of the
eponymous manufacturing and retail
business, was a friend of Hilda’s and vis-
ited Dunshay. The pieces chosen by
Evett are typical of the period.
In the 1920s, Mary’s family was
wealthy, well connected and highly cre-
ative. Hilda was an avant garde dancer
and theatre performer; George a leading
society portrait painter who trained
under Sir Frederic Leighton (a lofty rep-
lica of a portrait of Hilda by George,
bestriding the Purbeck landscape in bil-
lowing red robes, takes centre stage in
the large drawing room). Their guests at
Dunshay probably included Carl Jung,
the Swiss psychiatrist and philosopher,
and the war poet Rupert Brooke.
Visitors who hire the manor today
will find themselves without WiFi or tel-
evision. There is not even a radio. “It’s
part of the experience,” says Evetts. “A
lot of visitors come away from Land-
marks saying they have rediscovered
the joy of reading.”
A selection of Mary and Hilda’s books
line the shelves, rescued damp and mot-
Rural Living Special House Home
tled from an outbuilding and rebound
by a volunteer book binder. They sit
alongside works by Jung, Brooke and —
rather sweetly — an early edition of
Anna Sewell’s Black Beauty, with original
illustrations by the equestrian artist
Lucy Kemp Welsh, who had rented Dun-
shay before Mary’s family bought it.
“The Spencer Watsons were an eclectic
family and we tried to reflect that in the
choice of books,” says Stanford. “There
was little formal education but they had
a great breadth of intellect. Science, his-
tory, art, geology . . . ”
The quantity and quality of paintings
and drawings on display is striking.
After Mary’s death, her beneficiaries
sold at auction the large collection of
artwork, including her sculptures, that
had littered the house and grounds.
Evetts and his team were able to buy
back a quantity of George’s preparatory
Hilda and Mary as Jacob and Esau (1920s)
Helen Muspratt
9
Legacies to Landmark
Increasingly, owners of historic
houses are interested in leaving
them to the Landmark Trust, says
Caroline Stanford, the trust’s
historian. Many want the
organisation to guard their home’s
architectural and cultural history
and integrity and allow it to be
enjoyed by future generations. But
the trust often reserves the right to
sell a house if it needs to do so.
The trust, which renovates
notable buildings in the UK with
some in France, Italy and Belgium,
generates income by renting them
as holiday lets. It will accept
bequests without an endowment
for upkeep and restoration, but the
case must be compelling.
In the case of Dunshay, delays to
work caused further dilapidation
until funding could be found to
cover the restoration. Mary Spencer
Watson left no additional
endowment, and the trustees felt
unable to fundraise for the project
because it had recently completed
two other restorations nearby: the
Grade II-listed Belmont in Lyme
Regis, former home of the novelist
John Fowles; and Clavell Tower, a
19th-century structure overlooking
the Jurassic coast. Eventually, the
work was funded, mostly through
bequests in supporters’ wills.
HB
pencil drawings, a selection of which
now line the walls. Oil portraits contem-
poraneous with the height of his career
are hung about. Most were found in
antiques fairs by Evetts and selected for
their “feeling”. An anonymous still life
in a Cubist style, hung in the drawing
room, was found by Evetts in a Scottish
antique shop and chosen for its sympa-
thetic colours.
There is no work by Mary left at Dun-
shay. The old photographs on display in
the studio show her monumental stone
sculptures positioned prominently on
the lawns. Evetts says he would like to
return at least some of her work to the
gardens — in time. For now, at least, the
manor’s immediate future is safe.
Helen Barrett is editor of House & Home.
She was a guest of the Landmark Trust.
Dunshay Manor rental starts at £609 for
four nights, for nine people.
Landmarktrust.org.uk
10 FTWeekend 8 June/9 June 2019

UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
Property Gallery www.ft.com/house&home
Switzerland

France

France

Monaco USA

USA
8 June/9 June 2019 FTWeekend 11
UK Office: +44 20 7873 4907 | US Office: +1 212 641 6500 | ASIA Office: +852 2905 5579
Property Gallery www.ft.com/house&home
England

England

England Scotland Montenengro

Italy

USA Portugal
12
House Home
Feast for
the eyes
Materials | A V&A show explores a tempting,
sustainable future with everything from potato
plastic to leather water bottles. By Louis Wustemann
T
here are scattered refer-
ences to the history of food
at the Victoria and Albert
Museum’s exhibition Bigger
Than the Plate: a copy of Mrs
Beeton’s 1861 cookbook and aluminium
grain scoops from Margarete Schütte-
Lihotzky’s 1926 Frankfurt kitchen, the
progenitor of the fitted units and
built-in sinks we use today.
But most of the space in what curator
May Rosenthal Sloan describes as a
“journey through the full food cycle” is
given over to food present and future. It
is a collection of more than 70 experi-
ments and artworks that highlight
inconvenient truths about how humans
make, trade, consume and dispose of
what fuels us.
In the opening section, which consid-
ers food waste — before and after it has
been processed by our digestive systems
— radical designers crowd a room with
ideas for upcycling byproducts that are
usually jettisoned. There is a pale pink
earthenware toilet bowl made from cow
dung — Merdacotta — and vessels fash-
ioned from abattoir blood and milk pro-
tein, plus plastic board made from
potato peelings, and faux leather from
coconut waste. Terracotta composting
urns from India are an aesthetic
improvement on our plastic bins.
Rosenthal Sloan and her co-curator
Catherine Flood say with technological
change and growing public interest
in food provenance and animal welfare,
“now is a crucial moment to ask not just
what will we be eating tomorrow, but
what kind of food future do we want?”.
The theme that joins many of the
exhibits is that current forms of
★ FTWeekend
industrialised food production are
unsustainable, both for the planet and
for our health. The curators offer heart-
ening small-scale examples of possible
alternatives: oyster mushrooms grow
from suspended bags of coffee waste
from the museum’s tea room (grounds
for optimism, you might say), while
Laura Wilson’s art project-cum-cam-
paign, Trained on Veda, aims to reintro-
duce a once-common nutritious malt
bread, one art gallery café at a time.
Other displays are more sobering:
Nienke Hoogvliet’s attempt to fire fine
bone china using the bones of factory-
farmed poultry is a pitted, friable failure
beside its equivalent derived from
organically reared birds. In the exhibi-
tion’s final section, Eating, the environ-
mental impact of ancient water contain-
ers such as coconuts and leather
pouches are compared with a single-use
8 June/9 June 2019
(Clockwise from plastic mineral water bottle: “Five-
left) Sensory minute use, 700 years to disappear.”
Dessert Spoon There are scattergun attempts to
by Jinhyun Jeon: include political and social issues in this
oyster section, from a mug with the word
mushrooms “Brexit” cut through its side, rendering
installation; it unusable, to a beaker and plate
Tessa Silva designed to help dementia sufferers. A
Protein Bowl set of 19th-century tureens and jugs
Victoria and Albert Museum;
Peter Kelleher
overpainted with African faces by
Lubaina Himid is meant to highlight the
social status that owning both once con-
ferred on the slave owners of Lancaster.
The emphasis on experimentation
and reinterpretation persists to the
end. In front of the exit an elongated
dining table is laid with novel place
‘Now is a moment to ask not
just what will we be eating
tomorrow, but what kind of
food future do we want?’
settings. The unsteady serving dishes
of Share Food by Bilge Nur Saltik are
designed to tip, angling towards one
diner then another. Some pieces, such
as the Connoisseur Set tea bowls with
outward curving rims by Peter Ting
and Tim d’Offay, are engineered to
enhance the flavour of their contents.
Others, including Roxanne Brennan’s
faintly medical-looking Sensual Dining
Toys or Jinhyun Jeon’s Sensory Table-
ware (a set of knobbly ceramic spoons)
seem to have less to do with food than
an excuse to put funny-shaped objects
in your mouth.
Bigger Than the Plate is unlikely to
send visitors away excited by the pros-
pect of lunch. But it should highlight the
science and politics behind whatever
they order.
‘Food: Bigger Than the Plate’ is at the V&A
until October 20
8 June/9 June 2019 ★ FTWeekend 13

House Home

B Terra dog bed by Dusen Dusen, $184 B Kyali dog sofa by Made, £159
Covered in a bold geometric fabric in 100 per cent cotton, this bed has a canvas back With a walnut-veneered frame, this sofa has practical washable
for protection. dusendusen.com navy covers. made.com
B Howly Bed by Howlpot, £265
Complete with a waterproof cushion, the mouth is held open with a steel frame,
which can be removed for easy storage and transportation. lovemyhuman.co.uk
K Antique neoclassical cream and
green painted dog house, £7,500

Let sleeping
Dating back to the late 19th to early
20th century, this architectural design
has a satin upholstered interior.
1stdibs.com

dogs lie
B Striped Ticking dog bed by Covelli Tennant, £90
Upholstered in a medium-weight striped cotton ticking, this cushion is available in three colours.
Interiors | Treat your pooch to maximum comfort covellitennant.com

with this delightful pack of beds. By Roddy Clarke

K Posh Pooch pink pet

bed by The French
Bedroom Company,
£365
With a hand-carved,
white-washed wooden
frame, this bed is
upholstered in a blush-
pink velvet with
double-piped edging.
frenchbedroomcompany.
co.uk

B Nido Den dog house by Javier Mariscal for Magis, £982

With a monster-like moulded polyethylene shell, this can also work as a play den
for children. aram.co.uk

K Blue Louis XVI Style dog

bed by Joanna Wood, £438
Complete with a solid oak
frame, this dog bed has a
fitted Teflon dirt and
water-resistant cushion.
joannawood.co.uk

I Brush Stroke dog tipi by

Pup Tart Handmade, £54
Made from hand-dyed cotton
canvas, this tipi comes with
a handmade feather garland
for pets.
notonthehighstreet.com

B English Regency-style dog bed by Maitland Smith, $1,250

Featuring a cane-work frame with an oval mirror, this design from the 1980s is
based on the English Regency style of the early 1800s. chairish.com
14
House Home
Nursery
prime
Congratulations to the medal-winners, but the
real joy of Chelsea Flower Show is hunting down
those gems the judges overlooked for prizes
B
edding out in dry weather is
my idea of hell. More
damage is done to young
plants by putting them out in
dry ground than by waiting
until it eventually softens. Since the
Chelsea Flower Show, waiting has been
wiser in any dry part of Britain.
Meanwhile, I have been collating my
Chelsea notes and sorting ideas that
will be worth following up.
They derive from the show’s main
pavilion, its living heart. Its excellence
depends on the top plant nurseries
which exhibit in it to the highest
standards. Almost nothing seems too
difficult for them. In the centre of the
pavilion my sight of the year was a
display of white-flowered cherry trees
in perfect blossom all down their long
branches. How these shortlived
beauties would have been admired by
the king of cherry-blossom, “Cherry”
Collingwood Ingram, of whom I wrote
recently. They were not the big white
cherry, Tai-haku, which he
rediscovered and restored to its
homeland, Japan. They were mature
trees of Prunus yedoensis, another
wide-spreading cherry whose white
flowers are just as lovely in big gardens.
They were brought to Chelsea by
Hillier Nurseries, who explained to me
how they had failed last year at the last
minute. In 2018, the same trees were
carefully lifted and put in full flower on
the nursery lorry for Chelsea, but had
to sit for hours in a traffic jam on the
road from Hampshire to London. The
trees dropped their flowers in the heat
and had to return home.
This year, the traffic was no obstacle.
The trees are back safely in the
nursery, alive and well after a
gold-medal outing.
The tale is a reminder of the skills
that exhibitors have to perfect.
Early-flowering bulbs have to be kept
cool at refrigerated temperatures in
order to look their best in late May.
Master-exhibitors such as Amand or
Bloms have to fine-tune their tulips
and narcissi for weeks before the show
to stop them going over too soon. At
the opposite end of the calendar,
excellent dahlias are now being
shown at Chelsea by the National
Dahlia Collection. Special light and
heat bring them into flower three
months ahead of their usual season.
The fiery colours of this year’s exhibit
ranged from scarlet to orange and were
a tour de force.
The best of the alpines and small
hardy plants were superb too. Medal-
ranking at Chelsea baffles me, and I
cannot imagine why D’Arcy & Everest’s
nursery was denied a gold, despite
showing beautifully grown calceolarias,
including its own orange-flowered
Darcys Dream, and upright Dianthus
pinifolius with clustered heads of
glowing red flowers. Its exhibits
exemplify the scope for growing these
plants in pots, pans or any sort of
container (darcyeverest.co.uk). The
idea is a good one for gardeners with
only a balcony to work on. So-called
rock plants seldom insist on being
grown among rocks.
On the other side of the pavilion, the
RHS judges redeemed themselves by
★ † FTWeekend
Iris ‘Navy Strutt’, iris ‘Mer du Sud’, Eremurus himalaicus — GAP Photos
giving gold, as usual, to a stunning
display from Kevock Garden Plants
(kevockgarden.co.uk), based in
Scotland. Its blue, white and scarlet
meconopsis poppies, its single
white- flowered peonies, the
cypripedium orchids and violet-purple
wahlenbergias made me wonder
wistfully who would keep this level of
gardening going in future decades. In
fact, Kevock itself is a relative
newcomer. It was begun by David
Rankin only on retiring from a long
career as a university professor of
chemistry. Two years ago, he and his
wife, Stella, sold out to a younger team,
headed by Elea Strang and Graham
Gunn, holder of one of the prized Roy
Lancaster scholarships for travelling
plant-lovers. The Rankins have stayed
on successfully, refuting conventional
business “best practice”. They now
offer advice and consultancy to
gardeners who have inherited a rock
garden or are wanting to introduce one.
Robin Lane Fox They are the ideal experts to ask if you
have a rambling rockery which needs
to be given new life.
On gardens On the Cayeux iris stand I asked the
expert French proprietor which of his
dazzling irises he would most
recommend to gardeners in an English
climate. We agreed on the superb Mer
du Sud, a free-flowering navy blue
which has been the star of my garden
for the past three weeks. He added two
from his class of 2011: Ciel et Mer,
which combines very pale blue and
dark blue with a bold yellow beard, and
Magnétisme, which blends sky blue
Gold-medal alpines from Kevock
Garden Plants — David Rankin
8 June/9 June 2019
and gleaming dark violet. These
varieties have big flowers and bear
many of them on each of their stems.
They are well worth their higher price.
Within two years, they can be divided
into many more plants. They are
essential improvements for any border.
On the expert trail I then asked the
clematis breeder par excellence,
Raymond Evison, which of his many
new varieties he would most
recommend for life in a pot. Spoilt for
choice from his own recent handiwork,
he opted for the pale violet-blue
Parisienne, excellent on a cane in a pot
on a balcony, and for deep velvety red
Nubia of similar habit. I see these types
of clematis far too seldom in gardens
which ought to be welcoming them.
They have transformed the
possibilities for gardeners who have
only a balcony or a small yard. Both
flower freely over many months and
are outstandingly good varieties. They
grow only 4ft high and are exactly what
confined gardens need.
I love displays of free-flowering
fuchsias. This year, the fine fuchsia
nursery, Roualeyn in north Wales,
showed masses of its fuchsias in full
flower, packed as if on a fairground
roundabout. I have ordered two for this
year’s window-boxes: red and purple
Angela and pale cream and violet Nora
(roualeynfuchsias.co.uk is still
supplying orders for this summer).
They start to flower early and are not
too big for a window-box, whereas
lovely Purple Fountain, bicoloured
Twist and Shout and free-flowering
Lillian Annett are better in a bigger
pot. Fuchsias revel in plenty of water.
The weather omens have not been in
their favour recently, but if they shift in
June, fuchsias will be unstoppable.
Again, they are great plants for a
balcony, windowsill or yard where they
can be watered freely.
What about the so-called RHS Plants
of the Year? I prefer my own choices.
The winner at Chelsea was a yellow-
flowered little sedum, whose green
serrated leaves are edged with cream
before turning pink in autumn. It looks
pretty awful to me. Fanciful, but not
classy. As for a bilious rose-red pink
called Cherry Burst, it is not a patch on
my all-time winner, Dianthus
Memories, not a new variety but one
which carries white flowers for up to 10
months of the year. I will leave these
winners to their admiring judges. The
fun of Chelsea is the hunt for better
gems elsewhere.
Saturday 8 June / Sunday 9 June 2019
C o l l e c to rs | A rt i sts | A rt Bas e l | M a r k et N ews | Ev e n ts
A climate
of change
Sustainability | How do art fairs
contribute to the climate crisis?
Melanie Gerlis reports on the people
who are trying to make art greener
Brilliant late run Howardena Pindell at 76 — PAGE 2
Follow us on Twitter @FTLifeArts
A
s the realities of a global
climate emergency begin to
sink in, the well-heeled vis-
itors to this year’s Art Basel
fair can expect to see work
that reflects the concerns of the world
outside — at least to a certain extent.
“Studies show that the wealthier you
are, the bigger your carbon footprint, so
it’s great that we are now seeing this
addressed somewhere like Art Basel,”
says London dealer Kate MacGarry.
She is participating in a panel on how
artists are addressing the issues — titled
Camille Henrot’s Let’s Talk About the Weather, on June 13
‘OCPD’ (2018) — while her booth at the fair will have
Camille Henrot/Galerie Kamel
new collages by Goshka Macuga that
Mennour/ König Galerie/
Metro Pictures incorporate found images that the artist
says are “representative of the ecologi-
cal crisis” (see page 5). At £15,000 each,
they include images of industrial waste,
drought and flooding.
Elsewhere on the floors of the fair,
Germany’s Neugerriemsch-
neider gallery has a booth
based around the con-
cept of “the wave”, a
nod to Ai Weiwei’s
porcelain “Wave” (2005), from a series
he began after the devastating Indian
Ocean earthquake and tsunami of 2004.
Also on their stand will be Olafur Elias-
son’s “The glacier mill series” (2007), a
work comprised of 36 photographs of
tunnels through Iceland’s Vatnajökull
glacier that are created by environmen-
tal debris and meltwater.
“Great artists are always at least 10
years ahead of our thinking,” says Tim
Neuger, co-founder of Neugerriemsch-
neider, citing Eliasson’s longtime explo-
ration of climate-based issues. The artist
was responsible for “Ice Watch”, which
left 30 blocks of glacial ice to melt in
public spaces across London last Decem-
ber, and which will be recalled in a two-
metre-high bronze sculpture at his
forthcoming Tate Modern exhibition.
Also in Basel’s main fair are two works
at Galerie St Etienne by Sue Coe that
respond to 21st-century disasters.
“Pleas Help Us” (2006, $25,000) cen-
tres around the misspelled appeal on
the roof of a home in the aftermath of
Continued on page 2
2 ★ FTWeekend 8 June/9 June 2019

Collecting
first women’s co-operative gallery, she
was among those to protest when the
Artists Space, a Manhattan non-profit,
mounted a show entitled The N***er
Drawings by Donald Newman in 1979.
The year marked a turning point. Pin-
dell left MoMA after the Artists Space
furore saw her further alienated from
white colleagues who, she says, viewed
any criticism of “white male art-
ists . . . as censorship”.
Over the next decades, her work
would weave strands of past and present
injustice, from slavery to 20th-century
warfare, from Sati (widow burning) to
child abuse, by way of Africa, Japan and
India (she is an inveterate traveller) into
works that oscillated between painting,
film, photography and collage.
Although her abstract paintings are the

‘I was struggling to survive

at MoMA. There were
meetings I couldn’t get into
because I was black’

Painterly crucible of her oeuvre, she is also known

for “Free, White and 21” (1980), a 12-
minute video in which she dons white-
face to play a feminist denying the real-

language
ity of her black female interlocutor’s
experiences of oppression.
At Victoria Miro, the last chapter of
the exhibition is devoted to small paint-
ings from 2007-10. They are assembled
by tethering hundreds of tiny, painted

of protest
Howardena Pindell | The
African American painter
talks to Rachel Spence about
abstraction, late success and
fighting institutional racism
manila folders that she had cut into
strips, then glued together and covered
with heavy watercolour paper. Using a
plastic fringe “so the paint wouldn’t go
over the edge”, she sprayed on her
acrylic colours using an atomiser.
“I just enjoyed making them,” Pindell
tells me, as we chat in back office of the
gallery. Her love for colour evident in
her glorious outfit — matching aquama-
rine corduroy jacket and sweater, with
necklace and earrings in similar marine
tones. The African American painter,
her bright eyes and switched-on man-
ner belying her need for a walking
frame, is clearly enjoying more than just
scraps of paper on to their surfaces in
jubilant eruptions of sea-blue, apple,
sunflower and scarlet.
By the time she made
them, Pindell had nothing
to prove. Her work had
been shown in major
institutions, includ-
told them that their daughter ing at MoMA PS1
was “very gifted” at art, they (1980), the New
arranged for her to have Museum (1990)
classes at the weekend, took and LA’s Museum
her to museums and of Contemporary
arranged meetings with Art (2007). Yet Pindell
artists, both black and assures me that these
white, living in the area. exultant outbursts were
After a degree in made during “grim times”
painting at Boston uni- when she was “so broke” she was
versity, she enrolled “rationing her food”.
on the MFA at Yale Her saviour turned out to be the
where, aside from young Manhattan gallerist Garth
a fellow student Greenan. “He bought all the paintings!”
Nancy Murata, who she recalls, chuckling at the moment in
had Asian origins, she was 2012 when Greenan paid her a visit.

N
either the gracious Mayfair
situation of the Victoria
Miro gallery nor the nature
of the art within breathes so
much as a whisper of the
despair — and self-belief — which form
the bedrock of the show by Howardena
Pindell, which opened this week.
At its core are large-scale abstract
spray paintings from the early 1970s. At
a distance, they sway and shimmer like
radiant, liquid skins. Pools of raspberry
glimmer through a lake of teal; violet
patches mottle a scarlet prairie. Draw
closer, however, and they resolve into
tiny pointilliste dots. No brush could cre-
ate anything so geometrically spherical.
In truth, the gadget essential to the
paintings’ creation was a humble hole
punch. With it, Pindell punctured
her practice these days.
That sense of wellbeing has been a
long time coming. Now 76, Pindell was
born in Philadelphia in 1943. The
daughter of two teachers, she grew up in
a world where segregation was
“implied” rather than enshrined in law.
At eight, she and her father travelled
through northern Kentucky. “My father
liked root beer so we stopped to buy
some,” she recalls. “The mugs had red
circles on them and when I asked my
father ‘What is that?’ he explained that
it was because they were meant for peo-
ple of colour.” The experience marked
Pindell profoundly and became, she
thinks, the emotional origin of the cir-
cles that have always haunted her art.
Her parents were enormously sup-
portive. When a third-grade teacher
the only person of colour in
the institution.
On graduation, she moved
to New York, where she discov-
ered the city was far less ethni-
cally integrated than Philadelphia.
Arts institutions were shamefully sexist
and racist. Although she was offered a
job at the School of Visual Arts, it
turned out to be a mistake. “Because my
name is Howardena, they thought it was
a typo and that I was a guy. When I
turned up, the guy there said: ‘Oh, no.
We’re not interested.’”
Against all odds, Pindell acquired a
job in the department of prints and illus-
trated books at the Museum of Modern
Art (MoMA) in 1967. The first black
woman on the curatorial staff, she
stayed at MoMA for the next 12 years.
Pindell came under attack from all
sides. She was accused by other black
artists of failing to assist their acquisi-
tion. But, she says, “I was struggling to
survive myself. There were meetings I
Clockwise from top couldn’t get into because I was black.”
left: ‘Untitled #59’ She was also a primarily abstract art-
(2010); Howardena ist at a time when many artists of colour
Pindell in front of were working figuratively to address
‘Untitled’ (1972), political themes. One museum director
photographed for in Harlem told her “to go downtown and
the FT by Amara show with the white boys.”
Eno; ‘Untitled #88 Pindell had strong political convic-
(Dragon)’ (2007) tions. As well as being a founder mem-
Garth Greenan Gallery; Victoria Miro
ber of Artists In Residence, New York’s
Since then, Pindell has ridden a tri-
umphant wave with a calm grace. She
was the subject of a retrospective at the
Museum of Contemporary Art in Chi-
cago last year. Next week, Victoria Miro
will show her work “Songlines: Event
Horizon” (2019) at Art Basel. And she is
also a key part of Soul of a Nation: Art in
the Age of Black Power 1963-1983, the
major touring show that has already
graced Tate Modern, Crystal Bridges
Museum and the Brooklyn Museum.
Does she have any qualms about such
identity-based gatherings? “No,” she
replies. “I want as many people as possi-
ble to know that I am black and that, no
matter what, you don’t give up!”
To July 27, victoria-miro.com
June 13-16, artbasel.com/basel

A climate of change London streets at the time.

Continued from page 1
Hurricane Katrina, while “Murder in
the Gulf” (2010, $12,000) takes on the
Deepwater Horizon oil spill. Human
intervention comes to the fore at Lelong
where Leonardo Drew’s “Number 216”
(2019) is made with pieces of cut lum-
ber that show the process of both natu-
ral decay and human detritus. “I think
of it as making chaos legible,” Drew says.
“California Flora (National Forest
Condensation Wall, North to South)”
(2017), an imposing nine-part work by
the US artist Sam Falls that represents
the state’s wide variety of flora and
fauna, will feature in the Unlimited sec-
tion (see page 4) of the fair for large-
scale works, presented by 303 Gallery,
Galleria Franco Noero and Galerie Eva
Presenhuber. The work, Falls says, pays
“silent testament to nature and the hope
for its preservation in a changing politi-
cal and global climate”.
Eco-conscious art is not for everyone.
“Artists can be wary of the subject as it’s
hard to get right,” MacGarry says. And
despite an influx of works that touch on
environmental issues, some feel that
they are not as forceful as they could be.
“The language of protest and revolu-
tion is not obviously commercial, so lots
of artists and galleries play it safe,” says
the curator Gabriella Sonabend, who in
April organised Sisyphus in Retrograde, a
pop-up exhibition at Regent’s Place in
London of five artists: Sol Bailey-Barker,
Evy Jokhova, Adeline De Monseignat,
Nissa Nishikawa and Harrison Pearce.
They all “really deserve to rise up above
the echo chamber nonsense,” she says.
“They are ahead of the trend.”
A panel discussion that accompanied
Sonabend’s show included a representa-
tive from Extinction Rebellion, the
activist environmental group whose
protests had shut down some central
Above: Sue Coe’s ‘Murder in the Gulf’
(2010). Below: Olafur Eliasson’s
‘The glacier mill series’ (2007)
Galerie St. Etienne; Neugerriemschneider
Others feel that there is no need to lay
it on too thick when it comes to uncom-
fortable realities. At the Lithuanian
pavilion in Venice, which won this year’s
prestigious Golden Lion prize, the artists
Lina Lapelytė, Vaiva Grainytė and
Rugilė Barzdžiukaitė have created “Sun
& Sea (Marina)”, an operatic perform-
ance delivered by sunbathers that
includes their fears of overconsumption
and an impending environmental catas-
trophe. Organiser of the pavilion is Lucia
Pietroiusti, whose day job is curator of
general ecology at London’s Serpentine
Galleries, a role that she says reflects
how the museum tries to “embed ecol-
ogy as a theme and methodology
through everything we do”. She says that
“Sun & Sea (Marina)” touched a nerve
partly because it centred on everyday
concerns. “Artists can create an instruc-
tive connection without being didactic
and alarmist,” Pietroiusti says.
Either way, there is also the trouble-
some truth that raising awareness from
within is all well and good, but the trap-
pings of the art world, including the
countless planes that will fly in and out
of Basel next week, are hardly in the
interests of a fragile planet. Fair organis-
ers are aware of the issue — another Art
Basel talk, on June 12, is on The Carbon
Footprint of Contemporary Art — and
say they are doing their bit. Art Basel’s
food and drink outlets do not use plastic,
while the temporary structures of the
event, including booth walls and sig-
nage, are “reused regularly”, says Marc
Spiegler, global director of Art Basel.
Upcycling applies to the art, too — the
dome structure on the Messeplatz, cre-
ated by Andrei Dinu specifically to
house Alexandra Pirici’s performance
work, has already found its next use fol-
lowing the fair, organisers say.
‘Artists can create an
instructive connection
without being didactic
and alarmist’
Suppliers are also working to change
the art world’s well-worn, wasteful
ways. Andrew Stramentov co-founded
Rokbox in 2015 and has overseen the
invention of sophisticated, reusable
packaging for art in transit. Take-up has
come from museums, galleries and,
importantly, fine art shippers, who pro-
vide single-use crates for works of art
and generally dispose of much of it
afterwards. “The art world might be
resistant to change but there is a grow-
ing consensus that people want and
need to do so. The system has been
grossly inefficient and everyone knows
it,” Stramentov says.
Spiegler feels that every changed
behaviour counts in the current con-
text. “Art fairs can play a role in putting
forward the visceral and emotional side
of the issues, but they are not inherently
environmentally friendly.” But, he adds,
“that doesn’t mean we shouldn’t do
what we can to mitigate such issues sur-
rounding our events.”
June 13-16, artbasel.com
8 June/9 June 2019
Material world
recycled
Design Miami | The fair’s new curatorial director,
Aric Chen, talks to Caroline Roux about the
eco-conscious exhibition he is bringing to Basel
D
esign Miami might not
sound like the most obvious
place to stage an exhibition
confronting the havoc
humans wreak on planet
Earth. The fair, which originated in
Miami in 2005, is now in its 14th edition
in Basel and runs parallel to Art Basel,
presenting sought-after contemporary
Right: Aric and 20th-century design works to a
Chen; below: privileged clientele who travel by pri-
Andrea Branzi’s vate jet, have multiple houses and hefty
‘Tree 8’ (2010) consumption habits.
at Friedman “No comment,” laughs Aric Chen,
Benda when I raise the point. “But seriously,
Mark Cocksedge why not raise these ideas in Basel, where
we can talk directly to a group of people
who have a lot of power and influence?”
Chen, 43, is the new curatorial direc-
tor of Design Miami, a post introduced
this year to give the fair a more clearly
defined cultural direction. It is among
his duties to oversee its Design at Large
exhibition, which for the last few years
has occupied the cavernous ground
floor space that visitors have to cross to
take the escalator to the main action —
the gallery booths — on the first floor.
While previous incarnations of
Design at Large have favoured scale and
spectacle, under Chen’s jurisdiction
things will take a more thoughtful turn.
His exhibition Elements: Earth (fire,
water and air are to come) will present
nine installations by international
designers that investigate the future of
materials, resources and making.
“The way human activity is changing
the planet is part of the discussion hap-
pening in design all the time now,” he
★ FTWeekend
says. “We wanted to look at ways to
reimagine how we use the planet’s
resources and what those resources are
now — resources changed or created by
human activity. I wanted to shift the
emphasis from things that are big to
things that talk about bigger ideas.”
Ambitious as this might sound, it’s
relatively small stuff for Chen. Until last
August, he was the lead curator for
architecture and design at M+, Hong
Kong’s new art museum, set to open in
2020. As part of M+’s first minimal in-
take in 2012 — “there was a director, me
and a couple of others” — he was hired to
build a global collection of postwar
design from an Asian viewpoint and a
standing start.
“You just have to plough ahead,” he
says of the enormous task. “A collection
has no end, only a beginning, so it was
my job to make it happen, to establish a
network of people and things. Also to
unlearn plenty of things that are taken
for granted in the west and to take on
board a multiplicity of Asian positions.”
Among his favourite acquisitions is
the interior of a sushi bar, designed by
the Japanese Shiro Kuramata in 1988,
transported in its entirety from Tokyo
to Hong Kong. Then there is the archive
of loopy/visionary 1960s British archi-
tecture group Archigram, famous for
“Walking City”, a vast metropolis on
mechanical legs.
“The archive was flagged as a British
National Treasure,” says Chen. “and
there are a lot of legal issues — including
two deceased members with interested
heirs. It took five years of negotiation to
get it to Hong Kong.” When asked why
he was so keen to have the archive at
M+, he describes Hong Kong as “a visual
collage, an incredible network of infra-
structures and pop-up sites for fleeting
amusements” — or an Archigram city in
the flesh. “It resonates with contempo-
rary Chinese architects.”
Chen grew up in Chicago with his Tai-
wanese mother, and studied architec-
ture and anthropology at Berkeley, and
design history at Cooper Hewitt in New
York. By 2008 he was co-creative direc-
tor of a new — shortlived — design fair in
Shanghai, having moved to Beijing on
what he now describes as “a whim. And
to connect more with my own cultural
heritage.” After running two successful
editions of Beijing Design Week in 2011
and 2012 — taking over one of the few
remaining traditional hutong areas of
the city and saturating its alleys and
courtyards with contemporary design —
he found his way to M+.
He now lives in Shanghai, and main-
tains a role at M+ as a curator at large.
3
Collecting
His contribution to its opening next year
will be an exhibition of work by IM Pei,
the Chinese architect famed for the Lou-
vre Pyramid, who died in May at 102.
“Believe it or not, this will be the first
large-scale museum exhibition of his
work,” says Chen.
He is frank about the conditions of
working under the watchful eye of a
Chinese government: “We’ve always
had a free curatorial reign at M+,” he
says. “But, as is being widely reported in
the media, things in Hong Kong are
tightening up, and perhaps will con-
tinue to do so.”
Meanwhile Chen elaborates on his
presentation of ideas through objects in
Basel. They include an exploration of
“above-ground” mining carried out by
the Italian duo Formafantasma (repre-
sented by gallery Giustini Stagetti), who
have developed their “Ore Streams”
project over three years, looking at ways
to recycle electronic waste. The pair
convert it into office furniture, creating
‘Why not raise these ideas
in Basel, where we can talk
to people who have a lot of
power and influence?’
drawers from old aluminium computer
cases and plate details with the copious
amounts of gold that gets thrown out
with each discarded circuit board.
Another is from Shahar Livne (repre-
sented by Galerie VIVID), an Israeli
designer based in the Netherlands, who
creates objects out of materials made
from discarded plastics combined with
minerals under heat and pressure.
From the New York gallery Friedman
Benda, Chen has borrowed exploratory
work by the Italian octogenarian And-
rea Branzi, models with more intellec-
tual than collectible value that investi-
gate relationships between human
behaviour and the built environment.
“There’s no harm in asking people to
stop and think, rather than stop and
buy,” says gallerist Marc Benda, who will
be showing a selection of some of
Branzi’s most covetable design works.
“These models are not about commer-
cial value. People do come to Basel to
educate themselves, too. It’s not all
about spending money.” That will be
music to Chen’s ears.
designmiami.com
4 ★ FTWeekend 8 June/9 June 2019

Collecting
media, but it’s not something he dwells
Gianni Jetzer | The Swiss curator on. “Sure, Instagram has influenced all
of us in some way, but it’s not how the
show functions,” he says. He does how-
speaks to Melanie Gerlis about his ever concede that there will be other
snap-happy pieces on view, including
Monica Bonvicini’s “Breathing” (2017),
democratic master plan before his a large broom made up of leather belts
with metal buckles that will hang from
the vast Messeplatz ceiling and noisily
final Unlimited exhibition in Basel sweep its floor (through Galleria Raf-
faella Cortese, Galerie Peter Kilchmann
and Mitchell-Innes & Nash).

R
einvention is difficult in the One trend Jetzer says he has wit-
event-heavy art market, but nessed over the years is the shift from
Art Basel arguably broke the galleries presenting contemporary
mould when, in 2000, it works towards a greater showing of his-
launched Unlimited, a sepa- torical pieces. Among those he high-
rate showing of supersized works that lights this year is a Felix Gonzalez-
runs alongside its main fair. The man Torres group of 55 photographic puz-
behind the monuments for his eighth zles, made between 1987 and 1992, and
and final year is the measured, seem- shown together for the first time at this
ingly forever young Gianni Jetzer, 49, year’s fair (through David Zwirner).
who is also curator-at-large at Washing- “It’s great that Unlimited can bring such
ton DC’s Hirshhorn Museum and a one-of-a-kind opus,” Jetzer says.
Sculpture Garden. Contemporary works still dominate,
“It’s sad, on the one hand, that this is though, and Jetzer highlights the young-
my last Unlimited, but it’s also a natural est artist in his show, Bunny Rogers
process for the fair to change its affili- (born 1990), who brings a new series of
ated curators, and eight years is quite a
long time,” Jetzer says over Skype from ‘The barriers to entry are
his home in New York, looking a little
relieved. His role at the Hirshhorn will lower at art fairs. People
keep him busy for a while, he says, so whisper in museums, but
any other plans are yet unformed (or at
least he is keeping them to himself) and never in a fair’
his replacement has yet to be named.
Having previously presided over
Switzerland’s Kunst Halle Sankt Gallen
and the Swiss Institute in New York,
Jetzer, who was born and bred in Zurich,
acknowledges that he is attracted to the
European kunsthalle model for contem-
porary art, in which institutions are not
committed to a permanent collection.
Clockwise from Impermanence is part of Unlimited’s
main: Paul appeal, Jetzer says. “I think of the for-
McCarthy’s mat like a high-frequency arts festival,”
‘C.S.S.C. Coach he says, citing approximately 80,000
Stage Stage visitors across its six-day run. Unlike in
Coach VR a kunsthalle or festival, though, the
experiment works in Unlimited — which number 75
Mary and Eve’ at this year’s outing, and have been as
(2017); Robert many as 88 in the past — are generally
Longo’s ‘Death for sale, with prices often commensu-

Supersized ambitions
Star II’ (2017- rate to their size.
18); Franz Mapping the growth of high-spec pri-
West’s ‘Rest’ vate museums around the world, previ-
(1994); Gianni ous notable purchases from Unlimited
Jetzer; Bunny have included Robert Longo’s “Death
Rogers’s ‘Self- Star II” (2017-18), a work made of bul-
portrait as Clone lets and priced at $1.5m, that went to
of Jeanne d’Arc’ Germany’s Schauwerk Foundation
(2019) — Paul museum last year (through the galleries founder of what is now the Garage
McCarthy/ Hauser & Wirth;
Robert Longo/Thaddaeus
Thaddaeus Ropac and Metro Pictures), Museum of Contemporary Art in Mos-
Ropac; Franz West/ Sue and a 2004 Jason Rhoades neon installa- cow, for about $1m in 2011.
Tallon; Société tion that went to Dasha Zhukova, “I’m not informed by sales, but they
are a reality of production that I can take
advantage of,” Jetzer says, adding: “If
galleries don’t generate income, they
won’t come back.” He also feels that the
“mercantile pattern” that under-
pins Unlimited, and fairs in gen-
eral, makes art more accessible.
“The barriers to entry are lower.
People whisper in museums, but
never in a fair.”
Curating a section of the fair in
which size is important has not been
without its challenges. “The
most difficult aspect is to
have the nerves to go
through the produc-
tion and setting of
these works,” Jetzer
says. “Every gallery
wants their artist
to get the best
showing, front and
centre, which is
understandable,
given what they’ve
spent. We work
hard to have a dem-
15 computer-generated self-portraits
that explore the ambivalent reactions to
the 1999 Columbine High School massa-
cre incorporating the artist’s discovery
of a teenage subculture that obsesses
about the shooters (Société gallery).
“Gianni’s democratic approach of
ocratic master plan, which gets updated including both newcomers and over-
and corrected about 40 times,” he adds. looked luminaries creates a very inter-
Jetzer cites Hanne Darboven’s signifi- esting dialogue,” says Iwan Wirth, presi-
cant and gigantic “Kinder dieser Welt” dent of Hauser & Wirth. His gallery
(“Children of the World”, 1990-96), a brings six works to Unlimited this year,
500 square-metre installation compris- spanning Fausto Melotti’s copper “La
ing books, toys and more than 2,000 Sibilla (“The Sibyl”) from 1981 to Zoe
musical scores that came to Unlim- Leonard’s 1,033-book installation “How
ited in 2014, as one of his most to Take Good Pictures”, made for her
challenging installations to 2018 Whitney Museum of American Art
date. retrospective (with Galerie Gisela Capi-
This year’s edition brings a tain and Galleria Raffaella Cortese).
new test, he says, in the form Overall, Wirth says, “Gianni has been
of a performative work by the able to give Unlimited a coherent form
Kosovo-born Sislej Xhafa.In and has really pushed it into the form of
“ovoid solitude” (2019), a per- a critical exhibition.”
former will sit silently at a corru- Jetzer is a curator who is happy to get
gated storefront all week, stuck in. Back in 2015, he even became
ostensibly selling the rows of part of an Unlimited work when he
eggs stacked high behind replaced Julius von Bismarck for a cou-
him (the work is for sale ple of hours and sat in the German art-
with Galleria Continua). ist’s nausea-inducing, revolving cement
The performance piece bowl, “Egocentric System”. “The work is
will be one of many sure- one of my highlights from my time at
fire Instagram hits. Unlimited, but the experience was
Jetzer is not immune super stressful. The only way to escape
to the fact that the it was to nap and when I woke up, it felt
rise in Unlimited’s violent,” Jetzer says. No wonder he’s a
popularity has coin- little relieved to pass on the baton.
cided with the
growth of social June 13-16, artbasel.com

History lessons from the women of the Bauhaus

Goshka Macuga | The

P
olish-born, London-based
artist Goshka Macuga is
multimedia artist explores interested in the history of
the legacy of the Bauhaus in ideas — from modernism and
futurism to communism and
an exhibition at Hanover’s fascism. She takes concepts that could
Kestner Gesellschaft that be dry or abstract and makes them rele-
vant. Sometimes frighteningly so. Rang-
uncovers forgotten female ing from collages to plays and to human-
figures. By Hili Perlson oid robots, Macuga works across differ-
ent media, often challenging the notion
of authorship by collaborating with
other artists or by acting as collector/
curator and displaying others’ work.
It is apt then that Macuga should
tackle the legacy of the Bauhaus in its
centenary year, as she does in her solo
exhibition at the Kestner Gesellschaft in
Hanover. Just as the movement encom-
passed everything from handicraft to
architecture, typography to stage
designs, Macuga’s show, stairway to
nowhere, presents a dizzying array of
artistic approaches.
The first work visitors encounter is
the sculptural installation “Kabinett der
Abstrakten (after El Lissitzky)” (2003),
a cube-shaped cabinet with pullout ele-
ments on which artworks by other art-
ists are displayed, from Nino Barbieri’s
1968 “Breakfast Piece” to Jonathan
Monk’s “My glasses” (1994). The piece
pays homage to Russian Constructivist
El Lissitzky’s “Kabinett”, which was
commissioned in 1926 for the neigh-
bouring Sprengel Museum in Hannover
and conceived as an interactive room
for art that viewers could rearrange at
will. It was a milestone in the European
avant-garde, a Gesamtkunstwerk with
numerous authors, including the view-
ers themselves. Deemed “degenerate”, it
was destroyed by the Nazis in 1937; a
reconstruction in the Sprengel Museum
no longer allows for viewer curation.
Macuga seems to say that, despite
technological advances, history is never
simply a matter of “onwards and
upwards” — it moves in waves. Works in
the adjacent gallery drive home this
point. “Noticeboard” consists of dozens
of Polish newspaper clippings of articles
about visitors attacking works in Polish
museums post-1989, when political and
belief systems were undergoing seismic
shifts. When she first showed “Notice-
board” in 2011, Macuga thought it
marked the end of the sort of censorship
that had prevailed in Poland. “We now
know that it’s going in the complete
opposite direction,” she says, mention-
ing the recent removal of three feminist
works from the National Museum in
Warsaw that have allegedly offended
young viewers.
“Untitled” (2019) explores the idea
that censorship often highlights an art-
work’s subversive power. Here, Macuga
spins a web of references out of an exist-
ing tapestry by cutting it up and inter-
weaving it with an acrylic-painted can-
vas. The original tapestry depicted a
Left: Goshka Macuga;
below: Macuga’s ‘Kabinett
der Abstrakten (after El
Lissitzky)’ (2003) at ICA
Boston — Kasia Bobula; Raimund
Zakowski
blown-up photograph from the opening
of her 2009 exhibition at London’s
Whitechapel Gallery — the same institu-
tion where Picasso’s antiwar master-
piece “Guernica” was displayed in 1939.
With a nod to that history, Macuga
loaned the tapestry version of “Guer-
nica” that has hung in the UN Head-
quarters in New York since 1985. By
deconstructing an earlier work to create
a new, interrupted image, Macuga ques-
tions our ability to internalise history.
On the museum’s upper level, Macuga
honours largely forgotten women think-
ers, including those of the Bauhaus, with
large-scale installations and collages.
Colour-field pieces woven into cut-up
graph paper as on a jacquard loom,
these collages reflect her interest in the
history of knowledge, post-human
futures and the ecological crisis. (Works
from this series will be at Art Basel, with
the Munich-based Galerie Rüddiger
Schöttle and London’s Kate MacGarry.)
Three glass installations, “Haus der
Frau 1”, “Haus der Frau 2” and “Deut-
sches Volk — deutsche Arbeit” (all
2008), recreate, from original sketches,
fragments of exhibition designs by Lilly
Reich, who is assumed to be responsible
for much of the furniture that her hus-
band, Ludwig Mies van der Rohe, is
credited for.
Macuga’s tapestry “1919/1933”
(2019) addresses the sometimes con-
flicting values attributed to the Bauhaus
during the school’s brief existence, cut
short by the rise of Nazism. But it also
reflects its founders’ attempts to spin a
narrative about the school after the sec-
ond world war. It depicts a colour-coded
graph that lists values — “utopian”, “anti
bourgeois”, “elitist”, “fascist” — on one
axis, and the school’s years in Weimar,
Dessau and Berlin on the other, as if to
show which ideologies were influential
when. “The gaps of the truth are proba-
bly pretty huge”, says Macuga about the
graph. And that’s exactly the point.
To August 4, kestnergesellschaft.de
8 June/9 June 2019 ★ FTWeekend 5

Collecting

T
he French collector Sébast-
ien Peyret is quite a rarity.
In a country which is cen-
tred, in so many ways,
on Paris, he is putting a pro-
vincial art club on the map: Lumière in
the Mediterranean port town of Mar-
seille. But we meet in Paris, just beside
the Centre Pompidou, where he is on
one of his regular buying sprees in
the capital.
Peyret, who is in his early 40s, is a
pharmacist by training, and owns a
pharmacy in his native town. “I come
from a medical family,” he explains in
French. “My father is a doctor, my sister
a dentist, but I have always been a col-
lector as well.”
As an example, he explains how his
first passion was music, and he has
accumulated thousands of vinyl discs —
now lodged with his decidedly accom-
modating parents. “I collected all sorts
of music as long as it was counterculture
— punk, rock, blues — everything but
the mainstream,” he says.
But after the purchase of a house
about 10 years ago, he decided he
needed art on the walls — which set him
off on his new passion. “I am a digger,”
he says, using the English word.
“My pharmacy training taught me to be
rigorous. So I started researching art
and artists.”
His first purchase was a small work by
the French artist Marc Desgrand-
champs “It’s funny, I really only like the
counterculture but I bought the most
bourgeois thing possible,” he says. “And
I was so new to the field that I walked
into the gallery, saw the painting and
bought it in a few minutes. I didn’t even
know you could ask for a discount — the
gallerist was quite startled!”
Things have changed greatly since
then. As well as being a collector, Peyret
is also the founder of the art collecting
club Lumière, which now has its own
premises — Atlantis — in a Marseille gal-
lery hub. It holds three exhibitions a
year, one mostly of the club’s holdings,
the other two of artists the collective
feels need greater exposure. And last
year Peyret was nominated to the selec-
tion committee of an official body, the
CNAP (Centre national des arts plas-
tiques), which promotes the visual arts
in the country.
His own collection numbers some 100
works, and the club has about 15, jointly
held between its eight members, all
friends of his age from across Marseille
Treasures of
modern-day
Atlantis
Marseille | Georgina Adam meets
Sébastien Peyret of collecting club
Lumière and its premises Atlantis
and mainly from the medical field. Each
contributes €300 a month, and the
yearly sum raised — some €30,000 —
is spent on producing and buying art.
“I told the members from the begin-
ning: ‘This is not speculation!’” Peyret
says. “Don’t come and complain to me if
the value doesn’t rise; this is about sup-
porting contemporary art.” While at
first it just acquired works, the club is
now involved in production, speaking to
Above: Sébastien Peyret
shot for the FT by Philippe
Conti. Right, from top:
Vittorio Brodmann’s
‘Not yet titled’ (2016); Gili
Tal’s ‘London Is Open’
(2018). Left: Tobias
Spichtig’s ‘I paint what I
want’ (2018)
artists and assessing their needs: “This
has enabled me to learn much more
about the whole art system, and to
understand much better their preoccu-
pations,” says Peyret.
Lumière acquired a space about three
years ago. “We go to art fairs. I generally
pick out about 10 works; members can
also propose works — but only those
who actually attend the fairs can be part
of the selection process.”
Recent purchases for his own collec-
tion include works by Gili Tal, Ben Schu-
macher, two works by Alexandra
Bircken and Mathis Collins: almost all
very conceptual works.
No longer does he buy spontaneously,
as he did at the beginning. “I use the
internet, I talk to other artists, I talk to
dealers. Only when all the stars are
aligned do I make the decision to
acquire,” he says. Apart from art fairs —
his favourites are Marseille’s Art-O-
Rama, Arco, Artissima, Fiac, Paris
International and Art Basel — he has
been very influenced by the Lyon Bien-
nale: “Its choices have certainly had a
major impact on my thinking,” he adds.
These choices often reflect a pre-
occupation with the body and what can
be done with it — “I suppose it’s my
medical background” — and are concep-
tual and radical. “I am still interested in
counterculture, and sometimes it’s a bit
despairing, a bit jusqu’au-boutiste,” he
says. The collection includes, for
instance, Eva Kotátková’s figures of chil-
dren enmeshed in thread, Mathieu Mer-
cier’s grim “Masks” or Matthew Lutz-
Kinoy’s clown-like body embellished
with ceramic dishes.
“Our objective is to put on shows for
artists who have not been seen in French
institutions,” says Peyret, who adds that
he is happy to be running an art centre
outside Paris. “It’s my tiny revenge as a
Marseillais,” he grins. And indeed Atlan-
tis and the other galleries in the Rue du
Chevalier Roze have certainly put Mar-
seille more on the art world map —
something that will be reinforced by the
city hosting the 13th edition of Mani-
festa in 2020.
Peyret’s own collection is strong in
works by non-French artists, and at the
CNAP he apparently has the reputation
of favouring foreign artists. “There are
no set rules at the CNAP, except that the
artists chosen must be living,” he says,
“but in fact the selection is about 50-50,
foreign and French.”
So what will eventually happen to the
Lumière collection, since it is held in
common by the collective and destined
to grow? Peyret laughs: “We are all
friends. For the moment we don’t have a
specific plan and there is no end date.
And we’re all quite young still. However,
I suppose when the collection becomes
very big we could separate it into groups
by value and draw lots. But that’s well
into the future . . . ”
In Paris, I tell young gallerist Jérôme
Poggi that I have just met Peyret. His
eyes light up: “Ah,” he says: “If only we
had another 10 collectors like him!”
atlantis-lumiere.art
6 ★
Collecting
Top of
the bill at
long last
Max Bill | His influence on 20th-century design
has been overlooked, but the work of the Bauhaus
alum will be celebrated at a Zurich exhibition
as well as at Art Basel. By Edwin Heathcote
I
t’s difficult to think of a 20th- a unifier of the arts and a believer
century figure who exerted as in their power to be co-opted
much influence over as many fields for social and political
of creative activity as Max Bill, yet good. He was also early
with so little recognition. The one- to recognise that
time student at the Bauhaus was designers “have
revered as a graphic designer, as an to assume
industrial designer of furniture and responsibil-
products (I still wear a Max Bill- ity for all the
designed watch every day), as an archi- new things cre-
tect and an educator (he was the first ated in the world”.
director of the influential Ulm School) Bill began as a crafts-
and, of course, as an artist — both man. As a boy, he’d had a
painter and sculptor. And yet. Outside spell in reform school (after
his native Switzerland, Bill (1908-94) stealing a book) and his father
remains relatively little-known, beyond had forced him into learning a
cult followings in those specialisms. trade. He chose to train as a silversmith
It is something that might be chang- and got his lucky break when his work
ing. The mighty Hauser & Wirth has was picked out by Sophie Taeuber-Arp
taken on the Bill estate, alongside that of for exhibition at the Exposition Interna-
his life-long friend Georges Van- tionale des Arts Decoratifs in
tongerloo, as the Max Bill Paris in 1925. Bill was 17.
Georges Vantongerloo Foun- In Paris he encountered
dation. A major exhibition at pavilions by Le Corbus-
the gallery’s Zurich space ier and Konstantin Mel-
(max bill: bauhaus constella- nikov and became
tions) opens next week and hooked on Modernism.
Galerie Knoell (exhibiting for Having won a poster
the first time at Basel) will have a design competition (for
solo show of Bill’s work, cover- Suchard) he used the prize
ing his output from 1941-69. money to go to study at
Clearly, the cente- the Bauhaus.
nary of the While
Bauhaus there he
has some- became
thing to do close to fellow
with the revival, but Bill Swiss artist Paul Klee, but
embodies something before long he was
deeper. He was almost, in involved in a (typically
fact, a one-man Bauhaus, Bauhaus-sounding) stage
What’s on Events and auctions
Masterpiece London “what makes sculptures different from
June 27-July 3 paintings is that they can be walked
The cross-collecting fair at the Royal around and looked at from 360
Hospital Chelsea spans art, design, different viewpoints, where each one
furniture and jewellery, from antiquity slightly contradicts the next.” There are
to the present day. This year, as part of 160 international exhibitors at the fair,
Masterpiece Presents, there will be a and works at a range of price points.
sculptural installation by Phyllida There is also a programme of panel
Barlow, referencing her “pom-pom” discussions and informal stand talks.
work of the 1990s. Barlow claims that
Art of Asia
Christie’s Paris, June 12
Some outstanding Chinese, Southeast
Asian and Japanese works come to
auction, ranging from Qing dynasty
pieces — such as a finely carved white
and russet jade “double-gourd” vase —
to pieces from the Qianglong period
and even Samurai armour from Japan’s
Edo dynasty. One notable lot is a Qing
dynasty rock crystal figure of a deer,
which once belonged to Coco Chanel.
Modern and Contemporary
South Asian Art
Sotheby’s London, June 10
With the growing interest in Indian and
South Asian modernism, this Sotheby’s
FTWeekend
accident — an acrobat fell on his
head, knocking half his teeth
out — and the dental bills
meant he was unable to
pay his fees. He
survived subse-
quently as a
graphic
d e s i g n e r,
working on maga-
zines (including
anti-Nazi publications
shipped across the border
to Germany) and an artist,
exhibiting his works with the
Abstraction-Creation group, which
included Hans and Sophie Taeuber-Arp,
Piet Mondrian and Georges Vantonger-
loo while still in his mid-twenties. He
built his first house and studio in
Zurich-Höngg in 1932, a superb,
stripped-down building which would
later influence Brutalist architects. It
was also the site of a terrible tragedy
when his mentor, Taeuber-Arp, died
while staying in the house, asphyxiated,
while asleep, by the fumes of a stove she
was had been trying to turn on.
In 1944, Bill began to teach at the
Zurich Kunstgewerbeschule. It was
after the war that he found more wide-
spread recognition. He became the head
(and architect) of the Ulm School of
Design (1950), where he attempted to
apply Bauhaus principles to the prob-
lems of German reconstruction in a
school funded by the Marshall Plan.
While there he designed the Ulm
Hocker, an extremely simple stool for
an institution that had run out of money
auction is led by works from major
modern and contemporary artists from
India, Pakistan, Sri Lanka and
Bangladesh. Highlights include Francis
Newton Souza’s “Untitled” (1958),
depicting three nude figures
(estimated at £600,000-£800,000),
and a rare Amrita Sher-Gil, “Trees”,
(estimated at £500,000-£700,000).
Modern British and Irish Art
Bonhams London, June 12
A highlight here is LS Lowry’s “Old
Dwellings” (1961), depicting a red
brick archway between two tenement
blocks of the Salford Improved
Industrial Dwellings, is estimated to
Clockwise from top left: to buy furniture. Three pieces of timber
Max Bill’s Zumikon house interlocked in a U with a simple dowel
(1967-68); Bill with one of stretcher between, it could be easily car-
his sculptures; Zumikon ried between classes (also carrying
house, interior; Bill’s books), used as a lectern placed on a
‘Reflections from dark and desk, as a shelf or as a coffee table.
light’ (1975). Left: Bill’s By the time Bill resigned in 1956
‘Konstruktion aus einem (mired in personal and political con-
kreisring’ (1940-41) flicts), he had become an internation-
Haus Bill/Georg Aerni; Votava/Imagno/ Getty
Images; Angela Thomas Schmid/ProLitteris,
ally respected artist and designer. He
Zurich; Galeie Knoell travelled frequently to Latin America
and there his precise, geometric Con-
crete Art influenced a generation of art-
ists including Lygia Pape, Lygia Clark
and Hélio Oiticica. His idea of Concrete
Art was that it should be purely
abstract. “A work of art,” he wrote,
“must be entirely conceived and shaped
From left: Tyeb
Mehta’s ‘Falling
Figure with
Bird’ at
Christie’s; ‘Nude
Reading’ by Roy
Lichtenstein
at Bonhams;
Patrick Heron’s
‘Orange, Yellow,
Dull Green and
White: August
1965’ at
Sotheby’s
fetch between £400,000-£600,000.
Works by Sickert, Lynn Chadwick and
John Craxton are also up for auction.
Modern & Post-War British Art
Sotheby’s London, June 18-19
Another Lowry, his 1938 “A Cricket
Match” — which set a new record for
the artist the last time it was offered for
sale more than 20 years ago — makes a
reappearance at auction here.
8 June/9 June 2019
by the mind before its execution. It shall
not receive anything of nature’s or sen-
suality’s or sentimentality’s formal data.
We want to exclude lyricism, drama,
symbolism, and so on.”
And so on. Bill’s striking, colourful
graphic works became, for a while,
almost ubiquitous. He designed memo-
rable posters for the Munich Olympics
in 1972; he influenced a generation of Op
Artists; and his sculptural works, many
of them based on a Möbius strip or an
endless ribbon, popped up in plazas
throughout Switzerland and Germany.
Ironically his ubiquity led to a kind of
invisibility, his work was barely noticed
and, by the time he died in 1994 he was
slightly out of fashion, his cool
detachment the opposite of the neo-
expressionism and gestural, personal
art then in vogue.
His second wife, the art historian
Angela Thomas, lives in the Zumikon
house he built in 1967-68 in the hills out-
side Zurich. She showed me around the
house, which is home to the foundation,
the archive and open occasionally for
exhibitions. For a longtime admirer
(and small-time collector) of Bill’s
work, it’s odd to have such an intimately
close encounter with an artist who
always seemed cool and remote. Tho-
mas points out the soot-stained fire-
place where they used to roast chestnuts
together, she presses a button and the
rear window — an entire glass wall —
sinks slowly into the floor, opening up
the house to the terrace. Then she points
out some of the artworks in the garden,
a Richard Serra (two huge blocks of
iron), a Richard Long, Bill’s own sculp-
tures and, oddly, the stone threshold
He was a one-man Bauhaus,
a unifier of arts and a
believer in their power to
be co-opted for good
from Albert Einstein’s Munich house,
which he bought from the builders
demolishing the building for five Deut-
schmarks. The mayor of Munich is, she
tells me, keen to buy it back.
Thomas takes me downstairs into
Bill’s painting studio and there,
wrapped around three sides of the mez-
zanine, it’s more than a little surprising
to see a long work by Keith Haring,
which he bought from the artist early in
his career. In the design of the house, in
the concrete walls and sparse, bolted
asbestos panels, in Bill’s own, almost
monkish bedroom (one single bed, no
other furniture), you can see the raw
functionalism of his designs of the Ulm
school spilling across the landscape.
But you also see touches of the bour-
geois burgher he became in the last cou-
ple of decades of his life (spent partly as
a Zurich councillor, then on the
National Council in Bern), which alien-
ated him from younger, more radical
artists. His largest sculptures were
funded by the big banks, notably the
megalithic “Pavilion Sculpture” on
Zurich’s Bahnhofstrasse (commis-
sioned by what is now UBS), and he was
accused of becoming a corporate artist.
Yet those sculptures have become part
of the cityscape and have slowly become
much loved, if little remarked upon.
Perhaps now, a quarter of a century
after his death, we are able to see more
clearly again. Bill began as a functional-
ist in the purest Bauhaus sense but,
although his art remained strictly
abstract and guided by logic and mathe-
matics rather than feeling or expres-
sion, he also embraced the aesthetic, in
both design and art.
He began to believe that the purpose
of art was to diminish the travails of eve-
ryday life. “It has become clear to us,” he
wrote, “that beauty can no longer be
developed out of function alone;
instead, the demand for beauty has to be
set on the same level as a functional
demand, since it is a function too.”
hauserwirth.com; galerieknoell.ch
Sotheby’s sale also
features works by the
modern British
favourites Henry
Moore, Ben Nicholson
and Barbara Hepworth,
alongside major
works by Euan Uglow,
Frank Auerbach and
Patrick Heron.
Modern British Art
Christie’s London
June 17
Highlights include
Barbara Hepworth’s
“The Family of Man
(Figure 8, The Bride)”
from 1970, bought by its
present owner in 1972
and now estimated at
£2m-£3m. And Christie’s has its own
Lowry, “The Red Bridge” (1958),
estimated to fetch £450,000-£650,000.
Impressionist and Modern Art
Sotheby’s London, June 19-20
The Sotheby’s evening sale features
works by blue-chip artists including
Monet, Picasso, Miró and Magritte, as
well as sculptures by Julio González
and Henry Moore.
8 June/9 June 2019
African art | French collector
Marceau Rivière is sending
250 of his choicest works to
auction. By Susan Moore
M
arceau Rivière is a col-
lector-traveller and
scholar of the old
school. Over seven
decades he has
amassed one of the last great inclu-
sive collections of African art in
private hands. Comprising around
900 objects, it embraces all typolo-
gies — masks, figures of differing
sizes, oracles, spoons, pulley
weights, musical instruments,
stools, jewellery — and several
countries, although the lion’s share
comes from Ivory Coast. Though
still adding to his holdings at the
age of 82, the Frenchman has con-
signed 250 works for sale at
Sotheby’s Paris.
This was never intended to be
a collection of masterpieces,
although there are plenty of
them here. Its integrity, and its
particular charm, lie in being a
record of a life spent beguiled
by the peoples and material
culture of Africa. As a boy of
eight, Rivière remembers
being mesmerised by a show
of slides of the Congo pre-
sented by a missionary visiting
his Normandy village. At the
age of 11, he made his first
acquisition, a Dan/Guere
mask bought from a rag-and-
As a young boy of
eight, Rivière was
mesmerised by a show
of slides of the Congo
bone man, which he paid for in instal-
mentsfromhispocket money.
In 1957, he joined the French camel
corps in Algeria, which was involved in
recording Neolithic sites encountered
on patrol in the desert and collecting
samples for the national museums in
Algiers and Tunis. Later he worked as
an engineer for an airline and was based
in Chad, home of the Sao civilisation.
For more than 20 years he criss-crossed
Africa, developing links with village
chiefs, researching the indigenous art
and customs that he encountered and
acquiring material through the conti-
nent’s network of European and African
traders. He eventually opened a small
gallery in Paris in 1981.
It was a period of intense discovery, as
successive waves of pieces unfamiliar to
western eyes became available. Such
opportunities to study a corpus of mate-
rial before it was dispersed by the great
sorting machine of the market proved
invaluable for honing the eye of an ever-
curious connoisseur. Rivière wrote his
first book in 1975, and seven more fol-
lowed. When in Paris between trips, he
also began to buy from the dispersals of
legendary African art collections.
The sale is drawn mostly from acqui-
sitions made 40 or 50 years ago, many of
which have never been seen on the mar-
ket. A cross-section of highlights only
hints at its flavour. Acquired around
1972, for instance, is one of Rivière’s
most celebrated pieces, a rare Baule
moon mask from Ivory Coast. Such a
mask was used as a prelude to the
zoomorphic (animal) and anthropo-
morphic (human) masks used during
feasts of celebrations. Even here, how-
ever, the Baule sculptor has endowed his
circular emblematic moon with human
facial features.
Prints and Multiples
Bonhams London, June 13
A wide-ranging selection of
prints — from Hieronymus
Bosch and Rembrandt to
Yayoi Kusama, Andy Warhol
and Banksy — goes up for
Impressionist and Modern Art
Christie’s London, June 18-19
Part of 20th century at Christie’s, a series
of auctions taking place between June
17-26, this sale is led by Fernand
Léger’s “La femme dans un fauteuil”
(1913) and Picasso’s “Homme et
femme nus” from 1968. And a group of
13 Dada and Surrealist works will go on
sale at Christie’s on June 20 under the
title The Landscape of a Mind: A Private
Collector’s Surreal Vision, with highlights
including “L’Extinction des espèces II”
by Yves Tanguy and “Le parc du
vautour” by René Magritte, both of
which come to auction for first time.
★ FTWeekend 7
Collecting
Its rich, dark polished patina attests Clockwise from
to its frequent use — an imperative for left: Marceau
Rivière and many collectors — and Rivière in
indeed the damage to the delicate open- Algeria, 1960;
work band framing the face may Dan mask;
account for the mask being discarded Guro mask — DR
and sold by its original owners.
To most western eyes it is the purity of
the geometric abstraction that is most
appealing, although a profile view
reveals the delicacy and subtlety of
modelling of the hooded eyes, slightly
upturned nose and the whistling
mouth. Only three Baule moon masks
are known to survive.
Classical masks, still the most
desirable pieces, are well represented
here. Another widely published and
exhibited gem is the Dan mask, also
from Ivory Coast, acquired from the
collection of Henri and Hélène
Kamer in around 1974. The corpus
of Dan masks is vast but this sensi-
tively carved example, apparently
based on a living model, is of excep-
tional grace and spirituality (esti-
mated at €700,000-€1m).
No less remarkable for both its
elegance and magical intensity is
the gu mask of another peoples of
Ivory Coast, the Guro. This
mask represents a
seductive and poten-
tially dangerous for-
eigner, her clear
skin a polished red,
her long oval face
framed by a row
of scarification,
and tiny regular
teeth visible in compartment of the box and This sale is drawn from
her open climb up to eat the rice straw in
mouth. This the upper, thereby changing the acquisitions made decades
mask represents arrangement of the rods inside. ago — many have never
an ambivalent deity, What makes this example so rare
both benevolent and is the anthropomorphic figure been seen on the market
evil, and potentially carved at its side, standing expect-
dangerous to its wearer antly as if anxious to examine the
(€600,000-€800,000). result of the divination process by sturdy legs and shapely thighs.
Another museum- (€300,000- €400,000). Viewed from behind, with its carved
quality piece is the Baule The statuesque Dan “walking hair and spine, it might be a figure
oracle or divination box col- spoon” is pure joy. Conceived long (€400,000-€600,000).
lected by the ethnologist before Walt Disney thought of it, The official estimate for the
Hans Himmelheber in and one of the most beautiful of Rivière Collection is around €15m.
around 1934, along with its type, this spoon-cum-ladle is Estimates start at a few hundred euros
its counterpart now in the not functional but ceremonial, for the likes of zoomorphic bronze gold-
Louvre. Divination was an an object of prestige awarded weights or gold jewellery, but in the
enthralling activity, with to the woman voted “queen current market, fuelled at the top end
people gathering to watch of the feast” for her largesse by collectors from other fields in
the diviner read the runes. at the table. While the long, pursuit of masterpieces, the total is
Mice, the messengers of the hollowed, oval bowl of the anyone’s guess.
earth, would be head bears no human
concealed in the lower features, it stands supported June 18-19, sothebys.com
Above: Baule
moon mask
acquired from
the Ivory Coast.
Right: Dan
walking spoon
Spoons,
moons
and masks
auction at Bonhams. Ceramics and
works on paper by Pablo Picasso both
feature prominently, with estimates
ranging from £1,500 to £170,000.
Picasso’s La Suite des Saltimbanques, a
suite of 15 etchings and drypoints
from 1904-05, is estimated at
£170,000-£250,000.
From left:
Fernand 20th century and Contemporary Art
Léger’s ‘La Phillips London, June 27-28
Femme dans Phillips’s modern and contemporary
un fauteuil’ summer sale features an impressive
and Edo line-up of artists including Giorgio
dynasty Morandi, Nina Chanel Abney, Dana
armour, both Schutz, Danh Vo, Frank Bowling and
Christies; William Kentridge. Auction highlights
Warhol’s include Kentridge’s charcoal drawing
‘Shoes’ at “Anti-Entropy” (2011) and Morandi’s
Bonhams “Natura morta” (1954).
8 ★
Collecting
Virtual selling
is the real deal
The Art Market | Online shows at Zwirner;
Modigliani boy at Sotheby’s; South Africa’s
Goodman Gallery in London. By Melanie Gerlis
David Zwirner gallery reveals some
details about the performance of its
Online Viewing Room, a sales channel
opened in January 2017. Elena
Soboleva, the gallery’s director of
online sales, notes that the number of
virtual exhibitions planned for the next
year will match the 30 shows at David
Zwirner’s five bricks-and-mortar
galleries in New York, London and
Hong Kong. “It will always be a hybrid
model. But online is where collectors
are spending their time,” she says.
Overall, Zwirner’s viewing room sales
were up 200 per cent since May 2018,
Soboleva says. She would not quantify
revenues but says that their top 10
most expensive works had sold in
locations where the gallery does not
have a physical space. Virtual viewing
now also rivals art fairs as a way to
meet customers: 52 per cent of online
inquiries come from newcomers. “It’s a
different audience: everything is more
available, and you don’t have to worry
about a waiting list [for artists’
works],” Soboleva says.
To coincide with its booth at Art
Basel next week, the gallery opens
Basel Online (June 10-23), selling 19
works with a total value of about $5m.
These include the priciest work it has
offered this way — Yayoi Kusama’s
FTWeekend
stainless steel “Pumpkin” (2015) for
$1.8m — as well as sought-after
paintings by Harold Ancart (2018,
$45,000) and Carol Bove (“Anima”
sculpture, 2018, $200,000).
Gagosian gallery, which has run two
online salerooms pegged to major art
fairs since last year’s Art Basel, is not
offering the channel this time around.
Instead the gallery brings its first pop-
up exhibition of abstract art to
Rheinsprung, near Basel’s Les Trois
Rois hotel (June 10-16).
There are relatively thin pickings for
this season’s Impressionist and Modern
auctions in London but Sotheby’s has
had a last-minute boost to its June 19
auction: Amedeo Modigliani’s “Jeune
homme assis, les mains croisées sur les
genoux” (1918), estimated at £16m-
£24m. The work has been owned by
the same family since it was bought
from the dealer Léopold Zborowski in
1927. The unidentified sitter marks
Modigliani’s shift from his bohemian
Paris circle (including Zborowski) to
portraits of local workers after he left
the capital for the south of France at
the end of the first world war. “It’s an
archetypal Modigliani, but on a human
level,” says Helena Newman, chairman
of Sotheby’s Europe.
The unnamed sitter marks
Modigliani’s shift from his
bohemian Paris circle to
portraits of local workers
Modigliani’s female sitters generally
sell for the highest amounts,
particularly when naked: his reclining
nude of 1917 was the highest priced
work at auction last year at $157.2m
(with fees). The top price paid for a
male portrait was for “Le fils du
concierge”, also painted in the south of
France in 1918, at $31.1m (with fees)
back in 2006.
This season’s Modigliani is one of
Clockwise from only 25 works in Sotheby’s evening
above: Harold offering, but the auction house is
Ancart’s pitching its slim sale as “smallish but
‘Untitled’ perfectly formed” (total estimate
(2018); Amedeo £87.5m-£126.3m). Average lot value is
Modigliani’s £3.5m, which is high for London. Other
‘Jeune homme big-ticket works include Claude
assis, les mains Monet’s “Nymphéas” (1908), offered
croisées sur les with an auction house guarantee for
genoux’ (1918); £25m-£35m, the highest estimate of
Gordon Parks’ the week. Christie’s equivalent auction
‘The Invisible on June 18 fields 34 lots with a total
Man, Harlem, estimate of £66.7m–£93.8m and an
New York’ average lot value of £2m.
(1952) — Harold Ancart/
David Zwirner/ JSP Art
Photography; courtesy of
Goodman Gallery, one of South Africa’s
The Gordon Parks Foundation leading contemporary art dealers, is
and Alison Jacques Gallery,
London
opening in London this autumn and
becomes the first gallery to take a
space in the redeveloped Cork Street
Galleries, completed at the beginning
of the year. Gallery owner and director
8 June/9 June 2019
Liza Essers says she has been “seriously
looking” in London for the past two
years — she opened an office in
Marylebone in May — and that she has
taken in “more than 50” potential
venues. She chose Cork Street partly
because of its long art-dealing history,
to which she hopes to bring a “new
perspective”, as well as the high-spec
nature of her 5,730 sq ft space across
the ground floor and basement. “It can
accommodate vast video installations
and performance pieces. It’s rare to
find such a fresh, dynamic and well-
located space in London.”
She is taking an optimistic view of
Brexit. “Of course it was something I
thought about, but we have a roster of
international artists committed to
confronting entrenched power
structures, so that could be interesting
for London right now.” Goodman’s
artists include William Kentridge,
Alfredo Jaar and Shirin Neshat.
A statement from the Cork Street
Galleries landlord, the Pollen Estate,
says that negotiations with other
“internationally renowned” dealers are
under way.
Minority ethnicity and female artists
continue to gain gallery representation,
gradually redressing the imbalance in
the art market. For Art Basel, the
London gallerist Alison Jacques brings
three works ($20,000-$50,000) by her
latest signing, Gordon Parks (1912-
2006), who was the first African
American photographer and writer on
the staff of Life magazine. Jacques
plans a Parks solo booth for Frieze
Masters in London (October 3-6) and a
gallery exhibition in 2020. She shares
representation with New York’s Jack
Shainman.
Pace Gallery now formally represents
the American-born painter Jo Baer
(b1929) who, says gallery president
Marc Glimcher, is “a deeply
underground genius”. Her work is rare
— only about 100 minimalist paintings
and a couple of dozen from her later
more figurative works exist — and
paintings by Baer from the 1960s
(priced from $500,000) are in a show
that opened at Pace in London on
Friday, alongside works by fellow
female abstract artists Mary Corse and
Agnes Martin (At the Edge of Things,
until August 14). Pace takes over Baer’s
representation from Art Agency,
Partners (AAP), the advisory firm
owned by Sotheby’s.