EUROPE Thursday June 7 2012

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UK Gov 10 yr 121.02 1.66 0.12
Ger Gov 10 yr 103.85 1.34 0.13
Jpn Gov 10 yr 100.29 0.87 0.01
US Gov 30 yr 105.75 2.72 0.10
Ger Gov 2 yr 99.84 0.08 0.06
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index 82.7 82.7
index 88.49 87.86
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THE FINANCIAL TIMES
LIMITED 2012 No: 37,947

Printed in London, Liverpool, Dublin,

Frankfurt, Brussels, Stockholm, Milan,
Madrid, New York, Chicago, San Francisco,
Dallas, Orlando, Washington DC,
Johannesburg, Tokyo, Hong Kong,
Singapore, Seoul, Abu Dhabi, Sydney
Russian watchdog in
move on BP standoff
Russias anti-monopoly
watchdog plans changes that
would force the public
disclosure of the confidential
agreement at the centre of a
stand-off between BP and its
Russian billionaire partners
in TNK-BP. Page 13
Dexias 10bn boost
France, Belgium and
Luxembourg which own
Dexia, the lender that is
being broken up, have
agreed to boost state
guarantees to the bank by
10bn to 55bn. Page 2
ArcelorMittal curbs
Lakshmi Mittal has signalled
a dramatic scaling back of
ArcelorMittals proposals to
expand in Chinas steel
industry through a deal to
cut back the companys
stake in one of the countrys
top metal producers. Page 13
Envoy warns Tokyo
Japans ambassador to China
has warned that plans by
Tokyos governor, Shintaro
Ishihara, to buy islands
claimed by Beijing could
spark an extremely grave
crisis. Page 4
Retirement bonus
The socialist government of
Franois Hollande moved to
cut the minimum retirement
age for thousands of French
workers restoring the right
for some to retire at 60. Page 2
US urged on easing
A senior Federal Reserve
official said the US should
consider easing monetary
policy if the outlook
continued to deteriorate, as
US central bankers face
pressure to react to the
slowdown. Page 3; Markets,
Page 26
Romney buoyed
The failed Democratic push
to recall Wisconsins
Republican governor has
added new momentum to
Mitt Romneys campaign in a
state where he once held
little hope of winning. Page 4
Egypt faces deadline
Egypts military rulers have
imposed a 48-hour deadline
on the Islamist-led parliament
to form a constitutional
commission.
Page 6; www.ft.com/mideast
China in Afghan push
China wants the Shanghai
Co-operation Organisation, a
regional bloc cofounded by
Beijing, to play a larger role
in Afghanistan. Page 4
Australian growth
Australias economy
expanded at twice the pace
economists expected in the
first quarter, lifted by a rise
in household spending and
investment in mining. Page 3
S Korea lifts Brent
The price of Brent, the
worlds most important oil
benchmark, is being boosted
by South Korean refiners
buying on the back of a tax
loophole involving North Sea
oil. Page 13; Markets, Page 28
Inside
Global Appointments
Top jobs in business and finance
Reap what you sow:
Obamas Stuxnet folly
Misha Glenny, Page 9
Waiting for Angela
The German chancellor at a crossroads. Page 7
News Briefing
!
Europe weighs Spain bank rescue
By Peter Spiegel in Brussels,
Victor Mallet in Madrid and
Ralph Atkins in Frankfurt
European officials are weighing
up a bailout programme for
Spain that would aid its fragile
domestic banking sector while
imposing only very limited
conditionality on Madrid, a
concession that could make a
reluctant Spanish government
more willing to accept inter-
national assistance.
Unlike earlier bailouts for
Greece, Portugal and Ireland,
the proposed Spanish rescue
would require few austerity
measures beyond reforms
already agreed with the EU and
could even dispense with the
close monitoring by interna-
tional lenders that has proved
contentious in Athens and
Dublin, according to people
familiar with the plans.
EU support would instead be
contingent on increased exter-
nal oversight and accelerated
restructuring of the Spanish
financial sector to address
lingering concerns about politi-
cal interference and cronyism
in the cajas, the regional
savings banks that loaded up
on questionable property loans
during the housing bubble.
Mario Draghi, European Cen-
tral Bank president, added to
pressure building on EU and
Spanish officials yesterday
when he left interest rates
unchanged and put the onus to
solve the eurozone debt crisis
squarely on the continents
politicians. I dont think it
would be right for monetary
policy to fill [in for] other insti-
tutions lack of action, he said.
While saying that the ECB
stood ready to act, Mr Draghi
insisted that most of the
problems befalling the eurozone
had nothing to do with
monetary policy.
The ECB did, however, signal
that it might cut interest rates
next month given increased
downside risks to the regions
economy. The ECB also said it
would continue to provide euro-
zone banks with unlimited
loans lasting up to three
months until at least the end of
the year. European officials
decision on whether to ask for
help until the International
Monetary Fund and two
consultancies have concluded
their investigations into Spains
banks.
Eurozone member states
have an incentive to design a
programme that would empha-
sise banks and be conditional-
ity light to facilitate Rajoys
ability to manage his domestic
constraints, said Mujtaba
Rahman, a Europe analyst at
the Eurasia Group consultancy.
EU officials are also debating
the size of the loans needed.
Senior Spanish banking execu-
tives have put the figure at
about 40bn, but people briefed
on the discussions say EU offi-
cials have been looking at plans
that are at least double that.
Despite lobbying by Brussels
and Paris, officials said direct
bailout loans to troubled banks
bypassing the Spanish govern-
ment have been ruled out.
Regulations for the current
440bn eurozone rescue fund
and its permanent 500bn suc-
cessor forbid such direct capital
injections, and changing the
rules would take too long. One
option under consideration
would be for the European
Financial Stability Facility to
provide bailout aid directly to
Spains bank rescue fund.
Dexia boost, Page 2
ECB steps up pressure, Page 3
Germanys lonely path, Page 7
Editorial Comment, Page 8
John Sfakianakis, Page 9
The Short View, Page 13
Markets, Pages 2628
www.ft.com/eurozone
May 2009
Photo: EPA
1.25%
1.25%
Apr 2011
1.00%
1.00%
Jul 2011
1.50%
Nov 2011
Dec 2011
ECB repo rate
said they were willing to con-
sider a less intrusive monitor-
ing system for Spain because
Mariano Rajoy, prime minister,
introduced reforms and auster-
ity measures earlier this year.
The most significant remain-
ing stumbling block, officials
said, is Mr Rajoys unwilling-
ness to accept an aid pro-
gramme after insisting for
months that it was not needed.
Madrid is also worried about
stigmatising all its banks.
The centre-right government
insists that it will not take any
I dont think it
would be right for
monetary policy
to fill [in for]
other institutions
lack of action
Mario Draghi
ECB president
China investment
in Europe triples
Chinese direct investment into
Europe tripled in 2011 to $10bn,
according to a study that
estimates Chinese companies are
in the early stages of a global
spree that could see them spend
as much as $500bn a year in the
region by 2020, writes Jamil
Anderlini.
Although total Chinese
outbound investment is still small
compared with the size of its
economy, most analysts say the
country is on the verge of
ramping up its spending abroad,
with crisishit Europe seen as one
of the most attractive markets.
The report estimates that
Chinese direct investment in
Europe averaged less than $1bn a
year from 2004 to 2008 but
tripled to about $3bn in 2009
and 2010 before tripling again to
almost $10bn last year.
Europe is experiencing the
start of a structural surge in
outbound direct investment in
advanced economies by Chinese
firms, says the study, to be
published today by the Rhodium
Group, an economic consultancy,
in partnership with Chinese
investment bank CICC.
The report forecasts Chinese
outbound direct investment will
reach $1tn to $2tn between 2010
and 2020 and it expects about a
quarter of that will go to Europe
through mergers and acquisitions
or greenfield investments.
Beijing has encouraged Chinese
groups to increase their offshore
investments as a way of securing
supplies of natural resources,
technology and expertise for
China. The zou chu qu, or going
out strategy, is also aimed at
diversifying Chinas $3.2tn in
foreign exchange reserves away
from lowyielding investments
such as US Treasuries and into
more tangible assets.
A separate study to be
published today by A Capital, a
private equity firm that helps
Chinese companies invest abroad,
supports Rhodium Groups
estimate. Chinese investment to
Europe reached $1.7bn in the first
quarter, the report says.
Eurozone crisis Draghi shuns calls for bolder ECB action Madrid concern over stigma
Your move: ECB holds interest rates
Canadian PM urges closer links
to Asia after US delays pipeline
By Ravi Mattu and Claire Jones
in London
Stephen Harper, prime minister
of Canada, has said Washing-
tons decision to delay construc-
tion of a controversial oil pipe-
line was the wake-up call that
Canada needed to reduce its
dependence on its neighbour
and strengthen links with Asia.
In an interview with the
Financial Times, Mr Harper said
the postponement of the Key-
stone XL pipeline, which crosses
the US and Canada, was a bad
decision for both of our coun-
tries, but believed that the
project would go ahead.
Obviously were disappointed
with the delay, he said. The
president has told me that this
is not a No. This is a process
he believes needs to be com-
pleted over the next year. At the
same time, were not prepared
as a country in future to be a
captive supplier to the US.
The 1,700-mile Keystone XL
project was intended to make it
easier to get oil from Albertas
oil sands to the Gulf of Mexicos
refining facilities. The pipeline,
which would have cut through
the sensitive Sandhills region of
Nebraska, had come under fire
from environmental groups and
Democrats were concerned it
could alienate some voters in an
election year.
To reduce its reliance on the
US, Mr Harpers government
has supported the construction
of a pipeline from Albertas oil
sands to the Pacific coast to ena-
ble fuel to reach Asian markets
more quickly, despite opposition
from environmental and native
Canadian groups. It has also
worked to alter regulatory pro-
cedures to speed up the environ-
mental review process for such
projects.
Chinese companies are invest-
ing heavily in Canadas
resources sector. China Invest-
ment Corporation, the countrys
sovereign wealth fund, has a
17 per cent stake in Teck
Resources, one of Canadas larg-
est mining groups, and last year
state-owned Cnooc acquired
Opti Canada, a bankrupt Cal-
gary oil sands producer.
Mr Harper said the countrys
review process ensured any
investment was commercially
motivated and in the national
interest. He added that the
country needed to diversify
partly because developed mar-
kets such as the US were facing
a long period of slow growth.
He stressed that the US would
never be replaced as the coun-
trys biggest trading partner: I
dont think its a question of dis-
placing the US. Its just a ques-
tion of diversification.
Canada wakes up, Page 4
Battle for EFG
It has been a difficult 12
months for EFGHermes, the
Middle East investment bank
that finds itself the subject of
an unwanted takeover battle.
EFG shareholders last week
approved a joint venture deal
with a Qatar investment group
that would inject $250m in
return for control of the bank.
But EFG is now fighting off
what may turn into Egypts
first hostile takeover bid.
Report, Page 16
JUNE 7 2012 Section:FrontBack Time: 6/6/2012 - 20:31 User: piggotta Page Name: 1FRONT EUR, Part,Page,Edition: EUR, 1, 1
2

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WORLD NEWS
By Scheherazade
Daneshkhu in Paris
France, Belgium and Lux-
embourg, which own Dexia,
the lender that is being bro-
ken up, have agreed to
boost state guarantees to
the ailing bank by 10bn to
55bn, it was disclosed yes-
terday.
The decision followed
Mondays meeting between
Pierre Moscovici, Frances
new finance minister, and
his Belgian counterpart,
Steven Vanackere, in Brus-
sels. The European Com-
mission temporarily
approved the 10bn
increase in guarantees to
preserve financial stabil-
ity.
It said it would take a
final view on whether the
move was compatible with
EU state aid rules once it
had assessed the plan to
dismember the bank.
Dexia became the most
prominent victim of the
financial and eurozone cri-
ses by having to be bailed
out twice in three years.
The specialist lender to
local authorities has used
up almost all its guaran-
tees, which were granted in
October to ease a funding
squeeze.
Most of the guarantees
have been used to redeem
unsecured loans provided
by its former Belgian bank-
ing unit. Dexia needs addi-
tional guarantees to
increase collateral following
a fall in interest-rate swap
contracts.
The bank is being dis-
membered as a condition of
its second bailout in Octo-
ber, with a fire sale of
assets that contributed to
net losses of 11.6bn in
2011, after units were sold
for below their accounting
value.
Dexia is expected to sign
a deal selling DenizBank,
its Turkish lender and its
most valuable remaining
asset, for about 3bn to
Sberbank, the Russian
lender, which outbid Qatar
National Bank after the two
entered exclusive talks last
month.
Lack of access to finance
left Dexia needing a second
bailout in October of 90bn
of state guarantees by
France, Belgium and Lux-
embourg. Guarantees cover-
ing half that amount
45bn were put in place
temporarily while the com-
mission reviewed Dexias
aid and break-up plan.
Belgium provides 60.5 per
cent of the guarantees and
had resisted providing more
but appears to have been
persuaded by France, which
shoulders 36.5 per cent, and
Luxembourg, which sup-
plies the remainder.
France is thought to have
secured Belgiums agree-
ment by promising to accel-
erate the sale of Dexias
French municipal finance
unit to the Caisse des D-
pts et Consignations, the
French sovereign wealth
fund, and Banque Postale,
the banking arm of La
Poste, the French post office.
The rump of the Brussels-
based bank has needed
access to state guarantees
to function. It comprises a
portfolio of bonds and three
units, which mainly finance
local authorities. There has
been tension between the
commission and Dexia, the
former assessing state bail-
outs in terms of whether
they constitute state aid,
while Dexia has argued that
since it is no longer a going
concern, competition issues
should no longer apply.
Mario Draghi, president
of the European Central
Bank, last week cited Dexia
as an example of how
national supervisors had
underestimated how much
a rescue would cost. There
is a first assessment, then a
second, a third, a fourth.
This is the worst possible
way of doing things. Every-
one ends up doing the right
thing but at the highest
cost, he said.
10bn
boost for
Dexia is
agreed
Existing guarantees
are exhausted
Ailing bank already
bailed out twice
Commission gave
temporary approval
to guarantees
to preserve
financial stability
By Hugh Carnegy in Paris
Frances new socialist gov-
ernment moved to cut the
minimum retirement age
for thousands of French
workers yesterday, fulfilling
a campaign pledge of Presi-
dent Franois Hollande
days before important par-
liamentary elections.
The decision to restore
the right to retire at 60 for a
limited number of people
partially reversed one of the
most important structural
reforms enacted by Nicolas
Sarkozy, Mr Hollandes cen-
tre-right predecessor.
The measure will allow
those who started work at
age 18-19 and who have paid
41.5 years of pension contri-
butions to retire at 60, not
the minimum of 62 as set
under the Sarkozy reforms
of 2010. The government
said more than 110,000 peo-
ple would benefit.
Marisol Touraine, minis-
ter of social affairs, said: It
is a measure of justice for
those who were the hardest
hit by the reform of 2010.
The move came ahead of
elections to the National
Assembly to be held on
June 10 and 17 in which Mr
Hollande is bidding for a
majority for his Socialist
party and its allies.
Although limited in scope
and cost, the pension prom-
ise is at odds with a trend
among crisis-hit European
countries to raise the retire-
ment age to tackle fiscal
deficits and the cost of age-
ing populations. It goes
against a call last week by
the European Commission
for France to rein in public
spending and enact struc-
tural reforms to tackle its
debt burden.
Jean-Franois Cop, sec-
retary-general of the main
centre-right UMP party,
called it madness, adding:
We dont have the least
euro to pay for these elec-
tion gifts. Medef, the
employers federation, said
the measure was worrying
for the financial sustainabil-
ity of the pension regime
and the competitiveness of
businesses.
The government said the
change, part of a total of
20bn in new spending
promised by Mr Hollande,
would cost 1.1bn next
year, rising to 3bn a year
by 2017. It will be financed
by a small rise in pension
contributions by both
employers and employees
a measure decried by
Medef, which is campaign-
ing for a reduction in
Frances heavy costs of
labour.
But the cost is less than
the 5bn originally envis-
aged as fewer people than
expected were eligible. Mr
Hollande has not unpicked
the core of Mr Sarkozys
pension reform, under
which many people do not
qualify for a pension until
considerably older than 62.
Instead, he has pledged
another review of the pen-
sion structure to tackle a
remaining long-term deficit.
Pension costs are only
one factor as Mr Hollande
confronts the challenge of
finding 100bn of savings to
reduce the budget deficit to
3 per cent of gross domestic
product next year and to
zero in 2017.
Pierre Moscovici, finance
minister, repeated the gov-
ernments commitment to
the deficit target yesterday,
but kept up its refusal
ahead of the parliamentary
elections to give any indica-
tion of the extent or nature
of the necessary spending
cuts.
He also side-stepped Brus-
sels calls for reforms in
areas such as labour costs,
market deregulation and
pensions. We will make
structural reforms, but they
will be ours . . . we have our
own way, he told reporters.
Hollande restores right to retire at 60
Reforms to force investors
rather than taxpayers to
pay for rescuing failed
banks will raise lenders
funding costs but will be up
to four times more benefi-
cial for the European econ-
omy than the latest Basel
capital rules overhaul, the
European Commission has
concluded.
The upbeat assessment,
published yesterday, under-
lines the importance Brus-
sels places on its plan to
prevent the next crisis by
providing a subsidy-free
solution for winding-up
struggling banks that are
too big to fail.
Michel Barnier, the Euro-
pean Union commissioner
overseeing financial serv-
ices, hailed the proposal as
a way to remove the
implicit state guarantee for
the financial sector. Banks
should pay for banks. We
are going to break the link
between banking crises and
public budgets, he said.
The reform blueprint
gives national regulators
summary power to write
down unsecured creditors
in failing banks and estab-
lishes a network of national
funds to cover resolution
costs, guarantee deposits
and lend to each other in an
emergency.
While Mr Barnier
describes these as essential
steps to a more ambitious
EU banking union, he
admits the measures are
not relevant to immediate
crisis-fighting in the euro-
zone. Those on forcing
losses on private investors,
known as bail-in, would
to be phased in around 2015
and 2018.
Publication of the plan
was delayed for almost a
year over fears it would
make it even harder and
more expensive for banks to
raise money. In the event,
the proposal came when
funding markets were
already largely frozen and
EU leaders were debating
more ambitious integration
of banking rules, particu-
larly for the eurozone.
The Commissions assess-
ment concludes the reforms
will raise bank funding
costs by about 15 basis
points, or 0.15 per cent. But
the net benefits to EU eco-
nomic output will be up to
0.62 per cent in the long
term, through more stable
growth and fewer crises.
This is four times the effect
estimated from the Basel III
global bank reform agree-
ment, which forces banks to
shore up buffers of equity,
cash and liquid assets.
The introduction of write-
down powers, which the
Commission believes would
have avoided Lehman
Brothers bankruptcy, has
been long flagged to inves-
tors and banks.
But sensitivities remain
about the details and
whether the proposal would
in practice ensure investors
received as much as they
would have from a bank-
ruptcy. The British Bank-
ers Association, the Euro-
pean Banking Association
and the Association for
Financial Markets gave the
proposal a cautious wel-
come.
Some experts argue the
effect of the reforms is hard
to predict. Quoting figures
to two decimal places is
ridiculously precise. We
cant possibly know to that
degree of accuracy. And
theres a range of outcomes.
In some cases the measures
may well have a major posi-
tive effect on GDP [gross
domestic product]. In other
circumstances, for instance
if there is a loose end some-
where, the benefits could
vanish, says Clifford
Smout, co-head of Deloittes
European centre for regula-
tory strategy.
Bob Penn, a partner at
Allen & Overy, points out
that the negative impact on
funding is reduced by
assuming investors will still
be able to buy debt that
converts to equity.
They have assumed
away the additional costs
associated with the likely
narrowing of the market as
organisations which cannot
invest because they can-
not have equity exposures
or invest in embedded
equity derivatives leave
it, he said. This is the
unknown quantity, which
could have a major macro-
economic cliff effect on
implementation.
Some regulatory experts
said the proposal makes
clear where the Commis-
sion wants to go but may be
too late.
The real agenda, bank-
ing union, is now out in the
open . . . but the timetable is
way out in the future, 2015,
2018 for bail-in. What hap-
pens in the meantime? If
banks need support before
then, it looks as if taxpay-
ers are still on the hook,
said Jon Pain, a former UK
regulator now with KPMG.
Brussels set to make bank investors pay rescue costs
Regulation
European
Commission is
upbeat on its
reform plan, write
Alex Barker and
Brooke Masters
What the proposals mean
What exists now?
The European Commission proposal on bank
resolution sets EU standards so supervisors
collect better information, force banks to
plan for contingencies and stop institutions
becoming too complex.
National authorities have vastly different
powers and legal frameworks to deal with
failing banks, particularly crossborder
institutions.
A complex patchwork of national schemes
with different mandates, some of which
are not funded or lack sufficient funds to
insure deposits and handle the costs of
resolution.
And in the long term?
A banking union would involve one panEU
supervisor that would be responsible for
the biggest banks and delegate supervision
of smaller institutions.
A true banking union would concentrate
resolution powers centrally. This would
mean the authority could intervene in any
EU country to wind up a failed bank and
impose losses on its investors and
unprotected depositors. National
authorities would be stripped of this
responsibility.
An integrated EU deposit guarantee fund,
which would cover all EU banks. This
would be prefunded with a levy on banks.
It would pool the risk among all EU states.
Deposit guarantee
Resolution
What is the next step?
National authorities hold most powers. But
the European Banking Authority
coordinates activities and oversees some
panEU initiatives. During a financial
emergency it can be given extra powers.
Supervision
Under the bank resolution proposal, all
national resolution authorities will have
powers to restructure banks, sack
management, sell assets and, most
importantly, write down the debt of
unsecured creditors.
The commission is partly reviving its 2010
proposal on deposit guarantees, which has
been blocked. Member states would need
to set aside funds equivalent to 1 per cent
of deposits to pay for a 100,000 deposit
guarantee and any resolution costs to pay
for a bank windup. This would be done
over 10 years and be funded by a levy on
banks. National schemes would be forced to
lend to each other in an emergency.
Marisol Touraine: justice for
those hardest hit by reform
Protesters at
the weekend
demonstrate in
Barcelona against
the Spanish
government AP
Inside and at FT.com
Germanys lonely path,
Page 7
Editorial Comment, Page 8
Euro exit would be Greek
suicide, Page 9
The World
Europes corruption problem
www.ft.com/theworld
Spain: Rajoy there!
Country needs reform
imposed from the outside
www.ft.com/lex
Brussels blog
Ten things to remember
about a banking union
www.ft.com/brusselsblog
JUNE 7 2012 Section:World Time: 6/6/2012 - 19:07 User: hayesa Page Name: WORLD1 USA, Part,Page,Edition: EUR, 2, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

3
By Ralph Atkins
in Frankfurt
The European Central Bank
has signalled it could cut
interest rates next month
but held back from immedi-
ate fresh steps to combat
the eurozone debt crisis,
keeping pressure on politi-
cians to embark on a far-
reaching overhaul of
Europes monetary union in
the weeks ahead.
A warning by Mario
Draghi, ECB president, of
increased downside risks
to growth, indicated that
the banks governing coun-
cil had dropped its opposi-
tion to lowering its main
interest rate below 1 per
cent already a historic
low.
We are watching closely
all developments and stand
ready to act, said Mr
Draghi, who disclosed that
a few on the banks
22-strong council had
wanted to cut rates now.
The change of tone
reflects ECB alarm at
heightened financial market
tensions, which are threat-
ening to blow a hoped-for
recovery off course. Mr
Draghi also announced that
the ECB would continue
until at least the end of the
year to meet in full banks
demands for loans lasting
up to three months.
Mr Draghis message was
carefully calibrated. It left
open the possibility of inter-
est rates remaining at 1 per
cent if prospects improve,
for instance on a better-
than-feared outcome of
Greeces June 17 election or
an easing of problems in
Spains banking system.
Moreover, Mr Draghi gave
no indication that he was
any closer to unleashing
bolder weapons in the cen-
tral banks armoury to
shore up investor confi-
dence in the eurozone. That
was a setback for those hop-
ing for a repeat of Decem-
ber and Februarys offers of
unlimited three-year loans
to the eurozone banking
system, which temporarily
calmed markets.
Mr Draghis warning that
the ECB could not compen-
sate for other institutions
lack of action was also a
rebuff to eurozone leaders
wanting the reactivation of
its government bond buying
programme to bring Spains
escalating borrowing costs
under control.
Mr Draghis message is
that the ECB is minding its
own business, and he gave
several not-so-discreet calls
for European leaders to
mind theirs, said Julian
Callow, European econo-
mist at Barclays.
Mr Draghi insisted there
would be no horse-trading
between the ECB and Euro-
pean leaders who will
hold a summit on June 28
but again called for a 10-
year vision on the euro-
zones future, modelled on
the 1988 Delors report that
paved the way for the
euros launch 11 years later.
Setting out goals would
help restore confidence in
the shorter term, he argued.
The key point is to clarify
this process.
Mr Draghis brinkman-
ship was high risk,
warned Gerard Lyons,
Standard Chartereds chief
economist. It would seem
high time to become more
proactive and get ahead of
the curve . . . One would
hope that the politicians
would do something at the
end of June that will allow
the ECB to provide some
further help.
Although ECB growth
and inflation forecasts for
2012 and 2013 were left
broadly unchanged from
Marchs projections, Mr
Draghi admitted they were
based on optimistic assump-
tions about financial mar-
ket tensions abating and
buoyant global growth.
He based the ECBs deci-
sion to hold interest rates
unchanged for now on con-
cerns about the effective-
ness of such steps when
financial markets were dys-
functional. There were also
conflicting signals on the
eurozones prospects, with
official growth data for the
first quarter of 2012 proving
better than feared but pur-
chasing managers indices
pointing to a sharp slow-
down in the second quarter.
Even in the depths of
the 2009 recession, which
followed the collapse of
Lehman Brothers, the ECB
did not cut interest rates
below 1 per cent. Mr Draghi
said current difficulties
were not as severe as then.
But a July interest rate
cut would help banks in the
crisis-hit eurozone periph-
ery countries, which are
borrowing heavily from the
ECB. It would also take the
ECB closer to embarking on
US or UK-style quantita-
tive easing to boost the
economy when interest
rates can be cut no further.
One issue for the ECB
would be whether to also
cut the interest rate paid on
its deposit facility, used by
banks to park funds over-
night, which is 0.25 per cent
but provides a floor for mar-
ket rates.
ECB steps up
pressure for
reforms by
eurozone heads
Eurozone inflation set to fall
Sources: Thomson Reuters Datastream; ECB
Real GDP (annual % change)
-5
-4
-3
-2
-1
0
1
2
3
2007 09 11 13
Forecast range
Inflation (annual % change)
0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2007 09 11 13
Continual struggle: banners from the Occupy protest movement hang outside the ECB headquarters in Frankfurt this week Bloomberg
WORLD NEWS
By James Politi
in Washington
A senior Federal Reserve
official said the US should
consider easing monetary
policy if the outlook contin-
ued to deteriorate, as US
central bankers face grow-
ing pressure to react to the
slowdown in the recovery.
Dennis Lockhart, presi-
dent of the Federal Reserve
Bank of Atlanta, said yes-
terday that the current
stance of US monetary pol-
icy was still appropriate.
But citing last Fridays
weak jobs report, Mr Lock-
hart said there was a halt-
ing and tenuous character
to the recovery that could
merit fresh action by the
Fed if conditions worsened.
Should it become clear
that something resembling
my baseline scenario of
continued, though modest,
growth is no longer realis-
tic, further monetary
actions to support the
recovery will certainly need
to be considered, Mr Lock-
hart said in prepared
remarks for a speech in
Fort Lauderdale, Florida.
Mr Lockhart is known as
a centrist voting member of
the Federal Open Market
Committee, which is due to
meet this month to set
interest rates. The commit-
tee is also expected to
debate the conditions under
which it would embark on a
fresh round of monetary
stimulus such as new asset
purchases, or QE3.
Mr Lockhart made clear
that more easing was linked
to the realisation of risks
such as a financial crisis in
Europe. The next FOMC
meeting will conclude three
days after Greece holds
elections so policy makers
are unsure what conditions
they will face.
Ben Bernanke, Federal
Reserve chairman, is sched-
uled to testify before Con-
gress today, which could
give some clues to his criti-
cal position on the economy
and the conditions for fresh
measures. The Fed has kept
interest rates at rock-bot-
tom levels, and officials say
they expect this to continue
until the end of 2014.
Furthermore, the Fed last
year extended the maturity
on its asset portfolio to sup-
port the recovery, suggest-
ing the threshold for fur-
ther action was quite high.
This week, Richard
Fisher, president of the Dal-
las Fed, and James Bullard,
president of the Saint Louis
Fed, suggested looser mone-
tary policy should not be
on the cards yet. Short of
an implosion, I cannot sup-
port further quantitative
easing, Mr Fisher said.
Mr Bullard said the eco-
nomic outlook had not
changed significantly so
far. Mr Fisher and Mr Bull-
ard do not hold votes on the
FOMC this year, however.
But in his speech, Mr
Lockhart laid out concerns
about the US recovery. It
is nearly impossible to
escape the conclusion that
we are replaying in some
manner the spring-summer
slowdowns of the past two
years, he said. Mr Lock-
hart described risks to the
US economy ranging from a
further large drop in house
prices, to uncertainty over
the fiscal cliff scheduled
for next year.
The situation we face
requires that the FOMC
maintains a state of readi-
ness to respond to financial
or economic instability
should the need arise, Mr
Lockhart said.
The strongest objections
to further easing come from
Fed officials who fear that
such a move could stoke an
increase in inflation.
Brazils annual inflation
rate fell below 5 per cent for
the first time since late
2010, good news for the gov-
ernments efforts to stem a
slowdown in Latin Amer-
icas largest economy. Bra-
zils 4.99 per cent May infla-
tion reading indicates the
central banks twin strategy
of simultaneously reducing
rates and prices is working.
Fed off icial urges more US easing
Jobs data add to
concern on recovery
Next meeting after
Greek elections
By Pilita Clark,
Environment Correspondent
More than 500 globally
agreed goals and targets
have failed to stop the
world hurtling towards
potentially sudden and irre-
versible environmental
damage, the UN warned
yesterday.
On the eve of the biggest
international environmen-
tal conference in 20 years, a
UN Environment Pro-
gramme report said signifi-
cant progress had been
made on just four of the 90
most important objectives.
These were phasing out
substances that deplete the
ozone layer; removing lead
from fuel; increasing access
to water supplies; and
boosting marine pollution
research.
Some progress had been
made on 40 other key goals,
UNEP added, such as efforts
to reduce deforestation and
expand national parks.
But little or no
improvement was detected
for 24 of the 90 objectives on
problems such as decimated
fish stocks, the spread of
deserts, climate change and
drought while further
deterioration had been
recorded for eight of these
goals, including improving
the worlds coral reefs.
If humanity does not
urgently change its ways,
several critical thresholds
may be exceeded, beyond
which abrupt and generally
irreversible changes to the
life-support functions of the
planet could occur, said
Nairobi-based UNEP, which
added that a lack of data
prevented assessment of 14
further goals.
The comprehensive UNEP
study comes two weeks
before more than 100 world
leaders meet in Rio de
Janeiro for Rio+20, a confer-
ence on tackling environ-
mental degradation and
poverty held 20 years after
the 1992 UN earth summit
that was also held in Rio.
The 1992 conference
launched a series of envi-
ronmental agreements,
including treaties to
address climate change and
species loss. But negotia-
tions on the outcome of the
Rio+20 conference have
been so fractious in recent
weeks that doubts have
arisen about whether it will
even make meaningful
promises, let alone
progress.
The UNEP report shows
why this vacillation must
end, said the programmes
executive director, Achim
Steiner. The moment has
come to put away the paral-
ysis of indecision, acknowl-
edge the facts and face up
to the common humanity
that unites all peoples, he
said. Rio+20 is a moment
to turn sustainable develop-
ment from aspiration and
patchy implementation into
a genuine path to progress
and prosperity.
But the extent of the chal-
lenge facing leaders in Rio
is underlined by the UNEP
report, which found that
despite past goals to cut the
rate of biodiversity loss by
2010, about 20 per cent of
vertebrate species fish,
birds, mammals are now
under threat.
Marine life faces particu-
lar risks and most in dan-
ger are coral reefs, whose
condition has worsened
sharply since 1980.
Industrial fishing tech-
niques have also led to
unprecedented deteriora-
tion in fish stocks.
UN study
attacks
lack of
climate
progress
Walking along the almost
deserted shopping streets in
the suburb of Surfers Para-
dise on Queenslands Gold
Coast, Australias unexpect-
edly strong gross domestic
product figures seem an
anomaly. But Australians
are indeed spending money
simply in new ways and
on different things.
We dont get as many
domestic holiday-makers
now, its much cheaper to
go to Fiji or Bali because
the dollar is so strong,
says the manager of a real
estate agency just off Cavill
Avenue.
Just how much cheaper it
is to holiday abroad
becomes clear a few hun-
dred yards away at the
Aztec Chocolate Caf,
where the young barista
reveals he has just booked a
Pacific island cruise.
Its A$400 for the week
for everything, except
drink. You dont get much
here for that price, he
says. Two coffees and a hot
chocolate come to A$15.
Despite their negativity
about their wealth and cost
of living increases, the
Australian consumer is
spending money, says
Scott Haslem, UBS econo-
mist.
But the economy is
increasingly generating
growth in different sectors
than in the past.
This observation helps
reconcile the recent stream
of corporate profit down-
grades and weak retail and
construction data with an
economy that expanded
more than 4 per cent over
the past year spending is
shifting away from retail
towards housing, education,
health and travel.
Australias resource-rich
economy expanded at twice
the pace expected by econo-
mists in the first quarter of
2012, lifted by an unex-
pected increase in house-
hold spending and contin-
ued heavy investment in
mining projects.
GDP advanced 1.3 per
cent from the previous
quarter, official figures
showed yesterday well
above market expectations
of 0.6 per cent. Excluding
the quarter that followed
the 2011 flooding in Queens-
land, economists say this is
the fastest acceleration in
growth in five years.
As expected, yesterdays
data from the Australian
Bureau of Statistics show
capital expenditure in the
mining sector which is
responsible for the strength
of the Australian dollar
rose sharply during the first
quarter, fuelling a 20 per
cent increase in private
infrastructure investment.
However, it was a 1.6 per
cent rise in household
spending during the quarter
that surprised the market
and economists, some of
whom cautioned against
reading too much into back-
ward-looking data.
Indeed, the strong GDP
reading came a day after
the Reserve Bank of Aus-
tralia lowered its bench-
mark interest rate to 3.5 per
cent the lowest in almost
three years because of
moderate domestic
growth and a weaker and
more uncertain interna-
tional environment.
That did not stop Wayne
Swan, treasurer, hailing the
figures as stunning, say-
ing they showed the rock-
solid economic fundamen-
tals that had put Australia
in a league of its own.
The Australian economy
[is] growing faster than
every single major
advanced economy in the
March quarter, said Mr
Swan.
Economists said the data,
which cover a period pre-
ceding the latest bout of
global economic worries,
might prove to be the high
water mark.
However, the Australian
dollar rallied following the
release of the report, rising
one per cent to US$0.99.
Thats not what the shop-
keepers of Surfers Paradise
want to see. Only a sus-
tained weakening of the
currency will bring the holi-
day makers back.
In full, www.ft.com/asia
Australians change their spending habits
A strong currency does not help the Gold Coast Dreamstime
UNEP director Achim Steiner
called for a path to progress
By Xan Rice in Lagos
The governor of Nigerias
central bank has warned
that its independence will
be compromised if parlia-
ment is allowed to control
the banks budget and
appoint board members.
The proposals are con-
tained in two bills recently
submitted to lawmakers in
Abuja. The central bank
under Lamido Sanusi, its
governor, is one of the few
Nigerian state institutions
that enjoys local and inter-
national respect.
The importance of both
bills is that they reduce the
authority of the central
bank and bring it under
political control, Mr
Sanusi told the Financial
Times. This is not in the
interest of the economy or
macro stability.
The first bill, tabled in
the senate last week, states
that it seeks to compel the
bank to submit its annual
budget before the National
Assembly to facilitate fiscal
transparency and accounta-
bility.
Analysts say the move
could be politically moti-
vated.
Mr Sanusis reformist pol-
icies and attempts at fiscal
restraint have pleased
financial markets but made
him enemies among law-
makers and vested interests
in the private sector.
Speaking at a public hear-
ing on the bill last week, Mr
Sanusi said his staff had
looked at the acts establish-
ing central banks in 40
countries, from China to
the US and South Africa.
They only found one case
where parliament approved
a banks budget Zimba-
bwe.
We should see whether
we are benchmarking
against 39 or against the
Central Bank of Zimbabwe,
and then look at the econ-
omy and currency of that
country, Mr Sanusi said.
Several cabinet ministers
and former members of the
banks board also spoke out
against the proposals at the
hearing, as did the coun-
trys biggest trade union.
But Ike Ekweremadu,
deputy senate president and
a supporter of the bill, said
there is no power that is
absolute to itself.
Mr Sanusi told the FT
that he believed the bill
would not be approved. It
is counterproductive and
the wrong time to even be
talking about it, given
whats happening in the
currency market.
The naira fell to a five-
month low of 162.75 to the
dollar this week, despite
central bank intervention.
While this was mainly part
of a global flight to
safety, international inves-
tors have raised concerns
about the threat to the
central banks independ-
ence, according to Razia
Khan, head of Africa
research at Standard Char-
tered Bank.
The second bill, intro-
duced in the lower house
last week, proposes that
parliament be allowed to
replace board members of
the bank. At present,
Nigerias president chooses
the governor and board, but
it then operates autono-
mously for a five-year term.
Mr Sanusi has repeatedly
criticised government
spending, angering some
legislators.
Ms Khan said that some
people were also uncomfort-
able with the banks greater
role in the wider economy
under Mr Sanusi.
Its a real concern that
anyone would propose
reducing the banks inde-
pendence when the benefits
of greater autonomy are
recognised internationally,
Ms Khan said.
Nigerias central bank chief
warns on independence
162.75
The nairas dollar exchange
rate, a fivemonth low
Growth data
Mining capital
drives GDP up
1.3% in quarter but
it may herald a
high water mark,
writes Neil Hume
US job creation
Source: Thomson Reuters Datastream
Monthly change in nonfarm
payrolls (000)
2010 2011 May
2012
-200
-100
0
100
200
300
400
500
Irreversible
changes to the
lifesupport
functions of the
planet could occur
For more news and
analysis from the US,
go to www.ft.com/us
JUNE 7 2012 Section:World Time: 6/6/2012 - 20:09 User: fitzgeraldj Page Name: WORLD2, Part,Page,Edition: USA, 3, 1
4

FINANCIAL TIMES THURSDAY JUNE 7 2012
WORLD NEWS
When US courts in 2010
swept away decades of
legal precedent and lifted
caps on companies giving
money for elections,
critics conjured up the
usual bogeymen waiting
in the wings to bankroll
pliant politicians.
ExxonMobil and big oil
would use their billions to
take over energy policy in
the wake of the case.
Wall St would take
advantage of the changes
to crush regulatory
reform, and so on, all of
which they doubtless
have an interest in doing.
So far, however, the
fallout from the Supreme
Courts 2010 ruling in the
Citizens United case has
not played out as many of
the decisions critics had
predicted.
The ruling has
transformed US politics,
unlocking hundreds of
millions in funds for new
groups operating outside
of the formal candidates
campaigns. But little of
the money raised by the
new super political action
committees has come
from the corporations the
ruling conjured up, big
business in the form of
the Fortune 500.
In retrospect, this
should not come as a
surprise. Such companies
prosecute their political
interests much more
through lobbying than
through campaign
donations. To give large
sums to the super-Pacs
with their scorched earth
tactics would be inviting
trouble, especially if they
backed the losing side.
It is possible that
Fortune 500 companies
could be donating
through the back door.
Most super-Pacs have
non-profit arms that are
not required to declare
their donors. But that
route would be risky, lest
news of their donations
leak out.
In the meantime, the
hole left by conventional
corporations has been
more than filled by a
brace of largely
libertarian billionaire
entrepreneurs, many with
energy interests.
If the super-Pacs are on
your side, they can be
invaluable. In the Florida
Republican primaries,
Mitt Romneys campaign
was outspent by the
super-Pac supporting him,
a one-two punch that
knocked out his
intraparty rivals.
The Obama camp, by
contrast, is looking at the
rise of the super-Pacs
with horror. In 2008, Mr
Obama had more than
double the funds of his
rival John McCain,
allowing his hope-and-
change message to be
buttressed by a wave of
negative ads, an
advantage he will not
enjoy this year.
Pro-Republican super-
Pacs and related groups
are on track to raise more
than $800m for the
November presidential
and congressional
elections. To put that
figure into perspective,
that is more than double
what Mr McCain raised in
2008 and about equal to
Mr Obamas record
fundraising haul.
It is little wonder, then,
that Mr Obama seems to
be on the fundraising
trail these days as often
as he is in the office, as
he scrambles to keep up
in the unseemly money
race with his Republican
rivals. But the impression
that big business has
stayed on the super-Pac
sidelines is misleading
and masks the fact that
many circumspect chief
executives share the
hostility towards the
president held by their
billionaire brethren.
Wall Street may not be
giving large lump sums to
pro-Romney groups but
finance sector executives
are, for starters. And
while Mr Romney
lavishes commerce of any
colour with praise, Mr
Obama is embedded in
another narrative that
only irritates most
business leaders, of the
need for fairness and
higher taxes for the
wealthy.
Business complains of
over-regulation but it is
difficult to see how this is
affecting their bottom
line. The profit share of
the economy has soared
since the financial crisis
in 2008, while the wage
share has halved.
But it is palpable
nonetheless and hurts the
president when he is
desperately trying to
maintain confidence in
the US economy at a time
the rest of the world is
threatening to fall down
around him.
With the tide turning
against him, Mr Obama
can only hope that
Fortune 500 companies
stay on the sidelines. But
even if they arent giving
to the super-Pacs, it is a
good bet that many
company chiefs are
cheering them on.
Republican
coffers bulge as
big business
cheers quietly
Mr Obama can
only hope that
Fortune 500
companies stay
on the sidelines
GLOBAL INSIGHT
Richard
McGregor
in Washington
By Richard McGregor
in Washington and
Hal Weitzman in Chicago
The failed Democratic push
to recall Wisconsins Repub-
lican governor, billed as the
second most important
election in the US this
year, has added new
momentum to Mitt Rom-
neys campaign in a state
where he once held little
hope of winning.
Scott Walkers sound
defeat of his Democratic
rival may have also soured
relations between unions,
which backed the recall,
and Barack Obama, who
declined to campaign in the
state for fear he would be
tarnished by defeat.
Although it is difficult to
draw a straight line from
Tuesday nights state vote
to Novembers national
presidential poll, the Repub-
licans Wisconsin win con-
tained much to worry Mr
Obama.
Mr Walker and his sup-
porters outspent his Demo-
cratic rival by a margin of
about five to one, largely
though funds raised outside
the state from the same
batch of wealthy donors
who are pouring money
into the anti-Obama effort.
Citizens United [the
Supreme Courts decision
lifting caps on donations]
has ushered in a new era of
elections, and it is not a
pretty picture, said Rich-
ard Trumka, head of AFL-
CIO, the peak union body.
The Republicans also
matched the Democrats in
getting its supporters out to
vote, an area where the
Obama campaign has
invested hugely.
After initially listing the
state as leaning in their
favour, the Obama cam-
paign in recent weeks has
shifted it into the toss-up
camp. Republicans have not
won Wisconsin since 1984.
Increasingly, the effort to
stage a recall vote seemed
like over-reach by the
unions. About 60 per cent of
respondents in exit polls
said recalls should be only
for official misconduct.
Although the effort was
spurred by Mr Walkers leg-
islation curtailing union
power, exit surveys showed
between 25 and 37 per cent
of Wisconsin union mem-
bers voted for the governor
to stay in office.
But while Mr Walker won
decisively, many of the
same voters have indicated
that they intend to support
Mr Obama in November.
Charles Franklin, a poli-
tics professor at the Univer-
sity of Wisconsin-Madison,
said 18 per cent of Wiscon-
sinites who voted for Mr
Obama in 2008 supported
Mr Walker. Its not that
voters are liberals nation-
ally and conservatives
locally, he said. But one
in five voters is a swing
voter who votes on perform-
ance, not ideology.
Swing voters think the
economy is improving in
Wisconsin, and they credit
Scott Walker for that. They
also think the US economy
is improving, and support
Barack Obama over Mitt
Romney on that issue.
Stephen Harper, Canadian
prime minister and avowed
monarchist last year, he
restored Royal to the
official name of the
countrys armed services
is in London to mark
the Queens diamond
jubilee and, defying the
blustery weather, is in a
sunny mood.
One of the great myths
is that leaders actually like
all this travelling. For the
most part its a necessary
evil, but this trip is
one Ive been looking
forward to, he told the
Financial Times.
The Conservative
premier has cause to be
pleased. Canada remains
one of the most robust
developed economies in
the world. Fuelled by a
resources boom and a
banking sector that has
not suffered the traumas
of its US or European
counterparts, the country
has not fallen into
recession.
Many of the structural
changes behind this
success predated Mr
Harpers premiership but
he has proved to be one of
the most durable, if
controversial, politicians in
recent Canadian history.
After five years leading a
minority government, he
won a majority last year
and capped a long effort to
reshape the countrys
politics. He has worked to
shift the political centre of
Canada to the right and
have his own party
supplant the Liberals as
the dominant force.
Not everything is going
his way, however. Chief
among the setbacks was
the decision last November
by Barack Obama, US
president, to put on hold
the Keystone XL pipeline,
linking Albertas oil sands
to the Gulf of Mexicos
refining facilities. Mr
Harpers government had
lobbied aggressively for the
project but opposition from
environmental groups
derailed the project,
for now.
Obviously were
disappointed, he said,
adding that Mr Obamas
decision was a wake-up
call that Canada needed
to look to other markets.
Most of Canadas energy is
produced for the domestic
market and the US, but
there is tremendous
demand and possibility for
Canadian energy exports,
particularly to Asia.
These include backing a
plan to construct a pipeline
through northern British
Columbia directly to the
Pacific coast, easing
exports to Asia. Like
Keystone, this plan
is opposed by
environmentalists and
First Nations groups but it
remains a major strategic
objective. Mr Harpers
government is considering
changes to streamline the
regulatory review process
on such projects.
Mr Harper visited China
in February, just months
after the Keystone
decision, a sign of closer
ties between the countries.
Chinese companies have
been busy investing in the
Canadian resources sector.
Last year, state-owned
Cnooc agreed to acquire
Opti Canada, a bankrupt
Calgary-based oil sands
producer, for $2.1bn
including debt. This
followed other big Chinese
investments in Canadian
oil sands, including
Sinopecs $4.7bn purchase
of a stake in Syncrude in
2010 and Petrochinas
$1.7bn purchase of a 60 per
cent stake in Athabasca
Oil Sands Corp.
This has raised questions
about energy independence
but Mr Harper is satisfied
with the vetting. When
we review investment we
have to satisfy ourselves
that investments from
state-owned enterprises are
commercially motivated
. . . If we thought the
objectives were broader or
impinged upon market
strategies or national
security, then I think the
country would take a very
different view of those
investments.
By contrast, he says it
would not have been in the
national interest to
approve BHP Billitons bid
for PotashCorp last year
because Canadian
ownership would have
been squeezed out of a
sector entirely.
A more immediate
concern is the eurozone
crisis. We cant be certain
how the Greek election
will turn out and we have
some uncertainties beyond
that in the Spanish
banking sector, Mr Harper
said. If the eurozone is
serious about the fact that
its a single economic bloc,
then it has to be prepared
to take all measures
necessary to stabilise its
fiscal and banking
situation.
He said European policy
makers had so far been
managing the crisis via
short-term measures rather
than a more
comprehensive fix. Unlike
the American situation, its
still ongoing. We may
decry Lehman Brothers
and what occurred, but in
the meantime the US dealt
head on with it and were
still dealing with the
problem in Europe,
he said.
Mr Harper also
maintained that Europe
needed to do more itself
before asking for outside
help from the International
Monetary Fund. Europe is
one of the wealthiest parts
of the planet. We would
hope that it doesnt get to
the stage where the rest of
the world has to rescue
Europe, he said.
Democrats and unions dealt Wisconsin blow
Canada
wakes up
to Asian
demand
Sources: Canadian Energy Pipeline Association; Canadian National Energy Board; Canadian Association of PetroleumProducers FT graphic
Arrested development Canada looks elsewhere for energy exports
Canadas crude oil
production
Selected oil pipelines by company
2012 onwards are forecasts
2012 onwards are forecasts
Barrels per day (m)
1
2
3
4
5
6
2010 15 20 25 30
Oil sands
Conventional
Stephen Harper,
prime minister
of Canada
Photo: Getty
Edmonton
Hardisty
Vancouver
Kitimat
Ottawa
CANADA
US
MEXICO
PACI FI C
OCEAN
Gul f of Mexi co
Hudson
Bay
Steele
City
Cushing
Patoka
Houston
Port
Arthur
Canadian crude
exports
Cubic metres per day
(000)
Q4 2011
TransCanada
Keystone
Keystone XL
(planned)
Kinder Morgan
Existing
Trans-mountain
(expansion plans)
Enbridge
Existing
Northern Gateway
(planned)
Pipeline key
Canadas natural gas
production
Cubic feet per day (bn)
13
14
15
16
17
2005 10 15
Other countries 4
351
US
By Mure Dickie in Beijing
Japans ambassador to
China has warned that
plans by the Tokyo munici-
pal government to buy
islands claimed by Beijing
could spark an extremely
grave crisis between east
Asias leading powers.
Uichiro Niwa said the
proposal, which Tokyo gov-
ernor Shintaro Ishihara
made in April, to purchase
islands in the Senkaku
group in the East China Sea
would put at risk the
progress achieved since the
countries normalised rela-
tions in 1972.
If Mr Ishiharas plans
are acted upon, then it will
result in an extremely
grave crisis in relations
between Japan and China,
Mr Niwa told the Financial
Times. We cannot allow
decades of past effort to be
brought to nothing.
His comments come amid
territorial frictions in the
waters around China. A
stand-off between Chinese
maritime surveillance ves-
sels and a Philippine naval
ship near a contested shoal
led to diplomatic protests
from Manila, while Vietnam
has accused China of sabo-
taging marine exploration
vessels.
Such incidents have
boosted support among
Chinas neighbours for US
plans to beef up its naval
power in the region. Leon
Panetta, US defence secre-
tary, said at the weekend
the US would deploy 60 per
cent of its naval forces in
the Pacific by 2020, up from
50 per cent now.
The Senkaku islands,
which are administered by
Japan but claimed by China
as the Diaoyu, have long
been considered one of east
Asias most dangerous
flashpoints. A clash
between a Chinese fishing
boat and Japanese coast-
guard in the area in 2010
disrupted diplomatic and
economic exchanges for
months.
Mr Niwas remarks are by
far the strongest sign of
Japanese central govern-
ment disquiet over Mr Ishi-
haras scheme to buy three
of the Senkaku islands.
The central government
currently rents the islands
and bans landings to avoid
friction with Beijing. Mr
Ishihara, who has long
opposed this conciliatory
approach, in April set out
plans for the Japanese capi-
tal to buy them from their
private owner for possible
development.
Mr Niwa said that while
Mr Ishiharas scheme could
face legal and other obsta-
cles, even a possible pre-
purchase survey of the
islands could be diplomati-
cally incendiary.
Such a crisis would affect
business relations, warned
Mr Niwa, a former chair-
man of trading house Ito-
chu and who in 2010
became the first Japanese
ambassador to the Peoples
Republic of China to be
appointed from the private
sector.
Sino-Japanese economic
ties have expanded rapidly
in recent decades. Total
bilateral trade between
Japan and China was more
than Y27tn ($345bn) last
year, according to Japans
finance ministry. Japanese
foreign direct investment in
China soared nearly 50 per
cent in 2011 to $6.3bn,
Chinese government data
show.
Japanese central govern-
ment officials have previ-
ously offered only low-key
reactions to Mr Ishiharas
plans. In April, Koichiro
Gemba, foreign minister,
called for both China and
Japan to deal with the issue
in a calm manner.
One option for the central
government is to buy the
islands itself, an approach
the opposition Liberal
Democratic party is consid-
ering including in its mani-
festo for the next gen-
eral election.
Mr Ishiharas plan could
face obstacles in the form of
opposition from the Tokyo
municipal assembly or tax-
payers. But his effort to buy
the islands has been bol-
stered by public donations
to an account set up to help
fund the purchase.
The governor announced
last week that the fund had
received 70,000 donations
totalling more than Y1bn in
just over a month.
Tokyo warned on plans to buy disputed islands
By Kathrin Hille in Beijing
China wants the Shanghai
Co-operation Organisation,
a regional bloc co-founded
by Beijing, to play a larger
role in Afghanistan, as
western countries gradually
reduce their military pres-
ence there.
We will insist that
regional powers call the
shots in regional affairs,
prevent turbulences from
outside the region, and play
a bigger role in the peaceful
reconstruction of Afghani-
stan, said Hu Jintao, presi-
dent, in remarks carried by
the Peoples Daily, the Com-
munist partys mouthpiece,
as the SCOs latest summit
kicked off in the Chinese
capital yesterday.
China shares only a short
border with Afghanistan,
but fears the spread of
Islamist extremism into
other south and central
Asian states that straddle
its long western flank.
China had backed west-
ern efforts to topple the Tal-
iban and rebuild the
Afghan state, but confined
itself to a role of supporting
regional stability through
mainly economic means.
Some analysts say that
approach may have to
change as the US proceeds
to pull most of its troops
out of Afghanistan by the
end of 2014. This year, Bei-
jing signalled a possible
increase in engagement
when it hosted a trilateral
dialogue with Afghanistan
and Pakistan.
Hamid Karzai, the Afghan
president, is in Beijing to
sign an agreement to ele-
vate ties with China to a
strategic partnership, and
the SCO will make Afghani-
stan an observer during
the summit, Mr Hu said.
For the Shanghai Co-op-
eration Organisation, Kar-
zais visit means that the
importance of the Afghani-
stan issue has increased,
said Zhao Huasheng, the
director of the Center for
Russian and Central Asian
Studies at Fudan University
in Shanghai.
It also means that, natu-
rally, the Afghanistan
question has become the
SCOs responsibility, and it
provides a better basis for
co-operation in security,
traffic infrastructure and
energy.
There are doubts as to
what role the SCO can play
in Afghanistan, however.
Bernt Berger, a senior
researcher at the Stockholm
I n t e r n a t i o n a l P e a c e
Research Institute said:
The SCO has no capacities
and making it an actor
inside Afghanistan is the
last thing Beijing wants.
The most likely change in
Beijings policy towards
Afghanistan is, therefore, a
focus on reinforcing the
stability of neighbouring
countries.
Pakistan is a much big-
ger worry for China, added
Mr Berger.
Additional reporting by
Zhao Tianqi
For more on this story visit:
www.ft.com/asiapacific
China weighs Afghan role
400 km
Senkaku/
Diaoyu
Islands
East Chi na
Sea
PACI FI C
OCEAN
Sea of
Japan
(East
Sea)
TAIWAN
JAPAN
CHINA
RUSSIA
SOUTH
KOREA
NORTH
KOREA
Protesters burn a Japanese
military flag in Hong Kong
We will . . . play a
bigger role in
the peaceful
reconstruction of
Afghanistan
The possibility for
Canadian energy
exports, particularly
to Asia . . . is
tremendous
Interview
Stephen Harper
Canadian prime minister
A US rebuff has
galvanised buoyant
premier to seek
profit further afield,
write Ravi Mattu
and Claire Jones
ONLINE
News from the energy industry
www.ft.com/energy
JUNE 7 2012 Section:World Time: 6/6/2012 - 19:29 User: fitzgeraldj Page Name: WORLD3 USA, Part,Page,Edition: USA, 4, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

5
JUNE 7 2012 Section:Ad Page Time: 6/6/2012 - 15:40 User: leej Page Name: AD BREITLING, Part,Page,Edition: USA, 5, 1
6

FINANCIAL TIMES THURSDAY JUNE 7 2012
WORLD NEWS
The shopkeeper says he
supported the revolution
that toppled Hosni Mubarak
last year. But political
change didnt put extra
meat on his table.
So in the presidential
elections, he plans to vote
for the archangel of the
counter-revolution: Ahmed
Shafiq, a former aviation
minister and air force
fighter pilot who has prom-
ised law and order and a
return to the perceived
prosperity of the final years
of Mr Mubaraks rule.
Before the revolution I
employed five people. Now
one, says Mohamed Taha,
owner of a shop selling
household goods in central
Cairo. Before, youd see
young couples walking past
my store late at night with
their baby. Now the streets
are empty.
In Egypts June 16-17
presidential run-off elec-
tions, some will vote for Mr
Shafiq because of who he is:
a stalwart of the deposed
regime of Mr Mubarak that
they support.
Others will vote for him
for who he is not: Mohamed
Morsi, the devout political
Islamist and Muslim Broth-
erhood leader he is running
against.
But for some Egyptians, a
vote for Mr Shafiq is a
weary and even reluctant
reaction against the status
quo characterised by the
excesses of the post-revolu-
tionary period.
They speak of crime
sprees, bank robberies and
purse-snatches, of almost
daily violent clashes
between youths and police,
a falling stock market and
the scurrying away of for-
eign tourists and expatriate
business people.
Those voters could prove
decisive once Egyptians
head to the polls.
Many Egyptians didnt
like the radicalisation of the
Egyptian revolution, said
Wael Nawara, a political
analyst and a cofounder of
the Ghad party, which
supported the revolution
and long opposed Mr
Mubarak.
They wanted a revolu-
tion that was peaceful and
one that took an orderly
direction. They choose
Shafiq as a message to the
revolution, Mr Nawara
said.
Opinion polls in Egypt
are sometimes vetted by
authorities and have often
proven unreliable.
However, in the first
round of the presidential
vote, 65 per cent of voters
supported avowedly pro-
revolution candidates.
Most analysts say that
with his pro-revolutionary
credentials and the backing
of the Brotherhoods politi-
cal machinery, Mr Morsi
appears to be the favourite.
Yet, in conversations
with Egyptians across the
economic spectrum, many
of those who say they plan
to vote for Mr Shafiq insist
they supported the revolu-
tion and have no problem
with political Islam: large
numbers voted for either
the Brotherhoods Freedom
and Justice party or the
ultraconservative Nour
party in the parliamentary
vote last year.
These voters tend to
work in the small-scale
private sector, small shop-
keepers and independent
operators.
Many are in Egypts once
lucrative travel and tourism
industry. They hustled to
make ends meet during the
Mubarak era and have
found their lot has only
worsened.
The revolution was
beautiful, but its been a
disaster since, said Yusri
Fahmy, a 52-year-old real
estate broker who plans to
vote for Mr Shafiq.
He says his business is
not even 3 per cent of what
it was before the uprising.
People are scared to buy.
People are scared to sell,
he says
Even among the pious
working poor who should
be the natural audience for
the Brotherhoods messages
of spiritually inspired char-
ity and social justice, there
is exasperation with the
direction the revolution has
taken the country.
The revolution was
great, for the first 18 days,
says Wafaa Hassaneen, a 47-
year-old woman selling
loaves of bread on the pave-
ment. But the revolution is
no longer. Now its just
clutter.
Before the revolution she
earned up to $10 a day. Now
she is lucky if she makes $4.
She is voting for Mr Shafiq.
Mr Shafiq performed best
in the Nile Delta provinces
of Shariqiya, Gharbiya,
Daqahloya and Minoufiyah,
mostly poor agricultural
communities that have
grown disillusioned with
the Brotherhood-controlled
parliament they voted for in
droves.
But even some of the
most passionate advocates
of the revolution and its
democratic ideals are turn-
ing to Mr Shafiq, and not
just out of fear of the
Brotherhood.
Mr Shafiqs campaigners
have done a competent job
of branding him the law-
and-order candidate, a label
reinforced by enemies who
describe him as a version of
Mr Mubarak, and highlight-
ing his technocratic creden-
tials as aviation minister.
Mohamed Abdul Bakri, a
41-year-old driver who
keeps a Koran on the dash-
board of his taxi, spent 12
days in Tahrir Square dur-
ing the uprising last year
and voted for socialist pro-
revolution candidate Ham-
deen Sabahi in the first
round.
Now hes voting for Mr
Shafiq. In a time of uncer-
tainty, horrendous traffic
and queues for fuel, he is
impressed by the specificity
of Mr Shafiqs political pro-
gramme.
Everything he mentions
has a start and finish date,
he said.
For more on the Middle
East, www.ft.com/mideast
Revolutionary ideals
fade as Egypt decides
Presidential poll
Crime sprees and
hardship turn some
voters towards a
counteruprising
option, writes
Borzou Daragahi
Military rulers threaten Islamists
Egypts military rulers have
imposed a 48hour deadline
on the Islamistled
parliament to form a
constitutional commission,
threatening to implement
their own constitution if it
fails, state media reported,
writes Borzou Daragahi in
Cairo.
In a meeting on Tuesday,
Field Marshal Mohamed
Hussein Tantawi, leader of
the Supreme Council of the
Armed Forces, told
squabbling political leaders
that if they did not come
up with a 100person
assembly by the end of the
working week, the ruling
military would either declare
its own constitutional annex
or revert to the 1971
version.
Just 10 days before the
first presidential
election since the
fall of Hosni
Mubarak, the
ultimatum
injects yet
more
uncertainty into
a transition
fraught with
violence
and
infighting.
It could also elevate the
confrontation between the
army and political forces
that led the rebellion last
year.
Late on Tuesday, tens of
thousands of Islamists,
leftists and selfdescribed
revolutionaries gathered in
Cairos Tahrir Square and
other cities to protest the
acquittal of officials charged
with killing protesters last
year. And to demand that
Ahmed Shafiq, Mr
Mubaraks ally, be excluded
from the election in which
he faces the Muslim
Brotherhoods Mohamed
Morsi on June 1617.
The Brotherhoods
Freedom and Justice party
and its Islamist allies swept
parliamentary elections
earlier this year. But efforts
to form a new constitutional
assembly failed after
liberals and leftists, as
well as Christians and
representatives of an
Islamic house of
learning fled the
process, accusing
Islamists of trying
to dominate.
The massacre of 108 people
in the central Syrian
district of Houla looks
increasingly like a tipping
point in the countrys
crisis after all though not
the international one that
some regime foes had
predicted.
The positions of world
powers lined up for and
against the regime of
Bashar al-Assad, president,
have hardened since the
killings provoked
worldwide condemnation
last month, yielding a
diplomatic stalemate.
But since the massacre,
the signs are clear that the
fragmented opposition has
stepped up activity on the
ground with attacks on
soldiers loyal to the regime
and a growing campaign of
civil disobedience.
Analysts say the reaction
underscores the presidents
inability to crush a
resistance that, while it
may be fractious at a
political level, is becoming
bolder and better armed
on the ground.
The opposition seems to
be getting stronger even as
the exiled leadership has
fallen apart, says Joshua
Landis, a Syria specialist
at the University of
Oklahoma. The more the
regime flails around and
hurts people, the more
recruits the opposition
gets.
Far from being cowed by
the horror of Houla
where almost half the
victims were children in a
killing spree that local
people said was carried out
by pro-regime militias
Syrias opposition has
fought back hard. The UK-
based Syrian Observatory
for Human Rights claimed
80 government soldiers had
been killed last weekend in
one of the bloodiest and
most intense series of
attacks yet on regime
targets. Twenty tanks or
armoured personnel
carriers have also been
burnt in the past week.
Heavy fighting continued
in the coastal province of
Lattakia yesterday,
according to the
Observatory, which
reported that 11 civilians
and six soldiers had been
killed, and more than 50
soldiers injured.
At the same time, long-
standing efforts to stoke
passive resistance through
strikes in Damascus
which were reported to
have shut many shops for
at least two days last week
and Aleppo, the second
city, appear to have gained
momentum.
The oppositions armed
wing, in disarray after the
government bombarded it
from strongholds such as
Homs and some Damascus
suburbs earlier this year,
is showing renewed
assertiveness in spite of an
internationally brokered
ceasefire nominally in
force since April 12.
Many analysts say the
rebel movement appears to
be receiving more and
heavier weapons, after
Qatar and Saudi Arabia
earlier said they would
arm it. They say it has
also switched from trying
to occupy territory to a
more effective strategy of
guerrilla insurgency.
In the last two
weeks, there has been a
significant upswing in
terms of the [rebels]
willingness to actively
target regime forces, said
Aram Nerguizian of the
Center for Strategic and
International Studies, a US
think-tank. They seem
to be having far better
access to weapons and
ammunition than in
the past.
While this change in the
military status quo began
playing out before Houla,
the massacre does appear
to have directly triggered
some of the broadening
peaceful protest in a near-
15-month old conflict. The
estimated death toll has
now passed 10,000.
After the massacre in
Houla, the businessmen
have more sympathy and
they dare to do
something, said Mannal
Abdul Salam, a rights
activist now in Beirut. I
dont think it is organised
or co-ordinated, it is just a
feeling of people and
when they tried it once
they felt encouraged and
they felt empowered.
On the ground, activists
seem emboldened, although
many independent
observers argue that any
bullishness is misplaced.
I tell you the regime is
collapsing, proclaimed one
activist in Aleppo, who
said a demonstration last
Friday had pushed to
about 100 metres from the
main square.
For all the encourage-
ment which Mr Assads
foes are taking from the
surge in anti-government
activity, some also
recognise that it creates
dilemmas as well as
opportunities. Regime
opponents acknowledge
that some armed groups
have been killing,
kidnapping or harassing
members of the Alawite
minority religious sect, to
which the president and
many other senior regime
members belong.
The spate of attacks at
the weekend on soldiers at
checkpoints and other
positions raises further
questions about targeting,
in a country where some
join the army unwillingly
through compulsory
national service and others
have not defected because
they fear being killed
themselves.
One activist operating
outside Syria said that
there was now an urgent
need for regime opponents
to agree on what was
acceptable and what was
unacceptable in the
necessary effort to
diversify and multiply
the means used in the
struggle against Mr Assad.
You cannot just employ
regime tactics and say we
kill everyone who is
against us, he said.
And you need to
denounce whatever
mistakes are made.
Additional reporting by
Abigail Fielding-Smith
Houla could turn tide on Assad
News analysis
The horror of last
weeks massacre
has emboldened
rebels further, write
Michael Peel, and
Roula Khalaf
Local people examine the remains of a regime tank that was
destroyed by rebels in the town of Ariha, Idlid province AP
Ahmed
Shafiq
JUNE 7 2012 Section:World Time: 6/6/2012 - 18:49 User: fitzgeraldj Page Name: WORLD4 USA, Part,Page,Edition: USA, 6, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

7
Germany
Those looking to
an isolated Angela
Merkel to stabilise
the single currency
fear her focus on
the threat from
eurosceptic voters
at home will stop
her taking rapid
action to contain
the crisis.
By Quentin Peel
A lonely path
T
hese are troubled times for
Europes most powerful politi-
cian. As the eurozone crisis
comes back to the boil,
Angela Merkel, German chancellor,
seems to be losing friends and influ-
ence at home and abroad.
At the Group of Eight summit
hosted by President Barack Obama at
Camp David last month, and again at
the European Unions informal sum-
mit in Brussels two weeks ago, the
woman who has dominated the debate
about the future of the euro cut a
distinctly lonely figure.
Merkel isolated, the headlines
read. The pictures suggested much
the same. As they prepared for the G8
family photograph, Mr Obama paid
far more attention to Franois Hol-
lande, the new French president to his
right, than to Ms Merkel, his former
ally in tackling the global financial
crisis, to his left.
While the chemistry between them
never really worked, the chancellor is
missing Nicolas Sarkozy, the former
French president. In the heat of the
eurozone crisis, their double act was
nicknamed Merkozy, though it was
in reality dominated by the German
chancellor.
As time to stop contagion raging
through Europes financial markets
runs out, she must now find a modus
vivendi with Mr Hollande. Both are
pragmatists, but he is a Socialist and
she a centre-right Christian Democrat.
He wants to boost economic growth,
and she insists cutting borrowing
comes first. The feeling in Berlin is
that the pair will work well together
but may take time to settle down.
At home, the chancellor is strug-
gling to breathe new life into her frac-
tious coalition government, after last
month suffering a bruising political
defeat in the largest federal state,
North Rhine-Westphalia. She sacked
the man seen to be responsible Nor-
bert Rttgen, her close ally and envi-
ronment minister, who was party
leader in NRW. But her Christian
Democratic Union has dropped sev-
eral points in the polls.
Just at the moment when she needs
all the support she can find to stabi-
lise the euro and rescue her debt-
strapped partners in southern Europe,
Ms Merkels reputation as a clear-
sighted, unflappable leader is being
called into question.
Cautious and risk averse, she seems
to be constantly protecting her back
against the threat of a eurosceptic
backlash at home that has not yet
materialised. This leaves her partners
terrified that although her instincts
are right to do whatever it takes
to save the euro she may repeatedly
act too late to prevent contagion
spreading across the eurozone, leav-
ing decisions until the 11th hour.
The myth of Merkels sacrosanct
crisis management seems to be finally
ending, says Professor Henrik Ender-
lein of the Hertie School of Govern-
ment in Berlin, an adviser to the
opposition Social Democratic party
(SPD). He sees her facing a fundamen-
tal choice. Either she succeeds in
negotiating a big leap towards Euro-
pean integration to save the euro; or
she sticks to her step-by-step
approach, negotiating tough new
rules of fiscal discipline before offer-
ing any financial guarantees to her
partners.
The former strategy requires per-
suading reluctant voters and leaders
including Mr Hollande to forge a
fully fledged fiscal union in the
eurozone. The latter, says Prof Ender-
lein, runs a serious risk of demolish-
ing the euro.
Ms Merkel has been written off
before. One of the political lessons she
learnt from Helmut Kohl, the former
chancellor and her political mentor,
was the advantage of being con-
stantly underestimated. She also
learnt to be eternally patient and sit
out any political debate until all par-
ticipants had agreed on a compromise.
In the eurozone crisis, however, she
admits there is a clash between the
short-term perspective of the financial
markets and the slow pace of political
decision-making.
As the rest of Europe waits with
trepidation for the result of the Greek
election on June 17, to see if voters
dump the rescue plan negotiated by
the last government, Spain has been
hit by the contagion of uncertainty,
with the interest rate spreads on its
debt rising to new records. George
Soros, the hedge fund investor,
believes there are just three months
to save the euro. Joschka Fischer, the
former German foreign minister and a
passionate pro-European, believes we
are now very close to break-up.
Yet there has been a virtual radio
silence from the chancellery and the
upper echelons of the German govern-
ment in recent weeks. I do not think
it is a good idea to indulge in specula-
tion when there is a difficult situation
in the financial markets and in Greece
itself, said Wolfgang Schuble, Ms
Merkels powerful finance minister, in
a newspaper interview this week.
Greece must decide for itself. As for
Madrid, he added: The Spaniards are
doing the right things.
S
o, while investors urgently seek
assurance that Germany and its
partners have a game plan to
manage the crisis, both Mr
Schuble and Ms Merkel the most
powerful personalities in the govern-
ment and the CDU feel far more
comfortable talking about medium-
term solutions.
Their strategy for a very long time
has been to focus on structural
reforms and the medium term, and
rely on the European Central Bank to
fix things in the short term, says
Clemens Fuest of the Oxford univer-
sity centre for business taxation, an
adviser to the German finance minis-
try. He says this is a deliberate but
mistaken attempt to avoid debate on
questions that are politically difficult
in Germany, such as the introduction
of jointly guaranteed eurozone bonds.
It seems doomed to failure.
Merkel is now in a very weak and
very difficult position, he says. Peo-
ple see her as the strong woman of
Europe. Up till now, the strategy was
to get as many controls in place as
possible [before committing any more
money]. But the Germans will still
have to agree to pay whatever is nec-
essary to avoid a break-up.
In Germany, such bonds favoured
by a clear majority of eurozone lead-
ers have become a touchstone of the
debate on the euro. Opinion polls sug-
gest 80 per cent of voters oppose the
idea. Clearly, Ms Merkel has won the
German domestic debate on
eurobonds, says Prof Enderlein. She
painted them as the devils work. But
nobody really understands them.
We know the euro debate is
extremely complex. It is the chancel-
lors role to shape German public
opinion. She has always run a policy
signalling at first that she might turn
nationalist There will be no money
for Greece, she said and then at the
last second turning pro-European.
This might be a workable crisis strat-
egy, but you lose public opinion.
Y
et the underlying political
reality, both in Germany and
the rest of Europe, is that the
chancellor is more in tune
with public opinion than are many of
her critics. The latest opinion poll
published by the Pew Global Atti-
tudes survey last month showed that
she is the most respected European
leader in every country except Greece.
The same is true at home. According
to Pew, 80 per cent of Germans think
Ms Merkel has done a good job as an
economic manager.
The German electorate also remains
more fundamentally pro-European
than those of any of the other big EU
members with 59 per cent saying the
country has been well served by
European integration, according to
the survey, and 65 per cent saying EU
membership is a good thing for the
nation, in spite of the euro crisis.
Although her CDU party has slipped
in the polls by a couple of points since
its defeat in the NRW state elections,
Ms Merkel herself has emerged virtu-
ally unscathed, according to Joachim
Koschnicke of the Forsa polling insti-
tute. NRW has been written off by
voters, he says. Sacking Mr Rttgen
has actually strengthened her.
His polling suggests voters do not
trust the SPD to deal with the crisis
as well as the CDU. If there were a
general election tomorrow (it is not
due until the latter half of 2013), Ms
Merkels party would top the poll with
33 per cent support, followed by the
SPD with 27 per cent. They would
probably need to form a grand coali-
tion of centre-left and centre-right to
obtain a parliamentary majority.
Professor Andreas Busch of Gttin-
gen university believes this may be
what Ms Merkel is aiming for. She
would probably give her right arm to
go back into a grand coalition, he
says. The three-party centre-right gov-
ernment is racked by disputes over
domestic tax and social issues. Given
the unhappy way the present coali-
tion runs, it couldnt fail.
A combination of CDU and SPD
would amount to a very pro-European
government, one far more likely to
countenance eurozone bonds, for
example, than the present coalition
which might well suit Ms Merkel. But
the crisis seems unlikely to wait for
the German political cycle. She may
have to make up her mind much
sooner.
I am sure she will end up doing the
right thing to save the euro, a senior
European politician said last week.
But she may not do it until she is on
the edge of the abyss. That may be too
late for the rest of us.
The German-inspired fiscal pact,
requiring strict budget discipline to be
inserted into the national constitu-
tions of all eurozone members or the
legal equivalent forms part of that
strategy. Negotiated at extraordinary
speed in December and January, it
now awaits ratification by 25 of the 27
EU member states. To German eyes, it
was essential to put budget discipline
into primary legislation in every
country: it was the first step towards
a fiscal union.
In the six months since the pact was
agreed, Ms Merkel has developed a
follow-on twin-track strategy. It com-
bines structural reforms to boost
growth without a debt-financed
stimulus and more fundamental
institutional reforms laying the basis
for that fiscal union to complement
the eurozones monetary union.
Both elements will be presented to
EU leaders at their summit at the end
of June. Last months dinner in Brus-
sels issued instructions for Herman
Van Rompuy, European Council presi-
dent; Jos Manuel Barroso, European
Commission president; Mario Draghi,
ECB president; and Jean-Claude
Juncker, chairman of the Eurogroup
of eurozone finance ministers, to come
up with proposals.
Most urgently, in light of the Span-
ish banking crisis, they are likely to
include plans for a banking union
combining European regulation of
cross-border institutions with a Euro-
pean fund to provide deposit guaran-
tees. But Ms Merkel insists that is a
medium-term measure.
Mr Schuble says the same time-
frame applies to the introduction of
jointly guaranteed eurozone bonds.
They cannot be introduced without a
real fiscal union, he says, although
he does not rule them out altogether.
On the web
Brussels Blog Ten things to
remember about a banking union,
and other notes from the EU
www.ft.com/brusselsblog
ANALYSIS
Speed read
Timing trouble While markets
seek urgent assurance that Germany
has a solution to the eurozone crisis,
Angela Merkel feels more comfortable
discussing mediumterm measures
said to be an attempt to avoid
politically difficult questions at home
Ever closer The chancellor insists
a banking union could be introduced
only as a longerterm measure
Contradictory thoughts Though
polls say most oppose eurozone bonds,
German voters are more proEuropean
than those of other big EU members
Emerging parties
Sceptics stir the political scene
At the next general election, Germans
may be offered the chance for the
first time in decades, to vote for a
conservative eurosceptic party,
complicating an already complex
political process.
The Freie Wahler Free Voters
have announced plans to run next
year for both the federal parliament in
Berlin and the state parliament in
Bavaria. If they pick up support, it
could well push Angela Merkel into a
more nationalist position on European
policy.
The FW party, which won more than
10 per cent of the vote and 20 seats
in the Bavarian state assembly in
2008, has wooed HansOlaf Henkel, a
leading critic of the euro and former
head of the German manufacturers
association, to join its parliamentary
list. He favours splitting the currency
into two, with a northern hard
currency centred on Germany and a
weaker southern unit centred on
France.
Although the organisations base is
in Bavaria, where the Christian Social
Union sister party of Ms Merkels
Christian Democratic Union is the
leading conservative party, it has also
won seats in town and city councils
across the country.
They have a good chance to get
back into the Bavarian state
parliament, says Joachim Koschnicke
of Forsa, a polling agency. On a
federal level, however, it will be much
more difficult to establish themselves.
The other unpredictable element in
the poll will be the Pirate party,
campaigning against censorship of the
internet, which has picked up a large
minority vote in recent state elections,
polling 8.9 per cent in Berlin last year
and 7.8 per cent in North Rhine
Westphalia last month.
The Pirates have attracted protest
voters from across the spectrum,
according to pollsters, with strong
support from younger Germans who
have never voted before. In so doing,
they have made it harder for the
established parties to form stable
coalitions. The Pirates say they do not
want to join any government, and no
established party seems inclined to
trust them as a potential partner.
The latest Forsa poll in Stern
magazine puts the CDU on 33 per
cent, the Social Democrats (SPD) on
27 per cent, the environmentalist
Greens on 14 per cent, the Pirates on
11 per cent, and the liberal Free
Democrats on just 4 per cent,
meaning that no two parties would
have an outright majority, except for a
grand coalition of CDU and SPD.
Merkel is in a very weak
position . . . The Germans
will still have to agree to
pay whatever is needed
to avoid a breakup
Waiting game: Angela Merkel prepares
to receive Russias Vladimir Putin in
Berlin this month. The chancellor
increasingly lacks allies in her focus on
putting debt reduction before growth
measures Michael Kappeler
JUNE 7 2012 Section:Features Time: 6/6/2012 - 19:08 User: paleita Page Name: BIG PAGE, Part,Page,Edition: USA, 7, 1
8

FINANCIAL TIMES THURSDAY JUNE 7 2012
Without fear and without favour
Thursday June 7 2012
SMEs trapped by Google domination
From Mr Jonathan Zuck.
Sir, I read with great interest, and
a hint of we told you so, Richard
Waters article Google to charge
companies for listings (June 1). As
an association representing the
interests of small and medium-sized
technology enterprises globally, the
Association for Competitive
Technology has warned for years of
the dangers of Googles dominant
position in the search market. The
latest changes to Google Product
Search confirm our concerns. Google
dominates the search market and
is clearly abusing that dominance
position.
In Europe, some analysts estimate
up to 95 per cent of users start their
internet journey on a Google search
page. This has made it a must for
SMEs to get visibility online for their
products and services. By proposing
free services, Google has lured
thousands upon thousands of SMEs
and made them dependent on their
services. The time has now come for
Google to cash in. And so the Google
trap closes on SMEs that will now
need to pay to stay relevant. An
ironic outcome, given it is the very
content developed by these SMEs
that makes Google relevant to users.
Joaqun Almunia, the European
Union Commissioner in charge of
competition, will no doubt take
notice and have little faith that such
measures help increase the quality of
search results.
At a time when the EU is taking a
long hard look at the companys
anti-competitive practices, one has to
wonder what is going on in the
heads of Eric Schmidt and his
acolytes. SMEs across Europe are
looking to Mr Almunia to set them
straight.
Jonathan Zuck,
President,
Association for Competitive
Technology,
Brussels, Belgium
Monarchist glitter
cant hide reality
From Mr Martin Upham.
Sir, Gideon Rachman might have
done British republicans the courtesy
of examining their arguments more
closely (A rain-soaked pageant
offers respite from grim reality,
June 5). Of course the monarchy has
an essentially symbolic role. But this
perceived confusion of form with
substance is actually a concern that
the glitter obscures reality.
Costume-drama pastiche may not
threaten our liberties but the
undefined powers of our true head of
government certainly do. Patronage
and foreign policy slowly seeped
from the monarch after the 17th
century, but are still wielded in a
way that alarmed the critics of
Charles II. No wonder all prime
ministers are monarchists: behind
the pageantry and the pretence they
concentrate national power in their
hands. Many recent evils from the
Iraq war to the decision to shield
one Cabinet member from inquiry
while referring another actually
reveal the absence of definition at
the constitutional heart.
Mr Rachman draws attention to
the popular consolations of
monarchy. The other defence
employed of late has been to point to
the danger of a President Blair. True
this is an appalling prospect but the
headship of state may be usefully
located elsewhere for example on
the Speaker of the House of
Commons.
Opiates and personal rectitude over
60 years do not adequately
compensate for a failure to examine
the role of our heads of government
whose powers have grown and ought
to be diminished.
Martin Upham,
Director of London Programmes,
AHA International,
London WC1, UK
New York exit: Lehmans in 2008
Do not wish for a Lehmantype Grexit
From Dr Nicholas Spiro.
Sir, It is a sign of how dire the
situation in the eurozone has become
that Michael Tory believes the bloc
needs to experience a Lehman-type
event in order to restore confidence
(Europe needs its Lehman moment
to help it tackle the realities,
June 5). The repeated failures by
eurozone policy makers in the past
two years to decisively address the
issues that concern investors the
most the solvency of governments
and banks are not in dispute. But
to claim, as Mr Tory does, that a
Greek exit from the eurozone would
provide the policy making catharsis
that Europe sorely needs strains
credulity.
First, the parallel that Mr Tory
draws between the bold measures by
the US government in 2008-09 to
shore up the countrys banks and the
challenge currently facing the
eurozone is not an apt one. One of
the main reasons why Americas
troubled asset relief programme
worked is because it was the big
bazooka that stunned the markets.
The US government quickly got
ahead of the curve and managed to
turn sentiment around.
Psychologically speaking, the
eurozone missed that boat a long
time ago.
Second, Mr Torys apparent
insouciance about the likely fallout
from a Greek exit from the eurozone
is striking. To paraphrase former US
defence secretary Donald Rumsfeld,
there are enough concerns about the
known knowns of a Grexit, to
say nothing about the unknown
knowns and the unknown
unknowns. The damage that has
already been inflicted on Europes
debt markets and banking sectors at
a time when the core assumption of
most investors was that Greece
would remain in the single currency
area is reason enough to doubt those
who claim that such an event is a
price worth paying.
Europe may well have its Lehman
Finlands green alternatives to nuclear
From Mr Jehki Hrknen
Sir, Nuclear power remains a
controversial and highly political
issue in Finland as much for
economic reasons as anything else
(Pragmatic citizens are unfazed by
Fukushima, Special Report, Finland,
May 30). The Olkiluoto 3 nuclear
plant has doubled in cost, and the
relationship between TVO and Areva
has turned litigious as each party
tries to avoid paying its share of the
3bn overspend. The reactor is now
six years behind schedule.
As an alternative to nuclear,
Finland has a high potential for
wind energy due to the long Baltic
Sea coast. The country also has an
exceptional amount of forest biomass
to replace existing fossil fuel-based
production. According to the
European Solar Radiation Atlas,
solar radiation in southern Finland
equals that of northern Germany,
bringing the potential of solar power
production roughly to the same level.
Therefore, given the national
embarrassment at the failure of the
Olkiluoto plant, the enormous costs
incurred in trying to deliver it and
our keen awareness that other
countries, such as Germany, are
reaping the benefits of a green
economy, the idea of a nuclear
renaissance in Finland is very far
from the truth.
Jehki Hrknen,
Energy Campaigner,
Greenpeace Nordic,
Helsinki, Finland
Russian growth gives Putin some bragging rights
From Mr Charles Robertson.
Sir, Ian Bremmer and Nouriel
Roubini (It is time to blackball
Russias authoritarian state,
Comment, May 31) might understand
Russias stance on Syria a little
better if they recalled the UN vote
on Libya last year. They evidently
like Dmitry Medvedev who, as
president, accepted western
assurances that the UN vote was
aimed solely at protecting Benghazi
from Muammer Gaddafi. Vladimir
Putin criticised Mr Medvedevs
decision, saying the west would use
this vote to justify overthrowing
Gaddafi; the implication being that
the west wanted to secure oil
supplies and win business contracts.
Presumably the context was Mr
Putins experience of UN resolutions
justifying the invasion of Iraq. From
this viewpoint, the wests focus on
humanitarian intervention in Syria is
a veil for hard-headed energy
realpolitik. We may disagree (as I
personally do) with this
interpretation, but events in Libya
did not disprove Mr Putins thesis.
This may help explain the articles
selective and negative focus on
Russia. It ignored Indias corruption,
Chinas political system, Brazils
worse score on the ease of doing
business, significant improvements
in Russian life expectancy and a rise
in the birth rate. No mention was
made of gross domestic product
which has risen 10-fold in just over a
decade Mr Putin does have some
reason to brag. Russia is the only
Bric country with accelerating
growth, and at a rate exceeding
Brazils over 2011-12. The authors
also chose not to focus on Russias
enviably low public and private debt
ratios, its current account surplus
and its $500bn of foreign exchange
reserves, which in theory could help
the eurozone. Russia is far from
perfect, but wed still argue that FT
readers could benefit from exposure
to a cheap equity market that suffers
partly because of views such as
those outlined by Mr Bremmer and
Mr Roubini.
Charles Robertson,
Global Chief Economist,
Renaissance Capital,
London EC2, UK
European Council
f lexibility vital to
reporting reform
From Ms Arlene McCarthy MEP.
Sir, I write to offer a clarification
in response to your article EU delay
for reporting reforms (Companies &
Markets, June 4). At no point has
the European parliament refused to
enter into negotiations with the
European Council and the European
Commission indeed, we are happy
to begin informal negotiations with a
view to achieving a positive
outcome. However, the Commission
and the Council need to understand
that they cannot bypass the
democratic process.
The legal affairs committee is
scheduled to vote on more than 200
amendments that have been tabled
to the accounting and transparency
directives. Of these, 100 amendments
go further than the Commissions
position on country-by-country
reporting, demanding project-level
reporting, which clearly illustrates
that this is a critical issue for the
parliament and its democratically
elected members.
The amendments tabled do not
support the view taken by the
extractive industries for so-called
government-level reporting in their
letter to the FT (June 6). Project-
level reporting is already carried out,
for example in Zambia, as evinced by
the 2011 Extractive Industries
Transparency Initiative report, and
therefore is clearly desirable and
feasible. Why then are the
extractive industries lobbying against
project-level reporting approached in
EU law? Indeed, the UK prime
minister, David Cameron, himself is
on the record supporting this
approach in a speech in Nigeria in
July last year.
In addition to country-by-country
reporting, there are differences
between the views of the European
parliament and the Council on the
simplification process. While
scrapping quarterly reporting
requirements, for example, will
reduce burdens on business, the
transparency and accounting
directives are primarily intended as
investor protection measures. These
measures are crucial and come at a
time when investors are seeking
more information and reassurance on
the security of their investments,
and we do not wish to compromise
on transparency.
It is essential that we do not
encourage wide-ranging exemptions
from reporting requirements, and do
not permit complex corporate
ownership structures, which make it
possible to build up secret
shareholdings. Instead, we should
ensure that information is laid out in
an easily accessible and comparable
format and available for a sufficient
period of time. We need to find a
balance between reducing the
administrative burden for smaller
issuers and transparency for
investors and civil society.
If the Council were now to give a
strong indication that they would go
further than their current position
on country-by-country reporting,
which has been promoted by the
extractive industries, then an early
agreement on the whole package
could indeed be possible.
Arlene McCarthy,
Rapporteur on the Transparency
Directive for the legal affairs
Committee in the European
Parliament
Brussels, Belgium
To contribute please email: letters.editor@ft.com or fax: +44 (0) 20 7873 5938 Include daytime telephone number and full address For corrections email: corrections@ft.com
LETTERS
Notebook
Scotland gets the
Disney treatment
On Saturday VisitScotland chartered
a train for about 150 journalists to
travel from Edinburgh to Dunkeld
in east Perthshire. Passengers were
seated at tables adorned with
hampers containing haggis-flavoured
crisps and single-malt miniatures.
At Dunkeld, alighting correspondents
were welcomed by three bagpipers.
Time was spent on dignitaries and
scenery; the town is near Birnam
Wood, which provided camouflage
for Macduff to attack Macbeth.
The junket, which I sadly learnt
about in the Times, is part of a 7m
campaign to supplement the release
of another arboreal drama: Brave, an
animated movie from Disney/Pixar.
Set in the rugged and mysterious
highlands, the film stars Merida, a
young archeress with Rebekah
Brooks hair and Maggie Tulliver
chops. Best of all, this land is no
mythical place, this is Scotland,
says VisitScotland. It has launched
six itineraries so tourists can follow
in the footsteps of Merida and her
three brothers, Harris, Hubert and
Hamish. The agency seemingly hopes
that Brave will to do for Scotland
what Finding Nemo did for fish.
There is often a tension between
how a place wants to present itself
to the world and what the world
wants to find when it gets there.
Prague is a hip fairy tale drenched
in stag-night Pilsner. Egypt may
soon decide to project more than
scuba and the Sphinx. Stereotyping
can lead to jolly good fun, if youre
into the jubilee and the like. It can
also be lucrative: Diageo announced
yesterday it was investing 1bn to
keep snifters full in emerging
markets. Nevertheless, its important
to keep some dignity. Brave will no
doubt be a great movie but its time
Scotland showed off more than just
McShtick.
I blame the English. In 1822, Sir
Walter Scott orchestrated the visit of
King George IV to Edinburgh. It was
his first trip across the border since
the 1630s. He spent the first night on
his boat in Leith docks, enjoying the
somnolent effect of cherry brandy.
Once he had lumbered ashore, he
enjoyed a delirious week of ersatz
highland pageantry. The Chief of
Chiefs, replete with grouse, veal and
pigeon pt and wearing skin-
coloured tights beneath his kilt to
hide the impact of avoirdupois on his
knees, hosted the first Gathering of
the Clans before enjoying a bespoke
production of Rob Roy.
No matter that the real Highland
way of life was being decimated by
forced clearances of people to make
way for sheep. King Georges visit
gave royal approval to Romanticism.
In doing so it threw a tartan shroud
upon the Scottish enlightenment.
The country of Adam Smith, David
Hume and Joseph Black was
increasingly seen by outsiders as the
home of a noble savage in a tam
oshanter. Brave is an apt update of
this invented tradition; Scotland is
being Disneyfied, literally.
The cartoon of course makes for a
better tourist attraction than
Trainspotting or The Wicker Man.
I cant see VisitScotland marketing
trips to heroin dens or to the
Summer Isles archipelago for a frisky
saturnalia. But the problem isnt
outsiders kitschy opinions. Its when
Scots start believing them too. The
timing is poor a referendum on
Scottish independence is ultimately a
question of Scots self-identity. So
far, it has been a peculiar spectacle.
Alex Salmond last month launched
the Yes campaign in a cinema, with
a sprinkling of Hollywood stardust.
Scotlands first minister, thought by
many to be a political genius, was
endorsed by two actors, Sean
Connery (who lives in the Bahamas),
and Alan Cumming (who lives in Los
Angeles). This month he will attend
the Brave premiere in LA. Around
the same time the No campaign will
be formally launched, though
confusingly it will also be marketed
as a Yes campaign, but in favour of
continued union.
There is a sad paradox in all this:
more Scotland risks making the
Scots less Scottish. In the Yes-Yes
referendum each side claims to speak
for a single form of Scottishness. But
at its best, Scottish identity is an
enlightened one, worldly, confident,
enterprising, without superstition
and at ease with complexity. The
pro-unionists should stress there is
no monochromatic Scottishness and
to suggest otherwise deprives Scots
of the liberty to hold multiple
identities. Mr Salmond, who has
done much to reduce anglophobia
north of the border, should recognise
that a romantic Scotland is for
tourists. Only an enlightened one
can make a success of independence.
Regardless of the outcome of the
referendum in 2014 700 years after
the battle of Bannockburn Scotland
would do well to be brave and cut
the McShtick.
john.mcdermott@ft.com I just saw a transit of a US drone
John McDermott
Spain and the final
battle for the euro
Madrid and Europe should find political will for reform
Luis de Guindos, Spanish finance
minister, said last month that the
battle for the euro was going to be
waged in Spain. But while the out-
come of the struggle is still
unknown, the final showdown may
well be approaching fast.
The latest warning sign came
this week, when Madrid made its
most explicit plea to date for Euro-
pean help to its banking sector.
Although the comments by
Cristbal Montoro, budget minis-
ter, were quickly qualified to say
that no formal request had been
made, they struck a chord with the
markets. With at least 40bn of
capital shortfall in its credit insti-
tutions and facing high borrowing
costs, Spain is now widely
expected to seek European help.
Mr Montoros comments con-
firmed that Spains government
suffers from a communication
problem. Prime Minister Mariano
Rajoy and his colleagues have
repeatedly failed to show the nec-
essary astuteness both when nego-
tiating with Brussels and when
seeking to placate markets. But
while Madrid should show it still
has a grip on the crisis, Europe
can do more to facilitate its task.
Unfortunately, the reaction of
the European institutions has been
insufficient. In Frankfurt, the
European Central Bank decided
yet again to keep its policy rate on
hold. Meanwhile in Brussels, the
Commission drew up largely use-
ful new banking rules that may
help with the next crisis but do
little to address the current one.
The solution to Spains woes
would be relatively straightfor-
ward, if only there was the politi-
cal will. The Spanish government
should copy resolution laws from
Germany or the UK allowing
states to create fresh equity for the
banks from writing down credi-
tors. This would avoid throwing
good money whether Spanish or
European after the bad money
that is inside insolvent banks.
If this does not solve the prob-
lem, the eurozone should not resist
deploying its rescue funds, which
are sufficiently endowed to deal
with what is a manageable prob-
lem. The rescue funds should be
allowed to inject equity directly
into the banks, rather than bur-
dening the sovereign. And while
Madrid should be willing to accept
some conditions, these should be
less intrusive than those of other
rescued countries, as the Spanish
crisis is limited to banks.
An agreement on Spain should
be the integral part of a broader
deal on the future of the eurozone.
As European leaders prepare for a
crucial summit at the end of June
they should be clear that the
stakes have never been so high.
Obama and energy
Regardless of policy, US oil and gas are in good health
President Barack Obamas energy
policy is under attack, from within
and without. At home, the Vote 4
Energy campaign by the Ameri-
can Petroleum Institute, the well-
resourced oil lobby, is challenging
Mr Obama on his obstruction
of the Keystone XL oil pipeline
from Canada, his regulation of
shale gas and his persistent, if
fruitless, calls for higher taxes on
oil companies.
Meanwhile in Canada, Stephen
Harper, the prime minister, told
the Financial Times earlier this
week that the delay to Keystone
XL was a wake-up call to remind
Canada that it needed more export
markets for its oil apart from the
US. Some of the criticism of Mr
Obama is undoubtedly justified.
The Keystone XL decision was a
mistake, a gesture that is no sub-
stitute for a proper carbon policy.
Most of Mr Obamas initiatives
have focused on supporting renew-
able and nuclear energy and elec-
tric vehicles, and his administra-
tion has certainly made mis-
steps there. Results from the
money committed in grants and
loan guarantees have been mixed,
at best.
Yet Mr Obama has also presided
over the strongest period for
energy development in the US
since the 1970s, thanks to the
boom in shale gas and oil.
The consequences have been the
creation of tens of thousands of
jobs, cheap energy for US consum-
ers and businesses, reduced reli-
ance on oil imports and a larger
cut in greenhouse gas emissions
over the past five years than in
any other country, thanks to the
switch from coal to natural gas for
power generation.
Government policy has played
only a marginal role. Early
research relied heavily on federal
support, but its commercialisation
over the past decade has been led
by the private sector, without sub-
sidies or other incentives. If Mr
Obama does not deserve much
praise for the good fortune of see-
ing all this happen on his watch, it
should at least be recognised that
he has not intervened to stop it.
Republicans warn that if he is
given a second term, that is
exactly what he would do, but
there is little evidence for that con-
tention. Mr Obama has stressed
his commitment to developing US
gas resources and his administra-
tions moves towards regulating
the shale industry have been very
tentative.
Business leaders sometimes com-
plain about the lack of a clear and
committed energy strategy from
Washington. It seems as though
America can get on very well with-
out one.
United in distrust
Russia and China make a coalition of the grumbling
In theory, summits between two of
the worlds biggest economies and
military giants should have deep
geostrategic implications for the
rest of the world. In practice, this
weeks visit to China by Russias
President Vladimir Putin is likely
to produce more diplomatic pomp
than political progress.
The possibilities for fruitful col-
laboration between the two coun-
tries are obvious enough. Moscow
and Beijings interests are aligned
in a number of dimensions: their
need to counterbalance the influ-
ence of the US; mutual support in
their defiance of western public
opinion on such topics as the
bloodshed in Syria; and the sym-
metry of Russias abundant energy
resources with Chinas voracious
appetite for them.
The draw may be bigger for Rus-
sia. Chinas astounding rise makes
it a greater threat, but also a big-
ger opportunity, to Russia than
ever before. The empty vastness of
Siberia is vulnerable to any aggres-
sive turn by Beijing. And Moscow,
always ambivalent about its Euro-
pean aspirations, cannot but notice
that its western neighbours are
sinking into stagnation or worse
while China is where the growth
is and is likely to remain for the
foreseeable future. If one is to sad-
dle oneself to one horse, the east-
ern one has much going for it.
For all of Chinas ascendance, it
too could benefit from a better
relationship with Russia. Its old
doctrine of keeping a low global
profile does not work in an era of
globalisation, the source of Chinas
wealth. Increasing international
involvement, a function of its
trade, means that Beijing is badly
in need of true allies.
So far, however, mutual interest
has mostly lost out to mutual sus-
picion. True, the Shanghai Co-
operation Organisation, of which
the two states are founding mem-
bers, could prove important. But
for now, differences delay even
seemingly sensible commercial
projects, such as a long-planned
gas pipeline from Russia to China.
The truth is that the two have a
long way to go to establish the
trust needed for more committed
co-operation. The greatest commo-
nality between the two countries
regimes is their suspicion of oth-
ers, manifested by more or less
successfully stage-managed leader-
ship transitions, an allergy against
cross-border meddling, and intoler-
ance of criticism be it domestic
(witness Russias new law against
protesters) or international.
The two formerly Marxist states
know that objective interests dic-
tate co-operation. What they strug-
gle with is the political culture to
realise what is necessary.
MORE ON FT.COM
Global Insight
Obama views rise of superPacs
with horror
www.ft.com/globalinsight
Brussels blog
Ten things to remember about a
banking union
www.ft.com/brusselsblog
moment, but it is wrong to
downplay its potentially tragic
consequences.
Nicholas Spiro,
Managing Director,
Spiro Sovereign Strategy,
London EC2, UK
JUNE 7 2012 Section:Features Time: 6/6/2012 - 19:29 User: paleita Page Name: LEADER USA, Part,Page,Edition: USA, 8, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

9
COMMENT
Sayonara decline! Japan is globetrotting once again
abroad. They may not be making the
splashy deals that grab headlines.
Yet Japanese companies are second
only to those of the US in making
foreign acquisitions. In the first five
months of 2012 alone, according to
Dealogic, Japanese companies spent
$35.4bn on foreign targets. That puts
them on track to equal last years
record of $83.7bn. This year,
Japanese companies have accounted
for 11 per cent of all cross-border
deals by value, against 9 per cent for
2011 and just 2-3 per cent for most
years in the past decade.
Japanese companies, in other
words, are substantially ramping up
their international push. Last year
they spent $25bn more than Chinese
companies. True, no one really
noticed. That is because Japanese
purchases, shocking in the late 1980s,
have become routine. Who could
forget, for instance, this years $1bn
grab by Glory, Japans top cash-
handling machine manufacturer, for
Talaris Topco, its UK rival? (If truth
be told, the deal never made the
pages of the Financial Times.) Or
Asahi Kaseis bold $2.2bn acquisition
of Zoll Medical? Even deals that did
make ripples, such as Marubenis
$5.6bn bid for Gavilon, a US grain
trader, have hardly set the world
alight. Yet these are precisely the
deals Japanese companies should be
making. Of course, the merits of
these particular acquisitions have yet
to be tested. Glory was punished by
the markets for what some
considered a risky foray. But these
are far from the vanity acquisitions
of the Rockefeller Centre or Pebble
Beach for which Japanese companies
were once famous.
It is not just acquisitions. Japanese
companies, spurred on to look
overseas by a flat domestic market
and fears of energy shortages, are
quietly shifting production abroad.
By 2014, according to Jesper Koll,
director of equity research at
JPMorgan, more than three-quarters
of Japanese cars will be produced
overseas. In 2005, it was just half.
It is hardly surprising that
Japanese companies should be
looking abroad. Emerging markets,
in particular, offer faster growth
while the strong yen, now at roughly
Y79 to the dollar, makes acquisitions
seem cheap. In January, Yukio
Edano, trade and industry minister,
told the FT that Japanese businesses
should use the strong yen
assertively to invest and buy things.
They have taken him at his word.
Mr Edano also pointed out that
Japan, with its nuclear plants closing
one by one, was short on resources.
So we need to use this opportunity
to firmly secure rights to energy and
commodities. Again, Japanese
companies are responding. Four
of the top 10 deals made this year
have been in oil and gas, with
purchases in Australia, Canada, the
US and UK.
Foreign acquisitions are a logical
step for Japanese companies. Still,
they should be careful. They have a
tendency to overpay. Since 2000, they
have forked out an average premium
of 28 per cent above the previous
days closing price, 5 percentage
points above the global norm. They
are also a little too honourable.
Daiichi Sankyo stuck to its offer for
Ranbaxy even when the Indian
drugmakers share price wilted.
Daiichi ended up taking a Y360bn hit
when it was found that Ranbaxy had
serious regulatory problems in the
US. Nor have Japanese companies
always been good at integrating their
foreign acquisitions or at extracting
synergies. They have at times lacked
the nous to do well in emerging
markets, producing goods that are
too pricey for poorer consumers.
Still, one should not exaggerate the
pitfalls nor worry excessively about
what is sometimes called hollowing
out. As Japan ages and its economy
matures, it is right and proper that
its companies look abroad for
growth. Some will doubtless fail.
But the fact they are venturing forth
in increasing numbers is a sign of
continued vigour in corporate Japan
not, as some would have it, of
interminable decline.
david.pilling@ft.com
Japanese companies are
ramping up their global
push. Last year they
spent $25bn more than
Chinese concerns
M
ichael Woodford of Olympus.
Sir Howard Stringer of Sony.
Craig Naylor of Nippon
Sheet Glass. The cavalcade of foreign
executives to leave the helm of
Japanese companies in recent
months is long. Shorter is the list of
those who remain. Easily the most
famous of whom is Carlos Ghosn,
the Brazilian-born French
businessman who still heads Nissan
after coming to Japan a decade ago.
No wonder people have started
calling him Ghosn Alone.
The parade of departures Mr
Woodfords after helpfully exposing a
$1bn fraud has given the
impression that corporate Japan is
retreating from the world. A word
one hears a lot in Tokyo these days
is uchi-muki (inward-looking) to
describe the phenomenon of a
country drawing in on itself.
But look at corporate Japan and
this impression has one slight flaw:
it is the exact reversal of the truth.
Foreign executives may be leaving
Japan but Japanese ones are flocking
Spain must
not become a
roach motel.
Its time for a
new strategy,
says Mohamed
ElErian
ft.com/alist
A
The list
Corzines
original sin
was to bet on
MF Global
laggards alive. That era is over.
Boston Consulting Group noted in an
April report on the contraction of
the investment banking industry
following the 2008 crisis that the
sectors return on equity had fallen
to single figures. The second-tier
banks in each category securities
trading, corporate finance,
derivatives would steadily be
squeezed out, the consultancy
suggested.
Barings collapse in 1995 pushed
other British merchant banks that
were too small and unsophisticated
to compete in global investment
banking into the arms of acquirers.
MF Global should sound a similar
alarm to smaller broker-dealers and
futures brokers: it was nice while it
lasted, but it is gone.
This is the advice BCG ought to
have given to Mr Corzine when he
hired it in March 2010. According to
Mr Corzines testimony, it told him
to do the opposite to turn a futures
broker into a small investment bank
doing a bit of everything, from
underwriting and corporate advisory
to asset management.
BCG disputes that, saying that it
was hired late last year to assess the
plan that Mr Corzine had already
drawn up for MF Global to turn
into an institution similar to the
Goldman he had joined in 1975.
Either way, it is clear from Mr
Giddens report that his chances of
succeeding were slim.
Even if the strategy had been
correct, MF Global lacked the
expertise, the culture, the technology
and the controls to execute it. It was
a small Chicago broker that still
largely traded by voice, which he
wanted to wrest abruptly into the
21st century while simultaneously
expanding into several new and very
competitive fields.
It wasnt even very good at what
it was already doing it had been
losing money for five quarters and
its prospects were grim. Mr Corzines
shuffling cash and loans from entity
to entity?
This shell game, as Ms OBrien
called it, foundered last October
when MF Global was downgraded by
Moodys, its customers started
withdrawing funds and its scramble
to survive led to its supposedly
sacrosanct client deposits being
used to prop up its trades. There is
still a shortfall of $1.6bn in client
funds.
The puzzle is not why all this
unfolded, but why Mr Corzine failed
to face reality. MF Global was a
troubled business with no real hope
of survival and there was a solution
at hand. Interactive Brokers, a rival
with better technology and controls,
proposed a merger that Mr Corzine
brushed off, according to Fortune.
Had MF Global folded itself into
Interactive as it belatedly tried to
do the last weekend before its
collapsed it would have made the
most of a firm that had outlived its
original purpose in a contracting
industry. When he passed up the
opportunity, the only option he had
left was to gamble.
Mr Corzine is now disgraced and
Mr Giddens accuses him, Ms OBrien
and Mr Steenkamp of breaching their
fiduciary duties. One bad decision
had awful consequences.
john.gapper@ft.com
strategy was to retool by laying off
1,400 of its 3,200 employees and
hiring new ones with different skills,
while ramping up trading with
sovereign bonds on which it booked
immediate profits.
I did not generally involve myself
in the mechanics of the clearing and
settlement of trades, or in the
movement of cash and collateral,
Mr Corzine said in his evidence. That
was a dereliction of duty, given that
MF Globals back office and controls
were antique and it was on
regulatory probation for not having
caught Evan Dooley, a rogue trader
who lost $141m in 2008.
Like other institutions that ended
up failing, including Barings, MF
Global lacked a good way to track
the internal flows of cash to support
its trades, relying on spreadsheets
and an ad hoc dashboard. Its new
trades put its creaking back office
under extreme strain and, as Mr
Giddens writes, senior executives
seem to have been in deliberate
denial about the extent of the
liquidity stresses.
He records an email from Edith
OBrien, former assistant treasurer,
complaining that Henri Steenkamp,
MF Globals former chief financial
officer, had insisted it had plenty of
cash. I was rendered speechless and
wanted to say: Really, then why is it
I need to spend hours every day
MF Global
was a
subprime
institution
that
couldnt be
upgraded
Whenever financial disaster strikes,
it is tempting to try to identify the
moment when it became inevitable.
In the case of MF Global, was it
when Jon Corzine, its former chief
executive, started trading in
European government bonds? Was it
when MF Global first bent the rules
on using client funds?
My vote, after reading the scathing
report by James Giddens, the trustee
who is trying to recoup the cash that
went astray in MF Globals crash, is
for an earlier moment when Mr
Corzine took the job.
To be exact, it was when the
former Goldman Sachs chief
executive and one-term governor of
New Jersey rejected an offer to
become MF Globals interim chief
executive. Instead, he chose to take
over permanently (or, in practice, for
18 months until it collapsed).
Mr Corzine ran MF Global into the
ground with his optimism that he
was still the trader he had once been
at Goldman. But the biggest problem
was not hubris; it was his judgment
that the broker-dealer had a future
at all. I was hopeful about the
prospects for the company and I
invested in it personally, he told a
Congressional committee in
December. That was the original sin.
MF Global was a subprime
institution that couldnt be upgraded
certainly not in time. It was one of
Wall Streets also-rans that only
survived for as long as it did thanks
to luck and good timing. It operated
in a forgiving era when a lack of
competition, inefficient regulation,
high interest rates and an
accumulation of leverage kept such
John Gapper
A
n exit from the euro would
be catastrophic for Greece. I
appreciate that there are no
quick fixes for the crisis. But I have
no doubt that remaining in the euro
is the lesser of two evils.
The moment Greece leaves the
eurozone, real wealth and incomes
would fall dramatically. According to
Eurostat, even in 2010, 27.7 per cent
of Greeks lived in poverty and social
exclusion, although local estimates
place the figure at near 40 per cent.
Two new classes of euro-stable and
drachma-poor Greeks would emerge.
Pensioners and wage earners alike
would suffer the traumatic effects of
a depreciating currency.
A fully fledged bank run would be
unleashed and depositors would
either keep their money under their
mattresses, only to convert it to
drachmas in a flourishing black
market, or seek safety abroad.
Banks would need to inject fresh
capital that would have to come
from the Athens printing press,
leading to inflation. Greek debt,
already unsustainable, would require
funding that would become
unavailable upon a return to the
drachma. The need to revert to
central bank financing of fiscal
deficits would lead to a loss of
credibility of the currency as the sole
source of value and medium of
exchange. Unemployment would rise
further, testing the limits of a
fatigued societys patience. The
economy would enter a deeper
depression.
In an economy that produces little
and exports even less, the
competitiveness gains from a
constantly depreciating currency
might not offer much of an export
recovery. Were Greece a commodity
exporter such as Argentina, or an
established export-oriented economy,
the logic of an exit would prevail.
Yet even if Greece were an export-
based economy and global economic
conditions were favourable, it would
still take a long time for incomes
and wealth to revert to pre-crisis
levels. True, imports would fall and
the high current account bill of
Greece would shrink. But essential
goods might become scarce, leading
to market distortions and the
creation of black markets. Fuel
would be rationed and, in one of the
most medicine-dependent countries
in Europe, even aspirin would
become a tradeable commodity.
A depreciating currency could lure
additional tourists but probably not
enough to sustain high growth.
Greeks have to offer better services,
infrastructure and value for money,
which has nothing to do with the
currency regime. Shipping is a global
business with fewer multipliers than
tourism. Luring tycoons is not
dependent on a cheap currency but
on the overall business climate,
which remains unfriendly and prone
to unscrupulous union interventions.
An exit from the euro would lead
to plummeting asset prices and
Greece would offer excellent bargains
for those holding a stronger
currency. Privatisation would lead to
ridiculous bargains when
denominated in drachmas,
delegitimising any sale in the
publics eyes.
A euro exit would lead to a wave
of corporate bankruptcies as debt
owed in the old currency would
become insurmountable. In a
potentially hyperinflationary
environment, interest rates would
remain high, quashing corporate
growth.
The devaluation of the drachma in
the 1980s proved myopic and failed
to make the currency competitive.
What Greece needs urgently is to
implement structural reforms,
minimise red tape, restructure its
Byzantine tax system, reform its
dilapidated public sector and combat
entrenched corruption. That would
do far more to ensure increased
competitiveness. Without real
structural reforms, foreign investors
will continue to stay away.
Leaving the management of the
new drachma and the printing press
to the same political demagogues
and populists would lead to certain
destruction. The corrupt
establishment would be free to
mismanage once more. Much-needed
structural reforms would be
postponed and change sacrificed in
the name of political expediency and
populism. None of the current
political figures or their parties
offers much in the way of rational
thinking and hope.
The same political establishment
that brought Greece to its knees
cannot be entrusted with a euro exit.
The economic policies pursued over
the past two years have proved
disastrous but a euro exit would
amount to national suicide.
The writer is a Greek economist
John Sfakianakis
For Greece
to leave the
euro would
be national
suicide
Leaving the management
of the new drachma to
the same political
demagogues would lead
to certain destruction
We will rue the cavalier deployment of Stuxnet
Misha Glenny
the virus on individual victims, they
are shocked that Flame has been
going about its business for several
years without anybody having
noticed it. They calculate that
millions of dollars must have been
invested in creating the virus to
ensure it remained undetected.
In a second development, three
days after the news about Flame,
the New York Times journalist
David Sanger revealed that the US
had been behind the development
and deployment of Flames most
notorious predecessor, Stuxnet,
which targeted Natanz, Irans
uranium enrichment facility. The
American admission will act as a
starting gun: countries around the
world can now argue that it is
legitimate to use malware
pre-emptively against their enemies.
The US had previously denied
any involvement in Stuxnet. Last
weeks revelation appears to be an
attempt by the White House to
reject allegations by Mitt Romney,
Barack Obamas rival in the
presidential race, that the president
is soft on Iran. It also strengthens
the impression that the White House
is getting closer to Israel, another
plus for Mr Obamas campaign.
However, these short-term benefits
will be obscured by the long-term
adverse consequences of the
cavalier deployment of advanced
cyberweaponry.
Given the relentless attacks that
rain down on the networked systems
of large institutions, it is of course
essential for states to manage a
defensive wall against intrusion, be
it politically or criminally motivated.
Our dependency on the internet is
such that a major disruption to the
web could inflict immense damage
on the economy.
Washingtons doctrine for
cyberspace emphasises the need to
protect its systems. Eighteen months
ago, the US designated it the fifth
military domain, complementing
land, sea, air and space. Some senior
Pentagon officials have suggested
that the US would react to an attack
by deploying both conventional
weapons and cyberweaponry.
But sending Stuxnet out into the
wild goes well beyond this. There
are no agreements regulating the use
of malware for military purposes.
America has frequently appealed to
Russia and China to co-operate in
stemming the spread of malfeasance
on the web. So its decision to use
malware itself will not win friends.
Other countries will infer that to
ensure their security, they will have
to ramp up their cybercapability.
The pre-emptive act against Iran
sets an ugly precedent. Countries
that feel threatened or have a
grievance will be tempted to develop
and use disruptive cybertechnology.
There is no legal framework
restraining intelligence agencies or
the military from investing in and
then testing these weapons.
The implications are grave.
Regardless of its original purpose or
target, malware does not usually
discriminate. Somehow Stuxnet
escaped Natanz, whose computers
are not connected to the internet,
and infected 50,000 machines around
the world. Once circulating so
widely, viruses attract the interests
of hacking groups, cybercriminals
and intelligence agencies, who can
copy and adapt them for their own
ends.
Recently, for example, Bavarian
police unwittingly allowed some
specialist surveillance software to
slip on to the web. The programme
was so intrusive that Germanys
highest court had deemed it
unconstitutional. It was almost
immediately spotted and copied by
Europes oldest hacking group, the
Chaos Computer Club, a relatively
benign organisation. But there is no
knowing who else has picked up the
software or even started using it.
Before it is too late, cyberspace
needs to be integrated into agreed
principles about warfare in the other
domains. The starting point should
be to outlaw the release on to the
internet of malware like Flame or
Stuxnet, which is as likely to affect
civilian networks as any presumed
targets. Playing military games with
powerful viruses is not merely an
assault on our civil liberties as
internet users. In the long run it will
prove a threat to all of our security.
The writer is author of DarkMarket:
How Hackers Became the New Mafia
A
t a cybersecurity conference
in Tel Aviv yesterday, the
Russian antivirus expert who
discovered the Flame computer
virus, a type of malicious software,
appealed to the US and Israel to
cease deploying cyberweapons. They
are a very bad idea, he said. My
message is: stop doing this before its
too late. How right Eugen
Kaspersky was.
Until now, cyberwarfare has been
largely confined to Hollywood or to
the prophecies of a few Cassandras
warning darkly of a digital Pearl
Harbor or Cybergeddon. But
two closely linked events last
week should give everyone cause for
concern. An arms race in cyberspace
is a distinct reality.
The first was the discovery of
Flame, a malware virus recently
flying around the fibre-optic cables
and phone lines of the Middle East,
seizing control of computers,
vacuuming up their data and
bending them to the will of whoever
created this mischievous code.
While computer security specialists
are not worried about the impact of
Other countries will infer
that to ensure their own
security now, they will
have to ramp up their
cyber capability
David Pilling
JUNE 7 2012 Section:Features Time: 6/6/2012 - 19:20 User: paleita Page Name: COMMENT USA, Part,Page,Edition: USA, 9, 1
10

FINANCIAL TIMES THURSDAY JUNE 7 2012
R
isk is a risky word. Already
prone to misinterpretation
among people who share a
language and a culture, the
difficulties multiply dangerously
when it moves across borders.
What a Wall Street trader might
define as moderately risky may seem
downright insane to a Japanese retail
broker; what an oil pipeline engineer
in Brazil might characterise as
gung-ho may appear overcautious to
his revenue-chasing chief executive in
London.
The perception of risk and uncer-
tainty is very different across cul-
tures, says Javier Gimeno, a profes-
sor of international risk and strategic
management at Insead. In some cul-
tures, there is a very high level of
uncertainty avoidance. People avoid
discussing things where there is
uncertainty, or imitate their competi-
tors just to feel the safety of doing the
same thing. In some Mediterranean
and Arabic cultures, he has observed
a strong sense of fatalism or destiny.
You dont want to talk about possible
scenarios and possible risks. No one
wants to be the person bringing up
the risk, which makes the communi-
cation of risks difficult.
Since the explosion of BPs Macondo
well in the Gulf of Mexico two years
ago, students of risk have been poring
over the causes. An important factor
appears to have been a failure in com-
munication between BPs London
headquarters and its US operations
over the balance between internal
control and operational aggression.
Richard Anderson, head of the Insti-
tute of Risk Management, a profes-
sional training body in London, says
that years before the accident, Lord
Browne, then chief executive of BP,
told his internal auditors that the phi-
losophy for internal control was we
dont like surprises. In the UK, says
Mr Anderson, managers took this to
mean they should alert their superiors
to any looming problems, whereas in
the US, some misconstrued Lord
Brownes instructions to mean nasty
surprises were to be hidden. Lan-
guage always comes with a set of cul-
tural baggage, says Mr Anderson,
who has studied the affair. That was
definitely evident in that case.
Since the financial crisis, banks
have been criticised for relying too
much on value-at-risk models which
calculate the risk of a banks position
based on historic probability of
adverse events over time that failed
to account for the severity of what
was to occur in 2008. But, says Prof
Gimeno, VAR remains a useful tool
provided it is only one of several used
by organisations. The challenge is
that so much risk can escape the scru-
tiny of even the most sophisticated
risk management tools.
Oil companies, for example, meas-
ure risk in all kinds of ways, from
political risk and operational risk to
the macroeconomic factors that might
lead to fluctuating oil prices. But
these measurements are next to use-
less without open communication and
shared assumptions about language.
An important dimension in risk
Mr Ludlow says understanding con-
text more so than language is the
first step in any global risk manage-
ment plan. In any country in the
world, people consider risk in terms of
the law, logic and relationships, but
in different orders of importance: In
China, its relationships first and the
law third. In the US, its law first,
then logic, then relationships.
At IHG, risks range from picking
local developers and operators to
ensuring the safety of guests and staff
during any natural disaster or attack.
M
r Ludlows team includes
recruits from the military
and intelligence services
for their expertise at gath-
ering information, as well as opera-
tional experts capable of implement-
ing a 2,000-page volume of policies and
standards. The latter range from knife
safety in kitchens to evacuation plans
in the event of extreme political
unrest. We have e-learning and
safety training in different languages
for people at different levels of the
organisation, he says. Each day,
there are checklists, 10-minute online
campaigns and poster campaigns.
The greatest pitfalls in managing
risk across borders, he says, emerge
from assuming too much. When deal-
ing with fellow English speakers, it is
easy to imagine that a shared lan-
guage means shared assumptions
that the English, Americans and Aus-
tralians think the same thing because
they are using the same words.
With less familiar cultures, all kinds
of unpredicted mistakes can occur.
In your own culture, you can assume
so much. But when youre dealing
with different cultures, you can do
your best but you have to go [further]
to make sure that what you both
think youve done is the same thing.
pierce what Mr Anderson calls the
perfect place arrogance that can
beset multinationals. Companies with
strong national identities risk think-
ing that what they do at home will
work equally well abroad. They
think just because weve been suc-
cessful on Wall Street, we can do the
same thing in London, Tokyo and
Frankfurt. Such thinking can be
challenged with trenchant assess-
ments of the risks present in each
new market.
The challenge of ERM is to find the
right balance between operating as
yet another audit system and building
risk-orientated thinking into day-to-
day management.
John Ludlow, vice-president for glo-
bal risk management at InterConti-
nental Hotels Group, runs a $100m
budget to manage risk across IHGs
4,600 hotels in 100 countries. What ties
IHG employees everyday actions to
the companys strategic view of risk is
a determination to champion and
protect our brands. This sense of the
brand being the most important asset
is what aligns the many activities
that fall under the category of risk.
management is the extent to which
there is vertical communication
within a company, says Prof Gimeno.
Compare a Dutch company where
an employee can talk easily to his
superior to a Japanese or Korean
company, where there is a big separa-
tion between the ranks. This can lead
to communication not being pushed
upward. This isnt just company cul-
tures, its national culture. The
potential nightmare arises when a
company knows less than the individ-
uals within it because of lack of com-
munication between the ranks.
The growing field of enterprise risk
management seeks to crack this prob-
lem by guiding organisations on
improving structures and governance
around risk. It is about settling on a
way to identify, assess and respond to
risk in [a] way that is culturally con-
sistent across the organisation, says
Mr Anderson. Organisations are
starting to define their risk so that
language does not break down across
boundaries.
The relatively new breed of risk pro-
fessionals also aims to provide the
kind of hard intelligence that will
The review
Design space
Office furniture
Informal hubs for collaboration
Product: Parcs office
furniture range by Bene
Design: PearsonLloyd
Territory: Worldwide
As office work has become
less clerical, Bene, an
Austrian office furniture
maker, wanted to produce
a range more appropriate
to the growing tendency for
employees to work together
away from their desks.
Londonbased agency
PearsonLloyd was briefed to
create furniture for short,
spontaneous meetings,
where knowledge can be
exchanged quickly and
easily. Their solution was
Parcs, a collection of
freestanding pieces,
including Toguna (pictured),
a semiprivate, circular hub
with low ceilings to create
an intimacy not usually
found in the office. Users
come and go through the
two openings in the walls
and there is room inside
for four people to sit on
two benches.
Togunas circular form is
intended to make it a
nonhierarchical, democratic
space. The name and the
type of space are derived
from traditional meeting
spaces for elders
in Mali.
More than
21,000 Parcs
pieces have been
sold since 2009,
including more
than 500
Togunas, each
priced at
approximately
12,000.
Customers have
included Sony,
Siemens and PwC.
Clare Dowdy
@*#%
@*#%
!!!
!!!
*** ***
For global companies,
creating an approach
to risk that resonates
across cultures can be a
challenge, writes Philip
Delves Broughton
A conversation that translates
This book looks oddly
timed. Tesco, one of the
worlds largest retailers, is
facing probably its biggest
challenge in 20 years. Its
shares have lost about a
quarter of their value
since Sir Terry Leahy
handed the job of chief
executive to Phil Clarke
in March 2011.
Sir Terry would argue
that to judge any business
on a single years perform-
ance is unfair. The long
term matters most, he
writes in Management in
10 Words. But by the same
token, questions are
bound to be asked about
whether his long-term leg-
acy was quite as solid as
this book sometimes
implies.
Dont expect
any answers.
He writes lit-
tle about the
present, let
alone the fu-
ture of the
company where
he worked for 33
years, and he says even
less about himself.
This is the authentic
voice of the man. When I
invited him to take part in
a valedictory video inter-
view last year, I asked him
to bring an object with a
personal meaning to illus-
trate a turning point in his
life. He brought a Club-
card. In the book, he gives
the loyalty card, which
gave Tesco unrivalled
insights into its customers
and a head start over its
competitors, 20 or more
pages; his personal life
gets four.
This is a shame. The
injection of a little more
personality would have
livened up his lessons in
management no end. The
book reminded me at
times of Jack: Straight
from the Gut, the manage-
ment memoir of Jack
Welch (whose praise for
Sir Terrys book adorns
the cover). But Manage-
ment in 10 Words is less
interesting than the
former General Electric
chiefs, because it provides
fewer glimpses of the man
than the manager.
Despite this, the book is
still the nearest any out-
sider is likely to get to
understanding what moti-
vated one of Britains most
successful businesspeople
and fuelled the growth of
Tesco from number three
in the UK in 1992, when
Sir Terry was appointed
marketing director, to
number one and one of the
worlds biggest retailers.
There is plenty here for
shopkeeping nerds. And
that brings me to the hum-
ble plastic tray, one typi-
cal passage begins, as Sir
Terry reveals his obses-
sion with retail detail. But
there are lessons for non-
retailers, too.
What emerges is the
picture of a management
team, under Sir Terry,
that was able to balance
detail and strategy, simpli-
fication and choice, abun-
dant data that Clubcard
again and useful insight.
The conceit of grouping
his insights neatly under
10 words serves the plain-
speaking author well. (For
the speed reader, they are:
truth, loyalty, courage,
values, act, balance, sim-
ple, lean, compete and
trust.) But it also makes
his successes seem more
easily won than must have
been the case.
There are few confes-
sions of error. Strategies
that provoked public, reg-
ulatory or investor suspi-
cion aggressive competi-
tion in the UK, standardi-
sation of supply chains,
expansion in the US
are justified on the
basis that they were
done entirely for
the benefit of
the customer.
Sir Terry contrasts the
purity of Tescos mission
with the wasteful, unscien-
tific, ill-thought-out strate-
gies of the public sector. In
a startling revelation, he
says he considered educa-
tion and health as poten-
tial areas for expansion in
the 1990s, when the com-
pany moved into telecoms
and financial services, but
the politics put him off.
It makes you wonder if
Sir Terry will find other
ways, beyond his involve-
ment in the development
of his native Liverpool, to
channel his energy into
public works. Having
climbed one mountain, he
writes, its not enough to
say: Thats it, lets stop
here and admire the view.
You need to look at the
next highest peak, and
head for that.
As to what the next
peak might be, Sir Terry
follows his own advice on
communicating. Silence,
he writes, is sometimes
the very best course of
action: it keeps your
options open.
Andrew Hill
The writer is the FTs
management editor
In search of
the elusive
ethical
consumer
T
odays consumers want to
spend their cash on
responsible companies
products, Paul Polman,
Unilevers chief executive, told me in
a recent interview. They are now
increasingly willing to vote with
their wallet, he said.
You hear the same from many
corporate leaders. Consumers are
insisting that the products they buy
do not destroy the planet or come
from sweatshop factories.
Yet I detected some frustration
alongside Mr Polmans assertion. He
said some of those same consumers
were not getting the ethical message.
Unilever has pledged that all its
palm oil will come from certifiably
sustainable sources by 2020. The
Anglo-Dutch consumer goods group
is talking to the Indonesian
government about investing more
than 100m in a processing plant in
Sumatra so that it can trace its palm
oil purchases more accurately. Much
of this is a response to a Greenpeace
campaign against Unilever and
others over the purchase of palm oil
from an Indonesian company that
was causing deforestation in regions
inhabited by orang-utans.
Preserving the rainforest and being
kind to animals: two causes that are
surely dear to modern responsible
consumers. So they should be
pleased with what Unilever is doing.
But they dont seem to care.
Weve seen limited consumer
understanding on buying products
that come from illegal deforestation,
Mr Polman said. Consumers dont
value yet if your margarine comes
from sustainable palm oil or not.
So you have to do an educational
programme.
It is an old story. Consumers tell
market researchers that they care
about products being responsibly
produced. But when they get to the
supermarket, they buy the same
goods they always did. It is called
the 3:30 paradox: 30 per cent of
consumers call themselves ethical
shoppers but only 3 per cent are.
There are signs of that changing.
Worldwide sales of Fairtrade goods,
which guarantee farmers a minimum
price, rose 27 per cent to 4.4bn in
2010, the last year for which figures
are available. There were some
enormous increases in individual
markets. In Australia and New
Zealand, Fairtrade purchases were up
258 per cent. In South Africa, they
increased 315 per cent. Even in the
UK, the worlds biggest and most
mature Fairtrade market, they rose
5 per cent.
Yet the overall totals are small.
Worldwide Fairtrade sales from any
source were the equivalent of just
4.4 per cent of the 2010 turnover of
Carrefour, one (admittedly giant)
supermarket group. Whatever the
market research says, concerned
shoppers are a tiny minority.
In Why ethical consumers dont
walk their talk, a 2010 study in the
Journal of Business Ethics, three
Australian-based academics said
there were two possible explanations
for this intentions-behaviour gap.
The first was that consumers gave
market researchers what they
believed were socially acceptable
answers before going off and buying
what they wanted.
Michael Skapinker
Business and society
Whatever
the market
research
says,
concerned
shoppers
are a tiny
minority
The second explanation, which the
writers preferred, was that
consumers really did intend to be
ethical but, when they got to the
shops, it all proved too difficult.
They could not find the ethical
goods, or they were too expensive, or
the kids distracted them.
So why are companies bothered if
consumers arent? First, some chief
executives, such as Mr Polman and
Mark Parker, head of Nike, truly
worry about the sustainability of the
resources required for their products.
Second, they want to get the
campaigning organisations off their
backs. When Nestl was slow to
follow Unilever and Krafts lead in
acting on sustainable palm oil,
Greenpeace disrupted its annual
meeting and circulated a video in
which a piece of Kit Kat chocolate
turned out to be an orang-utans
finger. No company likes that.
Third, even if not all consumers
are as punctilious in their purchases
as they say they are, there are still
small, often affluent, groups that
care. Fairtrade buyers are one such
category. When Unilever-owned
Ben & Jerrys came up with
ice-cream brands that supported
gay marriage, it got a tremendous
response from the consumers, not
all of them, but from the consumer
group that represents that opinion,
Mr Polman said.
How can companies encourage
more shoppers to buy their ethical
goods? The Australian writers
suggest well-tried tricks: make them
visible and do some price-cutting.
michael.skapinker@ft.com
Authentic: Sir Terry reveals
little about his own story
Organisations are
starting to define their
risk so that language
does not break down
across boundaries
Words from the
manager rather
than the man
Management
in 10 Words
By Terry Leahy
Random House 20/$25
Tips for managing risk across borders
Context is more important than
language. Understand what matters
most in the markets where you are
doing business. Is it the law, logic or
maintaining relationships?
Every word comes with its own
metadata in different cultures.
Be as specific as you can and never
assume you have been properly
understood without checking for
potential misunderstandings. Even
colleagues who speak the same
language may understand risk and its
nuances differently.
Dont treat risk management as a
separate activity by leaving it to
auditors and risk officers. Investigate
ways to integrate managing risk into
all operations.
Make everyone in the organisation
responsible for managing risk, from
the board and chief executive to the
lowliest employee.
FT Graphic: Chris Tosic
BUSINESS LIFE
JUNE 7 2012 Section:Features Time: 6/6/2012 - 18:48 User: paleita Page Name: BizLife, Part,Page,Edition: USA, 10, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

11
ARTS
Fickle
hearts:
Maria
Kowroski
and Joaqun
de Luz in A
Midsummer
Nights
Dream
Paul Kolnik
Balanchines thrilling Dream
DANCE
A Midsummer Nights
Dream
Lincoln Center, New York

Apollinaire Scherr
other, make asses of themselves, and
take lots of naps.
They also dance thrillingly, with
every step conveying character. On
the opening night of this one-week
run, Maria Kowroski timed the
stretch of her beautifully tapered
legs to bring out Queen Titanias
voluptuousness; of course Oberon
cannot contain her. Still, Adrian
Danchig-Waring in an excellent
debut as donkey-headed Bottom
could not appreciate what a catch
she was. He only had an eye for hay.
As Puck, Daniel Ulbricht needs to
learn what Danchig-Waring already
understands: the steps include all
the commentary they need.
Lathering on the cuteness, Ulbricht
snuffed out the puckishness. Joaqun
De Luzs Oberon, in contrast,
maintained his dignity even when
high in the air with feet a-flutter.
You could feel the kings power in
the steps fullness.
In Balanchine, arms and hands tell
you everything about a couple. As
the spurned Helena, Janie Taylor
wound her arms around Amar
Ramasars Demetrius like ivy. He
kept breaking the chains. Later when
he was pursuing her, she pushed and
he pulled, wrists grasped. Together
their arms formed a square a
strongbox of opposing wills. In the
plotless second act that celebrates
happy unions, Wendy Whelan and
Jared Angle let hand hover over
hand as, side by side, they
pinwheeled their arms.
Until Sunday, www.nycballet.com
Balanchine grew up on story ballets
and in them as well. As elf and
baby cupid in productions for the
Tsar, he first succumbed to the
magic of theatre. His own story
ballets pay homage to these
beginnings not only in their many
child parts but also in their
childlike spirit: the constant action,
the economy of means, and, in
A Midsummer Nights Dream for
New York City Ballet, the fiery,
fickle hearts.
The 1962 work rare among
Balanchines narrative ballets in its
lack of Russian precedent rivals
Shakespeare in its deft intercutting
of plots. The story flies by. The
twirling, scampering, arm-flapping
children play fireflies and ladybirds:
summer sweetness and light. The
adults, on the other hand, resemble
kids at their contrary worst. From
the rude mechanicals, to the dopey
lovers, to Oberon, king of bugs and
butterflies, these outsized children
want what they cannot have, run
away from home when their hopes
are disappointed, play tricks on each
Gerhard Richter: Panorama
Happening
What: Monumental
retrospective on the
contemporary artist
When: Until September 24
Where: Centre Pompidou,
Paris
Details: Gerhard Richter has
been making art ever since
he fled the former East
Germany and settled in
Dsseldorf in 1961. At 80, he
is the grand old man of
European painting. Yet it
remains hard to define a
quintessential Richter:
I pursue no objectives,
no system, no tendency; I
have no programme, no
style, no direction. I like
continual uncertainty.
Richters early photo
paintings tend to be
expressively neutral. Subject
matter, however, can be far
from neutral. In 1965 he
painted an uncle and aunt:
Onkel Rudi is dressed in
Nazi uniform, grinning.
During the 1970s, Richter
embraced a new form of
abstraction in which he
blended colour grids,
gestural abstraction and
monochromes. Highly
photographic works
also appear, such as
Betty (1977) an eerie
portrait of his daughter.
in the 1980s he played
with portraiture, landscape
and historical painting; he
experimented with a new
kind of abstract painting
suffused with acid colours;
and he made a macabre
series, 18 October 1977,
recalling the date when
Andreas Baader and other
leaders of the Red Army
Faction committed suicide.
In the 1990s, Richter
finetuned his technique of
spreading wet paint with a
large board. A good example
is September (2005),
whose starting point is a
photograph taken when the
second aircraft hit the World
Trade Center on 9/11.
www.centrepompidou.fr
From the first, in 1956, when
Benjamin Britten made the score for
John Crankos dances and his addled
scenario, there was too much music.
Cuts were made by Britten, but
thereafter the pruning hand was
discouraged and the score remained
a magnificent stumbling block to
dramatic choreography.
At this performance the Royal
Ballet showed us its newly revised
version of Kenneth MacMillans The
Prince of the Pagodas, his last full-
length ballet, first seen in 1989.
MacMillan, seeking to restore this
important dance-score to the stage,
was allowed to edit, but not enough.
His choreography, a homage to the
Petipa ballets which had formed him
as a dancer, was hobbled by Brittens
over-abundant if dazzling music.
Now, with the sanction of the
Britten Trust, further cuts (some 20
minutes) mean that the Royal Ballet
has been able to delete stretches of
writing for the corps de ballet (the
second act is now lean, dramatically
purposeful) and to trim the action.
The result is honourable as an
account of MacMillans vision, and a
reminder that he was grandly skilled
in making pur-sang academic dances.
The narrative is a fairy-tale of
sorts. The dance is ever-resourceful,
musically feat, and makes Crankos
original narrative (the Brothers
Grimm over-concerned with King
Lear) more intriguing. There is much
on which I hope to report after
further viewings: suffice it to say
that Marianela Nez gives a
performance as the heroine, Belle
Rose, of sweetest innocence, of
adorable bravura, emotional grace,
and is everywhere an artist of
exquisite finesse, her line ravishing.
The cast is admirable: Tamara Rojo
a gleaming monster as the wicked
sister, Belle Epine; Nehemiah Kish a
handsome Salamander Prince for Belle
Rose to love, and Alexander Campbell
intriguingly the mysterious Fool
who is Belle Roses guiding spirit.
The four Kings, suitors for Belle
Rose, are vividly taken by Bennet
Gartside, Valeri Hristov,
Steven McRae, Ricardo
Cervera.
The orchestral playing
under Barry Wordsworth was
admirable, the Georgiadis design
admirable, and the
choreography important.
A fine, fine achievement.
www.roh.org.uk
David Nash is the ideal artist to be
given a big exhibition at Kew
Gardens. The British sculptor has
worked wood for several decades,
and with more than 14,000 trees to
be found in the south London
botanical gardens, Nashs year-long
residency is enabling him to make
new pieces on site.
An ample outdoor workshop area
called the Wood Quarry has been
created. Here visitors can watch
Nash at work on a tall, diseased
English oak, more than 300 years old
and suffering from terminal decline.
With the help of a cherry picker and
his trademark chain-saw, Nash has
sliced off the bark and sapwood from
the mighty trunk and cut out the
rot. As a result, the oak is becoming
a column, while branches wait
expectantly on the ground to be
carved into smaller yet no less
arresting pieces.
This is the first time that Nash has
chosen to share his working process
with the public, and near the Wood
Quarry a special shed offers film
screenings that detail his activities
elsewhere in the world. But the main
part of this summer exhibition
consists of finished sculptures placed
in a variety of locations across Kew.
They can be discovered on a
fascinating journey through the
gardens, and at every turn remind
the visitor just how inventive Nashs
relationship with wood is. Im a
sprinter, not a long-distance runner,
he says, and thats why Im not a
stone-carver. His respect for trees is
profound, and the fluidity and
immediacy of his cutting are always
inspired by a fundamental respect
for the innate character of his
material.
Inside the Shirley Sherwood
Gallery, a selection of his earlier
carvings and drawings is displayed
in a concise show that testifies to
A sculptor in
his element
Visitors to David Nashs Kew Gardens show can
see the artist working with wood amid the trees
SCULPTURE
David Nash At Kew:
A Natural Gallery
Kew Gardens, London
Richard Cork
Arresting: David
Nashs Plateau;
below, Marianela
Nez and
Nehemiah Kish in
The Prince of the
Pagodas
Andrew McRobb
Johan Persson
DANCE
The Prince of the
Pagodas
Royal Opera House, London

Clement Crisp
peer inside, and makes us feel as if
we can see right into the tree.
Another oak sculpture appears to be
nestling in the earth under the
massive leaves of a palm tree. And
at the centre of the Temperate
House, Nash has placed a tall,
slender piece curving upwards as if
in response to the nearby Chilean
wine palm, believed to be the worlds
tallest glasshouse plant. Another
surprising moment occurs with Red
and Black Dome, a cluster of carved
forms placed next to some towering
conifers called, ominously, Taiwanese
coffin trees.
Leaving the Temperate House, the
visitor is ambushed by several large
black bronzes with titles such as
Torso, Three Humps and King
and Queen. They reflect Nashs
willingness to make casts of works
which, originally carved from wood,
are unlikely to withstand the rigours
of outdoor locations. The bronzes at
Kew were all cast from charred
works that lend themselves best to a
patinated metal surface. The two
versions of King and Queen
displayed here are immediately
reminiscent of Henry Moore, but in
Nashs treatment the gender
differences are far less apparent.
The most impressive bronze exhibit
here is Black Butt, originally
carved from the base of a tree
blighted by Dutch elm disease. It
now looks like an enormous craggy
boulder, and Nashs cutting ensures
that the rain runs straight off it
rather than collecting in unsightly
puddles.
Wood carvings return near the
Main Gate, where Oculus Block
still proclaims its original identity as
a colossal Californian eucalyptus
where four trunks merged into a
single tree. Children at Kew can
easily enter it and, once inside, gaze
up through a hole at the top. But the
reassuring stability of Oculus
Block contrasts with the nearby
Cairn Column, a charred oak
which originally grew in Sussex,
south-east England. It seems
precarious at first, as if six
separate pieces have been balanced
on top of each other. In reality,
though, Cairn Column is a
tough assertion of woods innate
strength. This resilient work
should ideally remain here, as a
permanent manifestation of Nashs
ability to engage with the
elemental essence of wood by
rescuing stricken trees and giving
them new, redemptive life.
Opens June 9, continues until April 14
2013, www.kew.org
ARTS
ONLINE
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and features, plus
videos, slideshows
and podcasts, visit
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Nashs unceasing dialogue with the
natural world. But on the approach
to the Temperate House, a
monumental carving called Charred
Cross Egg shows just how
provocative he can be in outdoor
locations. Made of charred oak, this
phallic form rears up and leans
slightly to one side as if responding
to the wind and sun. The dramatic
darkness of its burnt surface
contrasts very powerfully with the
verdancy of live trees nearby.
Charred Cross Egg looks like
a survivor from a war zone, and
Nash makes no attempt to hide
the multitude of cracks running
through its body. At the same
time, though, the entire sculpture
seems resilient, standing up
stubbornly among the heavily
foliated trees growing all around it
in these fertile gardens.
Even if we often take trees for
granted, Nash ensures that we look
at them here with fresh eyes. Inside
the Temperate House he relishes the
opportunity to place no fewer than
19 works among plants reared in this
damp, warm glasshouse. One wood
carving, Big Bowl, stands like a
welcoming receptacle. It invites us to
Nashs Cairn Column Andrew McRobb
Gerhard
Richters
Betty
(1977)
JUNE 7 2012 Section:Features Time: 6/6/2012 - 17:08 User: cheald Page Name: ART USA, Part,Page,Edition: USA, 11, 1
12

LEX ON THE WEB
For Lex notes on todays breaking stories
go to www.ft.com/lex
For email, go to www.ft.com/nbe
CROSSWORD
No. 14,024 Set by FALCON
1 2 3 4 5 6 7 8
9 10
11 12 13
14 15 16
17
18 19
20
21 22 23
24 25 26
27 28 G M D F C S M
C R E O L E O L Y M P A D
A N L N A A R
E F T P U T O N A N A C T
F S H E
G B E N F A L L B L E
T R N R E M
P E R D O M P E L T
A U L O E
G U A T E M A L A N R G A
R D A A
E C O W A R R O R T E M P
H R O O O E
L F E B O A T P A V N G
N N K A S E T
JOTTER PAD
ACROSSs
1 Compelling attractiveness I
found in cleaners mother (8)
6 A bird, I and others state
positively (6)
9 Opening carriage containing
doctor (6)
10 Paper in stand is European (8)
11 Disliking work, I must get led
astray (4)
12 We dart and tear all over the
place, and fail to make progress!
(5,5)
14 Clip more off setter (8)
16 Very small container by end of
quay (4)
18 Fine Greek character producing
cheese (4)
19 Excuse certain to provide
amusement (8)
21 Do see ft in resort to engage
theologian for festival (10)
22 Knowing processions miles off
(4)
24 Irishman has one back in
church, a memorial (8)
26 Head of Buchanans in court
case concerning clan (6)
27 Rise when clubs close (6)
28 Teach group to make a toy (5,3)
DOWN
2 Firm stocking duck in store (5)
3 Blurb parent distributed
identifying an Asian tree (6,5)
4 Nevertheless its to be shown
inside, so stop fdgeting! (3,5)
5 Immediately after a hotpot, had
crackers (2,3,4,2,1,3)
6 Brandishes one breaking into
joints (6)
7 A court of law (3)
8 Favourable attention involving
Irish novelist and oriental (9)
13 Administration of an oath at trial
upset Tonia (11)
15 Wisecracks aboard English ships
(3-6)
17 Feud may spell ruin for all in
Maltas capital (8)
20 King Lear, maybe (6)
23 Follow suit, holding hearts (5)
25 Be in debt to some neer-do-
well (3)
SOLUTION 14,023
London property
Interactive map: the
surge of global money
coming into the most
soughtafter boroughs
is widening Londons
housing affordability gap
www.ft.com/boroughs
Kate Middleton
and McQueen
Material World blog:
does the Duchess of
Cambridges fondness
for McQueen help or
hinder the brand that is
best known for its
outlandish garments?
www.ft.com/mw
Most read
1
2
3
4
5
Spain makes explicit plea for
bank aid
Banking union and the euros future
Disney sets standards for TV
food ads
Locusts swarm in wake of Libya
uprising
Martin Wolf: Panic has become all
too rational
TODAY ON FT.COM
THE LEX COLUMN
Thursday June 7 2012
Spanish main
Ibex 35 sector weightings
Sources: Bloomberg; OECD
Investments by Spanish companies overseas
($bn)
Oil & gas
Other
4%
Industrials
Consumer
services
Telecommunications
Utilities
13%
Financials
35%
11%
17%
7%
13%
0
20
40
60
80
2004 06 08 10
Rajoy there!
Mariano Rajoy is like the man who
calls to order a pizza but asks if they
could hold the tomato sauce. Spain is
edging towards obtaining a funding
package for its banking system
40bn or so to recapitalise Bankia
and other weaklings. But before it
can have the cash it has to ask for it
and accept the strings attached.
The prime ministers refusal to do so
is damaging Spain. A dose of
structural reform imposed from
outside is just what it needs to get
ahead of the eurozone crisis.
Spanish companies used the euro
to go on an acquisition spree
much of it, judiciously, outside the
eurozone. Santander, the bank,
bought big in the UK and Brazil. Oil
and gas group Repsol, infrastructure
company Abertis and Telefnica
expanded aggressively in Latin
America. Healthcare group Grifols
moved into the US (its stock is the
best performer in the Ibex index this
year up 40 per cent). Ferrovial
bought Heathrow airport owner
BAA. Inditex became a global
phenomenon through its Zara chain
of affordable fashion stores.
But for every Spanish
multinational, there are thousands
of local companies squeezed by the
impact of the banking crisis. Data
yesterday showed industrial
production in April was more than
8 per cent lower than a year ago.
Even multinationals are not
immune to Madrids distorting
policies, of which there were many
during the boom. Wholesale energy
prices, for example, are 10 per cent
below Europes average elsewhere.
Spanish officials have consistently
misjudged the scale of the eurozone
crisis and its effect. They may be
right that 40bn is all it will take to
recapitalise the weak banks. But
Mr Rajoys indecision is widening a
credibility gap formed by his
predecessor. That is sapping
investors faith in official policies.
Spanish share prices have tracked
their Italian peers over the past
year. If Madrid does not get its act
together, even that relative
underperformance will not be
sustainable. It must accept that a
bailout is a bailout, and that the
tomato sauce comes as standard.
Nintendo
Everyone is talking about U and Mii.
At least, they are in Nintendo world,
where the games console giant has
been unveiling its new Wii U console
and MiiVerse, its social network.
Consider investors underwhelmed.
Nintendos shares fell 1.8 per cent
following its presentation of the
consoles final form at the E3
industry show in the US this week.
Perhaps it was the different language
spoken by gamers and shareholders.
Investors may struggle to get the
importance of the unique experience
to be had when the Miis gather
around the Wii U main street. They
would rather know when
management will stop selling its
disappointing 3DS hardware below
cost after slashing prices last year to
juice weak sales (answer: by the
middle of this financial year).
Reggie Fils-Aime, Nintendos US
chief, told E3-goers they would need
to devote more time to
understanding the Wii U, which he
calls a revolution for the living
room. Therein lies the danger for
Nintendo: that customers simply do
not have the time to take on another
revolution when they are already
overwhelmed by console and format
wars. More products, such as games
on mobiles and Facebook, are
competing for gamers attention.
There has never been a better time
to play computer games, but also
never a tougher one for producing
gaming platforms.
Nintendo fans will recall the
scepticism that greeted the original
Wii, not least its name, on launch at
E3 in 2006. Yet in the following year,
as its success became clear, Nintendo
outperformed Japans Topix by more
than 200 per cent. Since offering a
sneak peak of the Wii U a year ago,
Nintendos shares have halved.
The company has still to publish
critical details, including the
consoles price. Perhaps investors
waiting for this data will have the
time after all to get to grips with
this latest living room revolution.
Coinstar
If you didnt know what Coinstar of
the US did, youd be snapping up the
shares with both hands. Look at the
numbers: over the past three years,
revenue and operating profits have
grown at an average rate of 42 and
35 per cent, respectively. Cash return
on assets is approaching 20 per cent.
At the current price, the shares have
a double-digit free cash flow yield.
But far the biggest and fastest-
growing part of Coinstars business
is operating DVD vending machines.
These Redboxes sit near the
entrances of big retail shops
Walmart, Walgreens, 7-Eleven
offering low-cost film and game
rentals with the swipe of a card. It is
extraordinary that, in the age of
streaming video, a DVD retail
scheme is increasing sales like the
next new thing nearly 40 per cent
in the first quarter, faster than the
same period last year. Yes, given the
disappearance of the video store,
there was a temporary gap to fill.
But the DVD business has to fall
into terminal decline some time
right? The fact that Coinstar entered
a streaming video joint venture with
Verizon does not inspire confidence
in the core business.
All of which makes this weeks
announcement intriguing. Coinstar
will partner with Starbucks to place
single-cup coffee vending machines
in retail shops under the Seattles
Best brand. Coffee seems unlikely to
be displaced by a digital alternative,
and that a company as big as
Starbucks, and as laser-focused on
expanding out-of-store sales, would
partner with Coinstar rather than go
it alone speaks to the value of
Coinstars skill and market position
in self-service. The shares rose 4 per
cent on the news. The big question,
of course, is what else can be
profitably put in a self-service kiosk:
Coinstar is experimenting with
photos and electronics. But how
about flowers or ties or umbrellas, as
in Japan? Sometimes you have to
think outside the box.
Iron Mountain/Recall
Typical. You wait forever for some
excitement in the document storage
industry and suddenly two stories
come along at once. On Monday,
Australias Brambles said it was
giving up trying to sell its Recall
business after bids failed to reflect
its value. Then on Tuesday, Iron
Mountain announced that it had
decided to turn itself into a real
estate investment trust. Shares of
the US company jumped 13 per cent
on the news.
That both companies are trying to
extract value from document storage
suggests that the business is getting
tougher. Certainly, Iron Mountains
share price reflects as much, trailing
way behind the S&P 500 over six
months, one year and three years. In
fact, returns are holding up well.
Iron Mountains return on equity is
double that of a decade ago. Its gross
margin at 59 per cent is 5 percentage
points higher than in 2008. Recalls
profitability improved last year, too.
The problem, it seems, is the slow
arrival of the much-hyped paperless
office. After an impressive record of
high-teen revenue growth, Iron
Mountains top line increased in the
low single digits in the past three
years. That seems extraordinary
considering that only about a third
of the document storage market is
currently outsourced in the US,
according to Morgan Stanley, not to
mention the potential in emerging
markets. Regulation also spurs
storage, while data security fears
help the shredding side-business.
But the move to digital archiving
and electronic vaulting has been
more rapid still, and companies such
as Iron Mountain and Recall have
struggled to work out how to adjust.
These markets are also far more
competitive with even lower barriers
to entry. Hence Iron Mountain sold
Generali
Never mind minority investors,
mighty Mediobanca still runs the
show in corporate Italy. Or so its
leading role in last weeks ousting of
Generali chief executive Giovanni
Perissinotto suggests. Mediobanca,
which owns 14 per cent of Europes
third-largest insurer by premiums,
blamed him for the groups poor
share price performance. That is a
bit rich. Under Mr Perissinotto the
insurer has lost investors more than
70 per cent since 2001; Mediobanca
has lost its own investors about
two-thirds over the same period.
It may indeed have been time for
Mr Perissinotto to go, to bring new
thinking to the role, overhaul the
groups operational structure and
make it more cost efficient, capital
generative and valuable to investors
Mediobanca included. For now,
Generalis domestic bondholdings
mean that it is valued as a purely
Italian concern, despite its footprint
internationally. It has stood still
while rivals such as Axa and Allianz
have moved ahead.
The events of the past week show
Mediobancas readiness to use its
clout to protect the investments it
still holds. Mr Perissinotto was seen
as backing the Sator-Palladio bid for
Fondiaria-Sai, the insurer at the
centre of a four-way Italian
insurance merger mess in which
Mediobanca is underwriter and
lender. He denies this. The bank
would have seen support for a rival
bidder from Generali as a red rag.
Mediobanca may have found its
placeman in Mario Greco, who will
join as the new chief from Zurich
Insurance Group. Generalis share
price has risen 10 per cent since the
weekend regime change. He will
need to demonstrate that he is his
own man. Meanwhile, Mediobanca
boss Alberto Nagel might reflect that
there are better ways to remove a
chief executive than boardroom
coups. His bank still needs to get
over its obsessive-compulsive
attachment to the ways of Old Italy.
many of its digital assets last year.
Thus becoming a Reit now makes
perfect sense. Brambles also has
better businesses to be focusing on.
Cue shredding noise.
JUNE 7 2012 Section:FrontBack Time: 6/6/2012 - 20:51 User: mulliganm Page Name: 1BACK USA, Part,Page,Edition: EUR, 12, 1

13
Companies and sectors in this issue
Companies
Abertis..........................................12
Absa............................................. 14
African Barrick Gold ...............28
Agile............................................. 27
Agricultural Bank of China......16
Ahold............................................14
Allianz...........................................12
Amazon....................................... 16
AIG................................................16
Apple .....................................14,28
ArcelorMittal ............................... 13
Aviva.............................................18
Axa................................................12
BAA.............................................. 12
BMW.............................................15
BNP Paribas.............................. 28
BP................................................. 13
Bain Capital ................................ 14
Banco Popolare.........................28
Banco Santander......................28
Bank of America.......................28
Bank of Communications........16
Bankia.......................................... 12
Baosteel.......................................13
Barclays................................. 14,28
Barrick Gold................................15
Blackstone.................................. 14
Brambles..................................... 12
BSkyB.......................................... 18
CMA CGM...................................14
Cairn Energy.........................18,28
Capgemini...................................28
Carrefour.....................................10
Caterpillar...................................28
Centamin ...................................28
Chesapeake Energy.............15,28
Citigroup..................................... 28
Cliffs Natural Resources......... 28
Coinstar....................................... 12
Commerzbank...................... 16,28
Corus............................................15
Crdit Agricole.......................... 28
DZ Bank...................................... 16
Daimler ........................................ 15
Deutsche Bank...........................16
Dexia.............................................. 2
Dixons Retail..............................28
Dominos..................................... 15
EFGHermes............................... 16
EasyJet ......................................28
Erste Bank.................................. 16
Facebook............................... 16,28
Ferrovial.......................................12
Fiat................................................15
FondiariaSai...............................12
Ford Motor..................................16
FreeportMcMoRan...................28
General Motors.....................15,16
Generali........................................12
Goldman Sachs......................9,16
Google..........................................16
Helaba ........................................ 16
Home Retail Group.................. 28
Hunan Valin................................ 13
IAG............................................... 28
Inditex.......................................... 12
InterContinental Hotels ..........28
Interactive Brokers..................... 9
Intesa Sanpaolo........................ 28
Iron Mountain.............................12
JPMorgan .................................. 18
Kraft............................................. 10
LBBW ......................................... 16
LinkedIn...................................... 28
Lloyds Banking Group..............14
MF Global ..................................... 9
MasterCard................................ 28
Mecom................................... 14,28
Mediobanca.................................12
MetLife.........................................16
Microsoft..................................... 14
Moodys.........................................9
Morgan Stanley...............14,16,28
Natixis......................................... 28
Nestl...........................................10
News Corp ................................ 18
Nike.............................................. 10
Nintendo......................................12
Nippon Steel...............................13
NordLB........................................ 16
Oaktree Capital .......................18
Oliver Wyman.............................16
PSA Peugeot Citron............... 15
Petropavlovsk ...........................28
Premier Oil ............................... 28
Principal Financial ..................... 16
Prudential Financial...................16
Qatar Islamic Bank................... 16
Randgold Resources................ 28
Repsol .......................................... 12
Rosneft ........................................ 13
Royal Bank of Scotland.......... 28
Ryanair ...................................... 28
Santander....................................12
Sbarro.......................................... 15
Schindler..................................... 14
Solvay.......................................... 14
Soros Fund Management........14
Starbucks.................................... 12
Supergroup ...............................28
TIM............................................... 14
TNKBP........................................13
Telefnica....................................12
TempurPedic............................ 28
Tesco........................................... 10
Tribune Company......................18
Twitter..........................................16
UniCredit................................16,28
Unilever........................................10
VTB Capital................................28
Verizon.........................................12
Vivo...............................................14
Volkswagen.................................15
WPP ............................................18
Walt Disney................................ 18
Yell Group.................................. 28
Zara.............................................. 12
Zurich Insurance Group...........12
eBay............................................. 14
Sectors
Automobiles................................15
Banks..............................2,12,14,16
Beverages....................................12
Food & Drug......................... 14,15
Gen Financial..............................16
Gen Retailers..............................12
Ind Transport............................. 14
Media........................................... 18
Mining.......................................... 15
Mobile & Telecoms...................14
Nonlife Insurance...................... 12
Oil & Gas.....................................15
Support Services.......................12
Technology HW & Equ....... 12,14
FINANCIAL TIMES
THE FINANCIAL TIMES LIMITED 2012 Week 23
News Briefing
Source: Thomson Reuters Datastream
German government bonds
Five-year yield (%)
0.2
0.4
0.6
0.8
1.0
1.2
Jan 2 2012
0.802
Jun 6 2012
0.447
5bn of bonds sold at record
low yield of 0.41%, Page 26
News Corp in Asia deal
Group to buy Disneys
stake in their Asian sports
joint venture. Page 18
WPP tussle shapes up
Shareholders say chiefs
defence over salary adds
fuel to the fire. Page 18
Barrick ousts its chief
Abrupt shakeup aimed at
halting gold miners share
price slide. Page 15
Sbarro revamped
Struggling US pizza chain
looks to revive fortunes
with a new recipe. Page 14
Banks downgraded
Moodys cuts six German
banks credit ratings on
eurozone fears. Page 16
Newspaper turns page
Tribune leaves bankruptcy
protection slimmed down
and in a changed media
landscape. Page 18
Soaring solar success
A solar aircraft becomes
the first of its kind to fly
between continents after a
19hour journey. Page 14
Europe cars slow down
Fall in demand lays bare
the industrys excess
capacity woes. Page 15
Basel III postponed
Implementation of strict
capital rules for banks in
China delayed. Page 16
BofA powers ahead
Lender rises as much as
9.4% as financials lead
resurgent equities. Page 28
ETFs distort shares
Large trades in corporate
bond ETFs could be
distorting prices. Page 26
Hopes for China boom
Faith that growth can stay
at the magic 8% level is
about to be tested. Page 27
Insight
More QE by the Fed risks
diminishing returns and
perverse results. Page 26
Markets & Investing
Companies
Thursday June 7 2012
Apple tunes into TV Richard Waters on the battle for the living room Page 14
So much for hopes for the
return of Super Mario. Instead
of Mario Draghi coming to the
rescue of Europe as he did last
year, the European Central
Bank president yesterday did
not even offer any hints of
significant intervention in the
works after a governing council
meeting of the bank. He could
have hardly been more
cautious or non-committal.
There are good arguments for
why the ECB should not
indeed cannot act more
decisively. But there are even
better arguments for why it
has to.
Fretting over Grexit has
partially obscured the fact that
the eurozone crisis has already
undone much of the past
decades financial integration.
In an increasingly Balkanised
European financial system,
banks are retrenching to their
domestic markets. Likewise
bond investors. Both trends
were ironically hastened by the
ECBs cheap bank loans, which
allowed Italian and Spanish
banks to snap up government
debt eagerly offloaded by
overseas holders.
The schism is also becoming
apparent in the real economy.
Euler Hermes, the worlds
largest trade credit insurer, has
said it will no longer cover
deliveries to Greece. How long
until trade creditors or insurers
become leery of other
peripheral countries?
In the short run, the only
institution that can slow or
halt this trend is arguably the
ECB. Investors still expect
some kind of monetary action
soon. This may be overly
optimistic. While Mr Draghi
acknowledged the stresses of
Europes financial system, he
indicated that this was
primarily a challenge for
politicians to tackle.
Across the Channel, the
Bank of England might
announce another dose of
quantitative easing at its
meeting today. The US Federal
Reserve could follow suit soon.
The eurozone sorely needs
some monetary tonic as well,
but we may have to edge closer
to the precipice before that
happens.
James Mackintosh is away
www.ft.com/shortview
The Short View
Robin Wigglesworth
Mittal to
scale back
China steel
ambitions
By Peter Marsh in London
Lakshmi Mittal has signalled a
dramatic scaling back of Arce-
lorMittals ambitions to expand
in Chinas steel industry
through an agreement to cut
back the companys stake in one
of the countrys top metals pro-
ducers.
The chairman, chief executive
and main owner of the worlds
biggest steelmaker had hoped to
build up ArcelorMittals 30 per
cent stake in Hunan Valin into
a controlling shareholding but
has been frustrated by Beijings
refusal to loosen constraints
over foreign ownership in the
steel business.
Through an outline deal to
reduce the Hunan Valin stake to
10 per cent over the next two
years, ArcelorMittal is likely to
gain about $300m, about $200m
of which will be reinvested in
increasing its operations in
China in the more specialised
segment of making high-value
steel for the automotive indus-
try.
Tony Taccone, a partner in
First River, a US steel consul-
tancy, said: This is a pragmatic
and sensible move by Mr Mittal
to reallocate ArcelorMittals
position in China in a way that
is more helpful for the busi-
ness.
Sudhir Maheshwari, head of
ArcelorMittals China opera-
tions, said it would be wrong to
depict the new outline deal as
part of a reining back of the
companys overall activity in
China. Instead we are refocus-
ing on an area [automotive
steel] with a lot of potential.
The deal comes as ArcelorMit-
tal has faced increasing pres-
sures in its main markets in
Europe and North America
where many of its plants are
operating well below capacity as
a result of sluggish growth in
steel demand caused by a weak
global economy.
The Chinese government has
for decades viewed steelmaking
as a strategic industry over
which it is adamant domestic
companies many of which are
state-owned should have com-
plete control.
China is by some way the
worlds biggest country for both
making steel and using the com-
modity the worlds most
widely traded metal with many
applications in fields from con-
struction to packaging.
Mr Mittal has always regarded
his companys investment in
Hunan Valin agreed in 2005
as part of a long-term invest-
ment in China that he hoped
could be turned into a foothold
for controlling a big part of the
countrys steel sector.
He has now settled on trying
to increase ArcelorMittals posi-
tion in the relatively narrow
field of making steel for cars
an area in which it has a strong
global position, particularly in
the area of specially treated flat
steel for vehicle exteriors.
ArcelorMittal will push up its
capabilities in this sector by
increasing from 33 per cent to
49 per cent its stake in a joint
venture with Hunan Valin in
making steel for cars.
As part of this new activity,
the Luxembourg-based company
is contributing about a quarter
of an $800m investment in
increasing the output of this
joint venture from 1.2m tonnes
a year to 1.5m tonnes .
However, in this industry in
China ArcelorMittal is facing
tough competition from other
top producers of automotive
steel such as Chinese steelmak-
ers including Baosteel and Nip-
pon Steel of Japan.
Steelmaker to shrink
stake in Hunan Valin
Focus to shift to
countrys car industry
S Korean refiners buying
spree boosts Brent oil price
By Javier Blas in London
The price of the worlds most
important oil benchmark is
being boosted by South Korean
refiners buying on the back of a
tax loophole involving North
Sea oil.
The buying pressure started
in December when refiners
began exploiting the EU-South
Korea free trade agreement
signed in 2011, but, according to
industry estimates, has peaked
with the Asian countrys refin-
ers in May buying more than a
quarter of the monthly produc-
tion of Forties, the oil variety
that largely sets the price of the
Brent benchmark.
The purchases have supported
the price of Brent in spite of
weak domestic European
demand for the different varie-
ties of crude oil produced in the
North Sea. This week Brent fell
to a 15-month low of $95.64 a
barrel, but yesterday it recov-
ered to breach the crucial $100-
a-barrel mark, in part helped by
new Korean buying.
The mechanics of calculating
the Brent price explain the
importance of the Korean spree.
The benchmark is a basket of
four North Sea oil streams
Brent, Forties, Oseberg and
Ekofisk that trade independ-
ently in the physical market.
The cheapest of the four varie-
ties sets the price of the basket
and, thus, of the benchmark.
Traditionally, Forties is the
cheapest grade, so demand for it
is the key to the price.
The free trade agreement
directly and indirectly covering
the crude oil production of the
UK and Norway in the North
Sea waives a 3 per cent tax
that Korean refiners have to pay
to import oil from other regions.
That waiver offsets the costs of
shipping the crude for 45 days
from the North Sea.
In May, Korean refiners
bought about 3m barrels of For-
ties crude roughly 26 per cent
of the streams monthly output
of 11.4m barrels according to
industry estimates. The South
Korean buying has become a
new feature of the Brent bench-
mark, said one senior London-
based North Sea oil trader.
Oil traders said Korean refin-
ers had booked another 2m bar-
rels for June delivery and added
that there were indications they
were looking for a further 1m
barrels. Olivier Jakob, of Swiss-
based consultancy Petromatrix,
said the danger for Brent was
that the artificial economics of
Forties to South Korea starts to
have too significant an impact
on the price-discovery value of
the Brent contract.
52.4%
Forties
47.6%
Brent,
Oseberg
and
Ekofisk
Demand from
South Korea
Oil prices
Sources: FT research; Thomson Reuters Datastream FT graphic
Photo: Getty Images
Brent crude oil front-month
($ per barrel)
Brent is a benchmark of four oil
streams Brent, Forties,
Oseberg and Ekosk that
are traded independently in the
physical market
The cheaper of the four
varieties sets the price of the
benchmark
Traditionally, Forties is the
cheaper grade, so traders keep
a close eye on it, and is why
Forties demand from South
Korea is putting upward
pressure on the price of Brent
The make-up of Brent
2009 10 11 12
0
50
100
150
Russian agency proposes changes
to end BP standoff with AAR
By Catherine Belton in Moscow
Russias anti-monopoly watch-
dog has proposed regulatory
changes that would force the
public disclosure of the confi-
dential agreement at the centre
of a stand-off between BP and
its Russian billionaire partners
in TNK-BP.
The move just days after BP
said it wanted to sell its 50 per
cent stake in the Russian oil
venture prompted analysts
and investors to suggest that for
the first time the Russian gov-
ernment was involving itself in
the shareholder dispute that has
badly damaged perceptions of
the countrys investment cli-
mate.
The federal anti-monopoly
services deputy head, Anatoly
Golomolzin, said the agency had
proposed the changes after Ros-
neft, the state oil champion,
filed a complaint after the col-
lapse of its proposed strategic
alliance and share swap with BP
last year.
BPs Russian billionaire part-
ners in TNK-BP, known as Alfa-
Access-Renova, had won an
international injunction block-
ing the alliance, claiming it vio-
lated the confidential share-
holder agreement that grants
TNK-BP the right of first refusal
to any new venture in Russia or
Ukraine.
Analysts now view Rosneft, or
Rosneftegaz the state invest-
ment vehicle that owns 75 per
cent of Rosneft, as prime
contenders for BPs 50 per cent
stake.
This is a small step, but it
looks highly significant for a
state agency to get involved,
said Chris Weafer, chief strate-
gist at Troika Dialog.
This could be a sign that the
state wants the stand-off to
be decided as quickly as possi-
ble.
But a spokeswoman for the
agency later stressed that the
regulatory changes were being
made to affect all shareholder
agreements similar to the one
governing TNK-BP, while it was
still not clear whether the pro-
posed changes would come into
legal force.
Rosneft declined to comment,
as did AAR and TNK-BP.
JUNE 7 2012 Section:2Front Time: 6/6/2012 - 20:17 User: fitzgeraldi Page Name: 2FRONT EUR, Part,Page,Edition: EUR, 13, 1
14

FINANCIAL TIMES THURSDAY JUNE 7 2012
COMPANIES
By Richard Waters
in Las Vegas
The attempted turnround of
struggling US technology
conglomerate Hewlett-
Packard will take as long as
five years to pull off and
could run into a prolonged
downturn caused by the
European currency crisis,
Meg Whitman, chief execu-
tive, has warned.
Speaking in her first
extended interview since
taking over last year as
HPs fourth chief in less
than two years, the former
eBay head sought to buy
time in the face of Wall
Streets slumping confi-
dence in the company and a
deteriorating market for
many of its products. With
a greater reliance on sales
in Europe and from the
cyclical PC business, HP is
seen as more exposed to a
downturn than its rivals.
Ms Whitman, who was
speaking during HPs
annual customer event in
Las Vegas, ruled out any
quick fixes to try to revive
the companys flagging
stock price.
Despite her promise to
bring greater consistency
and transparency to its
business performance after
what she described as a
period of turmoil at the
top, the shares have failed
to recover ground lost last
August. That was when
former chief executive Lo
Apotheker angered Wall
Street by paying a big pre-
mium for UK software com-
pany Autonomy and pro-
posing to spin off HPs PC
arm.
Debt taken on as the
result of a string of big
acquisitions had left HP in
need of rebuilding its bal-
ance sheet, leaving little
room for manoeuvre, Ms
Whitman said.
Also, asked whether HP
might consider spinning off
business to simplify its
operations and lift is share
price, she replied: We tried
that a reference to Mr
Apothekers PC proposal,
which she quickly reversed
after taking over.
Ms Whitman hung her
hopes for restoring inves-
tors faith in the company
on a restructuring she
announced last month that
will lead to the loss of some
27,000 jobs over the next
three years but will eventu-
ally give it the financial
flexibility to invest in more
promising technology mar-
kets after a long period of
under-investment.
She also promised to be
more open with Wall Street
about the state of HPs busi-
nesses, while dropping guid-
ance on its expected reve-
nues in the face of growing
uncertainties. I think I am
as straight-up as a CEO as I
could possibly be. Thats
the only thing I can do,
she said.
The long list of problems
Ms Whitman has set out to
tackle include turning
round HPs printer division,
which she said had missed
a couple of [product]
cycles in important mar-
kets, and reinforcing the
longer-term position of its
PC business, which she said
had to invest in design
and have a long-term
mobile strategy.
She also conceded that
HP needed to make a new
stab at developing high-
priced servers since it
would not be able to rely
for growth on its current
machines based on Itanium
chips, which are at the cen-
tre of a legal dispute with
Oracle.
We worry a lot about
Europe, whether its the
sovereign debt crisis,
Greece going out of the
euro, the challenges in
Spain, Ms Whitman said.
We are preparing for a rea-
sonably tough situation in
Europe.
Whitman
warns of
long HP
recovery
TECHNOLOGY HARDWARE
Chief worried about
exposure to Europe
Absa, one of South Africas
top four banks by assets,
yesterday said it had agreed
to pay R10bn ($1.2bn) for
the store card business of
Edcon, one of the countrys
largest clothing retailers.
The bank, which is major-
ity owned by Barclays, will
also offer retail credit to
Edcons customers under
the agreement.
The retailer, which
delisted from the Johannes-
burg stock exchange after it
was bought by Bain Capital
in 2007, has about 3.8m
active store card accounts
and more than 1,000 stores
in South Africa and neigh-
bouring countries.
Maria Ramos, chief execu-
tive of Absa, said the deal
was a significant addition
to our retail finance offer-
ing and tied in with the
banks strategy to increase
its proportion of the unse-
cured lending market.
Unsecured lending has
been one of the sectors
fastest growing areas as the
countrys established banks
seek new customers. But
the pace of lending has
raised concerns about high
levels of consumer debt.
Unsecured lending is a
key market for Absa to
channel capital into under-
served communities, while
adhering to responsible
lending practices, Ms
Ramos said in a statement.
Edcon said it would use
the proceeds of the deal to
repay debt and invest in the
business.
Andrew England
Absa in $1.2bn deal to buy
Edcon store card business
BANKS
George Soross investment
fund has been named as
one of six groups bidding
for Brazils new fourth-
generation telecom licences
as the country races to
improve its infrastructure
before hosting the World
Cup and Olympics.
Mexicos Claro, Italys
TIM, Spanish-controlled
Vivo, Oi, Sky and Soros
Fund Managements Sun-
rise Telecomunicaes will
submit proposals for the so-
called 4G licences at next
Tuesdays auction, which is
expected to raise at least
R$3.95bn (US$1.96bn), said
industry regulators Anatel.
Brazil is rushing to
improve its outdated net-
works before hundreds of
thousands of visitors
descend on the country in
2014 for the World Cup and
two years later on Rio de
Janeiro for the Olympics.
However, Anatels
announcement of the
bidding companies came as
a disappointment to some,
after it appeared that com-
panies such as Swedens
AINMT had pulled out at
the last minute.
We thought there might
be another two or three
groups from abroad, said
Joo Rezende, head of Ana-
tel. But then the interna-
tional scenario really isnt
that favourable at the
moment.
The auction comes at a
time when Brazil has some-
what fallen out of favour
with foreign investors, fol-
lowing the countrys sharp
economic slowdown and
residual structural prob-
lems such as high taxes and
poor infrastructure.
Adriano Pires, director of
the Brazilian Centre of
Infrastructure, said Brazil
needed to concentrate
instead on its bigger prob-
lems, such as the state of
the countrys airports that
are being part-privatised.
Samantha Pearson
Soros among bidders for
Brazil telecom licences
MOBILE & TELECOMS
South Africas Absa bank is
majority owned by Barclays
Shares in Dutch retailer
Ahold, which owns the
Giant and Stop & Shop
supermarket chains in the
US, fell more than 4 per
cent after the company's
first-quarter results showed
low sales growth and a 6.3
per cent drop in operating
income compared with a
year earlier.
Ahold has strong pricing
power in the Netherlands
with a market share of
more than 30 per cent, led
by its flagship Albert Heijn
supermarket chain, while
its market share in the US
is growing. But that pricing
power was not enough to
overcome a recession in the
Netherlands and a slowing
economy in the US.
Dick Boer, chief execu-
tive, called it a tough
start to the year. The
competitive environment,
the economic climate, all
the elements for sure have
impacted our first quarter,
he said.
The group said poor con-
sumer confidence was push-
ing it to cut prices and
emphasise cheaper brands
that offer lower profit mar-
gins. Ahold noted that this
years first quarter included
the traditionally slow post-
Easter week while last
years first quarter did not,
making sales this year
appear artificially low.
Overall sales rose 5 per
cent year on year to 9.7bn,
or 1.9 per cent at constant
exchange rates. Earnings
before interest, tax, depreci-
ation and amortisation were
unchanged compared with a
year earlier at 691m.
Net profits were down 3.1
per cent to 282m. John
Roeg of ING said: In view
of what other retail groups
have reported recently, this
is still very resilient.
Ahold shares closed down
4.2 per cent at 9.18.
Matt Steinglass
Slowing US economy
weighs on Ahold results
FOOD & DRUG RETAILERS
Bank of Cyprus is set to
join the UKs deposit pro-
tection scheme as it moves
to insulate its 50,000 British
savers from further turmoil
in Greece.
The bank has almost 1bn
of deposits in the UK, which
are covered by a Cypriot
compensation scheme. As
fears grow that Cyprus may
need a bailout from Brus-
sels, the bank has moved to
reassure its UK customers
that their money would be
safe if it failed.
Bank of Cyprus has
applied to turn its UK busi-
ness into a fully fledged
subsidiary that would be
regulated by the Financial
Services Authority and
offered the same protection
85,000 per customer as
British banks.
It has received initial
approval from the FSA and
is expected to join the UKs
deposit scheme by mid-July.
Weve been monitoring
how our customers feel and
have concluded that in
order to compete for depos-
its we have to look at the
issue of deposit protection,
the bank said.
Since the failure of Icelan-
dic bank Landsbanki in
2008, savers have been nerv-
ous about holding money
with overseas banks. While
the UK government eventu-
ally guaranteed funds in
Landsbankis online Icesave
accounts, customers were
unable to access their sav-
ings for weeks. UK savers
have ploughed money into
Bank of Cyprus in recent
years to take advantage of
its high interest rates.
Sharlene Goff and
Elaine Moore
Bank of Cyprus seeks FSA
protection for UK deposits
BANKS
The operator of the worlds
third-largest container ship
fleet, Frances CMA CGM,
has predicted a return to
profitability for the full
year, despite reporting a
$248m net loss for the first
quarter amid the worldwide
glut of container ships.
The comments from the
line, the most optimistic so
far from any large con-
tainer line, come after it
was forced in March to
announce that it would sell
assets and was asking for a
rescheduling of its debt pay-
ments for this year and
next.
The line said it had
returned to break-even in
April as rates per container
recovered and fuel prices
fell. The benchmark Shang-
hai Containerised Freight
index stood at $1,666 per
20-foot equivalent unit
(TEU) on June 1 against
$490 per TEU at the end of
December, it said. Fuel
prices had fallen to $560 per
tonne by the start of June,
down 20 per cent from their
peak in March, it added.
Michel Sirat, CMA CGMs
chief financial officer, said
the falling oil prices and
rising freight rates so far in
the second quarter were
exactly the opposite of
developments in the first
quarter.
Were confident Q2 is
going to be very good, Mr
Sirat said. Obviously, its
still a fragile and volatile
business but were very
pleased were going to be
able to deliver a positive
2012.
As part of the most
recently announced restruc-
turing, CMA CGM said it
planned to sell a minority
stake in Terminal Link, its
terminal operating busi-
ness, which owns stakes in
20 terminals in ports
worldwide.
Robert Wright
Return to fullyear prof it
predicted by CMA CGM
INDUSTRIAL TRANSPORT
85,000
Amount protected per
customer if a UK bank fails
An experimental solar
powered aircraft has
become the first of its kind
to fly between continents
after a 19hour journey
between Madrid in Spain
and Rabat in Morocco,
writes James Boxell in
Paris.
The Solar Impulse, backed
by Solvay, the Franco
Belgian chemicals company,
and Schindler, the Swiss
elevator maker, has been
developed over eight years
on a budget of about 90m.
Bertrand Piccard, its Swiss
pilot, said the target was not
about using solar energy
for normal aircraft but to
prove that we can achieve
incredible, almost impossible
objectives with new
technologies without fossil
fuels.
The singleperson aircraft,
with the wingspan of an
Airbus A340 passenger jet
but the weight of a
midsized car, is powered by
12,000 solar cells across its
wings.
Iata, the aviation industrys
trade body, has offered
support to the project, but it
is still seen by airlines as an
experiment rather than a
model of what aircraft can
become. Engineers are
sceptical that solar panels
alone could ever provide
enough power for a
standardsized passenger
aircraft.
The fourengine Solar
Impulse landed in Morocco
late on Tuesday night.
During its 830km journey, it
reached top speeds of more
than 120km per hour, but its
usual cruising speed was
about half of that. A flight
from Madrid to Rabat
usually takes just over an
hour.
The designers said it flew
for three hours in darkness
after storing power during
the day. The goal is to fly
around the world in a
nonstop flight. Mr Piccard,
who made the first nonstop
roundtheworld balloon
flight in 1999 and whose
father and grandfather were
also wellknown adventurers,
hopes to carry out the flight
in 2014.
Schindler has provided
engineers while Solvay has
supplied polymers and parts
for the aircraft and its
batteries and photovoltaic
panels.
The Solar Impulse team
said the carbon fibre aircraft
still had 95 per cent battery
capacity when it landed.
Morocco was chosen as
the destination because of
its plans for solargenerated
power. The north African
kingdom aims to generate
almost 40 per cent of its
electricity from solar plants
by 2020.
The aircraft, which had its
maiden test flight in 2010,
made its first crossborder
journey last month, flying
between Switzerland and
Belgium.
The experimental solarpowered aircraft flew from Madrid to Rabat, Morocco in 19 hours
Solar aircraft in flight to Africa
Apple tunes into television in battle of the living room
How could Apple hope to disrupt the
global TV business when theres almost no
scope for changing the two things that
most define the experience of watching TV
the screens themselves and the shows
that most people want to watch on them?
That is the conundrum the company has
been grappling with as it tries to turn
Apple TV a product Steve Jobs once
described as a hobby into the fourth
pillar of its business. Next week brings its
annual developer conference, the biggest
event in its calendar since Mr Jobs died in
October last year. Since this is a software
event and the answer to disrupting TV lies
in software, it might just be the moment
for Apple to make its next hotly
anticipated move into the living room.
First, consider two things that Apple is
highly unlikely to do.
One (despite persistent rumours to the
contrary) is sell TV sets. Consumers are
already well served by the cut-throat
competition that is bringing big screens
with amazing clarity to living rooms
everywhere. Apple could hardly hope to
produce better or cheaper sets.
But then, it doesnt need to: quite the
opposite, in fact. A global platform of
super-sleek but largely dumb screens is
already in place. The opportunity lies in
changing how they are being used.
Apple is also unlikely to try to upend
the entrenched system of content owners
and distributors who have locked up the
pay-TV business. These companies see no
need to break apart the monthly plans
under which they sell packages of content.
You only have to look how iTunes
unbundled the music industrys main
product, the album, to understand their
resistance. If it can do little to change the
hardware or the content, Apple can at
least have an impact in one area that it
knows a lot about: the user experience.
Unwieldy channel guides, multiple remote
controls and set-top boxes not to
mention video-on-demand and online DVR
services of mixed quality can all make
watching TV a drag.
With the arrival of internet services to
TV sets, things have become even more
complicated. The ability to watch
anything, any time is still, for most
viewers, a half-realised promise.
Apple has two main assets to bring to
bear here: the app and the iOS software
platform. Turning both shows and
channels into apps would create a new
way for viewers to interact with TV
content. The app could open a library of
video, as well as related material to be
browsed from the sofa on an iPhone or
iPad. Finding a show to watch on one of
these personal devices and throwing it
on to the TV set promises to be a far
better experience than scrolling endlessly
through an online channel guide in the
vain search for something to watch. For
the content companies, it would also bring
deeper consumer engagement and the
potential for a new, direct relationship
with viewers. This is the main lure for the
existing TV industry, which otherwise
would balk at the idea of app-ifying the
TV set. After all, in this world The
Sopranos would have to fight for its place
on the screen next to an app for the latest
YouTube sensation and one for throwing
video calls on to the screen.
As the army of iOS app developers
responds to the opening up of another
screen, viewers would spend less time
watching traditional TV. They would
almost certainly end up revolting against
the fixed monthly payments they would
still face for bundles of content. Apples
success would depend on persuading the
TV industry that this is the future
regardless, and it is better to face it with a
partner that at least has a history of
trying to bring extra value to content
through new digital channels.
One question this approach would leave
unanswered: how big a business could it
be for a hardware company like Apple?
Even if it managed to ship a $99 Apple TV
device with, say, one in four of the 250m
TVs sold each year, the $6bn or so this
would bring in would still be less than the
revenues the iPad generated in the latest
quarter alone and the iPad is still in its
infancy. For a company with expected
revenues this year of $162bn, it is getting
hard to move the needle.
Rather than the next big pillar of its
business, though, the TV should be seen
as strategically important for Apple as it
tries to secure a place in the living room,
eventually helping it to sell many more
iPads, iPhones and Macs. If it doesnt win
a foothold on the TV set it will cede
ground to rivals like Microsoft, which this
week showed off a way to throw TV shows
from tablets to TV screens via its Xbox
360 games console, of which 67m have
already been sold. Apple cant afford to
dally with its TV hobby any longer.
Richard Waters is the Financial Timess
West Coast Managing Editor
richard.waters@ft.com
www.ft.com/insidebusiness
Richard
Waters
INSIDE BUSINESS
on Technology
COMPANIES ROUNDUP
Straight up: Meg Whitman,
HP chief executive
More news at ft.com/companies
Mecom warns on
advertising decline
Shares in Mecom more
than halved after the
lossmaking European
newspaper group warned
that the decline in
advertising revenues at its
Dutch business had
accelerated. The group
expects advertising
revenues in its Netherlands
division, which accounts for
about twothirds of
operating profit, to fall 17
per cent in the second
quarter, compared with a 12
per cent drop in the first
quarter of 2012.
Lloyds to offload
Australian property loans
Lloyds Banking Group is
offloading a large package
of distressed Australian
property loans in a further
cleanup of the problems it
inherited through its rescue
acquisition of HBOS. The
partly stateowned British
bank said it had agreed to
sell the 809m ($1.3bn)
portfolio of loans to a
Morgan Stanley and
Blackstone joint venture for
388m, less than half their
original value. The loans
were made by the global
arm of Bank of Scotland.
JUNE 7 2012 Section:Companies Time: 6/6/2012 - 19:03 User: digbyt Page Name: CONEWS1, Part,Page,Edition: USA, 14, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

15
COMPANIES
With consumer confidence waning
and demand for vehicles falling,
Europes mass-market car industry is
in a worsening crisis that mirrors the
teetering state of the continents
finances.
Car sales, already in a slump in the
southern European countries at the
heart of the euro crisis, are now fall-
ing in Germany too down 5 per cent
in May, data published this week
show. Plants such as Fiats flagship
Mirafiori factory in Turin and PSA
Peugeot Citrons in Aulnay, near
Paris, are cutting shifts to compensate
for lower demand.
Fiat last week began offering reces-
sion-hit Italians cheap petrol, priced
at 1 a litre, to persuade them to buy
its cars. Peugeot has sold and leased
back its Paris headquarters and is
poised to sell control of its profitable
Gefco logistics division to generate
cash.
The drop in demand for cars caused
by the eurozone crisis has laid bare
the chronic excess capacity problems
of an industry that, unlike Americas,
did not downsize after the 2008 bank-
ing crisis because of political and
union hostility to closing plants.
For too many years the auto indus-
try has been in the bullseye of unions,
political interests and economic inter-
ests, says Stefano Aversa of AlixPart-
ners, the consultancy, whose clients
include leading carmakers. This has
made the industry much more diffi-
cult to restructure.
But now analysts say that Europes
taboo on closing car plants will proba-
bly be challenged by the growing
financial squeeze at lossmaking pro-
ducers like PSA, Fiat, and General
Motors Opel. Someone has to bite
the bullet, says Philippe Houchois,
auto analyst with UBS. Its a ques-
tion of when they announce it and
how they structure it.
While carmakers are cutting their
production schedules to keep invento-
ries under control, there is still a glut
of cars on the market, which is
prompting competitive discounting to
the point where some producers are
thought to be losing money on every
car they sell. So excess capacity is
hitting European carmakers twice in
the fixed cost they pay for underuti-
lised plants, then the higher discounts
they underwrite to move unsold cars
off dealership forecourts.
LMC Automotive estimates that
capacity utilisation at European car
plants is running at an average of
66 per cent, with excess capacity total-
ling 10m units broadly equal to the
output of 26 car plants and well below
the 80 per cent utilisation rate seen as
a rule of thumb for profitability.
Yet to say that all of European car-
making is in trouble is to oversimplify
matters. Germanys Volkswagen,
BMW and Daimler are still profitable,
and their plants are working at nearly
full capacity because of strong over-
seas export sales.
The split between crisis-stricken
volume producers and the resilient
Germans mirrors the bifurcation seen
over the debt crisis in the eurozone,
as Berlin argues with its weaker
Club Med partners about the form a
rescue of Europes finances should
take.
As is the case with the sovereign
debt crisis, the gulf between Germany
and the rest is hampering collective
action on a worsening crisis in one of
the continents biggest industries,
which employs 12m people directly or
indirectly.
Some companies are doing
extremely well and that makes the
situation much more difficult, says
Ivan Hodac, chief executive of the
European carmakers association
Acea, which has urged Brussels to
take a more assertive role in helping
the industry. Germany at this
moment is not being affected.
Carmakers yesterday met the Euro-
pean Commission in its Cars 21 forum
to discuss ways of bolstering the
industry.
Sergio Marchionne, Fiats chief
executive, who holds Aceas rotating
presidency, had been urging the EU to
take a leading role in helping carmak-
ers cut capacity in an industry that
straddles national borders. Philippe
Varin, Peugeot-Citrons CEO and a
former head of steelmaker Corus, had
also supported the call for an EU-led
solution, citing Brussels leadership in
helping the steel industry to cut
20 per cent of its capacity in 1980-85.
The industry was not looking for
financial handouts but political cover
on politically sensitive plant closures
and possibly assistance retraining
autoworkers to be redeployed.
Carmakers and some analysts
argued that the EU, after imposing
heavy compliance costs on carmakers
in areas such as CO2 legislation, owe
it to the sector to help producers
co-ordinate a response to the indus-
trys worst crisis in many years.
Germanys carmakers, led by VW
are opposing the notion of EU involve-
ment in the sector.
You have positions within the EU
that favour a more Darwinian posi-
tion let the weaker players go
away, says UBSs Mr Houchois.
Antonio Tajani, EU industry com-
missioner, this week ruled out the
idea of Brussels taking a leading role
in helping carmakers cut excess
capacity. Its not my job to reduce
production, but we are ready to [help]
restructure the sector, Mr Tajani told
the Financial Times.
The industrys Cars 21 meeting in
Brussels ended after approving a
report endorsing general recommen-
dations to help the European auto
industry, including in the area of
free trade a sore point for carmakers
facing increasing competition
from South Korean producers
Hyundai and Kia.
Manufacturers sounded a gloomy
note, with Acea predicting that new
car registrations would fall by
another 7 per cent EU-wide this year.
Mr Marchionne said that while the
car industry had proved itself resil-
ient, the EU needed to take a more
assertive role in helping the faltering
industry. He said: We in Europe can-
not just stand aside and let develop-
ments take their course.
Carindustrys
resistance to
change comes
home to roost
CARS
News analysis
Political and union
hostility to job cuts has
made a USstyle revamp
for eurozone carmakers
difficult, writes John Reed
Some companies
are doing extremely
well and that
makes the situation
much more difficult
Ivan Hodac,
Acea chief executive
Obstacles ahead
European
average
68%
Automakers sales in Europe
As % of their total production in Europe
Opel
Fiat Chrysler
Renault Nissan
Ford
PSA Peugeot Citron
Volkswagen
BMW
Daimler
0 20 40 60 80 100
Fiat
60%
Opel
60%
PSA Peugeot
Citron
64%
Renault
Nissan
64%
Ford
65%
Volkswagen
86%
BMW
95%
Daimler
78%
Capacity utilisation at car plants, by manufacturer Q2 2012
PSA Peugeot Citron employees protest against the possible closure of the Aulnay production site Photo: AFP
FT Graphic Sources: ACEA; LMCAutomotive
Car sales in Europe
Annual % change in passenger car registrations in EU
Q1 2009 10 11 Q1 12
-20
-10
0
10
20
By Helen Thomas in London
Barrick Gold has ousted
Aaron Regent, its chief
executive, in an abrupt
management shake-up
aimed at reversing the slide
in the miners share price.
Peter Munk, Barricks
founder and chairman, said
the board had promoted
Jamie Sokalsky, chief finan-
cial officer, to run the com-
pany and that Mr Sokalsky,
who joined Barrick in 1993,
would also replace Mr
Regent on the board.
We are fully committed
to maximising shareholder
value, but have been disap-
pointed with our share
price performance, said Mr
Munk in a statement.
Mr Regents departure
comes amid general disap-
pointment with Barricks
performance, rather than a
specific event or disagree-
ment over strategy, said
people familiar with the
matter. However, analysts
at Citi noted that Barrick
shares have performed
better than its North
American peers, adding
that the company said
they measure results on an
absolute and relative basis,
a tough hurdle for a mining
executive, in our view.
Projects such as the $5bn
Pascua Lama development
on the border of Chile and
Argentina would go ahead,
the Citi analysts added.
Barricks Toronto-listed
shares are down about 5 per
cent so far this year. The
gold sector has suffered as
investors have turned to
exchange traded funds to
gain exposure to the pre-
cious metal, eradicating
pure-play gold miners tra-
ditional premium to diversi-
fied and base metal peers.
Investors are wary of the
rising costs of building and
running mines and the
risks of tackling new, more
challenging deposits.
Barrick shares fell 0.4 per
cent yesterday morning to
C$43.53. The company also
said that John Thornton,
currently a board director,
would become co-chairman
alongside Mr Munk.
Industry observers
pointed out that Barrick
had recovered since the
miner unsettled investors
with the $7.6bn purchase of
Equinox, the copper com-
pany, in April 2011. Inves-
tors balked at the surprise
move into base metals and
criticised the price paid to
win Equinox from rival
bidder, Chinas Minmetals.
But Mr Munk, who
founded Barrick in the
early 1980s and helped build
it into the largest gold pro-
ducer globally, has a repu-
tation for falling out with
his managers, said industry
observers contrasting Mr
Regents accountancy back-
ground with Mr Munks
entrepreneurial approach.
Mr Munk expressed his
frustration with the com-
panys stock price perform-
ance at its annual share-
holder meeting last month.
What more can you ask
for? Record results for six
years in a row. Great funda-
mentals, exceptional per-
formance, meeting guide-
lines, social responsibility,
high quality of people and
employment, a great team
of management, a leading
position in your industry
for Gods sakes, the world
should be at your feet, Mr
Munk told management.
Barrick Gold ousts chief as
shares frustrate founder
MINING
By Alan Rappeport
in New York
Sbarro, the struggling US
pizza chain found in shop-
ping malls and airports, is
looking to revive its for-
tunes with a new recipe and
revamped restaurants as it
emerges from bankruptcy.
Sbarro will this week roll
out upgraded shops, ovens
and different ingredients
turning its greasy New
York-style pizzas into a
more refined version of
Neapolitan pies.
Everything we are work-
ing on is designed to
change the experience and
change impressions, said
James Greco, the com-
panys new chief executive.
Sbarro filed for bank-
ruptcy in April 2011 after
price increases and cost-
cutting hit its sales and sad-
dled it with nearly $400m in
gross debt.
The company closed 150
stores and made an operat-
ing loss of nearly $30m in
2010 as mall traffic and air-
line travel dried up, sapping
the company of its core cus-
tomers. Despite those finan-
cial problems, the company
has managed to maintain
restaurants in prime loca-
tions such as New York
Citys Times Square.
Sbarros misfortunes have
been derided within the
industry and the group has
become a case study for
mass-market pizza gone
wrong. Justin Peters, a food
critic for Slate, an online
magazine, called the pizza
chain Americas least
essential restaurant.
He wrote: The food there
is mediocre and unimagina-
tive assembly-line Italian
festooned with cheese and
sugary tomato sauce, a
bland version of the homey
fare found at postseason
soccer banquets or church
fundraising suppers.
Sbarro, which is owned
by 30 institutional inves-
Sbarro looks to revive pizza chain business with upgrades
FOOD RETAILERS
By Ed Crooks in New York
Chesapeake Energy, the US
gas producer struggling
under its debt burden, is
close to a sale of pipeline
assets for about $4bn that
could be announced by the
end of the week.
The company is in talks
with Global Infrastructure
Partners, a private equity
fund and owner of Gatwick
and London City airports in
the UK, over the sale,
which could result in a deal
in time for Chesapeakes
annual meeting tomorrow,
according to one person
familiar with the situation.
Under the terms being
discussed for the possible
deal, GIP would pay about
$2bn for Chesapeake
Energys stake in Chesa-
peake Midstream Partners,
a separately listed pipeline
company spun out in 2010,
and a further $2bn for other
pipeline assets held directly
by the parent.
The pipeline assets are
the latest in a growing list
of disposals planned by
Chesapeake as it attempts
to close the gap between its
ambitious capital spending
plans and its diminished
cash flows, hit by the fall in
natural gas prices.
The outlook for the com-
pany is further clouded by
the falls in the price of oil
and natural gas liquids,
such as ethane and pro-
pane, which are used for
fuels and chemical feed-
stocks.
The companys strategy
has been pinned on reduc-
ing its reliance on natural
gas, which hit a 10-year low
earlier this year, and add-
ing to its production of oil
and other liquids.
It has in recent weeks
announced the planned
sales of leases covering
about 900,000 acres across
the US, in addition to its
previous plan to sell 1.5m
acres in Texas and to find a
joint venture partner for 2m
acres in Oklahoma.
Chesapeakes pipeline
assets are likely to appeal
to infrastructure investors
because they have guaran-
teed revenues. Contracts
signed by the parent com-
pany commit it to $13.8bn of
payments to the midstream
business to pay for using its
pipelines to carry gas from
Chesapeakes fields.
Selling the pipeline assets
would also cut Chesa-
peakes need for capital
spending by about $3bn
over the next three years.
On the companys own
projections, its plans would
have left a gap of up to
$10bn between its cash
flows and its spending
plans for 2012 alone, with a
further shortfall next year.
Chesapeakes leading
shareholders, Southeastern
Asset Management, with
13.6 per cent, and Carl
Icahn, the activist investor
who has 7.6 per cent, have
been urging the company to
scale back its investment
plans in order to strengthen
its finances.
It emerged this week that
Chesapeake had put a pack-
age of leases covering
337,000 acres in eastern
Ohio up for sale. The advi-
sory firm working on the
sale said a reason for the
move was Chesapeake curb-
ing its capital spending.
Concerns over Chesa-
peakes corporate govern-
ance came into focus in
April when it emerged that
Aubrey McClendon, the
chairman, chief executive
and co-founder of the com-
pany, had built up large
debts that were not fully
disclosed to the board or
investors.
Shares in Chesapeake
Energy rose 6 per cent to
$17.96 in afternoon trading
in New York. Those in
Chesapeake Midstream
were up 4 per cent at $25.04.
Chesapeake close to $4bn pipeline sale
OIL & GAS
Factories face
up to closure
Industry analysts expect
two, and maybe three, of
Europes carmakers to
break the continents
taboo on plant closures
and announce that they
are winding down factories
in the coming months.
PSA Peugeot Citron
At Europes secondlargest
carmaker, two plants are
seen as vulnerable: the
factory in Aulnay, near
Paris, that makes the
Citroen C3, and the
Madrid facility that makes
the Peugeot 207. Aulnays
future has been in
question since French
media published an
internal document
suggesting that PSA was
considering shuttering the
plant. Workers from
Aulnay picketed the
French presidential
debates and secured a
meeting with Franois
Hollande, now the
president. PSAs Madrid
facility is also seen as at
risk because it is
especially highcost. The
French group is expected
to make an announcement
on its plants after the
upcoming elections to the
national assembly.
Opel/Vauxhall
General Motors last month
gave its plant at Ellesmere
Port, England, a reprieve
when it said it would make
the next generation of its
bestselling Astra model
there from 2014. GM
awarded the job after
securing concessions on
wages and work time from
staff, who will move from
two to threeshift
production. The decision
raised fears among
workers at Opels plant in
Bochum, Germany, that
the US carmaker has
decided to close it. They
now expect to hear about
the carmakers plans on
June 28, when Opel
unveils a new longterm
business plan.
Fiat
Sergio Marchionne, chief
executive, secured
concessions from Fiats
Italian workforce in 2010
11 with hisFabbrica Italia
plan, heralded as a new
compact aimed at
ensuring the countrys
continued competitiveness
as a carmaking centre.
But with Italys car market
in steep decline, Fiats
European plants are now
operating at only about 60
per cent capacity and
many think at least one
will have to be shut down.
tors, hopes that new ovens,
better sauce and whole milk
cheese will forge a turn-
round in the same fashion
that Dominos did with its
recent mea culpa strategy
and pizza upgrade.
Two years ago Dominos
launched an apologetic mar-
keting campaign, acknowl-
edging that the pizza
tasted like cardboard and
promised to do better. Fol-
lowing the introduction of
new ingredients, the com-
panys share price rose
more than 100 per cent in 15
months.
The Dominos way of
addressing their product
was very good from a mar-
keting point of view, said
Mr Greco, who previously
worked in the bagel busi-
ness. But I dont think
they got their new recipe
right.
Despite Sbarros recent
stumbles, Mr Greco is confi-
dent that the company can
fend off aggressive competi-
tors.
ON FT.COM
For the latest news
and analysis on the
car industry go to:
www.ft.com/
autos
Chesapeake also plans to sell leases covering about 900,000 acres Bloomberg
JUNE 7 2012 Section:Companies Time: 6/6/2012 - 19:21 User: digbyt Page Name: CONEWS2, Part,Page,Edition: EUR, 15, 1
16

FINANCIAL TIMES THURSDAY JUNE 7 2012
COMPANIES
By Simon Rabinovitch
in Beijing
China will delay the imple-
mentation of strict new cap-
ital rules for its banks until
next year, addressing con-
cerns that a rush to enforce
the regulations would
crimp lending and weigh on
the slowing economy.
Beijing had planned to
introduce the bank capital
standards, putting China
under the global Basel III
regime, at the start of this
year, a year ahead of the
phase-in period stipulated
in the Basel agreement.
By moving the start date
to January 1 2013, Beijing
confirmed that those origi-
nal plans were too ambi-
tious. The new timeline
brings China in line with
other countries.
We will implement a rea-
sonable transition period
for the capital adequacy
standards, ensuring that
lending growth will con-
tinue at an appropriate
pace, Wen Jiabao, the Chi-
nese premier, said after
chairing a cabinet meeting.
He also confirmed that
the government would give
banks a special dispensa-
tion on lending to small and
medium-sized companies,
which generate about two-
thirds of Chinese growth
but have been traditionally
starved of credit.
The government will
lower the risk weighting
assigned to SME loans in
calculating banks capital
ratios to encourage more
such lending.
As in other countries,
Chinese banks deemed to be
systemically important will
be required to meet capital
adequacy ratios of 11.5 per
cent, while other banks will
be held to a 10.5 per cent
minimum.
Most Chinese banks
already meet the Basel
standards after a hefty
round of equity raising over
the past two years, but
questions about the need
for additional capital for
those on the edge of the
rules, such as Bank of Com-
munications and Agricul-
tural Bank of China, have
weighed on their stocks.
Of greater concern to the
government has been the
slowdown in lending. Banks
lent Rmb680bn ($107bn) in
April, well below market
expectations, and lending at
the start of May was also
reported to be weak.
The supply of credit
through the banking sys-
tem is one of the govern-
ments main tools for sup-
porting the economy, but
lending has faltered this
year because of weak loan
demand and also because
banks have been wary of
running up bad debts.
Chinese economic growth
slowed to 8.1 per cent in the
first quarter and is on track
to dip further this quarter.
China has, along with
postponing the implementa-
tion of the Basel rules,
taken other steps to shore
up its banks over the past
few months.
It has approved lower div-
idend payouts from the big-
gest state-owned lenders,
reduced loan-loss provision-
ing ratios and eased the
enforcement of regulations
at the local level.
Taking their orders from
the government, Chinese
banks went on a lending
spree in 2009 to power the
economy through the global
financial crisis.
Many analysts say the
government will take the
same approach if the econ-
omy slows sharply again
this year.
By James Wilson in Frankfurt
Six German banks have had
their credit ratings down-
graded because of the risk
of further shocks from the
eurozone debt crisis.
Moodys, the rating
agency, cut ratings for
Commerzbank, Germanys
second-largest bank by
assets, and five other banks
in the eurozones largest
economy.
A decision on the rating
of Deutsche Bank, Ger-
manys largest bank and
the biggest by assets in the
eurozone, is set to be made
separately this month as
part of a review of the big-
gest global banks.
Moodys also downgraded
Austrias three largest
banks, all with heavy expo-
sure to economies in central
and eastern Europe.
The downgrades added to
concerns over the health of
Europes banks after Spain
appealed for help to recapi-
talise its financial sector.
The downgrades were less
severe than those suffered
by other European banks,
reflecting what Moodys
called the mitigating fac-
tor of a relatively benign
operating environment in
Germany.
The German economy has
held up well in the crisis,
driving down unemploy-
ment and reducing the
risk to banks of loan
defaults by private and cor-
porate customers.
German banks were
among the hardest hit by
the early stages of the
financial crisis in 2007 and
2008. Many had large invest-
ments in structured securi-
ties linked to the US hous-
ing market and other assets
that quickly soured.
Many German lenders
had to take large write-
downs on holdings of Greek
government bonds and sub-
stantial holdings of other
eurozone sovereign debt,
though most have been cut-
ting such exposure.
Banks still had meaning-
ful exposure to structured
credits and peripheral
countries as well as to prob-
lematic sectors such as
shipping and finance,
Moodys said.
Moodys pointed to
German banks limited
capacity to deal with
losses, given weak profita-
bility and comparatively
small amounts of equity rel-
ative to total assets.
German banks . . . still
rank lower than many
European peers in terms of
simple balance-sheet lever-
age, the agency said.
Commerzbank, which
needed a state bailout in
the crisis and is 25 per cent-
owned by the German gov-
ernment, was kept on a neg-
ative outlook even after a
one-notch downgrade to its
long-term rating. The bank
declined to comment.
DZ Bank, Germanys larg-
est co-operative bank, and
three Landesbanken Nor-
dLB, LBBW and Helaba
also had their long-term rat-
ings cut but their outlook
was revised to stable.
The German and Aus-
trian units of Italys
UniCredit were also down-
graded while Erste Bank,
Austrias largest lender by
assets, had its long-term
debt rating cut two grades.
Moodys had announced
a review of the ratings
of European banks in
February.
Six German banks suffer rating cuts
BANKS
Austrias top three
downgraded too
Concerns at health
of Europes banks
Beijing
puts back
date for
enforcing
Basel III
BANKS
We will implement
a reasonable
transition period for
the capital adequacy
standards
Wen Jiabao, premier
It has been a difficult 12
months for EFG-Hermes,
the Middle East investment
bank that finds itself in the
eye of a financial storm as
the subject of an unwanted
takeover battle.
The market value of the
Cairo bank has dropped
steeply since the turmoil of
last years uprising in
Egypt. Its shares have lost
more than a third of their
value in the past year, giv-
ing it a market capitalisa-
tion of $850m.
A further shadow has
been cast over the bank by
its association with Gamal
Mubarak, son of the ousted
Egyptian president who
owned a stake in its private
equity business.
Last week EFGs two co-
chief executives, Hassan
Heikal and Yasser El Malla-
wany, were charged with
insider trading alongside
Gamal Mubarak and his
brother Alaa.
But the bank, whose larg-
est shareholders are Dubai
Financial Group with an
18.5 per cent stake and Abu
Dhabi Financial Authority
with 9.8 per cent, moved
fast to deny any wrongdo-
ing and express confidence
in its co-CEOs.
Despite its troubles, ana-
lysts say EFG is a well run
business with extensive
expertise in its region. They
point to the battle for con-
trol of the bank as a sign of
confidence in its future.
It is a good franchise
with a good team of peo-
ple, says Aybek Islamov,
analyst at HSBC.
EFG proved on many
occasions that they were
professional and able to
lead deals and work along-
side international banks
and have equal expertise in
the market. I dont see any
overleveraging or any risky
investments on its balance
sheet.
EFG shareholders last
week approved a joint ven-
ture deal with QInvest, in
which the Qatar investment
group would inject $250m in
return for control of the
bank. The deal would leave
in EFG in sole control of its
private equity arm and its
60 per cent stake in Credit
Libanais, a Beirut-based
lender.
But EFG has also been
fighting off what may turn
into Egypts first ever hos-
tile takeover bid.
Planet IB, a nascent buy-
out group backed by Arab
and Egyptian investors, has
announced a rival bid valu-
ing the entire group at
about $1bn and asked the
regulator to allow it to
carry out due diligence.
One its backers is
thought to be Sheikh Tariq
bin Faisal al-Qassimi, a rel-
ative of the ruler of Shar-
jah. Planet IB says it is also
backed by Egyptian tele-
coms mogul Naguib
Sawiris, but EFG insists he
has dropped out.
We think there is lot of
merit to an agile, nimble,
fast-moving investment
bank in the Middle East
market once activity has
picked up in 18 to 36
months, says Ahmed El-
Houssieny, Planet IBs chief
executive.
Planet IBs offer has been
dismissed as not serious by
EFG. Independent analysts
say its offer has lacked
proof of availability of
funds and information
about the investors identi-
ties. But Mr El Houssieny,
who says his bid is backed
by private investors from
Gulf countries including
Abu Dhabi, Saudi Arabia
and Bahrain, charges that
EFGs management is
wrong to extinguish com-
petition.
For QInvest, a Doha-
based investment bank, the
potential tie-up with EFG
presents an opportunity to
grow from a domestic to
regional player.
Its a marriage of con-
venience, says one Gulf
banker.
The Qataris can yoke
themselves on to the
regions biggest investment
bank, while EFG can
expand in the Gulf and
try to forget its Egyptian
worries.
QInvest, part-owned by
Qatar Islamic Bank, is
chaired by Jassim bin
Hamad al Thani, the son
of the countrys prime min-
ister, an influential busi-
nessman who plays an
important role in guiding
the countrys investment
strategy.
There has been a limit to
its origination ability
beyond its chairman, says
the banker. Linking up
with EFG will broaden that
ability.
QInvest, which has hired
a phalanx of well paid
investment bankers, would
benefit from the execution
capabilities and record of
EFG, he adds.
EFG has long sought to
break into the Gulf from its
Egyptian base, but bankers
say its franchise has failed
to flourish much beyond
the UAE brokerage busi-
ness.
The bank was formed out
of the 1996 merger of the
Egyptian Financial Group,
which was founded in 1984,
and Hermes, a company
formed by two Wall Street-
trained Egyptian bankers.
Mr Heikal, one of the
banks current co-CEOs, is a
Goldman Sachs veteran
who worked in the earlier
EFG.
By Tracy Alloway
in New York
Mary Meeker, the bank ana-
lyst dubbed the queen of
the net, will join her
former boss at Morgan
Stanley on the board of an
online peer-to-peer lending
company.
Ms Meeker, who left Mor-
gan Stanley in late 2010 for
venture capital firm Kleiner
Perkins Caufield & Byers, is
joining Lending Clubs
board of directors as her
employer makes a $15m
investment in the company.
John Mack, former Mor-
gan Stanley chairman and
chief executive, joined the
board of Lending Club ear-
lier this year and has
invested $2.5m of his own
money in the peer-to-peer
lender.
Kleiner Perkins is known
for its early-stage invest-
ments in successful technol-
ogy businesses, from Net-
scape to Amazon, Google
and Facebook.
Lending Club is one of a
crop of peer-to-peer lending
platforms that have
emerged in recent years,
seeking to match lenders
directly to borrowers. The
addition of Ms Meeker, who
helped spawn the technol-
ogy boom over a decade
ago, may be seen as a fillip
for the fast-growing but still
adolescent industry.
Renaud Laplanche, chief
executive of Lending Club,
said: Marys unique depth
of experience across both
the financial industry and
with the internets category
leaders will be instrumental
in Lending Clubs contin-
ued growth and main-
stream adoption.
The new equity invest-
ments from Kleiner Perkins
and Mr Mack will take the
total amount of funding
raised by Lending Club to
$100m, the company said.
Peer-to-peer lenders say
they avoid the complexity
and cost of traditional
banks by using purely web-
based platforms to pair
lenders with borrowers.
Potential lenders can build
a portfolio online based on
their appetite for risk and
returns, while borrowers
can apply for loans through
the website. Lending Club
has so far funded almost
$670m worth of loans.
Lending Club is helping
reinvent the consumer lend-
ing industry, Ms Meeker,
whom Mr Mack said intro-
duced him to the company,
said in a statement. Its
the kind of opportunity that
Kleiner Perkins is inter-
ested in and I knew I
wanted to be involved.
Ms Meeker is also on the
board of directors of
Square, a mobile payments
start-up said to be aiming
for as much as a $4bn valu-
ation, and leads KPCBs
$1bn Digital Growth Fund,
which has invested in
Square as well as Twitter.
Ms Meekers departure
from Morgan Stanley two
years ago brought the cur-
tain down on an era in Wall
Street stretching back to
the late 1990s, when she
was among a group of star
analysts and bankers who
helped fuel the technology
bubble.
At a stroke last week Pru-
dential Financial resusci-
tated a slumbering but
potentially lucrative corner
of the US insurance
industry.
The company agreed to
take on as much as $26bn of
pension liabilities from
General Motors for cash
payments that could total
$4.5bn. The deal reduces the
US carmakers pension lia-
bilities by about a fifth.
If completed, the GM
transaction would eclipse
anything seen before in the
market for corporate annui-
ties. The US pension insur-
ance, or buyout, market is
less developed than the
UKs. The last such US deal
to involve the transfer of
more than $1bn in liabilities
was in the 1980s, according
to Aon Hewitt, a
consultancy.
But it could be the tip of
the iceberg. With S&P 500
companies facing combined
pension liabilities of $1.7tn,
according to Credit Suisse,
and US states and munici-
pal governments also
exposed to defined benefit
schemes, some say the dam
could be about to burst on
such deals.
This is a watershed
moment, says Rick Jones
in the retirement plan divi-
sion at Aon Hewitt. The
market has been in the dol-
drums for years but, if
other companies follow
GMs lead, it could be worth
trillions.
For Prudential, the deal
represents the first fruits
from setting up a pension
risk transfer unit three
years ago.
The unit has grown to 100
employees, while people
who worked on the GM deal
say MetLife, American
International Group and
Principal Financial, among
others, are also seeking
such deals.
But while the financial
crisis left gaping holes in
corporate pension plans as
the prices of plan assets
tumbled, the annuity busi-
ness has struggled to gain
traction.
Over the past few years
especially, US corporations
have been keen to transfer
pension risk, said David
Zion, head of accounting
research at Credit Suisse.
But the key question has
been price: with interest
rates low and markets vola-
tile, it can cost a lot to
offload these long-duration
liabilities.
GM will make payments
of up to $4.5bn in lump
sums to retirees who exit
the pension scheme, and in
premiums to Prudential to
assume liability for those
who stay in the scheme.
That will be partly balanced
by a narrowing of the fund-
ing gap in the companys
pension plan, but the net
cost to GM will still be
$3bn.
The deal covers all 118,000
of GMs salaried, or white
collar, retirees. But GM has
a further 400,000 hourly,
or blue collar, retirees with
defined benefits.
Bob Shanks, chief finan-
cial officer of Ford Motor,
said this week that it had
decided not to offload some
of its pension liabilities
because it did not have suf-
ficient cash once plans for
dividends and investments
were taken into account.
Another obstacle to the
deals is their complexity.
Morgan Stanley, the lead
adviser on the deal, had
been working with GM on
pension alternatives since
2010. Oliver Wyman has
been advising the independ-
ent fiduciary, which repre-
sents members of the pen-
sion plan, for at least six
months, during which time
at least four insurers sub-
mitted bids.
Prudential may have to
set aside $2bn against the
GM pension liabilities,
according to Raymond
James analysts.
That would be equal to its
excess capital at the end of
2011. By comparison,
MetLife ended 2011 with
$3.5bn and Principal Finan-
cial held $1.6bn.
According to a GM filing,
both it and Prudential could
pull out of the deal before it
is set to close at the end of
the year if markets deterio-
rate and increase the total
cash required to close the
transaction.
Despite these hurdles,
insurers are confident the
symbolic value of the deal
with GM, which has total
pension liabilities of more
than $100bn, will lead oth-
ers to follow suit.
Dylan Tyson, head of pen-
sion risk transfer at Pru-
dential, says his company is
in talks with several other
large US companies about
annuity deals, and expects
further deals this year.
EFGHermes faces
its own Arab spring
BANKS
News analysis
The Egyptian bank
is subject of an
unwanted takeover
bid, say Heba Saleh
and Simeon Kerr
Bankers say EFGs
franchise has failed
to flourish much
beyond a UAE
brokerage business
Lending
Club role
for queen
of the net
GENERAL FINANCIAL
Prudentials GM deal revives corporate annuities
GENERAL FINANCIAL
News analysis
Move to take on
liability could open
the floodgates,
writes Ajay Makan
More news at FT.com
Libor investigation
For the latest news and
analysis of the growing
inquiry into possible
manipulation of global
interbank lending rates by
European and US banks, go
to our indepth page at
www.ft.com/libor
Gavyn Davies
The central banks are back
in play.
Blog: www.ft.com/
gavyndavies
Lex on Spanish banks
Spains secondtier banks
need about 40bn to
recapitalise them, but the
Spanish government is wary
of strings attached if it
borrows from the European
bailout mechanism. Lexs
Nikki Tait and Vincent
Boland discuss this
peculiarly Spanish dilemma.
www.ft.com/lexvideo
Material World
Alexander McQueen:
the reality gap
www.ft.com/mw
View from the top
From the FT Business of
Luxury Summit in Morocco,
Franois Pinault, chief
executive of PPR, one of
the worlds leading luxury
companies, tells Lionel
Barber, FT editor, why hes
very optimistic on the
prospects for the luxury
industry, China and the
world economy.
Video: www.ft.com/vftt
Luxury and lifestyle
To really own the market,
luxury brands increasingly
need to be a lifestyle brand.
Vanessa Friedman, fashion
editor, speaks to leading
industry figures at the FTs
Business of Luxury Summit.
www.ft.com/video
Pru deal reduces GMs pension liabilities by a fifth Bloomberg
Shahzad Shahbaz
Appointed chief executive of QInvest in
2008, after a brief stint in Dubai. Before
moving to the Middle East, the Oberlin
College, Ohio graduate had gained 25
years experience at Bank of America,
where he had to deal with the fallout from
Italys Parmalat scandal.
Yasser El Mallawany (left) and Hassan
Heikal are cochief executives of EFG
Hermes. Mr El Mallawany began his career
with 16 years at Commercial International
Bank, formerly Chase National Bank. He is
considered a driving force in consolidating
Egypts investment banking sector. Mr
Heikal joined the company in 1995 from
Goldman Sachs and helped create the
leading investment bank of the Arab world.
Shahzad Shahbaz
Appointed chief executive of QInvest in
2008, after a brief stint in Dubai. Before
moving to the Middle East, the Oberlin
College, Ohio graduate had gained 25
years experience at Bank of America,
where he had to deal with the fallout from
Italys Parmalat scandal.
Shahzad Shahbaz
Appointed chief executive of QInvest in
2008, after a brief stint in Dubai. Before
moving to the Middle East, the Oberlin
College, Ohio graduate had gained 25
years experience at Bank of America,
where he had to deal with the fallout from
Italys Parmalat scandal.
Shahzad Shahbaz
Appointed chief executive of QInvest in
2008, after a brief stint in Dubai. Before
moving to the Middle East, the Oberlin
College, Ohio graduate had gained 25
years experience at Bank of America,
where he had to deal with the fallout from
Italys Parmalat scandal.
Sheikh Tariq bin Faisal alQassimi, a
relative of the ruler of conservative emirate
of Sharjah, is a well known businessman in
the United Arab Emirates. With a masters
degree from Westminster University, he
has a large real estate and hospitality
portfolio in Dubais crisishit real estate
sector, and business interests in Pakistan.
JUNE 7 2012 Section:Companies Time: 6/6/2012 - 19:12 User: digbyt Page Name: CONEWS3, Part,Page,Edition: USA, 16, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

17
Global Appointments
JUNE 7 2012 Section:Ad Page Time: 6/6/2012 - 21:03 User: bhaskarand Page Name: REC1, Part,Page,Edition: EUR, 17, 1
18

FINANCIAL TIMES THURSDAY JUNE 7 2012
COMPANIES
Conferences and Diaries
In the eyes of many share-
holders, Sir Martin Sorrell
has come to represent all
that is wrong in the way
chief executives are
rewarded.
He is a good chief execu-
tive, but not that good,
says one top 10 shareholder
in WPP, the largest adver-
tising company.
When many people are
struggling to simply hold
on to their jobs, a pay rise
of 60 per cent looks exces-
sive in the extreme.
Sir Martin defended him-
self in an article in the
Financial Times yesterday,
saying his pay was based on
performance and was
decided by a very inde-
pendent board.
However, his refusal
to back down over his
total pay increase last
year to 6.8m has reignited
the militant mood among
shareholders that has
seen a number of UK
chief executives forced to
quit their jobs in recent
weeks.
Indeed, investors say the
shareholder revolt is likely
to dominate annual meet-
ings and remain in the
media spotlight for the next
few years.
Sir Martin Sorrell is just
one example of a wider
trend, says a top 25 share-
holder in WPP.
He will keep the
debate bubbling on and
highlights how this is not
just about pay, but about
performance.
Sir Martin considers
himself a world champion
executive, but that is debat-
able, and it is a debate that
has a lot longer to run.
Other investors and
observers agree that the
general remuneration issue
has gone beyond excessive
pay to the very heart of the
way companies are run,
develop strategy and listen
to shareholders.
Tom Gosling, head of
PwCs reward practice,
says: What has happened
this year will have a lasting
impact on how remunera-
tion committees act.
They will need to be
more challenging in future
on where they set pay and
bonuses, particularly in
companies where perform-
ance has been mediocre or
worse.
Robert Talbut, chairman
of the investment commit-
tee at the Association of
British Insurers and chief
investment officer at Royal
London Asset Management,
says: It would be wrong
to have this debate just
on pay.
It is much more about
performance and whether
we are getting value for
money and value for per-
formance . . . If we focus on
pay, then we wont improve
performance.
For many shareholders,
the issue of pay and
performance became a
focus at the onset of the
financial crisis in 2007,
starting with the remunera-
tion of bankers and moving
on to the pay and rewards
of chief executives and
boards of companies in
other sectors.
When everything was
going up, people were more
relaxed over pay, says one
head of corporate govern-
ance at a UK fund manager.
When things started
going down, pay and per-
formance became an issue.
Yet it is only a handful of
companies that have suf-
fered at the hands of share-
holders, despite the loud
volume of the debate, both
in the media and in com-
pany boardrooms.
Of the 65 FTSE 100
annual meetings so far this
year, it is only at the
insurer Aviva that share-
holders voted against the
boards remuneration
report.
Cairn Energy, the oil
group, where shareholders
also voted against the
remuneration report,
dropped out of the FTSE 100
in March.
The average vote in
favour of remuneration
reports among FTSE 100
companies has been 92.1 per
cent in 2012 compared with
92.2 per cent last year,
according to Towers
Watson, the consultants.
This is roughly the same
level as 2007, adds PwC, the
financial services firm.
Defiant Sorrell
fans the f lames
of militancy
News analysis
Shareholder revolt
is likely to remain
in the spotlight for
the next few years,
says David Oakley
By Emily Steel in New York
News Corp is acquiring
Walt Disneys stake in their
Asian sports joint venture,
ESPN Star Sports, putting
some of its cash to work
and signalling its confi-
dence in the prospects for
Asian media and live
sports.
In the deal, News Corp
will buy out the 50 per cent
interest that Disney now
owns in the sports media
group, a 16-year old venture
that operates 28 TV and
broadband networks in
Asia.
Terms of the deal,
announced yesterday, were
not disclosed.
The move reflects the aim
of both companies to exert
more independence over
managing their brands in
the region, a person famil-
iar with the matter said.
The deal continues the
programme of simplifying
our operating model, con-
solidating our affiliate own-
ership structures, and fur-
thers our commitment to
delivering incredible sports
programming to consumers
across the globe, James
Murdoch, News Corps dep-
uty chief operating officer,
said in a statement.
ESPN has decided to
independently pursue
future opportunities in
Asia, particularly in dig-
ital, John Skipper, presi-
dent of ESPN, said in a
statement.
News Corp is sitting on a
pile of cash built up for an
aborted $12bn attempt to
buy the 60.1 per cent of
British Sky Broadcasting.
The group said last month
that it increased the size of
its share buyback pro-
gramme, doubling the $5bn
plan it announced last year.
Yesterdays transaction
underscores the strategy
now being deployed by
News Corp and other major
media companies to expand
their business via interna-
tional assets and sports.
It is the classic case that:
We think sports are impor-
tant. Maybe they dont help
our margins in the near
term but they will become
very valuable to our profits
in the longer term, said
James Dix, an analyst at
Wedbush.
Analysts do not expect
the ESPN Star Sports deal
to foreshadow a big acquisi-
tion, estimating the deal to
be relatively small.
News Corp and ESPN
formed the joint venture
16 years ago, when both
companies operated compet-
ing sports networks in
India. Amid escalating costs
in rights for cricket, the
dominant sport in the
region, the companies
decided to work together
rather than battle each
other for those rights.
The deal is subject to reg-
ulatory approval, which in
Asia could take as long as a
year. ESPN Star Sports will
continue to be managed by
both companies until the
transaction closes.
News Corp is likely to
change the name of the
company as soon as it
assumes ownership of the
company, a person familiar
with the matter said.
As part of the announce-
ment, the companies said
that Peter Hutton, now sen-
ior vice-president of sports
at News Corps Fox Interna-
tional Channels, would
become managing director
of ESPN Star Sports.
News Corp in ESPN Star buyout
MEDIA
Disney stake in
venture acquired
Bullish signal over
Asian live sports
Shortly after Sam Zell led
the $8.2bn leveraged buyout
of the Tribune Company in
2007, he was caught on cam-
era spewing profanities at a
journalist at the Orlando
Sentinel, one of the papers
he acquired in the deal.
It was an inauspicious
start for what Mr Zell him-
self was to call the deal
from hell. Mr Zell, the cow-
boy-boot-wearing real estate
tycoon, invested $315m of
his own money to take over
one of the most legendary
US media companies.
Tribune is home to news-
papers including the Los
Angeles Times and Chicago
Tribune, as well as televi-
sion networks.
His audacious bet came at
the peak of a wave of lever-
aged buyouts in the last
decade.
But the deal fell apart. It
layered debt on the group
on the eve of the collapse of
the US economy and the
deterioration of the newspa-
per industry. Tribune filed
for Chapter 11 in 2008. It
spent more than three years
in bankruptcy court, with
so many false starts over an
exit that the company itself
stopped predicting when it
might emerge.
Tribune is expected to
break free from bankruptcy
later this year. After hear-
ings starting today, a judge
is expected to approve Trib-
unes fourth proposed reor-
ganisation plan, setting the
stage for Tribune to take
the exit from bankruptcy by
the end of the year.
Tribune will emerge from
bankruptcy protection as a
slimmed-down business in a
different media landscape.
While lawyers have been
paid more than $230m on
the deal, Tribune has cut
about a quarter of its staff.
The company also pared
down its properties, selling
off a 95 per cent stake in
the Chicago Cubs baseball
team and related assets in
2009 for $845m.
Meanwhile, the market
has become less hospitable
for diversified companies.
Media ownership rules in
the US make it difficult for
conglomerates to exploit
synergies between print and
broadcast assets in the
same local market.
The fundamentals of
some of Tribunes busi-
nesses continue to deterio-
rate. Newspaper advertising
revenues in the US have
halved since Mr Zell bought
the company in 2007.
Tribunes most recent
financial projections antici-
pate declining revenues at
the publishing division
through 2014, though the
division is expected to
remain profitable.
Tribune is in a cycle of
decline, said James
OShea, a former editor at
the Chicago Tribune and
the Los Angeles Times who
wrote a book about Tribune
called The Deal from Hell:
How Moguls and Wall Street
Plundered Great American
Newspapers.
To many industry observ-
ers, Tribune is a case study
of the erosion of US news-
papers. After boom times in
the 1990s, more than a
dozen big newspaper com-
panies in the US have filed
for bankruptcy protection,
said Ken Doctor, a newspa-
per analyst.
Its the decline of what
once were the powerhouses
of journalism, he said.
Tribunes broadcast
assets face a somewhat
brighter future, with the
local television business
proving resilient. Financial
projections show the broad-
casting division generating
increasingly more operating
cash flow than the publish-
ing division up to 2014,
despite having roughly half
the revenues this year.
The divergent futures for
the TV and print businesses
lead many in the industry
to believe that Tribune will
sell assets soon after it
comes out of bankruptcy.
Though some media com-
panies, including News
Corp, hold broadcast and
newspaper assets, others
are breaking apart.
The most likely scenario,
say people familiar with the
group, is that Tribune will
sell its newspapers to local
ownership groups. These
people say that a sale of its
broadcast assets is also pos-
sible, but less likely.
Fuelling speculation are
court filings that show Trib-
une reorganising its busi-
ness in a way that would
make it easier to sell off its
newspapers separately.
Billionaire Eli Broad has
signalled interest in buying
the Los Angeles Times. A
group of Chicago investors
who bought another local
newspaper, the Chicago
Sun-Times, had been
reported to be interested in
the Tribune. But last month
Michael Ferro, chairman of
the Sun-Times, said his
group was not interested.
Mr Broad believes the Los
Angeles Times should be
locally owned, a spokes-
woman said. If there was a
group of wealthy families or
foundations that would be
interested in purchasing the
Los Angeles Times, he
would be interested in join-
ing them, she said.
Before any decisions are
made about what Tribune
will or wont sell, the com-
pany is likely to see an
overhaul of its manage-
ment. A new board will be
appointed as part of the exit
from bankruptcy and could
replace Tribunes manage-
ment team.
The fate of Tribune is a
cautionary tale for media
companies to invest in the
future during the good
years, said Mr OShea.
Tribune just tried to rec-
reate the past, he said.
Ed Atorino, media analyst
at Benchmark, a research
firm, said the timing of the
deal was especially bad.
Mr Zell borrowed money
to buy the companies. The
bottom fell out of the econ-
omy. The bottom fell out of
newspapers, he said.
Stage set for
Tribune to
emerge from
bankruptcy
MEDIA
News analysis
Emily Steel, David
Gelles and Nicole
Bullock look back
on the deal from
hell and its painful
consequences
A complex and messy process
From the outset, Tribunes
bankruptcy was complex,
messy and ripe for litigation,
people familiar with the
matter said, writes Nicole
Bullock in New York.
Contention centres on
allegations over the role
that the 2007 leveraged
buyout played in its failure,
a legal matter known as
fraudulent conveyance that
refers to the transfer of
property to the detriment of
creditors. It often emerges
if an LBO sours.
A courtappointed
examiner concluded that it
was highly likely that
Tribune was rendered
insolvent as a result of the
second phase of its buyout,
with one restructuring
expert calling Tribune the
poster child for fraudulent
conveyance allegations.
The bank debt for the
LBO is held by JPMorgan
Chase and hedge funds
such as Angelo, Gordon &
Co and Oaktree Capital
Management and, under its
original terms, is meant to
be paid back before bonds
that predate the LBO.
But bondholders led by
the hedge fund Aurelius
Capital Management have
fought for bigger payouts
and the right to lawsuits
related to the LBO. Their
fight exemplifies the way
warring hedge funds buy
the debt of troubled
companies at discounts
then push for incremental
gains to their payouts in US
bankruptcies, but the
Tribune case has been
particularly acrimonious.
Last October, a US
bankruptcy judge approved
a settlement of LBOrelated
claims against the bank
lenders that they had
proposed a point that
Aurelius opposes.
Other potential claims are
to be siphoned off and
litigated separately.
Mark Brodsky, the
chairman of Aurelius
Capital, told the FT: The
Tribune decision in October
inadvertently rewarded the
cynics and created a
troubling new roadmap for
LBO bankruptcies.
From now on,
management and LBO
lenders will have little
incentive to negotiate with
the true economic parties
on the other side of the
table. The architects of the
disaster will dodge
accountability, and LBOs
that dont deserve to be
done will continue to get
done, he said.
JPMorgan, Angelo Gordon
and Oaktree declined to
comment or did not return
calls for comment.
Cycle of decline: newspapers such as the Chicago Tribune (pictured) are likely to be sold Getty
US newspaper advertising
spend
Source: Newspaper Association of America
Print and online ($bn)
0
10
20
30
40
50
2007 08 09 10 11
By David Oakley
and Tim Bradshaw
Leading shareholders in
WPP have warned that Sir
Martin Sorrell has added
fuel to the fire over his
compensation with his
robust defence in the Finan-
cial Times of his pay
increase for last year.
Sir Martin, founder and
chief executive of WPP,
wrote in yesterdays FT
that he found the contro-
versy about his 60 per cent
rise in total remuneration
deeply disturbing.
He criticised advisory
groups such as ISS, which
recommended investors
vote against the pay
scheme, for comparing the
marketing services group
with competitors in the UK,
rather than US.
However, three major
shareholders contacted by
the FT were unconvinced
by his arguments, setting
up WPPs annual meeting
next week as another flash-
point in the ongoing UK
debate about executive pay.
Sorrells plea does not
help his cause, one top 10
shareholder said.
I expect his remunera-
tion package will be voted
down. If you look at his
companys performance last
year, it is not impressive.
WPP underperformed the
FTSE 100 [of which it is a
constituent] by nearly 10
per cent last year. That
does not warrant a 60 per
cent total pay increase.
A top 20 shareholder
added: Sorrell refuses to
consider shareholder views.
The WPP vote may not be a
tipping point in the remu-
neration debate, but it is
certainly a key point that
will make shareholders
more determined to hold
companies to account over
their performance.
Another shareholder said
that Sir Martins situation
reflected how the remunera-
tion debate was evolving.
It is not just about pay.
It is about performance and
the way companies are
run, the top-30 WPP share-
holder said. In the case of
Sorrell, the worry is over
how much the company
relies on him and allows
him to act without
restraint, which is not good
for the company or share-
holders.
Some shareholders, how-
ever, worry that the inten-
sity of the debate in the UK
could force leading compa-
nies such as WPP to relo-
cate.
One head of equities at a
European fund manager
said: The very loud volume
of the remuneration debate
in the UK is another reason,
together with tax, that may
prompt a rethink by some
companies over where their
HQ is situated.
WPP has yet to put its
stated plans to relocate
back to London from its
Dublin domicile to a share-
holder vote but people close
to the company said that it
had no plans to move its
listing from London.
Investors in
WPP warn of
pay dissent
MEDIA
The WPP chief
considers himself a
world champion
executive, but that
is debatable
JUNE 7 2012 Section:Companies Time: 6/6/2012 - 18:57 User: digbyt Page Name: CONEWS4, Part,Page,Edition: USA, 18, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

19
JUNE 7 2012 Section:Ad Page Time: 6/6/2012 - 16:53 User: bhaskarand Page Name: AD FILLER, Part,Page,Edition: USA, 19, 1
20

FINANCIAL TIMES THURSDAY JUNE 7 2012
Fund Bid Offer D+/- Yield
ACP Partners Investment Managers (Ireland) Limited (IRL)
www.acpi.com
FSA Recognised
ACPI India Fixed Income UCITS Fund GBP 83.88 - 1.17 0.00
Emerg Mkts Fixed Income Fund USD $ 109.63 - 0.50 0.00
Global Equity Fund USD $ 83.58 - -2.86 0.00
Global Fixed Income Fund USD $ 108.26 - 0.07 0.00
Global Fixed Income Fund EUR 133.01 - 0.10 0.00
ACPI FM Limited (JER)
Regulated
Global Credit Fund USD $ 11.89 11.89 -0.01 0.00
Multi Strategy Fund USD $ 185.88 - -1.43 0.00
Equity Alpha Fund USD $ 10.98 10.99 0.00 0.00
Focused Equity Fund USD $ 9.17 9.18 -0.02 0.00
Multi-Asset Fund USD $ 10.17 10.17 0.02 0.00
Hedge Equity Fund USD $ 116.32 - -0.70 -
International Bond Fund USD $ 17.90 17.90 0.04 0.00
Select Unit Trust - Balanced Fund USD $ 11.04 11.05 -0.06 0.00
ACPI
Other International Funds
Global Credit Fund USD $ 10.81 - 0.00 0.00
Global Credit Fund EUR 10.82 - 0.00 0.00
India Fixed Income Fund USD $ 9.14 - 0.00 0.00
Select Fund USD $ 142.67 - -1.13 0.00
Strategic Opportunities Fund USD $ 119.94 - 1.10 0.00
Absolute Return Fund Trust
Other International
Euro Class 835.72 - 8.51 -
ACTIVE TRADING FUND (IRL)
Regulated
Active Trading Fund USD $ 935.31 - 3.02 0.00
Active Trading Fund EUR 933.36 - 2.52 0.00
Active Trading Fund GBP 935.88 - 2.77 0.00
Adelante Exotic Debt Fund Limited (GSY)
Trafalgar Court, Admiral Park, St Peter Port, Guernsey
Regulated
Adelante Exotic Debt Fund Limited $ 20.98 - -1.66 0.00
Alceda Fund Management S.A.
Managed on the Alceda UCITS Platform
www.alceda.lu
FSA Recognised
AC Risk Parity 7 Fund (EUR A) 120.04 126.04 0.05 0.00
AC Risk Parity 7 Fund (GBP A) 120.71 126.75 0.07 0.00
AC Risk Parity 7 Fund (USD A) $ 119.29 125.25 0.09 0.00
AC Risk Parity 12 Fund (EUR A) 137.24 144.10 0.12 0.00
AC Risk Parity 12 Fund (GBP A) 102.85 107.99 0.10 0.00
AC Risk Parity 12 Fund (USD A) $ 146.84 154.18 0.16 0.00
AC Spectrum Fund (EUR A) 105.40 110.67 -0.17 0.00
AC Spectrum Fund (GBP A) 104.52 109.75 -0.20 0.00
AC Spectrum Fund (USD A) $ 104.15 109.36 -0.15 0.00
Alger SICAV (LUX)
Regulated
American Asset Growth A $ 28.94 30.78 0.26 0.00
American Asset Growth I $ 30.59 30.59 0.27 0.00
Allied Dunbar Intl Fund Mgrs (1600)F (IOM)
www.alliedunbarint.com +44 1624 661551
FSA Recognised
ADI Managed $ 1.5510 1.6370 0.0160 0.01
ADI Mgd Currency $ 0.3500 0.3684 -0.0001 0.00
ADI W'wide Eq $ 1.4770 1.5610 0.0270 0.00
ADI Nth Amer $ 3.5920 3.7920 0.0520 0.00
ADI Far East $ 2.2800 2.4180 0.0050 0.01
ADI Gilt & Income 0.3587 0.3776 -0.0022 2.02
ADI UK Cap Gth 0.7221 0.7662 0.0142 1.44
ADI Europe Fd 2.8270 2.9860 0.0450 0.39
For conversion prices of shares phone: 01624 662860
American Century Sicav (LUX)
JPM customer service: +352-46-268-5633
FSA Recognised
ACI Conc Gbl Grwth Eq A Acc $ 10.21 - 0.17 -
ACI Conc Gbl Grwth Eq I Acc $ 10.26 - 0.18 -
ACI Gbl Grwth Equity Acc F $ 10.47 - 0.18 0.00
ACI Gbl Grwth Equity I Acc F $ 10.66 - 0.19 0.00
ACI US AllCap Grwth Eq A Acc $ 10.46 - 0.21 -
ACI US AllCap Grwth Eq I Acc $ 10.51 - 0.21 -
Amundi Funds (LUX)
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332
www.amundi-funds.com
FSA Recognised
Absolute Var 2 EUR 96.20 - 0.07 0.00
Bd. Euro Corporate AE Class - R - EUR 16.01 - 0.00 0.00
Bd. Global AU Class - R - USD $ 22.65 - -0.04 0.00
Eq. Emerging Europe AE Class - R - EUR 24.81 - 0.16 0.00
Eq. Emerging World AU Class - R - USD $ 81.04 - 0.37 0.00
Eq. Greater China AU Class - R - USD $ 419.40 - 2.13 0.00
Eq. Latin America AU Class - R - USD $ 533.04 - -1.19 0.00
Eq. US Opportunities AU Class - R - USD $ 10.14 - 0.05 0.00
Antares Investment Management Ltd
Other International
AEF Ltd Usd (Est) $ 434.51 - 2.33 -
AEF Ltd Eur (Est) 435.45 - 2.60 -
Arisaig Partners
Other International Funds
Arisaig Africa Consumer Fund Limited $ 14.86 - 0.01 0.00
Arisaig Asia Consumer Fund Limited $ 42.38 - 0.14 0.00
Arisaig Latin America Fund Limited $ 24.42 - -0.09 0.00
ARN INVESTMENT SICAV (LUX)
12, rue Eugne Ruppert, L-2453 Luxembourg
Regulated
ARN Newly Indus.Ec.Fd A -C $ 78.96 - -2.24 0.00
Artemis Investment Management LLP (CYM)
Regulated
Artemis Gbl Hedge Fd Ltd GBP 50.12 - 0.73 0.00
Artemis Gbl Hedge Fd Ltd EUR 47.50 - 0.69 -
Artemis Gbl Hedge Fd Ltd USD $ 50.70 - 0.74 -
Artemis UK Hedge Fd Ltd EUR 156.29 - 0.86 -
Artemis UK Hedge Fd Ltd GBP 171.30 - 0.99 -
Artemis UK Hedge Fd Ltd USD $ 162.90 - 0.93 0.00
Artisan Partners Global Funds PLC (IRL)
Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland
Tel: 44 (0) 207 766 7130
FSA Recognised
Artisan Global Funds plc
Artisan Emerging Markets Fund AUDA$ 9.38 - -0.22 -
Artisan Emerging Markets Fund Class I EUR 7.49 - -0.23 0.00
Artisan Emerging Markets Fund Class I USD $ 6.89 - -0.16 0.00
Artisan Global Value Fund Class I USD Acc $ 9.91 - -0.13 -
Artisan Value Fund Class I USD Acc $ 10.23 - -0.15 0.00
Ashburton Fund Managers Limited (JER)
17 Hilary Street, St Helier, Jersey JE4 8SJ 01534 512000
FSA Recognised
Ashburton Global Funds PCC
Sterling Asset Mgt. Fund PC 2.2803 2.3943 -0.0108 0.86
Sterling Asset Mgt. Fund PC - Class I 99.8225 104.8136 -0.4621 1.63
Fund Bid Offer D+/- Yield
Euro Asset Mgt. Fund PC 1.1726 1.2312 -0.0073 0.83
Global Euro Asset Management Fund PC I 93.3903 98.0598 -0.5671 -
Sterling Total Return Bond Fund PC 6.0570 6.2690 -0.0019 2.04
Dollar Total Return Bond Fund PC $ 1.0052 1.0404 0.0014 2.05
Sterling Intl. Eq. Fund PC 47.7111 50.0967 -0.7783 0.00
Dollar Intl. Eq. Fund PC $ 8.6881 9.1225 -0.0425 0.00
Americas Eq. Fund PC $ 1.8204 1.9114 -0.0486 0.00
Americas Eq. - Feeder PC 1.1383 1.1952 -0.0425 0.00
European Eq. Fund PC 3.9450 4.1423 0.0127 0.00
European Eq. - Feeder PC 1.0230 1.0742 0.0082 0.00
European Eq - Feeder PC - Class I 89.3216 93.7877 0.6876 0.00
Japan Eq. Fund PC $ 2.0080 2.1084 0.0024 0.00
Japan Eq. - Feeder PC 0.9882 1.0376 -0.0103 0.00
Ashburton Japan Equity Fund PC "I" class $ 87.7814 92.1705 0.1113 -
Chindia Eq. - Feeder PC 0.9670 1.0154 -0.0058 0.00
Chindia Eq - Feeder PC - Class I 66.2250 69.5363 -0.3845 0.00
Ashburton Fund Managers Limited (JER)
Regulated
Ashburton Replica Portfolio Ltd
Asset Management Fund 33.9957 35.6955 -0.1581 0.00
$ Asset Management Fund $ 29.7647 31.2529 -0.0528 0.00
Euro Asset Management Fund 1.3964 1.4662 -0.0084 0.00
Multi Asset Cautious Fund GBP 1.0616 1.1147 -0.0043 0.00
Multi Asset Cautious Fund GBP - Class I 98.7763 103.7151 -0.3820 0.00
Multi Asset Balanced Fund EUR 0.9496 0.9971 -0.0069 0.00
Multi Asset Balanced Fund GBP 1.1086 1.1640 -0.0068 0.00
Multi Asset Balanced Fund USD $ 1.0795 1.1335 -0.0026 0.00
Multi Asset Balanced Fund GBP - Class I 99.0531 104.0058 -0.5815 0.00
Multi Asset Balanced Fund USD - Class I $ 94.6246 99.3558 -0.2193 0.00
Multi Asset Balanced Fund EUR - Class I 96.1213 100.9274 -0.6869 0.00
Multi Asset Aggressive Fund GBP 1.0009 1.0509 -0.0069 0.00
Ashburton Emerging Markets Funds Limited
Chindia Eq Fund $ 0.7670 0.8054 0.0042 0.00
Chindia Eq - Class I $ 101.2390 106.3010 0.5478 0.00
Ashburton Money Market Fds Limited
Money Market 1.3171 1.3171 0.0000 0.00
$ Money Market $ 1.1711 1.1711 0.0003 0.00
EUR Money Market 1.1808 1.1808 0.0000 0.00
Ashmore Investment Mgmt Ltd (CYM)
Regulated
Ashmore Emerging Markets Debt $ 208.00 - 1.60 0.00
Ashmore Management Company Ltd (GSY)
Regulated
Emerging Mkts Liquid Inv P'folio $ 10.04 - 0.10 18.05
Local Currency Debt Pflo $ 28.81 - 0.08 0.00
Russian Debt Portfolio $ 69.14 - 0.83 0.00
Ashmore Asian Recovery $ 30.63 - -0.87 0.00
Multi-Strategy $ 18.24 - -0.27 0.00
Emerging Mkts Global Inv Pfolio $ 8.57 - -0.23 0.00
Emerging Mkts Corporate High Yield $ 122.82 - -0.31 0.00
Turkish Debt Fund Ltd $ 97.29 - 2.56 0.00
Ashmore Sicav (LUX)
2 rue Albert Borschette L-1246 Luxembourg
FSA Recognised
EM Equity Select USD F $ 99.60 - -1.79 0.00
EM Mkts Corp.Debt USD F $ 105.77 - -0.29 4.52
EM Mkts Debt NOK F NKr 101.41 - -0.42 12.68
EM Mkts Debt GBP F 106.57 - -0.45 4.38
EM Mkts Inv.Grade Corp. Debt USD F $ 109.74 - -0.01 0.00
EM Mkts Loc.Ccy Bd USD F $ 103.42 - -0.66 0.00
EM Mkts Loc.Ccy Money Mkt USD F $ 95.75 - -0.32 0.00
EM Mkts Sov.Debt USD F $ 105.95 - -0.33 0.00
EM Mkts Sov.Inv.Grade Debt USD F $ 109.50 - -0.34 0.00
Emerging Markets Debt Inst USD $ 166.43 - -0.54 9.98
Emerging Markets Debt Inst EUR 98.64 - -0.32 27.53
Emerging Markets Debt Retail USD $ 92.82 - -0.38 6.09
Emerging Markets Debt Retail EUR 143.45 - -0.59 17.28
Local Currency GBP F 98.88 - -0.34 0.31
Local Currency Inst EUR F 94.02 - -0.31 1.88
Local Currency Inst USD F $ 80.02 - -0.28 1.13
Local Currency Retail EUR F 92.93 - -0.32 0.39
Local Currency Retail USD F $ 102.62 - -0.35 0.58
Aspect Capital Ltd (UK)
Other International Funds
Aspect Diversified USD (Est) $ 364.79 - 3.12 0.00
Aspect Diversified EUR (Est) 218.39 - 1.96 -
Aspect Diversified GBP (Est) 110.33 - 0.78 -
Aspect Diversified CHF (Est) SFr 104.95 - 0.48 0.00
Aspect Diversified Trends USD $ 108.64 - 1.00 0.00
Aspect Diversified Trends EUR 108.40 - 1.03 0.00
Aspect Diversified Trends GBP 111.30 - 1.04 0.00
Atlantas Sicav (LUX)
Regulated
American Dynamic $ 2056.20 - -88.95 0.00
American One $ 1879.63 - -69.19 0.00
Bond Global 1147.54 - -0.17 0.00
Eurocroissance 525.90 - -21.35 0.00
Far East $ 547.24 - -15.54 0.00
Atlantis Investment Mgmt (Ireland) Ltd (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Atlantis Asian Fund USD F $ 5.66 - -0.03 0.00
Atlantis Asian Fund GBP 8.02 - -0.13 0.00
Atlantis Asian Fund EUR 8.63 - -0.17 0.00
Atlantis China Fd F $ 5.63 - -0.03 0.00
Atlantis Japan Opps Fund USD H $ 1.16 - -0.02 0.00
Atlantis Japan Opportunities Fund GBP 10.54 - -0.29 0.00
Atlantis Japan Opportunities Fund EUR 11.69 - -0.36 0.00
Atlantis New China Fortune Fund $ 0.90 - -0.01 15.38
Atlantis China Healthcare Fund H $ 1.08 - 0.00 0.00
Atlas Capital SA
Other International Funds
First European Growth Inc - USD Class $ 127.77 - 1.11 0.00
First European Growth Inc - CHF ClassSFr 265.24 - 2.31 0.00
First USD Composite Inc $ 609.12 - -2.05 0.00
First EURO Composite Inc 110.51 - -0.26 0.00
For Attica Institutional Multi-Manager Plc Fds see MM Institutional Fds Plc
BLME Asset Management (LUX)
BLME Sharia'a Umbrella Fund SICAV SIF
Regulated
$ Income Fund - Share Class A Acc $ 1095.76 - 1.32 0.00
$ Income Fund - Share Class B Acc $ 1110.69 - 1.36 0.00
$ Income Fund - Share Class G Acc 1031.66 1031.66 0.77 0.00
$ High Yield Fund - Share Class A Acc $ 1054.54 1054.54 2.36 0.00
BNP Paribas Investment Partners (LUX)
10, Harewood Avenue, London NW1 6AA
Investors Services (44) 020 7595 6762
FSA Recognised
BNP Paribas Insticash
BNP Paribas Insticash EUR F 116.59 - 0.00 0.00
BNP Paribas Insticash GBP F 128.31 - 0.01 0.00
BNP Paribas L1
BNPP L1 Bd Asia ex-Japan F $ 138.50 - 0.07 0.00
Fund Bid Offer D+/- Yield
BNPP L1 Bd Best Selection Wrld Emerging F $ 220.87 - 0.88 0.00
BNPP L1 Bd Best Selection Wrld Emerging Inc 139.14 - 0.65 8.69
BNPP L1 Bd Currencies World F 1460.08 - 9.62 0.00
BNPP L1 Bd Europe Emerging F 544.43 - 1.85 0.00
BNPP L11 Bd World F 316.24 - 1.20 0.00
BNPP L1 Bd World Emerging F $ 963.68 - 4.18 0.00
BNPP L1 Bd World Emerging Inc 148.61 - -0.57 0.00
BNPP L1 Bd World Emerging Corporate Inc $ 103.14 - 0.18 0.00
BNPP L1 Bd World Emerging Local F $ 158.67 - 0.81 0.00
BNPP L1 Bd World Emerging Local Inc 101.76 - 0.59 6.68
BNPP L1 Bd World High Yield F 81.23 - -0.15 0.00
BNPP L1 Dyn World Inc 90.91 - 0.47 0.00
BNPP L1 Eq Asia Emerging F $ 79.41 - 0.58 0.00
BNPP L1 Eq Best Sel Asia ex-Japan F 371.68 - 4.73 0.00
BNPP L1 Eq Best Sel Euro F 278.69 - 1.42 0.00
BNPP L1 Eq Best Sel Europe F 128.82 - 0.31 0.00
BNPP L1 Eq Best Sel Europe Inc 83.71 - 0.05 4.45
BNPP L1 Eq Best Sel Europe ex-UK F 90.83 - 0.26 0.00
BNPP L1 Eq Best Sel Europe ex-UK Inc 84.71 - 0.09 2.82
BNPP L1 Eq Best Sel USA F $ 285.40 - 2.26 0.00
BNPP L1 Eq China F $ 254.30 - 2.61 0.00
BNPP L1 Eq Euro F 199.37 - 0.84 0.00
BNPP L1 Eq Europe F 362.57 - 0.96 0.00
BNPP L1 Eq Europe Emerging F 982.39 - 3.70 0.00
BNPP L1 Eq Europe Growth F 28.22 - 0.07 0.00
BNPP L1 Eq High Div Pacific F 53.29 - 0.30 0.00
BNPP L1 Eq India F $ 81.33 - 0.41 0.00
BNPP L1 Eq India Inc 165.63 - 1.12 1.36
BNPP L1 Eq Indonesia F $ 209.57 - 6.60 0.00
BNPP L1 Eq Pacific ex-Japan F 142.70 - 1.36 0.00
BNPP L1 Eq Russia F 85.91 - 0.80 0.00
BNPP L1 Eq Russia Inc 97.02 - 0.73 2.33
BNPP L1 Eq Turkey F 196.08 - 1.14 0.00
BNPP L1 Eq USA Growth F $ 152.38 - 1.02 0.00
BNPP L1 Eq USA Small Caps F $ 104.26 - 1.17 0.00
BNPP L1 Eq World Emerging F $ 506.33 - 3.68 0.00
BNPP L1 Eq World Energy F 539.69 - 6.11 0.00
BNPP L1 Eq World Health Care F 440.73 - 3.00 0.00
BNPP L1 Eq World Materials F 74.50 - 0.61 0.00
BNPP L1 Eq World Utilities F 102.31 - 0.13 0.00
BNPP L1 Green Future F 63.30 - 0.55 0.00
BNPP L1 Green Future Inc 64.58 - 0.45 2.93
BNPP L1 Green Tigers F 122.80 - 1.19 0.00
BNPP L1 Opportunities USA F $ 88.52 - 0.75 0.00
BNPP L1 Opportunities USA Inc 122.25 - 1.12 2.52
BNPP L1 Opportunities-H USA Inc 37.70 - 0.32 2.56
BNPP L1 Opportunities World F 92.55 - 0.82 0.00
BNPP L1 Real Est Securities Eur F 143.86 - -0.08 0.00
BNPP L1 Real Est Securities Wrld Inc 158.07 - 2.31 0.00
BNPP L1 V350 F 102.55 - 0.48 0.00
BNPP L1 V350-H-Inc 93.14 - 0.44 8.83
BNPP L1 Wrld Commodities F $ 83.40 - -0.28 0.00
BNPP L1 World Volatility Inc 96.16 - 0.07 -
Parvest
Bond Euro 183.98 - -0.01 0.00
Bond Euro Medium Term 164.38 - 0.01 0.00
Bond USA High Yield $ 189.07 - -0.43 0.00
Bond USD Inc $ 127.06 - -0.21 3.31
Bond World Corporate Inc $ 102.63 - -0.11 7.70
Bond World Emerging $ 366.40 - 1.18 0.00
Bond World Inflation-Ld 138.38 - 0.00 0.00
Commod Arbitrage F $ 105.90 - -0.82 0.00
Equity Australia A$ 594.98 - 8.99 0.00
Equity Brazil Inc $ 101.43 - -0.23 4.59
Equity BRIC $ 113.03 - 0.20 0.00
Equity Japan Inc 1786.00 - 38.00 2.92
Equity Japan Small Cap Inc 2773.00 - 27.00 3.64
Equity Latin America Inc $ 488.21 - -0.53 3.52
Equity Russia Opp.Inc $ 60.86 - 0.50 4.43
Equity South Korea Inc $ 76.15 - 1.43 3.36
Equity USA Inc $ 56.45 - 0.52 4.11
Equity USA Mid Cap $ 117.94 - 1.40 0.00
Equity USA Value Inc $ 67.66 - 0.80 4.33
Flexible Bond Europe Corp. 113.58 - 0.01 0.00
Flexible Bond Wrld Inc $ 18.83 - 0.06 3.19
Multi-Strat. FX 102.50 - -0.14 0.00
Real Estate Securities Europe 58.73 - 0.08 0.00
Step 80 Wrld Emerging EUR F 95.05 - -0.04 0.00
Step 90 EURO F 1141.74 - -1.57 0.00
Wrld Agriculture F 88.36 - -0.59 0.00
Wrld Agriculture USD F $ 71.82 - -0.48 0.00
BNP Paribas
Other International Funds
Campbell FME Large $ 3323.51 3323.51 3.51 0.00
BNP GLF USD $ 1222.07 - 0.01 0.00
BNY Mellon Global Funds (IRL)
160 Queen Victoria Street EC4V 4LA +44 (0) 131 305 3131
FSA Recognised
Asian Eqty A USD F $ 2.81 - 0.05 0.00
BNY Mellon Absolute Return Equity 1.01 - 0.00 0.00
BNY Mellon Asian Equity Fund $ 3.20 - 0.06 0.00
BNY Mellon Brazil Equity $ 1.10 - 0.01 0.00
BNY Mellon Emerging Markets Local Currency Investment Grade Debt Fund $ 0.89 - 0.01 -
BNY Mellon Emerging Markets Corporate Debt Fund $ 97.85 - 0.17 -
BNY Mellon Euroland Bond Fund 1.61 - 0.00 0.00
BNY Mellon Global Equity Higher Income $ 1.02 - 0.01 -
BNY Mellon Global Property Secs 1.10 - 0.02 0.00
BNY Mellon Global Bond Fund $ 2.36 - -0.01 0.00
BNY Mellon Global Equity Fund $ 1.41 - 0.01 0.00
BNY Mellon Global High Yield Bond 1.42 - 0.00 0.00
BNY Mellon Global Opportunities Fund $ 1.67 - 0.02 0.00
BNY Mellon Global Real Return EUR Fund 1.13 - 0.00 0.00
BNY Mellon Global Real Return $ 1.20 - 0.00 0.00
BNY Mellon Long-Term Global Equity GBP 1.25 - 0.00 0.00
BNY Mellon UK Equity Sterling 1.49 - 0.01 0.00
BNY Mellon US Equity Fund $ 1.05 - 0.00 0.00
Emerging Mkts Debt C USD F $ 1.83 - 0.01 0.00
Emerging Mkts Debt LC - C USD F $ 1.54 - 0.02 0.00
Evolution Global Alpha C EUR F 94.83 - 0.24 0.00
Global Dynamic Bond Fund C USD F $ 1.06 - 0.00 0.00
Bank of America Cap Mgmt (Ireland) Ltd (IRL)
Regulated
Global Liquidity USD $ 1.00 - 0.00 0.35
Global Liquidity EUR 1.00 - 0.00 0.30
Barclays Investment Funds (CI) Ltd (JER)
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800
FSA Recognised
Bond Funds
Sterling Bond F 0.44 - 0.00 3.67
Baring International Fd Mgrs (Ireland) (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004
FSA Recognised
ASEAN Frontiers A GBP Inc 100.75 - 0.10 0.66
Asia Growth A GBP Inc H 34.22 - -0.36 0.00
Fund Bid Offer D+/- Yield
Australia A GBP Inc 66.21 - 0.82 2.29
Dynamic Emerging Markets A GBP Acc F 9.56 - 0.02 -
Eastern Europe A GBP Inc 53.04 - 1.71 0.26
Emerging Mkt Debt LC A GBP Hedged Inc 10.58xd - 0.23 4.85
Emerging Opportunities A GBP Inc H 18.87 - -0.26 0.00
Europa A USD Inc H $ 34.06 - 1.00 1.27
Glb Aggregate Bond A USD Inc H $ 11.17 - 0.03 1.91
Glb Emerging Markets A GBP Inc H 18.42 - -0.22 0.32
Glb Select A GBP Inc H 7.82 - 0.00 0.00
Glb Resources A GBP Inc H 13.82 - 0.34 0.00
High Yield Bond A GBP Hedged Inc H 6.78 - -0.04 7.19
Hong Kong China A GBP Inc 467.82 - -10.67 0.00
India Fund - Class A GBP Inc 8.99 - 0.24 -
International Bond A GBP Inc F 17.72 - -0.11 2.35
Latin America A USD Inc H $ 40.80 - 0.42 1.63
MENA A GBP Inc F * 8.89 - -0.10 1.40
Baring Global Mining Fund - Class A GBP Inc 7.72 - 0.29 -
North America A GBP Inc F 41.98 - 0.42 0.00
Baring International Fd Mgrs (Ireland) (IRL)
Regulated
China A-Share A GBP Inc 5.70 - 0.14 0.00
Barings (Luxembourg) (LUX)
FSA Recognised
Russia A GBP Inc F 31.22 - -0.54 0.00
Bedlam Funds Plc (IRL)
20 Abchurch Lane, London, EC4N 7BB
Dealing: 00 3531 542 2907 Enquiries: 00 4420 7648 4300
FSA Recognised
Bedlam Global A 155.65 155.65 -2.39 0.00
Bedlam Global B 163.61 163.61 -2.42 0.00
Bedlam Emerging Markets A 199.47 199.47 -3.59 0.00
Bedlam Emerging Markets B 201.64 201.64 -3.51 0.00
Bedlam Europe A 108.96 108.96 -1.46 0.00
Bedlam Europe B 114.59 114.59 -1.47 0.24
Bedlam Japan A 75.83 75.83 -1.03 0.00
Bedlam Japan B 75.95 75.95 -0.99 0.00
Bedlam UK A 117.48 117.48 -0.76 0.42
Bedlam UK B 120.31 120.31 -0.73 1.71
Bedlam Global Income Fund 81.31 81.31 -1.47 4.59
Blackmore Capital Management Limited (GSY)
Regulated
Branded Comm Opps Fd Class A 1.03 - 0.00 0.00
Branded Comm Opps Fd Class B 1.21 - 0.00 0.00
Branded Comm Opps Fd Class C 1.23 - 0.01 0.00
Branded Comm Opps Fd Class E 1.01 - 0.00 -
BlackRock (JER)
Regulated
BlackRock UK Property 34.37 - -0.05 3.84
BLK Intl Gold & General $ 8.78 9.25 -0.31 0.00
Blairmore Holdings Inc
Other International Funds
Smith & Williamson Investment Management
Administrators - S G Hambros Bank & Trust (Bahamas) Limited
NAV $ 10.24 - -0.08 0.24
Blakeney Management Ltd (LUX)
Regulated
Blakeney Investors $ 26.91 - -0.70 0.00
Blakeney Investors-S08/08 $ 7.59 - -0.20 0.00
Blakeney Investors-S11/08 $ 11.53 - -0.30 0.00
Blakeney Investors-S10/09 $ 9.98 - -0.26 0.00
Blakeney Investors-S04/10 $ 9.36 - -0.24 0.00
Blakeney Investors-S09/10 $ 9.64 - -0.25 0.00
Blakeney Investors-S11/10 $ 9.24 - -0.24 0.00
BlueBay Asset Management LLP (LUX)
Regulated
BlueBay Em Mkt Abs Ret Bd IN 99.19 - -0.30 -
BlueBay Em Mkt Bd B - USD $ 259.66 - 0.23 0.00
BlueBay Em Mkt Corp Bd B $ 150.35 - -0.10 0.00
BlueBay Em Mkt Sel Bd B - USD $ 150.37 - -0.15 0.00
BlueBay Emg Mkt Loc Ccy Bd B - USD $ 157.11 - -0.44 0.00
BlueBay Gbl Convert Bd I - USD $ 152.60 - -0.58 0.00
BlueBay Gbl High Yield Bd B $ 108.75 - -0.18 0.00
BlueBay High Yield B - EUR 267.34 - -0.79 0.00
BlueBay High Yield Corp Bd B 114.73 - -0.22 0.00
BlueBay Inv Grd B - EUR 145.31 - -0.04 0.00
BlueBay Inv Grd B Euro Gov Bd Fund 113.89 - 0.40 0.00
BlueBay Inv Grd I Euro Agg Bd Fund 112.94 - 0.30 0.00
BlueBay Inv Grd Libor Fd B 117.85 - -0.05 0.00
BlueBay Struct.Fds: High Inc Loan Fd 165.67 - -0.10 0.00
BlueBay Struct.Fds: High Yield Enh Fd 180.24 - -0.18 -
BlueBay Asset Management LLP (CYM)
Regulated
BlueBay Distressed Opp Fd Lim A 111.81 - 0.62 0.00
Bluebay Macro Fd A $ 124.93 - -0.29 0.00
Bonfield Asset Management Limited
Other International Funds
The Longbow New Europe Fund $ 46.66 46.66 -0.54 0.00
BONHOTE
Other International Funds
Bonhte Alternative - Multi-Arbitrage (USD) Classe (EUR) 7143.00 - -178.00 0.00
Bonhte Alternative - Multi-Performance (USD) Classe (EUR) 9151.00 - -32.00 0.00
Braemar Group PCC Limited (GSY)
Regulated
Ground Rents Class A 1.06 - 0.00 0.00
Ground Rents Class B 1.08 - 0.07 0.00
UK Agricultural Class A 1.08 - 0.00 0.00
UK Agricultural Class B 1.15 - 0.00 0.00
Student Accom Class A 1.42 - 0.00 0.00
Student Accom Class B 1.10 - 0.00 0.00
CG Portfolio Fund Plc (IRL)
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 00 353 1 542 2000
FSA Recognised
Real Return Cls A 199.02 199.02 6.07 1.43
CG Dollar Fund 145.56 145.56 6.13 1.08
Capital Value Fund Cls V 118.91 118.91 2.04 0.17
CG Portfolio Fund Ltd (CYM)
Regulated
NAV 24354.66 - 455.78 0.74
CP Global Asset Mgmnt P/ Ltd. (CYM)
186A, Telok Ayer Street, Singapore 068632, Tel 65 6222 5366
Regulated
CP Multi-Strategy Currency Fund (USD) $ 96.27 - -3.23 -
CACEIS (Switzerland) SA
Tel: +41 22 360 94 00 www.caceis.ch
Other International Funds
Dynamic Ratchet Bond Fund-Japan 4757.00 - 5.00 0.00
Capita Financial Managers (Ireland) Limited (IRL)
1 Adelaide Court, Adelaide Road, Dublin 2, Ireland +353 1 400 5300
Regulated
CF Heartwood Multi Asset B Acc Nav 121.22 - -0.27 0.00
Capital International funds services (LUX)
6, route de Trves, L-2633 Senningerberg,Luxembourg
Capital International is part of
The Capital Group Companies
www.capitalinternationalfunds.com
FSA Recognised
Growth Funds
Cap Int All Ctry Eq B SFr 15.04 - 0.24 0.00
Cap Int All Ctry Eq B 12.53 - 0.21 0.00
Cap Int All Ctry Eq B $ 15.67 - 0.32 0.00
Cap Int All Ctry Eq BD 10.12 - 0.14 0.01
Fund Bid Offer D+/- Yield
Cap Int Emerg Asia Eq B SFr 7.39 - 0.07 0.00
Cap Int Emerg Asia Eq B 6.15 - 0.05 0.00
Cap Int Emerg Asia Eq B $ 7.66 - 0.04 0.00
Cap Int Emerg Asia Eq Bd 4.99 - 0.04 0.00
Cap Int Global Equity B $ 14.69 - 0.29 0.00
Cap Int Global Equity BD 9.24 - 0.13 0.12
Cap Int Global Equity B SFr 14.10 - 0.23 0.00
Cap Int Global Equity B 11.74 - 0.19 0.00
Cap Int European Eq BD 7.09 - 0.12 1.13
Cap Int European Eq B 9.46 - 0.18 0.00
Cap Int European Eq B SFr 11.36 - 0.22 0.00
Cap Int European Eq B $ 11.84 - 0.28 0.00
Cap Int Japan Equity B 6.43 - 0.05 0.00
Cap Int Japan Equity B $ 8.04 - 0.09 0.00
Cap Int Japan Equity B SFr 7.72 - 0.06 0.00
Cap Int Japan Equity BD 5.18 - 0.03 0.00
Cap Int AsiaP ex Jp Eq B SFr 13.72 - 0.15 0.00
Cap Int AsiaP ex Jp Eq B 11.43 - 0.13 0.00
Cap Int AsiaP ex Jp Eq B $ 14.30 - 0.22 0.00
Cap Int Asia Pex Jp Eq BD 8.85 - 0.07 0.31
Cap Int Em Mkts Fund BD 48.34 - 0.22 0.34
Cap Int Em Mkts Fund B SFr 73.93 - 0.49 0.00
Cap Int Em Mkts Fund B 61.55 - 0.39 0.00
Cap Int Em Mkts Fund B $ 76.72 - 0.29 0.00
Growth and Income Funds
Cap Int Glb Growth Inc BD 8.40 - 0.08 0.65
Cap Int Glb Growth Inc B 10.88 - 0.13 0.00
Cap Int Glb Growth Inc B SFr 13.06 - 0.16 0.00
Cap Int Glb Growth Inc B $ 13.61 - 0.22 0.00
Cap Int Eur Growth Inc B 14.55 - 0.16 0.00
Cap Int Eur Growth Inc B SFr 17.48 - 0.20 0.00
Cap Int Eur Growth Inc B $ 18.21 - 0.28 0.00
Cap Int Eur Growth Inc BD 10.94 - 0.09 1.63
Cap Int US Growth Inc B 12.79 - 0.14 0.00
Cap Int US Growth Inc B SFr 15.36 - 0.17 0.00
Cap Int US Growth Inc B $ 16.00 - 0.24 0.00
Cap Int US Growth Inc BD 10.26 - 0.09 0.19
Objective Based Funds
Cap Int Em Mk Tot Opp B SFr 10.43 - 0.05 0.00
Cap Int Em Mk Tot Opp B 8.69 - 0.05 0.00
Cap Int Em Mk Tot Opp B $ 10.83 - 0.03 0.00
Cap Int Em Mk Tot Opp Bd 6.85 - 0.03 2.24
Cap Int Gbl Abs Inc Grow B $ 9.69 - 0.02 0.00
Income Funds
Cap Int Em Mkts Debt B SFr 12.42 - 0.08 0.00
Cap Int Em Mkts Debt B 10.34 - 0.06 0.00
Cap Int Em Mkts Debt B $ 12.89 - 0.05 0.00
Cap Int Em Mkts Debt Bd 7.93 - 0.03 4.18
Cap Int Em Mk LocCur Dbt B $ 10.22 - 0.04 0.00
Cap Int Em Mk US$ Debt B $ 10.02 - 0.04 0.00
Cap Int Euro Bond B SFr 16.35 - -0.06 0.00
Cap Int Euro Bond B 8.92 - -0.06 1.64
Cap Int Euro Bond B $ 17.04 - 0.01 0.00
Cap Int Euro Bond BD 13.62 - -0.05 0.00
Cap Int Glb H Inc Opp B SFr 29.14 - -0.04 0.00
Cap Int Glb H Inc Opp B 24.27 - -0.03 0.00
Cap Int Glb H Inc Opp B $ 30.36 - 0.08 0.00
Cap Int Glb H Inc Opp BD 12.73 - -0.06 5.04
Cap Int Global Bond B SFr 18.78 - -0.11 0.00
Cap Int Global Bond B 15.64 - -0.09 0.00
Cap Int Global Bond B $ 19.57 - -0.03 0.00
Cap Int Global Bond BD 10.57 - -0.09 1.17
Luxembourg Capital International is part of The Capital Group Companies
CATCo Reinsurance Opportunities Fund Ltd. (UK)
9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Authorised Funds
CATCo Re Opps Fund Ords $ 1.1038 - 0.0640 4.85
CATCo Re Opps Fund C-shares $ 1.0924 - 0.0126 4.67
CATCo Reinsurance Fund Ltd. (BMU)
Regulated
CATCo Re Fund Ltd Series A $ 1113.9600 - 10.5412 -
CATCo Re Fund Ltd Series B $ 1123.2100 - 11.2224 -
Cedar Rock Capital Limited (IRL)
Regulated
Cedar Rock Capital Fd Plc $ 243.99 - -10.33 0.00
Cedar Rock Capital Fd Plc 248.86 - 0.94 0.00
Cedar Rock Capital Fd Plc 205.42 - -0.80 0.00
The Charlemagne Fund (CYM)
Regulated
NAV EUR 239.89 - -5.90 -
NAV USD $ 238.42 - -5.84 -
Charlemagne Capital (IOM) Ltd
Other International Funds
OCCO Eastern European $ 342.25 - 1.74 0.00
Charlemagne New Frontiers R $ 13.14 - -0.23 0.00
Magna Umbrella Fund PLC
Magna Africa R 8.81 - -0.15 0.00
Magna Eastern European R 7.18 - -0.12 0.00
Magna Emerging Mkts Div Fd R Acc 10.18 - -0.16 0.00
Magna Emerging Mkts Div Fd R Dist 9.47 - -0.15 3.12
Magna Global Emerging Markets R 7.78 - -0.15 0.00
Magna Latin American R 9.22 - -0.26 0.00
Magna Mena R * 11.68 - -0.02 0.00
Magna New Frontiers R 8.26 - -0.14 0.00
Magna Turkey R 8.64 - 0.09 0.00
Magna Undervalued Ass Fd R 9.03 - -0.03 0.00
Charles Schwab Worldwide Funds Plc (IRL)
Regulated
Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01
Chartered Asset Management PTE Ltd
Other International Funds
CAM-GTF Limited $ 360466.15 360466.15 -2042.14 0.00
CAM GTi Limited $ 1080.41 - -55.47 0.00
Raffles-Asia Investment Company $ 2.41 2.41 0.01 2.16
Cheyne Capital Management (UK) LLP (IRL)
Cheyneinvestor.Relations@cheynecapital.com
Regulated
Cheyne Convertibles Absolute Return Fund 1084.05 - -5.07 0.00
Cheyne Convertibles Absolute Return Fund $ 1080.55 - -5.05 0.00
Cheyne Convertibles Absolute Return Fund 1059.24 - -4.96 0.00
Cheyne Capital Management (UK) LLP
Other International Funds
Cheyne European Event Driven Fund 129.62 - -3.89 0.00
Cheyne High Income Credit Fund EUR Inst 120.26 - -2.00 -
Cheyne Real Estate Debt Fund Class A1 139.53 - 0.97 -
Cheyne Long/Short Credit Fund $ 168.96 - -1.94 0.00
City Financial Asian Absolute Growth Fund(CYM)
Regulated
Asian Absolute Growth Class A $ 101.41 - -0.10 0.00
Asian Absolute Growth Class C $ 105.10 - -0.05 0.00
Fund Bid Offer D+/- Yield
City of London Inv Mgmt Co Ltd (IRL)
2nd Floor, Guild House, Guild Street, Dublin 1 00 353 1 448 5033
FSA Recognised
The Em.Mkt Value & Growth GBP-Inst 10.32 - -0.16 0.00
The Em.Mkt Value & Growth GBP-Ret 10.17 - -0.15 0.00
The Emerging World USD - Retail A $ 55.95 - -0.94 0.00
The Emerging World USD - Instl $ 59.16 - -0.99 0.00
The Natural Resources USD Retail A F $ 5.64 - -0.05 0.00
The Natural Resources USD - Instl $ 5.77 - -0.05 0.00
CMI Asset Mgmt (Luxembourg) SA (LUX)
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
FSA Recognised
CMI Global Network Fund (u)
Regional Equity Sub Funds
CMI Continental Euro Equity 19.43 - 0.18 1.31
CMI Pacific Basin Enhanced Equity $ 37.30 - 0.21 2.21
Single Country Equity Sub Funds
CMI German Equity F 40.43 - -0.38 1.60
CMI Japan Enhanced Equity F 2080.36 - 27.14 1.56
CMI UK Equity 9.69 - 0.07 2.00
CMI US Enhanced Equity F $ 48.08 - -0.96 0.62
Index Tracking Sub Funds
Euro Equity Index Tracking 12.43 - 0.27 4.12
Japan Index Tracking 389.86 - 5.49 1.73
UK Eqty Index Tracking 12.27 - 0.16 3.13
US Eqty Index Tracking $ 36.12 - -0.71 0.82
Managed Sub Funds
Global Bond 1.66 - -0.02 1.42
Global Network Mgd Global Mxd 1.88 - -0.04 0.83
Global Equity 1.86 - -0.05 0.60
Bond Sub Funds
CMI Euro Bond F 42.28 - 0.15 3.23
CMI Japanese Bond 1701.22 - -4.42 0.50
CMI UK Bond 8.25 - -0.07 2.53
CMI US Bond $ 13.87 - -0.05 1.88
Currency Reserve Sub Funds
CMI Euro Currency Reserve 25.60 - 0.00 0.81
CMI Stlg Currency Reserve 5.02 - 0.00 0.72
CMI US Dllr Currency Reserve $ 9.96 - 0.00 0.00
CMI Access 80% Gu F 5.52 - 0.01 0.00
CMI Fund Managers (IoM) (IOM)
Clerical Medical Hse, Victoria Road, Douglas, IoM IM99 1LT 01624 625599
FSA Recognised
CMI High Income PLC 0.4963 0.5279 -0.0017 2.99
CMI Sterling Roll Up PLC 2.9480 3.1363 -0.0097 0.00
Maximum Permitted Charge 8.5%
Cohen & Steers SICAV (LUX)
Regulated
European Real Estate Securities 12.37 - 0.01 2.55
Europ.RealEstate Sec. IX 14.99 - 0.01 0.00
Gbl RealEstate Sec. I $ 7.94 - 0.09 2.89
Gbl RealEstate Sec. IX $ 8.92 - 0.10 0.00
Comgest SA (LUX)
17 square Edouard VII - 75009 Paris, www.comgest.com
FSA Recognised
Comgest Asia F $ 3025.11 - 24.03 0.00
Comgest Europe F SFr 3855.33 - 10.78 0.00
Comgest Far East Limited (LUX)
Regulated
Comgest Panda $ 2050.87 - 23.31 0.00
Comgest Far East Limited (KYG)
Other International Funds
C.F.E. ONYX FUND $ 42.05 - -0.31 0.00
Comgest SA (FRA)
17 square Edouard VII - 75009 Paris
FSA Recognised
Comgest Magellan 1488.55 - 2.38 0.00
Comgest AM International Ltd (IRL)
46 St Stephen's Green, Dublin 2, Ireland
FSA Recognised
Comgest Gth Asia ex Jap DIS F $ 5.27 - -0.08 130.99
Comgest Gth Emerging Mkt DIS F $ 25.86 - -0.15 0.19
Comgest Gth Europe DIS F 12.00 - -0.09 0.00
Comgest Gth GEM PC DIS F 9.22 - -0.15 0.28
Coupland Cardiff Funds Plc (IRL)
31/32 St James's Street, London, SW1A 1HD
FSA Recognised
CC Asia Alpha Fd - Cls A Euro 12.41 12.41 -0.10 0.00
CC Asia Alpha Fd - Cls B USD $ 12.06 12.06 -0.10 0.00
CC Asia Alpha Fd - Cls C GBP 11.89 11.89 -0.10 0.00
CC Japan Alpha Fd - Cls A Euro 4.36 4.36 0.01 0.00
CC Japan Alpha Fd - Cls B GBP 4.69 4.69 0.00 0.00
CC Japan Alpha Fd - Cls C JPY 448.69 448.69 0.44 0.00
CC Asian Evolution Fd. Cls A USD $ 12.79 12.79 0.03 0.00
CC Asian Evolution Fd. Cls B GBP 12.05 12.05 0.03 0.00
CC Asian Evolution Fund - Cls C USD Acc $ 14.02 14.02 0.07 0.00
Coutts (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, P.O. Box 4935, Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
Coutts Investment Programmes
Cont EUR Spec Equity Ser 1 F 73.93 - -0.62 -
Cont EUR Spec Equity Ser 2 F 76.38 - -0.63 0.63
Cont EUR Spec Equity Ser 5 F 76.45 - -0.64 0.88
UK Equity Index Programme Ser 1 F 20.55 - 0.00 3.15
UK Equity Index Programme Ser 2 F 20.80 - 0.00 3.55
UK Equity Index Programme Ser 5 F 20.97 - 0.00 3.81
UK Specialist Eqty Pro Ser 1 F 14.90 - 0.00 0.16
UK Specialist Eqty Pro Ser 2 F 15.12 - 0.00 1.10
UK Specialist Eqty Pro Ser 5 F 15.14 - 0.00 1.35
US Equity Index Programme Ser 1 F $ 43.83 - 0.25 0.60
US Equity Index Programme Ser 2 F $ 44.65 - 0.26 0.96
US Equity Index Programme Ser 5 F $ 44.77 - 0.26 1.19
Contl Eurp Eqty Index Prog Ser 1 F 228.86 - 0.05 2.59
Contl Eurp Eqty Index Prog Ser 2 F 233.19 - 0.05 2.91
Contl Eurp Eqty Index Prog Ser 5 F 233.63 - 0.06 3.19
US Sovereign Bond Index Prog Ser 1 F $ 24.65 - -0.10 1.73
US Sovereign Bond Index Prog Ser 2 F $ 24.73 - -0.10 1.92
US Sovereign Bond Index Prog Ser 5 F $ 25.05 - -0.09 2.17
Continental Eurp Sovereign Bond Index Prog Ser 1 F 118.29 - 0.24 3.02
Continental Eurp Sovereign Bond Index Prog Ser 2 F 118.71 - 0.25 3.18
Japan Specialist Equity Programme Series 1 F 2874.00 - 41.00 -
Japan Specialist Equity Programme Series 2 F 3084.00 - 44.00 0.80
Japan Specialist Equity Programme Series 5 F 3091.00 - 44.00 1.07
Swiss Equity Pro Ser 1 F SFr 194.98 - -2.51 0.33
Swiss Equity Pro Ser 2 F SFr 199.22 - -2.56 0.20
Swiss Equity Pro Ser 5 F SFr 199.40 - -2.55 0.48
Pac Basin Eqty Pro Ser 1 F $ 44.35 - 0.71 1.35
Pac Basin Eqty Pro Ser 2 F $ 45.38 - 0.74 1.64
Pac Basin Eqty Pro Ser 5 F $ 45.63 - 0.73 1.92
UK Sovereign Bond Index Prog Ser 1 F 14.81 - 0.01 3.06
UK Sovereign Bond Index Prog Ser 2 F 14.86 - 0.01 3.25
UK Sovereign Bond Index Prog Ser 5 F 14.97 - 0.01 3.50
Swiss Franc Pro Ser 1 F SFr 104.17 - -0.19 1.60
Swiss Franc Pro Ser 2 F SFr 105.34 - -0.19 1.78
Coutts Equator Emerging Markets 1 F $ 29.77 - 0.43 1.37
Coutts Equator Emerging Markets 2 F $ 29.84 - 0.43 1.50
Coutts Equator Emerging Markets 5 F $ 29.89 - 0.44 1.78
Global Investment Grade Programme USD S1 F $ 107.30 - -0.08 2.98
Global Investment Grade Programme EUR S1 F 105.50 - -0.09 2.98
Fund Bid Offer D+/- Yield
Global Investment Grade Programme GBP S1 F 111.13 - -0.09 2.98
Global Investment Grade Programme CHF S1 FSFr 98.16 - -0.10 2.98
Global Investment Grade Programme USD S2 F $ 108.32 - -0.07 3.13
Global Investment Grade Programme EUR S2 F 106.75 - -0.11 3.13
Global Investment Grade Programme GBP S2 F 110.05 - -0.08 3.13
Global Investment Grade Programme CHF S2 FSFr 98.79 - -0.10 3.13
Global Investment Grade Programme GBP S5 F 110.48 - -0.08 3.38
UK Specialist Equity Income Ser 1 F 7.67 - -0.01 3.12
UK Specialist Equity Income Ser 2 F 7.69 - -0.01 4.55
UK Specialist Equity Income Ser 5 F 7.69 - -0.01 4.81
Absolute Rtn Multi Asset Prog Ser 1 GBP F 9.66 - -0.05 -
Absolute Rtn Multi Asset Prog SER 2 GBP F 9.76 - -0.05 -
Absolute Rtn Multi Asset Prog SER 2 USD F $ 9.73 - -0.06 -
Absolute Rtn Multi Asset Prog SER 2 EUR F 9.76 - -0.05 -
Absolute Rtn Multi Asset Prog SER 5 GBP F 9.81 - -0.05 -
Absolute Rtn Multi Asset Prog SER 5 USD F $ 9.84 - -0.05 -
Absolute Rtn Multi Asset Prog SER 5 EUR F 9.90 - -0.05 -
Absolute Rtn Multi Asset Prog SER 9 GBP F 9.86 - -0.06 -
Absolute Rtn Multi Asset Prog SER 9 USD F $ 9.81 - -0.06 -
Absolute Rtn Mutli Asset Prog Ser 9 EUR F 9.58 - -0.05 -
** 30 day average yield
Coutts (IRL)
Regulated
Coutts Liquidity Fund Plc
Dollar Ser 1 $ 1.00 - 0.00 0.06
Dollar Ser 3 $ 68.97 - 0.00 0.06
Dollar Ser 4 $ 67.38 - 0.00 0.01
Dollar Ser 5 $ 1.00 - 0.00 0.21
Sterling Ser 1 1.00 - 0.00 0.37
Sterling Ser 3 60.23 - 0.00 0.37
Sterling Ser 4 58.74 - 0.00 0.27
Sterling Ser 5 1.00 - 0.00 0.52
Euro Ser 1 1.00 - 0.00 0.05
Euro Ser 3 73.69 - 0.00 0.05
Euro Ser 4 71.87 - 0.00 0.01
Euro Ser 5 1.00 - 0.00 0.20
CQS Cayman LP (CYM)
Regulated
Conv & Quantitative Fund (Final) $ 2767.24 - -9.81 -
Directional Opportunities (Final) $ 3415.42 - 5.37 -
ABS Fund (Final) $ 4133.29 - 39.49 0.00
Diversified Fund (Final) $ 1492.88 - 2.04 -
Asia Fund (Final) $ 1199.19 - -7.99 0.00
Credit Long Short Fund (Final) $ 1148.54 - 6.36 -
Crdit Andorrn Asset Management (LUX)
www.creditandorra.com
FSA Recognised
Crediinvest SICAV Money Market Eur I 11.22 - 0.00 0.00
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Crediinvest SICAV Fixed Income Eur 10.16 - 0.00 0.00
Crediinvest SICAV Fixed Income Usd $ 10.34 - 0.00 0.00
Crediinvest SICAV Spanish Value 169.18 - 1.68 0.00
Crediinvest SICAV International Value 149.79 - 0.85 0.00
Crediinvest SICAV Big Cap Value 12.26 - 0.09 0.00
Crediinvest SICAV US Multistrategy $ 11.65 - 0.04 0.00
Crediinvest SICAV Sustainability 11.15 - -0.07 0.00
Daiwa Europe Fund Mgrs Ireland Ltd (IRL)
Regulated
Monthly Dividend High Yield $ 6.75 - -0.03 0.00
Daiwa Gaika MMF
AU$ Portfolio A$ 0.01 - 0.00 -
US$ Portfolio $ 0.01 - 0.00 -
Euro Portfolio 0.01 - 0.00 -
Canadian Dllr Pfolio C$ 0.01 - 0.00 -
New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 -
Daiwa Bond Series
Monthly Dividend AUD Bd A$ 10.37 - -0.07 0.00
Monthly Dividend EUR Bd 9.91 - 0.03 0.00
Monthly Dividend CAD Bd C$ 10.61 - 0.08 0.00
Mthly Div US Preferred Secs $ 7.02 - -0.03 0.00
Daiwa Equity Fund Series
New Major Economies $ 9.92 - -0.09 0.00
Global CB $ 9.46 - -0.06 0.00
Dantrust Management (Guernsey) Ltd (GSY)
Regulated
Dantrust II Limited kr 366.20 367.90 4.30 0.00
DAVIS Funds SICAV (LUX)
Regulated
Davis Value A $ 26.38 - 0.15 0.00
Davis Value B $ 23.26 - 0.13 0.00
Davis Global A $ 19.46 - 0.10 0.00
Davis Global B $ 17.25 - 0.10 0.00
Deutsche Investment Funds Ltd (IRL)
Regulated
Deutsche Americas Bond Fund $ 63.83 - 0.46 0.00
CABEI Central America Fund $ 1886.29 - 8.14 0.00
Dodge & Cox Worldwide Funds (IRL)
111 Buckingham Palace Road Victoria, London SW1W 0SR
www.dodgeandcox.worldwide.com 020 7340 8695
FSA Recognised
Dodge & Cox Worldwide Funds plc-Global Stock Fund
USD Accumulating Share Class $ 9.82 - 0.09 0.00
GBP Accumulating Share Class 10.50 - 0.08 0.00
EUR Accumulating Share Class 11.84 - 0.07 0.00
Dodge & Cox Worldwide Funds plc-International Stock Fund
USD Accumulating Share Class $ 9.39 - 0.12 0.00
EUR Accumulating Share Class 8.87 - 0.09 0.00
Dodge & Cox Worldwide Funds plc-U.S. Stock Fund
USD Accumulating Share Class $ 10.25 - 0.09 0.00
GBP Accumulating Share Class 10.37 - 0.08 0.00
EUR Accumulating Share Class 10.68 - 0.06 0.00
Dominion Fund Management Limited
PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Guernsey - Channel Islands United Kingdom GY1 3PU
+44(0)1481 734343 info@dominion-funds.gg www.dominion-funds.com
Other International Funds
Dominion CHIC Fd DC Class 11.53 - 0.03 0.00
Dominion CHIC Fd IC Class 11.54 - 0.03 0.00
Dominion CHIC Fd DC Class 9.68 - 0.06 0.00
Dominion CHIC Fund GBP R Class 98.92 - 0.23 -
Dominion CHIC Fd IC Class 9.69 - 0.06 0.00
Dominion CHIC Fd US$ DC Class $ 8.97 - 0.10 0.00
Dominion CHIC Fd US$ IC Class $ 8.97 - 0.10 0.00
Dominion CHIC Fund CHF DC ClassSFr 98.26 - 0.59 0.00
Fund Bid Offer D+/- Yield
Dominion CHIC Fund GBP R Class 98.92 - 0.23 -
Dominion CHIC Fund CHF IC ClassSFr 98.26 - 0.59 0.00
DX EVOLUTION PCC LIIMITED - DXE () FUND 100.00 - - -
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 100.00 - - -
Dragon Capital Management
1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam
Fund information, dealing and administration: funds@dragoncapital.com
Other International Funds
Vietnam Enterprise Investments (VEIL) $ 2.36 - 0.01 0.00
Vietnam Growth Fund (VGF) $ 15.13 - -0.17 0.00
Edinburgh Partners Limited (IRL)
12 Charlotte Square, Edinburgh, EH2 4DJ +353 1 673 7627
Dealing - Fax only - +353 1 607 1978
FSA Recognised
Edinburgh Partners Opportunities Fund PLC
European Opportunities I EUR F 1.57 - 0.00 2.36
European Opportunities I GBP F 1.27 - 0.01 2.43
European Opportunities I USD F $ 1.95 - 0.02 2.48
European Opportunities A EUR F 1.54 - 0.00 1.78
Global Opportunities I USD F $ 1.16 - 0.00 2.30
Global Opportunities I GBP F 0.76 - 0.00 2.26
Global Opportunities I EUR F 0.93 - -0.01 2.18
Global Opportunities A GBP F 0.72 - 0.00 1.69
Pan European Opportunities Fund Class I - EUR 0.99 - 0.00 -
EFG Hermes
DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
Other International Funds
The EFG-Hermes Egypt Fund $ 25.68 - -0.40 0.00
MENA Fixed Income Fund Ltd (Class A: Sub Class 1) $ 1032.40 - 11.55 0.00
Middle East & Developing Africa Fund (Final) $ 18.89 - -0.06 0.00
Saudi Arabia Equity Fund SR 7.70 - 0.06 0.00
Egerton Capital European Fund Plc (IRL)
Regulated
Egerton Capital Equity Fund Plc 157.07 - -3.65 0.00
Egerton European Dollar Fund Ltd
Other International Funds
European Dollar USD NAV A $ 109.84 - 0.11 0.00
Egerton European Dollar USD NAV B1 $ 110.63 - 0.10 0.00
European Dollar USD NAV C1 $ 114.94 - 0.11 0.00
Egerton European Equity Fund Ltd
Other International Funds
NAV A 54.39 - 0.07 -
NAV B1 54.67 - 0.06 0.00
NAV C1 56.71 - 0.07 0.00
Ennismore Smaller Cos Plc (IRL)
5 Kensington Church St, London W8 4LD 020 7368 4220
FSA Recognised
Ennismore European Smlr Cos NAV 63.42 - -0.19 0.00
Ennismore European Smlr Cos NAV 78.66 - -0.52 0.00
Ennismore European Smlr Cos Hedge Fd
Other International Funds
NAV 294.42 - -1.82 0.00
Equinox Fund Mgmt (Guernsey) Limited (GSY)
Regulated
Equinox Russian Opportunities Fund Limited $ 178.12 - -2.35 0.00
Ermitage Group Funds
Other International Funds
Money Funds
Ermitage Money Market Fund Sterling 18.53 - 0.00 0.00
Ermitage Money Market Fund US $ $ 15.73 - 0.00 0.00
Ermitage Money Market Fund Euro 13.50 - 0.00 0.00
Hedge Funds
Asset Selection A USD (Est) $ 17.00 - -0.07 -
Asset Selection H USD (Est) $ 12.30 - -0.05 -
Global Multi Strategy Fund B USD (Est) $ 111.20 - 0.11 -
European Absolute Fd EUR 30.12 - 0.01 -
European Absolute B EUR 100.50 - 0.02 -
Distressed and Event Alpha Class (Est) $ 207.40 - -0.18 -
Global Long/Short Fund Class B USD Series 2 (Est) $ 101.12 - 0.36 -
Global Dynamic Trading Fund Class A USD $ 81.19 - -1.37 -
Ermitage Selz Fund US$ $ 320.64 - 1.13 0.00
Managed Funds
Gbl Wealth Mgt Strategies Ltd A GBP 10.98 - -0.07 0.00
Gbl Wealth Mgt Strategies Ltd C GBP 11.75 - -0.02 0.00
Gbl Wealth Mgt Strategies Ltd E GBP 10.80 - -0.04 0.00
Euronova Asset Management UK LLP (CYM)
Regulated
Smaller Cos Cls One Shares 21.52 - 0.29 0.00
Smaller Cos Cls Two Shares 15.43 - 0.21 0.00
Smaller Cos Cls Three Shares 7.64 - 0.11 -
Smaller Cos Cls Four Shares 10.35 - 0.14 0.00
Eurobank EFG Fund Management Company (Lux) S.A. (LUX)
Regulated
(LF) Absolute Return 1.14 - 0.00 0.00
(LF) Absolute Return II 9.88 - 0.00 0.00
(LF) Balanced - Active Fund (RON)RON 12.95 - -0.05 0.00
(LF) Balanced - Polish Fund (PLN) Zty 6.48 - -0.02 0.00
(LF) Eq Dynamic Polish (PLN) Zty 4.94 - -0.06 0.00
(LF) Eq Flexi Style Greece 0.59 - -0.02 0.00
(LF) Turkish Equities 12.19 - 0.05 0.00
(LF) Eq Emerging Europe 0.79 - 0.00 0.00
(LF) Global Equities 0.72 - 0.00 0.00
(LF) Greek Equities 0.12 - -0.01 0.00
(LF) Greek Government Bond 6.02 - -0.48 0.00
(LF) Cash Fund 1.10 - 0.00 0.00
(LF) Cash Fund (PLN) Zty 10.96 - 0.00 0.00
(LF) Cash Fund (RON) RON 13.59 - 0.00 0.00
(LF) Income Plus $ $ 1.17 - 0.00 0.00
(LF) Money Mkt Fund - Res 10.04 - 0.00 -
(LF) FOF Balanced Blend 1.04 - 0.00 0.00
(LF) FOF BRIC 0.75 - -0.02 0.00
(LF) FOF Equity Blend 0.82 - 0.00 0.00
(LF) FOF Real Estate 10.21 - 0.08 -
(LF) FOF New Frontiers - - - -
Federated International Funds Plc (u) (IRL)
c/o BNYM, Guild House, Guild Street IFSC, Dublin 1, Ireland
FSA Recognised
Federated High Income Advantage
USD Institutional Service Series $ 32.51 - -0.05 0.00
EUR Institutional Series H 203.87 - -0.28 0.00
Federated US Bond Fund
Euro Shares- Instl Series F 140.90 - -0.16 0.00
Federated Short-Term US Treasury Securities
Institutional Serv Series $ 1.00 - 0.00 0.00
Institutional Series H $ 1.00 - 0.00 0.00
Federated Short-Term US Govt Securities Fund
Institutional Serv Series $ 1.00 - -9.17 0.00
Full fund performance data at
www.ft.com/funds
MARKETS | MANAGED FUNDS SERVICE
JUNE 7 2012 Section:Stats Time: 6/6/2012 - 19:02 User: watsonl Page Name: UT4 EUR, Part,Page,Edition: EUR, 20, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

21
Fund Bid Offer D+/- Yield
Investment Series $ 1.00 - 0.00 0.00
Investment Gth Series $ 168.92 - 0.00 0.00
Institutional Series H H $ 1.00 - 0.00 0.01
Federated Short-Term US Prime Fund
Institutional Service Series $ 1.00 - 0.00 0.00
Institutional Series $ 1.00 - 0.00 0.13
Investment - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Services - Dividend Ser H $ 1.00 - 0.00 0.00
Institutional Shares Accumulating F $ 107.52 - 0.00 0.00
Federated Short-Term Euro Fund
Institutional Series H 1.00 - 0.00 0.36
Institutional Service Series H 1.00 - 0.00 0.19
Institutional Series Accumulating H 119.86 - 0.00 0.00
Institutional Service Series Accumulating H 114.71 - 0.00 0.00
Federated Short Term Sterling Liquidity Fund
Institutional Series H 1.00 - 0.00 -
Institutional Service Dividend Series H 1.00 - 0.00 -
Federated Strategic Value Equity Fund
Class A Shares F $ 7.66 - 0.02 3.02
Class C Shares F $ 7.66 - 0.02 3.02
FIL Fund Management (LUX)
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
Phone: 800 22 089, 800 22 088
Regulated
China Consumer A-GBP 9.43 - 0.09 0.00
China Focus A-GBP 2.95 - 0.01 0.00
China Opportunities A-GBP 0.90 - 0.01 0.02
Global Financial Services A-GBP 0.26 - 0.00 0.00
Global Health Care A-GBP 0.29 - 0.00 0.00
Global Industrials A-GBP 0.54 - 0.01 0.00
Global Inflation-Linked Bd A-GBP-Hdg 1.24 - 0.00 1.03
Global Real Asset Securities 1.19 - 0.01 0.00
Global Technology A-GBP 0.14 - 0.00 0.00
Global Telecomms A-GBP 0.22 - 0.00 1.93
India Focus A-GBP 2.80 - 0.02 0.00
Latin America A-GBP 2.01 - 0.00 0.26
Findlay Park Funds Plc (IRL)
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
FSA Recognised
American Fund USD Class $ 48.91 - -0.77 0.00
American Fund GBP Hedged 26.66 - -0.42 0.00
Latin American Fund USD Class $ 16.26 - -0.45 0.00
Fitzwilliam Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Total Return Fund PCC Ltd
Fitzwilliam Opprtunity Dollar $ 116.61 - -0.76 0.00
Fitzwilliam Opprtunity Sterling 130.46 - -0.68 -
The TRF Commodity Plus Dollar Fund $ 123.95 - 1.04 0.00
The TRF Commodity Plus Sterling Fund 121.56 - 1.05 0.00
Foord Asset Mgt (Guernsey) Ltd (GSY)
Regulated
Foord International Trust $ 27.54 - -0.02 0.00
Fiduciary International Ireland Limited (IRL)
JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Other International Funds
Franklin Templeton Emerging Market Debt Opportunities Fund Plc
Frk Templeton Emg Mkts Debt Opp CHFSFr 18.58 - -0.28 6.19
Frk Templeton Emg Mkts Debt Opp GBP 10.53 - -0.17 6.08
Frk Templeton Emg Mkts Debt Opp EUR 13.05 - -0.19 6.12
Frk Templeton Emg Mkts Debt Opp USD $ 18.01 - -0.50 6.28
Franklin Templeton Investment Funds (LUX)
26 Bld Royal L-2449 Luxembourg 00 352 466667 212
www.franklintempleton.co.uk UK freephone 0 800 305 306
FSA Recognised
Class A Dis
Frk Gbl R.Estate (USD) A Dis $ 7.58 - 0.08 0.86
Frk High Yield $ 6.68 - -0.02 6.46
Frk High Yield (Euro) 6.03 - 0.00 6.14
Frk Income $ 10.86 - 0.01 4.74
Frk US Government $ 9.81 - 0.00 2.68
Frk US Liquid Reserve Inc $ 9.72 - 0.00 0.00
Frk US Total Return $ 10.92 - -0.01 2.17
Frk US Low Duration Fd $ 9.61 - 0.00 0.54
Tem Asian Bond $ 13.27 - 0.02 2.64
Tem Asian Growth $ 27.43 - 0.12 0.07
Tem Emerging Markets $ 30.21 - 0.17 0.00
Tem Emg Mkts Bd $ 18.52 - 0.09 5.56
Tem Emg Mkts Balanced AQdis $ 8.38 - 0.06 1.51
Tem Euro Gov. Bond 9.76 - 0.00 1.79
Tem Euro Liquid Reserve 4.43 - 0.00 0.88
Tem Europ Corp Bond Fd F 10.19 - 0.00 2.81
Tem European Total Return 8.63 - 0.01 2.87
Tem Global $ 20.80 - 0.06 0.64
Tem Global (Euro) 10.48 - 0.07 0.21
Tem Global Aggregate Bond Fd F $ 9.60 - -0.02 1.65
Tem Global Balanced $ 16.70 - 0.05 1.85
Tem Global Bond $ 18.84 - 0.07 2.92
Tem Global Bond (Euro) 10.25 - 0.01 2.33
Tem Global Equity Income $ 7.46 - 0.02 3.79
Tem Global High Yield Fd F $ 9.44 - 0.01 5.60
Tem Global Income $ 10.79 - 0.05 2.19
Tem Global Smaller Cos $ 23.57 - 0.16 0.24
Tem Global Total Return $ 16.04 - 0.06 4.40
Tem Latin America $ 66.87 - 0.23 0.37
Class A Acc
Frk Asia Flex Cap Fd $ 11.39 - 0.05 0.00
Frk Biotech Discovery $ 12.83 - 0.13 0.00
Frk Euroland Core Fund 10.90 - 0.04 0.00
Frk European Growth 9.57 - 0.02 0.00
Frk European Sml Mid Cap Gth 18.17 - 0.10 0.00
Frk Global Growth $ 10.21 - 0.07 0.00
Frk Global Sml Mid Cap Gth $ 19.27 - 0.08 0.00
Frk Gold and Precious Mtls Fd F $ 8.22 - 0.16 0.00
Frk India $ 19.40 - 0.11 0.00
Frk MENA Fund $ 4.31 - 0.00 0.00
Frk Mutual Beacon $ 45.57 - 0.24 0.00
Frk Mutual Euroland Fd 10.38 - 0.03 0.00
Frk Mutual European EUR 15.13 - 0.05 0.00
Frk Mutual Gbl Disc $ 12.02 - 0.06 0.00
Frk Natural Resources Fd F $ 8.10 - 0.11 0.00
Frk Real Return Fd F $ 10.17 - 0.02 0.00
Frk Strategic Income Fd $ 12.98 - 0.01 0.00
Frk Technology $ 6.82 - 0.10 0.00
Frk Tem Global Gth & Val $ 16.73 - 0.09 0.00
Frk Tem Japan 397.90 - 3.49 0.00
Frk Templeton Gbl Equity Strategies Fd $ 8.34 - 0.04 0.00
Frk Templeton Gbl Fundamental Strat Fd $ 9.54 - 0.03 0.00
Frk U.S. Focus Fund $ 9.35 - 0.13 0.00
Frk US Equity $ 15.38 - 0.10 0.00
Frk US Opportunities $ 7.25 - 0.08 0.00
Frk US Sml Mid Cap Gth F $ 12.35 - 0.15 0.00
Frk Wrld Perspective Fd $ 13.02 - 0.07 0.00
Tem Asian Sml Comp Fd $ 25.28 - 0.27 0.00
Tem BRIC $ 13.45 - 0.03 0.00
Tem China $ 20.34 - 0.04 0.00
Tem Eastern Europe 19.16 - 0.07 0.00
Tem Emerging Mkts Sml Comp Fd $ 6.91 - 0.03 0.00
Tem Euro Money Market Fd 1012.73 - 0.01 0.00
Tem Euroland 10.65 - 0.05 0.00
Tem European EUR 12.34 - 0.06 0.00
Tem Frontier Mkts Fund $ 14.13 - -0.04 0.00
Tem Growth (Euro) 9.37 - 0.07 0.00
Tem Korea $ 4.80 - 0.10 0.00
Fund Bid Offer D+/- Yield
Tem Thailand $ 15.58 - -0.35 0.00
Frontier Capital (Bermuda) Limited
Other International
Commercial Property-GBP Class (Susp) 98.43 - 0.00 0.00
Global Real Estate-GBP C Class (Susp) 96.28 - 0.00 -
GAM Limited (IRL)
FSA Recognised
GAM Fund Management Ltd
Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
GAM Star Fund Plc
GAM Star Absolute Euro USD Inc F $ 9.81 - 0.01 0.00
GAM Star Asia-Pacific Eqty USD Acc F $ 8.92 - 0.11 0.00
GAM Star Asian Eqty USD Ord Acc F $ 11.28 - 0.09 0.00
GAM Star Cap.Appr.US Eqty USD Inc F $ 10.31 - 0.18 0.00
GAM Star Cat Bond USD Acc $ 10.18 - 0.03 -
GAM Star China Equity USD Acc F $ 15.27 - 0.03 0.00
GAM Star Composite Abs Rtn EUR Ac F 10.35 - 0.00 0.00
GAM Star Cont European Eqty GBP Acc F 2.07 - 0.00 0.00
GAM Star Cred Opportunities EUR Acc 9.70 - -0.02 -
GAM Star Cred Opportunities GBP Acc 9.74 - 0.00 -
GAM Star Cred Opportunities USD Acc $ 9.47 - -0.01 -
GAM Star Discretionary FX USD Acc F $ 9.24 - -0.19 0.00
GAM Star Dynamic Gbl Bd USD Acc H $ 10.49 - -0.02 0.00
GAM Star Emerging Asia USD Class ACCU $ 10.51 - 0.02 -
GAM Star Emerg. Market Rates USD Acc F $ 10.73 - -0.03 0.00
GAM Star Emerg Market Tot.Ret.USD Acc F $ 11.28 - -0.01 0.00
GAM Star European Eqty USD Acc F $ 14.33 - 0.02 0.00
GAM Star GAMCO US Equity Acc F $ 9.10 - 0.07 0.00
GAM Star GEO USD Acc F $ 6.76 - 0.06 0.00
GAM Star Global Conv Bond USD Acc F $ 9.87 - 0.01 0.00
GAM Star Global Eq Inflation Fcs USD II Acc F $ 122.60 - 1.54 0.00
GAM Star Global Rates USD Acc F $ 10.90 - -0.07 0.00
GAM Star Global Selector USD Acc F $ 11.15 - 0.10 0.00
GAM Star Japan Eqty USD Acc F $ 9.18 - 0.14 0.00
GAM Star Keynes Quant Strat USD Acc F $ 10.55 - -0.05 0.00
GAM Star North of South EM Equity Acc F $ 9.53 - 0.04 -
GAM Star Technology USD Acc F $ 10.54 - 0.07 0.00
GAM Star Trading Acc F $ 9.41 - 0.04 0.00
GAM Star US All Cap Eqty USD Acc F $ 8.64 - 0.09 0.00
GAM Star Worldwide Eqty USD Acc F $ 2204.55 - 10.28 0.00
GAM Limited
Other International Funds
GAM Absolute Return Bond USD $ 107.75 - -0.11 0.00
GAM Asia Equity Inc $ 547.11 - 4.36 0.10
GAM Asia Eqty Hdg Inc USD Open $ 205.55 - -6.22 0.00
GAM Capital Appreciation Eqty USD $ 276.86 - 4.71 0.00
GAM Composite Abs Rtn Access Acc 96.96 - 0.07 0.00
GAM Composite Abs Rtn GBP Listed 142.33 - 0.18 0.00
GAM Composite Abs Rtn GBP Open 211.56 - 0.28 0.00
GAM Diversity Inc USD Open $ 653.33 - 1.99 0.00
GAM Diversity II Inc USD Open $ 199.44 - 0.61 0.00
GAM Diversity III USD Open $ 115.63 - 0.35 0.00
GAM Euro Special Bd EUR Open 126.71 - -0.27 0.00
GAM Eurp Eqty Hedge USD Open $ 229.16 - 0.30 0.00
GAM GAMCO Equity $ 973.11 - -19.27 0.00
GAM Global Diversified USD Inc $ 240.90 - -0.07 0.60
GAM Interest Trend Inc $ 309.45 - -1.52 0.00
GAM Japan Equity Inc $ 913.80 - 13.75 0.00
GAM Multi-Diversified EUR 100.92 - 0.52 0.00
GAM Multi-Emg Mkts USD Open $ 613.57 - 0.86 0.00
GAM Multi-Europe II USD Open $ 113.67 - 0.10 0.00
GAM Multi-Europe USD Open $ 470.55 - 0.56 0.00
GAM Asia-Pacific Equity Inc $ 1065.80 - 13.62 0.53
GAM Selection Hedge Inc $ 2961.65 - -25.07 0.00
GAM Singapore/Malaysia Equity $ 2362.39 - 10.32 1.16
GAM Sterling Special Bond Inc 247.69 - -0.08 3.38
GAM Trading Inc USD Op $ 1002.15 - 9.48 0.00
GAM Trading II GBP 1.25 XL 105.75 - 1.33 0.00
GAM Trading II Inc USD Op $ 325.83 - 3.09 0.00
GAM Trading III Inc USD Op $ 167.25 - 1.58 0.00
GAM Trading IV Inc USD Op $ 159.06 - 1.50 0.00
GAM Trading V Inc USD Op $ 133.03 - 1.25 0.00
GAM US Dollar Special Bond Inc $ 630.17 - -0.82 0.00
GAM Worldwide $ 1934.53 - -30.79 0.55
GAMut Investments Inc. T Class $ 121.90 - 0.23 0.00
GLC Ltd
Other International Funds
GLC Diversified USD (Final) $ 66.23 - -1.33 0.00
GYS Investment Management Ltd (GSY)
Regulated
Taurus Emerging Fund Ltd $ 154.85 158.01 -0.45 0.00
Generali International Limited
PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
International Insurances
Global Multi-Strategy Managed $ 3.67 3.96 0.01 0.00
UK Multi-Strategy Managed 3.58 3.86 0.01 0.00
EU Multi-Strategy Managed 2.10 2.27 0.00 0.00
Global Bond USD $ 3.43 3.70 0.00 0.00
Genesis Asset Managers LLP
Other International Funds
Emerging Mkts NAV 5.07 - 0.02 0.00
Griffin Umbrella Fund (IRL)
Regulated
European Opportunities Fund A 125.92 - -0.31 0.00
European Opportunities Fund B 95.06 - -0.24 0.00
Renaissance Eastern European Allocation Fund 388.89 - -1.22 0.00
Renaissance Eastern European Fund A 420.06 - 1.35 0.00
Renaissance Eastern European Fund B 92.99 - 2.59 0.00
Renaissance Ottoman Fund 110.04 - 1.63 0.00
HPB Assurance Ltd
PO Box 179, IOMA House,, Hope Steet, Douglas,, Isle of Man, IM99 1PU 01624 681343
International Insurances
Holiday Property Bond Ser 1 0.59 - 0.00 0.00
Holiday Property Bond Ser 2 0.65 - 0.00 0.00
HSBC Fd Administration (Jersey) Ltd (JER)
HSBC House, St. Helier, Jersey JE1 1HS 01534 606520
FSA Recognised
Intl Sterling Income 1.0468 1.0788 -0.0100 0.03
Hamilton Lane Private Equity Fund PLC (IRL)
Regulated
NAV $ 148.27 - 8.90 -
Hamon Investment Group
Other International Funds
Asian iTech $ 5.01 - -0.48 0.00
Asian Market Leaders - USD $ 21.87 - 0.43 0.00
Asian Market Leaders - GBP 11.08 - 0.18 0.00
Greater China - USD $ 7.93 - 0.12 0.00
Greater China - GBP 3.24 - 0.04 0.00
Oriental Long Short $ 78.99 - -4.20 0.00
Selected Asian P'folio $ 43.06 43.07 0.17 0.00
HANDELSBANKEN FUNDS SICAV (LUX)
15 rue Bender, L-1229, Luxembourg +352 27 486 1
FSA Recognised
America Shares $ 40.59 - 0.73 0.00
Commodity A SEK F SKr 112.72 - 0.00 0.00
Commodity AI SEK F SKr 120.27 - 1.77 -
Commodity BI SEK F SKr 107.50 - 0.00 2.33
Euro Liquidity A F 103.53 - 0.02 0.00
Euro Liquidity AI F 104.06 - 0.02 0.00
Europe Selective 75.17 - 0.78 0.00
Fund Bid Offer D+/- Yield
Far East Shares $ 9.55 - 0.12 0.00
Global Ethical A F SKr 107.59 - 1.99 0.00
Global Ethical AI F SKr 108.90 - 2.02 0.00
Global Ethical BI F SKr 99.39 - 1.84 3.00
International Shares $ 91.57 - 1.33 0.00
Nordic Shares 53.71 - 0.64 0.00
Russia Shares F SKr 55.32 - 1.68 0.00
Swedish Bonds Shares SKr 3565.64 - 0.99 0.00
Swedish Sht Term Ass Sh A 2 F SKr 139.79 - 0.00 0.00
Swedish Short Term Assets Shares FSKr 139.48 - 0.01 0.00
Haussmann Hldgs NV Curacao
Other International Funds
Haussman $ 2111.20 - -34.03 -
Haussmann Holdings NV Cls C 1865.85 - -26.51 0.16
Henderson Fund SICAV (LUX)
16, Boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg
FSA Recognised
Indian Equity GBP Inc 641.00 - 10.00 0.00
Heritage Wealth SIF
Other International Funds
Heritage Wealth SIF - Bal. EUR 97.38 - -1.00 0.00
Heritage Wealth SIF - Bal. USD $ 95.85 - -1.04 0.00
Heritam Sicav
Other International Funds
Eastern European Heritage EUR 174.47 - 4.90 0.00
Energy Fund $ 91.91 - -1.65 0.00
European Opportunities Fd EUR 99.61 - 0.59 0.00
USA Growth $ 112.03 - -1.37 0.00
Hermes Investment Funds Plc (IRL)
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ 020 7680 3720
FSA Recognised
Global Emerging Markets Fund 1.72 1.72 -0.02 0.00
Global Equites Selection Fund F 1.23 1.23 -0.01 0.00
Japan Equity Fund F 1.06 1.06 -0.01 0.00
Pan European Small Cap Companies Fund 1.81 1.81 0.00 0.00
Quant Global Equity Fund 1.54 1.54 -0.02 0.00
Sourcecap European Alpha Fund F 1.10 1.10 0.01 0.00
Sourcecap Europe Ex-UK Cls Z GBP Acc 1.03 1.03 0.01 -
UK Smaller Companies Fund 1.89 1.89 0.00 0.00
UK Small and Mid Cap Companies Fund 2.32 2.32 0.02 0.00
Global Investment Grade Z GBP Acc 1.10 1.10 0.01 0.00
Global High Yield Bond Fund Cls Z GBP Acc 1.11 1.11 0.00 0.00
Horizon Asset Management Plc (CYM)
Regulated
Managing Partners British Prprty Opps Fd GBP Grwth 108.20 - -2.28 0.00
IKANO Funds (LUX)
Regulated
All seasons Fd 11.09 - 0.01 0.00
European Equity 8.85 - 0.03 0.00
Global Equity 7.29 - 0.06 0.00
IT Asset Management
Other International Funds
IT Funds Info Tech UK Dist 515.39 - 7.31 0.00
Impax Asset Management (IRL)
Norfolk House, 31 St James's Square, London, SW1Y 4JR
FSA Recognised
Env Mkts (Ire) Stl A 1.57 - -0.03 0.00
Env Mkts (Ire) Stl B 1.52 - -0.03 0.00
Env Mkts (Ire) Euro A 1.34 - -0.03 0.00
Env Mkts (Ire) Euro B 1.05 - -0.02 0.00
Env Mkts (Ire) USD A $ 1.26 - -0.03 0.00
Env Mkts (Ire) USD B $ 1.12 - -0.03 0.00
Asian Env Mkts (Ire) Stl A 0.73 - -0.01 0.00
Asian Env Mkts (Ire) Stl B 0.72 - -0.01 0.00
Asian Env Mkts (Ire) USD A $ 0.82 - -0.01 0.00
INDIA VALUE INVESTMENTS LIMITED (INVIL)
www.invil.mu
Other International Funds
NAV 4.58 - 0.00 0.00
Intrinsic Value Investors (IVI) LLP (IRL)
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210
FSA Recognised
IVI European Fund EUR 10.78 - -0.22 0.00
IVI European Fund GBP 12.05 - -0.20 0.00
Invesco (LUX)
Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282
FSA Recognised
Invesco Management SA
Invesco Asia Balanced A dist $ 14.55xd - 0.13 4.98
Invesco Asia Consumer Demand Fund A income $ 10.51 - 0.18 0.36
Invesco Asia Infrastructure (A) $ 12.01 - 0.20 0.91
Invesco Asia Opportunities Equity A $ 79.20 - 1.00 0.00
Invesco Asia Pacific Real Est Sec Fd A Dist $ 8.24 - 0.23 1.03
Invesco Absolute Return Bond Fund A 2.90 - 0.00 0.00
Invesco Balanced Risk Allocation Fund A 13.53 - 0.05 0.00
Invesco Capital Shield 90 (EUR) A 11.25 - 0.05 0.00
Invesco Emerging Europe Equity Fund A $ 8.86 - 0.22 0.00
Invesco Emerging Local Currencies Debt A Inc $ 10.17xd - 0.11 5.91
Invesco Emerging Mkt Quant.Eq. A $ 10.06 - 0.12 0.00
Invesco Energy A $ 21.32 - 0.26 0.00
Invesco Euro Corporate Bond Fund (A) 13.64 - 0.00 0.00
Invesco Euro Inflation Linked Bond A 14.67 - 0.04 0.00
Invesco Euro Reserve A 322.52 - 0.00 0.00
Invesco European Bond A 5.64 - -0.01 0.00
Invesco European Growth Equity A 14.97 - 0.19 0.00
Invesco Global Absolute Return Fund A Class 10.67 - 0.00 0.00
Invesco Global Bond A Inc $ 5.47 - 0.01 2.02
Invesco Global Equity Income Fund A $ 39.92 - 0.51 0.00
Invesco Global Inc Real Estate Sec A dist $ 8.11xd - 0.08 3.52
Invesco Global Inv Grd Corp Bond A Dist $ 10.69 - -0.03 3.15
Invesco Global Leisure A $ 20.15 - 0.37 0.00
Invesco Global Smaller Comp Eq Fd A $ 33.53 - 0.75 0.00
Invesco Global Structured Equity A $ 29.46 - 0.32 1.08
Invesco Global Total Ret.(EUR) Bond Fund A 11.23 - 0.01 0.00
Invesco Gold & Precious Metals A $ 9.09 - 0.16 0.00
Invesco Greater China Equity A $ 31.28 - 0.16 0.00
Invesco India Equity A $ 31.06 - 0.90 0.00
Invesco Japanese Equity Adv Fd A 1654.00 - 20.00 0.00
Invesco Japanese Value Eq Fd A 585.00 - 10.00 0.00
Invesco Latin American Equity A $ 8.92 - 0.06 0.00
Invesco Nippon Small/Mid Cap Equity A 473.00 - 7.00 0.00
Invesco Pan European Equity A EUR Cap NAV 10.49 - 0.20 0.00
Invesco Pan European High Income Fd A 10.33xd - 0.01 4.59
Invesco Pan European Small Cap Equity A 11.53 - 0.28 0.00
Invesco Pan European Structured Equity A 9.61 - 0.11 0.00
Invesco UK Investment Grade Bond A 0.93xd - -0.01 3.40
Invesco US Structured Equity A $ 13.80 - 0.26 0.00
Invesco US Value Eq Fd A $ 20.07 - 0.15 0.00
Invesco USD Reserve A $ 87.02 - 0.00 0.00
Invesco Global Asset Management Ltd (IRL)
Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200
FSA Recognised
Invesco Stlg Bd A QD F 2.32xd - -0.01 5.06
Invesco Sterling Rerserve F 1.73 - 0.00 0.00
Invesco Asian Equity A $ 4.95 - 0.06 0.45
Fund Bid Offer D+/- Yield
Invesco ASEAN Equity A $ 89.86 - 2.24 0.37
Invesco Bond A $ 29.67xd - -0.14 1.91
Invesco Continental Eurp Small Cap Eqty A $ 109.46 - 2.95 0.53
Invesco Emerging Markets Equity A $ 31.30 - 0.35 0.00
Invesco Emerging Markets Bond A $ 20.67xd - 0.09 5.08
Invesco Continental European Equity A 4.29 - 0.08 1.41
Invesco Gilt A 14.47xd - -0.16 2.70
Invesco Global Small Cap Equity A NAV $ 79.03 - 1.60 0.00
Invesco Global High Income A NAV $ 12.41xd - 0.01 5.86
Invesco Gbl R/Est Secs A GBP F F 5.85 - 0.09 1.15
Invesco Global Health Care A $ 70.57 - 1.30 0.00
Invesco Global Select Equity A $ 9.65 - 0.13 0.00
Invesco Jap Eqty Core A $ 1.19 - 0.02 0.31
Invesco Japanese Equity A $ 13.74 - 0.08 0.00
Invesco Korean Equity A $ 20.79 - 0.00 0.00
Invesco PRC Equity A $ 39.10 - 0.63 0.00
Invesco Pacific Equity A $ 34.54 - 0.49 0.40
Invesco Global Technology A $ 10.64 - 0.25 0.00
Invesco UK Eqty A 4.94 - 0.04 2.06
Invest AD
Client services: +971 2 692 6101 clientservices@InvestAD.com
Other International Funds
Invest AD - Iraq Opportunity Fund $ 78.75 - 0.37 -
Fund Bid Offer D+/- Yield
Invest AD - UAE Total Return Fund *AED 62.59 - 0.82 0.00
Invest AD - Emerging Africa Fund $ 92.91 - -1.57 0.00
Invest AD - GCC Focus Fund * $ 100.98 - 0.05 0.00
Investec Asset Management Ireland Ltd (IRL)
JP Morgan Admin Svs Ire Ltd, JP Morgan Hse, IFSC Dub 1 00 353 1 612 3363
FSA Recognised
Investec Liquidity Funds Plc
Euro Liquidity A Acc EUR * 11.90 - 0.00 -
Euro Liquidity I Inc EUR * 1.00 - 0.00 0.17
Short Dated Bd A Acc GBP * 13.02 - 0.00 -
Short Dated Bd I Acc GBP * 13.91 - 0.00 -
Sterling Liquidity A Acc GBP * 13.15 - 0.00 -
Sterling Liquidity I Inc GBP * 1.00 - 0.00 0.55
US$ Liquidity A Acc USD * $ 11.95 - 0.00 -
US$ Liquidity I Inc USD * $ 1.00 - 0.00 0.27
Investec Global Strategy Fund (LUX)
49 Avenue JF Kennedy
L-1855 Luxembourg Enquiries 020 7597 1800
FSA Recognised
Investec Global Strategy Fund
Africa & Middle East A Acc USD * $ 16.64 - -0.04 -
Africa Opps A Acc USD $ 17.25 - -0.15 0.47
American Equity A Acc USD $ 14.04 - -0.44 -
American Equity A Inc USD $ 65.66 - -2.04 -
Asia Pacific Eq. Acc USD $ 21.37 - -0.50 0.93
Asia Pacific Eq. Inc USD $ 21.15 - -0.49 0.99
Asian Equity A Acc USD $ 16.69 - -0.43 0.50
Asian Equity A Inc USD $ 24.48 - -0.63 0.45
Continental European Equity A Inc USD $ 280.52 - -7.04 1.04
Continental European Equity A Acc USD $ 11.73 - -0.29 1.01
EAFE A Inc USD $ 12.63 - -0.31 0.48
Emrg Mkts Blended Debt A Acc $ 20.09 - -0.09 6.09
Emrg Mkts Blended Debt A Inc $ 18.66 - -0.09 6.09
Emrg Mkts Corp Debt A Acc USD $ 20.41 - -0.03 4.09
Emrg Mkts Curr A Acc USD $ 18.84 - -0.06 3.40
Emrg Mkts Curr Alpha A Acc USD $ 19.16 - 0.00 -
Emrg Mkts Equity A Acc USD $ 15.12 - -0.37 -
Emrg Mkts Hard Curr Debt A Acc USD $ 21.68 - -0.02 3.52
Emrg Mkts Hard Curr Debt A Inc USD $ 20.82xd - -0.12 3.56
Emrg Mkts Local Curr Debt A Acc USD $ 24.97 - -0.15 6.95
Emrg Mkts Local Curr Debt A Inc USD $ 18.41 - -0.12 6.95
Emrg Mkts Local Curr Dyn Debt A Acc USD $ 19.14 - -0.10 6.55
Emrg Mkts Local Curr Dyn Debt A Inc USD $ 17.74xd - -0.17 6.61
Emerging Markets Multi-Asset A Acc USD $ 19.21 - -0.25 -
Emerging Markets Multi-Asset A Inc USD $ 19.20 - -0.25 -
Enhanced Gbl Energy A Acc USD $ 15.88 - -0.12 -
Enhanced Nat Resources A Acc USD $ 18.27 - -0.10 -
Euro Money A Acc EUR 69.06 - 0.00 0.20
Euro Money A Inc EUR 26.12 - 0.00 0.20
Global Bond A Acc USD $ 98.78 - 0.23 1.05
Global Bond A Inc USD $ 45.32 - 0.11 1.07
Global Contrarian Equity A Acc USD $ 19.61 19.61 -0.22 -
Global Defensive Bd A Inc USD $ 19.50 - 0.00 1.65
Global Dynamic A Acc USD $ 86.43 - -2.44 -
Global Dynamic A Inc USD $ 85.79 - -2.42 -
Global Energy A Acc USD $ 14.96 - -0.38 0.31
Global Energy A Inc USD $ 262.81 - -6.64 0.21
Global Energy Long Short A Acc USD $ 16.45 - -0.10 -
Global Equity A Acc USD $ 199.92 - -5.57 -
Global Equity A Inc USD $ 198.25 - -5.52 -
Global Franchise A Acc USD $ 28.42 - -0.45 0.76
Global Franchise A Inc USD $ 28.10 - -0.45 0.78
Global Gold A Acc USD $ 20.64 - 0.99 -
Global Gold A Inc USD $ 74.36 - 3.57 -
Global Natural Resources Fund A Acc Gross USD $ 9.21 - -0.12 -
Global Natural Resources Fund A Inc Gross USD $ 9.21 - -0.12 -
Global Opp Equity A Inc USD $ 21.76 - -0.36 0.23
Global Strat Equity A Acc USD $ 13.81 - -0.35 -
Global Strat Equity A Inc USD $ 75.13 - -1.87 -
Global Strategic Inc A Acc USD $ 25.10 - -0.03 4.58
Global Strategic Inc A Inc USD $ 20.45 - -0.02 4.58
Global Strat Managed A Acc USD $ 88.67 - -1.06 0.16
Fund Bid Offer D+/- Yield
Global Strat Managed A Inc USD $ 38.82 - -0.47 0.18
High Income Bond A Acc GBP Hdg 63.18 - -0.18 7.21
High Income Bond A Inc GBP Hdg 16.53 - -0.05 7.21
Inv Grade Corp Bond A Acc USD $ 20.19 - 0.03 4.52
Inv Grade Corp Bond A Inc USD $ 29.30 - 0.05 4.52
Latin Amer.Corp.Debt A Acc USD $ 22.84 - -0.19 6.50
Latin Amer.Corp.Debt A Inc USD $ 18.76xd - -0.26 6.57
Latin Amer.Eq. A Acc USD $ 17.84 - -0.45 0.86
Managed Currency A Acc USD $ 126.78 - -0.05 -
Managed Currency A Inc USD $ 34.21 - -0.01 -
Mid East & N Africa A Acc USD * $ 14.19 - -0.03 -
Multi-Asset Protector Fund A ACC USD $ 18.53 - -0.03 -
Sterling Money A Acc GBP 56.56 - 0.00 0.20
Sterling Money A Inc GBP 9.99 - 0.00 0.20
UK Equity A Acc GBP 9.49 - -0.15 1.58
UK Equity A Inc GBP 52.93 - -0.86 1.61
US Dollar Money A Acc USD $ 65.59 - 0.00 0.20
US Dollar Money A Inc USD $ 20.07 - 0.00 0.20
* Daily except Fridays and Post Ramadan & Hajj Pilgrimage holidays
Investec Asset Mgmt (Guernsey) Ltd (GSY)
Regulated
Investec Expert Investment Funds PCC Limited
Global Commodities & Resources Fund $ 28.46 - -1.95 -
Investec Professional Funds PCC Ltd
Global Diversified Growth I Inc USD $ 20.21 21.27 0.01 -
Global Diversified Growth A USD $ 28.00 29.47 0.01 -
Investec Premier Funds PCC Ltd
Africa A USD $ 18.98 19.98 0.00 -
Pan Africa A USD $ 25.44 26.78 -0.19 -
Fund Bid Offer D+/- Yield
J O Hambro Capital Mgmt Ltd (IRL)
14 Ryder Street, London SW1Y 6QB, United Kingdom
Phone: 0845 450 1972
FSA Recognised
Asia ex Japan EUR Retail 1.19 - -0.03 -
Asia ex Japan GBP Retail 1.11 - -0.03 -
Asia ex Japan USD Retail $ 1.10 - -0.02 -
Asia ex Japan SMC EUR Retail 1.15 - -0.02 -
Asia ex Japan SMC GBP Retail 1.07 - -0.02 -
Asia ex Japan SMC USD Retail $ 1.07 - -0.01 -
All Europe Dynamic Growth EUR Retail 0.89 - 0.00 0.00
All Europe Dynamic Growth GBP Retail 0.85 - 0.00 0.00
Continental European Ret GBP 1.90 - 0.02 2.40
Continental European Ret EURO H 1.73 - 0.01 0.37
Emerging Markets Retl Inc NAV 0.91 - -0.01 0.00
Emerging Mkts EUR Retl Inc NAV 0.97 - -0.02 1.41
Emerging Markets USD Retail $ 1.07 - 0.00 0.00
European Select Values Ret GBP H 2.48 - 0.01 0.34
European Select Values Ret EURO H 1.22 - 0.00 0.32
European Retail GBP H 1.72 - 0.01 1.43
European Retail EURO H 0.60 - 0.00 125.97
Global Emerging Markets Opportunities GBP Retail 0.80 - -0.01 -
Global Emerging Markets Opportunities USD Retail $ 0.78 - 0.00 -
Global Emerging Markets Opportunities EUR Retail 0.90 - -0.01 -
Global Select Retail EUR 1.22 - -0.03 0.00
Global Select Retail GBP 1.24 - -0.03 0.00
Japan Hedged Retail GBP 0.82 - 0.02 1.64
Japan Ret GBP 1.27 - 0.00 1.03
Japan Ret EURO 1.05 - -0.01 0.60
Japan Ret JPY 152.01 - 2.99 0.01
UK Growth Retail GBP 1.56 - 0.02 1.88
JPMorgan Asset Mgmt (1200)F (UK)
Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Authorised Inv Funds
JPM Retail OEIC (A class unless stated)
Diversified Real Ret A Net Acc 49.01 - -0.05 -
Diversified Real Ret A Net Inc 49.01 - -0.05 -
JPMorgan Asset Management (Europe) S.a.r.l (LUX)
6 Route de Trves L-2633 Senningerberg Luxembourg
Tel (352) 34 10 1 (Other funds)
Fax (352) 34 10 8000 (Others funds)
www.jpmorgan.com/assetmanagement
FSA Recognised
Equity US
JF America Eq A (dist)-USD (1) F $ 45.19 - 0.34 -
JF US Smaller Co.A (dist)-USD (1) $ 15.27 - 0.01 -
JPM Brazil Equity A (acc)-EUR (1) F 60.79 - 0.60 -
JPM Brazil Equity A (dist)-USD (1) F $ 8.47 - 0.06 -
JF US Value A (dist)-USD (1) $ 12.87 - 0.05 -
JPM Am Eq A (acc)-USD (1) F $ 11.10 - 0.08 -
JPM Am Eq A (dist)-USD (1) $ 84.23 - 0.64 -
JPM Am Eq A (acc)-EUR Hdg (1) F 6.83 - 0.06 -
JPM Am L Cap A (acc)-EUR (1) F 11.04 - 0.07 -
JPM Am L Cap A (acc)-USD (1) F $ 11.65 - 0.05 -
JPM Am L Cap A (dist)-USD (1) F $ 10.35 - 0.04 -
JPM US Aggr Bd Aacc-EUR (hdg) (1) 78.40 - -0.27 -
JPM US Smaller Co.A (acc)-USD (1) F $ 10.25 - 0.01 -
JPM US Smaller Co.A (dist)-USD (1) $ 104.20 - 0.11 -
JPM H US STEEP A (acc)-EUR (1) F 9.04 - 0.05 -
JPM US Value A (acc)-EUR Hdg (1) F 7.10 - 0.03 -
JPM H US STEEP A (inc)-EUR (1) F 8.91 - 0.04 -
JPM H US STEEP A (acc)-USD (1) F $ 11.26 - 0.04 -
JPM US Dyn A (acc)-EUR (1) 6.57 - 0.04 -
JPM US Dyn A (acc)-USD (1) F $ 9.80 - 0.03 -
JPM US Dyn A (dist)-USD (1) $ 13.50 - 0.03 -
JPM US Growth A (acc)-EUR Hdg (1) F 7.17 - 0.07 -
JPM US Growth A (acc)-USD (1) F $ 12.40 - 0.12 -
JPM US Growth A (dist)-GBP (1) F 6.20 - 0.06 -
JPM US Growth A (dist)-USD (1) F $ 6.64 - 0.06 -
JPM US Select 130/30 A (acc)-EUR Hdg (1) F 6.60 - 0.04 -
JPM US Select 130/30 A (acc)-USD (1) F $ 9.36 - 0.05 -
JPM US Select 130/30 A (dist)-GBP (1) F 6.45 - 0.04 -
JPM US Select 130/30 A (dist)-USD (1) F $ 9.52 - 0.05 -
Fund Bid Offer D+/- Yield
JPM US Sm Cap Grth A (acc)-EUR (1) F 66.94 - 0.37 -
JPM US Sm Cap Grth A (dist)-GBP (1) F 8.95 - 0.05 -
JPM US Sm Cap Grth A (acc)-USD (1) F $ 13.13 - 0.05 -
JPM US Sm Cap Grth A (dist)-USD (1) $ 90.38 - 0.31 -
JPM US Value A (dist)-GBP (1) F 13.70 - 0.07 -
JPM US Value A (acc)-USD (1) F $ 11.79 - 0.05 -
JPM US Value A (dist)-USD (1) F $ 14.73 - 0.06 -
JPM US Dyn 130/30 A (acc)-EUR Hdg (1) 6.56 - 0.03 -
JPM US DYN 130/30 A (acc)-USD (1) F $ 9.31 - 0.03 -
JPM US DYN 130/30 A (dist)-GBP (1) F 7.65 - 0.04 -
JPM US DYN 130/30 A (dist)-USD (1) F $ 115.47 - 0.46 -
Equity Asia
JF ASEAN Equity A (acc)-SGD (1) F S$ 14.69 - 0.12 -
JF Asia Al+ A (acc)-USD (1) $ 17.28 - 0.14 -
JF Asia P ExJapEq A (dist)-GBP (1) F 15.48 - 0.17 -
JF Asia P ExJapEq A (acc)-USD (1) F $ 15.44 - 0.14 -
JF Asia P ExJapEq A (dist)-USD (1) $ 39.28 - 0.38 -
JF Asia P ExJapEq A (acc)-SGD (1) F S$ 11.22 - 0.11 -
JF China A (acc)-USD (1) F $ 22.65 - 0.08 -
JF China A (acc)-SGD (1) F S$ 9.74 - 0.03 -
JF China A (dist)-HKD (1) F HK$ 8.58 - 0.02 -
JF China A (dist)-USD (1) $ 36.70 - 0.13 -
JF Greater China A (acc)-SGD (1) F S$ 11.78 - 0.12 -
JF Greater China A (acc)-USD (1) F $ 18.16 - 0.18 -
JF Greater China A (dist)-HKD (1) FHK$ 9.65 - 0.09 -
JF Greater China A (dist)-USD (1) F $ 22.66 - 0.23 -
JF Hong Kong A (acc)-USD (1) F $ 14.46 - 0.08 -
JF Hong Kong A (dist)-HKD (1) F HK$ 8.69 - 0.05 -
JF Hong Kong A (dist)-USD (1) F $ 37.94 - 0.22 -
JF India A (acc)-SGD (1) F S$ 11.12 - 0.03 -
JF India A (acc)-USD (1) F $ 19.52 - 0.04 -
JF India A (dist)-USD (1) $ 57.42 - 0.11 -
JF Japan Alpha Plus A (acc)-USD (1) F $ 8.89 - 0.07 -
JF Japan Alpha Plus A (dist)-USD (1) $ 11.48 - 0.08 -
JF Korea Eq A (acc)-USD (1) F $ 8.92 - 0.10 -
JF Korea Eq A (acc)-EUR (1) F 7.16 - 0.10 -
JF Korea Eq A (dist)-USD (1) F $ 9.29 - 0.10 -
JF Singapore A (acc)-SGD (1) F S$ 14.16 - 0.06 -
JF Japan Eq A (acc)-EUR (1) F 4.54 - 0.07 -
JF Japan Eq A (dist)-GBP (1) F 5.65 - 0.07 -
JF Japan Eq A (acc)-JPY (1) 399.00 - 8.00 -
JF Japan Eq A (acc)-USD (1) F $ 6.76 - 0.08 -
JF Japan Eq A (dist)-USD (1) $ 17.09 - 0.21 -
JF Japan Sm Cap A (acc)-USD (1) F $ 6.15 - 0.05 -
JF Japan Sm Cap A (dist)-USD (1) $ 5.87 - 0.05 -
JF Pacific Eq A (acc)-EUR (1) F 8.28 - 0.07 -
JF Pacific Eq A (dist)-GBP (1) F 11.36 - 0.09 -
JF Pacific Eq A (acc)-USD (1) $ 11.58 - 0.07 -
JF Pacific Eq A (dist)-USD (1) $ 54.47 - 0.36 -
JF Singapore A (acc)-USD (1) F $ 22.40 - 0.10 -
JF Singapore A (dist)-USD (1) F $ 29.00 - 0.13 -
JF Taiwan A (acc)-EUR (1) F 13.51 - 0.23 -
JF Taiwan A (acc)-USD (1) F $ 13.35 - 0.21 -
JF Taiwan A (dist) HKD (1) F HK$ 10.24 - 0.16 -
JF Taiwan A (dist)-USD (1) F $ 11.54 - 0.18 -
JPM Japan Dyn A (acc)-JPY (1) F 343.00 - 4.00 -
JPM Japan Dyn A (dist)-JPY (1) F 341.00 - 5.00 -
JPM Japan 50 Eq A (acc)-EUR (hdg) (2) F 68.95 - 1.65 -
Equity Emerging Markets
JPM Brazil Equity A (acc)-USD (1) F $ 8.76 - 0.07 -
JPM Brazil Equity A (acc)-SGD (1) F S$ 10.80 - 0.09 -
JF Eastern Europe Eq A (dist)-EUR (1) F 25.00 - 0.12 -
JF Latin Am Eq A (dist)-USD (1) F $ 36.49 - 0.19 -
JPM Eastern Europe Eq A (acc)-EUR (1) F 15.37 - 0.08 -
JPM Eastern Europe Eq A (acc)-USD (1) F $ 96.66 - 0.26 -
JPM Eastern Europe Eq A (dist)-EUR (1) 37.37 - 0.18 -
JPM Em Eur MEA Eq A (acc)-EUR (1) F 14.86 - 0.10 -
JPM Em Eur MEA Eq A (acc)-USD (1) F $ 17.25 - 0.09 -
JPM Em Eur MEA Eq A (dist)-USD (1) F $ 48.71 - 0.24 -
JPM Em Eur MEA Afr Eq A (acc)-SGD (1) F S$ 11.65 - 0.06 -
JPM Em MEA Eq A (acc)-SGD (1) F * S$ 11.04 - 0.03 -
JPM Em Mkt Alpha Pl A (dist)-GBP (1) F 6.32 - 0.04 -
JPM Em Mkt Alpha Pl A (acc)-USD (1) F $ 13.14 - 0.07 -
JPM Em Mkt Alpha Pl A (dist)-USD (1) F $ 12.73 - 0.07 -
JPM Em Mkt Corp Bd A (acc)-EUR Hdg (1) F 90.52 - 0.30 -
JPM Em Mkt Corp Bd A (acc)-USD (1) F $ 115.44 - 0.37 -
JPM Em Mkt Debt A (acc)-USD (1) F $ 15.92 - 0.02 -
JPM Em Mkt Eq A (dist)-GBP (1) F 29.07 - 0.15 -
JPM Em Mkt Eq A (acc)-EUR (1) F 12.22 - 0.08 -
JPM Em Mkt Eq A (acc)-USD (1) F $ 19.09 - 0.07 -
JPM Em Mkt Eq A (dist)-USD (1) $ 26.69 - 0.11 -
JPM Em Mkt Infra Eq A (acc)-EUR (1) F 13.90 - 0.08 -
JPM Em Mkt Infra Eq A (acc)-USD (1) F $ 6.92 - 0.03 -
JPM Em Mkts Ccy Alpha A (acc)-EUR (1) F 9.64 - 0.01 -
JPM Em Mkts Lcl Cur Dbt A (dist)-EUR(1) F 102.56 - 0.62 -
JPM Em Mkts Loc Ccy Debt A (div)-EUR 100.82 - 0.61 -
JPM Em Mkts Loc Ccy Debt A (dist)-GBP (1) F 82.63 - 0.44 -
JPM Em Mkts Loc Ccy Debt A (mth)-USD (1) F $ 14.43 - 0.06 -
JPM Em Mkts Eq A (acc)-SGD (1) F S$ 12.27 - 0.05 -
JPM Em Mkt Sm Cap A (acc)-EUR (1) F 7.08 - 0.04 -
JPM Em Mkt Sm Cap A (dist)-GBP (1) F 5.26 - 0.03 -
JPM Em Mkt Sm Cap A (acc)-USD (1) F $ 8.81 - 0.03 -
JPM Europe Conv Eq A (dist)-EUR (1) F 16.45 - 0.08 -
JPM Latin Am Eq A (acc)-USD (1) F $ 27.04 - 0.14 -
JPM Latin Am Eq A (dist)-USD (1) $ 50.45 - 0.27 -
JPM Latin Am Eq A (acc)-SGD (1) F S$ 11.88 - 0.07 -
JPM Russia A (acc)-USD (1) F $ 10.23 - 0.04 -
JPM Russia A (dist)-USD (1) F $ 10.04 - 0.04 -
Equity Europe
JF Euroland Eq A (dist)-USD (1) F $ 5.71 - 0.00 -
JF Europe Dynamic A (dist)-EUR (1) 12.11 - -0.09 -
JF Europe Eq A (dist)-USD (1) F $ 28.48 - -0.02 -
JF Europe Sm Cap A (dist)-EUR (1) F 9.10 - -0.01 -
JF Germany Eq A (dist)-EUR (1) F 17.35 - -0.07 -
JPM Euroland Eq A (acc)-EUR (1) F 8.11 - 0.02 -
JPM Euroland Eq A (dist)-EUR (1) 25.59 - 0.06 -
JPM Euroland Eq A (inc)-EUR (1) F 4.54 - 0.01 -
JPM Europe Conv Eq A (acc)-EUR (1) F 11.59 - 0.06 -
JPM Europe Dyn A (dist)-EUR (1) F 10.59 - -0.08 -
JPM Europe Dyn A (acc)-EUR (1) F 11.55 - -0.09 -
JPM Europe Dyn A (dist)-GBP (1) F 13.07 - 0.00 -
JPM Europe Dyn Mega Cap A (acc)-EUR (1) 8.00 - 0.00 -
JPM Europe Dyn Mega Cap A (acc)-USD (1) F $ 7.64 - -0.01 -
JPM Europe Dyn Mega Cap A (inc)-EUR (1) F 6.39 - 0.01 -
JPM Europe Dyn Mega Cap A (dist)-EUR (1) F 6.17 - 0.01 -
JPM Europe Dyn Sm Cap A (dist)-EUR (1) F 9.63 - -0.03 -
JPM Europe Dyn Sm Cap A (acc)-EUR (1) 15.90 - -0.05 -
JPM Europe Eq A (acc)-EUR (1) F 8.99 - 0.01 -
JPM Europe Eq A (dist)-EUR (1) 27.95 - 0.04 -
JPM Europe Eq A (cap)-USD (1) F $ 10.74 - -0.01 -
JPM Europe Focus A (acc)-EUR (1) F 7.91 - -0.19 -
JPM Europe Focus A (acc)-USD (1) F $ 9.07 - -0.19 -
JPM Europe Focus A (dist)-EUR (1) F 6.89 - -0.16 -
JPM Europe Micro Cap A (acc)-EUR (1) F 9.69 - -0.01 -
JPM Europe Micro Cap A (dist)-EUR (1) F 9.64 - -0.01 -
JPM Europe 130/30 A (acc)-EUR (1) F 7.53 - 0.03 -
JPM Europe 130/30 A (acc)-USD (1) F $ 10.24 - 0.02 -
JPM Europe Sel 130/30 A (acc)-EUR (1) F 6.61 - 0.00 -
JPM Europe Sel 130/30 A (acc)-USD (1) F $ 9.25 - -0.01 -
Fund Bid Offer D+/- Yield
JPM Europe Sel 130/30 A (dist)-EUR (1) F 8.92 - 0.01 -
JPM Europe Sel 130/30 A (dist)-GBP (1) F 4.93 - 0.01 -
JPM Europe Sm Cap A (acc)-EUR (1) F 11.04 - -0.01 -
JPM Europe Sm Cap A (dist)-EUR (1) 30.61 - -0.02 -
JPM Europe Sm Cap A (dist)-GBP (1) F 12.30 - -0.01 -
JPM Europe Strat Grth A (acc)-EUR (1) F 11.46 - 0.02 -
JPM Europe Strat Grth A (dist)-EUR (1) F 7.16 - 0.01 -
JPM Europe Strat Grth A (dist)-GBP (1) F 10.60 - 0.01 -
JPM Europe Strat Val A (dist)-EUR (1) F 9.19 - 0.02 -
JPM Europe Strat Val A (acc)-EUR (1) F 8.14 - 0.01 -
JPM Europe Strat Val A (dist)-GBP (1) F 11.38 - 0.01 -
JPM Europe 130/30 A (dist)-EUR (1) F 6.97 - 0.02 -
JPM Europe 130/30 A (dist)-GBP (1) F 5.69 - 0.02 -
JPM Germany Eq A (dist)-EUR (1) F 6.86 - -0.03 -
JPM Germany Eq A (acc)-EUR (1) F 13.35 - -0.06 -
JPM Global Dyn A (acc)-SGD (1) F S$ 12.80 - 0.05 -
JPM Global Div A (div) - USD (1) $ 97.02 - 0.07 -
JPM High Eur STEEP A (dist)-GBP (1) F 8.29 - -0.02 -
JPM High Eur STEEP A (acc)-EUR (1) F 9.76 - -0.01 -
JPM High Eur STEEP A (acc)-USD (1) F $ 12.20 - -0.03 -
JPM High Eur STEEP A (inc)-EUR (1) F 9.28 - 0.00 -
JPM H US STEEP A (dist)-GBP (1) F 11.32 - 0.06 -
JPM UK Eq A (acc)-GBP (1) F 10.30 - -0.12 -
JPM UK Eq A (dist)-GBP (1) 6.60 - -0.08 -
Equity Global
JF Gbl Dyn A (dist)-USD (1) F $ 11.66 - 0.05 -
JF Gbl Eq (USD) A (dist)-USD (1) F $ 32.47 - 0.14 -
JPM Gbl Dyn A (dist)-GBP (1) F 11.67 - 0.06 -
JPM Gbl Dyn A (acc)-USD (1) F $ 10.74 - 0.04 -
JPM Gbl Dyn A (dist)-USD (1) F $ 12.64 - 0.05 -
JPM Gbl Dyn A (acc)-EUR (1) F 6.45 - 0.04 -
JPM Gbl Dyn A (acc)-CHF (hdg) (1) FSFr 104.98 - 0.54 -
JPM Gbl Dyn A (acc)-EUR Hdg (1) F 4.76 - 0.03 -
JPM Gbl Dyn A (acc)-SGD (Hdg) (1) F S$ 10.31 - 0.06 -
JPM Gbl Dyn A (inc)-EUR (1) F 6.57 - 0.04 -
JPM Gbl Eq (USD) A (acc)-EUR (1) F 68.70 - 0.44 -
JPM Gbl Eq (USD) A (acc)-USD (1) F $ 9.65 - 0.04 -
JPM Gbl Eq (USD) A (acc)-EUR Hdg (1) F 5.45 - 0.03 -
JPM Gbl Eq (USD) A (dist)-USD (1) $ 18.77 - 0.08 -
JPM Gbl Eq (USD) A (dist)-EUR Hdg (1) F 5.18 - 0.02 -
JPM Gbl Focus A (acc)-EUR (1) F 14.44 - 0.07 -
JPM Gbl Focus A (dist)-EUR (1) 19.44 - 0.09 -
JPM Gbl Real Estate Sec (USD) A (acc)-EUR Hdg (1) F 5.36 - 0.01 -
JPM Gbl Real Estate Sec (USD) A (acc)-USD (1) F $ 8.05 - 0.02 -
JPM Gbl Real Estate Sec (USD) A (inc)-EUR Hdg (1) F 4.95 - 0.01 -
JPM Gbl Sel Eq A (acc)-USD (2) F $ 137.61 - 0.48 -
JPM Gbl Sel Eq A (dist)-USD (2) F $ 93.37 - 0.33 -
JPM Gbl Soc Resp A (acc)-USD (1) F $ 8.62 - 0.03 -
JPM Gbl Soc Resp A (dist)-USD (1) F $ 5.16 - 0.02 -
Equity Sector
JF Europe Tech A (dist)-EUR (1) F 4.69 - 0.03 -
JF Pacific Tech A (acc)-EUR (1) F 11.51 - 0.21 -
JF Pacific Tech A (acc)-USD (1) F $ 13.56 - 0.23 -
JF Pacific Tech A (dist)-USD (1) F $ 8.80 - 0.14 -
JF Pacific Tech A (dist)-GBP (1) F 10.74 - 0.19 -
JF US Tech A (dist)-USD (1) F $ 1.89 - 0.03 -
JPM Europe Tech A (acc)-EUR (1) F 13.43 - 0.08 -
JPM Europe Tech A (dist)-EUR (1) F 8.66 - 0.04 -
JPM Europe Tech A (dist)-GBP (1) F 6.71 - 0.04 -
JPM Gbl Cons Trends A (acc)-EUR (1) F 12.22 - 0.06 -
JPM Gbl Cons Trends A (acc)-USD (1) F $ 14.93 - 0.04 -
JPM Gbl Corp Bond A (div)-EUR Hdg (1) 75.30 - -0.17 -
JPM Gbl Focus A (acc)-CHF (hdg) (1) FSFr 122.43 - 0.49 -
JPM Gbl Focus A (acc)-EUR Hgd (1) F 7.54 - 0.02 -
JPM Gbl Nat Resources Fd (1) F S$ 16.42 - 0.18 -
JPM Gbl Natural Res A (dist)-EUR (1) F 14.85 - 0.19 -
JPM Gbl Natural Res A (acc)-EUR (1) F 17.23 - 0.22 -
JPM Gbl Natural Res A (acc)-USD (1) F $ 13.16 - 0.14 -
JPM H US STEEP A (acc)-EUR Hdg (1) F 12.12 - 0.05 -
JPM US Tech A (acc)-EUR (1) F 98.04 - 1.54 -
JPM US Tech A (dist)-GBP (1) F 1.72 - 0.02 -
JPM US Tech A (acc)-SGD (1) S$ 12.48 - 0.17 -
JPM US Tech A (acc)-USD (1) F $ 12.92 - 0.18 -
JPM US Tech A (dist)-USD (1) F $ 6.53 - 0.09 -
Equity Africa
JPM Africa Eq A (acc)-EUR (1) F 16.56 - 0.12 -
JPM Africa Eq A (acc)-USD (1) F $ 9.66 - 0.05 -
JPM Africa Eq A (dist)-GBP (1) F 6.91 - 0.04 -
JPM Africa Eq A (inc)-EUR (1) F 66.73 - 0.46 -
Bonds Broad Market
JPM Agg Bd A (acc)-USD (1) F $ 11.65 - -0.02 -
JPM Euro Agg Bd A (acc)-EUR (1) F 11.27 - 0.00 -
JPM Gbl Agg Bd A (acc)-USD (1) F $ 12.27 - -0.04 -
JPM Gbl Agg Bd A (dist)-USD (1) $ 13.32 - -0.04 -
JPM Gbl Cath Eth Balanced A (acc)-EUR (1) F 99.08 - 0.49 -
JPM Gbl Conv (EUR) A (acc)-CHF Hdg (1) FSFr 19.89 - 0.01 -
JPM Gbl Conv (EUR) A (dist)-GBP Hdg (1) F 10.91 - 0.00 -
JPM Gbl Div A (acc)-EUR (1) F 76.92 - 0.21 -
JPM Gbl Div A (div)-EUR Hdg (1) 70.31 - 0.13 -
Bonds Extended Market
JPM EU Gov Bd A (acc)-EUR (1) F 12.05 - -0.01 -
JPM Gbl Conv (EUR) A (acc)-EUR (1) F 11.20 - 0.00 -
JPM Gbl Conv (EUR) A (dist)-EUR (1) F 9.70 - 0.00 -
(1) JPMorgan Funds
(2) JPMorgan Investment Funds
Jefferies Bache Limited (LUX)
9 Devonshire Square, London, EC2M 4HP Tel: +44 (0) 20 7548 4000
Regulated
Bache Global Series (BGS)
BGS Commodity Index -AI- (USD) $ 74.26 77.97 -0.01 0.00
BGS Commodity Index -AI- Ann. Distr. (USD) $ 91.97 96.57 -0.03 0.00
BGS Commodity Index -BI- Ann. Distr. (EUR) 103.57 103.57 -0.01 0.00
Jefferies Umbrella Fund (LUX)
11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626
FSA Recognised
Europe Convertible Bd A (Dis) - D - EUR F 11.22 - 0.03 1.59
Europe Convertible Bd B (Cap) 12.43 - 0.02 0.00
Global Convertible A (Dis) F $ 16.77 - 0.02 0.77
Global Convertible B (Cap) F $ 19.61 - 0.02 0.00
Global Convertible A Hdg GBP(Dis) F 10.88 - 0.02 0.73
Global Convertible B Hdg GBP (Cap) F 12.62 - 0.02 0.00
Global Convertible Hdg A (Cap) F $ 16.14 - 0.03 0.80
Global Convertible B Hdg (Dis) F $ 18.89 - 0.03 0.00
Global Convertible A Hdg EUR(Dis) F 13.43 - 0.02 0.74
Global Convertible B Hdg EUR (Cap) F 14.35 - 0.03 0.00
Global Convertible A Hdg CHF (Dis) FSFr 19.54 - 0.04 0.61
Global Convertible B Hdg CHF (Cap) FSFr 21.28 - 0.04 0.00
Jubilee Financial Products LLP
Other International Funds
Jubilee Emerging Europe Momentum Fund 99.81 - - -
Swiss & Global Asset Management (LUX)
funds@swissglobal-am.com, www.jbfundnet.com
Regulated
JB BF ABS-EUR/A 74.51 - 0.00 3.36
JB BF Absolute Ret Def-EUR/A 104.74 - 0.02 2.81
Fund Bid Offer D+/- Yield
JB BF Absolute Ret Def-GBP/A 104.34 - 0.02 2.68
JB BF Absolute Ret EM-CHF SFr 98.91 - 0.11 0.00
JB BF Absolute Ret EM-EUR/A 102.34 - 0.11 3.07
JB BF Absolute Ret EM-USD/A $ 100.49 - 0.11 2.83
JB BF Absolute Ret Pl-EUR/A 104.06 - -0.03 3.50
JB BF Absolute Ret Pl-GBP/A 109.85 - -0.03 3.27
JB BF Absolute Ret Pl-USD/A $ 109.99 - -0.03 2.86
JB BF Absolute Return GBP/A 106.63 - -0.01 2.62
JB BF Absolute Return-GBP/B 121.45 - -0.01 0.00
JB BF Absolute Return-EUR/A 101.54 - -0.02 2.85
JB BF Absolute Return-USD/A $ 103.62 - -0.01 2.75
JB BF Cred Opportunities-EUR/B 145.73 - 0.14 0.00
JB BF Credit Opportunities-USD $ 102.17 - 0.12 0.00
JB BF Dollar-USD/A $ 114.90 - -0.26 3.95
JB BF Dollar Med Term-USD/A $ 121.15 - -0.01 2.64
JB BF EM Infl Linked-CHF/A SFr 93.56 - 0.15 1.13
JB BF EM Infl Linked-EUR/A 94.39 - 0.15 1.12
JB BF EM Infl Linked-GBP/A 92.98 - 0.15 0.16
JB BF EM Infl Linked-USD/A $ 94.53 - 0.14 1.75
JB BF Emerging-EUR/A 128.28 - 0.70 4.66
JB BF Emerging-USD/A $ 147.76 - 0.64 5.03
JB BF Euro Government-EUR/A 106.25 - 0.01 4.17
JB BF Euro-EUR/A 120.93 - -0.02 4.31
JB BF Global Convert-EUR/A 63.61 - 0.04 1.41
JB BF Global High Yield-EUR/A 102.09 - -0.11 6.95
JB BF Global High Yield GBP/A 96.50 - -0.10 1.64
JB BF Global High Yield-USD/A $ 110.99 - -0.12 6.17
JB BF Inflation Linked-CHF/B SFr 104.82 - 0.06 0.00
JB BF Local Emerging-CHF/A SFr 94.09 - 0.39 1.60
JB BF Local Emerging-EUR/A 94.73 - 0.39 5.36
JB BF Local Emerging-GBP/A 105.74 - 0.45 4.04
JB BF Local Emerging-USD/A $ 126.97 - 0.53 4.99
JB BF Swiss Franc-CHF/B SFr 185.93 - 0.05 0.00
JB BF Total Return-CHF SFr 101.09 - 0.01 0.00
JB BF Total Return-EUR/A 44.72 - 0.00 3.79
JB Commodity-EUR/A 68.41 - -1.35 1.51
JB Commodity-EUR/B 78.92 - -1.56 0.00
JB Commodity-USD/A $ 77.58 - -1.49 1.39
JB Commodity-USD/B $ 89.53 - -1.72 0.00
JB EF Abs Ret Europe-EUR/A 110.02 - 0.03 0.09
JB EF Abs Ret Europe-EUR/B 110.05 - 0.03 0.00
JB EF Asia-USD/A $ 106.68 - 1.93 0.56
JB EF Biotech-USD/A $ 130.23 - 1.41 0.08
JB EF Black Sea-EUR/A 26.86 - 0.16 0.73
JB EF Black Sea-USD/A $ 25.05 - 0.09 0.40
JB EF Central Europe-EUR/A 167.04 - 0.63 0.44
JB EF Chindonesia-USD/A $ 78.47 - 2.39 0.13
JB EF Chindonesia-USD/B $ 78.55 - 2.39 0.00
JB EF Energy Transition-EUR/B 109.61 - 2.26 0.00
JB EF Energy Transition-USD/B $ 107.61 - 1.95 0.00
JB EF Euro Large Cap-EUR 86.99 - 0.43 0.00
JB EF Euroland Value-EUR/A 88.25 - 0.46 1.81
JB EF Europe Sel.Fd-EUR/A 49.49 - 0.23 0.59
JB EF Europe S&Mid Cap-EUR/A 96.55 - 0.02 0.30
JB EF Europe-EUR/A 150.42 - 0.48 1.27
JB EF Global-EUR/A 61.73 - 0.48 0.63
JB EF German Value-EUR/A 138.05 - -0.43 1.75
JB EF Gl Emerging Mkts-EUR/A 66.53 - 0.41 0.58
JB EF Health Opport - USD/A $ 110.76 - 0.54 0.09
JB EF Health Opport-USD/B $ 110.81 - 0.55 0.00
JB EF Japan-JPY/A 6982.00 - 95.00 0.26
JB EF Luxury Brands-EUR/A 151.11 - 1.32 0.38
JB EF Luxury Brands-USD/A $ 127.43 - 0.79 0.30
JB EF Luxury Brands-GBP/B 91.77 - 0.64 -
JB EF Special Val. EUR/A 94.47 - 0.57 1.62
JB EF Swiss S&Mid Cap-CHF/B SFr 348.06 - 0.93 0.00
JB EF US Leading-USD/A $ 269.52 - 0.96 0.29
JB EF US Value-USD/A $ 111.90 - 0.68 0.44
JB Ms Africa Opp.-EUR/B 93.60 - 0.38 -
JB Ms Global Sel. EUR/B 92.72 - 0.66 0.00
JB Strategy Balanced-CHF/B SFr 128.16 - 0.30 0.00
JB Strategy Balanced-EUR 127.78 - 0.28 0.00
JB Strategy Balanced-USD/B $ 110.15 - 0.12 0.00
JB Strategy Inc-CHF/B SFr 110.38 - 0.16 0.00
JB Strategy Inc-EUR/B 140.35 - 0.15 0.00
JB Strategy Inc-USD/B $ 131.81 - 0.04 0.00
JB Strategy Growth-CHF/B SFr 75.98 - 0.26 0.00
JB Strategy Growth-EUR 89.20 - 0.28 0.00
Kairos Investment Management Ltd (CYM)
Regulated
Kairos Equity E1 717452.38 - -10882.54 0.00
Kairos Equity E2 (Est) 1072.37 - -4.51 0.00
Kairos Eurasian Fund A-EUR 54.41 - -0.65 0.00
Kairos Eurasian Fund B-USD $ 54.26 - -0.67 0.00
Kairos Fund Ltd A-EUR 252.99 - 1.11 -
Kairos Fund Ltd B-USD $ 134.02 - 0.54 0.00
Kairos Fund Ltd C-EUR 257.22 - 1.15 0.00
Kairos Fund Ltd D-USD $ 135.53 - 0.56 0.00
Kairos Low Volatility E1 482693.35 - -3412.99 0.00
Kairos Low Volatility E2 492873.20 - -3257.40 0.00
Kairos Low Volatility D2 (Est) $ 1132.85 - -3.10 0.00
Kairos Medium Term Fund Ltd E1 524772.12 - -4814.35 0.00
Kairos Medium Term Ltd E2 (Est) 95.14 - 0.11 0.00
Kairos Multi Strategy E1 (Est) 1618.64 - 5.69 0.00
Kairos Multi Strategy E2 (Est) 1211.81 - 4.14 0.00
Kairos Multi Strategy D1 (Est) $ 1729.55 - 6.62 0.00
Kairos Multi Strategy D2 (Est) $ 1274.09 - 4.76 0.00
Kairos Opportunity E2 (Est) 145.84 - -0.27 0.00
Kairos Opportunity D2 (Est) 151.19 - -0.23 0.00
Kames Capital ICVC (UK)
3 Lochside Avenue, Edinburgh, EH12 9SA
0800 45 44 22 www.kamescapital.com
Authorised Funds
Ethical Cautious Managed A Acc 1.12xd - -0.01 2.17
Ethical Cautious Managed A Inc 0.98xd - -0.01 2.20
Ethical Corporate Bond A Acc 1.64xd - 0.01 4.17
Ethical Corporate Bond A Inc 1.02xd - 0.01 4.16
Ethical Equity A Acc 1.01 - -0.02 1.18
High Yield Bond A Acc 0.95 - 0.00 6.40
High Yield Bond A Inc 0.51 - 0.00 6.41
Inflation Linked A Acc 1.25xd - 0.00 -
Investment Grade Bond A Acc 1.27xd - 0.01 4.04
Investment Grade Bond A Inc 1.01xd - 0.01 4.04
Sterling Corporate Bond A Acc 0.57xd - 0.00 4.54
Sterling Corporate Bond A Inc 0.28xd - 0.00 4.54
Strategic Assets A Acc 0.93xd - 0.00 1.42
Strategic Bond A Acc 1.54xd - 0.00 4.29
Strategic Bond A Inc 1.09xd - 0.00 4.29
UK Equity Absolute Return A Acc 1.09 - 0.00 -
UK Equity A Acc 1.60 - -0.03 0.77
UK Equity Income A Acc 1.36xd - -0.01 4.07
UK Equity Income A Inc 1.21xd - -0.01 4.18
MANAGED FUNDS SERVICE
Full fund performance data at
www.ft.com/funds
JUNE 7 2012 Section:Stats Time: 6/6/2012 - 19:02 User: watsonl Page Name: UT5 EUR, Part,Page,Edition: EUR, 21, 1
22

FINANCIAL TIMES THURSDAY JUNE 7 2012
Fund Bid Offer D+/- Yield
UK Opportunities A Acc 1.09 - -0.02 0.76
UK Smaller Companies A Acc 1.50 - -0.02 0.33
Kames Capital VCIC (IRL)
1 North Wall Quay, Dublin 1, Ireland +35 3162 24493
FSA Recognised
Absolute Return Bond B GBP Acc 10.21 - 0.01 -
High Yield Global Bond A GBP Inc 4.88 - -0.01 6.69
High Yield Global Bond B GBP Inc 10.14 - -0.03 7.18
Investment Grade Global Bd A GBP Inc 5.08 - 0.01 2.67
Strategic Global Bond A GBP Inc 10.22 - 0.02 3.13
Strategic Global Bond B GBP Inc 5.79 - 0.01 3.63
Key Asset Management
Other International Funds
Key Hedge $ 402.78 - 1.27 0.00
Key Europe Inc 167.61 - 0.18 0.00
Key Recovery $ 169.30 - -0.34 0.00
Key Global Inc $ 554.49 - -0.61 0.00
Key Trading (Est) $ 99.55 - 0.85 0.00
Kleinwort Benson (Channel Islands) Investment Management Limited (JER)
Regulated
Kleinwort Benson Global Funds Limited
Kleinwort Benson International Equity Growth 12.01 - 0.03 0.46
Sterling Currency 54.04 - 0.00 0.00
Euro Currency 33.61 - 0.00 0.00
US Dollar Currency $ 59.19 - -0.01 0.00
Sterling Income Bond 4.41 - 0.02 2.86
Euro Income Bond 11.61 - 0.08 2.52
International Bond 72.02 - 0.14 0.00
Bond & Equity 4.46 - 0.04 4.48
International Equity 51.71 - 0.30 0.00
All Weather Sterling 1.24 - 0.00 0.00
All Weather Euro 1.11 - 0.01 0.00
All Weather US Dollar $ 1.11 - 0.00 0.00
Sterling Conservative Strategy 10.32 - 0.01 0.00
Euro Conservative Strategy 10.03 - 0.02 0.00
US Dollar Conservative Strategy $ 9.94 - -0.01 0.00
Sterling Dynamic Strategy 10.91 - 0.07 0.00
Euro Dynamic Strategy 9.25 - 0.08 0.00
US Dollar Dynamic Strategy $ 9.80 - 0.08 0.00
Sterling Progressive Strategy 11.21 - 0.06 0.00
Euro Progressive Strategy 9.60 - 0.04 0.00
US Dollar Progressive Strategy $ 9.97 - 0.02 0.00
Trojan 10.82 - 0.00 0.00
Kleinwort Benson (CI) Fd Svcs Ltd (GSY)
Regulated
Kleinwort Benson Elite PCC Ltd Range
Elite Multi-Asset Growth Fund A Income Shares 1.01 1.01 0.00 0.00
Elite Multi-Asset Growth Fund A Reinvest Shares 1.01 1.01 0.00 0.00
Elite Multi-Asset Growth Fund C Shares 1.01 1.01 -0.09 0.00
Elite Multi-Asset Conservative Fund A Income Shares 1.04 1.04 0.00 0.00
Elite Multi-Asset Conservative Fund A Reinvest Shares 1.04 1.04 0.00 1.46
Elite Multi-Asset Conservative Fund B Shares 1.02 1.02 0.00 1.49
Elite Multi Asset Balanced Fund C Inst Shares 1.25 1.25 0.00 -
Elite Multi-Asset Balanced Fund A Income Shares 1.23 1.23 0.00 0.00
Elite Multi-Asset Balanced Fund A Reinvest Shares 1.23 1.23 0.00 0.00
Elite Multi-Asset Balanced Fund B Shares 1.19 1.19 0.00 0.00
Elite Multi Asset Conservative Fund C Inst Shares 1.05 1.06 0.00 -
Elite Multi-Asset Balanced USD Fund A Income Shares $ 1.02 1.02 0.00 0.00
Elite Multi-Asset Balanced USD Fund B Shares (Susp) $ 1.03 1.03 0.14 -
Elite Sterling Income Fund 11.54xd 11.60 0.17 3.67
Lansdowne Partners Limited Partnership
Other International Funds
Lansdowne European Equity Fund Ltd
A Class EUR 167.46 - -5.01 0.00
A Class USD $ 165.84 - -4.61 0.00
B Class USD Ser 1 $ 172.90 - -4.72 0.00
B Class EUR Ser 1 162.43 - -4.75 0.00
Lansdowne UK Equity Fund Ltd
UK Equity EUR 377.78 - 0.49 0.00
UK Equity GBP 424.48 - 0.40 0.00
UK Equity USD $ 375.87 - 0.37 0.00
Lansdowne Global Financials Fund Ltd
EUR Restricted 218.14 - -13.67 0.00
EUR Non-Restricted 226.04 - -14.16 0.00
USD Restricted $ 227.63 - -13.91 0.00
USD Non-Restricted $ 236.59 - -14.45 0.00
GBP Restricted 232.70 - -14.09 0.00
GBP Non-Restricted 243.85 - -14.76 0.00
Lansdowne European Long Only Feeder Fund Limited
USD Absolute Class $ 86.10 - -3.68 -
GBP Absolute Class Series 101 90.22 - -9.64 0.00
EUR Absolute Class 162.47 - - -
USD Relative Class $ 94.54 - -4.26 0.00
GBP Relative Class 94.60 - -4.26 0.00
EUR Relative Class 93.37 - -4.32 0.00
Lansdowne Global Long Only Fund Limited
CHF Relative Class SFr 82.65 - -3.54 0.00
EUR Absolute Class 84.21 - -3.26 0.00
EUR Relative Class 84.31 - -3.44 0.00
GBP Absolute Class Series 1 87.39 - -3.34 -
GBP Relative Class 84.69 - -3.42 0.00
USD Absolute Class Series 1 $ 87.73 - -3.31 -
USD Relative Class $ 86.73 - -3.45 0.00
Euro Long Only Feeder Absolute Legacy Shares Euro Series 1 166.00 - -7.27 0.00
Euro Long Only Feeder Absolute Legacy Shares GBP Sreies 1 176.93 - -7.56 0.00
Euro Long Only Feeder Absolute Legacy Shares USD Series 1 $ 174.29 - -7.46 0.00
Lazard Fund Managers (Ireland) Ltd (IRL)
IDA Business Park, Drinagh, Wexford Town, Co Wexford, Ireland 353 53 91 49888
FSA Recognised
Lazard Global Active Fund Plc
Emerging World Fund Inst Acc F $ 23.11 - -0.21 0.00
Global Controlled Volatility Fund USD Inst Acc $ 101.08 - -0.86 -
Global Fixed Income Inst Acc $ 137.22 - 0.11 0.00
Global Fixed Income Retail Dist $ 137.94 - 0.11 2.42
Global Trend USD Inst Acc $ 98.90 - -2.41 -
Lazard Classic Value Equity Fund US$ Inst Acc F $ 8.80 - -0.06 0.00
Lazard Developing Markets Equity Institutional Euro Dist. F 8.90 - -0.05 0.53
Lazard Developing Markets Equity Institutional Sterling Acc 9.25 - 0.00 -
Lazard Developing Markets Equity Institutional US$ Acc F $ 10.73 - 0.05 0.00
Lazard Developing Markets Equity Institutional US$ Dist. F $ 10.74 - 0.05 0.00
Lazard Emerging World F $ 22.70 - -0.21 0.00
Lazard European Equity F 1.58 - -0.04 1.47
Lazard European Equity Fund US$ Inst Acc F $ 0.74 - -0.02 0.00
Lazard Global Classic Value Equity Institutional F $ 8.68 - -0.05 1.85
Lazard Global Classic Value Equity Institutional Stg Acc F 1034.06 - 5.76 -
Lazard Japanese Equity F 48.23 - -0.83 0.88
Lazard Japanese Equity Inst. JPY Inc F 49.65 - -0.85 0.00
Lazard Japanese Equity X JPY Acc F 50.69 - -0.87 0.00
Lazard Japanese Equity Fund US$ Inst Acc F $ 9.01 - -0.08 0.00
Lazard North American Equity F $ 1.34 - -0.01 0.00
Lazard Pan European F 0.90 - -0.02 1.26
Lazard Thematic Global Ex-Japan X NAV $ 149.30 - -1.63 0.72
Fund Bid Offer D+/- Yield
Lazard Thematic Global Fund US$ Inst Acc F $ 132.15 - -1.29 0.00
Lazard UK Equity F 167.00 - -2.98 1.96
Sterling High Quality Bd F 11701.29 - 157.58 2.65
Sterling High Quality Bd Instl 11790.29 - 159.00 3.33
Thematic Global Fund Institutional Class $ 133.46 - -1.30 1.12
Thematic Global Fund Institutional Sterling Class F 8705.89 - 18.69 1.10
Lazard Global Portfolio Funds
Lazard Global Listed Infrastructure Sterling Fund F 78.69 - -0.49 1.74
Lazard Global Investment Funds
Emerging Markets Allocation US$ inst Acc $ 104.80 - -0.36 -
Emerging Markets Bond Fund Euro Hedged Inst Acc F 105.70 - -0.25 0.00
Emerging Markets Bond Fund USD Inst Acc F $ 105.83 - -0.24 0.00
Emerging Markets Equity Fund EUR Inst Inc 91.31 - -0.20 -
Emerging Markets Local Debt Fund Euro Hedged Inst Acc F 95.68 - -0.71 0.00
Emerging Markets Local Debt Fund USD Inst Acc F $ 96.69 - -0.71 0.00
Emerging Markets Local Debt GBP HEDG INST DIST F 101.88 - -0.77 -
Emerging Markets Total Return Debt Fund Euro Hedged Inst Acc F 102.20 - -0.25 0.00
Emerging Markets Total Return Debt Fund USD Inst Acc F $ 102.46 - -0.25 0.00
Emerging Markets Total Return debt Euro Hdgd Inst Acc B Cls F 101.45 - -0.26 0.00
Emerging Markets Total Return debt Euro Hedged Retail Acc F 100.08 - -0.25 0.00
Emerging Markets Total Return debt STG HDG INST ACC F 100.67 - -0.26 0.00
Emerging Markets Total Return debt Inst Acc B USD $ 100.32 - -0.25 -
Legg Mason Dublin Funds (IRL)
Rochestown, Drinagh, Wexford, Ireland
FSA Recognised
Legg Mason Global Funds PLC
Equity Funds
BFM Asia Pacific Equity A dis(A) $ 173.65 - 2.33 0.70
BMF Emerging Markets Eq Pr dis(A) $ 75.11 - 0.71 0.87
BFM European Equity A dis(A) 102.44 - -2.16 2.05
BFM Intl Large Cap A dis(A) $ 56.49 - 0.45 1.92
BW Global Opp.Fixed Inc A dis (M) $ 111.62 - -0.19 2.22
CBA US Aggressive Growth A dis(A) $ 97.59 - 1.39 0.00
CBA US Appreciation A dis(A) $ 99.68 - 0.50 0.00
CBA US Fundamental Value A dis(A) $ 78.14 - 0.65 0.08
CBA US Large Cap Growth A dis(A) $ 100.81 - 0.58 0.00
LM Batterymarch Gbl Equity Fd $ 87.37 - 0.81 0.30
GC Global Equity A dis(A) $ 76.88 - 0.46 0.23
LM CM Growth A dis(A) $ 78.41 - 0.50 0.00
LM CM Opportunity A dis(A) $ 154.79 - 3.58 0.00
LM CM Value A dis(A) $ 103.93 - 0.85 0.00
LM Permal Gl Absolute A dis(A) $ 98.34 - 0.27 0.00
LMHK China Fund A dis $ 84.49 - -0.34 0.44
PCM US Equity A cap $ 91.09 - 1.50 -
Royce Europ. Smaller Companies A acc 110.65 - -2.20 0.95
Royce Global Smaller Companies A dis $ 106.36 - 1.02 0.00
Royce Smaller Companies A dis(A) $ 167.15 - 2.33 0.00
Royce US Small Cap Opp A dis(A) $ 269.47 - 3.51 0.00
Fixed Income Funds
BW Global Fixed Inc A dis(S) $ 129.01 - -0.09 1.89
WA Asian Opportunities A dis(D) $ 116.15 - 0.09 2.58
WA Brazil Equity A dis(A) $ 63.58 - -0.90 3.08
WA Div Strategic Income A dis(D) $ 91.87 - -0.08 3.58
WA Emerging Markets Bd A dis(D) $ 117.47 - 0.72 4.89
WA Euro Core Plus Bd A dis(D) 92.14 - 0.43 1.74
WA Euro High Yield A dis (D) 91.98 - -0.29 8.04
WA Gl Blue Chip Bd A dis(M) $ 105.99 - -0.06 1.70
WA Gl Core Plus Bd A dis(D) $ 103.81 - -0.04 2.37
WA Gl Credit Abs Ret Fd A dis $ 101.66 - 0.10 0.00
WA Gl Credit Cl.A dis (D) $ 103.16 - -0.13 2.08
WA Global High Yield A dis(D) $ 80.61 - -0.06 7.33
WA Global Inf-Linked A dis(D) $ 108.55 - 0.01 1.85
WA Gl Multi Strategy A dis(D) $ 121.87 - 0.01 3.95
WA Inflation Mgmt A dis(A) $ 119.26 - 0.04 1.46
WA UK Core Plus Bond A dis (D) 108.48 - 0.73 2.26
WA UK Infl-Linked Plus A dis (D) 121.05 - 1.08 1.33
WA UK Long Duration A dis (D) 112.43 - 1.04 2.08
WA US Adjustable Rate A cap $ 97.94 - 0.00 0.00
WA US Core Bond A dis(D) $ 98.96 - -0.13 1.86
WA US Core Plus Bond A dis(D) $ 108.76 - -0.15 1.71
WA US High Yield A dis(D) $ 80.66 - -0.19 7.09
WA US Short Term Govt A dis(D) $ 101.95 - -0.02 1.07
Money Market Funds
WA US Money Market A dis(D) $ 1.00 - 0.00 0.03
Legg Mason Luxembourg Funds (LUX)
145 Rue du Kiem, L-8030 Strassen
FSA Recognised
Other classes available: Class C, Class I
Equity Funds
LM Emerg. Markets Eq A Ord $ 267.73 - 1.65 0.00
LM Eurold Eq.A Euro Cap 83.00 - 0.34 0.00
Money Funds
LM Eurold Cash A Euro Cap 135.72 - 0.01 0.00
Asset Allocation Funds
LM M-Man.Bal A Cap Euro 117.32 - 0.03 0.00
LM M-Man.Bal A Cap USD $ 111.67 - -0.15 0.00
LM M-Man Cons A Cap Euro 116.21 - -0.05 0.00
LM M-Man Cons A Cap USD $ 118.86 - -0.23 0.00
LM M-Man Perf A Cap Euro 117.40 - 0.08 0.00
LM M-Man Perf A Cap USD $ 108.82 - -0.06 0.00
Legg Mason UK Funds (1200)F (UK)
PO Box 10649, Chelmsford, CM99 2BD
Dealing & Enquiries: 0844 620 0013
www.leggmason.co.uk
Authorised Inv Funds
Equity Funds
US Equity Income A Inc 105.20 - -2.60 -
Liongate Capital Management (CYM)
www.liongate.com
Regulated
Liongate Multi-Strategy Fund
Class A1 $ 1770.74 - -0.10 -
Class B1 1720.91 - 0.07 0.00
Class C1 1790.90 - -0.10 -
Class D1 120800.84 - -34.81 0.00
Class E1 SFr 1596.58 - -0.64 0.00
Class F1 SKr 965.54 - -0.10 0.00
Liongate Commodities Fund
Class A $ 1041.12 - 0.64 -
Class B 1009.23 - 0.42 0.00
Class C 970.28 - 0.81 0.00
Lloyd George Management
Other International Funds
LG Antenna Fd Ltd $ 57.29 - -0.13 0.00
LG Asian Plus Ltd $ 55.25 - -0.80 0.00
LG Asian Smaller Cos $ 90.58 - 0.61 0.00
LG India Fd Ltd $ 45.88 - 0.19 0.00
Lloyds TSB Offshore Fd Mgrs (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
FSA Recognised
Lloydstrust Gilt 12.8100 - -0.0800 1.75
Lloyds TSB Offshore Funds Ltd
Capital Growth 1.6860 - -0.0100 0.54
Euro High Income 1.5470 - -0.0060 5.05
European 5.6870 - 0.0120 0.07
High Income 0.8284 - -0.0047 6.21
International 3.2010 - -0.0820 0.00
Fund Bid Offer D+/- Yield
North American 10.8200 - -0.4100 0.00
Sterling Bond 1.3570 - -0.0090 4.67
UK 5.6530 - 0.0130 0.82
Lloyds TSB Offshore Gilt Fund Ltd
Lloyds TSB Gilt Fund Quarterly Share 1.3220 - -0.0070 3.03
Monthly Share 1.2720xd - -0.0070 3.12
Lloyds TSB Money Fund Ltd
Australian Dollar A$ 165.4770 - 0.0630 -
Euro 53.0610 - -0.0010 -
New Zealand Dollar NZ$ 200.1790 - 0.0390 -
Sterling Class 52.3740 - 0.0010 -
US Dollar Class $ 60.8910 - -0.0020 -
Lloyds TSB Offshore Multi Strategy Fund Ltd
Conservative Strategy 1.0250xd - -0.0030 3.23
Growth Strategy 1.1700xd - -0.0130 1.58
Aggressive Strategy 1.2180 - -0.0240 0.00
Global USD Growth Strategy $ 0.9374 - -0.0206 0.00
Dealing Daily
Lombard Odier Darier Hentsch (LUX)
Queensberry House 3 Old Burlington Street London W1S 3AB
FSA Recognised
Lombard Odier Funds
1798 Europe Eq. L/S CHF C A SFr 10.45 - 0.07 -
1798 Europe Eq. L/S EUR C A 10.50 - 0.07 -
1798 Europe Eq. L/S USD C A $ 10.46 - 0.06 -
1798 Optimum Trend (EUR) P A 11.95 - 0.00 0.00
1798 Optimum Trend (USD) P A $ 11.49 - 0.00 0.00
All Roads (CHF) PA SFr 15.74 - 0.00 -
All Roads (USD) PA $ 9.82 - 0.00 -
All Roads (GBP) PA 9.96 - 0.00 -
All Roads (EUR) PA 9.99 - 0.00 -
Alpha Japan (EUR) P A F 5.88 - 0.11 0.00
Alpha Japan (CHF) P A F SFr 7.45 - 0.13 0.00
Alpha Japan (JPY) P A F 680.00 - 13.00 0.00
Alpha Japan (USD) P A F $ 8.34 - 0.15 0.00
Alternative Beta P A F SFr 112.84 - 0.16 0.00
Alternative Beta P A F 75.15 - 0.11 0.00
Alternative Beta P A F $ 111.27 - 0.16 0.00
BBB-BB Bond CHF F SFr 13.53 - 0.00 0.00
BBB-BB Bond EUR P 10.53 - 0.00 0.00
BBB-BB Bond GBP F 9.21 - 0.00 0.00
BBB-BB Bond USD F $ 14.92 - 0.00 0.00
Clean Tech P A F 5.24 - 0.05 0.00
Commodities (CHF) P A SFr 7.89 - 0.00 -
Commodities (EUR) P A 7.93 - 0.01 -
Commodities (USD) P A $ 8.01 - 0.00 -
Convertible Bd P A 13.50 - 0.02 0.00
Convertible Bd Asia P A F SFr 12.41 - 0.02 0.00
Convertible Bd Asia P A F 13.09 - 0.02 0.00
Convertible Bd Asia P A F $ 13.05 - 0.03 0.00
Emerging Consumer (CHF) P A SFr 10.87 - 0.00 -
Emerging Consumer (EUR) P A 11.00 - 0.00 -
Emerging Consumer (USD) P A $ 10.74 - -0.03 -
Emerging Eq.Risk Par.(EUR) 7.57 - 0.04 0.00
Emerging Eq. Risk Par.(USD) $ 6.59 - 0.02 0.00
Emerging Market Bd P A $ 21.18 - 0.07 0.00
Emerging Loc.Curr.&Bds. P Dyn.Hdg FSFr 9.31 - 0.01 -
Emerging Loc.Curr.&Bds. P A F SFr 10.14 - 0.05 0.00
Emerging Loc.Curr.&Bds. P A F 12.16 - 0.05 0.00
Emerging Loc.Curr.&Bds. P A F $ 10.53 - 0.02 0.00
Euro Credit Bd PA F 11.30 - 0.00 0.00
Euro Government Bd PA F 11.13 - 0.00 0.00
Euro Inflation-Linked Bd PA F 11.22 - -0.01 0.00
Euro Resp.Corp.Bd. PA 16.45 - -0.01 0.00
Europe High Conviction PA 6.72 - 0.01 0.00
Eurozone Small&Mid Caps F 30.92 - 0.24 0.00
Generation Global (CHF) P A F SFr 8.05 - 0.06 0.00
Generation Global (EUR) P A F 11.06 - 0.08 0.00
Generation Global (USD) P A F $ 9.38 - 0.04 0.00
Global Energy (USD) P A F $ 8.66 - 0.10 0.00
Golden Age (CHF) P A F SFr 13.34 - 0.10 0.00
Golden Age (EUR) P A 9.02 - 0.07 0.00
Golden Age (USD) P A F $ 12.43 - 0.10 0.00
Government Bd (USD) P A $ 20.38 - -0.04 0.00
Invst.Gde A-BBB (CHF) P A SFr 12.44 - 0.00 0.00
Japan Small & Mid Caps P A 1485.00 - 28.00 0.00
Money Market (EUR) P A 112.24 - 0.00 0.00
Money Market (GBP) P A F 10.20 - 0.00 0.00
Money Market (USD) P A F $ 10.28 - 0.00 0.00
Neuberger B.US Core(USD)P A $ 8.87 - 0.04 0.00
Sands US Growth (USD) PA $ 10.45 - 0.06 -
Selective Gbl P A 167.81 - 0.27 0.00
Tactical Alpha (CHF)P A SFr 9.67 - 0.04 0.00
Tactical Alpha (EUR)P A 9.84 - 0.04 0.00
Tactical Alpha (USD)P A $ 14.06 - 0.06 0.00
Technology P A 9.58 - 0.07 0.00
Technology P A $ 14.48 - 0.10 0.00
Total Return Bond (EUR) P A 12.10 - 0.01 0.00
Total Return Bond (USD) P A $ 17.68 - 0.01 0.00
William Blair Gbl Gth P A F $ 9.27 - 0.05 0.00
William Blair Gbl Gth P A F 9.98 - 0.08 0.00
Wld Gold Expertise P A F SFr 27.06 - 0.49 0.00
Wld Gold Expertise P A 21.06 - 0.38 0.00
Wld Gold Expertise P A $ 26.49 - 0.47 0.00
Lombard Odier Funds II
Balanced (EUR) P A F 104.43 - 0.14 0.00
Conservative (EUR) P A F 103.40 - 0.09 0.00
LO Selection
Balanced (CHF) P A F SFr 97.68 - 0.13 0.00
Balanced (EUR) P A F 105.81 - 0.13 0.00
Conservative (CHF) P A F SFr 99.37 - 0.06 0.00
Conservative (EUR) P A F 104.19 - 0.08 0.00
Conservative (USD) P A F $ 98.27 - -0.02 0.00
Global Allocation (GBP) P A F 8.33 - 0.00 0.00
Growth (CHF) P A F SFr 95.68 - 0.14 0.00
Growth (EUR) P A F 106.57 - 0.13 0.00
M & G Securities Ltd (UK)
Property & Other UK Unit Trusts
M&G Property Portfolio A Acc 0.80 0.84 0.00 3.13
M & G (Guernsey) Ltd (GSY)
Regulated
The M&G Offshore Fund Range
American Fund 104.91 109.28 -2.88 -
Corporate Bond 1200.40 1237.52 -21.31 3.64
Global Basics 2167.90 2258.23 6.40 0.09
Global Leaders 2510.54 2615.14 -37.20 1.51
High Yield Corporate Bond 904.18 932.14 -4.91 6.52
Macro Episode Fund Limited 94.58 98.53 -0.52 -
Optimal Income Fund 124.08 129.25 -0.54 4.14
Recovery Fund Limited 'A' Participating Shares 97.22 101.27 0.38 0.64
Recovery Fund Limited 'I' Participating Shares 97.52 101.58 0.39 1.45
Strategic Corporate Bond Fund 119.85 124.85 -2.88 3.45
UK Growth 1098.36 1144.12 -0.38 1.96
UK Select Fund 858.68 894.46 9.11 1.48
Other International Funds
M&G Property Fund - Retail 6.57 6.91 0.00 4.53
M&G Property Fund A Inc 6.57 6.57 0.00 5.07
Fund Bid Offer D+/- Yield
MFS Meridian Funds SICAV (LUX)
Regulated
Absolute Return A1 17.94 - 0.00 0.00
Asia ex-Japan A1 $ 19.90 - 0.21 0.00
China Equity Fd A1 $ 7.96 - 0.04 0.00
Continental European Eqty A1 10.32 - 0.05 0.00
Emer Mkts Debt Lo Curr Fd A1 $ 13.31 - 0.06 0.00
Emerging Markets Debt A1 $ 29.94 - 0.13 0.00
Emerging Markets Eq.A1 $ 11.36 - 0.10 0.00
European Core Eq A1 17.69 - 0.07 0.00
European Res.A1 18.65 - 0.08 0.00
European Smaller Companies A1 26.46 - 0.11 0.00
European Value A1 20.58 - 0.08 0.00
Global Bond A1 $ 11.13 - -0.02 0.00
Global Conc.A1 $ 22.20 - 0.08 0.00
Global Energy Fund A1 $ 12.99 - 0.10 0.00
Global Equity A1 $ 29.08 - 0.11 0.00
Global Equity A1 14.80 - 0.08 0.00
Global Multi-Asset A1 $ 14.04 - -0.03 0.00
Global Res.A1 $ 18.11 - 0.11 0.00
Global Total Return A1 12.35 - 0.02 0.00
High Yield A1 $ 21.17 - -0.04 0.00
High Yield Fund A1 12.35 - 0.00 -
Inflation-Adjusted Bond A1 $ 15.18 - 0.00 0.00
Japan Equity A1 $ 7.32 - 0.10 0.00
Latin American Equity Fd A1 $ 18.89 - 0.14 0.00
Limited Maturity A1 $ 13.83 - 0.01 0.00
Prudent Wealth Fd A1 $ 11.19 - -0.02 0.00
Research Bond A1 $ 15.50 - -0.02 0.00
UK Equity A1 5.84 - 0.02 0.00
US Conc.Growth A1 $ 9.92 - 0.04 0.00
US Government Bond A1 $ 16.77 - -0.02 0.00
Value A1 $ 13.61 - 0.08 0.00
MMIP Investment Management Limited (GSY)
Regulated
Multi-Manager Investment Programmes PCC Limited
European Equity Fd Cl A Initial Ser 1630.46 1636.81 -20.06 0.00
Japanese Equity Fd Cl A Initial Ser 181129.00 182180.00 -7997.00 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 926.95 929.72 -10.23 0.00
Pacific Basin Fd Cl A Initial Ser $ 2277.25 2303.78 20.06 0.00
UK Equity Fd Cl A Series 01 1426.31 1443.09 -23.77 0.00
Diversified Absolute Rtn Fd USD Cl AF2 $ 1505.92 - 2.70 0.00
Diversified Absolute Return Stlg Cell AF2 1519.12 - 3.01 0.00
MAM Funds (IRL)
Regulated
Miton Global Diversified Income A 99.56 - 0.10 -
Man Investments
Other International Funds
Man AHL Alpha USD Shares $ 783.60 - 5.41 0.00
Man AHL Diversified Plc $ 89.96 - 0.83 0.00
Mangart Global Fund Ltd (CYM)
Regulated
B Shares EUR Nav (Final) 134.61 - -2.84 0.00
B Shares USD Nav (Final) $ 134.61 - -2.84 0.00
Manulife Global Fund (LUX)
31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
www.manulife.com.hk
FSA Recognised
American Growth Fund A $ 17.96 - 0.40 0.00
Asia Total Return Fund (Class AA) F $ 0.96 - 0.00 2.91
Asia Value Dividend Equity Fund AA F $ 1.17 - 0.01 1.39
American Growth Fund AA F $ 1.03 - 0.02 0.00
Asian Equity Fund A $ 2.30 - 0.04 0.57
Asian Equity Fund AA F $ 0.74 - 0.01 0.19
Asian Small Cap Equity Fund AA F $ 1.39 - 0.02 0.28
China Value Fund A $ 6.26 - 0.06 0.33
China Value Fund AA F $ 1.96 - 0.02 0.04
Dragon Growth Fund A $ 1.34 - 0.02 0.60
Dragon Growth Fund AA F HK$ 6.47 - 0.10 0.04
Emerging Eastern Europe Fund AA F $ 1.65 - 0.05 0.06
Emerging Eastern Europe Fund A $ 3.86 - 0.11 0.21
Emerging Markets Infrastructure Fund Class AA $ 0.89 - 0.01 -
European Growth Fund A $ 7.60 - 0.17 1.27
European Growth Fund AA F $ 0.54 - 0.01 0.82
Global Contrarian Fund AA F $ 0.80 - 0.02 0.00
Global Property Fund AA F $ 0.79 - 0.02 0.43
Global Resources Fund AA F $ 0.95 - 0.02 0.00
Healthcare Fund AA F $ 1.07 - 0.02 0.00
India Equity Fund AA F $ 0.87 - 0.02 0.00
International Growth Fund A $ 3.04 - 0.05 0.00
International Growth Fund AA F $ 0.70 - 0.01 0.00
Japanese Growth Fund A $ 2.41 - 0.02 0.00
Japanese Growth Fund AA F $ 0.62 - 0.00 0.04
Latin America Equity Fund AA F $ 1.06 - 0.01 0.79
Russia Equity Fund AA F $ 0.54 - 0.02 0.00
Strategic Income AA F $ 1.12 - 0.00 3.93
Taiwan Equity Fund AA F $ 1.17 - 0.01 0.64
Turkey Equity Fund AA F $ 0.76 - 0.01 0.32
US Bond Fund AA F $ 1.23 - 0.00 3.48
U.S. Special Opportunities Fund AA F $ 0.84 - 0.00 5.73
US Small Cap Equity Fund AA F $ 0.82 - 0.02 0.00
US Treasury Inflation-Protected Securities Fund AA F $ 1.38 - 0.00 0.76
Marfin Capital Partners Limited (IOM)
12 Hay Hill London W1J 8NR 0207 054 9257
Regulated
Marfin Diversified Strategy Fund - USD A $ 76.93 - 0.00 0.00
Marfin Diversified Strategy Fund - Euro A 72.42 - 0.00 0.00
Marfin Diversified Strategy Fund - Euro B 76.81 - 2.64 -
Marlborough International Management Limited(GSY)
First Floor, Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
FSA Recognised
Marlborough North American Fund Ltd 20.42 20.63 0.15 0.00
Marlborough Tiger Fund Ltd F 24.70 24.95 -0.17 0.00
Marwyn Investment Management LLP (CYM)
Regulated
Marwyn Value Investors 309.73 - 4.92 -
Meditor Group Limited (BMU)
Regulated
European Hedge Fd (B) (Est) $ 557.07 - -1.62 0.00
European Hedge Fd (C) (Est) $ 283.51 - -0.88 0.00
Melchior Hedge Funds (CYM)
Regulated
Melchior European Fund Ltd EUR Class 152.56 - 0.33 -
Meridian Fund Managers Ltd
Other International Funds
Global Gold & Resources Fund $ 496.31 - -36.59 -
Global Energy & Resources Fund $ 103.86 - -3.74 -
Metage Capital
Other International Funds
MGS (Est) $ 202.63 - -5.65 -
MEMO $ 472.76 - -8.35 0.00
MEMV (Est) $ 102.10 - -4.85 -
Mirabaud Gestion AM (FRA)
Regulated
Mirabaud Euro Actions 108.97 - 1.09 0.00
Mirabaud France Actions 121.16 - 1.45 0.00
Fund Bid Offer D+/- Yield
MitonOptimal Offshore (GSY)
www.MitonOptimal.com
Regulated
Core Diversified Fund (USD) $ 106.31 - -0.33 0.00
Core Diversified Fund (EUR) 90.29 - -0.32 0.00
Core Diversified Fund (GBP) 98.16 - -0.32 0.00
Managed Flexible US$ Fund $ 97.66 - -0.23 0.00
Offshore Global (GBP) 88.91 - 0.55 0.00
Offshore Global (USD) $ 83.28 - 0.46 0.00
Offshore Special Situations (GBP) 133.17 - 0.40 0.00
Offshore Special Situations (USD) $ 123.30 - 0.34 0.00
Offshore Special Situations (EUR) 103.69 - 0.26 0.00
Offshore Special Situations (YEN) 11044.53 - 24.99 0.00
Morant Wright Management Ltd (CYM)
Regulated
MW Japan Fd Ltd A $ 16.70 - -2.19 0.00
MW Japan Fd Ltd B $ 17.10 - -0.20 0.00
Morgan Stanley Investment Funds (LUX)
6b Route de Trves L-2633 Senningerberg Luxembourg (352) 34 64 61
www.morganstanleyinvestmentfunds.com
FSA Recognised
US Advantage A F $ 34.31 - 0.34 0.00
Absolute Return Currency A F 25.84 - 0.06 0.00
Asian Equity A F $ 36.58 - 0.48 0.00
Asian Property A F $ 14.44 - 0.44 0.00
Asian Property AX F 8.72 - 0.00 1.43
Diversified Alpha Plus A F 27.93 - -0.06 0.00
Emerg Europ, Mid-East & Africa Eq A F 52.03 - -0.31 0.00
Emerging Markets Debt A F $ 72.61 - 0.39 0.00
Emerging Markets Domestic Debt AX F 15.24 - 0.00 6.07
Emerging Markets Equity A F $ 32.75 - 0.44 0.00
Euro Bond A F 13.30 - 0.05 0.00
Euro Corporate Bond AX F 20.93 - 0.06 4.78
Euro Liquidity A F 12.88 - 0.00 0.00
Euro Strategic Bond A F 36.05 - 0.19 0.00
European Currencies High Yield Bd A F 15.94 - -0.17 0.00
European Equity Alpha A F 27.96 - -0.42 0.00
European Property A F 19.16 - 0.45 0.00
European Small Cap Value A F 33.65 - -0.92 0.00
Eurozone Equity Alpha A F 6.44 - -0.11 0.00
Global Bond A F $ 38.37 - -0.04 0.00
Global Brands A F $ 67.89 - 0.87 0.00
Global Convertible Bond A F $ 33.69 - 0.22 0.00
Global Property A F $ 20.07 - 0.54 0.00
Indian Equity A F $ 21.08 - 0.53 0.00
Latin American Equity A F $ 58.43 - 0.75 0.00
Short Maturity Euro Bond A F 19.51 - 0.01 0.00
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
US Growth A F $ 38.23 - 0.59 0.00
US Growth AH F 26.40 - -0.29 0.00
US Growth AX F 24.52 - -0.19 0.00
US Property A F $ 50.72 - 1.16 0.00
US Property AX F 29.59 - -0.08 0.43
Morgens Waterfall Vintiadis.co Inc
Other International Funds
Phaeton Intl (BVI) Ltd (Est) $ 385.77 - -5.49 0.00
Natixis International Funds (Lux) I SICAV (LUX)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
FSA Recognised
Absolute Asia AM Pac Rim Eq Fd IA $ 79.93 79.93 1.55 0.00
ASG Laser Fund I/A (USD) H $ 1088.69 1088.69 2.06 0.00
Harris Associates Global Value Fund H 150.68 150.68 2.56 0.00
Harris Associates US Large Cap Value Fund $ 140.01 140.01 1.47 0.00
Loomis Sayles Emerging Debt & Currencies Fund IA $ 146.24 146.24 0.59 0.00
Loomis Sayles Global Credit Fund I/A (USD) H $ 134.26 134.26 -0.20 0.00
Loomis Sayles US Large Cap Value $ 101.60 101.60 -0.23 0.00
Vaughan Nelson US Small Cap Val Fund IA $ 174.43 174.43 1.90 0.00
Natixis International Funds (Dublin) I plc (IRL)
Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Regulated
Loomis Sayles Global Opportunist Bond Fund H-S/D GBP 10.47 10.47 0.01 6.17
Loomis Sayles Multisector Inc Fd I USD $ 12.75 12.75 -0.02 5.97
Loomis Sayles Inst High Inc Fd I USD $ 7.90 7.90 -0.01 10.54
Loomis Sayles Global Opportunist Bond Fd I USD $ 13.67 13.67 0.00 6.73
Natwest (IRL)
Guild Hse PO Box 4935 Guild St, IFSC, Dublin 1
00353 1 642 8400
FSA Recognised
Series 10
Absolute Rtn Multi Asset Prog SER 10 GBP F 9.76 - -0.05 -
Nemesis Fund Plc (IRL)
Regulated
Nemesis Credit Opportunities Advisor EUR Acc 109.03 - -0.45 0.00
Nemesis European Value EUR Advisor Acc 159.54 - -2.49 0.00
Nemesis Global Value Fund 89.52 - -1.89 0.00
Nemesis Inflation Advisor EUR Acc 101.35 - 0.01 0.00
Nemesis USA Value USD Advisor Acc $ 93.02 - -2.05 0.00
Nevsky Capital LLP (IRL)
51 Berkeley Square, London W1J 5BB +44 (0)20 7360 8888
FSA Recognised
Traditional Funds Plc
Eastern European $ 66.45 - -0.66 0.00
Nevsky Capital LLP
Other International Funds
Nevsky Fund Plc EUR Acc 1190.16 - -11.74 0.00
Nevsky Fund Plc GBP Acc 1195.31 - -11.04 0.00
Nevsky Fund Plc USD Acc $ 1203.69 - -11.51 0.00
New Capital Fund Management Ltd (IRL)
Leconfield House, Curzon Street, London, W1J 5JB
FSA Recognised
New Capital UCITS Funds
Asia Pacific Equity Fund USD Class A $ 91.54 - 0.72 2.53
Asia Pacific Equity Fund EUR Class B 89.73 - 0.73 2.71
Asia Pacific Equity Fund GBP Class C 90.72 - 0.75 2.65
Asia Pacific Equity Fund CNY USD Hedged Class F $ 93.55 - 0.74 2.56
Asia Pacific Equity Inc D Class D SFr - - - -
Asia Pacific Equity Inc USD I Class D $ 102.38 - 0.81 -
Asia Pacific Equity Inc SGD Class DS$ 102.26 - 0.83 -
Dynamic European Equity EUR Cls D 101.65 - 0.26 -
Dynamic European Equity GBP Cls D 108.41 - 0.27 -
Dynamic European Equity USD Cls D $ 101.76 - 0.24 -
Global Fixed Income USD $ 118.15 - -0.06 0.00
Global Fixed Income USD CNY Hedged $ 104.56 - -0.06 -
Total Return Bond USD Cls $ 142.86 - -0.01 0.00
Total Return Bond EUR Cls 135.46 - 0.01 0.00
Total Return Bond GBP Cls 151.13 - 0.00 0.00
Fund Bid Offer D+/- Yield
Total Return Bond Fund Canadian Dollar Class C$ 99.32 - 0.00 0.00
Total Return Bond Fund CHF SFr 103.30 - 0.00 0.00
Total Return Bond Fund INR Hdg R $ 101.18 - -0.17 -
Total Return Bond Fund USD $ 107.26 - -0.01 -
Total Return Bond Fund USD I $ 104.13 - 0.00 -
Total Return Bond GBP Distributor Class 108.52 - 0.00 4.41
US Growth Class A USD $ 107.63 - 1.37 0.00
US Growth Class B EUR 104.44 - 1.43 0.00
US Growth Class C GBP 106.44 - 1.44 0.00
US Growth Class D CHF SFr 106.77 - 1.33 0.00
US Growth Class I USD $ 96.87 - 1.24 -
Wealthy Nations Bond USD Cls A $ 108.53 - 0.00 5.04
Wealthy Nations Bond EUR Cls B 106.03 - 0.00 5.36
Wealthy Nations Bond GBP Cls C 107.86 - 0.00 5.14
Wealthy Nations Bond CHF Cls DSFr 105.11 - 0.00 -
Wealthy Nations Bond EUR Cls D 104.90 - 0.00 -
Wealthy Nations Bond GBP Cls D 108.36 - 0.00 5.08
Wealthy Nations Bond CHF Cls ESFr 104.80 - 0.00 5.07
Wealthy Nations Bond INR Hdg Cls D $ 100.29 - -0.16 -
Wealthy Nations Bond INR Hdg I Cls D $ 101.45 - -0.16 -
Wealthy Nations Bond NOK Cls DNKr 106.16 - 0.02 -
Wealthy Nations Bond USD Cls D $ 105.22 - 0.00 -
Wealthy Nations Bond USD CNY Hedged Class F $ 106.44 - -0.01 4.89
Wealthy Nations Bond SGD Class GS$ 152.32 - -0.01 4.76
Wealthy Nations Bond Class H S$ 101.01 - 0.00 3.49
Wealthy Nations Bond Class I $ 104.08 - -0.01 3.23
New Capital Alternative Strategies
All Weather Fd USD Cls $ 112.40 - -0.21 -
All Weather Fd EUR Cls 102.78 - -0.18 0.00
All Weather Fd GBP Cls 109.47 - -0.23 0.00
Tactical Opps USD Cls $ 90.17 - -2.35 0.00
Tactical Opps EUR Cls 75.09 - -2.04 0.00
Tactical Opps GBP Cls 83.30 - -2.23 0.00
NewSmith Investment Funds Plc (IRL)
Regulated
NewSmith UK Equity 1.71 - 0.01 0.00
Newton Fund Mgrs (CI) Ltd (1200)F (JER)
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130
FSA Recognised
Newton Offshore Strategy Fund Ltd
UK Equity 1.5154 - 0.0207 2.26
Global Equity 1.3510 - -0.0152 1.94
Global Balanced 1.1285 - -0.0081 2.18
Global Balanced (Accumulation) 1.2213 - -0.0086 2.15
Bridge 1.2649 - -0.0046 2.36
Sterling Fixed Interest Class 0.8348 - -0.0046 4.10
Global Fixed Interest Class 1.0163 - -0.0015 4.82
Diversified Assets 1.0944 - 0.0002 3.03
Special Situations 0.9535 - 0.0026 3.87
Alternative Assets 0.9995 - -0.0017 1.38
Nordea 1, SICAV (LUX)
E-Mail: nordeafunds@nordea.lu, Phone: +352 43 39 50 0
FSA Recognised
Emerging Consumer Fund F 14.34 - 0.21 0.00
European Alpha Fund F 7.22 - 0.23 0.00
European Value Fund 34.95 - 0.53 0.00
Far Eastern Equity Fund $ 15.88 - 0.25 0.00
Latin American Equity Fund 10.48 - 0.10 0.00
Nordic Equity Fund 46.33 - 0.21 0.00
North American Growth Fund H $ 8.37 - 0.26 0.00
North American Value Fund $ 29.96 - 0.83 0.00
European High Yield Bond Fund F 20.66 - 0.06 0.00
Global Stable Equity Fund F 9.29 - 0.11 0.00
Heracles Long/Short MI Fund - AP - EUR F 50.37 - -0.39 0.00
Northwest Investment Management (HK) Ltd
11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Other International Funds
Northwest $ class $ 1770.29 - -29.47 0.00
Northwest China Opps $ class $ 2343.44 - -51.12 0.00
Northwest China Opps class 2298.32 - -50.84 0.00
Northwest Warrant $ class $ 582.20 - -107.20 0.00
Oasis Crescent Management Company Ltd
Other International Funds
Oasis Crescent Equity Fund R 6.82 - 0.02 0.53
Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Regulated
Oasis Global Investment (Ireland) Plc
Oasis Global Equity $ 18.72 - 0.00 1.05
Oasis Crescent Global Investment Fund (Ireland) plc
Oasis Crescent Global Equity Fund $ 18.98 - -0.01 0.92
OasisCresGl Income Class A $ 10.55 - 0.02 2.34
OasisCresGl LowBal D ($) Dist $ 10.07 - 0.04 0.00
OasisCresGl Med Eq Bal A ($) Dist $ 9.64 - 0.02 -
Oasis Crescent Gbl Property Eqty $ 7.21 - 0.00 3.77
Odey Asset Management LLP (CYM)
Regulated
OEI MAC Inc A 285.65 - -10.71 0.00
OEI Mac Inc B 156.71 - -4.51 0.00
OEI MAC Inc USD $ 1573.85 - -58.79 0.00
Odey European Inc EUR 629.89 - -26.41 0.00
Odey European Inc A GBP 238.43 - -9.74 0.00
Odey European Inc B GBP 135.33 - -5.53 0.00
Odey European Inc USD $ 293.10 - -11.82 0.00
Giano Capital EUR Inc 3914.53 - 238.97 0.00
Odey Asset Management LLP (IRL)
FSA Recognised
Odey OEAF EUR A Class 84.62 - -2.60 0.00
Odey OEAF GBP D Class 97.58 - -2.64 -
Odey Pan European 199.30 - -4.43 0.00
Odey Pan European GBP D 129.00 - -2.39 0.00
Odey Allegra STG A 82.97 - -1.90 0.00
Odey Allegra USD $ 95.12 - -2.53 0.00
Odey Allegra European EUR 135.20 - -4.15 0.00
Odey Allegra European EUR I F 132.49 - -4.07 0.00
Odey Allegra European USD $ 128.53 - -3.96 0.00
Odey Allegra European GBP 156.27 - -4.23 0.00
Odey Allegra European GBP I 160.68 - 0.52 -
Odey Allegra International GBP Class 123.18 - -2.82 0.00
Odey Allegra International GBP D Inc F 111.60 - -2.55 0.00
Odey Allegra International Euro Class 97.80 - -2.59 0.00
Odey Allegra International Euro I Class 90.20 - -2.39 0.00
Odey Investments Plc (IRL)
Regulated
Odey Giano European Fund EUR 105.34 - -0.63 -
Fund Bid Offer D+/- Yield
Odey Odyssey Fund GBP I 93.97 - -2.11 -
Odey Giano European Fund GBP 105.12 - -0.63 -
Odey Odyssey Fund GBP R 92.11 - -2.07 -
Odey Giano European Fund USD $ 106.11 - -0.63 -
Odey Odyssey Fund USD $ 94.30 - -2.11 -
Odey Odyssey Fund EUR 83.16 - -1.86 -
Odey Wealth Management (CI) Ltd (IRL)
FSA Recognised
ODEY OPPORTUNITY CHF SFr 98.61 - -0.76 0.00
ODEY OPPORTUNITY CHF I SFr 98.67 - -0.74 0.00
ODEY OPPORTUNITY EUR 115.10 - -0.87 0.00
ODEY OPPORTUNITY EUR I 171.93 - -1.29 0.00
ODEY OPPORTUNITY GBP I R 189.53 - -1.45 0.00
ODEY OPPORTUNITY GBP R 122.22 - -0.92 0.00
ODEY OPPORTUNITY NOK NKr 103.64 - -0.80 0.00
ODEY OPPORTUNITY NOK I NKr 105.77 - -0.79 0.00
ODEY OPPORTUNITY USD $ 121.66 - -0.91 0.00
ODEY OPPORTUNITY USD I $ 180.65 - -1.34 0.00
Omnia Fund Ltd
Other International Funds
Estimated NAV $ 409.71 - -5.76 -
Optima Fund Management
Other International Funds
Optima Fd NAV $ 74.33 - 0.58 0.00
Optima Discretionary Macro Fund Limited $ 82.49 - 0.23 0.00
The Dorset Energy Fd Ltd NAV $ 40.15 - 1.02 0.00
Platinum Fd Ltd $ 63.42 - -0.50 0.00
Platinum Fd Ltd EUR 12.64 - -0.13 0.00
Platinum Japan Fd Ltd $ 30.25 - -0.46 0.00
Optima Emerging Markets Fd Ltd $ 14.20 - -0.01 0.00
Optima Partners Global Fd $ 11.75 - 0.07 0.00
Optima Partners Focus Fund A $ 11.22 - 0.14 0.00
Cuttyhunk II Limited Unrestricted USD Acc NAV $ 1156.21 - -4.77 -
Orbis Investment Management Ltd (BMU)
Regulated
Orbis Global Equity $ 111.63 - -0.98 0.00
Orbis Optimal (US$) $ 71.12 - -0.08 0.00
Orbis Optimal (Euro) 24.14 - 0.00 0.00
Orbis Optimal (Yen) 952.00 - -3.00 0.00
Orbis Leveraged (US$) $ 110.54 - -0.52 0.00
Orbis Leveraged (Euro) 36.31 - -0.17 0.00
Orbis Leveraged (Yen) 868.00 - -4.00 0.00
Orbis Japan Equity (US$) $ 20.95 - -0.08 0.00
*Orbis Prices as of May 31st
Orbis Sicav (LUX)
Regulated
Orbis Japan Equity (Yen) 2010.00 - -7.00 0.00
Orbis Japan Equity (Euro) 13.66 - -0.05 0.00
Orbis Asia ex-Japan - Investor Shares $ 16.33 - 0.31 0.00
Orbis Global Equity - Investor Shares 88.82 - 0.46 0.00
Orbit Asset Management
Other International Funds
Orbit Global Strategy $ 146.33 - -1.13 0.00
Orbit Euro Strategies 127.10 - -0.89 0.00
Oryx International Growth Fund Ltd
Other International Funds
NAV (Fully Diluted) 3.09 - 0.02 0.00
PFPC International Ltd
Other International Funds
Intl Dollar Reserve A $ 1.00 - 0.00 0.05
Intl Dollar Reserve B $ 1.00 - 0.00 0.01
Intl Dollar Reserve Bear $ 1.00 - 0.00 0.01
Permal Investment Mgmt Svcs Ltd
www.permal.com
Other International Funds
Offshore Fund Class A US $ Shares
Investment Holdings N.V. $ 4601.69 - -93.20 0.00
Macro Holdings Ltd $ 4038.25 - -56.94 0.00
Fixed Income Holdings N.V. $ 439.13 - -3.15 13.57
LUX Advantage Multi-Strategy Fund $ 1356.00 - -28.89 -
LUX Natural Resources $ 1299.87 - -45.52 -
Strategic Allocation A $ 1255.55 - -21.00 -
Pictet (LUX)
3 BLD ROYAL L-2016 Luxembourg
Tel: 0041 58 323 3000
FSA Recognised
Pictet-Absl Rtn Glo Cons-I EUR F 105.62 - 0.13 0.00
Pictet-Absl Rtn Glo Cons-P EUR F 103.51 - 0.13 0.00
Pictet-Absl Rtn Glo Cons-Pdy EUR F 100.70 - 0.13 0.63
Pictet-Absl Rtn Glo Div-I EUR F 120.81 - 0.19 0.00
Pictet-Absl Rtn Glo Div-P EUR F 116.31 - 0.18 0.00
Pictet-Absl Rtn Glo Div-Pdy EUR F 112.77 - 0.18 0.30
Pictet-Absl Rtn Glo Div-R EUR F 112.75 - 0.17 0.00
Pictet-AbsRetGloDiv-HI CHF F SFr 175.11 - 0.27 0.00
Pictet-AbsRetGloDiv-HI GBP F 101.66 - 0.16 0.00
Pictet-AbsRetGloDiv-HI JPY F 13415.00 - 22.00 0.00
Pictet-AbsRetGloDiv-HI USD F $ 152.76 - 0.24 0.00
Pictet-AbsRetGloDiv-HP CHF F SFr 168.62 - 0.26 0.00
Pictet-AbsRetGloDiv-HPdy GBP F 94.99 - 0.15 0.23
Pictet-AbsRetGloDiv-HP USD F $ 147.06 - 0.23 0.00
Pictet-Agriculture-I EUR F 135.73 - 0.64 0.00
Pictet-Agriculture-I USD F $ 169.66 - 1.70 0.00
Pictet-Agriculture-P EUR F 132.33 - 0.62 0.00
Pictet-Agriculture-P dy EUR F 132.33 - 0.61 0.00
Pictet-Agriculture-P dy GBP F 106.99 - 0.24 0.00
Pictet-Agriculture-P dy USD F $ 165.41 - 1.66 0.00
Pictet-Agriculture-R EUR F 129.56 - 0.60 0.00
Pictet-Agriculture-R USD F $ 161.95 - 1.61 0.00
Pictet-Agriculture-P USD F $ 165.41 - 1.64 0.00
Pictet-Asian Equities Ex Japan-I USD F $ 160.80 - 2.24 0.00
Pictet-Asian Equities Ex Japan-P USD F $ 149.97 - 2.09 0.00
Pictet-Asian Equities Ex Japan-P dy USD F $ 146.91 - 2.05 0.17
Pictet-Asian Equities Ex Japan-HI EUR F 105.69 - 1.46 0.00
Pictet-Asian Local Currency Debt-I EUR F 121.42 - -0.41 0.00
Pictet-Asian Local Currency Debt-I USD F $ 151.77 - 0.30 0.00
Pictet-Asian Local Currency Debt-P EUR F 116.78 - -0.40 0.00
Pictet-Asn Lcl Ccy Dbt-Pdy USD F $ 128.12 - 0.25 2.83
Pictet-Asn Lcl Ccy Dbt-Pdy GBP F 84.12 - -0.50 2.76
Pictet-Biotech-P USD $ 321.02 - 3.45 0.00
Pictet-Biotech-P dy GBP F 208.77 - 2.39 0.00
Pictet-Biotech-HP EUR F 239.55 - 2.58 0.00
Pictet-Biotech-I USD F $ 349.96 - 3.77 0.00
Pictet-Biotech-P dy USD F $ 320.89 - 3.45 0.00
Pictet-CHF Liquidity-P F SFr 124.38 - 0.00 0.00
Pictet-Clean Energy-I EUR F 47.63 - 0.22 0.00
Pictet-Clean Energy-I USD F $ 59.54 - 0.59 0.00
Pictet-Clean Energy-P EUR F 45.66 - 0.22 0.00
Pictet-Clean Energy-P USD F $ 57.07 - 0.57 0.00
Pictet-Clean Energy-P dy USD F $ 57.07 - 0.57 0.00
Pictet-Clean Energy-P dy GBP F 36.91 - 0.07 0.00
Pictet-Convertible Bonds-I EUR F 93.95 - 0.28 0.00
Fund Bid Offer D+/- Yield
Pictet-Convertible Bonds-P EUR F 92.05 - 0.28 0.00
Pictet-Convertible Bonds-P dy EUR F 91.86 - 0.28 0.50
Pictet-Convertible Bonds-R EUR F 90.12 - 0.28 0.00
Pictet-Digital Communication-I EUR F 116.07 - 0.00 0.00
Pictet-Digital Communication-I USD F $ 145.09 - 0.78 0.00
Pictet-Digital Communication-P EUR F 106.07 - 0.00 0.00
Pictet-Digital Communication-P USD $ 132.59 - 0.71 0.00
Pictet-Digital Communication-P dy USD F $ 127.87 - 0.68 0.00
Pictet-Digital Communication-P dy GBP F 83.69 - -0.21 0.00
Pictet-Digital Communication-R EUR F 98.17 - 0.00 0.00
Pictet-Eastern Europe-I EUR F 302.45 - -3.98 0.00
Pictet-Eastern Europe-P EUR F 291.69 - -3.84 0.00
Pictet-Eastern Europe-P dy EUR F 291.43 - -3.84 0.00
Pictet-Eastern Europe-P dy GBP F 234.94 - -2.26 0.00
Pictet-Em Lcl Ccy Dbt-HI EUR F 120.53 - -1.44 0.00
Pictet-Em Lcl Ccy Dbt-HP EUR F 115.98 - -1.39 0.00
Pictet-Em Lcl Ccy Dbt-I EUR F 147.42 - -1.73 0.00
Pictet-Em Lcl Ccy Dbt-I USD F $ 182.25 - -2.17 0.00
Pictet-Em Lcl Ccy Dbt-P EUR F 141.78 - -1.68 0.00
Pictet-Em Lcl Ccy Dbt-P USD F $ 175.32 - -2.11 0.00
Pictet-Em Lcl Ccy Dbt-Pdy USD F $ 133.35 - -1.60 5.85
Pictet-Em Lcl Ccy Dbt-Pdy GBP F 89.51 - -0.75 5.65
Pictet-Emerging Markets-I USD F $ 476.76 - 5.05 0.00
Pictet-Emerging Markets-P USD $ 449.81 - 4.76 0.00
Pictet-Emerging Markets-P EUR F 359.84 - 1.89 0.00
Pictet-Emerging Markets-P dy USD F $ 445.18 - 4.70 0.00
Pictet-Emerging Markets Index-I USD F $ 215.46 - 0.98 0.00
Pictet-Emerging Markets Index-IS USD F $ 214.74 - 1.00 0.00
Pictet-Emerging Markets Index-P dy USD F $ 194.66 - 0.90 1.85
Pictet-Emerging Markets Index-R USD F $ 204.57 - 0.95 0.00
Pictet-Emerging Markets Index-P USD $ 210.86 - 0.96 0.00
Pictet-Emerging Markets Index-R dy GBP F 130.00 - 0.70 1.50
Pictet-EUR Bonds-HI CHF F SFr 605.91 - 0.05 0.00
Pictet-EUR Bonds-HP CHF F SFr 582.88 - 0.04 0.00
Pictet-EUR Bonds-I F 449.63 - 0.04 0.00
Pictet-EUR Bonds-P F 432.59 - 0.04 0.00
Pictet-EUR Bonds-P dy F 296.34 - 0.03 3.37
Pictet-EUR Corporate Bonds-HI USD F $ 192.16 - -0.10 0.00
Pictet-EUR Corporate Bonds-HI CHF FSFr 226.64 - -0.12 0.00
Pictet-EUR Corporate Bonds-HP USD F $ 183.87 - -0.09 0.00
Pictet-EUR Corporate Bonds-HP CHF FSFr 216.90 - -0.11 0.00
Pictet-EUR Corporate Bonds-I F 168.32 - -0.09 0.00
Pictet-EUR Corporate Bonds-P F 161.00 - -0.09 0.00
Pictet-EUR Corporate Bonds-P dy F 100.90 - -0.05 3.76
Pictet-EUR Government Bonds-P dy F 103.89 - 0.11 3.39
Pictet-EUR High Yield-HI CHF F SFr 244.03 - -0.41 0.00
Pictet-EUR High Yield-HP CHF F SFr 231.64 - -0.39 0.00
Pictet-EUR High Yield-I F 179.99 - -0.29 0.00
Pictet-EUR High Yield-P F 170.83 - -0.29 0.00
Pictet-EUR High Yield-P dy F 82.76 - -0.14 6.37
Pictet-EUR Inflation Linked Bonds-P dy F 105.79 - -0.01 1.37
Pictet-EUR Short Mid-Term Bonds-HI CHF FSFr 111.71 - 0.03 0.00
Pictet-EUR Short Mid-Term Bonds-HP CHF FSFr 109.64 - 0.02 0.00
Pictet-EUR Short Mid-Term Bonds-P F 125.64 - 0.04 0.00
Pictet-EUR Short Mid-Term Bonds-I F 127.82 - 0.04 0.00
Pictet-EUR Short Mid-Term Bonds-P dy F 89.64 - 0.02 3.40
Pictet-EUR Sov.Sht.Mon.Mkt EUR I 103.47 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR P 103.01 - 0.00 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR Pdy 100.31 - 0.00 0.17
Pictet-European Sust Eq-P EUR F 132.85 - -0.71 0.00
Pictet-Europe Index-I EUR F 102.30 - -1.95 0.00
Pictet-Europe Index-IS EUR F 102.23 - -2.50 0.00
Pictet-Europe Index-P EUR 101.20 - -1.93 0.00
Pictet-Europe Index-P dy EUR F 86.60 - -1.65 2.86
Pictet-Europe Index-R dy GBP F 73.43 - -1.54 2.79
Pictet-Euroland Index-P dy EUR F 63.20 - 0.32 3.77
Pictet-Euroland Index-R dy GBP F 54.35 - 0.17 3.63
Pictet-European Equity Selection-I EUR F 431.31 - -9.64 0.00
Pictet-European Equity Selection-P EUR F 411.43 - -9.22 0.00
Pictet-Eu Equities Sel-Pdyistr F 383.40 - -8.58 0.69
Pictet-Europe Index-R EUR F 98.22 - -2.40 0.00
Pictet-European Sust Eq-I EUR F 138.39 - -0.75 0.00
Pictet-European Sust Eq-Pdy EUR F 119.10 - -0.64 1.82
Pictet-Generics-I USD F $ 138.98 - 1.73 0.00
Pictet-Generics-P USD F $ 130.63 - 1.63 0.00
Pictet-Generics-P dy GBP F 84.46 - 0.39 0.00
Pictet-Generics-P dy USD F $ 130.59 - 1.63 0.00
Pictet-World Government Bonds-P USD $ 186.05 - -0.41 0.00
Pictet-World Government Bonds-P dy USD $ 143.35 - -0.32 2.45
Pictet-Global Emerging Debt-P USD F $ 293.26 - -0.93 0.00
Pictet-Global Emerging Debt-P dy USD F $ 172.07 - -0.54 5.10
Pictet-Global Emerging Currencies-I EUR F 84.03 - 0.32 0.00
Pictet-Global Emerging Currencies-I USD F $ 104.35 - 0.38 0.00
Pictet-Global Emerging Currencies-HI EUR F 65.82 - 0.24 0.00
Pictet-Global Emerging Currencies-HP EUR F 64.55 - 0.23 0.00
Pictet-Global Emerging Currencies-P EUR F 82.41 - 0.31 0.00
Pictet-Global Emerging Currencies-P USD F $ 102.31 - 0.37 0.00
Pictet-Global Em Ccy-Pdy USD F $ 94.61 - 0.34 2.86
Pictet-Global Emerging Debt-HP EUR F 209.68 - -0.65 0.00
Pictet-Global Emerging Debt-HP CHF FSFr 339.49 - -1.07 0.00
Pictet-Global Emerging Debt-HI EUR F 219.59 - -0.67 0.00
Pictet-Global Emerging Debt-HI CHF FSFr 357.99 - -1.12 0.00
Pictet-Global Emerging Debt-I USD F $ 309.16 - -0.96 0.00
Pictet-Global Megatrend Selection-I USD F $ 142.48 - 1.50 0.00
Pictet-Global Megatrend Selection-I EUR F 113.98 - 0.59 0.00
Pictet-Global Megatrend Selection-P USD F $ 138.25 - 1.46 0.00
Pictet-Global Megatrend Selection-P CHF FSFr 132.84 - 0.71 0.00
Pictet-Global Megatrend Selection-P EUR F 110.60 - 0.58 0.00
Pictet-Glo Megatrend Sel-Pdy EUR F 110.60 - 0.57 0.00
Pictet-Glo Megatrend Sel-Pdy GBP F 89.42 - 0.24 0.00
Pictet-Glo Megatrend Sel-Pdy USD F $ 138.25 - 1.46 0.00
Pictet-Global Megatrend Selection-R EUR F 107.08 - 0.56 0.00
Pictet-Global Megatrend Selection-R USD F $ 133.85 - 1.41 0.00
Pictet-Greater China-I USD F $ 344.37 - 4.01 0.00
Pictet-Greater China-P USD F $ 322.62 - 3.75 0.00
Pictet-Greater China-P dy USD F $ 313.19 - 3.64 0.27
Pictet-Greater China-P dy GBP F 201.88 - 0.77 0.27
Pictet-High Dividend Sel I EUR F 104.77 - 0.35 0.00
Pictet-High Dividend Sel P CHF F SFr 123.75 - 0.45 0.00
Pictet-High Dividend Sel P EUR F 103.03 - 0.34 0.00
Pictet-High Dividend Sel P USD F $ 128.42 - 0.10 0.00
Pictet-High Dividend Sel Pdm GBP F 77.48 - 0.11 4.31
Pictet-High Dividend Sel Pdm USD F $ 118.37 - 0.08 4.48
Pictet-High Dividend Sel Pdy EUR F 97.30 - 0.32 4.05
Pictet-High Dividend Sel R EUR F 101.68 - 0.33 0.00
Pictet-High Dividend Sel Rdm EUR F 93.67 - 0.31 4.16
Pictet-Indian Equities-I USD F $ 277.22 - 8.66 0.00
Pictet-Indian Equities-P USD F $ 260.05 - 8.12 0.00
Pictet-Indian Equities-P dy USD F $ 260.05 - 8.12 0.00
Pictet-Indian Equities-P dy GBP F 168.20 - 3.97 0.00
Pictet-Japan Index-I JPY F 7259.53 - 101.67 0.00
Pictet-Japan Index-IS JPY F 7320.90 - 102.21 0.00
Pictet-Japan Index-P JPY F 7180.06 - 100.54 0.00
Pictet-Japan Index-P dy JPY F 6680.83 - 93.55 1.85
Pictet-Japan Index-R dy GBP F 55.64 - -0.30 1.57
Pictet-Japanese Equities Opp-P JPY F 3962.63 - 59.54 0.00
Pictet-Japanese Equities Opp-I JPY F 4155.00 - 62.50 0.00
Pictet-Japanese Equities Opp-P dy JPY F 3930.33 - 59.06 0.00
Full fund performance data at
www.ft.com/funds
MANAGED FUNDS SERVICE
JUNE 7 2012 Section:Stats Time: 6/6/2012 - 19:02 User: watsonl Page Name: UT6 EUR, Part,Page,Edition: EUR, 22, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

23
Fund Bid Offer D+/- Yield
Pictet-Japanese Equity Selection-I JPY F 6587.16 - 105.06 0.00
Pictet-Japanese Equity Selection-P JPY F 6291.63 - 100.25 0.00
Pictet-Japanese Eq Sel-Pdy GBP F 50.90 - -0.17 0.39
Pictet-Japanese Eq Sel-Pdy JPY F 6207.44 - 98.91 0.40
Pictet-LATAM Lc Ccy Dbt-Pdy GBP F 71.24 - -0.08 6.80
Pictet-LATAM Lc Ccy Dbt-I EUR F 116.10 - -0.54 0.00
Pictet-LATAM Lc Ccy Dbt-I USD F $ 142.30 - -0.68 0.00
Pictet-LATAM Lc Ccy Dbt-P EUR F 112.81 - -0.53 0.00
Pictet-LATAM Lc Ccy Dbt-P USD F $ 138.26 - -0.66 0.00
Pictet-LATAM Lc Ccy Dbt-Pdy USD F $ 105.72 - -0.50 6.95
Pictet-LATAM Lc Ccy Dbt-R EUR F 109.99 - -0.52 0.00
Pictet-LATAM Lc Ccy Dbt-R USD F $ 134.85 - -0.65 0.00
Pictet-MENA-HP EUR F * 28.20 - -0.04 0.00
Pictet-MENA-I USD F * $ 46.74 - -0.07 0.00
Pictet-MENA-P USD F * $ 45.20 - -0.06 0.00
Pictet-MENA-P EUR F * 36.26 - 0.04 0.00
Pictet-MENA-Pdy USD F * $ 44.22 - -0.06 1.44
Pictet-Pacific Ex Japan Index-P USD F $ 276.75 - 4.33 0.00
Pictet-Pacific Ex Japan Index-I USD F $ 279.90 - 4.37 0.00
Pictet-Pacific Ex Japan Index-IS USD F $ 279.47 - 3.02 0.00
Pictet-Pacific Ex Japan Index-P dy USD F $ 226.94 - 3.55 4.08
Pictet-Pacific Ex Japan Index-R USD F $ 269.85 - 2.92 0.00
Pictet-Pacific Ex Japan Index-R dy GBP F 160.43 - 0.48 3.67
Pictet-Premium Brands-I EUR F 103.97 - 0.92 0.00
Pictet-Premium Brands-I USD F $ 129.96 - 1.84 0.00
Pictet-Premium Brands-P EUR 95.06 - 0.84 0.00
Pictet-Premium Brands-P USD F $ 118.81 - 1.68 0.00
Pictet-Premium Brands-P dy EUR F 95.00 - 0.84 0.00
Pictet-Premium Brands-P dy GBP F 76.81 - 0.49 0.00
Pictet-Russian Equities-P USD F $ 52.57 - -1.17 0.00
Pictet-Russian Equities-P dy GBP F 34.26 - -0.64 0.00
Pictet-Russian Equities-I EUR F 44.12 - -0.98 0.00
Pictet-Russian Equities-I USD F $ 54.55 - -1.21 0.00
Pictet-Russian Equities-P EUR F 42.52 - -0.94 0.00
Pictet-Russian Equities-P dy USD F $ 52.54 - -1.17 0.00
Pictet-Security-I EUR F 96.55 - 0.62 0.00
Pictet-Security-I USD F $ 120.69 - 1.42 0.00
Pictet-Security-P EUR F 92.13 - 0.59 0.00
Pictet-Security-P USD F $ 115.16 - 1.35 0.00
Pictet-Security-P dy USD F $ 115.16 - 1.35 0.00
Pictet-Security-P dy GBP F 74.48 - 0.29 0.00
Pictet-Security-R EUR F 88.58 - 0.56 0.00
Pictet-Security-R USD F $ 110.73 - 1.30 0.00
Pictet-Small Cap Europe-I EUR F 561.52 - -14.63 0.00
Pictet-Small Cap Europe-P EUR F 527.90 - -13.79 0.00
Pictet-Small Cap Europe-P dy EUR F 520.92 - -13.61 0.13
Pictet-ST.MoneyMkt-I 140.07 - 0.00 0.00
Pictet-ST.MoneyMkt-ICHF SFr 125.37 - 0.00 0.00
Pictet-ST.MoneyMkt-P 137.77 - 0.00 0.00
Pictet-ST.MoneyMkt-PCHF SFr 92.24 - 0.00 1.03
Pictet-ST.MoneyMkt-IUSD $ 133.89 - 0.00 0.00
Pictet-ST.MoneyMkt-PUSD $ 131.83 - 0.00 0.00
Pictet-ST.MoneyMkt-Pdy $ 84.59 - 0.00 0.58
Pictet-ST.MoneyMkt-Pdy 96.22 - 0.00 1.18
Pictet-Timber-HP EUR F 65.51 - 0.82 0.00
Pictet-Timber-I USD F $ 102.34 - 1.29 0.00
Pictet-Timber-I EUR F 81.87 - 0.59 0.00
Pictet-Timber-P USD F $ 99.22 - 1.24 0.00
Pictet-Timber-P EUR F 79.38 - 0.57 0.00
Pictet-Timber-P dy USD F $ 94.82 - 1.19 0.95
Pictet-Timber-P dy GBP F 61.33 - 0.29 0.93
Pictet-US Equity Growth Selection-I USD F $ 121.08 - 0.78 0.00
Pictet-US Equity Growth Selection-P USD F $ 116.62 - 0.75 0.00
Pictet-US Eq Gr Sel-Pdy USD F $ 116.62 - 0.76 0.00
Pictet-US Equity Growth Selection-R USD F $ 113.21 - 0.73 0.00
Pictet-US High Yield-HI CHF F SFr 124.25 - -0.26 0.00
Pictet-US High Yield-HI EUR F 83.53 - -0.17 0.00
Pictet-US High Yield-HP CHF F SFr 122.37 - -0.26 0.00
Pictet-US High Yield-HP EUR F 82.27 - -0.17 0.00
Pictet-US High Yield-I USD F $ 124.57 - -0.25 0.00
Pictet-US High Yield-P USD F $ 122.67 - -0.25 0.00
Pictet-US High Yield-P dy USD F $ 110.34 - -0.23 5.71
Pictet-US High Yield-R USD F $ 121.10 - -0.25 0.00
Pictet-USA Index-P USD $ 107.31 - 0.61 0.00
Pictet-USA Index-I USD F $ 108.55 - 0.62 0.00
Pictet-USA Index-IS USD F $ 109.49 - 0.63 0.00
Pictet-USA Index-P dy USD F $ 101.51 - 0.58 0.91
Pictet-USA Index-R USD F $ 104.71 - 0.59 0.00
Pictet-USA Index-R dy GBP F 66.78 - 0.43 0.66
Pictet-USD Government Bonds-I F $ 614.35 - -1.15 0.00
Pictet-USD Government Bonds-P F $ 593.44 - -1.12 0.00
Pictet-USD Government Bonds-P dy F $ 399.54 - -0.76 2.90
Pictet-USD Short Mid-Term Bonds-I F $ 127.40 - 0.01 0.00
Pictet-USD Short Mid-Term Bonds-P F $ 125.32 - 0.01 0.00
Pictet-USD Short Mid-Term Bonds-P dy F $ 98.44 - 0.00 1.73
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.26 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-P $ 101.88 - 0.00 0.00
Pictet-USD Sov.ST.Mon.Mkt-Pdy $ 100.35 - 0.00 0.02
Pictet-Water-HP USD F $ 206.58 - 0.52 0.00
Pictet-Water-HR USD F $ 192.01 - 0.47 0.00
Pictet-Water-I EUR F 173.60 - 0.43 0.00
Pictet-Water-I USD F $ 217.00 - 1.70 0.00
Pictet-Water-P EUR 158.90 - 0.39 0.00
Pictet-Water-P USD F $ 198.62 - 1.55 0.00
Pictet-Water-P dy EUR F 156.76 - 0.39 0.14
Pictet-Water-P dy GBP F 127.26 - 0.00 0.15
Pictet-Water-R USD F $ 184.62 - 1.43 0.00
Pictet-Water-R EUR 147.70 - 0.36 0.00
Pictet-World Government Bonds-I EUR F 154.33 - 0.05 0.00
Pictet-World Government Bonds-I USD F $ 191.76 - -0.42 0.00
Pimco Fds: Global Investors Series Plc (IRL)
PIMCO Europe Ltd, Nations House, 103 Wigmore St, London, W1U 1QS
http://gisnav.pimco-funds.com
Dealing: +353 1 241 7100
PIMCO Funds: +44 (0)20 7872 1316
FSA Recognised
CommoditiesPLUS111sp Strategy - Inst Acc $ 9.21 - 0.00 0.00
Diversified Income - Inst Acc $ 16.97 - 0.00 0.00
Emerging Local Bond - Inst Acc $ 13.28 - 0.06 0.00
Emerging Markets Bond - Inst Acc $ 35.39 - 0.15 0.00
Emerging Markets Corp.Bd Fund Inst Acc F $ 12.04 - 0.03 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.88 - 0.03 0.00
EuriborPLUS - Inv. Acc 11.46 - 0.00 0.00
Euro Bond - Inst Acc 18.22 - -0.03 0.00
Euro Credit - Inst Acc 12.45 - -0.02 0.00
Euro Income Bond - Inst Acc F 10.43 - -0.01 0.00
Euro Liquidity - Inst Dist 1.00 - 0.00 0.54
Euro Long Average Duration - Inst Acc 17.01 - -0.18 0.00
Euro Real Return - Inst Acc 11.74 - 0.00 0.00
Euro Ultra Long Duration - Inst Acc 25.21 - -0.09 0.00
FX Strategies - Inst Acc 10.88 - 0.00 0.00
Global Advantage - Inst Acc $ 12.47 - -0.01 0.00
Global Bond - Inst Acc $ 23.76 - -0.01 0.00
Global Bond Ex-US - Inst Acc $ 16.01 - -0.01 0.00
Global High Yield Bond - Inst Acc $ 16.10 - -0.03 0.00
Global Investment Grade Credit - Inst Income $ 11.82 - -0.01 4.14
Global Multi-Asset - Inst Acc $ 13.25 - 0.01 0.00
Global Real Return - Inst Acc $ 17.33 - 0.00 0.00
High Yield Bond - Inst Acc $ 22.55 - -0.05 0.00
Low Average Duration - Inst Acc $ 14.08 - -0.01 0.00
Fund Bid Offer D+/- Yield
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F 10.16 - 0.05 0.00
PIMCO EqS Pathfinder.Fd Inst Acc F $ 10.37 - 0.03 0.00
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 11.79 11.79 0.04 0.00
StocksPLUS{TM} - Inst Acc $ 13.26 - 0.12 0.00
Total Return Bond - Inst Acc $ 25.26 - -0.01 0.00
UK Corporate Bond - Inst Acc 13.71 - 0.05 0.00
UK Long Term Corp. Bnd Inst-Inst Acc 14.70 - 0.10 0.00
UK Sterling Inflation-Linked - Inst Acc 18.87 - 0.20 0.00
UK Sterling Long Average Duration - Inst Acc 18.62 - 0.31 0.00
UK Sterling Low Average Duration - Inst Acc 13.64 - 0.01 0.00
UK Total Return Bond - Inst Acc 13.53 - 0.10 0.00
Unconstrained Bond - Inst Acc $ 11.78 - -0.01 0.00
US Government Money Market - Inst Inc $ 1.00 - 0.00 0.05
Pioneer Alternative Inv Mgmt Ltd (IRL)
Regulated
Pioneer Long Short Europ Eqty EUR 1571.87 - -35.08 -
Pioneer Long Short Europ Eqty USD $ 1601.40 - -36.19 -
Pioneer Alternative Inv Mgt (BMU)
Other International Funds
Pioneer Horizon Fund $ 116.26 - -0.24 0.00
Pioneer AssetMaster $ 855.47 - -0.26 0.00
Pioneer Div Fund I EUR 102.14 - 0.03 -
Pioneer Div Fund I USD $ 102.00 - -0.23 -
The Meteor Opps I $ 133.92 - -0.27 0.00
The Meteor Opps I 134.68 - -0.29 0.00
Platinum Capital Management Ltd
Other International Funds
Platinum Global Dividend Fund - A (Est) $ 59.14 - - -
Platinum All Star Fund - A (Est) $ 96.77 - - -
Platinum Dynasty (Est) $ 96.45 - - -
Platinum Emancipation $ 109.27 - - -
Platinum Essential Resources $ 9.35 - 0.06 -
Platinum Low Volatility Fund SICAV (Est) $ 9.66 - - -
Platinum Nordic (Est) SKr 500.06 - - -
Platinum Maverick Enhanced (Est) $ 65.03 - - -
Platinum Gold Advantage (Est) 11.46 - - -
Platinum Global Dividend UCITS Fund $ 71.68 - -1.01 0.00
Polar Capital Funds Plc (IRL)
Regulated
Asian Financials Fund Cls A USD $ 219.83 219.83 -1.29 0.71
European Market Neutral Fund Cls I Euro 9.47 9.47 0.04 -
Financials Income Fund Cls B2 GBP Acc 1.07 1.07 0.00 0.00
Financial Opps I USD $ 8.11 - -0.16 0.00
GEM Growth I USD $ 8.63 - -0.12 0.00
GEM Income I USD $ 9.39 - -0.08 0.00
Global Insurance I GBP 2.28 - -0.03 -
Global Technology I USD $ 13.86 - -0.42 0.00
Healthcare Opps I USD $ 15.20 - -0.29 0.00
Japan I JPY 992.81 - 19.31 0.00
North American I USD $ 10.35 10.35 -0.26 -
UK ARF I GBP 9.39 - 0.08 0.00
Polar Capital LLP (CYM)
Regulated
ALVA Convertible A USD $ 107.98 - -0.29 0.00
European Market Neutral Fund A EUR 103.77 - -1.25 0.00
European Conviction A EUR 149.25 - 0.13 0.00
European Forager A EUR 147.97 - 1.07 0.00
Policy Selection Limited
Other International Funds
Assured USD A $ 118.83 - 0.12 0.00
Assured USD B $ 105.06 - -0.02 0.00
Assured USD C $ 113.19 - 0.09 0.00
Assured USD D $ 106.66 - 0.07 0.00
Assured F USD $ 72.48 - -0.02 0.00
Assured GBP B 93.42 - -1.30 0.00
Assured GBP C 88.46 - -1.18 0.00
Assured EUR D 78.31 - 0.57 0.00
Assured EUR B 71.99 - 0.45 0.00
Assured CHF E SFr 53.56 - 0.34 0.00
Polunin Capital Partners Ltd
Other International Funds
Developing Countries 'A' $ 29.41 - -1.69 0.00
Emerging Markets Active $ 26.93 - -0.38 -
Luxcellence Em Mkts Tech $ 611.97 - -44.58 0.00
Em Mkts Strategy Developing $ 637.38 - -14.27 0.00
Em Mkts Strategy Small Cap $ 919.56 - -48.50 0.00
Polunin Discovery Funds - Frontier Markets Fund $ 1042.38 - 9.39 -
Private Fund Mgrs (Guernsey) Ltd (GSY)
Regulated
Monument Growth 328.70 332.46 2.14 0.94
Prosperity Capital Management Ltd (CYM)
Regulated
RPF A Shares $ 193.92 - -2.76 0.00
RPF D $ 11.57 - -0.16 0.00
PQF A Shares $ 474.24 482.22 0.00 0.00
PQF B Shares $ 430.95 436.19 -6.76 0.00
PCF $ 367.96 373.49 -6.91 0.00
CAPF $ 8.60 - 0.20 0.00
Prusik Investment Management LLP (IRL)
Enquiries - 0207 493 1331
Regulated
Prusik Asian Equity Income B Dist $ 102.14 - 1.43 4.57
Prusik Asia A $ 146.14 - 2.30 0.00
Prusik Asian Smaller Cos A $ 129.73 - 2.24 0.00
Purisima Investment Fds (CI) Ltd (JER)
Regulated
PCG B 116.21 - 1.31 -
PCG C 114.82 - 1.30 -
Putnam Investments (Ireland) Ltd (IRL)
Regulated
Putnam New Flag Euro High Yield Plc - E 919.43 - -2.78 6.21
Putnam New Flag Euro High Yield Plc - M 835.52 - -2.55 5.48
R & H Fund Services (Jersey) Ltd (JER)
Regulated
The Global Growth Pfolio 1.44 1.51 0.09 0.00
The Equity Income Fund 0.91 0.97 -0.03 2.28
BDP Limited
Bond Fund GBP 9.40 - -0.01 5.99
Income Fund Sterling 2.90 - -0.02 9.00
The Discretionary Pfolio 11.43 - -0.40 1.30
RBC Offshore Fund Managers Limited (GSY)
Regulated
ARC Fund Ltd Class B $ 165.2452 - -0.4004 0.00
RBC Regent Strategy Fund Limited (JER)
Regulated
Asia Pacific Equity Class B $ 130.92 - -1.13 1.35
Canadian Equity Class B C$ 139.59 - -1.88 0.17
European Equity Class B 121.62 - -2.92 0.75
Intl Ex North America Equity Class B $ 97.61 - -1.77 2.75
UK Bond Class B 107.02 - -0.69 2.18
UK Equity Class B 139.28 - -2.94 1.24
Fund Bid Offer D+/- Yield
US Dollar Capital Growth Class $ 11.22 - -0.22 0.05
US Equity Class $ 109.29 - -2.82 0.00
.
For RMF Investment Management Funds see Man Investments
Robeco Asset Management (LUX)
Coolsingel 120, 3011 AG Rotterdam, The Netherlands.
tel (31)10 2242381 www.robeco.com
FSA Recognised
Asia-Pacific Equities (EUR) 85.69 - 1.66 0.00
Chinese Equities (EUR) 49.26 - 0.66 0.00
Em Stars Equities (EUR) 135.65 - -0.90 0.00
Emerging Markets Equities (EUR) 124.68 - -1.23 0.00
Flex-o-Rente (EUR) 109.79 - 0.01 0.00
Glob.Consumer Trends Equities (EUR) 84.63 - 1.13 0.00
High Yield Bonds (EUR) 100.69 - -0.08 0.00
Lux -O- Rente (EUR) 128.70 - -0.29 0.00
Natural Ress Equities (EUR) 85.27 - 1.15 0.00
New World Financials (EUR) 28.15 - 0.44 0.00
SAM Sust. Agrib.Eq. D 99.80 - 1.09 0.00
US Premium Equities (EUR) 107.65 - 1.19 0.00
US Premium Equities (USD) $ 119.41 - 1.34 0.00
Edmond de Rothschild Group
Other International Funds
Asian Capital Holdings A $ 99.75 - 0.51 0.25
Asian Capital Holdings B 71.95 - 0.36 0.23
European Capital Hldgs 212.48 - 0.09 0.00
Leveraged Cap Hldgs NV $ 243.35 - 4.93 0.00
Leveraged Cap Hldgs NV 182.01 - 0.46 0.00
Leveraged Cap Hldgs Gold $ 396.27 - 0.28 0.00
Trading Cap Hldgs NV $ 194.24 - 0.10 0.00
Trading Cap Hldgs NV 160.82 - 0.08 0.00
Royal Bank of Scotland (IRL)
RBS Asset Management (Dublin) Limited
Guild Hse, PO Box 4935 Guild St, IFSC Dublin 1 00 353 1 642 8400
FSA Recognised
RBSG Investment Programmes
RBSG Cont Eur Spec Equity Ser 3 76.31 - -0.63 0.63
RBSG UK Equity Index Programme Ser 3 21.06 - 0.00 3.55
RBSG UK Specialist Eqty Ser 3 15.12 - 0.00 1.10
RBSG UK Sovereign Bond Index Prog Ser 3 14.93 - 0.01 3.25
RBSG Contl Eurp Eqty Index Prog Ser 3 233.27 - 0.06 2.93
RBSG Japan Specialist Equity Prog Ser 3 3087.00 - 44.00 0.80
RBSG US Equity Index Programme Ser 3 $ 44.72 - 0.25 0.96
RBSG Pacific Basin Eqty Ser 3 $ 45.70 - 0.73 1.64
RBSG Emerging Markets Ser 3 $ 29.85 - 0.44 1.50
RBSG Global Investment Grade Bond GBP Series 6 119.94 - -0.09 3.10
RBSG Global Investment Grade Programme GBP S3 110.49 - -0.08 3.13
RBSG UK Sovereign Bond Index Programme Series 6 11.58 - 0.00 3.22
Absolute Rtn Multi Asset Prog SER 3 GBP 9.76 - -0.05 -
** 30 day average yield
Royal London Asset Mgmt (Ireland) Ltd (IRL)
PO Box 9428, Dublin 1, Ireland 08456 040404
FSA Recognised
Royal London Asset Management Bond Funds PLC
Sterling Extra Yield Bond A 0.98 - 0.00 8.13
Sterling Extra Yld Bd B 0.97 - 0.00 7.80
Russell Investment Company Plc (IRL)
Russell Investment Group 10 Regent St Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Cont Eur Eq B 18.26 - -0.04 0.00
Cont Eur Eq F F 985.14 - -2.40 0.00
Cont Eur Eq SH I F 72.84 - -0.16 0.00
Cont Eur Eq A 20.92 - -0.05 0.00
Emerg Mkts Eq B $ 18.34 - -0.11 0.00
Global Bond B $ 20.17 - -0.01 0.00
Japan Equity B 725.60 - -1.50 0.00
Pacific Basin B $ 19.05 - -0.27 0.00
UK Index Linked I 18.70 - 0.02 0.00
US Bond B F $ 16.65 - -0.05 0.00
US Equity B $ 9.71 - 0.06 0.00
US Equity EH A F 102.48 - 0.70 0.00
World Equity II B F $ 8.37 - 0.05 0.00
RIC - OMIGSA
Acadian Emerging Markets Eq Ucits A 18.53 - -0.18 0.00
Acadian European Eq Ucits I 7.46 - -0.05 2.10
Acadian Gbl Eq Ucits A 9.03 - -0.04 0.00
Global Aggreg.Bd Fd $ 17.77 - 0.00 0.33
Global Bond B F $ 18.47 - -0.05 0.21
Global Credit Fund A F $ 12.30 - 0.01 0.38
Global Currency Fd A $ 11.74 - 0.04 0.15
US Growth Equity A F $ 14.38 - 0.11 0.03
Value Global Equity F $ 18.20 - 0.07 0.00
Emerg Markets EQ Ucits B $ 8.49 - -0.06 0.00
Russell Investment Company II PLC (IRL)
Russell Investment Group, 10 Regent St, Ldn SW1Y 4PE 020 7024 6000
FSA Recognised
Euro Fixed Inc I ACC F 19.60 - 0.11 0.00
Pan European Eq I F 12.65 - 0.03 0.00
UK Equity Plus B F 106.49 - 0.09 0.00
US Growth I Acc F 10.54 - 0.07 0.00
US Quant B F $ 12.66 - 0.07 0.00
World Equity B $ 14.18 - 0.08 0.00
World Equity I F 16.57 - 0.04 0.00
World Equity SH-B F 98.19 - 0.37 0.00
Russell Multi-Manager Fds Plc (IRL)
Regulated
GBL 35 Multi MNGR A $ 130.22 - 0.00 0.00
GBL 35 Multi MNGR B $ 127.16 - 0.00 0.00
GBL 50 Multi MNGR A $ 129.53 - 0.22 0.00
GBL 50 Multi MNGR B $ 124.95 - 0.21 0.00
GBL 70 Multi MNGR A $ 125.36 - 0.19 0.00
GBL 70 Multi MNGR B $ 120.02 - 0.19 0.00
GBL 90 Multi MNGR A $ 110.16 - 0.27 0.00
GBL 90 Multi MNGR B $ 113.01 - 0.28 0.00
GBL Defensive A $ 109.69 - -0.06 0.00
SVG Investment Managers Limited
Other International
SVG UK Focus Fd Cls I 15.62 15.62 -0.17 2.77
SVG UK Focus Fd Cls A 15.22 15.22 -0.16 2.26
SVG European Focus Fd Cls A 5.11 5.11 0.00 1.85
SVG European Focus Fd Cls R 5.11 5.11 0.00 1.06
SW Mitchell Capital LLP (CYM)
Regulated
S W Mitchell Class A Shares Euro 228.06 - -5.17 0.00
S W Mitchell Class B Shares USD $ 225.87 - -4.96 0.00
Sabre Fund Management Limited
46-48 Grosvenor Gardens, London SW1W 0EB
Other International Funds
Sabre Style Arbitrage Fund Limited - USD $ 181.60 - 1.11 -
Sabre Style Arbitrage Fund Limited - Euro 178.08 - 1.12 -
SAM (LUX)
Tel. +41 44 653 10 10 www.sam-group.com
Regulated
SAM Smart Energy Fund GBP/A 12.87 - 0.08 0.76
SAM Smart Materials Fund GBP/A 99.06 - 1.04 0.44
Fund Bid Offer D+/- Yield
SAM Sust. Climate Fund GBP/A 55.33 - 0.53 0.62
SAM Sust. Global Active Fd EUR/B 108.80 - 0.79 0.00
SAM Sust. Healthy Liv Fd EUR/B 100.83 - 0.74 0.00
SAM Sust. Water Fund GBP/A 112.56 - 0.69 0.61
Schroder Property Managers (Jersey) Ltd
Other International Funds
Indirect Real Estate SIRE 104.01 108.30 0.00 3.40
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
PO Box 255, St Peter Port, Guernsey 01481 745 001
FSA Recognised
Offshore Cash 1.7862600 1.7862600 0.0000500 0.00
Offshore Cash B F 1.7979300 1.7979300 0.0000700 0.00
Schroder Inv Mgmt (Guernsey) Ltd (GSY)
Regulated
Emerging Markets $ 32.949 33.238 -0.426 0.00
Institutional Developing Markets Fund A $ 25.336 25.572 -0.343 0.00
Institutional Developing Markets Fund B $ 25.300 25.536 -0.344 0.00
SEB Asset Management S.A. (LUX)
www.seb.se +352 26 68 2595
Regulated
SEB Ethical Europe Fund 1.94 1.96 0.04 0.00
SEB Europe Fund 2.86 2.89 0.06 0.00
SEB European Equity Small Cap 121.43 122.64 0.24 1.03
SEB Asset Selection Fund EUR 13.86 14.55 -0.16 0.00
SEB Russia Fund 8.79 8.88 0.23 0.00
SEB Eastern Europe ex Russia 2.25 2.28 0.01 0.00
SEB Eastern Europe Small Cap Fund 2.32 2.34 0.02 0.00
SEB Key Hedge Fund (Est) 100.51 - -0.79 0.00
SEB Key Europe Equity L/S (Est) 92.28 - -1.39 0.00
SEB Key Select C 9.65 9.74 -0.01 0.00
SEB Key Select I 9.85 9.85 -0.01 0.00
SEB Nordic Fund 5.72 5.78 0.08 0.00
SIA (SIA Funds AG) (LUX)
Regulated
LTIF Alpha 138.54 - 0.60 0.00
LTIF Classic 220.30 - 2.02 0.00
LTIF Em.Mkt Value 75.24 - 0.62 0.00
LTIF Natural Resources 85.03 - 1.81 0.00
SIA (SIA Funds AG) (CH)
Other International Fds
LTIF Stability Growth SFr 183.30 - -2.50 0.00
LTIF Stability Inc Plus SFr 183.30 - -2.50 -
SKAGEN Funds (NOR)
PO Box 160, 4001 Stavanger, Norway
Tel (47) 51 21 38 58 www.skagenfunds.com
FSA Recognised
SKAGEN Global 98.93 - 1.97 0.00
SKAGEN Kon-Tiki 63.99 - 1.24 0.00
SKAGEN Vekst 158.96 - 3.00 0.00
SKAGEN Tellus 14.16 - 0.03 0.00
Sloane Robinson LLP (CYM)
Regulated
S.R. Global Fund Inc.
B-Asia $ 564.94 - -7.88 0.00
C-International $ 369.38 - -3.17 -
G1 Emerging Mkts $ 1018.77 - -25.69 0.00
H - Japan $ 75.39 - -1.40 0.00
SR Phoenicia Inc
Phoenicia A $ 359.32 - -5.48 -
Smith & Williamson Investment Fds (IRL)
12/13 Exchange Place, IFSC, Dublin 1 00 353 1 612 6476
FSA Recognised
MM Cautious Growth Fund F 14.73 - 0.02 0.00
Cash Fund F 1.00 - 0.00 0.60
Short Dated Corporate Bond F 1.06 - 0.00 3.59
Boulder Investment F 1.57 - 0.00 0.00
Enterprise A F 148.59 - 0.30 0.00
Smith & Williamson Investment Mgmt Ltd (BMU)
Regulated
Bermuda Capital Co Ltd $ 272.17 - 1.77 0.00
Mid Ocean World Inv $ 413.99 - 2.12 0.00
Pancurri Investment Ltd (Est) $ 1051.93 - 1.57 0.00
Spinnaker Capital Group
Other International Funds
Global Emg Markets Ser K1 (Est) $ 98.34 - 1.11 0.00
Global Opportunity Ser K1 (Est) $ 94.24 - 0.50 0.00
State Street Global Advisors Ltd Fds (IRL)
20 Churchill Place, London E14 5HJ
Marketing: +44(0)20 3395 6000, Dealing: 00353 1 242 5401
FSA Recognised
State Street Global Advisors Liquidity Plc
USD Liquidity $ 1.00 - 0.00 0.20
GBP Liquidity 1.00 - 0.00 0.55
EUR Liquidity 1.00 - 0.00 0.18
State Street Global Advisors Fixed Income plc
Abs. Ret. Global Bd II Cls B $ 10.50 - 0.00 0.00
Abs. Ret. Global Bd II Cls I F $ 9.84 - 0.00 0.00
World Brd Inv. Grd. Bd SGD S$ 12.27 - 0.05 0.00
World Brd Inv. Grd. Bd Cls B F $ 12.18 - 0.05 0.00
EMU Govt Bd Cls B 14.28 - 0.10 0.00
EMU Govt Bd Cls I 14.15 - 0.09 0.00
EMU Govt Long Bd II Cls I 13.69 - 0.20 0.00
Euro Brd Inv. Grd Bd Cls B 11.84 - 0.00 -
Euro Brd Inv. Grade Bd Cls I 12.52 - -0.01 0.00
Euro Corp Bd Cls B 13.52 - 0.00 -
Euro Inflation Link Bd Cls I 11.15 - 0.07 0.00
Euro Corp Bd Cls I 14.61 - 0.00 0.00
Gbl. Inflation Link Bd Cls I F $ 12.32 - 0.03 0.00
UK Govt Bd Cls B 18.15 - 0.14 0.00
UK Govt Bd Cls I 18.02 - 0.14 0.00
US Corp Bd Cls I $ 15.91 - -0.10 0.00
US Govt Bd Cls B $ 16.19 - -0.06 0.00
US Govt Bd Cls I $ 16.08 - -0.06 0.00
World Brd Inv. Grd. Bd Cls I $ 16.67 - 0.07 0.00
World Govt Bd Index Cls B $ 16.14 - 0.08 0.00
World Govt Bd Index Cls I $ 16.01 - 0.08 0.00
Stenham Asset Management Inc
Other International Funds
Stenham Universal USD $ 383.98 - -1.62 0.00
Stenham Universal EUR 121.04 - -0.53 0.00
Stenham Universal GBP 132.05 - -0.51 0.00
Stenham Universal II USD $ 144.63 - -0.72 0.00
Stenham Universal II GBP 141.61 - -0.65 -
Stenham Universal II EUR 125.71 - -0.65 0.00
Stenham Growth USD $ 172.77 - -0.41 -
Stenham Trading Port. $ 4747.03 - -68.97 -
Stenham Quadrant USD A $ 372.68 - -5.61 -
Stenham Quadrant USD B (Est) $ 367.01 - 5.25 -
Stenham Asia EUR 90.73 - -1.11 -
Stenham Asia GBP 92.69 - -1.09 -
Stenham Asia USD $ 115.84 - -1.39 -
Stenham Gold USD $ 291.40 - -5.03 -
Stenham Multi Strategy EUR 101.24 - -0.62 -
Stenham Multi Strategy GBP 104.58 - -0.58 -
Fund Bid Offer D+/- Yield
Stenham Multi Strategy USD $ 105.43 - -0.62 -
Stenham Global Resources EUR 103.05 - -1.64 -
Stenham Global Resources GBP 107.85 - -1.62 -
Stenham Global Resources USD $ 109.18 - -1.70 -
Stenham Managed Fund EUR 95.76 - -0.92 -
Stenham Managed Fund GBP 99.48 - -0.90 -
Stenham Managed Fund USD $ 99.76 - -0.93 -
Stratton Street Capital (CI) Limited (GSY)
Regulated
Wonda Bond & Currency Fund (USD) $ 111.67 - 7.24 0.00
Wonda Bond & Currency Fund (JPY) 10550.50 - -715.25 0.00
Fine Wine Geared Fund 0.61 - -0.06 0.00
Japanese Synthetic Warrant 74.24 - -5.04 -
Japan Synthetic Warrant Fund USD Class $ 1.22 - -0.08 -
Asia Synthetic Warrant Fund $ 3.98 - -1.62 0.00
Renminbi Bond Fund CHF Cls A SFr 102.98 - 0.18 -
Renminbi Bond Fund CHF Cls B SFr 102.90 - 0.17 -
Renminbi Bond Fund CNH Cls A CNH 103.13 - 0.23 -
Renminbi Bond Fund CNH Cls B CNH 103.04 - 0.22 -
Renminbi Bond Fund Euro Cls B 102.95 - 0.21 -
Renminbi Bond Fund GBP Cls B 103.04 - 0.20 -
Renminbi Bond Fund SGD Cls B S$ 103.01 - 0.21 -
Renminbi Bond Fund USD Cls B $ 103.05 - 0.23 -
Renminbi Bond Fund YEN Cls B 10312.27 - 23.32 -
Renminbi Bond Fund USD Class $ 142.39 - 0.32 -
Renminbi Bond Fund GBP Class 137.59 - 0.27 -
Renminbi Bond Fund SGD Class S$ 136.76 - 0.30 -
Renminbi Bond Fund YEN Class 15175.00 - 35.00 -
Renminbi Bond Fund EUR Class 94.95 - 0.20 -
Poland Geared Growth 0.79 - 0.04 0.00
E. I. Sturdza Strategic Management Limited(GSY)
Regulated
Nippon Growth Fund Limited 50316.00 - -264.00 0.00
Strat Blue Star Resources Fd EUR 979.09 - 28.31 0.00
Strat Blue Star Resources Fd USD $ 1192.45 - 33.42 0.00
Strat Evarich Japan Fd Ltd JPY 51544.00 - -1246.00 0.00
Strat Evarich Japan Fd Ltd USD $ 517.34 - -13.16 0.00
Strat Fd Ltd Gbl Opps Fd USD $ 3008.45 - -59.99 0.00
Strat Fd Ltd Gbl Opps Fd EUR 2272.32 - -24.07 0.00
Strat Global Innovation fd Ltd EUR 1130.61 - -6.70 0.00
Strat Global Innovation fd Ltd USD $ 1157.12 - -6.92 0.00
Strategic US Growth Fund USD Class $ 528.48 - -7.07 -
E.I. Sturdza Funds PLC (IRL)
Regulated
Strategic China Panda Fund USD $ 1659.78 - -15.85 0.00
Strategic China Panda Fund Hedged EURO 1632.01 - -15.55 0.00
Strategic China Panda Fund Hedged Sterling 1573.90 - -15.06 0.00
Nippon Growth (UCITS) Fund JPY Class A shares 50747.00 - -403.00 0.00
Nippon Growth (UCITS) Fund JPY Class C Dis shares 41427.00 - -329.00 0.00
Nippon Growth (UCITS) Fund JPY Class B Acc shares 42784.00 - -340.00 0.00
Strategic Euro Bond Fund Distributing Class Shares 1053.05 - -0.78 0.55
Strategic Euro Bond Fund Accumulating Class Shares 1102.85 - -0.81 0.00
Strategic Emerging Europe Fund Hedged Euro Class 870.79 - -6.60 0.00
Strategic Emerging Europe Fund USD Class $ 878.06 - -6.67 0.00
Strategic Europe Value Euro Class 101.75 - -1.83 0.00
TT International (CYM)
Regulated
TT European Long/Short Feeder SP Class A 105.13 - 1.22 -
TT European Long/Short Feeder SP Class B $ 104.66 - 1.19 0.00
TT European Long/Short Feeder SP Class C 103.51 - 2.71 -
TT Equity Macro Fund Europe Feeder SP Class A 93.70 - -0.53 0.00
TT Equity Macro Fund Europe Feeder SP Class B $ 88.15 - -2.63 0.00
TT Equity Macro Fund EUR Feeder SP Class C 89.15 - -2.58 0.00
TT Financials Long/Short Fd A $ 145.51 - -0.73 -
TT Financials Long/Short Fd B 144.55 - -0.71 0.00
TT Financials Long Short Fund Ltd Class F 92.17 - -0.41 0.00
TT International Fund Feeder Segregated Portfolio Class A 89.15 - -0.96 0.00
TT International Fund Feeder Segregated Portfolio Class B $ 91.47 - -1.06 -
TT Mid-Cap Eurp Long/Short Fd Ltd A 286.12 - 0.16 0.00
TT Mid-Cap Eurp Long/Short Fd Ltd B $ 230.29 - 0.15 0.00
TT Mid -Cap Europe Long / Short Fund Ltd Class C 108.93 - 0.07 0.00
TT International (IRL)
Regulated
TT European Eqty Fd Class A 10.42 - -0.21 8.65
TT UK Equity Fd 15.46 - -0.24 2.98
TT Europe Ex-UK Equity Fd 16.05 - -0.34 1.31
Eurozone Equity Fund 7.80 - -0.22 1.08
TT International Asia Pacific Equity Fund - Class A $ 10.48 - -0.07 1.66
TT International Emerging Markets Equity Fund $ 7.85 - -0.10 0.97
Tarchon Capital Management (CYM)
Regulated
Tarchon Multistrategy (A2) 130.57 - 0.05 0.00
Tarchon MS (2x) (A4X) 125.41 - -0.12 0.00
Tarchon MS (2x) (A4W) 106.86 - -0.08 0.00
Tarchon Asia 96.28 - -0.63 0.00
Tarchon Equity EUR 149.14 - -0.56 0.00
The Hartford International Funds (IRL)
Regulated
Gbl Govt Bond (Ex Japan) Index (GBP) 1541.74 - -1.75 0.00
UK Corporate Bond 1249.42 - -8.33 0.00
Gilt 1461.80 - -11.79 0.00
Global Eq (Ex Japan) Index Fund 0.85 - 0.00 0.00
Global Eq (ex Japan) Class HJ4 0.88 - 0.00 0.00
Global Eq (ex Japan) Class JP5 0.65 - 0.01 0.00
Global Eq Ex Japan Index Fund (Hedge) 0.59 - 0.01 0.00
Gbl Govt Bond (Ex Japan) Index 0.83 - 0.00 0.00
Gbl Govt Bond (ex Japan) Class JP4 0.82 - 0.00 0.00
Japan Equity Index Fund 0.47 - 0.01 0.00
Japan Equity Class JP3 0.57 - 0.01 0.00
The National Investor (TNI)
www.tni.ae
Other International Funds
UAE Blue Chip Fund AED 4.72 - 0.01 0.00
TNI Funds Ltd (BMU)
MENA Special Sits Fund $ 1017.09 - 1.24 0.00
TNI Funds Plc (Ireland)
MENA UCITS Fund $ 1009.17 - -0.26 0.00
The Nile Growth Company (LUX)
Regulated
Nile Growth Fd A dis $ 24.44 - -0.68 0.00
Traditional Funds (IRL)
State Street International (Ireland) Limited. No. 78 Sir John Rogerson?s Quay, Dublin 2, Ireland
Phone:+353 1 242 5529 Fax:+353 1 438 9528 Email:TRCInvestorServices@statestreet.com
FSA Recognised
BSI Bond Opportunity Fund Eur Acc 9.90 - -0.05 0.00
BSI Bond Opportuinty Fund USD Acc $ 9.87 - -0.05 0.00
BSI Bond Opportunity Fund CHF AccSFr 9.64 - -0.05 0.00
Credit Select A EUR Dis 9.99 - -0.07 2.18
Credit Select A EUR Acc 10.64 - -0.04 0.00
European Absolute Return Fund Class A Old Euro Acc 19.83 - -0.23 0.00
European Absolute Return Cls A New Euro Acc 10.80 - -0.12 0.00
High Income USD Dis $ 9.22 - -0.07 8.25
High Income Cls A New USD Dis $ 7.01 - -0.05 8.36
High Income Cls A New USD Acc $ 10.22 - -0.07 0.00
Global Bd () GBP Dis 13.67 - -0.01 0.59
Fund Bid Offer D+/- Yield
Global Bd () GBP Acc 15.88 - 0.00 0.00
Global Bd () Acc 14.50 - -0.03 0.00
Global Bd () Dis 12.76 - -0.03 0.65
Global Bd ($) Acc $ 11.91 - -0.03 0.00
Global Bd ($) Dis $ 10.45 - -0.02 0.45
Global Credit A EUR Dis 9.52 - -0.06 2.13
Global Credit A EUR Acc 10.34 - -0.07 0.00
Real Estate Securities Cls A GBP Acc 10.35 - -0.06 0.00
Real Estate Securities Cls A GBP Dist 10.01 - -0.06 1.89
Water & Agriculture Abs Rtn USD Acc $ 11.55 - -0.04 0.00
Water & Agriculture Abs Rtn USD Dis $ 10.21 - -0.03 0.00
Emerging Asia B USD Acc $ 7.56 - -0.13 0.00
Emerging Asia B USD Dis $ 7.55 - -0.12 0.00
Global Emerging Markets USD Acc $ 12.40 - -0.22 0.00
Global Emerging Markets USD Dist $ 39.50 - -0.71 0.25
Global High Yield A Euro Acc 10.10 - -0.13 0.00
Global High Yield A Euro Dis 9.89 - -0.12 0.49
Global Emerging Mkt Abs Rtn A USD Acc $ 8.55 - -0.06 -
Global Emerging Mkt Abs Rtn B USD Acc $ 8.61 - -0.06 -
Thames River Capital
Northern Trust International Fund Administration Services (Ireland) Ltd,
Georges Court 54-62 Townsend Street, Dublin 2, Ireland
Phone +353 (0)1 434 5059
Fax +353 (0)1 670 1185
thameshedge@ntrs.com
Other International Funds
Hillside Apex Cls A $ 1281.06 - 5.07 0.00
Hillside Apex Cls B 659.19 - -0.71 0.00
Hillside Apex Cls C 610.52 - 5.67 0.00
Hillside Apex Cls D 379.65 - 3.83 0.00
Warrior Cls A (Final) $ 2418.82 - -22.66 -
Warrior Cls B (Final) 1746.50 - -17.22 -
Warrior Cls C (Final) 1931.39 - -17.52 -
Warrior Cls F (Final) $ 1006.97 - -9.41 -
Warrior Cls G (Final) 993.32 - -9.81 -
Warrior Cls H (Final) 999.83 - -8.06 -
Warrior Cls I (Final) NKr 10183.36 - -83.58 0.00
Warrior II Class A (Final) $ 1202.90 - -11.22 0.00
Warrior II Class B (Final) 1176.96 - -11.71 0.00
Warrior II Class C (Final) 1203.53 - -11.03 0.00
Warrior II Class D (Final) NKr 103818.28 - -849.25 0.00
Warrior II Class F (Final) $ 945.24 - -8.79 -
Warrior II Class G (Final) 930.68 - -9.27 -
Warrior II Class H (Final) 936.88 - -7.50 -
Warrior II Class I (Final) NKr 97212.43 - -796.59 0.00
Sentinel Cls A (Final) $ 1745.46 - -0.95 0.00
Sentinel Cls B (Final) 1102.29 - -0.80 0.00
Sentinel Cls C (Final) 1412.19 - -0.22 0.00
Longstone Cls A 1339.58 - -19.78 0.00
Longstone Cls B $ 1316.07 - -18.99 0.00
Longstone Cls C 1350.98 - -18.79 0.00
Property Growth & Inc Cls A GBP Inc 10.31 - -0.03 4.79
Property Growth & Inc Cls A GBP Acc 13.49 - -0.04 0.00
Property Growth & Inc Cls B EUR Inc 9.88 - -0.02 4.80
Property Growth & Inc Cls B EUR Acc 12.94 - -0.03 0.00
Property Growth & Inc Cls C NOK IncNKr 70.56 - -0.17 4.77
Property Growth & Inc Cls D Aus AccA$ 20.32 - -0.05 0.00
Property Growth & Inc Cls D Aus IncA$ 16.49 - 0.12 4.31
Africa Focus Class A USD (Final) $ 1037.12 - 15.84 0.00
Isis Cls A $ 8195.53 - -305.83 0.00
Isis Cls B 2793.66 - -106.87 0.00
Isis Cls C 958.08 - -35.62 0.00
Isis Cls D NKr 11877.80 - -434.20 0.00
Tilney Asset Management Intl Ltd (GSY)
Other International Funds
The Glanmore Property Fund
NAV (Susp) 12.25 - -0.19 2.20
B Share NAV (Susp) 12.25 - -0.19 2.20
The Glanmore Property Dollar Fund
NAV (Susp) $ 3.14 - -0.04 0.00
B Share NAV (Susp) $ 5.12 - -0.08 0.00
The Glanmore Property Euro Fund Limited
NAV (Susp) 2.85 - -0.04 0.00
B Share NAV (Susp) 5.24 - -0.09 0.00
Tilney Asset Management Intl Ltd
Other International Funds
The Glanmore Property Accumulation Fund Limited
NAV 2.06 - -0.03 0.00
B Share NAV 5.33 - -0.08 0.00
Toscafund (CYM)
Regulated
Tosca $ 197.97 - 3.83 0.00
Tosca Mid Cap GBP 125.99 - -1.84 0.00
Tosca Opportunity B USD $ 182.56 - -0.65 0.00
TreeTop Asset Management S.A. (LUX)
Regulated
TreeTop Convertible Sicav
International A 198.37 - -0.18 0.00
International B $ 256.00 - -0.21 0.00
International C 87.85 - -0.05 8.40
Pacific A 235.94 - 0.68 0.00
Pacific B $ 297.90 - 0.72 0.00
TreeTop Global Sicav
Global Opp.A 91.25 - -0.09 0.00
Global Opp.B $ 93.74 - 0.22 0.00
Global Opp.C 119.61 - -0.05 0.00
Sequoia Equity A 82.50 - -0.17 0.00
Sequoia Equity B $ 84.50 - 0.09 0.00
Sequoia Equity C 99.91 - -0.18 0.00
Sequoia Pacific Equity A 56.19 - 0.40 0.00
Sequoia Pacific Equity B $ 59.41 - 0.35 0.00
Sequoia Pacific Equity C 75.99 - 0.22 0.00
Global Spec. Sit. A 68.94 - 0.01 0.00
Global Spec. Sit. B $ 63.60 - -0.87 0.00
UBS AG (LUX)
291, Route d'Arion P 91, L-2010 Luxembourg
www.ubs.com/funds
FSA Recognised
UBS (CH) Equity Fund - Gold (USD) P $ 509.21 - 5.89 0.00
UBS (CH) Equity Fund - Energy (USD) P $ 262.58 - 3.18 0.16
UBS Global Emerging Market Value Focus P USD $ 94.75 - -0.52 0.00
UBS (Lux) Bond Fund - Convert Europe P-acc 118.02 - 0.14 0.00
UBS (Lux) Bond Fund - Euro High Yield P-acc 132.46 - 1.47 0.00
UBS (Lux) Bond Fund - Full Cycle Asian Bond (USD) P-acc $ 112.43 - -0.11 0.00
UBS (Lux) Bond SICAV - Asian Local Currency Bond (USD) P-acc $ 98.23 - -0.07 0.00
UBS (Lux) Bond SICAV - Convert Global (EUR) P-acc 9.76 - 0.03 0.00
UBS (Lux) Bond SICAV - Short Duration High Yield (USD) P-acc $ 103.97 - -0.09 0.00
UBS (Lux) Bond SICAV - USD High Yield P-acc $ 210.25 - -0.49 0.00
UBS (Lux) Emerging Economies Fund - Global Bonds (USD) P-acc $ 1666.61 - 10.45 0.00
UBS (Lux) Emerging Economies Fund - Global Short Term (USD) P-acc $ 2765.69 - 7.40 0.00
Fund Bid Offer D+/- Yield
UBS (Lux) Equity Fund - Asian Consumption (USD) P-acc $ 93.61 - 1.94 0.00
UBS (Lux) Equity Fund - Greater China (USD) P-acc $ 164.82 - 2.06 0.00
UBS (Lux) Equity Fund - Health Care (USD) P-acc $ 119.48 - 0.45 0.00
UBS (Lux) Equity SICAV - Russia (USD) P-acc $ 89.12 - -2.06 0.00
UBS (Lux) Equity SICAV - USA Growth (USD) P-acc $ 15.89 - 0.13 0.00
UBS (Lux) Key Selection SICAV - Global Allocation Focus Europe (EUR) P-acc 8.95 - 0.04 0.00
UBS (Lux) SICAV 1 - All Rounder (USD) P-acc $ 131.76 - 0.16 0.00
Pls contact your adviser for funds in other currencies or for add.
UOB Global Strategies Funds Plc (IRL)
Regulated
UOB Asian Equity $ 176.06 - -2.78 0.00
UOB Greater China $ 189.11 - -4.37 0.00
UOB Paradigm Fund Class A (Eur) 129.07 - 0.77 0.00
UOB Paradigm Fund Class B (USD) $ 161.46 - 1.03 0.00
UOB Paradigm Fund Class C $ 104.07 - 0.66 0.00
UOB Paradigm Fund Class D $ 101.71 - 0.64 0.00
UOB US Equity Fund $ 139.34 - 1.08 0.00
UOB Global Opportunities Fund $ 99.06 - 0.82 0.00
UOB Strategic Allocation Fund USD $ 100.09 - 0.01 0.00
Unicapital Investments (LUX)
Regulated
Investments II 71.93 - -19.64 0.00
Investments III 178.18 - -3.14 0.00
Investments IV - European Private Eq. 470.87 494.42 -0.98 -
Investments IV - Global Private Eq. 716.16 751.97 -10.17 -
Valartis Asset Management S.A. (LUX)
Regulated
MC Russian Market Fd A $ 84.90 - -2.71 0.00
MC Russian Market Fd B $ 16.56 - -0.52 0.00
Value Partners Hong Kong Limited (IRL)
www.valuepartners.com.hk / vpl@vp.com.hk
Regulated
VP Absolute Greater China Classic Fund $ 9.81 - 0.05 -
Veritas Asset Management (UK) Limited (IRL)
HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Veritas Funds Plc
www.veritas-asset.com
+353 1 635 6799
FSA Recognised
Institutional
Veritas Asian Fund A USD H $ 209.80 - 0.46 0.80
Veritas Asian Fund A GBP H 253.64 - -2.16 0.75
Veritas Asian Fund A EUR H 195.49 - -2.24 0.60
Veritas China Fund A USD $ 98.31 - 0.09 0.22
Veritas China Fund A GBP 99.00 - 0.12 0.14
Veritas China Fund A EUR 97.76 - 0.10 0.30
Veritas Global Focus Fund A GBP 19.35 - -0.18 1.94
Veritas Global Focus Fund A EUR 8.59 - -0.10 71.99
Veritas Global Focus Fund A USD $ 17.63 - 0.03 1.96
Veritas Global Focus Fund C GBP 19.76 - -0.18 0.00
Veritas Global Focus Fund C EUR 14.59 - -0.18 0.00
Veritas Global Focus Fund C USD $ 18.07 - 0.02 0.00
Veritas Global Equity Income Fund A GBP 138.58 - -0.06 4.81
Veritas Global Equity Income Fund A EUR 173.50 - -0.58 4.48
Veritas Global Equity Income Fund A USD $ 110.69 - 1.13 4.88
Veritas Global Equity Income Fund C GBP 140.83 - -0.05 -
Veritas Global Equity Income Fund C EUR 176.33 - -0.59 -
Veritas Global Equity Income Fund C USD $ 111.98 - 1.15 -
Veritas Global Real Return Fund A USD $ 16.92 - -0.15 1.43
Veritas Global Real Return Fund A GBP 9.19 - -0.08 1.98
Veritas Global Real Return Fund A EUR 10.87 - -0.10 1.69
Retail
Veritas Asian Fund B USD $ 147.84 - 0.32 0.19
Veritas Asian Fund B GBP 185.43 - -1.59 0.23
Veritas Asian Fund B EUR 142.83 - -1.65 0.07
Veritas China Fund B USD $ 103.44 - 0.08 0.00
Veritas China Fund B GBP 96.66 - 0.09 0.00
Veritas China Fund B EUR 98.09 - 0.07 0.00
Veritas Global Focus Fund B USD $ 12.73 - 0.02 1.19
Veritas Global Focus Fund B GBP 14.76 - -0.14 1.18
Veritas Global Focus Fund B EUR 10.28 - -0.13 2.47
Veritas Global Equity Income Fund B GBP 129.84 - -0.06 4.80
Veritas Global Equity Income Fund B EUR 162.08 - -0.55 4.49
Veritas Global Equity Income Fund B USD $ 111.82 - 1.14 4.89
Veritas Global Real Return Fund B USD $ 16.33 - -0.16 1.30
Veritas Global Real Return Fund B GBP 9.09 - -0.09 1.66
Veritas Global Real Return Fund B EUR 10.73 - -0.09 1.54
Veritas Asset Management (UK) Limited
www.veritas-asset.com
Other International Funds
Real Return Asian Fund USD 213.91 - -2.40 0.00
Real Return Asian Fund GBP 225.72 - -2.41 0.00
Real Return Asian Fund EUR $ 221.63 - -2.20 0.00
Victory Capital Ltd
Other International Funds
Victory Capital Ltd A GBP (Est) 148.30 - 2.10 -
Waverton Investment Funds Plc (1600)F (IRL)
waverton.investments@citi.com
FSA Recognised
Asia Pacific B USD $ 15.70xd - 0.01 1.54
European Fund B Eur H 7.62xd - 0.05 0.99
Global Bond Fund Cls A $ 9.32xd - 0.06 5.13
Global Equity Fund B GBP H 5.09 - -0.10 0.00
JOHIM Equity Fund GBP 9.89 - -0.12 0.00
JOHIM Sterling Bond Fund A GBP 9.87xd - -0.01 5.26
UK Abs. Fund GBP 9.67 - 0.00 0.00
UK Fund B GBP H 9.44xd - 0.19 2.49
WA Fixed Income Fund Plc (IRL)
Regulated
European Multi-Sector 106.09 - -0.16 0.00
Williams de Bro Assetmaster Fund Plc (IRL)
Comore Plaza, Colmore Circus, Birmingham, B4 6AT 0044 121 2320726
FSA Recognised
Assetmaster Growth Fund 1.50 - -0.01 0.00
Assetmaster Cautious Fund 1.27 - -0.01 0.00
Assetmaster Balanced Fund 1.21 - -0.01 0.00
Assetmaster Intl Growth Fund 1.50 - 0.00 0.00
Multi Strategy Fund H 1.68 - 0.00 0.00
Chameleon Capital H 1.03 - -0.01 0.00
Winton Capital Management
Other International Funds
Winton Futures USD Cls B $ 844.38 - 1.01 0.00
Winton Futures EUR Cls C 237.73 - 0.26 0.00
Winton Futures GBP Cls D 257.31 - 0.34 0.00
Winton Futures GBP Cls F 99.25 - 0.13 -
Winton Evolution USD Cls F (Est) $ 1376.02 - -12.49 0.00
Winton Evolution EUR Cls H (Est) 1086.15 - -9.97 0.00
Winton Evolution GBP Cls G (Est) 1092.03 - -9.47 0.00
Winton Futures JPY Cls E 16582.45 - 15.70 0.00
World Trust Fund (LUX)
Regulated
Shares NAV 2.01 - 0.00 0.00
Xanthos Asset Management Ltd
Other International Funds
Xanthos Capital USD $ 1035.38 - 51.44 0.00
Xanthos Equities USD $ 1100.79 - 54.29 0.00
Xanthos Investment Partners USD $ 3011.91 - 115.71 0.00
Fund Bid Offer D+/- Yield
Yuki International Limited (IRL)
Tel +44-207-269-0203 www.yukifunds.com
Regulated
Yuki Mizuho Umbrella Fund
Yuki Mizuho General Japan III 3191.00 - 30.00 0.00
Yuki Mizuho Japan Dynamic Growth 3197.00 - 5.00 0.00
Yuki Mizuho Japan General 6612.00 - 71.00 0.00
Yuki Mizuho Japan Excellent 100 5110.00 - 48.00 0.00
Yuki Mizuho Japan Growth 4605.00 - 24.00 0.00
Yuki Mizuho Japan Income 6094.00 - 51.00 0.00
Yuki Mizuho Japan Large Cap 3854.00 - 54.00 0.00
Yuki Mizuho Japan Low Price 9054.00 - 61.00 0.00
Yuki Mizuho Japan Pure Gwth 5380.00 - 30.00 0.00
Yuki Mizuho Japan Small Cap 5580.00 - -32.00 0.00
Yuki Mizuho Japan Value Select 4034.00 - -9.00 0.00
YMR Umbrella Fund
YMR N Growth 7445.00 - 98.00 0.00
Yuki Chugoku Umbrella Fund
Yuki Chugoku Japan General 6008.00 - 58.00 0.00
Yuki Chugoku Japan Low Price 5336.00 - 24.00 0.00
Yuki 77 Umbrella Fund
Yuki 77 General 4387.00 - 43.00 0.00
Yuki Hokuyo Umbrella Fund
Yuki Hokuyo Japan General 3419.00 - 32.00 0.00
Yuki Hokuyo Japan Income 4029.00 - 18.00 0.00
Yuki Hokuyo Japan Small Cap Fund 4103.00 - -23.00 0.00
Yuki Asia Umbrella Fund
Yuki Japan Rebounding Growth Fund 7880.00 - 90.00 0.00
Zadig Gestion (Memnon Fund) (LUX)
FSA Recognised
Memnon European Fund I GBP 83.77 - 0.69 0.00
Zebedee Capital Partners LLP (CYM)
Regulated
Zebedee Focus Fund Limited Class A EURO Shares 166.23 - 3.77 0.00
Zebedee Focus Fund Limited Class B USD Shares $ 192.60 - 4.40 0.00
Zebedee Focus Fund Limited Class A USD $ 166.38 - 3.80 0.00
Data Provided by Morningstar
www.morningstar.co.uk
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Guide to Data
The fund prices quoted on these pages are
supplied by the operator of the relevant fund.
Details of funds published on these pages,
including prices, are for the purpose of
information only and should only be used as a
guide. The Financial Times Limited makes no
representation as to their accuracy or
completeness and they should not be relied
upon when making an investment decision.
The sale of interests in the funds listed on
these pages may, in certain jurisdictions, be
restricted by law and the funds will not
necessarily be available to persons in all
jurisdictions in which the publication circulates.
Persons in any doubt should take appropriate
professional advice. Data collated by
Morningstar. For other queries contact
reader.enquiries@ft.com +44 (0)207 873
4211.
The fund prices published in this edition
along with additional information are also
available on the Financial Times website,
www.ft.com/funds. The funds published on
these pages are grouped together by fund
management company.
Prices are in pence unless otherwise
indicated. The change, if shown, is the change
on the previously quoted figure (not all funds
update prices daily). Those designated $ with
no prefix refer to US dollars. Yield percentage
figures (in Tuesday to Saturday papers) allow
for buying expenses. Prices of certain older
insurance linked plans might be subject to
capital gains tax on sales.
Guide to pricing of Authorised Investment
Funds (compiled with the assistance of the
IMA. The Investment Management Association,
65 Kingsway, London WC2B 6TD. Tel: +44
(0)20 7831 0898.)
OEIC: OpenEnded Investment Company.
Similar to a unit trust but using a company
rather than a trust structure.
Different share classes are issued to reflect
a different currency, charging structure or type
of holder.
Selling price:Also called bid price. The price
at which units in a unit trust are sold by
investors.
Buying price: Also called offer price. The
price at which units in a unit trust are bought
by investors. Includes managers initial charge.
Single price: Based on a midmarket
valuation of the underlying investments. The
buying and selling price for shares of an OEIC
and units of a single priced unit trust are the
same.
Treatment of managers periodic capital
charge: The letter C denotes that the trust
deducts all or part of the managers/operators
periodic charge from capital, contact the
manager/operator for full details of the effect of
this course of action.
Exit Charges: The letter E denotes that an
exit charge may be made when you sell units,
contact the manager/operator for full details.
Time: Some funds give information about
the timing of price quotes. The time shown
alongside the fund managers/operators name
is the valuation point for their unit trusts/OEICs,
unless another time is indicated by the symbol
alongside the individual unit trust/OEIC name.
The symbols are as follows: 0001 to
1100 hours; 1101 to 1400 hours; 1401 to
1700 hours; # 1701 to midnight. Daily dealing
prices are set on the basis of the valuation
point, a short period of time may elapse before
prices become available.Historic pricing: The
letter H denotes that the managers/operators
will normally deal on the price set at the most
recent valuation. The prices shown are the
latest available before publication and may not
be the current dealing levels because of an
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JUNE 7 2012 Section:Stats Time: 6/6/2012 - 19:02 User: watsonl Page Name: UT7 EUR, Part,Page,Edition: EUR, 23, 1
24

FINANCIAL TIMES THURSDAY JUNE 7 2012

American and British Stocks
52 week Vol
Stock Price Chng High Low Yld P/e 000s
UK
(Jun 6/Pence)
3i 179.70 +5.5 295 166.10 4.5 - 4991
AberAsM 245.90xd +8.6 287.80 164.80 3.9 15.1 8655
ABG 400.20 +50.8 624 303.40 2.9 9.2 1451
Admiral 1.07k +24 1.7k 772.16 7.1 13.1 1058
Aegis 161.70 +5.8 187.90 112.19 2 19.2 7586
Aggreko 2.18k +50 2.35k 1.52k 1 22.6 548
Alliance 340.80xd +3.3 394.60 289.20 2.5 35 594
AMEC 967xd +44 1.19k 733 3.2 15.1 5984
Amlin 315.40 +2.5 426.50 269 7.3 - 2555
AngloAmer@ 2.09k +135.5 3.22k 1.91k 2.5 6.6 9906
Antofagsta@ 1.05kxd +62 1.48k 851.53 2.7 11.3 3509
ARM 503.50 +5.6 647.50 442.23 0.7 51.7 9297
AscBrFd 1.17kxd +4 1.25k 935.50 2.2 16.9 2030
Ashmore 341.30 +14.1 429.90 302.60 4.3 12.4 2218
AstraZen @ 2.62k +28 3.21k 2.45k 7.7 6.6 2101
Aviva 270.40 +15.1 448.10 251.10 9.6 46.6 23344
Babcock 853.50 +13 875.50 559.50 2.7 20.3 2298
BAE SYS 276 +5.1 334.50 241 6.8 6.5 8538
BalfourB 283.30xd +17.2 325 214.89 4.9 11.5 3005
Barclays @ 187.80xd +14.3 287.45 133.90 3.2 5.8 108412
Berkeley 1.22k +15 1.43k 1.01k - 17 426
BG @ 1.24k +40.5 1.66k 1.02k 1.2 11.8 13640
BHP Bltn 1.78k +81.5 2.53k 1.62k 4.5 6.3 16533
BlckRckWld 591.50 +20 785 560.45 2.4 40.2 355
Booker Grp 84.10xd -1.9 88.95 62.60 2.7 17.7 6071
BP @ 406.95xd +4.95 554 359.90 5.3 5.3 61804
BrAmTob @ 3.06k +27 3.26k 2.27k 4.1 18.1 4657
BritLand 489.10 +13.7 902.50 443.40 4.3 16.2 5275
BSkyB @ 670.50 -6 850.77 613.83 3.5 13.1 5883
BT @ 204 +.8 235.30 157.50 4.1 8.4 30006
Bumi 320 -10 1.24k 308.56 - - 407
Bunzl 1.01kxd +7.5 1.07k 651 2.6 17.2 2020
Burberry 1.32k +16 1.61k 1.03k 1.9 21.4 3575
bwin.party 127.30xd +6.2 177 98.50 2.5 10.5 2744
CairnEng 289.70 +13.8 487.37 249.25 - - 5842
Cap&Count 195.50xd +4.3 203.70 155 0.8 10.5 1545
Capita 621.50 +16 775 600 3.4 14.9 5311
CapShopCn 311.30xd +6.3 405.50 283.20 4.3 - 2111
Carillion 267.50xd +14 388 252.10 6.3 8.9 3041
Carnival 2.08kxd +14 2.48k 1.6k 3.5 1.4 1359
CatlinGrp 402.90 +3.9 451.60 331.20 6.3 3.8 2159
Centrica @ 308.80xd +2.5 334.54 248.40 5 21.4 16605
Cobham 228.30 +8.7 241.30 163.60 3.5 13.2 5348
Compass @ 627.50 +5.5 682 498.20 3.2 15.9 6549
Cookson 618.50xd +19.5 755 357.70 3.5 9.2 1934
CRH 1.12k +69 1.41k 9.03 4.5 16.3 2013
Croda 2.26k +76 2.3k 1.5k 2.4 18.4 1171
Daily Mail 382.70xd +10.9 492 336.30 4.5 7.8 1210
Diageo @ 1.58k +64.5 1.62k 1.08k 2.6 24.5 8423
Drax Group 548.50 +6.5 589 444.70 5.1 7.5 1696
DrwntLdn 1.78kxd +7 1.91k 1.39k 1.5 30.3 521
easyJet 497 +12.1 536.50 301.64 9.3 9.5 1024
ENRC 438.30xd +21.4 827 406 4.4 4.4 5284
EssarEngy 130.10 +2 443.20 99.80 - - 4344
EVRAZ 287.20xd +6.2 465.40 275 3.8 12.4 6253
Experian 924.50 +28.5 1.01k 652 2.2 27.9 4224
Ferrexpo 199.20 +11.4 498.80 183.80 2.1 3.2 2958
FirstGrp 212.40 +5.4 375.60 189.50 11.1 4.6 4342
For & Col 290.70 +5.3 330.70 259 2.4 43.1 380
Fresnillo @ 1.47k +101 2.21k 1.26k 5 18.1 2051
G4S 275.10xd +3.1 293.40 214.20 3.1 17.7 4384
GKN 177.80 +2.3 249 153 3.4 9.9 9601
GlaxoSmh @ 1.43kxd +11 1.49k 1.16k 5 14.7 13794
Glencore @ 347.75 +13.4 527.10 331.20 2.8 7.8 23928
Halma 393.60 +12.3 432.30 257 2.4 18.9 1149
Hammersn 423.70 +9.2 496.30 339.20 3.3 20.7 4318
Hargr Lans 474.50 +10.6 635.07 387.17 4.1 21.2 738
HikmaPhm 648 +11 877.50 536.50 1.4 21.5 541
Hiscox 395xd +5 426.10 334.60 4.3 7.9 780
Hochschild 457.20 +20.2 557.50 364.74 0.9 14.1 253
HSBC @ 527xd +23.8 631.20 456.35 5.6 8.7 45556
Hunting 797xd - 977 411.40 1.9 26.7 1036
IAG 144.50 +2.7 260 130.97 - - 8055
ICAP 340.90 +6.4 502.63 311.60 6.5 11.9 3687
IG Group 440.40 +10.7 552 379.15 4.7 11.2 1016
ImgnTech 476.30 +13.4 734 285 - - 1088
IMI 871 +24.5 1.14k 625 3.4 13.9 3378
ImpTob @ 2.37k +19 2.62k 1.92k 4.2 13.8 4526
Inchcape 315.70xd +10.5 436.60 261.10 3.5 9.7 1978
Informa 349.50 +9.5 453.40 311.90 4.8 16.2 3023
Inmarsat 449.10 +13.1 610.50 287.50 6.5 8.1 4693
InterC Htls 1.47k -12 1.54k 939 2.3 13.2 1413
Intertek 2.63kxd +13 2.67k 1.68k 1.3 27 897
IntlPowr @ 415.20xd +.9 420.77 262.80 2.4 17.9 21229
Invensys 211.40 +1 397.70 166.80 2.1 14.3 9754
Investec 339.90 +13.4 527 308.90 5 11.6 2486
ITV 71.90 +2.45 91.25 30 2.2 11.2 48418
JardineL 675.50 +4.5 775 562 3.6 17.2 333
JohnsoM 2.2k +97 2.43k 1.48k 2.2 16.4 694
Kazakhmys 714.50 +49.5 1.41k 642 2.8 4.2 3685
Kenmr 46.98 +1.59 62.55 30.11 - 74.6 5932
Kingfshr 271.60xd +.7 317 204.10 3.3 9.6 7799
Ladbrokes 168.60 +4.6 183 113.30 4.6 11.6 4643
LandSecs 713.50 +7.5 894.66 608 3.3 16.4 7102
Leg&Gen 111.90 +5.9 136.30 86.15 5.7 9 38037
LlydsBkg @ 27.05 +1.33 51.33 21.64 - - 401663
Logica 107 -3 136 57.45 4.1 52.5 26018
Lonmin 765.50 +66.5 1.59k 679.50 1.4 13.9 3727
LSE 973.50 +8.5 1.1k 751 2.9 11.8 2681
Man 80.85 +5.35 262.10 71.35 19.6 12.3 48487
Marks&Sp 330.90xd +1.8 389.80 296.20 5.1 9.3 9222
Meggitt 372.60 +6 415.60 299.60 2.8 15.2 3523
Melrose 400 +1.5 445.90 264.90 3.3 15.4 1060
Mlnm&Cth 460.30 +4.7 521.79 365.65 3.6 8.4 132
Mondi 526 +24.5 668.50 407.20 4.4 12.5 1927
Morrison 276.80xd +.5 339.70 265 3.9 10.3 15517
Natl Grid @ 652xd +2 689.50 545.50 6 11.7 15114
NewWldRes 305.80 +36.8 967.50 265.40 6.1 - 436
Next 2.99k +2 3.07k 2.11k 3 11.4 1485
Old Mutl 146.10xd +7.4 167.22 100.08 3.9 13.3 15402
Pearson 1.13k +7 1.27k 1k 3.7 16.5 3563
Pennon 738.50 +3.5 752 384.57 3.6 15.7 1247
Persimn 553xd +21 750 361.30 1.8 13.2 2476
Petrofac 1.56k +76 1.78k 1.05k 2.3 15.3 2231
Petropvlsk 425.60 +37.5 918 358.80 2.8 4.7 4802
PolymtIntl 803xd +38 1.2k 747.50 1.8 15.8 1322
PremOil 353.20 +24.2 489.30 272 - 7.7 6012
Providnt 1.1kxd +24 1.21k 908.50 6.3 12.3 505
Prudential @ 683.50 +23.5 802 494.50 3.7 11.6 15477
PZ Cusns 327 +10.6 389.30 282.49 2.1 20.4 591
RBS @ 213.20xa +13.3 421.40 172.79 - - 32163
ReckittB @ 3.43k +45 3.69k 2.96k 3.6 14.3 2751
Reed Els @ 482.80 +13.4 671.21 323.90 4.5 13.8 12243
Rentokil 73.30 +.35 98.90 57.55 1.8 15.3 7760
Resolution 193.70 +1.3 319.40 190.40 10.3 12.7 3563
REXAM 404.90xd +11 440.70 295.10 3.6 11.4 4469
Rightmove 1.43kxd +3 1.61k 986.50 1.3 32.5 270
RioTinto @ 2.9k +128 4.62k 2.64k 3.1 5.6 10092
RIT Cap 1.14k +29 1.38k 1.08k 2.5 - 180
RndgldRs 5.98k +425 7.72k 4.48k 0.4 22.5 1018
RollsRyc @ 808 +12 863 354.89 1.9 17.8 7499
Rotork 1.99k +27 2.27k 1.43k 1.9 21.4 551
RSA Ins 99.85 +2.2 141.20 97 9.2 7.2 15186
RylDShlA @ 2.03kxd +47.5 2.46k 1.76k 4.8 7 4409
RylDShlB 2.11kxd +40 2.5k 1.77k 5 7.3 4185
SABMiller @ 2.45k +100 2.69k 1.86k 2.7 20.2 7237
Sage 256.60xd +7.8 313.40 225.10 4.1 13 6586
Sainsbry 289.50xd +2.9 340.60 258 5.6 10.6 11213
SchrdrsNV 1k +35 1.39k 941.50 3.9 8.7 162
Schroders 1.23k +52 1.67k 1.16k 3.2 10.6 1322
ScottMort 642xd +13.5 783 523.50 2 49.3 157
SEGRO 216.40 +7 328.20 193.90 6.2 6.9 1782
Serco 531 +14.5 588.50 454.70 1.6 14.5 856
SevernTr 1.76k +1 1.78k 1.35k 7.6 20.2 1739
Shaftbry 513.50 +11.5 543 424 1.8 - 953
Shire @ 1.88k +95 2.32k 1.76k 0.5 18.6 5574
SmithNph 590.50 - 700 501 2.1 13.9 3823
Smiths 993.50 +14 1.23k 851.50 3.7 15.4 2024
Spectris 1.57kxd +38 1.93k 1.03k 2.1 14.3 1382
Spirax-S 2.04k +49 2.36k 1.59k 2.4 17 241
SportsDirect 295 +5.4 315.99 187.93 - 19.9 171
SSE @ 1.34k +6 1.43k 1.18k 6 19.2 1883
St Jms Pl 315.70 +8.2 388.40 282.40 2.5 14.4 274
Stagech 235.90 +3.9 291 206.96 3.6 11.2 2118
StandardLf 212.80 +8.8 252.92 162.70 6.5 16.3 8406
StandCh @ 1.35k +56.5 1.68k 1.14k 4.1 10.5 10049
TalkTalk 154.80 +3.8 162.80 116.10 5.8 10.9 1251
Tate&Lyl 643 -10.5 729.53 498.90 3.9 12.2 5109
Taylor Wmpy 43.61 +3.33 54.80 27.65 0.9 22.2 25344
TelecityG 783.50 -10.5 826.62 424.30 - 33 1428
TemptnEm 527 +9 680.34 491 0.8 74.7 710
Tesco @ 301.20xd +1.95 490.50 294.50 4.9 9.1 48659
TravisPkn 937.50 +31 1.13k 675 2.1 11.1 747
TUI Travel 163.50 +4.9 266.40 134.10 7 7.5 5666
Tullow @ 1.44k +74 1.61k 879.50 0.8 25 6726
UBM 535.50 +24.5 643.50 406.70 4.9 16.2 1268
Unilever 2.04kxd +31 3.04k 1.81k 3.8 16.2 5477
UtdUtils 678 +15.5 680 368 4.7 14.5 8390
Vedanta 963.50 +80 2.11k 879.78 4.1 27.8 3047
Vodafone @ 168.95xd -4.7 182.90 150.54 5.4 11 107267
Weir 1.49k +3 2.25k 1.33k 2.2 11 4453
Whitbrd 1.84kxd +3 2.01k 1.34k 2.8 12.3 1280
WillimH 271.80xd +6.2 287.50 133.50 3.5 11.4 4127
Wolseley 2.18k +60 2.59k 1.39k 2.3 16.7 2604
Wood (J) 687.50 +16.5 803 460.60 1.4 43 2875
WPP 760xd +16.5 884.50 561.50 3.2 10.8 11059
Xstrata @ 938.60 +44.5 1.43k 648 2.8 7.8 23923
NYSE
(Jun 6 / 3:30 pm/US$)
3M @ 84.37xd +1.86 98.19 68.65 2.7 13.9 394
AbbottLb @ 60.82 +.52 63.19 46.30 3.2 18.8 571
Accenture @ 58.26 +1.52 65.89 47.40 2.3 15.5 772
ACE @ 72.20 +1.86 77.42 56.91 2.3 10.7 252
AdvMicroD 6.04 +.22 8.34 4.31 - 9.2 1458
AEP @ 39.44xd +.52 41.91 33.09 4.7 11.9 394
AES Corp 12.39 +.37 14.01 9 - 17 871
Aetna 42.31 +.56 51.14 33.43 1.6 8.2 734
AFLAC @ 40.32 +1.43 50.33 31.27 3.2 8 483
AgilentTec 39.64 +1.35 52.62 28.71 0.5 12.7 438
AGL Res 37.68 +.71 57.72 36.59 4.8 22.5 102
Airgas 84.87 +1.27 92.99 58.17 1.6 21.3 87
AirProd @ 79.12 +1.46 98 72.26 3.1 14.9 125
Alcoa 8.60 +.15 16.59 8.21 1.4 24.9 1553
Allergan @ 90.77xd +.9 97.09 69.40 0.2 28 213
Allstate 33.96xd +.82 34.98 22.27 2.5 16.2 528
Altria @ 32.43 +.65 32.61 23.20 5.1 19.5 1097
Amer Intl @ 29.74 +1.09 35.04 19.18 41.7 2.7 1693
Ameren Cp 32.72 +.42 34.10 25.56 4.8 - 194
AmerExpr @ 55.14 +1.16 61.42 41.30 1.4 13.2 689
Amerip Fin 48.21 +1.64 59.47 36.02 2.3 10.6 359
Amertitrad 16.88 +.3 20.76 13.43 1.4 15.6 271
AmerTwrA @ 65.63 +1.54 68.50 45.77 0.9 50 341
AmsrceBrgn 37.24 +.49 43.47 34.35 1.4 14.2 224
Anadarko @ 61.78 +2.92 88.68 56.42 0.6 - 967
AOL 27.50 +.31 27.92 10.06 - - 111
Aon Cp 46.84 +1.35 52.61 39.74 1.3 16.4 430
Apache @ 82.83 +1.68 129.25 73.13 0.8 7.8 439
ArcherDan @ 32xd +.69 33.98 23.69 2.1 16.1 562
AT&T @ 34.49 +.43 34.50 27.29 5 49.8 3414
AutoZone 387.28 +8.1 399.10 266.55 - 17.5 87
AvalnbyCom 141.03 +2.44 148.54 107.58 2.6 69 58
AvonProds 16.22 +.35 28.95 15.60 5.7 17.9 429
BakerHu @ 40.31 -.77 80.99 39.42 1.5 10.2 1658
Ball 40.37xd +.68 43.70 29.69 0.8 15.2 127
BankAm @ 7.62xd +.52 11.25 4.92 0.5 - 23727
Bard (C R) 97.41 +1 113.83 81.90 0.8 25.6 37
Baxter @ 50.17xd -.06 62.50 47.56 2.6 12.7 363
BB &T @ 28.35 +.5 32.74 18.92 2.4 13.4 607
Beam 60.65 +1.66 60.78 39.33 1.3 45.5 130
BectonDick 72.57xd -.02 89.75 69.59 2.4 13.3 166
BerkHatA @ 120.45k +1545 123.84k 99k - 16.6
BerkHB 80.25 +1.13 82.58 65.35 - 16.6 1042
Best Buy 19.78 +.61 32.85 17.54 3.2 - 737
BkNYMeln @ 20.15 +.51 27.09 17.10 2.6 9.9 859
BlackRock @ 170.20xd +3.92 207.30 137.03 3.4 13.5 109
Blackstone 12.41 +.33 17.78 10.51 4.2 - 262
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
52 week Vol
Stock Price Chng High Low Yld P/e 000s
MARKET SUMMARY
Block 15.71 +.18 17.45 12.54 4.8 11.8 331
Boeing @ 68.69 +1.11 77.83 56.01 2.5 11.9 526
BorgWrnr 67.19 +1.34 87.40 54.59 0.5 14.2 265
BostonPrp 103.88 +2.29 112.82 81.52 2 54.6 118
BostonSci 5.65 +.08 7.55 5.01 - 16.7 1389
BrisMySq @ 33.96 +.06 35.44 25.69 3.9 15.2 1324
Brwn-FmnB 88.15xd +3.41 88.72 62.14 1.6 22.2 67
Cameron 46.20 +.8 58.49 38.79 - 21 498
Campbell 31.70 +.22 35.10 29.69 3.7 13.7 416
CapOne @ 50.70 +.43 57.45 35.94 0.4 6.6 741
CardinalH 41.41 +.37 47.05 37.55 2.1 13.9 436
Carefsn 24.43 +.38 28.26 22.01 - 15.3 141
Carmax 28.31 +.68 35.17 22.80 - 15.8 154
Carnival @ 31.73xd +.67 38.83 28.52 3.2 15.5 557
Caterpillar @ 86.01 +2.36 116.95 67.55 2.1 10.9 1650
CBRE Gp 16.03 +.53 26.29 12.30 - 23 259
CBS @ 31.91 +.44 35 17.99 1.3 14.8 740
Centrpnt 20.08xd +.15 21.47 17.11 4 11.2 706
CenturyLk @ 37.38xd -.2 41.32 31.17 7.8 38.9 650
CharlesSch@ 12.34 +.2 16.88 10.56 1.9 18.8 1472
ChesapEgy 18.13 +1.13 35.75 13.32 1.9 7.5 5638
Chevron @ 99.09xd +2.6 112.28 86.68 3.3 7.3 810
ChipMexG 410.86 +9.02 442.34 267.60 - 56.5 59
Chubb @ 71.26 +1.17 74.40 55.66 2.2 12.1 241
Cigna 44.01 +.64 52.95 38.82 0.1 9.6 296
Citigroup @ 26.92 +1.17 43.05 21.40 0.1 7.5 4052
ClisNat 48.14 +1.02 102 44.41 3 4.3 492
Clorox 70.87 +.91 75.42 63.07 3.4 17.7 162
CMS Egy 23.25 -.01 23.45 16.96 3.9 18.1 582
CNAFin 28.19 +.54 31.50 21.25 1.8 11.9 33
CnstelBdA 19.51 +.39 24.86 16.43 - 9.4 245
Coach @ 62.98xd -.97 79.64 45.70 1.5 18.8 669
Coca Cola @ 74.34 +1.1 77.73 63.34 2.6 19.7 1041
CocaCoEnt 26.70xd +.38 30.73 23.03 2.2 11.5 376
ColgPalm @ 97.93 +.68 101.94 78.62 2.4 19.6 303
Comerica 28.46 +.27 35.58 21.48 1.6 13.1 379
CompSci 26.25 +.25 39.35 22.80 3 - 271
ConagraFds 24.89 +.29 27.34 22.20 3.8 12.8 415
ConocPhil @ 53.40 +1.53 60.99 44.71 4.9 5.8 1447
ConsEdsn 28.38 +.47 55.02 27.34 1.7 12.1 522
ConsolEd 61.13xd +.58 62.72 49.21 3.9 17.7 231
CooperInd 69.13xd +.83 71.73 41.16 1.7 17.6 509
Corning @ 12.81xd +.34 19.12 11.51 2.1 8 1780
CoventryHlt 31.84 +.72 37.86 25.78 0.8 7.7 245
Covidien @ 51.73 +.53 56.20 41.35 1.7 12.9 369
CSX @ 20.76xd +.43 27.04 17.69 2.4 11.9 951
Cummins @ 95.12 +2.79 129.51 79.53 1.7 9.3 309
CVS @ 44.59 +.56 46.22 31.31 1.3 16.7 717
Danaher @ 51.03 +.72 56.45 39.34 0.2 17.5 390
DardenR 49.68 +.44 55.83 40.71 3.5 14.5 368
Davita 83.57 +1.02 90.42 59.14 - 15.3 86
Deere @ 73.10 +1.45 89.69 59.92 2.4 10.1 432
DenburyRs 15.30 +.55 21.36 10.20 - 8.7 576
DevonEngy @ 59.83 +.76 84.52 50.74 1.2 11.4 579
DiamOfsh 59.32 +1.05 73.13 51.19 5.9 9.2 300
DiscvrFin 31.58 +.53 34.75 20.53 1 7.2 507
Disney @ 45.38 +.54 46.10 28.20 1.3 16.3 1238
DominRes @ 52.12xd +.65 53.67 44.50 3.9 21 248
Dover 55.44xd +.99 70.14 43.65 2.3 11.8 132
DowChem @ 31.61 +.81 37.30 20.61 3.4 17 746
DrPepper 41.33 +.49 43.13 34.37 3.2 15.2 141
DTE Engy 57.58 +.43 57.59 43.22 4.1 14.2 106
DukeEner @ 22.69xd +.09 22.76 16.87 4.4 20.4 1468
DuPont @ 48.54xd +1.2 56.19 37.11 3.4 13 561
Eaton 41.03 +.94 53.21 33.10 3.5 10.2 715
Ecolab @ 64.80 +2.17 65.60 43.81 1.2 38.2 349
EdsnInt 45.56 +.43 45.59 32.65 2.8 - 208
EdwLifesc 86 -1.17 91.47 61.59 - 42.9 187
EMC @ 24.23 +.85 30 19.84 - 20.9 2038
Emerson @ 45.88xd +1.07 58.46 39.50 3.4 14.7 467
Entergy 65.09 +.16 74 57.60 5.1 12.3 301
EntPrdPrt 47.59 +.61 52.94 36.51 5.2 18.2 142
EOG Res @ 94.30 +2.43 119.90 66.82 0.7 19.8 445
EqResPrp @ 61.63 +1.21 63.86 48.48 2.6 - 398
EQT 45.66 +1.1 71 43.70 1.9 16 148
EsteeLdrA 54.69 +.53 65.53 40.76 1 25.6 352
Exelon @ 37.33xd +.06 45.45 36.34 5.2 12.3 811
ExxonMob @ 79.77xd +2.17 87.94 67.03 2.5 9.6 3366
Fedex @ 86.62 +2.28 98.66 64.08 0.6 13.5 300
FidltyNFn 19.01 +.38 19.66 14.04 2.7 13.8 294
FirstEgy @ 47.68 +.6 48.16 38.80 4.6 17.6 236
Flowsrve 104.92 +2.45 122.43 67.07 1.3 13.8 66
Fluor 48.76xd +1.35 67.99 44.16 1.2 13.8 316
FMC Tech 40.45 +.62 55.17 34.50 - 23.7 437
Ford @ 10.54 +.35 14.22 9.05 0.9 2.2 4973
ForestLabs 35.15 +.48 40.50 28.47 - 9.8 187
Franklin @ 106.11 +1.77 134.65 85.92 2.9 12.2 133
Freeport @ 33.44 +.85 56.78 28.85 3.2 8.3 1970
GAP 25.68 +.15 29.22 15.15 1.8 16.4 723
GenDyn @ 63.46 +1.48 75.92 54.73 3 9.2 322
GenElectr @ 18.73 +.47 20.36 14.03 3.4 15.3 3413
GenMills @ 37.81 +.01 41.06 34.64 3.2 16.1 719
GenMot @ 21.76 +.51 32.07 19 3.4 6.3 940
GenuineP 60.61xd +.45 66.50 46.11 3.1 16.3 168
GoldmSchs@ 94.54xd +2.33 139.25 84.28 1.6 13.9 860
Goodrich 125.62xd +.2 126.43 80.12 1.2 20 87
Grainger 182.35 +4.4 221.79 124.35 1.5 19.3 175
Halliburton @ 27.95xd -1.17 57.77 27.21 1.3 8.3 5905
HarleyDavid 47.94xd +1.13 54.31 31.50 1.2 18.7 269
Harris 40.82xd +.81 46.69 32.68 3 42.5 97
Hartford 17xd +.71 27.12 14.60 2.4 31.4 721
HCP 40.95 +.87 42.74 29.01 4.8 27 358
Heinz 53.38 +.65 55.47 48.17 3.7 18.7 224
Helm&Pyn 46.81 +.72 73.38 35.59 0.6 10.1 309
Hershey 66.72xd +.79 69.46 53.80 2.2 22.9 150
Hess @ 44.95 +1.94 77.11 41.85 0.9 11.6 905
Hew-Pack @ 22.25 +.57 37.69 20.58 2.2 8.6 1678
HlthCare 55.42 +.88 57.95 41.15 5.3 71.1 261
HomeDep @ 50.39xd +1.47 52.87 28.13 2.2 19 1925
Honywell @ 54.41xd +1.12 62 41.22 2.7 21.7 718
HormelFd 29.54 +.26 30.50 25.88 2 16.9 94
HortonDR 15.25 +.39 17.91 8.03 1 36.6 1140
Hospira 32.36 +.25 57.12 26.92 - - 120
Host H&R 15.30 +.57 17.81 9.78 1.2 - 1127
Humana 78.98 +1.21 96.45 65.21 1.3 9.8 233
IBM @ 193.48xd +4.28 210.69 157.14 1.6 14.4 517
IllinoisTool @ 55.05 +.86 59.27 39.13 2.6 14.4 310
IngersollR 40.47 +.89 47.31 25.86 1.4 17.9 414
Int.Paper 29.02xd +.94 36.50 21.56 3.6 10.5 553
Intercont 127.82 +2.17 142.75 102.57 - 17.8 126
Interpubl. 10.68xd +.32 12.90 6.75 2.2 11.5 795
IntlFl&Fr 55.63 +1.12 65.22 51.21 2.2 17.3 59
IntlGmeT 13.74 +.1 19.14 13.12 1.7 15.6 301
INVESCO 22.31xd +.77 26.94 14.52 2.4 13.8 636
IronMount 32.04 +3.64 35.79 27.10 3.2 29.5 1202
JacobsE 36.39 +.81 48.15 30.75 - 13 167
JMSmckr 76.20 +1.53 81.93 66.44 2.5 19.5 91
John&John@ 62.55xd +.34 68.05 59.08 3.7 17.2 1408
JohnsonCn @ 29.49xd +.63 42.91 24.30 2.4 12.2 553
JPMrgnCh @ 32.96 +.97 46.49 27.85 3.3 7.3 5233
JuniperNtw 17.44 +.44 33.10 16.53 - 30.2 833
Kellogg @ 48.34xd +.12 56.39 47.88 3.6 14.3 212
Keycorp 7.09xd +.19 8.82 5.59 2 7.7 1724
Kimb-Clark @ 80.06xd +.81 80.12 61.01 3.6 18.6 659
Kimco Real 18.21 +.47 20.31 13.55 4.1 60.3 390
KindMnE 76.01 +.69 90.60 63.43 6.1 - 117
KohlsCp 44.14xd +.14 57.39 42.14 2.6 10.3 476
Kraft Food @ 37.86 +.26 39.98 31.88 3.1 19 1061
Kroger 21.91 +.05 25.85 21.14 2.1 21.7 855
L3 Comms 69.04xd +1.61 88.55 58.30 2.8 7.5 91
LabCpAmer 84.98 +.42 99.76 74.62 - 15.5 162
LasVegasSd@ 46.01 +.98 62.08 36.09 1.1 24.3 1218
Lennar 26.08 +.81 30.11 12.14 0.6 63.4 1152
Leucadia 20.61 +.59 36.21 19.58 1.2 10.5 201
Lilly (E) @ 40.87xd +.25 42.03 33.75 4.8 10.6 460
Lim.Brands 42.50xd +.09 51.84 31.45 9.2 16.2 390
LincolnNat 20.73 +.99 29.67 13.76 1.4 44.5 614
Lockheed @ 82.10xd +1.28 92.24 66.39 4.6 10 226
Loews 39.31xd +.81 42.64 32.91 0.6 15 290
Lorilliard 120.80xd +.66 138.87 96.50 4.7 15.1 108
Lowes @ 27.39 +.96 32.29 18.07 2.1 18 2078
LSI 6.64 +.13 9.20 4.76 - 26.8 785
M&TBkCp 78.23xd +1.25 90 66.41 3.6 12.5 95
Macys 37.27 +.69 42.17 22.67 1.6 12.2 634
MarathonOil@ 24.79xd +.8 35.49 19.13 2.6 10.6 1199
Marriott 37.43xd +.72 40.44 24.03 1.1 64.1 671
MarshMcL 32.36 +.53 34.67 25.30 2.8 18 387
MarthnPet 36.14xd +.94 45.41 26.35 2.6 5.2 730
Masco Cp 12.79 +.64 14.68 6.60 2.3 - 619
Mastercard@ 418.48 +10.28 466.96 258.50 0.2 26.3 97
McDonalds @ 88.46xd +1.38 102.22 80 3.1 16.5 935
McGrawH 43.53xd +.55 50 34.96 2.3 15.6 182
McKesson @ 88.02xd +.44 92.65 66.63 0.9 15.7 219
Mdwstvco 27.21 +.47 30.50 20.27 3.7 20.2 185
MeadJohnN 81.14 +1.74 87.25 60.68 1.3 31.6 166
Medtronic @ 36.65 +.47 40.78 30.18 2.6 11.4 499
Merck @ 37.74 +.24 39.50 29.47 4.3 16.7 1222
MetLife @ 29.37 +.98 44.56 25.61 2.5 5.6 1347
MGMRsts 11.25 +.33 16 7.40 - 2.1 2294
Mohawk 66.30 +1.17 75.41 39.93 0 24 81
MolsonB 38.76xd +.46 46.71 37.96 3.3 10.7 207
Monsanto @ 79.15 +2.29 83.94 58.90 1.5 22.4 542
Moodys 36.57xd +.51 43.04 26.79 1.6 14.2 149
MorganStly@ 13.56 +.7 24.46 11.59 1.5 68.8 2751
Mosaic @ 47.75 +1.28 74.31 44.43 0.6 10.2 646
MotorolaSol 48.93 +.95 52.78 38.36 1.8 29.6 268
MurphyOil 46.78 +1.23 70.27 40.41 2.4 12.3 321
Nabors 13.57 +.38 27.62 11.06 - 10.2 775
NewelRbm 17.94xd +.37 19.49 10.88 1.9 40.1 292
NewmontM@ 51.24 -.11 72.41 43.24 2.6 48.4 1133
NextEraE @ 65.78xd +.63 66 49 3.5 13 187
Nike @ 106.51xd +1 114.76 76.98 1.3 22.2 279
NiSource 24.96 +.2 25.79 17.96 3.7 24.9 313
NobleCp 31.31 +.5 41.71 27.34 1.9 18.3 566
NobleEgy 84.76 +2.27 105.43 65.94 1 22.2 210
Nordstrom 47.71xd +.65 57.75 37.28 2.1 14.9 275
NorfolkS @ 65.20xd +1.53 78.49 57.57 2.8 11.3 235
Northrop 58.35xd +1.06 70.60 49.20 3.5 7.6 166
NtlOilVarc @ 67.21 +1.52 87.72 47.97 0.7 13 806
Nucor 36.52 +.81 45.75 29.83 4 15.2 672
NYSE Eurnxt 24.64 +.59 36 21.80 4.9 11.7 395
OccidPet @ 83.78xd +2.6 109.05 66.40 2.4 10 809
Omnicom 47.11 +.55 52.19 35.27 2.3 14.1 379
ONEOK 41.23 +1.07 89.62 39.32 2.8 25.9 261
ParkHn 79.93 +1.57 92 59.32 1.9 11 276
PeabdyEngy 23.77 +.11 61.85 22.19 1.4 6.3 799
Penney 24.70 +.43 43.18 23.45 2.4 - 684
Pepsico @ 67.49xd +.49 70.75 58.50 3.1 18.9 902
Pzer @ 21.82 +.22 23.30 16.63 3.8 17.7 2794
PG&E @ 44.30 +.92 44.94 36.85 4.1 20.5 306
Phillips66 31.04 +1.31 37.26 28.75 - 4.5 911
PhilMorris @ 82.48 +.57 91.05 60.45 3.6 16.4 919
PinnWstCp 50.80 +.46 50.83 37.28 4.1 16.6 118
PionrNat 93.59 +4.07 119.19 58.71 0.1 16.6 482
PlumCreek 36.97 +.61 42.10 33.04 4.5 32.5 139
PNCFin @ 58.51 +1.28 67.88 42.70 2.5 10.6 445
PP&L 27.55xd -.05 30.27 25 5.2 9.8 466
PPG Inds 101.59xd +2.6 107.95 66.47 2.3 18.2 107
Praxair @ 104.01xd +1.92 116.92 88.64 2 18.7 246
PrecParts @ 160.73xd +2.31 179.45 136.23 0.1 19.1 143
PrinFinGp 24.11xd +.55 31 20.48 1.5 11 574
ProctGmbl @ 61.57 +.4 67.95 57.56 3.5 18.9 1312
ProgreOh 21.91 +.76 23.41 16.88 1.9 15 528
ProgressNrg 56.57xd +.26 56.73 42.06 4.8 31.4 236
Prologis 31.88 +.73 37.46 21.74 3.5 - 581
Prudential @ 47.58 +1.59 65.30 42.45 3 11.7 860
PublicSVC 31.30xd -.01 35.48 27.98 4.5 11 480
PublStor @ 136.08 +2.41 146.20 102.25 3 43.4 97
QEP Res 26.59xd +.85 45.20 23.56 0.3 13.6 180
QuestDg 54.38 -.29 62.32 45.15 1.1 12.7 404
RalphLrn 144.46 +1.27 182.48 105.11 0.7 20.3 89
RangeRes 58.24 +2.5 77.24 50.55 0.3 - 474
Raytheon @ 50.56 +.94 54.66 38.36 3.7 9.1 216
Red Hat 54.98 +2.02 62.72 31.77 - 73.6 345
Reg.Financ. 5.91 +.26 6.98 2.83 0.7 47 1953
RepSrv 26.15 +.41 31.73 24.72 3.4 17 216
ReynoldsAm@ 41.19 +.64 42.80 31.82 5.4 18.2 358
Rockwell 68.87xd +1.65 89.79 50.37 2.5 13.6 163
RockwlColl 50.17 -.2 62.80 43.83 2 12.6 368
RoperInd 98.74 +1.9 103.49 64.93 0.5 21.8 51
Safeway 18.91 +.1 24.28 15.99 3.2 10.9 721
SAIC 11.34 +.28 17.03 10.31 1.1 - 419
Salesforce @ 136.34 +2.6 164.75 94.09 - - 231
SaraLee 20.50 -.03 22.35 15.67 16.9 34.4 1858
Schlmbrg @ 63.90xd +1.66 95.53 54.79 1.6 16.8 2420
ScrippsNtwk54.66xd +.88 55.32 35.46 0.8 18.2 234
Sempra 65.28 +1.2 65.50 44.79 3.1 11.8 174
SherWil 128.99 +.71 130.25 69.47 1.2 28.9 633
SimonProp @ 148.52 +2.36 158.59 99.80 2.6 29.4 204
SouthCpr @ 29.46 +.4 36.87 22.34 6.9 10.1 362
Southern @ 46.92 +.8 46.92 35.73 4.1 18.9 754
SpectraEn @ 28.13xd +.25 32.26 22.81 3.9 16.1 417
SprintNext 2.69 +.16 5.80 2.10 1.9 - 4167
Starwood 50.60 +1.89 60.80 35.79 1 16.4 466
StateSt @ 40.95 +1.09 47.15 29.89 2.1 11 376
StJudeMed 38.56 +.22 49.89 32.13 2.3 15.6 351
Stryker @ 51.06 +.27 60.64 43.73 1.5 14.2 265
Suntrust 21.58xd +.42 26.51 15.79 0.9 16.5 708
SWAirl. 8.89xd +.23 11.65 7.15 0.3 25.4 916
SwestEgy 27.96 +.42 49.24 26.60 - 16.1 866
Sysco 28.17 +.25 31.73 25.10 3.8 14.5 399
TargetCp @ 57.44xd +.13 58.95 45.28 2.1 13.2 785
TE Conn 32.06xd +.87 38.50 26.62 2.3 11.7 236
Teradata 68.92 +2.18 79.88 43.19 - 31.2 270
Teva 39.50 +.45 50.46 35 2.5 12.3 357
Textron 24.01 +.8 29.18 14.67 0.3 22 408
TheTrvelers@ 61.52xd +.72 65.27 45.98 2.7 17.9 304
ThrmoFshr @ 49.98 +.6 65.68 43.40 0.5 18 278
Tiany 56.32 +.85 84.49 53.46 2.1 16.5 432
TimeWrnr @ 34.65xd +.61 39.24 27.63 2.9 12.8 753
TimeWrnrC@ 75.65xd +.46 83.55 57.19 2.7 14.5 251
TJX @ 41.91 +.8 42.81 24.61 1 22.7 780
Torchmrk 47.04 +1.03 50.99 32.78 1.1 9.4 150
TotalSys 23.18 +.48 23.88 15.81 1.6 19.4 243
TrnsOcean 41.52 +1 66.93 38.22 5.7 - 595
TycoInt @ 52.91 +1.09 57.74 37.40 1.9 17.5 344
UnionPac @ 109.74xd +2.66 117.39 77.73 2.1 15.2 250
UNUMGrp 19.71 +.56 26.40 18.97 2.3 27.6 418
UPS B @ 74.52 +1.72 81.79 60.75 2.9 18.9 439
USBancorp@ 29.58 +.36 32.67 20.10 1.9 11.3 1569
UtdHlthcre @ 57.39 +1.35 59.71 41.32 1.1 11.9 958
UtdTech @ 73.20xd +2.32 91.83 66.88 2.6 12.8 481
ValeroE 21.61xd +.61 28.68 16.40 2.3 8 1045
VarianMedS 59.15 +1.24 71.94 49.16 - 16.8 183
Ventas 57.44xd +.45 59.77 43.26 4.2 44.5 315
Verizon @ 41.72 +.52 41.96 32.28 4.8 44.8 1044
VF Cp 138.81xd +.82 156.09 91.62 2 17.2 90
Visa @ 116.12 +2.31 125.33 73.11 0.7 19 401
Vornado 81.82 +1.31 98.76 68.43 3.4 42.2 240
VulcanMat. 33.13 +.21 48.08 25.06 0.8 - 52
Walgreen @ 30.75xd +.17 45.34 29.80 2.9 10.5 740
WalMart @ 65.70 +.22 66.66 48.31 2.4 14.1 1005
WasteMng 32.30xd +.1 38.06 27.76 4.3 16 432
WatersCp 78.61 +1.64 99.34 70.89 - 16.8 160
Weatherfd 11.93 +.13 22.76 10.85 - 26.1 1975
Wellpoint @ 67.11xd +.94 80.89 56.61 1.6 9.2 333
WellsFargo @ 30.90 +.37 34.59 22.62 1.9 10.6 2818
WestUnion 16.30 +.25 20.53 14.55 2.2 8.5 725
Weyerhsr 19.99 +.62 22.62 14.82 3 41.2 497
Whirlpool 60.62xd +1.76 82.97 45.22 3.3 15.3 201
WilliamsCp @ 29.42xd +.12 34.63 17.89 3.4 22.3 1391
WiscnsnE 38.23 +.35 38.24 27.01 2.9 17.4 256
XcelEngy 28.45 +.17 28.46 21.20 3.7 17 341
Xerox Cp 7.39 +.2 10.83 6.55 2.3 8.3 1068
XL Grp 20.36 +.6 22.99 17.70 2.2 - 354
Xylem 25.10xd +.8 28.83 22.67 1.2 17.6 85
Yum!Brands@ 66.60 +2.2 74.43 47.17 1.7 24.3 971
ZimmerHld 59.79 +.25 66.41 47.01 0.3 14.5 143
NASDAQ
(Jun 6 / 3:30 pm/US$)
ActivBlz 12.07 +.47 14.40 10.40 1.5 14.5 6410
Adobe 31.59 +.89 34.78 22.67 - 17.3 2178
Amazon @ 217.10 +3.89 246.71 166.97 - - 2088
Amgen @ 70.05xd +1.61 72 47.66 1.8 16.2 2410
AnalogDev 37.15xd +.96 40.82 29.23 3 16.1 1323
ApolloGp 34.69 +2 58.29 30.93 - 7.7 2862
AppldMat 10.58xd +.3 13.94 9.70 3.1 10.4 11985
Apple @ 572.17 +9.34 644 310.50 0.5 13.9 11926
Autodesk 33.06 +1.79 42.69 22.99 - 26.1 1919
BedBathB 72.03 +1.13 74.67 48.75 - 17.7 1652
Biogen @ 133.67 +1.24 138.50 84.22 - 26.3 798
BMCSware 43.46 +1.23 56.55 31.62 - 18.8 1228
Broadcom @ 34xd +1.3 39.66 27.59 1.1 24.2 6470
CAInc 25.62xd +.71 28 18.61 2.3 13.4 3486
Celgene @ 65.40 +.95 80.42 51.70 - 20.4 1941
CH Rob 58.02xd +1.4 82.61 55.88 2.2 21.6 907
CheckPnt 53.03 +1.11 65 48.01 - 20 1831
Cisco @ 16.60 +.48 21.30 13.60 1.6 12.3 22677
Citrix 76.90 +3.22 87.99 50.21 - 41.5 1860
CmcstASp 29.19 +.6 30.35 19.11 1.9 - 3413
CME Group @ 268.76xd +.57 304.61 222.24 3.8 11 444
Cognizant @ 60.05 +1.69 78 53.54 - 20.2 1883
ComcastA @ 29.68 +.65 30.88 19.46 1.9 18.4 9808
Costco @ 87.62xd +.85 92.10 70.22 1.1 24.5 1526
Dell @ 12.19 +.03 18.36 11.80 - 6.3 14748
DirectTV @ 44.09 -.15 53.40 39.82 - 11.9 4629
EBay @ 40.89 +1.13 41.96 26.86 - 16.1 7892
ElectArt 13.57 +.43 26.13 12.86 - 62.9 3411
Expedia 46.59xd +1.41 46.96 22.44 1 15.1 1863
ExpIntWsh 39.04xd +1.15 53.22 36.96 1.4 22.6 976
ExpScripts @ 52.39 +.88 58.98 34.47 - 21.3 2283
Facebook 27.09 +1.22 45 25.52 - - 51284
Fifth 3rd 12.62 +.39 14.73 9.13 2.4 8.4 9029
First Solar 13.38 +.74 142.22 11.43 - - 4147
Fiserv 68.44 +1.31 71.74 48.75 - 19.1 626
Fossil 72.99 +2.9 139.20 67.69 - 15.6 881
Garmin 42.29 +.17 50.67 29.23 3.9 16.1 809
GileadSci @ 49.08 +.57 56.50 34.45 - 14.8 3197
Google @ 580.01 +9.6 670.25 473.02 - 17.6 1568
Hasbro 34.90 +.44 46.01 31.36 3.8 13 1208
Intel @ 26 +.57 29.27 19.16 3.3 11 24983
Intuit 57.54 +1.88 62.33 39.87 1 23.9 1341
IntuitSrg @ 533.51 +11.13 594.89 320 - 40.4 295
KLATenc. 46.29 +1.32 55.43 33.20 3 10.5 1289
LibIntCpA 16.81 +.23 19.80 12.44 - 16.9 3709
LifeTch 41.51 +.42 53.27 35.30 - 18.3 1119
LinearTec 29.98 +.9 34.50 25.79 3.3 14.1 1918
Marvell 12.61 +.31 16.86 11.41 0.5 13.7 6150
Mattel 31.57xd +.79 34.62 22.70 3.4 14.5 1491
MaximInt 25.85 +.79 30 20.85 3.4 19.3 1770
MicronT 5.75 +.16 9.43 3.97 - - 26655
Microsoft @ 29.08xd +.58 32.95 23.65 2.6 10.6 31866
Netapp 31.77 +.63 54.57 27.79 - 20.1 7596
NewsCorpA@ 19.28 +.68 20.70 13.55 0.9 13.8 23342
NewsCorpB 19.43 +.6 20.94 13.99 0.9 - 7849
NII Hldgs 11.59 +.26 44 10.33 - 17.8 1721
NorthnTst 42.23xd +.75 48.31 33.20 2.7 16.8 785
Nvidia 12.33 +.27 18.60 11.47 - 15 7155
Oracle @ 27.44 +.74 34.13 24.75 0.9 14.5 18334
PACCAR 37.74 +1.12 53.68 31.57 2 11.6 1565
Paychex 30.29 +.78 32.73 25.12 4.2 20.2 997
Prclne.cm @ 641.50 +21.67 774.96 411.26 - 29 731
Qualcomm @ 58.36xd +1.18 68.87 45.98 1.5 20.4 10074
RschMt 10.20 +.21 39.86 9.57 - 2.4 10004
Seagate 23.66 +1.06 32.55 9.05 3.6 5.4 9384
Sears Hld 50.11 +2.26 85.90 28.89 - - 602
SiriusXM 1.92 +.03 2.41 1.27 - 27.2 21285
SLMCp 14.45xd +.36 17.10 10.92 3.1 14.4 2290
Staples 12.90 +.17 16.93 11.94 3.3 9.2 12655
Starbucks @ 53.32 +.91 62 34.01 1.2 30.9 5460
Symantec 14.76 +.21 20 14.26 - 9.4 6146
T.RowePr 57.39 +1.82 66 44.68 2.3 19.4 1062
TexasInstr @ 28.42 +.95 34.24 24.44 2.3 18.3 10319
VertexPhm 57.99 -.57 66.10 26.50 - 43.5 1664
ViacomB @ 46.56 +.91 52.67 35.13 2.2 11.3 3267
WestDigtl 30.85 +.93 44.43 22.75 - 7.3 2387
WynnRes 103.73 +2.74 172.58 95.82 6.7 21.9 1563
Xilinx 32.37 +.47 37.74 26.55 2.4 16.6 2376
Yahoo @ 15.34 +.24 16.79 11.09 - 17.4 9553
Other International Stocks
AUSTRALIA
(Jun 6/Aust$)
AMP 3.78 -.02 5.02 3.61 9 14.4 6067
ANZ @ 21.34xd +.02 24.05 17.63 9.5 9.9 6991
AXAAsPc 6.42# - - - 2.9 22
BHP Biltn @ 31.10 -.06 45 30.71 4.7 7.8 11246
Brambles 6.79 - 7.59 5.79 4.2 21.6
CCAmatil 13.24 +.3 13.30 10.04 5.7 17 2716
CmwBkAu @ 50.05 +.05 53.09 42.30 9.3 11.7 3768
CSL @ 38.90 +.57 39.19 26.12 2.1 22.3 2540
FortescMet @ 4.55 - 6.74 3.95 2.5 9.9 13374
Leighton 16.98 +.15 26.65 16.57 3.5 - 1114
MacQuarie 26.18xd -.04 32.79 19.94 5.3 12.5 2404
NatAusBk @ 22.25xd -.3 26.56 19.64 11.4 10.4 9335
NewcrestM@ 25.71 +.65 41.27 23.56 2 17.5 4122
NewsCorpA 18.95 +.01 20.23 12.87 0.8 - 668
NewsCorpB 19.16 +.02 20.58 13.32 0.8 17 1847
Orica 24.08xd +.25 28.27 21.34 5 14.1 1343
OriginEgy 12.72 -.1 16.08 12 5.6 11.7 2703
QBE InsGrp 12.32 +.08 17.75 9.88 7.5 19.3 2695
RioTinto 54.25 +.5 84.53 52.83 3.5 18.2 3939
Santos 11.74 +.1 14.63 10.11 3.6 13.8 3416
Stockland 3.23 +.08 3.54 2.52 7.4 12 7838
Suncorp 7.87 +.25 8.85 6.03 7.3 16.2 5261
Telstra @ 3.65 - 3.75 2.69 11 12.9 33651
Wesfarm @ 29.11 +.2 33.38 26.04 7.6 17.4 2251
Westeld @ 9.42 +.32 9.59 7.21 5.1 14.2 10893
WestdRT 2.79 +.03 2.82 2.18 5.9 8.7 13537
Westpac @ 20.35xd -.24 23.55 17.84 11.4 10.3 11752
WoodsdPt @ 32.17 +.14 45.98 29.76 4.6 17.2 1923
Woolworth @ 26.35 +.03 27.99 23.21 6.7 16.7 2298
AUSTRIA
(Jun 6/Euro)
Andritz 41.20 +.51 42.76 25.76 2.7 17.4 244
ErsteGrBnk 14.25 -.08 37.20 10.40 - - 922
Immon 2.32 +.03 2.95 1.92 10.8 6.1 2289
OMV 21.69 +.4 30.46 20.81 5.1 6 526
Raieisen 23.04 -.07 37.40 14.16 4.6 4.3 199
Strabag 18.02 +.39 24.30 16.52 3.3 13.4 28
TelekAust 7.62 +.05 9.35 6.80 5 - 1017
Verbund 18.56 +.14 32.99 17.51 3 17.8 180
Vienna Ins 28.57 +.17 40.01 24 3.9 2.9 76
Voestalp 21.31 +1.2 39.37 18.10 3.8 10.8 675
BELGIUM/LUX
(Jun 6/Euro)
Ageas 1.32 +.06 1.91 1.08 6.1 - 5103
AnBshInBv@ 53.84 +.91 57.51 33.85 2.2 17.4 2407
Belgacom 21.11 +.31 24.79 20.66 10.3 8.9 788
Colruyt 31.25 -.4 39.83 26.74 2.9 15.2 290
Dexia 0.16 +.01 2.43 0.15 - - 1462
Dlhaiz 29.23 -.28 55.88 28.62 6 8.7 959
GBL 52.06 +1.69 61.82 47.44 5 - 119
KBC 14.15 +.86 28.09 7.65 0.1 - 2295
SES 18.01 +.17 19.90 16 4.9 -
Solvay 82.57 +2.03 112.50 60.86 3.7 31.2 356
UCB 38.04 +1.01 39.25 25.71 2.6 29.2 422
BRAZIL
(Jun 6 / 2:30 pm/Real)
Ambev @ 75.19 +3.14 83.71 43.98 0.3 28.3 1784
BcoBrad 24.50xd +.7 28.61 21.13 0.3 - 586
BcoSantdr 0.14xd -.01 0.18 0.12 1.4 - 618
BM&FBovsp 10xd +.48 12.65 7.55 4.8 18.3 10451
BncBrasil @ 19.17 +.37 29.79 18.80 8.7 4.5 6136
Bradesco @ 29.83xd +1.18 33.31 25.12 0.2 10.2 6561
BrasilFds 31.70 +.89 38.67 23.75 2.4 24.3 2040
Cielo @ 56.67 +1.12 60.39 31.17 3.3 19 754
Eletrobras 13.01 +.18 22.57 12.62 33.5 - 1134
GerdauPf 16.56 +.61 19.40 10.85 1.9 13.5 5970
ItauHldFin @ 28.73xd +1.01 38.94 25.15 3.9 9.5 12001
ItuasaPf @ 8.56xd +.33 11.49 7.37 4.2 6.7 6270
JBS 5.63 +.18 8.50 3.42 - - 2780
OGX Petro @ 9.91 +.72 18.41 9.03 - - 36611
PetrobasPf 19.24 +.44 25.89 17.90 3.8 8 22868
Petrobras @ 20.07 +.47 28.26 18.91 3.6 5.6 4915
SiderNacO 12.51 -.04 21.58 12.33 6.6 5.7 6986
SouzaCruz @ 27.20 +1.08 30.24 16.15 3.8 25.5 793
UsinasMin 7.70 -.08 15.14 7.62 14.1 16 13750
ValRio @ 37.98 +1.09 51.35 35.61 13.6 - 3200
ValRioPrf 37.18 +1.23 46.10 34.51 9 5.8 15121
CANADA
(Jun 6 / 3:30 pm/Can $)
Agnico-E 41.54xd -.71 72.51 31.50 1.8 - 1182
Barrick @ 41.45xd -2.25 55.36 35.11 1.5 9.2 5184
BCE @ 41.40 +.17 43 34.99 5.1 14 1051
BkMontrl @ 54.79 +.43 62.20 53.15 5.1 10.2 735
BkNvaS @ 52.13 +.38 58.65 47.54 4.1 11.6 1056
Brookeld @ 32.70 +.81 33.18 25.91 1.7 10.6 979
Cameco 20.03 +.28 27.68 17.25 2 16.2 900
CanadPcR 74.23 +1.83 79.29 46.01 1.7 18.7 376
CanImp @ 70.75 +.44 78.88 67.32 5.1 10.2 779
CanNatRs @ 29.22 +.14 42.14 27.25 1.3 12.2 3796
CanNatRy @ 83.15xd +.19 85.84 63.72 1.7 14.6 617
CanOilSd 19.45 +.47 30.12 18.17 6.4 8.3 1297
CenovusE @ 32.39 +1.51 39.64 28.85 2.6 13.2 1464
Enbridge @ 39.37 -.01 41.50 28.27 2.7 34.9 2225
Encana 21.23 +.21 32.67 17.25 3.9 - 3109
Goldcorp @ 41.04 -.74 55.93 32.52 1.2 21.7 2505
GtWesLif @ 20.96xd +.8 26.21 19.15 5.9 9.9 372
HuskyE @ 23.67xd +.72 29.20 20.63 5.1 10.5 665
ImpOil @ 42.65xd +1.32 49.26 34.15 1.1 10.1 648
KinrossG 8.77 -.26 18.17 7.15 1.6 - 4564
Loblaw 32.68 +.58 40.45 31.11 2.6 12.8 477
Manulife @ 11xd +.23 17.23 10.18 4.7 - 3511
NatBkCan 72.95 +.4 81.27 63.27 4.1 8.3 318
Nexen 16.64xd +.41 23.67 14.20 1.2 13.2 721
Potash @ 40.06 +.39 59.45 38.31 1.1 11.6 1221
Power Cp 23.06xd +.69 27.45 20.90 5 10.1 717
PowerFn @ 25.54 +.99 30.54 23.62 5.5 11 333
ResMot 10.48 +.12 39 9.97 - 2.4 1274
RogCmB @ 35.52 +.29 40.22 34.25 4.2 12.5 748
RylBkC @ 50.42 +.04 59.13 43.30 4.4 10.6 1717
Suncor En @ 29.05xd +.75 39.72 23.97 1.6 10 3174
SunLfFin 21.27xd +.76 29.58 17.92 6.8 - 1537
TalismEnrgy 10.74xd -.02 20.25 9.72 2.6 12.4 2666
TeckResB @ 32.09 +.68 51.38 27.39 2.5 7.8 1562
TelusCorp @ 59.40xd -1.05 60.70 49.47 3.9 15.7 847
ThmReut @ 29.17xd +.57 37.17 26.10 4.5 - 883
TntoDom @ 78.29 +.61 85.85 68.13 3.6 11.9 858
TransCan @ 42.71 +.23 44.75 37 4 19.7 991
Weston Ltd 58.76 +.87 71.73 57.03 2.5 12.4 29
CHINA
(Jun 6/Renminbi)
AgricBkCh 2.64 +.02 2.81 2.43 5 6.5 28351
Air China 6.24 +.02 10.56 5.75 1.9 13.1 9856
AluCorpCh 3.15 +.06 6.88 3.04 - - 12384
AlumCpCh 6.67 +.02 12.10 6.11 - - 6003
AnhuiCC 22.95 +.4 41 17.90 1.9 8.5 8880
BaoshanStl 4.80 - 6.51 4.56 4.2 12.5 12445
Bk China 3.02 +.01 3.35 2.82 5.1 6.9 11474
BkofComms 4.60xd +.04 5.15 4.38 2.2 5.3 43139
ChCiticBk 4.15 +.02 4.99 3.91 4.8 5.6 15908
ChCoalEgy 8.72 -.02 11.27 8.16 2.5 11.7 9868
ChConstBk 4.49 +.03 5.06 4.32 5.3 6.5 26306
China Life 16.96 +.15 19.50 14.71 1.4 30 5160
ChinaUncm 3.95 -.04 5.85 3.94 0.8 49.4 52757
ChMinsheng 6.29 +.05 6.85 5.06 4.8 5.4 73419
ChMrchBk 11.68 +.14 13.52 10.83 3.6 6.5 68970
ChPacIns 20.09 -.28 23.24 17.70 1.7 31.3 9704
ChShBldIn 5.53 -.06 8.88 4.55 1.2 18.4 27415
ChShenEgy 25.04 -.34 32.48 23.58 3.6 10.9 14066
ChStCnsEng 3.30 +.02 4.12 2.85 2.4 7.2 35479
ChYgtzPwr 6.78 -.1 7.48 6 3.8 15 12133
Citic Sec 13.10 -.03 13.99 9.04 3.3 11.1 49137
Daqin Rail 7.33 -.01 8.63 7.11 5.3 9.3 22241
InCBkChina 4.20 - 4.55 3.94 4.8 7 32607
IndstrlBk @ 13.17 +.08 14.68 12 2.8 5.2 32459
Moutai @ 236.58 -4.22 243 170.90 1.7 24.9 1873
Ping An 41 +.33 49.70 33.35 0.4 16.3 15566
Saic Motor @ 14.81 -.13 19.63 12.49 2 8.3 16941
ShangPort 2.71 +.02 4 2.54 4.4 14 3330
ShngPdgBk@ 8.62 +.06 10.25 8.25 3.5 5.5 49919
ShznVanke 8.98 -.13 9.49 6.88 1.4 10.1 35462
Sinopec 6.50xd - 8.41 6.47 4.6 8.9 16895
WulianYnb @ 32.46 -.32 40.80 29.82 1.5 17.3 12321
CZECH REP
(Jun 6/Koruna)
Cez 753 +13 906 662 6 10.5 250
KomercBnk 3.22k +86 4.15k 2.71k 5 12.8 66
TelCzRep 384 +2 440 364.50 10.4 14.4 207
DENMARK
(Jun 6/Kr)
Carlsberg B 436.90 +20.9 603.50 315.50 1.3 13.5 688
DanskeBk 79.35 +2.45 108 61.15 - 44.8 741
MoellerMA 34.5k +900 46.96k 30.12k 2.9 - 1
MoellerMB@ 36.14k +920 48.68k 31.62k 2.8 10.3 9
NovoB @ 800 +26 866.50 507 1.8 26 1144
Novozym 158.20 +2.7 180 135.20 0.7 25.2 731
TDC 37.43 +.37 48.97 36.90 6 9 2191
VestaWind 31.54 -.89 153.40 31.50 - - 3110
WilDemant 516.50 +2.5 558 351.50 - 25 88
DUBAI
(Jun 6/US$)
DPWorld 10.15 - 13.09 9.33 2.4 12.4 33
FINLAND
(Jun 6/Euro)
Fortum @ 14.58 +.22 23.23 14.28 6.9 8.1 1596
Kone Corp 44.31 +1.07 48.05 33.78 3.2 17.3 554
Metso 26.85 +.88 40.47 19.72 6.3 10.9 768
Neste Oil 7.63 +.26 11.77 6.14 4.6 12.1 919
Nokia @ 2.23 +.09 5.19 2.07 9 - 28433
OtkmpA 0.78 +.02 2.65 0.76 - - 8224
SampoA 18.58 +.49 22.83 16.85 6.5 10.1 1375
StorEnsR 4.40 +.14 7.49 3.73 6.8 13.8 2660
UPMKym 8.22 +.26 12.91 7.34 7.3 10.7 2129
Wartsila 25.97 +.43 31.33 15.50 3.5 18.7 733
FRANCE
(Jun 6/Euro)
Accor 23.87 +.24 32 17.03 2.7 - 840
ADP 56.93 +.24 65.70 49.76 3.1 16.2 126
AirFrn-KLM 3.38 11.22 3.25 - - 6971
AirLiquide @ 85.94xa +1.44 93 73.55 2.6 17.4 1116
Alcatel 1.25 +.04 4.22 1.08 - 1.9 32625
Alstom 24.97 +1.34 43.14 21.82 3.2 10 2572
AXA @ 9.67 +.63 15.94 7.88 7.1 5.5 21779
BNP Parib @ 28.58xd +1.16 54.98 22.72 4.2 5.7 13453
Bouygues 20.05 +.93 31.48 18.90 8 6.4 2083
CapGemini 27.85xd +1.66 41.11 21.98 3.6 10.6 2069
Carrefour 14.16 -.04 26.40 13.38 3.7 24.8 6386
Casino 65.58xd -.75 75.94 51.35 2.3 14.8 556
ChristianD@ 104.15 +3.65 119.70 79.10 2.5 14.6 177
CNP 8.93 +.36 15.20 8.27 8.6 6.5 457
CredAgric 3.13 +.11 10.82 2.84 - - 26045
Danone @ 51.25 +.31 54.96 41.92 2.7 18.5 2367
DassaultSy 70.99 +.16 76.76 49.07 1 29.1 479
EADS @ 26.37xd +.61 31.69 19.05 1.7 18.2 2594
EDF @ 15.59 +.51 27.69 14.80 7.4 9.6 1990
Eiage 25.25 +.6 46.53 15.81 4.8 10.7 320
Eramet 86.80 +4.9 231.70 75.95 2.6 11.7 45
Essilr @ 70.57 +.62 70.66 46.89 1.2 28.9 852
FranceTele @ 10.40 +.15 15.39 9.81 13.5 7.1 11949
GDF Suez @ 16.38 +.35 25.44 15.62 9.2 9 5346
Gecina 69.94 +1.94 101.55 52.51 6.3 10.4 100
Hermes @ 257.05xa +5.25 285.49 177.19 0.8 45.2 32
JC Decaux 17.37 +.81 23.57 14.63 2.5 18.1 251
Klepierre 26.05 +.96 29.65 18.57 5.6 34.3 716
Lafarge 30.84 +1.34 45.93 22.29 1.6 15.3 1645
Lagardere 19.41 +.45 29.60 16.03 6.7 - 425
Legrand 24.39 +.64 29.51 22.19 3.8 13.5 1209
LOreal @ 89.76 +1.4 94.80 68.83 2.2 21.8 1010
LVMH @ 118.25 +4.75 136.80 94.16 2.2 18.9 1451
Michelin 48.74xd +1.65 67.95 40.20 4.3 6 1519
Natlxis 2.03 +.13 3.63 1.68 4.9 4.6 10794
PernodRic @ 78.69 +2.1 82.25 56.09 1.8 17.5 800
Peugeot 8.33 +.34 28.20 7.64 - 3.7 6804
PPR @ 113.20 +3.8 136.90 90.50 3.1 14.5 629
Publicis 37.75 +.95 43.30 29.10 1.9 12.8 1063
Renault 34.03 +.6 43.83 22.07 3.4 4.4 2412
Safran 27.23xd +.68 30.50 20.18 2.3 23.1 5113
Sano @ 54.55 +.21 59.56 42.85 4.9 11.5 3885
Schneider @ 44.27 +1.85 58.85 35 3.8 13.1 2813
SocGen @ 17.72 +.53 42.64 14.32 - 6 11153
Sodexo 58.37 +1.01 62.35 46.57 2.5 17.9 574
StGobn @ 29.32 +.85 45.38 26.07 4.2 12 3096
STMicro 4.11xd +.06 7.50 3.64 7.8 16.6 5370
SuezEnvir 8.95 +.37 14.49 8.52 7.3 13.6 2158
Technip 75.94 +3.04 89.70 52.85 2.1 16 731
Thales 23.95 +.59 29.99 21.61 3.3 9.2 203
Total @ 34.80 +.48 42.97 29.40 6.6 6.5 6514
UnibailR @ 138.80 +5.75 162.95 123.30 5.8 9.6 547
Vallourec 29.48xd +.88 87.60 28.32 4.4 10 1703
VeoliaEnv 9.78xd +.57 20.28 7.80 7.2 - 6784
Vinci @ 33.31 +.87 44.79 28.46 5.3 9.5 2911
Vivendi @ 13.11 +.22 18.61 12.01 7.4 10.2 6814
GERMANY
(Jun 6/Euro)
Adidas 57.26 +.98 64.30 42.42 1.7 16 993
Allianz @ 71.99 +1.77 98.60 56.16 6.3 10.6 2884
AxelSprg 32.39 +.43 39.87 24.44 5.2 12.1 200
BASF @ 54.66 +1.21 69.80 42.19 4.6 9.1 4019
Bayer @ 48.64 +.67 58.64 35.36 3.4 14.2 2998
Beiersdorf 51.21 +.79 55.67 38.26 1.4 46.6 744
BMW @ 58.51 +1.31 73.95 43.49 3.9 7.5 3326
Celesio 11.01 +.01 16.39 9.18 2.3 - 495
Commerzbk 1.36 +.04 3.28 1.12 - - 48877
Daimler @ 35.35 +.61 53.95 29.02 6.2 6.3 6436
Deut Bank @ 28.41 +1.01 42.08 20.79 2.6 7.6 8795
Deut Brse 38.18 +1.6 55.94 35.65 8.6 9.1 1674
Deut Tlkm @ 7.80 +.09 10.94 7.69 9 55.7 16808
DeutPstbk 28.11 -.05 31.50 19.81 - - 21
DeutsPost @ 13.05 +.28 14.83 8.90 5.4 11.5 4968
E.ON @ 14.47 +.23 20 12.50 7.6 - 10503
Fielmann 70.12 +3.2 80.85 60 3.6 23.7 73
FraPort 41.05 +.78 58.83 37.06 3 16.3 218
Fresenius 74.51 +.26 79.91 58.80 1.3 27.5 550
FresMedC @ 51.88 +.67 57.03 42.56 1.3 37.9 694
GEAGrp 20.96 +.89 26.83 15.61 2.6 13.5 893
Hann.Rck 43.17 +1.66 47.70 28.58 4.9 8.6 307
HeidCmnt 33.92 +1.57 47.30 23.92 1 20.8 1516
Henkel 50.53 +.67 57.77 36.52 1.6 17.6 785
Hochtief 37.33 +.79 61.87 35.60 - - 610
Inneon 6.18 +.23 8.17 4.89 1.9 12.9 9104
K & S 31.45 +1.05 56.84 30.14 4.1 12.4 1390
LANXESS 51.36 +1.67 64.40 31.34 1.7 8 581
Linde @ 118.95 +3.2 136.90 94.63 2.1 17.3 681
Lufthansa 8.27 +.21 15.50 7.99 3 39.4 3814
MAN @ 84 -1 103 50.78 2.7 - 746
Merck KG 74.57 +2.2 87.45 55.92 2 36 560
Metro 22.83 +.23 46.02 21.91 5.9 13.5 1472
MTUAero 57.53 +1.63 64.80 40.01 2.1 15.9 227
MuenchRkv@ 100.30 +3.26 118.35 77.80 6.2 7.3 1382
Porsche 40.30 +.7 58.90 30.24 1.9 - 567
Puma 237.50 +7.35 277.05 189 0.8 15.7 15
RWE @ 28.74 +.67 39.40 21.22 7 13.8 3381
Salzgitter 35.69 +1.24 55 32.43 1.3 11.1 309
SAP @ 45.43xc +1.09 54.44 32.64 1.7 15.6 4501
Siemens @ 64.97 +.81 96.19 62.13 4.6 14 3682
SMASolar 25.80 +.65 79.73 24.22 5 4.8 59
Suedzucker 24.42 +.62 26.18 19.16 2.9 14.6 344
ThyssenKr 13 +.37 36.20 12.47 3.5 - 5283
Volkswgn @ 117.45 +2.55 138.80 82.35 2.6 3.7 144
WackerChm 54.82 +.88 156.55 52.52 4 12 130
GREECE
(Jun 6/Euro)
Alpha Bk 0.71 +.02 3.77 0.42 - - 1652
BkPiraeus 0.20 +.01 1.14 0.16 - - 4172
Coca Cola 12 -.6 19.19 10.81 4.2 17.4 369
EFGEbk 0.42 +.03 3.57 0.29 - - 1722
HelPetro 4.28 +.1 7.14 3.94 10.5 19.5 110
HelTel 1.22 +.09 7.18 1.09 - 1.5 2751
NatBkG 0.94 +.02 5.40 0.90 - - 5326
OPAP 4.10 +.06 12.24 3.74 17.6 2.6 1605
PublPwrC 1.20 +.02 10.72 1.13 - - 1013
TitanCem 11.02 +.52 17.39 9.32 1.7 - 52
HONG KONG
(Jun 6/H.K.$)
AgricBkCh @ 3.14 +.03 4.45 2.26 5.1 6.3 123069
AIA @ 25.30 +.1 29.90 19.84 1.3 24.5 31146
Bk China @ 2.83xd -.15 4.10 2.20 6.7 5 424316
Bk of EAsia 25.70 -.05 33.60 21.85 3.7 13.1 1862
BkofComm@ 5.10xd +.1 7.23 4.15 2.4 4.9 23445
BOC HK @ 21.50xd +.3 24.45 14.24 5.5 11.1 8161
CathayPcA 12.16 -.04 18.88 11.76 4.3 8.7 2174
ChConstBk @ 5.46 +.09 7.22 4.41 5.3 6.3 225082
ChinaLife @ 17.46xd +.38 28.10 17 1.6 21.8 34196
ChinaMob @ 78.95xd +2.25 89.85 68.20 4.2 10.2 16893
ChinaRes 22.55xd +.3 35.50 22.20 2.1 19.1 7154
ChinaTele 3.38xd +.07 5.28 3.23 2.5 13.4 73689
ChMerch 21.45 +.3 32.60 19 3.2 9.5 5069
ChngKong @ 88.05xd +1.55 122.40 79.10 3.6 4.4 5243
ChOvLnd&In15.66xd +.36 17.86 9.99 2.1 8.5 15746
ChResLand 14.62 +.44 15.60 7.28 1.8 9.9 7766
ChResPwr 14.26 +.22 16.20 10.82 2.1 15 14460
ChRongshng 1.96xd -.01 5.44 1.69 1.4 6.5 9913
ChShenEgy@ 25.15xd -.7 40.20 25.05 4.4 8.8 37104
ChUncHK @ 10.28xd +.2 17.64 9.95 1.2 38.6 31512
Citic Pac 11.06 +.08 22.45 10.26 4.1 4.4 2148
CKI Hld 42.95xd +.1 50 37.70 3.6 12.7 1477
CLP @ 63.65xd +.45 75.20 62.10 4 16.5 1923
CNOOC @ 13.78xd +.5 19.20 11.20 3.8 7.1 63574
EspritAsia 12.52 +.34 28.65 7.55 2.1 - 4186
GentSingap 1.50 +.03 2 1.42 0.7 19.7 22730
HangLung 25.35 +.45 32.95 20.85 3.6 23.2 6558
HangSeng @ 100.40 +.3 125 84.40 5.2 11.5 573
HendersLd 40.60 +1.9 51.40 33.20 2.5 5.4 4945
HKChGas @ 18.50 +.08 20.65 16.68 2.8 23.8 17898
HKExch @ 106 +2.1 171.90 99.15 4 22.8 4542
HSBC 61.90xd +1.55 80.50 56 5.7 9.7 11996
Hutchison @ 62.40xd +.5 93.10 53.60 3.3 4.7 7280
In&CmBkCh@ 4.47xd -.22 6.44 3.46 5.5 5.8 315407
Li & Fung @ 14.44 +.32 20.15 10.82 3.7 22 13720
MTR @ 25.05 -.15 28.50 22.45 3 9.8 1151
NewWorld 8.65 +.5 11.88 6.13 0.2 4.1 14089
PetroChina @ 9.89xd +.24 11.92 8.59 4 10.9 53573
PowerAst 54.45xd - 64.80 52.55 4.3 12.8 2587
SHK Props @ 88.05 +2.05 122 85.30 3.8 4.7 4690
Sino Land 10.74 +.42 14.16 8.48 3.9 6.6 10778
Sinopec @ 6.99xd +.19 9.67 6.22 5.2 7.5 74687
Swire Pacic 83.55 +1.5 92.80 61.82 7.8 3.9 1169
SwirePac B 16.70 +.24 17.90 12.10 7.8 3.9 742
Tencent @ 216.20 +7.8 248.80 139.80 0.3 31 3634
WharfHld 41.05 +1.25 59 33.15 2.6 4 13064
Wheelock 24.35 +.75 33.54 17.87 2.1 2.2 1703
INDIA
(Jun 6/Rupee)
BharatHvy 215.20 +5.1 414.88 197.80 3 8.7 668
BhrtiAirtel @ 296.75 +9.7 444.70 280.10 0.3 26.4 399
CairnInd 321.35 +6.1 400.95 250 - 7.7 123
CoalIndia 321.90 +5.6 413.45 293.75 0.2 13.7 109
GAIL 326.20 +5.25 476.50 303.10 2.7 9.3 44
HDFC Bk @ 519.35 +15.35 557.70 400.45 0.8 23.1 126
HsngDevFin@ 649.35 +5.25 732 600.85 1.7 17.5 39
ICICI Bk @ 807.10xd +16.85 1.11k 641 2 12.2 482
IndianOil 254.20 -2.85 360 247.35 2 14.6 58
Infosys @ 2.41kxa +20.75 3.01k 2.16k 2 16.6 53
ITC @ 234.15 +8.3 252.80 182.30 1 29.1 438
JindalS&P 432.05 +19.1 663.40 410.15 0.4 10.2 483
Larsen&T 1.27k +57.75 1.87k 971 1.3 16.5 608
MMT C 696.25 +12.4 1.01k 438.55 - - 18
NatlThmPr 152.60 +5.65 192.30 138.95 2.6 12.8 171
NMDC 167.30 +1.25 279.30 136.15 2.7 9.1 23
OilNatGas @ 261.05 +7.35 303.90 226.95 3.7 7.9 204
RelianceIn @ 714.10xd +11.85 957.80 671 0.8 10.8 517
SBI NewA @ 2.16kxd +79.2 2.53k 1.58k 1.6 8.9 678
SteelAuthr 94.65 +2.15 148 73 2.1 11 213
Sterlite 93.60 +3.65 176.45 86.10 2.1 6.5 696
TAMO 234.20 +12.65 320.60 137.65 1.7 3.5 4286
TataCnslty @ 1.25k +26.1 1.29k 902.90 2 23.1 87
TataSteel 409.65 +11.15 615.90 332.35 2.9 7.4 632
Wipro @ 408.50 +9.55 452.50 310.20 1.5 17.9 44
MALAYSIA
(Jun 6/Ringgit)
AxiataGp 5.36xd +.04 5.48 4.43 3.5 19.1 11115
CIMB Grp @ 7.49 +.07 9.01 6.56 2.9 13.5 7098
Digi.com 4xd +.02 4.32 2.84 4.8 25 5720
Genting 9.78 +.08 11.40 8.37 0.8 13.2 3023
Genting Mly 3.53 +.01 4.12 3.01 2.4 15.6 5881
IOI Corp. 5.13 +.07 5.55 3.75 3.1 17 2941
KL Kpng 22.54 +.32 26.76 15.30 3.8 16.6 743
MalayBnkng@ 8.73 +.07 9 7.35 7.8 13.3 11112
Maxis 6.38xd +.05 6.44 5.16 5 18.7 2726
MISC 3.96 +.09 8.20 3.87 6.3 - 1696
PetChem 6.53xd -.02 7.23 5.23 2.5 14.5 3450
PetGas 17.60xd +.26 17.96 11.40 2.3 24.6 1663
PPB Grp 15.86xd +.08 17.98 15.16 1.5 21 184
Public Bk 13.68 -.02 14.04 11.68 3.5 13.3 2179
Public BkF 13.68 +.02 14.20 11.74 3.5 - 495
SimeDarby @ 9.68 +.03 10.26 7 3.3 13.3 4180
TelekmMala 5.40xd +.02 5.53 3.75 3.6 15.1 7079
Tenaga Nsl 6.43 +.02 6.99 4.89 0.8 20.3 4559
YTL Power 1.62 -.01 2.23 1.53 3.5 8.9 6211
MEXICO
(Jun 6 / 2:30 pm/Peso)
AmerMvl @ 16.48 +.08 18.80 13.48 0.6 13.7 34890
CemxCPO 7.50 +.2 10.63 3.13 12.4 - 35576
FEMSAUBD@ 111.54 +.57 113.82 72.48 0.8 27.2 1743
GrpElektra @ 491.31 +1.31 1.48k 431.30 0.4 4.6 930
GrpMexico @ 36.40 -.1 43.63 30.42 4.5 - 6167
Inbursa 29.20 +.81 32 21.40 1.1 30.3 865
Telmex L 10.11 - 10.73 9.11 5.4 12.7 87
TlvCPO 54.32 +.1 59.35 46.43 0.6 20.4 3913
Walmex @ 35.30 -.02 45.15 29.26 1.2 28.1 18440
NETHERLANDS
(Jun 6/Euro)
Aegon 3.37 +.13 4.84 2.59 - 14.1 17767
Ahold 9.18 -.41 11.07 7.62 4.4 10 9875
Akzo N 37.19 +.95 49.40 29.25 3.9 20.9 1012
ArcelorMit @ 11.52xd +.37 24.77 10.47 5.2 19.9 10879
ASML Hld @ 37.29 +1.12 39.26 21.22 1.2 10.6 1982
Boskalis 26.02 +1.37 33.27 20.67 4.6 10.5 1025
Corio 33.83 +1.41 47.19 28.26 8.2 18.3 636
DSM 38.01 +.61 46.16 29.84 3.8 8 985
Fugro 46.11 +2.82 55.92 34.01 3.3 12.7 989
Heineken @ 38.08 +.62 44.42 30.40 2.2 15.6 950
ING @ 4.92 +.2 8.72 4.21 - 3.7 38883
KPN 7.67 +.03 10.32 6.35 11.1 8.8 8197
Philips @ 14.39 +.52 18.65 12.01 4.9 - 4169
PostNL 2.95 +.12 6.90 1.98 18.3 0.5 7065
Randstad 22.33 +.45 33.26 19.59 5.6 23.8 811
ReedElsvr 8.36 +.18 9.77 7.38 5.2 14.2 3295
Robeco 21.76 +.18 24.22 18.30 2.8 53.1 35
RylDShlA 25.05xd +.4 29.18 20.12 5.1 6.8 6015
Unilever @ 24.96xd +.4 27.16 20.96 3.7 15.9 6511
WoltKluw 11.72 +.24 15.68 11.39 5.8 29.3 1100
NEW ZEALAND
(Jun 6/NZ $)
AucklndAir 2.51 +.01 2.62 2.08 5.2 31.8
ContactE 4.74 -.05 5.89 4.60 8.1 23.6
FletchrBld 6.30 +.16 8.92 5.78 7.2 16
Telc.of NZ 2.48 +.04 2.68 1.70 14.8 6
NORWAY
(Jun 6/Kroner)
AkerSol 80.05 +4.45 104 50.10 4.9 8.9 1615
DNB @ 56.15 +1.65 81.45 51.25 3.6 7.7 3830
NorskHyd 26.20 +1.07 42.45 23.76 2.9 24.5 4056
Orkla 41.11 +.79 48.84 36.48 6.1 - 3060
Roy.Carib. 145 +7.2 214.30 111.60 1.7 9.7 488
Seadrill 203.50xd +7 233.34 137.04 9.4 17.1 3327
Statoil @ 137.70 +3 162.80 108.10 4.7 5.6 5193
Subsea 7 120.20 +5.2 154.90 99.35 3 14.7 1854
Telenor @ 89.75 +1.25 106.80 78.80 5.6 29.9 2598
YaraIntl 232.60 +6.1 340.60 200.50 3 5.5 1101
POLAND
(Jun 6/Zloty)
BkPekao 139 +8.8 173.90 115.10 3.9 12.3 738
BRE Bank 262.90 +7.2 345.20 203.30 - 9.8 21
ING Bank 74 - 91.10 61.75 - 10.2 13
KGHM 130.40 +4.4 199.60 102.40 13 2.5 1006
PGNIG 3.85 +.11 4.65 3.25 - 25.7 3483
PKN Orlen 32.65 +.63 53.25 30.33 - 5.5 1266
PKO Bank 32.70 +1.49 44.19 27.95 3.9 10.4 2584
PZU 300 +7.9 394 283.10 6.8 10.9 254
Telek.Pol 16.42 +.22 19.19 14.30 9.1 11.2 1452
PORTUGAL
(Jun 6/Euro)
B.EspSanto 0.53 +.01 1.70 0.43 - - 19033
BCPort 0.08 -.01 0.49 0.07 - - 198089
BncoBPI 0.45 +.03 1.13 0.35 - - 1562
BRISA 2.44 -.04 4.46 2.19 12.7 - 372
Cimpor 5.50 -.01 5.65 4.50 3 19.6 664
EDP 1.74 +.06 2.61 1.63 10.6 5.6 8511
GalpEnerg 9.44 +.18 16.97 8.95 2.1 18.9 1073
JeronimoM 14.10 +.06 16.07 10.66 2 25.2 678
PortTlcm 3.25 +.07 7.63 3 20 10.5 6540
Sonae 0.38 + 0.78 0.37 8.8 7.6 794
RUSSIA
(Jun 6/Rouble)
Bank VTB @ 0.05xd + 0.09 0.05 1.5 6.2 25404430
GazProm @ 150.15xd -.32 212.49 136.54 6 2.6 52584
GMK Noril @ 4.9kxd +21 7.86k 4.68k 4 11.2 216
Gzprmneft @ 131.35xd +2.74 169.39 106.05 5.6 3.7 380
Lukoil @ 1.73kxd +15.7 1.94k 1.5k 4.3 4.3 2517
MTS 228.19xd +8.91 246.01 168.25 6.4 9.5 2134
Novatek @ 302xd +6.7 442.73 280.16 2 7.5 1511
NovoSteel 52.70xd +.39 114 46.59 3.8 7.2 7207
Rosneft @ 199.41xd +3.01 252.27 171.04 1.7 5.1 16273
RusHydro 0.81xd +.01 1.41 0.72 1 7.3 541660
SbankR @ 80.62xd +2.51 107.70 60.91 2.6 5.4 179165
Severstal 374.30xd +.4 544 310.10 3.7 6.5 1911
Surgnfgz @ 25.07xd -.17 33.89 20.41 2.4 3.8 31603
SINGAPORE
(Jun 6/S$)
Capitalnd 2.58 +.1 3.17 2.18 3.1 10.1 12452
DBS @ 13.18xd +.1 15.73 10.81 4.2 9.8 3582
Jard Math @ 48.85 +1.35 59 42.06 2.6 5.1 175
Jard Str @ 30.03 +.83 34.30 23.70 0.7 4.7 51
Keppel 9.83 +.16 11.67 7.02 4.4 7.7 3653
OCBC @ 8.25 +.05 10.09 7.68 3.6 11.6 3372
SIALtd 10.21 -.02 13.96 10.05 2 36.3 1043
Sing Tech 2.92 +.01 3.31 2.61 5.3 16.2 2313
SingTel @ 3.11 +.02 3.31 2.84 5.1 12.4 16847
UOB @ 17.17 +.26 21 14.42 3.5 4.6 2256
WilmarInt @ 3.57 +.06 6.05 3.50 1.7 12.4 4228
SOUTH AFRICA
(Jun 6/Rand)
Absa 151.90 +1 164.50 123.19 4.5 11.3 1008
AngGold 319.50xd +4.5 391.82 252.50 1.2 67.2 2359
Anglo 271 +7.7 350.05 254.23 2.5 53.1 9263
AngloPlat @ 510.13 +20.12 647.99 462 1.4 37.1 401
ArclrMttal 52 +.87 82.99 51.13 1.1 - 810
Firstrand 26.24 +.19 26.38 17.10 3.4 10.2 15574
GoldFields 117 +.26 145.43 95.05 2.8 10.6 6606
Harmony 89 +1.5 116.09 71.59 1.1 18.9 3041
Implats 141.39 +7.53 189.50 128.98 3.9 10.6 1644
Kumba Iron@ 545.94 +13.89 580.45 415.25 8.1 10.3 405
MTN @ 135.29 +.88 147.99 126.65 5.5 12.1 7121
Naspers N @ 445.27 +3.51 477 319.03 0.6 45.3 2278
NedbankGrp 171.11 +3.6 176.13 126.47 3.5 12.5 875
OldMut 18.75xd +.4 20 12.10 18.1 - 8658
SAB Mllr 316.94 +5.55 331.44 226.51 2.7 - 2008
Sanlam 33.91 +.45 34.46 24.14 3.8 12.7 10689
Sasol @ 365.81 +9.31 411.50 300.50 4.3 8.4 1728
Stanbank @ 116.03 +.88 117.93 87.75 3.7 15.3 4006
Telkom 20.50 +.5 37.80 19.80 7.1 27.6 2434
Vodacom @ 98 -2 110.89 80.13 7.2 14.1 5321
SOUTH KOREA prices in 000s
(Jun 5/Won)
HyundaiHvy@ 253 - 518 235.50 1.6 7.9 -
HyundaiMot@ 233.50 - 272.50 161.50 0.7 7.7 -
HyundEng 62 - 91.40 49.60 0.8 11 -
HyundMobis@ 271 - 416.50 261.50 0.6 8.2 -
HyundStl 82 - 139 74.20 0.6 10.9 -
IndBkKor 12.05 - 20.60 11.05 4.8 5.6 -
KB Financial 36.75 - 55.40 34.10 2 6.2 -
Kia Motors @ 76.90 - 84.80 58.10 0.8 17 -
Korea T&G 81.10 - 85.30 62 3.9 12.4 -
KoreaEP 23.95 - 29.05 19.60 - - -
KoreaExch 8.14 - 9.93 6.63 29 3.2 -
KT Corp 29.10 - 41.10 27.55 6.9 5.5 -
LG Chem @ 267 - 524 261.50 1.5 10.5 -
LG Corp 53.50 - 86.30 50.10 1.9 9.6 -
LG Display 20.45 - 35.05 17.30 - - -
LG Elect 64.50 - 94.30 52.59 0.3 - -
LotteShop 291.50 - 540 286.50 0.5 9.2 -
NHN 236 - 275 168.50 0.2 22.5 -
Posco @ 357.50 - 480 341 2.8 8.7 -
ShinhanFin @ 38 - 54 35.80 2 6.6 -
Shinsegae 224 - 407.50 208 0.3 0.7 -
SK Hynix @ 21.65 - 30.95 15.50 - - -
SK Innov 129 - 243 117 2.2 4.1 -
SKTelecom 124.50 - 167 120 7.6 6.4 -
SmsungCT 62.80 - 92.50 57.10 0.8 23.7 -
SmsungEl @ 1.2k - 1.42k 672 0.5 11.6 -
SmsungEM 99.80 - 112.50 59.20 0.8 23.2 -
SmsungEPf 678 - 826 460 0.8 - -
SmsungFre 211.50xd - 256 195 1.8 11.8 -
SmsungSDI 150 - 177 99.90 1 18.5 -
WooriFin 11 - 14.60 8.47 2.3 4.2 -
SPAIN
(Jun 6/Euro)
Abertis 9.91xa +.18 13.43 9.20 10 8 3234
Acciona 41.22 +.76 75.31 38.74 7.3 13.4 467
Acerinox 8.83 +.17 12.75 7.91 5.1 29.6 587
ACS 14.63 +.63 33.35 12.56 6.2 4.5 1334
Banesto 2.68 +.01 5.90 2.50 9.6 - 105
Bankinter 2.46 -.08 5.41 2.38 5.6 6.4 5270
BanPoplr 1.69 +.02 4.03 1.60 24 6.2 11042
BBVArg @ 5.04 +.16 8.38 4.52 7.2 8.3 45390
BcoSabdll 1.34xc +.03 2.70 1.24 3.1 10.8 6513
BcoSantdr @ 4.70 +.12 8.23 4.17 14.2 8.9 76487
BcoValen 0.15 - 2.34 0.13 - - 940
CaixaBnk 2.25 +.07 5.05 2.01 10.4 10 4732
CorFinAlba 24.91 +.71 41 22.15 4 5.3 24
DIA 3.53 +.01 3.90 2.36 3.1 24.1 5067
EbroFood 12.62 -.09 16.12 11.67 3.6 12.7 719
Enagas 12.99 +.21 16.92 12.46 7.6 8.5 1246
Endesa 12.48 +.26 23.35 11.75 8.1 6 295
FCC 9.71 -.08 21.45 9.37 13.4 10.3 886
GAMESA 1.56 -.05 6.48 1.45 0.4 22 3594
GasNatur 8.93 +.05 15 8.59 7.7 6.6 2696
Grifols 18.29 +.16 19.67 10.24 - 72.1 1022
GrpFerrov 7.77 +.1 9.77 7.25 5.8 5.4 7260
IAG 1.78 -.01 2.90 1.51 - 18.5 3352
Iberdrola @ 3.28 +.1 6.26 3.03 0.9 7 25498
Inditex @ 66.56 +1.23 74.73 52.04 2.4 21.5 1499
IndraSis 7.44 +.18 14.39 7.02 9.1 7.4 1585
Mapfre 1.58 +.02 2.74 1.52 9.5 5 7178
MedsetEsp 3.69 +.07 6.68 3.23 3.7 16.1 1589
OHL 15.16 +.89 26.95 14 3.7 6.6 717
RedElectCp 32.06 +1.35 41.97 29 6.9 9 1224
Repsol @ 12.65 +.19 24.35 11.64 8.7 6.5 7115
TechReun 29.97 +.9 37.95 21.50 4.5 12.4 455
Telefonica @ 9.60 +.3 17.05 8.81 9.4 10.3 32716
ZardoyaO 9.16 +.17 11.33 8.52 5.6 16.8 201
SWEDEN
(Jun 5/Kroner)
AlfaLaval 115.70 - 147 101.90 2.8 15 -
AssaAbloy 181 - 210.70 128.60 2.5 16.6 -
AstraZen 286.60 - 329.80 260.70 7.8 6.6 -
AtlasCpcoA@ 140.90 - 175.60 112.30 3.5 13.2 -
ElctxB 125.20 - 166.20 93.15 5.2 16.5 -
EricssonB @ 60.75 - 93.80 58.15 4.1 11.4 -
H & M @ 208.50 - 253.50 178.80 4.6 21.5 -
IndVardenA 89.60 - 116.80 69.80 5 - -
InvestorB 124.10 - 152.10 110.20 4.8 72.6 -
Kinnevik 126.30 - 155.20 113.10 4.4 3.7 -
NordeaBk @ 53.60 - 72.25 46.80 4.4 9.2 -
Sandvik @ 86.25 - 117.60 70.60 3.8 17.3 -
ScaniaA 115.40 - 148.40 88.10 4.3 - -
ScaniaB 117 - 150.50 89.35 4.3 10.8 -
SEB 40.05 - 54.75 30.72 4.4 8.2 -
SkanskaB 95.05 - 125.90 84.35 6.3 5.1 -
SKF B 138.80 - 189.30 118.30 4 10.9 -
SSABA 54.30 - 101.50 46.59 3.7 11.9 -
SvenCellB 99.20 - 122.90 76.45 4.2 - -
SvenskaHn@ 201.80 - 228 147.40 4.8 9.9 -
Swedbank @ 103 - 115.20 65.55 5.1 11.2 2570
SwedMatch 272.40 - 277.80 202.40 2.4 22.4 -
Tele2B 104.20 - 134.18 103.90 12.5 10.2 -
TeliaSonra @ 43.15 - 48.95 40.60 6.6 10.6 -
VolvoA 78.45 - 112.70 64.50 3.8 - -
VolvoB @ 78.35 - 112.80 63.95 3.8 9 -
SWITZERLAND
(Jun 6/Frs)
ABB Ltd @ 15.37 +.38 22.54 14.40 4.2 12.2 6631
Actelion 36.27 +1 45.92 28.16 2.2 - 598
Adecco 37.96 +1.49 57.05 31.98 4.7 11.3 585
Baloise 60.35 +1.55 88.90 58.30 7.5 44.1 212
CredSuisse@ 19.10 +.61 35.93 18.15 3.9 45.5 6590
GAMHldgs 10.70 +.3 15.40 9.23 4.7 - 692
Givaudan 893.50 +12 936 684.50 2.5 32.4 17
Holcim @ 50.75 +.84 65.90 42.11 2 61.1 731
JulBaerGp 31.28 +1.08 39.23 26.07 3.2 24.6 668
Kuhn&Nag 103.60 +2.1 134.10 90.90 3.7 24 93
Logitech 9.68 +.36 10.95 5.80 - 25.5 1080
Lonza Grp 33.43 +.51 72.20 32.81 6.4 11.3 317
Nestle @ 54.30 +.4 57.50 43.50 3.6 18.3 4900
NobelBiocr 9.83 +.15 18.15 7.76 1.5 24.6 530
Novartis @ 50.05 +.52 54.85 38.91 4.5 15.4 5032
Pargesa 53.85 +1.65 79.60 51.05 4.8 23.4 59
Richemont@ 53.15 +1.35 59.95 36.46 1 16 1835
Roche @ 152.80 +3.4 169.20 115.10 4.5 14.1 1752
Roche Br 160.20 +3.1 176.60 120.30 4.2 - 11
Schindler 107.20 +1 117.60 79.25 1.9 22.7 15
SchndlerPC 106 +.6 119 78.10 1.9 - 102
SGS SA 1.73k +37 1.8k 1.23k 3.8 24.7 11
Sonova 88.50 +.55 104.60 57.30 1.4 23.9 144
SwatchGpI @ 363 +10.4 443.70 288.50 1.6 18.4 248
SwatchGpN 63.45 +1.85 78.90 51.60 1.8 - 124
Swiss Re @ 53.90 +1.7 59.80 34.70 5.6 4.7 812
Swisscom @ 351 +5.4 392 323.10 6.3 27.4 104
SwissLife 78.85 +2.75 143.40 74.35 11.4 4.2 210
Syngent @ 303.80 +7.3 327.30 211.10 2.6 18.7 215
Synthes @ 157.80 - 159.20 126.30 1.1 20.7 419
Transocean@ 40.74 +1.89 56.10 36.02 5.6 - 456
UBS @ 11.15 +.45 16.04 9.34 0.9 13.4 12677
ZurichFin @ 198.40 +5.3 246.80 144.30 8.6 7.6 875
TAIWAN
(Jun 6/T$)
Acer 31 -.45 52 27.30 - - 20
Au Optrncs 11.65 +.35 23.60 11.10 - - 55
CathayFin 28.50 +.1 46.18 27.80 1.8 26.1 5
ChimeiInn 11.50 +.05 29.40 10.95 - - 30
ChinaSteel 28.20 +.15 33.62 26.85 3.6 32.8 12
Chinatst Fin 16.10 +.1 25.03 15.45 2.5 9.9 15
ChnghwTl @ 90.70 +.7 111 87.50 6 15.7 5
CompalElc 28.75 +.25 38.20 25.50 4.9 13.3 15
DeltaElc 80.40 +1.4 115 63 4.4 16.7 16
FormoC&F 75.60 +.1 113.50 73.80 5.3 23.8 6
FormPlastic@ 76.90 +.5 115.50 75.60 5.2 18.5 5
FubonFnH 28.25 - 46.48 27.60 3.5 9.4 9
HonHaiPrc @ 82.80 +.6 117 61.50 1.8 10.8 25
HTC 406 +12.5 1.22k 386 9.9 6.6 8
MediaTek 257.50 +3.5 348 221 3.5 22.3 6
Mega Fin 20.15 +.1 28.97 17.60 4.2 11.6 16
NanYaPlast 52.60 +.4 82.30 50.20 4 38.4 4
Quanta Cmp 76.80 -.4 86.40 48.10 5.2 13.1 9
TaiwanMob 94.50 +.1 98.50 76.85 6.6 18.5 5
TaiwanPet @ 82.90 +1 112 76.60 2.4 - 1
TaiwanSem@ 77.80 -.4 89.80 62.20 3.9 15.3 34
Utd Micro 11.85 +.05 15.75 10.15 4.2 20.1 55
THAILAND
(Jun 6/Baht)
Adv Info 177.50 +.5 190.50 92 4.7 21.2 8107500
Bangkk Bk 172 +2 194 123.50 3.5 11.35076000
PTT @ 308 +5 369 236 3.5 8.1 3753100
PTT Exp @ 157.50 +2.5 187 130.50 3.4 102458700
SiamCem 331 +5 387 236 3.8 16.5 2087600
SiamComBk@ 135 +3 156 93.75 2.6 13.75780400
TURKEY
(Jun 6/Tk Lira)
Akbank 5.68 +.12 7.70 5.28 1.8 9.8 33607
KOC Hold. 6.22 -.02 7.58 5.22 2 7.2 1873
Sabanci 6.96 -.04 8.02 5.10 1.4 8 3654
TGaBan 6.22 +.08 7.76 5.44 2.3 7.7 33984
Trk.Isbank 3.88 +.04 5.22 3.14 3.1 7.3 52403
TrkHalkBk 12.40 +.3 13.55 9.15 139.3 7.4 3849
Turkcell 8.22 +.02 9.96 7.18 - 13.3 2367
TurkTelek 6.32 - 9.38 6.24 8.6 9.9 4031
YapiKred 3.13 +.02 4.24 2.48 - 6.3 23380
INDONESIA prices in 000s
(Jun 6/Rupiah)
AdaroEgy 1.27xd +.05 2.70 1.18 5.1 7.9 113001
Astra Int @ 6.95xc +.35 7.97 5.50 2.8 15.5 41969
Bk Negara 3.73 +.03 4.60 2.98 1.7 11.4 12294
BkCentAsia@ 7.20 +.15 8.85 6.75 1.6 15.8 25514
BkMandiri 6.90 +.25 8.15 5.10 1.5 13.4 15058
BkRakyat @ 5.95 +.6 7.25 5 2.1 8.9 92603
Gudang Grm 55.80 +1.4 67 43.60 1.6 21.5 407
Telkom 7.55xa -.09 8.64 6.60 4.9 12.8 10775
Unilever 20.65 +.4 24.45 14 2.6 36.4 1384
IRELAND
(Jun 6/Euro)
Aer Lingus 0.93 +.01 1.04 0.52 3.6 7.2 59
BkofIrelnd 0.10 +.01 0.17 0.07 - - 25198
CRH 13.93 +.94 16.93 10.28 4.5 16.8 1655
Elan Crp 10.60 -.05 11.96 6.09 - - 527
GraftonGrp 2.75 3.53 2.25 2.7 10.2 56
Ind News 0.27 -.01 0.58 0.20 - 3.9 1247
Irish Lf 0.03 + 0.10 0.02 - - 100
Kerry Gp 33.50 -.35 35.66 23.65 1 16.3 316
Ryanair 4 +.07 4.52 2.76 - 11.1 1530
ITALY
(Jun 6/Euro)
A2A 0.49 +.02 1.15 0.42 2.7 - 38221
Acea 3.95 +.01 7.55 3.84 7.1 22.1 105
Atlantia 9.52xa +.18 14.78 8.70 7.5 7.6 3130
Autogrill 6.90 +.17 9.45 6.67 4.1 15.6 592
BcaCarige 0.67 +.02 1.71 0.61 10.4 6 6091
BcaMilano 0.35 +.02 0.65 0.25 9.3 - 62228
BcaPEmilR 3.77 +.33 8.36 3.20 0.8 4.7 2910
BcoPoplre 1 +.04 1.74 0.79 - - 24683
BcPSondrio 4.68 +.3 6.85 4.05 1.9 13.4 537
BuzziUnicm 6.84 +.28 9.92 5.45 0.7 - 1039
Campari 5.16 +.09 5.95 4.83 1.4 18.5 1510
CredEmil 2.78 +.16 4.66 2.30 3.6 8.6 280
Edison 0.88 + 1 0.72 4.8 - 2432
ENEL @ 2.37 +.04 4.70 2.27 11 5.4 109462
ENI @ 15.98 +.44 18.72 11.83 6.5 7.3 13925
ERG 4.77 +.12 9.60 4.28 8.4 8.7 629
Exor 17.41 +.75 23.32 13.27 1.9 7 492
Fiat 3.83 +.09 7.80 3.25 - 3.4 25859
Fiat Ind 7.81 +.36 9.69 4.77 2.4 12.6 5504
Finmecnca 2.94 +.2 8.47 2.56 - - 10981
Generali @ 9.36 +.33 14.96 8.16 2.1 17.8 17301
IntSanPSvg 0.94 +.04 1.58 0.75 9.7 4.5 7597
IntSPaolo @ 1.13 +.06 1.92 0.85 7.1 - 251416
Italcementi 4.08 +.31 6.76 3.61 2.9 - 286
Lottomatica 14.30 +.97 15.03 10.22 5 11.8 659
Luxottca 25.47 +.65 28.49 17.88 1.9 25.1 760
Meddiolan. 2.47 +.13 3.76 2.16 4.4 10.2 2048
Mediaset 1.28 +.02 3.57 1.20 7.8 8.7 11989
Mediobnca 3.21 +.19 7.57 2.78 5.3 49.6 10066
MontePsS 0.22 +.01 0.80 0.19 9.2 - 205910
Parmalat 1.61 + 2.61 1.31 6.2 13.6 1464
Pirelli&C 7.93 +.29 9.83 4.80 3.4 7.7 4106
Prysmian 11.29 +.29 15.04 9.07 1.9 - 1321
Saipem @ 31.29 +.96 39.87 23.31 2.2 14.6 4171
Saras 0.77 +.03 1.66 0.69 - - 2548
Snam 3.28 +.06 4.18 3.09 7.3 14.6 7919
TelcmItalR 0.57 +.02 0.85 0.54 9.4 7.2 21895
TelecmItal @ 0.70 +.04 0.97 0.65 6.1 - 132778
TERNA 2.74 +.04 3.38 2.36 7.7 14.4 6669
TODS 78.45 +3.05 96.40 60.45 3.2 17.8 105
UBI Banca 2.49 +.1 4.74 2.15 2 - 5008
UniCred @ 2.79 +.12 10.29 2.20 7.1 - 140874
JAPAN prices in 000s
(Jun 6/Yen)
Aeon 0.95 +.01 1.11 0.89 2.4 10.8 3686
Ajinomoto 1.08xd -.01 1.13 0.85 1.5 16.7 3076
AozoraBk 0.16xd + 0.26 0.15 5.5 6.7 7371
Asahi Glass 0.53 +.02 0.98 0.50 4.9 8.4 6247
AstellasPh @ 3.07xd -.01 3.49 2.70 4.1 14.6 1759
Bridgestne @ 1.69 +.03 2.09 1.58 1.3 8.2 2543
Canon @ 3.08 +.09 4.02 2.88 3.9 14.2 8393
ChubuElec 1.16xd -.06 1.60 1.06 5.2 - 2528
Chugai Ph 1.40 1.54 1.13 2.9 17 1411
CntJpRwy 622xd -14 704 596 1.5 7.4 7
DaikinInd 2.01xd +.06 2.95 1.84 1.8 11.1 1972
DaiNpPrnt 0.60xd +.03 0.96 0.55 5.3 24 8606
DaiSankyo 1.25xd -.01 1.64 1.24 4.8 17.7 2234
DaiwaSec 0.25 +.01 0.37 0.23 2.4 36.8 9203
Denso @ 2.39xd +.07 3 2 1.9 14.1 2121
EastJpRwy @ 4.58xd -.02 5.50 4.26 2.4 11.2 1029
Eisai 3.21 -.03 3.39 2.83 4.7 16.1 1316
Fanuc @ 13.41xd +.19 15.63 9.99 1.6 20.6 1108
FastRetail @ 16.36 +.3 19.15 11.81 1.3 21.6 1368
FujiFilmH 1.48xd +.04 2.55 1.40 2.4 11.7 3477
Fujtsu 0.36 +.01 0.50 0.32 2.8 12.2 12565
Hitachi @ 0.45 +.01 0.56 0.36 1.8 10.4 34276
Honda Mt @ 2.49 +.07 3.30 2.13 2.4 9.2 5657
Hoya 1.69 +.02 1.94 1.54 3.9 11.8 1598
Inpex @ 439.50xd +5 615 420.50 1.6 9.8 16
Itochu 0.82xd 0.97 0.68 5.4 4.3 13710
JapanTob @ 421.50xd -3 490.50 282.60 2.4 13.3 24
JFE 1.26xd +.04 2.27 1.16 1.6 9.2 3369
JX Hldgs 0.38xd + 0.58 0.36 4.2 5.9 18773
KansaiEP 1.06xd -.03 1.64 1.03 5.7 - 3699
Kao Corp 2.05xd -.03 2.30 1.95 2.9 18 2991
KDDI Cp @ 489.50xd +4 668 473.50 3.3 8.8 15
Keyence 17.95xd +.18 21.17 16.44 0.3 20.6 122
KirinHldgs 0.90 - 1.15 0.87 3 19 3085
Komatsu @ 1.85xd +.04 2.60 1.45 2.3 9.5 6067
Kubota 0.67xd +.01 0.83 0.56 2.3 13.2 4236
Kyocera 6.52xd +.12 8.59 6.06 1.8 13 1031
Kyushu EP 0.91xd -.02 1.52 0.90 5.5 - 1421
Marubeni 0.49 + 0.65 0.37 4.1 4 15854
MitsubElec @ 0.61 +.01 0.96 0.58 2 10.9 7507
MitsubEst @ 1.26xd +.05 1.58 1.12 1 35 6663
MitsubHvy 0.32xd +.01 0.41 0.30 1.9 21.8 17066
Mitsubishi @ 1.53xd +.02 2.14 1.39 4.2 5.1 6051
MitsubTk @ 0.35xd +.01 0.45 0.32 3.5 7.3 75723
Mitsui @ 1.11xd +.02 1.49 1.01 4.9 5 9158
MitsuiFud 1.37xd +.08 1.68 1.09 1.6 21.9 7184
MitsuiSmIns 1.22xd +.03 2.04 1.14 4.4 9.6 3558
Mizuho @ 0.12xd + 0.15 0.10 5.1 6.6 154616
Murata Mfg 4.22xd +.15 5.50 3.79 2.4 19.8 27
NEC 0.11 + 0.19 0.11 - 14.5 30651
Nintendo 9.08xd -.25 18.39 8.71 1.1 64.3 27
NipponStl @ 0.17xd +.01 0.27 0.16 1.5 13.9 37802
Nissan Mt @ 0.74 +.02 0.91 0.61 2.7 8.2 17666
Nitto Denko 3.15xd +.09 4.25 2.65 3.2 10.9 1259
NKSJ 1.47xd +.03 2.22 1.39 5.4 25.4 1576
Nomura 0.26 +.01 0.42 0.22 2.3 25.1 57066
NTT @ 3.31xd +.01 4.09 3.27 4.2 7.6 2506
NTT Data 223.40xd +2.3 294.20 213.30 2.7 16.5 7
NTTDCMo @ 124.60xd -.7 149.10 123.30 4.5 9.7 80
Orix 6.69 +.19 8.64 5.48 1.3 7.4 885
Panasonic @ 0.53xd +.02 1.03 0.50 1.9 25.9 22976
Resona 0.29 +.01 0.42 0.28 4.1 5.2 9008
Ricoh 0.57xd +.02 0.94 0.53 4.4 12.8 12915
Rohm 2.85xd +.07 4.81 2.70 2.1 32.4 15
Secom 3.46xd -.01 4.19 3.39 2.6 12.8 1396
SekisuiHse 0.67 +.01 0.82 0.64 3 10.7 3550
Seven & I @ 2.37 -.01 2.49 1.97 2.6 13.4 3757
Sharp 0.42xd +.03 0.79 0.36 2.4 - 26127
ShnEtsuCh @ 4.02xd +.03 4.88 3.47 2.5 16.2 2026
SMC Cp 12.75xd +.36 15.09 9.99 1 14.8 347
Softbank @ 2.53xd +.08 3.21 2.05 1.6 8.8 7750
Sony @ 1.05 +.02 2.23 0.99 2.4 35.2 13197
SonyFinH 1.17xd +.04 1.55 1.02 1.7 13.7 1120
SumitChm 0.24 +.01 0.41 0.22 3.8 11.3 13198
SumitoEle 0.90xd +.02 1.23 0.75 2.1 9.7 3492
SumitomMI 0.12 + 0.20 0.12 1.6 26.7 20722
Sumitomo @ 1.05xd +.01 1.28 0.88 4.8 5.1 5742
SumitomoF@ 2.34xd +.05 2.93 2 4.3 6.9 7686
SumitonMit 0.43 - - - 2.6 8
Suzuki Mt 1.60xd +.03 2.07 1.47 0.9 11.5 4042
T&D Hld 0.78xd +.03 1.06 0.66 2.9 14.8 3254
Takeda Ph @ 3.32xd -.03 3.82 3.02 5.4 16.9 2375
TDK 3.50xd +.18 4.84 2.40 2.3 11.3 2665
Terumo 2.93xd +.08 4.56 2.76 1.3 16.1 1621
Tohoku EP 0.68 -.02 1.22 0.67 - - 1731
TokioElPw 0.16 - 0.64 0.15 - - 7133
TokioMrne @ 1.79xd +.05 2.40 1.65 2.8 13.1 3555
Tokyo Elcn 3.60 +.1 4.95 3.33 2.2 20.3 1695
TokyoGas 0.37xd 0.40 0.31 2.4 15.2 6900
Toshiba @ 0.29 +.01 0.43 0.27 2.7 9.1 52596
Toyota @ 3xd +.07 3.64 2.33 1.7 - 9349
Toyota Ind 2.08xd +.05 2.71 1.95 2.4 11.5 557
WstJpnRwy 3.06xd -.04 3.53 3.01 2.9 12 701
Yahoo Jpn @ 22.93xd +.24 29.33 21.65 1.5 12.7 72
YokohaBk 0.36 -.01 0.42 0.35 2.8 8.7 9167
Wednesday stock close Days
traded ms price change
Microsoft 31.9 29.08 +0.58
Intel 25.0 26.00 +0.57
Bank of Am 23.7 7.62 +0.52
News Corp 23.3 19.28 +0.68
Cisco Systems 22.7 16.60 +0.48
Oracle Corp 18.3 27.44 +0.74
Dell 14.7 12.19 +0.03
Staples 12.7 12.90 +0.17
AppliedMat 12.0 10.58 +0.30
Apple 11.9 572.17 +9.34
BIGGEST MOVERS
Wednesday Close Days Days
price change chng%
Ups
Bank of Am 7.62 0.52 +7.32
Pultegroup 8.75 0.59 +7.23
Chesap Egy 18.13 1.13 +6.65
Sprint Nextel 2.69 0.16 +6.32
Downs
Halliburton 27.95 -1.17 -4.02
Natl.Semic. 19.21 -0.59 -2.98
Baker Hughe 40.31 -0.77 -1.87
Coach 62.98 -0.97 -1.52
Based on the constituents of the S&P500 and the Nasdaq 100 index
Wednesday stock close Days
traded ms price change
LlydsBkg 277.6 27.05 +1.33
Vodafone 107.3 168.95 -4.70
Barclays 63.5 187.80 +14.30
BP 40.5 406.95 +4.95
Tesco 31.3 301.20 +1.95
Man 30.1 80.85 +5.35
HSBC 28.2 527.00 +23.80
Logica 26.0 107.00 -3.00
ITV 25.8 71.90 +2.45
Leg&Gen 25.7 111.90 +5.90
BIGGEST MOVERS
Wednesday Close Days Days
price change chng%
Ups
ABG 400.20 50.80 +14.54
Talvivaara 147.20 18.20 +14.11
NewWldRes 305.80 36.80 +13.68
Centamin 72.35 7.20 +11.05
Downs
SuperGroup 285.90 -15.10 -5.02
Dixons Ret 12.84 -0.63 -4.68
RPS 198.70 -6.60 -3.21
Bumi 320.00 -10 -3.03
Based on the constituents of the FTSE 350 index
Wednesday Turnover close Days
Euro/ms price change
Unicredit 393.0 2.79 +0.12
BNP Paribas 384.5 28.58 +1.16
BcoSantdr 359.7 4.70 +0.12
Telefonica 314.2 9.60 +0.30
IntSanPaolo 283.1 1.13 +0.06
Enel 259.4 2.37 +0.04
Deutsche Bank 249.8 28.41 +1.01
Siemens AG 239.3 64.97 +0.81
BBVA 228.7 5.04 +0.16
Daimler AG 227.5 35.35 +0.61
BIGGEST MOVERS
Wednesday Close Days Days
price change chng%
Ups
AXA 9.67 +0.63 +6.98
Natixis 2.03 +0.13 +6.84
TelecomItalia 0.70 +0.04 +6.63
KBC Group 14.15 +0.86 +6.43
Downs
Coca-Cola HBC 12.00 -0.60 -4.76
Ahold 9.18 -0.41 -4.24
Colruyt 31.25 -0.40 -1.26
MAN 84.00 -1.00 -1.18
Based on the constituents of the FTSEurorst 300 Eurozone index
Wednesday stock close Days
traded ms price change
Mizuho Fin 154.6 118 +3
MUFG 75.7 345 +8
NSG 57.4 81 +8
Nomura Hldg 57.1 264 +12
Toshiba 52.6 291 +6
Mazda Motor 38.2 98 +4
Nippon Steel 37.8 170 +5
Hitachi 34.3 450 +7
NEC 30.7 112 +3
Sharp Corporat 26.1 419 +27
BIGGEST MOVERS
Wednesday Close Days Days
price change chng%
Ups
NSG 81 8 +10.96
Sharp Corporat 419 27 +6.89
SumitREst 1653 98 +6.30
CLARION 171 10 +6.21
Downs
Chubu Elec Pwr 1164 -60 -4.90
Kansai Elec P 1059 -33 -3.02
Chiba Bank 444 -13 -2.84
Nippon Paper Grp 1130 -25 -2.16
Based on the constituents of the Nikkei 225 index
Jun 6
3087
2586
439
62
58
16
Bank of Am
Share Price
May 6 2012/2012 Jun 6
ABG
Share Price
May 6 2012/2012 Jun 6
AXA
Share Price
May 6 2012/2012 Jun 6
NSG
Share Price
May 6 2012/2012 Jun 6
n AMERICA
ACTIVE STOCKS
n LONDON
ACTIVE STOCKS
n EURO MARKETS
ACTIVE STOCKS
n TOKYO
ACTIVE STOCKS
Jun 5
3078
2194
786
98
39
55
Jun 4
3104
1289
1714
101
26
168
Issues Traded
Rises
Falls
Unchanged
New Highs
New Lows
Change
on day
0.52
Change
on day
50.80
Change
on day
0.63
Market data provided by
Market data provided by
Change
on day
8.00
n MAJOR MARKET VOLUMES
5 day
Jun 6 Jun 5 average
NYSE 506 707 866
NASDAQ 1295 1617 1757
UK 4008 (c) 3456
France 294 198 263
Germany 197 149 192
Japan 1555 1403 1394
Volumes are rounded to nearest million.
n MAJOR INDICES-HIGHS & LOWS
Jun 6 Days Days
Open Close high low
DJ Ind 12125.00 12358.33 12363.21 12125.00
Nasdaq Cmp 2796.23 2836.63 2840.80 2796.23
S&P 500 1285.61 1309.89 1310.94 1285.61
FTSE E300 953.65 974.21 974.96 953.65
FTSE 100 5260.19 5384.11 5388.03 5260.19
FTSE All Sh 2732.64 2795.61 2797.17 2732.64
CAC 40 3006.38 3058.44 3065.78 3001.56
XETRADAX 6028.36 6093.99 6102.42 5996.41
Topix 711.47 718.56 720.19 708.72
Nikkei 8428.36 8533.53 8549.00 8412.55
Hang Seng 18349.68 18520.53 18521.57 18320.61
SMI 5742.12 5822.63 5822.63 5733.49
AEX 286.90 291.39 291.95 286.71
n NYSE RISES AND FALLS
%
Marfn Popular Bank 3.00
Habib Bank AG Zurich 0.50
Investec Bank (UK) 0.50
ADVERTISED BASE
For further information on any of these
rates please contact each bank directly.
LENDING RATES
JUNE 7 2012 Section:Stats Time: 6/6/2012 - 21:31 User: watsonl Page Name: WSM1 USA, Part,Page,Edition: EUR, 24, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

25
Rate Current Since Last Mth ago Year ago
US
US
US
Euro
UK
Japan
Switzerland
Fed Funds
Prime
Discount
Repo
Repo
Onight Call
Libor target
Source: ThomsonReuters
0.00-0.25 16-12-2008 1.00 0.00-0.25 0.00-0.25
3.25 16-12-2008 4.00 3.25 3.25
0.75 18-02-2010 0.50 0.75 0.50
1.00 08-12-2011 1.25 1.00 1.00
0.50 05-03-2009 1.00 0.50 0.50
0.00-0.10 05-10-2010 0.10 0.00-0.10 0.10
0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.75
Jun 6
INTEREST RATES - OFFICIAL
Euro 0.36 - 0.21 0.30 - 0.20 0.48 - 0.28 0.76 - 0.56 1.19 - 0.83 1.45 - 1.10
Danish Krone 0.17 - -0.13 0.25 - -0.05 0.32 - -0.17 0.65 - 0.15 0.65 - 0.35 0.70 - 0.40
Sterling 0.65 - 0.50 0.70 - 0.55 0.70 - 0.58 1.00 - 0.88 1.31 - 1.19 1.82 - 1.70
Swiss Franc 0.13 - 0.01 0.08 - -0.12 0.12 - -0.12 0.15 - -0.07 0.28 - 0.03 1.20 - 0.70
Canadian Dollar 1.40 - 0.90 1.50 - 1.00 1.40 - 1.05 1.56 - 1.21 1.75 - 1.40 2.75 - 2.25
US Dollar 0.26 - 0.12 0.32 - 0.16 0.54 - 0.24 0.66 - 0.46 1.24 - 0.69 1.36 - 1.06
Japanese Yen 0.05 - 0.02 0.19 - -0.04 0.15 - 0.03 0.30 - 0.05 0.34 - 0.22 0.56 - 0.44
Singapore $ 0.01 - 0.01 0.19 - 0.06 0.70 - 0.45 0.44 - 0.19 0.49 - 0.25 0.69 - 0.44
Source: Reuters. Short termrates are call for the US Dollar and Yen, others: two days notice.
Short 7 days One Three Six One
term notice month month month year
Jun 6
Over Change One Three Six One
night Day Week Month month month month year
US$ Libor* 0.15900 0.002 0.005 0.012 0.24075 0.46785 0.73790 1.07070
Euro Libor* 0.26036 - 0.003 0.005 0.32993 0.58471 0.89743 1.21464
Libor* 0.55063 - - -0.001 0.66750 0.99063 1.30875 1.83525
Swiss Fr Libor* 0.01500 - -0.003 -0.017 0.04167 0.09167 0.17833 0.38617
Yen Libor* 0.10571 -0.003 -0.003 -0.003 0.14429 0.19571 0.33586 0.55229
Canada Libor* 0.99800 - -0.002 0.013 1.10800 1.30600 1.56200 2.03700
Euro Euribor - - - - 0.38 0.66 0.94 1.22
Sterling CDs - - - - 0.63 1.00 1.37 1.90
US$ CDs - - - - 0.20 0.50 0.80 1.26
Euro CDs - - - - 0.20 0.55 0.75 1.10
US onight repo 0.26 -0.030 0.020 -
Fed Funds ef 0.17 0.010 0.020 0.020
US 3mBills 0.09 0.010 0.005 0.010
SDR int rate 0.11 - -0.020 -0.030
EONIA 0.335 0.003 - -0.008
EURONIA 0.1752 -0.047 0.004 -0.004
RONIA 0.4490 -0.021 -0.003 0.030
SONIA 0.4860 -0.008 -0.001 0.007
LA7 Day Notice 0.35-0.30
Interbank 0.65-0.40 0.65-0.40 0.65-0.57 0.98-0.90 1.32-1.24 1.84-1.76
Over One One Three Six One
night Week months months months year
*Libor rates come fromBBA(see www.bba.org.uk) and are fxed at 11amUK time. Other data sour-
ces: US $, Euro & CDs: dealers; SDR int rate: IMF; EONIA: ECB; EURONIA, RONIA& SONIA: WMBA.
LA7 days notice: Tradition (UK).
Jun 6
INTEREST RATES - MARKET
Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 =
100. Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk
Australia 104.4 102.0 105.9
Canada 109.5 108.8 113.2
Denmark 105.8 105.6 106.3
Japan 182.9 186.1 177.2
NewZealand 105.0 103.3 107.1
Norway 105.5 105.4 106.7
Sweden 81.8 81.7 83.3
Switzerland 143.8 143.3 144.9
UK 82.7 82.7 83.5
USA 82.2 82.4 80.0
Euro 88.49 87.86 90.43
Mth ago Jun 6 Jun 1 Mth ago Jun 6 Jun 1
FX - EFFECTIVE INDICES
Overall () 1093 250.72 -0.78 -0.20 3.38 2.69 13.66
Overall ($) 3262 212.77 -0.17 0.06 2.65 0.06 2.65
Overall () 2276 182.11 -0.30 0.08 5.16 0.65 7.52
Global Infation-Lkd 97 236.77 -0.13 0.64 2.93 -0.34 4.92
Gilts () 33 260.19 -0.85 -0.17 2.97 3.55 17.21
Corporates () 703 232.99 -0.60 -0.25 4.99 0.32 5.82
Corporates ($) 2111 224.14 -0.21 -0.01 4.27 -0.01 4.27
Corporates () 1196 178.89 -0.26 -0.33 5.70 -0.56 5.58
Treasuries ($) 156 209.87 -0.20 0.08 2.11 0.08 2.11
Eurozone Sov () 261 181.91 -0.29 0.39 5.23 1.12 8.01
ABF Pan-Asia unhedged 541 167.80 0.17 0.55 1.40 -1.50 3.63
Days Months Year Return Return
Index change change change 1 month 1 year
Sterling Corporate () 74 107.65 -0.54 0.38 3.63 0.80 9.09
Euro Corporate () 290 103.59 -0.22 -0.29 2.62 0.08 7.13
Euro Emerging Mkts () 12 91.01 -0.08 -1.13 -0.17 -0.64 5.73
Eurozone Govt Bond 236 101.53 -0.18 0.80 2.92 1.11 7.00
Emerging Markets 5Y 323.19 -13.84 3.65 69.60 343.80 231.12
Nth Amer Inv Grade 5Y 125.90 -1.44 9.22 24.90 127.34 86.80
Nth Amer High Yld 5Y 685.79 -18.71 39.24 79.57 708.76 556.21
Nth Amer HiVol 5Y 239.06 1.87 14.79 40.76 239.06 175.25
Europe 5Y 176.27 -7.52 -0.89 31.83 183.79 113.80
Crossover 5Y 712.94 -22.63 -6.31 57.94 752.14 554.75
HiVol 5Y 260.91 -5.63 4.91 45.91 266.54 164.40
Japan 5Y 197.50 -4.69 6.81 17.17 218.75 151.17
SovXCEEMEA5Y 335.50 -23.20 -9.25 57.22 358.70 260.13
SovXWestern Europe 5Y 322.55 -4.16 2.73 48.53 326.70 264.43
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets
after the index names.
Markit iBoxx
FTSE
Markit iTraxx
Markit CDX
CREDIT INDICES
Jun 6
Jun 6
Jun 6
Jun 5
Jun 5
BOND INDICES
Days Weeks Months Series Series
Index change change change high low
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield US Jun 6
High Yield US$
HSBK Europe 05/13 7.75 BB Ba3 BB- 102.80 4.65 - 0.67 4.45
Kazkommerts Int 04/14 7.88 B+ B2 B 96.94 9.73 -0.33 0.60 9.36
Bertin 10/16 10.25 NR B1 - 100.55 10.08 0.29 1.69 9.41
High Yield Euro
Royal Carib Crs 01/14 5.63 BB Ba1 - 101.50 4.64 - 0.23 4.66
Kazkommerts Int 02/17 6.88 B+ B2 B 83.25 11.70 -0.23 1.82 11.38
Emerging US$
Bulgaria 01/15 8.25 BBB Baa2 BBB- 112.19 3.31 -0.07 0.33 2.95
Peru 02/15 9.88 BBB Baa3 BBB 121.38 1.61 -0.07 0.20 1.25
Brazil 03/15 7.88 BBB Baa2 BBB 117.25 1.43 -0.02 0.35 1.07
Mexico 09/16 11.38 BBB Baa1 BBB 140.38 1.55 -0.33 0.00 0.82
Argentina 01/17 11.38 27.81 56.71 0.08 0.62 56.06
Philippines 01/19 9.88 BB Ba2 BB+ 140.25 3.08 - 0.05 1.98
Brazil 01/20 12.75 BBB Baa2 BBB 167.25 2.84 -0.12 0.14 1.74
Colombia 02/20 11.75 BBB- Baa3 BBB- 158.00 3.20 0.08 0.27 2.09
Russia 03/30 7.50 BBB Baa1 BBB 119.00 4.09 -0.39 0.19 3.36
Mexico 08/31 8.30 BBB Baa1 BBB 150.00 4.41 -0.06 0.20 2.76
Indonesia 02/37 6.63 BB+ Baa3 BBB- 117.50 5.34 -0.10 0.34 2.63
Emerging Euro
Brazil 02/15 7.38 BBB Baa2 BBB 115.00 1.54 -0.08 -0.02 1.38
Poland 02/16 3.63 A- A2 A- 103.72 2.54 0.08 0.30 2.28
Turkey 03/16 5.00 BB Ba2 BB+ 104.40 3.71 -0.07 0.05 3.44
Mexico 02/20 5.50 BBB Baa1 BBB 114.75 3.29 -0.07 -0.08 2.25
US $ denominated bonds NY close; all other London close. *S - Standard & Poors, M- Moodys,
F - Fitch. Source: ThomsonReuters
BONDS - HIGH YIELD & EMERGING MARKET


Price Yield Month Break even Value No of
return inflation* Stock Market stks
Can 4.25%21 143.10 -0.24 -0.27 -0.36 2.05 5.2 64.1 6
Fr 2.25%20 112.70 0.64 0.63 0.61 1.20 20.0 183.1 13
Swe 0.25%22 104.00 -0.03 -0.01 0.20 1.16 14.0 241.9 5
UK 2.5%16 346.40 -1.79 -1.79 -0.31 2.33 8.0 350.1 19
UK 2.5%24 337.34 -0.53 -0.53 -0.08 2.40 6.8 350.1 19
UK 2%35 203.64 -0.10 -0.10 0.97 2.82 9.7 350.1 19
US 0.625%21 112.66 -0.72 -0.71 0.47 2.10 35.8 900.1 33
US 3.625%31 158.63 -0.06 -0.05 1.63 2.15 16.8 900.1 33
Representative stocks fromeach major market Source: Merill Lynch Global Bond Indices
* Dif between conventional and IL bond. Local currencies. Total market value. In line with market
convention, for UK Gilts infation factor is applied to price, for other markets it is applied to par
amount.
Jun 5 Jun 5 Jun 4
BONDS - INDEX-LINKED
Spread Spread
Bid vs vs
Yield Bund T-Bonds Jun 6
Spread Spread
Bid vs vs
Yield Bund T-Bonds
Australia 3.03 +1.69 +1.38
Austria 2.10 +0.76 +0.45
Belgium 2.98 +1.64 +1.33
Canada 1.79 +0.45 +0.14
Denmark 1.11 -0.23 -0.54
Finland 1.63 +0.29 -0.02
France 2.41 +1.07 +0.76
Germany 1.34 - -0.31
Greece 28.71 +27.38 +27.07
Ireland 7.51 +6.17 +5.86
Italy 5.69 +4.35 +4.04
Japan 0.87 -0.47 -0.78
Netherlands 1.76 +0.42 +0.11
New Zealand 3.39 +2.05 +1.74
Norway 1.94 +0.61 +0.30
Portugal 11.78 +10.45 +10.13
Spain 6.29 +4.95 +4.64
Sweden 1.13 -0.21 -0.52
Switzerland 0.62 -0.72 -1.03
UK 1.66 +0.32 +0.01
US 1.65 +0.31 -
Yields: annualised basis. Source: ThomsonReu-
ters Selection made by ThomsonReuters.
BONDS - TEN YEAR GOVT SPREADS
Days Mths Spread
Red Ratings Bid Bid chge chge vs
date Coupon S* M* F* price yield yield yield Govts Jun 6
US$
HBOS Treas UK 06/12 5.50 A A1 A 100.05 0.67 0.02 -0.37 -
Verizon Global 09/12 7.38 CALL CALL CALL 104.74 1.01 - - 0.89
Abu Dhabi Nt En 10/12 5.62 A- A3 - 101.33 2.00 -0.18 -0.38 1.87
Bank of America 01/13 4.88 A- Baa1 A 101.79 1.83 -0.02 0.27 1.70
Goldman Sachs 07/13 4.75 A- A1 A 102.45 2.47 0.42 0.52 2.29
Hutchison 03/33 01/14 6.25 A- A3 A- 107.04 1.82 -0.03 -0.09 1.55
Misc Capital 07/14 6.13 BBB Baa2 - 105.84 3.17 0.07 0.21 2.90
BNP Paribas 06/15 4.80 A A1 A 101.07 4.42 -0.06 0.06 4.07
GE Capital 01/16 5.00 AA+ A1 - 109.93 2.10 0.04 0.29 1.74
Erste Euro Lux 02/16 5.00 AAA - - 97.79 5.67 0.02 -0.13 5.24
Credit Suisse USA 03/16 5.38 A+ Aa1 A 109.65 2.64 0.05 0.45 1.97
SPI E&G Aust 09/16 5.75 A- A1 A 111.33 2.90 - -0.12 2.19
Abu Dhabi Nt En 10/17 6.17 A- A3 - 112.65 3.56 -0.08 -0.12 2.78
Swire Pacifc 04/18 6.25 A- A3 A 113.53 3.66 0.17 0.21 2.95
ASNA 11/18 6.95 A- A3 A 109.70 5.15 0.62 0.56 4.05
Codelco 01/19 7.50 A A1 A+ 127.49 2.89 0.07 0.04 1.80
Bell South 10/31 6.88 A- WR A 123.07 5.00 0.08 -0.16 3.35
GE Capital 01/39 6.88 AA+ A1 - 125.51 5.11 0.11 0.11 2.38
Goldman Sachs 02/33 6.13 A- A1 A 98.63 6.24 0.12 0.25 3.54
Euro
HSBC Fin 06/12 3.38 A A3 AA- 99.93 - - -1.50 -
Xstrata Fin CA 06/12 4.88 BBB+ Baa2 - 99.95 10.13 10.13 10.13 9.94
CCCI 10/12 6.13 NR A1 A 97.80 12.49 - 10.06 11.83
Amer Honda Fin 07/13 6.25 A+ A1 - 105.40 1.25 0.21 0.01 1.22
SNS Bank 02/14 4.63 BBB+ Baa1 BBB+ 101.15 3.90 0.09 0.18 3.81
JPMorgan Chase 01/15 5.25 A Aa3 A+ 108.67 1.81 - 0.26 1.78
Hutchison Fin 06 09/16 4.63 A- A3 A- 108.63 2.47 -0.01 0.09 2.21
Hypo Alpe Bk 10/16 4.25 - A1 - 100.45 4.13 0.06 0.14 3.86
GE Cap Euro Fdg 01/18 5.38 AA+ A1 - 114.47 2.57 0.08 -0.02 1.96
Unicredit 01/20 4.38 BBB+ A3 A- 87.14 6.56 0.42 0.92 5.60
ENEL 05/24 5.25 BBB+ Baa1 A- 95.62 5.77 0.03 0.60 4.30
Yen
Citi Group 15 09/12 1.11 A- A3 A 99.97 1.22 0.00 0.00 1.12
ACOM 51 06/13 2.07 BB+ WR A- 100.50 1.55 -0.06 -0.21 1.45
Deutsche Bahn Fin 12/14 1.65 AA Aa1 AA 103.08 0.40 -0.01 -0.01 0.28
Nomura Sec S 3 03/18 2.28 - - - 100.43 2.20 0.01 -0.04 1.89
Sterling
Slough Estates 09/15 6.25 - - A- 109.09 3.27 0.14 -0.23 2.73
ASIF III 12/18 5.00 A+ A2 A 101.37 4.69 -0.03 -0.02 3.63
US $ denominated bonds NY close; all other London close. S* - Standard & Poors, M* - Moodys,
F* - Fitch. Source: ThomsonReuters
BONDS - GLOBAL INVESTMENT GRADE
Red Bid Bid Day chg Wk chg Month Year
Date Coupon Price Yield yield yield chg yld chg yld Jun 6
London close. Source: ThomsonReuters
Yields: Local market standard Annualised yield basis. Yields shown for Italy exclude withholding
tax at 12.5 per cent payable by non residents.
Australia 06/14 6.25 107.50 2.40 0.26 -0.01 -0.39 -2.50
07/22 5.75 123.52 3.03 0.20 -0.09 -0.45 -2.23
Austria 07/14 4.30 107.95 0.47 0.05 0.02 -0.21 -1.47
04/22 3.65 113.65 2.10 0.07 -0.19 -0.55 -1.33
Belgium 03/14 4.00 105.65 0.81 0.01 0.01 -0.22 -1.38
09/22 4.25 111.10 2.98 0.03 -0.25 -0.36 -1.07
Canada 08/14 2.25 102.55 1.05 0.09 -0.11 -0.21 -0.39
06/22 2.75 108.75 1.79 0.10 -0.07 -0.23 -1.21
Denmark 11/13 5.00 107.37 -0.15 -0.01 -0.14 -0.38 -2.09
11/21 3.00 116.79 1.11 0.10 -0.11 -0.46 -1.94
Finland 09/14 3.13 106.50 0.24 0.04 0.05 -0.02 -1.38
04/21 3.50 115.30 1.63 0.15 -0.03 -0.31 -1.71
France 04/14 4.00 106.72 0.39 0.06 0.02 -0.09 -1.27
02/17 1.75 101.87 1.34 0.14 -0.01 -0.27 -1.32
04/22 3.00 105.14 2.41 0.13 -0.11 -0.42 -0.96
04/41 4.50 125.50 3.14 0.13 -0.10 -0.47 -0.86
Germany 06/14 - 99.84 0.08 0.06 0.03 -0.02 -1.63
04/17 0.50 100.08 0.48 0.13 0.04 -0.07 -1.89
07/22 1.75 103.85 1.34 0.13 -0.03 -0.25 -1.72
07/42 3.25 131.48 1.87 0.17 -0.06 -0.44 -1.73
Greece 02/23 2.00 14.95 28.71 -1.29 -1.25 7.98 12.55
02/33 2.00 12.20 24.42 -1.02 -2.15 6.11 -
Ireland 04/16 4.60 91.38 7.24 -0.08 -0.47 1.66 -4.34
10/20 5.00 84.80 7.51 0.08 0.12 0.54 -3.28
Italy 07/14 4.25 100.37 4.10 -0.25 -0.26 1.14 1.20
05/17 4.75 98.61 5.13 -0.07 -0.12 0.58 1.27
09/22 5.50 99.12 5.69 0.02 -0.21 0.25 1.06
09/40 5.00 86.83 6.06 -0.01 -0.10 0.09 0.66
Japan 06/14 0.10 99.99 0.10 0.00 0.00 -0.01 -0.06
03/17 0.20 99.91 0.22 0.01 -0.01 -0.05 -0.18
06/22 0.90 100.29 0.87 0.05 0.01 -0.03 -0.27
03/32 1.60 98.78 1.68 0.03 0.03 -0.01 -0.22
Netherlands 01/14 1.00 101.22 0.23 0.07 0.01 0.04 -1.57
07/22 2.25 104.49 1.76 0.18 -0.02 -0.38 -1.55
New Zealand 04/15 6.00 110.22 2.27 0.11 -0.13 -0.27 -1.01
04/23 5.50 119.03 3.39 0.07 -0.23 -0.45 -1.74
Norway 05/17 4.25 113.25 1.45 0.08 -0.10 -0.08 -1.06
05/23 2.00 100.55 1.94 0.06 -0.23 -0.16 -1.40
Portugal 06/14 4.38 89.22 10.60 -0.38 -1.33 3.09 -0.61
04/21 3.85 57.79 11.78 -0.18 -0.41 0.73 1.66
Spain 04/14 3.40 97.77 4.66 -0.25 0.05 1.38 1.29
01/22 5.85 96.88 6.29 -0.11 -0.16 0.54 1.05
Sweden 05/14 6.75 111.37 0.71 -0.01 -0.09 -0.37 -1.82
06/22 3.50 122.29 1.13 -0.02 -0.29 -0.57 -1.78
Switzerland 01/14 4.25 107.02 -0.21 0.02 -0.13 -0.18 -0.69
05/22 2.00 113.33 0.62 0.08 -0.01 -0.05 -1.19
UK 03/13 4.50 103.17 0.27 -0.07 -0.05 -0.15 -0.36
01/17 1.75 104.70 0.72 0.08 -0.06 -0.29 -1.18
03/22 4.00 121.02 1.66 0.12 -0.13 -0.34 -1.62
12/42 4.50 131.27 2.94 0.08 -0.15 -0.34 -1.19
US 05/14 0.25 99.98 0.26 0.01 -0.03 0.00 -0.17
05/17 0.63 99.51 0.73 0.05 -0.04 -0.06 -0.88
05/22 1.75 100.92 1.65 0.12 -0.08 -0.23 -1.35
05/42 3.00 105.75 2.72 0.15 -0.13 -0.35 -1.52
BONDS - BENCHMARK GOVERNMENT
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
FTSE Global All-Cap 7372 327.90 0.6 -9.0 -2.0 411.17 -0.6 3.0 Oil & Gas 175 377.88 0.7 -10.7 -11.1 516.07 -9.8 3.4
Oil & Gas Producers 128 346.00 0.6 -10.6 -11.9 478.57 -10.5 3.5
Oil Equipment & Services 39 384.22 0.9 -10.8 -6.1 488.32 -5.2 2.5
Basic Materials 292 430.74 0.7 -12.4 -9.2 572.83 -7.8 3.2
Chemicals 109 455.50 0.5 -11.6 -2.8 615.32 -1.3 3.2
Forestry & Paper 16 139.48 0.5 -15.8 -10.3 202.25 -8.2 4.2
Mining 73 887.45 0.7 -12.3 -14.0 1151.73 -12.8 3.1
Industrials 514 210.63 0.6 -10.1 -2.2 270.56 -0.8 2.8
Construction & Materials 110 308.59 1.0 -11.7 -6.4 414.22 -5.0 3.1
Aerospace & Defense 27 279.28 0.0 -9.6 -1.8 356.95 -0.5 2.7
General Industrial 53 143.75 0.3 -8.8 -2.2 195.66 -0.6 3.2
Electronic & Electrical Equipment 72 218.41 1.5 -9.4 2.3 262.30 3.4 2.2
Industrial Engineering 105 470.56 1.2 -12.7 -3.4 596.91 -1.9 2.6
Industrial Transportation 91 363.94 0.1 -9.4 -2.5 466.85 -1.2 2.7
Support Services 56 192.62 0.2 -8.1 0.1 237.97 1.4 3.0
Consumer Goods 355 295.11 0.2 -8.5 0.1 385.28 1.5 2.8
Automobiles & Parts 87 257.41 0.9 -11.5 1.2 325.40 2.6 2.3
Beverages 43 410.02 -0.2 -6.5 3.6 540.62 4.7 2.6
Food Producers 87 399.63 0.0 -6.8 -2.5 539.85 -0.9 2.8
Leisure Goods 22 111.56 1.4 -10.8 -14.9 136.48 -13.7 2.5
Personal Goods 63 434.77 0.6 -10.6 2.8 551.92 3.9 2.2
Tobacco 13 902.05 -0.4 -7.5 2.9 1514.17 4.6 3.9
Health Care 145 244.58 0.3 -5.2 0.5 316.48 2.2 2.9
Health Care Equipment & Services 59 334.63 1.1 -4.8 4.6 367.68 5.1 1.3
Pharmaceuticals & Biotechnology 86 187.57 0.1 -5.3 -0.8 249.90 1.3 3.4
Consumer Services 350 233.07 0.3 -6.2 2.8 283.94 3.9 2.2
Food & Drug Retailers 49 193.10 0.5 -5.9 -4.5 241.66 -3.0 3.0
General Retailers 114 318.19 0.0 -4.4 6.1 380.10 7.1 1.9
Media 80 155.81 0.4 -6.3 3.5 190.65 4.7 2.3
Travel & Leisure 107 246.66 0.6 -9.3 1.7 302.88 2.8 2.2
Telecommunication 94 135.66 -0.3 -6.4 -5.1 205.32 -2.5 5.8
Fixed Line Telecommuniations 44 119.11 -0.4 -4.4 -5.3 193.96 -2.1 7.1
Mobile Telecommunications 50 137.67 -0.2 -8.6 -4.8 192.37 -3.1 4.2
Utilities 163 219.51 0.1 -5.3 -6.0 348.75 -3.7 4.9
Electricity 115 233.12 0.2 -4.5 -7.5 367.26 -5.6 4.8
Gas Water & Multiutilities 48 244.26 0.0 -6.6 -3.5 396.55 -0.6 5.0
Financials 619 139.14 1.1 -10.9 -1.1 195.29 0.6 3.6
Banks 238 137.95 1.3 -11.9 -2.7 203.60 -0.9 4.0
Nonlife Insurance 66 125.06 0.4 -8.9 -1.7 161.06 0.5 3.1
Life Insurance 46 115.85 1.3 -13.6 -4.5 160.34 -3.0 3.4
Technology 169 109.94 0.8 -8.7 4.8 123.20 5.5 1.5
Software & Computer Services 66 171.37 0.4 -7.8 2.6 188.76 3.4 1.4
Technology Hardware & Equipment 103 89.69 1.1 -9.3 6.3 101.51 6.9 1.6
Jun 5
Countries & regions
FTSE Global Large Cap 1238 294.85 0.5 -8.8 -2.2 375.82 -0.7 3.2
FTSE Global Mid Cap 1638 413.87 0.9 -9.7 -1.9 502.82 -0.7 2.5
FTSE Global Small Cap 4496 443.25 1.1 -9.2 -1.0 525.44 0.0 2.2
FTSE All-World (Large/Mid Cap) 2876 192.49 0.6 -9.0 -2.1 254.00 -0.7 3.1
FTSE World (Large/Mid Cap) 2480 337.08 0.6 -8.8 -2.1 597.54 -0.6 3.1
FTSE Global All Cap ex UK 7045 333.37 0.7 -8.8 -1.7 413.50 -0.3 2.9
FTSE Global All Cap ex USA 5389 349.93 0.6 -11.4 -5.6 458.56 -3.8 3.7
FTSE Japan Large Cap 172 233.12 1.3 -9.0 -4.3 270.99 -3.2 2.8
FTSE Japan Mid Cap 278 316.03 1.7 -10.1 -8.0 360.36 -7.1 2.2
FTSE Japan Small Cap 742 366.39 0.9 -10.9 -4.8 428.50 -3.6 2.5
FTSE Japan (Large/Mid Cap) 450 94.99 1.4 -9.2 -5.0 124.44 -3.9 2.6
FTSE North America Large Cap 277 285.55 0.5 -5.9 2.1 346.85 3.1 2.5
FTSE North America Mid Cap 413 421.46 1.2 -7.6 0.6 489.86 1.3 1.9
FTSE North America Small Cap 1557 442.85 1.5 -7.0 -0.1 502.74 0.5 1.7
FTSE All-World North America 690 190.55 0.7 -6.2 1.8 238.06 2.8 2.3
FTSE All-World Dev ex North Am 1396 174.05 0.5 -11.6 -6.5 244.67 -4.4 3.9
FTSE Asia Pacifc Large Cap ex Japan 422 507.19 0.9 -12.3 -2.1 677.78 -0.8 3.4
FTSE Asia Pacifc Mid Cap ex Japan 447 633.27 1.1 -11.0 -1.1 826.68 0.0 3.5
FTSE Asia Pacifc Small Cap ex Japan 1239 473.28 1.3 -12.1 -1.8 609.30 -0.9 3.3
FTSE Latin Americas All-Cap 208 1105.97 -0.1 -13.5 -7.5 1474.16 -5.8 3.5
FTSE Middle East Africa All-Cap 214 654.59 0.2 -9.8 0.3 879.59 2.0 3.5
FTSE UKAll Cap 327 274.68 -0.1 -11.6 -5.6 383.51 -3.9 3.9
FTSE USAAll Cap 1983 316.72 0.7 -6.2 2.3 377.82 3.2 2.2
FTSE Europe All Cap 1403 286.05 0.1 -12.2 -7.8 392.11 -5.3 4.3
FTSE Eurobloc All Cap 678 248.14 0.2 -12.5 -10.7 345.58 -7.9 4.9
FTSE RAFI All-World 3000 Index 3026 4031.33 0.7 -9.7 -5.5 4586.90 -3.8 3.6
FTSE RAFI US 1000 Index 1000 5557.90 0.8 -6.4 0.0 6465.35 1.0 2.5
FTSE EDHEC-Risk Efcient All-W 2876 215.18 0.6 -8.4 -1.2 266.74 0.1 2.8
FTSE EDHEC-Risk Efcient Dev Eur 516 191.93 0.0 -11.7 -6.2 255.12 -4.1 3.8
The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index
Series (large/mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index and RAFI are registered trademarks and the patented and patent-pending proprietary intellectual property of
Research Afliates, 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 2007/078399A2, 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 Classifcation Benchmark - please see www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. FTSE International
Limited. 2012. All Rights reserved. FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence.
Gross
No of US $ Day Mth YTD Total YTD Div
stocks index % % % retn % Yield
Countries & regions
FTSE GLOBAL EQUITY INDEX SERIES
FTSE Global All Cap ex Eurobloc 7372 327.90 0.6 -9.0 -2.0 411.17 -0.6 3.0
FTSE Global All Cap ex Eurobloc 6694 339.08 0.7 -8.7 -1.0 418.55 0.2 2.8
FTSE All-World Developed 2086 298.21 0.6 -8.6 -1.9 376.53 -0.4 3.0
FTSE Developed All-Cap 5741 311.86 0.7 -8.6 -1.9 390.56 -0.4 2.9
FTSE Developed Large Cap 847 279.30 0.5 -8.4 -1.9 356.05 -0.3 3.1
FTSE Developed Europe Large Cap 202 256.14 0.1 -11.8 -9.0 359.57 -6.3 4.6
FTSE Developed Europe Mid Cap 314 329.91 0.1 -13.0 -5.4 432.87 -3.3 3.5
FTSE Developed Europe Small Cap 754 431.60 0.0 -13.1 -2.6 553.73 -0.6 3.5
FTSE All-World Asia Pacifc ex Japan 869 397.21 0.9 -12.2 -2.0 565.14 -0.7 3.4
FTSE All Emerging All-Cap 1631 625.61 0.4 -12.0 -3.1 801.66 -1.8 3.5
FTSE All Emerging Large-Cap 391 603.93 0.3 -12.1 -4.5 776.04 -3.1 3.6
FTSE All Emerging Mid-Cap 399 744.38 0.6 -11.7 0.3 958.54 1.5 3.2
FTSE All Emerging Small-Cap 841 606.99 0.8 -12.2 3.2 757.50 4.1 3.3
FTSE All-World All Emerging Europe 74 388.88 0.2 -14.6 -6.4 498.65 -3.8 4.1
No of Euro Days Change Yield xd adj Total retn
stocks index chge % points gross % ytd (Euro)
FTSE Dev Eur L Cap 202 242.2 2.3 5.5 4.5 8.68 340.3
FTSE Dev Eur M Cap 314 311.4 2.2 6.6 3.5 8.51 408.6
FTSE Dev Eur S Cap 754 408.4 2.4 9.7 3.4 10.20 524.3
FTSE Dev Europe 516 157.9 2.3 3.6 4.3 5.39 232.5
FTSEurofrst 80 80 2833.5 2.4 65.5 5.4 104.96 4080.3
FTSEurofrst 100 100 2935.5 2.4 67.5 4.8 89.46 4219.4
FTSEurofrst 300 312 974.2 2.2 21.1 4.4 29.91 1522.8
FTSEurofrst 300 Ezone 169 877.4 2.3 20.0 5.0 30.79 1370.2
Further information is avaliable on http://www.ftse.com. FTSE International Limited (FTSE)
2012. All rights reserved.
FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE
International Limited under licence. `FTSEurofrst and `Eurofrst are registred trade marks of FTSE
and Euronext N.V. All rights in and to the FTSEurofrst indices vest in FTSE and Euronext N.V.
FTSEurofrst 300 Supersectors
Oil & Gas 18 301.7 2.2 6.6 4.9 6.83 417.2
Chemicals 12 660.8 2.2 14.0 3.4 21.43 833.1
Basic Resources 15 515.3 5.2 25.6 3.2 9.39 616.8
Construction & Materials 12 305.6 3.0 8.9 4.3 8.38 392.5
IndustrialGoods&Services 53 419.5 1.8 7.5 3.6 13.33 516.7
Automobiles & Parts 9 446.1 2.1 9.0 4.1 17.80 536.3
Food & Beverage 17 567.2 1.8 10.0 2.9 12.30 710.5
Personal&HouseholdGds 19 591.9 1.9 11.1 3.0 12.70 731.6
Health Care 19 365.3 1.4 5.2 4.0 12.24 472.5
Retail 16 282.7 0.4 1.0 4.3 8.24 356.5
Media 11 237.2 1.5 3.5 4.6 8.29 322.1
Travel & Leisure 6 335.8 1.3 4.2 2.6 5.42 429.5
Telecommunications 13 254.2 0.1 0.2 8.6 13.01 399.7
Utilities 22 280.1 1.7 4.8 7.3 11.74 413.0
Banks 30 119.7 3.8 4.4 4.4 3.44 160.4
Insurance 19 214.8 3.9 8.0 5.5 10.56 294.8
Financial Services 5 245.4 2.7 6.5 5.1 11.94 331.6
Technology 11 192.9 2.2 4.2 2.7 4.98 228.3
Jun 6
EQUITY INDICES - FTSE EUROPEAN
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Market data
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Reader guide to data in the FT
Argentina Merval 2242.79 2199.97
Australia ALL ORDINARIES 4104.66 4092.37
S&P/ASX200 Res 4023.36 4004.30
S&P/ASX200 4055.29 4043.69
Austria ATX 1897.98 1867.79
Belgium BEL 20 2104.45 2054.46
BEL Mid 3346.67 3286.84
Brazil Bovespa 53947.11 52481.44
Canada S&P/TSXMet & Min 900.59 858.43
S&P/TSX60 662.66 654.36
S&P/TSXComp 11676.11 11507.71
Chile IGPAGen 20504.26 20319.60
China Shanghai A 2419.34 2421.78
Shanghai B 229.18 230.06
Shanghai Comp 2309.55 2311.92
Shenzhen A 978.76 980.65
Shenzhen B 622.17 627.58
FTSE A200 6967.52 6963.91
FTSE B35 7866.86 7930.17
Colombia CSE Index 14125.82 14014.05
Croatia CROBEX 1644.88 1638.61
Cyprus CSE M&P Gen 119.93 122.78
Czech Republic PX 881.20 874.60
Denmark OMXC Copenhagen 20 426.63 (c)
Egypt EGX30 4484.71 4502.91
Estonia OMXTallinn 616.80 609.72
Finland OMXHelsinki General 4964.10 4835.42
France CAC 40 3058.44 2986.10
SBF 120 2351.19 2296.68
Germany M-DAX 10036.10 9733.42
XETRADax 6093.99 5969.40
TecDAX 736.22 716.38
Greece Athens Gen 477.42 476.36
FTSE/ASE 20 171.16 169.88
Hong Kong Hang Seng 18520.53 18259.03
HS China Enterprise 9438.03 9397.99
HSCC Red Chip 3637.13 3553.62
Hungary Bux 16941.35 16398.39
India BSE Sens 16454.30 16020.64
S&P CNX500 3959.00 3862.55
Indonesia Jakarta Comp 3841.33 3717.88
Ireland ISEQ Overall 3034.72 2961.79
Jun Jun
6 5
Israel Tel Aviv 100 982.76 971.65
Italy FTSE MIB 13427.15 12973.66
FTSE Italia Mid Cap 15699.71 15268.80
FTSE Italia All-Sh 14368.34 13902.73
Japan Nikkei 225 8533.53 8382.00
Topix 718.56 708.24
S&PTopix 150 604.39 594.95
2nd Section 2185.60 2164.19
Jordan Amman SE 4383.44 4391.07
Kenya NSE 20 3634.82 3635.86
Latvia OMXRiga 362.53 363.17
Lithuania OMXVilnius 334.23 331.43
Luxenbourg Luxembourg General 753.59 741.16
Malaysia FTSE Bursa KLCI 1569.43 1560.36
Mexico IPC 37577.59 37089.36
Morocco MASI 10007.20 10055.83
Netherlands AEX 291.39 284.99
AEXAll Share 462.66 453.06
New Zealand NZX50 3464.52 3420.79
Nigeria SE All Share 21383.61 21632.11
Norway Oslo All Share 437.98 427.10
Pakistan KSE 100 13745.73 13708.23
Philippines Manila Comp 4966.58 4925.67
Poland Wig 37707.25 36653.28
Portugal PSI General 1908.77 1886.39
PSI 20 4537.59 4492.70
Romania BET Index 4362.66 4303.57
Russia RTS 1275.38 1246.40
Micex Index 1313.29 1295.82
Singapore FTSE Straits Times 2760.83 2712.31
Slovakia SAX 191.67 191.02
Slovenia SBI TOP 544.74 545.10
South Africa FTSE/JSE All Share 33603.35 33117.85
FTSE/JSE Top 40 29677.48 29180.76
FTSE/JSE Res 20 48422.34 47076.76
South Korea Kospi (c) 1801.85
Kospi 200 (c) 238.79
Spain Madrid SE 652.45 636.67
IBEX35 6418.90 6267.80
Sri Lanka CSE All Share 4737.75 4748.60
Sweden OMXStockholm30 (c) 951.91
OMXStockholmAS (c) 298.62
Switzerland SMI Index 5822.63 5714.57
Taiwan Weighted Pr 7056.15 7000.45
Thailand Bangkok SET 1117.95 1099.15
Turkey ISE 100 56248.45 55799.77
UK FTSE 100 5384.11 (c)
FT30 1859.40 (c)
FTSE All Share 2795.61 (c)
FTSE techMARK 100 2173.84 (c)
FTSE4Good UK (u) (c)
USA S&P 500 1309.33 1285.50
FTSE Nasdaq 5000 7536.97 7377.77
Nasdaq Cmp 2837.41 2778.11
Nasdaq 100 2539.54 2487.50
Russell 2000 762.59 746.09
NYSE Comp. 7494.44 7338.62
Wilshire 5000 13667.23 13384.37
DJ Industrial 12340.39 12127.95
DJ composite 4264.69 4184.06
DJ Transport 4995.82 4868.68
DJ Utilities 471.28 467.45
Venezuela IBC 240200.59 242761.61
Vietnam VNI 426.39 421.02
Cross-Border Stoxx 50 2264.42 2217.44
Euro Stoxx 50 2137.73 2087.31
DJ Global Titans $ 175.58 172.31
Euronext 100 ID 580.24 567.12
FTSE Multinatls $ (u) 1054.86
FTSE Global 100 $ 952.65 932.42
FTSE4Good Glob $ (u) 3866.56
FTSE E300 974.21 953.12
FTSEurofrst 80 2833.53 2768.01
FTSEurofrst 100 2935.49 2868.00
FTSE Latibex Top 4424.00 4362.00
FTSE Eurotop 100 2015.81 1971.32
FTSE Gold Min $ (u) 2968.79
FTSE All World (u) 192.49
FTSE World $ (u) 337.08
MSCI All World $ (u) 1158.30
MSCI ACWI Fr$ (u) 292.88
MSCI Europe (u) 967.17
MSCI Pacifc $ (u) 1821.66
S&P Global 1200 $ 1325.51 1297.92
S&P Europe 350 979.96 959.61
S&P Euro 904.66 883.55
Country Index Jun Jun
6 5
Jun Jun
6 5
Country Index Country Index
(c) Closed. (u) Unavaliable. Correction. Subject to ofcial recalculation. For more index coverage please see www.ft.com/worldindices. Afuller version of this table is available on the ft.comresearch data archive.
STOCK MARKET - WORLD MARKETS AT A GLANCE
Week ago
Yield P/E Yield P/E Yield P/E
Argentina 7.5 7.1 7.2 7.3 7.1 7.4
Australia 5.0 13.0 4.9 13.2 4.9 13.2
Austria 3.2 10.6 3.2 10.4 3.1 10.6
Belgium 2.6 15.7 2.5 16.1 2.5 16.3
Brazil 4.1 10.6 4.1 10.8 4.0 10.9
Bulgaria 2.5 9.2 2.4 9.3 2.4 9.3
Canada 3.2 13.2 3.2 13.2 3.1 13.5
S&P/TSX 3.4 12.7 3.4 12.7 3.4 13.0
Chile 3.0 16.8 2.9 16.8 2.9 16.7
China 4.4 7.1 4.3 7.2 4.2 7.3
Colombia 2.8 15.6 2.7 15.9 2.7 16.0
Cyprys 47.2 57.3 44.3 56.0 43.2 57.3
Czech Rep. 6.2 12.0 6.2 12.0 6.3 11.9
Denmark 2.0 16.8 1.9 17.6 1.9 17.8
Finland 5.9 13.1 5.7 13.8 5.5 14.1
France 4.3 10.9 4.3 11.2 4.2 11.4
Germany 3.8 10.8 3.6 11.3 3.6 11.5
DAX30 4.4 10.4 4.4 10.4 4.1 11.3
Greece 3.3 1.6 3.1 8.3 3.0 8.5
Hong Kong 3.3 9.7 3.1 10.1 3.1 10.2
Hang Seng 4.0 8.8 4.0 8.8 3.9 9.1
Hungary 2.6 12.7 2.7 12.3 2.6 12.7
India 1.7 15.7 1.7 16.2 1.7 16.5
Indonesia 2.6 14.8 2.4 15.7 2.4 15.7
Ireland 1.2 16.4 1.1 17.0 1.1 17.1
Israel 4.7 9.9 4.6 9.8 4.6 9.9
Italy 5.3 11.2 5.3 11.2 5.4 11.4
Japan 2.6 13.0 2.6 13.3 2.6 13.3
Topix 2.7 11.6 2.7 11.4 2.6 12.0
Luxemburg 4.5 8.1 4.5 9.9 4.4 10.1
Malaysia 3.4 14.9 3.3 15.4 3.3 15.3
Week ago
Yield P/E Yield P/E Yield P/E
Malta 4.2 19.2 4.2 18.9 4.3 18.6
Mexico 1.8 16.1 1.8 16.8 1.8 16.8
Netherland 3.4 13.1 3.3 13.4 3.3 13.6
AEX 4.3 8.3 4.3 8.3 4.2 8.6
New Zealand 4.5 12.6 4.4 13.0 4.4 13.0
Norway 5.0 9.0 4.9 9.3 4.8 9.4
Pakistan 6.6 9.7 6.5 9.8 6.4 10.0
Peru 5.2 36.9 5.2 37.0 5.2 37.0
Philippines 2.1 18.9 2.1 19.3 2.1 19.3
Poland 4.9 7.6 4.9 7.7 4.9 7.7
Portugal 5.8 13.5 5.8 13.5 5.7 13.6
Romania 7.0 6.5 6.6 6.8 6.6 6.8
Russia 4.2 5.2 4.1 5.3 4.1 5.3
Singapore 3.4 8.5 3.3 8.8 3.3 8.8
Slovenia 3.7 10.1 3.6 10.2 3.5 10.4
South Africa 3.7 14.6 3.8 14.5 3.7 14.7
South Korea 1.5 11.8 1.5 12.1 1.5 12.2
Spain 8.7 9.1 8.8 8.9 8.6 9.1
Ibex 35 9.6 9.0 9.6 8.9 9.6 8.9
Sri Lanka 2.8 12.0 2.8 12.6 2.8 12.4
Sweden 4.4 12.1 4.2 12.6 4.1 12.7
Switzerland 3.6 15.4 3.5 15.8 3.5 15.9
Taiwan 4.4 16.0 4.3 15.4 4.2 15.6
Thailand 3.8 12.9 3.6 13.4 3.6 13.6
Turkey 2.6 9.7 2.7 9.6 2.7 9.7
UK 3.8 9.5 3.8 9.6 3.7 9.8
USA 2.3 14.1 2.2 14.4 2.2 14.6
Dow Jones 2.9 13.2 2.9 13.2 2.8 13.6
S&P 500 2.8 13.7 2.8 13.7 2.7 14.1
Venezuela 14.1 4.6 14.2 4.6 14.2 4.6
Country yields and P/Es relate to a sample of stocks that cover at least 75%of each markets capita-
lisation. Losses are excluded fromthe P/E calculation on country indices. Source: ThomsonReuters
Jun 5 Jun 4 Jun 5 Jun 4
STOCK MARKET - RATIOS
VOLATILITY INDICES
Day Chng Prev. 52 wk high 52 wk low
VIX 23.04 -1.64 24.68 48.00 13.66
VXD 21.02 -1.66 22.68 42.64 12.11
VXN 24.70 -1.69 26.39 47.23 15.76
VDAX 28.10 -2.45 30.55 31.78 17.73
CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIAIndex Options Volatility, VXN: NASDAQ
Index Options Volatility, Deutsche Borse. VDAX: DAXIndex Options Volatility.
Jun 6
MARKET DATA
The data and prices listed are indicative and, while believed to be accurate at the time of publication,
the FT does not warrant or guarantee that the information is reliable or complete. The FT does not
accept responsibility and will not be liable for any loss arising from the reliance on or use of the
information.
Euro- Stig. SwFr US $ Yen
Bid Ask Bid Ask Bid Ask Bid Ask Bid Ask
1 year
2 year
3 year
4 year
5 year
6 year
7 year
8 year
9 year
10 year
12 year
15 year
20 year
25 year
30 year
Bid and ask rates as of close of London business. US $ is quoted annual money actual/360 basis against
3 month Libor. and Yen quoted on a semi-annual actual/365 basis against 6 month Libor with excep-
tion of the 1Year GBP rate which is quoted against 3 month Libor. Euro/Swiss Franc quoted on annual
bond 30/360 basis against 6 month Euribor/Libor with exception of the 1 year rate which is quoted
against 3 month Euribor/Libor. Source: ICAP plc.
0.08 0.14
0.06 0.14
0.11 0.19
0.20 0.28
0.32 0.40
0.46 0.54
0.60 0.68
0.72 0.80
0.83 0.91
0.92 1.00
1.05 1.15
1.16 1.26
1.22 1.32
1.26 1.36
1.26 1.36
0.52 0.55
0.56 0.59
0.65 0.68
0.81 0.84
1.01 1.04
1.20 1.23
1.38 1.41
1.53 1.56
1.66 1.69
1.78 1.81
1.97 2.00
2.15 2.18
2.30 2.33
2.37 2.40
2.41 2.44
0.32 0.38
0.32 0.38
0.33 0.39
0.35 0.41
0.40 0.46
0.46 0.52
0.54 0.60
0.64 0.70
0.74 0.80
0.84 0.90
1.03 1.11
1.27 1.35
1.51 1.59
1.60 1.68
1.64 1.72
0.92 0.95
1.16 1.20
1.19 1.23
1.25 1.30
1.37 1.42
1.51 1.56
1.66 1.71
1.81 1.86
1.96 2.01
2.09 2.14
2.29 2.36
2.48 2.57
2.67 2.80
2.78 2.91
2.82 2.95
0.87 0.91
0.87 0.91
0.95 0.99
1.08 1.12
1.24 1.28
1.38 1.42
1.49 1.53
1.59 1.63
1.67 1.71
1.75 1.79
1.86 1.90
1.95 1.99
1.97 2.01
1.94 1.98
1.91 1.95
Jun 6
INTEREST RATES - SWAPS
Energy Price* Change
Sources: NYMEX, ECX/ICE, u CBOT, @ NYSE Life, NYBOT, CME, LME/London
Metal Exchange. * Latest prices, $ unless otherwise stated. Platts. The Steel Index.
Agricultural & Cattle Futures Price* Change
Precious Metals (PMLondon Fix)
Base Metals ( LME 3 Month)
WTI Crude Oil Jul 85.02 0.73
Brent Crude Oil Jul 100.64 1.80
RBOB Gasoline Jul 2.6903 +0.0056
Heating Oil Jul 2.6717 +0.0381
Natural Gas Jul 2.421 -0.025
Ethanol u Jul 2.052 +0.049
Uranium 50.50 -1.50
Carbon Emissions Jun 6.36 -0.02
Diesel (French) 873.75 +12.50
Unleaded (95R) 968.00 -1.00
Aluminium 1984.50 +5.50
AluminiumAlloy 1895.00 +5.00
Copper 7448.00 +83.00
Lead 1928.00 +30.50
Nickel 16195.00 +110.00
Tin 19850.00 +450.00
Zinc 1899.00 +40.50
Gold 1635.00 +29.00
Silver (US Cents) 2936.00 +198.00
Platinum 1458.00 +51.00
Palladium 620.00 +13.00
Corn u Jul 586.25 +18.75
Wheat u Jul 624.25 +11.00
Soyabeans u Jul 1386.25 +36.75
Soyabeans Meal u Jul 414.60 +14.60
Cocoa v Jul 1519 +67
Cocoa Jul 2.203 +0
Cofee (Robusta) v Jul 2174 +16
Cofee (Arabica) Jul 155.90 -0.30
White Sugar v Aug 569.50 +16.00
Sugar 11 Jul 19.90 +0.84
Cotton Jul 69.89 +3.00
Orange Juice Jul 116.60 +1.80
PalmOil Dec 1010.00 +20.00
Live Cattle Jun 0.000 nc
Feeder Cattle Aug 157.950 -1.225
Lean Hogs Jun 91.950 +0.850
Bulk Commodities
Iron Ore (Platts) Jul 129.75 -1.00
Iron Ore (TSI) 131.00 -4.00
globalCOAL RB Index 89.93 nc
Baltic Dry Index 878 -26
% Chg % Chg
Mnth Year
S&P GSCI Spt 585.22 -12.6 -16.2
DJ UBS Spt 127.67 -7.7 -22.9
R/J CRB TR 270.64 -10.3 -22.2
Rogers RICIX TR3295.22 -11.1 -20.3
M Lynch MLCX Spt 493.31 -12.3 -16.7
UBS Bberg CMCI TR1177.68 -9.0 -17.6
LEBA EUA Carbon 6.47 -9.6 -61.3
LEBA CER Carbon 3.36 -8.7 -73.3
LEBA UK Power 41.23 -10.7 -17.5
Jun 5
COMMODITIES
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
DOLLAR EURO POUND
Closing Days Closing Days Closing Days
Currency Mid Change Mid Change Mid Change
Rates are derived fromWM/Reuters at 4pm(London time). * The closing mid-point rates for the Euro and against the $ are shown in brackets.The other fgures in the dollar column of both the Euro and
Sterling rows are in the reciprocal formin line with market convention. Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on
the internet at http://www.FT.com/marketsdata
Euro Locking Rates: Austrian Schilling 13.7603, Belgium/Luxembourg Franc 40.3399, Cyprus 0.585274, Finnish Markka 5.94572, French Franc 6.55957, German Mark 1.95583, Greek Drachma
340.75, Irish Punt 0.787564, Italian Lira1936.27, Malta 0.4293, Netherlands Guilder 2.20371, Portuguese Escudo 200.482, Slovenia Tolar 239.64, Spanish Peseta 166.386
Argentina (Peso) 4.4880 0.0142 5.6092 0.0331 6.9383 0.0619
Australia (A$) 1.0113 -0.0153 1.2639 -0.0156 1.5634 -0.0145
Bahrain (Dinar) 0.3771 - 0.4713 0.0013 0.5829 0.0033
Bolivia (Boliviano) 6.9100 - 8.6362 0.0235 10.6826 0.0616
Brazil (R$) 2.0177 -0.0034 2.5217 0.0026 3.1193 0.0126
Canada (C$) 1.0333 -0.0062 1.2914 -0.0042 1.5974 -0.0003
Chile (Peso) 508.350 -3.8500 635.336 -3.0702 785.884 -1.3933
China (Yuan) 6.3635 -0.0040 7.9531 0.0166 9.8377 0.0505
Colombia (Peso) 1784.00 -19.1500 2229.64 -17.8026 2757.98 -13.5565
Costa Rica (Colon) 504.190 1.3100 630.138 3.3470 779.454 6.5009
Czech Rep. (Koruna) 20.3733 -0.2140 25.4625 -0.1975 31.4961 -0.1476
Denmark (DKr) 5.9469 -0.0156 7.4325 0.0008 9.1937 0.0290
Egypt (Egypt ) 6.0360 -0.0077 7.5438 0.0109 9.3314 0.0418
Hong Kong (HK$) 7.7594 0.0001 9.6977 0.0266 11.9956 0.0693
Hungary (Forint) 239.078 -3.5324 298.800 -3.5900 369.603 -3.3018
India (Rs) 55.4000 -0.2450 69.2390 -0.1170 85.6457 0.1165
Indonesia (Rupiah) 9310.00 -92.5000 11635.6 -83.6385 14392.8 -59.3188
Iran (Rial) 12259.5 - 15321.9 41.6823 18952.6 109.110
Israel (Shk) 3.8918 -0.0046 4.8639 0.0075 6.0165 0.0276
Japan (Y) 79.0800 0.4150 98.8342 0.7862 122.254 1.3416
One Month 79.0570 0.0033 98.8195 0.0035 122.199 0.0023
Three Month 78.9965 0.0065 98.8055 0.0020 122.076 0.0050
One Year 78.5196 0.0393 98.6851 -0.0166 121.244 -0.0033
Kenya (Shilling) 85.5500 -0.3000 106.920 -0.0831 132.256 0.3002
Kuwait (Dinar) 0.2804 -0.0003 0.3504 0.0006 0.4335 0.0021
Malaysia (M$) 3.1755 -0.0240 3.9688 -0.0191 4.9092 -0.0086
Mexico (New Peso) 14.1451 -0.0736 17.6786 -0.0436 21.8676 0.0127
New Zealand (NZ$) 1.3049 -0.0209 1.6309 -0.0216 2.0173 -0.0205
Nigeria (Naira) 161.140 -1.0100 201.393 -0.7110 249.114 -0.1183
Norway (NKr) 6.0946 -0.0053 7.6170 0.0141 9.4219 0.0461
Pakistan (Rupee) 94.2000 0.3000 117.731 0.6942 145.629 1.2995
Peru (New Sol) 2.6815 -0.0200 3.3514 -0.0158 4.1455 -0.0069
Philippines (Peso) 43.2000 -0.2750 53.9914 -0.1959 66.7851 -0.0382
Poland (Zloty) 3.4552 -0.0637 4.3182 -0.0676 5.3415 -0.0672
Romania (New Leu) 3.5714 -0.0096 4.4635 0.0002 5.5212 0.0171
Russia (Rouble) 32.4375 -0.5613 40.5404 -0.5893 50.1468 -0.5740
Saudi Arabia (SR) 3.7505 - 4.6874 0.0128 5.7980 0.0334
Singapore (S$) 1.2779 -0.0085 1.5972 -0.0062 1.9756 -0.0017
South Africa ( R) 8.3425 -0.1010 10.4264 -0.0975 12.8970 -0.0810
South Korea (Won) 1180.13 - 1474.92 4.0124 1824.41 10.5031
Sweden (SKr) 7.2086 0.0017 9.0093 0.0267 11.1442 0.0669
Switzerland (SFr) 0.9607 -0.0030 1.2007 -0.0004 1.4852 0.0040
Taiwan (T$) 29.9225 -0.0625 37.3972 0.0239 46.2587 0.1703
Thailand (Bt) 31.4800 -0.1700 39.3437 -0.1049 48.6665 0.0189
Tunisia (Dinar) 1.6115 -0.0046 2.0141 -0.0002 2.4913 0.0073
Turkey (Lira) 1.8357 -0.0101 2.2943 -0.0063 2.8379 0.0008
UAE (Dirham) 3.6730 - 4.5905 0.0125 5.6783 0.0327
UK (0.6469)* () 1.5460 0.0089 0.8085 -0.0025 - -
One Month 1.5457 0.0000 0.8087 0.0000 - -
Three Month 1.5453 -0.0001 0.8094 0.0000 - -
One Year 1.5441 -0.0008 0.8140 -0.0002 - -
Ukraine (Hrywnja) 8.0665 -0.0160 10.0815 0.0075 12.4704 0.0472
Uruguay (Peso) 20.5500 - 25.6834 0.0698 31.7693 0.1829
USA ($) - - 1.2498 0.0034 1.5460 0.0089
One Month - - 1.2500 - 1.5457 0.0000
Three Month - - 1.2508 -0.0001 1.5453 -0.0001
One Year - - 1.2568 -0.0009 1.5441 -0.0008
Venezuela (Bolivar Fuerte) 4.2947 - 5.3675 0.0146 6.6394 0.0383
Vietnam (Dong) 21008.0 58.0000 26255.8 143.714 32477.3 276.115
Euro (0.8001)* (Euro) 1.2498 0.0034 - - 1.2370 0.0038
One Month 1.2500 - - - 1.2366 -
Three Month 1.2508 -0.0001 - - 1.2356 0.0000
One Year 1.2568 -0.0009 - - 1.2286 0.0003
SDR - 0.6609 -0.0007 0.8259 0.0014 1.0216 0.0048
Jun 6
COMMODITIES www.ft.com/commodities
CURRENCIES www.ft.com/currencydata
INTEREST RATES www.ft.com/bonds&rates INTEREST RATES www.ft.com/bonds&rates
Global
HFRXGlobal Hedge Fund Index 1118.30 -0.3140 -0.71 0.81
HFRXEqual Weighted Strategies Index 1107.37 -0.2646 -0.60 0.78
HFRXAbsolute Return Index 943.12 -0.2841 -0.42 -0.36
HFRXMarket Directional Index 994.53 -0.5226 -1.55 -2.67
Equity Hedge
HFRXEquity Hedge Index 992.84 -0.3867 -1.41 -0.76
HFRXEH: Equity Market Neutral Index 936.31 -0.5669 -1.07 -4.59
HFRXEH: Fundamental Growth Index 1417.37 -0.5536 -2.07 0.58
HFRXEH: Fundamental Value Index 919.29 -0.2711 -1.01 -0.51
Event Driven
HFRXEvent Driven Index 1342.49 -0.3192 -0.85 2.70
HFRXED: Distressed Restructuring Index 975.72 -0.2309 -0.37 3.40
HFRXED: Merger Arbitrage Index 1511.27 -0.0890 -0.36 1.18
HFRXED: Special Situations Index 1082.50 -0.4669 -1.06 0.96
Macro
HFRXMacro/CTAIndex 1161.90 -0.2551 0.16 -0.36
HFRXMacro: Systematic Diversifed CTAIndex 1637.49 -0.3493 0.49 -0.24
Relative Value
HFRXRelative Value Arbitrage Index 1145.61 -0.2849 -0.59 1.54
HFRXRV: FI-Convertible Arbitrage Index 675.26 0.0500 -0.13 3.08
HFRXRV: Multi-Strategy Index 1792.93 -0.2732 -0.57 1.28
HFRI Monthly Strategy Indices - USD (Apr 2012)
HFRI Fund Weighted Composite Index 10830.01 - -0.48 4.23
HFRI Fund of Funds Composite Index 4959.55 - -0.27 3.08
HFR INDICES
Index Value Dtd % Mtd % Ytd % June 04
Indices calculated by HFR (Hedge Fund Research Inc.) www.hfr.com
JUNE 7 2012 Section:Stats Time: 6/6/2012 - 20:50 User: watsonl Page Name: CURRTAB USA, Part,Page,Edition: EUR, 25, 1
26

FINANCIAL TIMES THURSDAY JUNE 7 2012
MARKETS & INVESTING
Fed would risk diminishing returns with further QE
In theory central banks are omnipotent to
create inflation. In practice, it is not so
simple. With the US economy slowing, the
Federal Reserve will probably consider
whether and how it might further ease
monetary policy. But would the Fed
buying yet more bonds and injecting more
liquidity into the banking system create
more credit and stimulate more economic
activity?
There are four rationales that could
explain why the Fed might now increase
the size, or change the composition, of its
balance sheet. While the Fed could act, it
risks diminishing returns and perverse
outcomes.
First, there is the bank liquidity
rationale. To avoid a bank panic a central
bank can rapidly expand its balance sheet
to keep private bank balance sheets stable.
This rationale supported the Feds actions
in 2008 and the European Central Banks
recent longer-term refinancing operations.
But it does not provide a compelling
reason for the Fed to act in response to
economic weakness.
With $1.5tn of excess reserves in the
banking system, it is hard to believe we
need more liquidity to stem bank runs. If
bank troubles in Europe, or elsewhere,
were to escalate, the Fed could further
extend its swap lines with other central
banks. But without further bank strains
and an explanation of why reserves are
insufficient, this rationale would not
support further Fed balance sheet
expansion in response to weakness.
Second, there is the asset price
rationale, which rests on the theory that if
the central bank buys assets it can create
momentum behind a rise in asset prices,
stimulate investor animal spirits and
create a virtuous cycle of confidence that
will support economic expansion. This
seemed to be part of the justification for
the Feds actions in the autumn of 2010.
While it did drive risk assets higher for a
few months, there was little follow-through
in economic activity in 2011. This
approach provides little more than a
bridging operation and the question
remains: a bridge to what?
Third, there is the credit channel
rationale based on the theory that if the
Fed holds down long-term interest rates it
will stimulate private credit creation and,
thus, economic expansion. This rationale is
closely linked to the Feds traditional
interest rate policies that influence the
term structure of interest rates through
changes in the expected path of short-term
rates. The Feds Operation Twist, coming
to an end, is based on this. But, at this
point, pursuing lower rates by the Fed
buying more Treasury and agency
securities could have a perverse impact on
credit availability. Treasury securities
serve as the base asset and the best
collateral in our banking system. If the
Fed pulls more Treasuries out of the
market to lower long-term interest rates, it
will be denying banks the core asset on
which they build their balance sheets. In
terms of stimulating credit creation, any
benefit of lower long-term rates would
likely be offset by reduced availability of
Treasury securities to lubricate the private
credit creation process.
Finally, there is the radical monetarist
rationale to avoid deflation by flooding the
banking system with enough money to
prevent prices from falling. This is based
on the idea more central bank liabilities
will eventually translate into too much
money chasing too few goods and
services at least so as to avoid a fall in
the general price level. There are real
challenges the Fed would have to
overcome to pursue this rationale.
This is not a response merely to economic
weakness but, rather, to the likelihood of
deflation. Given the continued deceleration
of all measures of monetary velocity, the
Fed would have to be ready to balloon its
balance sheet to overcome the lower
money multiplier. What assets would the
Fed buy? More Treasuries? Would the Fed
embark on such a radical course in a
presidential election year?
Perhaps the Fed could buy foreign
currencies, engineer a much weaker dollar
and, thereby, stimulate inflation and
growth. Would the rest of the world
permit this? I doubt it. They would
probably respond in kind and we would all
have a real currency war. Nor is it clear
the US external sector is large enough to
import enough inflation to make a
difference. If energy and commodity prices
soared, would American consumers
chase consumption opportunities or
would they suppress consumption and
trigger a recession? Recent experience
suggests the latter. How much chasing
behaviour would we get in a recession?
Engineering a dollar collapse would be to
play with fire and gasoline. It might create
inflation or it might create a depression.
The Fed is not out of powder. It could
keep expanding its balance sheet or
twisting into more Treasury purchases. If
it thought deflation was round the corner,
it could try radically expanding its balance
sheet. The question is not whether they
could do this but whether it would make
any sense.
Peter Fisher is head of fixed income at
BlackRock
US power groups switch to gas hits coal
natural gas-fired units oper-
ate at higher efficiency
than older, fossil-fired
units, which increases the
competitiveness of natural
gas relative to coal, said
the energy department.
Natural gas-fired genera-
tion jumped 40 per cent
from the same month in
By Emiko Terazono
The share of electricity gen-
erated by burning coal in
the US has fallen to a near
40-year low amid histori-
cally low natural gas prices
and the warmest March
on record for much of
America.
The rise in shale produc-
tion has pushed down natu-
ral gas prices, prompting
utilities to shift their power
generation from coal to gas.
Coal still remains the larg-
est source of electricity pro-
duction in the US, but the
countrys Department of
Energy said the commod-
itys share in electricity
generation fell in March to
34 per cent, the lowest level
since January 1973, the ear-
liest date for which it has
monthly statistics.
Coal consumption was
also depressed by a warm
winter, while newer vintage
US Appalachian
thermal coal
Source: Thomson Reuters
$ per tonne
Sep 2011 Jun 2012
50
55
60
65
70
75
80
According to the US gov-
ernment, coal production
between January and April
this year has fallen 8 per
cent from 2011, while out-
put for April has declined
13 per cent.
However, analysts at Bar-
clays believe that the
switch from coal to gas will
ease in 2013 as gas prices
recover.
While coal lost market
share to gas in 2009, 2010,
and 2011, 2012 will
represent a high water
mark, they said in a report
to clients.
However, the effect of
weak prices may have
affected longer-term deci-
sions around power plant
retirement plans, they
noted, adding: Ultimately,
it will be perceptions of gas
prices that will matter more
for the long-term viability
of existing coal fuel plants.
www.ft.com/commodities
Twitter: @ftcommodities
Doubts raised over corporate bond ETFs
Assets in fixed income
ETFs have increased almost
40 per cent to more than
$225bn in the last year,
according to Deutsche
Bank. Institutions have
piled into the funds as bro-
ker-dealers, who tradition-
ally trade bonds directly
with large institutional cli-
ents, cut back on inventory.
ETF sponsors, and their
dealers, who work along-
side bond trading desks at
investment banks, tout
ETFs as an alternative. The
funds operate by holding
many of the securities in
the index they track, and
issuing shares, which are a
claim on those securities.
Shares can be created or
redeemed by dealers, who
supply a specified basket of
securities to the fund spon-
sor, or cash in shares for
specified securities. Two
fund sponsors and two
broker-dealers said they
offered institutional inves-
tors flexibility when it came
By Ajay Makan and
Nicole Bullock in New York
Large institutional trades in
corporate bond exchange-
traded funds could be dis-
torting the prices of shares
in the funds, according to
analysts and investors.
Institutional investors
have been drawn to ETFs to
trade illiquid corporate
bond securities, as Wall
Street dealers reduce their
bond inventories in an
effort to reduce risk.
Some analysts say big
institutional trades may
contribute to the funds vol-
atility to the detriment of
retail investors using them.
If institutional trades of
large size lead gaps to open
up between the share price
of the ETF and the underly-
ing index, retail investors
could be deterred from
using the ETF, said Neal
Epstein, senior credit
officer at the rating agency
Moodys.
to the securities used in
such transactions. For insti-
tutional investors this has
advantages. It can allow
access to illiquid securities
when shares are redeemed,
or the substitution of cash
for securities when shares
are created. Its natural for
institutional investors to
leverage the liquidity of
bonds ETFs to discreetly
build positions, said Loc
Vukhac, a managing direc-
tor in institutional sales at
BlackRock, the largest ETF
sponsor by assets.
Such transactions have
contributed to the surge in
institutional ownership of
The global signs suggest that a third round of quantitative easing, or QE3, looms AP
US inflation expectations
Source: Thomson Reuters Datastream
10-year breakeven rate (%)
Jun 2011 Jun 2012
1.7
1.8
1.9
2.0
2.1
2.2
2.3
2.4
2.5
US bond and equity markets
US 10-year Treasury yield (%) S&P 500 index
Jan Jun 2012
1.4
1.6
1.8
2.0
2.2
2.4
1250
1300
1350
1400
1450
Bondholders look
for word of more
help from the Fed
The pattern is all too famil-
iar and has been a regular
feature since the financial
crisis.
Fears of systemic stress
and weak US economic data
spark dramatic declines in
Treasury yields, followed by
the Federal Reserve launch-
ing a new round of bond
purchases, confirming the
pre-emptive positioning of
bond investors.
Against the backdrop of
the eurozone crisis and a
poor US jobs report for
May, the big drop in Treas-
ury yields and record low
mortgage bond rates sug-
gest this pattern may repeat
itself and that a third round
of quantitative easing, or
QE3, looms when the Fed
meets later this month.
Bond investors are on
guard for any hint today
when Ben Bernanke testi-
fies before the Senate bank-
ing committee about the
outlook for the economy .
A temporary soft patch
assessment will increase
the odds of an extension in
Operation Twist, while con-
cern about a renewed down-
turn would imply QE3,
says Steven Ricchiuto, chief
economist at Mizuho Securi-
ties. Under Operation
Twist, the Fed is buying
longer term bonds in a bid
to lower interest rates.
More QE would vindicate
investors such as Bill
Gross, whose $260bn total
return fund holds more
than 50 per cent in mort-
gages and returned 5.6 per
cent so far in 2012. This
beat most of his competi-
tors and the 2.6 per cent
gain of the market bench-
mark, the Barclays US
Aggregate Index.
For the Treasury market,
however, prior rounds of
QE have ultimately trig-
gered a rise in yields as risk
assets, led by equities, have
rallied sharply and inflation
worries have been fanned
by the central bank expand-
ing its balance sheet.
This weeks hopes of
greater Fed accommodation
have led to a rebound in
stocks and sent the 10-year
yield up from Fridays low
of 1.44 per cent to back
above 1.6 per cent.
Treasuries are following
equities and there is a view
that if stocks do better,
yields will sell off more,
says Rick Klingman, man-
aging director at BNP Pari-
bas.
But much depends on
what type of action the Fed
undertakes.
The big question is
whether we get an exten-
sion of the Twist or pure
QE, says Mr Klingman,
adding that the banks cli-
ents are divided as to
whether Treasury yields
rise or fall in the event of
QE3.
A survey of 100 clients by
RBS Securities on prospects
for QE3 showed a majority
expected rates to decline
initially and then rise as
the programme unfolded,
repeating the pattern of
both QE1 and QE2.
Implementing QE3 with
the purchase of mortgages
would reflect an effort to
lower costs for homeowners
and stimulate the economy.
Most investors think this
would likely boost equities
in the short term but that a
rally would not last as
tighter credit standards and
falling house prices place
limits on the power of such
a refinancing wave.
Meanwhile, extending
Operation Twist beyond the
end of June is possible for
at least three more months
because the Fed has enough
short-dated paper it can sell
against purchasing long
term debt.
Such an extension would
enable the Fed to evaluate
the situation and unveil
QE3 later in the summer if
the economy requires fur-
ther stimulus. But delaying
QE in this way may do little
for equities and risk assets.
Nevertheless, the case for
keeping QE3 on the side-
lines until it is really
required is bolstered by the
fact that the S&P 500 is still
positive on the year and
economic data show the
economy is still expanding,
albeit slowly, and is not on
the cusp of an imminent US
recession that low bond
yields imply.
Also, 10-year inflation
expectations are well above
their lows of last September
when fears of a double-
dip and deflation led to
Operation Twist.
In the event that Bern-
anke delivers little concrete
commitment we would
expect significant weakness
in equities and 10-year
[Treasury yields] to move
towards 1.25 per cent and
below, say analysts at
Deutsche Bank.
Confirmation that QE is
on the agenda, on the other
hand, should trigger a
rebound for stocks and send
10-year yields back towards
1.75 per cent, adds the bank.
With uncertainty swirl-
ing, the only certainty is
that markets are primed for
more help from the Fed.
We think any additional
bond-buying is likely to be
presented as an insurance
policy against the risk of
further downside sur-
prises, says Lou Crandall,
economist at Wrightson
Icap.
News analysis
Bond investors are
closely watching
Ben Bernankes
testimony today to
the Senate banking
committee, writes
Michael Mackenzie
2011 and accounted for
almost a third of electricity
generation. The sharp fall
in natural gas prices has led
to power utilities in some
states such as Ohio and
Pennsylvania to increase
the output of their natural
gas-fired plants.
US natural gas fell below
$2 per million British ther-
mal units in April this year
for the first time in a dec-
ade, although they have
recovered to $2.437 per
mBtu. Meanwhile, US
benchmark central Appala-
chian thermal coal prices
have fallen to $53.30 a
tonne, the lowest level in 18
months.
Hayden Atkins, analyst at
Macquarie, said the price
levels that coal
producers needed to main-
tain output was relatively
high. If prices stay where
they are today, producers
will continue to cut
output, which is already
happening, he said.
some bond ETFs. Institu-
tional ownership of Black-
Rocks high yield bond fund
and State Streets junk
bond fund, have both risen
more than ten percentage
points this year, according
to Bloomberg data.
Meanwhile, both have
diverged by three percent-
age points from the indices
they track. ETFs sponsors
say this is because the
funds respond to changes in
demand faster than indices.
But some investors say the
ETFs are sending incorrect
pricing signals.
In the high yield market
it is difficult to put large
amounts of money to work
quickly, said Greg Hopper,
a senior portfolio manager
at Artio Global Advisors,
which does not use ETFs.
ETFs tried to solve this, he
added, by concentrating on
the larger names but drove
the prices of what they
were buying up and what
they were selling down.
.
Big trades may
contribute to the
funds volatility to
the detriment of
retail investors
In the event of little
concrete
commitment we
expect significant
weakness in
equities
Deutsche Bank analysts
COMMODITIES
Peter
Fisher
INSIGHT
German
bonds sell
at record
low yield
By Robin Wigglesworth
in London
Germany sold 5bn of five-
year bonds at a record low
yield of 0.41 per cent yester-
day, underlining the
demand for safer assets
ahead of a testing Spanish
debt auction today and piv-
otal elections in Greece
later this month.
The German debt agency
retained slightly more than
1bn for market operations,
boosting the bid-to-cover
ratio to 1.6 times. But the
record low price despite
secondary market yields
edging up for a third
consecutive day reflected
still-healthy demand for the
debt of the eurozones most
creditworthy member.
Despite the increase in
yields . . . todays German
auction shows interest in
safe haven paper, Annalisa
Piazza, a strategist at
Newedge, said in a note.
Markets are still pricing in
risks of a euro break-up and
todays auction is a clear
sign that dealers are still
worried about it.
In contrast, analysts
expect that Spain will face a
tougher time with its sale of
government bonds, or
Bonos.
Madrid plans to sell two,
five and 10-year bonds
worth between 1bn and
2bn, the smallest indicated
auction range this year,
according to Citigroup.
The Spanish Bono
auctions on Thursday
may prove to be the pivotal
point for the markets this
week, Citigroup strategists
said in a note. In the
current environment the
issuance threatens to
be very challenging
indeed.
Spains two-year compos-
ite bond yield fell 17 basis
points to 4.54 per cent,
the five-year yield slipped
8bp to 5.63 per cent and
the 10-year bond yield
edged down 3bp to 6.28
per cent, partially on hopes
that European policymak-
ers would intervene to pre-
vent the crisis from worsen-
ing.
See Editorial Comment
Engineering a dollar collapse
would be to play with fire
and gasoline
JUNE 7 2012 Section:Markets Time: 6/6/2012 - 19:24 User: kallmanng Page Name: LSE USA, Part,Page,Edition: EUR, 26, 1
FINANCIAL TIMES THURSDAY JUNE 7 2012

27
MARKETS & INVESTING
Investor faith in
China tested by
hard landing fear
There is no doubt that
China is slowing substan-
tially. But even so, inves-
tors are calm. Most are posi-
tioned for Chinese eco-
nomic growth to come in
close to the magic 8 per
cent number this year and
beyond.
With expectations so
high, markets from equities
to commodities have a way
to fall if the Middle King-
doms recent bout of weak-
ness persists or worsens
over the rest of the year.
Electricity consumption,
industrial production and
other economic activity
indicators suggest that in
recent months Chinas
growth rate dropped below
7 per cent a level that
many economists classify as
a hard landing, such is
their faith in Beijings abil-
ity to maintain growth near
8 per cent.
Its very clear that
things are slowing down,
says Patrick Perret-Green,
head of Asia strategy at
Citi.
Yet, while assets from
Macau casino stocks to the
Australian dollar have suf-
fered sharp falls in recent
weeks, they remain close to
the highs they reached in
recent years as a result of
Chinas boom.
Mr Perret-Green says that
even now, with the Euro-
pean and US economies also
slowing, the belief that the
Chinese can continue to
pull the rabbit out of the
hat indefinitely is still
largely consensus.
That means investors
could be in for a shock if
the Chinese economy does
not pick up steam later this
year.
Chinas official GDP num-
bers say the economy grew
at a year-on-year rate of 8.1
per cent in the first quarter
of 2012, down from 9.2 per
cent in 2011 and 10.4 per
cent in 2010.
Other indicators paint a
bleaker picture. Power con-
sumption, which along with
rail cargo volume and bank
loans is seen as a good
barometer of economic
activity, has slowed sharply
in recent months and grew
just 3.7 per cent in April
over the year before.
The M1 measure of
money supply cash and
demand deposits has con-
tracted 5 per cent since the
start of 2012, having surged
31.8 per cent over the previ-
ous two years.
Nationwide property sales
are down more than 10 per
cent this year. While sales
rebounded in May, giving
investors some cause for
optimism, analysts believe
the jump in transactions
may have been triggered by
deep discounting by devel-
opers seeking to avoid
default.
Ruchir Sharma, head of
emerging markets equities
at Morgan Stanley Invest-
ment Management and
author of Breakout Nations,
Even Chinese property
bonds, the riskiest sector in
Asias high-yield debt mar-
ket, are holding their
ground. Yields on top-tier
developers such as Agile
have risen about 100 basis
points in the past month
but they remain about
500bp below their highs last
year.
Why are investors so
relaxed in the face of a
Anyone who spent the past
weekend in the UK may have
had their fill of patriotism.
Britain is still great, cried
the crowds celebrating the
Queens 60th year on the
throne. But is it a great
place to keep your money
safe from the eurozone
storm?
Recent evidence suggests
not. Since official data
confirmed the UKs double
dip recession at the end of
April, the pound has slid
more than 5 per cent against
the dollar. A miserable series
of data points culminated
last Friday in the weakest
manufacturing purchasing
managers index for three
years.
If the Bank of England
responds, as some analysts
now expect, with a fresh
bout of quantitative easing
today, it would deal a further
blow to sterlings status as a
haven currency and set up a
test of support at $1.5230.
For all that, investors
should not dismiss the pound
just yet. Next to the dollar, it
looks uninspired. But few
expect growth to be as
anaemic in the UK as in the
eurozone. And the pound is
not facing an existential
threat as the euro is. Witness
the Swiss central banks
move to double its sterling
holdings in the first quarter.
Haven is a relative term.
jack.farchy@ft.com
Rolling global overview at:
www.ft.com/markets
News analysis
Funds could be in
for a shock if the
Chinese economy
does not pick up
steam, writes
Robert Cookson
slowdown? One explanation
is they believe China will
launch another stimulus.
But while China may
ramp up investment in
some areas as growth
slows, analysts say there is
little prospect of anything
like the Rmb4tn ($630bn)
spending spree that Beijing
launched in 2008 in
response to the global
financial crisis.
Chinese policy makers
have recently signalled that
they recognise the last stim-
ulus led to wasted invest-
ment, bad debts, and ram-
pant inflation and that
another large package
would be a mistake.
That threw a big wrench
into assumptions that had
been conventional wisdom
for some time, that the gov-
ernment can simply turn
this around just by pulling
a few levers, says Patrick
Chovanec, a professor at
Tsinghua university. Even
the government is now say-
ing its more complex than
that.
Investors have long put
their faith in the ability of
the Communist party to
deliver steady, high growth
levels above 8 per cent. This
faith is about to be tested.
40
60
80
Shanghai slowdown
Chinese equity market
Sources: Thomson Reuters Datastream; Bloomberg
MSCI index
2008 09 10 11 12
20
China five-year credit default swap spreads (basis points)
2007 08 09 10 11 12
0
50
100
150
200
250
300
Nov 2008
As the global nancial crisis
intensies, Beijing announces a
Rmb4tn ($630bn) economic
stimulus package to support
infrastructure and social
welfare projects
2009
Chinas GDP growth
reaches 8.9 per cent
as a property
construction and
investment boom
gets into full swing
2010
Beijing liberalises use
of renminbi for some
international
investment
transactions, seeking
to reduce reliance on
the US dollar
Feb 2011
China overtakes Japan as
the worlds second-largest
economy
Mar 2012
Chinese Premier Wen Jiabao
cut his nations 2012 growth
target to an eight-year low of
7.5 per cent
May 2012
Speculation mounts about a
new stimulus package but
ofcials and state media play
down expectations
China domestic steel rebar 25mm (renminbi per metric tonne)
Reinforcing steel prices fall sharply in recent months... ...while Chinese CDS spreads climb back near 2012 highs
2007 08 09 10 11 12
3000
3500
4000
4500
5000
5500
6000
Wen
Jiabao
Should Americans save in renminbi?
beyondbrics, the FTs emerging markets hub
Rockbottom interest rates
may be helping to shore up
the big banks but US savers
have never had it so bad,
writes Pan Kwan Yuk. So
could Americans be better
off saving in renminbi?
That is the question
beyondbrics found itself
asking after stumbling upon
this CD [certificate of
deposit] rates promotion
offered by Bank of Chinas
New York branch.
At 2.5 per cent, the annual
yield on BoCs special Rmb
1year CD is more than twice
as much as the going rates
currently offered by the best
standard dollardenominated
CDs. For example, HSBCs
1year CD yields only 0.2 per
cent while its 4year CD
yields a slightly more
generous 0.8 per cent.
But before savers make a
beeline for their nearest BoC
branch (there are only three
in the US two in New York
and one in Los Angeles
and the offer only seems to
be available with New York
branches), there are catches.
The minimum deposit is
$10,000 and, like any CD
account, there is a penalty
for those who want to take
their money out before the
CD matures. But the biggest
caveat of all is converting
ones dollar savings into
Rmb. This has not been an
issue while the Chinese
currency was rising by an
average 4 per cent a year
against the US dollar.
But, with all signs pointing
to a sharper than expected
slowdown of the Chinese
economy, the prospect of the
renminbis appreciation is no
longer looking such a sure
thing. Indeed, Standard
Chartered said in a note on
Monday that net renminbi
gain is unlikely this year.
And BoC itself cautions:
Investment Risk: Due to the
nature and volatility of the
foreign exchange market, if
the value of your foreign
currency deposit moves
adversely against the US
dollar, you may lose money,
including principal. The past
investment performance is
not a guarantee of future
investment results.
But, assuming that the
renminbi does not fall against
the dollar in the next 12
months, surely the 2.5 per
cent yield means savers
would still come out on top?
Not necessarily. As anyone
who has ever transferred
money between accounts
denominated in different
currencies would tell you, all
banks have their own sell
and buy rate for each
currency. BoC is no different.
As one online critic pointed
out: Apparently, there is a
1.5 per cent spread, meaning
that without any change in
[the] currencys exchange
rate there would be a 1.5 per
cent charge to convert back
to US dollars, thereby losing
1.5 per cent of the 2.5 per
cent interest rate. So, your
rate for the 1year CD is
actually 1 per cent.
The renminbi would have
to appreciate by at least
1.5 per cent over the course
of the year while owning the
CD to obtain this 2.5 per
cent rate.
While China might have
made it easier for the world
to save in renminbi as part
of its drive to internationalise
its currency, it still has to
convince savers that it is
worthwhile to do so.
www.ft.com/beyondbrics
By Ben McLannahan
in Tokyo
A measure of cheer has
been restored to the Topix.
A small gain on the broad
Japanese stock index so far
this week may bring an end
to a nine-week run of
losses, the worst since 1975.
For some strategists, that
drubbing is a reminder of
the increasingly powerful
influence of foreign inves-
tors, who typically account
for at least two-thirds of
turnover in the worlds
second-biggest equity mar-
ket.
Since the end of March,
as global funds sought
havens amid renewed ten-
sions in Europe and fears of
a sharper slowdown in
China, Japanese stocks
have been dumped, causing
the Topix to lag behind 90
per cent of main world mar-
kets. That came after a first
quarter in which it had
excelled, beating 84 per cent
of benchmarks. Japan has
become a high-beta play on
global growth, says Nicho-
las Smith, strategist at
CLSA in Tokyo.
Yet a big cause of these
swings, say analysts, is a
lack of domestic support for
stock prices. Markets are a
zero sum game, of course,
in that there is a buyer for
every seller. But Japan is
especially vulnerable to
external flows because it
lacks a diverse spectrum of
willing buyers.
In theory, Japanese pen-
sion funds should provide a
decent buffer. Their expo-
sures to equities are among
the lowest in the world, at
an average 31 per cent of
assets under management,
according to Towers
Watson. Even so, as alloca-
tions tend to be fixed each
fiscal year, they are natural
buyers in weak markets.
In reality, however, insti-
tutions are unwilling to
step into the breach, says
Peter Eadon-Clarke, a strat-
egist at Macquarie. In
highly emotional markets,
you can always say: Lets
wait a week to re-evaluate
our inputs.
Banks continue to whittle
down their stock portfolios,
under the guidance of a
market regulator that sees
such holdings as risky and
unnecessary. Life assurers
are shying away from equi-
ties, blaming tighter sol-
vency margin requirements.
Just 4.1 per cent of insurers
assets are in domestic
stocks, less than half peak
levels.
As for retail investors,
they have generally pre-
ferred the dependable
returns of cash and bonds
in a deflationary environ-
ment, says Kazuyuki Terao,
chief investment officer at
RCM Japan.
They simply dont want
to make another loss.
Strategists say that any
lifting of the heavy pall
hanging over Europe could
produce a rebound, spurred
once more by foreigners.
But without increased inter-
est from Japanese inves-
tors, it is unlikely to last.
Meanwhile, the weaker
the market, the greater the
pressure on the Bank of
Japan to increase its pur-
chases of exchange-traded
funds, as part of its broad
monetary easing pro-
gramme. Since January last
year, the BoJ has been buy-
ing every time the Topix
dips 1 per cent in a morning
and now has ammunition
for another nine shots of
Y40bn ($506m) each before
it hits its Y1.6tn limit, notes
Morgan Stanley.
Its hardly a sign of a
healthy market when your
most active domestic buyer
is the central bank, says
Mr Eadon-Clarke.
Japan feels lack of local support
BoCs New York branch is
offering a CD rates deal
says many fund managers
appear to believe that
China can just keep grow-
ing [at 8 per cent] and is
above ever having any busi-
ness cycles.
If Im right that China is
moving to a 6 to 7 per cent
growth trajectory this year
and possibly for the foresee-
able future, we are still a
long way away from fully
pricing in the magnitude of
that and the implications of
it, he says.
China is now the single
largest contributor to global
economic growth. The Inter-
national Monetary Fund
has forecast that China will
account for 31 per cent of
global growth on average
from 2010 to 2013.
China is also the main
driver of demand for com-
modities such as iron ore,
coal and copper. Some mar-
kets have been anticipating
slower Chinese growth for
months. The price of cop-
per, for example, is down 27
per cent from last years
record high, while the FTSE
world mining index is down
39 per cent since April 2011.
Yet while investors may
be positioned for a modest
decline in Chinas growth
rate, strategists say that
anything below 7 per cent
would catch people off
guard.
In a sign of investors
high hopes, a Bank of
America Merrill Lynch sur-
vey in May found that fund
managers expectations for
Chinese growth rose to an
18-month high. The risk to
global growth comes from a
change of view on China,
says Michael Hartnett of
BofA Merrill Lynch.
Trading post
Jack Farchy
Sterling
Source: Thomson Reuters Datastream
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2010 2011 Jun
2012
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Asia in retreat
JUNE 7 2012 Section:Markets Time: 6/6/2012 - 19:14 User: russjadmin Page Name: ICNCOMMS USA, Part,Page,Edition: EUR, 27, 1
28

MARKETS
Thursday June 7 2012
Source: Thomson Reuters Datastream
German government bonds
Five-year yield (%)
Gold price
$ per troy ounce
Jan Jun 2012
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1.0
1.1
Jan Jun 2012
1500
1550
1600
1650
1700
1750
1800
In a sign investors still
remain cautious despite a
rally in risk assets
yesterday, Germany sold
3.98bn in fiveyear
bonds at an auction at an
alltime low yield of 0.41
per cent
Gold also enjoyed gains
on speculation of more
central bank stimulus and
on haven demand. It rose
1.3 per cent to trade at a
onemonth high of
$1,637 a troy ounce
Hopes for central bank action boost stocks
By Vivianne Rodrigues in
New York and Jack Farchy
in London
Stocks, commodities and
the euro rose amid increas-
ing hopes that central
banks would provide addi-
tional stimuli to ailing
global economies.
The rebound came after
a sharp sell-off in several
risk assets in recent ses-
sions, driven by fears of a
eurozone break-up and
signs of slowing global
growth.
Positive momentum also
came in the form of a
stronger than expected
reading on Australias first-
quarter gross domestic
product, which helped
spark gains throughout
Asia.
Pressure on the European
Central Bank, as well as on
the Bank of England and
the Federal Reserve is
mounting amid expecta-
tions for a reaction by the
worlds most powerful cen-
tral banks.
In the first in a series of
closely-watched monetary
policy moves, the ECB kept
benchmark interest rates on
hold at 1 per cent yesterday.
While the decision disap-
pointed markets, which
were positioned for more
aggressive action, Mario
Draghi, ECB president, said
officials stand ready to
act as the regions eco-
nomic outlook deteriorates.
Investors are now focus-
ing on todays Bank of Eng-
land monetary policy com-
mittee meeting, and on a
congressional testimony by
Ben Bernanke, Fed chair-
man, which may provide
clues to whether the Fed
will embark on another
round of quantitative eas-
ing.
Central banks [are] cap-
turing most of the spot-
light, said Vassili Serebria-
kov, a currency strategist at
Wells Fargo Bank.
While ECB President
Draghi said that a few poli-
cymakers called for a rate
cut today, the majority
probably preferred to keep
their powder dry until after
the Greek mid-June elec-
tions and some resolution of
Spanish uncertainty, he
added.
The dollar fell against
most big currencies, while
the euro pared some of its
gains after the ECB meet-
ing.
But by midday in New
York, the single currency
was up 0.9 per cent at
$1.2564, moving further
away from a two-year low of
$1.2288 hit last Friday.
The higher-yielding Aus-
tralian dollar which fell
more than 6 per cent
against the US currency in
the past month jumped 1.9
per cent to $0.9921 after data
showed stronger than
expected first quarter
growth in the country.
The Australian GDP data
certainly helped build up
some positive momentum,
said Alvise Marino, a for-
eign exchange strategist at
Credit Suisse.
That, combined with ris-
ing expectations for addi-
tional stimulus, contributed
to a better performance in
risk assets, Mr Marino
said.
The upbeat GDP report
also boosted Asian equities
after sharp declines at the
start of the week. The FTSE
Asia Pacific index closed 1.3
per cent higher as Japans
Nikkei 225 rose 1.8 per cent,
the most in seven weeks.
On Wall Street, the S&P
500 jumped 1.9 per cent,
while in Europe, the FTSE
Eurofirst 300 closed 2.3 per
cent higher.
Germanys Dax index rose
1.7 per cent, largely ignor-
ing weaker than expected
industrial production data
and a move by Moodys to
lower its ratings for six Ger-
man banks late on Tuesday.
In another sign that
investors still remain cau-
tious, Germany sold five-
year bonds at a record low
yield of 0.41 per cent.
Gold saw some haven
demand for the first time in
several months, rallying 1.3
per cent to a one-month
high of $1,637 a troy ounce.
Still, the yield on the 10-
year US Treasury note rose
8 basis points to 1.65 per
cent, while Spanish 10-year
yields rose 5bp to 6.30 per
cent.
In other commodities
markets, Brent crude rose
more than 2 per cent and
traded above $100 a barrel
for the first time in almost
a week. Copper, which is
tied to industrial activity,
gained more than 1 per cent
to trade at $7,437 a tonne.
GLOBAL OVERVIEW
Euro rises further
from twoyear low
Brent crude back
above $100 level
Source: Thomson Reuters Datastream Markets updated at www.ft.com/markets
FTSE 100 index FTSE Eurofirst 300 index S&P 500 index Nikkei 225 Average
2012 May Jun 2012 May Jun 2012 May Jun 2012 May Jun
000
1250
1300
1350
1400
950
1000
1050
900
1100
8.0
8.5
9.0
9.5
Latest
5200
5300
5400
5500
5600
Change
on day
+1.73%
Change
on day
+2.36%
Change
on day
+2.21%
Change
on day
+1.81%
Euro rises as ECB holds rates
CURRENCIES
By Alice Ross
The euro rose back above
$1.25 after the European
Central Bank held interest
rates as expected at 1 per
cent and haven currencies
gave up recent gains amid a
return of risk appetite.
The single currency
reached a high of $1.2565,
rising more than 0.9 per
cent to its strongest level in
more than a week, after the
ECB said it was holding
interest rates despite hopes
the bank would take action
to restore some confidence
in the eurozone.
Some analysts had pre-
dicted the central bank
could cut rates further to
boost growth in the strug-
gling eurozone.
Figures released yester-
day confirmed that euro-
zone growth was flat in the
first quarter of the year,
narrowly avoiding a reces-
sion.
Part of the single cur-
rencys rise was put down
to reports that EU officials
were discussing ways to
provide aid to Spain,
which has been struggling
with high yields on its
debt.
In addition, with specula-
tors holding record shorts
on the euro against the dol-
lar, foreign currency trad-
ers reported nervousness
that a bout of short-cover-
ing could push the euro
higher still.
Elsewhere, the yen con-
tinued to ease against the
dollar, reaching its weakest
level in a week amid expec-
tations that the Bank of
Japan could step up its pro-
gramme of buying govern-
ment bonds to weaken the
currency.
The dollar rose 0.5 per
cent to Y79.26. The yen sell-
off was part of a wider
trend in currency markets
yesterday, with both the
dollar and yen losing
ground amid hopes of cen-
tral bank easing.
The pound rose to its
strongest level against the
dollar in a week, gaining
more than 0.6 per cent to a
high of $1.5515 ahead of a
Bank of England meeting
today.
Some investors were pre-
dicting a further round of
monetary easing in the UK
as well.
The Australian dollar was
one of the biggest movers,
gaining 1.6 per cent against
the US dollar to $0.99 after
first-quarter growth figures
came in stronger than
expected, shrugging off the
effect of a 25 basis point
rate cut the previous day.
www.ft.com/currencies
Bank of America helps to power
f inancials as equities make gains
By Arash Massoudi and
Kandy Wong in New York
Bank of America rose as
much as 9.4 per cent
as financial stocks led
resurgent equities to strong
gains.
Fears of a global down-
turn marked by a slowdown
of growth in China, euro-
zone bank woes and an
unsteady pace of recovery
in the US have afflicted
stocks in recent weeks.
But after two sessions of
limited gains, the S&P 500
powered ahead in the
weeks third trading session
as investors piled into risk-
ier stocks.
The benchmark US index
rose 1.9 per cent to 1,309.26
by midday in New York,
its first significant surge
since last Fridays dismal
jobs report sent equities
to their worst day of the
year.
A report that European
officials were exploring a
possible rescue of troubled
Spanish banks lifted senti-
ment, helping financial
stocks make strong gains,
particularly the leading
banks, after they started
the day more modestly.
The S&P 500 financials
index was up 2.5 per cent to
make it the days best per-
forming sector group
behind energy stocks,
which jumped with com-
modity prices moving
higher.
Bank of America was
leading the gainers on the
financial index as it rose 7.2
per cent to $7.61. Shares in
Bank of America have
fallen more than 21 per cent
since the start of April
when the S&P 500 reached
its peak for the year.
Other bank stocks mak-
ing strong advances on the
day were Morgan Stanley,
which was up 6.2 per cent
to $13.66, and Citigroup,
which rose 4.8 per cent to
$26.98.
Market watchers are pre-
paring for todays testi-
mony by Ben Bernanke,
Federal Reserve chairman,
for signs of a third round of
quantitative easing.
MasterCard, the global
payments provider, moved
higher on news of a $1.5bn
share buyback.
Shares in MasterCard
jumped 2.7 per cent higher
to $419.08 as the electronic
payments company said
after the market closed on
Tuesday that it would
undertake a share repur-
chase once its current $2bn
authorisation finishes at
the end of the month.
Darrin Peller, analyst at
Barclays, said MasterCard
shares have underper-
formed the broader market
despite continued strength
in its fundamentals.
The Nasdaq Composite
index was leading the three
big indices and was 2.1 per
cent higher at 2,836.36.
Shares in Apple, the iPad
and iPhone maker, rose 1.6
per cent to $572.24.
Facebook shares were 1.3
per cent higher at $26.20
after the social networking
site fell to another low a
day earlier.
The Nasdaq OMX Group,
parent company of the Nas-
daq, rose 1.6 per cent to
$22.81 as it is expected to
begin compensating broker-
ages that lost some $100m
when Facebooks offering
started trading on public
markets last month.
Brokers say a series of
software glitches cost them
millions of dollars in the
minutes after Facebook
stock began trading.
Reports of a security
breach at LinkedIn, the
social network for profes-
sionals, sent it lower,
despite nearly unanimous
gains across the tech sector.
Shares in LinkedIn
declined 1.1 per cent to $92
as the reports suggested the
passwords of about 6.5m
users may have been
leaked.
Tempur-Pedic, the mat-
tress and pillow maker, saw
nearly half of its market
capitalisation wiped away
yesterday after it lowered
its outlook for the second
quarter and the remainder
of the year.
Sales for the second quar-
ter were now expected to
decline 3 to 5 per cent, the
company said, with much of
the unexpected slowdown
coming from its North
America business.
Tempur-Pedic shares
plummeted 48.3 per cent to
$22.54 to make its market
value worth about $1.5bn,
or half of what it was a day
earlier.
Bradley Thomas, analyst
at KeyBanc, downgraded
the companys shares to
hold from buy follow-
ing the news of the slower
sales.
The Dow Jones Industrial
Average rose 1.8 per cent to
12,341.34 as earthmoving
equipment maker Caterpil-
lar jumped 3.1 per cent to
$86.20.
The S&P 500 materials
index gained 2.2 per cent.
Gold and copper miner
Freeport-McMoRan gained
3.7 per cent to $33.81 while
iron ore producer Cliffs
Natural Resources moved
3.5 per cent higher to
$48.77.
Energy stocks on the S&P
500 were up 2.8 per cent.
Chesapeake Energy, the
second-largest natural gas
company in the US, was
among the days leading ris-
ers and moved 7.6 per cent
higher to $18.29.
WALL STREET
Source: Thomson Reuters Datastream
Key indicators Bank of America
Share price ($)
Jun 2011 Jun 2012
4
6
8
10
12
Days
Indices Close change
S & P 500 1309.33 +23.83
DJ Industrials 12340.39 +212.44
Nasdaq Comp 2837.41 +59.30
Russell 2000 762.59 +16.50
VIX 23.04 -1.64
US 10 yr Treas Bd 1.61 +0.05
US 2 yr Treas Bd 0.25 +0
US equities
Stocks rallied, pushing the
broad S&P 500 above the
1,300 points mark. Bluechip
stocks Caterpillar and Bank
of America were among the
top performers, while
Facebook rose for the first
time this week
UK equities
Gains in shares of British
banks Barclays, Lloyds
Banking Group and hedge
fund Man Group helped push
UK stocks to their biggest
advance in six months ahead
of the Bank of Englands
policy meeting
European equities
Stocks jumped, with
Germanys Dax and Frances
CAC 40 climbing at least
2 per cent each. Shares in
some of the regions largest
lenders, such as UBS, Credit
Suisse Group and Deutsche
Bank, advanced
Asian equities
Japans Nikkei 225 rose
the most in seven weeks,
helped by a drop in the
Japanese yen. Exporters
including Toyota Motor,
Nippon Sheet Glass and
Komatsu were among the
bestperforming stocks
By Alexandra Stevenson
The FTSE Eurofirst 300
made its biggest gain in six
months, as markets across
Europe rallied, despite a
decision by the European
Central Bank to leave inter-
est rates unchanged.
The Europe-wide index
climbed 2.2 per cent to
974.21 after Mario Draghi,
ECB president, indicated
the onus remained on politi-
cians to tackle Europes
debt crisis.
Market watchers rational-
ised the rally as investors
moving to cover short posi-
tions. The markets have
become so pessimistic in
Europe that for them to go
down further would require
real signs of the euro disin-
tegrating and that hasnt
come through, Julian Cal-
low, European economist at
Barclays said.
European banks made
some of the biggest gains
on hopes the ECB, which
left its main rate at 1 per
cent as expected, would say
more about the possibility
of adopting measures to
help stimulate growth.
Shares in Natixis,
Frances fourth-largest
lender by market capitalisa-
tion climbed 6.8 per cent to
2.03 as investors digested
news that Russias VTB
Capital may consider buy-
ing the French banks com-
modities brokerage.
In Frankfurt, the Xetra
Dax rose 2.1 per cent to
6,093.99. Moodys, the rating
agency, cut its rating on
Commerzbank by one notch
to A3 and downgraded five
other banks. Investors
appeared to ignore the
downgrade, sending shares
in the German lender climb-
ing 2.9 per cent to 1.36.
Italys two largest lenders
UniCredit and Intesa San-
paolo rallied in Milan, help-
ing lift the benchmark
index 3.5 per cent to
13,427.15. Intesa Sanpaolo
climbed 5.3 per cent to 1.13
while UniCredit rose 4.4 per
cent to 2.79. Banco Popo-
lare rallied 4.2 per cent to
1.
In Paris, the CAC 40
index gained 2.4 per cent to
3,058.44, with Capgemini
helping lead gains. Shares
in Europes largest IT serv-
ices group rallied 6.3 per
cent to 27.85 on news that
Caixa, the Brazilian bank,
will buy a 22 per cent stake
in CPM Braxis Capgemini,
Capgeminis Brazilian unit.
BNP Paribas climbed 4.2
per cent to 28.58, while
Crdit Agricole rallied 3.6
per cent to 3.13.
In Madrid, where the
benchmark index is heavily
weighted towards finan-
cials, the Ibex 35 rose 2.4
per cent to 6,418.9. Banco
Santander, Spains largest
bank by assets, climbed 2.6
per cent to 4.70.
LONDON
Natixis climbs on VTB interest
in its commodities brokerage
EUROPE
European equities
Source: Thomson Reuters Datastream
FTSE Eurofirst 300
Jan Jun 2012
950
1000
1050
1100
Ryanair left behind
on oil price worries
100 by 2.4 per cent, or 123.92
points, to 5,384.11.
Banks led the way, with
Barclays surging 8.2 per
cent to 187.8p. Royal Bank
of Scotland, which was
trading post a 10-for-one
share consolidation, rose 6.7
per cent to 213.2p.
A Citigroup upgrade to
buy led Man Group to
rally 7.1 per cent to 80.9p. A
19 per cent prospective divi-
dend yield helped offset the
risk of further earnings
downgrades, it argued.
Precious metals miners
led the risers as an agree-
ment by G7 leaders to co-
ordinate policy action
pushed gold to a four-week
high. Randgold Resources
rose 7.7 per cent to 59.80,
African Barrick Gold added
14.5 per cent to 400.2p and
Centamin advanced 11.1 per
cent to 72.4p.
Among the fallers, Tate &
Lyle lost 1.6 per cent to 643p
as downgrades followed the
ingredients makers results
last week. Canaccord Genu-
ity cut its earnings fore-
casts for the current year
by about 7 per cent after a
meeting with management.
By Bryce Elder
Ryanair was left behind by
a London market rally on
worries that falling oil
prices might not translate
to higher earnings.
Budget airlines have out-
performed flag carriers this
year because they fix a
greater proportion of their
fuel bills in advance, which
gave them a competitive
advantage, said JPMorgan
Cazenove. Falling fuel
prices will likely have the
opposite effect, it said.
Yet Ryanair shares have
risen 10.3 per cent over the
past 12 months, compared
with a 37 per cent drop for
British Airways owner IAG.
At 4.65bn, Ryanairs mar-
ket valuation is nearly 2bn
higher than IAGs.
Ryanairs London-listed
shares fell 1.3 per cent to
4.00 after JPMorgan down-
graded to underweight.
IAG rose 1.9 per cent to
144p.
The wider market showed
its biggest advance in six
months, lifting the FTSE
Markets update
JUNE 7 2012 Section:Markets Time: 6/6/2012 - 19:15 User: kallmanng Page Name: WSM2 ASI, Part,Page,Edition: EUR, 28, 1